APRIL 28/GOLD CLOSED UP $50.20 TO $3337.35 //SILVER FELL 3 CENTS TO $33.05//PLATIN CLOSED UP $16.70 TO $987.85 WHILE PALLADIUM WAS UP $99.65 TO $951.35//INDIA AND PAKISTAN GETTING READY FOR WAR DUE TO THE VOLATILE KASMIR REGION//GOLD COMMENTARIES TONIGHT FROM ALASDIAR MACLEOD AND PETER SCHIFF//CHINA SEIZES AN ISLAND OFF THE PHILIPPINE COAST SETTING OFF OTHER ALARM BELLS/GORDON CHANG ON CHINA PLUS PETER SCHWIZER WITH RESPECT TO CHINA AND THE MANUFACTURE OF FENTANYL/ISRAEL VS HAMAS/HEZBOLLAH/IRAN UPDATES/HOUTHIS UPDATEES//VACCINE INJURY REPORT/.DR PAUL ALEXANDER/MARK CRISPIN MILLER//REPORT ON CANADA COURTESY OF RABOBANK’S PHILIP MAREY/TEXAS MANUFACTURING COLLAPSES//DEMISE OF THE USA TRUCKING INDUSTRY//SWAMP STORIES FOR YOU TONIGHT//
118 C MACQUARIE FUTURES US 6 132 C SG AMERICAS 73 363 H WELLS FARGO SECURITI 29 523 H INTERACTIVE BROKERS 1 624 H BOFA SECURITIES 102 661 C JP MORGAN SECURITIES 31 685 C RJ OBRIEN 10 686 C STONEX FINANCIAL INC 40 709 C BARCLAYS 39 737 C ADVANTAGE FUTURES 7 880 H CITIGROUP 57 905 C ADM 14 991 H CME 71
TOTAL: 240 240 MONTH TO DATE: 64,754
MONTH TO DATE: 64,514
jpmorgan stopped: 31/240
GOLD: NUMBER OF NOTICES FILED FOR APRIL/2024. CONTRACT: 240 NOTICES FOR 24,000 OZ 0.7467 TONNES
total notices so far: 64,754 contracts for 6,475,400 OR 201.412 tonnes)
FOR APRIL
XXXXXXXXXXXXXXXXXX
SILVER NOTICES: 63 NOTICE(S) FILED FOR 0.315 MILLION OZ/
total number of notices filed so far this month : 3192 CONTRACTS (NOTICES) for 15.966 million oz
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END
GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD UP $50.20 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD:
HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.27 TONNES OF GOLD OUT OF THE GLD
INVENTORY RESTS AT 946.27 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER DOWN $0.03 AT THE SLV: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: ////A SMALL WITHDRAWAL OF 0.136 MILLION OZ OUT OF THE SLV//
CLOSING INVENTORY RESTS AT:
CLOSING INVENTORY: 448.696 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI ROSE BY A MEGA HUGE SIZED 1225 CONTRACTS TO 154,217 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 DESPITE OUR LOSS OF $0.44 IN SILVER PRICING AT THE COMEX WITH RESPECT TO FRIDAY’S TRADING. WE HAD A MEGA MEGA HUGE SIZED GAIN OF 1975 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A HUGE 750 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD A CONSIDERABLE LIQUIDATION OF T.A.S. CONTRACTS COMEX TRADING FRIDAY SPRINKLED WITH SOME MONTH END SPREADERS 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 FRIDAY WITH SILVER’S LOSS IN PRICE AS 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 533 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 HUGE 750 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR HUGE 533 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN MONDAY THROUGH WEDNESDAY’S COMEX OPTIONS EXPIRY TRADING/ AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE. IN ESSENCE WE GAINED A MEGA HUMONGOUS SIZED 1975 CONTRACTS ON OUR TWO EXCHANGES DESPITE OUR LOSS IN PRICE OF $0.44.
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 FRIDAY NIGHT/SATURDAY MORNING: A HUGE 533 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 SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.44) BUT WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SILVER LONGS FROM THEIR PERCH ASDESPITE HAVING A STRONG LOSS IN PRICE, WE GAINED A MEGA HUGE 2034 CONTRACTS IN OPEN INTEREST FROM OUR TWO EXCHANGES.
WE HAD A HUGE 750 CONTRACT ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 13.735 MILLION OZ FOLLOWED BY TODAY’S NIL OZ QUEUE JUMP TO WHICH WE ADD OUR 4.00 MILLION OZ EX FOR RISK
STANDING FOR APRIL REMAINS CONSTANT AT 19.960 MILLION OZ
WE HAD:
/ HUGE COMEX OI GAIN+// A HUGE SIZED EFP ISSUANCE (750 CONTRACTS)/ VI) HUGE SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 533 CONTRACTS)
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED 59 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 21 DAYS, total 19,101 contracts: OR 95.505 MILLION OZ (909 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 95.505 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: 95.505 MILLION OZ///AVERAGE SIZE ISSUANCE
XXXXXXXXXXXXXXXXXXXXXXXXXXXX
RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1225 CONTRACTS DESPITE OUR LOSS IN PRICE OF $0.44 IN SILVER PRICING AT THE COMEX// FRIDAY.,. . THE CME NOTIFIED US THAT WE HAD A HUGE 750 CONTRACT EFP ISSUANCE CONTRACTS: 750 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 15.960 MILLION OZ NORMAL DELIVERY , PLUS OUR 4.00 MILLION EX FOR RISK
NEW STANDING APRIL: 19.960 MILLION OZ
THE NEW TAS ISSUANCE FRIDAY NIGHT (533 ) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE AND FOR SURE MONDAY THROUGH WEDNESDAY TRADING.(OPTIONS EXPIRY)
WE HAD 0 NOTICE(S) FILED TODAY FOR 0.00 million OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST FELL BY A SMALL SIZED 1089 OI CONTRACTS TO 445,548 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 MONSTROUS 1808 CONTRACTS //.
WE HAD A SMALL SIZED DECREASE IN COMEX OI (1089 CONTRACTS) . THIS OCCURRED DESPITE OUR HUGE LOSS OF $49.95 IN PRICE FRIDAY. LAST 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 APRIL 14 EX FOR RISK OF 30,000 OZ OR.6220 TONNES AND THEN APRIL 24: 600 CONTRACTS FOR 60,000 OZ OR 1.866 TONNES AND THEN FINALLY FRIDAY’S 187 CONTRACT EX FOR RISK FOR 18700 OZ OR .5816 TONNES// ;NEW EX FOR RISK 8.3571 TONNES TO WHICH WAS ADDED TO OUR NEW QUEUE JUMP OF 59 CONTRACTS OR 5900 OZ (0.1835 TONNES). THUS STANDING FOR GOLD/APRIL DELIVERY MONTH IS 201.443 TONNES NORMAL DELIVERY(INCLUDES LATEST QUEUE JUMP) + 8.3571 TONNES EX FOR RISK = 209.800 TONNES
/NEW STANDING FOR APRIL; 201.443 TONNES + 8.3571 TONNES EX FOR RISK = 209.800 TONNES
/ ALL OF THIS HAPPENED WITH OUR $49.95 LOSS IN PRICE WITH RESPECT TO FRIDAY’S COMEX ///. WE HAD A FAIR SIZED GAIN OF 1903 OI CONTRACTS (11.542 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 STRONG SIZED 2992 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 445,548//NOW AT THE LOW END OF THE SCALE DESPITE THE HIGH PRICE OF GOLD!!
IN ESSENCE WE HAVE A FAIR SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 1903 CONTRACTS WITH 719 CONTRACTS INCREASED AT THE COMEX// AND A STRONG SIZED 2992 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 1903 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A SMALL SIZED AND CRIMINAL 889 CONTRACTS ISSUED. WE HAD CONSIDERABLE T.A.S. LIQUIDATION AND MONTH END SPREADER LIQUIDATION DURING THE COMEX SESSION FRIDAY WHICH ACCOUNTS FOR THE LOSS IN PRICE BUT NOTHING ELSE!!
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2992 CONTRACTS) ACCOMPANYING THE SMALL SIZED DECREASE IN COMEX OI OF 1089 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 1903 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 201.443 TONNES (WHICH INCLUDES OUR 0.1835 TONNES QUEUE JUMP) AND THIS FOLLOWS TOTAL EXCHANGE FOR RISK ISSUANCE ON 7 OCCASIONS FOR 8.3571 TONNES//NEW STANDING ADVANCES TO 209.800 TONNES.
//NEW STANDING APRIL: 201.443 TONNES + 8.3571 TONNES EX FOR RISK ON 7 OCCASIONS = 209.800 TONNES
.
/ 3) CONSIDERABLE T.A.S. LIQUIDATION AND MONTH END SPREADER LIQUIDATION+ ZERO SUCCESS IN REMOVING ANY NET SPECULATOR LONGS, AS WE DESPITE HAVING 1)A HUGE $49.95 COMEX PRICE LOSS.. WE HAD 2) ZERO NET LONG SPECS BEING CLIPPED AS WE HAD A STRONG GAIN OF 3711 CONTRACTS ON OUR TWO EXCHANGES ALL OF IT DUE TO T.A.S. LIQUIDATION//MONTH END SPREADER LIQUIDATION /./ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED FRIDAY 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. ALSO MAY’S GOLD CONTRACT MONTH REFUSES TO SHED A SINGLE CONTRACT. MAY WILL BE A WHOPPER OF A DELIVERY MONTH.
4) SMALL SIZED COMEX OI GAIN// 5) STRONG SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER (2992 CONTRACTS)///SMALL T.A.S. ISSUANCE: 889 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: 66,356 CONTRACTS OR 6,635,600 OZ OR 206.395 TONNES IN 21 TRADING DAY(S) AND THUS AVERAGING: 3159 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN21 TRADING DAY(S) IN TONNES 206.395 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2024, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 206.395 TONNES DIVIDED BY 3550 x 100% TONNES = 5.54% OF GLOBAL ANNUAL PRODUCTION
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; 206.359 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 MEGA HUGE SIZED 1225 CONTRACTS OI TO 154,217 AND CLOSER TO 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 750 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAY 750 and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 750 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 737 CONTRACTS AND ADD TO THE 750 E.FP. ISSUED
WE OBTAIN A MEGA HUGE SIZED OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 1975 CONTRACTS DESPITE THE LOSS IN PRICE OF $0.44 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 10.170 MILLION PAPER OZ
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 MONDAY MORNING//SUNDAY NIGHT
SHANGHAI CLOSED DOWN 6.64 PTS OR 0.20%
//Hang Seng CLOSED DOWN 8.78 PTS OR 0.04%
// Nikkei CLOSED UP 134.25 OR 0.38%//Australia’s all ordinaries CLOSED UP 0.35%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 7.2981 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.2988/ Oil UP TO 62.22 dollars per barrel for WTI and BRENT UP TO 66.50 Stocks in Europe OPENED ALL GREEN.
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A SMALL SIZED1089 CONTRACTS TO 445,548 DESPITE OUR MAMMOTH LOSS IN PRICE OF $44.95 WITH RESPECT TO FRIDAY’S // TRADING. WE LOST ZERO NUMBER OF NET LONGS DESPITE THAT PRICE LOSS FOR GOLD. AND AS YOU WILL SEE BELOW, OUR LOSS IN PRICE ALSO HAD A STRONG NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (2992 ).
THE CME ANNOUNCED FRIDAY NIGHT, A 0 EXCHANGE FOR RISK CONTRACT ISSUANCE FOR 0 OZ OR 0.0 TONNES. SO FAR THIS MONTH WE HAD RECORDED A NEW RECORD 7 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 8.3571 TONNES OF GOLD WHICH MUST BE ADDED TO OUR NORMAL GOLD DELVERIES.
HISTORY: LAST TWO PRIOR MONTH’S EXCHANGE FOR RISK
IN MARCH:
THE TOTAL NO. OF EXCHANGE FOR RISK ISSUANCE FOR THE MONTH OF MARCH (3 NOTICES) EQUALED: 7.6179 TONNES OF GOLD WHICH WAS ADDED TO OUR MARCH DELIVERY TOTALS.
IN FEBRUARY:
WE HAD A HUGE FIVE EXCHANGE FOR RISKS ISSUANCES FOR GOLD, TOTALLING 18.4527 TONNES!.
THE RECIPIENT OF ALL OF THESE EXCHANGE FOR RISK CONTRACTS IS THE BANK OF ENGLAND WHO DESPERATELY WANT THEIR LEASED GOLD BACK. THUS WE HAVE TWO SEPARATE ENTITIES (CENTRAL BANKS) DEMANDING THEIR GOLD BACK:
THE BANK OF ENGLAND
THE FEDERAL RESERVE BANK OF NEW YORK (NEED TO RETRIEVE THEIR LEASED GOLD FROM THE BIS)
THE COUNTERPARTY TO THE BANK OF ENGLAND’S EXCHANGE FOR RISK ARE BULLION BANKS THAT CANNOT VERIFY THAT THEIR GOLD IS UNENCUMBERED AND THUS THE BUYER, THE CENTRAL BANK OF ENGLAND, ASSUMES THE RISK OF THAT DELIVERY. THIS IS THE 5TH CONSECUTIVE MONTH FOR ISSUANCE OF EXCHANGE FOR RISK !!.(DEC THROUGH APRIL)
DETAILS ON APRIL COMEX MONTH
IN TOTAL WE HAD A FAIR SIZED GAIN ON OUR TWO EXCHANGES OF 1903 CONTRACTS DESPITE OUR MAMMOTH LOSS IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN ON FRIDAY 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 LOT BIGGER THAN FROM OUR PREVIOUS FEW DAYS AT 889 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 209 + 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 STRONG SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS A STRONG SIZED 2992 EFP CONTRACTS WERE ISSUED: : /APRIL 2292 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 2292 CONTRACTS. THESE EFP;S CIRCLE AROUND LONDON ON A 13 DAY BASIS AND ARE NOW USED BY GLOBAL CENTRAL BANKS TO EXERCISE FOR PHYSICAL GOLD WITH THE OBLIGATION TO DELIVER BEING FORCED ONTO COMEX BANKS. THE GOLD GENERALLY DELIVERED COMES FROM LONDON BUT THEY ARE OUT!! THUS COMEX BECOMES THE MAJOR SOURCE FOR OUR CENTRAL BANKERS.
ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A FAIR SIZED TOTAL OF 1903 CONTRACTS IN THAT 2992 CONTRACT LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A SMALL SIZED LOSS OF 1089 COMEX CONTRACTS..AND THIS GAIN ON OUR TWO EXCHANGES HAPPENED DESPITE OUR MAMMOTH LOSS IN PRICE OF $49.95 FOR FRIDAY/ 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!
THE ENTIRE GAIN IN OI AT THE COMEX WAS DUE TO:
CONTINUATION OF MONTH END SPREADERS
LIQUIDATION OF OUR T.A.S. SPREADERS
T.A.S.SPREADER 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 FRIDAY NIGHT/SATURDAY MORNING WAS A SMALL SIZED 889 CONTRACTS, AS AGAIN, ALL OF THE TRADING AND SUPPLY OF CONTRACTS HAVE BEEN ORCHESTRATED BY GOVERNMENT (FEDERAL RESERVE BANK OF NEW YORK). AS PER THEIR MEGA 5 DAY ISSUANCE OF T.A.S THESE PAST FEW MONTHS,, THE FED HAS BEEN EXPERIMENTING WITH EINSTEIN’S DEFINITION OF INSANITY….TRYING TO DO THE SAME THING OVER AND OVER AGAIN HOPING FOR A DIFFERENT RESULT. HIS DEFINITION STILL STANDS.. THE CROOKS ACCOMPLISHED NOTHING AS NOBODY LEFT OUR GOLD METAL ARENA. DURING OPTIONS EXPIRY WEEK, A HUGE RAID WAS ORDERED BY THE FED WITH END OF THE MONTH TRADING ( FEB 25 THROUGH FEB 28) AS THE GOLD PRICE GOT HAMMERED A BIT WITH ONLY THE PAPER PRICE OF GOLD LOWERING! . AND ,FOR MARCH, WE HAD+ ANOTHER 5 DAY MEGA ISSUANCE BUT CORRESPONDING MEGA RAIDS FAILED TO MATERIALIZE. I WOULD LIKE TO POINT OUT THAT WEDNESDAY MARCH 17, THE 38,393 T.A.S. CONTRACT ISSUANCE WAS THE HIGHEST ON RECORD!
THE RAIDS ON OPTIONS EXPIRY ACCOMPLISHES TWO IMPORTANT ASPECTS FOR OUR CROOKS:
STALLS THE ADVANCE IN PRICE
LOWERS THEIR ADVANCING DERIVATIVE LOSSES.
MECHANICS OF T.A.S CONTRACTS/DECEMBER THROUGH MARCH AND APRIL. (AND MONTH END SPREADERS)
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. HOWEVER WE ARE NOW FACING THIS WEDNESDAY WITH LONDON OTC OPTIONS EXPIRY (APRIL 30) WHERE BOTH SPREADERS WILL BE IN ACTION STOPPING GOLD’S ADVANCE.
STANDING FOR GOLD APRIL
// WE HAD A HUGE AMOUNT OF GOLD TONNAGE STANDING: APRIL (209.800 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: 201.443 TONNES + 8.3571 TONNES EX FOR RISK = 209.800 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: 66.276TONNES (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: 209.800 TONNES (INCLUDES 8.3571 TONNES EX FOR RISK/AND ALL MONTHLY QUEUE JUMPING)
COMEX GOLD TRADING/APRIL CONTRACT MONTH
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY A HUGE $49.95/ /)/BUT THEY WERE UNSUCCESSFUL IN KNOCKING OFF ANY APPRECIABLE NET SPECULATOR LONGS AS WE DID HAVE A STRONG SIZED GAIN IN OUR TWO EXCHANGES. AND AS EXPLAINED ABOVE WE HAD CONSIDERABLE T.A.S. SPREADER LIQUIDATION FRIDAY COUPLED WITH CONTINUATION OF MONTH END SPREADER LIQUIDATION 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 SUCCEEDED IN THEIR ATTEMPT TO STOP THE PENETRATION OF OUR $3,400 DOLLAR GOLD BARRIER SO FAR.
FRIDAY NIGHT/SATURDAY 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 FRIDAY EVENING/SATURDAY 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 ISSUANCES
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 7TH EXCHANGE FOR RISK: 187 CONTRACTS OR 18,700 OZ OR 0.5816 TONNES
SUMMARY EXCHANGE FOR RISK/APRIL//TOTAL ISSUANCES 7 FOR 8.3571 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 AND NOW APRIL 24: 600 CONTRACTS FOR 60,000 OZ OR 1.866 TONNES AND NOW APRIL 25 187 CONTRACTS FOR 18700 OZ OR .5816 TONNES//NEW TOTAL ISSUANCE FOR APRIL: 8.3571 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: 201.443 TONNES +(8.3571 EX FOR RISK// FOR APRIL DELIVERY MONTH =209.800 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 5.919 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 7 EXCHANGE FOR RISK CONTRACT ISSUANCES FOR 8.3576 TONNES.
ALSO TODAY WE RECORD ANOTHER 59 CONTRACT QUEUE JUMP FOR 5900 OZ OR 0.1835 TONNES. WE MUST NOW ADD OUR 8.3576 TONNES EXCHANGE FOR RISK TO OUR NEW NORMAL DELIVERY OF 201.262 TONNES AND THUS STANDING FOR GOLD FOR APRIL IS NOW 209.800 TONNES, THE 2ND HIGHEST EVER RECORDED!
ALL OF THIS HUGE STANDING WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $49.95
WE HAD A MONSTROUS 1808 CONTRACTS REMOVED FROM THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE AS WELL.
NET GAIN ON THE TWO EXCHANGES 1903 CONTRACTS OR 190,300 0Z (5.919 TONNES)
2 entries a) Out of Brinks 34,594.476 oz (1076 kilobars)) b) Out of Looms: 63,851.886 oz (1986 kilobrs)
total withdrawal: 230,393.830oz (3062 kilobars )
3.062 tones
Deposit to the Dealer Inventory in oz
0 ENTRIES
Deposits to the Customer Inventory, in oz
we have 1 customer entry
i) Into HSBC: 144,422.292 oz
4492 kilobars
4.492 tonnes
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No of oz served (contracts) today
240 notice(s) 24,000 OZ 0.7465 TONNES
No of oz to be served (notices)
10 contracts 1000 OZ 0.031 TONNES
Total monthly oz gold served (contracts) so far this month
64,754 notices 6,475400 oz 201.412 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month
dealer deposits: 0 entry
TOTAL WEIGHT; 0 TONNES
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we have 1 customer deposit entry
we have 1 customer entry
i) Into HSBC: 144,422.292 oz
4492 kilobars
4.492 tonnes
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withdrawals:
2 entries a) Out of Brinks 34,594.476 oz (1076 kilobars)) b) Out of Looms: 63,851.886 oz (1986 kilobrs)
total withdrawal: 230,393.830oz (3062 kilobars )
3.062 tones
adjustments: 1
a)Loomis: dealer to customer: asahi 50,047.220 oz
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AMOUNT OF GOLD STANDING FOR APRIL
THE FRONT MONTH OF APRIL STANDS AT 250 CONTRACTS FOR A LOSS OF 187. WE HAD 246 CONTRACTS FILED ON FRIDAY. THUS WE GAINED 59 CONTRACTS OR 5900 OZ (0.1835 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 478 CONTRACTS UP TO 7885 CONTRACTS WHICH IS A SHOCKER AS NOBODY LEFT THE GOLD ARENA AND WE ARE 2 DAYS AWAY FROM FIRST DAY NOTICE!!!!!. MAY BECOMES THE FRONT MONTH AND WE WILL ALSO EXPERIENCE A MEGA WHOPPER OF A DELIVERY MONTH EVEN THOUGH IT IS AN OFF MONTH!
JUNE LOST ONLY 3356 CONTRACTS TO 324,294. JUNE WILL STILL BE A WHOPPER OF A DELIVERY MONTH.
We had 240 contracts filed for today representing 24000 oz
This is a huge major assault on the comex for gold and this time it is physical that will be requested.
Today, 0 notice(s) were issued from J.P.Morgan dealer and 0 notices issued from their client or customer account. The total of all issuance by all participants equate to 240 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 31 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 (64,754 X 100 oz ) to which we add the difference between the open interest for the front month of APRIL (250 CONTRACTS) minus the number of notices served upon today (240 x 100 oz per contract) equals 6,476,400 OZ OR 201.443 TONNES
to which we add our 7 exchange for risk issuances for April of 8.3576 tonnes
= 209.800 tonnes
thus the INITIAL standings for gold for the APRIL contract month: No of notices filed so far (64,754 x 100 oz +we add the difference for front month of APRIL (250 OI} minus the number of notices served upon today (240 x 100 oz) which equals 6,476,400 OZ OR 201.262 TONNES + 8.3576 tonnes ex for risks = 209.800 tonnes
TOTAL COMEX GOLD STANDING FOR APRIL.: 209.800 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..
i) out of Delaware: 2080.346 oz ii) Out of Loomis: 658,241.630 oz iii) Out of Malca: 699,721.518
total withdrawal: 1,360,043.494 oz
ADJUSTMENTs 0
JPMorgan has a total silver weight: 200.593million oz/497.746 oz million or 40.16%
TOTAL REGISTERED SILVER: 163.205 MILLION OZ//.TOTAL REG + ELIGIBLE. 497.746Million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR APRIL
silver open interest data:
FRONT MONTH OF APRIL /2025 OI: 0 OPEN INTEREST CONTRACTS FOR A LOSS OF 63 CONTRACTS. WE HAD 63 NOTICES FILED ON FRIDAY SO WE GAINED 0 CONTRACTS WHICH UNDERWENT A QUEUE JUMP OF NIL OZ
MAY SAW A LOSS OF 6748 CONTRACTS DOWN TO 27,404 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 85 CONTRACTS UP TO 3020 CONTRACTS.
JULY GAINED 7698 CONTRACTS UP TO 103,222
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 0 or 0.000 MILLION oz
CONFIRMED volume; ON FRIDAY 92,273 strong//
AND NOW APRIL DELIVERIES:
To calculate the number of silver ounces that will stand for delivery in APRIL. we take the total number of notices filed for the month so far at 3192 X5,000 oz = 15.960 MILLION oz
to which we add the difference between the open interest for the front month of APRIL (0) AND the number of notices served upon today (0 )x (5000 oz)
Thus the standings for silver for the APRIL 2025 contract month: (3192) Notices served so far) x 5000 oz + OI for the front month of APRIL(0) minus number of notices served upon today (0)x 5000 oz equals silver standing for the APRIL contract month equating to 15.960 MILLION OZ . WE MUST NOW ADD OUR 4.0 MILLION OZ EXCHANGE FOR RISK ISSUED ON MONDAY MARCH 31 AND APRIL 4/NEW STANDING INCREASES TO 19.960 MILLION OZ
New total standing: 19.960 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 163.205million 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
APRIL28 WITH GOLD UP $50.20 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 2.27 TONNES OF GOLD OUT OF THE GLD ///INVENTORY RESTS AT 946.27 TONNES
APRIL25 WITH GOLD DOWN $49.95 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A MASSIVEV WITHDRAWAL OF 3.911 TONNES OF GOLD OUT OF THE GLD ///INVENTORY RESTS AT 948.56 TONNES
APRIL24 WITH GOLD UP $54.90 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A MASSIVE DEPOSIT OF 1.44 TONNES OF GOLD INTO THE GLD ///INVENTORY RESTS AT 952.471 TONNES
APRIL23 WITH GOLD DOWN $124.55 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A MASSIVE WITHDRAWAL OF 9.47 TONNES OF GOLD OUT OF THE GLD ///INVENTORY RESTS AT 949.70 TONNES
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
GLD INVENTORY: 946.27 TONNES, TONIGHTS TOTAL
SILVER
APRIL28 WITH SILVER DOWN $0.03 /SMALL CHANGES IN SILVER INVENTORY AT THE SLV:A WITHDRAWAL OF 0.136 MILLION OZ OUT OF THE SLV ////: //INVENTORY AT SLV RESTS AT XXX MILLION OZ
APRIL25 WITH SILVER DOWN $0.44 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A MASSSIVE WITHDRAWAL OF 3.639 MILLION OZ OUT OF THE SLV ////: //INVENTORY AT SLV RESTS AT 448.832 MILLION OZ
APRIL24 WITH SILVER DOWN $0.01 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A MASSSIVE DEPOSIT OF 4.771 MILLION OZ INTO THE SLV ////: //INVENTORY AT SLV RESTS AT 452.471 MILLION OZ
APRIL23 WITH SILVER UP $0.65 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A MASSSIVE WITHDRAWAL OF 6.27 MILLIO9N OZ FROM THE SLV ////: //INVENTORY AT SLV RESTS AT 447.70 MILLION OZ
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
The CME Comex is the Exchange where futures are traded for gold, silver, and other commodities. The CME also allows futures buyers to turn their contracts into physical metal through delivery. You can find more detail on the CME here (e.g., vault types, major/minor months, delivery explanation, historical data, etc.).
The data below looks at contract delivery where the ownership of physical metal changes hands within CME vaults. It also shows data that details the movement of metal in and out of CME vaults. It is very possible that if there is a run on the dollar, and a flight into gold, this is the data that will show early warning signs.
Gold
The Comex has seen unprecedented delivery volume in gold since the election as highlighted in previous articles. This has been driven by an arbitrage between the spot and futures market. This can be seen in the chart below. It has normalized some, but is still showing erratic behavior.
Figure: 1 Spot vs Futures
The chart below shows the total delivery volume for major months in gold. As can be seen, April had the second highest delivery volume on record, clocking in at 64,514 contracts delivered, equivalent to $21.3B!
Figure: 2 Recent like-month delivery volume
There was something particularly wild about April. The chart below shows a few metrics:
The contracts outstanding the day before delivery starts (blue)
The contracts on delivery day (green)
This is usually a big step down from the day before as contracts roll
This number is the sum of contracts open + delivered on day 1 to show what the outstanding amount was on day 1 of delivery
Net new contracts opened during the month for immediate delivery (red)
Delivered contracts (orange)
As highlighted above, you typically see a big drop in contracts from the day before to the day of, presented by the blue and green bars respectively. This month the opposite happened! On the final day, someone took on a huge position. The next day, they then settled these without delivery. This is represented by the negative red bar as the contracts were cash settled rather than delivered.
Figure: 3 24-month delivery and first notice
This activity can also be seen below. A huge number of contracts came into the first delivery day but then cash settled.
Why? What happened? Is it possible someone was smelling blood in the water and wanted to test the Comex? Did someone get incentivized to cash settle since there might not have been enough physical gold to satisfy demand? If so, I bet they got paid a big premium to do cash settle.
Unfortunately, the data can only tell us so much. We can conclude that something happened behind the scenes in a way that has never happened before. The pressure continues to build!
Figure: 4 Cumulative Net New Contracts
Even with the large cash settlement, we then saw over 10k contracts open for immediate delivery (upward slop the in the red line above). This would have ranked second all-time behind only the large amount from February ~17k contracts.
Switching to physical inventories….
Inventory levels have actually dropped since the beginning of April. This could be tied to the event from above. Maybe someone was promised some gold and some cash for cash settling. That suspected investor(s) apparently pulled the physical right out of the vault.
Figure: 5 Inventory Data
Once gold and silver were announced to be excluded from tariffs, people started suggesting that the arbitrage would collapse and movement of gold from London to the US would be halted. While inventory levels have stabilized and even dropped some, demand for futures and physical delivery is not slowing. First, as shown above, April was a huge month. As we approach May, we are seeing an increase of demand into the delivery period. See chart below.
Figure: 6 Open Interest Countdown
With the massive surge in inventory the open interest relative to physical stocks is not as massive as the raw number.
