APRIL 29/ANOTHER RAID DAY AS WE HEAD INTO OTC/LONDON OPTIONS EXPIRY TOMORROW: GOLD CLOSED DOWN $45.70 TO $4548.25/SILVER CLOSED DOWN $1.95 TO $71.56 WITH SHANGHAI CLOSING AT $80.58 USA (EQUIVALENT PRICE)/PLATINUM CLOSED DOWN $64.00 TO $1894.00 WITH PALLADIUM CLOSING DOWN ONLY 50 CENTS TO $1465.00// GOLD AND SILVER COMMENTARY TONIGHT COURTESY OF JOHN RUBINO/EUROPEAN COMMENTARIES TONIGHT FROM GERMANY AND THE UK//UPDATES ISRAEL /USA VS IRAN/ISRAEL TBN //HEZBOLLAH UPDATES// VACCINE INJURY AND DEATH REPORT: MARK CRISPIN MILLER//DR PAUL ALEXANDER REPORT//OIL REPORT FOR TODAY CANADA KEEPS INTEREST RATES ON HOLD AS THEY WOULD NOT DARE RAISE RATES DESPITE INFLATION HITTING THE COUNTRY//USA DATA RELEASES//USA ECONOMIC REPORTS//BRANDON SMITH COMMENTARY/SWAMP STORIES FOR YOU TONIGHT//KING NEWS/GREG HUNTER INTERVIEWS DANE WIGINGTON//
099 H DEUTSCHE BANK AG 141 363 H WELLS FARGO SECURITI 127 624 H BOFA SECURITIES 15 661 C JP MORGAN SECURITIES 267 686 C STONEX FINANCIAL INC 10 15 686 H STONEX FINANCIAL INC 301 690 C ABN AMRO CLR USA LLC 2 905 C ADM 3 991 H CME 1
TOTAL: 441 441 MONTH TO DATE: 22,750
JPMORGAN STOPPED 267/441
APRIL 29
APRIL COMEX MONTH
GOLD: NUMBER OF NOTICES FILED FOR APRIL/2026: 441 CONTRACTs NOTICES FOR 44.100 OZ or 1.3717TONNES
total notices so far: 22,750 contracts FOR 2,275,000 OZ OR 70.762 TONNES
FOR APRIL 28
XXXXXXXXXXXXXXXXXX
SILVER NOTICES: 3 NOTICE(S) FILED FOR 15,000 OZ /
total number of notices filed so far this month : 3312 CONTRACTS (NOTICES) for 16.560 million oz
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END
GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD DOWN $45.70 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/// NO CHANGES IN GOLD INVENTORY AT THE GLD:
INVENTORY RESTS AT 1044.337 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER DOWN $1.95 AT THE SLV: NO CHANGES IN SILVER INVENTORY AT THE SLV //// : INVENTORY RESTS AT THE SLV AT 487.234 MILLION OZ//
CLOSING INVENTORY RESTS AT:
CLOSING INVENTORY: 487.234 MILLION
SILVER//OUTLINE
SILVER COMEX OI FELL BY A MEGA MEGA HUGE SIZED 3104 CONTRACTS TO A NEW RECORD LOW OF 101,275 AND STALLING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS HUGE SIZED LOSS IN COMEX OI WAS ACCOMPLISHED WITH OUR LOSS OF $2.05 IN SILVER PRICING AT THE COMEX WITH RESPECT TO TUESDAY’S // TRADING. ON APRIL 29, TODAY, WE HAVE REACHED AT OUR RECORD LOW OI OF 101,275 SURPASSING OUR PREVIOUS STABLE LOW OF 111,576 SET EARLIER IN THE MONTH OF MARCH/(2026).
NOW ON A NET BASIS OUR SPECULATORS HAVE REVERTED BACK TO GOING SHORT. THE FRBNY ON A NET BASIS IS PROVIDING THE NECESSARY PAPER TO OUR LONGS ALONG WITH SOME BULLION BANKS AND THEN A HUGE NUMBERS OF LONGS ,OUR CENTRAL BANKERS, TAKE THE LONG SIDE AND TENDER FOR PHYSICAL AT 4 PM EACH NIGHT. BECAUSE OF THE HUGE SHORTFALL IN PHYSICAL SILVER IN LONDON THERE IS A LOTTERY TO SEE WHO GETS ANY OF THE PHYSICAL SILVER AVAILABLE THAT WHICH THEY ARE OBLIGATED TO DELIVER. THEY WAIT PATIENTLY FOR THEIR PHYSICAL METAL AND IF NOBODY GETS ANY THEY THEN COME BACK THE NEXT DAY AND SO ON. THIS IS IN LONDON, THE HOME OF PHYSICAL SILVER!!
WE ARE FINALLY MOVING TO A MUCH HIGHER BASE IN SILVER PRICING AT MAJOR SUPPORT LEVEL OF $70.00. SHORTLY WE WILL AGAIN ATTEMPT TO BREAK THE MAJOR 100 DOLLAR BARRIER. THE SHORT SPECULATORS WERE AGAIN LED BY OUR HIGH FREQUENCY TRADERS THIS WEEK WHICH WILL EXPLAIN THE EXTREMELY LOW OI AND A MUCH HIGHER SILVER BASE!!
WE HAVE A MEGA HUGE SIZED LOSS OF 2634 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A STRONG SIZED 470 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD CONSIDERABLE LIQUIDATION OF T.A.S. CONTRACTS IN COMEX TRADING WITH RESPECT TO TUESDAY TRADING/// MONTHLY SPREADERS FINISHED ON MARCH 31.. WE HAD A HUGE 1084 CONTRACT T.A.S. ISSUANCE!! / THEY DESPERATELY AGAIN TODAY TRYING TO CONTAIN SILVER’S PRICE RISE FOR THE PAST SEVERAL WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $100.00 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY SUCCEEDED ON TUESDAY WITH SILVER’S FALL IN PRICE
THE PRICE STILL FINISHED ABOVE THE MAGIC NUMBER OF $70.00 SILVER SPOT PRICE BUT STILL BELOW THE $100.00 MARK CLOSING AT $72.97 DOWN $2.05. WE ARE NOW WITNESSING HAVING MANY HUGE T.A.S ISSUANCES // TODAY’S WAS AT A HUGE SIZED 1084 T.A.S. CONTRACTS !!. THE CROOKS ARE BECOMING MORE DESPERATE TO STOP SILVER BREAKING ABOVE THE 100.00 DOLLAR MARK!! AND NOW THE HUGE SUPPORT LEVEL OF 70 DOLLARS!!.MAMMOTH SIZE T.A.S ISSUANCES ARE BECOMING THE NORM AT THE COMEX NOW!!
THERE IS NO NEXT LINE IN THE SAND ONCE THE 100.00 DOLLAR SILVER IS PIERCED AGAIN. WE HAD A STRONG SIZED 470 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR HUGE SIZED 1084 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN FUTURE TRADING//AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE.
IN ESSENCE WE HUGE LOSS OF 2634 CONTRACTS ON OUR TWO EXCHANGES WITH OUR LOSS IN PRICE OF $2.05. WE HAD HUGE GOVERNMENT (FRBY) COMEX CONTRACTS TRADING ALL WEEK AND A MAJOR PORTION WILL BE REMOVED BY DAYS END. (I RECORD THIS FOR YOU ON A DAILY BASIS). THE STICKY SPECULATOR LONGS STILL REMAIN STOIC
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, THROUGHOUT MONTH. TOTAL TAS ISSUED ON TUESDAY NIGHT//WEDNESDAY MORNING: A HUGE SIZED 1084 CONTRACTS. DESPITE MANY COMPLAINTS THAT THROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED FRBNY BANKERS).
THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS AS ONE UNIT, BUT SELL THE SHORT SIDE FIRST AND THEN LIQUIDATE THE LONG 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 NOW ORDERED THE BANKS TO REDUCE ITS NEW LEVEL OF 1.1 TRILLION DOLLARS IN GOLD/SILVER DERIVATIVES.
THUS:
INITIAL STANDING FOR JANUARY: 22.915 MILLION OZ FOLLOWED BY TODAY’S 1.185 MILLION OZ QUEUE JUMP//NEW NORMAL STANDING ADVANCES TO 49.445 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK FOR .100 MILLION OZ//NEW STANDING ADVANCES TO 49.545 MILLION OZ!!
INTIAL STANDING FOR FEBRUARY/SILVER: 13.505 MILLION OZ FOLLOWED BY TODAY’S HUGE 0.005 MILLION OZ QUEUE JUMP / : NEW STANDING FOR SILVER AT THE COMEX ADVANCES TO 25.180 MILLION OZ. BUT WE MUST ADD OUR FIRST EXCHANGE FOR RISK OF 25 CONTRACTS FOR .125 MILLION OZ AND THEN OUR SECOND EXCHANGE FOR RISK OF .0600 MILLION OZ TO OUR THIRD HUGE 2.825 MILLION OZ EXCHANGE FOR RISK!!
INITIAL STANDING FOR MARCH: A SURPRISINGLY LOW 31.076 MILLION OZ/ FOLLOWED BY A TINY QUEUE JUMP OF 1 CONTRACTS OR 0.005 MILLION OZ/NEW STANDING ADVANCES TO 46.060 MILLION OZ
INITIAL STANDING FOR APRIL: 7.120 MILLION OZ FOLLOWED BY TODAY’S 1 CONTRACT QUEUE JUMP WHERE 5,000 OZ WILL TAKE DELIVERY OVER ON THIS SIDE OF THE POND. NEW STANDING FOR SILVER AT THE COMEX THUS ADVANCES SLIGHTLY TO 16.565 MILLION OZ PLUS WE MUST ADD OUR 4TH EXCHANGE FOR RISK ISSUANCE OF 17 CONTRACTS OR 0.085 MILLION OZ. THESE WILL BE ADDED TO OUR OTHER 3 ISSUANCES //NEW TOTAL EXCHANGE FOR RISK//1.165 MILLION OZ// NEW TOTAL SILVER STANDING 17.730 MILLION OZ//
SUMMARY OF OUR APRIL 2026 COMEX CONTRACT MONTH:
WE HAD:
/ HUGE COMEX OI LOSS+// STRONG SIZED 640 EFP ISSUANCE CONTRACTS (/ VI) A HUGE NUMBER OF T.A.S. CONTRACT ISSUANCE 672 CONTRACTS
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED 125 SILVER CONTRACT//
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS APRIL.. ACCUMULATION
TOTAL CONTRACTS for 19 DAY(S), total 8588 contracts: OR 42.940 MILLION OZ (450 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 42.940 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: 100.895 MILLION OZ///AVERAGE SIZE ISSUANCE
MAY: 28.975 MILLION OZ (ISSUANCE WILL BE QUITE SMALL THIS MONTH)
JUNE: 81.065 MILLION OZ
JULY: 50.925 MILLION OZ (QUITE SMALL)
AUGUST: 59.455 MILLION OZ (QUITE SMALL)
SEPT. 50.510 MILLION OZ.(QUITE SMALL)
OCT; 82.020 MILLION OZ (WILL BE STRONG THIS MONTH)/ OCC WANTS TO REIN IN THESE ISSUANCES!
NOVEMBER: 36.425 MILLION OZ
DEC: 45.765 MILLION OZ
JANUARY 2026: 134.270 MILLION OZ (WILL BE A VERY STRONG MONTH FOR EXCHANGE FOR PHYSICAL!)
FEB : 82.130 MILLION OZ
MARCH: 56.075 MILLION OZ
APRIL; 42.94 MILLION OZ..WILL BE SMALL THIS MONTH.
RESULT: WE HAD A HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 3104 CONTRACTS WITH OUR LOSS IN PRICE OF $2.05 IN SILVER PRICING AT THE COMEX// TUESDAY,. THE CME NOTIFIED US THAT WE HAD A STRONG SIZED CONTRACT EFP ISSUANCE 470 CONTRACTS ISSUED FOR MAY, AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS). WE HAD A TINY 1 SIZED CONTRACT QUEUE JUMP FOR 5,000 OZ//STANDING ADVANCES TO 16.565 MILLION OZ// PLUS 1.165 MILLION OZ EXCHANGE FOR RISK //4ISSUANCES//NEW TOTAL ADVANCES TO 17.730 MILLION OZ
LAST 13 MONTHS OF SILVER DELIVERIES
WE FINISHED APRIL WITH A STRONG SILVER OZ STANDING OF 16.050 MILLION OZ NORMAL DELIVERY , PLUS OUR 4.00 MILLION EX FOR RISK
FINAL STANDING APRIL: 19.965 MILLION OZ
AND MAY:
NEW STANDING FOR MAY FINISHES AT: 75.615 MILLION OZ. (INCLUDES 5,000 OZ EFP TRANSFER TO LONDON + 12.93 MILLION OZ EXCHANGE FOR RISK ISSUANCE/PRIOR.//NEW TOTAL STANDING 88.540 MILLION OZ
AND JUNE: FINAL 16.995 MILLION OZ
AND JULY: 46.720 MILLION OZ//
AUGUST: 4.70 MILLION OZ INITIAL STANDING PLUS TODAY;S 5,000 OZ QUEUE JUMP //NEW STANDING ADVANCES TO 10.960 MILLION OZ
SEPTEMBER: 68.040 MILLION OZ NORMAL DELIVERY(INCLUDES ALL QUEUE JUMPING AND EXCHANGE FOR PHYSICAL TRANSFERS) PLUS 3.0 MILLION OZ EX FOR RISK = 71.040 MILLION OZ. (THIS IS THE FIRST AND ONLY ISSUANCE OF EXCHANGE FOR RISK FOR SILVER SINCE MAY.)
OCTOBER: 39.565 MILLION OZ OF NORMAL DELIVERY INCLUDES ALL QUEUE JUMPING
PLUS
2.110 MILLION OZ EXCHANGE FOR RISK//TOTAL OZ STANDING IN OCT ADVAN
NOVEMBER: INITIAL STANDING AT 11.575 MILLION OZ FOLLOWED BY TODAY’S 195,000 OZ QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 9.155 MILLION OZ//STANDING ADVANCES TO 19.670 MILLION OZ/
DECEMBER: INITIAL AMOUNT STANDING FOR DELIVERY: 49.33 MILLION OZ// FOLLOWED BY ANOTHER STRONG 835,000OZ QUEUE JUMP+ DEC. FIRST EXCHANGE FOR RISK 0F .850 MILLION OZ + LAST WEEK.S 495,000 OZ EXCHANGE FOR RISK AND THEN A 3RD ISSUANCE IF 1.00MILLION OZ THEN FINALLY DEC 249ISSUANCE OF 1.35 MILLION OZ EXCHANGE FOR RISK//NEW TOTAL EX FOR RIS IS 3.685 MILLION OZ // STANDING ADVANCES TO 68.415 MILLION OZ//
JANUARY: INITIAL STANDING 22.915 MILLION OZ FOLLOWED BY TODAY’S 1.185 MILLION OZ QUEUE JUMP//NORMAL STANDING ADVANCES TO 49.445 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK OF 0.100 MILLLION OZ//NEW STANDING ADVANCES TO 49.545 MILLION OZ
FEB: 13.399 MILLION OZ IS OUR INITIAL STANDING FOR SILVER! TO WHICH WE ADD OUR NEXT QUEUE JUMP FOR 5,000 OZ AND THEN ADD OUR 3 EXCHANGE FOR RISK FOR 3.010 MILLION OZ STANDING ADVANCES TO 28.190 MILLION OZ!!
MARCH: INITIAL AMOUNT OF SILVER STANDING IS 31.076 MILLION OZ FOLLOWED BY A FINAL 0.210 MILLION OZ QUEUE JUMP //NEW TOTAL STANDING ADVANCES TO 46.060 MILLION OZ
APRIL 2026: INITITAL AMOUNT OF SILVER STANDING 7.120 MILLION OZ FOLLOWED BY TODAY’S 5,000 OZ QUUE JUMP //NEW STANDING ADVANCES TO 16.565MILLION OZ PLUS 1.165 MILLION OZ EXCHANGE FOR RISK.NEW TOTALS 17.730 MILLION OZ
THE NEW TAS ISSUANCE TUESDAY (1084) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED NO DOUBT WITH FUTURE TRADING!
