GOLD CLOSED DOWN $14.85 TO $3,315.80

SILVER CLOSED DOWN $0.56 TO $32.45

 GOLD ACCESS CLOSED 3320.50

Silver ACCESS CLOSED: $32.32

Bitcoin morning price:$84,616 UP 661 DOLLARS.

Bitcoin: afternoon price: $84,635 up 680 DOLLARS

Platinum price closing DOWN $4.80 TO $968.90

Palladium price; DOWN $20.05 TO $958.70

END

*CANADIAN GOLD: $4600.00 DOWN 31 CDN dollars per oz( * NEW ALL TIME HIGH 4631.70 CDN DOLLARS PER OZ//APRIL 16 2025)

*BRITISH GOLD: 2509.64 DOWN 17.54 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING//2,522.24 BRITISH POUNDS/OZ) APRIL 16/2025

*EURO GOLD: 2,913.11 DOWN 10.41 Euros per oz //* (ALL TIME CLOSING HIGH: 2,931.14 EUROS PER OZ/ APRIL 16 //2025)

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EXCHANGE: COMEX

EXCHANGE: COMEX
CONTRACT: APRIL 2025 COMEX 100 GOLD FUTURES
SETTLEMENT: 3,326.600000000 USD
INTENT DATE: 04/16/2025 DELIVERY DATE: 04/21/2025
FIRM ORG FIRM NAME ISSUED STOPPED

072 C GOLDMAN 20
323 C HSBC 66
363 H WELLS FARGO SECURITI 12
435 H SCOTIA CAPITAL (USA) 55
523 H INTERACTIVE BROKERS 1
555 C BNP PARIBAS SEC CORP 1
624 H BOFA SECURITIES 1400
661 C JP MORGAN SECURITIES 63
686 C STONEX FINANCIAL INC 3 45
690 C ABN AMRO CLR USA LLC 10 5
709 C BARCLAYS 1000
730 C PTG DIVISION OF SGAS 300
737 C ADVANTAGE FUTURES 22
905 C ADM 57

TOTAL: 1,530 1,530
MONTH TO DATE: 62,993

JPMORGAN STOPPED: 0/1530

GOLD: NUMBER OF NOTICES FILED FOR APRIL/2024. CONTRACT: 1530 NOTICES FOR 153,000 OZ  4.7589 TONNES

total notices so far: 62,993 contracts for 6,299,300 OR 195.934 tonnes)

FOR APRIL

XXXXXXXXXXXXXXXXXX

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

total number of notices filed so far this month : 2993 CONTRACTS (NOTICES) for 14.965 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 DOWN $14.35 INVESTORS SWITCHING TO SPROTT PHYSICAL  (PHYS) INSTEAD OF THE FRAUDULENT GLD:

HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A MASSIVE DEPOSIT OF 4.02 TONNES INTO THE GLD

INVENTORY RESTS AT 957.17 TONNES

SLV/

WITH NO SILVER AROUND AND SILVER DOWN $0.56 AT THE SLV: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: ////A DEPOSIT OF 1.183 MILLION OZ INTO THE SLV//

CLOSING INVENTORY RESTS AT:

CLOSING INVENTORY: 453.426 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI FELL BY A HUGE SIZED 766 CONTRACTS TO 143,634 AND STALLING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS HUGE SIZED LOSS IN COMEX OI WAS ACCOMPLISHED DESPITE OUR STRONG GAIN OF $0.70 IN SILVER PRICING AT THE COMEX WITH RESPECT TO WEDNESDAY’S TRADING.  WE HAD A STRONG SIZED LOSS OF 325 TOTAL CONTRACTS AS THE CME NOTIFIED US OF A STRONG 441 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD A CONSIDERABLE LIQUIDATION OF T.A.S. CONTRACTS COMEX TRADING WEDNESDAY AS THEY DESPERATELY TRIED TO CONTAIN SILVER’S PRICE RISE FOR THE PAST 4 WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $34.40 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY FAILED ON TUESDAY 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 HUMONGOUS T.A.S. ISSUANCE OF 1074 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 SILVER METAL WILL CONTINUE UNTIL SILVER BREAKS $34.40. WE HAD A STRONG 441 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR HUGE 1074 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN TODAY’S TRADING/ AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE. IN ESSENCE WE LOST A STRONG SIZED 324 CONTRACTS ON OUR TWO EXCHANGES DESPITE OUR GAIN IN PRICE OF $0.70. WE HAD CONSIDERABLE TAS LIQUIDATION THROUGHOUT WEDNESDAY’S COMEX TRADING SILVER SESSION AS COMPARED TO GOLD TRADING SESSION AT THE LOW END. 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 PRICE RISE OR INITIATE A RAID AS WHAT HAPPENED SEVERAL TIMES LAST MONTH AND AGAIN WITH THIS WEEK’S TRADING ON SILVER AND NOW TODAY TRYING TO KEEP THE SILVER PRICE BELOW $34.40 . THE KEY PRICE TO WATCH IS $34.40. IF IT BREAKS THAT PRICE, THEN WE HEAD FOR $50.00 SILVER.

CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE.  THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS:  1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON WEDNESDAY NIGHT/THURSDAY MORNING: A HUMONGOUS 1074 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  $0.70) AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SILVER LONGS FROM THEIR PERCH AS WE HAD A HUGE GAIN IN PRICE BUT WE LOST A STRONG 333 CONTRACTS IN OPEN INTEREST FROM OUR TWO EXCHANGES. ALL OF THE LOSS WAS DUE TO T.A.S. LIQUIDATION, DISTORTING THE COMEX OI STANDING.

WE HAD A STRONG 441 CONTRACT ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN  INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 13.735 MILLION OZ FOLLOWED BY TODAY’S 480,000 OZ QUEUE JUMP FOR PHYSICAL TRANSFER TO WHICH WE ADD OUR 4.00 MILLION OZ EX FOR RISK

STANDING FOR APRIL INCREASES TO 18.975 MILLION OZ

WE HAD:

/ HUGE COMEX OI LOSS+// A STRONG SIZED  EFP ISSUANCE (441 CONTRACTS)/ VI)   HUGE SIZED NUMBER OF  T.A.S. CONTRACT ISSUANCE 1074 CONTRACTS)

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: ADDED 8 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 13 DAYS, total 14,813 contracts:   OR 74.065 MILLION OZ  (113 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR:  74.065 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: 74.065 MILLION OZ/// THIS IS HUGE AND THIS MONTH WILL PROBABLY BE A HUMDINGER OF ISSUANCE.

XXXXXXXXXXXXXXXXXXXXXXXXXXXX

RESULT: WE HAD A HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 766 CONTRACTS DESPITE OUR GAIN IN PRICE OF $0.70 IN SILVER PRICING AT THE COMEX// WEDNESDAY.,.  . THE CME NOTIFIED US THAT WE HAD A STRONG 441 CONTRACT EFP ISSUANCE  CONTRACTS: 441 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  14.975 MILLION  OZ , PLUS OUR 4.00 MILLION EX FOR RISK

NEW STANDING APRIL: 18.975 MILLION OZ

THE NEW TAS ISSUANCE WEDNESDAY NIGHT   (1074 ) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE AND MOST LIKELY TODAY.

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

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A STRONG SIZED  6862 OI CONTRACTS  TO 463,490 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 A MONSTER 8355 CONTRACTS //.

WE HAD A STRONG SIZED INCREASE  IN COMEX OI (6862 CONTRACTS) . THIS OCCURRED DESPITE OUR MONSTER GAIN OF $106.35 IN PRICE WEDNESDAY. YESTERDAY WAS THE HIGHEST EVER SINGLE NOMINAL GAIN IN COMEX GOLD PRICING HISTORY AT EXACLY $106.35 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 1227 CONTRACTS OR 122,700 OZ (3.854 TONNES). THUS INITIAL STANDING FOR GOLD/APRIL DELIVERY MONTH IS 197.685 TONNES NORMAL DELIVERY(INCLUDES OF QUEUE JUMP) + 5.912 TONNES EX FOR RISK = 203.597 TONNES

/NEW STANDING FOR APRIL; 197.685 TONNES + 5.912 TONNES EX FOR RISK = 203.597 TONNES

/ ALL OF THIS HAPPENED WITH OUR  $106.35 GAIN IN PRICE  WITH RESPECT TO WEDNESDAY’S COMEX ///. WE HAD A STRONG SIZED GAIN OF 9592 OI CONTRACTS (29.835 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 GOOD SIZED 2730 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 471,845

IN ESSENCE WE HAVE A STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 9592 CONTRACTS  WITH 6,862 CONTRACTS INCREASED AT THE COMEX// AND A GOOD SIZED 2730 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 9592 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR SIZED AND CRIMINAL 1734 CONTRACTS ISSUED.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A GOOD SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2730 CONTRACTS) ACCOMPANYING THE STRONG SIZED INCREASE IN COMEX OI OF 6862 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 9592 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 197.685 TONNES (WHICH INCLUDES OUR 3.854 TONNES QUEUE JUMP) AND THIS FOLLOWS TOTAL EXCHANGE FOR RISK ISSUANCE ON 5 OCCASIONS FOR 5.912 TONNES//NEW STANDING ADVANCES TO 203.597 TONNES.

//NEW STANDING APRIL: 197.685 TONNES + 5.912 TONNES EX FOR RISK ON 5 OCCASIONS = 203.597 TONNES

.

 / 3) LITTLE IF ANY T.A.S. LIQUIDATION + ZERO SUCCESS IN REMOVING ANY NET SPECULATOR LONGS, AS WE HAD: 1)A HUGE  $106.35 COMEX PRICE GAIN AND WE HAD 2) ZERO NET LONG SPECS BEING CLIPPED AS WE HAD A STRONG 9592 CONTRACT GAIN ON OUR TWO EXCHANGES ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED WEDNESDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL AND THUS OUR HUGE TONNAGE STANDING FOR GOLD IN APRIL.

  4) HUGE SIZED COMEX OI GAIN// 5)  GOOD SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER (2730 CONTRACTS)///FAIR T.A.S.  ISSUANCE: 1734 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: 47,625 CONTRACTS OR 4,762,500 OZ OR 148.133 TONNES IN 13 TRADING DAY(S) AND THUS AVERAGING: 3663 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 13 TRADING DAY(S) IN  TONNES  148.133 TONNES

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

THUS EFP TRANSFERS REPRESENTS  148.133 TONNES DIVIDED BY 3550 x 100% TONNES = 4.17% 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; 148.133 TONNES. STILL A SMALL TO FAIR ISSUANCE FOR THE MONTH.

SPREADING OPERATIONS

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

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

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

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

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

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

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

1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER FELL BY A STRONG SIZED 766 CONTRACTS OI  TO 143,634 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 441 CONTRACTS

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

MAY 441 and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 441 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE COMEX OI LOSS OF 766 CONTRACTS AND ADD TO THE 441 E.FP. ISSUED

WE OBTAIN A STRONG SIZED LOSS OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 325  CONTRACTS DESPITE THE GAIN IN PRICE OF $0.70 THE RATS ARE FLEEING THE ARENA.

THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES  TOTALS 1.625 MILLION PAPER OZ

 OCCURRED DESPITE OUR  $0.70  IN PRICE GAIN. ALL OF THE LOSS WAS DUE TO T.A.S. LIQUIDATION.

OUTLINE FOR TODAY’S COMMENTARY

1a/COMEX GOLD AND SILVER REPORT

(report Harvey)

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

(Peter Schiff)

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

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

b. Other gold/silver commentaries

c. Commodity commentaries//

d)/CRYPTOCURRENCIES/BITCOIN ETC

2.ASIAN AFFAIRS THURSDAY MORNING//WEDNESDAY  NIGHT

SHANGHAI CLOSED UP 4.34 PTS OR 0.13%

//Hang Seng CLOSED UP 338.16 PTS OR 1.61 PTS

// Nikkei CLOSED UP 457.20OR 1.35%//Australia’s all ordinaries CLOSED UP 0.70%

//Chinese yuan (ONSHORE) CLOSED UP TO 7.2994 CHINESE YUAN OFFSHORE CLOSED UP TO 7.3022/ Oil UP TO 63.29 dollars per barrel for WTI and BRENT UP TO 66.56 Stocks in Europe OPENED ALL RED.

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

STRONGER AGAINST US DOLLAR/OFFSHORE YUAN STRONGER

END

END

ASIA TRADING THURSDAY MORNING/WEDNESDAY  NIGHT

A)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/
OUTLINE

3  CHINA
OUTLINE

4/EUROPEAN AFFAIRS
OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE

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

7. OIL ISSUES
OUTLINE

8 EMERGING MARKET ISSUES
9. USA

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

GOLD

 LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A STRONG SIZED 6862 CONTRACTS TO 463,490 WITH OUR HUMONGOUS GAIN IN PRICE OF $106.35 WITH RESPECT TO WEDNESDAY’S // TRADING. WE LOST ZERO NUMBER OF NET LONGS WITH THAT PRICE GAIN FOR GOLD. AND AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD A GOOD NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (2730 ).

THE CME ANNOUNCED WEDNESDAY 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 HUGE SIZED GAIN ON OUR TWO EXCHANGES OF 17,947 CONTRACTS WITH OUR GAIN IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN ON WEDNESDAY NIGHT AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTEMPTED AND FAILED RAID VERY EARLY IN THE COMEX SESSION AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THE DAILY ATTACKS WITH THE CONTINUAL LIQUIDATION OF T.A.S. CONTRACTS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY FOR THE THOUGHTFULNESS. LONDON ANNOUNCED LATE (JAN 30) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES. DELIVERY OF GOLD CONTRACTS ARE NOW TAKING SEVERAL WEEKS. NO DEFAULT HAS BEEN INITIATED AS DEALERS ARE AFRAID OF LOSS OF THEIR JOBS. SO THIS FRAUD CONTINUES. THE LEASE RATES IN LONDON HAVE NOW REVERTED BACK TO 1% BUT GOLD IN LONDON IS STILL EXTREMELY SCARCE. WE CAN NOW SAFELY SAY THAT THERE IS A RUN ON A BANK AND THAT BANK IS THE BANK OF ENGLAND!!!

THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT THIS MONTH OF APRIL CONTINUES TO DISTORT OPEN INTEREST NUMBERS GREATLY ALTHOUGH THE T.A.S. ISSUANCES IN GOLD HAVE BEEN ON THE LOW SIDE COMPARED TO SILVER WHICH HAVE BEEN HUGE. TODAY’S NUMBER IS LARGER AT 1734 CONTRACTS. I

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 203 + 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 GOOD SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS A GOOD SIZED 2730 EFP CONTRACTS WERE ISSUED: :  /APRIL  2730 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 2730 CONTRACTS. THESE EFP;S CIRCLE AROUND LONDON ON A 13 DAY BASIS AND ARE NOW USED BY GLOBAL CENTRAL BANKS TO EXERCISE FOR PHYSICAL GOLD WITH THE OBLIGATION TO DELIVER BEING FORCED ONTO COMEX BANKS. THE GOLD GENERALLY DELIVERED COMES FROM LONDON BUT THEY ARE OUT!! THUS COMEX BECOMES THE MAJOR SOURCE FOR OUR CENTRAL BANKERS.

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A STRONG SIZED TOTAL OF 9592 CONTRACTS IN THAT 2730 CONTRACT LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A GAIN OF A 6862 COMEX  CONTRACTS..AND THIS STRONG GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR MONSTER GAIN IN PRICE OF $106.35 FOR WEDNESDAY/ 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 WEDNESDAY NIGHT/THURSDAY MORNING WAS A FAIR SIZED 1734 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 (203.597 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: STANDING FOR GOLD

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: 197.685 TONNES + 5.912 TONNES EX FOR RISK = 203.597 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: 203.597 TONNES (INCLUDES 5.912 TONNES EX FOR RISK)

COMEX GOLD TRADING/APRIL CONTRACT MONTH

THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY A $106.35/ /)/AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY APPRECIABLE NET SPECULATOR LONGS AS WE DID HAVE A HUGE SIZED GAIN IN OUR TWO EXCHANGES. AND AS EXPLAINED ABOVE WE HAD LITTLE T.A.S. SPREADER LIQUIDATION WEDNESDAY  AS THEY WERE STILL TRYING TO QUELL GOLD’S ATTEMPT AT FURTHER INCREASES ABOVE $3,300 AND STOP HUGE COMEX/OTC DERIVATIVE LOSSES FROM ALSO RISING AS THEY FINALLY SUCCEEDED IN THEIR ATTEMPT TO BREAK THE $3,300 DOLLAR BARRIER AS IT IS NOW TRADING BELOW AT 3288 DOLLARS PER OZ.

WEDNESDAY NIGHT/THURSDAY MORNING

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

EXCHANGE FOR RISK EXPLANATION/FEB THROUGH /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//TOTAL ISSUANCES 5 FOR 5.912 TONNES OF GOLD!

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 FOR GOLD NOW FOR APRIL:

APRIL: 197.185 TONNES +(5.912 EX FOR RISK// FOR APRIL DELIVERY MONTH =203.597 TONNES OF THE GOLD. THIS IS THE 2ND HIGHEST AMOUNT OF DELIVERY GOLD WHICH FOLLOWS THE HIGHEST EVER ON AN ACTIVE MONTH GOLD DELIVERY BEING FEB 2025 AT 256.607 TONNES..

ANALYSIS APRIL DELIVERY MONTH AFTER FIRST DAY NOTICE;

WE HAVE GAINED A STRONG SIZED TOTAL OF 29.825 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 1,227 CONTRACT QUEUE JUMP FOR 122,700 OZ OR 3.854 TONNES. WE MUST NOW ADD OUR 5.912 TONNES EXCHANGE FOR RISK TO OUR NEW NORMAL DELIVERY OF 197.185 TONNES AND THUS STANDING FOR GOLD FOR APRIL IS NOW 203.597 TONNES, THE 2ND HIGHEST EVER RECORDED!

ALL OF THIS HUGE STANDING WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $106.35,

WE HAD 946 CONTRACTS REM,OVED FROM THE  COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE AS WELL.

NET GAIN ON THE TWO EXCHANGES 9592 CONTRACTS OR 959,200 0Z (29.835 TONNES)

SEEMS THAT THE RATS ARE LEAVING THE DERIVATIVE SHIP AS FAST AS THEIR FEET CAN CARRY THEM!!!

confirmed volume WEDNESDAY 277,736.. contracts: miniscule///

//speculators have left the gold arena

END

APRIL

// THE APRIL 2025 GOLD CONTRACT

APRIL17

INITIAL

dealer deposits: 0 entry

TOTAL WEIGHT; 0 TONNES

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we have 0 customer entries

we have 0 customer entry

total deposit

NIL

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withdrawals:

4 ENTRIES: 4 withdrawals

I) Out of Ashai 80,409.651 oz (2501 kilobars)
ii) Out of Brinks 192,835.143 oz
iii) Out of Loomis: 133,201.593 oz (4143 kilobars)
iv) Out of Manfra: 1301.02 oz



total weight withdrawal: 407,751.408 oz or 12.682 tonnes

adjustments: 2 dealer to customer

a) Malca: 10,414.735 oz

b) JPMorgan 11,574.360 oz

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AMOUNT OF GOLD STANDING FOR APRIL

THE FRONT MONTH OF APRIL HAD A GAIN OF 1184 CONTRACTS TO STAND AT 2093. WE HAD 43 CONTRACTS FILED WEDNESDAY. THUS WE GAINED A HUGE 1227 CONTRACTS OR 122,700 OZ (3.854 TONNES) 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 WAS AT 5.90 TONNES.

MAY GAINED 156 CONTRACTS UP TO 5396 CONTRACTS

JUNE GAINED 5438 CONTRACTS TO 353,639. JUNE WILL STILL BE A WHOPPER OF A DELIVERY MONTH

We had 1530 contracts filed for today representing 153,000 oz  

This is a huge major assault on the comex for gold and this time it is physical that will be requested.

