GOLD CLOSED DOWN $7.75 TO $3,406.75

SILVER CLOSED UP $0.30 TO $32.90

 GOLD ACCESS CLOSED 3420.70

Silver ACCESS CLOSED: $32.72

Bitcoin morning price:$88,423 UP 1128 DOLLARS.

Bitcoin: afternoon price: $91,650 UP 4355 DOLLARS

Platinum price closing DOWN $3.25 TO $962.90

Palladium price; UP $1.45 TO $939.05

END

*CANADIAN GOLD: $4663.54 DOWN 75.30 CDN dollars per oz( * NEW ALL TIME HIGH $4735.70 CDN DOLLARS PER OZ//APRIL 21 2025)

*BRITISH GOLD: 2529.10 DOWN 37.35 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING//2,559.38 BRITISH POUNDS/OZ) APRIL 21/2025

*EURO GOLD: 2,952.25 DOWN 30.35 Euros per oz //* (ALL TIME CLOSING HIGH: 2,973.82 EUROS PER OZ/ APRIL 21 //2025)

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EXCHANGE: COMEX

EXCHANGE: COMEX
CONTRACT: APRIL 2025 COMEX 100 GOLD FUTURES
SETTLEMENT: 3,406.200000000 USD
INTENT DATE: 04/21/2025 DELIVERY DATE: 04/23/2025
FIRM ORG FIRM NAME ISSUED STOPPED

323 C HSBC 2
363 H WELLS FARGO SECURITI 48
435 H SCOTIA CAPITAL (USA) 96
624 H BOFA SECURITIES 80
661 C JP MORGAN SECURITIES 8
686 C STONEX FINANCIAL INC 13 5
690 C ABN AMRO CLR USA LLC 1
709 C BARCLAYS 25
737 C ADVANTAGE FUTURES 2 1
905 C ADM 9

TOTAL: 145 145
MONTH TO DATE: 63,641

jpmorgan stopped: 0/145

GOLD: NUMBER OF NOTICES FILED FOR APRIL/2024. CONTRACT: 145 NOTICES FOR 14500 OZ  0.4510 TONNES

total notices so far: 63,641 contracts for 6,364,100 OR 197.950 tonnes)

FOR APRIL

XXXXXXXXXXXXXXXXXX

SILVER NOTICES: 45 NOTICE(S) FILED FOR 0.225 MILLION OZ/

total number of notices filed so far this month : 3097 CONTRACTS (NOTICES) for 15.485 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 $7.75 INVESTORS SWITCHING TO SPROTT PHYSICAL  (PHYS) INSTEAD OF THE FRAUDULENT GLD:

HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A MASSIVE DEPOSIT OF 6.89 TONNES OUT OF THE GLD

INVENTORY RESTS AT 953.971 TONNES

SLV/

WITH NO SILVER AROUND AND SILVER UP $0.30 AT THE SLV: NO CHANGES IN SILVER INVENTORY AT THE SLV: ////

CLOSING INVENTORY RESTS AT:

CLOSING INVENTORY: 453.971 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI ROSE BY A MEGA HUGE SIZED 2051 CONTRACTS TO 144,437 AND CONTINUING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS HUGE SIZED GAIN IN COMEX OI WAS ACCOMPLISHED WITH OUR SMALL GAIN OF $0.15 IN SILVER PRICING AT THE COMEX WITH RESPECT TO MONDAY’S TRADING.  WE HAD A HUGE SIZED GAIN OF 2256 TOTAL CONTRACTS AS THE CME NOTIFIED US OF A FAIR 205 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD A CONSIDERABLE LIQUIDATION OF T.A.S. CONTRACTS COMEX TRADING MONDAY AS THEY DESPERATELY AGAIN TRIED TO CONTAIN SILVER’S PRICE RISE FOR THE PAST 4 WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $34.40 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY FAILED ON MONDAY WITH SILVER’S GAIN IN PRICE BUT THE PRICE IS STILL WELL BELOW THE MAGIC NUMBER OF $34.40 SILVER SPOT PRICE. . BUT THIS WAS COUPLED WITH A HUGE T.A.S. ISSUANCE OF 962 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 FAIR 205 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR HUGE 962 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN MONDAY/TUESDAY’S TRADING/ AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE. IN ESSENCE WE GAINED A HUGE SIZED 2256 CONTRACTS ON OUR TWO EXCHANGES DESPITE OUR SMALL GAIN IN PRICE OF $0.15. 

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 ESPECIALLY SILVER 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 MONDAY NIGHT/TUESDAY MORNING: A HUGE 962 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  $0.15) AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SILVER LONGS FROM THEIR PERCH AS DESPITE HAVING A SMALL GAIN IN PRICE, WE GAINED A MEGA HUGE 2256 CONTRACTS IN OPEN INTEREST FROM OUR TWO EXCHANGES.

WE HAD A FAIR 205 CONTRACT ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN  INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 13.735 MILLION OZ FOLLOWED BY TODAY’S 30,000 OZ EFP TRANSFER TO LONDON JUMP TO WHICH WE ADD OUR 4.00 MILLION OZ EX FOR RISK

STANDING FOR APRIL DECREASES TO 19.500 MILLION OZ

WE HAD:

/ HUGE COMEX OI GAIN+// A FAIR SIZED  EFP ISSUANCE (205 CONTRACTS)/ VI)   HUGE SIZED NUMBER OF  T.A.S. CONTRACT ISSUANCE 962 CONTRACTS)

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED 156 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 17 DAYS, total 15,280 contracts:   OR 76.400 MILLION OZ  (898 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR:  76.400- 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: 76.400 MILLION OZ///

XXXXXXXXXXXXXXXXXXXXXXXXXXXX

RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 2051 CONTRACTS WITH OUR GAIN IN PRICE OF $0.15 IN SILVER PRICING AT THE COMEX// MONDAY.,.  . THE CME NOTIFIED US THAT WE HAD A FAIR 205 CONTRACT EFP ISSUANCE  CONTRACTS: 205 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  15.500 MILLION  OZ NORMAL DELIVERY , PLUS OUR 4.00 MILLION EX FOR RISK

NEW STANDING APRIL: 19.500 MILLION OZ

THE NEW TAS ISSUANCE MONDAY NIGHT   (962 ) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE AND MOST LIKELY TUESDAY TRADING.

WE HAD  45 NOTICE(S) FILED TODAY FOR 0.225 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 VERY STRONG SIZED 7739 OI CONTRACTS  TO 466,325 AND CLOSER TO 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 2669 CONTRACTS //.

WE HAD A VERY STRONG SIZED INCREASE  IN COMEX OI (7739 CONTRACTS) . THIS OCCURRED WITH OUR MONSTER GAIN OF $98.75 IN PRICE MONDAY. ON WEDNESDAY/APRIL 17 WE HAD THE HIGHEST EVER SINGLE NOMINAL GAIN IN COMEX GOLD PRICING HISTORY AT $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 38 CONTRACTS OR 3800 OZ (0.1182 TONNES). THUS INITIAL STANDING FOR GOLD/APRIL DELIVERY MONTH IS 199.576 TONNES NORMAL DELIVERY(INCLUDES OF QUEUE JUMP) + 5.912 TONNES EX FOR RISK = 205.488 TONNES

/NEW STANDING FOR APRIL; 199.576 TONNES + 5.912 TONNES EX FOR RISK = 205.488 TONNES

/ ALL OF THIS HAPPENED WITH OUR  $98.75 GAIN IN PRICE  WITH RESPECT TO MONDAY’S COMEX ///. WE HAD A VERY STRONG SIZED GAIN OF 9169 OI CONTRACTS (28.52 PAPER TONNES) ON OUR TWO EXCHANGES, WITH MANY LONGS, REMAINING AT THE END OF THE DAY, TENDERING FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE, MUCH TO THE ANGER AND HORROR EXHIBITED BY OUR MAJOR BANKER, THE FEDERAL RESERVE BANK OF NEW YORK. THE HORROR INTENSIFIED ONCE LONDON STARTED TO TRADE LAST WEEK, AND THROUGHOUT THE WEEK WITH MAJOR TENDERING FOR PHYSICAL VIA THE EXCHANGE FOR PHYSICAL ROUTE! THE RESULT: A MASSIVE AMOUNT OF GOLD STANDING FOR DELIVERY FOR THE MARCH CONTRACT MONTH AND NOW FOR OUR FRONT MONTH OF APRIL. CENTRAL BANKERS ARE NOW WAITING PATIENTLY FOR THEIR DELIVERY OF GOLD VIA SLOW MOVING SHIPS. WE HAVE A MASSIVE AMOUNT OF TONNES STANDING FOR GOLD IN APRIL.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 1430 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 469.994

IN ESSENCE WE HAVE A VERY STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 9169 CONTRACTS  WITH 7739 CONTRACTS INCREASED AT THE COMEX// AND A FAIR SIZED 1430 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 9169 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR SIZED AND CRIMINAL 1517 CONTRACTS ISSUED.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1430 CONTRACTS) ACCOMPANYING THE STRONG SIZED INCREASE IN COMEX OI OF 7739 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 9169 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 199.576 TONNES (WHICH INCLUDES OUR 0.1182 TONNES QUEUE JUMP) AND THIS FOLLOWS TOTAL EXCHANGE FOR RISK ISSUANCE ON 5 OCCASIONS FOR 5.912 TONNES//NEW STANDING ADVANCES TO 205.488 TONNES.

//NEW STANDING APRIL: 199.576 TONNES + 5.912 TONNES EX FOR RISK ON 5 OCCASIONS = 205.488 TONNES

.

 / 3) LITTLE IF ANY T.A.S. LIQUIDATION + ZERO SUCCESS IN REMOVING ANY NET SPECULATOR LONGS, AS WE HAD: 1)A  $98.75 COMEX PRICE GAIN AND WE HAD 2) ZERO NET LONG SPECS BEING CLIPPED AS WE HAD A HUGE GAIN OF 11,838 CONTRACTS ON OUR TWO EXCHANGES/./ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED MONDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL AND THUS OUR HUGE TONNAGE STANDING FOR GOLD IN APRIL.

  4) STRONG SIZED COMEX OI GAIN// 5)  FAIR SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER (2062 CONTRACTS)///FAIR T.A.S.  ISSUANCE: 1517 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: 51,117 CONTRACTS OR 5,111,700 OZ OR 158.995 TONNES IN 17 TRADING DAY(S) AND THUS AVERAGING: 3006 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 17 TRADING DAY(S) IN  TONNES  158.995 TONNES

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

THUS EFP TRANSFERS REPRESENTS  158.995TONNES DIVIDED BY 3550 x 100% TONNES = 4.47% 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; 158.995 TONNES. STILL A SMALL TO FAIR ISSUANCE FOR THE MONTH.

SPREADING OPERATIONS

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

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

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

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

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

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

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

1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER ROSE BY A HUMONGOUS SIZED 2051 CONTRACTS OI  TO 142,386 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 205 CONTRACTS

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

MAY 205 and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 205 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE COMEX OI GAIN OF 2207 CONTRACTS AND ADD TO THE 206 E.FP. ISSUED

WE OBTAIN A HUGE SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 2256  CONTRACTS WITH THE GAIN IN PRICE OF $0.15 THE RATS ARE FLEEING THE ARENA.

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES  TOTALS 11.280 MILLION PAPER OZ

 OCCURRED DESPITE OUR SMALL  $0.15  IN PRICE GAIN.

OUTLINE FOR TODAY’S COMMENTARY

1a/COMEX GOLD AND SILVER REPORT

(report Harvey)

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

(Peter Schiff)

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

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

b. Other gold/silver commentaries

c. Commodity commentaries//

d)/CRYPTOCURRENCIES/BITCOIN ETC

2.ASIAN AFFAIRS TUESDAY MORNING//MONDAY  NIGHT

SHANGHAI CLOSED UP 8.32 PTS OR 0.25%

//Hang Seng CLOSED UP 167.18 PTS OR 0.78%

// Nikkei CLOSED DOWN 59.32 OR 0.17%//Australia’s all ordinaries CLOSED UP 0.10%

//Chinese yuan (ONSHORE) CLOSED DOWN TO 7.3135 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.3161/ Oil UP TO 64.14 dollars per barrel for WTI and BRENT DOWN TO 67.06 Stocks in Europe OPENED ALL MIXED.

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

WEAKER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER

END

ASIA TRADING TUESDAY MORNING/MONDAY  NIGHT

A)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/
OUTLINE

3  CHINA
OUTLINE

4/EUROPEAN AFFAIRS
OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE

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

7. OIL ISSUES
OUTLINE

8 EMERGING MARKET ISSUES
9. USA

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

GOLD

 LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A STRONG SIZED 7739 CONTRACTS TO 466,325 WITH OUR HUGE GAIN IN PRICE OF $98.75 WITH RESPECT TO MONDAY’S // TRADING. WE LOST ZERO NUMBER OF NET LONGS WITH THAT PRICE GAIN FOR GOLD. AND AS YOU WILL SEE BELOW, OUR LOSS IN PRICE ALSO HAD A FAIR NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (1430 ).

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

HISTORY: LAST TWO PRIOR MONTH’S EXCHANGE FOR RISK

IN MARCH:

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

IN FEBRUARY:

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

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

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

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

DETAILS ON APRIL COMEX MONTH

IN TOTAL WE HAD A VERY STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 11,838 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 A BIT LARGER THAN FROM THE PAST FEW DAYS AT 1517 CONTRACTS

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 205 + 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 219 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 FAIR SIZED 1517 EFP CONTRACTS WERE ISSUED: :  /APRIL  1517 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1517 CONTRACTS. THESE EFP;S CIRCLE AROUND LONDON ON A 13 DAY BASIS AND ARE NOW USED BY GLOBAL CENTRAL BANKS TO EXERCISE FOR PHYSICAL GOLD WITH THE OBLIGATION TO DELIVER BEING FORCED ONTO COMEX BANKS. THE GOLD GENERALLY DELIVERED COMES FROM LONDON BUT THEY ARE OUT!! THUS COMEX BECOMES THE MAJOR SOURCE FOR OUR CENTRAL BANKERS.

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A VERY STRONG SIZED TOTAL OF 9169 CONTRACTS IN THAT 1430 CONTRACT LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A STRONG GAIN OF 7739 COMEX  CONTRACTS..AND THIS GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR MONSTER GAIN IN PRICE OF $98.75 FOR MONDAY/ COMEX. THE EXCHANGE FOR PHYSICALS WILL BE USED BY CENTRAL BANKS, TO EXERCISE FOR PHYSICAL GOLD AT THE COMEX AS MENTIONED  ABOVE. LOOKS LIKE THE SHORT RATS ARE FLEEING THE ARENA AS EVIDENCED BY THE LOWER OPEN INTEREST AT THE COMEX!

T.A.S. ISSUANCE

AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS USUALLY DURING MID MONTH IN THE DELIVERY CYCLE), BUT NOW ON A DAILY BASIS, THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR MONDAY NIGHT/TUESDAY MORNING WAS A FAIR SIZED 1430 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 (205.488 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: 199.576 TONNES + 5.912 TONNES EX FOR RISK = 205.488 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: 205.154 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 $98.75/ /)/AND WERE UNSUCCESSFUL IN KNOCKING OFF ANMY APPRECIABLE NET SPECULATOR LONGS AS WE DID HAVE A VERY STRONG SIZED GAIN IN OUR TWO EXCHANGES. AND AS EXPLAINED ABOVE WE HAD LITTLE IF ANY T.A.S. SPREADER LIQUIDATION MONDAY  AS THEY WERE STILL TRYING TO QUELL GOLD’S ATTEMPT AT FURTHER INCREASES ABOVE $3,400 AND STOP HUGE COMEX/OTC DERIVATIVE LOSSES FROM EXPLODING AS THEY FAILED IN THEIR ATTEMPT TO STOP THE PENETRATION OUR OUR $3,400 DOLLAR GOLD BARRIER AS IT IS NOW TRADING WELL ABOVE THAT AT $3485 PER OZ AS I WRITE THIS EXPLORING THE IDEA OF BREAKING $3500.

MONDAY NIGHT/TUESDAY MORNING

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

EXCHANGE FOR RISK EXPLANATION/FEB THROUGH /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: 199.576 TONNES +(5.912 EX FOR RISK// FOR APRIL DELIVERY MONTH =205.488 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 30.82 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 EXCHANGE FOR RISK CONTRACT ISSUANCES FOR 5.912 TONNES.

ALSO TODAY WE RECORD ANOTHER 38 CONTRACT QUEUE JUMP FOR 3800 OZ OR 0.1182 TONNES. WE MUST NOW ADD OUR 5.912 TONNES EXCHANGE FOR RISK TO OUR NEW NORMAL DELIVERY OF 199.576 TONNES AND THUS STANDING FOR GOLD FOR APRIL IS NOW 205.488 TONNES, THE 2ND HIGHEST EVER RECORDED!

ALL OF THIS HUGE STANDING WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $98.75

WE HAD 2669 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 9196 CONTRACTS OR 919,600 0Z (28.52 TONNES)

confirmed volume MONDAY 263,293.. contracts: fair///

//speculators have left the gold arena

END

APRIL

// THE APRIL 2025 GOLD CONTRACT

APRIL22

INITIAL

dealer deposits: 0 entry

TOTAL WEIGHT; 0 TONNES

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we have 0 customer entries

we have 0 customer deposit entry

total deposit

NIL

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withdrawals:

4 ENTRIES: 4 withdrawals

I) Out of Ashai 247,465.353 oz
ii) Out of Brinks 32,118.999 oz (999 kilobars)
iii) Out of JPM: 11,381.454 oz (354 kilobars)
iv) Out of Loomis: 675.171oz (21 kilobars)



total weight withdrawal: 291,640.827oz or 9.071 tonnes

adjustments: 2 dealer to customer

a) Brinks: 107,352.37 oz

ii) Malca: 43,473.774 oz

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AMOUNT OF GOLD STANDING FOR APRIL

THE FRONT MONTH OF APRIL HAD A LOSS OF 465 CONTRACTS TO STAND AT 668. WE HAD 503 CONTRACTS FILED YESTERDAY. THUS WE GAINED 38 CONTRACTS OR 3800 OZ (0.1182 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 732 CONTRACTS UP TO 6144 CONTRACTS. MAY BECOMES THE FRONT MONTH AND WE WILL ALSO EXPERIENCE A STRONG DELIVERY MONTH EVEN THOUGH IT IS AN OFF MONTH!

JUNE GAINED 6543CONTRACTS TO 354,684. JUNE WILL STILL BE A WHOPPER OF A DELIVERY MONTH

We had 145 contracts filed for today representing 14,500 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 10 notices issued from their client or customer account. The total of all issuance by all participants equate to 145 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 (63,641 X 100 oz ) to which we add the difference between the open interest for the front month of  APRIL (668 CONTRACTS)  minus the number of notices served upon today  (145 x 100 oz per contract) equals  6,416,400 OZ  OR 199.576 TONNES

to which we add our 5 exchange for risk issuances for April of 5.912 tonnes

= 205.488 tonnes

thus the INITIAL standings for gold for the APRIL contract month:  No of notices filed so far (63,641 x 100 oz +we add the difference for front month of APRIL (668 OI} minus the number of notices served upon today (145 x 100 oz) which equals  6,416,400 OZ OR 199.576 TONNES + 5.912 tonnes ex for risks = 205.488 tonnes

TOTAL COMEX GOLD STANDING FOR APRIL.: 205.488 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 42,803,280.773 oz  

TOTAL REGISTERED GOLD 21,306,726.690 or 662.728 tonnes

TOTAL OF ALL ELIGIBLE GOLD: 21,496.554.083 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 19,285,731oz (REG GOLD- PLEDGED GOLD)= 599.86tonnes //

END

SILVER/COMEX

// THE APRIL 2025  SILVER CONTRACT//INITIAL

APRIL 22

INITIAL

0 entries/dealer

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deposits customer side

0 entries

nil

total deposit nil oz

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2) withdrawal customer acct

3 withdrawal entries


i) out of Brinks: 599,283.380 oz

ii) Out of Delaware 993.750 oz

iii) Out of Loomis 596,251.700 oz

total withdrawal: 1,196,528.830 oz

ADJUSTMENTs 0

JPMorgan has a total silver weight: 199.954million oz/496.698oz million  or 40.27%

TOTAL REGISTERED SILVER: 160.221 MILLION OZ//.TOTAL REG + ELIGIBLE. 496.698Million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR APRIL

silver open interest data:

FRONT MONTH OF APRIL /2025 OI: 48 OPEN INTEREST CONTRACTS FOR A LOSS OF 65 CONTRACTS. WE HAD 59 NOTICES FILED ON MONDAY SO WE LOST 6 CONTRACTS WHICH UNDERWENT AN EFP TRANSFER TO LONDON OF 30,000 OZ AS THESE BOYS WERE NOT WILLING TO WAIT FOR DELIVERY OF SILVER OVER HERE SO THEY ARE TRYING TO TAKE DELIVERY AT ENGLAND .

MAY SAW A LOSS OF 823 CONTRACTS DOWN TO 50,667 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 591 CONTRACTS UP TO 2511 CONTRACTS.

JULY GAINED 2254 CONTRACTS UP TO 72,752

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 45 or 0.225 MILLION oz

CONFIRMED volume; ON MONDAY 67,955 fair//

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 3097 X5,000 oz = 15.485 MILLION oz 

to which we add the difference between the open interest for the front month of APRIL (48) AND the number of notices served upon today (45 )x (5000 oz)

Thus the  standings for silver for the APRIL 2025 contract month:  (3097) Notices served so far) x 5000 oz + OI for the front month of APRIL(48) minus number of notices served upon today (45)x 5000 oz equals silver standing for the APRIL contract month equating to 15.500 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 DECREASES TO 19.500 MILLION OZ

 New total standing:  19.500 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 160.221million 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

APRIL22   WITH GOLD DOWN $7,75 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A MASSIVE DEPOSIT OF 6.89 TONNES OF GOLD INTO THE GLD ///INVENTORY RESTS AT 957.17 TONNES

APRIL21   WITH GOLD UP $98.70 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 4.88 TONNES OF GOLD OUT OF THE GLD ///INVENTORY RESTS AT 952.28 TONNES

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: 959.17 TONNES, TONIGHTS TOTAL

SILVER

APRIL22 WITH SILVER UP $0.15 /NO CHANGES IN SILVER INVENTORY AT THE SLV: ////: //INVENTORY AT SLV RESTS AT 453.426 MILLION

APRIL22 WITH SILVER UP $0.30 /SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 0.545 MILLION OZ INTO THE SLV////: //INVENTORY AT SLV RESTS AT 453.426 MILLION

APRIL21 WITH SILVER UP $0.15 /SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 0.545 MILLION OZ INTO THE SLV////: //INVENTORY AT SLV RESTS AT 453.426 MILLION

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 453.971 MILLION OZ//

PHYSICAL GOLD/SILVER COMMENTARIES

1/ PETER SCHIFF/SCHIFF GOLD/MIKE MAHARRY

PETER SCHIFF

2, EGON VON GREYERZ

ALASDAIR MACLEOD

MacleodFinance Substack

A sober look at America’s decline

This article by Patrick Barron was posted at Going Postal last week. I have his permission

David Hume’s Insight Explains America’s Economic Decline

Only Sound Money Will Clear International Settlement Accounts

16th April 2025 Patrick Barron America, Economics, Finance, Markets, Trade

Since he was a young up-and-coming property magnate in New York City, Donald Trump has been fixated on what he believes to be foreigners’ cheating on international trading terms to the detriment of the US. He believes, along with many Americans, that foreigners have stolen all our good, high paying jobs by manipulating their own currencies, subsidizing their home industries, and erecting protective trade barriers–in the form of tariffs and quotas–that make American goods uncompetitive. He believes that erecting high tariffs against foreign goods will level the playing field, so to speak, and restore American industry and high paying jobs. In summary, Donald Trump is a firm believer in Autarky and Mercantilism, discredited economic theories that tout national self-sufficiency on the one hand and exporting more than one imports on the other.

