GOLD CLOSED UP $12.90 TO $3,223.80

SILVER CLOSED UP $0.07 TO $32.31

 GOLD ACCESS CLOSED 3228.25

Silver ACCESS CLOSED: $32.32

Bitcoin morning price:$85,681 UP 748 DOLLARS.

Bitcoin: afternoon price: $84,068 DOWN 865 DOLLARS

Platinum price closing UP $6.45 TO $962.45

Palladium price; UP $17.40 TO $977.15

END

*CANADIAN GOLD: $4507.05 UP 63.00 CDN dollars per oz( * NEW ALL TIME HIGH 4507.05 CDN DOLLARS PER OZ//APRIL 15 2025)

*BRITISH GOLD: 2439.83 UP 4 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING//2,471.21 BRITISH POUNDS/OZ) APRIL 11/2025

*EURO GOLD: 2,859.26 UP 25.69 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: 3,204.800000000 USD
INTENT DATE: 04/14/2025 DELIVERY DATE: 04/16/2025
FIRM ORG FIRM NAME ISSUED STOPPED

190 H BMO CAPITAL MARKETS 1
323 C HSBC 19 73
323 H HSBC 142
363 C WELLS FARGO SECURITI 142
363 H WELLS FARGO SECURITI 371
523 H INTERACTIVE BROKERS 5
624 C BOFA SECURITIES 17
624 H BOFA SECURITIES 5
661 C JP MORGAN SECURITIES 1 14
686 C STONEX FINANCIAL INC 10 27
690 C ABN AMRO CLR USA LLC 13
709 C BARCLAYS 3
726 C PLUS500US FINANCIAL 1
730 C PTG DIVISION OF SGAS 158
737 C ADVANTAGE FUTURES 2
905 C ADM 18

TOTAL: 511 511
MONTH TO DATE: 61,420

JPMORGAN STOPPED: 14/511

GOLD: NUMBER OF NOTICES FILED FOR APRIL/2024. CONTRACT: 511 NOTICES FOR 51,100 OZ  1.589 TONNES

total notices so far: 61,420 contracts for 6,142,000 OR 191.041 tonnes)

FOR APRIL

XXXXXXXXXXXXXXXXXX

SILVER NOTICES: 110 NOTICE(S) FILED FOR 0.550 MILLION OZ/

total number of notices filed so far this month : 2843 CONTRACTS (NOTICES) for 14.215 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 $12.90 INVESTORS SWITCHING TO SPROTT PHYSICAL  (PHYS) INSTEAD OF THE FRAUDULENT GLD:

NO CHANGES IN GOLD INVENTORY AT THE GLD:

INVENTORY RESTS AT 953.15 TONNES

SLV/

WITH NO SILVER AROUND AND SILVER UP $0.07 AT THE SLV: NO CHANGES IN SILVER INVENTORY AT THE SLV: ////

CLOSING INVENTORY RESTS AT:

CLOSING INVENTORY: 449.241 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI ROSE BY A SMALL SIZED 90 CONTRACTS TO 145,245 AND CONTINUING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS SMALL SIZED GAIN IN COMEX OI WAS ACCOMPLISHED DESPITE OUR GOOD GAIN OF $0.23 IN SILVER PRICING AT THE COMEX WITH RESPECT TO MONDAY’S TRADING.  WE HAD A VERY STRONG SIZED GAIN OF 724 TOTAL CONTRACTS AS THE CME NOTIFIED US OF A STRONG 585 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD A CONSIDERABLE LIQUIDATION OF T.A.S. CONTRACTS COMEX TRADING MONDAY AS THEY DESPERATELY TRIED TO CONTAIN SILVER’S PRICE RISE FOR THE PAST 4 WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $34.40 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY FAILED ON MONDAY 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 FAIR T.A.S. ISSUANCE OF 313 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 VERY STRONG 585 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR FAIR 313 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN TUESDAY’S TRADING/ AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE. IN ESSENCE WE GAINED A VERY STRONG SIZED 675 CONTRACTS ON OUR TWO EXCHANGES DESPITE OUR STRONG GAIN IN PRICE OF $0.23. WE HAD CONSIDERABLE TAS LIQUIDATION/ THROUGHOUT MONDAY’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 MONDAY NIGHT/TUESDAY MORNING: A FAIR 313 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  $0.23) 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 VERY STRONG 724 CONTRACTS IN OPEN INTEREST FROM OUR TWO EXCHANGES

WE HAD A VERY STORNG 585 CONTRACT ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN  INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 13.735 MILLION OZ FOLLOWED BY TODAY’S 50,000 OZ QUEUE JUMP FOR PHYSICAL TRANSFER TO WHICH WE ADD OUR 4.00 MILLION OZ EX FOR RISK

STANDING FOR APRIL INCREASES TO 18.315 MILLION OZ

WE HAD:

/ SMALL COMEX OI GAIN+// A STRONG SIZED  EFP ISSUANCE (585 CONTRACTS)/ VI)   FAIR SIZED NUMBER OF  T.A.S. CONTRACT ISSUANCE 313 CONTRACTS)

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED 491 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 11 DAYS, total 14,172 contracts:   OR 70.860 MILLION OZ  (1288 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR:  70.860 MILLION OZ

LAST 24 MONTHS TOTAL EFP CONTRACTS ISSUED  IN MILLIONS OF OZ:

MAY 137.83 MILLION

JUNE 149.91 MILLION OZ

JULY 129.445 MILLION OZ

AUGUST: MILLION OZ 140.120

SEPT. 28.230 MILLION OZ//

OCT:  94.595 MILLION OZ

NOV: 131.925 MILLION OZ

DEC: 100.615 MILLION OZ

YEAR 2022:

 JAN 2022-DEC 2022

JAN 2022//  90.460 MILLION OZ

FEB 2022:  72.39 MILLION OZ//

MARCH 2022: 207.140  MILLION OZ//A NEW RECORD FOR EFP ISSUANCE

APRIL: 114.52 MILLION OZ FINAL//LOW ISSUANCE

MAY: 105.635 MILLION OZ//

JUNE: 94.470 MILLION OZ

JULY : 87.110 MILLION OZ

AUGUST: 65.025 MILLION OZ

SEPT. 74.025 MILLION OZ///FINAL

OCT.  29.017 MILLION OZ FINAL

NOV: 134.290 MILLION OZ//FINAL

DEC, 61.395 MILLION OZ FINAL

TOTALS YR 2022: 1135.767 MILLION OZ (1.1356 BILLION OZ)

JAN 2023///   53.070 MILLION OZ //FINAL

FEB: 2023:       100.105 MILLION OZ/FINAL//MUCH STRONGER ISSUANCE VS THE LATTER TWO MONTHS.

MARCH 2023:  112.58 MILLION OZ//FINAL//STRONG ISSUANCE

APRIL  111.035 MILLION OZ(SLIGHTLY GREATER THAN THAN LAST MONTH)

MAY 66.120 MILLION OZ/INITIAL (MUCH SMALLER THIS MONTH)  

JUNE: 110.395 MILLION OZ//MUCH LARGER THAN LAST MONTH

JULY 85.745 MILLION OZ (SMALLER THAN LAST MONTH)

AUGUST: 171.43 MILLION OZ (THIS MONTH IS GOING TO BE HUGE //2ND HIGHEST ON RECORD

SEPT: 72.705 MILLION OZ (SMALLER THIS MONTH)

OCT: 97.455 MILLION OZ

NOV.  50.050 MILLION OZ 

DEC. 66.140 MILLION OZ//

TOTAL 2023: 1,104.10 MILLION OZ/

JAN ’24 : 78.655 MILLION OZ//

FEB /2024 : 66.135 MILLION OZ./FINAL

MARCH: 143.750 MILLION OZ// 4TH HIGHEST ON RECORD.

APRIL: 161.770 MILLION OZ (THIS MONTH WILL BE A WHOPPER OF ISSUANCE OF EFPS//3RD HIGHEST EVER RECORDED FOR A MONTH)

MAY: 135.995 MILLION OZ  //WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE

JUNE 110.575 MILLION OZ ( WILL BE ANOTHER STRONG MONTH ISSUANCE)

JULY: 108.870 MILLION OZ (WILL BE A STRONG ISSUANCE MONTH/ A TOUCH OVER 100 MILLION OZ/)

AUGUST; 99.740 MILLION OZ//THIS MONTH WILL BE STRONG FOR ISSUANCE BUT LESS THAN JULY.

SEPT: 112.415 MILLION OZ//WILL BE A HUGE MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE

OCT; 97.485 MILLION OZ (WILL BE SMALLER ISSUANCE THIS MONTH )

NOV. 115.970 MILLION OZ ( HUGE THIS MONTH)

DEC: 132.54 MILLION OZ (THIS MONTH WILL BE A HUMDINGER FOR ISSUANCE BUT ISSUANCE SLOWED DRAMATICALLY THESE PAST FIVE DAYS/// WILL NOT EXCEED MARCH 2022 RECORD OF 209 MILLION OZ

YEAR 2024 TOTAL: 1363.84 MILLION OR 1.363 BILLION OZ

JANUARY 2025: 67.230 MILLION OZ///(THIS MONTH’S ISSUANCE OF EXCHANGE FOR PHYSICAL WILL BE SMALL)

FEB. 58.260 MILLION OZ//EXCHANGE FOR PHYSICAL ISSUANCE/FINAL

MARCH: 67.020 MILLION OZ///QUITE SMALL AND BECOMING SMALLER EACH AND EVERY MONTH.

APRIL: 70.860 MILLION OZ/// THIS IS HUGE AND THIS MONTH WILL PROBABLY BE A HUMDINGER OF ISSUANCE.

XXXXXXXXXXXXXXXXXXXXXXXXXXXX

RESULT: WE HAD A SMALL SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 90 CONTRACTS WITH OUR GOOD GAIN IN PRICE OF $0.23 IN SILVER PRICING AT THE COMEX// MONDAY.,.  . THE CME NOTIFIED US THAT WE HAD A STRONG 585 CONTRACT EFP ISSUANCE  CONTRACTS: 585 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  14.315 MILLION  OZ , PLUS OUR 4.00 MILLION EX FOR RISK

NEW STANDING APRIL: 18.315 MILLION OZ

THE NEW TAS ISSUANCE MONDAY NIGHT   (313 ) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE AND MOST LIKELY TODAY.

WE HAD  110 NOTICE(S) FILED TODAY FOR 0.550 million OZ

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST FELL BY A FAIR SIZED  3476 OI CONTRACTS  TO 454,327 AND FURTHER FROM 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 123 CONTRACTS CONTRACTS//.

WE HAD A FAIR SIZED DECREASE  IN COMEX OI (3476 CONTRACTS) . THIS OCCURRED WITH OUR LOSS OF $16.90  IN PRICE FRIDAY. LAST THURSDAY WAS ALSO THE HIGHEST EVER SINGLE NOMINAL GAIN IN COMEX GOLD PRICING HISTORY AT EXACLY $100.00 GAIN.. 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 AND FINALLY APRIL 14 EX FOR RISK OF 30,000 OZ OR.6220 TONNES// ;NEW EX FOR RISK 5.912 TONNES TO WHICH WAS ADDED TO OUR NEW QUEUE JUMP OF 70 CONTRACTS OR 7000 OZ (0.2177 TONNES). THUS INITIAL STANDING FOR GOLD/APRIL DELIVERY MONTH IS 192.802 TONNES NORMAL DELIVERY(INCLUDES OF QUEUE JUMP) + 5.912 TONNES EX FOR RISK = 198.714 TONNES

/NEW STANDING FOR APRIL; 192.802 TONNES + 5.912 TONNES EX FOR RISK = 198.714 TONNES

/ ALL OF THIS HAPPENED WITH OUR  $16.90 LOSS IN PRICE  WITH RESPECT TO MONDAY’S COMEX ///. WE HAD ONLY A SMALL SIZED LOSS OF 241 OI CONTRACTS (0.749 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 3215 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 454,450

IN ESSENCE WE HAVE A SMALL SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 241 CONTRACTS  WITH 3476 CONTRACTS DECREASED AT THE COMEX// AND A VERY STRONG SIZED 3215 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 241 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A SMALL SIZED AND CRIMINAL 877 CONTRACTS ISSUED.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A VERY STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (3215 CONTRACTS) ACCOMPANYING THE FAIR SIZED DECREASE IN COMEX OI OF 3476 CONTRACTS/TOTAL LOSS FOR OUR THE TWO EXCHANGES: 138 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 192.802 TONNES (WHICH INCLUDES OUR 0.2177 TONNES QUEUE JUMP) AND THIS FOLLOWS TOTAL EXCHANGE FOR RISK ISSUANCE ON 5 OCCASIONS FOR 5.912 TONNES//NEW STANDING ADVANCES TO 198.714 TONNES.

//NEW STANDING APRIL: 192.802 TONNES + 5.912 TONNES EX FOR RISK ON 5 OCCASIONS = 198.714 TONNES

.

 / 3) CONSIDERABLE T.A.S. LIQUIDATION + ZERO SUCCESS IN REMOVING ANY NET SPECULATOR LONGS, AS WE HAD: 1)  $16.70 COMEX PRICE LOSS AND WE HAD 2) ZERO NET LONG SPECS BEING CLIPPED AS WE HAD A TINY 241 CONTRACT GAIN ON OUR TWO EXCHANGES ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED MONDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL AND THUS OUR HUGE TONNAGE STANDING FOR GOLD IN APRIL.

  4) FAIR SIZED COMEX OI LOSS// 5)  VERY STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER (3215 OI GAIN)///SMALL T.A.S.  ISSUANCE: 877 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: 42,295 CONTRACTS OR 4,229,500 OZ OR 131.56 TONNES IN 11 TRADING DAY(S) AND THUS AVERAGING: 3845 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 10 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  131.56 TONNES DIVIDED BY 3550 x 100% TONNES = 3.70% 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; 131.56 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 ROSE BY A SMALL SIZED 90 CONTRACTS OI  TO 145,327 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 566 CONTRACTS

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

MAY 566 and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 566 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE COMEX OI GAIN OF 90 CONTRACTS AND ADD TO THE 566 E.FP. ISSUED

WE OBTAIN A VERY STRONG SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 724  CONTRACTS DESPITE THE GAIN IN PRICE OF $0.23 THE RATS ARE FLEEING THE ARENA.

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES  TOTALS 3.620 MILLION PAPER OZ

 OCCURRED WITH OUR  $0.23  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  TUESDAY MORNING//MONDAY  NIGHT

SHANGHAI CLOSED UP 24.58 PTS OR 0.76%

//Hang Seng CLOSED UP 502.71 PTS OR 2.40 PTS

// Nikkei CLOSED UP 396.78 OR 1.18%//Australia’s all ordinaries CLOSED UP 1.35%

//Chinese yuan (ONSHORE) CLOSED DOWN TO 7.3127 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.3133/ Oil UP TO 62.44 dollars per barrel for WTI and BRENT UP TO 65.60 Stocks in Europe OPENED ALL ALL GREEN.

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

WEAKER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER

END

END

ASIA TRADING TUESDAY MORNING/MONDAY  NIGHT

A)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/
OUTLINE

3  CHINA
OUTLINE

4/EUROPEAN AFFAIRS
OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE

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

7. OIL ISSUES
OUTLINE

8 EMERGING MARKET ISSUES
9. USA

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

GOLD

 LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A FAIR SIZED 3476 CONTRACTS TO 454,327 WITH OUR STRONG LOSS IN PRICE OF $16.90 WITH RESPECT TO MONDAY’S // TRADING. WE LOST ZERO NUMBER OF NET LONGS WITH THAT HUGE PRICE LOSS FOR GOLD. AND AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD A STRONG NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (3215 ).

THE CME ANNOUNCED MONDAY NIGHT, 0 EXCHANGE FOR RISK CONTRACTS FOR 0 OZ OR 0.0 TONNES. SO FAR THIS MONTH WE HAD RECORDED 5 ISSUANCES OF EXCHANGE FOR RISK AS THE BANK OF ENGLAND IS GETTING VERY ANTSY ABOUT GETTING ITS GOLD BACK. THUS OUR TOTAL EXCHANGE FOR RISK FOR THE FRONT MONTH OF APRIL STANDS AT 5.912 TONNES OF GOLD WHICH MUST BE ADDED TO OUR NORMAL GOLD DELVERIES.

HISTORY: LAST TWO PRIOR MONTH’S EXCHANGE FOR RISK

IN MARCH:

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

IN FEBRUARY:

WE HAD A HUGE FIVE EXCHANGE FOR RISKS ISSUANCES FOR GOLD, TOTALLING 18.4527 TONNES!.

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

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

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

DETAILS ON APRIL COMEX MONTH

IN TOTAL WE HAD A TINY SIZED LOSS ON OUR TWO EXCHANGES OF 241 CONTRACTS WITH OUR LOSS IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN ON MONDAY NIGHT AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTEMPTED AND FAILED RAID 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 FRIDAY 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 AND LOSSES IN OI BUT THIS IS COUPLED WITH MEGA HUGE AMOUNTS OF GOLD STANDING FOR DELIVERY TO CONFUSE THE ISSUE!!!!! AND THIS WAS SURELY ON DISPLAY WITH FIRST DAY NOTICE TOTALS WITH GOLD TONNES STANDING FOR APRIL AT 198 + TONNES INCLUDING MANY MASSIVE QUEUE JUMPS.

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. 

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 3215 EFP CONTRACTS WERE ISSUED: :  /APRIL  3215 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 3215 CONTRACTS. THESE EFP;S CIRCLE AROUND LONDON ON A 13 DAY BASIS AND ARE NOW USED BY GLOBAL CENTRAL BANKS TO EXERCISE FOR PHYSICAL GOLD WITH THE OBLIGATION TO DELIVER BEING FORCED ONTO COMEX BANKS. THE GOLD GENERALLY DELIVERED COMES FROM LONDON BUT THEY ARE OUT!! THUS COMEX BECOMES THE MAJOR SOURCE FOR OUR CENTRAL BANKERS.

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A TINY SIZED TOTAL OF 241 CONTRACTS IN THAT 3215 CONTRACT LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A LOSS OF A FAIR 3476 COMEX  CONTRACTS..AND THIS TINY LOSS ON OUR TWO EXCHANGES HAPPENED WITH OUR STRONG LOSS IN PRICE OF $16.90 FOR MONDAY/ COMEX. THE EXCHANGE FOR PHYSICALS WILL BE USED BY CENTRAL BANKS, TO EXERCISE FOR PHYSICAL GOLD AT THE COMEX AS MENTIONED  ABOVE. LOOKS LIKE THE SHORT RATS ARE FLEEING THE ARENA!

T.A.S. ISSUANCE

AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS USUALLY DURING MID MONTH IN THE DELIVERY CYCLE), BUT NOW ON A DAILY BASIS, THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR MONDAY NIGHT/TUESDAY MORNING WAS A SMALL SIZED 877 CONTRACTS, AS AGAIN, ALL OF THE TRADING AND SUPPLY OF CONTRACTS HAVE BEEN ORCHESTRATED BY GOVERNMENT (FEDERAL RESERVE BANK OF NEW YORK). AS PER THEIR MEGA 5 DAY ISSUANCE OF T.A.S THESE PAST FEW MONTHS,, THE FED HAS BEEN EXPERIMENTING WITH EINSTEIN’S DEFINITION OF INSANITY….TRYING TO DO THE SAME THING OVER AND OVER AGAIN HOPING FOR A DIFFERENT RESULT. HIS DEFINITION STILL STANDS.. THE CROOKS ACCOMPLISHED NOTHING AS NOBODY LEFT OUR GOLD METAL ARENA. DURING OPTIONS EXPIRY WEEK, A HUGE RAID WAS ORDERED BY THE FED WITH END OF THE MONTH TRADING ( FEB 25 THROUGH FEB 28) AS THE GOLD PRICE GOT HAMMERED A BIT WITH ONLY THE PAPER PRICE OF GOLD LOWERING! . AND ,FOR MARCH, WE HAD+ ANOTHER 5 DAY MEGA ISSUANCE BUT CORRESPONDING MEGA RAIDS FAILED TO MATERIALIZE. I WOULD LIKE TO POINT OUT THAT WEDNESDAY MARCH 17, THE 38,393 T.A.S. CONTRACT ISSUANCE WAS THE HIGHEST ON RECORD!