WE HAD 3 NOTICE(S) FILED TODAY FOR 15,000 OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY BANKERS
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST ROSE BY A STRONG SIZED 3208 OI CONTRACTS UP TO 369,530 ADVANCING FROM ITS ALL TIME LOW OF 354,581 OI AND CLOSER TO THE RECORD HIGH (SET JAN 24/2020) AT 799,105 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. WE HAVE NOW ADVANCED PAST THE PREVIOUS ALL TIME LOWS OF 357,136 SET APRIL 2/.2026. WE ARE STILL QUITE A WAY FROM OUR TWO DECADES OLD: 390,000 CONTRACTS LOW SET IN THE YEAR OF 2001 WITH TRADING FOR GOLD AT $260.00. THUS DURING EARLY APRIL WE HAD AN ALL TIME LOW OI IN COMEX (354,531) BUT WITH AN EXTREMELY HIGH PRICE OF GOLD. THE SHORT RATS ARE ABANDONING THE COMEX SHIP, NOBODY WANT TO PLAY IN THIS CROOKED CASINO!! (AND THIS CORRELATES WITH SILVER’S LOW OI OF 101.400 CONTRACTS WITH A MUCH HIGHER SILVER PRICE BASE)
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED A HUGE 1233 CONTRACTS //.
WE HAD A STRONG GAIN IN COMEX OI (6293 ONTRACTS) . THIS SMALL GAIN IN OI OCCURRED DESPITE LOSS IN PRICE OF $85.85 //TUESDAY///.
LAST 12 MONTHS OF GOLD DELIVERIES: (MAY THROUGH TO /APRIL)
1.MAY SUMMARY FOR MAY TONNES WHICH STOOD FOR DELIVERY:
FINAL STANDING FOR MAY: 70.174 TONNES OF GOLD TO WHICH WE ADD 1. MONDAY’S (MAY 19) 6.221 TONNES EXCHANGE FOR RISK , 2. THEN WE ADD: 1.35 TONNES TO LAST WEEK”S. THEN WE ADD 3. 1.55 TONNES TO EQUAL 9.591 TONNES// NEW EXCHANGE FOR RISK = 9.591 TONNES WHICH MUST BE ADDED TO OUR NORMAL DELIVERY SCHEDULE OF 80.644 TONNES. THUS STANDING FOR MAY INCREASES TO 90.235 TONNES OF GOLD
2 JUNE CONTRACT MONTH: 93.085 TONNES OF GOLD (WHICH INCLUDES ALL QUEUE JUMPING AND 0 EX FOR RISK)
3.JULY INITIIAL STANDING FIRST DAY NOTICE: 17.847 TONNES. PLUS TODAY’S 0 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK + 2.195 TONNES EX FOR RISK TODAY = 41.106 TONNES STANDING
4. AUGUST: 60.547 TONNES OF INITIAL GOLD FIRST DAY NOTICE FOLLOWED BY THE NET MONTH’S QUEUE JUMP OF 47.2312 TONNES TO WHICH WE ADD THE FOLLOWING EXCHANGE FOR RISK ISSUANCE RECEIVED FOR THE MONTH: 5.4432 TONNES EX FOR RISK/AUG 7 , AUG 11: 2.413 TONNES EX FOR RISK AND AUG. 12 OF 2.
5.SEPT: INITIAL 8.093 TONNES OF GOLD PLUS TODAY’S QUEUE JUMP OF 0.4883 TONNES PLUS 2.2827 TONNES OF EXCHANGE FOR RISK TODAY//NEW TOTAL EX. FOR RISK/MONTH = 22.923//NEW TOTAL STANDING FOR GOLD SEPT ADVANCES TO = 48.801 TONNES!!
6.OCTOBER: 90.012 TONNES OF INITIAL GOLD STANDING WITH TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS DURING OCT OF 76.1656 TONNES
THEN WE MUST ADD OUR 14.553 TONNES OF OUR ISSUANCE OF EXCHANGE FOR RISK/6 OCCASIONS//NEW TOTAL OF GOLD STANDING ADVANCES TO 197.5141 TONNES OF GOLD.
7.NOVEMBER BEGINS WITH 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY TODAY’S QUEUE JUMP OF 2.323 TONNES FOLLOWED BY ALL PREVIOUS QUEUE JUMPS IN OF OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE OF 4.5596 TONNES//NEW STANDING ADVANCES TO 43.9716 TONNES OF GOLD.
8. DECEMBER BEGINS WITH INITIAL STANDING OF 83.813 TONNES OF GOLD FOLLOWED BY TODAY’S 0.0TONNE QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF: 37.163 TONNES//NEW STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR 4 EXCHANGE FOR RISK FOR DECEMBER OF 6.587 TONNES/NEW STANDING ADVANCES TO 121.977 TONNES
9. JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR FIRST EXCHANGE FOR PHYSICAL TRANSFER OF 0.08709 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
FEB; INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 93.567 TONNES OF GOLD TO WHICH WE ADD OUR NEXT 0.0248 TONNES 0.1555 TONNES QUEUE JUMP TO 41.2082 TONNES/ NEW NET QUEUE JUMP INCREASES TO 41.233 TONNES// AND THEN WE ADD OUR SIX EXCHANGE FOR RISK: 10,080 CONTRACTS OR 31.251 TONNES//NEW STANDING REDUCES TO 157.878 TONNES
MARCH:: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 8.099 TONNES TO WHICH WE ADD TODAY’S FAIR 4600 OZ QUEUE JUMP (0.2320 TONNES) AND THEN WE ADD OUR THREE EXCHANGE FOR RISK OF 22.3818 TONNES //NEW STANDING ADVANCES TO 67.6648 TONNES/
APRIL: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 52.600 TONNES FOLLOWED BY OUR 278 CONTRACT QUEUE JUMP FOR 27800 OZ/ (0.8646 TONNES)/NEW STANDING ADVANCES TO 70.286 TONNES TO WHICH WE ADD OUR 2ND EXCHANGE FOR RISK OF 1498 CONTRACTS FOR 149800 OZ OR 4.659 TONNES. THE NEW TOTAL EXCHANGE FOR RISK FOR THE MONTH OF APRIL IS 2239 CONTRACTS OR 223900 OZ OR 6.964 TONNES AND THIS WILL BE ADDED TO OUR NORMAL DELIVERY TOTALS (70.762 TONNES) TO GIVE US WHAT WILL STAND IN APRIL (77.726 TONNES)
E.F.P. ISSUANCE/FOR OPENING APRIL. GOLD CONTRACT
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 3085CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT A LOW OF 369,530ADVANCING FROM OUR RECORD LOW OF 354,581 AND WE NOW WITNESSING A LOWER COMEX OI BUT WITH AN EXTREMELY HIGH
SILVER ALSO HAS AN ULTRA SMALL SIZED AND EXTREMELY LOW AND RECORD LOW COMEX OI OF 101.275 ONTRACTS// FALLING FROM PREVIOUS ALL TIME LOW SET MARCH 23/2026 OF 111,576 CONTRACTS.
IN ESSENCE WE HAVE A STRONG SIZED GAIN IN TOTAL CONTRACTS IN COMEX GOLD ON THE TWO EXCHANGES OF 6293 CONTRACTS WITH 3208 CONTRACTS INCREASED AT THE COMEX// AND A STRONG SIZED 3085 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON.
THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 6293 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR SIZED AND CRIMINAL 1175 CONTRACTS AND THESE ISSUANCES ARE GENERALLY USED TO INITIATE A RAID WHEN CALLED UPON.
GOLD PRICE ON MONDAY FELL BY $85.85
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS CONTRACT(3085 ) ACCOMPANYING THE STRONG SIZED GAIN IN COMEX OI OF 3208 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES 6293 CONTRACTS!!
WE HAVE 1) NOW REVERTED TO OUR NORMAL FORMAT OF BANKER (FRBNY) GOING ON THE SHORT SIDE AND SOME NEWBIE SPECULATORS GOING TO THE LONG SIDE BUT OTHER SPECS GOING ALSO TO THE SHORT SIDE LED BY THE NOSE BY HIGH FREQUENCY TRADERS AND SPREADERS..
FEB; INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 93.567 TONNES OF GOLD TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 0.012 TONNES TO ALL OTHER QUEUE JUMPS//NEW QUEUE JUMP TOTALS INCREASES: 41.233 TONNES// /// TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK FOR 31.251 TONNES//NEW STANDING FINISHED AT 157.878 TONNES
MARCH:: SMALL INITIAL STANDING FOR GOLD FOR MARCH AT 8.099 TONNES TO WHICH WE ADD TODAY’S FAIR 46 CONTRACT QUEUE JUMP OF 4400 OZ OR 0.2320 TONNESAND THEN WE ADD BY OUR THREE EXCHANGE FOR RISK: 22.3818///NEW STANDING ADVANCES TO 67.6648 TONNES OF GOLD./
APRIL: INITIAL STANDING FOR GOLD; 52.600 TONNES FOLLOWED BY TODAY’S 27,800 OZ QUEUE JUMP(0.8646 TONNES) //NEW STANDING ADVANCES TO 70.286TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK FOR 2239 CONTRACTS/223900 OZ OR 6.964 TONNES//NEW STANDING ADVANCES TO 77.726 TONNES
STANDING FOR THE LAST 4 MONTHS JANUARY TO APRIL:
FINAL STANDING FOR GOLD, JANUARY CONTRACT AT 59.2108 TONNES OF GOLD
FEBRUARY: INITIAL STANDING FOR GOLD: 157.878 TONNES!! WHICH INCLUDES ALL QUEUE JUMPING, THREE EXCHANGE FOR PHYSICAL TRANSFERS TO LONDON AND OUR SIX ISSUANCES EXCHANGE FOR RISK!!
MARCH: INITIAL STANDING AT 8.099 TONNES TO WHICH WE ADD OUR FINAL DAY: 0.2320 TONNES QUEUE JUMP AND THEN ADD +22.3818 TONNES EXCHANGE FOR RISK//NEW STANDING ADVANCES TO 67.6648 TONNES
APRIL: INITIAL STANDING 52.600 TONNES PLUS 27,800 OZ QUEUE JUMP (0.8648TONNES): NEW STANDING ADVANCES TO 70.286 TONNES PLUS OUR TWO EXCHANGE FOR RISK FOR 223,900 OZ OR 6.964 TONNES/NEW STANDING: 77.726 TONNES
3) CONIDERABLE T.A.S. LIQUIDATION, AND SOME GOVT LIQUIDATION // WITH A STRONG LOSS OF EQUITY SHARES/APRIL 27 HAVING 1)A $85.85 COMEX PRICE LOSS AND YET WE HAD 2) SPEC LONGS PILING HUGELY ON A NET BASIS, + EASTERN CENTRAL BANKERS ALSO PILING INTO THE LONG SIDE. WE HAD A STRONG SIZED GAIN OF 6293 CONTRACTS ON OUR TWO EXCHANGES AND AS WELL A STRONG AMOUNT OF GOLD WILL STAND FOR DELIVERY IN APRIL. (77.726 TONNES). //, CENTRAL BANKERS TENDERED FOR PHYSICAL WITH THEIR PURCHASES OF CONTRACTS../ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED TUESDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL
4)A STRONG SIZED COMEX OI GAIN 5) V) FAIR SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL GOLD 3085) AND A FAIR T.A.S. ISSUANCE (1175) FOR RAID PURPOSES
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: 27,423 CONTRACTS OR 2,742,300 OZ OR 85.29TONNES IN 19TRADING DAY(S) AND THUS AVERAGING: 1443 EFP CONTRACTS PER TRADING ,DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN19TRADING DAY(S) IN TONNES: 85.29 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2025, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 85.29 TONNES DIVIDED BY 3550 x 100% TONNES = 2.40% 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:2023 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 2024: 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
2025: AND NOW 2026
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; 208.57 TONNES. STRONG THIS MONTH
MAY: 113.499 TONNES OF GOLD EFP ISSUANCE//QUITE SMALL THIS MONTH
JUNE: 97.79 TONNES OF GOLD EFP ISSUANCE/EXTREMELY SMALL
JULY : 150.877 TONNES// QUITE SMALL
AUGUST: 175.86 TONNES A LOT LARGER THIS MONTH.
SEPT. 116.13 TONNES VERY SMALL
OCT. 252.72 TONNES//CERTAINLY MUCH LARGER THIS MONTH/VERY STRONG
NOV: 124.74 TONNES
DEC: 190.04 TONNES//GOOD SIZED THIS MONTH FINAL.
TOTAL EXCHANGE FOR PHYSICAL ISSUED FOR YEAR 2025: 2,026.20 TONNES (LOWER THAN LAST YR 2,569.00 TONNES
JANUARY: 209.08 TONNES ( (WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL)
FEB. 176.35 TONNES (WHICH IS A FAIR ISSUANCE)
MARCH: 214.67 TONNES//WILL BE STRONG ISSUANCE THIS MONTH
APRIL; 85.29 TONNES// WILL BE VERY SMALL THIS MONTH
SPREADERS:
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONG
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 POSIT
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:
SILVER:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER FELL BY A MEGA HUGE 3104 CONTRACTS TO AN OI OF 101,275, A NEW ALL TIME LOW WITH AN EXCEPTIONALLY HIGH PRICE FOR SILVER (APRIL 29)
EFP ISSUANCE 470 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAY 470 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 0 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 3104 CONTRACTS AND ADD TO THE 470 E.FP. ISSUED
WE OBTAIN A MEGA STRONG SIZED LOSS OF 2634 OI OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR LOSS OF $2.05
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTALS 13.170 MILLION PAPER OZ
OCCURRED WITH OUR LOSS IN PRICE.OF $2.05
2.ASIAN AFFAIRS APRIL 29 /2025
SHANGHAI CLOSED UP 28.88 PTS OR 0.71%
HANG SENG CLOSED UP 413.72 PTS OR 1.61%
Nikkei CLOSED DOWN 619.90 PTS OR 1.02%
//Australia’s all ordinaries CLOSED DOWN 0.31%
//Chinese yuan (ONSHORE) CLOSED DOWN 6.8323
/ OFFSHORE CLOSED DOWN AT 6.8346 Oil UP TO 102.38 dollars per barrel for WTI and BRENT UP TO 114.35 Stocks in Europe OPENED ALL RED
ONSHORE USA/ YUAN TRADING 6.8323 (DOWN) OFFSHORE YUAN TRADING DOWN TO 6.8346 ONSHORE YUAN TRADING ABOVE OFF SHORE AND DOWN ON THE DOLLAR// / AND THUS WEAKER/OFF SHORE YUAN TRADING DOWN AGAINST US DOLLAR/ AND THUS WEAKER
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A STRONG 3208 CONTRACTS UP TO AN OI OF 369,530 CONTRACTS (OI) , HAVING ADVANCED FROM OUR NEW LOW OI SET THIS MONTH AND SURPASSING THE PREVIOUS ALL TIME LOW IN OI OF 354,581 SET APRIL6/2026. PREVIOUS TO THAT THE ALL TIME LOW IN OI WAS 390,000 SET IN THE YEAR 2001 WHEN GOLD WAS TRADING $260.00. THE CME SHOULD BE PROUD OF THEMSELVES AS MANY HAVE ABANDONED THIS CROOKED ARENA!!THUS OUR NEW ALL TIME LOW OF COMEX OI HAS NOW BEEN SET AT 354,581 WITH GOLD AT AN EXTREMELY HIGH $4,700.00 WHICH MAKES ABSOLUTELY NO SENSE!!!