MacleodFinance Substack is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.Subscribed

Foreigners Are Not to Blame for America’s Economic Woes

Whatever one may think about America’s economic progress or lack thereof and about whether or not America is losing good paying jobs, foreigners are not to blame. We ourselves are to blame, and there are several ways in which we “do it to ourselves”. The first and most important occurred at Bretton Woods in 1944 when the dollar was granted international reserve currency standing as the equivalent of gold at thirty-five dollars per ounce. The thinking, which was challenged at the time in a series of articles by New York Times columnist Henry Hazlitt, was that as long as the US had enough gold to completely back its currency at that price, the international trade clearing system would function just as well and with less cost than the cumbersome system, as it was described, of shipping gold back and forth among nations. For example, if England imported more goods from France than vice versa, then England would owe France money. It would “clear” its shortfall by shipping gold to France. Under the Bretton Woods system, England would send American dollars to France or ask an American bank to pay France dollars held in its account in New York. Much easier, or so almost everyone thought at the time. Although he spoke in more diplomatic terms, Henry Hazlitt felt that the temptation to print money without gold backing was too tempting even for Americans. He was right.

De Gaulle and Rueff Suspected American Cheating

The problems arose when the US started printing more money than it could back with gold at thirty-five dollars an ounce, just as Hazlitt feared. Charles De Gaulle, president of France in the 1960’s, and Jacques Rueff, his long time chief financial advisor, were both economic scholars of the “old school” who suspected that Americans were cheating; i.e., printing dollars without sufficient gold backing. De Gaulle ordered the Bank of France to exchange eighty percent of its dollar holdings for gold specie at the set price. The race, as they say, was on. There ensued the equivalent of an old-fashioned bank run on the US gold supply by foreign central banks. When America’s gold supply became dangerously low and demand for gold redemption had not slowed, President Nixon suspended gold redemption. Because of its post WWII economic position and its critical defense support of NATO against an aggressive Soviet Union, America’s major trading partners acquiesced in the gold suspension and the world went on a dollar reserve system unbacked by anything other than faith in the US.

This was the beginning of an explosion in fiat money and American budget deficits. This lethal combination of fiat dollars becoming the world’s premier reserve currency meant that the US never really “cleared” its international trading account again in real money; i.e., gold. Today America is the largest debtor nation in the history of the world.

The Consequences to America for Violating David Hume’s “Price Specie Flow Mechanism”

In a recent interview on Liberty and Finance Jeffrey Tucker explained the importance of clearing international trade in sound money, namely gold, which was the well accepted doctrine of the world for centuries. Born over three hundred years ago Scottish philosopher David Hume explained why nations that settle international trade in gold will always tend toward price equilibrium. No nation needs to manipulate its trading terms out of fear that it will run out of gold or import so much gold that its price level will rise so high that its products will become uncompetitive in the world market. Hume termed his discovery the ”Price Specie Flow Mechanism”. If a country sells much more in the world market than it buys, which is the Mercantilists’ desire, the price level will rise so high that its products will become uncompetitive, ending the importation of gold for goods and services. Likewise, if a country imports more than it sells, its price level will fall; making its products more competitive and the flow will reverse. This was the accepted theory for centuries, during which international trade and living standards expanded to reach new historical heights.

The Consequences of the Failure of Bretton Woods

But, Jeffrey Tucker explains, what happens when gold, the “specie” in Hume’s theory, is no longer used for settlement? What happens when fiat money, which can and was manufactured in vast quantities out of thin air, becomes the settlement medium? Enter the failure of Bretton Woods, which resulted in the rise of the fiat dollar reserve system. Tucker explains that America became corrupted by its newly found money spigot. It no longer had to compete with the world, because it could always simply print more money. And print more money it did! In spades!

Now let’s see how this played out in Austrian economic terms. Austrian economics explains that all economic life is conducted at the individual level, what Austrians call Methodological Individualism. The ability of America to import ‘til the cows come home and settle with dollars printed out of thin air meant that it really did not have to compete in worldwide markets anymore. The main thing that America exported was dollars! At the individual level, this meant that America could accede to just about all welfare lobbies. Americans no longer really had to worry about getting a good education, working hard, etc. in order to get good jobs. Its radicalized labor unions could strike for above world labor rates. As Tucker explains, a half a century later American workers are overpaid in international markets. Its goods are shoddily produced. Industry after industry has failed. Government schools turn out students who rank very far down world survey results. America has been covering up this scandal with fiat money, which is just more of the same old snake oil that got it there.

There Is a Solution

The only solution is to go back on the gold standard. As long as America can print fiat money to pay for imports it will print fiat money. But under the discipline of the gold standard, Americans will have to produce good quality products at world market prices in order to earn the foreign exchange (gold) needed to settle international trade. It’s the only way. Erecting tariffs, as desired by President Trump, solves nothing and merely exacerbates the situation. America must learn to compete in the world on equal terms; i.e., it cannot simply print fiat dollars. It must produce goods that foreigners wish to buy at prices that foreigners are willing to pay. Becoming an autarkic nation, a la North Korea, will condemn Americans to poverty. America needs to become an honest, commercially oriented nation. If not, the world will pass it by just as has happened to other great nations in the past.

© Patrick Barron 2025 Website

3. C Powell and Gata dispatches

As the dollar falters, central banks tread a tightrope: Devalue their currency or not?

Submitted by admin on Tue, 2025-04-22 08:51 Section: Daily Dispatches

By Lee Ying Shan
CNBC, New York
Monday, April 21,  2025

The dollar has been sliding and the ripple effect on other currencies has brought a mix of relief and headache to central banks around the world.

Uncertainty about U.S. policymaking has led to a flight out of the U.S. dollar and Treasurys in recent weeks, with the dollar index weakening more than 9% so far this year. Market watchers see further declines. 

According to Bank of America’s most recent Global Fund Manager Survey, a net 61% of participants anticipate a decline in the dollar’s value over the next 12 months — the most pessimistic outlook of major investors in almost 20 years. …

… For the remainder of the report:

4. ANDREW MAGUIRE PODCAST 219

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

END

6 CRYPTOCURRENCY NEWS

ASIA TRADING TUESDAY MORNING MONDAY  NIGHT

SHANGHAI CLOSED UP 8.32 PTS OR 0.25%

//Hang Seng CLOSED UP 167.18 PTS OR 0.78%

// Nikkei CLOSED DOWN 59.32 OR 0.17%//Australia’s all ordinaries CLOSED UP 0.10%

//Chinese yuan (ONSHORE) CLOSED DOWN TO 7.3135 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.3161/ Oil UP TO 64.14 dollars per barrel for WTI and BRENT DOWN TO 67.06 Stocks in Europe OPENED ALL MIXED.

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

WEAKER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER

END

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

ONSHORE YUAN:   CLOSED DOWN TO 7.3135 (CHINESE COMMUNIST PARTY MANIPULATED)

OFFSHORE YUAN: UP TO 7.3161 (CCP MANIPULATED)

SHANGHAI CLOSED CLOSED UP 8.32 PTS OR 0.25%

HANG SENG CLOSED CLOSED UP 167.18 PTS OR 0.78%

2. Nikkei closed DOWN 59.32 PTS OR 0.17%

3. Europe stocks   SO FAR:  ALL MIXED

USA dollar INDEX UP TO  98.24// EURO FALLS TO 1.1491 DOWN 23 BASIS PTS

3b Japan 10 YR bond yield: RISES TO. +1.3135//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 140.33…… JAPANESE YEN NOW FALLING AS WE HAVE NOW REACHED THE RE EMERGING OF THE YEN CARRY TRADE AGAIN AFTER DISASTROUS POLICY ISSUED BY UEDA

3c Nikkei now  ABOVE 17,000

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

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

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

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

3g Oil 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 DOWN TO +2.4560/Italian 10 Yr bond yield DOWN to 3.636 SPAIN 10 YR BOND YIELD DOWN TO 3.160

3i Greek 10 year bond yield DOWN TO 3.349

3j Gold at $3456.60 Silver at: 32.66  1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40

3k USA vs Russian rouble;// Russian rouble DOWN AND 28 /100  roubles/dollar; ROUBLE AT 81.31

3m oil into the 64 dollar handle for WTI and  67 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 140.94// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.312% 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 0.8122 as the Swiss Franc is still rising against most currencies. Euro vs SF:   0.9333 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: 4.421 UP 2 BASIS PTS…

USA 30 YR BOND YIELD: 4.904 DOWN 1 BASIS PTS/

USA 2 YR BOND YIELD:  3.802 UP 5 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 38.26

10 YR UK BOND YIELD: 4.6295 UP 6 PTS

10 YR CANADA BOND YIELD: 3.237 DOWN 1 BASIS PTS

5 YR CANADA BOND YIELD: 2.799 DOWN 1 PTS

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2a New York OPENING REPORT

Futures Rebound On Trade Deal Optimism, Gold Hits Another Record

Tuesday, Apr 22, 2025 – 08:28 AM

US equity futures are higher, attempting to pare back some of the sharp losses from Monday’s prior session and extending yesterday’s late day buying where the S&P found support at the 5,100 level; according to JPM, there is some optimism around a trade deal with either Japan or India and a deal is a likely milestone for stocks to finally bottom. As of 8:00am ET, S&P and Nasdaq futures are are up 0.8%, off session highs of 1.3%, with Mag 7 and Semis all higher with TSLA earnings after the close. This week 25% of the S&P reports with implied vols among the highest since peak-COVID. Chinese tech names are reportedly considering US listings despite “market ructions”, via Bloomberg citing sources; Walnut Coding, CloudSky, Zaihui & Zhonghe said to be considering IPOs in the US. The yield curve is twisting flatter and USD seeing a bid following 4 days of losses. The commodity space is mostly higher led by Energy but gold remains the top story as it set a new ATH rising above $3500 before easing back. The macro data focus is on regional Fed activity indicators (Philly non-mfg and Richmond Fed at 8:30am/10:00am ET), but the more impactful data is tomorrow’s Flash PMI prints. We also get a slew of Fed speakers (see below) alongside numerous heavyweight earnings including Tesla.

In premarket trading, Magnificent 7 stocks are rising (Tesla +0.7%, Alphabet +0.7%, Nvidia +0.92%, Amazon +0.99%, Apple +0.82%, Microsoft +0.7%, Meta +0.6%). Solar stocks gain after the US set new duties as high as 3,521% on solar imports from four Southeast Asian countries (First Solar +5.8%, Sunnova Energy +1.2%, SolarEdge Technologies +3%, Array Technologies +1.9%, Enphase Energy +2.3%). 3M (MMM) climbs 3% after the company stood by its full-year financial guidance while acknowledging new risks from the unfolding trade war. Here are some other notable premarket movers:

• Appian (APPN) rises 2% after hiring Srdjan Tanjga as CFO. Tanjga is leaving MongoDB to take the job.
• Calix (CALX) soars 14% after the computer services company reported quarterly results that beat expectations and provided an outlook that is above the analyst consensus estimate.
• CoreWeave (CRWV) rises 2% as Jefferies and Barclays initiate the software company at overweight, citing AI compute reliability and first mover advantage.
• Danaher (DHR) climbs 3% after the life-sciences firm reported quarterly profit that beat estimates.
• Halliburton (HAL) falls 4% after the energy and engineering services company reported adjusted earnings per share and revenue for the first quarter that fell year over year.
• Kimberly-Clark (KMB) slips 2% after the consumer-products company reported quarterly organic sales that disappointed and said the company faces about $300 million in incremental costs in 2025 due to tariffs.
• Northrop Grumman (NOC) falls 8% after the defense contractor cut its adjusted earnings per share guidance for the full year.
• StoneCo (STNE) rises 3% as Citi upgrades the the fintech to buy on its progress toward becoming a small bank from a payment firm.
• Synchrony Financial (SYF) rises 3% after the financial services firm reaffirmed its net revenue forecast for the full year.
• Verizon Communications Inc. (VZ) declines 3% after posting a larger-than-expected decline in mobile-phone subscribers in the first quarter, the result of heavy competition and less spending by government agencies.
• Zions Bancorp (ZION) falls 3.8% after first-quarter earnings missed the average analyst estimate. Analysts note that current economic uncertainty is weighing on the company’s outlook.

While S&P futures have managed a rebound contracts added 0.9%, the conversation on Wall Street still focuses on the implications of any White House effort to replace Powell. Concerns that Trump may be preparing to fire Powell have added to unease for traders already grappling with the turmoil unleashed by the president’s tariff onslaught. Trump’s policies and his broadsides against the Fed have forced a reappraisal of the dollar and Treasuries as havens in times of stress, although the collapse in the dollar has been as large as when the Fed launched QE, so if Powell will not ease, Trump will get his hit to the dollar using other means.

“With increasing rhetoric from the administration admonishing the Fed to cut rates and the markets entertaining intensifying discussions about the possibility of replacing the Fed chair, we don’t expect a rush back into the market from abroad,” John Velis, a strategist at Bank of New York Mellon, said of US bonds. “The haven status of such assets is increasingly in question.” 

Attention later Tuesday will shift to Tesla, which reports first-quarter earnings after the market close; its stock has dropped about 44% this year as the massive post-eleciton rally has fully unwound. Elon Musk’s role in the federal government has contributed to a global sales slump.

In Europe, the Stoxx 600 index dropped as traders returned from the Easter break. Novo Nordisk A/S slumped almost 10% on concern it faces tougher competition from Eli Lilly & Co.’s experimental weight loss pill. Here are the biggest movers Tuesday:

• Precious metals and mining stocks advance as concerns over the US economy and President Donald Trump’s criticism of the Federal Reserve sent gold to a record above $3,500 an ounce
• L’Oreal shares gain as much as 2.6% after the cosmetics maker’s like for like sales growth exceeded expectations. Analysts pointed to a strong performance in the beauty company’s Chinese market
• Pernod Ricard shares rise as much as 3% after being upgraded by Barclays, with analysts arguing risk is skewing to the upside, particularly in the company’s key Chinese growth market
• OVH Groupe shares rise as much as 11%, hitting their highest in over two years, after being upgraded by analysts at Stifel, who argue the cloud computing company is facing no clear headwinds
• Biotage gains as much as 58% after private equity firm KKRa made a take-private offer for Swedish life sciences group for 11.6 billion kronor ($1.2 billion), a 60% premium versus last week’s close
• Novo Nordisk shares fall as much as 9.8% in their first day of trading since Wednesday after the release of strong data from a rival obesity pill developed by US peer Eli Lilly
• Orsted falls as much as 9.6% after being downgraded to underperform at Bank of America. The broker cites a surge in US regulatory uncertainty facing the Danish wind energy firm’s offshore projects
• Equinor shares fall as much as 3.1% after RBC downgraded shares to underperform from sector perform, and the Norwegian energy group halted the construction of its US offshore wind farm Empire Wind
• DCC shares drop as much as 1.5%, giving up initial gains, after agreeing to sell its healthcare division to funds advised by Investindustrial Advisors at an enterprise value of £1.05 billion
• Aryzta drops as much as 4.9% on Tuesday, snapping a run of six straight daily gains that had last week driven the stock to its highest since Oct. 2018, after reporting first-quarter results

Earlier in the session, Asian stocks were steady as traders await outcomes of US tariff negotiations with key trading partners, while fresh concerns about the independence of the Federal Reserve also kept a lid on sentiment. The MSCI Asia Pacific Index swung in a narrow range. Taiwan’s benchmark fell more than 1% while Indonesia and Singapore led gainers. Key gauges in Hong Kong climbed, while Australia’s was little changed as trading resumed  following a four-day weekend. Asian stocks overall have held up well relative to big losses in New York, with market watchers increasingly discussing the waning dominance of the US exceptionalism trade. 

In currencies, the Bloomberg Dollar Spot Index is little changed. The yen is the best performing G-10 currency, rising 0.3% against the greenback although couldn’t sustain an earlier break past 140. “Market volatility though is driving some haven flow into the yen,” said Shoki Omori, chief desk strategist at Mizuho Securities Co. in Tokyo. “Reports the BOJ sees little need to change their stance on rate hikes are also aiding sentiment in the currency, while denting the dollar.” 

In rates, treasuries are mixed with underperformance seen in shorter-dated maturities, pushing US two-year yields up 3 bps to 3.79% while long-dated tenors have plied narrow ranges, flattening 2s10s curve by nearly 4bp, 5s30s by more than 2bp. German yields fall across the curve with two-year borrowing costs touching the lowest since 2022. The gilt curve steepens with 2s10s widening nearly 5bps. The Treasury auction cycle begins with $69 billion 2-year at 1pm New York time and includes $70 billion 5-year and $44 billion 7-year sales Wednesday and Thursday. WI 2-year yield near 3.78% is about 11bp richer than March auction, which stopped through by 0.3bp. 

In commodities, oil prices advanced, with WTI climbing 1.4% to $64 a barrel. Bitcoin rises 1.3% and above $88,000. Spot gold earlier hit $3,500 for the first time before paring gains to around $3,460. 

Looking at today’s calendar, we get the April Philadelphia Fed non-manufacturing activity (8:30am) and Richmond Fed manufacturing index (10am). Fed speaker slate includes Jefferson (9am), Harker (9:30am), Kashkari (1:40pm), Barkin (2:30pm) and Kugler (6pm)

Market Snapshot

• S&P 500 mini +1%
• Nasdaq 100 mini +1%
• Russell 2000 mini +1%
• Stoxx Europe 600 -0.3%
• DAX -0.2%
• CAC 40 -0.4%
• 10-year Treasury yield +1 basis point at 4.42%
• VIX -1.7 points at 32.17
• Bloomberg Dollar Index little changed at 1216.69
• euro -0.1% at $1.1498
• WTI crude +1.5% at $64.05/barrel
• Top Overnight News
• The Trump administration intends to press India to give online retailers such as Amazon and Walmart full access to its $125bn ecommerce market, as part of a trade deal being negotiated under the threat of increased tariffs. FT
• Talks between the US and Thailand over the Trump administration’s tariff plans were postponed after Washington asked the Southeast Asian nation to address “issues” related to trade, officials said. BBG
• WSJ’s Timiraos writes “Trump Is Laying the Groundwork to Blame Powell for Any Downturn” and is signalling he will blame the Fed for any economic weakness resulting from his trade war if it doesn’t cut rates soon.
• US Securities and Exchange Commission announced Paul Atkins was sworn in as chairman
• Senior House Republican, Frank Lucas, defends Powell and Fed independence amid Trump attacks. Axios
• Chinese trade held up in April despite Trump’s tariffs, data showed, as Trump spared many electronics and paused levies against most countries. BBG
• China’s curbs on shipments of critical metals to the US are already having a visible effect, with exports of the minerals plunging and shipments of several critical items halting entirely in March, customs data shows. SCMP
• A Japanese delegation will deliver a letter from PM Shigeru Ishiba to Xi Jinping this week, as Tokyo strives to avoid China-US crossfire. BBG
• When Japanese Finance Minister Katsunobu Kato meets his U.S. counterpart Scott Bessent in Washington this week, the yen is shaping up to be a major topic of discussion, though sources say Tokyo will push back against any request to boost its currency. RTRS
• The BOE’s Megan Greene said US tariffs may be more of an disinflationary risk to the UK than inflationary. BBG
• India’s Prime Minister Narendra Modi and U.S. Vice President JD Vance on Monday hailed the “significant” progress made in trade talks between the two sides during Vance’s visit to India. CNBC

Tariffs/Trade

• US Commerce Department finalized dumping duties ranging from 6.1% to 271.28% on solar cells imported from Cambodia, Malaysia, Thailand and Vietnam.
• US Trade Representative’s statement confirmed that USTR Greer and India’s Ministry of Commerce and Industry have finalised terms of reference to lay down a roadmap for negotiations on reciprocal trade and stated that India’s constructive engagement so far has been welcomed.
• South Korea’s Acting President Han said he expects South Korea-US trade talks this week to pave the way towards a mutually beneficial solution.
• Reuters reports that “Japan sees little scope for grand deal on yen in talks with US” at this week’s Washington meeting of Finance Ministers. Sources report that Japan will push back against any request to boost its currency. Japan reportedly sees little scope for direct action i.e. FX intervention or an immediate BoJ hike, via Reuters citing sources. The meeting is likely to focus, from a Japanese perspective, on getting further insight into Washington’s intentions.

A more detailed look at global markets courtesy of Newquawk

APAC stocks traded mixed with most indices rangebound despite the sell-off on Wall St where stocks and the dollar were pressured after President Trump renewed his criticism against Fed Chair Powell. ASX 200 was little changed as strength in mining stocks and gold producers were offset by losses in tech, energy and healthcare, while price action was also hampered by the absence of any key data. Nikkei 225 struggled for direction and swung between gains and losses in relatively contained parameters amid a choppy currency and slightly higher Japanese yields. Hang Seng and Shanghai Comp conformed to the mixed picture with the Hong Kong benchmark marginally pressured on return from the Easter weekend, while the mainland was kept afloat amid earnings and positive EV-related updates.

Top Asian News

• Japanese Finance Minister Kato said finance authorities are to ask banks to help support financing at small companies affected by US tariffs, while he is arranging to hold a meeting with US Treasury Secretary Bessent and plans to discuss forex issues.
• Japan Keidanren Business Federation Chief Tokura says wants FX to stabilise as much as possible; rapid FX fluctuations are not desirable for the economy, in response to a question on USD/JPY moving below 140.00.

European bourses (STOXX 600 -0.6%) opened mostly and modestly lower and have traded sideways throughout the morning thus far. Sentiment in Europe today is fairly gloomy, playing catch-up to the hefty losses seen in the US on Monday (reminder: Europe was shut on account of Easter Monday). European sectors hold a negative bias, in-fitting with the risk tone. Real Estate takes the top spot, benefiting from the  relatively lower yield environment (in Europe). Insurance follows closely behind, with both Helvetia and Baloise jumping around 4% after the pair announced a merger of equals to form a leading European insurance group. Healthcare has been weighed on today by significant pressure in Novo Nordisk (-8%), hit as traders digest the latest obesity-pill updates from rival Eli Lilly.

Top European News

• BoE’s Greene says market pricing for BoE rate cuts has been moving around a lot but not all of it is to do with the UK. Aware of rise in inflation expectations, but risks are to both sides. US tariffs represent more of a disinflationary risk than an inflationary one for the UK. Wage growth remains “pretty high”, the labour force survey has been volatile and has its own collection issues.
• ECB Survey of Professional Forecasters; 2025 and 2026 inflation forecasts raised, growth lowered.
• German government lowers growth forecasts to 0.0% for 2025 and ~1% for 2026 (Including the US base tariff of ten percent as well as on steel, aluminium and cars), according to Handelsblatt’s Olk.

FX

• DXY is flat with the USD showing a differing performance vs. peers (stronger vs. EUR and CHF, weaker vs. JPY). Monday was a notable down day for the USD after another outburst from US President Trump, attempting to strong arm Fed Chair Powell into lowering rates and speculation over whether he will attempt to remove him before his term expires next year. Today’s calendar is lacking in US data but heavy in speakers with Fed’s Jefferson, Harker, Kashkari, Kugler & Barkin all due on deck.
• EUR/USD is a touch lower but holding above 1.15 after early USD buying knocked the pair from its overnight peak at 1.1547. This comes after the pair hit a multi-year high on Monday at 1.1574. On the trade front, there has been little in the way of updates since last week’s reporting that the EU expects tariffs to remain given a lack of progress in trade discussions. As it stands, despite today’s reprieve for the USD, the EUR still remains a liquid alternative to the USD should investors continue to shun US assets.
• JPY is top of the G10 leaderboard as the currency continues to benefit from its safe-haven appeal with USD/JPY briefly slipping below the 140 mark earlier in the session for the first time since September 2024. JPY is also underpinned by hopes over upcoming talks between the US and Japanese administrations. That being said, a Reuters sources piece noted that Japan will push back against any request to boost its currency. This prompted a slight pick up in USD/JPY after failing to sustain a move below 140. From a policy perspective in Japan, source reporting suggests that the BoJ is likely to keep its rate-hike signal intact at its meeting next week despite Trump tariff risks.
• GBP is flat vs. the USD with UK-specific newsflow on the light side. In an interview on Bloomberg TV, MPC member Greene remarked that the main issue from the trade war is whether the main impact will be on demand or the supply side; whether the main factors will be on demand or the supply side. Greene added that wage growth remains “pretty high”, however, the labour force survey has been volatile and has its own collection issues. BoE’s Breeden is due later in the day.
• Antipodeans are both now steady vs. the USD after initially kicking the session off on the front foot. Upside was trimmed alongside a pick up in the USD in quiet newsflow. Overnight, AUD/USD hit a fresh YTD peak at 0.6439 before returning back to within Monday’s 0.6369-0.6437 range.
• PBoC set USD/CNY mid-point at 7.2074 vs exp. 7.2925 (Prev. 7.2055).