Today, 0 notice(s) were issued from J.P.Morgan dealer and 0 notices issued from their client or customer account. The total of all issuance by all participants equate to 1530 contract(s) of which 0  notices were stopped (received) by  j.P. Morgan dealer and 0 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 (62,993 X 100 oz ) to which we add the difference between the open interest for the front month of  APRIL (2093 CONTRACTS)  minus the number of notices served upon today  (1530 x 100 oz per contract) equals  6,355,600 OZ  OR 197.685 TONNES

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

= 203.597 tonnes

thus the INITIAL standings for gold for the APRIL contract month:  No of notices filed so far (62,993 x 100 oz +we add the difference for front month of APRIL (2093 OI} minus the number of notices served upon today (1530 x 100 oz) which equals  6,355,600 OZ OR 197.685 TONNES + 5.912 tonnes ex for risks = 203.597 tonnes

TOTAL COMEX GOLD STANDING FOR APRIL.: 203.597 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: 2,020,995.744 oz 62.86 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 43,209,722.725 oz  

TOTAL REGISTERED GOLD 21,522,432.104 or 669.43 tonnes

TOTAL OF ALL ELIGIBLE GOLD: 21,687,290.861 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 19,501,437oz (REG GOLD- PLEDGED GOLD)= 606.57tonnes //

END

SILVER/COMEX

// THE APRIL 2025  SILVER CONTRACT//INITIAL

APRIL 17

INITIAL

0 entries/dealer

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deposits customer side

3 entries

i) Into CNT 598,954.680 oz

ii) Into Delaware 984.10 oz

iii) Into Stonex 711,500.0 oz

total deposit: 1,200,650.280 oz

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2) withdrawal customer acct

2 withdrawal entries


i) out of CNT 660,114.11 oz
ii) Out of Delaware 5898.500 oz

total weight withdrawal 661,923.610 oz

ADJUSTMENTs 0

JPMorgan has a total silver weight: 199.954million oz/499.103oz million  or 40.27%

TOTAL REGISTERED SILVER: 160.344 MILLION OZ//.TOTAL REG + ELIGIBLE. 499.103Million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR APRIL

silver open interest data:

FRONT MONTH OF APRIL /2025 OI: 98 OPEN INTEREST CONTRACTS FOR A GAIN OF 42 CONTRACTS. WE HAD 54 NOTICES FILED ON WEDNESDAY SO WE GAINED 96 CONTRACTS WHICH UNDERWENT A STRONG QUEUE JUMP OF 480,000 OZ AS THESE BOYS WERE WILLING TO WAIT FOR DELIVERY OF SILVER OVER ON THIS SIDE OF THE POND.

MAY SAW A LOSS OF 4239 CONTRACTS DOWN TO 56,015 CONTRACTS. MAY BECOMES THE FRONT MONTH AND IT LOOKS LIKE WE WILL HAVE A DANDY AMOUNT OF SILVER STANDING THIS MONTH.

JUNE SAW A GAIN OF 166 CONTRACTS UP TO 1761 CONTRACTS.

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

CONFIRMED volume; ON WEDNESDAY 76,479 weak//

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 2993 X5,000 oz = 14.965 MILLION oz 

to which we add the difference between the open interest for the front month of APRIL (98) AND the number of notices served upon today (96 )x (5000 oz)

Thus the  standings for silver for the APRIL 2025 contract month:  (2993) Notices served so far) x 5000 oz + OI for the front month of APRIL(98) minus number of notices served upon today (96)x 5000 oz equals silver standing for the APRIL contract month equating to 14.975 MILLION OZ . WE MUST NOW ADD OUR 4.0 MILLION OZ EXCHANGE FOR RISK ISSUED ON MONDAY MARCH 31 AND TODAY APRIL 4/NEW STANDING INCREASES TO 18.975 MILLION OZ

 New total standing:  18.975 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 160.344million 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

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

APRIL17  WITH GOLD DOWN $14.85 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 4.02 TONNES OF GOLD INTO THE GLD ///INVENTORY RESTS AT 957.17 TONNES

APRIL16  WITH GOLD UP $12.90 TODAY// NO CHANGES IN GOLD AT THE GLD: ///INVENTORY RESTS AT 953.15 TONNES

APRIL15  WITH GOLD UP $106.35 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: 957.17 TONNES, TONIGHTS TOTAL

SILVER

APRIL17 WITH SILVER DOWN $0.56 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.183 MILLION OZ INTO THE SLV////: //INVENTORY AT SLV RESTS AT 453.426 MILLION

APRIL16 WITH SILVER UP $0.70 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A MASSIVE DEPOSIT OF 3.002 MILLION OZ INTO THE SLV////: //INVENTORY AT SLV RESTS AT 452.243 MILLION

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 453.426 MILLION OZ//

PHYSICAL GOLD/SILVER COMMENTARIES

1/ PETER SCHIFF/SCHIFF GOLD/MIKE MAHARRY

PETER SCHIFF

2, EGON VON GREYERZ

ALASDAIR MACLEOD

Western governments are our worst enemy

The only way to fully understand the cumulative damage caused by successive US, UK, and EU administrations is to stop believing in their statistical nonsense and propaganda.

Official narratives conceal the damage being done to everyone’s wealth, which is increasingly plundered. And the units of account are depreciating at an alarming rate as well. Just look at the purchasing power of the dollar, reflected in the value of real, legal money which is gold:

Since only 2016, by this measure it has lost 78% of its purchasing power for foreign holders. This is a far cry from the government’s own inflation statistics, slavishly followed by investors, economists, the media, and politicians alike. And because investors like to record their asset values in dollars or their own currencies, they are oblivious to this debasement. And consumers observe merely that prices are rising, not their currency declining which they would do well to understand.

In western financial circles it is commonly believed that America and her mighty dollar continue to rule the world. It is coming as a shock to investors’ subconscious awareness that this might no longer be true. It’s subconscious because booming gold, the declining dollar, and rising bond yields are poorly understood by fund managers incapable of escaping from a collective groupthink driven by an anointed elite. They are the victims of an intellectual entrenchment.

The fact is that the US, Europe, and the UK have been left behind in manufacturing, technology and communications. Take away the standard of living illusion created by welfare entitlements, and they badly lag China, South Korea, and Japan. The west is today’s submerging economies and rapidly descending into tomorrow’s third world.

This is the reality which drives western Sinophobia and America’s autarky. It was brought home to me by comments from an acquaintance who is spending some time in China. He says that city prices for dinner are the equivalent of $10 per head, and that he has a “better than first-world lifestyle for minimal money”. It is anecdotal confirmation that on a purchasing power parity adjusted basis, China’s economy is now about 25% larger than the US’s.

For those prepared to discard our Anglo-Saxon government propaganda and groupthink, simple facts tell us that despite its war-economy Russia is doing rather well. It appears to be booming, with wages having risen substantially over the last few years, so much so that wage earners are actually saving. Unemployment is 2.4%, personal income tax 13%, and government debt is only 15% of GDP. Its economy is growing by 4.1% at the last count.

Even the CIA’s own website lists Russia as the fourth largest economy by PPP, ahead of Japan and Germany. Instead, we are told by our politicians and their macro-economists that Russia is bankrupt.

Neither Russia nor China are ideal, having authoritarian governments. China’s government in particular intrudes into personal freedom. But in general terms, citizens who desist from criticising the government and its leadership are free to pursue their own interests.

Meanwhile, politicians in America, the UK, and Europe are becoming increasingly authoritarian in a desperate attempt to prop up their economies, their bureaucracies, and to justify warmongering. But it is too late. The reality is that their economic self-harm is now beyond repair, which is why the dollar’s decline is accelerating.

The coup de grace for western capital markets is close at hand. Their economies are sinking, and debt traps are being sprung on governments. Malinvestments abound and the risk of bankruptcies is rising. Overleveraged banks are desperately trying to derisk their balance sheets, withdrawing credit from private sector lending which is bringing forward the private sector bankruptcies they fear.

Major central banks are deeply in negative equity, potentially emasculated from being lenders of last resort. Their managers would already be in jail and wound up if they were commercial entities.

In short, the biggest credit bubble in history is imploding while in a final act of immolation the Trump administration is pursuing indiscriminate trade tariff policies. The combination of the largest credit bubble in history with Trump’s protectionism threatens to make the 1929—1932 Wall Street crash and subsequent banking failures look like a vicar’s tea party in comparison.

The shock is beginning to be absorbed by investors who are now losing wealth at an increasing pace, just as they did in 1929. But the debt traps which the US, UK, Japan, France, Italy, Spain, and even Germany now face are an additional feature. They threaten to wipe out their currencies as these nations’ central banks resist rising interest rates in desperate attempts to save their governments from economic collapse.

That’s the entire G7 group of countries in debt traps which can only lead to spiralling higher bond yields.

The Trump administration is beginning to see some of the unintended consequences of its tariffs, which are driving Japan and South Korea into China’s camp. Furthermore, Trump keeps on threatening BRICS nations with extra tariffs if they consider creating a rival to the dollar. His officials will be aware that US autarky simply drives neutral nations into the Chinese trade and commercial camp. Therefore, China and Russia will dominate the rest of the world outside America’s closest allies. They will need a new trade settlement medium.

Despite Trump’s tariff threats against BRICS and South-East Asia, there will come a time when the dollar will be replaced. In the light of rapidly evolving events, a new trade currency may prove impractical. But before the dollar’s demise, China and Russia are sure to protect their own currencies by linking them to gold in order to secure their purchasing power.

Doubtless, this is what many central banks suspect and is why they are buying all the bullion they can get their hands on — irrespective of price.

J

is bad for everyone, but the risks are even higher for employees of private equity-backed companies.

3. C Powell and Gata dispatches

CUTE!

India considers gold, silver imports from U.S. to bridge trade deficit

Submitted by admin on Tue, 2025-04-15 11:27 Section: Daily Dispatches

How generous of them!

* * *

By Rajeev Yahaswal
Hindustan Times, New Delhi
Friday, April 11, 2025

NEW DELHI — India is considering importing gold and other high-value items, including silver, platinum, and precious stones, from the United States to address Washington’s concern about a significant trade deficit with India, two people aware of the matter said.

Trade diversification could be one of the ways to bridge the bilateral trade deficit with the U.S., they said, requesting anonymity. Under the ongoing negotiation of a bilateral trade agreement, the two partners are considering supply chain integration for mutual gains. Under the agreement, concessional duties for precious metals and finished jewelry could be win-win for both, they said.

“The U.S. is a leading producer of gold, silver, and platinum. India can easily source a sizable quantity of these valuable items from the U.S.,” one of the people said on condition of anonymity. …

… For the remainder of the report:

END

Ghana takes more control of domestic gold export market

Submitted by admin on Tue, 2025-04-15 10:44 Section: Daily Dispatches

By Christian Akorlie and Anait Miridzhanian
Reuters
Monday, April 14, 2025

ACCRA — Ghana has ordered foreigners to exit its gold trading market by the end of the month, a new government body said Monday, as the West African country looks to streamline gold purchases from small-scale miners, increase earnings, and reduce smuggling.

Africa’s leading gold producer is shifting away from a system in which local and foreign companies with export licenses can buy and export gold from artisanal or small-scale mining.

Under the new system, the newly created gold board known as GoldBod is the only entity allowed to buy, sell, assay, and export artisanal gold, Monday’s statement said, and older licenses have ceased to be valid. …

… For the remainder of the report:

END

Gold-trading frenzy erupts in China as tensions with U.S. rise

Submitted by admin on Tue, 2025-04-15 09:23 Section: Daily Dispatches

By Yihui Xie
Bloomberg News
via Yahoo News, Sunnyvale, California
Monday, April 14, 2025

China saw an explosive surge in gold trading last week as the metal hit successive records and Sino-U.S. trade tensions rose.

The Shanghai Futures Exchange saw trading volumes of the precious metal hit the highest level in a year last week. That was thanks to investors and industry players — refineries, traders and retailers — who have ramped up hedging activities as global markets gyrate in response to trade policy changes in the United States and China.

Demand for gold is strengthening, with investors seeking safety as a new trade war unfolds between the top two economies. The precious metal could reach $4,000 an ounce next year — about 25% above current levels — amid a wave of purchasing by central banks and recession risks, according to Goldman Sachs Group Inc.

The buying frenzy in China has seen prices move to a premium of around $20 an ounce over international prices, reversing a discount it saw for the majority of the past year when domestic demand was weak, according to Bloomberg calculations. …

… For the remainder of the report:

* * *

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 THURSDAY MORNING WEDNESDAY  NIGHT

SHANGHAI CLOSED UP 4.34 PTS OR 0.13%

//Hang Seng CLOSED UP 338.16 PTS OR 1.61 PTS

// Nikkei CLOSED UP 457.20OR 1.35%//Australia’s all ordinaries CLOSED UP 0.70%

//Chinese yuan (ONSHORE) CLOSED UP TO 7.2994 CHINESE YUAN OFFSHORE CLOSED UP TO 7.3022/ Oil UP TO 63.29 dollars per barrel for WTI and BRENT UP TO 66.56 Stocks in Europe OPENED ALL RED.

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

STRONGER AGAINST US DOLLAR/OFFSHORE YUAN STRONGER

END

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

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

ONSHORE YUAN:   CLOSED UP TO 7.2994 (CHINESE COMMUNIST PARTY MANIPULATED)

OFFSHORE YUAN: UP TO 7.3022 (CCP MANIPULATED)

SHANGHAI CLOSED CLOSED UP 4.34 PTS OR 0.13%

HANG SENG CLOSED CLOSED UP 338.16 OR 1.61%

2. Nikkei closed UP 457.20 PTS OR 1.35%

3. Europe stocks   SO FAR:  ALL RED

USA dollar INDEX DOWN TO  99.31// EURO FALLS TO 1.1362 DOWN 33 BASIS PT HEADING TO PARITY WITH USA

3b Japan 10 YR bond yield: RISES TO. +1.322//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 142.51…… 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 DOWN /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: UP OFFSHORE: UP

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

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

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

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD UP TO +2.5250/Italian 10 Yr bond yield UP to 3.718 SPAIN 10 YR BOND YIELD DOWN TO 3.224

3i Greek 10 year bond yield DOWN TO 3.439

3j Gold at $3331.25 Silver at: 32.39  1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40

3k USA vs Russian rouble;// Russian rouble UP 0 AND 88 /100  roubles/dollar; ROUBLE AT 82.12

3m oil into the 63 dollar handle for WTI and  66 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 142.51// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.322% 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 0.8170 as the Swiss Franc is still rising against most currencies. Euro vs SF:   0.9284 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

USA 10 YR BOND YIELD: 4.302 UP 2 BASIS PTS…

USA 30 YR BOND YIELD: 4.774 UP 2 BASIS PTS/

USA 2 YR BOND YIELD:  3.802 UP 2 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 38.10

10 YR UK BOND YIELD: 4.6640 UP 6 PTS

10 YR CANADA BOND YIELD: 3.126 UP 4 BASIS PTS

5 YR CANADA BOND YIELD: 2.739 UP 2 PTS.

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2a New York OPENING REPORT

Futures Trim Gains From “Big Progress” In Japan Trade Talks After UnitedHealth Plumme

Thursday, Apr 17, 2025 – 08:11 AM

US equity futures have bounced back from yesterday’s rout, following positive signals from initial US-Japan trade talks after President Donald Trump said there was “big progress” to strike a deal fueling optimism over trade negotiations. Still, as of 8:00am they are well off their highs after DJIA heavyweight member UnitedHealthcare plunged 20% after slashing outlook on care costs and after President Donald Trump berated Federal Reserve Chair Jerome Powell for being slow to cut interest rates; S&P 500 futures rising 0.4% having earlier risen as much as 1.2%, while Nasdaq futures gained 0.8% with Mag7 names mostly higher as US-listed shares of TSMC rose 3.8% in premarket after forecasting sales for the second quarter that topped estimates. European stock fell and Asian markets rose. Volatility is becoming less extreme as the VIX retreated to around 30, down from last week’s peak of about 52. The dollar edged higher while the yen drops, lagging G-10 currencies. Gold dipped from record highs but was still trading above $3300 while oil rose for a second day after the US vowed to reduce Iran’s energy exports to zero. 

In premarket trading, Mag 7 stocks are mostly higher (Nvidia is about flat, Tesla +0.3%, Meta +0.4%, Apple +0.7%, Amazon +0.5%, Alphabet +0.7% and Microsoft +0.2%). TSMC’s US-listed shares rose 3% after the main chipmaker for Nvidia and Apple forecast sales for the second quarter that beat analyst estimates and kept its bullish outlook for growth in 2025, suggesting the world’s biggest chipmaker is confident it can ride out a US-China trade war. Alcoa dropped 1.5% after the the largest US aluminum producer said President Donald Trump’s 25% tariff on metal imports has cost the company $20 million since the duties went into effect. Here are some other notable premarket movers:

• DR Horton Inc. (DHI) declines 3% as the builder scaled back its expectations for home sales in its full fiscal year as high mortgage rates and growing economic uncertainty pressure buyers.
• Eli Lilly (LLY) soars 11% after the drugmaker said a late-stage trial of its oral GLP-1 drug, orforglipron, met key efficacy goals — showing promise it could become the first approved oral diabetes and weight-loss treatment
• Other obesity drug developers slumped on the news: Viking Therapeutics (VKTX) -5%
• Hertz Global Holdings Inc. (HTZ) shares rise 15%, extending gains from a 56% rally on Wednesday, after CNBC’s Scott Wapner reported on air that Bill Ackman’s Pershing Square holds about a 19.8% stake in the rental-car company, citing a person familiar with the matter.
• UnitedHealth (UNH) slumps 20% after the company cut its earnings outlook for the year and reported first-quarter earnings below estimates, citing heightened care needs in Medicare that were “far above” what it had planned for.
• Health insurers are tumbling after the news from bellwether UnitedHealth: Humana (HUM) -16%, Centene (CNC) -8%, CVS Health Corp. (CVS), which owns insurer Aetna, -6%

Futures had climbed earlier as positive signals from initial US-Japan trade talks stirred optimism agreements can be reached to avoid higher levies on American trading partners. But gains fizzled after the biggest heavyweight in the Dow Jones, UnitedHealth, plunged 20% after the company cut its earnings outlook for the year and reported first-quarter earnings below estimates, citing heightened care needs in Medicare that were “far above” what it had planned for. Sentiment was also dented after Trump said in a TruthSocial post that Powell’s termination from his position can’t come quickly enough, arguing that the US central bank should have lowered interest rates already this year, and in any case should do so now. Powell is “always TOO LATE AND WRONG.” Reaction to Trump’s comments in the bond market were muted, with Treasury yields ticking higher across the curve. A gauge of the dollar edged up. 

Earlier, Trump said there was “big progress” in talks to strike a deal for Japan. The yen weakened after the country’s chief trade negotiator said currencies weren’t discussed, allaying concerns the US would push for a stronger exchange rate. Treasury yields climbed after Federal Reserve Chair Jerome Powell reiterated his commitment to keeping inflation in check. A gauge of the dollar climbed.

Following the turmoil triggered by the announcement of broad US levies earlier this month, investors are focusing more on developments in country-specific trade negotiations. Key questions surround China, after Beijing indicated Wednesday it has several conditions for agreeing to talks with the Trump administration.

“Hopes for good trade talks between the US and other countries after initial progress with Japan is one of the main drivers for US equity futures turning to green territory,” said Mathieu Racheter, Julius Baer head of equity strategy. “But that comes after quite a drop yesterday, so I wouldn’t read too much into the daily price action. The path of least resistance still remains to the downside.”

The ECB is expected to cut rates for the seventh time later Thursday, after Trump’s tariffs darkened the economic outlook. With trade negotiations still in flux, President Christine Lagarde is unlikely offer clear indications on where rates will go next. 

Meanwhile, Powell on Wednesday signaled a wait-and-see approach to tariffs, pushing back on hopes the central bank would act quickly to soothe investor fears. His comments, along with concerns over the impact of tariffs on the tech sector, helped end a two-day consolidation in stocks.

“The only ‘Fed put’ that the Fed could envisage is if there was a risk of market dislocation, which is not the case at the moment,” said Enguerrand Artaz, a fund manager at La Financière de l’Echiquier. “When you look at the data, there is no need to intervene. Markets going down is not a reason in itself to intervene, especially not at these levels of valuation.”