Figure: 7 Open Interest Countdown Percent
Silver
Silver is a minor month in April. While delivery volume was elevated (second only to February), it was a big step down from where it was in April.
Figure: 8 Recent like-month delivery volume
A similar situation took hold in silver with the large cash settlement (albeit on a smaller scale).
Figure: 9 Cumulative Net New Contracts
Silver inventories have continued to increase unlike gold which has leveled off.
Figure: 10 Inventory Data
Registered silver is also seeing a massive increase.
Figure: 11 Inventory Data
As we approach April, the silver contract is right in line with recent trends.
Figure: 12 Open Interest Countdown
On a relative basis, open interest is actually quite low because of how much the Comex has restocked silver inventories.
Figure: 13 Open Interest Countdown Percent
Conclusion
The data continues to show that there is a lot of movement going on behind the scenes in the gold market. The price of gold has reflected this, hitting new all-time highs multiple times in April before seeing some profit taking.
This is not your ordinary gold market. The market is under pressure and there are a lot of people fighting over limited supply of physical gold. The tariff exclusion did not seem to slow the demand of physical.
It may take several more months for all this to play out, but one thing is for sure… the fireworks are not slowing. The Comex data is sending up loud signals. Physical gold is in demand. Do you have enough?
2, EGON VON GREYERZ
ALASDAIR MACLEOD
3. C Powell and Gata dispatches
4. ANDREW MAGUIRE PODCAST 220
5B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT/COMMODITIES:COMMODITY//RARE EARTHS
6 CRYPTOCURRENCY NEWS
ASIA TRADING MONDAY MORNING SUNDAY NIGHT
SHANGHAI CLOSED DOWN 6.64 PTS OR 0.20%
//Hang Seng CLOSED DOWN 8.78 PTS OR 0.04%
// Nikkei CLOSED UP 134.25 OR 0.38%//Australia’s all ordinaries CLOSED UP 0.35%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 7.2981 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.2988/ Oil UP TO 62.22 dollars per barrel for WTI and BRENT UP TO 66.50 Stocks in Europe OPENED ALL GREEN.
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS /MONDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN TO 7.2981 (CHINESE COMMUNIST PARTY MANIPULATED)
OFFSHORE YUAN: UP TO 7.2988 (CCP MANIPULATED)
SHANGHAI CLOSED CLOSED DOWN 6.04 PTS OR 0.20%
HANG SENG CLOSED CLOSED DOWN 8.78 PTS OR 0.04%
2. Nikkei closed UP 134.25 PTS OR 0.68%
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX UP TO 99.44// EURO FALLS TO 1.1344 DOWN 14 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +1.325//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 143.46…… JAPANESE YEN NOW FALLING AS WE HAVE NOW REACHED THE RE EMERGING OF THE YEN CARRY TRADE AGAIN AFTER DISASTROUS POLICY ISSUED BY UEDA
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold DOWN /JAPANESE Yen 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 DOWN FOR UP this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD UP TO +2.5108/Italian 10 Yr bond yield UP to 3.619 SPAIN 10 YR BOND YIELD UP TO 3.168%
3i Greek 10 year bond yield UP TO 3.343
3j Gold at $3294.75 Silver at: 33.05 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 81 /100 roubles/dollar; ROUBLE AT 82.38
3m oil into the 62 dollar handle for WTI and 65 handle for Brent/
3n Higher foreign deposits moving out of China// huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/
JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 143.46// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.324% 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 0.8304 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9422 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: 4.279 UP 2 BASIS PTS…
USA 30 YR BOND YIELD: 4.739 UP 0 BASIS PTS/
USA 2 YR BOND YIELD: 3.781 UP 2 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 38.45
10 YR UK BOND YIELD: 4.5620 UP 8 PTS
10 YR CANADA BOND YIELD: 3.235 UP 6 BASIS PTS
5 YR CANADA BOND YIELD: 2.837 UP 5 PTS
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2a New York OPENING REPORT
Futures Erase Losses As Markets Brace For Earnings Avalanche
Monday, Apr 28, 2025 – 08:26 AM
US equity futures are little changed, reversing earlier losses as much as 0.5%, as global markets are broadly in the green amid a burst of positive sentiment, which even pushed JPM’s recently bearish trading desk to turn tactically bullish this morning (more in a subsequent post). As of 8:00am ET, S&P and Nasdaq futures are down 0.1%, but well off session lows. Nvidia shares fell 1% in premarket after the Wall Street Journal reported China’s Huawei Technologies is getting ready to test a new and powerful artificial intelligence processor that the company hopes can replace some products made by Nvidia; other Mag7 names are mixed with Cyclicals/Semis under pressure and Defensives catching a bid. Europe’s Estoxx advanced 0.5% over early London session with gains led by info tech and consumer staples; Asian stocks were also broadly higher with Japan erasing all post-Liberation day losses. US equities are focused this week on the tech sector, with Microsoft, Apple, Meta and Amazon all reporting earnings. The week also includes the April US jobs report, due Friday. Bond yields are higher as the curve bear steepens and the USD starts the session stronger. This is a data-heavy week but today’s focus is on regional Fed activity but the key’s this week are NFP, JOLTS, ISM-Mfg, and 25Q1 metrics.
In premarket trading, Nvidia shares slip after the WSJ reported that Huawei is getting ready to test an artificial intelligence processor that the Chinese tech giant hopes can replace some Nvidia products; others Mag7 stocks are Alphabet 0.06%, Meta Platforms +1%, Amazon +0.1%, Tesla +0.8%, Nvidia -1.5%, Microsoft -0.2%, Apple 0.6%. Boeing rises 1.5% as Airbus SE agreed to take over some assets and sites from Spirit AeroSystems, clearing the way for Spirit to be acquired by Boeing. Also, Bernstein upgraded Boeing to outperform, noting that the aircraft maker is now “making the progress it needed for the growth trajectory.” Eli Lilly slips 1.6% after HSBC double downgraded the stock to reduce — a sell-equivalent rating — from buy, saying the drugmaker’s risk-reward “is not attractive.” Here are some other notable premarket movers:
CG Oncology (CGON) soars 40% after presenting data on cretostimogene grenadenorepvec monotherapy data at the American Urological Association annual meeting.
Jack in the Box (JACK) rises 4% after Stifel upgrades to buy, saying new CEO Lance Tucker “has created a viable plan to strengthen the balance sheet.”
Peloton Interactive (PTON) gains 6% after Truist Securities upgraded the fitness company to buy, saying the stock is finally nearing a point where the company’s improving fundamentals should support a recovery in shares.
Revolution Medicines (RVMD) climbs 5% after presenting initial data from a Zoldonrasib study in patients with non-small cell lung cancer.
US futures posted modest moves as investors awaited reports from American companies worth $20 trillion, including four mega tech names AAPL, AMZN, MSFT and META, and watched for progress in US trade talks with Asian partners. Wild gyrations sparked by Trump’s April 2 tariff announcements have eased somewhat, but investors will be scrutinizing this week’s key company reports for the earnings impact of US trade policies. Fresh readings on the state of the American economy may support hopes of earlier-than-expected Federal Reserve interest-rate cuts.
Four of the Mag 7, Microsoft, Apple, Meta and Amazon, are due to report earnings this week. Analysts expect the group to deliver an average of 15% profit growth in 2025, a forecast that’s barely budged since the start of March despite the flareup in trade tensions. In terms of market capitalization, it’s the busiest week of the year for earnings, with S&P 500-listed companies worth $20 trillion reporting.
Investors are also watching for any signs of progress in US trade negotiations after Trump suggested another delay to his higher tariffs was unlikely. Asian economies, facing some of the highest US “reciprocal” tariffs, are leading the way over their western counterparts in talks with the administration.
“Ultimately, it seems that we’re moving towards a place where these policies start to make a little more sense,” Themistoklis Fiotakis, global head of FX strategy at Barclays Plc, told Bloomberg TV. “If this starts shaping up in a place where markets can understand it, can quantify it, then I think that things are going to normalize.”
To help manage the next steps, the Trump team has drafted a framework to handle negotiations with about 18 countries, including a template that lays out common areas of concern to guide the discussions. US Treasury Secretary Scott Bessent said the administration is working on bilateral trade deals with 17 key partners, not including China. Bessent reiterated the administration’s argument that Beijing will be forced to the negotiating table because China can’t sustain Trump’s latest tariff level of 145% on Chinese goods. Its standoff with China will likewise limit the potential benefits the US can reap from deals with Asian trading partners, according to Phoenix Kalen, global head of emerging markets research at Societe Generale SA.
“Already there has been a lot of investor sentiment and positioning for some deals to be done, especially with Japan, especially with South Korea,” Kalen told Bloomberg TV. “But the scope is going to be relatively limited and hampered. The concern especially for Asian trade partners around how China will respond to the terms will limit the extent to which they can agree to certain terms with the Trump administration.”
Meanwhile, Friday’s US non-farm payrolls figures will also turn attention to the health of the American economy. “In general I think this week’s data won’t be too bad for the economy because it really precedes the announcement of tariffs,” Kathy Jones, chief fixed income strategist at Charles Schwab & Co., told Bloomberg TV. “The inflation numbers shouldn’t be too bad. But I’ll really be watching the ISM numbers at the end of the week and of course, the jobs data where we could see some softness.”
The S&P 500’s recovery month-to-date from a 14% drop to -1.5% as of Friday’s close is one of the best rebounds since 1950. Still, the bounce has been too narrow to instill much confidence in a sustainable longer-term rally. Traders may stay cautious as gains have been largely headline and short-covering driven. Volatility is abating but remains elevated. It’s also coming up to the 100-day mark for Trump’s presidency.
In Europe, the Stoxx 600 is set to extend its winning streak to a fifth session as it climbs 0.7%, boosted by M&A news out of Italy as Mediobanca made a €6.3 billion ($7.1 billion) offer for the wealth management arm of Italian insurer Assicurazioni Generali SpA. Food & beverage, travel & leisure and bank stocks are leading gains while real estate and industrials lag. Here are some of the biggest movers on Monday:
Deliveroo stock soars as much as 18% to 173p after the food-delivery firm said that DoorDash has made a cash takeover proposal at 180p a share, and it would be “minded to recommend such an offer” to shareholders.
Traton shares rise as much as 5.5% after the German truckmaker posted first-quarter results, with analysts welcoming a strong order intake.
Interpump shares rise as much as 4.1% in Milan trading after BNP Paribas Exane analysts upgraded the Italian hydraulics and pumps manufacturer, saying it is “an overlooked M&A story with positive risk/reward.”
ITV shares drop as much as 3.8% after a report that France’s Banijay Group is working on plans for a takeover offer for the entire broadcaster or its studio arm. Analysts note reports of interested bidders are building, but a deal isn’t a certainty.
Fraport drops as much as 4.5% after Jefferies downgrades the airport services provider to underperform from hold, saying it’s overexposed to slowing transatlantic and business traffic.
Nagarro shares fall as much as 16%, to a record low, after the German IT services firm postponed the publication of its full-year results.
BoneSupport falls as much as much as 6.6% after the company announced its CEO Emil Billback is stepping down after more than seven years in the role.
Valneva shares drop as much as 20% after French regulators decided to suspend the use of its chikungunya vaccine Ixchiq for people aged 65 years and older.
Earlier in the session, Asian shares also rose as focus shifted to a slew of major earnings from the region, while signs that trade tensions may have peaked, at least for now, helped sentiment. The MSCI Asia Pacific Index rose as much as 0.8%, adding to last week’s 2.2% gain. Japanese benchmarks outperformed following a report on Toyota Motor Corp. chairman’s proposal to buy out Toyota Industries. Indian shares resumed their climb amid foreign inflows, while Chinese stocks were range-bound as officials reiterated their plan to strengthen support for employment and the economy. The flood of tariff-related headlines has slowed somewhat, and investors are turning their attention to earnings to gauge how Asian firms are prepared to tackle higher levies. The region is facing its busiest earnings week this season, with China’s biggest banks including Industrial & Commercial Bank of China Ltd. and Bank of China Ltd. set to release results.
“Broadly, we’re seeing some relief positioning as there is some refocusing on fundamentals, which I would say is tariff fatigue,” said Billy Leung, senior investment strategist at Global X ETFs in Australia. On China’s earnings, markets want to see more commentary from corporates on domestic confidence, he added.
In rates, treasuries were cheaper across the curve, with futures extending a drop into the early US session as investors digest news around US trade talks with Asian partners. US yields were cheaper by 2bp to 5bp across the curve, with intermediates underperforming slightly, flattening 5s30s spread by 2bp on the day. US 10-year yields traded around 4.27%, down 4 bps from Friday’s close; European bonds also decline with bunds lagging by 1bp and gilts outperforming 1bp. Next Treasury coupon auction is scheduled for May 5.
In FX, the Bloomberg Dollar Spot Index is flat; New Zealand dollar lags G-10 peers and the pound leads gains, rising 0.3% against the greenback.
In commodities, spot gold falls $42 to around $3,278/oz. Oil prices are steady with WTI just below $63 a barrel.
In crypto, bitcoin rose 1.1% to $95,344.86; ether rose 0.9% to $1,819.53.
Looking at the US economic calendar, it’s quiet – we only have the April Dallas Fed manufacturing activity at 10:30am. Fed officials are quiet due to blackout period. This week also includes JOLTS, consumer confidence, PCE, GDP, ISM manufacturing and April payrolls. Fed’s external communications blackout ahead of the May FOMC meeting started Saturday.
Market Snapshot
S&P 500 mini -0.2%
Nasdaq 100 mini -0.2%
Russell 2000 mini -0.3%
Stoxx Europe 600 +0.6%
DAX +0.7%
CAC 40 +0.8%
10-year Treasury yield +3 basis points at 4.26%
VIX +0.7 points at 25.51
Bloomberg Dollar Index little changed at 1226.26
Euro -0.2% at $1.1347
WTI crude -0.2% at $62.92/barrel
Top Overnight News
Trump posted on Truth that “When Tariffs cut in, many people’s Income Taxes will be substantially reduced, maybe even completely eliminated. Focus will be on people making less than $200,000 a year. Also, massive numbers of jobs are already being created, with new plants and factories currently being built or planned. It will be a BONANZA FOR AMERICA!!! THE EXTERNAL REVENUE SERVICE IS HAPPENING!!!”. Trump also posted that “…this is a crucial week to work on “THE ONE, BIG, BEAUTIFUL BILL,” which will contain Massive Tax Cuts, Strong Border Security Measures, Major Military Advancements, Dramatic Deregulation, Powerful Spending Reforms, and more!”
Trump will meet with House Speaker Johnson at 2pm ET and will be signing executive orders focused on restoring law and order and securing the homeland at 5pm ET on Monday.
Mark Carney is seeking a fourth Liberal win in Canada in today’s election. Pierre Poilievre’s Conservatives chipped away at his lead in the final days of the campaign, but surveys still point to a probable Liberal victory. BBG
Ukraine’s Volodymyr Zelenskiy said he’s hopeful for a lasting peace after talking with Trump, who questioned whether Vladimir Putin genuinely wants to end the war, and floated further sanctions. BBG
Huawei is developing an AI processor that it hopes may replace some Nvidia products, the WSJ reported. BBG
Trump’s trade war with Beijing is starting to affect the wider US economy as container port operators and air freight managers report sharp declines in goods transported from China. FT
The drastic reduction in goods from China hasn’t been felt by many Americans yet, but that’s about to change. By the middle of May, thousands of companies — big and small — will be needing to replenish inventories. Giant retailers such as Walmart Inc. and Target Corp. told Trump in a meeting last week that shoppers are likely to see empty shelves and higher prices. BBG
China’s top economic officials said the country could do without American farm and energy imports as they vowed to achieve a 5% GDP growth target for the year despite the trade war with the US. FT
China has rejected US President Donald Trump’s claims that he received a phone call from Chinese leader Xi Jinping. The Trump administration has repeatedly asserted over the past week that the US president had spoken by phone with Xi and trade talks took place. SCMP
A senior South Korean government official ruled out on Monday that Seoul would agree to a trade package with Washington by the time the country holds a presidential election on June 3, and flagged challenges to reaching a deal even before early July. RTRS
Tariffs/Trade
Chinese President Xi and US President Trump have not had a call recently, according to China’s Foreign Ministry; says the US and China have not conducted negotiations and consultations on tariffs.
USTR’s office was reported on Friday to have prepared a framework for staggered reciprocal trade negotiations aimed at streamlining talks with 18 partners on a rolling basis over the next 2 months until the US’s July 8th deadline, according to WSJ.
US Treasury Secretary Bessent said he had interaction with his Chinese counterpart in Washington last week and thinks the Chinese will see the tariff level as unsustainable and he also thinks there is a path to an agreement with China on tariffs, according to ABC News. It was separately reported that Bessent had met with Japanese Finance Minister Kato on Thursday and held productive discussions across a broad range of bilateral issues including reciprocal trade, while he was said to be encouraged by discussions with South Korean officials that focused on an ‘expanded equilibrium’ which encourages rather than restricts trade.
US Agriculture Secretary said the US is holding daily conversations with China over tariffs.
China has reportedly quietly exempted some US-made products from tariffs with Beijing said to have been canvassing companies and waiving duties on US goods in sectors where there is a lack of alternatives, according to WSJ.
Shein is said to have raised US prices on some items by as much as 377% ahead of tariff increases, according to Bloomberg.
Fox’s Gasparino posted on X that the Trump Administration would like to roll out trade deals this week, at least the outlines that have been agreed upon, citing sources close to the matter.” However, he also noted there are a lot of moving targets that could delay matters, while the deals on deck include India, Japan and maybe South Korea and Australia, although the White House spokesperson didn’t respond to a request for comment.
Pershing Square CEO Ackman posted on X that the US could choose to unilaterally pause China tariffs to better facilitate US companies transitioning supply chains out of China, while he believes the US and China are incentivised to take tariffs down to more reasonable levels of 10%-20% as quickly as possible.
South Korean’s Vice Industry Minister says no chance of reaching an agreement on a trade package with the US before the June 3rd snap elections.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were mixed amid a lack of major catalysts from over the weekend and with a very quiet calendar to start a busy week of earnings results and key data releases including the latest US NFP report. ASX 200 was led higher by outperformance in tech, healthcare and energy, while miners lagged after mixed production updates. Nikkei 225 advanced at the open as participants digested earnings releases and M&A news in which Toyota Motor’s chairman and founding family made a takeover proposal for Toyota Industries. However, the index has since pulled back from today’s peak after failing to sustain a brief return above the 36,000 level. Hang Seng and Shanghai Comp lagged amid some disappointment from Beijing’s press conference on policies and measures for stabilising employment, ensuring stable growth and promoting high-quality development which was conducted by the deputy heads of government agencies and the PBoC and lacked any major concrete policy measures. Japan’s TOPIX Index erases all losses since the April 2nd US tariff announcement.
Top Asian News
China held a press conference about policies and measures on stabilising employment, ensuring stable growth and promoting high-quality development which was attended by deputy heads of Chinese government departments and the PBoC.
PBoC Deputy Governor said China will cut RRR and interest rates at an appropriate time, as well as guide financial institutions to guarantee financing demand for foreign trade firms. Furthermore, the PBoC is studying plans to enrich policy kits and will roll out new policies when needed, while it will boost financing support for private firms, allowing private firms to issue more debts.
MOFCOM Vice Minister Sheng said China will further improve the second-hand car markets and will smooth consumption of used car market this year, while China will push the expansion of healthcare and childcare services and actively expand imports.
China NDRC vice chief said will closely monitor domestic and external changes and improve policy toolkits, while they will unveil new policies based on changes in the economic situation and some new policies will be rolled out in Q2.
China’s Finance Minister said China will adopt more proactive macroeconomic policies to promote the realisation of the growth target and that China is willing to further open up its super large markets to the world to achieve mutual benefits.
China’s Cabinet passed the draft law of China’s medical security and will submit it to the NPC Standing Committee for deliberation, while it also approved the Sanmen nuclear power plant in Zhejiang province.
China issued a notice on further improving tax refund policies for foreign tourists to boost inbound consumption and will promote the expansion of tax refund stores at shopping centres, scenic spots, airports and hotels.
Chinese President Xi said China will use various policies to support development, while he urged for the healthy and orderly development of AI.
China’s top market regulator said regarding a media report of separating the Panama Port from the CK Hutchison (1 HK) deal, that they are paying close attention to the transaction and will review it in accordance with the law. Furthermore, the regulator said parties to the transaction must not use any means to avoid a review.
TikTok owner ByteDance plans to enter online shopping in Japan as it seeks to expand outside of the US.
Huawei approached some Chinese tech companies about testing the technical feasibility of the new chip called Ascend 910D, according to WSJ.
Rumours were circulating in social media that DeepSeek’s R2 AI model is nearing release which is set to feature double the parameters of R1.
Following the Politburo statement on Friday, which flagged further interest rate cuts, a Reuters source close to the PBoC said it was in no rush to trim rates as the impact of tariffs is still unclear.
BoJ Quarterly Schedule of Outright Purchases of JGBs: pace maintained for May.
European bourses (STOXX 600 +0.4%) opened modestly firmer across the board, and have traded rangebound throughout the morning thus far given limited fresh macro drivers. European sectors hold a strong positive bias, but with the breadth of the market fairly narrow. Food Beverage & Tobacco takes the top spot, joined closely by Autos. Real Estate sits at the foot of the pile, given the relatively higher yield environment today.
Top European News
BoE Governor Bailey and US Treasury Secretary Bessent held discussions on financial markets and the regulatory environment.
ECB’s Centeno said uncertainty is dominating economic analysis which was largely being caused by US trade policy.
ECB’s Kazaks urged cautious steps and said the ECB should only lower interest rates into accommodative territory if the growth outlook continues to deteriorate much further, according to Bloomberg.
ECB’s Knot said the ECB June meeting is going to be really complicated, according to European press cited by Bloomberg.
ECB’s Simkus said the ECB may have to cut rates a couple of more times as US tariffs weigh on economic growth and as inflation continues to slow, according to Bloomberg.
ECB’s Villeroy says he “does note see any extra inflation for Europe; says we still have margin for rate cuts in Europe”.
ECB policymakers reportedly are becoming increasingly confident about a rate cut in June although there is little to no appetite for a big move, according to six sources cited by Reuters. It was also reported that the central bank established a task force to simplify banking regulation.
SNB adjusts the remuneration of sight deposits; lowers the threshold factor to 18 (prev. 20), effective June 1st.
FX
A choppy session for the Dollar, but ultimately flat on spot month end in what has been the quiet before the storm in terms of news flow thus far, with the rest of the week packed with risk events including the first look at Q1 USD GDP and the US labour market report. There was minimal major and new tariff news, but US consumers may soon feel the impact (e.g. Shein raising prices by up to 377%, logistics slowdown in air freight and imports). DXY currently resides in a relatively tight 99.46-99.84 range.
EUR is subdued, albeit marginally, against the backdrop of a string of relatively dovish ECB rhetoric, whereby policymakers are becoming increasingly confident about a rate cut in June. EUR/USD resides in a 1.1330-80 range.
Flat trade for the JPY amidst a lack of major updates over the weekend. US Treasury Secretary Bessent met with Japanese Finance Minister Kato on Thursday and held productive discussions across a broad range of bilateral issues including reciprocal trade. USD/JPY resides in a 143.29-143.90 range.
GBP is slightly firmer in a quiet session thus far to start the week. In terms of UK trade headlines, UK Chancellor Reeves said she met with US Treasury Secretary Bessent, says the goal is reaching an agreement that is in both their national interests. GBP/USD trades in a 1.3280-1.3346 range.
Antipodeans are lower intraday amid the cautious risk tone alongside ongoing tariff uncertainty between the world’s two largest economies, whilst domestic updates have been light. AUD/USD dipped under Friday’s trough in a 0.6369-0.6406 intraday range.
Fixed Income
USTs are contained, but do hold a downward bias. Newsflow on the tariff/trade front included indications of a potential path to a US-China agreement, however, specifics have been light with major catalysts ex-geopols a touch light. Amidst this, USTs find themselves in a thin 111-14+ to 111-22+ band. Ahead, the docket is focussed on the Dallas Fed Manufacturing Business Index before the Treasury Financing Estimates ahead of Wednesday’s Quarterly Refunding.
Bunds are in-fitting with USTs and as such are also in a relatively modest 131.32 to 131.76 band. Developments for the bloc, ex-earnings, have been light. The slight underperformance seen in EGBs vs USTs/Gilts is likely a function of some concession into upcoming EZ supply where over EUR 5bln is expected to be sold across three lines. On the ECB front, Reuters reported that officials are increasingly confident on a June move, though there is little/no appetite for a big move.
Gilts are essentially unchanged in a very narrow 93.10 to 93.33 band. As above, updates light as we await further details on the meeting between US Treasury Secretary Bessent and BoE Governor Bailey, a discussion on regulation and financial markets which was reported as being “good”.
Commodities
Crude benchmarks have been trading very choppy on either side of the unchanged mark, as traders digest the latest US-Iran talks and Ukraine peace talks. On the former, talks are reportedly progressing, but there is still a lot of work to do. WTI and Brent trade at USD and 63.50 and 65.70/bbl respectively.
Gold is softer, and underperforms within the metals space in a continuation of the sell-off from record highs, printed Tuesday at USD 3500/oz, currently, the yellow metal is trading either side of the USD 3,280/oz mark, with eyes on the USD 3300/oz mark, a level which it retreated from overnight.
Base metals are mixed, given the flimsy risk tone and after China’s press briefing on policy underwhelmed. 3M LME Copper sits in a busy USD 9,316.15-9,402.85/t range.
China is stockpiling oil amid Trump tariff shocks impacting crude prices as imports of crude to China surged in March and continued to accelerate in April with imports at nearly 11mln BPD vs 8.9mln BPD in January, according to FT citing Kpler data.
China Q1 gold consumption fell around 6% Y/Y to 290.5 metric tons and gold production rose 1.5% Y/Y to 87.2 metric tons, according to the China Gold Association.
Geopolitics: Middle East
Israel’s Defence Minister said Israel conducted an attack on a site in Lebanon’s capital of Beirut which stored precision missiles.
Qatar’s PM said he saw some progress in Thursday’s Gaza talks.
Iran’s Foreign Minister Araqchi said the next round of nuclear talks with the US could occur next Saturday with the venue to be decided by Oman, while he added that both sides are showing seriousness and determination. Furthermore, a senior US official said the third round of nuclear talks with Iran were positive and productive with progress made on getting a deal but noted there is still much to do.
Oman’s Foreign Minister said US-Iran talks will continue with a further high-level meeting provisionally scheduled for May 3rd and core principles, objectives and technical concerns were all addressed in US-Iran talks on Saturday.
Israeli PM Netanyahu called for the complete dismantling of Iran’s nuclear programme, insisting that any deal with Tehran must also address its ballistic missile capabilities, according to AFP News Agency.
A huge explosion at a key Iranian port killed at least 40 and injured around 800 others. It was separately reported that an Iranian Defence Ministry spokesperson said there was no military material in the port affected by the blast, while – Russia will send several planes to Iran to help extinguish the fire at Iran’s port.
Geopolitics: Ukraine
US President Trump met with Ukrainian President Zelensky at the Vatican for 15 minutes which Zelensky’s staff said was constructive, covered a lot of ground and they agreed to meet again, while the White House said the meeting was very productive.
US President Trump said the meeting with Ukrainian President Zelensky went well and we’ll see what happens in the next days, while Trump is very disappointed with Russia and wants Russian President Putin to stop shooting and reach a deal. Furthermore, Trump said the confines of a deal are there and that Zelensky is calmer now and wants to make a deal, while it was separately reported that President Trump said he thinks Ukrainian President Zelensky is ready to give up Crimea, according to Al Arabiya.
US President Trump said there was no reason for Russian President Putin to be shooting missiles into civilian areas, cities and towns over the last few days which makes him think that Putin doesn’t want to stop the war and is just ‘tapping’ him along, while Trump added too many people are dying and this has to be dealt with differently through banking or secondary sanctions.
US Secretary of State Rubio said Russia and Ukraine are generally closer to a peace deal than in the last three years and a peace deal needs to happen soon, while he added that the US has options to hold responsible those that don’t want a Ukraine peace deal, according to NBC.
Russian President Putin confirmed Russia’s readiness to negotiate with Ukraine without preconditions during a meeting with US envoy Witkoff, according to IFAX.
Russian President Putin said Kyiv’s adventure in the Kursk region completely failed and Chief of General Staff Gerasimov said Ukrainian saboteurs in Russia’s Belgorod region have been liquidated. Furthermore, Russia’s military commander told Russian President Putin that scattered remnants of Ukrainian forces in Russia’s Kursk region will be destroyed soon, according to RIA.
Russian Foreign Minister Lavrov said Russia will continue to target sites used by Ukraine’s military, foreign fighters and military instructors sent by Europe, while he added that Russia would be willing to store Iran’s enriched nuclear material if both the US and Iran believe that was useful.
Ukrainian military said Moscow’s assertion it has ended Ukraine’s incursion into the Kursk region is not true and operations inside Kursk continue, while its forces are still on active operations in the Belgorod region.
French President Macron said he had a very positive exchange with Ukrainian President Zelensky and that Ukraine is ready for an unconditional ceasefire, while the coalition of the willing will continue working on a ceasefire and lasting peace in Ukraine.
German Defence Minister Pistorius said US demands for Ukraine to cede territory to Russia are going too far.
North Korea confirmed troop deployment to Russia and said it will faithfully implement its agreement with Russia, according to Yonhap. Furthermore, South Korea said North Korea’s confirmation of Russia troop deployment is an admission of a criminal act and the US State Department noted it is concerned by North Korea’s direct involvement in Russia’s war in Ukraine, while it added that North Korea’s military deployment to Russia and any support provided by Russia to it in return must end.