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

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

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

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

STANDING FOR GOLD APRIL

// WE HAD A HUGE AMOUNT OF GOLD TONNAGE STANDING:   APRIL (198.714 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: 192.802 TONNES + 5.912 TONNES EX FOR RISK = 198.714 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: STANDING FOR GOLD/COMEX

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:STANDING FOR GOLD/COMEX

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/STANDING FOR GOLD/COMEX

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 STANDING FOR GOLD/COMEX

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: 198.714 TONNES (INCLUDES 5.912 TONNES EX FOR RISK)

COMEX GOLD TRADING/APRIL CONTRACT MONTH

THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY A $16.90/ /)/BUT WERE UNSUCCESSFUL IN KNOCKING OFF ANY APPRECIABLE NET SPECULATOR LONGS AS WE DID HAVE A TINY SIZED LOSS IN OUR TWO EXCHANGES. AND AS EXPLAINED ABOVE WE HAD CONSIDERABLE T.A.S. SPREADER LIQUIDATION MONDAY  AS THEY WERE STILL 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 3228

MONDAY NIGHT/TUESDAY MORNING

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

EXCHANGE FOR RISK EXPLANATION/FEB THROUGH MARCH/APRIL TRADING

EXCHANGE FOR RISK CONTRACTS/MONTH FOR FEBRUARY://FINISHES AT 4 ISSUANCE

THE CME ANNOUNCED TO THE WORLD THAT ON FEB 4 THEY ISSUED 100 CONTRACTS OF EXCHANGE FOR RISK TO THE BANK OF ENGLAND.THEN ,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 FOR THE MONTH FINISHED AT 3

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 5TH EXCHANGE FOR RISK: 200 CONTRACTS OR 20,000 OZ OR 0.5816 TONNES

SUMMARY EXCHANGE FOR RISK/APRIL

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 THEN APRIL 9 484 CONTRACTS FOR 48400 OZ OR 1.5054 TONNES AND FINALLY MONDAY MORNING APRIL 14 AT 200 CONTRACTS FOR 20,000 OZ OR .5816 TONNES//NEW TOTAL ISSUANCE FOR APRIL: 5.912 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: 192.802 TONNES +(5.912 EX FOR RISK// FOR APRIL DELIVERY MONTH =198.714 TONNES OF THE GOLD. THIS IS THE 2ND HIGHEST AMOUNT OF DELIVERY GOLD WHICH FOLLOWS THE HIGHEST EVER ON AN ACTIVE MONTH GOLD DELIVERY BEING FEB 2025 AT 256.607 TONNES..

ANALYSIS APRIL DELIVERY MONTH AFTER FIRST DAY NOTICE;

WE HAVE LOST A SMALL SIZED TOTAL OF 0.74 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 5 CONSECUTIVE EXCHANGE FOR RISK CONTRACT ISSUANCES FOR 5.912 TONNES.

ALSO TODAY WE RECORD ANOTHER 70 CONTRACT QUEUE JUMP FOR 7000 OZ OR 0.2177 TONNES. WE MUST NOW ADD OUR 5.912 TONNES EXCHANGE FOR RISK TO OUR NEW NORMAL DELIVERY OF 192.802 TONNES AND THUS STANDING FOR GOLD FOR APRIL IS NOW 198.714 TONNES, THE 2ND HIGHEST EVER RECORDED!

ALL OF THIS HUGE STANDING WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $16.90,

WE HAD 123 CONTRACTS REM,OVED FROM THE  COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE AS WELL.

NET LOSS ON THE TWO EXCHANGES 241 CONTRACTS OR 24100 0Z (0.749 TONNES)

SEEMS THAT THE RATS ARE LEAVING THE DERIVATIVE SHIP!!

confirmed volume MONDAY 200,492.. contracts: GOOD///

//speculators have left the gold arena

END

APRIL

// THE APRIL 2025 GOLD CONTRACT

APRIL15

INITIAL

dealer deposits: 0 entry

TOTAL WEIGHT; 0 TONNES

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we have 0 customer entries

we have 1 customer entries


TOTAL CUSTOMER DEPOSITS: 1 ENTRY
i) Into Loomis: 8037.750 oz
(250 kilobars)
weight: .25 tonnes

TOTAL CUSTOMER AND DEALER WEIGHT .25 TONNES

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withdrawals: 1//customer account

2 ENTRIES:

2 ENTRIES: dealer to customer
i) Brinks 64,237.698 oz

ii) JPMorgan 73,014.921 oz

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AMOUNT OF GOLD STANDING FOR APRIL

THE FRONT MONTH OF APRIL HAD A LOSS OF 117 CONTRACTS TO STAND AT 1077. WE HAD 187 CONTRACTS FILED MONDAY. THUS WE GAINED A SMALL 70 CONTRACTS OR 7000 OZ (0.2177TONNES) AS WE EXPERIENCED ANOTHER QUEUE JUMP WHERE THESE BOYS DESIRED TO TAKE PHYSICAL DELIVERY OVER HERE. THIS IS CENTRAL BANKERS STANDING FOR PHYSICAL GOLD. LAST FRIDAY’S 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.

MAY LOST 33 CONTRACTS DOWN TO 5205 CONTRACTS

JUNE LOST 3829 CONTRACTS TO 345,990. JUNE WILL STILL BE A WHOPPER OF A DELIVERY MONTH

We had 511 contracts filed for today representing 51,100 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 1 notices issued from their client or customer account. The total of all issuance by all participants equate to 511 contract(s) of which 0  notices were stopped (received) by  j.P. Morgan dealer and 14 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 (61,420 X 100 oz ) to which we add the difference between the open interest for the front month of  APRIL (1077 CONTRACTS)  minus the number of notices served upon today  (511 x 100 oz per contract) equals  6,198,600 OZ  OR 192.802 TONNES

to which we add our 5 exchange for risk issuances for April of 5.910 tonnes

= 198.714 tonnes

thus the INITIAL standings for gold for the APRIL contract month:  No of notices filed so far (61,420 x 100 oz +we add the difference for front month of APRIL (1077 OI} minus the number of notices served upon today (511 x 100 oz) which equals  6,198,600 OZ OR 192.802 TONNES + 5.912 tonnes ex for risks = 198.714 tonnes

TOTAL COMEX GOLD STANDING FOR APRIL.: 198.714 TONNES WHICH IS HUGE FOR THIS ACTIVE ACTIVE DELIVERY MONTH IN THE CALENDAR. FEBRUARY HAD THE HIGHEST DELIVERY FOR ANY MONTH AND APRIL IS FOLLOWING SUIT..

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COMEX GOLD INVENTORIES/CLASSIFICATION

NEW PLEDGED GOLD:

241,794.285 oz NOW PLEDGED /HSBC  5.94 TONNES

204,937.290 OZ PLEDGED  MANFRA 3.08 TONNES

83,657.582 PLEDGED JPMorgan no 1  1.690 tonnes

265,999.054, oz  JPM No 2 

1,152,376.639 oz pledged  Brinks/

Manfra:  33,758.550 oz

Delaware: 193.721 oz

International Delaware::  11,188.542 oz

total pledged gold: 2,041,750.560 oz 63.50 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 44,012,358.136 oz  

TOTAL REGISTERED GOLD 21,920,491.496 or 681.82 tonnes

TOTAL OF ALL ELIGIBLE GOLD: 22,091,866.640 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 19,878,741oz (REG GOLD- PLEDGED GOLD)= 618.312tonnes //

END

SILVER/COMEX

// THE APRIL 2025  SILVER CONTRACT//INITIAL

APRIL 15

INITIAL

1 entries/dealer

i) Into dealer Brinks
240,398.900 oz

total dealer deposit 240,398.900 oz

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deposits customer side

deposits customer side
1 entry

i) one entry

into Customer acct CNT: 451,509.470 oz

total deposit 451,509.470 oz..

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1 entries//customer withdrawals

withdrawals 1
1 entries:


i) out of Loomis 40,353.04 oz

total withdrawal 40,353.04 oz

ADJUSTMENTs 1 entries//CNT customer to dealer; 501,010.100 oz

JPMorgan has a total silver weight: 199.954million oz/498.195oz million  or 40.27%

TOTAL REGISTERED SILVER: 159.954 MILLION OZ//.TOTAL REG + ELIGIBLE. 498.846Million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR APRIL

silver open interest data:

FRONT MONTH OF APRIL /2025 OI: 130 OPEN INTEREST CONTRACTS FOR A LOSS OF 13 CONTRACTS. WE HAD 23 NOTICES FILED MONDAY SO WE GAINED 10 CONTRACTS WHICH UNDERWENT A SMALL QUEUE JUMP OF 50,000 OZ AS THESE BOYS WERE WILLING TO WAIT FOR DELIVERY OF SILVER OVER ON THIS SIDE OF THE POND.

MAY SAW A LOSS OF 2039 CONTRACTS DOWN TO 62,913 CONTRACTS.

JUNE SAW A GAIN OF 105 CONTRACTS UP TO 1594 CONTRACTS.

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 110 or 0.550 MILLION oz

CONFIRMED volume; ON MONDAY 74,627 strong//

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 2843 X5,000 oz = 14.215 MILLION oz 

to which we add the difference between the open interest for the front month of APRIL (130) AND the number of notices served upon today (110 )x (5000 oz)

Thus the  standings for silver for the APRIL 2025 contract month:  (2843) Notices served so far) x 5000 oz + OI for the front month of APRIL(130) minus number of notices served upon today (110)x 5000 oz equals silver standing for the APRIL contract month equating to 14.315 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 18.315 MILLION OZ

 New total standing:  18.315 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 159.954million 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

APRIL15  WITH GOLD UP $12.90 TODAY// NO CHANGES IN GOLD AT THE GLD: ///INVENTORY RESTS AT 953.15 TONNES

APRIL14  WITH GOLD DOWN $16.90 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 3.44 TONNES OF GOLD INTO THE GLD. ///INVENTORY RESTS AT 953.15 TONNES

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: 963.15 TONNES, TONIGHTS TOTAL

SILVER

APRIL15 WITH SILVER UP $0.07 /NO CHANGES IN SILVER INVENTORY AT THE SLV//: //INVENTORY AT SLV RESTS AT 449.241 MILLION

APRIL14 WITH SILVER UP $0/23 /SMALL CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF 0.273 MILLION OZ OUT OF THE SLV//: //INVENTORY AT SLV RESTS AT 449.241 MILLION

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 449.241 MILLION OZ//

PHYSICAL GOLD/SILVER COMMENTARIES

1/ PETER SCHIFF/SCHIFF GOLD/MIKE MAHARRY

PETER SCHIFF

JOHN RUBINO

2, EGON VON GREYERZ

ALASDAIR MACLEOD

3. C Powell and Gata dispatches

On LFTV, Alasdair Macleod explains why China may be behind silver price suppression

Submitted by admin on Sat, 2025-04-12 22:42 Section: Daily Dispatches

10:43p ET Saturday, August 31, 2024

Dear Friend of GATA and Gold (and Silver):

Market analyst and economist Alasdair Macleod, this week’s guest with London metals trader Andrew Maguire on Kinesis Money’s “Live from the Vault” program, explains why he believes that China has been the instigator of silver price suppression and will terminate the scheme soon.

Macleod adds that markets and governments around the world are losing faith in the dollar and U.S. assets and that the only refuge is gold

Gold leasing by central banks, Macleod says, long has enabled multiple counting of world gold reserves, and the closing of those leases is reducing liquidity for paper gold and constricting the financial derivatives system.

The program is 57 minutes long and can be seen at YouTube here:

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

* * *

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 TUESDAY MORNING MONDAY  NIGHT

SHANGHAI CLOSED UP 4.85 PTS OR 0.15%

//Hang Seng CLOSED UP 48.87 PTS OR 0.23 PTS

// Nikkei CLOSED UP 285.18 OR 0.84%//Australia’s all ordinaries CLOSED UP 0.13%

//Chinese yuan (ONSHORE) CLOSED DOWN TO 7.3165 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.3222/ Oil DOWN TO 61.31 dollars per barrel for WTI and BRENT UP TO 64.67 Stocks in Europe OPENED ALL GREEN.

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

WEAKER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER

END

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

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

ONSHORE YUAN:   CLOSED DOWN TO 7.3165

OFFSHORE YUAN: UP TO 7.3222

SHANGHAI CLOSED CLOSED UP 4.85 PTS OR 0.15%

HANG SENG CLOSED CLOSED UP 48.87 OR 0.23%

2. Nikkei closed UP 285.18 PTS OR 0.84%

3. Europe stocks   SO FAR:  ALL GREEN

USA dollar INDEX UP TO  99.46// EURO FALLS TO 1.1334 DOWN 2 BASIS PT HEADING TO PARITY WITH USA

3b Japan 10 YR bond yield: RISES TO. +1.367//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 142.97…… JAPANESE YEN NOW FALLING AS WE HAVE NOW REACHED THE RE EMERGING OF THE YEN CARRY TRADE AGAIN AFTER DISASTROUS POLICY ISSUED BY UEDA

3c Nikkei now  ABOVE 17,000

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

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

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

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

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

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD UP TO +2.5435/Italian 10 Yr bond yield UP to 3.727 SPAIN 10 YR BOND YIELD UP TO 3.246

3i Greek 10 year bond yield UP TO 3.446

3j Gold at $3222.00 Silver at: 32.29  1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40

3k USA vs Russian rouble;// Russian rouble UP 0 AND 28 /100  roubles/dollar; ROUBLE AT 81/95

3m oil into the 61 dollar handle for WTI and  65 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 142.97// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.367% 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 0.8150 as the Swiss Franc is still rising against most currencies. Euro vs SF:   0.9238 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: 4.391 UP 3 BASIS PTS…

USA 30 YR BOND YIELD: 4.830 UP 3 BASIS PTS/

USA 2 YR BOND YIELD:  3.868 UP 4 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 38.10

10 YR UK BOND YIELD: 4.7145 UP 5 PTS

10 YR CANADA BOND YIELD: 3.159 UP 4 BASIS PTS

5 YR CANADA BOND YIELD: 2.773 UP 4 PTS.

2a New York OPENING REPORT

2b/ European opening report

Generally positive sentiment but with recent pressure seen after China seeks to halt Boeing deliveries – Newsquawk US Market Open

Tuesday, Apr 15, 2025 – 05:50 AM

• China orders a halt to Boeing (BA) jet deliveries as the trade war expands, according to Bloomberg citing sources.
• US President Trump said they will put tariffs on imported pharmaceuticals in the not-too-distant future.
• European indices at session highs, LVMH -7% after weak results; US futures are modestly higher.
• DXY holds a downward bias whilst Antipodeans outperform.
• Initial fixed divergence eroded by China-Boeing. Bunds subsequently hit by a poor Bobl auction
• Gold lifted, Crude pushed into the red and Copper dented amid China trade retaliation.
• Looking ahead, US Import/Export Prices, Canadian CPI, Fed Discount Rate Minutes, Comments from ECB President Lagarde.

Newsquawk in 3 steps:

1. Subscribe to the free premarket movers reports

2. Listen to this report in the market open podcast (available on Apple and Spotify)

3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days

TARIFFS/TRADE

• China orders a halt to Boeing (BA) jet deliveries as the trade war expands, according to Bloomberg citing sources. Beijing has asked that Chinese carriers halt any purchases of aircraft-related equipment and parts from US companies Delivery paperwork and payment on some of these jets may have been completed before the reciprocal tariffs announced by China on April 11 took effect on April 12, and those planes may be allowed to enter China on a case-by-case basis, some of the people said.
• India Trade Official says the US and India have signed terms of reference for a trade deal; next round of India-EU talks are in May; India-UK trade negotiators are working to resolve pending issues
• Pakistan considers buying US crude to ease trade imbalance, via Reuters citing sources
• US President Trump said they will put tariffs on imported pharmaceuticals in the not-too-distant future and noted they do not make their own drugs, while he reiterated the EU is taking advantage of the US and has to come to the table which they’re trying to. Trump also said he is looking to help car companies and there will maybe be some things coming up.
• US Treasury Secretary Bessent said US President Trump and Chinese President Xi have a very good relationship and noted that tariffs on China are big numbers and that no one thinks they are sustainable and wants them to remain. Bessent stated that tariffs on China are not a joke and that there doesn’t have to be decoupling with China, but there could be and noted the US will negotiate tariff rates with partners in good faith and will run a robust process.
• US Secretary of Commerce initiated an investigation to determine the effects of national security of imports of pharmaceuticals and pharmaceutical ingredients and initiated Section 232 national security investigation of imports of semiconductors and semiconductor manufacturing equipment, according to the Federal Register.
• US Department of Commerce announced its intent to withdraw from the 2019 suspension agreement of fresh tomatoes from Mexico and with termination of the agreement, the Commerce Department will institute an anti-dumping duty order on July 14th, resulting in duties of 20.91% on most imports of tomatoes from Mexico.
• Argentina’s President Milei says we understand the reciprocal tariffs from the US and are ready to sign a trade agreement along these lines.
• Chinese senior official for Hong Kong Affairs said the US tariff war goal is not to take Hong Kong’s tariffs, “they want our life” and 145% tariff on Hong Kong is “brutally unreasonable, extremely shameless”.