WE HAD SOME T.A.S. LIQUIDATION DURING TUESDAY’S TRADING ALONG WITH MONTHLY SPREADER LIQUIDATION. IT SEEMS THAT SOME OF THE SPECULATORS CONTINUED AGAIN TO GO MASSIVELY ON THE LONG SIDE BUT ALSO SOME SPECULATORS GOING TO THE SHORT SIDE WITH THE BANKERS NOW TAKING THE LONG SIDE,AND CENTRAL BANKS SUPPLYING THE NECESSARY PAPER, AS WELL AS COVERING THEIR SHORTFALL. THERE ARE ALSO SOME SPECULATORS WHO CONTINUALLY GO TO THE SHORT SIDE AND AND OF COURSE THEY WILL BE ANNHILATED ON CENTRAL BANK COMMAND!!
CENTRAL BANKS ALSO TENDERED THEIR NEW LONG CONTRACTS AT THE END OF THE DAY FOR PHYSICAL GOLD. YOU CAN VISUALIZE THIS WITH THE MASSIVE AMOUNT OF GOLD STANDING AT THE COMEX FOR THIS APRIL CONTRACT MONTH!!
THE STRONG SIZED GAIN ON OUR TWO EXCHANGES OCCURRED DESPITE OUR LOSS IN PRICE IN GOLD. WE ARE NOW IN THE LAST DAYS OF THE MONTH AND THUS OUR TWO SPREADERS ARE IN FULL FORCE DURING OPTIONS EXPIRY MONTH: THE COMEX OPTIONS EXPIRY CONCLUDED ALREADY AND NOW WE AWAIT LONDON/OTC EXPIRES THIS THURSDAY.
WE THUS HAD A STRONG GAIN IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 6293 CONTRACTS (OR 19.573 TONNES) DESPITE OUR LOSS IN PRICE, AS WE WERE INFORMED OF A STRONG 3085 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE..
THEN WE WERE NOTIFIED TODAY OF OUR SECOND CONTRACT EXCHANGE FOR RISK ISSUANCE IN GOLD CONTRACTS TOTALLING 1498 CONTRACTS FOR 149,800 OZ OR 4.689 TONNES OF GOLD.
HISTORY OF EXCHANGE FOR RISK ISSUANCE THIS YEAR: FEBRUARY THROUGH APRIL
FEBRUARY:
DURING THE MIDDLE OF THE FEBRUARY CONTRACT MONTH, WE HAD TWO IDENTICAL MONSTER 3,000 CONTRACT ISSUED FOR THE SAME 9.33 TONNES OF GOLD, AND THESE WERE THE HIGHEST EVER IN TONNAGE EVER ISSUED BY THE COMEX. ALTOGETHER THE TOTAL ISSUANCE FOR FEB TOTALLED SIX.(31.251 TONNES).
MARCH:
THURSDAY MARCH 17 WE RECEIVED ITS INITIAL 2000 CONTRACT EXCHANGE FOR RISK ISSUANCE FOR 6.22 TONNES. LAST FRIDAY: 0 ISSUANCE OF EXCHANGE FOR RISK. BUT ON MONDAY MARCH 23 WE RECEIVED NOTICE OF OUR SECOND EXCHANGE FOR RISK ISSUANCE FOR 2,200 CONTRACTS (220,000 OZ OR 6.843 TONNES) AND NOW FRIDAY WITH A MONSTER 2996 CONTRACTS FOR 9.3138 TONNES. THESE THREE ISSUANCES WILL NOW BE ADDED TO THE REGULAR AMOUNT OF GOLD STANDING, I.E. 22.3818 TONNES TO OUR NORMAL GOLD STANDING TO GIVE US WHAT WILL STAND FOR PHYSICAL GOLD FOR MARCH!
APRIL;: 2 EXCHANGE FOR RISK SO FAR, I.E. 2239 CONTRACTS FOR 223,900 OZ OR 6.964 TONNES AND THIS TOTAL TONNES WILL BE ADDED TO OUR NORMAL DELIVERY TO GIVE US WHAT WILL STAND IN APRIL
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A LITTLE HISTORY OF EXCHANGE FOR RISK DECEMBER THROUGH TO APRIL:
IN DECEMBER WE HAVE RECORDED 5 ISSUANCES OF EXCHANGE FOR RISK/4 FOR DEC AND THE LAST ONE ON DEC 31 FOR JANUARY. WE NOW HAVE 3 CHOICES FOR THE RECIPIENT OF THIS ISSUANCE AND IT MUST BE A CENTRAL BANK. YOU WILL RECALL THAT THE BUYER ASSUMES THE RISK OF THAT DELIVERY. (THUS TOTAL EXCHANGE FOR RISK FOR THE MONTH OF DECEMBER IS 6.56 TONNES/4 OCCASIONS.
MONTH OF JANUARY/EXCHANGE FOR RISK
IN JANUARY THEY HAVE 6 TOTAL ISSUANCE : 3.446 TONNES EARLY, THEN JAN 9 ISSUANCE OF 9,331 TONNES AND THEN JAN 16: 0.1996 TONNES JAN 26: 1.499 TONNES, JAN 27: 3.160 AND FINALLY JAN 29: 4.659 TONNES TONNES//TOTAL EXCHANGE FOR RISK JANUARY 22.315 TONNES WHICH WAS ADDED TO OUR NORMAL DELVERIES.
AND FEBRUARY:
FEB EXCHANGE FOR RISK: NOW 6 ISSUANCES: 10,080 CONTRACTS FOR 1,008,000 OZ OR 31.251 TONNES!
HERE ARE THE CHOICES FOR THE RECIPIENT OF THOSE ISSUANCES:
1 THE CENTRAL BANK OF ENGLAND. BUT THEY RECEIVED CLEARANCE THAT THEIR GOLD IS BACK SO IT IS NOT LIKELY THAT THEY WOULD LIKE TO ADD TO THEIR RESERVES.
2. THE CENTRAL BANK OF THE USA: THE FED. LOGICAL CHOICE AS THEY CLAMOUR TRYING TO REDUCE THEIR 106+ TONNES OF SHORTAGE. HOWEVER THEY SEEM NOT TO BE IN A HURRY TO COVER THEIR HUGE SHORTFALL
3. THE CENTRAL BANK OF CHINA AS THEY BATTLE WITS WITH THE USA.
TOTAL EXCHANGE FOR RISK FOR DECEMBER IS 6.56 TONNES AND THIS WAS ADDED TO OUR NORMAL DELIVERY TOTALS..
THE JANUARY ISSUANCE OF 17.656 TONNES WAS ADDED TO OUR DAILY DELIVERY TOTALS!!
FEBRUARY ISSUANCES 6 FOR; 31.251 TONNES !! AND THIS WAS ADDED TO OUR DELIVERY TOTALS FOR THIS MONTH.
MARCH: CME ANNOUNCES ITS FIRST EXCHANGE FOR RISK FOR 2000 CONTRACTS FOR 200,000 OZ OR 6.22 TONNES OF GOLD DURING THE FIRST WEEK OF MARCH, AND THEN MONDAY, MARCH 22, WE RECEIVED ITS SECOND NOTICE ISSUANCE OF 2200 CONTRACTS OR 220000 OZ (6.843 TONNES). THEN FINALLY WE RECEIVED NOTICE OF OUR THIRD EXCHANGE FOR RISK OF 2996 CONTRACTS OR 9.3188 TONNES. TOGETHER ALL 3 ISSUANCES TOTAL 22.3818 TONNES WHICH WILL BE ADDED TO OUR NORMAL DELIVERY SCHEDULE.
APRIL: 2 EXCHANGE FOR RISK SO FAR FOR 223,900 OZ OR 6.964 TONNES. AND THIS TOTAL WILL BE ADDED TO OUR NORMAL DELIVERY TO GIVE US WHAT WILL STAND FOR APRIL!!
DETAILS ON OUR NEW APRIL COMEX CONTRACT MONTH//
IN TOTAL WE HAD A STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 7486 CONTRACTS DESPITE OUR LOSS IN PRICE ($85.85). HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN THROUGHOUT THIS WEEK AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTACKS VERY EARLY IN THE COMEX SESSIONS AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THEIR DAILY ATTACKS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY AND OUR SHORT SPECULATORS FOR THE THOUGHTFULNESS.
LONDON ANNOUNCED EARLY IN THE YEAR (AND SCARCITY CONTINUES TO THIS DAY) 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 OTHER CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES. BOTH COMEX AND LBMA ARE WITNESSING MASSIVE AMOUNTS OF GOLD LEAVING THEIR VAULTS.
THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT THE MONTHS OF JUNE THROUGH APRIL/ CONTINUES TO DISTORT OPEN INTEREST NUMBERS GREATLY ALTHOUGH THE T.A.S. ISSUANCES IN GOLD HAVE GENERALLY BEEN ON THE LOW SIDE COMPARED TO SILVER WHICH HAVE BEEN HUGE. TODAY’S NUMBER HOWEVER IS A FAIR SIZED T.A.S ISSUANCE CONTRACTS .THE CME NOTIFIES US THAT THEY HAVE ISSUED 1175 T.A.S CONTRACTS. THESE ARE GENERALLY USED FOR RAID PURPOSES TO STOP GOLD’S RISE AND TO TEMPER HUGE LOSSES IN OTC DERIVATIVE BETS AND IT IS NOW IN FULL FORCE DURING THIS WEEK DURING LONDON COMEX AND LBMA/OTC OPTION EXPIRY WEEK!! (INITIAL MAY CONTRACT MONTH)
IT SURE LOOKS LIKE THE BIS HAS SOMEHOW LOOKED THE OTHER WAY WITH ITS GOLD SWAPS WITH THE FRBNY AS THIS ENTITY FOR THE FED REFUSES THE BIS MARCHING ORDERS TO COVER AND THAT MAY EXPLAIN THE STRONG NUMBER OF T.A.S. ISSUANCES IN DECEMBER , JANUARY AND THROUGHOUT FEBRUARY TO GO ALONG WITH OUR HUGE NUMBER OF EXCHANGE FOR RISK ISSUED DURING THESE MONTHS INCLUDING FEBRUARY’S 6 EXCHANGE FOR RISK WHICH ALSO INCLUDED TWO MONSTER 9.3312 TONNE ISSUANCE (FEB 10 AND FEB 12). TOTAL EXCHANGE FOR RISK/FEB EQUALS 31.251 TONNES!! AND MARCH’S THREE ISSUANCES FOR 22.3818 TONNES! OTHER CENTRAL BANKS ARE PAYING ATTENTION AS THEY TAKE DELIVERY OF HUGE AMOUNTS OF PHYSICAL GOLD.
FOR MARCH WE HAVE 3 EXCHANGE FOR RISK ISSUANCES SO FAR FOR 7196 CONTRACTS OR 719,600 OZ/22.3818 TONNES.. AS DELIVERIES OF GOLD THESE PAST SEVERAL MONTHS HAVE BEEN HUGE!!
APRIL: 2 EXCHANGE FOR RISK NOTIFICATION SO FAR HAVE BEEN ISSUED FOR 223,900 OZ OR 6.964 TONNES.
HERE IS A SUMMARY OF GOLD STANDING FOR DELIVERY ON OUR LAST 12 MONTHS:
FOR APRIL AT 209 TONNES
2. AND THIS CONTINUED INTO MAY WITH FINAL STANDING AT 90.23 TONNES.
3. JUNE WHICH IS A HUGE DELIVERY MONTH , FINAL STANDING WAS RECORDED AT A STRONG 93.085 TONNES. //(TOTAL NET QUEUE JUMPING FOR THE JUNE MONTH: 31.027 TONNES.)
4. IN JULY WE HAD HUGE DELIVERY NOTICES ESPECIALLY FOR A NON ACTIVE DELIVERY MONTH WITH INITIAL STANDING AT 17.947 TONNES PLUS MANY QUEUE JUMPS + 3.75 TONNES EX FOR RISK = 41.106 TONNES OF GOLD // FINAL TOTAL TONNES STANDING JULY: 41.106 TONNES
5. FOR THE MONTH OF AUGUST:
INITIAL AMOUNT OF GOLD STANDING FOR AUGUST: 60.547 TONNES PLUS THE MONTHS HUGE QUEUE JUMPS OF 47.2312 TONNES +44.696 TONNES EX FOR RISK (7 ISSUANCES) //NEW STANDING 152.208 TONNES WHICH IS MONSTROUS!!!
6. FINAL AMOUNT OF GOLD STANDING FOR SEPT; INITIAL STANDING; 2,602 CONTRACTS OR 260,200 OZ FOR 8.093 TONNES OF GOLD FOLLOWED BY TODAY’S 0.4883 TONNES QUEUE JUMP TO GO ALONG WITH TODAY’S 1.244 TONNES OF EXCHANGE FOR RISK ISSUANCE TODAY AND // TOTAL EXCHANGE FOR RISK ISSUANCE SEPT: 22.923 TONNES//NEW TOTALS STANDING ADVANCES TO 48.801 TONNES OF GOLD!!!
7. OCTOBER:
OCTOBER: INITIAL STANDING FOR GOLD: 90.164 TONNES TO WHICH WE ADD OUR LATEST OCT 30 QUEUE JUMP OF 0.00311 TONNES WHICH FOLLOWS OCT 29 QUEUE JUMP OF .4096 WHICH FOLLOWS; OCT 28 QUEUE JUMP OF .5069 TONNES WHICH FOLLOWS OCT 27 OF 0.3048 TONNES WHICH FOLLOWS: OCT 24 OF 0.8615 TONNES, FOLLOWING OCT 23 QUEUE JUMP OF 1.695 TONNES OCT 22 JUMP OF 8.622 TONNES WHICH FOLLOWS OCT 21: 3.8600 TONNES TO OCT 20 QUEUE JUMP OF 7.695 TONNE
SUMMARY FOR OCTOBER STANDING:
NOVEMBER WHERE INITIAL AMOUNT OF GOLD STANDING IS REGISTERED AT 15.651 TONNES OF GOLD FOLLOWED BY TODAY’S QUEUE JUMP OF 2 TONNES AND FOLLOWED BY ALL OTHER NOV QUEUE JUMPS OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE FOR 4.5596 TONNES.
DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY IN THIS ACTIVE MONTH IS 83.813 TONNES FOLLOWED BY TODAY’S 0.XXXX TONNES QUEUE JUMP. THIS FOLLOWS ALL OTHER QUEUE JUMPING: 37.163 TONNES//NEW STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR FOUR EXCHANGE FOR RISK ISSUANCE OF 6.559 TONNES//NEW STANDING THUS INCREASES TO 121.977 TONNES
JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR QUEUE JUMP OF 0.000 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
FEBRUARY: . FEBRUARY: INITIAL STANDING: 93.566 TONNES TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 0.0248 TONNES WHICH MUST BE ADDED ALL OTHER QUEUE JUMPS OF 41.2087 TONNES QUEUE JUMP//TOTAL QUEUE JUMP FOR FEB::ADVANCES TO 41.233 TONNES///STANDING ADVANCES TO 126.628 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 31.251 TONNES/NEW STANDING RISES TO 157.879 TONNES
MARCH: INITIAL STANDING FOR GOLD: 8.099 TONNES TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 0.2320 TONNES AND THEN WE ADD OUR THREE EXCHANGE FOR RISK OF 22.3818 TONNES////NEW STANDING FOR GOLD ADVANCES TO: 67.6648TONNES WHICH IS ABSOLUTELY HUGE FOR A NON ACTIVE DELIVERY MONTH!!
AND NOW APRIL 2026: INITIAL STANDING FOR GOLD: 52.20 TONNES FOLLOWED BY TODAY’S SMALL 500 OZ QUEUE JUMP/ TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCES TOTALLING 223,900 OZ OR 6.964 TONNES//STANDING ADVANCES TO 77.726 TONNES WHICH IS ABSOLUTELY HUGE
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 48 MONTHS 2021-2024
DEC 2021: 112.217 TONNES
NOV. 8.074 TONNES
OCT. 57.707 TONNES
SEPT: 11.9160 TONNES
AUGUST: 80.489 TONNES
JULY 7.2814 TONNES
JUNE: 72.289 TONNES
MAY 5.77 TONNES
APRIL 95.331 TONNES
MARCH 30.205 TONNES
FEB ’21. 113.424 TONNES
JAN ’21: 6.500 TONNES.