Europe’s Stoxx 600 falls 0.5%. Construction, health care and telecommunication shares underperform, while energy leads peers after solid results from Siemens Energy. Here are the biggest movers Thursday:

• Siemens Energy shares surge as much as 14%, touching a record high, after the German firm significantly lifted its full-year revenue, margin and free cash flow guidance
• ABB shares rise as much as 5.1% after the company said it is planning to spin off its robotics unit and confirmed its full-year guidance. Analysts welcome the firm’s move to become a pure electrification and automation player
• J Sainsbury shares rise as much as 4.3%, hitting a one-month high, after the UK’s second-largest supermarket chain posted annual adjusted profits ahead of expectations
• Hermes falls as much as 4.2%, after its first-quarter sales slightly undershot analyst estimates, stoking worries that even companies exposed to the wealthiest clients could be susceptible to a slowdown in demand for high-end items
• Biomerieux shares fall as much as 7.5%, after French biotech firm reported earnings. Morgan Stanley and RBC flagged FX headwinds and patchy division performance, though noted strong growth in the molecular business
• Man Group shares fall as much as 4.2%, as the UK money manager’s assets under management were dragged down by $5.6 billion in the first half of April due to market turmoil caused by President Donald Trump’s tariff plans
• Sartorius AG shares fall as much as 5.6%, the most since April 9, after the German health-care group was flagged by JPMorgan as potentially vulnerable to US federal funding cuts
• Moncler’s shares slipped as much as 3.4% after the top-performing luxury stock’s muted growth in the first quarter, with analysts noting the Italian maker of high-end puffer jackets faces a tough backdrop
• Pernod Ricard shares fall as much as 1.6% after the spirits maker’s third-quarter sales fell short of estimates amid sluggish demand in China
• VAT Group falls as much as 4.5%, with analysts disappointed by the results and outlook despite the company saying it expects another year of growth

Earlier in the session, Asian stocks rose, amid optimism surrounding the progress of trade negotiations between the US and its trading partners. The MSCI Asia Pacific Index climbed as much as 0.9%, with Tencent, Alibaba and Sony among the biggest contributors. Benchmarks in Hong Kong and India led gains, with notable advances also in Japan and South Korea. After the recent turbulence sparked by President Donald Trump’s tariffs, investor focus is shifting to potential US deals with a flood of nations looking to avoid hefty duties. Trump said there was “big progress” in talks with Japan’s lead tariff negotiator, while China has signaled an openness for discussions. Meanwhile, the Bank of Korea kept its benchmark interest rate steady while citing a significant increase in downside risks to growth. Many Asian markets will be closed for holidays on Friday, including Hong Kong, Australia and India.

In FX, the euro drops 0.3% versus the dollar ahead of the ECB decision where policymakers are widely expected to lower the deposit rate 25 bps to 2.25%.EUR/USD down 0.2% to 1.1379, versus 1.1344 day’s low; one-week risk reversals at 121bps, calls over puts There is some profit taking on dollar shorts ahead of the long weekend, a Europe-based trader says. The ECB is about to cut interest rates for the seventh time, and overnight volatility is elevated yet that reflects cycle highs in realized vol more than positioning for a surprise from the central bank. The yen slumped after it emerged that the currency was not a topic in the ongoing trade talks.

In rates, Treasuries are flat, erasing an earlier decline, with US 10-year yields trading 2 bps to 4.30%, down from 4.32% earlier. With yields higher by 2bp-3bp across maturities, curve spreads are little changed, however a slight flattening move briefly faded after President Trump said Fed Chair Powell’s termination “cannot come fast enough.” ECB policymakers are expected to cut interest rates for the seventh time in policy decision at 8:15am New York time. German and UK bonds are also down across the curve.

In commodities, oil prices rise for a second day, with WTI up 1% at $63.10 a barrel. Spot gold drops $20 to $3,323/oz. Bitcoin is steady above $84,000.

US economic calendar includes March housing starts/building permits, weekly jobless claims and April Philadelphia Fed business outlook (8:30am). Fed speaker slate includes Barr at 11:45am

Market Snapshot

• S&P 500 mini +0.5
• Nasdaq 100 mini +0.8%
• Russell 2000 mini +0.4%
• Stoxx Europe 600 -0.5%
• DAX -0.2%
• CAC 40 -0.5%
• 10-year Treasury yield +4 basis points at 4.32%
• VIX -2 points at 30.62
• Bloomberg Dollar Index +0.1% at 1227.01
• euro -0.2% at $1.1378
• WTI crude +0.9% at $63.06/barrel

Top Overnight news

• Trump again criticized Jerome Powell, saying the Fed chair should also lower rates and adding, “Powell’s termination cannot come fast enough!” BBG
• Trump made bullish remarks about Japanese trade talks (“Big Progress!”) after meeting w/officials from Tokyo at the White House on Wed, although there was very little detail, and it doesn’t appear that an agreement is imminent. Nikkei
• US House Energy and Commerce Committee is targeting May 7th, for a markup of its portion of the Republican reconciliation package: Punchbowl
• The Internal Revenue Service is making plans to rescind the tax-exempt status of Harvard University. CNN
• White House seeks to cut USD 40bln in funding for the Department of Health and Human Services: WaPo
• Fed’s Schmid (2025 voter) said there is a lot of nervousness in the agricultural sector from tariffs but noted he’s an optimist and they need to be patient to see how it plays out, while he said they will react to disruptions that might affect mandates.
• Nvidia CEO Jensen Huang arrived in Beijing days after the US barred the company from selling H20 AI chips to China. Huang held talks with Vice-Premier He Lifeng and met with DeepSeek founder. FT
• TSMC’s US-listed shares gained premarket after it reaffirmed 2025 revenue and spending forecasts and issued a stronger-than-expected second-quarter sales guidance. BBG
• Japan’s fin min expressed “deep concern” over the economic fallout from Trump’s trade policies. RTRS
• The ECB is expected to cut its key rate for a seventh time today — to 2.25% from 2.5% — as the trade war darkens the economic outlook. Investors see at least two more reductions by year-end. BBG
• Israel had planned to strike Iran’s nuclear facilities as soon as May, but was dissuaded from doing so by the White House as Washington holds negotiations w/Tehran about a deal. NYT
• The Chamber of Commerce has decided not to file a lawsuit against the Trump tariffs and will instead lobby the White House directly to dial back the duties. Politico  
• BofA Week-April 12th Total Card Spending +2.3% Y/Y (vs +1.1% on avg. in March); notes that the increase could be due to a dual boost from the upcoming easter and front-loading due to tariff uncertainty.

Tariffs/Trade

• US President Trump posted on Truth Social “A Great Honor to have just met with the Japanese Delegation on Trade. Big Progress!”.
• Japanese Economy Minister Akazawa said he told US negotiation counterparts that Japan wants the best solution as soon as possible for both nations and strongly requested the revocation of tariffs on Japan. Akazawa said they agreed to hold a second meeting this month and he believes the US wants a deal within the 90-day window but added that he has no idea how talks will progress going forward.
• Japanese PM Ishiba said the Economy Minister reported to him that constructive talks were held with the US, while Ishiba added that of course talks will not be easy going forward and he will visit the US at an appropriate time to meet with US President Trump.
• Intel (INTC) told Chinese clients last week that chips would require a licence for exporting to China if the chips met certain requirements, according to FT.
• UK officials are said to be tightening security when handling sensitive trade documents to shield them from the US amid the tariff war, according to Guardian sources.
• White House officials believe a trade deal with Britain can be finalised within three weeks, according to Telegraph sources.
• China’s MOFCOM says it is willing to expand a mutual opening up with Europe, maintaining normal communication with US counterparts, China is open to negotiations with the US in economic and trade areas.

A more detailed look at global markets courtesy of Newsquawk

APAC stocks shrugged off the negative handover from Wall St. but with gains capped amid a lack of bullish drivers and as trade uncertainty lingered. ASX 200 was led higher by strength in energy and mining stocks following recent gains in underlying commodity prices and as participants digest quarterly updates from the likes of BHP, South32 and Santos. Nikkei 225 reclaimed the 34,000 status amid favourable currency moves and with US President Trump suggesting big progress was made in US-Japan trade talks. Hang Seng and Shanghai Comp conformed to the positive mood but with the gains in the mainland limited by the ongoing US-China trade frictions, while officials from MOFCOM, MIIT and the PBoC are set to hold a briefing on Monday where China will announce an expansion plan for its service sector.

Top Asian News

• China is to announce an expansion plan for its service sector at a briefing on Monday with officials from MOFCOM, MIIT and the PBoC to attend the briefing, while the Finance Ministry held a meeting with experts on international economic conditions.
• US House panel is probing whether DeepSeek used restricted NVIDIA (NVDA) chips, according to FT
• BoJ Governor Ueda said Japan’s economy is recovering moderately albeit with some weak signs, while he added that Japan’s economy and prices moving roughly in line with their forecasts but they must be vigilant to heightening uncertainty including from each country’s trade policy. Ueda also stated that Japan’s real interest rates remain very low and the BoJ is expected to keep raising interest rates if the economy and prices move in line with projections made in the quarterly report. Furthermore, he said when the BoJ raised rates in January, the US economy was in solid shape and markets had been stable but added that uncertainty surrounding US policy, particularly on tariffs, has heightened sharply recently, as well as noted that US tariffs could exert downward pressure on the economy and reiterated that keeping low rates even when underlying inflation is accelerating could result in a situation where we would be forced to hike rapidly.
• BoJ’s Nakagawa said US tariff policy, as well as overseas economic and market developments, are among risks to Japan’s economic outlook, while uncertainty over US tariffs could affect household and corporate sentiment, and Japan’s economy and prices.
• Bank of Korea kept its base rate unchanged at 2.75%, as expected, with the rate decision not unanimous as board member Shin Sung-Hwan dissented and saw a need to respond to the worsening economic outlook. BoK said uncertainties to the growth path are higher and headwinds to economic growth are seen bigger than previously expected, while it will determine the timing and pace of any further base rate cuts and noted that monetary easing policy stance is to continue. BoK Governor Rhee said most board members saw lower interest rates in the three months ahead and they will factor in the interest rate differential with the US for the next rate decision. Furthermore, Rhee said they will assess in May whether the policy rate needs to go below 2.25% by year-end.

European bourses (STOXX 600 -0.5%) opened mixed, but have gradually succumbed to selling pressure to display a negative picture in Europe. Positive updates related to US-Japan trade and strong TSMC results have failed to lift sentiment. European sectors hold a negative bias, in-fitting with the broader risk tone. Consumer Products is towards the top of the pile, as traders digest the latest Luxury updates. There have been earnings releases from three high-fashion brands today; Moncler (-1.8%, Q1 topped expectations amid strong Asia demand), Brunello Cucinelli (U/C, in-line figures and maintained guidance), Hermes (-1.9%, Q1 beat but said will implement price hikes in US to offset tariffs).

Top European News

• TSMC (2330 TT / TSM) Q1 (TWD) Net Profit 361.6bln (exp. 354.6bln), Op. Profit 407.1bln (prev. 249bln Y/Y), Revenue 839.3bln (prev. 592.6bln Y/Y). Forecasts Q2 revenue between USD 28.4-29.2bln (exp. 26.4bln); sees Q2 gross margin 57-59% (prev. 58.8% in Q1); sees Q2 operating margin 47-49% (prev. 48.5% in Q1); says overseas fabs will impact TSMC margins. Not seen any change in customer behaviour because of US tariffs. FY Guidance maintained. Notes of very strong AI demand from US customers like Apple (AAPL), need to expand capacity in the US.
• NVIDIA (NVDA) CEO Huang says China is a very important market for NVIDIA, hope to continue to cooperate with China, via CCTV. Elsewhere, CEO Huang reportedly met clients in Beijing, including DeepSeek founder, to discuss new chip designs for Chinese customers, according to FT sources; he then held separate talks with Chinese Vice Premier Li. CEO says US tightening of chip export controls has a significant impact on the company’s business, via Chinese State media; will resolutely provide services to the Chinese market.
• LVMH (MC FP) CEO says 2025 started well but worsened from March amid economic turmoil linked to tariffs

FX

• DXY is attempting to claw back some of Wednesday’s lost ground. Markets continue to digest Wednesday’s remarks by Fed Chair Powell who noted that the Fed wishes to wait for greater clarity before considering any change to its policy stance. For today’s docket, weekly claims data will be eyed for signs of labour market weakening. DXY sits towards the bottom-end of Wednesday’s 99.17-100.104 range.
• EUR softer vs. the USD in the run-up to the ECB policy announcement which is widely expected to see policymakers pull the trigger on a 25bps reduction in the Deposit Rate to the upper end of its neutral rate at 2.25%. EUR/USD sits towards the top end of yesterday’s 1.1281-1.1412 range.
• USD/JPY has re-emerged from beneath the 142.00 level after dipping to a fresh seven-month low overnight at 141.62 with the rebound supported by the positive APAC risk appetite and after weaker-than-expected Japanese exports and imports data. Overnight, BoJ Governor Ueda stated that Japan’s real interest rates remain very low and the BoJ is expected to keep raising interest rates if the economy and prices move in line with projections made in the quarterly report.
• GBP is flat vs. the USD and more resilient than peers. Fresh macro drivers for the UK are on the light side asides from a report in The Telegraph that UK PM Starmer is reportedly closing in on a new partnership with the EU that could put a trade deal with the White House at risk. GBP/USD is currently steady on a 1.32 handle and in a 1.3204-56 range.
• Antipodeans are both softer vs. the broadly stronger USD after a solid showing yesterday. AUD saw little follow-through from a mixed Australian labour market report in which employment change fell short of expectations and the unemployment rate came in below consensus.
• PBoC set USD/CNY mid-point at 7.2085 vs exp. 7.3083 (Prev. 7.2133).

Fixed Income

• USTs are softer, with benchmarks coming under pressure early doors as the general risk tone improved after strong TSMC numbers. Prior to this, a bearish bias was already in-play as APAC shrugged off the Wall St. lead and climbed, with focus on Trump’s positive commentary on trade with Japan. The US-Japan progress weighed on JGBs, resulting in them briefly underperforming overnight alongside a long-dated JGB liquidity auction. Currently at a 111-02+ low and around 15 ticks from the overnight high. Ahead, Weekly Claims, Philly Fed, Building Permits/Housing Starts & Baker Hughes.
• Bunds are directionally in-fitting with the above. EGBs await the ECB where a 25bps cut is expected and entirely priced. Focus for the meeting will be on how Lagarde and Co. approach the tariff uncertainty, and the two-way impulses on growth and inflation. Bunds are at a 130.91 base, around 30 ticks from overnight highs and just below Wednesday’s 131.02 low. To the downside, support factors at 130.75, 130.24 and 129.92 from the three sessions prior.
• Gilts are tracking the above, UK specifics and the docket ahead on the lighter side as markets focus on events within Europe and the US. On the trade front, the only update for the UK has been a piece in The Telegraph whose sources report that the White House believes a trade deal with Britain can be finalised within around three weeks.
• France sells EUR 12bln vs exp. EUR 10-12bln 2.40% 2028, 2.70% 2031, 2.00% 2032 OAT

Crude

• Crude is firmer with prices extending on Wednesday’s gains after the US issued fresh Iran-related sanctions targeting oil tankers, while Treasury Secretary Bessent noted that the Trump administration has made it clear that they will apply maximum pressure on Iran and disrupt the regime’s oil supply chain and exports. WTI resides in a USD 62.61-63.51/bbl range while Brent sits in a USD 65.95-66.77/bbl parameter.
• Softer price action across precious metals following yesterday’s run higher. Spot gold mildly pulled back after recently printing a fresh record high with the precious metal above the USD 3,300/oz level in a current 3,314.30-3,357.77/oz range – the top end being another record high.
• Copper futures are choppy but ultimately faded some of the recent gains as risk sentiment in its largest buyer lagged overnight. 3M LME copper resides in a 9,134.00-9,237.85/t range.

Geopolitics

• “Lebanese media: Low flight of Israeli drones in the airspace of the capital Beirut and the southern suburbs”, according to Sky News Arabia.
• “Iranian media: Saudi defense minister arrives today in Tehran for talks with senior Iranian officials”, according to Sky News Arabia.
• “The response to the Israeli proposal will confirm the rejection of any partial agreement to stop the war”, via Asharq News.
• US President Trump waved off a planned Israeli strike on Iranian nuclear sites in favour of negotiating a deal with Iran to limit its nuclear program, according to the New York Times.

US Event Calendar

• 8:30 am: Mar Housing Starts, est. 1420k, prior 1501k
• 8:30 am: Mar P Building Permits, est. 1450k, prior 1459k
• 8:30 am: Apr 12 Initial Jobless Claims, est. 225k, prior 223k
• 8:30 am: Apr 5 Continuing Claims, est. 1870k, prior 1850k
• 8:30 am: Apr Philadelphia Fed Business Outlook, est. 2.2, prior 12.5

Central Banks

• 11:45 am: Fed’s Barr Speaks in Fireside Chat

DB’s Jim Reid concludes the overnight wrap

Here in the UK, we’re about to have two public holidays, so the EMR will be taking a break as well until Tuesday. Wishing a Happy Easter to you and your families, and many thanks for all your interactions over recent months.

Ahead of the Easter weekend, risk assets sold off again, as ongoing trade tensions and hawkish comments from Fed Chair Powell led to growing concern about the near-term outlook, particularly if the Fed would be reluctant to ease policy. That led to a widespread selloff, with the S&P 500 (-2.24%) slumping back, whilst the dollar index (-0.83%) fell to another three-year low, and this morning S&P 500 futures (+0.74%) have only seen a partial recovery from that decline. To be fair, we did get some decent US data, but given the tariffs, any data before this month is being discounted as old news, so that offered little relief for investors. And with the risk-off move spreading, gold prices (+3.48%) saw their biggest daily jump in two years, reaching another all-time high of $3,343/oz.

In terms of the latest on the trade front, investors were most concerned about chipmakers yesterday, which followed the new restrictions from the Trump administration on semiconductor exports to China. Moreover, that concern mounted after AMD said they could face up to $800m of charges because of the new export controls, which followed Nvidia’s announcement the previous day that it’d report $5.5bn in write downs. So that led to a major slump in chipmakers, with the Philadelphia semiconductor index down -4.10%, whilst Nvidia (-6.87%) and AMD (-7.35%) posted even bigger declines. Meanwhile in Europe, ASML (-5.19%) also lost ground after its earnings announcement, with Q1 orders coming in beneath expectations. For more on this theme, Marion Laboure has published a note this morning on the latest export restrictions.

Later in the session, risk assets then came under further pressure after Fed Chair Powell’s speech, which suggested that any ‘Fed put’ remains well out of the money. Powell stressed the need to “keep longer-term inflation expectations well anchored and to make certain” that a one-time price increase “does not become an ongoing inflation problem”. He also noted that the US labour market was still “in a really good place”. His comments added to the sense that the Fed wouldn’t be in a rush to react to the weaker surveys of recent weeks, with Powell noting that “we are well positioned to wait for greater clarity before considering any adjustments to our policy stance”. Moreover, he downplayed the need for any Fed market intervention, noting that markets remained orderly even if they were “struggling with a lot of uncertainty”.
Earlier in the day, equity futures had actually moved higher after a Bloomberg report suggested that China was open to trade talks, if the US met various conditions, including showing more respect and holding a more consistent position. There were also some more positive noises around the US-Japan trade discussions, as President Trump posted that he would be attending the meeting, along with Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick. After the meeting, Trump claimed that there was “Big Progress!” with the Japanese delegation. But despite these headlines, investors were ultimately sceptical given the lack of concrete results for now, especially between the US and China.

All-in-all, the trade news and Powell’s comments provided a tough backdrop for markets, which pushed the S&P 500 (-2.24%) to a large decline. Indeed, the index managed to avoid an even worse day after recovering by 1% in the final 30 minutes of trading. The decline was led by tech stocks, with the Magnificent 7 (-3.95%) posting a sharp loss led by a -6.87% slump for Nvidia. But even away from that group, there were broad losses, with the equal-weighted S&P 500 down -1.35%. And in further evidence of ongoing market stress, the VIX index (+2.52pts) ticked up again to 32.64pts. So it’s now closed above the 30 mark for 10 consecutive sessions, which is the first time that’s happened since October 2022, back when the S&P 500 hit its low-point in that year’s bear market.

The risk-off mood also saw Treasuries gain ground for a third consecutive session, with 10yr yields (-5.6bps) down to 4.28% and the 2yr yield (-7.5bps) down to 3.77%. And with yields moving lower, the dollar index (-0.83%) fell to a new three-year low. However, in the very near-term, Powell’s hawkish comments saw markets marginally dial back the probability of a Fed cut by the June meeting from 83% to 80%, and this morning that’s continued, falling back to 73%.
In energy markets, Brent crude oil rose +1.82% to $65.85/bbl, its highest level since April 3, and this morning it’s up another +0.91% to $66.45/bbl. The rise was initially supported by the news on China’s openness to talks and then was further boosted by news of additional US sanctions on Iranian oil, with Treasury Secretary Bessent posting that “we will apply maximum pressure on Iran and disrupt the regime’s oil supply chain and exports”.