EUROPEAN TRADE

EQUITIES

• European bourses (STOXX 600 +1%) are almost entirely in the green, as the mostly positive risk tone in the APAC session reverberates into Europe. Price action so far has really only been one way today, and that’s up; as its stands, indices reside at highs.
• European sectors hold a strong positive bias, in-fitting with the positive risk tone. Consumer Products is the sole industry in the red today – thanks to the Luxury sector, which has been hampered by poor LVMH (-7.7%) results. Autos parks itself in top spot after US President Trump said he is looking to help car companies and that there will maybe be some things coming up.
• US equity futures (ES +0.3%, NQ +0.4%, RTY +0.2%) are entirely in the green, benefiting from the risk tone which can ultimately be pinned to the recent US tariff exemptions and dovish commentary from Fed’s Waller in the prior session. Some modest downticks were seen following a Bloomberg report which noted that China orders a halt to Boeing jet deliveries amid the trade war; Boeing -3% in pre-market trade.
• Click for the sessions European pre-market equity newsflow
• Click for the additional news
• Click for a detailed summary

FX

• The Dollar initially kicked off the session relatively contained with US (and global) tariff policy showing some stability after recent toing and froing. However, the index adopted more of a downside bias in early European trade. DXY briefly dipped under 99.50 following reports that China ordered a halt to Boeing (BA) jet deliveries as the trade war expands, according to Bloomberg citing sources. Ahead, there is little of note for the Dollar on the docket during the European session, with the focus turning (in the absence of tariff updates) to Fed Chair Powell’s speech tomorrow on the economic outlook. As it stands, DXY currently resides in a 99.47-99.97 band.
• EUR is modestly firmer/flat. EUR/USD currently trades in a 1.1314-1.1378 range, well within Monday’s 1.1188-1.1473 parameter. German ZEW was mixed with Current Conditions missing forecasts and Economic Sentiment contracting. ZEW highlighted that erratic changes in US trade policy are weighing heavily on German expectations. EUR saw short-lived two-way action on the data before returning to pre-announcement levels.
• JPY was modestly lower in early portion of the morning largely as a function of the positive risk environment. Though some modest strength in the JPY was seen around the aforementioned China/Boeing reporting, which weighed on risk sentiment, a move which has since continued to a current 142.69 low for USD/JPY.
• A positive session for Sterling as it remains underpinned by the softer Dollar, whilst trade updates on the US-UK front have been constructive. UK government sources via BBC have suggested that recent talks with the US on a trade deal have been making good progress. Elsewhere, UK jobs data was mixed and resulted in no immediate reaction for the Pound. GBP/USD has topped the peak from 3rd April (1.3207) and trades in a current 1.3165-1.3227 range.
• The Loonie is mildly firmer this morning as traders look ahead to the Canadian CPI prints later today which could shape expectations for tomorrow’s BoC confab. Y/Y CPI is forecast at 2.6% (prev. 2.6%) whilst the Median and Trim metrics are seen ticking up to 3.0% from 2.9%.
• Antipodeans are both firmer benefitting from another leg lower in the Dollar coupled with hopes of Chinese stimulus to cushion the blow from US tariffs. The overall positive risk tone and the firmer PBoC reference rate setting also underpins the high-beta FX. The latest RBA minutes provided little fresh clues as it stated it was not yet possible to determine the timing of the next move in rates and it was not appropriate at this stage for policy to react to potential risks.
• PBoC set USD/CNY mid-point at 7.2096 vs exp. 7.3094 (Prev. 7.2110).
• Click for a detailed summary
• Click for NY OpEx Details

FIXED INCOME

• USTs are in the red, with some modest pressure seen in early European trade as the general risk tone improved – this took USTs to a 110-17 low. However, the tone was clipped by a BBG source report that China has ordered a halt to Boeing deliveries, a report which lifted USTs from the mentioned trough to just above opening levels of 110-21+; as such, USTs are closer to unchanged on the session with yields slightly mixed but the curve still flatter.
• Bunds were in the green but now flat having been pulling back from its 131.57 overnight high throughout the morning as the risk tone improves, as outlined above. Down to an initial 131.18 low but was lifted off that by around 15 ticks by the aforementioned China and Boeing update. Thereafter, a weak German 2030 Bobl outing led Bunds down to a fresh 131.02 trough.
• Gilts are firmer, gapped higher by 23 ticks to 91.72 before pulling back modestly to a 91.67 trough as the tone improved. However, the discussed Boeing-China report moved the benchmark above opening levels and to a 91.93 peak. Follows the morning’s labour market data, the series didn’t really spark much movement in GBP at the time. In brief, the series points to a continued cooling of the labour market and while the employment metrics are net-dovish for the BoE, the cooling is yet to materialise significantly in wages which remain elevated. Nonetheless, the series has been superseded by more timely tariff updates. The 2035 auction was broadly in-line with the prior, a slightly lower yield on offer which tailed a touch less than last time though the cover was softer.
• UK sells GBP 4bln 4.5% 2035 Gilt: b/c 2.85x (prev. 2.92x), average yield 4.638% (prev. 4.679%), and tail 0.4bps (prev. 0.5bps).
• Germany sells EUR 3.549bln vs exp. EUR 4.5bln 2.40% 2030 Bobl: b/c 1.4x (prev. 1.90x), Average yield 2.06% (prev. 2.44%) & retention 21.1% (prev. 23.76%)
• Click for a detailed summary

COMMODITIES

• Crude began the European session modestly firmer, with upside facilitated by a softer Dollar and broadly positive risk-tone. However, more recently, the complex has gradually edged lower and now resides just off session lows. Some of the pressure could be attributed to China halting Boeing jet deliveries (hitting sentiment) and the IEA cutting its 2025 oil demand forecast. Brent Jun’25 currently towards the lower end of a USD 64.66-65.40/bbl range.
• Precious metals are mixed, with spot silver a little lower whilst spot gold edges higher. XAU currently higher by around USD 20/oz and sits above USD 3,230/oz in a USD 3,210.05-3,232.72/oz range.
• Mixed trade across base metals as traders weigh the demand impact from a US-Sino trade war with expected Chinese stimulus. That being said, some desks expected the base metals complex to continue trending lower, contingent on the scope of tariffs and the time in force. 3M LME copper resides in a 9,154.35-9,249.05/t range.
• EU is reportedly exploring legal options for ending Russian gas deals, according to FT.
• IEA OMR: cuts 2025 oil demand forecasts amid tariffs; sees 2026 surplus; cuts 2025 forecast to 730k BPD from 1.03mln BPD. Escalating trade tensions have negatively impacted the economic and oil demand outlook IEA, in first detailed look at balances for 2026, says world oil demand growth to slow further in 2026 to 690k BPD IEA cuts 2025 global supply growth forecast by 260k BPD to 1.2mln BPD due to a decrease in US and Venezuelan output
• Click for a detailed summary

NOTABLE DATA RECAP

• UK ILO Unemployment Rate (Feb) 4.4% vs. Exp. 4.4% (Prev. 4.4%); Employment Change (Feb) 206k vs. Exp. 174k (Prev. 144k); Claimant Count Unem Chng (Mar) 18.7k (Prev. 44.2k, Rev. 16.5k); HMRC Payrolls Change (Mar) -78k (Prev. 21k, Rev. -8k)
• UK Avg Earnings (Ex-Bonus) (Feb) 5.9% vs. Exp. 6.0% (Prev. 5.9%, Rev. 5.8%); Avg Wk Earnings 3M YY 5.6% vs. Exp. 5.7% (Prev. 5.8%, Rev. 5.6%)
• UK BRC Retail Sales YY (Mar) 0.9% (Prev. 0.9%); Total Sales YY (Mar) 1.1% (Prev. 1.1%)
• EU ZEW Survey Expectations (Apr) -18.5 (Prev. 39.8)
• German ZEW Economic Sentiment (Apr) -14.0 vs. Exp. 9.5 (Prev. 51.6); ZEW Current Conditions (Apr) -81.2 vs. Exp. -86.8 (Prev. -87.6)
• EU Industrial Production MM (Feb) 1.1% vs. Exp. 0.3% (Prev. 0.8%, Rev. 0.6%); Industrial Production YY (Feb) 1.2% vs. Exp. -0.8% (Rev. -0.5%)
• German Wholesale Price Index MM (Mar) -0.2% (Prev. 0.6%); YY 1.3% (Prev. 1.6%)
• French CPI (EU Norm) Final YY (Mar) 0.9% vs. Exp. 0.9% (Prev. 0.9%)

NOTABLE EUROPEAN HEADLINES

• Barclaycard UK March Consumer Spending rose 0.5% Y/Y (prev. +1.0%). It was also reported that UK consumers plan to ‘buy British’ amid Trump’s trade war with around 71% of respondents in a survey by Barclays wanting to support UK businesses by buying items that were “made in Britain”, according to FT.
• ECB Bank Lending Survey: Credit standards for loans to firms tightened slightly further, and net loan demand moved back into slightly negative territory

NOTABLE US HEADLINES

• Fed’s Bostic (2027 voter) said the range of possible outcomes has multiplied and the boundaries of what he thought could be possible have been blown up. Bostic stated the labour market is effectively at full employment and inflation is still much higher than the target, as well as noted that they still have a ways to go on inflation and it is not in a position to boldly move in any direction with more clarity needed.
• US Treasury Secretary Bessent said he does not think there is a dumping of US assets in the bond market and said this is one of those occasional shocks you get in the trading community. Bessent said the US still has the global reserve currency and a strong dollar policy, as well as noted it is a long way from needing contingency plans. Furthermore, he is pleasantly surprised at how quickly the tax bill is moving along and noted that they are thinking about a successor for Fed Chair Powell with the interviewing of candidates to begin in the fall.
• White House NEC Chair Hassett said the US is in the ‘sweet spot’ of growth and that President Trump wants to see tariff money up front, while he does not see a recession at all, according to a Fox Business interview.
• US State Department is expected to propose an unprecedented overhaul of the US government’s diplomatic footprint overseas, including the elimination of entire embassies and consulates, according to Punchbowl

GEOPOLITICS

MIDDLE EAST

• “IRGC says Iran’s military capabilities are ‘red lines’ in any talks with US”, according to Sky News Arabia
• US State Department said Secretary of State Rubio spoke to the Turkish Foreign Minister about dangers to regional security and stability posed by Iran and its proxies.
• White House Envoy Witkoff said the conversation with Iran will be about verification on the enrichment program and then ultimately verification on weaponisation.
• Houthi media reported US warplanes launched two raids on Al-Abdiya district in Marib and three raids on the areas of Al-Juhf and Al-Qadeer in Al-Hazm District in Al-Jawf Governorate in Yemen.
• Yemeni pro-government militias are planning a ground offensive against Houthis in an attempt to take advantage of a US bombing campaign that has degraded the militant group’s capabilities, according to WSJ citing Yemeni and US officials.
• “Iran is expected to oppose a US plan to transfer its stockpile of highly enriched uranium to a third country such as Russia”, according to Sky News Arabia.
• Next round of Iran-US talks will be held in Muscat, Oman, on April 19th, according to IRNA. Reporting on Monday intimated that the next round would be in Italy

RUSSIA-UKRAINE

• Russian Defence Ministry says Ukraine Carried out six attacks on Russian Energy infrastructure over the past 24 hours, via Ria.
• Russia’s Head of the Foreign Intelligence Service Naryshkin says in the event of NATO aggression against Russia or Belarus, damage will be inflicted on NATO as a whole; Poland and Baltic states will suffer first, according to Ria.
• Russia’s Head of the Foreign Intelligence Service Naryshkin says Russia continues to comply with the moratorium on energy infrastructure strikes, according to Ria
• US President Trump said thinks they will get some very good proposals on stopping the Ukraine war very soon..
• Blasts reportedly shook the Russian city of Kursk near the Ukrainian border and damaged residential buildings.
• “Russian Foreign Minister: It is not easy to agree with the United States on the main aspects of a possible peace agreement to end the war in Ukraine”, via Sky News Arabia.

OTHER

• China’s embassy in Argentina said it is strongly dissatisfied and firmly opposes US Treasury Secretary Bessent’s remarks about China which it said “maliciously slandered, smeared” China for carrying out normal cooperation with other countries, while it added that some people with ulterior motives are trying to sow discord between China and Argentina. Furthermore, it said they advise the US to adjust its mindset instead of spending time repeatedly smearing and attacking China, as well as meddling in the foreign cooperation of regional countries.
• China’s Harbin Public Security Bureau said US NSA agents are on the wanted list for being involved in a cyberattack on the Asian Winter Games, while it traced down the three agents and two US universities involved in the implementation of cyber attacks.

CRYPTO

• Bitcoin is a little firmer and trading just shy of the USD 86k mark; Ethereum is essentially flat and trading around USD 1.6k.

APAC TRADE

• APAC stocks traded with a predominantly positive bias following on from the gains on Wall St where sentiment was underpinned by the recent US tariff exemptions and dovish comments by Fed’s Waller.
• ASX 200 was led higher by strength in healthcare and financials but with the gains capped by a lack of fresh drivers and with very few clues from the RBA Minutes regarding when the next rate move will occur.
• Nikkei 225 outperformed with automakers among the best performers in the index after US President Trump suggested on Monday that he might temporarily exempt the auto industry from tariffs to give carmakers time to adjust their supply chains.
• Hang Seng and Shanghai Comp lagged with participants cautious after the US announced probes into pharmaceuticals and semiconductors, while local press noted domestic markets face liquidity pressures with more than CNY 570bln in reverse repo and MLF funds maturing this week, although the PBoC is expected to assist with liquidity.

NOTABLE ASIA-PAC HEADLINES

• RBA Minutes from the March 31st-April 1st meeting stated it is not yet possible to determine the timing of the next move in rates and it is not appropriate at this stage for policy to react to potential risks. RBA also commented that the May meeting would be an opportune time to reconsider and the decision was not predetermined, while it stated it is possible that global uncertainty over US tariffs could have a significant impact and the board saw risks on both the upside and downside for the Australian economy and inflation.

2c) Asian opening report

APAC underpinned after Wall St. gains from Waller, Trump suggested a temporary auto tariff exemption – Newsquawk Europe Market Open

Tuesday, Apr 15, 2025 – 01:24 AM

• APAC stocks traded with a predominantly positive bias following on from the gains on Wall St.
• US President Trump said they will put tariffs on imported pharmaceuticals in the not-too-distant future.
• Fed’s Waller said under the large-tariff scenario with significant economic slowdown, he would favour cutting policy rate sooner and more than previously thought.
• European equity futures indicate a contained cash market open with the Euro Stoxx 50 future -0.1% after the cash market closed with gains of 2.6% on Monday.
• DXY is languishing below the 100 mark, antipodeans outperform, EUR/USD has failed to hold above 1.14, USD/JPY lacked firm direction.
• Looking ahead, highlights include German Wholesale Price Index & ZEW, UK Jobs, EZ Industrial Production, US Import/Export Prices, Canadian CPI, Fed Discount Rate Minutes, ECB President Lagarde, Supply from UK & Germany, Earnings from Bank of America, Citi, Johnson & Johnson, PNC, UAL, Beiersdorf, B&M European, Wise, Rio Tinto & Sika.

SNAPSHOT

Newsquawk in 3 steps:

1. Subscribe to the free premarket movers reports

2. Listen to this report in the market open podcast (available on Apple and Spotify)

3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days

US TRADE

EQUITIES

• US stocks gained with sentiment underpinned after last week’s announcement of tariff exemptions for smartphones and electronics, although President Trump clarified they are still subject to the 20% tariff related to fentanyl. Equity futures hit peaks around the opening bell, but a soft open saw the upside pare by the time Europe left for the day, while there were tailwinds later in the session as participants digested dovish comments from Fed’s Waller which facilitated further upside in T-notes.
• SPX +0.84% at 5,408, NDX +0.57% at 18,796, DJI +0.78% at 40,525, RUT +1.08% at 1,880.
• Click here for a detailed summary.

TARIFFS/TRADE

• US President Trump said they will put tariffs on imported pharmaceuticals in the not-too-distant future and noted they do not make their own drugs, while he reiterated the EU is taking advantage of the US and has to come to the table which they’re trying to. Trump also said he is looking to help car companies and there will maybe be some things coming up.
• US Treasury Secretary Bessent said US President Trump and Chinese President Xi have a very good relationship and noted that tariffs on China are big numbers and that no one thinks they are sustainable and wants them to remain. Bessent stated that tariffs on China are not a joke and that there doesn’t have to be decoupling with China, but there could be and noted the US will negotiate tariff rates with partners in good faith and will run a robust process.
• US Secretary of Commerce initiated an investigation to determine the effects of national security of imports of pharmaceuticals and pharmaceutical ingredients and initiated Section 232 national security investigation of imports of semiconductors and semiconductor manufacturing equipment, according to the Federal Register.
• US Department of Commerce announced its intent to withdraw from the 2019 suspension agreement of fresh tomatoes from Mexico and with termination of the agreement, the Commerce Department will institute an anti-dumping duty order on July 14th, resulting in duties of 20.91% on most imports of tomatoes from Mexico.
• EU Trade Commissioner Sefcovic said he is in Washington for talks and is seizing the 90-day window for a mutual solution to unjustified tariffs. Sefcovic added that the EU remains constructive and is ready for a fair deal including reciprocity through their zero-for-zero tariff offer on industrial goods and the work on non-tariff barriers, while he noted that achieving this will require a significant joint effort.
• Argentina’s President Milei says we understand the reciprocal tariffs from the US and are ready to sign a trade agreement along these lines.
• Chinese senior official for Hong Kong Affairs said the US tariff war goal is not to take Hong Kong’s tariffs, “they want our life” and 145% tariff on Hong Kong is “brutally unreasonable, extremely shameless”.

NOTABLE HEADLINES

• Fed’s Waller (voter) said the new tariff policy is one of the biggest shocks to affect the US economy in decades and noted under the large-tariff scenario with significant economic slowdown, he would favour cutting policy rate sooner and more than previously thought. Waller stated that if the current 25% average tariff rate stays for some time, inflation could peak near 5% and in this large-tariff scenario, the drag on output and employment could be longer-lasting and unemployment could climb to 5%. However, in the scenario where tariffs drop down to 10%, inflation could peak at 3%, and under the smaller-tariff scenario, the Fed could be more patient and rate cuts could take place in the latter half of the year. Furthermore, he said policy is highly uncertain and the Fed should remain flexible.
• Fed’s Bostic (2027 voter) said the range of possible outcomes has multiplied and the boundaries of what he thought could be possible have been blown up. Bostic stated the labour market is effectively at full employment and inflation is still much higher than the target, as well as noted that they still have a ways to go on inflation and it is not in a position to boldly move in any direction with more clarity needed.
• US President Trump reportedly targets NPR, PBS, and foreign aid in USD 9bln spending cut, according to Bloomberg.
• US Treasury Secretary Bessent said he does not think there is a dumping of US assets in the bond market and said this is one of those occasional shocks you get in the trading community. Bessent said the US still has the global reserve currency and a strong dollar policy, as well as noted it is a long way from needing contingency plans. Furthermore, he is pleasantly surprised at how quickly the tax bill is moving along and noted that they are thinking about a successor for Fed Chair Powell with the interviewing of candidates to begin in the fall.
• White House NEC Chair Hassett said the US is in the ‘sweet spot’ of growth and that President Trump wants to see tariff money up front, while he does not see a recession at all, according to a Fox Business interview.

APAC TRADE

EQUITIES

• APAC stocks traded with a predominantly positive bias following on from the gains on Wall St where sentiment was underpinned by the recent US tariff exemptions and dovish comments by Fed’s Waller.
• ASX 200 was led higher by strength in healthcare and financials but with the gains capped by a lack of fresh drivers and with very few clues from the RBA Minutes regarding when the next rate move will occur.
• Nikkei 225 outperformed with automakers among the best performers in the index after US President Trump suggested on Monday that he might temporarily exempt the auto industry from tariffs to give carmakers time to adjust their supply chains.
• Hang Seng and Shanghai Comp lagged with participants cautious after the US announced probes into pharmaceuticals and semiconductors, while local press noted domestic markets face liquidity pressures with more than CNY 570bln in reverse repo and MLF funds maturing this week, although the PBoC is expected to assist with liquidity.
• US equity futures were rangebound overnight.
• European equity futures indicate a contained cash market open with the Euro Stoxx 50 future -0.1% after the cash market closed with gains of 2.6% on Monday..

FX

• DXY was subdued following a choppy to start the week and languished beneath the 100.00 level after the tariff exemptions on smartphones and electronics, although the Trump administration has since announced probes into pharmaceuticals and semiconductors which sets the stage for sectoral tariffs, while there were also dovish-leaning comments from Fed’s Waller who gave a range of scenarios in which he noted that under a large-tariff scenario with a significant economic slowdown, he would favour cutting the policy rate sooner and greater than previously thought.
• EUR/USD was restricted after its recent failure to sustain the 1.1400 status, while EU Trade Commissioner Sefcovic is in Washington for talks and said the EU is ready for a fair deal including reciprocity through their zero-for-zero tariff offer on industrial goods and work on non-tariff barriers.
• GBP/USD remained afloat and retested the 1.3200 level to the upside ahead of UK jobs and average earnings data.
• USD/JPY lacked firm direction and lingered above the 143.00 level amid a quiet calendar and the positive risk environment.
• Antipodeans outperformed amid their high-beta characteristics and with the PBoC setting a firmer-than-previous reference rate setting, while the latest RBA minutes provided little fresh clues as it stated it was not yet possible to determine the timing of the next move in rates and it was not appropriate at this stage for policy to react to potential risks.
• PBoC set USD/CNY mid-point at 7.2096 vs exp. 7.3094 (Prev. 7.2110).

FIXED INCOME

• 10yr UST futures held onto yesterday’s gains after rallying amid tariff exemptions and dovish comments from Fed’s Waller.
• Bund futures sat around the prior day’s highs after gaining a firm footing above the 131.00 level but with further upside capped overnight ahead of German WPI and ZEW data, as well as a Bobl issuance.
• 10yr JGB futures demand was subdued amid the positive risk appetite in Japan and a weaker 20yr JGB auction.

COMMODITIES

• Crude futures were kept afloat amid the positive risk environment but with gains capped amid little fresh catalysts and after the recent OPEC MOMR cut global oil demand growth forecasts for 2025 and 2026 by 100k BPD each to 1.3mln BPD.
• EU is reportedly exploring legal options for ending Russian gas deals, according to FT.
• Spot gold continued its gradual recovery following a brief slip to beneath the USD 3,200/oz level.
• Copper futures took a breather after the prior day’s advances with upside capped as Chinese markets lagged.

CRYPTO

• Bitcoin steadily gained overnight and returned to above the USD 85,000 level.