Geopolitics: Other
US President Trump said American military and commercial ships should be allowed to travel free of charge through the Panama and Suez Canals, while he asked Secretary of State Marco Rubio to immediately take care of and memorialise this situation.
India test-fired missiles on Sunday as tensions rise with Pakistan following the Kashmir attack.
China’s move to claim sovereignty over a disputed reef in the Spratly Islands by planting a flag triggered a stand-off with the Philippines in which the latter sent navy, coastguard and maritime police officers to Sandy Cay and two neighbouring sandbanks to uphold its sovereignty, rights and jurisdiction and displayed the national flag there, according to FT.
US Event Calendar
DB’s Jim Reid concludes the overnight wrap
It was a joyous but painful weekend as Liverpool won the Premier League for only the second time in my adult life but I broke a toe cooking the kids’ dinner! Given you’re no doubt wondering how, I basically caught my right little toe on the kitchen island as I was walking round it. It was extremely painful and ballooned up to nearly the size of a golf ball. While trying to take my mind off the pain, this week will be the first for a while where data and earnings will compete with tariff headlines as it’s a bumper week on this front. In terms of data the main highlights in the US are payrolls (Friday), core PCE inflation and US GDP (Wednesday), ISM manufacturing (Thursday) and the latest JOLTS and consumer confidence tomorrow. In Europe flash CPI numbers get released from Spain tomorrow, Germany, France and Italy on Wednesday, with the Eurozone aggregate on Friday (our economists’ preview is here). On Wednesday, Q1 GDP reports are due for Germany, France, Italy and the Eurozone. In Asia, the focus will be on the BoJ meeting (Thursday – our preview here) and April PMIs in China (Wednesday).
An avalanche of corporate earnings will centre around results from Microsoft and Meta on Wednesday and Apple and Amazon on Thursday. This will contribute to a whopping 40% of S&P 500 market cap reporting this week. It’s fair to say that these Mag-7 earnings will go a long way to dictating the tone of the week. As I mentioned last week remember that before Liberation Day the main theme bubbling in the background was the Mag-7 underperforming due to DeepSeek, worries about extreme levels of Capex needed to power AI forward, valuations and a disappointing Q4 reporting season around the end of January. Three months on we’ll see what earnings look like.
Elsewhere we see the federal election in Canada today. Remember the ruling Liberal Party were frequently 25pp behind in the polls in early-mid January even after Trudeau had announced his resignation as leader. However after the “51st state” rhetoric and aggressive tariffs, the rally round the flag movement has propelled the Liberals into a 3-4pp lead in current poll of polls which if replicated today would likely give them a small majority. So a remarkable turnaround. Elsewhere in politics, Wednesday will mark President Trump’s first 100 days in office. So expect lots of reflections on this landmark. The UK holds local elections on Thursday with the main point of interest being how well the populist Reform Party does given they have recently edged ahead of the ruling Labour Party in national polls.
So its fair to say its a busy week. Let’s go into more detail on some of the main data points. Firstly, in terms of payrolls, our economists forecast that headline (+125k forecast vs. +228k previously) and private (+125k vs. +209k) payrolls will mean revert after a strong March, particularly within the leisure/hospitality and retail sectors. Our econ team point out that March and April can get whipped around due to the timing of Easter and school spring breaks. Unemployment should remain steady at 4.2% though.
Wednesday’s advance Q1 GDP will be interesting as the consensus suggests only +0.4% annualised growth in the quarter (+1.1% expected at DB vs. +2.4% in Q4) so that will raise some concerns if it materialises. At the same time we see March personal income (+0.5% DB vs. +0.4% last month) and spending (+0.6% DB vs. +0.4%) data. This will also contain the latest reading on the core PCE deflator (+0.1% vs. +0.4%) which is expected to be on the softer side this month. This will be welcome but remember this is all largely pre-tariffs.
The day by day week ahead is at the end as usual, including the highlights from a busy week for earnings on both sides of the Atlantic. One final thing to note is the US Treasury’s updated borrowing estimates (today) and the subsequent refunding announcement (Wednesday). This normally gets released without too much fuss but remember that in Summer 2023 (end July/early August) this quarterly announcement helped cause brief but great stress in markets due to higher than expected borrowing and more long-dated issuance. Since then the Treasury has managed the process with a view to minimising market fears but in an era of large borrowings these events are always worth keeping an eye out for. Our strategists’ preview and forecasts are here.
Asian equity markets are mixed this morning with local markets mostly higher but US futures notably lower. As I check my screens, the S&P/ASX 200 (+0.81%), the Nikkei (+0.51%) are comfortably higher with the KOSPI (+0.15%) seeing more minor gains. Chinese equities are mostly trading around the flatline but S&P 500 (-0.52%) and NASDAQ 100 (-0.60%) futures are lower.
Recapping last week now and markets put in a strong performance thanks to several factors. First, Trump signalled that he wanted to make a deal with China, and he said that tariffs on China could fall “substantially” from the 145% level at present. Second, Trump rowed back on his previous criticisms of Fed Chair Powell, saying that he had “no intention” of firing him, which reassured investors concerned about central bank independence. And third, there were increasing signs that the US economy was still holding up relatively well in the circumstances, as data like the weekly jobless claims and the April flash PMIs weren’t signalling a recession.
Against that backdrop, the S&P 500 recovered +4.59% over the week (+0.74% Friday) to close at its highest level since Liberation Day. In fact, the latest moves now leave the index just -2.57% beneath its level on April 2. That move was supported by a very strong performance for the Magnificent 7, which surged +9.17% (+2.86% Friday). And that strength wasn’t just confined to the US, as last week also saw gains for the STOXX 600 (+2.77%), the Nikkei (+2.81%) and the MSCI EM index (+2.67%).
That easing in market stress was evident from several other indicators last week. For instance, US HY credit spreads tightened for a third consecutive week, falling -38bps (-8bps Friday) to 360bps. US real yields also fell back, with the 10yr real yield down -12.3bps (-4.8bps Friday) to 1.97%, closing beneath 2% for the first time in over two weeks. In addition, the VIX index of volatility was down for a third consecutive week, ultimately falling -4.81pts (-1.98pts Friday) to 26.33pts, marking its lowest closing level since Liberation Day.
With the more positive headlines on tariffs and the economy, US assets more broadly began to stabilise, including the US Dollar itself. That saw the dollar index finally post a modest weekly gain after 4 consecutive declines, up +0.24% (+0.09% Friday). Similarly, US Treasury yields moved lower, particularly at the long-end of the curve, and the 10yr yield fell -8.9bps over the week (-8.0bps Friday) to 4.24%, marking its second consecutive weekly decline.
2b European opening report
US equity futures mixed, USD choppy on spot month end and USTs contained into Treasury Financing Estimates – Newsquawk US Market Open
Monday, Apr 28, 2025 – 05:26 AM
USTR’s office was reported on Friday to have prepared a framework for staggered reciprocal trade negotiations aimed at streamlining talks with 18 partners on a rolling basis over the next 2 months until the US’s July 8th deadline, according to WSJ.
US Treasury Secretary Bessent said he had interaction with his Chinese counterpart in Washington last week and thinks the Chinese will see the tariff level as unsustainable and he also thinks there is a path to an agreement with China on tariffs, according to ABC New; US Agriculture Secretary said the US is holding daily conversations with China over tariffs.
European indices are modestly firmer whilst US futures are incrementally in the red.
Choppy USD session thus far on spot month end, GBP bid whilst CHF lags.
Relatively contained start to the week for USTs, EGBs lag slightly into supply.
Crude is lacklustre despite US-Iran talks, Gold continues to pullback.
Looking ahead, US Dallas Fed Manufacturing Business Index, BoC’s Market Participants Survey, Speakers including ECB’s Rehn & de Guindos, Supply from the EU, Earnings from Domino’s Pizza, Roper, NXP Semiconductors.
TARIFFS/TRADE
Chinese President Xi and US President Trump have not had a call recently, according to China’s Foreign Ministry; says the US and China have not conducted negotiations and consultations on tariffs.
USTR’s office was reported on Friday to have prepared a framework for staggered reciprocal trade negotiations aimed at streamlining talks with 18 partners on a rolling basis over the next 2 months until the US’s July 8th deadline, according to WSJ.
US Treasury Secretary Bessent said he had interaction with his Chinese counterpart in Washington last week and thinks the Chinese will see the tariff level as unsustainable and he also thinks there is a path to an agreement with China on tariffs, according to ABC News. It was separately reported that Bessent had met with Japanese Finance Minister Kato on Thursday and held productive discussions across a broad range of bilateral issues including reciprocal trade, while he was said to be encouraged by discussions with South Korean officials that focused on an ‘expanded equilibrium’ which encourages rather than restricts trade.
US Agriculture Secretary said the US is holding daily conversations with China over tariffs.
China has reportedly quietly exempted some US-made products from tariffs with Beijing said to have been canvassing companies and waiving duties on US goods in sectors where there is a lack of alternatives, according to WSJ.
Shein is said to have raised US prices on some items by as much as 377% ahead of tariff increases, according to Bloomberg.
Fox’s Gasparino posted on X that the Trump Administration would like to roll out trade deals this week, at least the outlines that have been agreed upon, citing sources close to the matter.” However, he also noted there are a lot of moving targets that could delay matters, while the deals on deck include India, Japan and maybe South Korea and Australia, although the White House spokesperson didn’t respond to a request for comment.
Pershing Square CEO Ackman posted on X that the US could choose to unilaterally pause China tariffs to better facilitate US companies transitioning supply chains out of China, while he believes the US and China are incentivised to take tariffs down to more reasonable levels of 10%-20% as quickly as possible.
South Korean’s Vice Industry Minister says no chance of reaching an agreement on a trade package with the US before the June 3rd snap elections.
EUROPEAN TRADE
EQUITIES
European bourses (STOXX 600 +0.4%) opened modestly firmer across the board, and have traded rangebound throughout the morning thus far given limited fresh macro drivers.
European sectors hold a strong positive bias, but with the breadth of the market fairly narrow. Food Beverage & Tobacco takes the top spot, joined closely by Autos. Real Estate sits at the foot of the pile, given the relatively higher yield environment today.
US equity futures (ES -0.2% NQ -0.2% RTY -0.4%) are modestly lower across the board, but with some underperformance in the RTY.
A choppy session for the Dollar, but ultimately flat on spot month end in what has been the quiet before the storm in terms of news flow thus far, with the rest of the week packed with risk events including the first look at Q1 USD GDP and the US labour market report. There was minimal major and new tariff news, but US consumers may soon feel the impact (e.g. Shein raising prices by up to 377%, logistics slowdown in air freight and imports). DXY currently resides in a relatively tight 99.46-99.84 range.
EUR is subdued, albeit marginally, against the backdrop of a string of relatively dovish ECB rhetoric, whereby policymakers are becoming increasingly confident about a rate cut in June. EUR/USD resides in a 1.1330-80 range.
Flat trade for the JPY amidst a lack of major updates over the weekend. US Treasury Secretary Bessent met with Japanese Finance Minister Kato on Thursday and held productive discussions across a broad range of bilateral issues including reciprocal trade. USD/JPY resides in a 143.29-143.90 range.
GBP is slightly firmer in a quiet session thus far to start the week. In terms of UK trade headlines, UK Chancellor Reeves said she met with US Treasury Secretary Bessent, says the goal is reaching an agreement that is in both their national interests. GBP/USD trades in a 1.3280-1.3346 range.
Antipodeans are lower intraday amid the cautious risk tone alongside ongoing tariff uncertainty between the world’s two largest economies, whilst domestic updates have been light. AUD/USD dipped under Friday’s trough in a 0.6369-0.6406 intraday range.
PBoC set USD/CNY mid-point at 7.2043 vs exp. 7.2898 (Prev. 7.2066).
USTs are contained, but do hold a downward bias. Newsflow on the tariff/trade front included indications of a potential path to a US-China agreement, however, specifics have been light with major catalysts ex-geopols a touch light. Amidst this, USTs find themselves in a thin 111-14+ to 111-22+ band. Ahead, the docket is focussed on the Dallas Fed Manufacturing Business Index before the Treasury Financing Estimates ahead of Wednesday’s Quarterly Refunding.
Bunds are in-fitting with USTs and as such are also in a relatively modest 131.32 to 131.76 band. Developments for the bloc, ex-earnings, have been light. The slight underperformance seen in EGBs vs USTs/Gilts is likely a function of some concession into upcoming EZ supply where over EUR 5bln is expected to be sold across three lines. On the ECB front, Reuters reported that officials are increasingly confident on a June move, though there is little/no appetite for a big move.
Gilts are essentially unchanged in a very narrow 93.10 to 93.33 band. As above, updates light as we await further details on the meeting between US Treasury Secretary Bessent and BoE Governor Bailey, a discussion on regulation and financial markets which was reported as being “good”.
Crude benchmarks have been trading very choppy on either side of the unchanged mark, as traders digest the latest US-Iran talks and Ukraine peace talks. On the former, talks are reportedly progressing, but there is still a lot of work to do. WTI and Brent trade at USD and 63.50 and 65.70/bbl respectively.
Gold is softer, and underperforms within the metals space in a continuation of the sell-off from record highs, printed Tuesday at USD 3500/oz, currently, the yellow metal is trading either side of the USD 3,280/oz mark, with eyes on the USD 3300/oz mark, a level which it retreated from overnight.
Base metals are mixed, given the flimsy risk tone and after China’s press briefing on policy underwhelmed. 3M LME Copper sits in a busy USD 9,316.15-9,402.85/t range.
China is stockpiling oil amid Trump tariff shocks impacting crude prices as imports of crude to China surged in March and continued to accelerate in April with imports at nearly 11mln BPD vs 8.9mln BPD in January, according to FT citing Kpler data.
China Q1 gold consumption fell around 6% Y/Y to 290.5 metric tons and gold production rose 1.5% Y/Y to 87.2 metric tons, according to the China Gold Association.
BoE Governor Bailey and US Treasury Secretary Bessent held discussions on financial markets and the regulatory environment.
ECB’s Centeno said uncertainty is dominating economic analysis which was largely being caused by US trade policy.
ECB’s Kazaks urged cautious steps and said the ECB should only lower interest rates into accommodative territory if the growth outlook continues to deteriorate much further, according to Bloomberg.
ECB’s Knot said the ECB June meeting is going to be really complicated, according to European press cited by Bloomberg.
ECB’s Simkus said the ECB may have to cut rates a couple of more times as US tariffs weigh on economic growth and as inflation continues to slow, according to Bloomberg.
ECB’s Villeroy says he “does note see any extra inflation for Europe; says we still have margin for rate cuts in Europe”.
ECB policymakers reportedly are becoming increasingly confident about a rate cut in June although there is little to no appetite for a big move, according to six sources cited by Reuters. It was also reported that the central bank established a task force to simplify banking regulation.
SNB adjusts the remuneration of sight deposits; lowers the threshold factor to 18 (prev. 20), effective June 1st.
NOTABLE US HEADLINES
US President Trump posted on Truth that “When Tariffs cut in, many people’s Income Taxes will be substantially reduced, maybe even completely eliminated. Focus will be on people making less than $200,000 a year. Also, massive numbers of jobs are already being created, with new plants and factories currently being built or planned. It will be a BONANZA FOR AMERICA!!! THE EXTERNAL REVENUE SERVICE IS HAPPENING!!!”. Trump also posted that “…this is a crucial week to work on “THE ONE, BIG, BEAUTIFUL BILL,” which will contain Massive Tax Cuts, Strong Border Security Measures, Major Military Advancements, Dramatic Deregulation, Powerful Spending Reforms, and more!”
US President Trump will meet with House Speaker Johnson at 14:00EDT/19:00BST and will be signing executive orders focused on restoring law and order and securing the homeland at 17:00EDT/22:00BST on Monday.
GEOPOLITICS
MIDDLE EAST
Israel’s Defence Minister said Israel conducted an attack on a site in Lebanon’s capital of Beirut which stored precision missiles.
Qatar’s PM said he saw some progress in Thursday’s Gaza talks.
Iran’s Foreign Minister Araqchi said the next round of nuclear talks with the US could occur next Saturday with the venue to be decided by Oman, while he added that both sides are showing seriousness and determination. Furthermore, a senior US official said the third round of nuclear talks with Iran were positive and productive with progress made on getting a deal but noted there is still much to do.
Oman’s Foreign Minister said US-Iran talks will continue with a further high-level meeting provisionally scheduled for May 3rd and core principles, objectives and technical concerns were all addressed in US-Iran talks on Saturday.
Israeli PM Netanyahu called for the complete dismantling of Iran’s nuclear programme, insisting that any deal with Tehran must also address its ballistic missile capabilities, according to AFP News Agency.
A huge explosion at a key Iranian port killed at least 40 and injured around 800 others. It was separately reported that an Iranian Defence Ministry spokesperson said there was no military material in the port affected by the blast, while – Russia will send several planes to Iran to help extinguish the fire at Iran’s port.
RUSSIA-UKRAINE
US President Trump met with Ukrainian President Zelensky at the Vatican for 15 minutes which Zelensky’s staff said was constructive, covered a lot of ground and they agreed to meet again, while the White House said the meeting was very productive.
US President Trump said the meeting with Ukrainian President Zelensky went well and we’ll see what happens in the next days, while Trump is very disappointed with Russia and wants Russian President Putin to stop shooting and reach a deal. Furthermore, Trump said the confines of a deal are there and that Zelensky is calmer now and wants to make a deal, while it was separately reported that President Trump said he thinks Ukrainian President Zelensky is ready to give up Crimea, according to Al Arabiya.
US President Trump said there was no reason for Russian President Putin to be shooting missiles into civilian areas, cities and towns over the last few days which makes him think that Putin doesn’t want to stop the war and is just ‘tapping’ him along, while Trump added too many people are dying and this has to be dealt with differently through banking or secondary sanctions.
US Secretary of State Rubio said Russia and Ukraine are generally closer to a peace deal than in the last three years and a peace deal needs to happen soon, while he added that the US has options to hold responsible those that don’t want a Ukraine peace deal, according to NBC.
Russian President Putin confirmed Russia’s readiness to negotiate with Ukraine without preconditions during a meeting with US envoy Witkoff, according to IFAX.
Russian President Putin said Kyiv’s adventure in the Kursk region completely failed and Chief of General Staff Gerasimov said Ukrainian saboteurs in Russia’s Belgorod region have been liquidated. Furthermore, Russia’s military commander told Russian President Putin that scattered remnants of Ukrainian forces in Russia’s Kursk region will be destroyed soon, according to RIA.
Russian Foreign Minister Lavrov said Russia will continue to target sites used by Ukraine’s military, foreign fighters and military instructors sent by Europe, while he added that Russia would be willing to store Iran’s enriched nuclear material if both the US and Iran believe that was useful.
Ukrainian military said Moscow’s assertion it has ended Ukraine’s incursion into the Kursk region is not true and operations inside Kursk continue, while its forces are still on active operations in the Belgorod region.
French President Macron said he had a very positive exchange with Ukrainian President Zelensky and that Ukraine is ready for an unconditional ceasefire, while the coalition of the willing will continue working on a ceasefire and lasting peace in Ukraine.
German Defence Minister Pistorius said US demands for Ukraine to cede territory to Russia are going too far.
North Korea confirmed troop deployment to Russia and said it will faithfully implement its agreement with Russia, according to Yonhap. Furthermore, South Korea said North Korea’s confirmation of Russia troop deployment is an admission of a criminal act and the US State Department noted it is concerned by North Korea’s direct involvement in Russia’s war in Ukraine, while it added that North Korea’s military deployment to Russia and any support provided by Russia to it in return must end.
OTHER
US President Trump said American military and commercial ships should be allowed to travel free of charge through the Panama and Suez Canals, while he asked Secretary of State Marco Rubio to immediately take care of and memorialise this situation.
India test-fired missiles on Sunday as tensions rise with Pakistan following the Kashmir attack.
China’s move to claim sovereignty over a disputed reef in the Spratly Islands by planting a flag triggered a stand-off with the Philippines in which the latter sent navy, coastguard and maritime police officers to Sandy Cay and two neighbouring sandbanks to uphold its sovereignty, rights and jurisdiction and displayed the national flag there, according to FT.
CRYPTO
Bitcoin is a little firmer and trading around the USD 95k mark; Ethereum is flat and sits just above USD 1.8k.
APAC TRADE
APAC stocks were mixed amid a lack of major catalysts from over the weekend and with a very quiet calendar to start a busy week of earnings results and key data releases including the latest US NFP report.
ASX 200 was led higher by outperformance in tech, healthcare and energy, while miners lagged after mixed production updates.
Nikkei 225 advanced at the open as participants digested earnings releases and M&A news in which Toyota Motor’s chairman and founding family made a takeover proposal for Toyota Industries. However, the index has since pulled back from today’s peak after failing to sustain a brief return above the 36,000 level.
Hang Seng and Shanghai Comp lagged amid some disappointment from Beijing’s press conference on policies and measures for stabilising employment, ensuring stable growth and promoting high-quality development which was conducted by the deputy heads of government agencies and the PBoC and lacked any major concrete policy measures.
Japan’s TOPIX Index erases all losses since the April 2nd US tariff announcement.
NOTABLE ASIA-PAC HEADLINES
China held a press conference about policies and measures on stabilising employment, ensuring stable growth and promoting high-quality development which was attended by deputy heads of Chinese government departments and the PBoC.
PBoC Deputy Governor said China will cut RRR and interest rates at an appropriate time, as well as guide financial institutions to guarantee financing demand for foreign trade firms. Furthermore, the PBoC is studying plans to enrich policy kits and will roll out new policies when needed, while it will boost financing support for private firms, allowing private firms to issue more debts.
MOFCOM Vice Minister Sheng said China will further improve the second-hand car markets and will smooth consumption of used car market this year, while China will push the expansion of healthcare and childcare services and actively expand imports.
China NDRC vice chief said will closely monitor domestic and external changes and improve policy toolkits, while they will unveil new policies based on changes in the economic situation and some new policies will be rolled out in Q2.
China’s Finance Minister said China will adopt more proactive macroeconomic policies to promote the realisation of the growth target and that China is willing to further open up its super large markets to the world to achieve mutual benefits.
China’s Cabinet passed the draft law of China’s medical security and will submit it to the NPC Standing Committee for deliberation, while it also approved the Sanmen nuclear power plant in Zhejiang province.
China issued a notice on further improving tax refund policies for foreign tourists to boost inbound consumption and will promote the expansion of tax refund stores at shopping centres, scenic spots, airports and hotels.
Chinese President Xi said China will use various policies to support development, while he urged for the healthy and orderly development of AI.
China’s top market regulator said regarding a media report of separating the Panama Port from the CK Hutchison (1 HK) deal, that they are paying close attention to the transaction and will review it in accordance with the law. Furthermore, the regulator said parties to the transaction must not use any means to avoid a review.
TikTok owner ByteDance plans to enter online shopping in Japan as it seeks to expand outside of the US.
Huawei approached some Chinese tech companies about testing the technical feasibility of the new chip called Ascend 910D, according to WSJ.
Rumours were circulating in social media that DeepSeek’s R2 AI model is nearing release which is set to feature double the parameters of R1.
Following the Politburo statement on Friday, which flagged further interest rate cuts, a Reuters source close to the PBoC said it was in no rush to trim rates as the impact of tariffs is still unclear.
BoJ Quarterly Schedule of Outright Purchases of JGBs: pace maintained for May.
2c Asian opening report
Equity futures modestly higher ahead of this week’s risk events including BoJ, NFP and Mag7 Earnings – Newsquawk Europe Market Open
Monday, Apr 28, 2025 – 01:13 AM
USTR’s office was reported on Friday to have prepared a framework for staggered reciprocal trade negotiations aimed at streamlining talks with 18 partners on a rolling basis over the next 2 months until the US’s July 8th deadline, according to WSJ.
US Treasury Secretary Bessent said he had interaction with his Chinese counterpart in Washington last week and thinks the Chinese will see the tariff level as unsustainable and he also thinks there is a path to an agreement with China on tariffs, according to ABC New; US Agriculture Secretary said the US is holding daily conversations with China over tariffs.
APAC stocks were mixed amid a lack of major catalysts from over the weekend and with a very quiet calendar to start a busy week of earnings results and key data releases including the latest US NFP report.
ECB policymakers reportedly are becoming increasingly confident about a rate cut in June although there is little to no appetite for a big move, according to six sources cited by Reuters.
European equity futures indicate a positive cash market open with Euro Stoxx 50 futures up 0.2% after the cash market finished with gains of 0.8% on Friday.
Looking ahead, highlights include US Dallas Fed Manufacturing Business Index, BoC’s Market Participants Survey, Speakers including ECB’s Rehn & de Guindos, Supply from the EU, Earnings from Domino’s Pizza, Roper, NXP Semiconductors, Schneider Electric & Henkel.
2. Listen to this report in the market open podcast (available on Apple and Spotify)
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US TRADE
EQUITIES
US stocks were mixed on Friday with outperformance in the Nasdaq seen thanks to Alphabet’s (GOOGL) earnings beat and the SPX also finished in the green, while the Dow and Russell 2000 lagged as trade uncertainties remained with mixed messages from the US and China on whether the two sides have begun trade talks which China continued to deny.
SPX +0.74% at 5,525, NDX +1.14% at 19,433, DJI +0.05% at 40,114, RUT +0.00% at 1,958.
USTR’s office was reported on Friday to have prepared a framework for staggered reciprocal trade negotiations aimed at streamlining talks with 18 partners on a rolling basis over the next 2 months until the US’s July 8th deadline, according to WSJ.
US Treasury Secretary Bessent said he had interaction with his Chinese counterpart in Washington last week and thinks the Chinese will see the tariff level as unsustainable and he also thinks there is a path to an agreement with China on tariffs, according to ABC News. It was separately reported that Bessent had met with Japanese Finance Minister Kato on Thursday and held productive discussions across a broad range of bilateral issues including reciprocal trade, while he was said to be encouraged by discussions with South Korean officials that focused on an ‘expanded equilibrium’ which encourages rather than restricts trade.
US Agriculture Secretary said the US is holding daily conversations with China over tariffs.
China has reportedly quietly exempted some US-made products from tariffs with Beijing said to have been canvassing companies and waiving duties on US goods in sectors where there is a lack of alternatives, according to WSJ.
Shein is said to have raised US prices on some items by as much as 377% ahead of tariff increases, according to Bloomberg.
Fox’s Gasparino posted on X that the Trump Administration would like to roll out trade deals this week, at least the outlines that have been agreed upon, citing sources close to the matter.” However, he also noted there are a lot of moving targets that could delay matters, while the deals on deck include India, Japan and maybe South Korea and Australia, although the White House spokesperson didn’t respond to a request for comment.
Pershing Square CEO Ackman posted on X that the US could choose to unilaterally pause China tariffs to better facilitate US companies transitioning supply chains out of China, while he believes the US and China are incentivised to take tariffs down to more reasonable levels of 10%-20% as quickly as possible.
NOTABLE HEADLINES
US President Trump posted on Truth that “When Tariffs cut in, many people’s Income Taxes will be substantially reduced, maybe even completely eliminated. Focus will be on people making less than $200,000 a year. Also, massive numbers of jobs are already being created, with new plants and factories currently being built or planned. It will be a BONANZA FOR AMERICA!!! THE EXTERNAL REVENUE SERVICE IS HAPPENING!!!”. Trump also posted that “…this is a crucial week to work on “THE ONE, BIG, BEAUTIFUL BILL,” which will contain Massive Tax Cuts, Strong Border Security Measures, Major Military Advancements, Dramatic Deregulation, Powerful Spending Reforms, and more!”
US President Trump will meet with House Speaker Johnson at 14:00EDT/19:00BST and will be signing executive orders focused on restoring law and order and securing the homeland at 17:00EDT/22:00BST on Monday.
Fed Financial Stability Report released on Friday stated that risks to global trade are the most frequently cited risk to the US financial system, while global trade risks, fiscal debt sustainability and policy uncertainty were the top concerns of Fed survey respondents. Survey respondents also cited foreign divestment from US assets and the value of the US dollar as new potential shocks.
WSJ’s Timiraos downplayed Fed’s Hammack comment that was made on Thursday about how the Fed could move in June if the data is clear about the state of the economy, in which Timiraos said she made it clear she was talking about any number of points in the future and not just June.
APAC TRADE
EQUITIES
APAC stocks were mixed amid a lack of major catalysts from over the weekend and with a very quiet calendar to start a busy week of earnings results and key data releases including the latest US NFP report.
ASX 200 was led higher by outperformance in tech, healthcare and energy, while miners lagged after mixed production updates.
Nikkei 225 advanced at the open as participants digested earnings releases and M&A news in which Toyota Motor’s chairman and founding family made a takeover proposal for Toyota Industries. However, the index has since pulled back from today’s peak after failing to sustain a brief return above the 36,000 level.
Hang Seng and Shanghai Comp lagged amid some disappointment from Beijing’s press conference on policies and measures for stabilising employment, ensuring stable growth and promoting high-quality development which was conducted by the deputy heads of government agencies and the PBoC and lacked any major concrete policy measures.
US equity futures marginally softened after the lack of weekend macro drivers and as participants brace for this week’s risk events.
European equity futures indicate a positive cash market open with Euro Stoxx 50 futures up 0.2% after the cash market finished with gains of 0.8% on Friday.
FX
DXY was initially rangebound in the absence of any major macro developments from over the weekend and with the Fed in a blackout period, while trade was also restricted by a quiet calendar to start a busy week ahead culminating with the latest NFP jobs report on Friday. The dollar weakened heading into the European session.
EUR/USD lacked direction after recent comments from ECB officials did little to shift the dial, while a source report noted that ECB policymakers are becoming increasingly confident about a rate cut in June but with little to no appetite for a big move.