Fixed Income

• USTs are still digesting the remarks from Trump on Fed Chair Powell and interest rates. Commentary which sparked marked steepening on Monday as short-end yields were weighed on by the prospect of cuts while the long-end picked up on the prospect of this sparking more inflation down the line. As it stands, the curve is unwinding that action a little and is slightly flatter today but still in close proximity to the steepest points seen on Monday i.e. 2s10s around 63bps vs Monday’s 55-66bps range. USTs are softer on the session, at the low-end of a 110-18 to 110-27+ band. A 2-year auction is due later, with focus also on a slew of Fed speakers.
• Modest two-way action in Bunds today, with catalysts light thus far. No reaction to the latest ECB SPF that featured an increase to the inflation and cut to the growth views of respondents; a point which may well be reflected in the IMF forecasts this afternoon. Holding at the top-end of a 131.46-83 band on return from the long weekend and while Bunds are outperforming USTs, it is only modest with the German benchmark essentially unchanged. Ahead, a 2027 Schatz auction with appearances from ECB’s Lagarde and Knot also scheduled.
• Gilts opened lower by just under 30 ticks before paring essentially all of the move to print a 92.40 high, just five ticks shy of Friday’s close. However, this proved short lived with the benchmark coming under gradual but notable pressure and entered the appearance from BoE’s Greene at a 92.02 base. Greene highlighted two-way risks to inflation being present though some modest pressure in Gilts, to a 91.96 trough, came as she highlighted wage growth remains “pretty high” and she is keeping an eye on the rise in inflation expectations.

Crude

• Crude futures extend on the rebound from the prior day’s trough despite the European rebound in the Dollar and overall quiet news flow thus far. Desks pin the recent losses in the complex to US tariff uncertainty, risk aversion from Trump pressuring the Fed Chair, and telegraphed progress regarding US-Iran nuclear talks. WTI resides in a USD 62.72-63.43/bbl range with its Brent counterpart in a USD 66.54-67.25/bbl parameter.
• Spot gold extended on its rally and printed a fresh record high at USD 3,500/oz at the time of writing, with gains in the yellow metal facilitated by the recent fall in the Dollar coupled with ongoing uncertainty on the US tariff policy and geopolitics. Add to that, the issue of US central bank independence after US President Trump upped the pressure on Fed Chair Powell to ease monetary policy. Spot gold currently resides in a USD 3,3412.34-3,500.20/oz range.
• Mostly firmer trade across base metals amid the recent fall in the Dollar and resilience in the red metal’s largest buyer. 3M LME copper resides in a USD 9,254.03-9,333.05/t.

Geopolitics

• Kremlin spokesman Peskov said Russian President Putin’s comments on Monday that it was possible to discuss the issue of not striking the civilian targets, including bilaterally, he had negotiations and discussions with the Ukrainian side in mind.
• Iranian Foreign Minister will visit China on April 23rd, according to the Chinese Foreign Ministry.

US Event Calendar

• 10:00 am: Apr Richmond Fed Manufact. Index, est. -6.5, prior -4

Central Bankers

• 9:00 am: Fed’s Jefferson Speaks at Economic Mobility Summit
• 9:30 am: Fed’s Harker Speaks at Economic Mobility Summit
• 1:40 pm: Fed’s Kashkari Speaks in Moderated Discussion
• 2:30 pm: Fed’s Barkin Speaks in Fireside Chat
• 6:00 pm: Fed’s Kugler Speaks on Monetary Policy Transmission

DB’s Jim Reid concludes the overnight wrap

Welcome back to all those in Europe that enjoyed the long Easter weekend. While most European markets were closed on Monday, the main market theme has been renewed pressure across US assets, with the S&P 500 falling -2.36%, 30yr Treasury yields rising +10.4bps to 4.90% and the dollar falling to a new 3-year low, while gold extended its YTD gain to over +30%.

The broad sell-off was triggered by rising concerns over Fed independence as President Trump became increasingly critical of Fed Chair Powell. The White House rhetoric had initially escalated after Powell’s hawkish-leaning speech that exacerbated the market sell-off last Wednesday. But while markets digested President Trump’s initial post that “Powell’s termination cannot come fast enough” last Thursday relatively well, ongoing criticism saw renewed pressure on US assets on Monday. In a post yesterday President Trump suggested it was time for “preemptive cuts”, claiming that “there is virtually No Inflation” and that the economy risks slowing unless Powell, whom President Trump referred to as “Mr. Too Late”, lowers interest rates. This post followed the National Economic Council Director Kevin Hassett saying on Friday that the Trump team was studying whether he could remove Powell.

While potential risks to Fed independence had already generated headlines in recent weeks, yesterday’s market moves were the clearest sign yet of investor anxiety over the topic. Powell, whose term as Chair expires in May 2026, reiterated last week that the Fed’s independence “is a matter of law,” and that “we’re not removable except for cause.” Other Fed officials have also warned against curtailing the central bank’s independence, including Chicago Fed President Goolsbee yesterday. Note that while the Fed Chair has significant influence over the FOMC, monetary policy actions are taken by a majority vote so removing Powell could lead to increased pushback from other members against pressure on the Fed to deliver easier policy. And with the latest rise in yields being driven mostly by real rates rather than breakevens, the market reaction is arguably more about broader investor concerns that less credible US policy-making may erode the exorbitant privilege that has allowed the US to run high twin deficits than it is about the specific risk of political influence over the Fed’s rates policy.

Tariffs also stayed in the headlines, with President Trump commenting yesterday that “Tariffs are going well, everybody wants to negotiate”, but with there being little definitive progress. Some positive headlines came out of US Vice President Vance’s visit to India, with the White House touting “significant progress in the negotiations”. Over in Japan, Prime Minister Ishiba said “If Japan concedes everything, we won’t be able to secure our national interest” ahead of an expected second round of talks with the US. Mexico’s President Sheinbaum said there was no agreement yet with the US, with talks ongoing ahead of a May 3 deadline for tariffs on auto parts. And earlier on Monday, China’s Ministry of Commerce warned other countries in talks with the US against “reaching a deal at the expense of China’s interests”, with no signs so far of a substantial engagement between the US and China.

This backdrop saw the S&P 500 (-2.36%) post a broad-based decline on Monday with all 24 of its industry groups lower on the day and the equal-weighted version of the index down by -2.04%. Cyclical stocks underperformed, with the Mag-7 down -3.23% led by a -5.75% decline for Tesla ahead of its earnings release this evening. And a -2.55% decline for the NASDAQ saw it move back into bear market territory, with the index down -21% from its recent peak. The VIX volatility index rose +4.17pts to 33.82 and other risk assets also struggled, with US HY credit spreads +14bps wider at 412bps.
In a pattern of bonds being an increasingly poor hedge for equities, long-term Treasuries saw a renewed sell-off. 10yr yields moved +8.6bps higher to 4.41% and 30yr yields rose +10.4bps to 4.90%, their highest since January. This rise was driven by real yields, with the 10yr real yield up +9.4bps to 2.18%. By contrast, 2yr yields fell -3.5bps to 3.765% as the amount of Fed rate cuts priced by December rose +6.1bps to 93bps. These moves translated into a sharp steepening of the yield curve, with the 2s10s and 2s30s slopes reaching their steepest levels since January 2022, shortly before the Fed started its post-Covid hiking cycle.

In FX, the dollar index (-0.96%) yesterday closed at its lowest level in over three years. The dollar index is now down -5.69% since the start of April and on course for its weakest month since 2009. The dollar lost ground against all G10 currencies on Monday, with the euro rising to 1.1515, its highest level since November 2021, while the Swiss franc (+1.08%) was the strongest performing G10 currency. The flight to perceived safe havens also saw gold (+2.92%) post its 22nd all-time high since the start of the year, extending its YTD advance to +30.46%. Overnight, gold prices edged up another +0.81% higher to $3,452/oz.

In the energy space, the risk-off mood, concerns about the US-China trade war and constructive weekend headlines on indirect US-Iran talks put new downward pressure on oil prices. Brent crude fell -2.50% to $66.26/bbl, reversing about half of its +4.94% rise last week.

Asian equity markets are struggling to gain traction this morning after yesterday’s meltdown on Wall Street. In Japan, the Nikkei (-0.35%) is slightly lower after falling by -1.30% on Monday. In China, the Hang Seng (-0.03%) and the CSI (+0.03%) are little changed, while the Shanghai Composite (+0.31%) and Korea’s KOSPI (+0.15%) are seeing minor gains reversing initial losses. Outside of Asia, US equity futures are seeing a modest recovery, with those on the S&P 500 and the NASDAQ around +0.35% higher. 10yr Treasury yields (+0.5bps) are marginally higher following yesterday’s sell-off, with the dollar (-0.15%) again moving lower overnight. In Europe, STOXX 50 futures are trading -0.47% lower this morning after Monday’s holiday, which follows rebounds of +3.09% for the STOXX 50 and +4.03% for the STOXX 600 last week.

Over in Asia, our strategists published an insightful report yesterday laying out the case for a stronger RMB. They see the risk-reward weighted to a move lower in USD/CNH over the summer months, with the cost-benefit analysis for China’s policy not favouring a weaponization of the RMB.

Looking forward to the rest of this week, the data highlight will be the April flash PMIs on Wednesday, with the impact of US tariffs in focus. European manufacturing PMIs have been recovering in recent months but remain in contractionary territory, while in the US the index was only slightly above 50 (50.2) last month. Investors will also be watching the PMIs for evidence of supply disruptions and price pressures from tariffs, with US manufacturing PMI price indices having risen to 2-year highs in March.

Other notable economic indicators out this week include March durable goods orders and housing market data in the US. Our US economists see durable goods orders (Thursday) growth at +1.0% MoM (+1.0% in February), pointing to a strong start to the year for capex prior to the major tariff announcements. The Fed will also release its Beige Book on Wednesday. In Europe, other sentiment releases include the Ifo survey in Germany (Thursday) as well as consumer confidence indicators in the UK (Friday), Eurozone (Tuesday) and France (Thursday).

Elsewhere, global policy-makers are gathering in Washington for the IMF/World Bank spring meetings. As part of that, the IMF will be releasing its latest economic forecasts later today, and G20 finance ministers and central bank governors will also be meeting on Wednesday and Thursday. And there will be plenty of Fedspeak, including Jefferson, Harker, Kashkari, Barkin and Kugler today.

We will also be entering the peak of the earnings season. Two of the Mag-7 will be reporting with Tesla after market close today and Alphabet on Thursday, while other tech reports include Intel, IBM and ServiceNow. Results from consumer groups including P&G and PepsiCo may get extra attention given the recent softening in US consumer sentiment, while in Europe names to watch include SAP and Dassault Systemes. See the full weekly calendar below.

2 b European Opening report

DXY flat & US futures gain ahead of a slew of Fed speakers and TSLA earnings – Newsquawk US Market Open

Tuesday, Apr 22, 2025 – 05:12 AM

• European bourses modestly lower; US futures attempt to pare back Monday’s hefty losses.
• DXY flat, USD/JPY fails to sustain a move below 140, EUR/USD back on a 1.14 handle as USD bounces off lows.
• Modest UST & Bund divergence while Gilts lag and hit lows on BoE’s Greene, who highlighted that wage growth remains “pretty high”.
• Spot gold briefly tested USD 3,500/oz before waning; industrial commodities mostly firmer.
• Looking ahead, Canadian Producer Prices, US Richmond Fed Index, EZ Consumer Confidence. Speakers including ECB’s Knot, de Guindos, BoE’s Breeden, Fed’s Jefferson, Harker, Kashkari, Kugler & Barkin, Supply from the US, Earnings from Tesla, Verizon, GE Aerospace, Lockheed Martin, Danaher & Elevance.

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TARIFFS/TRADE

• US Commerce Department finalised dumping duties ranging from 6.1% to 271.28% on solar cells imported from Cambodia, Malaysia, Thailand and Vietnam.
• US Trade Representative’s statement confirmed that USTR Greer and India’s Ministry of Commerce and Industry have finalised terms of reference to lay down a roadmap for negotiations on reciprocal trade and stated that India’s constructive engagement so far has been welcomed.
• South Korea’s Acting President Han said he expects South Korea-US trade talks this week to pave the way towards a mutually beneficial solution.
• Reuters reports that “Japan sees little scope for grand deal on yen in talks with US” at this week’s Washington meeting of Finance Ministers. Sources report that Japan will push back against any request to boost its currency. Japan reportedly sees little scope for direct action i.e. FX intervention or an immediate BoJ hike, via Reuters citing sources. The meeting is likely to focus, from a Japanese perspective, on getting further insight into Washington’s intentions.

EUROPEAN TRADE

EQUITIES

• European bourses (STOXX 600 -0.6%) opened mostly and modestly lower and have traded sideways throughout the morning thus far. Sentiment in Europe today is fairly gloomy, playing catch-up to the hefty losses seen in the US on Monday (reminder: Europe was shut on account of Easter Monday).
• European sectors hold a negative bias, in-fitting with the risk tone. Real Estate takes the top spot, benefiting from the relatively lower yield environment (in Europe). Insurance follows closely behind, with both Helvetia and Baloise jumping around 4% after the pair announced a merger of equals to form a leading European insurance group. Healthcare has been weighed on today by significant pressure in Novo Nordisk (-8%), hit as traders digest the latest obesity-pill updates from rival Eli Lilly.
• US equity futures (ES +1% NQ +1% RTY +1%) are entirely in the green, attempting to pare back some of the hefty losses seen in the prior session. Docket today sees US Richmond Fed Index and a slew of Fed speakers alongside numerous heavyweight earnings including Tesla.
• Chinese tech names are reportedly considering US listings despite “market ructions”, via Bloomberg citing sources; Walnut Coding, CloudSky, Zaihui & Zhonghe said to be considering IPOs in the US.
• Click for the sessions European pre-market equity newsflow
• Click for the additional news
• Click for a detailed summary

FX

• DXY is flat with the USD showing a differing performance vs. peers (stronger vs. EUR and CHF, weaker vs. JPY). Monday was a notable down day for the USD after another outburst from US President Trump, attempting to strong arm Fed Chair Powell into lowering rates and speculation over whether he will attempt to remove him before his term expires next year. Today’s calendar is lacking in US data but heavy in speakers with Fed’s Jefferson, Harker, Kashkari, Kugler & Barkin all due on deck.
• EUR/USD is a touch lower but holding above 1.15 after early USD buying knocked the pair from its overnight peak at 1.1547. This comes after the pair hit a multi-year high on Monday at 1.1574. On the trade front, there has been little in the way of updates since last week’s reporting that the EU expects tariffs to remain given a lack of progress in trade discussions. As it stands, despite today’s reprieve for the USD, the EUR still remains a liquid alternative to the USD should investors continue to shun US assets.
• JPY is top of the G10 leaderboard as the currency continues to benefit from its safe-haven appeal with USD/JPY briefly slipping below the 140 mark earlier in the session for the first time since September 2024. JPY is also underpinned by hopes over upcoming talks between the US and Japanese administrations. That being said, a Reuters sources piece noted that Japan will push back against any request to boost its currency. This prompted a slight pick up in USD/JPY after failing to sustain a move below 140. From a policy perspective in Japan, source reporting suggests that the BoJ is likely to keep its rate-hike signal intact at its meeting next week despite Trump tariff risks.
• GBP is flat vs. the USD with UK-specific newsflow on the light side. In an interview on Bloomberg TV, MPC member Greene remarked that the main issue from the trade war is whether the main impact will be on demand or the supply side; whether the main factors will be on demand or the supply side. Greene added that wage growth remains “pretty high”, however, the labour force survey has been volatile and has its own collection issues. BoE’s Breeden is due later in the day.
• Antipodeans are both now steady vs. the USD after initially kicking the session off on the front foot. Upside was trimmed alongside a pick up in the USD in quiet newsflow. Overnight, AUD/USD hit a fresh YTD peak at 0.6439 before returning back to within Monday’s 0.6369-0.6437 range.
• PBoC set USD/CNY mid-point at 7.2074 vs exp. 7.2925 (Prev. 7.2055).
• Click for a detailed summary
• Click for NY OpEx Details

FIXED INCOME

• USTs are still digesting the remarks from Trump on Fed Chair Powell and interest rates. Commentary which sparked marked steepening on Monday as short-end yields were weighed on by the prospect of cuts while the long-end picked up on the prospect of this sparking more inflation down the line. As it stands, the curve is unwinding that action a little and is slightly flatter today but still in close proximity to the steepest points seen on Monday i.e. 2s10s around 63bps vs Monday’s 55-66bps range. USTs are softer on the session, at the low-end of a 110-18 to 110-27+ band. A 2-year auction is due later, with focus also on a slew of Fed speakers.
• Modest two-way action in Bunds today, with catalysts light thus far. No reaction to the latest ECB SPF that featured an increase to the inflation and cut to the growth views of respondents; a point which may well be reflected in the IMF forecasts this afternoon. Holding at the top-end of a 131.46-83 band on return from the long weekend and while Bunds are outperforming USTs, it is only modest with the German benchmark essentially unchanged. Ahead, a 2027 Schatz auction with appearances from ECB’s Lagarde and Knot also scheduled.
• Gilts opened lower by just under 30 ticks before paring essentially all of the move to print a 92.40 high, just five ticks shy of Friday’s close. However, this proved short lived with the benchmark coming under gradual but notable pressure and entered the appearance from BoE’s Greene at a 92.02 base. Greene highlighted two-way risks to inflation being present though some modest pressure in Gilts, to a 91.96 trough, came as she highlighted wage growth remains “pretty high” and she is keeping an eye on the rise in inflation expectations.
• Click for a detailed summary

COMMODITIES

• Crude futures extend on the rebound from the prior day’s trough despite the European rebound in the Dollar and overall quiet news flow thus far. Desks pin the recent losses in the complex to US tariff uncertainty, risk aversion from Trump pressuring the Fed Chair, and telegraphed progress regarding US-Iran nuclear talks. WTI resides in a USD 62.72-63.43/bbl range with its Brent counterpart in a USD 66.54-67.25/bbl parameter.
• Spot gold extended on its rally and printed a fresh record high at USD 3,500/oz at the time of writing, with gains in the yellow metal facilitated by the recent fall in the Dollar coupled with ongoing uncertainty on the US tariff policy and geopolitics. Add to that, the issue of US central bank independence after US President Trump upped the pressure on Fed Chair Powell to ease monetary policy. Spot gold currently resides in a USD 3,3412.34-3,500.20/oz range.
• Mostly firmer trade across base metals amid the recent fall in the Dollar and resilience in the red metal’s largest buyer. 3M LME copper resides in a USD 9,254.03-9,333.05/t.
• Click for a detailed summary

NOTABLE EUROPEAN HEADLINES

• BoE’s Greene says market pricing for BoE rate cuts has been moving around a lot but not all of it is to do with the UK. Aware of rise in inflation expectations, but risks are to both sides. US tariffs represent more of a disinflationary risk than an inflationary one for the UK. Wage growth remains “pretty high”, the labour force survey has been volatile and has its own collection issues.
• ECB Survey of Professional Forecasters; 2025 and 2026 inflation forecasts raised, growth lowered.
• German government lowers growth forecasts to 0.0% for 2025 and ~1% for 2026 (Including the US base tariff of ten percent as well as on steel, aluminium and cars), according to Handelsblatt’s Olk.

NOTABLE US HEADLINES

• WSJ’s Timiraos wrote “Trump Is Laying the Groundwork to Blame Powell for Any Downturn” and is signalling he will blame the Fed for any economic weakness resulting from his trade war if it doesn’t cut rates soon.
• US Securities and Exchange Commission announced Paul Atkins was sworn in as chairman.

GEOPOLITICS

• Kremlin spokesman Peskov said Russian President Putin’s comments on Monday that it was possible to discuss the issue of not striking the civilian targets, including bilaterally, he had negotiations and discussions with the Ukrainian side in mind.
• Iranian Foreign Minister will visit China on April 23rd, according to the Chinese Foreign Ministry.

CRYPTO

• Bitcoin is on a firmer footing and trades around USD 88.3k; Ethereum edges lower but manages to hold above USD 1.6k.

APAC TRADE

• APAC stocks traded mixed with most indices rangebound despite the sell-off on Wall St where stocks and the dollar were pressured after President Trump renewed his criticism against Fed Chair Powell.
• ASX 200 was little changed as strength in mining stocks and gold producers were offset by losses in tech, energy and healthcare, while price action was also hampered by the absence of any key data.
• Nikkei 225 struggled for direction and swung between gains and losses in relatively contained parameters amid a choppy currency and slightly higher Japanese yields.
• Hang Seng and Shanghai Comp conformed to the mixed picture with the Hong Kong benchmark marginally pressured on return from the Easter weekend, while the mainland was kept afloat amid earnings and positive EV-related updates.

NOTABLE ASIA-PAC HEADLINES

• Japanese Finance Minister Kato said finance authorities are to ask banks to help support financing at small companies affected by US tariffs, while he is arranging to hold a meeting with US Treasury Secretary Bessent and plans to discuss forex issues.
• Japan Keidanren Business Federation Chief Tokura says wants FX to stabilise as much as possible; rapid FX fluctuations are not desirable for the economy, in response to a question on USD/JPY moving below 140.00.

2c) Asian report

European futures lower, USD/JPY dips below 140 after Trump renews pressure on Fed Chair Powell – Newsquawk Europe Market Open

Tuesday, Apr 22, 2025 – 01:28 AM

• APAC stocks traded mixed with most indices rangebound despite the sell-off on Wall St after President Trump renewed his criticism against Fed Chair Powell.
• European equity futures indicate a lower cash market open with Euro Stoxx 50 future down 0.5%.
• DXY has extended on recent downside with JPY the main beneficiary, EUR/USD is above the 1.15 mark.
• Bunds are rangebound on return from the long weekend, crude futures have continued the mild rebound from the prior day’s trough.
• Looking ahead, highlights include Canadian PPPI, US Richmond Fed Index, EZ Consumer Confidence, ECB’s Knot, de Guindos, BoE’s Breeden, Fed’s Jefferson, Harker, Kashkari, Kugler & Barkin, Supply from Germany & US.
• Earnings from SAP, Iberdrola, Tesla, Verizon, GE Aerospace, Lockheed Martin, Danaher & Elevance.

SNAPSHOT

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US TRADE

EQUITIES

• US stocks tumbled and the Treasury curve steepened in response to further pressure from US President Trump on Fed Chair Powell to lower interest rates, while it remains to be seen if the President can fire Powell and NEC Director Hassett suggested Trump is studying ways on how to do this. As such, the fears of killing Fed independence from the government sparked the risk-off session and the front end of the curve saw yields fall on the potential for earlier rate cuts, although the longer end of the curve saw yields rise as cutting rates too early could boost inflation.
• SPX -2.36% at 5,158, NDX -2.46% at 17,808, DJI -2.48% at 38,170, RUT -2.06% at 1,842.
• Click here for a detailed summary.

TARIFFS/TRADE

• US Commerce Department finalised dumping duties ranging from 6.1% to 271.28% on solar cells imported from Cambodia, Malaysia, Thailand and Vietnam.
• US Trade Representative’s statement confirmed that USTR Greer and India’s Ministry of Commerce and Industry have finalised terms of reference to lay down a roadmap for negotiations on reciprocal trade and stated that India’s constructive engagement so far has been welcomed.
• US VP Vance’s office issued a statement on meeting with Indian PM Modi and noted that the two made progress on a US-India trade agreement.
• Japanese negotiators are reportedly complaining that the problem with the trade negotiations with the White House is that the US keeps changing its asking terms of what exactly it wants, according to FBN’s Gasparino.
• South Korea’s Acting President Han said he expects South Korea-US trade talks this week to pave the way towards a mutually beneficial solution.