NOTABLE ASIA-PAC HEADLINES

• RBA Minutes from the March 31st-April 1st meeting stated it is not yet possible to determine the timing of the next move in rates and it is not appropriate at this stage for policy to react to potential risks. RBA also commented that the May meeting would be an opportune time to reconsider and the decision was not predetermined, while it stated it is possible that global uncertainty over US tariffs could have a significant impact and the board saw risks on both the upside and downside for the Australian economy and inflation.

GEOPOLITICS

MIDDLE EAST

• Egypt received an Israeli proposal for a ceasefire in Gaza and to start negotiations for a permanent ceasefire, while Egypt delivered the proposal to Hamas and is awaiting a response, according to Al Qahera News.
• Israel’s new demand to Hamas is to reportedly lay down weapons as a condition to a ceasefire, which is a new demand that would surely prolong the suffering of the hostages, if not worse, according to Guy Elster.
• Hamas official said they are ready to hand over hostages in one batch in exchange for ending the war and withdrawing from Gaza. Furthermore, Hamas said it is studying the Gaza ceasefire proposal it received from mediators and will submit a response as soon as possible.
• US President Trump said they will solve the Iran problem and Iran wants to deal with the US but they don’t know how and there will be another meeting with Iran on Saturday. Furthermore, Trump said Iran cannot have a nuclear weapon and must give up the dream of a nuclear weapon or face a harsh response.
• US State Department said Secretary of State Rubio spoke to the Turkish Foreign Minister about dangers to regional security and stability posed by Iran and its proxies.
• White House Envoy Witkoff said the conversation with Iran will be about verification on the enrichment program and then ultimately verification on weaponisation.
• Houthi media reported US warplanes launched two raids on Al-Abdiya district in Marib and three raids on the areas of Al-Juhf and Al-Qadeer in Al-Hazm District in Al-Jawf Governorate in Yemen.
• Yemeni pro-government militias are planning a ground offensive against Houthis in an attempt to take advantage of a US bombing campaign that has degraded the militant group’s capabilities, according to WSJ citing Yemeni and US officials

RUSSIA-UKRAINE

• US President Trump said thinks they will get some very good proposals on stopping the Ukraine war very soon.
• Ukraine and the US held “constructive” talks on a proposed minerals deal last week, according to AFP citing an official.
• US House Democrats introduced legislation to bolster Ukraine in its war with Russia, according to sources via Reuters.
• Blasts reportedly shook the Russian city of Kursk near the Ukrainian border and damaged residential buildings.

OTHER

• China’s embassy in Argentina said it is strongly dissatisfied and firmly opposes US Treasury Secretary Bessent’s remarks about China which it said “maliciously slandered, smeared” China for carrying out normal cooperation with other countries, while it added that some people with ulterior motives are trying to sow discord between China and Argentina. Furthermore, it said they advise the US to adjust its mindset instead of spending time repeatedly smearing and attacking China, as well as meddling in the foreign cooperation of regional countries.
• China’s Harbin Public Security Bureau said US NSA agents are on the wanted list for being involved in a cyberattack on the Asian Winter Games, while it traced down the three agents and two US universities involved in the implementation of cyber attacks.

EU/UK

NOTABLE HEADLINES

• Barclaycard UK March Consumer Spending rose 0.5% Y/Y (prev. +1.0%). It was also reported that UK consumers plan to ‘buy British’ amid Trump’s trade war with around 71% of respondents in a survey by Barclays wanting to support UK businesses by buying items that were “made in Britain”, according to FT.

DATA RECAP

• UK BRC Retail Sales YY (Mar) 0.9% (Prev. 0.9%)
• UK BRC Total Sales YY (Mar) 1.1% (Prev. 1.1%)

3 .ASIA

3A NORTH KOREA/SOUTH KOREA

3B JAPAN

Sony Hikes Playstation 5 Price Up To 11% In Major Markets – Except The US

Tuesday, Apr 15, 2025 – 06:55 AM

Sony, citing inflation and ‘fluctuating exchange rates,’ has hiked the price of the Playstation 5 in several regions – but is shielding US consumers from the decision.

The company said it was a “tough decision” to raise PS5 prices for the first time in three years.

“With a backdrop of a challenging economic environment, including high inflation and fluctuating exchange rates, SIE has made the tough decision to raise the recommended retail price of the PlayStation 5 console in select markets in Europe, Middle East and Africa (EMEA), Australia and New Zealand,” the company said in a statement, and confirming to Gamespot that US prices will remain the same.

Analyst Daniel Ahmad suggested that “The knock on effect [of tariffs] in terms of inflation, exchange rates, and macro trends” may cause Sony to raise prices globally.

According to Gamespot, the changes are as follows;

Europe

• PS5 Digital Edition – €50 increase from €450 to €500
• PS5 Standard with disc drive – No price change
• PS5 disc drive – €40 decrease from €120 to €80

UK

• PS5 Digital Edition – £40 increase from £390 to £430
• PS5 Standard with disc drive – No price change
• PS5 disc drive – £30 decrease from £100 to £70

Australia

• PS5 Digital Edition – AUD $70 increase from AUD $680 to AUD $750
• PS5 Standard with disc drive – AUD $30 increase from AUD $800 to AUD $830
• Ps5 disc drive – AUD $35 decrease from AUD $160 AUD $125

New Zealand

• PS5 Digital Edition – NZD $60 increase from NZD $770 to NZD $860
• PS5 Standard with disc drive – NZD $50 increase from NZD $900 to NZD $950
• PS5 disc drive – NZD $30 decrease from NZD $170 NZD $140

Interesting, eh?

https://x.com/Cunha_D_/status/1911932525624099086?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1911932525624099086%7Ctwgr%5Ef9cf5e3a53e422b57169346818d3879c84eaa6e2%7Ctwcon%5Es1_&ref_url=https

https://x.com/brunbitty/status/1911932532154597821?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1911932532154597821%7Ctwgr%5Ef9cf5e3a53e422b57169346818d3879c84eaa6e2%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fww

3 C CHINA/USA

China Limits Stocks Sales To Maintain Impression Of Stability, As Bessent Hints At Boosting Treasury Buybacks If Fed Does Nothing

Monday, Apr 14, 2025 – 10:55 PM

Last week we explained how the escalating trade war between the US and China has gradually transformed into a theatrical war of who has the upper hand on any given day. And since it takes a long time for trade obstructions to hit the underlying economy, investors are keenly eyeing the stock, and especially FX, markets for any and every (early) indications of who has the upper hand (even if they are, as we show below, completely false).

https://x.com/zerohedge/status/1909735820723974320?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1909735820723974320%7Ctwgr%5E49bdef6a41e43ef26787a8bfc8069e3de61f2407%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.zerohed

Yet so far in the trade war, there has been one notable difference: while US stocks have tumbled (and rightfully so, as Trump institutes shock treatment to ween the US out of its debt-funded reserve currency, trade deficit addiction) and the US dollar has been in freefall, Chinese stocks have been surprisingly resilient and barely dropping, while the yuan reversed its losses last week, which pushed it to a record low only to rebound sharply higher.

There is just one problem: like everything else out of China, it’s market reaction has also been 100% fake. 

While the US reaction is understandable, since the political Fed is doing everything it can to tarnish Trump’s approval rating and rugpull the market, and economy, from under him… and for those who say this is nonsense, may we remind you this is precisely what Bill Dudley told the Fed to do during the first Trump trade war…

… China, whose central bank is directly controlled by the CCP Politburo, has no such qualms, and as we reported last week, in order to stabilize the stock market China’s Plunge protection team, aka the “National Team”, unleashed a record buying spree of ETFs, which has prevented an all out rout. 

At the same time, China has also clearly intervened in the FX market, ordering local banks to sell dollars and buy yuan after last week we saw the offshore yuan plunge to a record low against the dollar. To be sure, China wants devaluation, but not chaotic, uncontrolled devaluation which would spark the mother of all capital runs (Chinese banks have $63 trillion in assets (and by extension deposits), almost triple the US total).

https://x.com/zerohedge/status/1892064800122732723?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1892064800122732723%7Ctwgr%5E49bdef6a41e43ef26787a8bfc8069e3de61f2407%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.zerohed

As an aside, China’s FX intervention would fully explain the bizarre concurrent weakness in both the dollar and TSYs, which some overeager commentators are ascribing to the death of US dollar reserve currency status…

… when in reality it was just a few days of China dumping US bonds and selling the proceeds (US Dollars) to buy yuan.

So going back to the core thesis, namely that in China it’s all about the optics of not appearing to lose the trade war at least through day to day indicators meant for simplistic, first-order indicator observers (which these days is pretty much everyone in the market), Beijing’s core prerogative remains to prevent a crash in either Chinese stocks or the yuan. And while we described above how China is defending the yuan (at the expense of Treasuries and the dollar, if only up to a point – the point being when China runs out of US reserves to sell), preserving stock market calm is just as important.

Which is why we weren’t at all surprise to read that Chinese bourses have set daily restrictions on net share sales by hedge funds and large retail investors, Reuters reported noting that Beijing has stepped up support for its stock markets in an intensifying trade war with the United States.

Two investor sources said a soft limit on daily net sales by individual hedge funds and big retail investors – implemented through verbal warnings from brokerages – had been set at 50 million yuan ($6.83 million).

Failure to comply risked a suspension of trading accounts by the stock exchanges, which have issued the directive, the Reuters sources added.

Echoing everything we have said in the past week, Reuters also adds that “China has taken a slew of measures to stabilise its domestic stock markets, reeling from an escalating trade war with the U.S.” and notes that “the moves have largely shielded stocks in China from the massive selling seen on global markets.”

Brokerages have been asked to closely monitor transactions by private funds and big retail clients, according to a notice issued late on Thursday and seen by Reuters.

The current 50 million yuan daily limit on net sales by investors could be lowered further if the market slumps again, the notice said.

It stands to reason that if you can’t sell, you will- drumroll – buy, and sure enough China and Hong Kong stocks reversed early declines on Friday and narrowed the week’s losses.

Furthermore, as we also reported last week, China’s state fund Central Huijin has vowed to increase stock holdings, a growing number of listed companies are buying back shares, and Chinese brokerages have pledged to steady the market amid higher tariffs and global recession risks.

“Such a restriction is understandable as you don’t want to act against state will,” said one of the brokerage sources. It’s also understandable since China can not afford to give the impression that Trump has leverage in the escalating trade war. Instead, since Chinese stocks are stable, it afford Beijing the optics of being treated almost as an equal, or someone who can match Trump’s tariff escalation blow by blow… when in reality China’s economy is disintegrating below the calm surface.

In other words, without the moves, Chinese stocks would be in freefall – just like its economy – and the yuan would be plunging, while the narrative that Trump is flip-flopping or otherwise “losing” to China, would be DOA. Yet, since the Fed has so far refused to counter its Chinese peers, Trump indeed finds himself at a disadvantage.

But that may soon change, because while the Fed may pretend it has no choice but to wait until the inflation from the tariffs manifests itself (some time in 2035) before easing, Bessent may take matters into his own hands, and without waiting for the Fed, ramp up the amount of treasury buybacks the US Treasury currently conducts every other day or so, in the open market (see full Buyback schedule here).

In fact, the Treasury secretary hinted at this himself in an interview with Bloomberg, when asked if he has contingency plans if the selloff becomes “more unnerving” (for example if foreign countries, i.e. China, may be selling US Treasuries in response to the trade war). 

His answer: “we are a long way” from needing to take action, but “we have a big toolkit that we can roll out” if so, and included in that toolkit is the department’s buyback program for older securities, Bessent said. “We could up the buybacks if we wanted” (15’40” in the view below).

And that’s precisely what will happen in a few weeks (or even days) if China’s selling of Treasuries persists, sending yields plunging. The good news, is that this “soft QE” wouldn’t have to be in place too long: only long enough for China to run out of reserves… mostly via Belgium’s Euroclear…

https://x.com/zerohedge/status/1910745034921558318?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1910745034921558318%7Ctwgr%5E8ce8ca895ac0e347edc4ef51287162d8ea25a406%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.zerohedge.com%2Fmarke

… to sell. Which at the current pace of liquidations should be done by the end of the month.

END

Mizuho: “Pretty High” Confidence Data Will Show China Dumping US Treasuries

Monday, Apr 14, 2025 – 11:46 PM

Now that even the shoeshine boy is speculating whether China is selling its US treasuries (to kill three birds with one stone: i) hammer the dollar, ii) push yields higher and iii) prop up the yuan, if only to give the impression that China is winning the trade war something we described here), Mizuho has a “pretty high” degree of confidence that data will eventually show if China has been selling US Treasuries, according to Jordan Rochester, EMEA head of FICC strategy at the bank.

“Annoyingly we don’t get the data quickly enough, the data’s always lagged,” Rochester said on Monday in an interview with Bloomberg TV when asked if the Chinese have been selling US debt.

“You’ve got the extreme tariffs on China and also future reciprocal tariffs that will be extreme on other Asian central banks and they’ve got to defend their currencies.”

“You’ve seen a much slower pace of selloff in the renminbi than you’d expect, given the size of the shock to their system, so there’s clearly some sort of smoothing going on in the FX market, and to do that a central bank has to sell the US Treasuries and others to fund that FX intervention”

Echoing what we said last week, Rochester notes that for now, “we can only speculate” on whether the Chinese are selling, “but we’ll find out in the data in due course,” adding that his degree of confidence that the data will in due course reveal China’s selling is “pretty high.”

Separately, Rochester said he was “surprised” the dollar was “on the back foot” on Monday morning, after Trump provided some exemptions on his proposed tariff activity over the weekend

“This is alarm bells, I think, for US Treasury Secretary Scott Bessent,” Rochester said; “He’s now seeing a watering down of tariffs but still dollar weakness and US rates selling off still — it’s a horrible toxic combination”, which however can easily be explained precisely by Rochester’s core thesis, namely that China has been aggressively selling US paper, and is opportunistically converting the US-denominated proceeds into yuan at just the right time to give the impression that, as so many others have been parroting, that the US dollar is losing its reserve status.

His full interview starts around the 37 minutes mark.

END

The US Relies Heavily On Rare Earth Imports From China

by Tyler Durden

Tuesday, Apr 15, 2025 – 05:45 AM

As part of the retaliation against Donald Trump’s punitive tariffs on Chinese goods, China has imposed new export controls on seven additional rare earth elements, temporarily suspending any exports of the valuable minerals. 

The newly affected elements, namely samarium, gadolinium, terbium, dysprosium, lutetium, scandium and yttrium, are critical components of a wide range of products, ranging from electric cars and semiconductors to military equipment such as missiles and drones.

While the new rules stop short of a full export ban, the affected metals will require a special export license going forward – granting Chinese authorities an extra layer of control over who is granted export rights. 

Once the system is implemented, certain companies, for example U.S. defense contractors, could be banned from importing the crucial supplies, which are very hard to substitute or source elsewhere.

As Statista’s Felix Richter shows in the chart below, the U.S. is heavily reliant on rare earth imports from China, which accounted for 70 percent of U.S. rare earth imports between 2020 and 2023, with Malaysia, Japan and Estonia the other three main suppliers of the United States. 

You will find more infographics at Statista

Yttrium, one of the elements covered by the new rules, is almost exclusively sourced in China, with 93 percent of Yttrium compounds brought into the U.S. between 2020 and 2023 coming from China. 

According to the U.S. Geological Survey, the U.S. is 100 percent import reliant for Yttrium, which is primarily used in catalysts, ceramics, electronics, lasers, metallurgy and phosphors.

Looking at rare earth minerals in general, the U.S. was 80 percent net import reliant in 2024, meaning that net imports (imports minus exports) accounted for 80 percent of apparent consumption in the U.S. last year. 

You will find more infographics at Statista

That’s down from 100 percent in 2020 and more than 95 percent between 2021 and 2023, as the U.S. ramped up domestic production of rare earth compounds and metals in 2024.

END

Liberation Day Fallout: China’s Port Volumes Sink After Trump’s Tariff Blitz

Tuesday, Apr 15, 2025 – 01:25 PM

On Monday, we outlined the deepening fallout from the trade war, with U.S. markets wobbling while the Federal Reserve remains sidelined. In response, Treasury Secretary Scott Bessent suggested in an interview that the Treasury may step up buyback operations in a bid to cap soaring yields. Meanwhile, in China, authorities have rolled out a series of market-stabilizing measures to project stability after President Trump’s 145% tariffs (now excluding select electronics such as computers, handsets, and semiconductors) are delivering a sharp blow to Chinese suppliers.

Trump’s tariff bazooka last week—raising the effective rate on Chinese goods to 145%—sent suppliers in the world’s second-largest economy into panic and turmoil, particularly those selling on Amazon, as we noted last Thursday in our piece titled “Chinese Sellers on Amazon Panic After Trump’s Tariff Bazooka.” 

The hunt was then on for high-frequency indicators—similar to those used during the early days of Covid—to track port congestion and other proxies for economic activity in China to gauge the actual impact of the trade war on the world’s second-largest economy and/or potential spillover risks in the U.S.

By Saturday, we cited high-frequency congestion data from Goldman and BloombergNEF covering major Chinese cities for the seven days ending April 2—before the impact of Trump’s ‘Liberation Day’ tariffs on April 3. The data offered early insight into how the 145% tariffs on Chinese goods could unleash a Covid-like shock, sparking turmoil across the export-driven economy. 

We asked: Are China Road Traffic Indicators Set To Collapse As Tariff War Cancels Factory Orders … 

Then, on Sunday, we penned another note citing freight data (data between April 1 – 8) from Vizion that provided new insight into “widespread freezes” sending U.S. import bookings into a tailspin.

As dark storm clouds of economic uncertainty gather above, new data (April 7-13 period) from The Wall Street Journal shows that Chinese port activity slumped. Total cargo volume was down 9.7% week-over-week to 244 million tons, and container throughput fell 6.1%, reversing prior gains. 

Key points from WSJ’s report:

• The decline is tied to President Trump’s 145% tariffs on Chinese goods, which have severely impacted exports to the U.S.
• Freight rates to the U.S. plummeted, with an 18% drop to the West Coast and 10.8% to the East Coast, while rates to Europe and South America surged, suggesting a shift in trade routes.

Trump’s effort to unwind decades of disastrous globalism marks a paradigm shift—one that occurs only a few times each century. The resulting tariff disruptions are gathering like a storm on the horizon and are poised to ripple through the global economy. We’re monitoring these developments through high-frequency data, which already signal trouble ahead in China’s export-driven economy and will soon begin to surface in the U.S.

A deepening trade war needs stability in the U.S. bond market. As we noted in “China Limits Stock Sales To Maintain Impression Of Stability, As Bessent Hints At Boosting Treasury Buybacks If Fed Does Nothing,” the real concern remains with the Fed on the sidelines while Beijing enacts counter-stability measures to protect markets.

end

CHINA BOEING

Goldman: “China Doesn’t Move Needle For Boeing Right Now”

Tuesday, Apr 15, 2025 – 02:42 PM

Update (1442ET):

Goldman analysts Noah Poponak and others reacted to Bloomberg’s report earlier this morning regarding China’s suspension of Boeing jet deliveries amid the deepening trade war between the U.S. and China.

“We think the impact to Boeing is very small because China had already stopped taking Boeing deliveries and stopped ordering Boeing aircraft during the last Trump administration, such that there is no real reduction to implement,” Poponak wrote in a note to clients in the late afternoon hours of the cash session. 

The analyst continued:

Per company data, customers from China have only ordered 28 aircraft since 1/1/2018 (ex. unidentified customers), and China is 2% of Boeing’s large backlog that is sold out through 2030 with other customers. China was in the built but not delivered inventory balance, but the majority of that has now been delivered with around only 25 737-8 MAX aircraft (produced prior to 2023) left designated to the country. Boeing has previously stated that it can build a multi-year delivery skyline assuming China is not taking airplanes over at least a medium-term window, while it operates in a long-term secular growth market where all other regions have substantial growth and replacement needs.

“We are buy-rated on the stock,” he added.

He explained that China was once a “meaningful portion of Boeing’s total order and delivery activity,” but not since President Trump’s first term, which resulted in the first trade war round with Beijing.

The activity chart data shows Boeing’s order activity with China plummeted after 2016.

Boeing deliveries to China, 2010 to present day.