Earlier in the day, we had actually got a decent set of US economic data, although given it covered March, it’s all being heavily discounted as old news by markets. Nevertheless, the period did include higher tariffs on China, and also coincided with a slump in various confidence measures, so it was interesting that the hard data was still resilient in spite of that, echoing the March payrolls number, which was still at +209k. In terms of yesterday’s releases, retail sales were up +1.4% as expected, and industrial production fell -0.3% (vs. -0.2% expected), so there wasn’t a huge alarm in those numbers.

But even as the hard data held up for now, the surveys continued to look a lot more negative. Yesterday we got the New York Fed’s Business Leaders Survey of service firms, where the expectations component fell back to -26.6 in April, the lowest since April 2020 at the height of the pandemic. One thing to look out for today will also be the weekly initial jobless claims, as those will cover the week ending April 12, entirely after the reciprocal tariff announcement.

Overnight in Asia, equity markets have put in a decent performance, with gains for the Nikkei (+0.8%), the Hang Seng (+1.62%) and the KOSPI (+0.69%). There’s been a bit more weakness in mainland China however, where the Shanghai Comp is only up +0.21%, whilst the CSI 300 is down -0.02%. Otherwise, the Japanese Yen has weakened overnight (-0.52% vs. USD), which comes after Japan’s trade negotiator said there wasn’t a discussion on currencies in the trade talks, so investors felt it was less likely that a stronger exchange rate would result.

Looking forward, attention will turn to the ECB’s latest policy decision today, which is at 13:15 London time. This is their first decision since the reciprocal tariff announcement, and it’s widely expected that they’ll cut their deposit rate by another 25bps, taking it down to 2.25%. Our economists have a full preview (link here), and their view is that the hit to growth from reciprocal tariffs, uncertainty and financial conditions likely exceeds what the ECB was expecting.

Ahead of that decision, European equities put in a better performance than their US counterparts, with the STOXX 600 (-0.19%) outpacing the S&P 500 for a third consecutive session. Meanwhile on the rates side, yields on 10yr bunds (-2.6bps), OATs (-2.4bps) and BTPs (-2.0bps) all moved lower. The biggest outperformance came from 10yr gilts (-4.9bps), which moved lower after the UK inflation data was softer than expected in March. It showed headline CPI falling to +2.6% (vs. +2.7% expected), whilst core CPI was in line with expectations at +3.4%. The release helped to cement investor conviction that the Bank of England would cut again at the May meeting, with a rate cut now fully priced in.

To the day ahead, and the ECB’s policy decision will be the most watched event. In terms of US data releases, there’s March housing starts and building permits, as well as the weekly initial jobless claims. We’ll also get Germany’s PPI reading for March. Finally, earnings announcements include UnitedHealth, Netflix, American Express, Blackstone, Charles Schwab and Truist Financial.

2b European opening report

NQ benefits after strong TSMC results, USD firmer whilst EUR slips ahead of ECB – Newsquawk US Market Open

Thursday, Apr 17, 2025 – 05:46 AM

• European bourses opened mixed, but gradually slipped lower as the morning progressed; US futures positive after strong TSMC results.
• USD is attempting to claw back some of Wednesday’s losses. EUR awaits ECB rate cut.
• Bonds are softer following the robust macro tone, EGBs await the ECB.
• Crude extends on recent strength, XAU/Copper moves lower.
• Desk Closure (Good Friday Related): The desk will operate its usual schedule until Thursday April 17th 21:30BST at which point, the desk will close.
• Looking ahead, Highlights include US Jobless Claims, Philly Fed Index, ECB & CBRT Policy Announcements, Speakers including ECB President Lagarde, Fed’s Barr & Williams, Supply from the US. Earnings from TSMC, UnitedHealth, American Express, DR Horton, Netflix.

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TARIFFS/TRADE

• US President Trump posted on Truth Social “A Great Honor to have just met with the Japanese Delegation on Trade. Big Progress!”.
• Japanese Economy Minister Akazawa said he told US negotiation counterparts that Japan wants the best solution as soon as possible for both nations and strongly requested the revocation of tariffs on Japan. Akazawa said they agreed to hold a second meeting this month and he believes the US wants a deal within the 90-day window but added that he has no idea how talks will progress going forward.
• Japanese PM Ishiba said the Economy Minister reported to him that constructive talks were held with the US, while Ishiba added that of course talks will not be easy going forward and he will visit the US at an appropriate time to meet with US President Trump.
• Intel (INTC) told Chinese clients last week that chips would require a licence for exporting to China if the chips met certain requirements, according to FT.
• UK officials are said to be tightening security when handling sensitive trade documents to shield them from the US amid the tariff war, according to Guardian sources.
• White House officials believe a trade deal with Britain can be finalised within three weeks, according to Telegraph sources.
• China’s MOFCOM says it is willing to expand a mutual opening up with Europe, maintaining normal communication with US counterparts, China is open to negotiations with the US in economic and trade areas.

EUROPEAN TRADE

EQUITIES

• European bourses (STOXX 600 -0.5%) opened mixed, but have gradually succumbed to selling pressure to display a negative picture in Europe. Positive updates related to US-Japan trade and strong TSMC results have failed to lift sentiment.
• European sectors hold a negative bias, in-fitting with the broader risk tone. Consumer Products is towards the top of the pile, as traders digest the latest Luxury updates. There have been earnings releases from three high-fashion brands today; Moncler (-1.8%, Q1 topped expectations amid strong Asia demand), Brunello Cucinelli (U/C, in-line figures and maintained guidance), Hermes (-1.9%, Q1 beat but said will implement price hikes in US to offset tariffs).
• US equity futures (ES +0.9%, NQ +1%, RTY +0.7%) are entirely in the green, attempting to pare back some of the hefty losses seen in the prior session. Sentiment today in the US has also been lifted by a positive Q1 earnings report from TSMC.
• TSMC (2330 TT / TSM) Q1 (TWD) Net Profit 361.6bln (exp. 354.6bln), Op. Profit 407.1bln (prev. 249bln Y/Y), Revenue 839.3bln (prev. 592.6bln Y/Y). Forecasts Q2 revenue between USD 28.4-29.2bln (exp. 26.4bln); sees Q2 gross margin 57-59% (prev. 58.8% in Q1); sees Q2 operating margin 47-49% (prev. 48.5% in Q1); says overseas fabs will impact TSMC margins. Not seen any change in customer behaviour because of US tariffs. FY Guidance maintained. Notes of very strong AI demand from US customers like Apple (AAPL), need to expand capacity in the US.
• NVIDIA (NVDA) CEO Huang says China is a very important market for NVIDIA, hope to continue to cooperate with China, via CCTV. Elsewhere, CEO Huang reportedly met clients in Beijing, including DeepSeek founder, to discuss new chip designs for Chinese customers, according to FT sources; he then held separate talks with Chinese Vice Premier Li. CEO says US tightening of chip export controls has a significant impact on the company’s business, via Chinese State media; will resolutely provide services to the Chinese market.
• LVMH (MC FP) CEO says 2025 started well but worsened from March amid economic turmoil linked to tariffs
• Click for the sessions European pre-market equity newsflow
• Click for the additional news
• Click for a detailed summary

FX

• DXY is attempting to claw back some of Wednesday’s lost ground. Markets continue to digest Wednesday’s remarks by Fed Chair Powell who noted that the Fed wishes to wait for greater clarity before considering any change to its policy stance. For today’s docket, weekly claims data will be eyed for signs of labour market weakening. DXY sits towards the bottom-end of Wednesday’s 99.17-100.104 range.
• EUR softer vs. the USD in the run-up to the ECB policy announcement which is widely expected to see policymakers pull the trigger on a 25bps reduction in the Deposit Rate to the upper end of its neutral rate at 2.25%. EUR/USD sits towards the top end of yesterday’s 1.1281-1.1412 range.
• USD/JPY has re-emerged from beneath the 142.00 level after dipping to a fresh seven-month low overnight at 141.62 with the rebound supported by the positive APAC risk appetite and after weaker-than-expected Japanese exports and imports data. Overnight, BoJ Governor Ueda stated that Japan’s real interest rates remain very low and the BoJ is expected to keep raising interest rates if the economy and prices move in line with projections made in the quarterly report.
• GBP is flat vs. the USD and more resilient than peers. Fresh macro drivers for the UK are on the light side asides from a report in The Telegraph that UK PM Starmer is reportedly closing in on a new partnership with the EU that could put a trade deal with the White House at risk. GBP/USD is currently steady on a 1.32 handle and in a 1.3204-56 range.
• Antipodeans are both softer vs. the broadly stronger USD after a solid showing yesterday. AUD saw little follow-through from a mixed Australian labour market report in which employment change fell short of expectations and the unemployment rate came in below consensus.
• PBoC set USD/CNY mid-point at 7.2085 vs exp. 7.3083 (Prev. 7.2133).
• Click for a detailed summary

FIXED INCOME

• USTs are softer, with benchmarks coming under pressure early doors as the general risk tone improved after strong TSMC numbers. Prior to this, a bearish bias was already in-play as APAC shrugged off the Wall St. lead and climbed, with focus on Trump’s positive commentary on trade with Japan. The US-Japan progress weighed on JGBs, resulting in them briefly underperforming overnight alongside a long-dated JGB liquidity auction. Currently at a 111-02+ low and around 15 ticks from the overnight high. Ahead, Weekly Claims, Philly Fed, Building Permits/Housing Starts & Baker Hughes.
• Bunds are directionally in-fitting with the above. EGBs await the ECB where a 25bps cut is expected and entirely priced. Focus for the meeting will be on how Lagarde and Co. approach the tariff uncertainty, and the two-way impulses on growth and inflation. Bunds are at a 130.91 base, around 30 ticks from overnight highs and just below Wednesday’s 131.02 low. To the downside, support factors at 130.75, 130.24 and 129.92 from the three sessions prior.
• Gilts are tracking the above, UK specifics and the docket ahead on the lighter side as markets focus on events within Europe and the US. On the trade front, the only update for the UK has been a piece in The Telegraph whose sources report that the White House believes a trade deal with Britain can be finalised within around three weeks.
• France sells EUR 12bln vs exp. EUR 10-12bln 2.40% 2028, 2.70% 2031, 2.00% 2032 OAT
• Click for a detailed summary

COMMODITIES

• Crude is firmer with prices extending on Wednesday’s gains after the US issued fresh Iran-related sanctions targeting oil tankers, while Treasury Secretary Bessent noted that the Trump administration has made it clear that they will apply maximum pressure on Iran and disrupt the regime’s oil supply chain and exports. WTI resides in a USD 62.61-63.51/bbl range while Brent sits in a USD 65.95-66.77/bbl parameter.
• Softer price action across precious metals following yesterday’s run higher. Spot gold mildly pulled back after recently printing a fresh record high with the precious metal above the USD 3,300/oz level in a current 3,314.30-3,357.77/oz range – the top end being another record high.
• Copper futures are choppy but ultimately faded some of the recent gains as risk sentiment in its largest buyer lagged overnight. 3M LME copper resides in a 9,134.00-9,237.85/t range.
• Click for a detailed summary

NOTABLE DATA RECAP

• German Producer Prices MM (Mar) -0.7% vs. Exp. -0.1% (Prev. -0.2%); YY -0.2% vs. Exp. 0.4% (Prev. 0.7%)

NOTABLE US HEADLINES

• US House Energy and Commerce Committee is targeting May 7th, for a markup of its portion of the Republican reconciliation package, via Punchbowl citing sources
• BofA Week-April 12th Total Card Spending +2.3% Y/Y (vs +1.1% on avg. in March); notes that the increase could be due to a dual boost from the upcoming easter and front-loading due to tariff uncertainty.
• Fed’s Schmid (2025 voter) said there is a lot of nervousness in the agricultural sector from tariffs but noted he’s an optimist and they need to be patient to see how it plays out, while he said they will react to disruptions that might affect mandates.
• White House seeks to cut USD 40bln in funding for the Department of Health and Human Services, according to The Washington Post.

GEOPOLITICS

• “Lebanese media: Low flight of Israeli drones in the airspace of the capital Beirut and the southern suburbs”, according to Sky News Arabia.
• “Iranian media: Saudi defense minister arrives today in Tehran for talks with senior Iranian officials”, according to Sky News Arabia.
• “The response to the Israeli proposal will confirm the rejection of any partial agreement to stop the war”, via Asharq News.
• US President Trump waved off a planned Israeli strike on Iranian nuclear sites in favour of negotiating a deal with Iran to limit its nuclear program, according to the New York Times.

CRYPTO

• Bitcoin is on a firmer footing and trades just above the USD 84k mark; Ethereum currently around USD 1.6k.

APAC TRADE

• APAC stocks shrugged off the negative handover from Wall St. but with gains capped amid a lack of bullish drivers and as trade uncertainty lingered.
• ASX 200 was led higher by strength in energy and mining stocks following recent gains in underlying commodity prices and as participants digest quarterly updates from the likes of BHP, South32 and Santos.
• Nikkei 225 reclaimed the 34,000 status amid favourable currency moves and with US President Trump suggesting big progress was made in US-Japan trade talks.
• Hang Seng and Shanghai Comp conformed to the positive mood but with the gains in the mainland limited by the ongoing US-China trade frictions, while officials from MOFCOM, MIIT and the PBoC are set to hold a briefing on Monday where China will announce an expansion plan for its service sector.

NOTABLE ASIA-PAC HEADLINES

• China is to announce an expansion plan for its service sector at a briefing on Monday with officials from MOFCOM, MIIT and the PBoC to attend the briefing, while the Finance Ministry held a meeting with experts on international economic conditions.
• US House panel is probing whether DeepSeek used restricted NVIDIA (NVDA) chips, according to FT
• BoJ Governor Ueda said Japan’s economy is recovering moderately albeit with some weak signs, while he added that Japan’s economy and prices moving roughly in line with their forecasts but they must be vigilant to heightening uncertainty including from each country’s trade policy. Ueda also stated that Japan’s real interest rates remain very low and the BoJ is expected to keep raising interest rates if the economy and prices move in line with projections made in the quarterly report. Furthermore, he said when the BoJ raised rates in January, the US economy was in solid shape and markets had been stable but added that uncertainty surrounding US policy, particularly on tariffs, has heightened sharply recently, as well as noted that US tariffs could exert downward pressure on the economy and reiterated that keeping low rates even when underlying inflation is accelerating could result in a situation where we would be forced to hike rapidly.
• BoJ’s Nakagawa said US tariff policy, as well as overseas economic and market developments, are among risks to Japan’s economic outlook, while uncertainty over US tariffs could affect household and corporate sentiment, and Japan’s economy and prices.
• Bank of Korea kept its base rate unchanged at 2.75%, as expected, with the rate decision not unanimous as board member Shin Sung-Hwan dissented and saw a need to respond to the worsening economic outlook. BoK said uncertainties to the growth path are higher and headwinds to economic growth are seen bigger than previously expected, while it will determine the timing and pace of any further base rate cuts and noted that monetary easing policy stance is to continue. BoK Governor Rhee said most board members saw lower interest rates in the three months ahead and they will factor in the interest rate differential with the US for the next rate decision. Furthermore, Rhee said they will assess in May whether the policy rate needs to go below 2.25% by year-end.

DATA RECAP

• Japanese Trade Balance (JPY)(Mar) 544.1B vs. Exp. 485.3B (Prev. 584.5B, Rev. 590.5B)
• Japanese Exports YY (Mar) 3.9% vs. Exp. 4.5% (Prev. 11.4%)
• Japanese Imports YY (Mar) 2.0% vs. Exp. 3.1% (Prev. -0.7%)
• Australian Employment (Mar) 32.2k vs. Exp. 40.0k (Prev. -52.8k)
• Australian Unemployment Rate (Mar) 4.1% vs. Exp. 4.2% (Prev. 4.1%)
• New Zealand CPI QQ (Q1) 0.9% vs. Exp. 0.7% (Prev. 0.5%)
• New Zealand CPI YY (Q1) 2.5% vs. Exp. 2.3% (Prev. 2.2%)
• New Zealand RBNZ Sectoral Factor Model Inflation Index YY (Q1) 2.9% (Prev. 3.1%)

2c) Asian opening report

Powell sends stocks lower despite “Big Progress” on US-Japan trade talks, ECB ahead – Newsquawk Europe Market Open

Thursday, Apr 17, 2025 – 01:14 AM

• Fed Chair Powell reaffirmed a wait-and-see approach and suggested incredibly high uncertainty
• US President Trump said “Big Progress!” was made with Japan on trade
• APAC shrugged off the negative Wall St. handover, but gains were capped with drivers limited
• DXY found reprieve from recent pressure but remains below 100.00, USD/JPY hit a seven-month low but has since rebounded back above 142.00
• USTs & JGBs soft while Bunds lacked firm direction; French supply ahead
• Crude extended on Wednesday’s strength, XAU pulled back from fresh record highs, base metals choppy
• Looking ahead, highlights include German Producer Prices, US Jobless Claims, Philly Fed Index, ECB & CBRT Policy Announcements, Speakers including ECB President Lagarde, Fed’s Barr & Williams, Supply from France. Earnings from TSMC, UnitedHealth, American Express, DR Horton, Netflix, Sainsbury’s, Rentokil & L’Oreal
• Click for the Newsquawk Week Ahead.

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US TRADE

EQUITIES

• US stocks declined and havens were bid as US-China trade tensions remained heightened with the tech sector the worst hit amid US export restrictions on certain NVIDIA and AMD chips to China, while nearly all sectors finished in the red aside from energy which benefitted from a rebound in oil prices. Nonetheless, equities were further pressured in late trade following comments from Fed Chair Powell who reaffirmed a wait-and-see approach and suggested incredibly high uncertainty.
• SPX -2.24% at 5,276, NDX -3.04% at 18,258, DJI -1.73% at 39,669, RUT -1.03% at 1,863.
• Click here for a detailed summary.

TARIFFS/TRADE

• US President Trump posted on Truth Social “A Great Honor to have just met with the Japanese Delegation on Trade. Big Progress!”.
• Japanese Economy Minister Akazawa said he told US negotiation counterparts that Japan wants the best solution as soon as possible for both nations and strongly requested the revocation of tariffs on Japan. Akazawa said they agreed to hold a second meeting this month and he believes the US wants a deal within the 90-day window but added that he has no idea how talks will progress going forward.
• Japanese PM Ishiba said the Economy Minister reported to him that constructive talks were held with the US, while Ishiba added that of course talks will not be easy going forward and he will visit the US at an appropriate time to meet with US President Trump.
• China is said to move from the US to Canada for more oil amid trade tensions, according to Bloomberg.
• Intel (INTC) told Chinese clients last week that chips would require a licence for exporting to China if the chips met certain requirements, according to FT.
• UK officials are said to be tightening security when handling sensitive trade documents to shield them from the US amid the tariff war, according to Guardian sources.
• White House officials believe a trade deal with Britain can be finalised within three weeks, according to Telegraph sources.

NOTABLE HEADLINES

• Fed Chair Powell said the Fed is well-positioned to wait for greater clarity before considering any change to its policy stance, while they may find themselves in the challenging scenario in which dual-mandate goals are in tension, and if that occurs, the Fed would consider how far the economy is from each goal and potential time horizons for those gaps to close. Powell said the effects of policy will likely move the Fed away from its goals and they will be moving away from goals for the balance of this year but perhaps can resume next year. Furthermore, he said changes in policies are fundamental and there is no real experience in how to analyse it with such incredibly high uncertainty, as well as noted that high uncertainty leads to households and businesses stepping back from decisions. On tariffs specifically, said tariffs are even larger than in the Fed’s upside estimates.
• Fed’s Schmid (2025 voter) said there is a lot of nervousness in the agricultural sector from tariffs but noted he’s an optimist and they need to be patient to see how it plays out, while he said they will react to disruptions that might affect mandates.
• Fed’s Hammack (2026 voter) said she sees a strong case to hold policy steady for now and policy patience will allow the Fed to gather more data on the economy. Hammack noted it is not appropriate to respond to every twist and turn of markets, while the focus is on how markets impact the economy and not focused on asset prices per se. Furthermore, Hammack said it is going to take time to see how trade policy is impacting the economy and the right thing may be to stay on hold for now, noting steady policy is an “active choice”.
• White House seeks to cut USD 40bln in funding for the Department of Health and Human Services, according to The Washington Post.