GBP/USD traded on both sides of the 1.3300 level amid light UK-specific catalysts and with very few details from US Treasury Secretary Bessent’s meeting with BoE Governor Bailey where they held good discussions on financial markets and the regulatory environment.
USD/JPY kept afloat amid the positive risk appetite in Japan but with the upside limited by a quiet calendar and lack of macro drivers.
Antipodeans were lacklustre amid the mixed risk appetite in the region and headwinds from a weaker yuan.
PBoC set USD/CNY mid-point at 7.2043 vs exp. 7.2898 (Prev. 7.2066).
FIXED INCOME
10yr UST futures slightly extended on last week’s advances with little in the way of fresh macro drivers to derail the momentum with the Fed on a blackout period and as participants awaited a slew of data releases later in the week.
Bund futures eked mild gains in quiet trade with demand contained ahead of EU supply.
10yr JGB futures nursed last Friday’s losses but with the rebound limited amid a quiet calendar and the positive risk appetite in Japan.
COMMODITIES
Crude futures were rangebound following quiet energy-specific weekend newsflow and a slew of mixed geopolitical headlines including reports of Israel striking a Hezbollah target in Beirut, while the third round of US-Iran talks was said to be positive and productive, with progress made although there was still much to do and another round of discussions is planned later this week.
China is stockpiling oil amid Trump tariff shocks impacting crude prices as imports of crude to China surged in March and continued to accelerate in April with imports at nearly 11mln BPD vs 8.9mln BPD in January, according to FT citing Kpler data.
Spot gold retreated to beneath the USD 3,300/oz level in a continuation of last week’s pullback from record highs.
Copper futures were pressured amid the mixed risk appetite and after China’s press briefing on policy underwhelmed.
China Q1 gold consumption fell around 6% Y/Y to 290.5 metric tons and gold production rose 1.5% Y/Y to 87.2 metric tons, according to the China Gold Association.
CRYPTO
Bitcoin saw two-way price action but ultimately rebounded and returned to the USD 94,000 level.
NOTABLE ASIA-PAC HEADLINES
China held a press conference about policies and measures on stabilising employment, ensuring stable growth and promoting high-quality development which was attended by deputy heads of Chinese government departments and the PBoC.
PBoC Deputy Governor said China will cut RRR and interest rates at an appropriate time, as well as guide financial institutions to guarantee financing demand for foreign trade firms. Furthermore, the PBoC is studying plans to enrich policy kits and will roll out new policies when needed, while it will boost financing support for private firms, allowing private firms to issue more debts.
MOFCOM Vice Minister Sheng said China will further improve the second-hand car markets and will smooth consumption of used car market this year, while China will push the expansion of healthcare and childcare services and actively expand imports.
China NDRC vice chief said will closely monitor domestic and external changes and improve policy toolkits, while they will unveil new policies based on changes in the economic situation and some new policies will be rolled out in Q2.
China’s Finance Minister said China will adopt more proactive macroeconomic policies to promote the realisation of the growth target and that China is willing to further open up its super large markets to the world to achieve mutual benefits.
China’s Cabinet passed the draft law of China’s medical security and will submit it to the NPC Standing Committee for deliberation, while it also approved the Sanmen nuclear power plant in Zhejiang province.
China issued a notice on further improving tax refund policies for foreign tourists to boost inbound consumption and will promote the expansion of tax refund stores at shopping centres, scenic spots, airports and hotels.
Chinese President Xi said China will use various policies to support development, while he urged for the healthy and orderly development of AI.
China’s top market regulator said regarding a media report of separating the Panama Port from the CK Hutchison (1 HK) deal, that they are paying close attention to the transaction and will review it in accordance with the law. Furthermore, the regulator said parties to the transaction must not use any means to avoid a review.
TikTok owner ByteDance plans to enter online shopping in Japan as it seeks to expand outside of the US.
Huawei approached some Chinese tech companies about testing the technical feasibility of the new chip called Ascend 910D, according to WSJ.
Rumours were circulating in social media that DeepSeek’s R2 AI model is nearing release which is set to feature double the parameters of R1.
DATA RECAP
Chinese Industrial Profits YTD YY (Mar) 0.8% (Prev. -0.3%)
GEOPOLITICS
MIDDLE EAST
Israel’s Defence Minister said Israel conducted an attack on a site in Lebanon’s capital of Beirut which stored precision missiles.
Qatar’s PM said he saw some progress in Thursday’s Gaza talks.
Iran’s Foreign Minister Araqchi said the next round of nuclear talks with the US could occur next Saturday with the venue to be decided by Oman, while he added that both sides are showing seriousness and determination. Furthermore, a senior US official said the third round of nuclear talks with Iran were positive and productive with progress made on getting a deal but noted there is still much to do.
Oman’s Foreign Minister said US-Iran talks will continue with a further high-level meeting provisionally scheduled for May 3rd and core principles, objectives and technical concerns were all addressed in US-Iran talks on Saturday.
Israeli PM Netanyahu called for the complete dismantling of Iran’s nuclear programme, insisting that any deal with Tehran must also address its ballistic missile capabilities, according to AFP News Agency.
A huge explosion at a key Iranian port killed at least 40 and injured around 800 others. It was separately reported that an Iranian Defence Ministry spokesperson said there was no military material in the port affected by the blast, while – Russia will send several planes to Iran to help extinguish the fire at Iran’s port.
RUSSIA-UKRAINE
US President Trump met with Ukrainian President Zelensky at the Vatican for 15 minutes which Zelensky’s staff said was constructive, covered a lot of ground and they agreed to meet again, while the White House said the meeting was very productive.
US President Trump said the meeting with Ukrainian President Zelensky went well and we’ll see what happens in the next days, while Trump is very disappointed with Russia and wants Russian President Putin to stop shooting and reach a deal. Furthermore, Trump said the confines of a deal are there and that Zelensky is calmer now and wants to make a deal, while it was separately reported that President Trump said he thinks Ukrainian President Zelensky is ready to give up Crimea, according to Al Arabiya.
US President Trump said there was no reason for Russian President Putin to be shooting missiles into civilian areas, cities and towns over the last few days which makes him think that Putin doesn’t want to stop the war and is just ‘tapping’ him along, while Trump added too many people are dying and this has to be dealt with differently through banking or secondary sanctions.
US Secretary of State Rubio said Russia and Ukraine are generally closer to a peace deal than in the last three years and a peace deal needs to happen soon, while he added that the US has options to hold responsible those that don’t want a Ukraine peace deal, according to NBC.
Russian President Putin confirmed Russia’s readiness to negotiate with Ukraine without preconditions during a meeting with US envoy Witkoff, according to IFAX.
Russian President Putin said Kyiv’s adventure in the Kursk region completely failed and Chief of General Staff Gerasimov said Ukrainian saboteurs in Russia’s Belgorod region have been liquidated. Furthermore, Russia’s military commander told Russian President Putin that scattered remnants of Ukrainian forces in Russia’s Kursk region will be destroyed soon, according to RIA.
Russian Foreign Minister Lavrov said Russia will continue to target sites used by Ukraine’s military, foreign fighters and military instructors sent by Europe, while he added that Russia would be willing to store Iran’s enriched nuclear material if both the US and Iran believe that was useful.
Ukrainian military said Moscow’s assertion it has ended Ukraine’s incursion into the Kursk region is not true and operations inside Kursk continue, while its forces are still on active operations in the Belgorod region.
French President Macron said he had a very positive exchange with Ukrainian President Zelensky and that Ukraine is ready for an unconditional ceasefire, while the coalition of the willing will continue working on a ceasefire and lasting peace in Ukraine.
German Defence Minister Pistorius said US demands for Ukraine to cede territory to Russia are going too far.
North Korea confirmed troop deployment to Russia and said it will faithfully implement its agreement with Russia, according to Yonhap. Furthermore, South Korea said North Korea’s confirmation of Russia troop deployment is an admission of a criminal act and the US State Department noted it is concerned by North Korea’s direct involvement in Russia’s war in Ukraine, while it added that North Korea’s military deployment to Russia and any support provided by Russia to it in return must end.
OTHER
US President Trump said American military and commercial ships should be allowed to travel free of charge through the Panama and Suez Canals, while he asked Secretary of State Marco Rubio to immediately take care of and memorialise this situation.
India test-fired missiles on Sunday as tensions rise with Pakistan following the Kashmir attack.
China’s move to claim sovereignty over a disputed reef in the Spratly Islands by planting a flag triggered a stand-off with the Philippines in which the latter sent navy, coastguard and maritime police officers to Sandy Cay and two neighbouring sandbanks to uphold its sovereignty, rights and jurisdiction and displayed the national flag there, according to FT.
GLOBAL NEWS
Vancouver police announced that nine died and others more were injured after a man drove through a crowd at a Filipino festival on Saturday night.
EU/UK
NOTABLE HEADLINES
BoE Governor Bailey and US Treasury Secretary Bessent held discussions on financial markets and the regulatory environment.
ECB’s Centeno said uncertainty is dominating economic analysis which was largely being caused by US trade policy.
ECB’s Kazaks urged cautious steps and said the ECB should only lower interest rates into accommodative territory if the growth outlook continues to deteriorate much further, according to Bloomberg.
ECB’s Knot said the ECB June meeting is going to be really complicated, according to European press cited by Bloomberg.
ECB’s Simkus said the ECB may have to cut rates a couple of more times as US tariffs weigh on economic growth and as inflation continues to slow, according to Bloomberg.
ECB policymakers reportedly are becoming increasingly confident about a rate cut in June although there is little to no appetite for a big move, according to six sources cited by Reuters. It was also reported that the central bank established a task force to simplify banking regulation.
3 .ASIA
3A NORTH KOREA/SOUTH KOREA
3B JAPAN
3C CHINA
China Seizes Disputed Reef In South China Sea, Next To Key Philippines Military Base
Sunday, Apr 27, 2025 – 04:55 PM
While the nevertrump world, which includes the entire US mainstream media, and a sizable portion of the US population are rooting for China in the ongoing transpacific trade war, China quietly seized a disputed reef just miles away from the Philippines’ most important military outpost in the South China Sea, in a sharp escalation of a regional dispute with the Philippines, raising the risk of a new military stand-off between the two rival claimants.
According to the FT, the China Coast Guard “implemented maritime control and exercised sovereign jurisdiction” over Sandy Cay this month, the military channel of state broadcaster CCTV reported on Saturday. It released images of four officers, wearing all black and holding the Chinese flag, declaring sovereignty over the reef in the Spratly Islands.
Sandy Cay is near a Philippine military outpost on Thitu Island, which Manila reportedly uses to track Chinese movements in the area.
The move marks the first time in many years that Beijing, which claims the South China Sea almost in its entirety, has officially planted its flag on another previously unoccupied land feature.
It comes as the Philippines and its ally the US are conducting Balikatan, their largest annual military exercise, which will include coastal defense and island seizure drills. They will be held from next week on the Philippine territory closest to the Spratlys.
Although just a sand bank measuring little more than 200 square metres, Sandy Cay has strategic value for China because international law grants it a territorial sea. That 12-nautical-mile radius overlaps with Thitu Island, the South China Sea reef the Philippines uses to track Chinese moves in the area.
The Philippine government has yet to formally respond. Both China and the Philippines have staked their claims on various islands and zones. Their dispute has been escalating, with frequent confrontations including vessels colliding and scuffles.
The White House said the reports of China seizing Sandy Cay were “deeply concerning if true”.
“Actions like these threaten regional stability and violate international law,” said James Hewitt, National Security Council spokesperson. “We are consulting closely with our own partners and remain committed to a free and open Indo-Pacific.”
Beijing’s official declaration of sovereignty over Sandy Cay will raise fears that Beijing intends to build up unoccupied reefs and banks. Over the past two years, Manila has increased coastguard patrols and sent scientific teams to investigate reports of Chinese reclamation activity at Sandy Cay and three other reefs further south.
Some maritime experts argue new Chinese reclamation is unlikely because artificial islands built and militarized by Beijing over the past decade have given its military and coastguard sufficient presence and reach.
There is so far no sign of a permanent Chinese occupation of Sandy Cay or construction on it. A Philippine maritime security official said on Saturday that the Chinese coastguard had left after unfurling the flag.
But the official declaration of sovereignty indicated China could “increase their harassment against us at Pag-Asa”, he added, using the Philippine name for Thitu.
The Philippine coastguard has been operating a monitoring base on Thitu since late 2023, but Manila is now upgrading a runway and other infrastructure on the island. The building is part of efforts to make its South China Sea reefs more habitable and push back against increasingly aggressive Chinese activity.
Lyle Morris, a former Pentagon China expert now at the Asia Society Policy Institute, said Sandy Cay had been a source of tension for years between China and the Philippines.
“China has established a near constant presence around Sandy Cay for years, mostly using their maritime militia vessels to surround nearby waters,” said Morris. “They have stepped up their presence ever since the Philippines began to fortify Pagasa island [Thitu] and its runway.”
Morris said the Chinese action did not pose a test for the US, saying it was more a “tactical move” targeting the Philippines.
“This puts more pressure on the Philippines to respond in some way,” Morris added. “If China were ever to physically occupy the feature, the Philippines would likely feel compelled to respond. What kind of response is unclear.”
The Chinese move also comes as Washington and Beijing are mired in a deepening trade war. US allies are also watching closely to see how the Trump administration will deal with Chinese actions in the South China Sea.
“The People’s Republic of China has been increasing its pressure on Philippines outposts for years. But it’s notable that this action comes amidst an escalating US-China trade war and is exactly the sort of action that is hard for the US to respond to, while spooking its Philippines ally,” said Mira Rapp-Hooper, former National Security Council senior director for east Asia in the Biden administration.
China’s law gives its coastguard a mandate to board and inspect foreign vessels “intruding” into waters claimed by Beijing and detain their crews. That raises the risk of clashes with Philippine military and coastguard at Thitu, in waters China now treats as its territorial sea.
China’s military assets are far stronger than the Thitu outpost. Its installations on nearby Subi Reef include surface-to-air missiles, hangars, a runway, radar and a deepwater shelter port. But because it is categorized only as a low tide elevation, Subi lacks a territorial sea under international law.
end
CHINA/USA
special thanks to Rpbert H for sending this to us
Gordon Chang…
China Just ‘Folded’ in the Trade War :: Gatestone Institute
China is making significant trade concessions without saying it is making concessions. Xi Jinping’s regime simply cannot admit it is not able to stand up to Washington. When Trump has to raise the temperature, Beijing has just shown him which U.S. products China believes it cannot do without. (Photo by Athit Perawongmetha/Pool/AFP via Getty Images)
China, according to Reuters and Financial Times reporting on April 25, is not uniformly imposing its new 125% across-the-board tariff on American goods. In short, certain imports from the U.S. are in fact coming in tariff-free. Beijing’s new policy has not been announced and is not official.
“Companies in sectors including aviation and industrial chemicals said that some of their products had already been granted a reprieve, while local media reported that some semiconductors had been spared tariffs,” the Financial Timesnoted.
American Chamber of Commerce in China President Michael Hart told Reuters that some pharmaceutical company members of his organization had said they were now able to import products tariff-free.
China is also exempting aircraft engines, nacelles, landing gear, and parts.
“A Ministry of Commerce taskforce is collecting lists of items that could be exempted from tariffs and is asking companies to submit their own requests, according to a person with knowledge of that outreach,” Reuters stated. The wire service also noted this: “A list of 131 categories of products said to be under consideration for tariff exemptions was circulating on Chinese social media platforms and among some businesses and trade groups on Friday.”
Hart does not think the tariff exemptions were the result of a “specific policy.” As he told the FT, “I think right now it’s more of a one-off.”
Hart is undoubtedly correct about the unofficial nature of the tariff collections: China’s Customs officials and the Ministry of Commerce personnel have not been responding to requests for comments. “China has not yet communicated publicly on any exemptions,” Reuters stated.
Huatai Securities estimated that Beijing is not collecting tariffs on items that accounted for $45 billion of imports to China last year.
The exemptions suggest a trend. “Recent reports on China secretly waiving tariffs on U.S. imports including certain semiconductors, industrial chemicals, and medical devices add up to a clear Chinese cave-in in its trade conflict with Trump,” trade expert Alan Tonelson told Gatestone.
The move is significant, but why is Beijing making such important trade concessions without admitting it is making concessions?
Xi Jinping’s regime simply cannot admit that it is not able to stand up to Washington.
Xi has configured the Chinese political system so that only the most hostile policies are considered acceptable. Worse, he has staked the Communist Party’s legitimacy on his claim that China has already surpassed America. Therefore, it is hard for him to do anything suggesting that he is dependent on trade with America or is reacting to American pressure.
Xi, consequently, has severely restricted Chinese flexibility, a constraint evident in Beijing’s counterproductive posturing. President Donald Trump last week stated that his administration and China had been engaged in tariff talks. In response to the conciliatory comments, the Chinese regime issued a series of statements denying the existence of any such discussions.
Beijing’s denials, however, are not credible, given the constant dialogue and continuous interactions between American and Chinese officials over various other matters.
In fact, on April 24, about a dozen Chinese officials, including a “high-ranking official from the Chinese Ministry of Finance,” were seen entering the U.S. Treasury’s main building in Washington at 7:00 in the morning as Chinese security officials attempted to prevent photographers from recording the entry.
Unfortunately for Xi, he must make concessions. His economy is far smaller than America’s, and he is the one running large trade surpluses — China’s merchandise surplus last year against the U.S. was $295.4 billion, up 5.8% over 2023.
Worse, China’s economy is probably contracting, something evident from price indicators. The country is in a deflationary spiral: In March, the Consumer Price Index was down for the second-straight month and the Producer Price Index was down for the 30th consecutive month.
Meanwhile, China is in the middle of a slow-moving debt crisis, and Xi, having rejected consumption as the fundamental basis of the Chinese economy, must as a result export more to rescue the increasingly grim situation at home.
China’s Commerce Ministry on the April 24 indicated Beijing would not talk about trade until Trump removes “unilateral tariff measures.” Because of Xi’s need to maintain the façade of intransigence, Trump will undoubtedly have to turn up the heat again.
When Trump has to raise the temperature, Beijing has just shown him which U.S. products China believes it cannot do without.
“In fact, the tariff waivers underscore that not only does Beijing need access to the American market far more than Americans need the China market but also that the United States makes vital products that simply aren’t Made in China, and won’t be for years at best,” Tonelson, who comments on the intersection of trade and geopolitics at RealityChek, pointed out.
Take aircraft parts. Beijing has ordered its airlines not to take delivery of Boeing aircraft, and the plane maker has now flown back, from China to the U.S., three 737-Max aircraft that were about to be delivered. Due to the long order backlogs at both Boeing and Airbus, this punishment imposes, as a practical matter, almost no cost on Boeing. Yet if Trump were to order Boeing not to deliver parts or provide services to Chinese airlines, China would soon have to ground a large number of its airliners.
China, in reality, is in no position to fight a prolonged trade war with a determined Trump. That is one of the Chinese vulnerabilities that became evident when Beijing began making concessions in the dark.
China is making significant trade concessions without saying it is making concessions. Xi is, to borrow the term of the day, “folding.”
As EU leaders rally for a prolonged conflict in Ukraine and push the idea of a European military no longer dependent on America, the Netherlands’ monarch has joined the chorus.
“We may have taken it a bit too much for granted that we would always have freedom and peace,” King Willem-Alexander said at the Lieutenant General Best Barracks, writes De Telegraaf.
“Unfortunately, Ukraine and other conflicts prove that this is no longer the case. And that we really have to prepare ourselves to continue living in peace and security. If you are not prepared, then you are not doing well,” he said.
Such a rearmament means the Netherlands must rebuild its defense industry, the monarch continued, adding, “It really needs to be able to start producing for a conflict again.”
The country, he said, must “arm itself to the teeth” to remain safe.
Following talks with military personnel and weapons manufacturers, the country will focus on producing better drones to take on enemy drones, given their dominance on the battlefield. Of key concern is making drones capable of say, securing the upcoming June NATO summit at The Hague
King Willem-Alexander himself served in the military, and as a reservist for the Air Force held the title of air commodore.
He also was a commodore as a reservist in the navy and a brigadier general as a reservist in the army.
After testing out a Dutch-made drone Ukraine used to detect mines, the king explained: “The operator must also be able to do very complicated work,” like mapping a minefield.
Soldiers also demonstrated weapons capable of disrupting the operation of a drone to take it out of the air, including taking over its controls, although even the king was not told how this is done.
Nationalism is villainous and globalists are the heroes? It’s a propaganda message that has been building since the end of World War II and the creation of globalist institutions like the UN, the IMF, World Banks, etc. By the 1970s there was a concerted and dangerous agenda to acclimate the western world to interdependency; not just dependency on imports and exports, but dependency of currency trading, treasury purchases and interbank wealth transfer systems like SWIFT.
This was the era when corporations began outsourcing western manufacturing to third world countries. This is when the dollar was fully decoupled from gold. When the IMF introduced the SDR basket system. When the decade long stagflationary crisis began.
This was when the World Economic Forum was founded. The Club of Rome and their climate change agenda. When numerous globalists started talking within elitist publications and white papers talking about a one world economy and a one world government (under their control, of course). By the 1990s everything was essentially out in the open and the plan was clear:
Their intention was to destroy national sovereignty and bring in an age of total global centralization. One of the most revealing quotes on the plan comes from Clinton Administration Deputy Secretary of State Strobe Talbot, who stated in Time magazine in 1992 that:
“In the next century, nations as we know it will be obsolete; all states will recognize a single, global authority… National sovereignty wasn’t such a great idea after all.”
He adds in the same article:
“…The free world formed multilateral financial institutions that depend on member states’ willingness to give up a degree of sovereignty. The International Monetary Fund can virtually dictate fiscal policies, even including how much tax a government should levy on its citizens. The General Agreement on Tariffs and Trade regulates how much duty a nation can charge on imports. These organizations can be seen as the protoministries of trade, finance and development for a united world.”
The globalists use international trade controls as a way to ensnare competing economies, forcing them to become homogeneous. They take away the self reliance of nations and pressure them to conform to global trade standards. It’s important to understand that they view centralized dominance of trade as a primary tool for eventually obtaining their new world order.
The idea of a country going off the plantation and initiating unilateral tariffs is unheard of. The notion of countries producing their own necessities is absurd. As least, until 2025.
One of the most humorous and bewildering side effects of the Trump Administration’s policy rollout is the scramble by the political left (especially in Europe) to portray themselves as “rebel heroes fighting for freedom” in the face of a supposedly tyrannical dictatorship. Of course, these are globalists and cultural Marxists we’re dealing with, so their definitions of “freedom” and “tyranny” are going to be irreparably skewed.
The EU elites have truly lost the plot when it comes to their message on “democracy”. Today, many European nations are spiraling into classical authoritarianism, yet they’re pretending as if they’re in a desperate fight for freedom.
I’ve heard it said that authoritarianism is the pathology of recognition. One could also say that it’s the pathology of affirmation – It’s not enough for the offending movement to be recognized as dominant, the population must embrace it, joyfully, as if it is the only thing they care about. This is the underlying goal of globalism: To force the masses to love it like a religion.
But to be loved by the people, they have to believe that globalism is their savior. They have to believe that globalists are somehow saving the world. Enter the new world order theater brought to us by The Economist. The magazine, partially owned by the Rothschild family, has long been a propaganda hub for globalism. They recently published an article titled ‘The Thing About Europe: It’s The Actual Land Of The Free Now’.
Yes, this is laughable given the fact that many European governments are currently hunting down and jailing people for online dissent. Mass open immigration is suffocating western culture on the continent. Violent crime is skyrocketing. Not to mention, the new trend among EU governments is to arrest right leaning political opponents to stop them from winning elections.
Hell, in Europe you can be arrested for silently praying within the vicinity of an abortion clinic. We all understand how absurd The Economist’s claims are. Their argument boils down to this: If it hurts globalism, it’s a threat to democracy. That’s the tall tale being formulated in the media today.
The Trump Administration instituting “America First” policies is being called authoritarian by the elites because these things interfere with THEIR agenda, not because Americans are being oppressed.
In many ways the European shift in rhetoric is merely a reflection of the long running globalist strategy: To rewrite nationalists as agents of chaos and paint the internationalists as defenders of order.
In a recent interview with the German news platform Dei Zeit Online, EU President Ursula von der Leyen took the disinformation even further with her claim that there “Is no oligarchy in Europe”. In other words, European leaders are innocent victims under attack by the rich and dastardly nationalists. Frankly, this is news to most of us because the EU government has long been considered the very definition of faceless and unaccountable oligarchy. She argues:
“…History is back, and so are geopolitics. And we see that what we had perceived as a world order is becoming a world disorder, triggered not least by the power struggle between China and the United States, but of course also by Putin’s imperialist ambitions. That is why we need another, new European Union that is ready to go out into the big wide world and to play a very active role in shaping this new world order that is coming.”
Notice the attempt to paint Europe as the virtuous bystander caught up in the geopolitical turmoil of the US, China and Russia. No mention of their ongoing roll in fomenting a wider war in Ukraine, their interference with peace negotiations or the fact that globalism has made them dependent on energy imports for their very survival. This isn’t a lack of awareness, this is carefully crafted propaganda. The EU President continues:
“The readiness of all 27 Member States to strengthen our common defense industry would have been inconceivable without the developments of recent weeks and months. The same applies to the economy. Everyone wants to emulate our common plan for greater competitiveness, because everyone has understood: We need to stand firm in today’s globalized world…”
The EU has been peddling the idea of a unified European army for some time. It makes sense – In order to erase national boundaries even further in Europe, a singular defense structure would have to be established. They’re simply using the war in Ukraine and America’s economic decoupling as an excuse. She continues:
“For me, it is crucial that Europe plays a strong role in shaping the new world order that is slowly emerging. And I firmly believe that Europe can do that. Let’s look back at the last decade: the banking crisis, migration crisis, Brexit, pandemic, energy crisis, Russia’s war against Ukraine. All these are serious crises that have really challenged us, but Europe has emerged bigger and stronger from every crisis…”
Economically, socially, spiritually, culturally, the continent is in a death spiral. No one wants to fight for what Europe is today, including the millions of third world immigrants they’ve invited in. If they do try to institute a centralized military they will have to turn to forced conscription, which means even more tyranny. In terms of the economy she states:
“The West as we knew it no longer exists. The world has become a globe also geopolitically, and today our networks of friendship span the globe…”
“Everyone is asking for more trade with Europe – and it’s not just about economic ties. It is also about establishing common rules and it is about predictability. Europe is known for its predictability and reliability, which is once again starting to be seen as something very valuable. On the one hand, this is very gratifying; on the other hand, there is also of course a huge responsibility that we have to live up to…”
The US makes up 30%-35% of all global consumer spending and is the largest consumer market in the world. There are no clear numbers for the whole of Europe, but Germany, Europe’s largest economy makes up only 3% of global consumer spending. Germany is also the third largest economy in the world next to China. In other words, Europe has NO capacity whatsoever to fill the void in trade left behind by the US. If the US economy detaches from Europe, or if the US economy crashes, Europe would crash also. This is a fact.
Von der Leyen then dismisses the role of globalism in driving populist movements against the EU. She claims:
“There is one thing we should not underestimate: the polarisation is, in part, heavily orchestrated from outside. Via social media, Russia as well as other autocratic states are deliberately interfering in our society…”
“Views on both sides are being amplified because the real goal is to polarize and divide our open societies. But the European Union also has a big advantage. Inequalities are less pronounced here, in part because we have a social market economy and because the levers of power are more widely distributed.”
Russia is to blame for millions of Europeans wanting an end to globalist multicultural policies? Taking a rather Marxist stance, she asserts that populist divisions must be artificial because Europe is economically “equitable”. But the populists are not fighting for economic parity, they’re fighting for European identity which is being systematically erased.
Finally, she comes to the issue of oligarchy:
“Europe is still a peace project. We don’t have bros or oligarchs making the rules. We don’t invade our neighbors, and we don’t punish them…”
“Controversial debates are allowed at our universities. This and more are all values that must be defended, and which show that Europe is more than a union. Europe is our home.”
The EU government is a pure oligarchy with near zero accountability and it is actively trying to suppress and destroy any national party with conservative views. They support silencing any dissent among the peasants, only allowing for debate behind the closed doors of academia because they know academics police their own. The more a society moves towards globalism the less free it’s going to be.
I see this messaging as a kind of crude rough draft for the theatrics to come. They haven’t fine-tuned their story yet, but they have the fundamental pieces in place. The allegation is that national sovereignty is a threat to “democracy”; not freedom, but democracy. And the globalist notion of democracy is progressive rulership in the name of a subjective greater good that they can’t really define.
I feel sympathy for the common European, many of them are hungry for a free society built on traditional western principles. It’s a future that will never materialize, at least not without revolution. These people are at the epicenter of the death of the western world and many of them don’t even know it. In the meantime they’re being told that America is ruining them. I can’t speak for everyone, but many of us would like to save them. The fall of the west to globalism cannot be allowed to continue.
* * *
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END
CHINA/USA/MEXICO/CANADA
This is Trump’s major problem: Chinese production of Fentanyl
Schweizer: Chinese Chemists Working With Mexican Cartels Creating Fentanyl To Kill Americ
Sunday, Apr 27, 2025 – 09:35 PM
New York Times bestselling author Peter Schweizer is once again speaking out against China’s sinister role in fueling America’s deadly fentanyl crisis, as President Donald Trump seeks to punish the communist regime for its involvement.
“There are 2000 Chinese nationals in northern Mexico working for the Sinaloa drug cartel,” Schweizer, citing DEA data, told The Cats and Cosby Show on Friday. “They’re basically chemists.“
“They take the precursor chemicals that, of course, arrive from China and they turn it into the deadly cocktail, which is what people are dying from. They produce pills. People who die of fentanyl overdose, they think they’re talking a Vicodin or Adderall,” he added.