Trump will likely need to sprinkle some Max jets and 777s in any trade deal when he renegotiates with Beijing. 

*     *     * 

Days after Juneyao Airlines postponed the delivery of a widebody jet from Boeing, Beijing has escalated its trade war response—quietly ordering all Chinese carriers to suspend further Boeing deliveries, according to Bloomberg, citing people familiar with the situation. The move marks a broadening of non-tariff retaliation amid a deepening tit-for-tar trade war between the U.S. and China. 

Here’s more color from the report:

China has ordered its airlines not to take any further deliveries of Boeing Co., according to people familiar with the matter.

. . . 

Beijing has also asked that Chinese carriers halt any purchases of aircraft-related equipment and parts from U.S. companies, the people said, asking not to be identified discussing matters that are private.

The order came after China unveiled retaliatory tariffs of 125% on American goods this past weekend, the people said.

. . .

The Chinese government is also considering ways to provide assistance to airlines that lease Boeing jets and are facing higher costs, the people said.

. . .

Delivery paperwork and payment on some of these jets may have been completed before the reciprocal tariffs announced by China on April 11 took effect on April 12, and those planes may be allowed to enter China on a case-by-case basis, some of the people said.

Last week, Beijing hiked its effective tariff rate on US goods to 125%, countering President Trump’s 145% tariff rate. 

Beijing also shifted to non-tariff retaliation, limiting Hollywood film imports, slowing rare earth export shipments, and weakening the yuan. 

The Bloomberg report sent Boeing shares down roughly 3.5% in New York trading. The stock is down 10% year-to-date (as of Monday’s close) and hovering near Covid-era lows, still showing no signs of a meaningful recovery.

Let’s not forget that China’s non-tariff countermeasures may also include:

• 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

The trade war might be far from over…

4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS

EU

Stocks Tumble After EU Tariff Comment

Tuesday, Apr 15, 2025 – 10:25 AM

Tariff headline roulette is back…

Just when you thought it was ok to BTFD, Bloomberg reports that things are not proceeding gleefully in EU-US trade talks.

The European Union and US made scant progress bridging trade differences this week as officials from President Donald Trump’s administration indicated that the bulk of the US tariffs imposed on the bloc will not be removed.

The EU’s trade chief, Maros Sefcovic, left the meeting with little clarity on the US stance, struggling to determine the American side’s aims, according to people familiar with the discussions. He met for about two hours with US Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer in Washington Monday.

The US officials indicated that the 20% “reciprocal” tariffs — which have been reduced to 10% for 90 days — as well as other tariffs targeting sectors including cars and metals would not be removed outright, said the people, who spoke on the condition of anonymity.

And it is that last bit that upset markets, sending stocks back into the red after a solid short squeeze at the open…

The EU has offered that both sides remove all tariffs on industrial goods, including cars. The US has so far rejected that proposal.

Finally, we have to say that this note from BBG is barely even news…

It’s almost as if someone wants to keep equity vol high and equity prices down?

UK

Somali Criminal Allowed To Stay In UK Because Deportation Would “Stress” Him Out

by Tyler Durden

Tuesday, Apr 15, 2025 – 06:30 AM

Authored by Steve Watson via Modernity.news,

In yet another incredulous case, the British justice system has decided in its infinite wisdom that a Somali criminal will be allowed to stay in the UK because returning him to his home country would cause him too much “stress”.

Yes, really.

The Telegraph reports that a judge in the upper immigration tribunal ruled that the asylum seeker would suffer “stress” if deported to his homeland, which would worsen his mental health, thereby breaching article three of the European Convention on Human Rights (ECHR), which protects against persecution and inhumane treatment.

.com/Telegraph/status/1910714532260966424?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1910714532260966424%7Ctwgr%5Ed4218b84faa21dea2aae89418ba01fab68962c7

The unnamed man, jailed for unspecified crimes, is a schizophrenic who hears voices, and has also been dependent on alcohol for almost twenty years, according to the report, another factor which led to him being allowed to stay in the country since arriving way back in 1999.

The Home Office has argued that the man, who has been granted anonymity, would be able to get medications he needs in his home country, but the judge still ruled against them.

The man is described as having a “high level of vulnerability” and “complex needs” with “the severity of his mental health problems closely linked to his stress levels and use of alcohol,” according to the tribunal.

Lawyers assigned to the guy argued that he has “no real prospect” of returning to Mogadishu and making a living and that any financial support he would receive would be “limited”, and that he has a “history of being financially exploited”.

The Home Office has a program to offer financial support to foreign criminals being deported through the Facilitated Return Scheme. In other words, the government even offered to pay for the guy’s rehabilitation in Somalia.

“Evidence from doctors suggested the man could “become well” if he abstained from alcohol and complied with his medication,” the report notes.

Yet, Deputy Upper Tribunal Judge Ian Jarvis said “I conclude that the weight of the evidence before the Tribunal indicates that the [man] will very quickly become noncompliant with his medication.. without the 24/7 support and monitoring which he currently receives in the United Kingdom.”

The judge upheld the appeal and ruled that the man’s mental health would “seriously deteriorate” if he were returned to Somalia.

Commenters on the report were not impressed by the judge’s decision:

The report further notes that its another in a long list of convicted foreign criminals attempting and in many cases succeeding in halting their deportations by claiming breaches of their human rights.

There are currently a record 41,987 outstanding immigration appeals, largely on human rights grounds.

As we highlighted last month, a convicted pedophile has escaped deportation from the UK to his native country of Pakistan after a judge ruled that he would face “inhuman or degrading treatment” there for being an alcoholic.

This case follows similar incidents, including one just last month where another Pakistani pedo was permitted to remain in the UK with a judge ruling that deportation would be “unduly harsh” owing to the fact that his family in Pakistan took a “dim view” of his crimes.

Conservative MP Sir Alec Shelbrooke urged that “The Government needs to stop dangerous criminals being allowed to stay in this country.”

*  *  *

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.

END

a good indicator of things to come;

EUROPE/LVMHV

“Magnitude Of Deterioration”: Wall Street Stunned By LVMH’s Earnings

by Tyler Durden

Tuesday, Apr 15, 2025 – 08:05 AM

LVMH Moët Hennessy shares dropped in Paris trading Tuesday after the luxury conglomerate reported Q1 earnings that fell short of Bloomberg Consensus estimates. The miss was driven by softening demand for high-end goods in top markets such as Asia and the U.S., as a deepening trade war pressured consumer sentiment. 

LVMH’s first-quarter results served as a luxury gut-check for the industry, with a broad-based miss across segments and regions led by sliding demand in key markets, including China and the U.S. Fashion and Leather Goods — the group’s growth engine — also stumbled, signaling concerns about a wider slowdown in the high-end consumer space. 

Here’s a summary of the first quarter results: 

Red Flags:

Organic Revenue -3% vs. +1.1% est. (Bloomberg Consensus): A troubling miss, signaling a sharp deterioration in underlying business momentum.

China and U.S. Weakness:

• Asia ex-Japan -11% vs. -4.69% est.
• U.S. -3% vs. +1.19% est.
• These are core markets for LVMH, and their underperformance is very concerning, especially given the exploding trade war in recent weeks. 

Fashion & Leather Goods -5% vs. -0.55% est.: This is LVMH’s crown jewel segment, and this large miss spooked investors.

Perfumes & Cosmetics -1% vs. +2.1% est. and Selective Retailing -1% vs. +3.69% est.: Both suggest consumers are dialing back on both essentials and discretionary luxury.

Geographic Weakness:

• U.S. organic revenue -3%, estimate +1.19%
• Asia excluding Japan organic revenue -11%, estimate -4.69%
• Japan organic revenue -1%, estimate +4.32%
• Europe organic revenue +2%, estimate +3.37%

Revenue Shortfall:

Total Revenue €20.31B vs. €21.14B est. (-1.9% y/y): This reflects how demand erosion is hitting the top line hard.

• Fashion & Leather -3.6% y/y vs. €10.56B est.
• Perfume & Cosmetics -0.2% y/y vs. €2.26B est.

Softening: 

• Wines & Spirits -9% vs. -4.49% est.
• Watches & Jewelry flat vs. +2.4% est.: Avoided contraction, but still a miss in the context of expected growth.

Commenting on LVMH’s first quarter report, Goldman analyst Natasha de la Grense told clients:

The key thing that stood out to me on LVMH’s Q1 miss was that the company attributed most of the slowdown to comp effects i.e. Chinese spending in Japan and Sephora in the U.S. This means we haven’t yet seen the impact of recent events upon the business. Consensus assumes an acceleration to +1% (from -5%) for F&L in Q2 which won’t happen given 1) the April shock to confidence, wealth effects and transatlantic tourist flows; 2) the fact that the comp in Japan gets 25 ppts tougher; 3) the Yen has strengthened vs RMB. Management said U.S. cluster spending was positive in Q1 for F&L but conceded “April might be different”. We suspect that was supported by U.S. tourist spending in Europe which has softened given recent USD weakening/anti-US sentiment. GSe F&L -8% in Q2.

In a separate note, Goldman analysts Louise Singlehurst and others told clients that one key surprise in the earnings report was the “magnitude of the deterioration in the largest division, Fashion and Leather.” She lowered her 12-month price target by 13% to 630 euros (from 725 euros). 

Here’s more from Singlehurst:

Valuation – PT lowered by 13% to PT €630 (from €725): We continue to use a DCF valuation methodology for LVMH (8.5% WACC, 3.0% LT growth; unchanged). Our price target decreases 13% which reflects (i) a -10% decrease in our long-term earnings and FCF forecasts and (ii) a -3% impact from FX. We acknowledge that the lack of visibility around the demand environment for high-end discretionary goods, coupled with the level of operational gearing (manufacturing, distribution) will likely weigh on investor appetite for the luxury peers in the current market backdrop. However, we remain Buy rated on LVMH as we continue to see the group ranking well versus the broader peer group in its ability to demonstrate market-share leadership, pricing power and scale benefits to support free cash flow performance in a tough macro environment.

5 RUSSIAN AND MIDDLE EASTERN AFFAIRS

ISRAEL/HAMAS/

On Palm Sunday, Israel Bombs The Only Christian Hospital In Gaza

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Monday, Apr 14, 2025 – 11:00 PM

Claiming it held a “command and control center used by Hamas,” Israel chose Palm Sunday to bomb the only Christian hospital in war-shattered Gaza. It was also the last fully-functioning hospital in Gaza City. No casualties from the bombing per se were reported by Gaza’s civil emergency service. However, a child who’d been hospitalized for a head wound died from “the rushed evacuation process,” said the Episcopal Diocese of Jerusalem, which runs the al Ahli Arab Hospital. The diocese is part of the Anglican Church. 

Citing Gaza Civil Defense, Middle East Eye reports that the bombs resulted in “the destruction of the surgery building and the oxygen generation station for the intensive care units.” St. Philip’s Church was one of multiple nearby buildings that also suffered damage. The IDF attributed the low casualty count to its effort to “mitigate harm to civilians or to the hospital compound, including issuing advanced warnings in the area of the terror infrastructure, the use of precise munitions, and aerial surveillance.”

A local journalist told BBC that the IDF called an emergency room doctor and urged the hospital’s immediate evacuation, saying “You have only 20 minutes to leave.” A previously-injured Khalil Bakr said he and his three wounded daughters — two amputees and a third “full of platinum plates” — managed to get out of the hospital just a couple minutes before destruction rained down.  

“For the only Christian hospital in Gaza to be attacked on Palm Sunday is especially appalling,” said British Archbishop of York Stephen Cottrell in a statement. “I share in the grief of our Palestinian brothers and sisters in the Diocese of Jerusalem. I pray for the staff and patients of the hospital, and for the family of the boy who tragically died during the evacuation.”

The British government joined the condemnation, with Foreign Minister David Lammy saying the “deplorable attacks must end…Israel’s attacks on medical facilities have comprehensively degraded access to healthcare in Gaza.” Before the attack, the hospital stood alone as the only one still fully functioning in Gaza City, after Israel blew up the Al-Shifa Hospital and others. 

The Orthodox Patriarchate of Jerusalem issued its own statement: 

“This hospital, already strained by months of siege, stood as one of the last beacons of medical hope in Gaza, where dozens of healthcare institutions have been systematically destroyed. The stripping away of such sanctuaries of life and dignity is a tragedy that transcends all boundaries of politics and enters the realm of the sacred.”

While the British government and many other entities have decried the attack, there’s been no official statement from the Israel-catering Trump administration.  

Previous IDF claims of hospitals being used as Hamas facilities have grown suspect under scrutiny, with credible accusations of the IDF staging evidence before ushering in journalists to see the “proof.” Throughout the war that’s raged since the Oct 7 Hamas invasion of southern Israel, the IDF has repeatedly bombed medical facilities and fired on ambulances. 

One of the most troubling such incidents came last month, when 14 medical and other aid workers were found in a mass grave in Gaza after the IDF destroyed a convoy of ambulances and other first-response vehicles. The IDF originally claimed the vehicles “were identified advancing suspiciously” without either their headlights or emergency lights on. Then cell phone video of the IDF attack captured by one of the slain ambulance crew members proved the IDF account was completely false. The vehicles’ headlights and emergency lights were on, and the vehicles carried clear markings of their nature. 

As withering IDF gunfire rakes over the first responders, the dying Palestinian video narrator can be heard reciting the Shahada, the Muslim declaration of faith: “There is no God but God, Muhammad is his messenger.” Then, perhaps anticipating the video may be recovered after his murder by Israeli soldiers, he said, “Forgive me, mother. This is the path I chose — to help people. God is Great.”   

ISRAEL HAMAS

It’s time for Israel to deradicalize and free the hostages – opinion

For the sake of 59 innocent hostages still being held by Hamas, give deradicalization a chance.

By YARON SCHWARTZAPRIL 15, 2025 00:53

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fopinion%2Farticle-850123&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20250410_c22f98b5d23ed160876c35e85d078235433c7616&useBunnyCDN=0&themeId=140&isMobile=0&unitType=tts-player

The Palestinians are one of the most radicalized societies on Earth.

Since the 1993 Oslo Accords, the establishment of the Palestinian Authority in 1994, the founding of Al Jazeera in 1996, and the ongoing surge of incitement on social media, the minds of young Muslims – particularly Palestinians – have been manipulated.

Three things became clear after October 7: Hamas’s military and governing capabilities in the Gaza Strip must be destroyed so that the genocidal terrorist organization would never be able to use Gaza as a base of terror and murder. 

JPost Videos

Gaza must be demilitarized so that others in the Strip won’t be able to murder again – and Palestinian society needs to be deradicalized so that new generations of Palestinians can have a future. 

Hamas’s military and governing capabilities have been significantly degraded and Gaza is being demilitarized. It is now time to start deradicalization.

The civilized world should unite in this effort.

Is radicalization reversible? Can Palestinian society be deradicalized?

The short answer is yes.

It turns out that deradicalization of terrorists is feasible. Singapore, for example, has been able to apply a deradicalization program that reportedly rehabilitated dozens of dangerous Jemaah Islamiyah terrorists. 

One of the pillars of the program is to hold conversations and debates between moderate clergy, Islamic scholars, and inmates in an effort to persuade prisoners that the religious justification for their actions is wrong and rests on a distorted understanding of Islam.

Aside from Singapore: Saudi Arabia, Morocco, Algeria, Egypt, and even Norway attest to having effective programs aimed at mitigating radicalism. 

Of the approximate 10,000 Palestinian prisoners currently serving time in Israel, 8,000 could be freed to deradicalization centers around the world. Their families would be welcome to join them. In return, the hostages should be released immediately.

With the return to the negotiations for the release of the hostages comes the Pavlovian demand for the release of Palestinian prisoners (convicted terrorists) from Israeli prisons. 

This is wrong.

Continuous terrorism 

Beyond the sheer injustice, such policies have proven counterproductive to peace. Time and again, the release of terrorists has led to more terror. 

Terrorists released in 1985 in return for captured IDF soldiers formed the foundation for the First Intifada in 1987. Terrorists released as part of confidence-building measures during the Oslo process quickly returned to terrorism and took part in the Second Intifada, launched in 2000. 

Terrorists released in the 2011 Gilad Schalit deal led to the October 7 massacre. Thousands of innocent Israeli lives have been taken and a generation of Palestinian hopes lost.

There is an alternative to the wholesale release of terrorists. An alternative that may increase prospects for peace or at least stability.

Anyone truly interested in advancing a peace process should insist that terrorist inmates take part in a deradicalized program prior to being released onto the terror-riddled streets of Gaza.

The international community can sponsor the program, providing it with the opportunity to constructively contribute to the peace process. 

For the current ceasefire negotiations to succeed in securing the release of the 59 Israeli hostages, a new approach should be proposed, in which Palestinian prisoners would undergo deradicalization programs, ensuring their ideological rehabilitation.

While there are differences between Israelis and Palestinians that are irreconcilable, but the deradicalization of convicted terrorists is a common objective for all pursuers of peace and can serve as an important building block.

For the sake of 59 innocent hostages still being held by Hamas, give deradicalization a chance.

The writer is a senior analyst at Acumen Risk Ltd., a risk-management firm.

END

ISRAEL/HAMAS

Hamas says it is studying Gaza proposal, IDF Chief of Staff intends to curb reservists protest

Netanyahu speaks to mothers of Gaza hostages • Iran resumes smuggling arms to Hezbollah via Beirut’s port

By JERUSALEM POST STAFF

Hamas said on Monday it was studying the proposal it received from mediators for a ceasefire in Gaza, adding it will submit its response “as soon as possible.”

Egypt earlier received an Israeli proposal for a ceasefire in the Strip, the state-affiliated Al Qahera News TV cited sources as saying on Monday, after talks ended in Cairo without a breakthrough.

HEZBOLLAH/LEBANON

SYRIA

The rise and fall of a Syrian warlord: Rebellion commander surrenders to Damascus – analysis

Ahmed al-Awda was instrumental in transforming southern Syria rebels into collaborators of the Assad regime.

By SETH J. FRANTZMANAPRIL 15, 2025 13:07Updated: APRIL 15, 2

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fmiddle-east%2Farticle-850180&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20250415_7fce9d4713912d1e3f39e2239e1b59aec058765d&useBunnyCDN=0&themeId=140&isMobile=0&unitType=tts-player

On April 13, a spokesman for Syria’s 8th Brigade announced that the unit would be dissolved and its forces and equipment would be handed over to the Syrian Ministry of Defense. On the face of it, the announcement was confusing because one would assume that the unit was already under the control of Damascus.

However, the reality was that the so-called 8th Brigade was one of the units that had survived the era of the Assad regime and actually had origins in the era of the Syrian rebellion in southern Syria. Its commander is Ahmed al-Awda, who rose to prominence over the last decade in southern Syria. He combines aspects of being a pragmatic rebel leader with being a regional warlord who sought to preserve his fief after the fall of Assad.

Awda was born in 1981 in the town of Busra al-Sham in southern Syria. The town is around 20 kilometers east of Dara’a, the regional capital. It is around fifty kilometers from the Israeli border. It is also very close to the Jordanian border. As such it is strategically located to dominate part of southern Syria. It sits astride access to Suweida and the Druze areas of southern Syria.

Awda rose to prominence during the Syrian rebellion. He was a key rebel leader in southern Syria between 2015 and 2018. This was an era where the southern Syria rebels controlled a swath of territory in Dara’a governorate. They also included areas close to the Golan.

However, they didn’t control everything. Other groups, such as Nusra, also had cells, and so did an ISIS affiliate called Jaish Khalid. The regime also controlled areas as well. Most of this frontline was relatively static. Although the Syrian rebellion had begun in Dara’a in 2011, the Syrian regime didn’t focus on southern Syria. The rebels here were backed by Jordan and Western powers and were part of the Southern Operations Room or southern front. The rebels here were also moderate in contrast to what, as the time was, the more extreme Nusra group and ISIS. Nusra eventually became Hayat Tahrir al-Sham and ended up in Idlib.