NOTABLE HEADLINES

• Fed’s Goolsbee (2025 voter) said “We have got short-run inflation expectations up, but long-run expectations are not rising and that is very important”. Goolsbee said the Fed needs to look to where things will be through this year and that tariffs are one input and one shock to the economy but added that the impact of tariffs on the macro economy could be modest.
• US President Trump posted on Monday ““Preemptive Cuts” in Interest Rates are being called for by many. With Energy Costs way down, food prices… substantially lower, and most other “things” trending down, there is virtually No Inflation. With these costs trending so nicely downward, just what I predicted they would do, there can almost be no inflation, but there can be a SLOWING of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW. Europe has already “lowered” seven times. Powell has always been “To Late,” except when it came to the Election period when he lowered in order to help Sleepy Joe Biden, later Kamala, get elected. How did that work out?”
• WSJ’s Timiraos wrote “Trump Is Laying the Groundwork to Blame Powell for Any Downturn” and is signalling he will blame the Fed for any economic weakness resulting from his trade war if it doesn’t cut rates soon.
• It was initially reported that the White House has begun the search for a new Secretary of Defense, according to NPR. However, the White House Press Secretary denied this and affirmed that the President stands strongly behind the Secretary of Defense.
• US Securities and Exchange Commission announced Paul Atkins was sworn in as chairman.

APAC TRADE

EQUITIES

• APAC stocks traded mixed with most indices rangebound despite the sell-off on Wall St where stocks and the dollar were pressured after President Trump renewed his criticism against Fed Chair Powell.
• ASX 200 was little changed as strength in mining stocks and gold producers were offset by losses in tech, energy and healthcare, while price action was also hampered by the absence of any key data.
• Nikkei 225 struggled for direction and swung between gains and losses in relatively contained parameters amid a choppy currency and slightly higher Japanese yields.
• Hang Seng and Shanghai Comp conformed to the mixed picture for most of the session with the Hong Kong benchmark initially pressured on return from the Easter weekend, while the mainland was kept afloat amid earnings and positive EV-related updates.
• US equity futures (ES +0.4%, NQ +0.4%) nursed some of their losses as participants brace for a pick up in earnings reports.
• European equity futures indicate a lower cash market open with Euro Stoxx 50 future down 0.5%.

FX

• DXY weakened again with the DXY firmly beneath the 99.00 level as US assets continued to lose their appeal amid economic uncertainty regarding tariffs and questions about Fed autonomy after President Trump continued to ramp up his criticism against Powell and called for him to lower rates, while the latest rhetoric from Fed’s Goolsbee provided very little new information.
• EUR/USD held on to the prior day’s spoils after benefitting from the dollar selling which had lifted the pair above 1.1500 to print its strongest since late 2021 before gradually fading some of the advances.
• GBP/USD retested and reclaimed the 1.3400 level to the upside owing to the weaker buck but with further upside limited amid quiet catalysts and with UK markets set to reopen from the Easter holiday.
• USD/JPY was choppy after dipping to sub-141.00 territory and amid the flimsy risk appetite in Japan but later succumbed to another bout of dollar selling.
• Antipodeans were initially rangebound owing to the mixed risk appetite and in the absence of any tier-1 data releases although eventually benefitted from the pressure in the greenback.
• PBoC set USD/CNY mid-point at 7.2074 vs exp. 7.2925 (Prev. 7.2055).

FIXED INCOME

• 10yr UST futures remained subdued after the prior day’s whipsawing and curve steepening in which front-end yields fell following Trump’s renewed attack on Powell and call for the Fed to lower rates, while long-end yields rose amid concerns that lower interest rates would only boost inflation further.
• Bund futures were rangebound on return from the long weekend and amid very few catalysts.
• 10yr JGB futures resumed their declines alongside higher domestic yields and after a source report noted the BoJ is likely to keep its rate-hike signal intact at its meeting next week despite Trump tariff risks.

COMMODITIES

• Crude futures continued the mild rebound from the prior day’s trough with the recovery helped amid reports that Israel’s air force conducted drills simulating missile and rocket attacks on its bases which were the same ones targeted in previous Iranian strikes in April and October last year.
• Spot gold extended on its rally and printed a fresh record high just shy of the USD 3,500/oz level.
• Copper futures gained amid a softer dollar and resilience in the red metal’s largest buyer.

CRYPTO

• Bitcoin mildly gained overnight and rose back above the USD 88,000 level.

NOTABLE ASIA-PAC HEADLINES

• Japanese Finance Minister Kato said finance authorities are to ask banks to help support financing at small companies affected by US tariffs, while he is arranging to hold a meeting with US Treasury Secretary Bessent and plans to discuss forex issues.

GEOPOLITICS

MIDDLE EAST

• Israeli Air Force conducted drills simulating missile and rocket attacks on its bases which were the same ones targeted in previous Iranian strikes in April and October 2024, while the exercise aims to boost readiness in case US-Iran nuclear talks collapse, according to a Kan News report.
• US aggression reported with two raids on the Majzar district in Marib, Yemen, according to Al Jazeera citing Ansar Allah Media.

RUSSIA-UKRAINE

• Ukrainian President Zelensky said a Ukrainian delegation is to hold talks in London with the UK, France and US representatives on Wednesday. Zelensky later commented that Ukraine stands by its proposal for an end to attacks on civil targets and is waiting for Russia’s reply, while he added that Ukraine is ready for any conversation on how to achieve this and the first task of talks in London this week is to secure an unconditional ceasefire as a starting point.
• US President Trump said they had good meetings on Ukraine, Russia, and Iran, while he added the US may meet on Wednesday with Ukraine and European allies on the peace plan and there is a good chance of a Russia and Ukraine deal this week.
• Kremlin spokesman Peskov said Russian President Putin’s comments on Monday that it was possible to discuss the issue of not striking the civilian targets, including bilaterally, he had negotiations and discussions with the Ukrainian side in mind.

3 .ASIA

3A NORTH KOREA/SOUTH KOREA

3B JAPAN

3C CHINA

CHINA/USA

Air Cargo Faces $22BN Revenue Hit When China Tariff Exemption Ends

Monday, Apr 21, 2025 – 09:25 PM

By Eric Kulisch of FreightWaves

U.S. plans next month to cancel tariff-free access for low-value parcel shipments from China and Hong Kong, coupled with a new 145% tariff rate on Chinese imports, could bleed more than $22 billion in revenue from the air cargo sector over three years and put thousands of online sellers with direct-to-consumer fulfillment models out of business, according to an e-commerce and logistics consulting firm. 

Derek Lossing, the founder of Cirrus Global Advisors, has previously said the Trump administration’s recent trade actions against China would “decimate” air cargo out of China because demand for products on the Temu and Shein platforms would plummet. His Seattle-based consultancy has now quantified the downstream effects of the changes on the air cargo sector. 

The Cirrus Global Advisors model shows the airfreight industry revenue could contract $22 billion if the White House maintains tariffs at 125% for a substantial period of time, based on assumptions about lower consumer demand, excess airline capacity and downward pressure on yields. Large cargo airlines and freighter forwarders, like Atlas Air and Kuehne+Nagel subsidiary Apex Logistics, with heavy exposure to large Chinese marketplaces, as well as Amazon and smaller online brands, are expected to experience downward pressure on revenues, Losing said in a phone interview.

The estimate was made before the U.S. clarified that China tariff rate was actually 145%, to include a previous tariff, but it’s unclear if the higher rate would further drag down industry revenue.

E-commerce shipments account for an estimated 50% to 60% of China-U.S. air volumes and an estimated 20% of global air cargo volumes, according to logistics providers and the International Air Transport Association. Experts agree that dozens of widebody freighters are dedicated to hauling e-commerce shipments across the Pacific each day from China, but Lossing said he believes an estimate of 100 such aircraft by Netherlands-based consultant Rotate is high.

Total air cargo revenue on the China-U.S. trade lane will decrease more than 30% because of the lower volumes caused by the new U.S. trade policies and the lower yields that will follow, Lossing, a former Amazon logistics executive, predicted. 

When the Biden administration last fall proposed tighter rules for a subset of Chinese goods to qualify for de minimis, a program that allows the duty and tax-free entry of shipments with an aggregate value of $800 or less per person, per day, Cirrus Global Advisors estimated the impact to global air cargo revenue at $3 billion over three years. The estimate for revenue loss has steadily increased with Trump’s aggressive posturing against China before and after his inauguration, culminating with a complete ban of all Chinese goods from duty-free treatment, effective May 2. Starting next Friday, retailers will need to file formal customs entries, which require much more information and time than the fast-track de minimis process, to clear individual shipments

U.S. Customs and Border Protection says lax data requirements for de minimis shipments makes it difficult to screen for entry of illicit and unsafe goods. Trump canceled de minimis on the grounds that it enables smuggling of the opioid fentanyl and cheap imports that undercut U.S. retailers and manufacturers. 

Limiting de minimis when tariffs were relatively low was mostly considered an inconvenience for large Chinese marketplaces like Temu, Shein and Alibaba because their prices are so low consumers likely wouldn’t change their shopping habits if a piece of clothing increased in price by $2 or $3. But the imposition of 145% tariffs has blown up the model of fulfilling orders in China and shipping them by air directly to the customer’s residence, which was cheaper and faster than shipping in bulk by ocean to a U.S. warehouse for pick, pack and delivery. 

Temu, a hugely popular market for cheap goods, and fast-fashion brand Shein last week notified customers on their websites that they will raise prices starting April 25 in response to new trade rules and rising tariffs. The South China Morning Post reported that Temu has already sharply reduced online advertising in the U.S. Despite this, both sites have seen a spike in orders recently as shoppers try to get goods before the tariffs kick in. 

In addition to higher prices from tariffs, digital markets could lose sales as new customs clearance requirements create friction for customers during checkout, Lossing predicted Friday on LinkedIn.

“How comfortable will U.S. online consumers be to provide more, personal sensitive information to shop on a Chinese website, to facilitate a customs declaration for a B2C shipment,” he wrote. If e-commerce hassles and privacy concerns deter consumers from completing purchases the decline in cross-border parcel volumes and air cargo revenues could be even greater than currently forecast.

The Cirrus model, like others, assumes that the steep drop in China e-commerce shipments to the U.S. will significantly reduce demand for freighter aircraft. Airlines will respond by accelerating the retirement of older aircraft and relocating assets to other markets, resulting in excess capacity there and lower average freight rates. The degree to which express carriers and freighter operators reduce flight schedules or remove aircraft from China service will depend on how much consumers pullback from shopping. 

And If the European Commission follows through on intentions to remove the de minimis exemption for goods valued below $170 and impose a customs handling fee on individual B2C packages the harm to cross-border e-commerce players, including all-cargo airlines, could be severe, Losing told FreightWaves. 

“That’s kind of the one-two punch that actually would potentially push the revenue loss for air cargo over our current estimate,” he said. 

And the potential damage to the industry could spread if the Trump administration, as threatened, eliminates de minimis benefits across all nations once systems are in place to collect tariffs from millions of extra shipments per day. But the harm could also be less severe if the President follows a pattern of quickly undoing policy pronouncements and relaxes the tariffs or de minimis rules.

Small online sellers at high risk

The crackdown on Chinese e-commerce shipments poses an existential threat for many small-and-medium e-tailers with storefronts selling goods directly from China, as well as logistics providers that handle customs clearance and last-mile delivery for B2C shippers, said Lossing.

Large Chinese marketplaces were already preparing for more restrictive de minimis rules by building millions of square feet of U.S. warehouses the past couple of years to support a more traditional B2B2C fulfillment model, logistics executives said. Temu, for example, will consign goods to its U.S. entity, clear them via a formal customs entry, pay duty and truck them to a fulfillment center, where they will be stored, picked, packed and delivered.

Another reason for consolidating air or ocean shipments on one customs entry is to reduce the cost for customs brokerage and merchandise processing fees paid to the government per shipment. The cost for customs brokers to file entries will shoot up from 10 cents to $3 per package once the special de minimis pathway is eliminated. 

The National Foreign Trade Council calculates that without de minimis the average $50 package would require about $31 in paperwork, a brokerage fee of $20, plus tariffs and taxes, which would more than double the delivery cost.

In addition to significantly higher import costs, air shipments are expected to take longer for CBP to process under the standard entry process. 

Lossing said there are tens of thousands of small companies in China that sell on Amazon and other platforms that won’t be able to pay the 145% tariff and don’t have the resources to use a traditional containerized export model. And many customers will switch to countries like Vietnam, where tariffs are lower, for their online orders. 

He shot down arguments that the direct-to-consumer model for e-commerce from China is still viable because it allows merchants to defer tariffs until the actual time of sale versus paying them at a U.S. port of entry and it avoids the risk of having cash tied up in unsold inventory while paying for warehousing. 

On LinkedIn he challenged the assertion on Bloomberg Television by Izzy Rosenzweig, CEO of e-commerce logistics provider Portless, that the benefits of fulfilling individual orders from China to U.S. residents still made economic sense. Rosenzweig said Shein has plenty of margin to absorb higher import costs, while Temu’s goal is to fulfill 80% of its orders in the domestic U.S. 

“There are some pretty significant data points that show that the China D2C model will not survive at these tariff rates and de minimis closure. I guess only time will tell what happens….The only upside we see for the China-US e-commerce model is air freight rates are set to drop 30%-40% on the trade lane, bringing the cost per parcel down over $1 per unit,” Lossing posted.

Aaron Rubin, founder and CEO of ShipHero, a warehouse management software provider for e-commerce brands, said on LinkedIn that FedEx is charging an additional 45 cents per pound on airfreight from China because so many companies are running sales to liquidate their Chinese products for de minimis expires on May 2.

New tariffs, higher shipping rates and customer friction together “will force all companies to create and implement B2B2C clearance models because asking for sensitive customer information at checkout is a nail in the coffin” for direct-to-consumer fulfillment, Lossing said on LinkedIn. 

END

And now the plastics industry in China will be in trouble as the USA is the prime exporter of Ethane, critical in the making of plastics

(zerohedge)

Chinese Plastics Factories Face Mass Closure As US Ethane Disappears

Monday, Apr 21, 2025 – 08:25 PM

Previously we explained that the US-China trade war has been unique in that the US was hit fast and hard, mostly through capital markets and financial linkages, which travel instantaneously with acute consequences (the recent dump of US treasuries by China and subsequent purchases of the yuan and perhaps gold took effect in milliseconds, and prompted a cottage industry of narratives how the US dollar is losing its reserve currency status). At the same time, the impact to the Chinese economy takes a while to propagate, as supply chains take weeks if not months to normalize to a new status quo; the period is even longer when the frontrunning of tariffs meant China would overproduce in the days leading up to the outbreak of the trade war, and keep economic output artificially inflated, as demonstrated by the paradoxically strong Q1 GDP numbers out of Beijing. Yet once the slowdown hits, as it inevitably will, the consequences for China – which unlike the US has no social safety net – will be far more dire. It also means that the trade war with China will apex only once Beijing suffers max pain, at which point Xi will be far more amenable to talks with Trump. The only question is when will said max pain moment hit.

We don’t know yet, although we are keeping a close eye on alternative Chinese economic indicators (one can’t trust official Chinese data in normal times, and one certainly can’t trust any local “data” at a time when gepolitical leverage is measured in growth basis points, even if they are completely fabricated) for the tipping point. 

Until then, however, there are growing signs that the first wave of pain has already landed, and as Bloomberg reports, Chinese plastics factories that depend on a gas they mainly import from the US are contending with the prospect of widespread shutdowns as the world’s two largest economies bunker down for a prolonged trade war.

The world’s dominant plastics manufacturer gets almost all its ethane, a petrochemical feedstock that is also a component of natural gas, from the US. But eye-watering tariffs on American goods mean plants that cannot process substitute raw materials will bleed money; their only alternative is to mothball production for the near (or not so near) future.  

“The situation is dire for China’s ethane crackers as they have no alternative to US supply,” said Manish Sejwal, an analyst at Rystad Energy AS, using an industry term for such facilities. “Unless they are granted tariff exemptions, they may have to stop production or close shop.”

Needless to say, that would be catastrophic for China’s plastics industy.

Most so-called crackers in China use naphtha as a feedstock, with processors that solely use ethane as raw material for petrochemicals making up is less than 10% of the total at about 4 million tons, according to Rystad. China is by far the biggest buyer of American supply, according to the US Energy Department.

But with 125% tariffs in place, factories would have lost $184 for every ton of US ethane they processed in the week ending April 11, according to Rystad data. That compares with more than $100 they would have made in profits if there were no tariffs. 

According to Bloomberg, the extra costs are another blow for China’s plastics sector, which is already dealing with a glut as the growth in production capacity exceeds demand. The tussle is also threatening other feedstocks, including natural gas liquids and propane, and has led to sharp drops in US prices, hardly the inflationary shock so many have predicted.

Across China, domestic ethane production won’t be able to plug the gap, with the nation producing around 120,000 tons in 2024, according to industry consultancy JLC International.

Furthermore, the ethane market “is marked by long-term contracts, with little to no opportunity to resell cargoes on the spot market,” Rystad said April 10, making it tough for the Chinese to obtain alternative supplies from non-US sources.

While China has so far avoid widespread closures of production across sectors, it appears likely that the plastics industry in general, and the ethane and propane supply chains in particular, will be among those hit first and hardest. So for those seeking to time the moment of max pain, and greatest malleability of Beijing, keep an eye on Chinese plastic prices and/or labor strikes in the region.

The lower the former goes, the higher the latter will move, and the faster the trade war will come to an end. And come to an end it will, because as even Goldman forecast in its latest China forecast (available to pro subs here), the country’s GDP is about to fall off a cliff: the bank now expects China’s Q2 GDP growth to crater to just 0.8% QoQ from 4.9% in Q1. And that’s just the start, if China is unable to unleash a stimulus similar in size to what it did during covid.

end

Exposing Beijing’s ‘Gray Trade’ Tariff Avoidance Scheme

Monday, Apr 21, 2025 – 11:55 PM

Authored by James Gorrie via The Epoch Times,

Is a new boom in deceptive trading practices taking shape in many parts of the world? As the U.S.–China trade war intensifies, it certainly looks that way.

China’s Gray Trade Strategy Blunts Impact of US Tariffs

With U.S. tariffs reaching 145 percent on Chinese imports—at least at the time of this writing—Beijing’s new strategy seems to include the use of so-called gray trade to bypass American trade barriers. Gray trade involves rerouting goods through low-tariff countries, such as Vietnam, Mexico, or Malaysia, to conceal their Chinese origin and thereby reduce U.S. import duties.

This sneaky tactic has surged as a response to President Donald Trump’s aggressive tariff policies, making China’s goods less competitive in the U.S. market due to their added cost.

Gray Trade Loophole Strategy

The simple idea behind gray trade is to exploit loopholes in U.S. Rules of Origin, the trading guidance for determining a product’s country of origin for tariff purposes. Chinese goods, for example, will remain unassembled or may be about 90 percent manufactured before being shipped to an intermediary country. There, they undergo final production, assembly, processing, repackaging, or relabeling to qualify as originating from that country, rather than from China.

For example, Chinese electronic parts may be sent to Vietnam, assembled into a product, and then labeled, “Made in Vietnam.” This enables China to benefit from the 10 percent tariff on Vietnamese imports under Trump’s 2025 reciprocal tariff regime, instead of the 145 percent tariffs on Chinese goods.

It’s a perfectly sensible response by Beijing, and there’s no doubt that Chinese firms are rerouting goods through Vietnam, Mexico, and Turkey to exploit lower tariffs on goods sourced from those countries. A related tactic occurring in Mexico involves dividing goods into packages that are below the $800 tariff-free threshold for non-Chinese origins, a tactic called the “Tijuana two-step.”

China Has to Resort to Gray Trade

But gray trade isn’t new or even unfamiliar to the second Trump administration. During Trump’s first term, Chinese solar manufacturers bypassed 30 percent tariffs by partnering with their neighbors in Southeast Asia. In 2025, tracing the movement and provenance of vast numbers of products is complex at best and nearly impossible at worst, making it a challenge to disrupt gray trade.

It’s no mystery why Beijing is engaging in gray trade. With its exports to the United States accounting for 10 percent of its trade and supporting between 10 million and 20 million jobs, some experts say the world’s largest manufacturer faces an estimated 80 percent decline in its exports over the next two years, if the gray trade were to cease.

As domestic economic conditions decline due to the anticipated extensive trade tensions, China’s 2025 GDP projections have fallen from 5 percent to as low as 4 percent, potentially resulting in a 20 percent drop in GDP growth in just one year. With joblessness among its young people (ages 16 to 24) already approaching 17 percent, the Chinese Communist Party (CCP) faces a growing resentment among its people. The Party would like to avoid an uprising by its younger generation.

The gray trade has provided a much-needed cushion against the blow of the Trump administration’s high tariffs. For instance, according to official data, China’s exports surged by 12.4 percent in March, with exports to ASEAN increasing by 11.6 percent and exports to Vietnam climbing by nearly 19 percent.

Impact on Low-Tariff Countries

But it’s not just China that gains from gray trade. Its low-tariff country partners also gain economically from gray trade but face risks, too. Gray trading partners, such as Vietnam, Malaysia, and Mexico, profit from trade and processing fees, with some estimates on the social media platform X reaching as high as 10 percent. It’s worth noting that between 2017 and 2022, Vietnam replaced almost half of China’s lost market share in U.S. imports.

However, gray trading partner countries risk the consequences of U.S. pushback, resulting in a delicate balancing act for these countries caught between gray trade with China and managing important trading relationships with the United States.

Economic and Geopolitical Implications

Economically, gray trade preserves China’s U.S. market access for the moment, but it raises costs as intermediaries take their cut, with logistics costs also increasing. For U.S. consumers, it may delay steep price hikes, but won’t eliminate them.

Geopolitically, Beijing’s retaliatory 125 percent tariffs on U.S. goods, plus adding barriers to U.S. beef and LNG imports, raise tensions even higher. CCP leader Xi Jinping’s recent visits to Vietnam, Malaysia, and Cambodia could have secured their gray trade hubs going forward.

A Rough Road Ahead?

But the impact of gray trade is perhaps deeper and wider than many may expect. On the one hand, it’s a reasonable response on China’s part to U.S. tariffs. But on the other hand, there are greater risks. The United States could expand tariffs or use the International Emergency Economic Powers Act (IEEPA) to close loopholes.

That, too, may be a rational response by the United States, or it could make things worse.

“The global trade system for the past ninety years is collapsing, leaving it difficult for people to forecast the economic impact and tell where the bottom for a market is,” Vincent Chan, a China strategist at Aletheia Capital Ltd., told Bloomberg.

As new phases of U.S. trade policy and responses unfold, the biggest risk may be uncontrolled escalation in both tariff retaliation and other forms of retaliation. In short, the impact of the gray trade may be deeper and wider than many expect, and it could even lead to a global trade war, with its own far-reaching implications.

Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times or ZeroHedge.

end

4..EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS

Will The EU Join The Economic War Against China?

Tuesday, Apr 22, 2025 – 09:00 AM

Authored by Conor Gallagher via NakedCapitalism.com,

As the US goes down the trade war route with China, it’s looking for others to join the party. There are numerous reasons to believe the entire project will go down in flames like the effort to isolate Russia.

What of its Project Ukraine partner in crime, the EU? Is it game for another ride at the imperial rodeo? On April 16 the Wall Street Journal reported some of the more unsurprising recent news: that the U.S. plans to use global tariff negotiations to isolate China. The Irish Times on the same day had the scoop that any Washington-Brussels deal over tariffs will likely involve an agreement for the bloc to fully join the US in the economic war against China, which the EU is open to, although it has some qualms about other aspects of the Trump team’s proposed terms:

They suggest that the overall US strategy is to decouple from China, and that any country who wishes to have a trade deal with the US will also have to distance itself from Beijing…

At present neither US beef nor chicken can gain entry to the EU market because of strict EU rules – something which has repeatedly been complained of by the Trump administration. But senior Irish and EU sources dismissed any chance that the EU would change its standards on, for example, hormone-treated beef and chlorine-washed chicken.