TOTAL YEAR 2021 (JAN- DEC): 601.213 TONNES
YEAR 2022: STANDING FOR GOLD/COMEX
JANUARY 2022 17.79 TONNES
FEB 2022: 59.023 TONNES
MARCH: 36.678 TONNES
APRIL: 85.340 TONNES FINAL.
MAY: 20.11 TONNES FINAL
JUNE: 74.933 TONNES FINAL
JULY 29.987 TONNES FINAL
AUGUST:104.979 TONNES//FINAL
SEPT. 38.1158 TONNES
OCT: 77.390 TONNES/ FINAL
NOV 27.110 TONNES/FINAL
Dec. 64.000 tonnes
(TOTAL YEAR 656.076 TONNES)
2023:STANDING FOR GOLD/COMEX
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
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
COMEX GOLD TRADING BEGINNING APRIL,. CONTRACT;
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY $85.85)
WE HAD ZERO T.A.S. SPREADER LIQUIDATION // COMEX SESSION// WITH OUR LOSS IN PRICE , OUR LONG SPECULATORS REMAIN RELENTLESS POURING INTO THE COMEX STARTING TO BUILD ON ITS OI //
OTHER EASTERN CENTRAL BANKS TENDERED FOR PHYSICAL EVERY NIGHT WHICH ALSO EXPLAINS THE HUGE NUMBER OF TONNES OF GOLD THAT STOOD FOR GOLD DURING THESE PAST SEVERAL MONTHS
TUESDAY NIGHT//WEDNESDAY MORNING
THE CROOKS COULD NOT STOP OTHER CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL TUESDAY EVENING/WEDNESDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD
NOW A LITTLE REVIEW OF GOLD STANDING THESE PAST 7 MONTHS:
STANDING FOR GOLD OCT THROUGH TIL APRIL
ANALYSIS// OCT DELIVERY MONTH GOING FROM FIRST DAY NOTICE// OCT COMEX CONTRACT TO FINALIZATION OCT 31
OCTOBER…
OCT AT 90.164 TONNES TO BE FOLLOWED BY ALL PREVIOUS QUEUE JUMPS OF 75.696 TONNES WHICH WE ADD OUR 14.553 TONNES EX FOR RISK/6 OCCASIONS:
/ TOTAL STANDING 197.551 TONNE/OCTOBER FINAL//ABSOLUTELY A MONSTER DELIVERY FOR A NORMALLY QUIET OCT MONTH
2. AND NOVEMBER:
NOVEMBER BEGINS WITH A HUGE 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY OUR TODAY’S QUEUE JUMP OF 2.323 TONNES WHICH FOLLOWED ALL OTHER NOVEMBER QUEUE JUMPS OF 21.3775 TONNES TO WHICH WE ADD OUR TWO ISSUANCES OF EXCHANGE FOR RISK OF 4.5596 TONNES..
NEW STANDING ADVANCES TO 43.9716 ONNES OF GOLD.
3. AND DECEMBER:
3. DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 83.813 TONNES FOLLOWED BY A 0 CONTRACT QUEUE JUMP FOR NIL OZ OR 0.000 TONNES WHICH FOLLOWS OTHER DEC QUEUE JUMPS OF: 0 TONNES///STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR FOUR EXCHANGE FOR RISK ISSUANCE OF 6.559TONNES/NEW STANDING ADVANCES TO 121.977 TONNES
4. JANUARY:
9. JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR QUEUE JUMP OF 0.000 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
10. FEBRUARY: INITIAL STANDING: 93.566 TONNES TO WHICH WE ADD OUR LATEST QUEUE JUMP OF 0.0298 TONNES TO WHICH THIS IS ADDED TO ALL OTHER QUEUE JUMPS OF 41.2082 / NEW QUEUE JUMP ADVANCES TO: 41.233 TONNES//STANDING ADVANCES TO: 126.628 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 10,080 CONTRACTS FOR 1,008,000 OZ OR 31.251 TONNES/NEW STANDING ADVANCES TO 157.879 TONNES
MARCH: INITIAL STANDING: 8.099 TONNES TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 0.2320 TO WHICH WE THEN ADD OUR THREE EXCHANGE FOR RISK FOR 22.3818 TONNES// GOLD STANDING ADVANCES TO: 67.6648 TONNES/
APRIL: INITIAL STANDING: A VERY STRONG 52.600 TONNES FOLLOWED BY TODAY’S SMALL 500 OZ QUEUE JUMP (2.4105TONNES) TO WHICH WE ADD OUR SECOND EXCHANGE FOR RISK OF 1498 CONTRACTS//149,800 OZ OR 4.659 TONNES.TOTAL EXCHANGE FOR RISK THUS FAR THIS MONTH TOTALS TWO FOR 2239 CONTRACTS//223,900 OZ OR 6.964 TONNES. THUS STANDING FOR GOLD AT THE COMEX ADVANCES TO 77.726 TONNES
ALL OF THIS WAS ACCOMPLISHED DESPITE OUR LOSS IN PRICE TO THE TUNE OF $85.85
WE HAD 1233 CONTRACTS REMOVED FROM THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL.
NET GAIN ON THE TWO EXCHANGES : 6293 CONTRACTS OR 629,300 OZ OR 19.573 TONNES
Total monthly oz gold served (contracts) so far this month
22,750 notices 2,275,000 oz 70.762 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: 1
1 ENTRY
1 ENTRY
i) Stonex: 30,033.585 oz
total deposit 30,033.585 oz
DEPOSITS/CUSTOMER
0 ENTRY
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comex withdrawals:
ENTRIES; 0
xxxx
adjustments:
a) JPMorgan: 9645.300 oz 30 kilobars
b) not discernible
COMEX IS DRAINING GOLD
chaos inside the comex
THE FRONT MONTH OF APRIL OI STANDS AT 441 CONTRACTS HAVING A GAIN OF 101 CONTRACTS.
WE HAD 28 CONTRACTS SERVED UPON TUESDAY SO WE GAINED A STRONG 129 CONTRACT QUEUE JUMP CONTRACTS. THUS 12,900OZ OF ADDITIONAL GOLD WILL STAND ON THIS SIDE OF THE BORDER AND THIS EQUATES TO 0.4012TONNES.(QUEUE JUMP)
MAY GAINED 928 CONTRACTS TO AN OI OF 3906 AS MAY BECOMES THE FRONT MONTH.
JUNE IS A HUGE DELIVERY MONTH AND HERE THE OI GAINED BY 776 CONTRACTS UP TO AN OI OF 262,216
We had 441 contracts filed for today representing 44,100oz
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 441 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 267 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for APRIL. /2026. contract month, we take the total number of notices filed so far for the month (22,750) to which we add the difference between the open interest for the front month of APRIL ( 441 CONTRACTS) minus the number of notices served upon today 441 x 100 oz per contract) equals 2,275,000 OZ OR (70.762 Tonnes of gold) Then we add our two exchange for risk of 2239 contracts/223,900 oz or 6.964 tonnes//new standing advances to 77.726 tonnes
THUS: INITIAL total number of gold ounces standing for APRIL. /2026. contract month, we take the total number of notices filed so far for the month (22,750) to which we add the difference between the open interest for the front month of APRIL (XXX CONTRACTS) minus the number of notices served upon today 441 x 100 oz per contract) equals 2,275,000 OZ OR (70.762Tonnes of gold) to which we add our two exchange for risk of 2239 contracts/223,900oz or 6.964 tonnes//
new total of gold standing in APRIL is 77.726 TONNES//
TOTAL COMEX GOLD STANDING FOR APRIL 77.726 TONNES TONNES WHICH IS NOW HUGE FOR THIS NORMALLY VERY ACTIVE ACTIVE DELIVERY MONTH OF APRIL.
confirmed volume TUESDAY confirmed 161,017 poor
COMEX GOLD INVENTORIES/CLASSIFICATION
NEW PLEDGED GOLD:
241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES
204,937.290 OZ PLEDGED MANFRA 3.08 TONNES
83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes
265,999.054, oz JPM No 2
1,152,376.639 oz pledged Brinks/
Manfra: 33,758.550 oz
Delaware: 193.721 oz
International Delaware:: 11,188.542 oz
the number provided do not match from yesterday!!!
total pledged gold: 1,947,780.204 oz 60.58 tonnes pledged gold lowers
total inventories in gold declining rapidly
total pledged gold: 1,947,780.204 tonnes oz 60.58 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 29,321,938.266 oz
TOTAL REGISTERED GOLD 16,189,323.987 OZ 503.555 onnes
TOTAL OF ALL ELIGIBLE GOLD 13,132,614.279 oz//eligible gold leaving hand over fist
REGISTERED GOLD THAT CAN BE SERVED UPON 14,241.543 oz ((REG GOLD- PLEDGED GOLD)=
442.971 Tonnes //
total inventories in gold declining rapidly
SILVER COMEX
APRIL DELIVERY MONTH
APRIL29
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
3 entries
i) Out of Asahi; 406,627.330 oz ii) Out of CNT 149,999.880 oz iii) Out of Loomis 4945.700 oz
total withdrawal: 651,282.714 oz
Deposits to the Dealer Inventory
0 entries
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Deposits to the Customer Inventory
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
(2) entries
i) Into HSBC 10,301.400 oz ii) Into Manfra: 697,495.901 oz
total deposit 701,797.301 oz
No of oz served today (contracts)
3 CONTRACT(S) (15,000 OZ
No of oz to be served (notices)
1Contracts (0.005 MILLION oz)
Total monthly oz silver served (contracts)
3312 contracts 16.560 MILLION oz
Total accumulative withdrawal of silver from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
DEPOSITS INTO DEALER ACCOUNTS
0 entries
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
2) entries
(2) entries
i) Into HSBC 10,301.400 oz ii) Into Manfra: 697,495.901 oz
total deposit 701,797.301 oz
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withdrawals: customer side/eligible
3 entries
i) Out of Asahi; 406,627.330 oz ii) Out of CNT 149,999.880 oz iii) Out of Loomis 4945.700 oz
total withdrawal: 651,282.714 oz
the comex is being drained of silver
the comex is being drained of silver
adjustments:2
customer acct to dealer account
a) Asahi: 1,790,041.200 oz
b) Brinks 2,049,503.000 oz
total oz leaving customer accts to dealer 3.839 million oz
Tuesday volume: 96,889 oz
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TOTAL REGISTERED SILVER: 79.554 MILLION OZ//.TOTAL REG + ELIGIBLE. 315.238 Million oz
registered silver dropping in numbers
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR APRIL
silver open interest data:
FRONT MONTH OF APRIL /2026 OI: 4 OPEN INTEREST CONTRACTS FOR A LOSS OF 0 CONTRACTS. WE HAD 1 CONTRACTS SERVED ON TUESDAY, SO WE GAINED A SMALL 1 CONTRACTS OR 5,000 OZ UNDERWENT A QUEUE JUMP . STANDING THUS ADVANCES TO 16.565 MILLION OZ WHICH IS HUGE FOR THIS NORMALLY SMALL NON ACTIVE DELIVERY MONTH OF APRIL. BUT WE MUST ADD OUR 4TH EXCHANGE FOR RISK OF 17 CONTRACTS OR 85,000 OZ. NEW TOTAL EXCHANGE FOR RISK ON 4 OCCASIONS IS 233 CONTRACTS OR 1.165 MILLION OZ. THIS IS ADDED TO OUR OTHER THREE EXCHANGE FOR RISK ISSUED//TOTAL FOR THE 4 EX FOR RISK: 1.165 MILLION OZ. NEW TOTAL SILVER STANDING AT THE COMEX ADVANCES TO 17.780 MILLION OZ.
MAY SAW A LOSS OF 8860 CONTRACTS DOWNTO 8,710 CONTRACTS. MAY BECOMES THE NEW FRONT MONTH. WE HAVE 1 MORE READING DAYS BEFORE FIRST DAY NOTICE. WE WILL HAVE A LOUSY DELIVERY MONTH AS
JUNE SAW A GAIN OF 199 CONTRACTS UP TO 1465 OI CONTRACTS
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 3 or 15,000 oz
CONFIRMED volume TUESDAY; 96,589 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 3312 X5,000 oz = 16.560 MILLION oz
to which we add the difference between the open interest for the front month of APRIL (4) AND the number of notices served upon today (3 )x (5000 oz)
Thus the standings for silver for the APRIL 2026 contract month: (3312 )Notices served so far) x 5000 oz + OI for the front month of APRIL (4) minus number of notices served upon today (3)x 5000 oz equals silver standing for the APRIL..contract month equating to 16.565 MILLION OZ.+ 1.165 MILLIONEXCHANGE FOR RISK/4 OCCASIONS// WHICH MUST BE ADDED TO NORMAL DELIVERIES..NEW TOTALS 17.780 MILLION OZ
NEW STANDING: 17.640 MILLION OZ WHICH IS HUGE FOR A GENERALLY LOUSY DELIVERY MONTH OF APRIL.
We must also keep in mind that there is considerable silver standing in London coming from our longs
There are ONLY 79.554 million oz of registered silver
JPMorgan as a percentage of total silver: 142.322/315.322 million: 44.93
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.