‘Power broker’ Awda

In 2018, the Syrian regime swept south after having defeated rebels in Homa, Hama, and Aleppo. The southern Syrian rebels gave up quickly, and many of the factions agreed to “reconcile” with the regime and even become part of its security forces. Ahmed al-Awda was a key figure in this transformation of the southern Syria rebels into collaborators with the regime. However, he kept his independence by forming the 8th Brigade under the Russian-backed 5th Corps.

Awda was seen as a “power broker” in southern Syria. However, his role was always more tenuous than it appeared. He had managed to maneuver amidst the power struggles in Damascus, mostly because Damascus didn’t care that much about southern Syria and was happy to outsource it to a feckless feudal warlord.

For instance, the Assad regime lacked manpower and didn’t mind leaving Awda in place because the Iranians and Russians were vying for influence in southern Syria. Iran wanted Hezbollah to move closer to the Golan to threaten Israel. There were also the Druze to consider, and Awda was able to sit on land between Suweida and the Golan. In this vacuum, Awda maneuvered. Iranian-backed gangs smuggled drugs to Jordan and destabilized the border, but Awda stayed on, doing little to help the situation.

When the Assad regime collapsed on December 8, 2024, Awda seized the opportunity and mobilized his forces to take control of the same area he had operated in for a decade. Now, his forces were once again backing the revolution and the rebellion. He met with the new HTS leaders in Damascus, and once again, power was outsourced to him in southern Syria. It took time for the new authorities in Damascus to organize themselves. They wanted all armed groups to become part of the new security forces. Ahmed al-Shara’a became the transition president in late January, and by late February, there was a new group of ministers in Syria’s transition government. By early March, Shara’a had agreed to a deal with the US-backed Syrian Democratic Forces in eastern Syria.

As Shara’a consolidated power, he also sent forces to run the border crossings with Jordan. He made a deal with the Druze. However, he was challenged by Israeli airstrikes against former regime sites in southern Syria. Israeli forces also clashed with Syrians near the border. Southern Syria was still at risk of falling back into chaos.

This is the background of the announcement by Akram al-Hawrani, spokesman for the 8th Brigade, regarding the “final dissolution of the brigade and the handover of all its military and human resources to the Ministry of Defense.” He added that direct coordination to complete the operation would be led by commander Mohammed al-Qadri and that the move was made “in the interest of national unity and the promotion of security and stability.” The news has been greeted positively in Syria. One article now says Awda is “out of the Syrian scene.” Considering how Awda has frequently found a way back into things in southern Syria, this might be an optimistic take.

Awda and his men may have gone too far this time. The New Arab noted on April 13 that “military leader in Syria’s Daraa province, Bilal al-Droubi [also known as Bilal al-Maqdad and Abu Yazan], died on Saturday, succumbing to wounds he sustained two days earlier after being shot by members formerly affiliated with the Eighth Brigade militia.”

It noted that Droubi was from Busra al-Sham and “was one of the most prominent leaders of local armed groups before the 2018 Russian-brokered reconciliation agreement with the Assad regime.” He had recently joined the Ministry of Defense of the new Syrian government. This apparently angered Awda. “Al-Awda’s forces reportedly detained Al-Droubi after opening fire on him and wounding him with multiple gunshots while he was in his private car with his wife and children. This happened during clashes which happened when Syrian security forces were sent into Daraa to disarm members of the Eighth Brigade.”

This kind of warlord-like behavior was the way Awda had behaved in the area from 2015 to 2024. However, the new authorities in Damascus want things to be more civil. Al-Akhbar news in Lebanon, which is close to Hezbollah, noted that “the incident [the killing]was exploited by Damascus to eliminate the most important factions in Daraa, which had refused to integrate into the Ministry of Defense structure. It’s worth noting that al-Maqdad had contributed to the overthrow of former President Bashar al-Assad’s regime through his leadership of the Southern Operations Room.”

An-Nahr news noted that Syria’s Defense Minister Merhaf Abu Qasra “had previously appointed Brigadier General Binyan al-Hariri as commander of the Daraa Division. Five brigades were supposed to be formed from factions in Daraa and Suwayda to form this division. However, the Israeli threat to impose a demilitarized zone in southern Syria delayed this implementation, especially given the uncertainty surrounding the fate of the factions joining the Ministry of Defense, given Israel’s threat to target any Hay’at Tahrir al-Sham force deployed in the south.”

The 8th Brigade had not joined the new security forces or agreed to serve under the ministry, the report said. “Dozens of factions remain outside the Ministry of Defense, either because they were not invited to join or because they refused. This reflects the importance of the Eighth Brigade and the defense minister’s sense of the seriousness of its refusal to integrate into the new army.”

IRAN

Time for Trump to show his tough rhetoric on Tehran carries results – editorial

The president has long taken a hardline stance on Iran, but with Tehran testing the limits of Western resolve, he has an opening to reset the equation.

By JPOST EDITORIALAPR

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fopinion%2Farticle-850129&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20250410_c22f98b5d23ed160876c35e85d078235433c7616&useBunnyCDN=0&themeId=140&isMobile=0&unitType=tts-player

Sunday marked one year since Iran launched its first direct ballistic missile attack on Israel, a moment that marked a dangerous escalation in Tehran’s aggression against the Jewish state.

Exactly 12 months later, as Jews up and down the country were celebrating the first day of Passover, Iran’s proxies in Yemen, the Houthis, fired a missile toward Israel that saw citizens of Tel Aviv, Jerusalem, and everywhere in between fleeing to bomb shelters.

The situation remains volatile, and the world is watching. Now, with US President Donald Trump signaling that he will make a swift decision on Iran, he has a critical opportunity to finally enforce real deterrence against the regime in Tehran.

JPost Videos

Trump said on Sunday that he expected to make a decision on Iran very quickly, after both countries said they held “positive” and “constructive” talks in Oman on Saturday and agreed to reconvene this week, with further talks scheduled for next weekend in Rome.

Israel anticipates a nuclear Tehran

Trump, who has threatened military action if no deal is reached on halting Iran’s nuclear program, told reporters aboard Air Force One that he met with advisers on Iran and expected a quick decision, giving no further details.

Experts within Israel are playing the cautious game. “I think he made a very big mistake by already calling the talks ‘good’”, Dr. Benny Sabti, a senior Iran researcher at the Institute for National Security Studies (INSS), stated on Monday. “That’s not true at all. You can’t possibly know what happened during the two hours of talks.” The result, he warns, could be disastrous: “The Iranians will feel they can accelerate their nuclear plans without conceding to the Americans. The Americans will pay the price – and so will we – for this naivety.”

Since Iran’s unprecedented missile strike on Israel last year, the regime has only grown bolder in its rhetoric. The Houthis continue their attacks in the Red Sea, disrupting trade and defying calls for restraint. Hezbollah is attempting to rearm itself after being decimated by Israel last year. Tehran itself has continued to inch closer to a nuclear breakout. Despite sanctions and diplomatic pressure, Iran has not been forced to pay a decisive price for its provocations.

This is where Trump comes in.

The president has long taken a hardline stance on Iran, withdrawing from the 2015 nuclear deal and imposing maximum pressure sanctions. But now, with Tehran testing the limits of Western resolve, he has an opening to reset the equation. If he acts decisively, he can force Iran to back down, or face consequences that finally make the regime think twice.

Past negotiations have only bought Iran time to advance its nuclear program. The Oman talks cannot become another endless cycle of dialogue without results, especially given Israel’s desire to deal with the Iranian issue once and for all.

Trump should set clear redlines: No uranium enrichment beyond an agreed amount, no ballistic missile development, and an end to proxy warfare. If Iran refuses, the Americans must be prepared to escalate with crippling sanctions and, if necessary, military strikes on nuclear facilities. Israel has already stated that it is ready, if necessary, for the latter option.

The Houthis’ attacks on shipping lanes are a direct extension of Iranian policy. Trump needs to continue to authorize targeted strikes on Houthi missile sites and IRGC operatives in Yemen. The message must be clear to Iran: Tehran’s proxies will not act with impunity.

Israel remains Iran’s primary target, and the US must ensure that Israel has the military and intelligence support needed to defend itself, including advanced missile defense systems and preemptive strike capabilities. If Iran attacks again, Israel should have a green light to respond with overwhelming force.

Trump has built his presidency on confronting adversaries. Now, with Iran testing the limits, he has a chance to prove that his tough rhetoric translates into real results. If he fails, the Iranians will push forward with their nuclear program, embolden their proxies, and threaten Israel like never before. But if Trump succeeds, he could reshape the Middle East.

One year after Iran’s first direct missile strike on Israel, the world is waiting. Trump’s next move will determine whether Tehran’s aggression is met with weakness or with the kind of strength that could be a game changer.

HOUTHIS

Houthis Issue Total Death Toll After Month Of US Attacks, Claim 19th Reaper Downing

Monday, Apr 14, 2025 – 06:00 PM

Since the collapse of the Israel-Hamas ceasefire the renewed US anti-Houthi campaign over Yemen and in the Red Sea has been waged with intensity, now reaching the one-month mark.

US aerial attacks continued to pummel the capital of Sanaa over the weekend. A fresh statement from the Houthis denounced attacks on a factory near Sanaa Sunday night which reportedly killed seven people and wounded 29 others, including five children. Over 100 Yemenis have been killed since March 15.

The new Houthi military statement blasted the “blatant US aggression on the homeland and its direct targeting of civilian objects and civilians.”

“This crime, added to the criminal record of the American-Zionist enemy, is a full-fledged war crime and a flagrant violation of all international laws and conventions,” it added.

The Houthis’ al-Masirah satellite news channel in the aftermath showed streets littered with debris and firefighters battling a raging fire which resulted from the airstrikes.

Yemen’s Houthi-run Health Ministry further on Monday issued a new total death toll since the US air campaign began a month ago (since the collapse of the Gaza ceasefire), per Al Jazeera:

Since its start nearly a month ago, the intense campaign of U.S. airstrikes under President Donald Trump targeting the rebels over their attacks on shipping in Mideast waters — related to the Israel-Hamas war — has killed over 120 people, according to casualty figures released Monday…

It is unknown how many of these were militants vs. civilians. Last week the Houthis declared that if the US stops its attacks, it in turn will cease targeting US warships off Yemen’s coast. A senior leader for the group had told Drop Site News in a rare interview, “We do not consider ourselves at war with the American people. If the US stops targeting Yemen, we will cease our military operations against it.”

Meanwhile, the Houthis have claimed yet another shoot-down of a MQ-9 Reaper drone, this time over Yemen’s Hajjah governorate, which is in the northwest of the country.

A statement said the Houthis targeted the drone with “a locally manufactured missile” – among its arsenal of surface-to-air missiles which have been used frequently in the conflict.

As usual US Central Command (CENTCOM) did not confirm or deny the loss of a drone, but only said it is aware of “reports” that the drone was downed.

The following unverified video footage has been circulating on social media accounts Monday:

The total number of US Reaper drowns allegedly downed by Houthi fire is approaching 20. The Pentagon has confirmed only a few of these instances since October of 2023, when the Gaza war and Red Sea hostilities began. Each one is estimated to be over $30 million.

TURKEY

RUSSIA VS UKRAINE/USA

US, Russia Preparing To Hold Hockey Matches In St. Petersburg & Washington

Monday, Apr 14, 2025 – 10:10 PM

Last month, during the lengthy phone conversation between Presidents Trump and Putin, the two broached the idea of holding special USA vs. Russia hockey games amid broader efforts at diplomatic normalization. 

The March 18 phone call, which also resulted in the ‘energy sites ceasefire’ – saw the NHL announce at the time: “We have just become aware of the conversation between President Trump and President Putin” regarding the potential for hosting a big hockey event. 

Now, on Monday Russia’s Sports Minister Mikhail Degtyarev has for the first time confirmed that a series of games are indeed likely given that serious closed-door negotiations are currently in the works.

He described that a series of USA vs. Russia hockey games will likely take place in St. Petersburg and Washington in the future, or even the near future.

“The matches are indeed possible. Private negotiations are underway. You’ll know about it when they’re over,” Degtyarev has told a Russian sports broadcast channel.

But he acknowledged that scheduling “remains the most difficult thing” as the rival national teams would consist of players pulled from both NHL and Russia’s Kontinental Hockey League (KHL).

“Chances are high,” Degtyarev further said on the question of whether this will really come together. It would be a boost for Russian athletes on a world stage given that starting in 2022 the International Ice Hockey Federation banned Russia from all its tournaments due to the Ukraine war.

Russia’s Olympic Committee (ROC) has of course also been suspended from world competition, and Degtyarev happens to serve as the president of the ROC.

‘Sports diplomacy’ served to help guide the two nuclear-armed rivals through the tail-end of the Cold War without major incident, and it seems this approach looks to be revived.

In the meantime, the Ukrainians are fuming over the plan, as they want to see Russia as isolated as possible. But a US against Russia hockey game, covered by international media and featuring superstar athletes on the ice would be anything but ‘isolation’.

Back when Putin was literally on the ice himself for an exhibition…

Indeed it in and of itself would be a big diplomatic win for Moscow, but the White House sees this as essentially worth it if it can lead to peace, and eventual normalization of relations with Russia.

END

Trump Blames Biden, Putin, Zelenskyy For Ukraine War, Says He’s Working To End It

Tuesday, Apr 15, 2025 – 11:10 AM

Authored by Tom Ozimek via The Epoch Times,

U.S. President Donald Trump blamed former U.S. President Joe Biden, Russian President Vladimir Putin, and Ukrainian President Volodymyr Zelenskyy on Monday for the continuing war in Ukraine, saying it’s not his war and vowing once again to bring it to a swift end.

Trump’s comments on April 14 on a social media post and at the Oval Office came a day after Zelenskyy’s appearance on CBS’s “60 Minutes.” The Ukrainian leader criticized the Trump administration’s claims that Ukraine shared responsibility for the war, calling them part of an “altered reality.”

“The war between Russia and Ukraine is Biden’s war, not mine,” Trump wrote on Truth Social. 

“I just got here, and for four years during my term, had no problem in preventing it from happening. President Putin, and everyone else, respected your President!”

Trump accused both Biden and Zelenskyy of doing “an absolutely horrible job” in allowing the war to erupt, saying there were “so many ways of preventing it from ever starting.”

Speaking later to reporters in the Oval Office, Trump said that Putin also shared responsibility. “Biden could have stopped it, and Zelenskyy could have stopped it, and Putin should have never started it,” he said. “Everybody’s to blame.”

Trump said his team is “making progress” in cease-fire efforts. Last week, his Middle East envoy, Steve Witkoff, met with Putin in St. Petersburg to discuss a U.S.-brokered peace deal.

While Ukraine has backed the cease-fire proposal, Russia has attached sweeping conditions that have effectively stalled the effort. Trump has urged Russia to “get moving” on a peace deal while emphasizing the devastating human toll of “a terrible and senseless war.”

Russia’s deputy envoy to the United Nations, Dmitry Polyansky, told state-run news outlet Tass on Monday that Witkoff’s visit could pave the way for a future Trump–Putin summit, though a formal cease-fire is unlikely before Easter.

Trump’s comments came just hours after a Russian missile strike hit the Ukrainian city of Sumy, killing at least 34 people, including two children, and injuring more than 100, according to Ukrainian officials.

The attack was the latest in a series of recent airstrikes and drone attacks that have drawn sharp condemnation from international leaders.

European officials blasted the Sumy strike as further evidence of Putin’s disregard for peace talks. Finnish Foreign Minister Elina Valtonen said the attack, which followed closely on the heels of Witkoff’s visit, “demonstrates that Russia shows full disregard for the peace process.”

French Foreign Minister Jean-Noël Barrot echoed the criticism, saying Putin has no intention of agreeing to a cease-fire.

Zelenskyy, in his “60 Minutes” interview, pushed back against Trump’s earlier claims that Ukraine may have provoked the war, saying: “There is an aggressor and there is a victim. The Russians are the aggressor, and we are the victim.”

Zelenskyy also appealed to Trump to visit Ukraine, see the devastation for himself, and “then let’s move with a plan how to finish the war.”

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

MARK CRISPIN MILLER

Ronnie Dunn leaves stage mid-concert; Zayn Malik cancels show at the last minute; UK: footie Morten Spencer retire…

UNITED STATES

What to know after Ronnie Dunn exits Indianapolis concert after Brooks & Dunn encore

April 7, 2025

• Ronnie Dunn, one half of the country music duo Brooks & Dunn, abruptly left the stage during a concert in Indianapolis.
• While a representative for the band said Dunn was ill, the singer himself has not yet publicly commented on the incident.
• Dunn previously revealed on social media that he had been battling the flu and strep throat.
• Brooks & Dunn are currently on their “Neon Moon Tour,” which runs through April.

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Zayn Malik gives fans update after ‘severe’ sickness forced last-minute show cancellation

April 1, 2025

Zayn Malik’s tour has now ended, as he was forced to cancel his last show.

Zayn Malik has shared a heartfelt message with fans after being forced to cancel his show at the last minute.

The former One Direction star has been on tour, performing to thousands of adoring fans in sold-out venues worldwide with his solo music—and even some nostalgic 1D tunes.

Last night, the Dusk Till Dawn hitmaker, 32, was due to take to the stage in Mexico City. Alas, he issued an emotional statement explaining he is ‘really sick’.

Taking to his Instagram Story, the pop star wrote: ‘I’m heartbroken to say that I won’t be able to perform tonight in Mexico City.

‘I’ve been really sick since this morning and despite trying everything to push through, my body just isn’t allowing it.

‘I’m so sorry to let you down.’

Link

Phillies analyst out after surgery

April 4, 2025

If you’ve been wondering where Philadelphia Phillies radio analyst Larry Andersen is, you’re not alone. The 71-year-old has been noticeably absent through the first two series of the 2025 MLB season. According to The Inquirer, he remains in Clearwater, Florida, where the Phillies hold their spring training, recovering from bladder surgery he underwent during camp. He told The Inquirer that he had hoped to return to the booth for the home opener, but his recovery has been slower than expected due to radiation treatment.

Researcher's Note - MLB To Require COVID Vaccinations [sic] For Non-Player Team Personnel To Gain Access To Field In Post Season

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UNITED KINGDOM

Tennis Player Dramatically Collapses Mid-Game and Leaves Court in Wheelchair

April 2, 2025

British tennis player Fran Jones has withdrawn from the Colsanitas Cup after collapsing midway through the women’s tournament. Jones, 24, fell on the court while playing against Argentina’s Julia Riera as she attempted to serve late in the third set during the match in Bogota, Argentina, on Tuesday, April 1, as seen in a video posted on X. Jones had been struggling to breathe before collapsing and was seen lying on her back and rolling to her side as medical staff tended to her. She was unable to finish the match and was escorted off the court in a wheelchair, U.K. outlets Sky News and BBC News reported. Jones was born with Ectrodactyly Ectodermal Dysplasia, a rare genetic condition characterized by the absence or malformation of fingers and toes and facial clefts. She has one finger missing on each hand and seven toes altogether, per Sky News. The rising tennis star, who ranks 129th in the world, has had some challenges in her career relating to her condition, having suffered “bouts of severe cramp.” She has retired from matches 19 times in total, including two times now this year, Sky News reported.

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England youth star forced to retire at 21 due to cardiac problem he ‘can’t carry on with’

April 1, 2025

A former England youth international has had to prematurely end his football career at just 21 due to a heart condition. Morten Spencer, who began his football career at Sunderland, later moved to Leeds United in 2019. The young midfielder’s aspirations to join the Rams’ first-team this season were dashed by the necessity of an untimely retirement. The diagnosis was hypertrophic cardiomyopathy, a serious condition marked by the thickening of the heart muscle. Although Cork City reassured that Dumigan can expect to lead a long and healthy life, continuing his football career is sadly off the cards for safety reasons.

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ITALY

Andrea Pucci speaks after feeling unwell on stage: “I’m not well, I have to do some checks”

March 29, 2025

Comedian Andrea Pucci [59] interrupted his show, 30 anni… e non senterli, at the Gran Teatro PalaGalassi in Forlì due to a sudden illness that struck him in the past few hours. After just 30 minutes from the start of the performance, the artist had to stop, leaving the audience and fans in apprehension. After hours of silence, Pucci chose to speak directly in the first person to his followers through a video published on Instagram. He explained the situation and the reason why the next dates of the tour will be postponed. “I’m here to thank you for the hundreds of messages I received to know how I am. Objectively, I’m not feeling great, I have to do some checks,” the comedian said.