The EU is also standing firm —for now— on Washington’s demands it abandon its efforts to regulate American tech behemoths operating in Europe. There are not, however, strong objections to the demands on China.

The EU was already heading down this path anyway with its recent “de-risking” campaign. In 2023, Italy abandoned its lackluster participation in Beijing’s Belt and Road Initiative. Germany faces an internal battle over its China policy, but incoming Chancellor Friedrich Merz is among those with a more hawkish tone. Still, it’s more likely that he and his coalition will continue the untenable balance of political hostility toward Beijing while maintaining the economic relationship. That arrangement favors some of Germany’s biggest companies, which continue to make significant amounts of money in China. Meanwhile, the US, European Atlanticists, and workers will push for a tougher policy. In the end, it could be decided by market developments in China. Should Germany’s Big Three auto companies continue on the path to irrelevance in the Chinese market and be overtaken by Chinese companies elsewhere, that would drive Berlin to embrace a more confrontational policy.

At the EU level, Ursula von der Leyen and many others are fully aboard the derisking train.

EU member states added new instruments to Ursula’s toolbox during her first five-year term, such as the Foreign Subsidies Regulation, International Procurement Instrument, an Anti-Coercion Instrument, the Corporate Sustainability Due Diligence Directive, the EU Critical Raw Materials Act, and the NZIA (Net-Zero Industry Act), which aims for the EU to process 40 percent of the strategic raw materials it uses by 2030. Taken together, they mean Ursula can do serious damage to trade with China if she convinces herself —or Washington does— it’s the best course of action.

The EU is making noise about cozying up to China as a counterweight to the Trump’s hardball negotiation tactics, but we’ve seen this before, and it’s best to wait and see. The EU bigwigs are not going to Beijing until late July, and both Washington and Brussels aim to iron out a deal before then ahead of the end of Trump’s 90-day tariffs pause. That reprieve was announced on April 9, which means a deadline of July 8.

Say the EU more fully commits to this path of “de-risking” from China. What will it mean for the bloc? And what knock on effect will it have on the US, which has increasingly been the recipient of transshipped Chinese goods through the EU?

In an August paper from the Peterson Institute for International Economics Mary E. Lovely and Jing Yan lay this out in detail. Aptly titled, “While the US and China decouple, the EU and China deepen trade dependencies,” the following chart tells a big chunk of the story:

What does this mean? Here’s the Conversable Economist to decipher:

In short, these patterns seem to suggest that imports not coming from China to the US economy are, in a substantial way, ending up in the EU economy instead. This pattern suggest that if the goal of US trade policy is to reduce China’s footprint in the global economy, it is unlikely to do so.

Well, unless Washington can get Brussels to once again shoot itself in the foot. What is the EU importing from China? Gone are the days when it mostly consisted of textiles, shoes, and furniture. They are now pharmaceutical ingredients, chemicals, critical raw materials, and machinery.

Disrupting that trade would be another death blow to European industry. As a recent report for the European Commission notes:

Member States with more industry-oriented economies typically exhibit higher exposure to Chinese imports. This is the case for Member States such as the Czech Republic’s (33% of total Czech extra-EU imports originate in China), Romania, Poland, Slovenia, Slovakia and Germany, underlining the important role of China as source of inputs for EU industry.

There would likely be product shortages as China is the main source of the EU’s “strategic product dependencies.” It is the primary source of 64 such products out of a total of 204 identified by the EU.

The report for the European Commission notes:

For some specific products, the EU’s import concentration on China is at very high levels of 90% and more (e.g. certain pharmaceuticals,chemicals, raw materials). Together, the wide scope in the nature and type of dependencies (“where to start?”) and deep levels of reliance on China in specific cases (“how to diversify?”) underline the complexity of de-risking import dependencies from China.

Indeed, the EU is completely reliant on China for magnesium, which is used in aerospace, automotive, electronics, and other industries for components like aircraft parts, car frames, mobile phone housings. Problem is that over 94% of the world’s magnesium export production now comes from Chinese producers. Russia makes up a big chunk of the rest. Oops.

And before Beijing threw in the towel on its zero-Covid policy, it was leading to shortages in the EU of medicines, ranging from children’s fever reducers to eye drops and antibiotics. About 80 percent of active pharmaceutical ingredients used in Europe and about 40 percent of finished medicines sold in Europe come from China or India. The EU joining the economic war against China could see a return to those days of shortages:

[China] is a major producer of older unbranded medicines that are routinely used in hospitals. Antibiotics, for example, have become increasingly outsourced to Asia, with China dominating. The country has cornered the market for the key ingredients that go into making penicillin. China also is a key exporter in other categories such as blood pressure drugs or painkillers.

Naturally, the EU plan to fix this involved “reviving investment and boosting access to affordable drugs,” as well as requiring companies to hold bigger stocks of medicines deemed essential, but did nothing to fix the underlying problem, and that pretty well sums up the story across various industries. The problem is that neoliberal motivations planted the seeds of China’s dominance today (and good for Beijing for handling those gifts responsibly).  Now Western officials say they want the jobs and industry back, and in a sense they do. China has moved too far up the value chain and is no longer under their thumb. But that does not mean industrial manufacturing that left will be making a return to Detroit and Dusseldorf, Toledo and Turin.

That’s because it is not possible to simultaneously embrace neoliberalism while pursuing an industrial policy, and that’s not the goal anyways. Instead, the very same forces that shipped Western industry East are exploiting anger over those lost jobs and living standards and directing it toward China for “stealing.” And all the big money thinks it can get supply chains up and running via “friend shoring” that excludes China and runs seamlessly from other polluted slave labor centers to their garden doors.

Why would the EU be up for another economic shootout at the US’ side?

Aside from the oft-cited reasons of its misleadership class, racial motivations, and power delusions, the US does remain the most important economic partner for the bloc — just not for essential items:

At an aggregate level, the US is still the EU’s main economic partner as of today (Figure 4).8 Only for imports of goods, China stands out as more important for the EU in relative terms than the US. In other dimensions (goods exports, services imports and exports as well as inward and outward FDI), the EU-US relation is significantly more intense. A similar picture exists from the perspective of the US, with the EU as a more important economic partner across all dimensions considered.

Prior to her humiliating 2023 trip to Beijing, von der Leyen elaborated on her “de-risking” strategy in a speech on EU-China relations at the Mercator Institute for China Studies and the European Policy Centre. Here’s a key excerpt:

The starting point for this is having a clear-eyed picture on what the risks are. That means recognising how China’s economic and security ambitions have shifted. But it also means taking a critical look at our own resilience and dependencies, in particular within our industrial and defence base. This can only be based on stress-testing our relationship to see where the greatest threats lie concerning our resilience, long-term prosperity and security. This will allow us to develop our economic de-risking strategy across four pillars. The first one is: making our own economy and industry more competitive and resilient.

About that stress-testing. It’s strange that the trans-Atlantic relationship is never put to the same test as with Moscow and Beijing.

A Risky Bluff

At first glance it would appear that like in the case of Project Ukraine the EU would be due to suffer much more than the US in a coordinated economic war against Beijing due to Europe’s heavier reliance on China.

That might not be the case however. That’s because while the US might simply be masking its reliance on Beijing. The Mercator Institute for China Studies:

EU dependencies have since 2016 further concentrated on China, while US have diversified away – likely in part a consequence of the Trump Administration’s hawkish approach to China after entering office in 2016 and the start of trade measures in 2018. The US has seen its trade dependencies on Vietnam and Mexico increase, but they, in turn, have become more dependent on imports from China. This raises the question in how an increase in indirect dependencies could undercut the benefits of any decrease in direct dependencies.

And if Washington hopes for its economic war to succeed, it needs —and is actively pursuing as the above-mentioned WSJ article shows— other countries to join it against Beijing.

That’s when potential shortages could really start to bite (depending on China’s response). Here’s another chart from the Peterson Institute for International Economics:

And again from the Conversable Economist:

Indeed, given that imports often pass through the production process in several countries on their way to a final product, it’s plausible that some Chinese exports are going to Mexico and the EU, being incorporated into other products, and then ending up as US imports.

Let’s use the example of pharmaceuticals. US imports from the EU have exploded in recent years:

And we now have Trump threatening the EU with tariffs — including on pharmaceuticals — in order to get Brussels to engage in economic war against Beijing. If the EU acquiesces — or if it doesn’t and Trump follows through with his threats — Americans could end up paying even more exceptional prices for drugs. Here’s why:

Data from 2021 show that approximately 95 percent of vitamin B1 and its derivatives imported into the EU came from China. Over 96 percent of the heterocyclic compounds with an unfused pyrazole ring, APIs used in many antibiotics, are also imported by the EU from China. An even higher dependency can be found for chloramphenicol and its derivatives, reaching over 98 percent. Chloramphenicol is a key substance for a wide-spectrum antibiotic used for severe infections that cannot be treated with other antibiotics.

Moreover, even when the active ingredients or the final drugs are manufactured in Western countries or in India, production often depends on imports of raw materials from China. For example, India imports about 70 percent of APIs from China, including those necessary for the production of antibiotics, paracetamol and drugs for diabetes and cardiovascular diseases. In fact, compared to India, China is able to produce APIs 20-30 percent cheaper, depending on the product, thanks to the availability of cheap raw materials. In addition to the production of the APIs, China is also a key supplier of excipients, meaning substances that improve, for example, the absorption, taste or physical properties of the drug.

Roberta Pizzocaro, president of Olon, a Milan-based company that makes around 300 different pharmaceutical ingredients that go into finished drugs, tells Politico the following:

Many pharmaceutical ingredients are now only produced in Asia and some exclusively in China, said Pizzocaro. She said that her company could last “some time” on existing stocks, but it wouldn’t be long before shortages started to bite.

Perhaps it isn’t wise for nations to be so reliant on one country for so much of the pharmaceutical supply chain? The fact the EU does not have fallback options would seem to rule out launching a trade war, but to believe common sense will carry the day would require ignoring all the self destruction the leadership class repeatedly inflicts on its own citizens.

5 RUSSIAN AND MIDDLE EASTERN AFFAIRS

ISRAEL/HAMAS

As troops advance in south Gaza, IDF says it’s seeing cracks emerge in Hamas’s rule

Remaining terror operatives in Rafah trapped after military constructs new road in Morag Corridor; officers vow army ‘very focused on returning hostages’

By Emanuel Fabian Follow

IDF troops are seen in the Morag Corridor area in the southern Gaza Strip, April 21, 2025. (Emanuel Fabian/Times of Israel)

RAFAH, Gaza Strip — As the Israel Defense Forces advance against Hamas in the southern Gaza Strip, some commanders believe they are beginning to see the terror group crack under the military pressure, though it is still far from a total collapse.

Over the past three weeks, following the disintegration of the ceasefire, the IDF’s 36th Division captured the so-called Morag Corridor, a strip of land located between the cities of Rafah and Khan Younis in the Strip’s south, effectively cutting off Hamas’s Rafah Brigade from the rest of Gaza.

Meanwhile, the Gaza Division has been operating inside areas of Rafah, working to locate and eliminate dozens of terror operatives still in the area, according to IDF estimates.

“The mission was to conquer all of Rafah and destroy all the terrorists here, and capture the entire territory of the Rafah Brigade,” Brig. Gen. Barak Hiram, the commander of the Gaza Division, told reporters in Rafah’s Shaboura camp on Monday.

The remaining terror operatives in Rafah would be unable to flee, like many of their comrades did in earlier stages of the war, as they would now encounter the troops of the 36th Division holding the newly established Morag Corridor.

As a result, the IDF believes that in the coming days of the operation, the rate of “friction” with the operatives in Rafah will increase. Still, Hamas operatives have largely avoided close-quarters combat with IDF troops, instead resorting to sniper attacks, RPG fire, and planting explosive devices.

An explosion from an Israeli airstrike is seen in southern Gaza’s Rafah, April 21, 2025. (Emanuel Fabian/Times of Israel)

However, some commanders in the military do not believe that defeating Hamas will come from counting the bodies of dead terrorists (the IDF claims it has killed some 20,000 operatives in the war so far) and that the terror group will never surrender, no matter how hard the IDF hits it.

Rather, Hamas would be considered defeated once the local Palestinian population turns on the terror group, some in the military have assessed. Signs of this have been seen in Gaza, with increased protests against the war and the terror group, and incidents of Palestinians executing Hamas members.

These cracks in Hamas’s rule over the Palestinian population were the result of the IDF’s increased pressure on the terror group in recent weeks, including the elimination of government and police officials, and the halt on the entry of humanitarian aid to Gaza, military officials said.

An IDF APC drives in the Morag Corridor area in the southern Gaza Strip, April 21, 2025. (Emanuel Fabian/ Times of Israel)

The IDF has said that the aid entering Gaza before the collapse of the ceasefire was being used by Hamas to stay in power. Much of the aid would be captured by the terror group, and it would either use the consignments of supplies itself or sell them to the population at increased prices, to pay for the salaries of its operatives and to recruit more members.

However, the increased pressure on Hamas is mainly aimed at coaxing it back into a hostage deal, according to the IDF.

“The immediate purpose of the mission is to exert more pressure on Hamas to return the hostages, out of the understanding that Hamas is constantly trying, in any way possible, to stall. Hamas thinks that time works in its favor,” Hiram said.

Brig. Gen. Barak Hiram, the commander of the Gaza Division, speaks to reporters in southern Gaza’s Rafah, April 21, 2025. (Emanuel Fabian/Times of Israel)

“This operation is staged; we know how to intensify it. It is an operation that I think proves that time does not work in Hamas’s favor. Every day that passes, it loses assets. Every day that passes, it loses more fighters, loses senior officials, loses infrastructure, loses capabilities,” he said.

IDF Spokesman Brig. Gen. Effie Defrin, who also joined reporters on Monday, said the mission was to “increase pressure on Hamas to bring the hostages home and to destroy Hamas’s rule — the military wing and the governmental.”

“We are operating in the northern Gaza Strip and the southern Gaza Strip. Where we are standing now, we have bisected Khan Younis from Rafah. We are striking Hamas’s infrastructure. There are many achievements, including underground and overground, and we are striking Hamas’s chain of command, and we will continue to strike it frequently and consistently,” Defrin said from the Morag Corridor area.

He added that “since the start of the operation, we maintained ambiguity. This isn’t a slogan; this is part of the method, part of the operational thinking. We do not want to share with Hamas what we are currently doing.”

IDF Spokesman Brig. Gen. Effie Defrin, speaks to reporters in the Morag Corridor area of the southern Gaza Strip, April 21, 2025. (Emanuel Fabian/Times of Israel)

Some of the IDF’s ambiguity was lifted during Monday’s tour of the Morag Corridor and Rafah.

The IDF was in the process of constructing a road in the corridor, which, so far, is happening at a much faster pace than the construction of a similar road in central Gaza’s Netzarim Corridor — which took several months.

So far, some six kilometers (3.7 miles) of the planned 12-kilometer (7.5-mile) road — stretching from Kibbutz Sufa to the coast of Gaza — has been paved, with a buffer zone surrounding it of up to two kilometers.

Journalists were driven along the road during Monday’s tour, as massive explosions from Israeli airstrikes and IDF demolitions of Hamas infrastructure were seen and heard in the surrounding area.

IDF troops are seen in the Morag Corridor area in the southern Gaza Strip, April 21, 2025. (Emanuel Fabian/ Times of Israel)

The military has not only cut off Rafah from Khan Younis overground, but also located two major Hamas tunnels connecting the two cities. Troops are in the process of demolishing them and locating other underground routes in the Morag Corridor area.

During those operations, there has been some fighting, but mostly in the area north of the Morag Corridor road, meaning Hamas operatives from the terror group’s South Khan Younis Battalion — an area that the IDF did not fully operate in previously.

The IDF estimated that dozens of terror operatives have been killed so far during the Morag Corridor offensive. Only a few soldiers were wounded in the fighting.

Explosions from Israeli airstrikes are seen in southern Gaza’s Rafah, April 21, 2025. (Emanuel Fabian/Times of Israel)

Meanwhile, inside Rafah, IDF troops have also encountered limited fighting with Hamas operatives, as they work to clear the neighborhoods of Tel Sultan, Shaboura, and al-Jenina of remaining and previously undiscovered Hamas infrastructure.

While some 250,000 Palestinians evacuated the Rafah area when the IDF launched its fresh assault on the Strip, some civilians still remain in the Strip’s southernmost city. The military has been coordinating with the Red Cross to evacuate them out of the combat zone.

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 five 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 two kilometers (1.2 miles) in most areas.

‘Hostages before our eyes’

Earlier on Monday, Finance Minister Bezalel Smotrich said that bringing the hostages back from Gaza was “not the most important” goal of the government. Prime Minister Benjamin Netanyahu has repeatedly said he is not willing to end the war for the return of the hostages until Hamas, which rules Gaza, is completely overthrown.

But the IDF appears to see things differently.

Defrin said that “the hostages are before our eyes all the time. This is a supreme goal for us. Every soldier here, from the chief of the [Southern] Command, through all the division commanders, until the last soldiers, understands this goal.”

A view of southern Gaza’s Rafah from the Philadelphi Corridor, the Egypt-Gaza border area, April 21, 2025. (Emanuel Fabian/Times of Israel)

“Hamas is under pressure. We will pursue Hamas anywhere it is located. Both in the northern part of the Strip and the south, and also outside of Gaza — anywhere,” he said.

“We won’t stop until we bring the hostages home, until the very last one, both the living and the dead,” Defrin added.

Hiram, similarly, said that “we are very focused on returning the hostages. This thought goes through our minds every day and in every action we take.”

IDF troops are seen in the Morag Corridor area in the southern Gaza Strip, April 21, 2025. (Emanuel Fabian/ Times of Israel)

“Unfortunately, the way to [returning the hostages] passes through more pressure on Hamas and more fighting,” he continued.

“The fighting now is at a certain level of intensity, and if we are required, we are preparing more tools and capabilities to intensity the fighting and increase it, to bring about a situation where we both return the hostages and defeat Hamas,” Hiram said.

END

ISRAEL HAMAS

Israel did not send negotiating team to Cairo recently, source tells ‘Post’

Hamas rejected Israel’s latest proposal, which would have seen 10 living hostage released for a 45 day ceasefire.

By JERUSALEM POST STAFFAPRIL 22, 2025 09:00Updated: APRIL 22, 2025 11:3

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fbreaking-news%2Farticle-851008&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20250415_509f230928211c4699548629df546e2ab9e26fc0&useBunnyCDN=0&themeId=140&isMobile=0&unitType=tts-player

Israel did not send a negotiating team to Cairo for hostage deal talks, an Israeli source told The Jerusalem Post on Tuesday. 

On Monday, the BBC reported, citing a senior Hamas official, that Qatari and Egyptian mediators submitted a new proposal to end the Israel-Hamas War. 

According to the unnamed official, the proposed framework would see a ceasefire for five to seven years, all Palestinian prisoners released from Israeli jails, a complete withdrawal of Israeli forces from the Gaza Strip, and a full stop to the fighting. 

Israel has not commented on the new ceasefire proposal at the time of publication. 

Hamas negotiators were supposed to arrive in Cairo for a consultation, the BBC reported. 

This comes after Hamas rejected Israel’s latest proposal, which pushed for the release of 10 hostages in exchange for 45 days of a ceasefire. 

‘Impossible conditions’

“We will not accept partial deals that serve [Israeli Prime Minister Benjamin] Netanyahu’s political agenda,” Hamas negotiating team head Khalil al-Hayya said in a statement. The terror group claimed its rejection was based on the continuation of the war. 

Al-Hayya claimed that Prime Minister Benjamin Netanyahu had proposed “impossible conditions that do not lead to an end to the war or to a withdrawal.”

Israeli hostages can be released if the Israeli government agrees to end the war, fully withdraw from Gaza, and allow for the reconstruction of Gaza to start, he said.

Netanyahu has said that the war would not end until Hamas is completely ended and the hostages are returned, because he did not want to endanger the Israeli public. 

“I will not surrender to murderers. Such a surrender would endanger you, the public. If we yield to their demands, all the tremendous achievements we have gained will be lost,” Netanyahu said on Saturday. 

“Hamas has once again rejected a proposal to release half of the living hostages and many fallen soldiers. Hamas rejected the proposal and demanded an end to the war. If we accept Hamas’s demands, it would mean that Israel can be forced to surrender,” he added. 

Hamas is ready to allow any other Palestinian entity to govern Gaza, agreed upon “at the national and regional level,” the unnamed Palestinian official told the BBC. The official said this could be the Palestinian Authority or a new administrative body.

The source claimed that Hamas’s current negotiation effort was earnest and said that the terror group had shown “unprecedented flexibility.” 

The ceasefire between Israel and Hamas fell apart after disagreements from both sides were raised about specifics regarding the second phase of the ceasefire. 

ISRAEL HAMAS

LEBANON/HAMAS

IDF kills senior Jama’a Islamiya terrorist in Lebanon

Atwi took part in the planning of terror attacks from Lebanon against Israeli citizens and IDF soldiers operating on Israel’s northern border. 

By JERUSALEM POST STAFFAPRIL 22, 2025 09:13Updated: APRIL 22, 2025 14:27

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fbreaking-news%2Farticle-851014%3Futm_source%3DActiveCampaign%26utm_medium%3Demail%26utm_content%3DIDF%2520kills%2520senior%2520Jama%2520a%2520Islamiya%2520terrorist%2520in%2520Lebanon%2520%252A%2520ADL%253A%2520Campus%2520antisemitism%2520rose%2520over%252080%2520%2520last%2520year%2520%252A%2520Hamas%2520official%2520says%2520new%2520deal%2520presented%26utm_campaign%3DApril%252022%252C%25202025&unitId=2900003088&userId=0825748c-83eb-4fa6-9d99-5d5781551d74&isLegacyBrowser=false&isPartitioningSupport=1&version=20250415_509f230928211c4699548629df546e2ab9e26fc0&useBunnyCDN=0&themeId=140&isMobile=0&unitType=tts-player

The IDF killed Hussein Izzat Mohammad Atwi, a senior terrorist in the Jama’a Islamiya terror group affiliated with Hamas, during a strike in Lebanon, the military said on Tuesday. 

The strike occurred in Haret El Naameh, south of Beirut. 

Atwi took part in the planning of terror attacks from Lebanon against Israeli citizens and IDF soldiers operating on Israel‘s northern border. 

The military added that as part of his activities, Atwi carried out rocket attacks, guided terrorists, and advanced infiltration attempts into Israeli territory. Atwi also operated to target Israeli destinations worldwide. 

The Fajr Forces

The military further added that Atwi operated under the military wing of the Sunni terror group known as the Fajr Forces in cooperation with Hamas in Lebanon. 

According to Reuters, the Fajr Forces have fired rockets at Israel for the past year, with the IDF targeting members of the terror group.

Reuters contributed to this report. 

END

SYRIA

IRAN/ISRAEL/USA

It will be Israel firing the major kill shot on Iran’s nuclear sites with those bunker busters

Anzalone/Antiwar.com

With Eye On Iran, US Sends More Bunker-Busting Bombs To Israel

Tuesday, Apr 22, 2025 – 03:30 AM

Authored by Kyle Anzalone via AntiWar.com,

Nine plane loads of bunker-busting bombs were shipped from the US to Israel. The munitions are intended to prepare Israel for a potential war with Iran.

“Nine US transport planes carrying bunker-busting bombs and other defensive weapons landed at Nevatim Airbase near Tel Aviv, in central Israel,” the Israeli broadcasting authority KAN reported. The outlet noted that Washington also sent additional interceptors for the THAAD air defense system to Tel Aviv.

The munitions and interceptors would be key to Israel attacking Iran’s nuclear program then countering the predictable Iranian response.

KAN explained the massive weapons shipment  comes “in anticipation of a possible joint US-Israeli strike, should nuclear negotiations between Washington and Tehran fail.”