Although fentanyl-related deaths in the U.S. are declining, the crisis remains a grim reality. According to the CDC, a staggering 76,226 Americans died from overdoses involving synthetic opioids—primarily fentanyl—in 2022, delivering a gut-punch to communities nationwide. Provisional data from 2023 shows a slight decline, with 74,702 deaths linked to these powerful substances. Even more striking, the latest CDC and DEA figures estimate approximately 55,126 deaths from synthetic opioids in the 12 months ending September 2024—a significant and hopeful drop, but still a sobering reminder of fentanyl’s ongoing toll.
President Donald Trump has repeatedly pointed the finger at China as a key culprit in America’s fentanyl crisis, accusing Beijing of fueling the epidemic by allowing precursor chemicals to flow to Mexican cartels. In a February 2025 White House statement, Trump accused China of subsidizing companies to export fentanyl-related chemicals, describing the crisis as a “national emergency” killing “approximately two hundred Americans per day.” He’s tied this to his trade agenda, imposing a 20% tariff on Chinese imports—on top of a 10% base tariff—explicitly to pressure Beijing on fentanyl. On April 24, 2025, Trump posted on Truth Social, “Fentanyl continues to pour into our Country from China, through Mexico and Canada, killing hundreds of thousands of our people, and it better stop, NOW!”
China has consistently denied accusations that it is a primary driver of the U.S. fentanyl crisis. Chinese officials argue that the crisis is a U.S. domestic issue rooted in demand, not their supply of precursor chemicals. In March 2025, Foreign Ministry spokesperson Lin Jian stated the root cause of the fentanyl issue lies in the United States itself. Lin also criticized the U.S. for imposing tariffs under the pretext of the fentanyl issue, calling such actions unjustified and counterproductive.
END
SPAIN AND PORTUGAL AND PARTS OF FRANCE:
.Spain Hit By “Massive, Really, Massive” Power Blacko
Monday, Apr 28, 2025 – 07:35 AM
Large swaths of Spain and Portugal plunged into darkness on Monday.
Spanish power grid operator Red Electrica wrote on X:
Plans activated to restore electricity supply in collaboration with sector companies following the blackout that occurred in the peninsular system.
The causes are being analyzed, and all resources are being dedicated to resolving it.
“Parts of France also appear to be affected, according to Spanish media reports, which said Seville, Barcelona and Valencia were hit by the outage,” SKY News reported.
Bloomberg’s Javier Blas called the power outage “Massive — really, massive.”
“Massive — really, massive — electricity outage hits Spain, which large part of the country suffering blackouts (including Madrid and Barcelona). Data from Spain’s national grid shows a lost of >10 GW of demand, from ~26GW to ~12GW in a few seconds. Reason unknonw.”
BREAKING: Massive — really, massive — electricity outage hits Spain, which large part of the country suffering blackouts (including Madrid and Barcelona).
Data from Spain's national grid shows a lost of >10 GW of demand, from ~26GW to ~12GW in a few seconds. Reason unknonw. pic.twitter.com/KwvDxOOLQJ
Major power outage across parts of France, Spain and Portugal.
Causing some chaos at the Madrid Open.
Fans streaming for the practice courts (which have now hit capacity), food stalls operating with torches and cash, portions of the venue in complete darkness. pic.twitter.com/4B1NAPX13A
Hamas has expressed its willingness to reach an agreement to end the war in Gaza, which includes a one-time release of all remaining hostages in exchange for a five-year ceasefire, an official in the terrorist organization told AFP on Saturday.
The source noted that “Hamas is ready for a one-time prisoner exchange in exchange for a five-year cessation of hostilities,” as a delegation from the organization departed for Cairo for meetings with Egyptian officials.
A Hamas delegation, led by Khalil al-Hayya, is expected to present the organization’s vision for ending the fighting to Egypt on Saturday. Taher al-Nono, another senior Hamas official, made it clear earlier that the organization’s weapons are “not open to negotiation” in the talks.
Three Hamas officials, according to N12, confirmed that the group would be willing to hand over its weapons to the next group ruling the enclave. While this stance is not shared by the entirety of the terror group, it reportedly suggests that some of Hamas’s senior leadership are open to disarming. However, an official of the terrorist organization said Saturday that Hamas is open to a years-long truce with Israel in Gaza but is not willing to lay down its arms.
“Hamas commanders in the Gaza Strip are feeling heavy pressure from the local population to take such a step,” Hamas sources told N12. “This is in the knowledge that no serious aid will be received for the reconstruction of the region and that Arab countries will not send battalions for policing missions in the Gaza Strip, as long as Hamas remains an armed underground.”
Protesters call for a hostage deal at Tel Aviv’s Habima Square on April 21, 2025. (credit: AVSHALOM SASSONI/MAARIV)
The three officials added that the final deal could also see Muhammad Sinwar and Gaza Brigade commander Izz ad-Din Haddad expelled from Gaza.
“The idea of a truce or its duration is not rejected by us, and we are ready to discuss it within the framework of negotiations. We are open to any serious proposals to end the war,” said Taher Al-Nono, the media adviser for the Hamas leadership, in the first clear signal that the group was open to a longer-term truce.
However, Nono ruled out a core Israeli demand that Hamas lay down its arms. Israel wants to see Gaza demilitarized.
“The weapon of resistance is not negotiable and will remain in our hands as long as the occupation exists,” Nono said.
Hamas’ founding charter calls for Israel’s destruction, but it has signaled in the past that it might agree to a long-term truce in return for ending Israeli occupation.
Israel’s Deputy Foreign Minister Sharren Haskel downplayed chances this week for the new proposal to lead to a breakthrough unless Israel’s core demands were met.
The hostage crisis
“The war could end tomorrow if Hamas released the remaining 59 hostages and laid down its weapons,” Haskel said in Jerusalem on Tuesday.
59 hostages remain in captivity, and negotiators have worked to reach an agreement which would see them returned and a ceasefire enacted in Gaza, where Hamas authorities have claimed that the war has resulted in a large civilian death toll.
The war was started when Hamas invaded southern Israel on October 7, 2023, and murdered some 1200 people. During the terrorist attacks, the group abducted over 250 people.
Israel resumed its offensive in Gaza on March 18 after a January ceasefire collapsed, saying it would keep up pressure on Hamas until it frees the remaining hostages still held in the enclave. Up to 24 of them are believed to still be alive.
END
ISRAEL HAMAS
Qatar secured better terms for Hamas in Gaza hostage deal sabotage, sources say – report
Senior Israeli officials stated that Qatar’s assistance in ceasefire talks have been hindering the progress, adding that working solely through Egypt would be better.
Qatar sabotaged the hostage and ceasefire deal to secure better terms for Hamas, Israeli media reported on Sunday, citing senior Israeli officials.
If a final deal is not reached in the coming days, Israel is expected to increase pressure in Gaza, according to Yisrael Hayom.
The officials stated that Qatar’s assistance in ceasefire talks has been hindering the progress, adding that working solely through Egypt would be better.
Without Qatari interference, Hamas may have already accepted the recent Egyptian proposal due to a combination of IDF pressure, the halting of humanitarian aid, and diplomatic pressure applied by Egypt and Palestinian Authority President Mahmoud Abbas.
According to Ynet, Qatar also exerted counter-pressure to reject the proposal, saying that there may be a better proposal for Hamas later on.
People wave the Palestinian flag during protests outside the Imam Muhammad Abdel-Wahhab Mosque in Doha, Qatar, October 20, 2023 (credit: KARIM JAAFAR/AFP via Getty Images)
Hostage negotiations have not been progressing effectively
Ynet revealed that, contrary to previous statements, military pressure has succeeded in pressuring Hamas, and could have led to a diplomatic achievement in the form of a partial hostage release agreement.
Additionally, Dermer’s negotiating team has not been effectively advancing the interests of the hostages. A source familiar with the negotiations described Dermer’s activities to Ynet as “between borderline and negative,” adding that Israel has not been pushing for a solution.
A third insight revealed by Ynet showed that associates of Prime Minister Benjamin Netanyahu who worked for Qatar promoted interests that endangered the national security of Israel. The associates reportedly conducted a negative campaign against Egypt, damaging the relations between the countries.
END
ISRAEL WEST BANK
Security forces arrest 75 wanted persons, confiscate over 40 weapons in West Bank
Security forces arrested 75 wanted persons and confiscated over 40 weapons during operations in the West Bank over the past week, the IDF and Shin Bet (Israel Security Agency) announced Sunday.
Among those arrested were the head of a terrorist organization in Balata and a terrorist who was planning to carry out an attack in Kalkilya.
The security forces demolished the home of a terrorist in A-Ram, in Jerusalem, and confiscated a cache of weapons found in a women’s clothing store in Hebron.
END
LEBANON/HEZBOLLAH
IDF strikes Hezbollah weapons in Beirut,
IDF kills Hezbollah terrorist attempting to rebuild group’s presence in southern Lebanon
Syria’s leader Ahmed al-Sharaa has reportedly expressed openness to normalizing relations with Israel under certain circumstances, ending decades of acrimony between the two neighboring states. Sharaa reportedly discussed the matter with Rep. Cory Mills (R – FL) during his visit to Syria.
The exact terms of this offer weren’t made public, though Rep. Mills said that Sharaa also gave him a note to deliver to President Trump. Syria is keen to get international sanctions eased, and that is likely to be a top condition for such a move.
Syria’s ruling Hayat Tahrir al-Sham (HTS) has actually raised the prospect of normalizing relations with Israel before, indeed even before they successfully took over the country in December. HTS made clear that they didn’t consider Israel an enemy and would allow them to open an embassy in Damascus, as well as in Beirut (though they have not conquered Lebanon so that’s not up to them).
Israel invaded Syria more or less immediately after HTS came to power, however, and has been expanding into growing amounts of Syria’s southwest, in addition to constantly launching strikes against targets across Syria. Presumably normalization would also be conditioned on an end to Israeli attacks and occupation of Syrian soil.
Sharaa making such an overture by way of the US is an interesting twist on the matter, as the US has previously been pushing Israeli interests on Syria as a condition for even considering extending sanctions waivers, for instance demanding Syria ban all Palestinian groups in the country.
Syria hasn’t done that, but they did just recently arrest a couple of top Palestinian Islamic Jihad (PIJ) members in what is being call a “good faith” offer to the US, though at present there’s still no confirmation the PIJ people are actually being charged with anything.
Israel, on the other hand, wants the US to condition the cuts on demands for concessions by Turkey, which borders Syria in the north, to limit Turkish influence in the country. The US seems more or less willing to see Turkey, who is also an ally, claim a sphere of influence inside Syria, but Israel sees that as an eventual collision course between them and Turkey over the region.
It’s not clear how many concessions the US could get out of Turkey even if they are inclined to do so. Turkey has recently conditionally halted attacks on the Kurdish-controlled Tishreen Dam, but stopped short of ending their offensive against the Kurds entirely. The US is mediating talks between Turkey and the Kurdish AANES, and while there have been deconfliction talks between Turkey and Israel, so far all the indications out of Israel are that they still consider any Turkish presence in Syria a direct threat to their own interests.
For the first time…Al Jolani gang government
Syrian Foreign Minister Asaad al-Sheibani recognizes "Israel" as a "state" during a United Nations meeting in New York! pic.twitter.com/VrKFcDSurM
That the HTS is open to normalization with Israel at all is somewhat surprising given their history. Ahmed al-Sharaa was previously known as Abu Mohammed Jolani, and before the HTS his group was known as Jabhat al-Nusra, which was the al-Qaeda affiliate for Syria. Sharaa has tried to distance HTS from its al-Qaeda past, but it remains a strongly Islamist movement and its ideology doesn’t appear to have changed that much. This has led to Israel deciding the HTS is necessarily an enemy, and the US has been very cautious in dealing with them.
Normalization between Israel and Syria would be a huge achievement, and President Trump would doubtless be keen to take credit for it were it to happen. At the same time, the situation is wildly complicated and it’s not clear what the US would be able to offer, let alone deliver, to Syria in return for this move.
IRAN
Massive Explosion Rocks Port On Strait Of Hormuz
Saturday, Apr 26, 2025 – 09:20 AM
At least 500 people were injured after a massive explosion rocked Iran’s largest and most strategically significant maritime hub in the southern Hormozgan Province on the Strait of Hormuz.
Iranian state media outlet Tasnim reported that the blast occurred on Saturday at the Shahid Rajaee Port. (BANDAR ABBAS)The outlet said, “The port remains in a state of chaos,” and many buildings have been destroyed.
Tasnim reported that a fuel tank had “exploded for an unknown reason,” and port operations had been shuttered. A report from the state media outlet IRIB stated that the explosion occurred in the port’s chemical and sulfur area.
Footage shows the moment a powerful blast struck Iran’s Shahid Rajaee port in Bandar Abbas.
— Iran International English (@IranIntl_En) April 26, 2025
BREAKING | A massive explosion has been reported at the Port of Shahid Rajaee, one of two sections within the Port of Bandar Abbas, located on the north shore of the Strait of Hormuz in southern Iran.
According to Mehr News Agency, a fuel tank in the port exploded due to unknown… pic.twitter.com/vN8r4yHyCT
Designated as a Special Economic Zone, Shahid Rajaee Port handles about 85% of Iran’s total port cargo operations. Its annual capacity is about 70 million tons, including 6 million TEUs of containerized cargo. The port spans 2,400 hectares and features 40 berths and 19 hectares of warehouses.
The port also serves as a critical node for Iran’s oil exports, equipped with docks that can accommodate large tankers. These facilities enable the annual export of around 34 million tons of oil products, including gasoline, naphtha, gas condensate, marine fuel, and mazut.
At the same time, Iran and U.S. officials began the third round of negotiations in Oman’s capital of Muscat about the fate of the Islamic Republic’s nuclear program. Here’s more color on the second round.
The negotiations aim to suppress Iran’s nuclear program in exchange for the U.S. lifting some economic sanctions it has imposed on the Islamic Republic.
President Trump has threatened to launch airstrikes targeting Iran’s critical infrastructure if a deal is not reached.
Last month, the U.S. began deploying stealth bombers to Diego Garcia—often referred to as Washington’s “unsinkable aircraft carrier”—located between Africa and Indonesia, about 1,000 miles south of India. The island serves as a critical launch point for stealth bombers in the event of a war with Iran. Staging the bombers on the island, well within striking distance, has made Tehran deeply uncomfortable.
Let’s take a step back to an October op-ed in The Wall Street Journal, penned by David Asher—a senior fellow at the Hudson Institute and a former U.S. State Department official who worked on counterterrorism operations in the Middle East—who advocated for neutering the Iranian regime’s “oil-export capacity to deprive the regime of its financial lifeblood.”
Any event on the critical maritime chokepoint of the Strait of Hormuz—such as an explosion at a major port—could spark uncertainty among energy traders and push Brent crude futures higher on Sunday evening.
END
Hundreds injured and deaths reported in Iran explosion
Frances Mao
BBC News
The explosion on Saturday took place at a port area in the southern city of Bandar Abbas
At least four people have been killed and 500 more injured in a massive explosion at a port near the southern Iranian city of Bandar Abbas, state media is reporting.
The blast took place at the Shahid Rajaee port on Saturday morning,blowing out the windows of nearby office buildings and causing the roof of at least one building to collapse.
Footage showed people fleeing from the wharves at the time of the explosion and others lying wounded on the street. There are also reports of people being trapped under collapsed walls.
A fire is still raging at the container terminal site and pictures show huge clouds of black smoke billowing over the wharfs.
Authorities dispatched helicopter crews to try and extinguish the flames, while the injured were being rushed by medics to nearby hospitals,authorities said.
Emergency crew are rushing to attend to the injured
Some workers are “still trapped under collapsed roofs and “we are trying to rescue them”, one official told local media according to BBC Persian.
Footage shared online shows people bracing at the point of explosion and then fleeing the area.
People rushing away from the Shahid Rajaee port after the explosion
According to reports, witnesses say the explosion occurred after a fire broke out and spread to unsealed containers storing “flammable materials”, most probably, chemicals.
“The source of this incident was the explosion of several containers stored in the Shahid Rajaee Port wharf area,” a crisis management official in the region said.
One analyst firm said it believed the affected containers had contained solid fuel for Iranian missiles.
The fire had been the result of “improper handling of a shipment of solid fuel intended for use in Iranian ballistic missiles,” according to Ambrey Intelligence, a global maritime risk firm.
The firm said it had found 12 merchant vessels within five nautical miles of the explosion when the incident occurred, seven of which had been berthed at the port at the time.
A motorist with a shattered windshield in traffic streaming away from the port area
Shahid Rajaee is Iran’s largest commercial port, located on Iran’s southern coast close to the Strait of Hormuz, a major shipping channel for oil cargo.
It is located about 20km (12 miles) west of Bandar Abbas, the capital of the Hormozgan province.
Iran’s national oil production company said the explosion at the port had “no connection” to the country’s oil refineries, fuel tanks and pipelines, local media reported.
The explosion was so large residents reported hearing and feeling the explosion from 50km (31 miles) away.
Iranian President Masoud Pezeshkian has expressed his “deep regret and sympathy” for victims and has announced a government investigation.
Iranian state TV reporting Saturday’s huge blast at the Shahid Rajaee Port in the country’s south.
A large explosion rocked Shahid Rajaee port in the southern Iranian city of Bandar Abbas, semi-official Tasnim news agency reported on Saturday.
xpost.com/breaking-news/article-851578
At least four were killed and 516 people were injured and rushed to a nearby hospital for treatment, and it is unclear whether there are fatalities, Reuters reported.
The explosion reportedly occurred near an Islamic Revolutionary Guard Corps (IRGC) naval base, Army Radio reported.
The IDF has denied any involvement in the explosion, Maariv reported, citing sources within the military.
Footage online shows large mushroom clouds emerging from the site of the explosion.
ویدیوهای رسیده حاکی است روز شنبه ششم اردیبهشتماه انفجاری مهیب در محدوده بندر رجایی در بندرعباس رخ داده است. به گفته رسانهها، هنوز جزییاتی از علت این انفجار منتشر نشده اما شدت انفجار به حدی بوده که مردم در بندرعباس و قشم نیز صدای آن را شنیدهاند. pic.twitter.com/8oltblYGLA
“The source of this incident was the explosion of several containers stored in the Shahid Rajaee Port wharf area. We are currently evacuating and transferring the injured to medical centers,” a local crisis management official told state TV.
h
فيديو متداول: لحظة وقوع الانفجار في ميناء الشهيد رجائي في #إيران
Reuters said that efforts were ongoing to extinguish a significant fire, with the port’s customs saying that trucks were being evacuated from the area and that the container yard where the explosion occurred likely contained “dangerous goods and chemicals.”
State TV said “negligence in handling flammable materials was a contributing factor” in the explosion.
Oil facilities were not affected by the blast as the National Iranian Petroleum Refining and Distribution Company issued a statement saying, “The explosion and fire in Shahid Rajaee Port have no connection to refineries, fuel tanks, distribution complexes, and oil pipelines related to this company.”
The large blast shattered windows within a radius of several kilometers, Iranian media said, with footage shared online showing a mushroom cloud forming following the explosion.
Conflict between Tehran and Israel
The explosion came amid nuclear talks with Washington after concerns that Tehran was illegally enriching uranium to a level capable of producing nuclear weaponry.
Since the Israel-Hamas war ignited in 2023, Tehran and Jerusalem have launched direct attacks against each other. Tehran first launched an aerial attack across Israel in April, and tensions have continued to escalate.
Major Iranian Port Paralyzed: 700 Injured, 5 Dead After Massive Explosion
Saturday, Apr 26, 2025 – 01:38 PM
Update (1338ET):
Iranian state-owned news media Press TV reported that at least four people died and 700 were injured after a fuel tanker exploded for unknown reasons at Shahid Rajaee port in Hormozgan Province.
A separate report from the Associated Press said the explosion that rocked Iran’s second-largest container port—located on the Strait of Hormuz, a critical maritime chokepoint—originated from containers reportedly linked to chemical ingredients linked to missile propellant.
The state-run IRNA news agency said that the Customs Administration of Iran blamed a “stockpile of hazardous goods and chemical materials stored in the port area” for the explosion at the port. The outlet did not provide details on the chemical ingredients.
In this aerial footage of the Iran port explosion there are three locations- with some distant from one another- burning. Iran says investigations are pending. pic.twitter.com/44dNYYE1Gz
With one of Iran’s largest commercial ports paralyzed, the economic disruption could be devastating for Tehran:
Trade Disruption:
Shahid Rajaee handles 85% of Iran’s total cargo traffic.
Disruption would effectively spark supply chain disruptions for Iran’s import-export economy, causing shortages of consumer goods, industrial equipment, food, and medicines.
Iran’s limited alternative ports (like Chabahar) would have trouble absorbing even a fraction of that volume quickly.
Oil and Fuel Export Disruption
The port is a major terminal for refined oil products (gasoline, naphtha, gas condensate, etc.).
Iran already faces sanctions on crude oil; losing its refined product export capacity would cut off a key source of hard currency.
This would intensify Iran’s already precarious foreign exchange crisis, sending the rial lower.
With Shahid Rajaee Port in chaos and closed, the question now is: What will be Tehran’s economic fallout?
Also keep in mind, this blast occurred just as Iran and U.S. officials wrapped up the third round of negotiations in Oman’s capital of Muscat.
END
Explosion at Iranian port severely impacts regime, Iran expert says
“This location and port are extremely critical to the survival of the Iranian regime,” expert Sabti emphasized.
By MAYA COHENAPRIL 27, 2025 09:18Updated: APRIL 27, 2025 14:
Smoke from the explosion is seen at the Shahid Rajaee port in Bandar Abbas, Iran, April 26, 2025.(photo credit: Mohammad Rasoul Moradi/IRNA/WANA (West Asia News Agency) via REUTERS)
The mass explosion at the Shahid Rajaee port in the southern Iranian city of Bandar Abbas, which took place on Saturday, has significantly impacted the Iranian regime, according to Beni Sabti, an expert Iran researcher at Israel’s Institute for National Security Studies (INSS).
The port that blew up in the southern Iranian city “is the most important port for the Iranian regime,” said Sabti in a Sunday Ma’ariv interview.
Sabti explained that the reason for the port’s importance is “not only because it’s the largest port in Iran, but because the hub is used by the Islamic Revolutionary Guard Corps (IRGC) to transfer weapons to terror organizations like Hezbollah and the Houthis, and to illegally transfer oil to China.”
“Various tankers operate there, disappearing and reappearing, essentially collecting oil from the port or bringing in goods that Iran needs,” Sabti continued.
“This location and this port are extremely critical to the survival of the Iranian regime,” he emphasized.
Smoke from the explosion is seen at the Shahid Rajaee port in Bandar Abbas, Iran, April 26, 2025. (credit: Mohammad Rasoul Moradi/IRNA/WANA (West Asia News Agency) via REUTERS)
Sabti was hesitant about determining what the cause of the explosion was.
“It’s still very early to know whether it was an accident or deliberate sabotage,” Sabti said.
“Personally, I find it hard to believe it was sabotage, especially at this time, given the ongoing talks between Iran and the United States,” he added.
Response to claims that the explosion was attributed to Israel
Sabti addressed the claims that the explosion was attributed to Israel, saying, “It’s common and widespread for some Iranian regime-affiliated figures to blame Israel. Officially, however, the regime is refraining from doing so – possibly because it’s not in their interest at this time.”
Sabti also remarked on the magnitude of the explosion, calling the “damage very severe.”
“The situation is very, very difficult. There are fatalities and hundreds of injured at the scene. Some are comparing this explosion to the one that occurred in Lebanon a few years ago, which destroyed everything. Of course, it’s not on the same scale, but it’s still a very large explosion,” he said.
He also noted that the consequences of the explosion could be particularly serious if critical infrastructure were damaged.
The potential damage of the explosion
“The section that exploded is very, very vital to the Iranian regime’s survival,” Sabti explained, adding, “If infrastructure important to the IRGC’s oil transfer operations or the reception of vital goods was damaged, it could have a significant impact.”
“There are rumors right now that Iran may have been storing missile fuel there [at the port], possibly imported from China.” However, Sabti stressed, “This is just a rumor, and it must be emphasized as such.”
“The information is still unclear, and we need to wait for various confirmations. It’s possible that the Iranian regime will conceal the truth,” Sabti continued.
“In any case, there is damage that could prove significant to the Iranian regime’s economy, especially affecting the IRGC and the weapons they transfer or receive,” Sabti concluded.
END
IRAN/USA/ISRAEL
Trump: Israel Won’t Drag Us Into War With Iran ‘But I’ll Lead The Pack’ If No Deal Made
Friday, Apr 25, 2025 – 09:20 PM
Iran’s top diplomat Abbas Araghchi is in Oman preparing for the next round of nuclear talks with the United States, which will mark the third direct engagement, after President Trump just made an unexpected overture. Trump in a newly published Time interview says he is open to meeting Iran’s supreme leader or president, as the two sides have made clear they are open to achieving peace on the question of the Islamic Republic’s nuclear program.
“I think we’re going to make a deal with Iran,” Trump said to Time. The US president was then questioned over whether he is open to meeting Supreme Leader Ali Khamenei or President Masoud Pezeshkian, to which he responded: “Sure”.
Officials involved in the Iran dialogue have presented that “very good progress” has been made. This comes after last month Trump warned that Tehran can choose inking a peace deal or possibly face American bombs.
“Ultimately I was going to leave that choice to them, but I said I would much prefer a deal than bombs being dropped,” Trump described in the interview. “We can make a deal without the attack. I hope we can.”
There have been recent reports and fears that Prime Minister Netanyahu is seeking to drag the White House into waging preemptive attack on Iran’s nuclear sites.
But Trump has said he’s not worried that Israel would drag him into war. But that’s when he warned that, “I may go in very willingly if we can’t get a deal. If we don’t make a deal, I’ll be leading the pack.”
Below is the key section of the Time interview transcript regarding Israel, Iran and US policy:
You reportedly stopped Israel from attacking Iran’s nuclear sites.
Trump: That’s not right.
It’s not right?
No, it’s not right. I didn’t stop them. But I didn’t make it comfortable for them, because I think we can make a deal without the attack. I hope we can. It’s possible we’ll have to attack because Iran will not have a nuclear weapon. But I didn’t make it comfortable for them, but I didn’t say no. Ultimately I was going to leave that choice to them, but I said I would much prefer a deal than bombs being dropped.
Are you worried Netanyahu will drag you into a war?
No.
Let’s talk about some of the issues with universities—
By the way, he may go into a war. But we’re not getting dragged in.
The U.S. will stay out of it if Israel goes into it?
No, I didn’t say that. You asked if he’d drag me in, like I’d go in unwillingly. No, I may go in very willingly if we can’t get a deal. If we don’t make a deal, I’ll be leading the pack.
We detailed before that within the administration there is an emerging divide on Iran between the hawks and those that want a peaceful resolution. It seems Trump has been favoring the doves, also given the obvious negatives of the US getting bogged down in another Middle East quagmire.
On the eve of the 3rd round of US-Iran talks, Trump says negotiations have been “very successful," with a “very positive decision” possible—one that “could save many lives.”
To Time: “We’ll make a deal with Iran. No one else could’ve done this.”
A fresh nuclear deal might also east the pressure facing US naval forces in the Red Sea, amid the ongoing anti-Houthi campaign, given the Houthis have long been considered Tehran’s proxies. Better US-Iran relations could serve to silence the missiles and drones over the Red Sea.
end
HOUTHIS
IDF intercepts missile from Yemen, rocket sirens sound in Beersheba, Negev area
Missile launch towards Israel came hours after reports of US airstrikes in Houthi-controlled western Yemen.
Footage released by Houthi Military Media says to show a launch of missile, which the Houthis say they fired at Israel, at an unknown location in this screen grab obtained from a handout video released on December 19, 2024.(photo credit: HOUTHI MILITARY MEDIA/via REUTERS)
The IDF intercepted a missile that was launched from Yemen early Saturday morning, which caused rocket sirens to sound in Beersheba and the Negev areas minutes later.
The missile was intercepted before entering Israeli territory, the military added.
US strikes target Sanaa, nearby districts in Yemen shortly before sirens in Israel
Hours before the missile launch towards Israel, US airstrikes targeted Sana’a and other nearby districts in Houthi-controlled Yemen, according to Arab media reports.
Five airstrikes were reported in the Nihm district in the Sana’a governorate, Hezbollah-affiliated media Al-Manar cited Yemeni reports as saying.
Houthi fighters take part in a parade for people who attended Houthi military training as part of a mobilization campaign, in Sanaa, Yemen December 18, 2024. (credit: REUTERS/Khaled Abdullah/File Photo)
Additionally, a correspondent from Al-Mayadeen, also affiliated with the terrorist organization, reported that seven US airstrikes struck targets in the Medghal district in the Ma’rib governorate, northeast of the Yemeni capital.
Strikes by the US Air Force were also heard Hodeidah, Al-Mahwit, and Saada, according to Houthi-affiliated TV news source Al-Masirah. One person was reportedly killed from strikes on Saada.
Houthi training camps were struck in Al-Mahwait and Sana’a, the Saudi Al-Hadath channel claimed, citing sources, and that dozens are either dead or wounded. However, Houthi-affiliated media has not confirmed this.
US activity in Yemen has its setbacks
The loss of military drones in strikes in Yemen has reportedly caused setbacks for the US Air Force’s operations in the Middle Eastern country, CNN reported Friday.
The report stated that the United States had hoped to establish air superiority over Yemen within a month of launching the campaign, setting the stage for a shift to “phase two,” which would involve more targeting and surveillance of the Yemeni-based terrorist organization.
Liran Aharoni contributed to this report.
end
HOUTHIS USA
Houthis Claim US Airstrike Killed 68 Africans At Migrant Detention Cen
A Houthi-controlled ministry said on Monday that a U.S. airstrike killed at least 68 Africans at a migrant detention center in northern Yemen.