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NEW ZEALAND

Kiwi Courtney Duncan to miss opening round of Women’s Motocross world championship after health scare

April 3, 2025

Dunedin – Four-time world motocross champion Courtney Duncan will miss the opening round of the 2025 season in Sardinia after being hospitalised with a heart condition. The Dunedin-based rider says eight weeks ago, she awoke with severe chest pain and was later diagnosed with pericarditis – swelling and irritation of the thin, saclike tissue surrounding the heart. The 29-year-old says she’s still struggling to regain full fitness. After discussions with her medical team, she’s opted to withdraw from the first round of the world championship and potentially the first part of the season. She’s also been cleared of any long-term or permanent damage to her heart. “We are struggling to get through a 30-minute session at the moment with low resistance,” says Duncan. “The past eight weeks has been tough. I was initially unable to do anything physically. I’ve been trying to do a little bit of low intensity but am struggling to get through that at the moment. You realise how important your health is, that’s for sure.”

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DR PAUL ALEXANDER

SLAY NEWS

NEWS ADDICTS

EVOL NEWS

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

Rabobank: Just What Does A World In Which The Dollar Isn’t Reserve Currency Look Like?

Tuesday, Apr 15, 2025 – 01:05 PM

By Michael Every of Rabobank

The US has opened two new Section 232 trade actions likely to lead to 25% tariffs on semiconductors and pharma, as already flagged. Obviously, both industries will reel, and Ireland is likely to take a particularly large hit.

President Trump also suggested he may temporarily pause auto parts tariffs for firms shifting production to the US. Expect other industries to ask for the same, and to get the same response: only for a while, and only if you are moving production Stateside.

US Treasury Secretary Bessent has a shortlist of countries for trade deals: Japan, South Korea, Australia, the UK, and India – plus Canada and Mexico. Vietnam and ASEAN are loitering outside the door, being deeply entwined with China’s economy, but mostly running huge trade deficits with it and equally huge surpluses with the US. President Trump is unhappy with Vietnam’s recent state visit from China’s Xi –with calls for a joint stance against “bullying” and 45 deals signed– but Hanoi boosting its defence budget 30% could mean it buys US F-16s, and more, to narrow the bilateral trade deficit. However, that’s almost certainly not going to be all the US demands. From a statecraft perspective, it will want countries to mirror what it is doing vis-à-vis China, creating a new closed trade/finance/energy/defence loop.

As the US snaffles up those trade partners, plus the Middle East (more on which shortly), who would that leave for Europe to deal with if it didn’t join that gang? Micronesia and those penguins who are facing a 10% US tariff? Naturally, there are reports the EU and US are to start trade negotiations too, even if visiting EU officials now take burner phones for secrecy. Here, Europe again thinks just buying more US LNG will be a solution; but those China terms and conditions are not going to go away. That’s as Chinese social media is showing its consumers how luxury European brands are actually made in China, encouraging them to opt for local alternatives.

In the UK, ‘Senior Labour figures call for review of Chinese investment in UK infrastructure’, and the “Government’s rapprochement with Beijing may risk national security in wake of British Steel crisis, party members say”. Also, household and business refuse may start piling up in the streets outside just Birmingham as unions reject a pay deal ahead of May 1 local elections. So, lots of things that came in nice boxes last week now risk being publicly dumped.  

Former Treasury Secretary Yellen says the Trump admin is undermining the status of the US dollar: the same former Fed Chair who borrowed vast sums at the short end of the yield curve and didn’t refinance US debt cheaply at the long end when she had the chance. Yellen also says onshoring manufacturing jobs is “a pipe dream” and not desirable after presiding over tariffs on China and the CHIPS Act and IRA subsidies aimed at bringing industry and jobs back to the US.

A Financial Times editorial argues Trump has no cards and will lose the trade war, because the pro-globalisation Peterson Institute for International Economics (PIIE) says so. For them, despite being wrong for years, this is still an auto-(pharma & chips)-da-fe, an act of faith requiring public penance and the burning of heretics by the Inquisition. This religious view on trade is the latest in a series of with-us-or-against-us bifurcations – and it’s not helpful to those trying to look at the matrix of potential outcomes and the risks involved either way. After all, what ‘cards’ are the PIIE looking at? Yes, China makes stuff and the US doesn’t. But a larger trading bloc without China can, after a period of adjustment, leave China with vast excess production to absorb.

Likewise, Bloomberg commentary says the US dollar will soften as its reserve currency appeal fades; then provides zero commentary on what the follow-on consequences of not having a global reserve currency are for everyone who still has dollar debt to repay:

The total collapse of the dollar? The total collapse of the dollar-based financial system as everyone defaults on trillions in debts they can’t get the bucks to service through trade? The inflationary debasement of said debts? Global bifurcation into different currency (or commodity), trade, clearing, energy, and defense blocs – within which the dollar may remain primus inter pares at gunpoint despite a narrower trade deficit?

After all, the US can use its legacy financialized weakness as a strength if it opts to. Bessent just stated the White House is thinking about who replaces Powell at the Fed next year – and in an age of economic statecraft it’ll surely be someone who understands the power of dollar swap lines (see “The “Nuclear” Button For The Dollar: The Fed’s Swap Lines“.)

That’s as the Japanese 30-year yield is just shy of its highest level since early 2004 and not far from its highest ever going back to 2000. How will deeply indebted Japan do: more rate hikes? Equally, how will the Eurozone cope with the flip side of EUR being the new ‘global reserve shmurrency’: trade deficits, deindustrialisation, and polarisation, not unity and remilitarisation? So much is unclear on so many fronts: market volatility reflects this rather than masking it.

The RBNZ just attacked the mainstream media for its op-eds on how it operates(!), while separately announcing a new set of coincident forecasting inputs similar to the Atlanta Fed’s GDPNow, neither of which have any idea about what is going to happen next as tariffs hit.  

In the hit-hard power sphere, Trump refused a Ukrainian offer to buy $50bn of US arms, saying of President Zelenskyy: “He’s always looking to purchase missiles. Listen, when you start a war, you gotta know you can win a war. You don’t start a war against somebody that’s 20 times your size and then hope that people give you some missiles.” Clearly, hopes for a ‘peace’ deal and an inverse Nixon —Noxin— linger there.

US nuclear talks with Iran are also set to continue in Oman, not Rome, with threats of attack if no deal is struck; as a parallel US nuclear fuel processing agreement with the Saudis looms – “They are allowed to process uranium just like you. So, you both better behave!” That’s a very high risk, high reward statecraft gamble. Moreover, Arab press reports have it that, with Saudi help, 80,000 troops are massing in Yemen in preparation for a move on Houthi-held territory. As noted, this can all be taken as a sign that the Saudis and the UAE are in the US camp having seen neither China nor Russia can project serious power into the region.

Meanwhile, Australia’s federal election shows how little some Western democracies grasp about our shifting tectonic plates. Aussie media says both major parties’ policies will push up house prices by another 15%: clearly, making something more affordable can never mean its price going down, and Aussie GDP is ‘for’ even higher asset prices. Which is what the PIIE would be happy with the US going back to.

But it won’t. The US is now into an auto-da-fe of another kind and globalisation is on the pyre, and perhaps Wall Street with it until it reflects what’s happening on Main Street.

So, volatility now: but there is another world to come. Are your deeds preparing you for it?

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

8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES/

BRICS/ET AL

Is “De-Dollarization” On The Table? BRICS Summit Approaches As Trade War Simmers

Tuesday, Apr 15, 2025 – 02:00 AM

Authored by Brandon Smith via Alt-Market.us,

For many years now I have been talking about the growing global economic divide between East and West. This volatile opposition between the BRICS nations and the US is not a product of the Trump era. It has been decades in the making with a myriad of complex working parts and numerous US trading partners have been preparing for the fallout as far back as 2008.

At the same time behind the scenes there have been malicious influences at play: Special interests within the Davos community have been working diligently to undermine the US economy and the dollar. But what is the ultimate aim of this agenda?

In 2018 I published an article titled ‘World War III Will Be An Economic War’ – In it I outlined the basic mechanics of the East vs West paradigm and how banking institutions like the IMF and BIS were positioning to take advantage of the chaos. At the time, the “trade war” witnessed a kind of false start, but all the pieces were there for what we are seeing today. Don’t let the 90 day pauses on some tariffs fool you, economic decoupling is going to be the dominant theme of the decade and the tariffs will undoubtedly spring up over and over again.

Trump’s incredible return to the White House sets the stage for the end of globalism (and that’s a good thing), but I want to make it clear that the pitfalls are numerous and the establishment could try to use the end of the old world order to bring in their “new world order”.

In 2018 I noted:

“The bottom line is this: Russia and China are in full support of globalist controlled institutions like the Bank for International Settlements (the central bank of central banks) and the International Monetary Fund (IMF). The governments of both nations have called for the IMF to assert their Special Drawing Rights basket currency framework as a foundation for a new world reserve currency system. Again, both Russia and China want the IMF, a globalist controlled entity, to become the de facto ruler of a new global monetary structure…”

“With the rise of simple to generate cryptocurrencies and the easily tracked blockchain exchange mechanism, globalists now have the perfect liquidity tool for replacing the dollar as world reserve. All they need now is a crisis event to provide cover for the transition…”

“…It would appear that a crisis event is now being triggered in the form of an international trade war. This trade war, in my view, is designed to become so widespread that it will one day be considered a “world war.”

As I’ve mentioned many times, the dollar’s world reserve status, instituted with the Bretton Woods Agreement in 1944, has long been America’s Achilles Heel.

The US technically enjoys an enviable trade advantage as well as a monetary stimulus advantage because the dollar is used in the majority of international transactions. This means the Federal Reserve can print dollars with wild abandon and most of them will be absorbed overseas by foreign banks, governments and corporations. In this way, the dollar is already a kind of beta test for a one world currency.

However, the Bretton Woods Agreement came with a series of caveats, some of them unspoken. For the “privilege” of controlling the reserve currency, the US is expected to financially backstop allies as well as provide the vast majority of military support for NATO. The revelations behind the DOGE audits alone show an endless flood of dollars from American taxpayer funds into a vast array of subsidies for foreign governments. Americans has been paying for everyone and everything.

You know those supposedly amazing social welfare and healthcare programs in Europe? Yeah, we make that possible through billions in foreign aid to the those countries along with hundreds of billions spent on defense so that Europeans can sleep easy at night.

The situation is even worse when we consider how many trillions of dollars were created from thin air by the Federal Rserve and transferred overseas after the crash of 2008. Not to mention the trillions poured into foreign economies during the pandemic. In the meantime, relentless money creation is finally catching up to us in the form of a stagflation crisis. The dollar system, as we know it, is precariously unstable and more stimulus is not going to save it.

It’s not surprising the US has been hit with an inflationary freight train. We haven’t just been printing dollars for ourselves, we’ve been printing dollars for the entire planet.

The old world agreements are ending, and in many ways this is necessary. European leaders are going full authoritarian; they now throw people in prison daily for online speech and they are also throwing their right-leaning political opponents in prison to prevent them from participating in elections. Europe is no longer our ally and the US public is starting to realize it.

Outsourced production in Asia, the foundation of the current global supply chain, is in need of reform. Because of our reserve status America has become the world’s cash cow. We have been relegated to the position of dutiful consumer nation, spending our increasingly devalued dollars in a spiraling cycle of inflationary decline while we produce very little on our own soil.

Donald Trump’s tariff actions, which I suspect will be cumulative over the next few years, are an expression of America’s desire to end the globalist status quo and bring back balance. That said, the rhetoric from the rest of the world and the media is that these tariffs constitute an “act of war”.

As I predicted years ago, the US is not allowed to stray from the Bretton Woods system without being painted as an “aggressor” nation bent on destroying our neighbors. Keep in mind, most of the countries affected by Trump’s tariffs have had their own tariffs on American goods for decades. When they do it, it’s normal. When we do it, it’s a betrayal.

Enter the BRICS; this international trade body is currently headed by Brazil and includes China, Russia, India, South Africa, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates among others. The running theory for many alternative economists is that the BRICS will eventually move to fully decouple from the US dollar and introduce their own shared currency system.

I have posited a similar theory, though I argue that the situation is not as simple as some analysts think. This is not just an East vs West division leading to a break in the dollar structure; there is a lot more going on.

Ten years ago the BRICS were in a much better position economically and that would have been the time to introduce a competing monetary framework. Today, Russia is in the midst of a proxy war with NATO in Ukraine, China is on the edge of deflationary collapse and South Africa is on the edge of social collapse. There’s not a single BRICS member beyond oil producers like Saudi Arabia that is not facing extreme fiscal turmoil. In other words, the BRICS do not currently have the ability to counter the dollar.

That said, I don’t think this was ever the plan. Rather, globalist institutions like the IMF, BIS and World Bank have been preparing for the rollout of CBDCs (Central Bank Digital Currencies) along with a single IMF controlled global digital currency attached to the SDR basket. The BRICS cannot compete with the dollar, unless the IMF and BIS help them to do so.

As IMF Managing Director Kristalina Georgieva admitted in 2023:

“CBDCs should not be fragmented national propositions… To have more efficient and fairer transactions we need systems that connect countries: we need interoperability…For this reason at the IMF, we are working on the concept of a global CBDC platform.”

Such program could only be accomplished after serious economic turmoil has made the populations of all nations desperate for a centralized solution. The upcoming BRICS Summit in Rio de Janeiro, slated for July, should be watched carefully because it is timed almost exactly in line with the end of Trump’s 90 day tariff pause. The summit is expected to address the trade war in depth as well as the subject of “de-dollerization”. Trump has previously threatened a 150% tariff on any country that makes an attempt to de-dollerize.

While speaking at the BRICS Summit in 2024, held at Kazan (Russia), Russian President Vladimir Putin said:

“The dollar is being used as a weapon. We really see that this is so. I think that this is a big mistake by those who do this”.

This was the same summit where Putin shared a mock up of a “BRICS dollar” and spoke about the adaptation of a BRICS currency. Of course, Russia is in no position to field a new reserve currency and neither is China, but I believe this talk is a precursor to a larger international push for a new reserve system managed by the IMF.

The BRICS intend to court the Mexican government at the July 2025 summit in Rio de Jeneiro and there is also talk of European nations increasing trade with China as a way to frustrate Trump’s tariff efforts. But again, China’s economy is currently flirting with deflationary disaster and there’s not a single nation or group of nations that will be able to fill the void in consumer markets left behind by the US.

Even though a Chinese-based solution is unlikely, the behavior of the BRICS indicates that there is some kind of plan afoot. China and India have been stockpiling massive gold reserves and this may be in preparation for a break from the dollar, with gold skyrocketing as the dollar falls. The ongoing shift into crypto and CBDCs is also, I believe, an attempt to create a cushion for de-dollerization.

Just remember that none of this is possible without globalist organizations facilitating the spread of the technology. The BIS has been particularly active the past 5 years in testing cross-border CBDC swaps and secure CBDC transactions. The BRICS would be nothing more than a vehicle for the proliferation of a globalist CBDC reset.

Does this mean that the US and Trump are falling into a trap? Do tariffs make it easier to justify an international shift way from the dollar? Is Trump making things easier for the globalists? I argue that this reset is going to be attempted regardless; Trump and conservatives are going to be blamed regardless. Americans will blame the BRICS and Europe – The BRICS and Europe will blame America.

It should also be noted that the middle class and poverty stricken citizens of China and Europe largely HATE their governments. The elites have abused them beyond all measure and what little freedoms they have left are being erased. Most of these people are on the side of anti-globalism. This war is not everyone in the world against the US, though the corporate media would have you believe this is the case.

Tariffs are a way for the US to disrupt the forced interdependency of globalism, but there’s going to be pain involved as things change. In other words, tariffs are necessary. The end of globalism is necessary. America needs to stop relying on the dollar’s reserve status and the global supply chain. But we should be wary of what kind of system ends up replacing the Bretton Woods structure. Meaning, we may have to use any means at our disposal to stop a new global monetary scheme before it can take hold.

The next BRICS Summit should be scrutinized carefully because it could give us insight into when the next stage of the “reset” will begin. Don’t be surprised if their rhetoric is wildly hostile towards the US and decoupling from the dollar is the main topic of discussion. Also don’t be surprised if “de-dollerization” becomes a household term in the next couple of years.

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

EURO/USA: 1.1334 DOWN 0.0002 PTS OR 2 BASIS POINTS

USA/ YEN 142.97 DOWN 0.276 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN  STILL FALLS//END OF YEN CARRY TRADE BEGINS AGAIN OCT 2024/Bank of Japan raises rates by .15% to 1.15..UEDA ENDS HIKING RATES AND NOW CARRY TRADES RE INVENTS ITSELF//

GBP/USA 1.3237 UP .0065 OR 65 BASIS PTS

USA/CAN DOLLAR:  1.3865 DOWN 0.0036 (CDN DOLLAR UP 36 BASIS PTS)

 Last night Shanghai COMPOSITE CLOSED UP 4.85 PTS OR 0.15%

 Hang Seng CLOSED UP 48.87 PTS OR 0.23%

AUSTRALIA CLOSED UP 0.13%

 // EUROPEAN BOURSE:     ALL GREEN

Trading from Europe and ASIA

I) EUROPEAN BOURSES:  ALL GREEN

2/ CHINESE BOURSES / :Hang SENG CLOSED UP 48.87 PTS OR 0.23%

/SHANGHAI CLOSED UP 4.85 PTS OR 0.15%

AUSTRALIA BOURSE CLOSED UP 0.13%

(Nikkei (Japan) CLOSED UP 289.18 PTS OR 0.64%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 3225.60

silver:$32.33

USA dollar index early TUESDAY  morning: 99.46 UP 6 BASIS POINTS FROM MONDAY’s CLOSE.

TUESDAY  MORNING NUMBERS ENDS

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And now your closing TUESDAY NUMBERS 1: 30 AM

Portuguese 10 year bond yield: 3.113 % up 2 in basis point(s) yield

JAPANESE BOND YIELD: +1.372% UP 3 POINTS AND 0/100  BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.232 up 2 in basis points yield

ITALIAN 10 YR BOND YIELD 3.712 up 4 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.5265 up 2 BASIS PTS

IMPORTANT CURRENCY CLOSES :  MID DAY MONDAY

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

Euro/USA 1.1271 DOWN .0066 OR 66 basis points

USA/Japan: 143.16 down 0.055 OR YEN IS up 6 BASIS PTS//

Great Britain 10 YR RATE 4.6835 DOWN 3 BASIS POINTS //

Canadian dollar DOWN 0.0070 OR 70 BASIS pts  to 1.3971

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The USA/Yuan 7.3158,  CNY ON SHORE ..CHINA MUST DEVALUE TO GOLD  

THE USA/YUAN OFFSHORE DOWN TO 7.3285:    

TURKISH LIRA:  38.10 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//

the 10 yr Japanese bond yield  at +1.372

Your closing 10 yr US bond yield DOWN 9 in basis points from MONDAY at  4.317% //trading well ABOVE the resistance level of 2.27-2.32%)

 USA 30 yr bond yield  4,774 DOWN 4 in basis points  /11:00 AM

USA 2 YR BOND YIELD: 3.828 DOWN 6 BASIS PTS.

GOLD AT 11;00 AM 3225.25

SILVER AT 11;00: 32.32

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

London: CLOSED UP 114.78 PTS OR 1.41%

GERMAN DAX:UP 62.28 PTS OR 0.86%

Paris CAC CLOSED UP 298.83 or 1.43%

Spain IBEX CLOSED UP 260.50 PTS OR 2.14%

Italian MIB: CLOSED UP 836.18 PTS OR 2.39%

WTI Oil price  61,36 11 EST/

Brent Oil:  64,66 11:00 EST

USA /RUSSIAN ROUBLE ///   AT:  82.55 ROUBLE DOWN 0 AND  32/ 100      

GERMAN 10 YR BOND YIELD; +2.5265 UP 2 BASIS PTS.