Under President Donald Trump, a US-supported Israeli strike on Iran has become increasingly likely. The administration is divided on whether to attempt to make a new nuclear pact with Tehran or forego diplomacy and attack Iran’s nuclear program.

Prime Minister Benjamin Netanyahu is also lobbying Trump to aid an Israeli strike on Iran. Tel Aviv would need significant support from Washington to carry out a major attack on Iran’s nuclear program.

The New York Times reported last Wednesday that Netanyahu had requested Trump’s assistance in a series of military operations aimed at Tehran. The Times said the American President had denied the Israeli leader’s request.

However, on Thursday, Trump explained that he had not ruled out attacking Iran, but added, “I’m not in a rush to do it.”

The US and Iran are currently engaged in indirect talks aimed at creating a new nuclear agreement. In 2015, Tehran agreed to additional limitations and inspections on its civilian nuclear program in exchange for sanctions relief.

In 2018, Trump withdrew from that agreement. While in office, President Joe Biden engaged in some talks with Tehran in an effort to restore the Obama-era nuclear deal. Israel was able to sabotage the diplomacy with a series of assassinations and other attacks inside Iran.

Trump has now reengaged with the Iranian government. While US and Iranian officials appear optimistic after two rounds of talks, Trump has pushed for negotiations to move faster.

Israel will also need assistance in repelling any Iranian retaliatory attack. The US currently has multiple THAAD and Patriot systems deployed to Israel.

end

ISRAEL/USA IRAN

Trump after call with Netanyahu: ‘We’re on the same side of every issue’

By Jacob Magid

US President Donald Trump (left) welcomes Prime Minister Benjamin Netanyahu to the White House in Washington on April 7, 2025. (Brendan Smialowski/AFP)

US President Donald Trump says he just got off the phone with Prime Minister Benjamin Netanyahu and that he and the Israeli premier “are on the same side of every issue.”

The call covered “numerous subjects including Trade, Iran, etc.,” Trump writes on Truth Social, adding that it went “very well.”

It was their first call since Netanyahu met with Trump in the White House two weeks ago during a visit the Israeli prime minister thought was urged by Washington to discuss tariffs, but learned upon arrival that it really was to give him a heads up about the already-made US decision to enter nuclear talks with Iran.

Netanyahu has since stated that Israel does not oppose talks that lead to Iran completely dismantling its nuclear program, but Trump officials at times have indicated that they’d be willing to accept Iran keeping its nuclear facilities, while adhering to strict caps on its uranium enrichment akin to the deal that was signed in 2015 during the Obama administration.

Notably, Trump does not include Gaza or the 59 hostages being held there in his list of topics discussed amid the ongoing impasse in ceasefire negotiations between Israel and Hamas.

IRAN/USA

US issues new sanctions targeting Iranian liquefied petroleum gas magnate

By Reuters

The United States has issued new sanctions targeting Iranian liquefied petroleum gas magnate Seyed Asadoollah Emamjomeh and his corporate network, the Treasury Department says, amid ongoing talks with Tehran on its nuclear program.

Emamjomeh’s network is responsible for shipping hundreds of millions of dollars’ worth of Iranian LPG and crude oil to foreign markets, the Treasury says in a statement.

Both products are a major source of revenue for Iran, helping to fund its nuclear and advanced conventional weapons programs, it says, as well as regional proxy groups including Hezbollah, Yemen’s Houthis rebels and the Palestinian Hamas terror group.

“Emamjomeh and his network sought to export thousands of shipments of LPG — including from the United States — to evade US sanctions and generate revenue for Iran,” Treasury Secretary Scott Bessent says in the statement.Share

HOUTHIS

Houthis Claim Attacks On Two US Aircraft Carrier Groups Off Yemen

Tuesday, Apr 22, 2025 – 02:45 AM

Yemen’s Houthi rebels have claimed responsibility for attacks on two US aircraft carrier groups currently patrolling the Red Sea and areas off Yemen’s coast on Monday, and further announced fresh drone launches on the southern Israeli cities of Ashkelon and Eilat.

The Pentagon has not confirmed that US warships have come under attack. But the US side has tended to remain silent in the face of similar recent reports by the Houthis. However, Washington has in the recent past acknowledged Houthi efforts to target its warships with drones and missiles.

Houthi military spokesperson Yahya Sarea cited American support for Israel as it “oppresses the Palestinian people”. Describing the fresh attacks, he said: “The first targeted a vital Israeli enemy target in the occupied Ashkelon area using a Yaffa drone, while the second targeted an Israeli military target in the Umm al-Rashrash area in southern occupied Palestine using a Sammad-1 drone.”

He then announced two military operations against the US in “retaliation to the American aggression against our country and its massacres against our people.”

“Missile forces and drone units launched two cruise missiles and two drones at the USS Harry S. Truman aircraft carrier and its associated ships in the northern part of the Red Sea. The second operation, carried out by naval forces, missile troops and drone units, targeted the USS Carl Vinson and its associated ships in the Arabian Sea, using three cruise missiles and four drones,” Sarea told the Al Masirah TV channel.

Saria then claimed that “the goals of both military operations were successfully accomplished.” But there are as yet no signs the carriers were actually hit by any inbound fire. The Houthis actually made a similar claim of attacks on both US carriers on April 18.

Just about a week ago the USS Harry S. Truman was joined by the USS Carl Vinson in regional Mideast waters. Presumably this is a sign the Trump administration plans to ramp of its airstrikes on Yemen even further.

The Houthis have proven impossible to dislodge merely through airstrikes, which have been intense and ongoing since March 15. There have been recent reports that the United States is in talks with Saudi-supported Yemeni forces in exile (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 wrote last week.

Even if the US commits itself 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.

RUSSIA VS UKRAINE

Kremlin Hails US Proposal To Deny NATO Membership To Ukraine, Awaits Official Word On Crimea

Monday, Apr 21, 2025 – 07:20 PM

The Kremlin has belatedly reacted to Washington proposals toward ending the war in Ukraine, by praising and welcoming the Trump administration’s ruling out Ukraine joining the North Atlantic Treaty Organization (NATO); however, as The Wall Street Journal reports in the wake of high-level meetings in Europe last week, Moscow “showed no urgency in reaching a deal.“

“We have heard from Washington at various levels that Ukraine’s membership in NATO is out of the question,” Kremlin spokesman Dmitry Peskov said in a Monday press briefing. “This is something that satisfies us and coincides with our position.”

“Ukraine should not be a member of NATO and should not have prospects for integration with it,” Peskov said. “This would be a threat to the national interests of the Russian Federation. And this is one of the root causes of the conflict.”

The US is reportedly waiting on the Zelensky government to respond to the package of proposals which Washington wants Kiev and Europe to accept.

Peskov signaled in his remarks that questions “especially about a time frame” are not the big priority right now, which contradicts President Trump’s insistence that the two warring sides quickly get to the negotiating table with days or weeks.

Russian President Vladimir Putin has declared Monday that Moscow has a “positive attitude” toward genuine efforts to create peace.

Zelensky is expected to convey a decision at a meeting in London later this week. He stipulated on X, “An unconditional cease-fire must be the first step toward peace, and this Easter made it clear that it is Russia’s actions that are prolonging the war.”

He went to say the weekend Easter truce was but a PR smokescreen meant to fool Europe and the US on Putin’s truce intentions. He accused Russia of having repeatedly violated it.

As for what’s said to be another key aspect to the US plan for peace – Crimea’s status – the Kremlin was more guarded on this, given final word on this from Washington apparently hasn’t been conveyed.

“Anonymously sourced media reports regarding efforts to resolve the Ukraine conflict should be taken with a grain of salt,” Peskov warned in response to a question about potential American recognition of Russian sovereignty over Crimea.

“There are numerous reports circulating,” Peskov stated. “The search for a peaceful resolution must not be conducted publicly… For this reason, anonymous claims should be evaluated with utmost caution.”

Crimea was taken by the Kremlin in 2014 following the CIA/western-orchestrated overthrow of then president Yanukovich in the Maidan coup, and Russia subsequently held a referendum to validate its control but the international community has resisted recognizing the peninsula as Russian to avoid legitimizing the annexation.

Zelensky has lately and repeatedly stressed he will not cede territory to Moscow, and so have European leaders. He and Ukraine and some European officials argue that doing so risks undermining international laws and treaties prohibiting the taking of land through use of force.

END

RUSSIA VS UKRAINE

Ukraine Finally Squeezed Out Of Kursk As Russian Army Retakes Key Monas

Tuesday, Apr 22, 2025 – 10:40 AM

Tass news agency is reporting that Moscow forces are poised to liberate the last village still held by Ukraine forces in the southwestern Kursk region. This final battle will bring 100% of Kursk oblast back under full Russian control.

“Our soldiers liberated the St. Nicholas Belogorsky Monastery in Gornal during fighting,” a source was quoted in the report as saying. The operation which focused on regaining the 17th century monastery and its environs took “more than a week.”

“The resistance of the Ukrainian Armed Forces has been broken,” the source was quoted further as saying, and alleged that the Ukrainian troops were using the monastery as a “military facility.”

The remaining Ukrainian troops in Kursk appear to be squeezed and in the throes of their final effort to hold on to some Russian territory inside the border, as the liberated monastery is on the northeastern edge of Gornal and located less than 30 kilometers to the northeast of the city of Sumy inside Ukraine.

Russia’s Chief of the General Staff Valery Gerasimov informed President Vladimir Putin on Saturday that 99.5% of the Kursk region has been regained by Russian forces.

At the height of the cross-border offensive which began last August, Ukraine’s military had seized just over 530 square miles, but regional reports now say that significant figure is down to less than just 20 square miles.

The operation to retake Kursk has clearly gained new impetus over the last several weeks, and likely Putin wants to achieve its full liberation in order to avoid negotiating an exchange of territory. What little leverage Zelensky had has now been effectively quashed. 

Konstantin Remchukov, the editor of the Nezavisimaya Gazeta newspaper, wrote Sunday that “As soon as the last 0.5% is liberated, then the troops can stop where this news finds them.” And so these Russian troops can also be diverted to the main battlefield in eastern Ukraine, where Moscow forces also have the forward momentum.

Meanwhile in fresh Wednesday statements, Putin spokesman Dmitry Peskov made clear the Kremlin is no rush to push through a ceasefire deal. The conflict “cannot be expected to be resolved overnight,” he said.

“We continue our contacts with the Americans through various channels. The issue of the [Ukrainian] settlement is extremely complex, of course, so it is hardly possible to set some hard deadlines and try to rush the resolution of the conflict into a shortened timeframe. This would be an exercise in futility,” he told broadcaster VGTRK.

Above: Map showing close proximity of the monastery to the Ukrainian border.

“But the work [on settling the Ukrainian crisis] is indeed ongoing,” Peskov stated. Zelensky has accused the Russians of not really being interested in peace, and has alleged it’s just using negotiations to distract and make advances on the battlefield while trying to improve its reputation internationally. 

6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUE

MARK CRISPIN MILLER

Eric Dane has ALS; influencer Sidney Raz has stomach cancer; UK: rocker Mark Richardson has prostate cancer; IN: T…

azmine Sullivan—whose mother died of breast cancer in July of 2023—has miscarriage; rocker Scott Shriner’s wife Jillian Lauren has cancer; SP: Prince Ernst of Hanover in ICU for over a week; more

Further indications of the global toll of COVID “vaccination,” based on the reports collected by our worldwide team of researchers.

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

UNITED STATES

Eric Dane Reveals ALS Diagnosis, Says He’s Returning to ‘Euphoria’ Set Next Week

April 10, 2025

Eric Dane has been diagnosed with amyotrophic lateral sclerosis (ALS), also known as Lou Gehrig’s disease. The 52-year-old actor shared his diagnosis with People, while stating that his health has not impacted his plans to return for “Euphoria” Season 3. He will be on the HBO series’ set in the coming days. “I have been diagnosed with ALS. I am grateful to have my loving family by my side as we navigate this next chapter,” Dane said. ALS is a fatal, progressive degenerative disease that breaks down the nerves in the body, weakening muscles and causing eventual paralysis, impacting patients’ ability to breathe, speak and move. There is no known cure.

Researcher's Note - Ellen Pompeo and Eric Dane attended the event Roll Up Your Sleeves:

Vaccinated.. J&J - 1 poke and pure stoke: Link

Link

Upgrade to paid

Jazmine Sullivan Suffered Miscarriage, She Reveals In Emotional Birthday Post

April 11, 2025

Jazmine Sullivan recently reflected on losing the “2-month-old son that I never got to meet.” The Philadelphia songstress shared with fans via her Instagram Stories Thursday (April 10) that she suffered a miscarriage, posting the news one day after her 38th birthday. “Whew.. thank yall for ur birthday wishes. Leading up to my birthday has been incredibly hard as I’ve been thinking abt my mother and missing her more than words can say,” she began. The singer’s mother, Pamela Sullivan, passed away [inflammatory breast cancer] July 22, 2023. She went on, “I woulda have been holding my 2-month-old son that I never got to meet. So needless to say I’ve been down bad.”

Researcher's Note - Jazmine Sullivan: The Heaux Tales Tour: VACCINATION & MASKS REQUIRED. ALL GUESTS must wear a mask for the duration of the event except when actively eating or drinking. ALL GUESTS AGES 12 AND OLDER must be fully vaccinated [sic] against COVID-19 at least 2 weeks after second dose./Jazmine Sullivan Cancels Show [February 2022] After Testing Positive for COVID-19: ‘Health & Safety Come First’: Link

Link

Weezer star’s wife Jillian Lauren revealed cancer diagnosis and had ‘back-to-back’ surgery before being shot & arrested

April 10, 2025

Los Angeles, CA – Weezer bassist Scott Shriner ‘s wife revealed she underwent major surgery just weeks before she was shot by cops in her front yard. Jillian Lauren, 51, posted about her “complicated operation” less than four weeks before she was arrested for attempted murder following a standoff with police officers. On March 2, the rising author shared her cancer diagnosis on Facebook along with a picture of her post-operation. “I’m here to thank the incredible oncology team here, who pulled me through a complicated operation without a hitch,” she wrote. “I am always so grateful for every second of the compassionate, and excellent medical care I receive in my life. Thank you to all the remarkable healthcare workers who take our lives in your hands. And let’s all breathe.” A few weeks later, Lauren shared an update on her back-to-back surgeries and thanked followers for their “overwhelming” support.”

Link

‘Life Hacks’ Influencer Sidney Raz Diagnosed With Stomach Cancer Following Daughter’s Death In Utero

April 8, 2025

A social media influencer and author of “Life Hacks, Tips & Tricks” revealed he’s been diagnosed with stomach cancer following the death of his baby daughter. Virginia-based Sidney Raz, real name Sidney Raskind [36], revealed via a March 30 Instagram video that after his wife, Kelsey, lost their child in utero at 26 weeks last September, the couple underwent genetic testing. “We lost the baby to holoprosencephaly,” Raz explained, referring to a rare birth defect that occurs when “a baby’s brain ordinarily separates into two sections,” per Child Neurology Foundation . He continued, “It was found that she [his daughter] had a deletion … so we did genetic testing on me and Kelsey didn’t have that deletion but I did have that deletion. And because of that deletion, in recent years, it has been seen to cause certain types of cancer, specifically stomach cancer. I scheduled an endoscopy and … today I found out that I have stomach cancer.” In an Instagram post shared one day later, Raz revealed he was in the “exploratory phase” where health experts were determining what stage of cancer he is suffering from. He detailed a plan to undergo further blood and stomach tests to determine whether he would require chemotherapy or having his stomach removed. News of Raz’s exploratory phase arrived just days after he told fans via a TikTok video that he will “probably” need to have his stomach removed on Friday, April 18. It is uncertain if this is still the case.

Link

UNITED KINGDOM

Last One Laughing star Bob Mortimer makes heartbreaking death admission after triple heart bypass

April 12, 2025

Bob Mortimer has made a heartbreaking admission about death after his triple heart bypass. The Last One Laughing star, 65, underwent bypass surgery in 2015 when his heart was stopped for 32 minutes after discovering that 95 per cent of his arteries were blocked. Last summer, he was left unable to walk for half of the newest series of his show Gone Fishing after he contracted shingles. Bob suffered wasted muscles after a six-month bout of the virus and had to be taken by wheelchair to several of the locations. In December, Bob revealed his ‘terrible’ fear he will never run again after the ‘worst health year’ of his life. The comedian, who struggles with rheumatoid arthritis, was told by doctors he has lost 20% of muscle function after contracting shingles. ‘It was the worst health year of my life to be honest and you know what, it was worse than my heart period,’ he said on the show previously. ‘At the moment the consultant saying I’m heading for 80% muscle recovery in my leg and she said ‘you’ll just have to see what that means for you. ‘The muscles I’ve lost, I’ve lost… But other ones can compensate for it, you know what I mean?’ In December 2020, Bob admitted he feared the coronavirus pandemic would cut his life short by two years. Confessing he ditched his healthy lifestyle in lockdown, he said: ‘I’ve done no exercise, I’ve eaten so much and drunk so much booze. Lockdown has probably taken two years off of my life.’

Researcher's Note - Shirley Ballas, Gary Lineker and Bob Mortimer among stars receiving Covid-19 vaccine [sic]: Link

Link

Skunk Anansie drummer Mark Richardson shares cancer diagnosis: ‘Please get checked out’

April 11, 2025

Skunk Anansie’s drummer Mark Richardson has revealed that he has been diagnosed with prostate cancer, just months after his bandmate Cass Lewis disclosed his own cancer diagnosis. The British musician, 54, is a longtime member of the groundbreaking rock band, having joined a year after they first formed in 1995. In a post to Instagram on Thursday 10 April, Richardson disclosed his diagnosis, which he said he received in February, as he urged men to get themselves checked. “I had a positive diagnosis on 22 February and I’m waiting for a date for a radical prostatectomy,” he explained. “The reason I’m telling you this is because it’s the biggest cancer in men in the UK, there are about 150 new cases in the UK every day,” Richardson continued. Skunk Anansie are currently on tour in support of their forthcoming album, The Painful Truth. The album’s title was inspired in part by their long-time bass player Cass, who was diagnosed with stage four cancer while they were recording their new music.

Link

Robbie Williams Reveals Scurvy Diagnosis Amid Mental Health Struggles

April 9, 2025

Robbie Williams, the British pop star and former Take That member, has opened up about a surprising health scare he faced earlier this year. The 51-year-old singer revealed that his ongoing mental health struggles led him to make some concerning decisions, including using an appetite suppressant to lose weight. Unfortunately, this caused him to develop scurvy, a rare disease caused by a severe lack of vitamin C. In an interview with The Mirror, Williams explained that his struggles with mental health had taken a serious toll. “I was sad, I was anxious, I was depressed,” he shared. The singer, known for his openness about mental health, said that the depression he experienced was unlike anything he had felt in a long time. Williams, who has been very open about his challenges over the years, said that he had stopped eating properly, which contributed to his scurvy diagnosis. “I’d stopped eating and I wasn’t getting nutrients,” he explained.

Researcher's Note - Ayda Field and wild-haired husband Robbie Williams document having their first dose of the coronavirus vaccine [sic] in LA: Link

Link

IRELAND

Laois MEP has surgery in Dublin after cardiac scare

April 9, 2025

MEP Laois and the Midlands and former Laois Offaly TD Barry Cowen [57] had to have surgery in Dublin after suffering a heart scare. In a statement, Mr Cowen said he underwent a surgical procedure in St James’s Hospital in Dublin on Monday, April 7 having first attended the Emergency Department at the Midland Regional Hospital Tullamore. The statement obtained by the Leinster Express/Laois Live says that having felt unwell while attending the European Parliament in Strasbourg last week, his symptoms persisted after returning home. “I attended the emergency department at Tullamore hospital on Saturday night and was subsequently transferred to the cardiac care unit at St James’s Hospital on Sunday. I underwent a surgical procedure there on Monday. “I am now receiving further care to support my recovery and hope to return home via Tullamore Hospital over the weekend. I am hugely indebted to the professionalism and compassion of all the staff in both Tullamore and St. James’s hospitals.”

Link

SPAIN

Prince Ernst of Hanover in intensive care for over a week

April 11, 2025

Prince Ernst of Hanover has been in intensive care at Ruber Internacional clinic in Madrid since the night of April 3. According to Vanitatis, he was admitted through the emergency room. His partner, Claudia Stilianopoulos, confirmed the seriousness of his condition, clarifying that it is unrelated to the hip issues he faced recently. Ernst de Hannover’s hospitalization stems from a longstanding health issue, sources confirm. Prince Ernst of Hanover was last seen publicly on March 21, attending his daughter-in-law’s 37th birthday celebration. Exclusive photos published by ¡HOLA! showed him looking fully recovered from the hip surgery he underwent in November following a fall. The prince had previously been seen using a walker on February 26, when he celebrated his 71st birthday in Madrid with Claudia Stilianopoulos and his family—an appearance also captured in exclusive images. But his hip issues are only part of a long history of serious health problems. International outlets reported in 2005 that he suffered acute pancreatitis and ended up in a coma. In 2011, he was hospitalized in Ibiza with an abdominal infection. He underwent emergency heart surgery in 2016, and another alarming hospitalization followed in Austria in 2018.

Link

ITALY

Andrea Pucci undergoes coronary surgery after a sudden illness on March 28

April 9, 2025

The Milanese comedian Andrea Pucci [59] is smiling again after a moment of great apprehension. Last March 28, during a show in Forlì, he had to interrupt his performance due to a sudden illness. Now, days later, the actor and comedian reassures fans with a video on social media: he has undergone coronary surgery and is recovering, ready to get back on stage.

Link
VENTILATORS killed COVID patients! Do not forget that! Cuomo was right! 80% of NYC’s COVID patients who were put on ventilators ultimately died, and some doctors are/were trying to stop using them

April 2020 Study Found That Most New York Covid Patients on Ventilators Died; Mortality rates for those who received mechanical ventilation in the 18-to-65 and older-than-65 age groups were 76.4%

We saw success with permissive hypoxemia and not just for COVID.

Kushner ventilators killed Americans, they had it all wrong and many died! They were not trained on the use, and they were not needed in the manner they were used. They killed people! And as they did that, they of course, enriched themselves!

Again, 100% of COVID was a fraud (just like the coming PCR created fake avian bird flu H5N1, H5N2, H5N8, H7N9 etc. non-pandemic), a fake over-cycled PCR manufactured non-pandemic called COVID, we never had a pandemic, ‘pandemic’ is just a made up term…it was all a scam, fraud and POTUS Trump fell for it and bought it complete, and was misled to bring the Operation Warp Speed (OWS) lockdowns that killed and the deadly Malone Bourla Bancel Weissman et al. Pfizer Moderna et al. mRNA transfection vaccine. Had we done nothing, nothing, in COVID, most who died would be alive today!

All of it was a lie and they turned around and killed most people by their devastating COVID response that included isolation, denial of drugs, dehydration, abuse in the medical system, sedation using Ketamine, propofol, midazolam, fentanyl, dia-morphine etc. use of kidney and liver toxic Remdesivir, and the deadly Kushner et al. ventilator that destroyed lungs and caused VAP. All of it was a lie and pure deadly abuse of often healthy people.

Everything about COVID was a lie!

People must be held accountable for what was done in COVID, people in Trump administration and Biden administration. Then and now. Trump is flat wrong to continue praising OWS or the mRNA vaccines. Both were deadly, never worked. Only killed.

In most instances, not ventilators, but ‘baby’ oxygenation, gentle oxygen, tender as lungs were so under so much trauma. We even were working on ‘permissive hypoxemia which is a conservative oxygenation strategy (aimed target SpO₂ 88–92%) to a traditional, liberal strategy (aimed target SpO₂ 96%)’ where people with even lower blood oxygen levels would not be placed on aggressive oxygen but on gentle facemask ‘as needed’ and allowed to be in a hypoxemic state once in the right setting even at home with the right support and oxygen available if needed. Under proper supervision.

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While a serious beneficial tool when used appropriately, the intubation and ventilation can also be deadly as can cause ventilator associated pneumonia (VAP), bacterial pneumonia.