APAC TRADE

EQUITIES

• APAC stocks shrugged off the negative handover from Wall St. but with gains capped amid a lack of bullish drivers and as trade uncertainty lingered.
• ASX 200 was led higher by strength in energy and mining stocks following recent gains in underlying commodity prices and as participants digest quarterly updates from the likes of BHP, South32 and Santos.
• Nikkei 225 reclaimed the 34,000 status amid favourable currency moves and with US President Trump suggesting big progress was made in US-Japan trade talks.
• Hang Seng and Shanghai Comp conformed to the positive mood but with the gains in the mainland limited by the ongoing US-China trade frictions, while officials from MOFCOM, MIIT and the PBoC are set to hold a briefing on Monday where China will announce an expansion plan for its service sector.
• US equity futures nursed some of its recent losses after declining on Fed Chair Powell’s comments which continued to suggest a lack of a ‘Fed put’.
• European equity futures indicate a lower cash market open with Euro Stoxx 50 futures down 0.4% after the cash market closed with losses of 0.1% on Wednesday.

FX

• DXY found reprieve from the recent selling pressure but languished beneath the 100.00 level after retreating yesterday amid the ongoing trade uncertainty and US-China frictions.
• EUR/USD gave back some of its recent spoils and reverted to beneath the 1.1400 handle amid the rebound in the greenback, while attention now turns to the looming ECB policy meeting where the central bank is expected to lower its rates by 25bps.
• GBP/USD remained lacklustre after the mid-week pullback from resistance just shy of the 1.3300 territory following softer UK inflation readings although the downside was stemmed by an intraday floor around the 1.3200 level.
• USD/JPY re-emerged from beneath the 142.00 level after dipping to fresh seven-month lows with the rebound supported by the positive risk appetite and after weaker-than-expected Japanese exports and imports data.
• Antipodeans were rangebound with muted reactions seen following firmer-than-expected New Zealand CPI figures and mixed Australian employment data.
• PBoC set USD/CNY mid-point at 7.2085 vs exp. 7.3083 (Prev. 7.2133).

FIXED INCOME

• 10yr UST futures retreated following the prior day’s rally amid the risk-off trade on Wall St and after Fed Chair Powell maintained his call for patience, while participants now await more Fed commentary and US supply.
• Bund futures lacked firm direction after the recent choppy mood and heading into the ECB policy decision with money markets fully pricing in a rate cut.
• 10yr JGB futures declined as the improvement in risk sentiment spurred haven outflows and with demand also not helped by weaker results from the enhanced liquidity auction for longer-dated JGBs.

COMMODITIES

• Crude futures extended on yesterday’s gains after the US issued fresh Iran-related sanctions targeting oil tankers, while Treasury Secretary Bessent noted that the Trump administration has made it clear that they will apply maximum pressure on Iran and disrupt the regime’s oil supply chain and exports.
• Spot gold mildly pulled back after recently printing a fresh record high with the precious metal above the USD 3,300/oz level.
• Copper futures were choppy but ultimately faded some of the recent gains as risk sentiment in its largest buyer lagged.

CRYPTO

3 .ASIA

3A NORTH KOREA/SOUTH KOREA

3B JAPAN

Supposed big progress with Japan on trade talks. However tariffs still in effect

(zerohedge)

Trump’s “Big Progress!” Trade Talk With Japanese Delegation Boosted Asian Markets

Thursday, Apr 17, 2025 – 08:05 AM

Tokyo led Asian stocks overnight after President Trump shared optimism on social media about promising Japan-US trade talks. 

Main equity indexes 

Around 6 pm Wednesday, Trump wrote on Truth Social: “A Great Honor to have just met with the Japanese Delegation on Trade. Big Progress!” 

Then, as the clock neared 10 pm, the president posted this image:

The president’s “big progress” trade talks with Japanese representatives did not immediately halt tariffs. Still, Japan’s lead negotiator, Ryosei Akazawa, said preparations are underway for a second round of negotiations in the not-too-distant future.

Akazawa, who Bloomberg quoted, said he met with Trump for an hour and then with U.S. negotiators from the U.S. Treasury and Commerce Departments for about 75 minutes.

“Both sides will engage in frank and constructive discussions and aim to reach a swift agreement,” Akazawa said, adding that the U.S. sought a deal before the 90-day reprieve of the reciprocal tariffs.

In markets, Goldman analysts Chloe Garber, Jonathan Hurvitz, and Matthew Kaplan told clients that “big progress” trade talks overnight lifted sentiment, with Asia closing higher…

SPX futures +40bps // NDX +75bps // RTY +55bps // UST10yr +2bps @ 4.3% (U.S. bond mkt closes 2pm) // WTI +1.25% @ $63.25 // Bitcoin unch @ $84,300 as U.S. futures rally while Europe trades lower/Asia closed higher following optimism from US-Japan tariff talks (“big progress” was made – Trump). Taiwan Semi (+3% pre mkt) reported better numbers helping sentiment as well after NVDA closed -6.8% yday (down over -10% at one point).

The White House said earlier this week that more than 75 countries have reached out to discuss new trade deals. This comes as China and the U.S. remain locked in a trade war — but there was some good news on Wednesday:

• Respect & Clarity: China Opens Door For Reengaging Trump In Trade Talks
• China’s ‘Surprise’ New Trade Rep A Likely Effort At Backchanneling ‘Breakthrough’ With Trump

Goldman’s latest effective tariff rate on Chinese and U.S. goods… 

Meanwhile, Blackstone President Jonathan Gray warned that the U.S. economy risks recession unless these trade deals can be quickly made. There are already rumblings of global trade disruption on major maritime routes between China and the U.S. (read: here & here).  

3 C CHINA/USA

4..EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS

ECB

ECB cuts rates for the 7th time

(zerohedge)

ECB Cuts Rates For The 7th Time, Outlook Leans Dovish Amid “Exceptional Uncertainty”

Thursday, Apr 17, 2025 – 08:30 AM

As expected, the ECB cut its three main rates by 25bps for a 7th consecutive time (deposit facility, the main refinancing operations and the marginal lending facility will be decreased to 2.25%, 2.40% and 2.65% respectively). Of note, for the first time this easing cycle the central bank dropped the word “restrictive” from the statement. Reuters reported that the decision to cut rates was unanimous, as even some of the more hawkish rate setters agreed the global trade was has significantly altered the outlook.

The ECB also delivered a dovish outlook given “exceptional” uncertainty. The cut was based on the “updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission”, the Governing Council said in the statement. 

The ECB said the disinflation process is well on track but added the outlook for growth has deteriorated owing to rising trade tensions. Increased uncertainty “may further weigh on the economic outlook for the euro area”, it said. In addition, the ECB dropped the word “restrictive” in reference to monetary policy – a point of debate among policymakers in recent weeks.

Parsing the statement, here are the highlights

TRADE:

• The adverse and volatile market response to the trade tensions is likely to have a tightening impact on financing conditions.
• These factors may further weigh on the economic outlook for the euro area
• Increased uncertainty is likely to reduce confidence among households and firms, and the adverse and volatile market response to the trade tensions is likely to have a tightening impact on financing conditions

INFLATION:

• Inflation has continued to develop as staff expected
• Governing Council is determined to ensure that inflation stabilises sustainably at its 2% medium-term target

WAGES:

• Wage growth is moderating

OUTLOOK:

• The euro area economy has been building up some resilience against global shocks, but the outlook for growth has deteriorated owing to rising trade tensions
• Will follow a data-dependent and meeting-by-meeting approach to determining the appropriate monetary policy stance

In kneejerk reaction, the EURUSD fell from 1.1361 to 1.334, a fresh session low, in 2 minutes, as the market viewed the statement more dovish than expected (to Trump’s credit, who called the growing bifurcation between the ECB and the Fed as the basis for his anger). In line with the dovish response, the Jan 24 Bund future rose from 130.95 to 131.17, while the Stoxx 50 saw a modest move higher.

Overall, the decisions was largely as expected with the prior language around restrictiveness removed, given today’s 25bps cut takes the ECB to the top-end of its 1.75-2.25% neutral rate estimate. Interestingly, the line around restrictiveness was removed and was not replaced with any reference to that neutral band or similar; not necessarily a signal or similar, but still a point to note. Elsewhere, forward guidance was unsurprisingly non-committal, though the statement does highlight increased uncertainty and an associated confidence impact is which ‘ likely to have a tightening impact on financing conditions’. Given this, we now look for any hint of an offsetting policy response (i.e. dovish action) to counter the “likely” tightening of financing conditions – a point which may have driven the slightly delayed dovish reaction.

Earlier:

Preview

OVERVIEW: Expectations are for the ECB to cut the deposit rate by 25bps to 2.25%. Despite the positive impulses from the German fiscal reform package and the Euro being at a record high on a trade-weighted basis, the expected negative growth shock from the global trade war is set to see policymakers ease monetary policy to the top of the estimated neutral range. Focus for the release will be on how the ECB is currently modelling the impact of the trade war on the Eurozone economy and how it could shape monetary policy in the coming months. That being said, the ECB will likely adopt a non-committal tone on account of the uncertainty surrounding the Trump administration’s trade practices.

PRIOR MEETING: As expected, the ECB pulled the trigger on a 25bps reduction to the Deposit Rate. Greater attention fell upon the Governing Council’s decision to tweak its policy statement so that it reads “monetary policy is becoming meaningfully less restrictive” (prev. “monetary policy remains restrictive”).

Elsewhere, the Bank opted to reiterate its data-dependent and meeting-by-meeting approach, whilst stating that it will not pre-commit to a specific policy path. For the accompanying macro projections, the headline 2025 inflation forecast was raised to 2.3% from 2.1%, 2026 held at 1.9% and 2027 trimmed to 2.0% from 2.1%. On the growth front, policymakers cut their 2025 and 2026 growth views whilst holding 2027 at 1.3%. At the follow-up press conference, President Lagarde remarked that the statement language tweak was not an innocuous change and word changes have meaning. She added that the ECB is now moving towards a more ‘evolutionary approach’. With regard to the policy decision, all policymakers, with the exception of Austria’s Holzmann (who abstained), backed the announcement. Lagarde suggested that the GC could cut again or pause its cutting cycle depending on the data. The fact that Lagarde classified the policy discussion as “lively” and Intense” suggested upcoming decisions will become more contentious.

RECENT ECONOMIC DEVELOPMENTS: March’s flash HICP report saw Y/Y inflation slip to 2.4% from 2.6%, super-core decline to 2.4% from 2.6% and services inflation fall to 3.4% from 3.7%. The February ECB Consumer Expectations Survey saw the 12-month and 3-year forecasts hold steady at 2.6% and 2.4% respectively. In terms of market gauges, the 5y5y inflation forward has declined to around 2.07% from the 2.22% seen at the time of the March meeting. On the growth front, 01 GDP data is not released until April 30th. However, more timely survey data from S&P global showed the EZ-wide manufacturing print tick higher to 48.7 from 47.6, services rose to 51.0 from 50.6, leaving the composite at 50.9 vs. prev. 50.2. In the labour market, the unemployment rate in the Eurozone remains at its historic low of 6.1%. It’s also worth noting that the trade-weighted EUR is currently at a record high.

RECENT COMMUNICATIONS: Given the fluidity of the trade situation, a bulk of the comments since the prior meeting have been viewed as somewhat stale. However, in recent sessions. President Lagarde (11th April) noted that the Bank is ready to use the instruments it has to procure price stability if needed. France’s Villeroy (10th April) said US President Trump’s pause decision was less bad news but bad news elements remain. He also remarked (9th April) that a trade war will lower EZ growth by 0.25pp in 2025; shock will not be negligible but will not be a recession. Austria’s Holzmann (9th April) said he does not see the reason for a rate cut for now, adding that waiting is the best strategy when uncertainty is this high. He added that considering an outsized 50bps cut is “ludicrous”. Elsewhere at the hawkish end of the spectrum, Netherlands’ Knot (9th April) is of the view that the impact of the trade war is likely inflationary in the long term. Finland’s Rehn (9th April) stated that the case for continuing rate cuts at the April meeting is supported by downside risks materialising. Typically a dove, Stournaras of Greece (8th April) has conceded that the potential increase in inflation may delay the normalisation of monetary policy.

RATES: Expectations are for the ECB to cut the deposit rate by 25bps to 2.25%, according to 61/71 economists surveyed by Reuters (note, some of these forecasts may be considered out of date given the fluidity of the trade war). Financial markets have greater conviction over a 25bps rate cut and price such an outcome at 99%. The backdrop to the meeting has been dominated by US President Trump’s trade agenda. At the time of writing, US President Trump announced a 90-day pause in tariff actions and cut reciprocals to 10% for nations that asked for talks. The EU responded by delaying its countermeasures (due on April 15th) to the US. Overall, the outlook for trade has improved over the past few sessions, however, it remains highly uncertain and therefore continues to suppress the growth outlook for the region. Accordingly, policymakers are set to take action by loosening monetary policy further. Note, an outsized move of 50bps is unlikely with ECB’s Simkus stating that he sees no need to talk about such an increment. Markets will also be looking to see if Holzmann (or any others) abstains from the decision. ING writes that given expectations of a cut, “the ECB will also have to change its communication. Instead of ’monetary policy is becoming meaningfully less restrictive’, the ECB is likely to flag that at 2.25%, the deposit rate would now be within the range of neutral interest rates”. It remains to be seen whether the Bank will insert any additional language in lieu of the ongoing trade war. Beyond the upcoming meeting, market pricing has been particularly choppy given the volatility in markets. However, the next 25bps reduction is fully priced by July with 80bps of easing implied by year-end.

END

UK

would you believe this nonsense!

UK Police Being Forced To Undergo Training To Accept Their ‘White Privilege’

Thursday, Apr 17, 2025 – 03:30 AM

Authored by Steve Watson via Modernity.news,

One of Britain’s largest police forces is mandating “equity training” for officers, focusing on “white privilege”, “micro-aggressions” and the distinction between “non-racist versus anti-racist.”

The Telegraph reports that Thames Valley Police is putting officers through the training despite a tribunal last year finding that the force positively discriminated against white officers.

As we highlighted, the force appointed an Asian detective inspector without considering white officers for promotions.

The three officers who won the case, had all been working for the force for between 19-26 years and were actively blocked from applying for the position.

Now the rest of the force is being put through the “equity training,” which according to an independent review of the case “can often be seen as demonising white people and therefore building barriers to the learning.”

Former assistant chief constable Kerrin Wilson, who led the review, notes that some officers expressed “strong feelings of frustration” at the training.

“As white males they felt disadvantaged and … they had the perception that unfairness was allowed for minority groups but not for majority populations,” she writes.

The review also notes that minority officers were also annoyed by the training which they said was harmful to meaningful diversity efforts. 

The review states that minorities don’t want to participate in such schemes in which “the damage to their reputation is greater than the opportunity they may have been afforded.”

“A number of minoritised [sic] staff have declared openly that they will not seek promotion or specialist moves in the foreseeable future as this has left them feeling that even if they did succeed in securing promotions their efforts would not be accepted by some as genuine,” it states.

The review continues, “Some staff have stated that despite being in the force for many, many years they now feel that [it] has become a hostile environment and they would not advocate for the force as an employer of choice for those from a minoritised background.”

The review also highlighted there has been a “very strong, at times bordering on aggressive” response from white officers, who feel “they have no support within the force” and want to see repercussions for higher ups pushing ‘positive discrimination’.

“There is a tangible feeling of being overlooked which is reflected in the wider societal discourse that is emerging around the UK and so cannot be ignored,” the review further proclaims.

“If this is not addressed, this may well lead to even greater divides within the force as cultural attitudes become more hostile,” it adds.

Former government advisor and ex police officer Rory Geoghegan, commented “Police officers and staff deserve far better from their leaders than to be crudely categorised by skin colour and subjected to reductive, divisive ideologies.”

“The independent review exposes this troubling practice, but it fails to identify or confront the underlying issue: the unthinking acceptance of critical race theory – a deeply political framework that has no place in an impartial police service,” Geoghegan added.

Thames Valley Police issued a statement declaring “Our staff and officers represent a diverse group with a range of views on many issues – but it’s our shared values that bring us together to protect our communities.”

“We are committed to learning from this employment tribunal and independent review to improve how we work together,” the statement further suggests, adding “We strive to be fair and courageous in how we serve our colleagues and the community.”

This latest development comes as it has also emerged that West Yorkshire Police is permitting Black, Asian, and Minority Ethnic (BAME) candidates to submit job applications all year round, but making White people wait for specific recruitment drives.

*  *  *

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

5 RUSSIAN AND MIDDLE EASTERN AFFAIRS

ISRAEL/HAMAS

two state solution will never happen along as Hamas is in power

(JerusalemPost)

Netanyahu slams Macron’s push for Palestinian statehood in phone call

Netanyahu told Macron that a Palestinian state located minutes from Israeli cities would become a stronghold of Iranian terrorism during the call.

By JERUSALEM POST STAFFAPRIL 15, 2025 13:12Updated: APRIL 15, 2025 20:58

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fbreaking-news%2Farticle-850182&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20250415_509f230928211c4699548629df546e2ab9e26fc0&useBunnyCDN=0&themeId=140&isMobile=0&unitType=tts-player

Israeli Prime Minister Benjamin Netanyahu expressed his strong opposition to the establishment of a Palestinian state to French President Emmanuel Macron on Tuesday, following Macron’s expression of support for the solution on X/Twitter on Wednesday.

During the call, Netanyahu explained that such an action would be “a tremendous reward for terrorism.”

Macron said last week that France could recognize a Palestinian state in June, adding that, in turn, some countries in the Middle East could recognize the State of Israel.

JPost Videos

The PMO also added that during the call, Netanyahu reminded Macron that no Palestinian entity, including the Palestinian Authority, had condemned the October 7 Hamas attacks.

“The Palestinian Authority educated its children to destroy Israel and distributes financial rewards to those who kill Jews,” Netanyahu continued.

Netanyhu’s further statements to Macron 

Netanyahu also told Macron that a Palestinian state located just minutes from Israeli cities would become a stronghold of Iranian terrorism, that a vast majority of the Israeli public strongly opposes this, and that this has been his consistent and long-standing policy, the PMO added.

The call between the two leaders also comes after Macron posted on Saturday that France’s position on Gaza involves a “Palestinian state without Hamas,” to which Netanyahu’s son, Yair Netanyahu replied “screw you.”

Reuters contributed to this report. 

END

ISRAEL

Huckabee celebrates move to Israel with social media post

The US Senate confirmed former Huckabee to be the country’s ambassador to Israel last week, installing a staunch pro-Israel conservative in the high-profile post.

By JERUSALEM POST STAFFAPRIL 17, 2025 01:12Updated: APRIL 17, 2025 01:2

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fbreaking-news%2Farticle-850397&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20250415_509f230928211c4699548629df546e2ab9e26fc0&useBunnyCDN=0&themeId=140&isMobile=0&unitType=tts-player

Former Arkansas governor Mike Huckabee posted photos on X/Twitter celebrating his move to Israel to assume his role as the US ambassador on Wednesday night.

“Our dogs have no idea how long this flight is going to be so don’t tell them,” he wrote.

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

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

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

Support from the Orthodox Union Advocacy Center

The Orthodox Union Advocacy Center, the public policy arm of the Orthodox Union, urged the Senate Foreign Relations Committee to confirm Huckabee in March, emphasizing his longstanding support for Israel’s security and his recognition of the Jewish people’s historical connection to the land of Israel.

“Governor Huckabee brings a profound understanding of the security challenges confronting Israel and an unwavering commitment to the US-Israel alliance,” said Nathan Diament, executive director of the Orthodox Union Advocacy Center.

“His perspective is vital at a time when American policy must address the ongoing threats from Iranian-backed terror groups, a reality made painfully clear since the October 7 Hamas attack.”

Reuters contributed to this report.

END

ISRAEL

Time names Noa Argamani in its 100 most influential people of 2025 list

Douglas Emhoff, the husband of Kamala Harris, shared that Noa Argamani showed “extraordinary courage and humanity” both during her captivity and in her advocacy for the hostages since her rescue.

By JERUSALEM POST STAFFAPRIL 16, 2025 16:01Updated: APRIL 16, 2025 22:30

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fbreaking-news%2Farticle-850323&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20250415_509f230928211c4699548629df546e2ab9e26fc0&useBunnyCDN=0&themeId=140&isMobile=0&unitType=tts-player

Rescued hostage Noa Argamani was named in Time Magazine’s annual list of the 100 most influential people of the year on Wednesday.

Argamani, who was held captive by Hamas after being abducted from Israel on October 7, 2023, was listed on ‘The 100 Most Influential People of 2025’ by Kamala Harris’s husband, Douglas Emhoff.