The Yemen News Agency (Saba) said it received a statement from the civil defense department of the Ministry of Interior, reporting that the strike in Saada governorate, a Houthi stronghold, killed at least 68 and wounded 47 African migrants.
The Epoch Times reached out to the U.S. Department of Defense for comment but did not receive a response by publication time.
Migrants from Eritrea, Ethiopia, and other African countries often cross the Bab el-Mandab Strait to Yemen en route to oil-rich Saudi Arabia, seeking work.
Graphic footage broadcast by the Houthi-controlled Al-Masirah satellite news channel showed what appeared to be dead bodies.
The Epoch Times was unable to verify the claims or the footage.
On March 15, President Donald Trump ordered airstrikes on Houthi-held areas in Yemen, vowing to use “overwhelming lethal force” until the Iran-backed terrorists end their attacks on a critical sea lane.
U.S. aircraft have been consistently hitting targets across Houthi-controlled areas of Yemen over the last six weeks in what is known as Operation Rough Rider.
“Since March 15, U.S. Central Command (USCENTCOM) forces have conducted an intense and sustained campaign targeting the Houthi terrorist organization in Yemen to restore freedom of navigation and American deterrence,” U.S. Central Command said in an April 27 statement.
“These operations have been executed using detailed and comprehensive intelligence ensuring lethal effects against the Houthis while minimizing risk to civilians.”
‘Minimizing Risk to Civilians’
“To preserve operational security, we have intentionally limited disclosing details of our ongoing or future operations. We are very deliberate in our operational approach, but will not reveal specifics about what we’ve done or what we will do.”
The statement said Central Command has struck over 800 targets since the start of Operation Rough Rider. These strikes have killed hundreds of Houthi fighters and numerous Houthi leaders, including senior Houthi missile and UAV [unmanned aerial vehicle] officials, according to Central Command.
Iran has supplied drones and drone technology to its allies in the so-called Axis of Resistance, which includes the Houthis in Yemen and the terrorist group Hezbollah in Lebanon.
Both have used drones against Israel, although the Houthis have tended to target shipping in the Red Sea and the Bab el-Mandab Strait.
In Oct. 2024, Central Command sent B-2 Spirit stealth bombers to target underground bunkers in Yemen which it said were used by the Houthis to store missiles and drones.
The Houthi terrorist group draws members from northern Yemen’s Shiite Muslim Zaydi community.
Officially known as Ansar Allah, they have controlled the Yemeni capital, Sanaa, and a swath of territory in north and west Yemen since 2014.
On March 4, Ansar Allah was formally designated a terrorist organization by the U.S. Department of State.
In a statement announcing the designation, the State Department said, “Since 2023, the Houthis have launched hundreds of attacks against commercial vessels in the Red Sea and Gulf of Aden, as well as U.S. service members defending freedom of navigation and our regional partners. Most recently, the Houthis spared Chinese-flagged ships while targeting American and allied vessels.”
On April 18, a U.S. strike on the port of Ras Isa killed at least 74 people and wounded 171 others.
In its latest statement, Central Command said, “U.S. strikes destroyed the ability of Ras Isa Port to accept fuel which will begin to impact Houthi ability to not only conduct operations, but also to generate millions of dollars in revenue for their terror activities.”
Last year, the State Department published a status report on human trafficking in Yemen, part of which country is controlled by the Saudi-backed Republic of Yemen Government (ROYG). The ROYG fought a long war against the Houthis, paused in 2022 after the United Nations brokered a cease-fire.
The report said, “The sustained insurgency by the Houthis continued to be a significant obstacle to the ROYG’s ability to combat all forms of human trafficking, including the recruitment or use of child soldiers.”
END
ISRAEL
Israel Extends Compulsory Service As Manpower Crisis Plagues Army
The Israeli army has announced that it will extend mandatory service by four months due to a growing manpower crisis, coinciding with an intensification of battles in Gaza and the resurgence of deadly resistance operations against invading troops.
The additional four months will be classified as reserve duty, allowing soldiers to complete a total of three years of military service. The military will also cancel pre-release leave for soldiers. Troops will have to serve a full three years before being discharged.
This decision follows months of intense fighting and rising casualties, which have strained troop levels.
The extra four months will provide benefits for the soldiers, given that reserve duty is usually compensated by the Israeli government. The army states that its decision is temporary and aims to help alleviate the current troop shortages.
“At the moment, we are short 10,000 troops, 7,000 of them in combat units,” the army said. Israel announced on Saturday the death of Staff Sergeant Neta Yitzhak Kahana, an undercover operative with the Southern Border Police, who was killed during clashes with militants in Gaza.
His death marked the second Israeli soldier to be killed over the weekend. Both were killed in Gaza City’s Shujaiya neighborhood.
Israel has said that it will launch a major offensive across Gaza if no progress is made in truce negotiations. According to Tel Aviv, current operations in Gaza – which have seen the army seize at least 50 percent of the strip’s territory – aim to pressure Hamas in talks, not bring about a complete defeat of the resistance group.
An expanded assault on Gaza would include a massive call-up of reservists and operations in new areas of the strip, the army has said.
Last month, Israeli media reported that the army is facing a crisis in its reserves as a growing number of soldiers have indicated a lack of motivation and an unwillingness to serve. A senior commander in the reserves told Haaretz that there are numerous cases of reservist soldiers refusing to report for duty.
According to estimates, the response rate for the upcoming reservist call-up is expected to be no more than 50 percent. This would mark a 50 percent drop since the start of the war in 2023.
Meetings of the Israeli Security Cabinet revealed “major disagreements” between the political and the military ranks regarding the policies of Prime Minister Benjamin Netanyahu’s government on the genocidal war against the Gaza Strip.
The manpower crisis Israel is facing coincides with growing tension between Israel’s political and security establishments. Former Shin Bet chief Ami Ayalon called for civil disobedience against Prime Minister Benjamin Netanyahu following his dismissal of Shin Bet chief Ronen Bar. This came during a protest in Tel Aviv on Saturday.
Israeli protesters have also taken to the streets to demand an immediate exchange agreement in Gaza, where relentless airstrikes are endangering the lives of captives still held by the resistance.
END
RUSSIA VS UKRAINE/USA
Trump Unleashes More Anger, Frustration At Zelensky For Not Signing Rare Earths Deal
Saturday, Apr 26, 2025 – 08:45 AM
On Friday there’s been more public, out in the open tension on display between Presidents Donald Trump and Volodymyr Zelensky. Trump once again chastised the Ukrainian leader for apparently refusing to sign the controversial rare earths deal.
US administration officials had last week previewed that they expected it to be signed this week, which generated many anticipatory headlines, but there’s as yet nothing to show for it, and the reports proved premature.
“Ukraine, headed by Volodymyr Zelenskyy, has not signed the final papers on the very important Rare Earths Deal with the United States. It is at least three weeks late,” Trump wrote on Truth Social.
The statement was issued while he was en route to Rome aboard Air Force One for the pope’s funeral. Trump emphasized, “Hopefully, it will be signed IMMEDIATELY.“
“Work on the overall Peace Deal between Russia and Ukraine is going smoothly. SUCCESS seems to be in the future,” Trump added.
Ukraine has been hoping that agreeing with the deal would allow it to secure more specific and lasting security guarantees in the face of the Russian threat. Washington has so far agreed that the country should be able to forcibly defend itself if Moscow violates any future peace pact.
But clearly this week’s sparring between Kiev and Washington over Crimea has helped further deal a minerals deal. The White House wants Ukraine to be ready to give up Crimea permanently, and is ready to recognize Russian sovereignty over it.
However, Zelensky reiterated to reporters on Friday, “Our position is unchanged. The constitution of Ukraine says that all the temporarily occupied territories… belong to Ukraine.”
Crimea should be the easiest concession for Zelensky to make because: 1) it’s been part of Russia for the last decade. 2) the vast majority of its population are ethnic Russians who (as western polling shows) want to be part of Russia. 3) Ukraine has no military way to retake it.… pic.twitter.com/XwQYlc7cMc
To review, Ukraine says that some 5% of the world’s “critical raw materials” are in the country. They include:
…some 19m tonnes of proven reserves of graphite, which the Ukrainian Geological Survey state agency says makes the nation “one of the top five leading countries” for the supply of the mineral. Graphite is used to make batteries for electric vehicles.
Ukraine has 7% of Europe’s supplies of titanium, a lightweight metal used in the construction of everything from aeroplanes to power stations.
It is also home to a third of all European lithium deposits, the key component in current batteries.
Other elements found in Ukraine include beryllium and uranium, which are both crucial for nuclear weapons and reactors.
Deposits of copper, lead, zinc, silver, nickel, cobalt and manganese are also significant.
Trump’s impatience could also stem from the fact that a little over a week ago Ukraine signed a memorandum of intent, paving the way for an “economic partnership agreement” with the US. But apparently not much has happened since then, and the White House fears Kiev is just stalling.
END
RUSSIA/UKRAINE
Putin Declares Surprise 3-Day Ceasefire In Ukraine For WW2 Victory Day
by Tyler Durden
Monday, Apr 28, 2025 – 02:20 PM
In an unexpected development on Monday Russian President Vladimir Putin ordered a temporary ceasefire in Ukraine on the occasion of Russia’s Victory Day celebrations, coming next week.
This year’s observance will mark the 80th anniversary of the Soviet Union’s victory over Nazi Germany in World War II. The Kremlin published a statement calling for the ceasefire to being at midnight on May 8, lasting until midnight on May 11. The Kremlin intends for all Russian military operations to be suspended.
This full three-day ceasefire would mark the longest such pause in fighting of the war, following on the heels of this month’s 30-hour Easter truce, which largely held but saw accusations of repeat violations hurled between both sides in some locales.
The ceasefire is “out of humanitarian considerations,” the statement indicated. “Russia believes that the Ukrainian side should follow this example,” the Kremlin added.
“In the event of ceasefire violations by Ukraine, the Armed Forces of the Russian Federation will respond appropriately and effectively.”
Moscow further said it “reaffirms its readiness for peace negotiations without preconditions, aimed at addressing the root causes of the Ukrainian crisis and engaging constructively with international partners.”
Ukraine’s Foreign Minister Andrii Sybiha, was the first to respond on behalf of Kiev, and asked why there can’t be an immediate ceasefire, if Moscow is willing to declare one for May 8.
“Why wait until May 8th? If the fire can be ceased now and since any date for 30 days — so it is real, not just for a parade,” Sybiha wrote on X. “Ukraine is ready to support a lasting, durable and full ceasefire. And this is what we are constantly proposing, for at least 30 days.”
One Russian source has been quoted as pointing out this is largely about signaling the Trump administration:
“We are sending a signal to the outside world: we are peace-loving, and they [in Ukraine] are terrorists — referring, for example, to the recent killing of General Moskalik,” said the official, who was granted anonymity to talk candidly about the situation.
“Another intended recipient of this signal is the U.S. president himself: ‘Look, Mr. Trump, we are trying,’” the official added.
Trump has been increasing the pressure not only on Zelensky but on Russia too, warning both sides that US patience will run out, and urging the forging of a ceasefire within days.
But in reality neither side has budged, given also just on Monday FM Lavrov set forth maximalist demands to end the war: full recognition of Russian control over the four territories, ‘deNazification’, and a pledge for Ukraine to never joint NATO, along with protection of the Russian language in Ukraine.
However, Trump has lately suggested he thinks Zelensky is ready to give up Crimea, but there’s been no official confirmation of this as of yet. The Ukrainian leader would face immense pushback from many of his own military commanders if he formally relinquishes territory.
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUE
MARK CRISPIN MILLER
Carlos Santana cancels 2nd show after collapse; B-52’s cancel show (“nasty flu”); Lorrie Morgan cancels show after…
NBC4 anchor Leon Harris quits after “shaky broadcast”; Rockies’ Kris Bryant sidelined by degenerative disc disease; Sharon Osbourne cancels talk show as Ozzie declines; & more
Carlos Santana Cancels Second Show After Texas Collapse
April 24, 2025
Carlos Santana has called off another concert after collapsing during a Tuesday soundcheck in San Antonio. Manager Michael Vrionis confirmed the cancellation of tonight’s show at Smart Financial Center in Sugar Land, Texas,
Local fire officials said the 77-year-old was hospitalized with “a non-life-threatening condition” before a scheduled Santana concert at the Majestic Theatre in San Antonio. Vrionis later announced that Santana had been suffering from dehydration.
“It is with profound disappointment that I have to inform you all that tonight’s show in San Antonio has been postponed,” Vrionis said in an official statement on Tuesday. “Mr. Santana was at the venue preparing for tonight’s show when he experienced an event that was determined to be dehydration. Out of an abundance of caution and the health of Mr. Santana, the decision to postpone the show was the most prudent course of action. He is doing well and is looking forward to coming back to San Antonio soon as well as continuing his U.S. Tour.”
The B-52s’ Cindy Wilson falls ill, Band Cancels Concert
April 25, 2025
Legendary new wave band The B-52s were forced to cancel one of their Las Vegas residency shows last week after singer Cindy Wilson fell ill.
In a statement shared to Instagram, Wilson’s bandmates Kate Pierson and Fred Schneider announced that their Wednesday, April 16 show at Las Vegas’ Venetian Theatre, part of their ongoing farewell tour, was canceled as Wilson battled a “very nasty flu.”
Country Artist Cancels Concerts Following Husband’s Cancer Diagnosis: Lorrie Morgan Speaks Out
April 21, 2025
Country singer Lorrie Morgan has canceled all of her concerts and appearances for the next two weeks due to her husband’s health.
The “Except for Monday” and “What Part of No” singer’s husband, Randy White, was hospitalized last week amid his ongoing battle with mouth cancer, her manager Tony Conway announced Thursday.
“Morgan’s husband of nearly 15 years, Randy White, has been undergoing treatment for mouth cancer,” Conway said, according to PEOPLE. “White has been readmitted to a hospital in Middle Tennessee.
Sharon Osbourne Abruptly Cancels Entire Talk Show Tour Over ‘Family Issue’ Amid Husband’s Ailing Health
April 22, 2025
Sharon Osbourne has mysteriously called off her planned talk show tour over an alleged “family issue.”
The TV personality had previously canceled a public appearance at Mad Monster Party in Phoenix due to her husband Ozzy Osbourne “not being able to fly.”
Sharon Osbourne has been the primary caretaker of her ailing husband, who has been battling Parkinson’s disease and is said to be unable to walk.
Why Rita Moreno Had to Miss Everybody’s Live with John Mulaney at the Last Minute
April 25, 2025
Rita Moreno is speaking out amid fan concern after she cancelled her scheduled appearance for the April 23 episode of Everybody’s Live with John Mulaney at the last minute.
The EGOT recipient, 93, was originally slated to appear on the Netflix show alongside Ayo Edebiri and Conan O’Brien. However, Tina Fey ended up stepping in for her, and Mulaney told viewers of Moreno, “We hope she’s doing okay.”
In a statement, a representative for the actress told PEOPLE they were “happy to report” that “nothing serious” was behind Moreno’s absence.
“Rita came down with a bout of vertigo on Tuesday. And because she lives in Berkeley, CA, she couldn’t get on a plane down to L.A.,” the rep said.
Moreno was “bummed” to miss Mulaney’s show — and the rep added that she was also bummed to miss this weekend’s TCM Classic Film Festival, which she was also slated to attend, for the same reason.
NBC4 Washington anchor Leon Harris leaving station months after shaky broadcast
April 9, 2025
Local news anchor Leon Harris is leaving NBC4 Washington for good, more than four months after he initially stepped away from the station in the aftermath of a broadcast in which he struggled mightily. The longtime journalist called the departure Tuesday a “difficult decision” he made with his “health and family” in mind after he became a headline for all the wrong reasons over a shaky Thanksgiving day segment. “Many of you have kindly asked about me over the past few months,” he said in a statement on NBC Washington’s website. “As you know, I took time off to focus on my health and family. After 40+ years of nonstop work and the dramatic changes in the news and television industry, I’ve made the difficult decision to step away from my role at NBC4.” Harris, 63, was with the local station for eight years.
Researcher's Note - NBCUniversal, the parent company of NBC News, is requiring U.S.-based workers returning to the office to be fully vaccinated [sic], Executive Vice President Adam Miller told employees in an email on Aug. 11. Employees will also be required to provide details about their vaccination [sic] status.
Rockies place Bryant on IL with lumbar degenerative disc disease
April 14, 2025
The Colorado Rockies placed designated hitter Kris Bryant on the 10-day injured list due to lumbar degenerative disc disease, they announced Monday. It’s unclear what type of treatment Bryant will receive for the issue. Manager Bud Black said that while the former NL MVP is likely to return after the minimum 10 days are up, the condition will force the team to manage his playing time. “A lot of players – especially at this point in their career – have to manage certain things in their body,” Black said, per Andrés Soto of MLB.com. This is the latest setback for Bryant during an immensely disappointing Rockies tenure. Since joining the Rockies on a seven-year, $182-million contract in 2022, the four-time All-Star has played in just 170 games due to being sidelined by injuries. The 33-year-old is earning $25 million annually through 2028.
Researcher's Note - Cubs post game players seem to differ on COVID -19 vaccine [sic]. Kris Bryant talked about being glad he got his
Winnipeg Jets prospect announces retirement after being diagnosed with Ehlers-Danlos Syndrome
April 8, 2025
Through the hockey management and marketing company Newport Sports, Chaz Lucius [21] released a statement on social media saying he is retiring from professional hockey after being diagnosed with Ehlers-Danlos Syndrome (EDS). He said it’s a hereditary disorder that impacts connective tissue that helps stabilize and support joints and organs. “As I struggled with incurring and recovering from various joint injuries over the past several years, I had thought I was just unlucky. With the diagnosis of EDS, I now realize that my body impacted by EDS could not handle the physical nature of playing hockey. Given this condition, my injury history and the physical nature of hockey, I have been medically advised not to continue to play,” Lucius said in the statement.
Researcher's Note - NHL announces that all but 4 players are vaccinated [sic]
Youth Olympic Giant slalom champion Philip Hoffmann: vaccine [sic] damage ends career
April 8, 2025
Philip Hoffmann was considered one of the biggest ski talents in Austria. But in March 2025, he has now finished his career. After a vaccine [sic] damage, he did not find his way back. He talks openly about his vaccine [sic] damage – like few athletes before. The “booster”, the third vaccination [sic], led to health problems: “I didn’t feel anything at all during the first two vaccinations [sic]. But after the third vaccination [sic], I felt really bad. It took me nine months to get really fit again. The biggest problem was that I could hardly eat anything anymore. It just didn’t go down,“ Hoffmann reports. He lost weight. Even liquid food had hardly helped. Massive weight loss (15 kilos) was the result. In addition, he struggled with constant fatigue.
judge, alleging she interfered in immigration operation FBI Director Kash Patel said in a since-deleted post on X that the bureau believed the judge “intentionally misdirected federal agents
seeking to arrest an undocumented immigrant.’ ‘Dugan was arrested by the FBI and is now in the custody of the U.S. Marshals Service, the senior law enforcement official said. The official told NBC News that Dugan was arrested at about 8:30 a.m. local time in the parking lot of the Milwaukee County Courthouse, before she entered the building. She was then transferred to the custody of the U.S. Marshals.’ ‘Court documents related to the arrest were not yet available on Friday.
The news broke in a since-deleted post on X from FBI Director Kash Patel, in which he wrote that the bureau believed that Dugan “intentionally misdirected federal agents” when the “subject to be arrested” had appeared in Dugan’s court on a separate case.
Alexander News Network (ANN): Trump’s War 2.0 for America is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Patel said that agents “chased down the perp on foot,” but said that Hagan’s “obstruction created increased danger to the public.’
‘WASHINGTON — The FBI arrested a county judge in Milwaukee on Friday, alleging that she obstructed the detention of an undocumented immigrant who was wanted by federal authorities, a senior law enforcement official told NBC News.
The arrest of Milwaukee County Circuit Court Judge Hannah Dugan marks a significant escalation of the Trump administration’s crackdown on immigration, in line with its rhetoric about going after local and state authorities on immigration-related matters.’
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
The 51st State Goes To The Polls
Monday, Apr 28, 2025 – 11:20 AM
By Philip Marey, senior US strategist at Rabobank
For now, Trump’s advisors seem to have talked him out of firing Powell, easing market stress last week. The VIX fell from almost 36 on Monday to 25 by the end of the week. However, as we warned a year ago and last month, the Fed and Trump are on a collision course and we are likely to see further confrontations as the Fed’s cutting cycle is slowed down by the inflationary impact of the tariffs. At a closed door IMF meeting on Friday, Powell is reported to have stressed that central banks must be shielded from politics to ensure they can focus on keeping inflation stable and employment high. While he drew applause for these remarks, his audience can do very little to keep him safe from Trump.
On Saturday, the FOMC’s external communications blackout started. However, Powell has already made clear that May 7-8 is not a live meeting. This also means that we are not going to get Fed reactions to some interesting data points that are scheduled for this week, including Q1 GDP, March PCE inflation and April payrolls and unemployment.
Week ahead
Today, the Canadians go to the polls. The two largest parties are the Liberals (Mark Carney) and the Conservatives (Pierre Poilievre). Justin Trudeau resigned as Prime Minister of Canada on January 6, following declining poll numbers and the resignation of Finance Minister Chrystia Freeland. Caretaker Prime Minister Mark Carney has called a snap election for today.
After Trudeau’s resignation, Liberal Party support surged from 20% to 43% under Mark Carney, and the Liberals are leading polls for the first time since 2022. Carney’s agenda focuses on economic growth, affordability, and global trade, including eliminating the carbon tax, ambitious housing plans, and infrastructure investment.
Poilievre and the Conservatives, with the slogan “Canada first, for a change,” aim to lower the lowest income bracket and introduce a tax cut to defer capital gains taxes when reinvesting within Canada, as their campaign gains momentum.
For more details on the Canadian election, please read the preview of the Canadian elections by Christian Lawrence and Molly Schwartz.
Meanwhile, the American interest in Canada has not waned. In an interview with Time magazine, published on Friday, US President Trump repeated his claim on Canada. He said: “I’m really not trolling. Canada is an interesting case.… I say the only way this thing really works is for Canada to become a state.”
Tomorrow, we get the US goods trade balance for March, which turned more negative since December due to rising imports that are likely caused by front-loading because of the tariffs. In February, the trade deficit declined a little due to a rise in exports. Trump’s intended reciprocal tariffs are proportional to the trade deficits with the various trading partners, but many are now trying to negotiate their way out of them. Trump expects some results in a few weeks. Keep in mind that the specific part of the reciprocal tariffs (i.e. above the 10% universal tariff) were delayed until early July for most countries.
We also get the Conference Board report on US consumer confidence, which has declined, also because of the tariffs. While the assessment of the present situation has fallen back to levels shortly before the November elections, the expectations index has plummeted to the lowest level since 2013. So American consumers are very pessimistic about the impact of Trump’s policies.
On Wednesday, we get the Australian CPI for March and the Chinese PMIs for April. Eurozone CPI data for April and GDP growth for Q1 are also scheduled, with separate data for individual Eurozone countries.
In the US, the advance estimate of Q1 GDP growth will be published. The consensus expectation is only 0.2% growth (this is at an annualized rate!), a substantial slowdown from 2.4% in the final quarter of last year. Strong imports, likely caused by front-loading the tariffs, have been a major drag on GDP growth in Q1.
US personal income and outlays for March will also be published. This report includes the PCE deflator, the Fed’s preferred measure of consumer price inflation. The consensus expectation is a decline in headline PCE inflation to 2.2% in March from 2.5% in February. The core PCE deflator is expected to fall to 2.6% from 2.8%, which would suggest continued stickiness. Another data point that the FOMC usually pays attention to is the Employment Cost Index for Q1, which is expected to remain at 0.9%. However, both the ECI and the PCE may now be seen as rearview mirror data points in light of the anticipated inflationary effects from the tariffs.
Finally, the ADP statisticians will publish their estimate of US employment growth in the private sector, which they think is informative regarding Friday’s payrolls. The ADP measure is expected to slow down to 128K in April from 155K in March.
On Thursday, the Bank of Japan is expected to keep the target rate unchanged at 0.50%. However, the BoJ will publish its quarterly outlook, which will extend projections through March 2028.
We also get the US initial jobless claims for the week ending on April 26. They have been moving sideways recently, hovering around the post-2021 average, so they have not been a cause for alarm yet.
The ISM manufacturing report for April will also be published. Last month, the headline index fell below the neutral level again, but remains in the range it has been moving in since 2023. The employment sub-index has been sliding downward, albeit slowly, since 2021 as the Fed has tried to rebalance the labor market. In contrast, the prices paid sub-index has been on the rise since the elections.
On Friday, all eyes will be on the US Employment Report for April, featuring the nonfarm payrolls and the unemployment rate. The consensus expectation is a slowdown to 130K in April from 228K in March. This would still be better than the slow first two months of the year. Unemployment is expected to remain unchanged at 4.2%. Average hourly earnings are also expected to remain stable at 0.3% month-on-month, which should lead to a modest increase to 3.9% from 3.8% in year-on-year terms. A report like this would certainly not make the Fed’s May meeting a live one. However, the Fed will stay alert for signs of deterioration in the labor market that would warrant a rate cut in June.
Apart from these data points, the daily tariff news will likely move markets.
China has not imported any liquefied natural gas from the United States since early February, data from Kpler cited by Nikkei has shown.
The last LNG cargo that left the Gulf bound for China set off on February 6, the data showed.
The Chinese tariffs on U.S. goods, including energy products, and the broader trade war between the world’s two biggest economies could have long-term consequences on the ability of new U.S. LNG export projects to attract anchor offtake commitments, analysts have warned.
The United States was never a major supplier of LNG to Chinese buyers, but after Beijing slapped retaliatory tariffs on U.S. energy imports, the flow ended completely.
Following the tariff exchange, Chinese LNG buyers with long-term supply contracts with U.S. producers started reselling the cargos to Europe, Bloomberg reported in March, citing sources from the trading world. What’s more, Chinese traders have grown cold towards new long-term commitments for future supply from the United States, instead seeking long-term deals with gas producers in the Middle East and the Asia Pacific.
The latest news in that space was for a 15-year supply deal for liquefied natural gas from Emirati Adnoc, at a rate of 1 million metric tons annually.
This made the contract the largest LNG supply deal for a Chinese company, ENN Natural Gas. ENN said the agreement will boost energy supply security and diversify its sourcing.
The outlook for Chinese LNG imports in general appears to be bearish, with BloombergNEF forecasting last month that high levels of gas inventories will push demand lower for the year, leading to the first annual decline in LNG imports since 2022.
The tariff push is now affecting the U.S. LNG industry in another way as well.
President Trump has slapped tariffs on Chinese-built ships calling at U.S. ports, aiming to stir U.S. energy companies towards using U.S.-built vessels, of which there are none yet.
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES/
INDIA PAKISTAN
ROBERT H…
India and Pakistan
This is far more than water. As it is the water sharing that has held from 60’s has been severed.
India buys oil from Russia, and Russia is a significant supplier of oil to India. Following the start of the Ukraine war, India increased its oil imports from Russia, with Russia becoming India’s top oil supplier by volume. In 2023, Russia supplied around 40% of India’s crude oil imports. While India has diversified its sources of oil, including increasing imports from the US, Russia remains a key supplier.
This is why the Neocons have been against India, for they were trying to bankrupt Russia by cutting off all energy sales. This has been a totally irresponsible policy as an act of economic war, which has been a fool’s dream.
However, it should be noted that India supplies a lot of oil products to Europe. This upcoming potential confrontation between these 2 parties will affect oil supplies to Europe and have an impact on global oil prices. One should remember that both of these nations are nuclear powers and Pakistan in any real fight will have to go nuclear not to lose.
One might imagine Neocons are behind this activity in an attempt to weaken Russia by external conflict. In the alternative China is heavily invested in Pakistan as a Silk Road. And it is to China’s interest to make India appear unreliable as an alternative supplier to China as America tries to uncouple from China. Whatever happens there will have global impact.
END
CANADA
MARK CARNEY
Worse Than Trudeau: Canadians Should Expect Disaster With Carney In Charge
Monday, Apr 28, 2025 – 08:00 AM
Justin Trudeau’s far-left regime in Canada has finally come to an end as the politician exits leadership in disgrace. His legacy includes authoritarian governance during the pandemic, whereby he threw Christian church goers and pastors in prison for refusing to stop congregations. He called for mass forced vaccinations, and he locked the bank accounts of protesters speaking out against the covid mandates. His admin compared people donating to the cause to “terrorists”.
His socialist economic policies helped to exacerbate Canada’s inflation crisis and his open immigration policies greatly expanded the the flood of third-world foreigners, driving up housing prices, crushing the labor market and straining social services. By most accounts, the majority of Canadians were ecstatic to see Trudeau exit the stage.
But what if they still haven’t learned their lesson? How is that even possible?
According to recent polls for the 2025 election set for April 28th, it is likely that Canadians have very short memories or they’re gluttons for punishment. Why? Because Mark Carney and the Liberal Party are projected to make considerable gains. Carney has rebranded himself as a “centrist” in order to win public favor, but nothing could be further from the truth. Mark Carney is, in fact, worse than Trudeau on every level.
What should Canadians expect under a Carney regime? More mass immigration, not less. Higher inflation and a suffocating housing market. Increasing political and economic tensions with the US, which Canada is dependent on for 75% of its export market (and there is no replacement). Policies pressuring Canadians into a cashless system. The detrimental institution of carbon controls and climate change rules for industry and energy. And, even less national sovereignty as Canada is made more beholden to the EU.