SOURCE:

Mortality rates for those who received mechanical ventilation in the 18-to-65 and older-than-65 age groups were 76.4% and 97.2%, respectively. Mortality rates for those in the 18-to-65 and older-than-65 age groups who did not receive mechanical ventilation were 1.98% and 26.6%, respectively. 

• Some doctors are/were trying to reduce their reliance on ventilators for coronavirus patients because of reports of abnormally high death rates for patients using the machines, The Associated Press reported on Wednesday.
• New York City officials have said at least 80% of coronavirus patients who were on ventilators in the city died, the AP reported. Unusually high death rates have also been recorded elsewhere in the US and the world.
• Ventilators are typically used only for the worst-affected patients, and there are no drugs approved to treat COVID-19, so this could help explain the higher death rate.
• But doctors have also said ventilators can damage the lungs — and while the machines may be an effective way to treat other respiratory illnesses, some are looking for alternative treatments.

SOURCE

___

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

Enter the Wellness Company as a solution and a willing participant in the health care conversation. From telemedicine, prescriptions, memberships, and supplements, TWC is leading America with alternative choices to the traditional health care model.

PAUL ALEXANDER

Fwd: VENTILATORS killed COVID patients! Do not forget that! Cuomo was right! 80% of NYC’s COVID patients who were put o…

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NEWS ADDICTS

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

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8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES/

CANADA

“It’s Time For A Change”: Canadian Youth Fed Up, Turn To Conservative Poilievre As Liberal Boomers Go Full Carney

Monday, Apr 21, 2025 – 04:50 PM

It was a rainy March evening in British Columbia, but that didn’t stop 29-year-old Giancarlo Zorrilla from attending his first political rally. Like many young Canadians, Zorrilla is fed up – and he’s placing his hopes in Conservative leader Pierre Poilievre, while the Liberal Party is seeking a fourth term after globalist Justin Trudeau was forced to take the L.

“It’s time for a change,” Zorrilla told Bloomberg, heading into a Poilievre campaign stop near Vancouver. Though Prime Minister Justin Trudeau is out of the picture, Zorrilla isn’t buying the Liberals’ rebrand. “Still the same rock band,” he quipped.

That frustration is bubbling over across Canada’s younger voters. Once wooed by promises of legalized pot and eco-friendly reforms, Millennials and Gen Z are now reeling from runaway housing prices and a cost-of-living crisis that’s left dreams of home ownership and early retirement in the dust.

While Poilievre has found resonance among the youth – roughly 39% of 18-to-34-year-olds back the Conservatives vs. 36% for the Liberals, per Nanos Research, not enough to catapult him ahead but still significant. With less than two weeks before election day, Prime Minister Mark Carney’s Liberals are holding a narrow lead overall, thanks in part to strong support from Canadian boomers.

Carney, 60, is virtually a stranger to the TikTok generation. His political playbook caters more to Baby Boomers than Zoomers, like the ad where he and “Austin Powers” star Mike Myers wax nostalgic about Mr. Dressup and The Tragically Hip. Good luck finding a Gen Z’er who knows who Howie Meeker is.

Yet it’s that very throwback charm that’s roped in voters like Tracy Nice, a 64-year-old lifelong Conservative who flipped blue over Carney’s steady hand and Canada’s souring relationship with the U.S.

“Carney just seems like a very smart, calm, thoughtful man who I trust,” Nice said. “And obviously the Bank of Canada and the Bank of England trusted him.”

Poilievre, meanwhile, has taken a different approach. He’s leaned into the social media era, ditching stuffy suits for tight tees, donning aviators, and even puffing hookah with a shawarma shop owner on YouTube while chatting about cryptocurrency. His message? Axe taxes, cut red tape, and let Canadians save – all wrapped in a swagger that channels online populism.

As Mark Jeftovic of Bombthrower.com notes, Canadian boomers are generally dicks:

The Liberal base has had it easy for a decade. With a compliant, sycophantic press and a loyal army of boomers—presumably the only ones still answering calls from pollsters on their wall-mounted rotary-dial landlines during CBC commercial breaks—they greet any resistance to the prospect of four more years of controlled demolition of the Canadian economy with smugness and derision.

There are endless cases caught on video of deranged elderly liberals gyrating in spasmodic fashion chanting “elbows up” at each other and the rest of us and they seem to think it’s some kind of “gotcha moment” to fly off the handle or flip us the bird…

But none of them has become more iconic than this one (at least not yet):

Now, the “liberal boomer” image has gone viral and the guy who probably thought he was “0wning the opposition, lol” is a meme now – it has captured the essence of the Liberal Party’s campaign platform:

• Rack up another quarter-trillion in national debt by 2029.
• Build a bunch of “modular homes” and stick the rabble in them.

Thus, it’s no mystery why young men are flocking to the Conservatives – though the gender gap is hard to ignore. Twice as many women support Carney’s Liberals, while nearly half of male voters back Poilievre. Liberals were quick to pounce on the Tory leader’s use of the phrase “biological clock” during a speech on housing affordability, accusing him of tone-deafness on gender issues.

“Poilievre’s style is coded masculine,” said Laura Stephenson, a political science professor at Western University. “And the Conservative Party in general… has often been favored by men over women.”

Still, the youth surge behind Poilievre marks a generational reversal. Traditionally, young Canadians leaned left, while older voters skewed conservative. Now, with sky-high rents and stalled economic growth, the Liberal record is falling flat — even as the party racks up wins on progressive policies like pharmacare and dental care.

“We have legalized marijuana, we have pharmacare, we have dental care,” said Stephenson. “What many [young voters] still struggle with, though, is paying rent, or buying a home.”

And that, for Poilievre, may be his most potent talking point yet. Whether it’s enough to close the gap before voters hit the polls, that’s the billion-dollar question.

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

EURO/USA: 1.1491 DOWN 0.0023 PTS OR 23 BASIS POINTS

USA/ YEN 140.33 DOWN 0.549 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 1.3366 DOWN.0013 OR 13 BASIS PTS

USA/CAN DOLLAR:  1.3839 UP 0.0016 (CDN DOLLAR DOWN 16 BASIS PTS)

 Last night Shanghai COMPOSITE CLOSED UP 8.32 PTS OR 0.25%

 Hang Seng CLOSED UP 167.18 PTS OR .78%

AUSTRALIA CLOSED UP 0.10%

 // EUROPEAN BOURSE:     ALL MOSTLY MIXED

Trading from Europe and ASIA

I) EUROPEAN BOURSES:  ALL MOSTLY MIXED

2/ CHINESE BOURSES / :Hang SENG CLOSED UP 167.18 PTS OR .78%

/SHANGHAI CLOSED UP 8.32 PTS OR 0.25%

AUSTRALIA BOURSE CLOSED UP 0.10%

(Nikkei (Japan) CLOSED DOWN 59.32 PTS OR 0.17%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 3453.15

silver:$32.61

USA dollar index early TUESDAY  morning: 98.24 UP .20 BASIS POINTS FROM MONDAY’s CLOSE.

TUESDAY  MORNING NUMBERS ENDS

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And now your closing TUESDAY NUMBERS 1: 30 AM

Portuguese 10 year bond yield: 3.023 % DOWN 3 in basis point(s) yield

JAPANESE BOND YIELD: +1.313% UP 2 FULL POINTS AND 0/100  BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.143 DOWN 2 in basis points yield

ITALIAN 10 YR BOND YIELD 3.623 DOWN 2 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.4555 DOWN 1 BASIS PTS

IMPORTANT CURRENCY CLOSES :  MID DAY TUESDAY

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

Euro/USA 1.1461 DOWN .0052 OR 52 basis points

USA/Japan: 140.61 DOWN 0.260 OR YEN IS UP 26 BASIS PTS//

Great Britain 10 YR RATE 4.6100 UP 4 BASIS POINTS //

Canadian dollar DOWN 0.0011 OR 11 BASIS pts  to 1.3844

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The USA/Yuan 7.3132,  CNY ON SHORE ..CHINA MUST DEVALUE TO GOLD  

THE USA/YUAN OFFSHORE DOWN TO 7.3133: YUAN HIGHER   

TURKISH LIRA:  38.26 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//

the 10 yr Japanese bond yield  at +1.313

Your closing 10 yr US bond yield DOWN 3 in basis points from MONDAY at  4.376% //trading well ABOVE the resistance level of 2.27-2.32%)

 USA 30 yr bond yield  4.862 DOWN 5 in basis points  /11:00 AM

USA 2 YR BOND YIELD: 3.787 UP 4 BASIS PTS.

GOLD AT 11;00 AM 3427.15

SILVER AT 11;00: 32.72

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

London: CLOSED UP 52.94 PTS OR 0.64%

GERMAN DAX: UP 47.47 PTS OR .41%

Spain IBEX CLOSED UP 92.60 PTS OR .72%

Italian MIB: CLOSED DOWN 32.59 PTS OR .09%

WTI Oil price  63.80 11 EST/

Brent Oil:  66.71 11:00 EST

USA /RUSSIAN ROUBLE ///   AT:  81.37 ROUBLE DOWN 0 AND  32/ 100      

GERMAN 10 YR BOND YIELD; +2.4555 DOWN 4 BASIS PTS.

UK 10 YR YIELD: 4.6100 UP 4 BASIS POINTS

CDN 10 YEAR RATE: 3.187 DOWN 3 BASIS PTS.

CDN 5 YEAR RATE: 2.784 DOWN 2 BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA 1.1423 DOWN 0.0081 OR 81 BASIS POINTS//

British Pound: 1.3325 DOWN .0044 OR 44 basis pts/

BRITISH 10 YR GILT BOND YIELD:  4.6025 UP 4 FULL BASIS PTS//

JAPAN 10 YR YIELD: 1.4153

USA dollar vs Japanese Yen: 141.55 UP 0.674 BASIS PTS

USA dollar vs Canadian dollar: 1.3814 DOWN 0.0020 BASIS PTS CDN DOLLAR UP 20 BASIS PTS

West Texas intermediate oil: 64.20

Brent OIL:  67.21

USA 10 yr bond yield DOWN 1 BASIS pts to 4.396

USA 30 yr bond yield DOWN 3 BASIS PTS to 4.8823%

USA 2 YR BOND: UP 6 PTS AT  3.813% ABSENCE OF BID TODAY ON AUCTION

CDN 10 YR RATE 3.226 DOWN 1 BASIS PTS

CDN 5 YEAR RATE: 2.777 DOWN 2 BASIS PTS

USA dollar index: 98.71 UP 67 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 38.26 GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE:  81.55 DOWN 0 AND  55/100 roubles

GOLD  3280.50 (3:30 PM)

SILVER: 32.62 (3:30 PM)

DOW JONES INDUSTRIAL AVERAGE: UP 1016.57 OR 2.69%

NASDAQ 100 UP 468.11 PTS OR 2.63%

VOLATILITY INDEX: 30.57 UP 3.25 PTS OR 9.61%

GLD: $ 311.11 UP 4..48 PTS OR 1.42%

SLV/ $29.50 DOWN 0.29 PTS OR OR 0.97%

TORONTO STOCK INDEX// TSX INDEX: CLOSED UP 297.25 OR 1.24%

end

TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS

Bitcoin Bid As Gold Skids, Stocks Bounce Amid ‘Soft’ Data Slump

by Tyler Durden

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MORNING BIG NEWS

IMF Slashes Global GDP Forecasts, Warns Of Trade War Fallout For China, US

Tuesday, Apr 22, 2025 – 09:20 AM

The International Monetary Fund slashed its growth forecast for 2025 and 2026, and said the latest escalation in the trade war risks saddling China and the US with losses that would only get worse after this year.

In its latest World Economic Outlook report published this morning, the IMF cut its 2025 global GDP forecast to 2.8%, and trimmed its 2026 GDP view to 3.0%. In January, the IMF predicted the world economy would expand 3.3% both this year and in 2026. The US saw the biggest growth cut, its GDP now expected to grow 1.8% and 1.7%, revised lower by 0.9% and 0.4%, respectively. The EU GDP was also trimmed but far less, to 0.8% and 1.2% in 2025 and 2026, down from 1.0% and 1.4% (expect a full-blown deflationary collapse in the old continent in a few months once China starts dumping all of its trinkets it can no longer sell in the US). 

As for China, the IMF now expect GDP to grow by just 4.0% in 2025 and 2026. The forecasts represent cuts of 0.6% and 0.5%, respectively, from the IMF’s previous predictions published in January, before Donald Trump reclaimed the presidency.

The China downgrades were made under a reference forecast based on information available as of April 4, only taking into account trade measures such as Trump’s initial 34% “reciprocal” tariffs on top of a fentanyl-related 20% tax, as well as China’s retaliation. Since then, Trump hiked new levies to a combined 145% on most Chinese goods, prompting Beijing to hit back with duties of 125% on the US.

In short, the question now is who falls into recession first and waves the trade war White Flag.

If the measures announced on April 5-14 were considered and assumed to be permanent, “the losses in China and the United States would become larger in 2026 and beyond,” the IMF said.

For China, the US tariffs imposed as of April 4 “offset the stronger carryover from 2024” — after a better-than-expected performance in the fourth quarter — and “fiscal expansion in the budget,” the IMF said, although despite repeated jawboning and declarations of imminent fiscal stimulus, Beijing has yet to roll out even one notable program that will boost the country’s GDP.

“After enduring a prolonged and unprecedented series of shocks, the global economy appeared to have stabilized, with steady yet underwhelming growth rates. However, the landscape has changed as governments around the world reorder policy priorities and uncertainties have climbed to new highs. Forecasts for global growth have been revised markedly down compared with the January 2025 World Economic Outlook (WEO) Update, reflecting effective tariff rates to levels not seen in a century and a highly unpredictable environment. Global headline inflation is expected to decline at a slightly slower pace than what was expected in January”, the IMF wrote in its semiannual report.

Appealing to a continuation of the globalist status quo, the IMF also said that “at this critical juncture, countries should work constructively to promote a stable and predictable trade environment and to facilitate international cooperation, while addressing policy gaps and structural imbalances at home. This will help secure both internal and external economic stability.”

Good luck with that.

According to Bloomberg, the outlook now “is rife with uncertainty after Trump’s chaotic decision making resulted in an escalating cycle of retaliation with China” as effective tariff rates between the two countries are far above the 60% level many economists say will decimate bilateral trade. Sure enough, the IMF slashed it global trade volume forecast from 2.4% in 2024 to 1.9% and 2.0% in 2025 and 2026, a haircut of 0.3% and 0.4% respectively.

END

AFTERNOON’S BIG NEWS

Stocks Reverse Bessent Gains On Reports “It May Take Months To Hammer Out Final Trade Deals”

Tuesday, Apr 22, 2025 – 01:15 PM

Update (1315ET): Shortly after the Bessent headlines moved stocks higher, Politcio reports, while The White House is closing in on general agreements with Japan and India to stave off massive U.S. tariffs, it “may take months to hammer out the final deals,” said one of the people, conceding, “these things are complicated.”

Worse still, the optimism on the initial Bessent headlines has been erased as his actual comments were far less hopeful:

• BESSENT: REBALANCING OF CHINA ECONOMY TOWARDS CONSUMPTION AND U.S. ECONOMY TOWARDS MANUFACTURING IN TWO TO THREE YEARS WOULD BE A ‘HUGE WIN’ – RTRS
• BESSENT SAYS CHINA NEGOTIATIONS WILL BE A ‘SLOG’, DESCRIBES CURRENT BILATERAL TRADE SITUATION AS AN EMBARGO -PERSON WHO HEARD JP MORGAN SESSION

And just like that all the gains are gone…

*  *  *

US equity markets were already ramping higher, as yesterday’s massive short pile up reversed and transformed into a squeeze (and force out of underexposed systematic funds), when an 11:58am ET headlines from Bloomberg, suggesting…  well… the obvious, namely that the trade war with China is unsustainable in the long run according to Bessent…

• *BESSENT SEES DE-ESCALATION WITH CHINA, SITUATION UNSUSTAINABLE

… sent the US equities to session highs, up 3%…

…and reversing all of yesterday losses…

Started with a major short-squeeze…

The broad risk on move has sent the dollar higher, hitting the yen and euro, and pushing the USDJPY well above 141 (after sliding below 140 overnight) and the EURUSD has pushed to session lows, down 0.5%, while the US 10y yield is near its richest levels of the day, down 3bp. Gold is also sliding and was below $3400 after hitting a record high $3500 just a few hours earlier.

While gold is sliding, bitcoin topped $91,000…

Today’s rally is already shaping up as the biggest since Trump’s tariff pivot on April 9. According to UBS S&T, money is flowing back into High Momentum {UBQQHMTM}, up 3.5%, with groups like M&A Banks {UBXXMABK}, up 2.8%, and AI Power {UBXXVOLT}, up 3.4%, benefitting. Some more notable flows:

• A risk-on rotation is visible in Volatility {UBPTVOL}, up +2.5%, versus Quality {UBPTQLTY}, down 1.4%. Lower quality pockets are bouncing back most forcefully with De-SPACs {UBXXDSPC} up 3.5%, and Low Quality Credit {UBXXCRED} up 3%.
• Tariff Losers {UBXXTTL}, up 2.8% stabilise, note the basket outperformed meaningfully during Monday’s selloff in a sign of washed out positioning.
• Defence Primes {UBXXPRME} are down 3%, though note about two-thirds of the move is driven by Northrop after disappointing earnings.

Another reason for today’s meltup is the reversal of yesterday’s meltdown, as panicked systematic funds scramble to buy. According to Goldman’s Cullen Morgan, the systematic macro rebalance has effectively been completed, with global equity length going from approximately an 8 out of 10 during the YTD/February highs to a 1 out of 10 currently, of $53bn and representing a short position from CTA/trend followers and 1-yr low lengths from risk parity style + VA vol-control products. 

As a result, Goldman now has CTAs as modeled buyers in every scenario over the next week and month.

USA DATA

Moving away from the dollar

(zerohedge)

Buyers Strike Arrives: Foreign Demand For 2Y Treasury Auction Craters To 2 Year Low

Tuesday, Apr 22, 2025 – 01:48 PM

For much of April, and certainly following the vomit-inducing surge in 10Y yields two weeks ago, the biggest question in the market has been whether China is dumping their roughly $1 trillion in treasuries. And while we won’t know until June when the April TIC data hits (and even then the data is at best mixed), moments ago we found something just as important: the Chinese are certainly no longer rushing to buy US paper, something we learned following today’s 2Y auction which saw a dramatic plunge in Indirect (i.e. foreign) demand.

Let’s back up.

Today’s $69 billion auction priced at a high yield of 3.795%, down from 3.984% last month and the lowest since last September. It also tailed the 3.789% When Issued by 0.6bps, this was the first tail since January and the biggest tail since October.

But while the small tail could be glossed over, the first sign of trouble was today’s bid to cover which slumped from  2.66 to 2.52, the lowest since October, and below the six-auction average of 2.64.

But things really went off the rails when looking at the internals, where unlike the recent set of 3/10/30 auctions which saw Direct bids collapse, the Direct award in today’s 2Y was solid, in fact at 30.1%, it was one of the highest on record. The problem is that the surge in Directs came at the expense of a plunge in Indirects, or foreign buyers, which tumbled to a two year low. As shown below, the April Indirect takedown was just 56.2%, the lowest since the depth of the bank bailout crisis in March 2023.

in other words, while Indirect demand was strong 2 weeks ago, it has since collapsed, and if drops another 10-20% lower, the Fed may have no choice but to restart QE to provide what it is explicitly supposed to do: be a Buyer of Last Resort backstop to the US treasury.

Finally, with surging Directs, and plunging Indirects, Dealers ended up holding on to 13.7%m above last month’s 10.7%, and modestly above the recent average of 11.6% if hardly an outlier print.

Overall, this was a very mediocre – at best – auction, but it could have been far worse if Directs had not stepped in to fill the void left by the suddenly buyer’s strike from Indirects, i.e., foreigners, i.e., China.

So keep a close eye on the week’s remaining coupon auctions: unlike two weeks ago when all eyes were on the Directs, we are finally down to brass tacks, and keep a close eye on the only metric that matters: whether foreigners are finally done funding the trillions and trillions of US debt, leaving only the Fed’s QE as an option.

END

‘Soft’ Data Slaughter Continues As Richmond Fed Manufacturing New Orders Expected To Be The Worst Ever…

by Tyler Durden

Tuesday, Apr 22, 2025 – 02:20 PM

In yet more confirmation that propaganda works, two ‘soft’ data surveys this morning signal the end of the world is imminent… and it’s worse than it’s ever been before.

First, we saw The Philly Fed Non-Manufacturing Survey plunge to -42.7 (in April) from -32.5 with current conditions and six-month-forward expectations at their worst levels since the peak of the COVID lockdowns…

Under the hood, Sales and CapEx expectations tumbled while Prices Paid soared to two year highs...

Simply put, firms remained pessimistic and continue to expect declines in activity over the next six months at their own firms and in the region.

The same – but worse – picture was evident with The Richmond Fed’s Manufacturing Activity survey which tumbled to -13 (-7 exp) with overall Business Conditions plummeting to -30 – just shy of the lowest levels since the COVID lockdowns…

But, under the hood, it was expectations for New Orders that too the proverbial biscuit, collapsing to the worst levels in history… worse than at the very peak of global supply chain closure during the COVID lockdowns!!!

And Prices Paid are also soaring for Richmond Manufacturers…

And so, the trend continues lower in ‘soft’ data and higher in ‘hard data’…

The question is – will we see a replay of Q2 2024 (where ‘hard’ data caught down to ‘soft’) or Q2 2023 (where ‘hard’ data kept rising and ‘soft’ data finally shrugged off the sentiment cloud)?

END

USA ECONOMIC NEWS

DR LACALLE…A MUST READ@!!

Container Orders Plummet – Trade Deals Now Or Economic Depression Soon

Tuesday, Apr 22, 2025 – 01:20 PM

Authored by Daniel Lacalle,

Global container booking volumes fell by 49% between the last week of March and the first week of April 2025, according to Freight Waves. Imports from China to the United States collapsed by 64%, with imports of apparel and textiles declining by a whopping 59% and 57%, respectively. The figures coming from shipping companies are worse than those seen during the Covid-19 crisis.

These alarming figures suggest that importers are unwilling to accept higher prices in the middle of a tariff war, that exporters cannot simply choose to move their products elsewhere easily, and that the excess capacity in many sectors is much larger than initially expected.

No one wants to accept the cost of tariffs, and this means that the only option for the economies with elevated productive overcapacity is to negotiate a trade deal, and quickly, or face an economic depression.

The mainstream view about tariffs was that United States consumers would pay the entire negative impact. This news suggests otherwise. The purchasing power of importers is higher than expected. 

The number of order cancellations is so large that ports in China have had to take emergency measures to address the challenges created by piles of unsold containers.

The negative impact is enormous on ports, as fees plummet, but we cannot forget the dramatic effect on producers with excess capacity. Many global exporters are going to face bankruptcy if no trade deal is reached due to insufficient working capital.

In the European Union, leaders are concerned that the trade war between the United States and China will bring a flood of cheap products from China that could endanger local producers and create a significant economic problem.

Many exporters are facing a harsh reality: They cannot sell their products if they don’t export them to the United States, and the importers are not going to accept higher prices due to tariffs.

The reason why exporters cannot pass the cost of tariffs to United States consumers is because most of the products they delivered to America were only attractive because they were exceedingly cheap. When prices rise, demand decreases significantly. The tariff war has shown that demand is not inelastic.

The collapse in container orders proves Menger’s imputation theory. Output prices determine factor prices, not the other way around.

The unsustainable state of global shipping will compel countries to expedite trade agreements with the United States, failing which they risk a cascade of economic collapses within their business structures.

The slump in container orders proves that United States importers are not going to accept any price, that excess capacity in the main retail sectors is enormous, and that there is no straightforward alternative for American consumers.

If you believed that other countries would hesitate to negotiate trade agreements with the United States, you need to reconsider.   The American consumer loves cheap products but does not want the same goods at twice the price.

The United States economy may suffer a contraction due to this sudden slump in imports, but the consequences are much larger for the exporter nations.

The outcome is not positive for any country, so there is only one choice to make: negotiate or lose. If countries fail to establish significant trade agreements with the United States in the near future, their retailers are likely to face a severe working capital crisis.