BOTH GLD AND SLV ARE MASSIVE FRAUD
APRIL 29/2026/WITH GOLD DOWN $45.70 TODAY/NO CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 2.285 TONNES OF GOLD FROM THE GLD// //:/INVENTORY RESTS AT 1044.337 TONNES
APRIL 28/2026/WITH GOLD DOWN $85.85 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 2.285 TONNES OF GOLD FROM THE GLD// //:/INVENTORY RESTS AT 1044.337 TONNES
APRIL 27/2026/WITH GOLD DOWN $41.10 TODAY/NO CHANGES IN GOLD AT THE GLD: // //:/INVENTORY RESTS AT 1046.62 TONNES
APRIL 24/2026/WITH GOLD UP $13.95 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 4.29 TONNES OF GOLD FROM THE GLD// //:/INVENTORY RESTS AT 1046.62 TONNES
APRIL 23/2026/WITH GOLD DOWN 28.35 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 2.000 TONNES OF GOLD FROM THE GLD// //:/INVENTORY RESTS AT 1050.91 TONNES
APRIL 22/2026/WITH GOLD UP 26.40 TODAY/NO CHANGES IN GOLD AT THE GLD //:/INVENTORY RESTS AT 1052.91 TONNES
APRIL 21/2026/WITH GOLD DOWN 11.90TODAY/NO CHANGES IN GOLD AT THE GLD //:/INVENTORY RESTS AT 1052.91 TONNES
APRIL 17/2026/WITH GOLD UP $71.30 TODAY/HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT 1.15 TONNES OF GOLD INTO THE GLD//:/INVENTORY RESTS AT 1052.91 TONNES
APRIL 16/2026/WITH GOLD DOWN $15.00 TODAY/HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT 2.285 TONNES OF GOLD INTO THE GLD//:/INVENTORY RESTS AT 1051.783 TONNES
APRIL 15/2026/WITH GOLD DOWN $24.15 TODAY/HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT 2.289 TONNES OF GOLD INTO THE GLD//:/INVENTORY RESTS AT 1049.478 TONNES
APRIL 14/2026/WITH GOLD UP $83.55 TODAY/HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 1.714 TONNES OF GOLD FROM THE GLD//:/INVENTORY RESTS AT 1047.192 TONNES
APRIL 13/2026/WITH GOLD DOWN $50.60 TODAY/HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 3.514 TONNES OF GOLD FROM THE GLD//:/INVENTORY RESTS AT 1048.906 TONNES
APRIL 13/2026/WITH GOLD DOWN $50.60 TODAY/HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 3.514 TONNES OF GOLD FROM THE GLD//:/INVENTORY RESTS AT 1048.906 TONNES
APRIL 10/2026/WITH GOLD DOWN $11.90 TODAY/SMALL CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 0.724 TONNES OF GOLD FROM THE GLD//:/INVENTORY RESTS AT 1052.42 TONNES
APRIL 9/2026/WITH GOLD UP $42.50 TODAY/HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 1.429 TONNES OF GOLD FROM THE GLD//:/INVENTORY RESTS AT 1052.990 TONNES
APRIL 8/2026/WITH GOLD UP $88.95 TODAY/NO CHANGES IN GOLD AT THE GLD A//:/INVENTORY RESTS AT 1054.419 TONNES
APRIL 7/2026/WITH GOLD UP $5.25 TODAY/HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 3.429 TONNES OF GOLD INTO THE GLD//:/INVENTORY RESTS AT 1054.419 TONNES
APRIL 6/2026/WITH GOLD UP $5.30 TODAY/NO CHANGES IN GOLD AT THE GLD:/INVENTORY RESTS AT 1050.99 TONNES
APRIL 2/2026/WITH GOLD DOWN $132.75 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 3.714 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS AT 1050.99 TONNES
APRIL 1/2026/WITH GOLD UP $134.70 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 1.143 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS AT 1047.276 TONNES
MAR 31/2026/WITH GOLD UP $119.65 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A MASSIVE WITHDRAWAL OF 3.429 TONNES OF GOLD OUT OF THE GLD/INVENTORY RESTS AT 1046.133 TONNES
MAR 30/2026/WITH GOLD UP $33.45 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 3.143 TONNES OF GOLD OUT OF THE GLD/INVENTORY RESTS AT 1049.562
MAR 27/2026/WITH GOLD UP $103.55 TODAY/SMALL CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 0.285 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS AT 1052.705
MAR 26/2026/WITH GOLD DOWN $213.05 TODAY/SMALL CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 0.580 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS AT 1052.42
MAR 25/2026/WITH GOLD UP $155.30 TODAY/SMALL CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 0.300 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS AT 1053.000
MAR 24/2026/WITH GOLD DOWN $7.25 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A HUGE WITHDRAWAL OF 4.286 TONNES OF GOLD OUT OF THE GLD/INVENTORY RESTS AT 1052.705
MAR 23/2026/WITH GOLD DOWN $165.65 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A HUGE WITHDRAWAL OF 5.149 TONNES OF GOLD OUT OF THE GLD/INVENTORY RESTS AT 1056.991
MAR 20/2026/WITH GOLD DOWN $39,55 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A HUGE WITHDRAWAL OF 4.855 TONNES OF GOLD OUT OF THE GLD/INVENTORY RESTS AT 1062.135
MAR 19/2026/WITH GOLD DOWN $XXX TODAY/HUGE CHANGES IN GOLD AT THE GLD:A HUGE WITHDRAWAL OF 2.57 TONNES OF GOLD OUT OF THE GLD/INVENTORY RESTS AT 1066.99
MAR 18/2026/WITH GOLD DOWN $111.80 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A HUGE WITHDRAWAL OF 1.144 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1069.564 TONNES
MAR 17/2026/WITH GOLD UP $6.80 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A HUGE WITHDRAWAL OF 0.857 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1070.708 TONNES
MAR 16/2026/WITH GOLD DOWN $60.45 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A HUGE WITHDRAWAL OF 4/327 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1071/.565 TONNES
MAR 13/2026/WITH GOLD DOWN $61.40 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A HUGE WITHDRAWAL OF 1.428 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1075.852 TONNES
MAR 12/2026/WITH GOLD DOWN $49.25 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A HUGE DEPOSIT OF 3.715 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1077.28 TONNES
MAR 11/2026/WITH GOLD DOWN $70.55 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A HUGE DEPOSIT OF 2.858 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1073.565 TONNES
MAR 10/2026/WITH GOLD UP $137.75 TODAY/HUGE CHANGES IN GOLD AT THE GLD:ANOTHER MONSTER WITHDRAWAL OF 2.614 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1070.707 TONNES
GLD INVENTORY: 1044.337 TONNES, TONIGHTS TOTAL GOLD INVENTORY
SILVER
APRIL 29 WITH SILVER DOWN $1.95: NO CHANGES IN SILVER INVENTORY AT THE SLV:/ // :INVENTORY RESTS AT 487.234MILLION OZ
APRIL 28 WITH SILVER DOWN $2.05: NO CHANGES IN SILVER INVENTORY AT THE SLV:/ // :INVENTORY RESTS AT 487.234MILLION OZ
APRIL 27 WITH SILVER DOWN $1.39: NO CHANGES IN SILVER INVENTORY AT THE SLV:/ // :INVENTORY RESTS AT 487.234MILLION OZ
APRIL 24 WITH SILVER UP 0.92: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.54 MILLION OZ OUT THE SLV// // :INVENTORY RESTS AT 487,23MILLION OZ
APRIL 23WITH SILVER DOWN $2.35: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.489 MILLION OZ OUT THE SLV// // :INVENTORY RESTS AT 488,773MILLION OZ
APRIL 22 WITH SILVER UP 1.43: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 0.352 MILLION OZ OUT THE SLV// // :INVENTORY RESTS AT 491.262MILLION OZ
aPRIL 21 WITH SILVER DOWN 3.71: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 0.352 MILLION OZ OUT THE SLV// // :INVENTORY RESTS AT 491.262 MILLION OZ
APRIL 17 WITH SILVER UP $3.09: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 0.453 MILLION OZ OUT THE SLV// // :INVENTORY RESTS AT 490.900 MILLION OZ
APRIL 16 WITH SILVER DOWN $1.00: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.132 MILLION OZ OUT THE SLV// // :INVENTORY RESTS AT 490.477 MILLION OZ
APRIL 15 WITH SILVER UP $0.01: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 0.588 MILLION OZ OUT THE SLV// // :INVENTORY RESTS AT 491.579 MILLION OZ
APRIL 14 WITH SILVER UP $3.99: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 0.633 MILLION OZ OUT THE SLV// // :INVENTORY RESTS AT 490.991 MILLION OZ
APRIL 13 WITH SILVER DOWN 0.79: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 0.589 MILLION OZ OUT THE SLV// // :INVENTORY RESTS AT 491.624 MILLION OZ
APRIL 10 WITH SILVER DOWN 0.16: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 0.724 MILLION OZ OUT THE SLV// // :INVENTORY RESTS AT 492.213 MILLION OZ
APRIL 9 WITH SILVER UP $0.91: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.173 MILLION OZ INTO THE SLV// // :INVENTORY RESTS AT 492.937 MILLION OZ
APRIL 8 WITH SILVER UP $3.50: NO CHANGES IN SILVER INVENTORY AT THE SLV // :INVENTORY RESTS AT 490.764 MILLION OZ
APRIL 7 WITH SILVER DOWN $0.89: NO CHANGES IN SILVER INVENTORY AT THE SLV // :INVENTORY RESTS AT 490.764 MILLION OZ
APRIL 6 WITH SILVER UP $0.41: TINY CHANGES IN SILVER INVENTORY AT THE SLV:A SMALL WITHDRAWAL OF 0.224 MILLION OZ OUT OF THE SLV // :INVENTORY RESTS AT 490.764 MILLION OZ
APRIL 2 WITH SILVER DOWN $3.57: TINY CHANGES IN SILVER INVENTORY AT THE SLV:A WITHDRAWAL OF 0.091 MILLION OZ OUT OF THE SLV // :INVENTORY RESTS AT 490.988 MILLION OZ
APRIL 1 WITH SILVER UP $1.38: HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A MASSIVE AND WITHDRAWAL OF 0.453 MILLION OZ OUT OF THE SLV // :INVENTORY RESTS AT 491.079 MILLION OZ
MAR 31 WITH SILVER UP $4.22: HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A MASSIVE AND FRAUDULENT WITHDRAWAL OF 3.893 MILLION OZ FROM THE SLV // :INVENTORY RESTS AT 491.532 MILLION OZ
MAR 30 WITH SILVER UP $0.74: NO CHANGES IN SILVER INVENTORY AT THE SLV: // :INVENTORY RESTS AT 495.425 MILLION OZ
MAR 27 WITH SILVER UP $1.91: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A HUGE WITHDRAWAL OF 3.351 MILLION OZ FROM THE SLV// :INVENTORY RESTS AT 495.425 MILLION OZ
MAR 26 WITH SILVER DOWN $4.75: NO CHANGES IN SILVER INVENTORY AT THE SLV// :INVENTORY RESTS AT 498.776 MILLION OZ
MAR 25 WITH SILVER UP $3.25: NO CHANGES IN SILVER INVENTORY AT THE SLV// :INVENTORY RESTS AT 498.776 MILLION OZ
MAR 24 WITH SILVER DOWN $0.15: HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A MASSIVE AND FRAUDULENT DEPOSIT OF 10.505 MILLION OZ INTO THE SLV :INVENTORY RESTS AT 498.776 MILLION OZ
MAR 23 WITH SILVER UP $0.06: HUGE CHANGES IN SILVER INVENTORY AT THE SLV// NO CHANGE IN INVENTORY/.. ./ :INVENTORY RESTS AT 488.271 MILLION OZ
MAR 20 WITH SILVER DOWN $1.92: HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A WITHDRAWAL OF 2.490 MILLION OZ FROM THE SLV/.. ./ :INVENTORY RESTS AT 488.271 MILLION OZ
MAR 19 WITH SILVER DOWN $6.22: HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A WITHDRAWAL OF 2.9444 MILLION OZ FROM THE SLV/.. ./ :INVENTORY RESTS AT 490.761 MILLION OZ
MAR 18 WITH SILVER DOWN $2.36: HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A DEPOSIT OF 1.087 MILLION OZ FROM THE SLV/.. ./ :INVENTORY RESTS AT 494.792 MILLION OZ.
MAR 17 WITH SILVER DOWN $0.89: HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A WITHDRAWAL OF 3.351 MILLION OZ FROM THE SLV/.. ./ :INVENTORY RESTS AT 493.705 MILLION OZ.
MAR 16 WITH SILVER DOWN $0.57: HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A WITHDRAWAL OF 2.536 MILLION OZ FROM THE SLV/.. ./ :INVENTORY RESTS AT 497.056 MILLION OZ.
MAR 13 WITH SILVER DOWN $3.83: NO CHANGES IN SILVER INVENTORY AT THE SLV// . ./ :INVENTORY RESTS AT 499.592
MAR 12 WITH SILVER DOWN $0.51 HUGE CHANGES IN SILVER INVENTORY AT THE SLV// ANOTHER MONSTER WITHDRAWAL OF 3.713 MILLION OZ OUT OF THE SLV. ./ :INVENTORY RESTS AT 499.592 MILLION OZ
MAR 11 WITH SILVER DOWN $3.96 HUGE CHANGES IN SILVER INVENTORY AT THE SLV// ANOTHER MONSTER WITHDRAWAL OF 1.812 MILLION OZ OUT OF THE SLV. ./ :INVENTORY RESTS AT 503.305 MILLION OZ
MAR 10 WITH SILVER UP $5. HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A MONSTER WITHDRAWAL OF 1.63 MILLION OZ OUT OF THE SLV. ./ :INVENTORY RESTS AT 505.117 MILLION OZ
MAR 9 WITH SILVER DOWN $0.30 HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A MONSTER WITHDRAWAL OF 1.54 MILLION OZ OUT OF THE SLV. ./ :INVENTORY RESTS AT 506.747 MILLION OZ
But that’s just the paper markets discouraging long futures contract holders from standing for delivery. Ignore it, because something much bigger is happening.
China is on an epic silver buying spree.
Why now? Several reasons. For one thing, solar panels contain silver, and China’s panel exports are spiking.
Meanwhile, the following has happened:
Silver was officially added to the U.S. List of Critical Minerals in November 2025, making access to silver an official government policy. From an AI summary: “The reclassification addresses significant supply chain vulnerabilities, as the United States imports approximately 64-80% of its silver consumption, with major reliance on Mexico and Canada. The new status unlocks federal support mechanisms, including fast-track permitting under the Fast-41 program, tax incentives, and potential strategic stockpiling to reduce dependence on foreign refining, notably by China, which controls much of the global refined supply.”
China banned silver exports on January 1, 2026.
As of May 1, China has restricted the sale of acids used to refine silver.
Geopolitical Squeeze
The silver market is no longer about businesses vying for inventories. Now it’s geopolitical, as major silver-producing and consuming countries act to guarantee access.
One consequence: Price is no longer the main driver of silver demand.
Put another way, welcome to the silver war.
Someone has even resurrected the Silver Guy avatar for this story:
ALASDAIR MACLEOD.
3.CHRIS POWELL AND HIS GATA DISPATCHES:
ANDREW MAGUIRE LIVE FROM THE VAULT 269
5. COMMODITY REPORT//..
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS WEDNESDAY MORNING.7:30 AM
SHANGHAI CLOSED UP 28.88 PTS OR 0.71%
HANG SENG CLOSED UP 413.72 PTS OR 1.61%
Nikkei CLOSED DOWN 619.90 PTS OR 1.02%
//Australia’s all ordinaries CLOSED DOWN 0.31%
//Chinese yuan (ONSHORE) CLOSED DOWN 6.8323
/ OFFSHORE CLOSED DOWN AT 6.8346 Oil UP TO 102.38 dollars per barrel for WTI and BRENT UP TO 114.35 Stocks in Europe OPENED ALL RED
ONSHORE USA/ YUAN TRADING 6.8323 (DOWN) OFFSHORE YUAN TRADING DOWN TO 6.8346 ONSHORE YUAN TRADING ABOVE OFF SHORE AND DOWN ON THE DOLLAR// / AND THUS WEAKER/OFF SHORE YUAN TRADING DOWN AGAINST US DOLLAR/ AND THUS WEAKER
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS TUESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN AT 6.8323
OFFSHORE YUAN: DOWN TO 6.8346
1.HANG SANG CLOSED UP 413.72 PTS OR 1.61%
2. Nikkei closed DOWN 619.90 PTS OR 1.02%
WEST TEXAS INTERMEDIATE OIL UP TO 102.38
BRENT; 114.35
3. Europe stocks SO FAR: ALL RED
USA dollar INDEX UP TO 98.58/// EURO FALLS TO 1.1698 DOWN 23 BASIS PTS
3b Japan 10 YR bond yield:FALLS TO. +2.465 UP 1/2 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 159.52… JAPANESE YEN NOW FALLING AS WE HAVE NOW REACHED THE ENDING OF THE YEN CARRY TRADE AGAIN AND THE REPATRIATION OF YEN DENOMINATED BONDS TRADING IN THE USA/EUROPE. JAPAN 30 YR BOND YIELD: 3.644 DOWN 0 FULL BASIS PTS
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold DOWN /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: 6.8323( DOWN AND OFFSHORE: DOWN AT 6.8346
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 BRENT UP this morning
3h European bond buying continues to push yields HIGHER on all fronts in the EMU. German 10yr bund YIELD UP TO +3.0749 Italian 10 Yr bond yield UP to 3.924// SPAIN 10 YR BOND YIELD UP TO 3.544%
3i Greek 10 year bond yield UP TO 3.853%
3j Gold at $4566.80 //Silver at: 72.74 1 am est) SILVER NEXT RESISTANCE LEVEL AT $100.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 10 100 roubles/75.24
3m oil (WTI) into the 102 dollar handle for WTI and 114 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 159.52 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 2.465% UP 1/2 BASIS PTS STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE NOW UNWINDING//YEN BOND TRADING OVERSEAS REPATRIATED.//JAPAN 30 YR: 3.643 DOWN 0 PTS..: USA/SF this 0.7894 as the Swiss Franc . Euro vs SF: 0.9233
USA 10 YR BOND YIELD: 4.361 UP 1 BASIS PTS…
USA 30 YR BOND YIELD: 4.951 UP 1 BASIS PTS/
USA 2 YR BOND YIELD: 3.852 UP 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 45.07 UP 2 BASIS PTS/LIRA GETTING KILLED//IDIOTS FOR SELLING GOLD
10 YR UK BOND YIELD: 5.0017 UP 1 PTS
30 YR UK BOND YIELD: 5.698UP 2 BASIS PTS
10 YR CANADA BOND YIELD: 3.514 UP 1 BASIS PTS
5 YR CANADA BOND YIELD: 3.141 UP 3 BASIS PTS.
1a New York Opening report
Futures Flat Ahead Of Fed, Mag 7 Earnings Avalanche
Wednesday, Apr 29, 2026 – 08:29 AM
S&P futures are flat with Nasdaq outperforming ahead of a huge day for tech. Alphabet, Amazon, Meta and Microsoft, representing nearly 20% of S&P market cap, report after the close, with traders focused on capex. The group has a combined options implied move of more than $750 billion of market cap in either direction. As of 8:00am ET, S&P futures are unchanged; Nasdaq futures rise 0.3% amid dip buying following strong results from Seagate, after the index slipped more than 1% in the previous session, and the sector outperformed in Europe and Asia. In premarket trading, semis are again seeing a strong bid post-earnings, Mag7 names are flat to down, Cyclicals are leading Defensives driven by Energy / Industrials / Materials. Treasury yields rose along with the dollar ahead of the Fed’s latest interest-rate announcement at what is likely Jerome Powell’s final meeting as chair and where the Fed will keep rates unchanged. WTI crude rose $103 while Brent jumped above $114 a barrel – approaching the highest since the start of the Iran war – after the US signaled it would stick with a naval blockade of Iranian ports, leaving the Strait of Hormuz impassable. The key overnight news came from Trump’s threat of extending the US blockade, which is boosting oil, pushing Brent to the highest in a month, but for now Equities are blissfully interpreting this as an “escalate to de-escalate” situation. Bond yields are near session highs, above 4.36% ahead of today’s Fed decision with no changes expected in an 11-1 vote, though there will likely be multiple questions probing Powell’s intent to leave the Board or to finishing his term which runs into 2028, or perhaps stay on until all investigations are concluded. US economic data calendar slate includes March readings for wholesale inventories, durable goods and housing starts are due at 8:30 a.m. ET. FOMC rate decision is at 2 p.m., followed by a press conference at 2.30 p.m. Bank of Canada rate decision is due at 9:45 a.m.