“The video of Noa Argamani on Oct. 7, 2023, is forever seared into my soul. She was joyfully dancing with so many others at the Nova music festival when Hamas launched its brutal terrorist attack. As she was kidnapped into Gaza on a motorcycle, her harrowing expression became a symbol of the pain and trauma Jews worldwide, myself included, continue to feel,” Emhoff, who is Jewish, wrote. “Noa was held hostage for 245 days, a period she called ‘a pure hell.’ Since her rescue, she has shown extraordinary courage and humanity in speaking out for the remaining hostages, including her ­partner Avinatan Or.”

Or remains captive in Gaza, along with nearly 60 others. A sign of life was received from Or last month.

Emhoff shared that he and his wife stood with Argamani in “fighting for the release of all the hostages.

“Noa’s advocacy has ­illuminated Hamas’ extreme brutality, but more importantly, her bravery has embodied Jewish resilience and strength even in the worst moments. She is living proof to the world that, despite everything, ‘we will dance again.'”

Argamani wrote in response, “Thank you, Doug, for your kind words—and for capturing my story with such care and compassion. Most of all, thank you for echoing our call: bring them all home. We won’t stop until they are. And yes, we will dance again.”

Noa Argamani’s time in Hamas captivity

Argamani was abducted from the Nova Music Festival in southern Israel on October 7. Footage revealed her being carried off by invading terrorists on the back of a motorcycle.

More than 360 people were killed during the rampage at the festival, and another 40 were taken hostage.

Her plight caught the public eye as her mother, Liora, was dying of cancer, while she was abducted and left messages for her stolen daughter should she pass before they were able to reunite. Liora has since passed away.

After being rescued in Operation Arnon, Argamani’s first question to her rescuers was, “Is my mother still alive?”

Argamani has since developed a large platform for which she has advocated for the return of her partner and the other hostages, regularly meeting with world leaders.

end

ISRAEL HAMAS

IDF says holding off on bid to crush Hamas; current op aimed at coaxing it into deal

Buffer zone now covers 30% of Strip’s territory; military says 350 terror operatives, including 40 top officials, killed since end of ceasefire

By Emanuel Fabian Follow16 April 2025, 6:17 pm

Smoke plumes billow from Israeli bombardment on the east of Gaza City as pictured from Jabaliya in the northern Gaza Strip on April 14, 2025. (Bashar TALEB / AFP)

The Israeli military said on Wednesday that it was not dragging its feet in the Gaza Strip and was continuing to ramp up pressure on Hamas to bring the terror group to agree to a hostage deal, but was not moving ahead with a major offensive just yet.

The Israel Defense Forces on March 18 resumed its attacks against Hamas with a surprise wave of airstrikes, ending a two-month ceasefire. Efforts to restore the truce have so far failed.

A major offensive, which is intended to defeat Hamas on the battlefield, would likely cause the ceasefire-hostage negotiations to completely collapse, according to the military. Such an offensive would also endanger the remaining 59 hostages still held by Hamas, 24 of whom are believed to be alive.

The IDF had set no deadline for when the major offensive would begin, and said it would be decided upon by the political leadership. Defense Minister Israel Katz has repeatedly threatened to launch a wide-scale offensive against Hamas if the hostages are not released soon.

Additionally, the IDF said its plans, including concerning the call-up of reservists, have not been adjusted due to a wave of letters published by reservists and veterans, calling for the release of the hostages, even at the cost of ending the war.

The military said its current operation against Hamas was intended to continue pressure on the terror group, while also preparing the ground for a potential major offensive.

IDF troops operate in the Gaza Strip, in a handout photo issued on April 16, 2025. (Israel Defense Forces)

The current operation was being carried out by three divisions, slowly, both to ensure the safety of troops and guarantee that hostage talks can continue, it said.

The military said it expected that as long as the operation goes on, and more territory is captured, troops would encounter more “friction” with Hamas operatives, who are currently being pushed back and largely not engaging Israeli forces.

So far, since Israel resumed its operations in Gaza on March 18, the IDF estimates that it has killed at least 350 members of terror groups, including 40 senior Hamas political officials and mid-level military wing commanders, and other prominent terrorists, including some who participated in the October 7 onslaught.

The Hamas-run health ministry claims that 1,652 people have been killed since March 18, a toll that does not differentiate between civilians and combatants.

Over 1,200 targets have been struck during that time, according to the IDF.

A major focus of recent airstrikes in Gaza has been Hamas officials, including members of the terror group’s politburo and its police force.

People stand outside their tent set up on the rubble of a destroyed building at the Jabalia camp for displaced Palestinians in the northern Gaza Strip on April 8, 2025. (Bashar TALEB / AFP)

The IDF has identified that these strikes, along with the blockade on humanitarian aid entering the Strip, have resulted in increased pressure by Palestinian civilians against Hamas, taking place in the form of protests in the streets of Gaza.

The military said there was no starvation in Gaza, and there was enough food to last the population for now. The IDF said it does not want there to be starvation, which would harm its legitimacy to act against Hamas.

Another focus has been on destroying Hamas’s already depleting weapon stocks. The terror group has been attempting to rearm itself, while mostly avoiding fighting with troops at this stage. The IDF said it is seeking to remove as many weapons as possible now, before entering a potential major offensive.

The military has also vastly expanded its buffer zones along the Gaza border — now comprising some 30% of the Strip — which Katz has said that the IDF will hold permanently.

In the south of the Strip, the military’s 36th Division has been establishing the Morag Corridor, cutting off Rafah from Khan Younis. In the area, the IDF has already discovered several major tunnels connecting the two cities.

Engineering forces work to build a road in the Morag Corridor in the southern Gaza Strip, in a handout photo issued on April 12, 2025. (Israel Defense Forces)

In Rafah itself, the IDF’s Gaza Division has been clearing the neighborhoods of Shaboura and Tel Sultan of remaining Hamas infrastructure.

After the military completes operations inside Rafah, the IDF’s buffer zone in southern Gaza will stretch from the Egyptian border to the outskirts of Khan Younis — more than 5 kilometers (3.1 miles) away — and include the entire city of Rafah within it.

The buffer zone elsewhere on the border with Gaza has also been expanded from several hundred meters to around 2 kilometers (1.2 miles) in most areas.

Troops of the 252nd Division are currently working to expand the buffer zone in Gaza City’s eastern neighborhoods of Shejaiya, Daraj and Tuffah. The area is relatively elevated and overlooks the Israeli border communities of Nahal Oz, Kfar Aza and Sa’ad.

Half of the Netzarim Corridor, just south of Gaza City, is also being held by the IDF, up to the Salah a-Din Road. At any point, the IDF said it could recapture the western half of the corridor and bisect the Strip again.

IDF troops operate in the Gaza Strip, in a handout photo issued on April 16, 2025. (Israel Defense Forces)

The war in Gaza began on October 7, 2023, when some 5,000 Hamas-led terrorists invaded southern Israel from the Gaza Strip, killing some 1,200 people and taking 251 hostages amid acts of brutality and sexual assault.

Terror groups in the Gaza Strip are still holding 59 hostages — 24 of whom are believed to be alive, and 35 of whom have been confirmed dead — including 58 of those abducted on October 7.

According to Gaza’s Hamas-run health ministry, more than 50,000 people in the Strip have been killed or are presumed dead in the fighting so far. The toll cannot be verified and does not differentiate between civilians and fighters.

Israel assesses it has killed about 20,000 combatants in Gaza as of January, as well as some 1,600 terrorists inside Israel during the Hamas onslaught.

Israel’s toll in the Gaza ground offensive and military operations along the border stands at 410.

end

ISRAEL HAMAS

HEZBOLLAH/LEBANON

Lebanon’s president spurs controversy by saying he doesn’t want Iraqi-style militias

Aoun’s comments “caused discomfort among Iraqis, particularly since Iraq has consistently stood by Lebanon during times of hardship.”

By SETH J. FRANTZMANAPRIL 17, 2025 19:02Updated: APRIL 17, 2025 19:03

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fmiddle-east%2Farticle-850490&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20250415_509f230928211c4699548629df546e2ab9e26fc0&useBunnyCDN=0&themeId=140&isMobile=0&unitType=tts-player

Lebanon’s president is apparently in hot water in Iraq after he said he didn’t want Lebanon to have an Iraqi model for integrating Iranian-backed militias into the state. Baghdad summoned Lebanon’s ambassador on April 16 after reading comments that Lebanese President Joseph Aoun made to the New Arab publication.

The complaint in Baghdad is a bit complicated, so it’s worth trying to understand what Aoun said that so angered the Iraqis.

On April 15, the New Arab ran an interview with Aoun. In the interview, he had said he didn’t see Iraq’s Popular Mobilization Forces as a model for Lebanon. The PMF is a group of Iranian-backed militias in Iraq. There are dozens of brigades within the PMF, which may have up to 100,000 men. The brigades include some militias that are closely linked to Iran’s IRGC, such as Kataib Hezbollah. Lebanon also has Hezbollah, and it is backed by Iran as well.

The PMF emerged after 2014 and relied on some existing Iranian-backed armed groups in Iraq. It expanded in the war on ISIS.

Between 2017 and 2019, it was integrated as an official paramilitary force in Iraq, receiving state salaries and backing from Iraq’s Interior Ministry. The Interior Ministry in Iraq has been dominated by men linked to Badr, a pro-Iranian militia within the PMF. As such, Iran was basically trying to create a kind of IRGC for Iraq. The IRGC is the ideological armed forces within Iran, which are separate from the army.

Aoun has said that the PMF model is not what Lebanon wants. Hezbollah may be weakened, but it won’t become part of the Lebanese armed forces.

“Responding to speculation about future arrangements, Aoun ruled out the possibility of replicating Iraq’s Popular Mobilization Forces (PMF) model,” the New Arab noted.

Aoun’s response 

“We will not replicate the Popular Mobilization Forces’ experience in integrating Hezbollah into the army, nor will it be allowed to form an independent unit within the military…But Hezbollah members who meet military criteria can join the armed forces, as various [militias] did at the end of the [Lebanese] civil war,” Aoun said.

Aoun said that recent changes “facilitate the possibility of dialogue with Hezbollah…direct communication between the Lebanese presidency and Hezbollah […] was evident on the ground.” In essence, Aoun wants a state monopoly on weapons in Lebanon. This means not having Hezbollah have a parallel armed state within a state. Lebanon is trying to boost its forces in southern Lebanon to around 10,000 soldiers.

Iraq was apparently angered by Aoun’s suggestion that he didn’t want Lebanon to end up like Iraq. Iraq’s foreign ministry summoned the Lebanese ambassador in Baghdad, Ali Habhab.

Iraq’s Deputy Foreign Minister for Bilateral Relations, Mohammed Bahr Al-Uloom, met Habhab and expressed Baghdad’s complaints about the “inappropriate” remarks by Aoun.

The PMF is also non-plussed. “The PMF is an important part of Iraq’s official security and military structure…It is a government-sanctioned institution and should not be cited as an example in the context of Lebanon’s internal affairs, which do not concern Iraq,” an Iraqi official told the New Arab.

“The PMF is an essential part of Iraq’s security and military apparatus; it is a legal and governmental institution and an integral component of the Iraqi state,” said the Iraqi foreign ministry undersecretary for bilateral relations Mohammed Bahr al-Uloom, Rudaw news in Erbil reported.

“The comparison made by the Lebanese president was inappropriate,” said Bahr al-Uloom. “It would have been better not to involve Iraq in Lebanon’s internal affairs or to cite an official Iraqi institution in this context.”

Aoun’s comments “caused discomfort among Iraqis, particularly since Iraq has consistently stood by Lebanon during times of hardship.” Iraq wants Aoun to “rectify his statement in a manner that reinforces the fraternal relationship between the two countries and affirms mutual respect for each state’s sovereignty.”

END

SYRIA

IRAN/USA

Trump waved off planned Israeli attack on Iran to pursue negotiated nuclear deal — NYT

By Agencies and ToI Staff

US President Donald Trump, right, meets with Prime Minister Benjamin Netanyahu in the Oval Office of the White House in Washington, DC, on April 7, 2025. (SAUL LOEB / AFP)

US President Donald Trump waved off an Israeli attack on Iranian nuclear sites planned for next month in favor of negotiating a deal with Iran to limit its nuclear program, the New York Times reports, citing administration officials and others.

According to the newspaper, Trump informed Prime Minister Benjamin Netanyahu of his decision to not support such an attack amid the negotiations with Iran when the premier visited the White House earlier this month. During their meeting, Trump announced the United States would begin negotiations with Iran on a deal to prevent it from developing nuclear weapons.

The report says Trump decided not to back the Israeli attack plans, which would have required US military support to carry out, due to internal disagreements in the administration. It adds that Netanyahu was pushing for the attack to take place as soon as next month.

END

HOUTHIS

US Mulls Ground War In Yemen Via Mercenaries, Pro-Saudi Factions

Thursday, Apr 17, 2025 – 02:45 AM

Bloomberg reports Wednesday that the United States is currently in talks with Saudi-supported Yemeni forces (who have long fought the Houthi rebels) to cobble together a possible new land offensive to send against the Shia militant group which is allied to Iran.

“Yemeni forces opposed to the Houthis are in talks with the US and Gulf Arab allies about a possible land offensive to oust the militant group from the Red Sea coast, according to people involved in the discussions,” Bloomberg writes.

The report follows with, “The conversations come about a month into a US-led aerial assault against the Houthis ordered by President Donald Trump, an operation yet to achieve its aim of ending the Iran-backed group’s attacks on shipping in the Red Sea, a vital trade route, and Israel.”

And The Wall Street Journal first reported Monday that the US is considering a ground assault, given the Houthis have proven impossible to dislodge merely through airstrikes, which have been intense and ongoing since March 15.

The group in question is the Presidential Leadership Council (PLC) of former Yemeni President Abd-Rabbu Mansour Hadi. The PLC is the ‘internationally recognized’ government, but which is now based in Saudi Arabia (in exile), given the Houthis have de fact control over most of the country.

The Saudi-UAE-US coalition had already waged an aerial as well as proxy ground war from 2015 to 2022, which killed hundreds of thousand of people and blocked vital resources for the starved population, but the whole campaign did nothing to oust the Houthis – in fact quite the opposite as they became entrenched in the most important strategic sites.

The prior WSJ report mentioned that US mercenaries are already being used to coordinate with anti-Houthi factions on the ground:

Private American security contractors provided advice to the Yemeni factions on a potential ground operation, people involved in the planning said. The United Arab Emirates, which supports these factions, raised the plan with American officials in recent weeks, the U.S. and Yemeni officials said.

The U.S. is open to supporting a ground operation by local forces, the U.S. officials said, while noting that a decision on whether to back the effort hasn’t been made yet. The U.S. isn’t leading the talks for a ground operation, the officials added. The discussion involves empowering the local factions allied with the internationally recognized government in Yemen to take charge of the country’s security, they said. 

But again, this has been tried before and utterly failed. This time the Houthis are even more emboldened given they possess ballistic missiles and drones capable of reaching both Israel and US warships deep in the Red Sea.

And throw in private American contractors to the mix, attempting to do what the US-Saudi coalition in Yemen couldn’t accomplish for a half-decade, and you have a half-baked plan which is sure to be a mess, quagmire, and losing proposition.

The US should also look back on its experience in Afghanistan. But this is no doubt why it is mulling greater use of proxies and mercenaries, and not regular US forces. Even if committed to a ‘limited’ ground operation using proxies, there’s always the potential for serious escalation which leads to direct Pentagon boots on the ground. The whole Yemen campaign seems a ‘no win’ situation, and is ultimately to the greater benefit of Israel – and not necessarily Washington.

end

RUSSIA VS UKRAINE

Ukraine’s Parliament Votes To Prolong Martial Law Despite Trump Criticism

Thursday, Apr 17, 2025 – 04:15 AM

Ukraine’s parliament on Wednesday voted to extend martial law and military mobilization for another three months, in a nearly unanimous 357-1 vote which though fully expected, presents yet another obstacle for peace with Russia.

These wartime measures will continue until at least August 6, when another extension vote is likely. This means that there will be no efforts to organize a presential vote during that time, and that Zelensky’s mandate continues. Also, there can be no elections to parliament while the ruling is in effect. President Trump previously derided Zelensky as a “dictator without elections” – in a drastic break from the Biden presidency.

Ukraine’s constitution stipulates that elections cannot be held during martial law, which has remained highly controversial, given also both the Trump administration and the Kremlin have called for some kind of timeline for political transition.

Lawmaker Yaroslav Zheleznyak said the extension of martial law passed by a 357-1 vote, while a measure to maintain troop mobilization was approved 356-1. —Al Jazeera

The military mobilization aspect means what conscripts aged between 18 and 60 continue to be barred from leaving the country. Even though Ukrainian men can’t be drafted until they are 25 (a rarity among global militaries as this is a high ‘minimum’ age), the country is seeking to preserve future fighting forces.

For the domestic population, it remains the harsh conscription campaign that is most feared by families, as in some instances young men have been forcibly taken into military service while simply walking the streets or going to restaurants.

This latest parliament vote to extend these policies has been met with some visible pushback by a well-known former leader:

Former president Petro Poroshenko accused the government of rushing the extension through parliament, with almost one month left before the current martial law expires.

Martial law is “being used not only for the defense of the country, but also for the establishment of an authoritarian regime,” the opposition leader, who has been sanctioned by Zelensky, claimed on social media.

Martial law has been in effect since the very beginning of the Russian invasion of February 2022, and it’s increasingly being politically challenged both at home and abroad.

But during that time, Zelensky has effectively barred and rooted out nearly all opposition figures and parties in parliament, especially the ones seen as sympathetic to Russian-speakers.

And the longer the war drags on, the more desperate authorities will become to suppress dissenting voices while pushing polices which seek to rapidly replenish military ranks. But drastic change to an already controversial and strained system could destabilize the Zelensky government.

end 

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

ROBERT H …

Nicolas Hulscher, MPH on X: “BREAKING: Study Finds COVID-19 mRNA Booster Shots Decrease Pancreatic Cancer Survival by 50%  3+ mRNA doses increased overall death risk by 300% (HR 4.08)  Median survival: 10.3 mo (≥3 doses) vs. 20.8 mo (0–2 doses)  Based on 272 pancreatic cancer patients (2018–2023) https://t.co/co0iaq8LMN” / X

This is beyond crazy.

https://x.com/NicHulscher/status/1912300397752090811

END

By September we will have the cause of the rise of autism in children

(Robert Kennedy Jr)

“The Autism Epidemic Is Running Rampant” – RFK Jr Addresses Latest CDC Report Showing 1-In-20 Boys Diagnosed

Wednesday, Apr 16, 2025 – 04:20 PM

A report released by the U.S. Centers for Disease Control and Prevention on April 15 showed that 1 in 31 children in America has autism.

The figures, which mark another jump in a long line of increases, stem from the CDC’s latest Autism and Developmental Disabilities Monitoring (ADDM) Network survey published in the CDC’s Morbidity and Mortality Weekly Report.

The report prompted Health and Human Services Secretary Robert F. Kennedy Jr. to say that “the autism epidemic is running rampant.”

“That’s up significantly from two years earlier and nearly five times higher than when the CDC first started running autism surveys in children born in 1992,” Kennedy said in an April 15 statement.

“Prevalence for boys is an astounding 1 in 20 and in California, it’s 1 in 12.5.”

“We need to move away from this ideology that the prevalence of autism increases are simply from better diagnosis, better recognition, or changing diagnostic criteria,” RFK Jr began his address this morning.

“This epidemic denial has become a feature in the mainstream media, and it’s based on an industry canard.” 

“There are people who don’t want us to look at environmental exposures.” 

“Doctors and therapists in the past were not stupid.” 

“They weren’t missing all these cases.”

As Jeff Louderback reportsa for The Epoch Times, the previous ADDM report released in 2023 discovered that 1 in 36 8-year-old American children had autism in 2020. The April 15 survey reflects a 16.1 percent increase in two years.

The new ADDM report was conducted in 2022 across 16 sites in 14 states and surveyed 8-year-old children born in 2014.

The new autism prevalence is also 4.8 times higher than in the first ADDM survey 22 years ago, when 1 in 150 children had autism.

“The autism epidemic has now reached a scale unprecedented in human history because it affects the young,” Kennedy said in his April 15 statement.

“The risks and costs of this crisis are a thousand times more threatening to our country than COVID-19. Autism is preventable and it is unforgivable that we have not yet identified the underlying causes. We should have had these answers 20 years ago,” Kennedy added.

Autism Society of America spokeswoman Kristyn Roth told the Associated Press that more research is needed to find what causes autism, but she is alarmed about Kennedy’s approach.