Lets start with immigration…
While Carney claims he wants caps on immigration, his advisor choices suggest Canadians will get more of the same. The central banker has tapped Mark Wiseman, co-founder of the Century Initiative lobby group as part of his policy council. The Century Initiative under the former BlackRock executive publicly endorsed the Trudeau government’s moves to take in 500,000 new immigrants per year by 2025.
It should be noted that as Canada increased immigration their economy suffered exponential decline. Between 2015 and 2024, Canada’s ranking in the Human Development Index plummeted from 9th to 18th, while the country fell behind Italy in the average growth of real GDP per capita. Canada’s housing market and social services are essentially broken.
And how about individual freedom?
It’s no secret that the Liberal Party widely supported the lockdowns and mandatory vaccinations. However, where did Carney stand on the issue?
“No one should have any doubt…This is sedition. That’s a word I never thought I’d use in Canada. It means incitement of resistance to or insurrection against lawful authority.”
“The constant blaring of horns at all hours, the harassment of people, the culture of fear have been making residents’ lives hell, will bankrupt our businesses and if left unchecked would help achieve the Convoy’s goal of undermining our democracy…Anyone sending money to the Convoy should be in no doubt: you are funding sedition. Foreign funders of an insurrection interfered in our domestic affairs.”
These are the words of an authoritarian, using “democracy” as a cover to institute a sweeping crackdown on public freedoms.
Where does Carney stand on the economy?
Mark Carney is a long time Davo elitist, and as such he is an adherent of Klaus Schwab’s “4th Industrial Revolution” theory and the concept of the “Great Reset”. Specifically, Carney is an avid champion of the WEF’s climate change agenda and their efforts to make “climate consciousness” inseparable from business culture. Meaning, Carney will undoubtedly bury Canada in climate controls and carbon taxes, snuffing out their industry and energy base just as the globalists have been doing in Europe.
Furthermore, Carney is deeply involved in the push for national and global Central Bank Digital Currencies (CBDCs). In his 2021 book ‘Values”, Carney calls for revolutionary centralization of the global monetary system and the launch of CBDCs as the new standard. He has actively campaigned against cryptocurrencies like Bitcoin and any form of decentralized money, claiming instead that the future requires a global digital currency to replace the dollar system (NOTE: Carney did not come up with this idea, this has been a ongoing plan within the BIS and IMF for decades).
“If properly designed, a CBDC could serve all the functions to which private cryptocurrencies and stablecoins aspire while addressing the fundamental legal and governance issues that will, in time, undermine those alternatives…”
At bottom, Carney is calling for a cashless society controlled by the banking oligarchy. Without cash or an independent form of trade, all personal economic freedom dies. Carney licks his chops over this prospect when he states (in reference to the covid crisis):
“With fear on the march, people were willing to surrender to Hobbes’ ‘Leviathan’ such basic rights as the freedom to leave their homes. And so it is with money. People will support the delegation to independent central banks of the tough decisions that are necessary to maintain the value of money provided the authorities deliver monetary and financial stability…”
This is not the man Canadians should be voting for if they have any interest in changing the current Orwellian path their country is on. Critics claim that it’s Donald Trump’s tariffs that are to blame for the shift in the polls in Carney’s favor. Yet, if Carney is elected he would be the most disastrous choice in negotiating a settlement with the US. The situation will only become more ugly for Canada in every way.
This is not a “new boss, same as the old boss” scenario. Carney is far higher up on the totem pole of degradation than Trudeau and much more devious.
END
CONCERNING MARK CARNEY….
Worth listening to .. about Carney
One of the most thorough breakdowns & turn of event timelines I’ve seen to date exposing just how dirty, Mark Carney, the Liberal Party and NDP really are, their scheming and what Carney’s pulled off thus far. Good work by, Robin Hillier, a Calgary Realtor. #canpoli #Pierre4PM
Canada has one of the most protectionist economies among developed nations. It particularly targets American farmers, media, and manufacturers. That may be why Donald Trump launched his counterattack on trade offenders with a 25% tariff on many imports from Canada and Mexico, and 10% on Canadian energy.
Unhelpfully, Trump claimed authority to do so under the International Emergency Economic Powers Act because of an “extraordinary threat” posed by “unchecked drug trafficking.” The White House failed to explain how this applied to Canada. And, while his goals are entirely correct, his April 2 “Liberation Day” global strike, imposing 10% baseline tariffs on almost all nations, and so-called reciprocal tariffs on friends and foes alike, roiled markets and aligned the world against us. That’s why Trump rapidly retreated, suspending reciprocal tariffs, except for China.
Clever countries are waging trade war on us. Despite this, America has the world’s strongest economy. Except where there are national security considerations that mandate pulling our punches, the U.S. can win every time – if we play chess, not Rock ‘Em Sock ‘Em Robots. When it comes to using tariffs as a weapon, Trump should focus on two or three targets at a time, take them down, and then move on to the next. I nominate China, the European Union (see here) and Canada.
Canada is our largest individual export market, and while it may not be a threat to American health, it is an adept abuser of free trade. According to the U.S. Census Bureau, exports of goods to Canada in 2024 were about $350 billion, and imports about $413 billion, for a deficit of $63 billion, though U.S. services reduce the deficit by about $10 billion. In January, the goods deficit grew to an annualized rate exceeding $140 billion.
When Trump met with Canadian prime minister Mark Carney a few weeks ago, he avoided the undignified trolling to which he had subjected Justin Trudeau, and observed that “I think things will work out very well between Canada and the United States.” Still, Trump singled out Canada on Liberation Day, criticizing its tariffs on agriculture, and claiming that the U.S. subsidizes our neighbor by almost $200 billion a year. Nonetheless, Trump imposed no additional tariffs on Canada.
Canada will shroud itself in this miasma and continue to play the victim. It’s an act. Canada takes care of Canada.
While Canada’s businesses and citizens benefit from almost unfettered access to the United States, it limits our access through “made-in-Canada” requirements, standards that generally can be met only by natural resources in Canada, and financial support available only to Canadians. Even its offer last week to rescind tariffs on U.S. automakers was conditioned on further investment in Canada. Canada looks out for Canada.
One of the most enduring trade disputes involves subsidies Canada provides to its softwood lumber industry. Last year, the Biden administration raised tariffs on imports of Canadian softwood lumber from 8.05% to 14.54%.
Recently, Canada banned most foreigners from purchasing Canadian residential property. Numerous provinces also impose additional property taxes on foreign property owners.
The U.S. Trade Representative’s report on Foreign Trade Barriers and the International Trade Administration website cite numerous obstacles imposed by Canada, including:
The Investment Canada Act has regulated foreign investment in Canada since 1985. National security and a more nebulous standard of “economic net benefits” for Canada is a determining factor in reviews of foreign investments. Canada also restricts foreign ownership and board positions in many industries.
In 2024, Canada began taxing online sales, advertising, and social media, singling out S. companies for taxation while effectively excluding Canadian firms in similar businesses. The tax is retroactive to 2022.
Canada’s regulation of the dairy, chicken, turkey, and egg industries “severely limits” S. imports. Canada also limits U.S. imports of seeds, cheese, fresh fruits, vegetables, and electricity.
Most Canadian provinces “greatly hamper” U.S. imports of wine, beer, and spirits.
More than 50% of TV channels, and at least 35% of popular music broadcast on radio, must be Canadian, and the “needs and interests” of Canadians must be prioritized in video, music, and digital media.
Canadian cable and satellite suppliers rebroadcast U.S. border stations without consent, while denying tax deductions to Canadian businesses that advertise on these stations.
Canada also offers tax credits, loans, and subsidies to companies and projects owned by and hiring Canadians. For example, subsidies for film and television production utilizing Canadian directors, writers, and actors have allowed Vancouver and Toronto to challenge Los Angeles and New York, and pull ahead of Atlanta, while providing Canadian actors life-long advantages.
By contrast, the U.S. has long been hospitable to Canadian investment, goods, and people. Canadian headquartered or owned businesses that are well known in the U.S. include Burger King, Lululemon, Canada Goose, TD Bank, MAC Cosmetics (until being sold), Saks Fifth Avenue (spun off in 2024), Shopify, Rumble, and Pornhub. The Wikipedia list of prominent Canadian-Americans is 35 pages. Most spent their lives in the United States, which accorded them the economic opportunities available to all Americans.
Canada’s trade barriers reduce our GDP by less than 1% but boost Canada’s economy by considerably more. The challenge is to work with Canada to eliminate its barriers over a period that won’t rock the Canadian economy. But if that effort hits a wall, the administration would be obligated to protect Americans by rolling out properly computed and targeted reciprocal tariffs and non-tariff measures.
Canada may be able to beat the U.S. in hockey, but despite its bellicose tone, it can’t win a well-fought trade war.
Kenin M. Spivak is founder and chairman of SMI Group LLC, an international consulting firm and investment bank. He is the author of fiction and non-fiction books and a frequent speaker and contributor to media, including RealClearPolitics, The American Mind, National Review, television, radio, and podcasts.
END
INDIA AND PAKISTAN
India’s Modi Vows ‘Harshest Response’ To Terror Attack Amid ‘Unprovoked’ Gunfire ‘Initiated By Pakistan’
Sunday, Apr 27, 2025 – 06:05 PM
Indian and Pakistani relations are once again in full crisis mode, and Sunday marks the third day of reports of sporadic border fire at army outposts between the nuclear-armed neighbors and historic enemies, following last Tuesday’s terror attack in India-administrated Kashmir, which killed 26 Indian tourists in the mountainous, remote region.
Indian Prime Minister Narendra Modi has issued a new statement vowing that the terrorists widely being referred to as Pahalgam attackers “will be served with the harshest response” and that India will seek justice “to the ends of the earth”.
The Indian army over the weekend announced there has been “unprovoked” firing “initiated by Pakistan” along the Line of Control (LOC)_ which divides Kashmir into two. Pakistan in the aftermath of the accusation neither confirmed nor denied.
The New York Timesdescribed Saturday that “Pakistani solders fired at an Indian position first and India responded in kind, according to local news reports, which said that “the exchange was brief and that there were no casualties.” Precise locations of these live fire incidents have not been disclosed.
Days into the crisis and land borders have been shut, visas and military exchange programs mutually canceled, and a landmark water treaty has been suspended.
Pakistan’s PM Sharif meanwhile said his country is ready to defend its sovereignty but offered willingness to establish a “neutral” international investigation into the attack.
Sharif is further scrambling to get major global powers in Pakistan’s corner, as he calls for the independent investigation. He has welcomed China and Russia’s participation, as well as Iran.
Pakistani Defence Minister Khawaja Asif has told RIA Novosti “I think that Russia or China or even Western countries can play a very positive role in this crisis, and they can even create an investigation team … to investigate whether India is lying or Modi is telling the truth.” He added, “Let the international team find out.”
Shariff’s office also issued the following: “The prime minister of Pakistan said that his country seeks peace in the region and that if Iran wishes to play a role in this regard, Islamabad will welcome it.”
Pakistani Kashmiris play cricket unfazed by gunfire echoing from the India-Pakistan Line of Control pic.twitter.com/A376w9qGKZ
But if gunfire continues to be exchanged between the two militaries, also amid reports that Pakistani visa holders are being promptly booted from the country amid the diplomatic crisis – clashes could accelerate toward open war. The two rivals are one more major incident away, after India accused Pakistan of harboring the terrorists that massacred the civilians in Kashmir last week.
Chief Minister of Jammu and Kashmir Omar Abdullah has meanwhile said there must be a “decisive fight against terrorism and its origin.”
Unverified videos of gunfire along disputed Line of Control have been widely circulating…
“People of Kashmir have come out openly against terrorism and the murder of innocent people, they did this freely & spontaneously. It’s time to build on this support and avoid any misplaced action that alienates people,” Abdullah wrote on X.
“Punish the guilty, show them no mercy but don’t let innocent people become collateral damage,” he added, voicing fears that the local population is being subject to brutal tactics by India’s police and military as they hunt for the culprits of Tuesday’s attack. Will this crisis explode? The United Nations and international countries are urging both sides to walk back from the brink.
Pakistan’s Defense Chief Warns Military Incursion By India Is ‘Imminent’
by Tyler Durden
Monday, Apr 28, 2025 – 10:25 AM
After three consecutive days of reports of mutual gunfire at army outposts along the Line of Control (LOC) disputed border area, Pakistan’s defense minister declared Monday that a military incursion by India is imminent.
“We have reinforced our forces because it is something which is imminent now. So in that situation some strategic decisions have to be taken, so those decisions have been taken,” Defense Minister Khawaja Muhammad Asif told Reuters from Islamabad. This confirms Pakistani Army build-up along the border.
A severe war of words has been on since last Tuesday’s deadly militant attack on tourists in Kashmir, which saw 26 Indian tourists get executed after the gunmen sought to identify Hindus among the group. The Indian government promptly accused Pakistan of harboring the Islamist terrorists which committed the atrocity, which Islamabad angrily rejected.
The nuclear-armed neighbors have already fought two historic wars over the Kashmir region, and fears are rising that another one may soon be on the horizon – also after both sides have sent military reinforcements to the respective regions they administer. Amid a massive manhunt, India identified two detained suspected militants as Pakistani.
“Asif said India’s rhetoric was ramping up and that Pakistan’s military had briefed the government on the possibility of an Indian attack,” Reuters continues of the defense chief’s statements. “He did not go into further details on his reasons for thinking an incursion was imminent.”
And very alarmingly, the question of use of nuclear weapons was broached in the interview:
Asif said Pakistan was on high alert and that it would only use its arsenal of nuclear weapons if “there is a direct threat to our existence”.
The Indian army over the weekend announced there has been “unprovoked” firing “initiated by Pakistan” along the Line of Control (LOC) which divides Kashmir into two. Pakistan in the aftermath of the accusation neither confirmed nor denied.
The New York Timesdescribed Saturday that “Pakistani solders fired at an Indian position first and India responded in kind, according to local news reports, which said that “the exchange was brief and that there were no casualties.” Precise locations of these live fire incidents have not been disclosed.
Soon after the crisis land borders were been shut, visas and military exchange programs mutually canceled, and a landmark water treaty was suspended. Pakistan blasted India’s cancelation of the Indus Water Treaty as an “act of war” and warned it would respond accordingly if water flows are violated among the two rivals’ shared rivers.
Unverified videos like the below have been widely circulating online:
But if gunfire continues to be exchanged between the two militaries, also amid reports that Pakistani visa holders are being promptly booted from the country amid the diplomatic crisis – clashes could accelerate toward open war.
India’s Chief Minister of Jammu and Kashmir Omar Abdullah has meanwhile said there must be a “decisive fight against terrorism and its origin.” Indian officials have continued to heap accusations that ultimately Islamabad either supports these groups or at least turns a blind eye.
Air Force and army activity along the border ramping up?
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS MONDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1345 DOWN 0.0014 PTS OR 14 BASIS POINTS
USA/ YEN 143.46 DOWN 0.102 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 1.3338 UP.0035 OR 33 BASIS PTS
USA/CAN DOLLAR: 1.3872 UP 0.0030 (CDN DOLLAR DOWN 30 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED DOWN 6.64 PTS OR 0.20%
Hang Seng CLOSED DOWN 8.78 PTS OR 0.04%
AUSTRALIA CLOSED UP 0.35%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 8,78 PTS OR 0.04%
/SHANGHAI CLOSED DOWN 6.64 PTS OR 0.20%
AUSTRALIA BOURSE CLOSED UP 0.13%
(Nikkei (Japan) CLOSED UP 134.25 PTS OR 0.38%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 3290.50
silver:$33.06
USA dollar index early MONDAY morning: 99.44 UP .18 BASIS POINTS FROM FRIDAY’s CLOSE.
The USA/Yuan DOWN TO 7.2946, CNY ON SHORE ..CHINA MUST DEVALUE TO GOLD
THE USA/YUAN OFFSHORE DOWN TO 7.2825:
TURKISH LIRA: 38.44 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
the 10 yr Japanese bond yield at +1.326
Your closing 10 yr US bond yield UP 1 in basis points from FRIDAY at 4.276% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.742 UP 0 in basis points /11:00 AM
USA 2 YR BOND YIELD: 3.756 DOWN 0 BASIS PTS.
GOLD AT 11;00 AM 3296.00
SILVER AT 11;00: 32,97
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: MONDAY CLOSING TIME 11:00 AM//
London: CLOSED UP 2.09 PTS OR 0.02%
GERMAN DAX: UP 29.22 PTS OR .13%
FRANCE: UP 37.50 PTS OR UP .50%
Spain IBEX CLOSED UP 100.80 PTS OR 0.75%
Italian MIB: CLOSED UP 117.14 PTS OR 0.31“ %
WTI Oil price 62.31 11 EST/
Brent Oil: 66.16 11:00 EST
USA /RUSSIAN ROUBLE /// AT: 82503 ROUBLE UP 0 AND 11/ 100
GERMAN 10 YR BOND YIELD; +2.512 UP 6 BASIS PTS.
UK 10 YR YIELD: 4.5635 UP 5 BASIS POINTS
CDN 10 YEAR RATE: 3.232 UP 6 BASIS PTS.
CDN 5 YEAR RATE: 2.833 UP 5 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1421 UP 0.0062 OR 62 BASIS POINTS//
British Pound: 1.3434 UP .0132 OR 132 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.505 UP 2 FULL BASIS PTS//
JAPAN 10 YR YIELD: 1.325
USA dollar vs Japanese Yen: 142.116 DOWN 1.449 BASIS PTS
USA dollar vs Canadian dollar: 1.3824 DOWN 0.0018 BASIS PTS CDN DOLLAR UP 18 BASIS PTS
West Texas intermediate oil: 61.97
Brent OIL: 65.76
USA 10 yr bond yield DOWN 5 BASIS pts to 4.216
USA 30 yr bond yield DOWN 5 BASIS PTS to 4.691%
USA 2 YR BOND: DOWN 8 PTS AT 3.689%
CDN 10 YR RATE 3.189 DOWN 2 BASIS PTS
CDN 5 YEAR RATE: 2.784 DOWN 2 BASIS PTS
USA dollar index: 98.72 DOWN 53 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 38.43 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 82.65 UP 0 AND 3/100 roubles
GOLD $3350.85 (3:30 PM)
SILVER: 33.16 (3:30 PM)
DOW JONES INDUSTRIAL AVERAGE: UP 114.09 OR 0.28%
NASDAQ 100 DOWN 5.27 PTS OR 0.03%
VOLATILITY INDEX: 25.00 UP 0.16 PTS OR 0.64%
GLD: $ 309.07 UP 4.34 PTS OR 1.42%
SLV/ $30.19 UP 0.14 PTS OR OR 0.47%
TORONTO STOCK INDEX// TSX INDEX: CLOSED UP 67.00 OR 0.27%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS
0-DTE Panic-Bid Rescues Stocks After Tech Tumble; Bonds, Bullion, Bitcoin, & Black Gold All Bounce
XXXXXXXXXX
MORNING BIG NEWS
AFTERNOON’S BIG NEWS
USA DATA
“Please Lower Interest Rates” – Texas Manufacturing Survey Collapses, Respondents Decry “Chaos At The Federal Level”
Monday, Apr 28, 2025 – 11:40 AM
The ‘soft’ data decoupling from strengthening ‘hard’ data just went to ’11’ as this morning’s Dallas Fed Manufacturing survey results were in a word – atrocious.
While Current Production remained positive, manufacturers in the Dallas Fed region have a dour outlook for business activity ahead (printing -35.3, below the lowest analysts expectation)…
Stagflationary trends persist under the hood as New Orders plunged as Prices Paid surged:
The respondents all had one thing on their minds – tariffs!
“This has been a crazy few weeks in the news.”
“There is really no way to predict anything accurately six months out or even six weeks out now for our industry due to the tariff and trade uncertainty.”
“President Trump, tariffs and maximum business uncertainty [are issues affecting our business]. [We see a] probable recession soon.“
“There is no stability in business, so it is difficult to plan. “
“The current economic environment is confusing. President Trump keeps things in turmoil, and we do not know what he will do next. “
“Tariffs and tariff uncertainty are wreaking havoc on our supply lines and capital spending plans.”
“Due to tariffs, we do not know what to expect.“
“There is too much uncertainty all over for any increases [in business] soon.”
“Tariffs may drive us out of business.”
“Tariffs. Tariffs. Tariffs. There was a better way to do this.“
“The tariff issue is a mess, and we are now starting to see vendors passing along increases, which we will have to in turn pass along to our customers. Because of this, we are very concerned about general business activity for the next six to nine months or until these trade agreements get worked out.”
DOGE was also mentioned:
“Chaos at the federal level, tariffs and resulting raw ingredient costs, decimation of partner relationships due to canceled contracts “for convenience” along with stagflation concerns [are issues affecting our business].
DOGE [Department of Government Efficiency] is needed.
The DOGE without a follow-up plan does nothing for the domestic tranquility needed (stable arena for business to function within).“
And finally, one respondents reached out to The Fed directly for relief:
“Please lower interest rates. We need it in order to boost the economy due to the uncertainty and tariffs.”
“There is too much uncertainty, including a possible recession. Interest rates are too high. The Federal Reserve always seems to be late for their own party.“
Interestingly, these responses were receiuved AFTER the ‘pause’ on reciprocal tariffs were announced (and stocks rebounded from post-Liberation Day lows).
USA ECONOMIC NEWS
TRUMP/USA TAXES
Trump Floats Plan To Slash Or Eliminate Income Taxes For Millions Using “BONANZA” Tariff
Sunday, Apr 27, 2025 – 08:25 PM
President Donald Trump doubled down Sunday on his plan to use tariff revenue to slash – and possibly eliminate – income taxes for millions of Americans.
The president took to Truth Social to tout his vision, claiming that his sweeping tariffs could lead to big tax breaks for workers making under $200,000 a year.
“When Tariffs cut in, many people’s Income Taxes will be substantially reduced, maybe even completely eliminated. Focus will be on people making less than $200,000 a year,” Trump wrote.
The bold pledge comes as public anxiety grows over the economic fallout from Trump’s aggressive trade policies, which have rattled global markets and fueled fears of higher prices at home.
In the weeks since Trump slapped so-called reciprocal tariffs on dozens of countries – including a staggering 145% levy on Chinese goods, economists have sounded the alarm that the tariffs could backfire, hurting American consumers more than foreign rivals.
That said – not everyone’s excited after Trump told TIME Magazine in the April 25 edition that he “love[s] the concept” of raising taxes on millionaires as a means of paying for an extension of the 2017 tax cuts.
“I certainly don’t mind having a tax increase,” Trump told TIME.
“I would be honored to pay more, but I don’t want to be in a position where we lose an election because I was generous, but me, as a rich person, would not mind paying and you know, we’re talking about very little.”
He said it would involve raising taxes on the wealthy to “take care of [the] middle class.”
“But I don’t want it to be used against me politically, because I’ve seen people lose elections for less, especially with the fake news.”
Former White House strategist Steve Bannon told News Nation’s “CUOMO” on Friday that he supported the idea.
“This is being fought behind closed doors right now, and I’m telling you, with the massive tax cut, in addition, he’s going to give the working class and the middle class, the math only works out if you actually increase taxes on the wealthy,” Bannon said.
The former White House strategist said it could help Trump politically if he decided to run again in 2028, despite the Constitution preventing a third term in the Oval Office.
However, on April 23, the day after he sat down with TIME, Trump told reporters at the White House that raising taxes on the wealthy could be “very disruptive” and could lead to a loss of money for the United States.
House Speaker Mike Johnson dismissed the idea in an interview with Fox News.
“I’m not in favor of raising the tax rates because our party is the party that stands against that,” Johnson said on April 23.
He acknowledged that the proposal had been discussed as one of many possible ways to permanently implement personal income tax cuts in the Republicans’ final funding package.
“There were lots of ideas thrown out on the table along this process over the last year, but I would just say for everybody, just wait and see,” Johnson said.
A CBS News poll released Sunday found 69% of Americans believe the Trump administration isn’t focused enough on lowering prices. Approval of Trump’s handling of the economy dropped to 42%, down from 51% in early March, Bloomberg reports.
Still, Trump’s team insists their strategy will pay off – eventually.
Treasury Secretary Scott Bessent, appearing on ABC’s “This Week,” defended the president’s approach, saying consumers are still spending and talks are underway with 17 key trading partners to hammer out bilateral deals.
“We have a process in place, over the next 90 days, to negotiate with them,” Bessent said. “Some of those are moving along very well, especially with the Asian countries.”
Bessent also insisted China would have no choice but to return to the negotiating table under pressure from Trump’s new tariff wall.
“Their business model is predicated on selling cheap, subsidized goods to the US,” Bessent said. “And if there’s a sudden stop in that, they will have a sudden stop in the economy, so they will negotiate.”
Treasury Sec. Scott Bessent on China: “Their business model is predicated on selling cheap, subsidized goods to the U.S., and if there is a sudden stop in that, they will have a sudden stop in the economy. So they will negotiate.” https://t.co/DDuPIh4dI1pic.twitter.com/VZ8WvUno91
Bessent also explained America’s “barbell” economy – in which there is a “financial system and tech sector that is the envy of the world” on one hand, and “a natural resource-economy led by energy” on the other end.
The U.S. has a barbell economy.
On one end, we have a financial system and tech sector that is the envy of the world.
On the other end, we have a natural resource-economy led by energy.
In between is where working-class Americans have lost out—and we want to fix that. pic.twitter.com/ysVxibNIQ7
— Treasury Secretary Scott Bessent (@SecScottBessent) April 27, 2025
Trump has claimed that talks with China are ongoing – a claim Beijing has flatly denied. Bessent admitted he didn’t know if Trump and Chinese President Xi Jinping had spoken directly, noting that Chinese officials he saw during a global finance summit last week stuck to safer topics like “financial stability” and “early warnings.”
Despite the rocky start, Bessent said he’s optimistic that a path forward could emerge, starting with a “de-escalation” and leading to an “agreement in principle” – even if a full trade deal takes longer.
Meanwhile, Trump is eyeing sweeping tax changes at home. His 2017 tax cuts are set to expire at the end of 2025, and he has vowed to not only extend them but expand them, exempting workers’ tips, slashing the corporate tax rate to 15%, and possibly wiping out income taxes for working-class Americans.
The House GOP’s early-April framework allows for up to $5.3 trillion in tax cuts over the next decade. Trade adviser Peter Navarro has suggested tariff revenue could more than cover that – a claim most economists dismiss as wildly optimistic.
Reports already show that Trump’s tariffs are expected to hit lower-income Americans harder than the wealthy, potentially complicating the president’s pitch to working families.
But Trump, undeterred, appears ready to bet that tariff-fueled tax cuts will give him a powerful message heading into the 2026 midterms, even if voters are feeling the pinch now.
END
LOS ANGELES
LA To Institute Mass Layoffs Of City Workers In Wake Of $1 Billion Defic
Friday, Apr 25, 2025 – 05:20 PM
For many years now the narrative on California is that it is a country unto itself and it generates so many tax dollars the federal government and red states should be throwing a garden party in its honor. In reality, California is not a “donor state” as the Rockefeller Institute claims. It can’t even support itself, let alone bolster the rest of the country.
This problem has become more evident in the past year as Los Angeles hits a budget deficit of a billion dollars and, the state government doesn’t have the funds to help the city recover because of it’s own $68 billion deficit.
In response to the lack of aid from the state or federal government, Los Angeles Mayor Karen Bass unveiled a proposed $13.9 billion municipal budget for fiscal year 2025-26, which includes more than 1,600 layoffs and the consolidation of four city departments in an effort to eliminate the overdraft. Though LA employs around 50,000 people in total and the layoffs might seem minor in comparison, the city’s expansive programs require employee growth this year, not cuts.
Furthermore, it is likely that the 1600 fired workers are just the beginning. The city removed at least 2000 positions from its employee roster at the end of last year and is already moving to make cuts to existing workers.
It’s no coincidence that LA is in fiscal trouble in 2025, and it’s not only because of the $2 billion in damages associated with the recent wildfires. After decades of decadent debt spending CA is deeply dependent on federal funds. Federal budget cuts and the shutdown of agencies like USAID are having far reaching consequences, especially in progressive states with a heavy emphasis on socialized programs.
For example, the federal Department of Health and Human Services recently terminated $12 billion in grants intended for infectious disease response, mental health services and other public health issues. At least $1 billion of this cash was supposed to go to California in 2025. Covid money is funneled into various health departments and other projects and California was the biggest recipient of pandemic funds by far with over $77.8 billion received through the state government and over $600 billion in total relief. Some critics argue that covid relief in California was wrongly exploited as a financial boon for various state agencies, politicians and employees.
Now the pandemic funding is finally cut off after 5 years. $45 million of the $1 billion lost was supposed to go to Los Angeles.
The LAPD is also losing over $10 million due to federal funding cuts. The agency and city officials are trying to sort out the potential impact of being cut-off from millions of dollars in law enforcement and homeland security grants, following the US Justice Department’s announcement such programs would be suspended for any municipality that considered itself a so-called, “sanctuary city,” that bars local officers from playing a role in immigration enforcement.
The Orange County Register reported last month that Orange County will lose out on more than $68 million in federal earmarks for 2025, money that was previously approved for community projects.
California schools have been warned by the Trump Administration that if they don’t stop instituting DEI programs and indoctrination, they will lose at up to $16 billion in funding, with $1.26 billion of that going to the Los Angeles Unified School District.
The sheer enormity of federal funds floating around California should be taken into account, but also the fact that despite access to so much money California and LA are still facing a massive budget shortfalls. The chances of this dilemma being solved through layoffs and department consolidation is next to nil. The real root of the problem is policy driven; Democrat welfare programs, social programs and their open border mentality have resulted in a never ending drain on their finances, slowing destroying what was once one of the greatest states in the nation.
END
Jack In The Box Closing Up To 200 Locations
Friday, Apr 25, 2025 – 06:50 PM
When the fast food joints start closing, it’s usually not a great indicator for the economy.