In premarket trading, Mag 7 stocks are mostly lower: Alphabet -0.5%, Amazon -0.1%, Apple -0.7%, Nvidia +0.4%, Meta -0.1%, Microsoft -0.6%, Tesla +0.2%
Bloom Energy (BE) jumps 20% after the fuel cell maker boosted its revenue guidance for the full year, beating Wall Street guidance expectations.
Booking Holdings (BKNG) falls 3% after the online travel agent said the Middle East conflict impacted its first-quarter results to varying degrees. Its second-quarter and full-year forecasts missed estimates.
Brown-Forman (BF/B) falls 5% after the alcoholic beverage maker and Pernod Ricard agreed to terminate discussions regarding a potential business combination.
Humana (HUM) slips 1% after the health insurer reaffirmed its adjusted earnings per share forecast for the full year, even as its first-quarter profit came ahead of expectations.
KalVista Pharmaceuticals (KALV) shares are halted after Chiesi Farmaceutici SpA agreed to acquire the US-listed company for about $1.9 billion, expanding the Italian company’s rare immunology portfolio.
NXP Semiconductors (NXPI) jumps 18% after the chipmaker reported first-quarter results that beat expectations and gave a second-quarter forecast that is above the analyst consensus.
O-I Glass (OI) sinks 21% after the glass bottle maker cut its adjusted earnings per share guidance for the full year, citing higher global energy costs as a result of the conflict in the Middle East.
Robinhood (HOOD) falls 10% after the firm said expenses jumped 18% in the first quarter and warned that its “Trump account” push would require an additional $100 million investment.
Rush Street (RSI) surges 17% after the gaming company reported revenue for the first quarter that beat the average analyst estimate and raised its outlook for the full year.
Seagate Technology (STX) rises 17% after the computer hardware and storage company gave a fourth-quarter forecast that was much stronger than expected. It also reported third-quarter results that beat expectations, fueled by AI-related demand.
Starbucks (SBUX) climbs 4% after reporting better-than-expected quarterly results and saying it now sees comparable sales rising at least 5% this year, up from its previous view of 3% or more.
Teradyne (TER) falls 6% after the semiconductor manufacturing company gave an outlook that wasn’t seen as strong enough to justify the stock’s recent strength.
Visa (V) rises 5% after the credit card company reported second-quarter adjusted earnings per share and net revenue that both topped average analyst estimates.
Vita Coco (COCO) climbs 15% after after the beverage firm boosted its net sales guidance for the full year.
In deals, Jack Daniel’s owner Brown-Forman and Jameson whiskey maker Pernod Ricard terminated their merger talks, marking an abrupt end to a potential deal. Finland’s Kone agreed to acquire TK Elevator for €29.4 billion ($34.4 billion) including debt, in what will be one of Europe’s biggest-ever PE exits.
There’s a relentless few days ahead, with companies representing around 42% of the S&P 500’s market cap reporting this week. A lot of that is due to the four hypercalers coming after the close, which represent more than 15% of the index’s value. “I can’t remember a time where you had this many names in one shot,” said Michael O’Rourke, chief market strategist at Jonestrading. “It’s going to be hectic.”
The results will have widespread implications for a market that’s largely looked past the impact of war in the Middle East and ridden the AI trade to new highs. Comments on capex will be crucial for chipmakers and memory storage stocks on a record run. Strong results from Seagate Technology Holdings Plc and NXP Semiconductors NV, manufacturers of memory and analog chips, respectively, fueled Wednesday’s US rebound. Both stocks surged around 18% in premarket trading and lifted peers. The Magnificent Seven were weaker for the most part.
“Buy-the-dip has been a profitable trade for some time now,” said Roger Lee, head of equity strategy at Cavendish. “Any new news around the monetization of the AI capex already invested will be key, and what level of incremental capex is required in the AI arms race.”
“US companies are really good at quarterly earnings. They understand how to under-promise and over-deliver,” said Russ Mould, investment director at AJ Bell. “The absence of bad news elsewhere, the still-powerful competitive positions of the Mag7 and their own powerful earnings forecast profile may be emboldening bulls to take a view ahead of their earnings.”
It’s also Fed day. The central bank is poised to hold its benchmark rate in a range of 3.5% to 3.75%. Investors will be looking for clues about how long the Fed is willing to maintain its patient posture, as well as what Powell says about his future, in what’s likely to be his final press conference as Fed chair. Traders in the Treasury options market are bracing for long-dated bond yields to surge past 5% as a rally in oil prices continues. A jump in energy prices has raised the possibility of stronger inflation and weaker economic growth, leaving markets to look out for tweaks to policymakers’ March statement.
The “base case is that the Fed will wait until June for meaningful changes in guidance, but the risk is that communications skew hawkish,” wrote Jim Reid, head of macro research and thematic strategy at Deutsche Bank.
In politics, key congressional Republicans are poised to break with Trump on his proposed 44% budget raise for the Pentagon in a rare act of defiance. Trump and Xi Jinping are headed toward a summit next month with a shared desire to stabilize ties, as tensions rise over Iranian oil and AI. A Bloomberg Economics analysis found that around 4% of US GDP is derived from industries that use rare earths.
Higher energy prices are exerting some pressure on European stocks, with the Stoxx 600 down 0.2% in what has been a busy morning of earnings reports. UBS jumped after traders helped drive profit in the first quarter, while Deutsche Bank shares dropped after the lender increased its credit provisions for commercial real estate. Here are the biggest movers Wednesday:
UBS shares advance as much as 5.9% after the Swiss lender reported what analysts say was a strong set of results. With an earnings beat driven by the investment bank, the lender also signaled it could expand an existing $3b buyback
Adidas shares soar as much as 8.3%, supported by 1Q revenue and operating profit beat that offered encouraging start to the year, with analysts waiting for details how events such as the soccer World Cup can contribute to sales growth
Glanbia shares rally as much as 12% on the Irish stock exchange, hitting a record high, after the food and nutritional products company said it expects adjusted EPS growth this year to hit the high-end of its guided range
Nexi shares gain as much as 7.8%, the most in more than a year, after the Financial Times reported that CVC is weighing a €9 billion bid to take the payment services provider private
Amundi shares rise as much as 6.5% as the investment manager’s first-quarter earnings, assets under management and flows prove better than expected
Fuchs shares rise as much as 10%, the most since October, after the German specialty chemicals company raised its sales guidance to reflect its intention to hike prices to offset raw material inflation caused by the conflict in the Middle East
Airbus shares advance as much as 3.5% despite the planemaker missing analyst expectations on adjusted Ebit and free cash flow in the first quarter, alongside a low handover rate for deliveries
Kambi gains as much as 22% after the Swedish sports betting company reported its latest earnings. Jefferies says the report shows progress across revenues and Ebita “despite customer migration and regulatory headwinds”
GSK shares drop as much as 3.5%, underperforming the Stoxx 600 Health Care Index, after the British drugmaker reported results for the first quarter which Intron Health analysts said were “mixed”
Deutsche Bank shares drop as much as 3.6% after the German lender reported what analysts say are mixed results, with Morgan Stanley analyst pointing to capital miss and provisions as the key negatives
AstraZeneca falls despite reporting better-than-expected sales and earnings for the first quarter, with Hargreaves Lansdown noting the results probably won’t provide a major catalyst for the stock
Iberdrola shares fall as much as 2.2% after the Spanish power company reported net income for the first quarter that matched the average analyst estimate. Analysts at Morgan Stanley note quality of earnings concerns
Hexatronic falls as much as 17%, the most since July, after the Swedish maker of fiber-optic cables reported that sales fell more than some analyhsts forecast
Asian stocks fluctuate as traders await a series of upcoming central bank rate decisions in major economies, along with earnings from big artificial intelligence players. The MSCI Asia Pacific Index swung between a gain of as much as 0.3% and a drop of up to 0.5%. Key stock benchmarks in South Korea, Hong Kong, India and mainland China rose, while Australia’s declined. Japan’s markets are shut for a public holiday. Elsewhere in the region, Victory Giant Technology Huizhou Co., a supplier to Nvidia Corp., rose after reporting a 28% year-on-year increase in its first-quarter sales, driven by stronger demand for printed circuit boards used in AI servers. Other tech earnings in focus include Luxshare Precision and Foxconn Industrial.
In FX, the Bloomberg Dollar Spot index is up around 0.1%. The Aussie dollar is near the bottom of the G-10 leaderboard after core inflation metrics fell short of expectations.
In rates, global bonds are mostly lower, with US yields up around 1bps across the curve. Treasury yields are 1bp-1.5bp higher on the day with curve spread little changed; 10-year is near 4.36%. German and UK front-end yields are 3bp-4bp higher following German regional CPI data, with national print at 8am coming at 2.9%, below the 3.1% expected. Wednesday’s US session features Fed rate decision, likely the last of Chair Powell’s tenure, and news conference at 2pm and 2:30pm respectively. No change is expected, leaving investors focused on any comments about the impact of energy prices and supply-chain disruptions on inflation. Into the Fed policy decision, there has been a wave of flows in Treasury options targeting an increase in long-end yields to 5% or higher; front-end swaps price in just 3bp of easing by year end
In commodities, WTI crude oil futures are up more than 3% at highest level since April 13; Brent crude futures briefly made their way back above $115 amid concern over a prolonged blockade in the Strait of Hormuz and US President Trump telling Iran it “better get smart soon.” Spot gold and silver are showing respective losses of 0.6% and 0.1%. Bitcoin adds 1.6%.
US economic data calendar slate includes March housing starts and trade balance and March preliminary durable goods orders and wholesale inventories (8:30am)
Market Snapshot
S&P 500 mini little changed
Nasdaq 100 mini +0.3%
Russell 2000 mini +0.1%
Stoxx Europe 600 -0.3%
DAX -0.1%, CAC 40 -0.6%
10-year Treasury yield +1 basis point at 4.36%
VIX +0.1 points at 17.97
Bloomberg Dollar Index little changed at 1198.89
euro little changed at $1.1703
WTI crude +3.5% at $103.42/barrel
Top Overnight News
President Trump has instructed aides to prepare for an extended blockade of Iran, U.S. officials said, targeting the regime’s coffers in a high-risk bid to compel a nuclear capitulation Tehran has long refused. WSJ
War has imposed a heavy cost on Iran’s economy: more than a million people out of work, soaring food prices and a prolonged internet shutdown that has slammed online businesses. The question is how much more pain Iran’s leaders are willing to tolerate as they try to negotiate a favorable end to the war. WSJ
The Fed’s widely expected to hold rates today, probably Jerome Powell’s final decision as chair. Instead, uncertainty over the outlook and his own future will dominate. BBG
The UAE’s shock decision to quit OPEC blindsided its partners and will weaken the cartel’s grip on prices. Once oil starts flowing again, the move may set the stage for future price wars. BBG
US gasoline inventories slumped by 8.5 million barrels last week, a month before driving season, the API is said to have reported. That would be the 11th straight decline and cut holdings to the lowest since November if confirmed by the EIA. BBG
Demand for Huawei’s Ascend 950 AI chips has surged following the release of DeepSeek’s V4 artificial intelligence model that runs on the Shenzhen-based tech firm’s chips, with major Chinese internet firms rushing to secure orders. China’s biggest internet firms including ByteDance, Tencent, and Alibaba are reaching out to Huawei about new chip orders, said the sources, who are familiar with the procurement discussions. RTRS
China is poised to resume exporting jet fuel, gasoline and diesel from May, in a move that could significantly ease the worldwide shortages caused by the Iran conflict. FT
The U.S. Department of Commerce last week ordered multiple chip equipment companies to halt certain tool shipments to China’s second-largest chipmaker, Hua Hong, its latest action to slow the country’s development of advanced chips, according to two people familiar with the matter. RTRS
Australian consumer prices surged in the first quarter as war in the Middle East drove up energy costs, while core inflation stayed uncomfortably high for policymakers, keeping pressure on for a rate hike next week. RTRS
Republicans are exploring cutting capital gains taxes to appeal to voters ahead of midterms. A proposal to index gains for inflation may feature in a tax package later this year, though passage before November looks unlikely. BBG
KPMG has closed its US government audit practice following the loss of an army contract: FT
US President Trump’s budget office sent a memo urging House Republicans to agree to partly reopen DHS, even without new cash for immigration enforcement: CNN
The White House is developing guidance to allow agencies to get around Anthropic’s supply chain risk designation and onboard Mythos: Axios
US Senate votes 51-47 to block Cuba military action resolution.
Iran News
US President Trump tells officials to prepare for an extended blockade of Iran, WSJ reported citing sources; Trump has opted to continue squeezing Iran’s economy, as other options would carry more risk than maintaining the blockade.
US President Trump posted “Iran can’t get their act together. They don’t know how to sign a nonnuclear deal. They better get smart soon! President DJT”. Post also includes an image of President Trump holding a rifle, with explosions behind him; caption reads “NO MORE MR. NICE GUY!”.
US President Trump said we are doing very well in the Middle East, King Charles agrees that Iran cannot have a nuclear bomb.
Iran’s Vice Chairman of the National Security Council Boroujerdi said, on negotiations, that Ghalibaf “personally manages” them.
Iran has pushed back on statements from the US regarding pipeline explosions, ISNA reports.
Senior Pakistani official said mediation continues, working to narrow the gap between the US and Iran.
US Treasury Secretary Bessent said the US Treasury has targeted Iran’s financial infrastructure, disrupting tens of billions of dollars in Iranian revenue; Kharg Island is approaching maximum storage capacity, forcing Iran to reduce oil production.
The Israeli army carries out a massive bombing operation east of Gaza City.
IRGC said that new means of power ready against any new US attack, Press TV reported.
Israel’s Hayom newspaper estimates that Israel may accept a limited ceasefire with Lebanon, with the stipulation of the disbandment of Hezbollah, Al Hadath reported.
An Israeli army commander said that we are not talking about destroying terrorist infrastructure in southern Lebanon, but rather destroying everything, according to Haaretz.
A political aide to the IRGC said that we will respond to any new aggression with surprises and new capabilities, will burn America’s giant ships at sea if they miscalculate again, Al Jazeera Mubasher reported.