“There is a deep concern that we are going backward and evaluating debunked theories,” Roth said.

Autism, or autism spectrum disorder (ASD), refers to a broad range of conditions characterized by challenges with social skills, repetitive behaviors, speech, and nonverbal communication, according to Autism Speaks.

“There are many different factors that have been identified that may make a child more likely to have ASD, including environmental, biologic, and genetic factors,” the HHS website reads.

The National Childhood Vaccine Injury Act of 1986 established the National Vaccine Injury Compensation Program (VICP), a no-fault system for compensating individuals injured by certain vaccines.

This eliminated the potential financial liability of vaccine manufacturers due to vaccine injury claims.

Robert F. Kennedy Jr. is sworn in as Secretary of Health and Human Services in the Oval Office in Washington on Feb. 13, 2025. Andrew Harnik/Getty Images

In the early 1990s, just 1 in 10,000 children were diagnosed with autism. In the first decade of this century, the estimate rose to 1 in 150. In 2018, it was 1 in 44 before reaching 1 in 36 in 2020.

Last December, President Donald Trump said that he would also give Kennedy the freedom to investigate the potential link between vaccines and autism.

“When you look at some of the problems, when you look at what’s going on with disease and sickness in our country, something’s wrong,” Trump said in December.

“I think somebody has to find out. If you go back 25 years ago, you had very little autism.”

Kennedy has said for years that autism is likely tied to childhood vaccines.

The NIH supports and funds research into autism, as well as potential new vaccines.

Kennedy told The Epoch Times in September that he would revamp the NIH to focus on the causes of autism, autoimmune diseases, and neurodevelopmental diseases instead of developing drugs and serving as an incubator for pharmaceutical products.

In February, after the Senate confirmed Kennedy as health secretary, Trump established the Make America Healthy Again Commission, which the White House stated would investigate the “root causes of America’s escalating health crisis.”

At Trump’s April 10 cabinet meeting, Kennedy announced that HHS has “launched a massive testing and research effort that’s going to involve hundreds of scientists from around the world” to determine what has caused autism rates to spike in recent years.

“By September, we will know what has caused the autism epidemic, and we’ll be able to eliminate those exposures,” he noted.

For parents and vaccine safety advocates such as Scott Shoemaker and MaryJo Perry, extensively studying potential links between childhood vaccines and autism is long overdue.

Shoemaker told The Epoch Times that his son was diagnosed with autism at the age of 15 months.

“The bottom line is we want the truth,” said Shoemaker, who is president of Health Freedom Ohio. 

“We want safe products for our kids. We don’t want big pharma to just say vaccines are safe and effective.”

According to Children’s Health Defense, there has not been a double-blind placebo-controlled safety study on infant vaccines.

“That needs to happen,” Perry told The Epoch Times. “There is no liability and no accountability for pharmaceutical companies. That needs to change.”

Perry, who is president of Mississippi Parents for Vaccine Rights, said that all vaccines should undergo extensive safety studies and results should be “accurate and transparent.”

“If it’s good and safe, parents will use it,” she said. “You won’t have to coerce parents if it’s good and safe.”

https://x.com/HTWardish/status/1912536525520187792?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1912536525520187792%7Ctwgr%5Ef5e512fde77b8e9752ab0b1093a8aa283aded6bb%7Ctwcon%5Es1_&ref_url=ht

END

CDC Advisers Consider Recommending Narrower Use Of COVID-19 Vaccines

Wednesday, Apr 16, 2025 – 06:25 PM

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

Advisers to the Centers for Disease Control and Prevention are considering advising the agency to narrow use of COVID-19 vaccines.

A majority of experts in a subgroup of the Advisory Committee on Immunization Practices (ACIP), which advises the CDC on vaccines, have determined that the COVID-19 vaccines should not be universally recommended, according to a presentation Dr. Lakshmi Panagiotakopoulos of the CDC delivered to the panel on April 15.

Seventy-six percent of the advisers in the subgroup studying the matter said they support a non-universal recommendation as of April 3.

That’s up from 67 percent in February.

Advisers who were polled said they would be comfortable with any non-universal recommendation, such as only recommending the vaccines for certain age groups.

“I’m very happy that we’re seriously considering a risk-based recommendation,” Dr. Jamie Loehr, an ACIP member, said during Tuesday’s meeting.

Loehr also said he was concerned that if a risk-based recommendation is implemented, it might send a message that COVID-19 is no longer dangerous, when it’s still causing hospitalizations and deaths.

Charlotte Moser, the consumer representative committee member, said she was also supportive of narrowing the recommendation. She said she was thinking that a narrower recommendation, though, should emphasize the importance of vaccinating young children.

Dr. Denise Jamieson, another member, said she did not think a narrower recommendation was wise. She noted that, according to an unpublished CDC analysis of medical claims, some three-quarters of U.S. adults have at least one condition, such as chronic liver disease, that puts them at higher risk of severe illness from COVID-19.

Loehr said that in his own practice, the percentage is much lower.

Advisers said they would be comfortable with any non-universal recommendation, such as only recommending the vaccines for certain age groups.

The CDC currently recommends all Americans aged 6 months and older receive one of the available COVID-19 vaccines, even if they have been vaccinated in the past.

ACIP merely provides advice to the CDC, but the agency typically turns the advice into official recommendations.

A formal ACIP vote on advice to the CDC on the next round of COVID-19 vaccines, or the 2025–2026 vaccines, is not expected to take place until June, according to the CDC.

In a separate presentation delivered during Tuesday’s meeting, data from CDC networks showed the effectiveness of the current round of vaccines provides a boost in protection against hospitalization that’s under 50 percent.

Ruth Link-Gelles, another CDC employee, who delivered the presentation, concluded that the vaccines “provided additional protection against COVID-19-associated emergency department and urgent care visits and hospitalizations compared to no 2024-2025 vaccine dose.”

The high level of existing immunity after COVID-19 infection may be affecting the effectiveness results, Link-Gelles said. Prior infection “contributes protection against future disease, though protection wanes over time,” she said.

About 22 percent of U.S. adults have received one of the 2024–2025 COVID-19 vaccines as of late March 2025, compared to 21 percent who received the vaccines available in 2023 and early 2024 through late March 2024, according to the CDC.

Hospitalizations with COVID-19 are down from the prior year, while hospitalizations with influenza are up from 2023–2024, according to a third presentation. Most of the people who were hospitalized with COVID-19 had not received one of the latest COVID-19 vaccines before being hospitalized.

end

Fwd: BOMBSHELL: Repeated mRNA COV-19 “Vaccination” Induces High IgG4 Levels That Promote Cancer Growth

Is this why ivermectin is so hard to obtain? 

Date: April 17, 2025 at 8:10:38 AM EDT

Subject: BOMBSHELL: Repeated mRNA COV-19 “Vaccination” Induces High IgG4 Levels That Promote Cancer Growth
Reply-To: 2nd Smartest Guy in the World from 2nd Smartest Guy in the World

<reply+2o64ud&184d63&&4fb8d98c239d9659d02cf9fca5b9ca8440cce9e7aa52dfa2e6310279574ffad7@mg1.substack.com>

Not only do the slow kill bioweapon “vaccines” genetically modify the recipients into walking spike protein factories with suppressed p53 tumor antigen protein responsible for keeping cancers at bay, but these poisonous injections also induce IgG4-related disease, which results in systemic inflammation.…a chronic inflammatory condition characterized by tissue infiltration with lymphocytes and IgG4-secreting plasma cells, various degrees of fibrosis (scarring)…It is a relapsing-remitting disease associated with a tendency to mass forming, tissue-destructive lesions in multiple sites, with a characteristic histopathological appearance in whichever site is involved. Inflammation and the deposition of connective tissue in affected anatomical sites can lead to organ dysfunction, organ failure, or even death if not treated.SourceThis IgG4 disease is the foundational component of VAIDS, and lays the groundwork for weakening the immune system such that it cannot combat the broad range of other “vaccine” induced symptoms like (SV40-promotor-sequence-induced) turbo cancers, prion-based diseases, and so on and so forth.And now we have more irrefutable evidence that this IgG4 condition is all too real in the “vaccinated;” to wit:URGENT! New Preprint just published, 15 Apr 2025, Japanese Scientists find repeated vaccination with mRNA COV-19 Vaccines induce high IgG4 levels, promoting cancer growth by suppressing cancer immunity and is associated with poor prognosis in Pancreatic Cancer Survival:“Repeated COVID-19 Vaccination as a Poor Prognostic Factor in Pancreatic Cancer: A Retrospective, Single-Center Cohort Study””We retrospectively examined the effect of vaccination on survival in 272 PC patients diagnosed at our hospital from Jan 2018 to Nov 2023 and analyzed prognostic factors, including IgG4 levels in 96 PC patients””Patient outcomes had improved each year by 2020; however, it began to deteriorate in 2021 and outcomes in 2022-2023 were significantly worse than those in 2018-2021″“The overall survival (OS) of PC patients was shortened in those vaccinated three times or more, and the total serum IgG4 levels increased with the number of vaccinations.“”Of note, OS was significantly shorter in the high IgG4 group, and Foxp3-positive cells in the tumor tissues were increased.”“Repeated vaccinations increased spike-specific IgG4 levels, and a positive correlation was observed between spike-specific IgG4 and total IgG4.””These findings highlight repeated vaccination as a poor prognostic factor in PC patients and suggest that IgG4 is induced by repeated vaccination and may be associated with a poor prognosis in these patients.”

MARK CRISPIN MILLER

In memory of those who “died suddenly” in the United States and worldwide, April 7-14, 2025

IN memory of those who “died suddenly” in the United States and worldwide, April 7-14, 2025

Actors Nicky Katt (Boston Public), Michael Haley; filmmakers Andrea Nevins, Greg Browning; model Lucy Markovic (27); composer William Finn; singer Alice Tan Ridley; rocker Marco Soccoli (Roxx); & more

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

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

UNITED STATES (132)

Nicky Katt, Actor in ‘Boston Public,’ ‘Dazed and Confused,’ Dies at 54

April 12, 2025

Nicky Katt, who played teacher Harry Senate on “Boston Public” after starting as a child actor and going on to play an assortment of tough guys in movies including “Dazed and Confused” and “Boiler Room,” has died. He was 54. His death was reported by his friends and by attorney John Sloss, and reportedly occurred on April 8 in Burbank [CA].

News from Underground by Mark Crispin Miller is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.

Upgrade to paid

No cause of death reported.

Link

Michael Haley, star of MTV superhero show The Maxx, dies at 67

April 8, 2025

Michael Haley, the actor who voiced the titular superhero on the gritty MTV animated series The Maxx, died Saturday morning following a “very abrupt battle with cancer.” He was 67. Haley later worked as a broadcast engineer for southern California’s PBS station, KCET, until 2015. He continued taking small acting roles until the end of his life. Haley’s final voice performance came in an episode of the horror-comedy audio series It Listens From the Radio, which Brendan Haley and his partner, Michael Varrati, worked on during the Covid-19 pandemic.

Researcher’s Note - Hollywood’s On-Set Vaccine [sic] Mandates to End on May 12, 2023: Link

Link

Andrea Nevins, Oscar-Nominated Documentarian, Dies at 63

April 14, 2025

Andrea Nevins, a documentary filmmaker who received an Oscar nomination for her uplifting 1997 short film Still Kicking, has died of breast cancer. She was 63. A writer, director and producer, Nevins died Saturday at her home in Los Angeles [CA] surrounded by her family and her dogs.

Link

Surf Filmmaker Greg Browning Passes Away After Battle With ALS

April 13, 2025

Greg Browning [50] has passed away. The beloved surf filmmaker and member of the Momentum Generation had been battling ALS since a diagnosis in 2023. As Browning told KCAL News last year, he first noticed something was wrong when he felt weakness in his left arm while paddling. Soon after, a surfing injury prompted a months-long investigation into the cause. Finally, Browning was diagnosed with ALS and told he most likely had three to five years to live.

Link

Top model Lucy Markovic has passed away

April 11, 2025

New York City, NY – Top model Lucy Markovic (27) has passed away after a difficult battle with a rare brain disease. The successful catwalk beauty graced the runways of the international fashion world, including for luxury brands Givenchy and Versace. The model was born in Australia. The agency Elite Model Management announced Lucy’s death in a moving Instagram post on Friday, April 11. The former “Australian’s Next Top Model” finalist died of an arteriovenous malformation (AVM) in the brain – a condition in which blood vessels deform and arteries are directly connected to veins. The model had been battling the rare disease for four years.

Link

William Finn, Tony Award-Winning Writer of ‘Falsettos,’ Dies at 73

April 8, 2025

William “Bill” Finn, the Tony Award-winning writer and composer of Falsettos, has died, his literary agent, Ron Gwiazda, told The Hollywood Reporter. He was 73. The cause of death was not immediately available.

Link

Alice Tan Ridley, New York City Subway Sensation Turned Recording Artist, Dies at 72

April 9, 2025

Alice Tan Ridley, who spent three decades entertaining subway riders in New York City as a gospel and R&B singer before wowing viewers on NBC’s America’s Got Talent and releasing her first studio album when she was 63, has died. She was 72. Ridley died March 25 in New York, her family announced . Survivors include her daughter, Oscar-nominated actress Gabourey Sidibe (Precious).

No cause of death reported.

Link

Roxx Drummer And Industry Legend Marco Soccoli Has Passed Away; Artists Pay Tribute

April 14, 2025

Marco Soccoli [62], who was the drummer for New York City glam rock band Roxx, has passed away. Although details on his passing have yet to be revealed, artist including Styx drummer Todd Sucherman, Shadows Fall/Category 7 drummer Jason Bittner, and Bobby Jarzombek (George Strait, Sebastian Bach, Fates Warning, Halford, etc.) have paid tribute. Said Todd Sucherman: “So saddened to hear of the sudden loss of drum industry legend, Marco Soccoli.”

Researcher’s Note – NYC Private Sector Vaccine [sic] Mandate Will End Nov. 1, 2022: Link

No cause of death reported.

Link

Los Angeles DJ, Jed ‘The Fish’ Gould, Dead at 69

April 14, 2025

Well known Los Angeles [CA] DJ Jed “The Fish” Gould has died. The 69-year-old spent the majority of his radio career at KROQ-FM. According to Variety, Gould died after being diagnosed with lung cancer, which was relatively recent. The news of his death was confirmed on Instagram on April 14. “At 6am on April 14, 2025, the world lost one its most unique and brilliant personalities,” a post uploaded to Gould’s account read. “

Link

Former Patriots TE Don Hasselbeck dies of cardiac arrest at 70

April 14, 2025

Former NFL tight end Don Hasselbeck died of a heart attack Monday, his son, Matt Hasselbeck, announced on social media. Don Hasselbeck was 70. “It is with deep sorrow that we share the passing of our father, Don Hasselbeck,” Matt Hasselbeck wrote. “We want to thank our parents’ neighbors and all the medical professionals who came to his aid.”

Link

Kyren Lacy, former LSU star wide receiver and NFL hopeful, dead at 24

April 13, 2025

Kyren Lacy, a former LSU star wide receiver and once a highly touted NFL prospect, was found dead in Houston on Sunday. He was 24. An LSU official confirmed Lacy’s death to Fox News Digital. No cause of death was announced. Lacy was under investigation in Louisiana in connection with a crash in December that left a 78-year-old man dead, officials said in January. He was accused of driving recklessly – speeding and passing in a no-passing zone – when the motorist swerved to avoid Lacy and crashed into another vehicle. The football player, who graduated in December, fled the scene of the crash without calling for aid, Louisiana State Police said. An arrest warrant was obtained for Lacy for negligent homicide, felony hit-and-run and reckless operation of a vehicle.

Link

Nick Gage Mourns Loss Of Partner Sondra Culbertson

April 10, 2025

GameChanger Wrestling has announced the passing of Nick Gage’s partner, Sondra Culbertson, at the age of 43. Sondra was featured in a ‘Dark Side Of The Ring‘ episode about Gage.

No cause of death reported.

Link

Former Oklahoma quarterback Patrick Fletcher dies

April 9, 2025

Former University of Oklahoma quarterback Patrick Fletcher [47] passed away on Monday, according to his former head coach Bob Stoops. Fletcher was a member of the 2000 national championship team at Oklahoma. “Heartbreaking news today, we lost Patrick Fletcher last night,” former OU coach Bob Stoops wrote on X.

No cause of death reported.

Link

Former Penguins GM Ray Shero Dies at 62

April 9, 2025

Former Pittsburgh Penguins general manager Ray Shero has died at age 62. His cause of death was not announced, but is it believed that he had been undergoing treatments for an aggressive form of cancer. For the past four years, he had been serving as a senior advisor to Minnesota GM Bill Guerin.

Researcher’s Note – NHL to require vaccines [sic] for players, hockey operations staff: Link

Link

P.J. Blue, Ex-Louisville Linebacker, Dead At 27

April 8, 2025

Former Louisville linebacker P.J. Blue – who was teammates with Lamar Jackson on the Cardinals – has died at 27 years old, the school announced Tuesday. The cause of death was not made immediately available.

Link

Pam Martin-Wells, Pioneering Female Bass Fishing Icon, Passes Away

April 11, 2025

DR PAUL ALEXANDER

SLAY NEWS

NEWS ADDICTS

———-

EVOL NEWS

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

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

KEVIN W….

US issues new sanctions targeting Chinese importers of Iranian oil

What could be retaliatory actions by China?

Dumping UST comes to mind.

8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES/

CANADA

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

EURO/USA: 1.1362 DOWN 0.0033 PTS OR 33 BASIS POINTS

USA/ YEN 142.51 UP 0.693 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 1.3232 DOWN .0007 OR 7 BASIS PTS

USA/CAN DOLLAR:  1.3898 UP 0.0039 (CDN DOLLAR DOWN 39 BASIS PTS)

 Last night Shanghai COMPOSITE CLOSED UP 4.57 PTS OR 0.35%

 Hang Seng CLOSED UP 338.16 PTS OR 1.61%

AUSTRALIA CLOSED UP 0.70%

 // EUROPEAN BOURSE:     ALL RED

Trading from Europe and ASIA

I) EUROPEAN BOURSES:  ALL RED

2/ CHINESE BOURSES / :Hang SENG CLOSED UP 338.16 PTS OR 1.61%

/SHANGHAI CLOSED UP 4.34 PTS OR 0.13%

AUSTRALIA BOURSE CLOSED UP 0.70%

(Nikkei (Japan) CLOSED UP 457.20 PTS OR 1.35%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 3323.80

silver:$32.33

USA dollar index early THURSDAY  morning: 99.31 UP 15 BASIS POINTS FROM TUESDAY’s CLOSE.

THURSDAY  MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing THURSDAY NUMBERS 1: 30 AM

Portuguese 10 year bond yield: 3.047 % DOWN 5 in basis point(s) yield

JAPANESE BOND YIELD: +1.322% UP 5 FULL POINTS AND 0/100  BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.169 DOWN 4 in basis points yield

ITALIAN 10 YR BOND YIELD 3.644 DOWN 5 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.4665 DOWN 4 BASIS PTS

IMPORTANT CURRENCY CLOSES :  MID DAY THURSDAY

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

Euro/USA 1.1365 DOWN .0032 OR 32 basis points

USA/Japan: 142.17 UP 0.253 OR YEN IS DOWN 25 BASIS PTS//

Great Britain 10 YR RATE 4.615 DOWN 5 BASIS POINTS //

Canadian dollar DOWN 0.0008 OR 8 BASIS pts  to 1.3867

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan 7.2994,  CNY ON SHORE ..CHINA MUST DEVALUE TO GOLD  

THE USA/YUAN OFFSHORE DOWN TO 7.2998: YUAN HIGHER   

TURKISH LIRA:  38.09 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//

the 10 yr Japanese bond yield  at +1.322

Your closing 10 yr US bond yield DOWN 3 in basis points from WEDNESDAY at  4.280% //trading well ABOVE the resistance level of 2.27-2.32%)

 USA 30 yr bond yield  4,762 DOWN 2 in basis points  /11:00 AM

USA 2 YR BOND YIELD: 3.771 DOWN 2 BASIS PTS.