Jack in the Box plans to close up to 200 underperforming locations, aiming to bolster its balance sheet amid declining consumer spending.
The San Diego-based chain also announced it’s exploring a sale of its struggling Del Taco brand, according to CBS News. Most closures will target older, low-performing stores, with up to 120 shutting down by year’s end and the rest phasing out based on franchise terms.
Starting in 2026, the company expects to maintain a 1% annual closure rate.
The CBS News report says that Jack in the Box hasn’t released its 2025 closure list but says more details are coming in August. The move is part of a push to cut debt and improve finances.
“Jack in the Box has gotten away from some of the core characteristics that have made it a successful driver of shareholder value in the past and it’s time we return to those basics,” said CEO Lance Tucker.
Second-quarter sales fell 4.4% at Jack in the Box and 3.6% at Del Taco. The company’s stock has tumbled 57% over the past year.
Broader industry headwinds persist. McDonald’s CEO admitted its “value leadership gap has shrunk,” while U.S. consumer sentiment dropped for a fourth straight month in April amid economic worries and tariff fears.
END
USA TRUCKING INDUSTRY
going downhill!!
America’s Mom-And-Pop Truckers In Dire Straits As Bad News Mounts
The American trucking industry continues to face a growing number of challenges in 2025, with economic turbulence downstream of President Trump’s tariff reforms merely the latest bump on a very poorly maintained road. Many within the freight, logistics, and supply chain industries are predicting the ride to get even bumpier, with thousands of trucking companies at risk along the way. Will small-time trucking businesses survive?
An aspect of supply chain shocks experienced during Covid is known as the ‘accordion effect’, where a disruption in one part of the chain take time to be felt in another, but then the shock arrives at speed, good and hard. This tweet offers an explanation of Trump’s tariffs and how that shock is expected to affect trucking.
“The White House has put itself and the country in a bad situation but doesn’t realize it yet. Around April 10th China to USA trade shut down. It takes ~30 days for containers to go from China to LA. 45 to Houston by sea, 45 to Chicago by train. 55 to New York by sea. That means that there are no economic effects of what was done on April 10th until about May 10th.
“Around that time (it’s already started to happen) trucking work is going to dry up. Warehouses will start doing layoffs because no labor is needed to unload containers and some products will be out of stock, reducing the need for shipping labor.”
The White House has put itself and the country in a bad situation but doesn’t realize it yet.
Around April 10th China to USA trade shut down.
It takes ~30 days for containers to go from China to LA.
The problem for America’s truckers is that the situation is already dire, and has been for some time. News of small and medium-sized trucking companies going out of business has been a near-daily occurrence since 2023, and that is just what we know from being reported – how many single-truck independent owner-operators have gone out of business in the same time? Tracking those numbers is very difficult to almost impossible, over and above the cavalier attitude from the government towards the plight of these people.
How many more will go out of business given predictions that already below cost trucking rates are going to go even lower?
“In 2008, some of the largest truckload carriers offered to haul freight at $.80/mile to anywhere. They simply wanted to cover driver wages and fuel, but keep the trucks moving to avoid losing all of their drivers. If things get bad, it could happen again.”
How did the trucking market find itself in this position?
The market for truck drivers has long been juiced by the government, as they have been deceived by mega carriers and their corporate lobbyists into believing that there is a shortage of truckers. This narrative has existed for decades now, and has resulted in one of the longest-running stealth corporate welfare programs in the nation, where the taxpayer shovels out millions upon millions of dollars at these carriers to finance the training of new drivers, without anyone ever asking why the industry can’t keep them around. If the taxpayer wasn’t on the hook for a system that burns through so many people that many trucking companies have 90% plus annual turnover rates, the market would have maintained its own equilibrium.
Another way the government has flooded the market is through the use and misuse of insourced labor. Under the 2021 ‘Biden Harris Trucking Action Plan’, an apparent scheme began to take place where ‘red tape’ cutting resulted in many states handing out CDLs to migrants and refugees, part of which was made possible by loopholes created during the Obama Administration that saw enforcement of English language proficiency requirements for CDL holders waived. Statistics compiled by American Truckers United…
🚨BREAKING: ATU EXCLUSIVE🚨
American Truckers United has uncovered SHOCKING CDL activity in 10 key "Labor Dumping" states (TX, CA, FL, IL, MN, NY, OR, SC, KY, NV) + Puerto Rico!
📈Check the data: Skyrocketing CDL counts, for newly registered carriers (e.g., Oregon's 98,899… pic.twitter.com/yWG0JtzR5H
… indicate that production of CDLs doubled from 2021 to 2022. Of course, this flooding of the market by Biden was going to result in fierce rate slashing and many trucking companies going out of business.
— The Disrespected Trucker (@DisrespectedThe) April 26, 2025
Yet in the face of this, companies largely made up of migrants continue to thrive.
What gives? Even the American Trucking Association, whom have been artificially inflating the number of truckers for decades, has had to admit there is a problem here. In a recent interview given to Overdrive Magazine,the ATA appears to be cynically attempting to get ahead of a problem they themselves have caused and benefitted from, citing problems discussed years earlier by the likes of American Truckers United.
“In a recent letter to Department of Transportation Secretary Sean Duffy, ATA President Chris Spear, echoing what the Owner-Operator Independent Drivers Association recently told Congress, called for DOT to “begin better tracking the number of new CDLs issued on a state-by-state basis, including, but not limited to, the number of non-domiciled CDLs that are issued on an annual basis.””
Is DOT Secretary Duffy listening to anyone, though? His publicly available commentary about the trucking industry has been sparse to non-existent; he appears to be busy attempting to define what an astronaut is instead.
The U.S. commercial space industry is an inspiring project which showcases American ingenuity and exceptionalism. But the last FAA guidelines under the Commercial Space Astronaut Wings Program were clear: Crewmembers who travel into space must have “demonstrated activities during… https://t.co/n2DxpNh4Hy
America’s truck drivers are facing a crisis: A massive problem created by the Biden Administration now runs into the corrective economic measures taken by Trump’s tariff program, which will include an uncomfortable period of trade rebalancing. As ZeroHedge describes in the note “All Quiet On The Western Ports… Is This The Calm Before The Trade War Storm?”
Secretary Duffy, along with new FMCSA head Derek Barrs, must immediately investigate what went on with Biden’s ‘Trucking Action Plan’ and how it flooded the market with insourced labor of dubious skill and even more dubious legality, and take steps to remove that insourced labor from the roads by enforcing existing laws which are meant to keep the American motoring public safe, and the domestic trucking market functional.
American Truckers United’s Shannon Everett warned: “If we don’t act swiftly, a tidal wave of American trucking companies will face bankruptcy, accelerating a devastating replacement cycle that could cripple the industry.”
end
ROBERT h
More Americans buy groceries with buy now, pay later loans
Please read this carefully. This is canary in the coal mine warning of how fragile spending is in America. Likely not much better in Canada as the number of Homeless seen on the street sis growing weekly. And remember the American consumer is a far the most important Spender of all the consumer economies. And if they catch a cold the world will experience pneumonia.
Time Mag on Friday: Trump tells TIME that he’s still convinced tariffs are necessary. “The bond market was getting the yips, but I wasn’t,” he says, adding that he would consider it a “total victory” if the U.S. still has tariffs as high as 50% on foreign imports a year from now. Trump says China’s President Xi Jinping has called him, and that his Administration is in active talks with the Chinese to strike a deal. Lutnick and another senior Administration official confirmed the talks, which Beijing disputes. “I don’t think that’s a sign of weakness on his behalf,” Trump says of Xi, adding that he expects to have a full slate of deals announced over the next three to four weeks. “”There’s a number at which they will feel comfortable,” Trump says. “But you can’t let them make a trillion dollars on us.”… https://time.com/7280106/trump-interview-100-days-2025/?linkId=805540226
PBoC’s Governor Pan: China will turn domestic demand into main growth driver.
PBoC’s Governor Pan: US tariffs violate other countries’ rights and interests.
The chutzpah on these insulting hypocrites! US tariffs are satanic and destructive, but our tariffs and everyone else’s tariffs are wonderful! @M_McDonough: Today’s update reveals another drop in container ships departing China for the U.S. over the rolling 15-day window—used shipping capacity is also falling. https://t.co/hoCH24NFwI
China May Exempt Some US Goods from Tariffs as Costs Rise Authorities are considering removing the additional levies for medical equipment and some industrial chemicals like ethane, the people said… Beijing is also preparing to waive additional tariffs on at least eight semiconductor-related products, Caijing reported Friday, citing anonymous sources. Those categories don’t include memory chips for the time being, the outlet said, in a potential blow to Micron Technology Inc., the world’s No. 3 memory chipmaker… https://finance.yahoo.com/news/china-may-exempt-us-goods-065000386.html
Trump had an impromptu Q&A with reporters on Friday morning. “We’re going to Rome, where we’ll be attending the funeral of Pope Francis… we’re going to meet with a lot of the foreign leaders. They want to meet. Trade deals are going very well. I think Russia and Ukraine are coming along, we hope, very fragile, and Iran I think is going very well… (A lot of these things) should have been fixed by Biden…” https://x.com/RapidResponse47/status/1915758936667390137 On trade negotiations: “I would say, over the next three to four weeks, and we’re finished, by the way,” Trump told Time. “We’ll be finished.” Reporter: Have you spoken to President Xi since the tariffs? Trump: “I don’t want to comment on that, but I’ve spoken to him many times.” https://x.com/RapidResponse47/status/1915759708046070085 On Xi: “He’s called. And I don’t think that’s a sign of weakness on his behalf.” “I’m getting along very well with Japan. We’re very close to a deal.”
@M_McDonough: UMich 1-Year Inflation Expectations by Political Party Affiliation (Dems 8.0%, GOPs 0.4%, Independents 4.5%; Headline 6.5%, which means Dems grossly oversampled) https://x.com/M_McDonough/status/1915769678091129283
Traders chose to react to Trump’s comments about tariffs being in place a year from now instead of the multiple stories that China is succumbing to the pressure from Trump’s Tariffs.
ESMs traded sharply higher but sideways from the Nikkei opening until they broke lower at 6:18 ET. ESMs hit a low of 5487.25 at 6:53 ET. After a bounce to 5511.75 at 7:28 ET, ESMs retreated into range trading until they vacillated wildly from the NYSE opening until they broke to a daily low of 5480.25 at 10:30 ET. ESMs then surged to a daily high of 5554.50 at 13:25 ET.
The ESM/S&P 500 Index rally on Friday was due to aggressive buying in Mag 7/Fangs. To reiterate, this is pattern buying and conditioned buying for coming Q1 results. Though the S&P 500 rallied moderately, the DJIA and DJTA were down triple digits at the time.
After the ESM peak at 13:25 ET, a tumble commenced that took ESMs to 5511.25 at 13:56 ET. The standard Friday afternoon rally took ESMs to 5551.75 at 14:44 ET. ESMs then traded sideways until they broke lower at 15:30 ET. After dropping to 5531.50 at 15:41 ET, the late manipulation forced ESMs to 5540.00 at 16:02 ET.
Senior Russian military officer killed in Moscow car bombing: investigators say Lt. Gen. Yaroslav Moskalik killed in explosion in Balashikha…outside of Moscow…
Positive aspects of previous session Fangs/ Mag 7 rallied sharply on buying ahead of results Nivida rallied as much as 5.2% USMs rallied moderately
Negative aspects of previous session The DJTA was down sharply all session. The DJIA was down triple digits in the morning and negative most of the session.
Ambiguous aspects of previous session Who should we believe about the communication regarding US-China tariff negotiations?
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]: 5503.06 Previous session S&P 500 Index High/Low: 5528.11; 5455.86
@profstonge: 81% of Americans think the government is corrupt. The other 19% probably work for the government. Congress is even worse: just 2% of Americans think Congress is clean. The people are waking up. https://t.co/3Py4JI23W6
Problematic Powell: What to Do with the Worst Fed Chair in History It was Powell’s non-stop money printing that fueled former Biden’s runaway government spending which, predictably, devalued the dollar and gave us 40-year high inflation. While pricesskyrocketed, Powell called inflation “transitory” and said he wasn’t concerned with the disturbing trend. Worse, to ensure his renomination under Biden, Powell promised that interest rates would stay artificially low indefinitely. The worst inflation in over four decades was promptly—and predictably—followed by the most violent fluctuation in interest rates in just as long… the bond market, which had its worst three-and-a-half-year run in at least a century… Powell also created a stock market bubble by keeping interest rates too low for too long… This was nothing more than corporate welfare…Today, the banking system still has hundreds of billions of dollars in unrealized losses and remains in a precarious position… During Trump’s first term, Powell erroneously claimed economic growth would cause inflation and preemptively raised interest rates – essentially creating a cash shortage in certain financial markets, which then began imploding in fall 2019… Trump’s decision not to fire Powell for gross incompetence probably stems from an attempt to minimize market turmoil amid the stormy seas resulting from the current trade war… Powell has been creating money out of thin air to send to the CFPB (Consumer Finance Protection Bureau)That directly violates the statute in question, providing firm grounds to remove Powell. Once the tariff fight is over and markets calm down, Trump would be completely justified in axing the worst Fed Chair in history. https://townhall.com/columnists/ej-antoni/2025/04/25/problematic-powell-what-to-do-with-the-worst-fed-chair-in-history-n2656048
Treasury @SecScottBessent on Sun: There was a story 10 days ago that said this is the worst April for the stock market since the Great Depression. Fast-forward to today: The Nasdaq is up on the month of April. And I haven’t seen a story that says, “Stock market has biggest bounce-back ever.” https://x.com/SecScottBessent/status/1916545379077918874
Today – Instead of the usual Sunday night rally, ESMs are -25.75; NQMs are -115.50; and USMs are+17/32 at 20:30 on recession angst. It could be tough sledding in the morning. The key for Monday could be the action after Europe’s 11:30 ET close.
Expected economic data: April UM Sentiment 50.6, 1-yr Inflation 6.8%, 5-10-yr Inflation 4.4%
S&P Index 50-day MA: 5636; 100-day MA: 5821; 150-day MA: 5825; 200-day MA: 5747 DJIA 50-day MA: 41,671; 100-day MA: 42,721; 150-day MA: 42,773; 200-day MA: 42,208 (Green is positive slope; Red is negative slope)
S&P 500 Index (5525.21 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 arenegative– 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 positive – a close below 5456.43 triggers a sell signal
Trump on Saturday: No matter what deal I make with respect to Russia/Ukraine, no matter how good it is, even if it’s the greatest deal ever made, The Failing New York Times will speak BADLY of it. Liddle’ Peter Baker, the very biased and untalented writer for The Times, followed his Editor’s demands and wrote that Ukraine should get back territory, including, I suppose, Crimea, and other ridiculous requests, in order to stop the killing that is worse than anything since World War II. Why doesn’t this lightweight reporter say that it was Obama who made it possible for Russia to steal Crimea from Ukraine without even a shot being fired. It was also Liddle’ Peter who wrote an absolutely fawning, yet terribly written Biography, on Obama. It was a JOKE! Did Baker ever criticize the Obama Crimea Giveaway? NO, not once, only TRUMP, and I’ve had nothing to do with this stupid war, other than early on, when I gave Ukraine Javelins, and Obama gave them sheets. This is Sleepy Joe Biden’s War, not mine. It was a loser from day one, and should have never happened, and wouldn’t have happened if I were President at the time. I’m just trying to clean up the mess that was left to me by Obama and Biden, and what a mess it is. With all of that being said, there was no reason for Putin to be shooting missiles into civilian areas, cities and towns, over the last few days. It makes me think that maybe he doesn’t want to stop the war, he’s just tapping me along, and has to be dealt with differently, through “Banking” or “Secondary Sanctions?” Too many people are dying!!!
Volodymyr Zelenskyy @ZelenskyyUa: Good meeting. We discussed a lot one on one. Hoping for results on everything we covered. Protecting lives of our people. Full and unconditional ceasefire. Reliable and lasting peace that will prevent another war from breaking out.Very symbolic meeting that has potential to become historic if we achieve joint results. Thank you @POTUS
Judge who blocked Trump from cutting funding to sanctuary cities has deep ties to Democratic Party –The judge has also spoken atevents in support of former Vice President Kamala Harris and former President Barack Obama(Obama-appointed Judge William Orrick) https://t.co/h6StfqGsAp
Secretary Kristi Noem @Sec_Noem: Thank you to @SecretService @ICEgov and our law enforcement partners for finding and arresting the criminal who stole my bag on Easter Sunday as I shared a meal with my family at a Washington DC restaurant. This individual is a career criminal who has been in our country illegally for years. Unfortunately, so many families in this country have been made victims by crime, and that’s why President Trump is working every single day to make America safe and get these criminal aliens off of our streets.
@realDonaldTrump: Hopefully ACTBLUE, the Democrats ILLEGAL SCAM used to raise money, including from not allowed “foreign contributions,” is being looked at by authorities. The Dems only know how to win by CHEATING, something which they do better than any group or party in history. But now, with their terrible policies and candidates, and with people like Crooked Adam Schiff, who demanded a full Pardon from Sleepy Joe, leading the way, it is almost impossible to reach their money goals. The USA is wise to these scoundrels and crooks. Also, why did the Auto Pen give Schiff a Pardon? Biden knew nothing about it. Who operated the Auto Pen? That is the biggest question being asked in D.C. They almost destroyed our Country. They should all be in jail!!!
The Left’s coordinated town hall protests are an attack on democracy ‘Orange man bad’ is no reason to stop elected officials from meeting with their constituents According to new reporting from Fox News Digital, a progressive group in New York is attempting to organize thousands of protesters to overwhelm Rep. Mike Lawler’s town hall, scheduled for Sunday in West Nyack. It’s a trend we have seen across the country. The group in question is called Indivisible Rockland, and in a video obtained by Digital, one of the organizers, Nyack Village Deputy Mayor Pascale Jean-Gilles, is heard calling not only for protests outside the event, but to disrupt the town hall itself… https://www.foxnews.com/opinion/david-marcus-lefts-coordinated-town-hall-protests-attack-democracy
@realDonaldTrump: The Radical Left Democrats are paying a fortune to have people infiltrate the Town Halls of Republican Congressmen/women and Senators. These Great Patriot Politicians should not treat them nicely. Have them immediately ejected from the room – They are disruptors and troublemakers. You must allow your audience to know what you are up against, or else they will think they are Republicans, and that there is dissension in the Party. There is not, there is only LOVE and UNITY. Republicans are happy with what is taking place in our Country. We all love America!
Leftists’ Brownshirt tactics are largely be ignored by the MSM; but they are occurring regularly.
McCabe memos show how disgraced FBI leader kept Trump-Russia collusion hoax alive in 2017 Yet despite the huge setbacks for Crossfire Hurricane, McCabe’s newly-declassified memos show how McCabe facilitated the FBI’s targeting of Flynn, met with Vice President Mike Pence and other White House officials about the Flynn allegations, refused to publicly shoot down false media stories on collusion, opened a collusion investigation into Trump himself after Comey was fired, kept the Trump-Russia investigation alive and escalated it as the acting FBI director, helped successfully push for a special counsel to take the reins, and more… https://justthenews.com/accountability/russia-and-ukraine-scandals/mccabe-memos-show-how-disgraced-fbi-leader-kept-trump
Trump: What is wrong with NFL owners, are they STUPID? Deion Sanders was a great college football player and was even greater in the NFL. He’s also a very good coach, streetwise and smart! Therefore, Shedeur, his quarterback son, has PHENOMENAL GENES, and is all set for Greatness. He should be “picked” IMMEDIATELY by a team that wants to WIN. Good luck Shedeur and say hello to your wonderful father!
Note to Duh Donald: You don’t have to talk all the time about all things! Learn how to SHUT UP! Even your supporters will soon tire of your incessant carping and groveling for attention!
@OliLondonTV: Gayle King says her 11-minute trip to space made a difference to the lives of women and boys around the world. “I’m still on a high about it…I feel proud of all of us, I feel joy. And I know the difference it made for women and actually boys to of all ages.” https://x.com/OliLondonTV/status/1916254042155593876
@DougMackeyCase: Helicopter pilot Capt. Rebecca M. Lobach failed to heed ATC commands and instructor advice, causing fatal helicopter crash at Reagan National Airport, crash investigation concludes — NY Times The helicopter crew appeared to have made more than one mistake. Not only was the Black Hawk flying too high, but in the final seconds before the crash, its pilot failed to heed a directive from her co-pilot, an Army flight instructor, to change course… Warrant Officer Eaves evidently felt obligated to repeat his instruction: The Black Hawk was at 300 feet, he said, and needed to descend. Captain Lobach said she would. But two and a half minutes later, the Black Hawk still was above 200 feet — a dangerously high level…Instead of seeing and avoiding Flight 5342, Captain Lobach continued flying straight at it… When two aircraft are on a collision course, the controller’s top priority must be to warn both sets of pilots.-“Advise the pilots if the targets appear likely to merge,” F.A.A. regulations state. That did not happen. https://x.com/DougMackeyCase/status/1916502315902566537
SWAMP STORIES FOR YOU TONIGHT
“Bloodbath”: Panic Ensues After Trump Admin Takes Wrecking Ball To DOJ’s Woke Civil Rights Division
Saturday, Apr 26, 2025 – 07:15 PM
Harmeet Dhillon – Trump’s hand-picked choice to lead the DOJ’s Civil Rights Division, has been taking a wrecking ball to the woke government entity – forcing out ‘a majority of career managers and implementing new priorities’ that have radically altered its mandate, NBC News‘ swamp scribe Ken Dilanian reports.
“It’s been a complete bloodbath,” one senior DOJ lawyer told Dilanian. Other sources said that over a dozen senior lawyers – “many with decades of experience working under presidents of both parties,” have been reassigned, while others have resigned in frustration after they were shuffled around.
Dhillon kicked the hornet’s nest last week – issuing a series of memos outlining the shifting priorities, which include (gasp!) “Keeping Men out of Women’s Sports,” and “Ending Radical Indoctrination in K-12 Schooling.”
“This is a 180 shift from the division’s traditional mission,” one former senior official said – declining to be named “in fear of retaliation.”
“These documents appear to have been created in a vacuum completely divorced from reality,” the former official continued. “The division can only enforce statutes that have been passed by Congress, and these orders seem to contemplate division attorneys’ executing on work that fundamentally departs from the division’s long-standing mission.”
Translation:
Dhillon, meanwhile, said the changes were no different than what happens anytime there’s a change in administration, along with a quest for efficiency.
“Each new administration has its own priorities, and allocates resources accordingly,” said Dhillon. “The Trump administration is no different. When I assumed my duties as Assistant Attorney General, I learned that certain sections in Civil Rights had substantial existing caseloads and backlogs, and that formed the basis of temporary details to assist those sections in getting, and staying, caught up.”
10 ‘current and former officials’ in the Civil Rights Division told NBC Newsthat several division chiefs have been transferred to roles unrelated to their legal backgrounds, including handling complaints, as well as the office that handles public requests (lol). So, customer service.
“Every presidential administration has its own policy priorities,” said former employee Stacey Young, who spent 18 years in the division before resigning in January, “but I don’t think there’s any precedent for an administration almost completely refocusing the civil rights division’s enforcement priorities the way this one has.”
So sad.
END
Labor Secretary Warns States Could Lose Federal Funding If Illegal Immigrants Get Unemployment Benefits
U.S. Secretary of Labor Lori Chavez-DeRemer warned states of losing federal funding if they fail to comply with President Donald Trump’s directives on rewarding illegal immigrants with tax dollars, according to an April 25 statement issued by the Department of Labor.
“Our nation’s unemployment benefits exist solely for workers who are eligible to receive them,” Chavez-DeRemer wrote in a letter addressed to state governors.
“To qualify for unemployment, one must be able and available to work, actively seeking work, and be legally authorized to accept employment in the United States. Unemployment benefits are not a handout for those in our country illegally.”
The secretary reminded all states that failing to fulfill existing legal obligations will result in the loss of federal funding through the Title III UI administrative grant.
The warning is pursuant to presidential memorandum, “Preventing Illegal Aliens from Obtaining Social Security Act Benefits,” and executive order 14218, “Ending Taxpayer Subsidization of Open Borders.”
Chavez-DeRemer also reminded states of an earlier communication by Department of Homeland Security (DHS) Secretary Kristi Noem, based on which, states can access the DHS immigration database called the Systematic Alien Verification for Entitlements (SAVE), at no cost and use it to verify the immigration status of benefit claimants.
This is a “critical tool” to ensure “illegal immigrants do not access our nation’s unemployment benefits,” said the labor secretary.
“As a result of this change, I instructed the Employment and Training Administration (ETA) to send a letter to all State Unemployment Insurance Administrators urging them to immediately start using SAVE for every initial and continued claim filed by an individual who indicates that they are not a U.S. citizen,” he said.
The SAVE database is aimed at helping agencies at federal, state, local, and tribal levels to confirm the immigration status and citizenship of individuals before issuing benefits.
A presidential memorandum signed on April 15 directed multiple federal agencies to take steps to prevent ineligible people, such as illegal immigrants, from receiving social security benefits.
An executive order issued on Feb. 19 asked agencies and departments to take action to ensure that “no taxpayer-funded benefits go to unqualified aliens” and to “prevent taxpayer resources from acting as a magnet and fueling illegal immigration to the United States.”
According to a Department of Government Efficiency finding released earlier this month, 6,300 illegal immigrants on the terror watchlist had been receiving Medicaid and unemployment insurance.
The Trump administration’s immigration enforcement efforts have been met with challenges.
On April 24, a federal judge issued an order blocking the administration from stripping federal taxpayer funding for cities that have adopted “sanctuary” policies with regard to illegal immigrants.
State and local governments with sanctuary policies block or restrict local officials from enforcing federal laws such as those related to immigration.
The lawsuit was filed by over a dozen cities that would be affected by the cancellation of federal funding for “sanctuary” cities.
In his order, the judge said the administration’s attempt amounts to a violation of the Constitution’s separation of powers principles and banned the government from any further funding cuts.
Meanwhile, the Trump administration is looking to prevent illegal immigrants from accessing the Supplemental Nutrition Assistance Program (SNAP) or food stamps.
On April 24, the Department of Agriculture asked states to take steps to this effect.
States were asked to check the identities of people who apply for SNAP, collect their social security numbers, and verify their legal status in the United States.
Catherine Austin Fitts (CAF), publisher of “The Solari Report,” is back to update us about the “Fast-Approaching Digital Control Grid.” (CAF) told us last time here on USAW, “There is no bigger ongoing battle for lovers of freedom than the battle taking place over the freedom killing idea of digital ID.” But it’s more that just ID, it’s an entire control grid that is being quietly built that is like a frog being put into pot and the water being brought to a boil. CAF explains, “You know our goal at Solari is each person has a free and inspired life. So, we have been working for several years to stop financial transaction control. If you get the ability to track each person and control their transactions, so if they don’t do what you say, they can turn off your money. That is game over for the Constitution and for human liberty. If you look at how the control grid is coming together, there are many different pieces. There is digital ID, all digital currency or transaction system to a social credit system to the management to certain kinds of data and back-up energy. There are many different pieces. We look at the pieces, and we look at them as one-off things such as, oh, I don’t mind having a ‘Real ID’ because I can see why they might want a federal ID, or a passport or whatever. Each one of these things looks nonthreatening and even convenient, but when they snap together, they are in a control grid, and it’s completely something else. When Trump was elected, I was shocked to see, almost immediately, the President announce the Stargate AI initiative with the mRNA vaccines, which to me is the internet of bodies.”
CAF put together a long list of Trump Administration actions that are speeding up what looks like a control grid. It’s called “The Fast-Approaching Digital Control Grid.” It lists things such as crypto friendly currency actions, private Central Bank Digital Currency, shrinking banking sector, DOGE, undisclosed Epstein files and many more red flag items that could be used to allow crime to continue and build a digital prison for “We the People.” While the Trump Administration brings change at a record pace, not a single thing has been done to find out about the “$21 Trillion Missing Money” that has been well documented by CAF and Michigan State Professor Dr. Mark Skidmore. The money has been stolen from America, and the silence about this is deafening. CAF says, “We know there has been tremendous fraud in the financials of the US government. We know that has happened. If you look at all the things that you or I would do to figure out what had happened, where the money went and how do we get it back, that’s not what they are doing. . . . If you look at how we would do a successful operation to reengineer government and identify the real fraud and stop it, I don’t see any indication that they are doing that. I do see some selected efforts that are probably sincere. . . . They are shutting things down lots of us would like to see shut down. . . . We know how to stop the death and disabilities that come from the Covid 19 vax injection, but you go the CDC website, and they are still recommending the Covid injections.”
The massive crime going on with government accounting makes it necessary for the control grid. CAF explains, “What happened in the last Trump Administration is they adopted FASAB 56. FASAB 56 basically said they could take the books of the US government dark. A secret group of people, by a secret process, could remove operations from the financial statement, and they don’t have to tell people what they removed. So, we have no idea what is in the financials. . . . This includes the big banks and contractors who do business with the government. So, looking at the US stock market and bond market, I have no idea what is true or not. . . . We are flying blind.”
CAF still likes gold for an investment. She is also very bullish on silver as it takes about 100 ounces of silver to buy a single ounce of gold. The gold/silver ratio is at record spreads. CAF says, “At some point, the gold/silver ratio will revert to something more sensible.”
In closing, CAF says, “Everyone tell your Senator and Congressman and President Trump on X or Truth Social stop the control grid. Stop with the control grid, and we can do this. . . . If we can face it, God can fix it all.”
Join Greg Hunter of USAWatchdog.com as he goes One-on-One with the Publisher of The Solari Report, Catherine Austin Fitts, as she looks ahead for what’s coming in 2025 for 4.26.25.
harveyorganblog.com 