Japanese PM Takaichi said Japan will engage with Iran for safe passage of ships.
US Treasury has frozen USD 344mln in crypto linked to Iran, according to Fox Business citing officials.
A more detailed look at global markets courtesy of Newsquawk
Asia-Pac stocks initially opened with a slight negative bias, amid the tech-led selloff stateside and the lack of progress between US and Iran. Sentiment improved throughout the APAC session, despite light newsflow. ASX 200 underperformed, with Health Care and Miners weighing on the index. Woodside Energy reported Q1 revenue that rose annually and maintained its FY guidance, helping support shares just shy of 2% gains. KOSPI reversed earlier losses, as the index shrugged off the tech-led selloff in US equities. Hang Seng and Shanghai Comp. outperformed, following a flurry of earnings and updates. For BYD, the Co. reported revenue that beat estimates, however net income fell annually. On the other hand, Hua Hong Semiconductor slipped after the US reportedly ordered numerous chip equipment companies to halt tool shipments to two of the co.’s facilities
Top Asian News
Australian Quarterly Inflation Rate QoQ (Q1) Q/Q 1.4% vs. Exp. 1.4% (Prev. 0.6%, Low. 1.1%, High. 1.6%).
Australian RBA Weighted Median CPI YoY (Mar) Y/Y 3.5% (Prev. 3.5%).
Australian RBA Trimmed Mean CPI YoY (Mar) Y/Y 3.3% (Prev. 3.3%).
Australian RBA Weighted Median CPI MoM (Mar) M/M 0.8% (Prev. 0.2%).
Australian Quarterly RBA Trimmed Mean CPI QoQ (Q1) Q/Q 0.8% (Prev. 0.9%).
Australian Quarterly RBA Trimmed Mean CPI YoY (Q1) Y/Y 3.5% (Prev. 3.4%).
Australian Quarterly Inflation Rate YoY (Q1) Y/Y 4.1% vs. Exp. 4.1% (Prev. 3.6%).
Australian Inflation Rate MoM (Mar) M/M 1.1% vs. Exp. 1.3% (Prev. 0.0%, Low. 0.9%, High. 1.6%).
Australian Inflation Rate YoY (Mar) Y/Y 4.6% vs. Exp. 4.7% (Prev. 3.7%).
European bourses (STOXX 600 -0.4%) began the session on a weaker footing as geopolitical headlines dictate the tape with WSJ reporting “Trump told officials to prepare for an extended blockade of Iran” and the US President posting this morning, “Iran can’t get their act together. They don’t know how to sign a non-nuclear deal. They better get smart soon! President DJT”. European sectors opened mixed, though they now show a negative bias as the index dipped lower. Energy tops the pile, and Tech also does well after NXP Semi’s Q1 beat-and-raise after hours; Insurance and Retail lag. In terms of key movers: Adidas (+7%, Strong Q1, raised guidance) and UBS (+4%, NII, Top and bottom line beat, share buyback).
Top European News
NIESR lowers the UK’s 2026 growth forecast to 0.9% (prev. 1.4%) and raises its inflation forecast to 4.7% (prev. 3.3%) at the start of 2027; the BoE may have to respond with big rate hikes if energy disruption is prolonged. The UK would face recession and inflation of 5% in a more adverse scenario in which oil prices spike to around USD 140/bbl and Hormuz remains closed. The Middle East shock will also worsen the UK’s public finances. Relative to the OBR’s outlook, debt-servicing costs are likely to be higher, growth weaker, and pressure greater for additional support to compensate vulnerable households.
UK Chancellor Reeves said the Government needs to make targeted interventions that will not have a lasting impact on interest rates.
AstraZeneca (AZN LN) Q1 2026 (USD): Revenue 15.3bln (exp. 14.9bln), adj. EPS 2.58 (exp. 2.55). Confirms guidance for FY26. “…remain on track to achieve our ambition for 2030 and beyond.”.
Santander (SAN SM) – Q1 2026 (EUR): NII 5.46bln (exp. 4.97bln), EPS 0.36 (exp. 0.26), Total income 15.1bln (exp. 15bln), Net income 5.5bln (exp. 5.0bln), reaffirms 2026-28 targets. Net Loan provisions 3.23bln (exp. 3.17bln).
UBS (UBSG SW) – Q1 2026 (USD): Revenue 14.2bln (exp. 13.2bln), Net income 3.04bln (exp. 2.42bln), confident in 2026 financial targets. Announces share buyback of up to USD 3bln by its Q2 results, aiming to do more by year-end.
FX
DXY continues to outperform most G10 peers as the preferred hedge against higher oil prices. Many catalysts will dictate the path forward for the Greenback, FOMC and BoC today, then the BoE and ECB on Thursday.
DXY remains supported by both the 100 and 200 DMAs at the 98.50 mark as crude benchmarks rise into a packed session. In addition to the Fed meeting, the Senate Banking Committee is expected to advance Kevin Warsh’s nomination as Fed Chair; the vote is set for 10:00EDT/15:00BST.
A quick preview into the Fed, the Bank is widely expected to leave rates unchanged, with focus squarely on Chair Powell’s guidance as policymakers assess the inflationary impact of the ongoing US-Iran conflict. The recent surge in oil prices has pushed back rate cut expectations, with a Reuters poll showing a majority of economists now see easing delayed until at least September. Traders also seek details about Powell’s future, with this meeting expected to be his last as Fed Chair, providing Kevin Warsh is approved in time.
EUR is also lower against the Buck but fares better than peers despite German state CPIs being indicative of a cooler mainland series. EUR remains supported by the 1.17 mark, and ING writes this morning, “Tomorrow’s ECB meeting should, in our view, largely meet market expectations.”, aside from geopols, the next catalyst for the EUR will be the Fed meeting today.
Antipodeans are the worst performers in the G10 space by a large margin after Aussie inflation for March was softer than expected and trimmed bets for hikes in Next week’s RBA meeting. ING writes “The pullback in AUD looks mostly a function of stretched positioning rather than a real rethink of RBA expectations.
Central Banks
RBNZ Governor Breman said the global environment continues to present headwinds, Q1 core inflation have remained stable within the 1-3% target band.
PBoC set USD/CNY mid-point at 6.8608 vs exp. 6.8347 (prev. 6.8589).
Banxico Governor Rodriguez said the Bank is close to finishing its rate cutting cycle that began in 2024.
Trade/Tariffs
European lawmakers failed to reach a deal on watered-down landmark AI rules after 12 hours of negotiations, talks to resume next month.
US Secretary of State Rubio expresses deep concerned by China’s targeted economic pressure after the Barboa and Cristobal terminals decision.
Fixed Income
A modestly bearish start in fixed benchmarks, given continued upside in the energy complex. Gains for energy occurring in recent trade despite a lack of fresh driver, and potentially as participants take another look at the WSJ reporting around a prolonged Hormuz closure, as while this is less risky than strikes, it does suggest a further extension of the ongoing supply disruption.
Amidst this, fixed benchmarks are at lows. USTs to a 110-24+ base, but with downside of just a few ticks as we await the FOMC. The Fed is expected to maintain its rate in a 3.50-3.75% band, with focus on the guidance from Chair Powell in what may be his last meeting as Chair. As a reminder, the Senate Banking Committee is today expected to advance the nomination of Warsh to the broader Senate.
Bunds are also at lows, down to 110-24+ with downside of a few ticks at most. Fleeting upside seen in EGBs as the initial German State CPIs are indicative of a cooler mainland series than the consensus for the 13:00BST mainland series suggests. Bunds spiked higher from 124.95 to 125.07, shy of the earlier 125.16 high. Albeit, the move swiftly pared and Bunds are back at lows.
Gilts gapped lower by nine ticks, and have since slipped another 14 to an 86.54 trough. Action a function of the above, with Gilts trading broadly in-line with peers this morning. On the UK specifically, PM Starmer was not referred to the Privileges Committee. However, the number of Labour MPs who defied the whip and those who abstained without a clear reason is indicative of a moderate rebellion, not one sufficient to yet hit the threshold to trigger a leadership contest, but nonetheless an ominous sign into the May 7th local elections and further Mandelson-related communication releases in the weeks ahead.
Italy sold EUR 5.5bln vs exp. EUR 4.5-5.5bln 3.15% 2031, 3.35% 2035 BTP and EUR 3.5bln vs exp. EUR 3.0-3.5bln 2036 CCTeu.
Germany sold EUR 3.8bln vs exp. EUR 5bln 2.90% 2036 Bund: b/c 1.15x (prev. 1.24x), average yield 3.08% (prev. 2.92%), retention 23.3% (prev. 23.66%)
Commodities
WTI and Brent began the European morning with very mild gains, and have continued to extend higher. WTI Jun’26 topped the USD 102/bbl mark, to make a peak at USD 102.78/bbl (vs trough of USD 98.42/bbl); Brent Jul’26 resides near peaks at USD 106.16/bbl, which also marks the WTD high.
Focus remains on the US-Iran situation, which, as it stands, does not appear to be moving towards peace. A WSJ article overnight, citing sources, suggested that President Trump told officials to prepare for an extended blockade of Iran, attempting to squeeze Iran’s economy. This will ultimately guide traders to price in the possibility of long-term disruptions to energy, and hence explains the strength in energy this morning.
Most recently, President Trump posted on Truth Social that “Iran can’t get their act together. They don’t know how to sign a non-nuclear deal. They better get smart soon!”. Alongside this, an AI image of himself holding a rifle, with explosions behind him, the accompanying caption read “NO MORE MR. NICE GUY!”. A post which spurred about a bucks worth of upside in the complex.
Spot gold is a touch lower this morning and currently resides towards the lower end of a USD 4,568-4,610/oz range. As has been the case, the yellow metal has been subdued by the stronger USD and inflationary implications of the war in Iran. Today’s focus will be on the Fed Policy Announcement, which is widely expected to leave rates unchanged at 3.50-3.75%, with focus squarely on Chair Powellʼs guidance, as policymakers assess the inflationary impact of the ongoing US-Iran conflict.
Base metals are mixed; 3M LME Aluminium is a touch firmer this morning, alongside strength in 3M LME Copper, whilst Palladium and Nickel move lower. 3M LME Copper holds above the USD 13k/t mark, within a USD 13,026-13,155.93/t range. Copper has advanced as Chinese fabs replenished stockpiles ahead of the Labor Day holiday, with restocking supporting prices and some buyers viewing recent declines on global growth concerns as an opportunity.
Geopolitics
Ukraine is facing risk of tougher terms to get some EU loan payouts, Bloomberg reported citing sources; payouts would be dependent on the introduction of a tax change for businesses.
US Event Calendar
8:30 am: United States Mar Housing Starts, est. 1380k
8:30 am: United States Mar P Building Permits, est. 1390k
8:30 am: United States Mar P Wholesale Inventories MoM, est. 0.37%, prior 0.8%
8:30 am: United States Mar P Durable Goods Orders, est. 0.5%, prior -1.3%
8:30 am: United States Mar P Durables Ex Transportation, est. 0.4%, prior 0.9%
2:00 pm: United States Apr 29 FOMC Rate Decision (Upper Bound), est. 3.75%, prior 3.75%
DB’s Jim Reid concludes the overnight wrap
Morning from a very sunny Frankfurt where summer has truly arrived. It’s now been a week since I started wearing a WHOOP and Oura Ring to go alongside my trusty Apple Watch. With all these wearables I feel like the banking version of Mr T. Apologies to those not old enough to remember the A-team. Quick results are that I sleep very well for 4-5 hours and then it’s pot luck what the last 2 hours bring! Lots of awake time and restless sleep. I’ve done various AI searches as to why that’s the case. Maybe it’s searching AI that causes it.
Anyway, hopefully you’re a bit fresher than me as we enter FOMC decision day. Markets are entering it slightly on the back foot as oil prices have continued to grind higher over the last 24 hours while tech sentiment slipped after a report that OpenAI had missed internal targets. However even on the latter point Nasdaq futures have recovered more than half yesterday’s losses overnight.
Starting with the Middle East, the US and Iran seem to be no closer to resolution over the closure of the Strait of Hormuz. The WSJ reported last night that President Trump had instructed aides to prepare for an extended blockage of Iran, while Trump himself posted earlier yesterday that Iran “want us to “Open the Hormuz Strait” as soon as possible”. CNN reported that Iranian officials were expected to submit a revised peace proposal in the next few days. This uncertain backdrop saw Brent crude rise +2.80% to $111.26/bbl yesterday, its highest level in four weeks (flat overnight). So concerns about a more prolonged stagflationary shock have risen, not least as slightly further out the oil futures curve, the 3- to 6-month Brent futures are now trading within a dollar of the highs reached in late March.
While higher oil prices and stagflation fears added to the risk-off sentiment, it was AI worries that were the bigger factor in driving yesterday’s equity losses. The major catalyst was a WSJ report that OpenAI had missed its internal revenue and user targets for the end of 2025. While OpenAI pushed back on the concerns, saying its consumer and enterprise businesses are “firing on all cylinders”, the news revived previous fears about whether the huge spending commitments will eventually pay off. So after reaching record highs on Monday, the S&P 500 (-0.49%), the NASDAQ (-0.90%) and the Mag 7 (-0.29%) all fell back, whilst the Philly semiconductor index (-3.58%) saw its biggest loss in four weeks. Moreover, given the integration of OpenAI’s in the AI-ecosystem, those concerns spread from software and cloud companies like Oracle (-4.05%) and Coreweave (-5.83%), to semiconductor equipment firms like Qnity Electronics (-4.35%) and Applied Materials (-5.87%). So that’s rather dampened the mood into this week’s earnings, particularly with four of the Magnificent 7 set to report their earnings tonight after the close. As mentioned at the top Nasdaq futures (+0.49%) have recovered more than half yesterday’s losses this morning with S&P 500 (+0.19%) futures also edging higher.
Asian markets are generally higher with the Hang Seng (+1.29%) leading the gains, followed by the KOSPI (+0.72%), the CSI (+0.64%) and the Shanghai Composite (+0.40%). The S&P/ASX 200 (-0.23%) is lower even after slightly softer inflation.
Australian CPI rose by +4.6% year-on-year in March, marginally below the anticipated +4.8%, but it increased significantly from the 3.7% recorded in the previous quarter. Core inflation, as indicated by the trimmed mean CPI, rose by +3.3% in March, remaining steady from the previous month while still surpassing the Reserve Bank of Australia’s (RBA) annual target of 2% to 3%. Q1 trimmed mean came in at 0.81% qoq around a tenth softer than expectations but Q2 so far has continued to see oil prices high so there won’t be too much comfort with that print. For now, yields on the 3-year policy-sensitive Australian government bonds are down by -4.5 basis points, currently standing at 4.68% as we go to print. The probability of a hike next week based on futures are down 15pp to 68%. Elsewhere in the region, Japanese markets are closed today due to a public holiday.
While yesterday was relatively quiet in terms of Iran newsflow, another major headline for oil markets came with the UAE’s announcement that it would leave OPEC on May 1. They’ve been a member since 1967 and are the third-biggest oil producer in the group, producing around 3.5mn barrels per day before the conflict, accounting for about 12% of OPEC’s output. The UAE had in the past pushed to increase its production quota within OPEC given its investments in new oil production capacity in recent years. While the near-term impact of the move is likely to be negligible, with closure of the Strait of Hormuz the limiting factor, longer-term this could allow the UAE to increase its oil production and reduce OPEC’s influence over the global oil market. Oil futures reacted to these potential long-term ramifications, with the 12-month ahead Brent future edging -0.34% lower to $79.87/bbl yesterday despite front-month prices surging higher.
Looking ahead to today, the main highlight will be the Federal Reserve’s latest policy decision. They’re widely expected to keep rates on hold, so the focus will be on their forward guidance for what they’re thinking about future policy. Our US economists think the key question is whether they formally adopt two-sided language about the policy outlook in the statement, and whether Chair Powell indicates a more balanced risk assessment in the press conference. Their base case is that the Fed will wait until June for meaningful changes in guidance, but the risk is that communications skew hawkish. See their full preview here for more.