GOLD AT 11;00 AM 3330.00

SILVER AT 11;00: 32.59

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

London: CLOSED UP 0.06 PTS OR 0.00%

GERMAN DAX:DOWN 145.16 PTS OR 0.49%

Paris CAC CLOSED DOWN 44.11 or 0.60%

Spain IBEX CLOSED DOWN 24.10 PTS OR 0.14%

Italian MIB: CLOSED DOWN 87.14 PTS OR 0.24%

WTI Oil price  63.38 11 EST/

Brent Oil:  66.43 11:00 EST

USA /RUSSIAN ROUBLE ///   AT:  82.00 ROUBLE UP 0 AND  99/ 100      

GERMAN 10 YR BOND YIELD; +2.4665 DOWN 4 BASIS PTS.

UK 10 YR YIELD: 4.6125 DOWN 4 BASIS POINTS

CDN 10 YEAR RATE: 3.107 DOWN 4 BASIS PTS.

CDN 5 YEAR RATE: 2.720 DOWN 2 BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA 1.1374 DOWN 0.0021 OR 21 BASIS POINTS//

British Pound: 1.3267 UP .0035 OR 35 basis pts/HEADING FOR PARITY /USA

BRITISH 10 YR GILT BOND YIELD:  4.517 DOWN 9 FULL BASIS PTS//

JAPAN 10 YR YIELD: 1.318

USA dollar vs Japanese Yen: 142.41 UP 0.482 BASIS PTS

USA dollar vs Canadian dollar: 1.3842 DOWN 0.0017 BASIS PTS CDN DOLLAR UP 17 BASIS PTS

West Texas intermediate oil: 64.38

Brent OIL:  67.62

USA 10 yr bond yield UP 5 BASIS pts to 4.329

USA 30 yr bond yield UP 6 BASIS PTS to 4.809%

USA 2 YR BOND: UP 3 PTS AT  3.800%

CDN 10 YR RATE 3.159 UP 6 BASIS PTS

CDN 5 YEAR RATE: 2.756 UP 4 BASIS PTS

USA dollar index: 99.13 DOWN 2 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 38.03 GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE:  82.17 UP 0 AND  82/100 roubles

GOLD  3319.30 (3:30 PM)

SILVER: 32.41(3:30 PM)

DOW JONES INDUSTRIAL AVERAGE: DOWN 522.90 OR 1.32%

NASDAQ 100 UP 1.47 PTS OR 0.01%

VOLATILITY INDEX: 30.20 DOWN 2.44 PTS OR 7.44%

GLD: $ 306.12 DOWN 1.35 PTS OR 0.44%

SLV/ $29.55 DOWN 0.21 PTS OR OR 0.71%

TORONTO STOCK INDEX// TSX INDEX: CLOSED UP 86.02 OR 0.036%

end

TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS

Oil & Gold Soared This Week As Dollar’s Demise Continued; Mega-Cap Tech Wrecked

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

MIDDAY NEWS

USA DATA

What Imminent Recession? Initial Jobless Unchanged Since Nov 2021

Thursday, Apr 17, 2025 – 08:57 AM

Another week, another bulletproof jobless claims print…

Just 221k Americans filed for jobless claims for the first time last week – a number that is the same level as it was in November of 2021…

Source: Bloomberg

Continuing Claims rose last week but remain in the same range as they have been in for the last year…

Source: Bloomberg

Initial Claims in the ‘Deep TriState’ fell last week…

But, Continuing Claims in the ‘Deep TriState’ are rising…

Virginia is starting to feel the DOGE pain…

So, while the ‘Deep TriState’ is starting to see some jobs lost, the rest of the nation continues to show absolutely no signs at all of this imminent recession that CEOs and talking heads keep proclaiming is right around the corner.

Perhaps it is simply jawboning to keep the pressure on Trump to reverse his actions – and keep the pressure on the market to go down – when they all realistically know the Trump plan is to negotiate these terrifying tariff levels back to some normalization that levels the playing field for ‘Murica?

Or are these CEOs simply asleep at the wheel – if you were the most terrified since Lehman… wouldn’t you be firing people?

end

US Housing Starts Plunged Most Since COVID In March

Thursday, Apr 17, 2025 – 08:48 AM

With homebuilder confidence languishing near COVID lockdown lows…

…and mortgage rates rebounding higher – it should be no surprise that Housing Starts were expected to decline in March. However, the scale of the drop is dramatic, tumbling 11.4% MoM (vs -5.4% exp).

The monthly swings in Housing Starts recently have been wild to say the least. Building Permits rose 1.6% MoM (better than expected)…

Source: Bloomberg

On a SAAR basis,. Housing Starts are back near COVID lockdown lows…

Source: Bloomberg

The plunge in Housing Starts was dominated by a 14.2% MoM collapse in single-family home starts – the biggest drop since April 2020….

Source: Bloomberg

The more forward looking Building Permits continue to (roughly) track Fed rate cut expectations…

Prices have come off their peak somewhat as builders deploy incentives to try to clear excess inventory, which still stands at the highest since 2007. 

That’s also prompting builders to slow down on projects, with the number of single-family homes under construction falling to the lowest level in four years, continuing a steady decline back to mid-2022.

Will Fed rate cuts even help at this point?

end

Looks like we are heading for stagflation!

(zerohedge)

Philly Fed Surveys Screams Stagflation As ‘Soft’ Data Slump Continues

Thursday, Apr 17, 2025 – 09:23 AM

Another day, another sentiment survey collapsing into the abyss of Trump-Tariff-driven hell…

The Philly Fed Manufacturing Business Outlook survey crashed from +12.5 to -26.4 in April (+2.2 exp) – its weakest in two years. However, quietly, the 6-month forward outlook remained positive and actually improved…

The index for new orders also fell sharply, from 8.7 in March to -34.2 this month, its lowest reading since April 2020, and the prices paid index edged up from 48.3 to 51.0, its highest reading since July 2022

Smells a little stagflationary to us.

The future prices paid index climbed to 63.1, and the future prices received index jumped 28 points to 67.7, its highest reading since June 2021.

Finally, the gap between strengthening ‘hard’ data and collapsing ‘soft’ data continues to grow…

Will this be a replay of Q2 2024 – when the hard data ‘caught down’ to soft data? Or Q3 2023 where the sentiment surveys snapped higher as the hard data refused to fold?

USA ECONOMIC NEW

Trump will not renew Powell’s term at the Fed

(zerohedge)

“Termination Cannot Come Fast Enough!” – Trump Pummels “Always Too Late & Wrong” Powell

by Tyler Durden

Thursday, Apr 17, 2025 – 08:26 AM

As US equity markets continue to fall – and recession calls mount from establishment elites, despite strong ‘hard’ data’ – President Trump lashed out at Fed Chair Powell via TruthSocial this morning exclaiming that Powell’s termination from his position can’t come quickly enough, arguing that the US central bank should have lowered interest rates already this year, and in any case should do so now.

The ECB is expected to cut interest rates for the 7th time, and yet, “Too Late” Jerome Powell of the Fed, who is always TOO LATE AND WRONG, yesterday issued a report which was another, and typical, complete “mess!”

Oil prices are down, groceries (even eggs!) are down, and the USA is getting RICH ON TARIFFS. 

Too Late should have lowered Interest Rates, like the ECB, long ago, but he should certainly lower them now. 

Powell’s termination cannot come fast enough!

In a news conference in November, Powell was asked whether he would step down if Trump asked him to resign. 

Powell gave an unusually blunt answer: “No.”

He later added that the removal or demotion of top Fed officials was “not permitted under the law.”

We suspect some of Trump’s frustration comes from the fact that China’s PBOC is doing ‘whatever it takes’ to prop up their economy/market (take your pick)…

Furthermore, Trump does have grounds for thinking that the so-called ‘Independent’ Fed is far from it following the comments from Bill Dudley in 2019…

One more thing – for mathematically gifted among you – why did The Fed slash rates by 50bps just ahead of the election when financial conditions were already ‘easy’ but refuses to do so now that financial conditions are drastically tighter?

However, Trump’s ability to remove top officials at agencies that had long been viewed as having a measure of independence from the White House has come into acute focus in recent months, after the administration dismissed senior officials at the Federal Trade Commission, the National Labor Relations Board and Merit Systems Protection Board.

As Bloomberg reports, the firings are the most direct challenge yet to a 1935 Supreme Court decision that paved the way for agency independence. 

Powell made reference Wednesday to a current Supreme Court case with regard to the removal of the NLRB and MSPB officials.

“There’s a Supreme Court case. People will have read probably” about it, Powell said in answering questions at the Economic Club of Chicago. 

“That’s a case that people are talking about a lot. I don’t think that decision will apply to the Fed but I don’t know,” he said.

“It’s a situation that we’re monitoring carefully.”

Powell’s term as chair runs into May 2026, while his term as a governor lasts until February 2028.

END

Leaked White House Document Reveals Monster Budget Cut Proposal For Federal Health Agencies

Thursday, Apr 17, 2025 – 10:45 AM

The Trump administration could slash roughly one-third of the federal government’s bloated health budget, a leaked White House proposal shows. The plan, first reported by the Washington Post and detailed in documents acquired by CNN, calls for slashing “tens of billions of dollars” annually, targeting a host of programs across multiple agencies.

The proposal, already sent to the Department of Health and Human Services (HHS), aligns with HHS Secretary Robert F. Kennedy Jr.’s “Make America Healthy Again” initiative and tech titan Elon Musk’s Department of Government Efficiency, sources say.

The proposal, part of President Donald Trump’s broader push to curb government waste, would eliminate billions in annual spending and reign in a sprawling bureaucracy that employs 82,000 workers across 10 regional offices, with average salaries of $100,000 plus generous benefits.

CNN reports:

The plan calls for steep cuts to the Centers for Disease Control and Prevention, which would see its budget reduced by more than 40% under the administration’s proposal.

It also eliminates CDC’s global health center and programs focused on chronic disease prevention, and domestic HIV/AIDS prevention. While some of the agency’s work would be moved into new AHA centers, programs on gun violence, injury prevention, youth violence prevention, drowning, minority health and others would be eliminated entirely.

The preliminary plan would slash the National Institutes of Health’s budget by more than 40% and reduce its 27 research institutes and centers down to just eight.

This month, HHS launched its initial wave of layoffs, with 10,000 employees slated for termination in the coming weeks.

“The COVID-19 pandemic is over, and HHS will no longer waste billions of taxpayer dollars responding to a non-existent pandemic that Americans moved on from years ago. HHS is prioritizing funding projects that will deliver on President Trump’s mandate to address our chronic disease epidemic and Make America Healthy Again,” the agency said in a statement at the time of the first cuts.

The annual budget of the HHS is a staggering $1.8 trillion.

As we previously noted, the agency was infamously implicated in funding controversial gain-of-function research through EcoHealth Alliance through Dr. Anthony Fauci’s NIAID. These efforts, tied to the Wuhan Level 4 Virology Lab in China – widely considered COVID-19’s ground zero – allegedly produced human-transmissible coronaviruses, sparking a deadly pandemic and draconian lockdowns around the world. How could we forget?

END

Powell’s Chicago Speech Shows He’s Guessing Again…

by Tyler Durden

Thursday, Apr 17, 2025 – 01:20 PM

Submitted by “Hyper Pi”,

Yesterday at the Economic Club of Chicago, Jerome Powell doubled down on his tariff-pocalypse fetish, warning that Trump’s trade levies could spark “higher inflation and slower growth.” 

Sound familiar? 

In 2021, he called 9.1% inflation “transitory” while M2 money supply exploded 42%. 

That delusion triggered a market rout and crushed Main Street. 

Now, Powell’s playing Nostradamus again, fixating on hypothetical tariff shocks while ignoring deflationary red flags like $60/barrel oil prices. 

The Fed’s job isn’t to predict trade wars – it’s to react to data. Powell’s flunking that test, again. 

Powell’s April 16 speech hyped Trump’s 10-25% tariff proposals as a looming inflation bomb, claiming they’re “larger than anticipated” and could derail the Fed’s 2% target. 

Sure, tariffs might bump some prices, but Powell’s acting like they’re the whole story. 

Meanwhile, West Texas Intermediate crude is at $60 – multi-year lows – slashing transport and production costs. 

That’s a deflationary sledgehammer, yet Powell barely nods at it. 

The data screams caution, not panic. 

Consumer confidence cratered to January 2021 lows in March 2025. Small-business uncertainty spiked to near-record highs in February. 

First-quarter GDP growth is slowing, with consumer spending “modest” despite car sales. 

These are signs of an economy wheezing, not overheating. 

Yet Powell’s 4.3% interest rates, frozen since mid-2024, are squeezing harder than a bear market vise. 

Trump’s Truth Social rants for rate cuts might be brash, but they’re not wrong. 

Powell’s tariff obsession mirrors his 2021 blunder: betting on guesses over facts.

Back then, he ignored money supply and CPI spikes. 

Now, he’s blind to oil prices and softening demand, chasing trade-war ghosts. 

The Fed has tools—producer price indices, commodity trackers—to spot real inflation. 

If tariffs bite, hike rates then. 

Preemptively choking growth on “what-ifs” is malpractice. 

History honors Fed chairs who act, not prophesize. 

Volcker smashed 1980s inflation by reading the data, not tea leaves. 

Powell’s stuck in model-land, leaving markets jittery—S&P 500 dropped 2% post- speech—and Main Street exposed. 

Oil’s at $60, confidence is tanking, and Powell’s still dreaming of tariff-driven doom. 

Ditch the guesses and drive the damn car.

END

VICTOR DAVIS HANSON

USA/ANTISEMITISM//HAMAS// REPORT

KING NEWS

SWAMP STORIES FOR YOU TONIGHT

MAINE

about time

AG Bondi Announces Lawsuit Against Maine Over Trans Boys In Girls’ Sports

Thursday, Apr 17, 2025 – 09:40 AM

Authored by Aaron Gifford via The Epoch Times (emphasis ours),

The Department of Justice is seeking a federal court injunction requiring Pine Tree State schools to immediately stop transgender boys from competing in girls’ sports and return all athletic records and titles to their rightful female owners.

The federal agency will also consider retroactively pulling funding from school districts that have not complied with Title IX regulations in the past, Attorney General Pam Bondi said during an April 16 news conference in Washington.

“Pretty basic stuff,” she said. “This is about women’s sports. This is also about young women’s personal safety.”

Bondi was flanked by Education Secretary Linda McMahon and Maine Assemblywoman Laurel Libby, who was censured by her state’s Democrat-led state legislature for posting photos and the identity of a male transgender athlete from Greely High School who won an indoor track state pole vaulting title this year.

Maine high school athletes who competed against transgender males also appeared on stage, along with Riley Gaines, a former NCAA swimmer who brought this debate to the national stage after losing the championship to a transgender male who had competed in the men’s division until his senior year.

Bondi said a Maine transgender male also won a cross-country state title last fall in the girls’ division and placed at state-level skiing competitions this past winter.

“That took away a spot from young women in women’s sports,” Bondi said. “Shame on him.”

Bondi did not disclose where this federal lawsuit was filed.

In a separate court case related to the same debate, a judge ordered the federal government to unfreeze Department of Agriculture funding to schools.

President Donald Trump previously issued executive orders clarifying Title IX and prohibiting males from competing in women’s sports. The NCAA has already complied, and Republican House members are working on a bill to codify that regulation.

Maine’s attorney general has already informed Bondi that his state has no intention of complying with the order. School district superintendents told their communities that until directed otherwise, they are expected to comply with state laws that are contrary to Trump’s executive order.

Trump publicly sparred with Maine Gov. Janet Mills at a governor’s workshop on Capitol Hill in February, warning her that he would pull funding if she continued to defy his executive order.

At the state level, the Greely High School community has shown public support for all transgender athletes, including their state champion pole vaulter, criticizing Trump and the NCAA for its compliance. But Libby has also received plenty of support via her social media presence and continues to state that most Mainers do not support men competing as women in their state.

“Maine Democrats have doubled down on their far-left agenda, and now our students and families stand poised to lose hundreds of millions in federal funding,” Libby said in a statement provided to The Epoch Times.

“Their radical gender ideology is endangering the continued existence of women’s sports and penalizing Maine students against the will of Maine citizens.”

Mills issued a statement after Bondi’s news conference, saying that Trump and the Department of Justice’s actions are politically motivated.

“As I have said previously, this is not just about who can compete on the athletic field, this is about whether a President can force compliance with his will, without regard for the rule of law that governs our nation. I believe he cannot,” the governor said.

END

Human Trafficking Too? Biden Admin Flagged Deported El Salvadoran As ‘Suspect Alien’

Thursday, Apr 17, 2025 – 12:20 PM

As Democrats work themselves into hysterics over Kilmar Abrego Garcia, a now-deported El Salvadoran man (aka, ‘Maryland Man’) at the center of an intense court battle, several new details about ‘St. Abrego’ have surfaced in the last several days – most recently that the Biden administration flagged him as a ‘suspect alien’ who was potentially involved in “human smuggling/trafficking” following a traffic stop hundreds of miles away from his Maryland home, according to DHS records reviewed by Just the News.

And while it should come as no surprise that the Biden administration did not follow up (or at least the records don’t indicate whether they did), here’s what we know:

Abrego Garcia was pulled over in November 2022 by a Tennessee state trooper for driving an SUV full of people erratically and speeding.

“Subject was observed speeding and unable to maintain its lane, and was subsequently pulled over,” reads one entry. “Encountering officer decided not to cite the subject for driving infractions but gave him a warning citation for driving with an expired driver’s license,” the memo continues. Of note, Maryland issues driver’s licenses to illegal aliens.

According to the report, the trooper believed human trafficking was involved according to a DHS summary recorded on Dec. 6, 2022. 

“During the interview, subject pretended to speak less English than he was capable of and attempted to put encountering officer off-track by responding to questions with questions,” reads the summary. “When asked what relationship he had with the registered owner of the vehicle, subject replied the owner of the vehicle is his boss, and that his work is in construction.”

“There was no luggage in the vehicle, leading the encountering officer to suspect this was a human trafficking incident,” the report continues.

The incident was filed in DHS’s system as “human smuggling/trafficking” according to the memos.

There is no record showing whether the Biden’s DHS ever followed up on enforcing the matter. 

The initial review determined that Abrego Garcia was a “suspect alien” and referred his matter for review to “passport control,” the records show. Three weeks later on Dec. 27, 2022, Homeland updated its record to urge all personnel who encountered Abrego Garcia in the future to “escort to secondary,” a term referring to the investigative procedures used when someone suspected of wrongdoing is encountered at a port of entry or by border patrol agents. -Just the News

This is just the latest tidbit on Abrego Garcia, the left’s new George Floyd.

Domestic Violence, MS-13 Ties

On Wednesday, DHS released a court filing revealing that Abrego Garcia’s wife sought a restraining order for domestic violence a year before the traffic stop.

In May 2021, a document signed by a judge described allegations of a “violent encounter.” The case was eventually dismissed when his wife, Jennifer Vasquez, failed to appear for a final court hearing in June 2021.

“Just this morning, it was revealed through Maryland court documents that Abrego Garcia’s wife petitioned for an order of protection against him for two instances of domestic violence in May of 2021,” said White House Press Secretary Karoline Leavitt on Wednesday. “The court ordered that ‘the respondent committed the following acts of abuse. Once, in May of 2021, assault in any degree….’” she added. “On May 4th of 2021, he punched and scratched his wife, ripped off her shirt, and grabbed and bruised her.”

“This is from a court in Maryland,” Leavitt continued. “So not only are Democrats rushing to defend an illegal criminal foreign terrorist gang member, but also an apparent woman-beater.”

Of course, Vasquez has now changed her tune – claiming she filed the restraining order “out of an abundance of caution…”

https://x.com/ByronYork/status/1912830484511416716?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1912830484511416716%7Ctwgr%5E1efaec4bb868206a7e41e7e17907758140a05642%7Ctwcon%5Es1_&ref_url=https%3

Kinda like why he was deported?

Meanwhile, Leavitt noted that “When Gilmar Abrego Garcia was originally arrested, he was wearing a sweatshirt with rolls of money covering the ears, mouth, and eyes of presidents on various currency denominations,” adding “This is a known MS-13 gang symbol of ‘Hear no evil. Speak no evil. See no evil.’”

“He was also arrested with two other well-known members of the vicious MS-13 gang,” she continued.

Leavitt went on to point out that not one, but two separate judges confirmed Abrego Garcia’s affiliation with MS-13 — a finding that has never been disputed. But the gang ties are just the beginning. “Just this morning, it was revealed through Maryland court documents that Abrego Garcia’s wife petitioned for an order of protection against him for two instances of domestic violence in May of 2021,” she told reporters. –PJ Media

And so…

GREG HUNTER

WISHING YOU ALL A WONDERFUL EASTER HOLIDAY WEEKEND

I WILL SEE YOU ON MONDAY

H