END

NEW YORK

Trump still fighting Hocul over congestion toll! He ordered them removed by april 20. Still in effect though

(zerohedge)

Manhattan Congestion Toll Remains In Effect Despite Trump Admin Deadline For Removal

Monday, Apr 21, 2025 – 10:40 PM

A Trump administration deadline to remove a toll charged to drivers in Manhattan, New York City, by April 20 has not been met by local authorities.

On Jan. 5, the city implemented a congestion pricing policy under which drivers of cars, small vans, pickup trucks, and SUVs are charged a $9 toll for entering Manhattan below 60th Street between 5 a.m. and 9 p.m. on weekdays and between 9 a.m. and 9 p.m. on weekends.

The rates change during other times based on peak traffic. Trucks, taxis, buses, motorcycles, and Uber services are also subject to the toll.

In February, the U.S. Department of Transportation (DOT) terminated approval for the congestion pricing policy. New York state’s Metropolitan Transportation Authority (MTA), the state agency overseeing the tolls, then sued the federal government for canceling the program.

The DOT had initially given the MTA until March 31 to stop the collection of tolls under congestion pricing. This deadline was later extended by a period of 30 days, until April 20. By Sunday’s deadline, congestion pricing was still in effect in New York City.

But, as Naveen Athrappully reports below for The Epoch Times, both New York Gov. Kathy Hochul’s office and the MTA confirmed on Sunday that its system of traffic cameras continues to collect the fee assessed on most cars entering the borough below Central Park.

“The cameras are staying on,” Hochul’s spokesperson Avi Small said.

John J. McCarthy, the MTA’s chief of policy and external relations, said, “In case there were any doubts, MTA, State and City reaffirmed in a court filing that congestion pricing is here to stay and that the arguments Secretary Duffy made trying to stop it have zero merit.”

The DOT said it would not remove the deadline even as the court case plays out, saying it would “not hesitate to use every tool” at its disposal if the state failed to stop the toll.

The MTA argues that toll fees help raise money to upgrade the city’s aging transit systems.

Hochul previously said the money would underpin $15 billion in debt financing for mass transit capital improvements, with 80 percent of the money to be spent on the subway and bus system and 20 percent on two commuter rail systems.

The Trump administration opposed the toll over concerns it negatively affects small businesses and average American citizens.

In a March 20 statement on social media platform X, Transportation Secretary Sean Duffy said the “unlawful pricing scheme charges working-class citizens to use roads their federal tax dollars already paid to build.”

Duffy said Hochul’s “refusal to end cordon pricing“ and her ”open disrespect towards the federal government is unacceptable.”

On Monday, Duffy sent a letter to Hochul regarding the state’s “illegal toll,” according to an April 21 statement from the DOT.

The New York State Department of Transportation (NYSDOT) has been given 30 days to describe how its noncompliance is not illegal.

If the tolls are not stopped by then, or if the Federal Highway Administration (FHWA), after evaluating NYSDOT’s response, determines that New York is out of compliance, the agency will take multiple actions, it said

This includes ceasing further “advance construction” projects within Manhattan and no more National Environmental Policy Act approvals for projects in the borough. The only exception would be if the projects are deemed to be essential for safety, the agency said.

If the noncompliance continues, more restrictive actions will be taken, including ceasing approvals for certain projects within New York City, it said

The corrective measures “may be expanded to other geographic areas within the State of New York if noncompliance continues,” DOT said.

Cars pass under E-ZPass readers and license plate-scanning cameras on the George Washington Bridge as congestion pricing takes effect in New York City on Jan. 5, 2024. Kena Betancur/AFP via Getty Images

MTA Versus DOT

In its complaint against the federal government, MTA said that the FHWA, a division of the DOT, had executed the Value Pricing Pilot Program (VPPP) allowing the congestion toll collection in November 2024.

It criticized the Trump administration’s efforts to terminate the congestion pricing, calling them “unlawful.”

The defendants have provided “no basis” for reversing their position on the program despite having approved it only a few months back, the MTA argued. Defendants in the case include the DOT, FHWA, and Duffy.

“Neither the VPPP Agreement nor applicable law or regulations permit FHWA to unilaterally terminate the VPPP Agreement,” the lawsuit said.

“This makes good sense. If FHWA had the right to unilaterally terminate a VPPP program that had already been approved and implemented, it would create uncertainty around the future of such programs any time leadership at FHWA, USDOT, or the White House changed—uncertainty that may make it difficult to issue bonds for other projects and would clearly undermine the purposes of the VPPP.”

Terminating the VPPP agreement is an “open disregard of a host of federal statutes and regulations” while also violating MTA’s rights under the U.S. Constitution, the complaint said.

In a Feb. 19 letter to Hochul, Duffy said New York City’s need for congestion pricing “appears to be driven primarily by the need to raise revenue for the Metropolitan Transit Authority system as opposed to the need to reduce congestion.”

Toll rates set under VPPP “should not be driven primarily by revenue targets,” he said.

Signs advising drivers of congestion pricing tolls are displayed near the exit of the Lincoln Tunnel in New York City on Feb. 19, 2025. Seth Wenig/AP Photo

Duffy said he recognized that the Federal Highway Administration under the Biden administration had deemed the congestion pricing policy eligible for approval under the VPPP initiative.

The Federal Highway Administration “did not explain the basis for its conclusion,” he wrote.

Even though the NYSDOT and the Triborough Bridge and Tunnel Authority (TBTA) have relied on the VPPP agreement to collect tolls, Duffy said such reliance “should not prevent the termination” of the agreement.

While NYSDOT and TBTA “have incurred costs related to the program, many of these costs were incurred” before the agreement was signed. The Federal Highway Administration “is not aware of any substantial costs associated with the physical stopping of the program,” the letter said.

The Epoch Times reached out to Hochul and the MTA for comment but did not receive a response by publication time.

VICTOR DAVIS HANSON

USA/ANTISEMITISM//HAMAS// REPORT

KING NEWS

The King Report April 22, 2025 Issue 7476

Independent View of the News

The dollar got pounded on Monday.  Gold had another triple-digit gain and made yet another all-time high (3430.57).  Trump finally blasted Powell for cutting rates less than two months before the 2024 Election, which refutes Powell and Fed officials’ claim of independence and non-political partiality.   Dollar Index – DJT won in Nov; Dollar soared but commenced a tumble on Inauguration Day.  A policy decision by Team DJT or foreign flight?   US stocks and bonds got pounded in early Monday trading on foreign flight from the dollar and dollar-denominated paper.   Chicago Fed President and Obama Stooge Goolsbee surfaced on CNBC to inveigh against DJT, again. ·         Fed Independence is Critically Important (Only dopes believe the Fed is nonpolitical) ·         Inflation rate is higher in countries where there is political interference (Huge lie) ·         Market-based long-run inflation expectation are NOT up. ·         Still believe rates will be lower in 12-18 months, ·         Want to know if tariffs are affecting productivity.   At 9:41, Trump called for “preemptive” rate cuts on Truth Social and called Powell a “major loser” and played the ‘ace of trump’ against PE Powell and the Fed: Powell “lowered in order to help Sleepy Joe Biden, later Kamala, get elected   Trump: “Preemptive Cuts” in Interest Rates are being called for by many. With Energy Costs way down, food prices (including Biden’s egg disaster!) substantially lower, and most other “things” trending down, there is virtually No Inflation. With these costs trending so nicely downward, just what I predicted they would do, there can almost be no inflation, but there can be a SLOWING of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW. Europe has already “lowered” seven times. Powell has always been “To Late,” except when it came to the Election period when he lowered in order to help Sleepy Joe Biden, later Kamala, get elected. How did that work out?   Will Powell now defend his jumbo rate cut on September 18?  Uncertainty was higher then, than now! If Goolsbee and Powell want war, DJT will give it to them, aided and abetted by the bully pulpit (and social media), with the knowledge that the masses dislike the Fed more than they dislike DJT and the only Fed constituency is the Establishment and Wall Street.  PS – DJT put the blame for recession on Powell.   Trump, for the first time, accused Powell and the Fed of aiding and abetting Biden and Harris.  This is a direct rebuke of the Powell and Fed officials’ claims that the ‘Fed is independent and nonpolitical.’  And Trump cited the evidence that many have noted for months: the unusual jumble rate cut less than two months before a general election.   China Warns Nations Not to Cut US Trade Deals at Its Expense – BBG “Will never accept it and will resolutely take reciprocal countermeasures…”   @KobeissiLetter: Japan’s Prime Minister Ishiba says Japan won’t just keep conceding in US tariff talks, per Bloomberg. “If Japan concedes everything, we won’t be able to secure our national interest,” Ishiba said. The market is now realizing a Japan deal is distant at best.   Trump will accept a US recession that puts China, Japan, and EU economies in depression to curtail decades old abuses and impairment of US exports to those nations.   Anti-DJT forces on Wall Street, the US establishment, the media, and in foreign lands think that crashing the stock market is the best means ‘to get Trump.’  However, by forcing stocks to cascade now, sets up the inevitable sharp rebound by the 2026 Midterm Election and/or the 2028 General Election.   Stocks cratered from April 1981 to July 1982.  Then the ‘80s happened; Reagon won 49 states in ’84.   ESMs tumbled until they hit a daily low of 5127.25 at 14:00 ET.  ESMs then turned higher with the rally accelerating after 15:35 ET.  ESMs hit 5193.00 at 15:58 ET.   Kristi Noem’s purse, with $3K cash inside, snatched by thief during outing at DC restaurant https://trib.al/Djz4nqb (Secret Service agents at adjacent table didn’t notice the theft!)   Kristi Noem’s purse, with $3K cash inside, snatched by thief during outing at DC restaurant https://trib.al/Djz4nqb   Babylon Bee: People Who Bypassed Legal Process in Migrating to USA Demand Legal Process Before Being Kicked Out https://babylonbee.com/news/people-who-bypassed-legal-process-in-migrating-to-usa-demand-due-process-before-being-kicked-out   Positive aspects of previous session The NFL Draft is only 2 days away! Trump finally did the ‘emperor has no clothes’ on Powell for aiding & abetting Kamala Harris. ESMs rallied sharply during the final hour of NYSE trading.   Negative aspects of previous session The dollar tanked; gold soared; US bonds and stocks tumbled.  USMs were -1 23/32 at the NYSE close. The Naz 100 declined as much as 3.6%; the S&P 500 declined as much as 3.4% Trump has focused global attention on Powell and the Fed’s political bias. Global elites and the US Establishment will still try to euchre the masses that Fed’s nonpolitical.   Ambiguous aspects of previous session What is the next move in the Trump-Powell war DJT is going Michael Corleone what he perceives are his & US enemies.  Who is next?   First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: Up   Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5164.26 Previous session S&P 500 Index High/Low: 5232.94; 5101.63   @YahooFinance: “Today’s market reaction does suggest that the market does really, really value an independent Fed,” Truist Wealth managing director Chip Hughey says. https://x.com/YahooFinance/status/1914412574281752931   Chinese Plastics Factories Face Mass Closure as US Ethane Disappears “The situation is dire for China’s ethane crackers as they have no alternative to US supply,” said Manish Sejwal, an analyst at Rystad Energy AS, using an industry term for such facilities. “Unless they are granted tariff exemptions, they may have to stop production or close shop.”… https://www.zerohedge.com/markets/chinese-plastics-factories-face-mass-closure-us-ethane-disappears   Trump: I’m doing what I was elected to do, remove criminals from our Country, but the Courts don’t seem to want me to do that. My team is fantastic, doing an incredible job, however, they are being stymied at every turn by even the U.S. Supreme Court, which I have such great respect for, but which seemingly doesn’t want me to send violent criminals and terrorists back to Venezuela, or any other Country, for that matter — People that came here illegally! The Courts are intimidated by the Radical Left who are, “playing the Ref.” Great Supreme Court Justice Samuel Alito correctly wants to dissolve the pause on deportations. He is right on this! If we don’t get these criminals out of our Country, we are not going to have a Country any longer. We cannot give everyone a trial, because to do so would take, without exaggeration, 200 years. We would need hundreds of thousands of trials for the hundreds of thousands of Illegals we are sending out of the Country. Such a thing is not possible to do. What a ridiculous situation we are in…   Today – Traders will try to affect a Turnaround Tuesday to the upside.  A key should be how much early pressure from foreign selling appears.  After Europe closes at 11:30 ET, robust buying could appear. The Dollar Index hit a low of 97.921 at 5:18 ET, with the final down leg commencing when Europe opened at 3 ET.  The Dollar Index rallied to 98.51 at 11:06 ET and traded sideways thereafter.  It looks like the dollar should bounce today.  If it does, US stocks should rally.   ESMs sank to 5171.75 at 18:28 ET but it zoomed to 5209.25 (+24.50) at 20:05 ET.   Tesla reports Q1 results after the close; .44 EPS is expected.  TSLA sank as much as 7.7% on Monday.   Expected earnings: GE 1.27, HAL .60, NOC 6.29, PHM 2.43, VX 1.15, MMM 1.77, KMB 1.89, LMT 6.31, COF 3.63, PKG 2.21, BKR .47, CB 3.17, TSLA .44   S&P Index 50-day MA: 5689; 100-day MA: 5844; 150-day MA: 5830; 200-day MA: 5750 DJIA 50-day MA: 42,046; 100-day MA: 42,917; 150-day MA: 42,821; 200-day MA: 42,199 (Green is positive slope; Red is negative slope) S&P 500 Index (5158.20 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender and MACD are negative – a close above 6306.68 triggers a buy signal Weekly: Trender and MACD are negative – a close above 5987.57 triggers a buy signal Daily: Trender is negative; MACD is positive – a close above 5645.69 triggers a buy signal Hourly: Trender and MACD are negative – a close above 5218.08 triggers a buy signal   @seanmdav: According to John Roberts, the president can order the assassination of a U.S. citizen via drone strike without court approval (Obama), but he can’t deport the citizen of a foreign nation who entered the U.S. illegally (Trump).     @DougMackeyCase: 2010: Chief Justice Roberts DENIED due process of law to Canadian citizen Maher Arar, who was kidnapped at JFK in 2002 by the Bush Administration and deported to… (Syria) where he was tortured for a year. The Roberts Court outright REFUSED to hear his case.   U.S. attorney scrutinizes ‘false statements’ by Mueller prosecutor who targeted Papadopoulos The U.S. attorney in Washington, D.C. may be starting the process of accountability against special counsel Robert Mueller years after claims of Trump-Russia collusion were debunked. https://justthenews.com/accountability/russia-and-ukraine-scandals/us-attorney-scrutinizes-false-statements-mueller   @DOGE__news: Hillary Clinton says Americans who spread “propaganda” should be sent to prison. (Possibly the biggest crook in US political history and creator of the Russian Hoax – and more!) https://x.com/DOGE__news/status/1914119391844917506   The Face of Catholicism in the United States Has Changed. About 78 percent of Asian Catholics in the United States were born outside the country, and another 14 percent are the children of immigrants — the highest proportion of any ethnic group for which Pew has sufficient data… (Mostly Filipino)     Younger priests are more conservative…theologically, liturgically and politically.     The Hispanic share of Catholics is growing…from 29 percent in 2007 to 36 percent in the most recent survey… https://www.nytimes.com/2025/04/20/us/us-catholic-identity.html?unlocked_article_code=1.BU8.74l0.dkhKLBOCF0jj   With the death of Pope Francis on Monday, the Catholic Church is at an inflection point.  Francis was a product of Latin American liberation theology.  “The movement’s theoretical foundations drew heavily from Marxist social analysis.”  (Wikipedia) He pushed the church to the left, and there was considerable rebellion in the US.   Britanica: liberation theology Liberation theologians were often criticized—both formally, from within the Roman Catholic Church, and informally—as naive purveyors of Marxism and advocates of leftist social activism.  By the 1990s the Vatican, under Pope John Paul II, had begun to curb the movement’s influence through the appointment of conservative prelates in Brazil and elsewhere in Latin America… https://www.britannica.com/topic/liberation-theology   Pope Francis predecessor, Pope Benedict, a traditional theologian, cracked down on liberation theology on Feb 28, 2013.  Benedict was the first Pope in 598 years to resign the papacy, purportedly for health reasons.  He lived almost another 10 years after the resignation.  (Died Dec 31, 2022)   When Trump won in 2016, some US Catholic groups ask Trump to investigate the possibility that Team Obama-Clinton-Soros instigated Benedict’s removal and installed a Marxist Pope.   The Catholic Spring: Wikileaks Reveals How George Soros, Obama and Hillary Orchestrated a Coup Against Pope Benedict for Their Puppet Pope Francis https://www.amazon.com/Catholic-Spring-Wikileaks-Orchestrated-Benedict/dp/1688555374   Newsweek: What the George Soros network saw in a ‘Catholic Spring’ group A reputed “Catholic Spring” group played a key role in influencing Barack Obama’s controversial 2009 Notre Dame speech, and its campaigns “broadened the agenda” of Catholic voters to see abortion as just one of several election issues. This is according to a leaked memo attributed to George Soros’ Open Society Foundations…     The group is currently in the public eye because the site Wikileaks has posted alleged 2012 emails involving Hillary Clinton campaign chief John Podesta, who appears to state that Catholics in Alliance was founded to aid a “Catholic Spring” political revolution within the Church…     Podesta responded by saying, “We created Catholics in Alliance for the Common Good to organize for a moment like this.”… Another Soros foundations grantee, Faith in Public Life, is discussed in the 2009 memo for its role in media messaging on the University of Notre Dame controversy, stem cell guidelines, conscience protections for medical professionals, as well as issues like health care reform, climate change and immigration…     According to the memo, there is major foundation support for the center from the Carnegie Corporation of New York, the Humanity United Fund, the Bill and Melinda Gates Foundation, and the Ford Foundation, among others… https://www.catholicnewsagency.com/news/34780/what-the-george-soros-network-saw-in-a-catholic-spring-group

SWAMP STORIES FOR YOU TONIGHT

DOJ Announces RICO Charges Against 27 Alleged Venezuelan Gang Members

Tuesday, Apr 22, 2025 – 10:20 AM

Authored by Joseph Lord via The Epoch Times,

The Department of Justice (DOJ) on April 21 announced that 27 alleged members or affiliates of the Venezuelan gang Tren de Aragua (TdA) had been charged under legislation designed to bring down criminal enterprises.

The allegations against those charged included committing robberies and shootings, sex trafficking and organized prostitution of women brought into the United States illegally from Venezuela, robbing and extorting small businesses, and trafficking a drug called “tusi,” which contains ketamine, that the DOJ described as the gang’s “calling card” in a statement announcing the charges.

The indictments were filed against those suspected to be current members of TdA, which is designated a terrorist organization by the federal government, and members of “Anti-Tren,” a group the DOJ said is largely composed of past TdA members.

The DOJ said the case is part of “Operation Take Back America,” described as “a nationwide initiative that marshals the full resources of the Justice Department to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations, and protect our communities from the perpetrators of violent crime.”

The case fits into President Donald Trump’s broader hardline stance against gangs like TdA and MS-13.

Attorney General Pam Bondi also released a statement on the indictment, saying, “Tren de Aragua is not just a street gang—it is a highly structured terrorist organization that has destroyed American families with brutal violence, engaged in human trafficking, and spread deadly drugs through our communities.”

Bondi said that the indictments and arrests made in connection with the case spanned three states and that they’re poised to “devastate TdA’s infrastructure.”

The federal law being used to charge the more than two dozen individuals, the Racketeer Influenced and Corrupt Organizations Act (RICO), was introduced in the late 20th century as a measure to break up the mob. However, it’s broad enough to permit widespread application to any type of corrupt organization.

To convict under RICO, prosecutors must prove that one or more “enterprises”—meaning any organization dedicated to an end goal, whether corporate or criminal—engaged in a pattern of criminal behavior. Specific federal charges are eligible for prosecution under RICO, and any RICO case must involve at least two of those charges being committed within a 10-year period.

RICO is an indictment even hardened criminals have come to fear, as its specific mechanisms allow prosecutors to charge far more liberally, and with far harsher prison sentences, than in many other types of criminal proceedings.

To meet the law’s requirements of the definition of an “enterprise,” which must be dedicated to one or many end goals, the DOJ broadly defined the goal of TdA as “preserving and protecting the power and territory of TdA and its members and associates through acts involving murder, assault, robbery, other acts of violence, and threats of violence.”

Additionally, the DOJ said TdA sought to “[enrich] the members and associates of TdA” through sex trafficking young women into Peru and the United States, trafficking controlled substances,  and armed robbery.

Six of those affiliated with the mainline TdA were indicted.

The other 21 involved members of Anti-Tren, which operated in multiple New York City boroughs, including the Bronx and Queens, and in New Jersey, and elsewhere. The DOJ said its members are “almost exclusively” former TdA members who broke away.

The justification for the Anti-Tren indictments under RICO is identical to that given for TdA.

Xavier Donaldson, an attorney representing one of the defendants, declined to comment. Other lawyers listed on the court docket for defendants did not return inquiries.

The charges come amid an ongoing dispute between the United States, El Salvador, and Venezuela over the handling of Venezuelan nationals convicted and deported by the Trump administration.

Under a $6 million agreement between the United States and El Salvador, many of those deported have been housed at El Salvador’s CECOT prison.

Venezuela’s socialist regime, which currently detains several dissidents recognized internationally as political prisoners, claimed that deported Venezuelan gang members detained at CECOT were themselves political prisoners.

On April 20, Salvadoran President Nayib Bukele proposed a swap of all Venezuelans currently in Salvadoran custody in exchange for an identical number of Venezuela’s anti-regime political prisoners.

Venezuela has rejected the deal and called for the immediate and unconditional release of detained Venezuelans.

END

‘Building 7 Controlled Demolition?’: Republican Senator Plans Shock 9/11 Hearings, Says ‘My Eyes Have Been Opened’

by Tyler Durden

Tuesday, Apr 22, 2025 – 03:20 PM

Sen. Ron Johnson (R-WI) is raising eyebrows after revealing on Benny Johnson’s conservative podcast that he’s pushing for a congressional hearing to examine the September 11, 2001, terrorist attacks on the Twin Towers.

Johnson, who serves on the the Senate Permanent Subcommittee on Investigations, raised questions about the World Trade Center Building 7’s collapse, saying the documentary film, Calling Out Bravo 7 has sparked “an awful lot of questions.”

“Well, start with Building 7,” Sen. Johnson told Johnson. “Again, I don’t know if you can find structural engineers other than the ones that have the corrupt investigations like NIST that would say that that thing didn’t come down in any other way than a controlled demolition.”

“Who ordered the removal and the destruction of all that evidence? Totally contrary to any other firefighting investigation procedures. I mean, who ordered that? Who is in charge? I think there’s some basic information. Where’s all the documentation from the NIST investigation?” the Wisconsin lawmaker continued.

“Now, there are a host of questions that I want and I will be asking, quite honestly, now that my eyes have been opened up,” he added.

Johnson said he plans to work with former Rep. Curt Weldon (R-PA), who recently appeared on Tucker Carlson’s podcast to discuss 9/11, “to expose what he’s willing to expose.”

The senator’s comments prompted Johnson to ask: “So we may actually see hearings about this?”

“I think so,” the senator replied while referencing previous efforts to obtain unredacted FBI files on behalf of 9/11 families.

“We want to get those answers, those documents for the families,” the lawmaker replied. “Hopefully, now with this administration, we can find out what is being covered up.”

Sen. Johnson expressed optimism that the Trump administration will authorize the release of 9/11-related documents, despite prior unsuccessful efforts to declassify them.

“We want those made available in terms of what happened. What did the FBI know that happened? So we had engaged with that. It was on a bipartisan basis. We wanted to get those answers, those documents for the families,” Sen. Johnson said. “Again, we didn’t get squat from the FBI. So hopefully now with this administration, I think President Trump should have some interests being a New Yorker himself.”

“What actually happened in 9/11? What do we know? What is being covered up? My guess is there’s an awful lot being covered up in terms of what the American government knows about 9/11,” he added.

Very interesting to say the least…

GREG HUNTER.