UK 10 YR YIELD: 4.6835 DOWN 3 BASIS POINTS

CDN 10 YEAR RATE: 3.126 DOWN 8 BASIS PTS.

CDN 5 YEAR RATE: 2.739 DOWN 10 BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA 1.1282 DOWN 0.0054 OR 54 BASIS POINTS//HEADING TO PARITY WITH THE DOLLAR

British Pound: 1.3224 UP .0052 OR 52 basis pts/HEADING FOR PARITY /USA

BRITISH 10 YR GILT BOND YIELD:  4.6490 DOWN 2 FULL BASIS PTS//

JAPAN 10 YR YIELD: 1.371

USA dollar vs Japanese Yen: 143.20 DOWN 0.0010 BASIS PTS// HEADING FOR 160 TO THE DOLLAR

USA dollar vs Canadian dollar: 1.3966 UP 65 BASIS PTS CDN DOLLAR DOWN 65 BASIS PTS

West Texas intermediate oil: 61.49

Brent OIL:  64.83

USA 10 yr bond yield DOWN 3 BASIS pts to 4.335

USA 30 yr bond yield DOWN 2 BASIS PTS to 4.787%

USA 2 YR BOND: DOWN 0 PTS AT  3.845%

CDN 10 YR RATE 3.132 DOWN 3 BASIS PTS

CDN 5 YEAR RATE: 2.789 UP1 BASIS PTS

USA dollar index: 99.91 UP 51 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 38.07 GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE:  82.55 DOWN 0 AND  32/100 roubles

GOLD  3226.20 (3:30 PM)

SILVER: 32.32(3:30 PM)

DOW JONES INDUSTRIAL AVERAGE: DOWN 157.15 OR 0.39%

NASDAQ 100 UP 34.24 PTS OR 0.18%

VOLATILITY INDEX: 29.73 DOWN 1.16 PTS OR 3.76%

GLD: $ 297.78 UP 1.55 PTS OR 0.52%

SLV/ $29.38 UP 0.19 PTS OR OR 0.65%

TORONTO STOCK INDEX// TSX INDEX: CLOSED UP 174,12 OR 0.73%

end

TRADING today ZEROHEDGE Trump’s tariffs: 4PM

ZEROHEDGE/HEADLINE CLOSING MARKETS/ZEROHEDGE

“Insane Charts”: Liquidity, Flows And Positioning Across Institutions, Hedge Funds, CTAs And Retail

“Headline Fatigue Is Real Now” – Bonds & Bullion Bid As Top Goldman Trader Warns “Tape Remains Fragile

MIDDAY NEWS

SURPRISING!!

US Import Prices Tumble Despite China Tariffs

USA DATA

by Tyler Durden

Tuesday, Apr 15, 2025 – 12:10 PM

The (establishment) world and his pet rabbit has been screaming at you for weeks that the American consumer is about to suffer the worst hyperinflationary hell ever (according to UMich survey respondents) as President Trump attempts to even up the score among its ‘allies’ over trade policies.

The last 24 hours have thrown a couple of curve balls at the established view – supporting the Trump administration’s presumption that ultimately other countries will eat the tariffs… and that companies selling into the US will not want to piss off their biggest customer with demand-sucking price-hikes.

First we saw Sony decide NOT To hike prices on US consumers (while piling price hikes on select markets in Europe, Middle East and Africa (EMEA), Australia and New Zealand). 

A “tough decision” apparently for management but its the first anecdotal evidence that Trump’s view may be right – firms wont scupper their market share or biggest customer demand unless they really have to (forcing margins lower or offsetting US price stability for non-US customer pain).

Second, and more systemic, we saw US import prices DROP 0.1% MoM in March – the first decline in import prices since September 2024…

This decline comes a month after US imposed 10% tariffs on China (at the start of February)

Goldman summarizes the details:

Import prices declined 0.1% in March, against consensus expectations for a flat reading. 

Import prices ex-petroleum were flat, also below expectations.

Prices declined for industrial supplies (-0.6%), consumer goods ex autos (-0.2%), and autos (-0.1%), and rose for food and beverages (+0.1%) and capital goods (+0.3%). 

The airfares component, which serves as source data for core PCE, edged down 0.2% (SA by GS).

That’s not supposed to happen – prices are supposed to soar for American consumers, right?

Based on the details in the import prices report, Goldman estimates that the core PCE price index rose just 0.08% in March (vs. our expectation of 0.08% prior to today’s import prices report), corresponding to a year-over-year rate of +2.67%. 

Additionally, they expect that the headline PCE price index were unchanged in March, or increased 2.32% from a year earlier. We estimate that market-based core PCE rose 0.02% in March.

Ultimately this supports (for now) what Trump has been saying:

Yes, tariffs will raise actual input purchase prices BUT to avoid losing market share, the underlying prices – which are captured by import prices – will have to drop to offset the surcharge.

So you have two dynamics: import price (pre-tariff) dropping as tariffs are layered on top of that ‘lower’ price.

In Trump’s ideal world, its a wash with US pocketing the upside and Chinese exporters getting hit on margins.

Finally, as we explained previously, a 50% tariff doesn’t mean a 50% rise in prices for American consumers. 

Will Sony’s decision be copied by Nike, others? Who knows. But for now China (and/or its companies) is eating the initial tariff charge by Trump… not the American consumer.

END

Hard data Empire fed mfg plunges the worst since 9

Empire Fed Manufacturing Expectations Plunge To Worst Since 9/11

Tuesday, Apr 15, 2025 – 08:41 AM

Despite the slump in ‘soft’ survey data, analysts expected Empire Fed Manufacturing to bounce back from March’s tumble to one year lows and they were right with the headline index rising from -20.0 to -8.1 (considerably better than the -13.5), but still negative. However, while current conditions jumped, expectations plunged to the lowest since 9/11/…

Source: Bloomberg

The gauges of future bookings and shipments dropped to the lowest in data back to 2001.

“After declining sharply last month, business activity continued to contract modestly in New York State in April. Input and selling price increases picked up to the fastest pace in more than two years. Firms turned pessimistic about the outlook for the first time since 2022.” 

~Richard Deitz, Economic Research Advisor at the New York Fed

An index of current prices paid for materials increased nearly 6 points to 50.8, the highest since August 2022, while a gauge of prices received by manufacturers in the state also rose to a more than two-year high. 

The figures, in addition to increases in price expectations, indicate higher tariffs are contributing to inflationary pressures.

The New York Fed’s gauge of current new orders and an index of shipments shrank at slower rates.

Are they interviewing the same people as the UMich surveyors?

USA ECONOMIC NEWS

‘This Is Not About Tariffs’: Ray Dalio Fears “Something Worse Than A Recession”

Monday, Apr 14, 2025 – 07:40 PM

Billionaire investor Ray Dalio warned that President Trump’s shifting tariff policy is part of a broader set of economic and geopolitical pressures that could trigger a crisis “worse than a recession.”

“I think that right now we are at a decision-making point and very close to a recession,” Dalio said.

“And I’m worried about something worse than a recession if this isn’t handled well.”

The founder of the world’s largest hedge fund, Bridgewater Associates, said in an interview with NBC’s Meet the Press that the foundation of the American economy – the “monetary order” — is under threat.

“We have a breaking down of the monetary order. We are going to change the monetary order because we cannot spend the amounts of money. So we have that problem.

…We are having profound changes in our domestic order, how ruling is existing. And we’re having profound changes in the world order. Such times are very much like the 1930s.”

“I’ve studied history,” Dalio adds, noting that “this repeats over and over again.”

Dalio explained that the US economy is confronting several overlapping challenges: rising debt, internal political divisions, growing geopolitical tensions, and shifts in global power.

“Such times are very much like the 1930s,” he warned. 

“If you take tariffs, if you take debt, if you take the rising power challenging the existing power – those changes in the orders, the systems, are very, very disruptive.”

Asked about the worst-case scenario, Dalio pointed to a potential breakdown of the dollar’s role as a store of wealth, combined with internal conflict beyond the norms of democratic politics and escalating international tensions – potentially even military conflict.

“These breakdowns have occurred before,” he said. “The existing monetary and geopolitical order began in 1945. These systems go in cycles, and I worry about the breakdown—particularly because it doesn’t have to happen.”

“That could be like the breakdown of the monetary system in ‘71. It could be like 2008. It’s going to be very severe,” Dalio said. 

“I think it could be more severe than those if these other matters simultaneously occur.”

Dalio said history is shaped by five major forces: 

1. monetary cycles like credit and debt; 
2. internal political conflict; 
3. shifting global power dynamics; 
4. technological change; 
5. and natural disasters such as pandemics. 

In his view, all five are currently in play.

In a post on X, Dalio went into more detail, playing down the tariffs as a specific catalyst but playing up far more systemically challenging scenarios:

At this moment, a huge amount of attention is being justifiably paid to the announced tariffs and their very big impacts on markets and economies while very little attention is being paid to the circumstances that caused them and the biggest disruptions that are likely still ahead. Don’t get me wrong, while these tariff announcements are very important developments and we all know that President Trump caused them, most people are losing sight of the underlying circumstances that got him elected president and brought these tariffs about. They are also mostly overlooking the vastly more important forces that are driving just about everything, including the tariffs.

The far bigger, far more important thing to keep in mind is that we are seeing a classic breakdown of the major monetary, political, and geopolitical orders. This sort of breakdown occurs only about once in a lifetime, but they have happened many times in history when similar unsustainable conditions were in place.

More specifically:

1. The monetary/economic order is breaking down because there is too much existing debt, the rates of adding to it are too fast, and existing capital markets and economies are supported by this unsustainably large debt. The debt is unsustainable because the of the large imbalance between a) debtor-borrowers who owe too much debt and are taking on too much debt because they are hooked on debt to finance their excesses (e.g., the United States) and b) lender-creditors (like China) who already hold too much of the debt and are hooked on selling their goods to the borrower-debtors (like the United States) to sustain their economies. There are big pressures for these imbalances to be corrected one way or another and doing so will change the monetary order in major ways. For example, it is obviously incongruous to have both large trade imbalances and large capital imbalances in a deglobalizing world in which the major players can’t trust that the other major players won’t cut them off from the items they need (which is an American worry) or pay them the money they are owed (which is a Chinese worry). This is a result of these parties being in a type of war in which self-sufficiency is of paramount importance. Anyone who has studied history knows that such risks under such circumstances have repeatedly led to the same sorts of problems we’re seeing now. So, the old monetary/economic order in which countries like China manufacture inexpensively, sell to Americans, and acquire American debt assets, and Americans borrow money from countries like China to make those purchases and build up huge debt liabilities will have to change. These obviously unsustainable circumstances are made even more so by the fact that they have led to American manufacturing deteriorating, which both hollows out middle class jobs in the U.S. and requires America to import needed items from a country that it is increasingly seeing as an enemy. In an era of deglobalization, these big trade and capital imbalances, which reflect trade and capital interconnectedness, will have to shrink one way or another. Also, it should be obvious that the U.S. government debt level and the rate at which the government debt is being added to is unsustainable. (You can find my analysis of this in my new book How Countries Go Broke: The Big Cycle.) Clearly, the monetary order will have to change in big disruptive ways to reduce all these imbalances and excesses, and we are in the early part of the process of it changing. There are huge capital market implications to this that have huge economic implications, which I will delve into at another time.
2. The domestic political order is breaking down due to huge gaps in people’s education levels, opportunity levels, productivity levels, income and wealth levels, and values—and because of the ineffectiveness of the existing political order to fix things. These conditions are manifest in win-at-all-cost fights between populists of the right and populists of the left over which side will have the power and control to run things. This is leading to democracies breaking down because democracies require compromise and adherence to the rule of law, and history has shown that both break down at times like those we are now in. History also shows that strong autocratic leaders emerge as classic democracy and classic rule of law are removed as barriers to autocratic leadership. Obviously, the current unstable political situation will be affected by the other four forces I’m referring to here—e.g., problems in the stock market and economy will likely create political and geopolitical problems.
3. The international geopolitical world order is breaking down because the era of one dominant power (the U.S.) that dictates the order that other countries follow is over. The multilateral, cooperative world order the U.S. led is being replaced by a unilateral, power-rules approach. In this new order, the U.S. is still largest power in the world and is shifting to a unilateral, “America first” approach. We are now seeing that manifest in the U.S. led trade-war, geopolitical war, technology war, and, in some cases, military wars.
4. Acts of nature (droughts, floods and pandemics) are increasingly disruptive, and
5. Amazing changes in technology such as AI will be highly impactful to all aspects of life, including the money/debt/economic order, the political order, the international order (by affecting interactions between countries economically and militarily), and the costs of acts of nature.

Changes in these forces and how they are affecting each other is what we should be focusing on.

Dalio concludes by urging readers to not to let news-grabbing dramatic changes like the tariffs draw your attention away from these five big forces and their interrelationships, which are the real drivers of Overall Big Cycles changes.

END

Democrats Are Furious As Arizona Plans To Remove 50K Non-Citizens From Voter Rolls

Monday, Apr 14, 2025 – 07:15 PM

Authored by Matt Margolis via PJMedia.com,

Another win for election integrity is unfolding in Arizona, where state officials are partnering with DHS to verify voter rolls. Make no mistake about it —this is exactly the kind of action we need to protect our elections from fraud and abuse.

As many as 50,000 non-citizens are expected to be removed from Arizona’s voter rolls following a successful lawsuit by America First Legal (AFL) against all 15 Arizona counties. 

“This settlement is a great result for all Arizonans,” (AFL) senior counsel James Rogers told Fox News Digital.

As a result of the lawsuit, the 15 counties have now begun working with the Department of Homeland Security (DHS) to verify the citizenship status of all registered voters in the state who failed to provide proof of citizenship.

While a 2013 Supreme Court ruling prohibits states from imposing voter registration requirements beyond the federal requirement that registrants must check a box affirming their U.S. citizenship, Arizona residents are still required to provide proof of citizenship to vote in state and local elections.

The Arizona law also requires that county recorders perform a monthly list maintenance to confirm the U.S. citizenship of so-called “federal-only voters,” a list of nearly 50,000 individuals who failed to provide proof of U.S. citizenship and were not allowed to vote in state or local elections.

Every illegal vote cast effectively cancels out a legitimate vote from an American citizen. But naturally, we can expect Democrats to start screaming about “voter suppression” any minute now.

AFL filed the lawsuit on behalf of EZAZ.org and Yvonne Cahill, a registered voter and naturalized citizen. They argued that counties weren’t following state law requiring proof of citizenship for voting in local and state elections, along with monthly checks for non-citizens.

The nearly 50,000 individuals on the “federal-only voters” list failed to provide proof of U.S. citizenship and were already barred from voting in state or local elections. Obviously, they shouldn’t be on the rolls at all. 

But it was the courts that allowed them to be.

Last year, the 9th Circuit Court of Appeals allowed Arizonans to register to vote in federal races without having to prove citizenship. As I said at the time, there is only one reason to allow Arizonans the ability to register to vote without proving citizenship: to let illegals vote. That’s why Joe Biden opened up the border, and that’s why the 9th Circuit Court of Appeals ruled as it did. Thankfully, Trump won Arizona by a margin greater than any fraud.

While Trump’s decisive 187,000-vote victory over Kamala Harris in Arizona wouldn’t have been affected by these illegal registrations, 50,000 votes could easily swing a closer race. In fact, many recent congressional and state-level races have been decided by far smaller margins.

Contrary to the claims of the left, requiring proof of citizenship isn’t voter suppression; it’s common sense. Really, what’s so controversial about ensuring only American citizens can vote in American elections? That’s cute how Democrats keep insisting that basic election integrity measures somehow discriminate against minorities and women.

The real threat to our democracy isn’t voter ID or citizenship verification—it’s the erosion of faith in our electoral system. When millions of Americans believe illegal voters are canceling out their votes, that’s a recipe for disaster.

END

More Than 35,000 US Properties Foreclosed In March: Report

by Tyler Durden

Monday, Apr 14, 2025 – 06:25 PM

Authored by Naveen Athrappully via The Epoch Times (emphasis ours),

The number of properties foreclosed in March as well as the first quarter of this year registered an increase amid elevated interest rates, according to real estate data company ATTOM.

“There were a total of 35,890 U.S. properties with foreclosure filings in March 2025,” the company said in an April 11 statement. “That figure was up 11 percent from February 2025 and up 9 percent from March 2024.”

This continues the month-over-month rising trend seen in February and January. For the first quarter of 2025, there were a total of 93,953 filings, up 11 percent from the fourth quarter of 2024.

“Following three consecutive quarters of decline, foreclosure activity ticked up in the first quarter of 2025,” ATTOM CEO Rob Barber said, adding that there was “notable growth” in both foreclosure starts and completions.

“While levels remain below historical averages, the quarterly growth suggests that some homeowners may be starting to feel the pressure of ongoing economic challenges. However, strong home equity positions in many markets continue to help buffer against a more significant spike in distress.”

The rise in foreclosure filings for the first quarter came as mortgage rates continued to remain elevated, putting pressure on homeowners.

The rate on a 30-year-fixed-rate mortgage has remained above 6.5 percent for every single week in the first quarter.

High mortgage rates can raise monthly payments for certain homeowners, like those who have taken loans at variable rates. This could squeeze them financially, potentially pushing some into foreclosures.

Among the 225 metropolitan statistical areas with a population of at least 200,000 people, Columbia, South Carolina, saw the highest foreclosure rate in the first quarter.

This was followed by Lakeland, Florida; Bakersfield, California; Riverside, California, and Chico, California, rounding up the top five.

Some rate relief for homeowners may be coming.

“We think mortgage rates will move even lower within the next quarter and ultimately close the year at approximately 6.3 percent,” said Mark Palim, chief economist at Fannie Mae.

Foreclosure Policies

Trump administration agencies have taken several actions regarding property foreclosures.

Some lawmakers have criticized, while others welcomed, reports of the Department of Veterans Affairs (VA) planning to end the Veterans Affairs Servicing Purchase (VASP) program, which assists veterans facing foreclosure on their properties.

House Veterans’ Affairs Committee Ranking Member Rep. Mark Takano (D-Calif.) criticized the decision in an April 4 statement.

“President Trump has chosen to put the 15,000 veterans using the VASP program at financial risk and end a program that could help nearly 80,000 veterans who are in danger of foreclosure,” he said. “Veterans and their families rely on the VASP program to avoid housing insecurity and homelessness.”

Converely, House Committee on Veterans Affairs Chairman Rep. Mike Bost (R-Ill.) and Subcommittee on Economic Opportunity Chairman Rep. Derrick Van Orden (R-Wis.) backed the Veterans Affairs department’s move to phase out the VASP initiative in an April 3 statement.

They said the program was created for political purposes by the prior Biden administration to undercut the VA Home Loan program.

“Since 1943, the VA home loan program has helped millions of veterans, and their families, own a home. The Biden-Harris administration wrongfully jeopardized the future of this benefit by allowing billions of dollars to be used towards bailouts for lenders by creating the VASP program,” the lawmakers said in a statement.

“We—along with many of our colleagues—had serious concerns about the impact VASP would have on not only the future of VA’s home loan program, but the mortgage lending business as a whole. Today, the Trump administration rightfully put an end to VA’s VASP program.”

Meanwhile, the Department of Housing and Urban Development announced this past week that it was extending foreclosure relief to more than a million borrowers of Federal Housing Administration (FHA) loans recovering from the impacts of Hurricanes Milton and Helene.

The hurricanes affected parts of Florida, North Carolina, South Carolina, Tennessee, Georgia, and Virginia.

The moratorium prohibits mortgage services from starting or completing foreclosure actions on FHA-insured single-family forward or Home Equity Conversion mortgages in presidentially-declared major disaster areas (PDMDAs) resulting from Hurricanes Helene and Milton.

This 90-day moratorium will remain in effect until July 10 and is the second extension of the moratorium. The first moratorium expired on April 11. FHA insures more than a million single-family mortgages in the Milton and Helene PDMDAs.

VICTOR DAVIS HANSON

USA/ANTISEMITISM//HAMAS// REPORT

KING NEWS

SWAMP STORIES FOR YOU TONIGHT

GREG HUNTER

SEE YOU TOMORROW

H