Ahead of that, US Treasury yields moved higher as inflation concerns persisted, with investors dialling back the likelihood of Fed rate cuts this year. In fact, the probability of a cut by December was down to just 24% by the close, having been at 35% on Monday, so it’s seen as an increasingly unlikely prospect. The fading pricing of Fed cuts was also supported by the Conference Board’s consumer confidence print yesterday which surprised on the upside in April, rising to its highest level of 2026 so far at 92.8 (vs. 89.0 expected). So US consumers showing impressive resilience to the energy shock, though we should note that most of the survey was conducted before the latest rise in wholesale gasoline prices since mid-April, which reached a new post-2022 high yesterday. This backdrop saw the 2yr Treasury yield (+3.8bps) rise to 3.84%, though the 10yr yield (+0.6bps) was more stable at 4.35%.
A pessimistic macro mood was clearer in Europe yesterday. Matters weren’t helped by the ECB’s latest bank lending and inflation expectation surveys, which pointed to upside inflation risks combined with downside growth risks. Notably, 1yr and 3yr inflation expectations surged from 2.5% to +4.0% and +3.0% respectively, their highest levels since 2023. Longer-term expectations were more stable at +2.4% (up from 2.3%). Meanwhile, the Bank Lending Survey showed a clear deterioration, pointing to the tightest credit conditions since early 2024. So it was a difficult backdrop, and inflation fears saw markets fully price in an ECB rate hike by the June meeting again. And in turn, both equities and bonds fell back for a second day, with the Stoxx 600 (-0.37%), DAX (-0.27%) and CAC 40 (-0.46%) moving lower, whilst yields on 10yr bunds (+3.3bps), OATs (+3.7bps) and BTPs (+5.8bps) all rose.
Here in the UK, yesterday saw 10yr gilt yields close above 5% for the first time since 2008, moving up +3.2bps to 5.00%. In part, that was driven by those wider inflation concerns as oil prices crept higher, but the political speculation around PM Keir Starmer kept swirling as well. Indeed, MPs voted on whether Starmer should face a parliamentary enquiry about whether he misled the House of Commons over the vetting for Peter Mandelson’s appointment as US ambassador. That vote failed to pass yesterday evening given Labour’s large majority, but the story has showed no sign of leaving the headlines, and comes as Starmer faces another important test with the local elections next week. It’s a story the gilt market has been following closely, given expectations that Starmer’s successor might loosen the fiscal rules and preside over more gilt issuance.
Looking at the day ahead, the main events include policy decisions from the Federal Reserve and Bank of Canada. Data releases include US March durable goods orders, housing starts, Germany April CPI, Italy’s April economic sentiment, Eurozone March M3 money supply, April economic confidence. And earnings will be in strong focus, with Alphabet, Microsoft, Amazon and Meta all reporting after the close.
1 b European Opening report
1 c) Asian Opening report
Europe set for modestly firmer open after a slew of earnings, USD and Brent firm a touch on WSJ report – Newsquawk EU Market Open
Wednesday, Apr 29, 2026 – 02:08 AM
Trump has told officials to prepare for an extended blockade of Iran, WSJ; Trump said they are doing very well in the Middle East.
APAC equity performance incrementally improved across the session, with outperformance in the Hang Seng & Shanghai Composite.
USD rangebound, lifted briefly on the WSJ report. Peers are broadly contained into the Fed.
Fixed income was hit on the WSJ report, but has since retraced the move.
Energy benchmarks jumped on the blockade update, but the move was relatively short-lived. Precious metals contained, base peers followed China higher.
Looking ahead, highlights include Spanish HICP (Apr), German State/Nationwide HICP (Apr), EZ Economic Sentiment (Apr), US Durable Goods (Mar), US Housing Starts (Feb/Mar), Wholesale Inventories (Mar), Fed/BoC/BCB Policy Announcements (Apr), Speakers include BoC’s Macklem & Fed Chair Powell, Supply from Italy & Germany.
Earnings from Microsoft, Amazon.com, Meta, Alphabet, Ford, Qualcomm, Carvana, SoFi, Humana, Novartis, TotalEnergies, Iberdrola, GSK, Lloyds, Deutsche Bank, Mercedes-Benz, Adidas & Porsche AG.
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IRAN CONFLICT
US President Trump tells officials to prepare for an extended blockade of Iran, WSJ reported citing sources. Sources went on to say that Trump has opted to continue squeezing Iran’s economy, as other options would carry more risk than maintaining the blockade.
US intelligence agencies are examining how Iran would react to US President Trump declaring victory in the war, according to Reuters citing sources.
US President Trump said we are doing very well in the Middle East. He added that King Charles agreed that Iran cannot have a nuclear bomb.
US President Trump said Germany’s Chancellor Merz thinks it’s ok for Iran to have a nuclear weapon and he doesn’t know what he’s talking about.
US has issued new Iran related sanctions, targeting 35 Iranian entities and individuals for aiding sanctions evasion.
IRGC said that new means of power ready against any new US attack.
A political aide to the IRGC said that we will respond to any new aggression with surprises and new capabilities and will burn America’s giant ships at sea if they miscalculate again.
Satellite imagery showed ships departing Iran being redirected by the US Navy blockade.
The Israeli army carried out a massive bombing operation east of Gaza City.
An Israeli army commander said that we are not talking about destroying terrorist infrastructure in southern Lebanon, but rather destroying everything, according to Haaretz.
Israel’s Hayom newspaper estimates that Israel may accept a limited ceasefire with Lebanon, with the stipulation of the disbandment of Hezbollah, Al Hadath reported.
US TRADE
EQUITIES
US stocks finished lower as risk tone soured, with Technology the clear sectoral laggard as AI-infrastructure exposed names were hit hard after WSJ reported that OpenAI missed targets, which stoked data centre spending concerns. Overall, sectors closed mixed, with Energy the clear gainer, followed by Consumer Staples, as the former was supported by strength in crude benchmarks, given that the lack of progress between the US and Iran outweighed the UAE exiting OPEC and OPEC+.
SPX -0.49% at 7,139, NDX -1.01% at 27,029, DJI -0.05% at 49,142, RUT -1.15% at 2,756.
CENTRAL BANKS
RBNZ Governor Breman said the global environment continues to present headwinds and that Q1 core inflation have remained stable within the 1-3% target band.
NOTABLE HEADLINES
US has ordered numerous chip equipment companies to halt tool shipments to two facilities of Hua Hong (688347 CH), China’s second largest chipmaker, according to sources.
Amazon (AMZN) AWS CEO said the co. is working hard to add more capacity for OpenAI with AI chip, power, capacity demand outpacing supply.
The White House is developing guidance to allow agencies to get around Anthropic’s supply chain risk designation and onboard Mythos, Axios reported citing sources.
The White House held a closed-door meeting with technology and cyber companies to discuss concerns about Anthropic’s Mythos model, Politico reported citing sources.
US President Trump’s budget office sent a memo urging House Republicans to agree to partly reopen DHS, even without new cash for immigration enforcement, CNN reported citing sources.
APAC TRADE
EQUITIES
Asia-Pac stocks initially opened with a slight negative bias, amid the tech-led selloff stateside and the lack of progress between US and Iran. Sentiment improved throughout the APAC session, despite light newsflow.
ASX 200 underperformed, with Health Care and Miners weighing on the index. Woodside Energy reported Q1 revenue that rose annually and maintained its FY guidance, helping support shares just shy of 2% gains.
KOSPI reversed earlier losses, as the index shrugged off the tech-led selloff in US equities.
Hang Seng and Shanghai Comp. outperformed, following a flurry of earnings and updates. For BYD, the Co. reported revenue that beat estimates, however net income fell annually. On the other hand, Hua Hong Semiconductor slipped after the US reportedly ordered numerous chip equipment companies to halt tool shipments to two of the co.’s facilities.
US equity futures traded higher, albeit modestly after rebounding from the selloff following the WSJ report. The initial positiveness came following a batch of positive earnings after-hours, including Seagate, in which Q3 EPS and revenue beat estimates.
European equity futures are indicative of a muted open with the Euro Stoxx 50 future U/C after cash closed -0.5% on Tuesday.
FX
DXY oscillated in a tight 98.57-98.68 range. Modest upticks were seen amid the WSJ report, in which Trump told officials to prepare for an extended blockade. However, the move was completely pared back in the hour following the headline. Coming up, the FOMC rate decision at 14:00EDT/19:00BST. With the rate widely expected to remain at 3.50-3.75%, focus will squarely be on Chair Powell’s guidance.
EUR/USD continued to hold above the 1.1700 handle, heading into a flurry of inflation metrics out of Spain and Germany.
GBP/USD found acceptance above the 1.3500 handle, despite the political turmoil. UK lawmakers voted against holding an inquiry into whether the PM misled parliament over the Mandelson appointment. In the near term, politics will remain front and centre as the May 7th local elections approaches.
USD/JPY rotated in a tight 159.49-159.67 range, with Japan on holiday for Showa Day.
Antipodeans underperformed, with the kiwi hit slightly harder. Australian inflation printed cooler-than-expected, which spurred AUD/USD to slip below 0.71700, but price action remains choppy. Commentary by Australia’s Treasurer Chalmers post-CPI stated that an inflation peak is expected at higher levels; however, this failed to spur a reaction.
FIXED INCOME
UST Futures rotated in a 110-24+ to 110-30 range. Downside came amid the WSJ report, in which it cited US officials stating that Trump has told aides to prepare for an extended Hormuz blockade; the move since completely pared. Looking ahead, the Fed is to deliver its March policy decision, in which it is widely expected to be kept unchanged at 3.50-3.75%.
Bund Futures held a 124.92-125.13 range, trading either side of the 125 handle. The brief downside following the WSJ report was quickly pared back, as 10yr yields held below 3.1%. German HICP is expected at 13:00BST, in which the Y/Y figure is expected to rise to 3.1% (prev. 2.8%) while the M/M figure is expected at 0.8% (prev. 1.2%).
JGB Futures returned to the post-BoJ reaction low at the latter end of Tuesday’s trade and oscillated in a narrow 129.52-129.72 range.
US sells USD 44bln of 7yr notes; Tail 0.5bps.
COMMODITIES
Crude futures started the APAC session in a muted manner, with energy prices grinding lower in a tight USD 1/bbl range. As the session continued, volumes picked up and prices surged higher, with WTI briefly regaining the USD 100/bbl handle before completely reversing the move. The bid came following a WSJ report, citing sources, stating that US President Trump has told officials to prepare for an extended blockade of Hormuz, a less risky option compared to resuming strikes or walking away.
Precious Metals lacked a clear directional bias, as spot gold rotated either side of the USD 4600/oz handle (USD 4576-4610/oz range).
3M LME Copper traded on the front foot, continuing to pare back Tuesday’s losses, as positive sentiment in Chinese equities supported the red metal.
US Private Energy Inventories (bbls): Crude -1.8mln (exp +0.3mln), Distillate -2.6mln (exp. -2.3mln), Gasoline -8.5mln (exp. -2.1mln), Cushing -0.8mln.
China set May refined fuel exports to regions, ex. Hong Kong, at 500k metric tonnes, according to sources. May fuel exports double April’s shipments but remains below pre-Iran war levels.
China’s Steel Association said China’s apparent crude steel consumption fell 4.4% Y/Y in Q1’26
CRYPTO
Bitcoin regains the USD 77k handle.
NOTABLE ASIA-PAC HEADLINES
China has paused new autonomous driving permits after Baidu (9888 HK/BIDU) outage.
DATA RECAP
Australian Inflation Rate MoM (Mar) M/M 1.1% vs. Exp. 1.3% (Prev. 0.0%, Low. 0.9%, High. 1.6%).
Australian Inflation Rate YoY (Mar) Y/Y 4.6% vs. Exp. 4.7% (Prev. 3.7%).
Australian Quarterly Inflation Rate QoQ (Q1) Q/Q 1.4% vs. Exp. 1.4% (Prev. 0.6%, Low. 1.1%, High. 1.6%).
Australian RBA Weighted Median CPI MoM (Mar) M/M 0.8% (Prev. 0.2%).
Australian RBA Weighted Median CPI YoY (Mar) Y/Y 3.5% (Prev. 3.5%).
Australian RBA Trimmed Mean CPI MoM (Mar) M/M 0.3% (Prev. 0.2%).
Australian RBA Trimmed Mean CPI YoY (Mar) Y/Y 3.3% (Prev. 3.3%).
GEOPOLITICS
RUSSIA-UKRAINE
Russian President Putin said Ukraine is intensifying attacks on Russian civilian targets, with the latest example being an attack on the Tuapse.
OTHER
US Senate voted 51-47 to block Cuba military action resolution.
EU/UK
NOTABLE HEADLINES
NIESR lowered the UK’s 2026 growth forecast to 0.9% (prev. 1.4%) and raises its inflation forecast to 4.7% (prev. 3.3%) at the start of 2027; the BoE may have to respond with big rate hikes if energy disruption is prolonged.
Ukraine is facing risk of tougher terms to get some EU loan payouts, Bloomberg reported citing sources. Payouts would be dependent on the introduction of a tax change for businesses
European lawmakers failed to reach a deal on watered-down landmark AI rules after 12 hours of negotiations. Talks are to resume next month.
EU Parliament called for new EU revenue sources, including a digital tax, a levy on online gambling, and a tax on profits from crypto transactions.
UK lawmakers voted against holding inquiry into whether UK PM Starmer misled parliament over Mandelson appointment.
2.a NORTH KOREA/SOUTH KOREA/JAPAN
JAPAN
NORTH AND SOUTH KOREA
3. CHINA/
4 EUROPEAN AND SCANDINAVIAN COMMENTARIES PLUS NATO
GERMANY
Germany’s Anti-immigration AfD Party Soars To New Record High Support; Poll Finds
The anti-immigration Alternative for Germany (AfD) has jumped to a new record high in a recent poll conducted by the opinion research institute Insa. In the poll, the AfD increased its lead over the Christian Democratic Union (CDU) and Christian Social Union (CSU).
According to the “Sunday trend” poll, which is conducted on a weekly basis for the Bild am Sonntag, the AfD has reached a peak of 28 percent, extending its lead over the CDU/CSU alliance. While the party only jumped one point from the previous week, it not only marked the AfD’s highest value ever, but it also means the AfD is closing in on the psychological 30 percent it has long sought.
The CDU/CSU remained unchanged at 24 percent, while the Social Democrats (SPD) maintains its position at 14 percent. The Green Party slipped to 12 percent after losing one percentage point, and the Left Party remains steady at 11 percent. Both the Sahra Wagenknecht Alliance (BSW) and the FDP would currently fail to enter the Bundestag, as each sits at three percent.
Despite the AfD’s high polling, all other parties continue to say they will not form an alliance with the AfD, which means the party is effectively locked out of power. Unless the AfD can find a coalition party that can give it a majority, the party will remain on the sidelines. However, if the AfD can maintain its current support or even increase it further, forming a coalition among the other parties could prove increasingly difficult in the future.
Insa is not the only polling firm showing the growth of the AfD. In a recent Yougov poll, the AfD reached 27 percent of the vote, while the CDU fell to just 23 percent.
The AfD’s surge comes at a time when soaring energy prices have left the German economy reeling, especially following the war in Iran, which has sent diesel prices between €2.20 and €2.50 a liter.
AfD co-leader, Tino Chrupalla, has become increasingly opposed to U.S. government actions. He quickly denounced the U.S. attack on Venezuelan President Nicolas Maduro, labeling it a “violation of international law.” And in February, right after the attack on Iran, he expressed his “disappointment” at Trump’s broken promise to not start wars and blamed Israel for “dragging” the United States into war against Iran.
In March, Chrupalla also condemned what he said were Israel’s war crimes against Palestinians and Iranians, and just this month, Chrupalla called for the closure of U.S. bases in Germany. Even conservative Germans have long been skeptical of Trump, while the majority of Germans are deeply negative on the U.S. president.
Polling shows that 65 percent of Germans believe that Israel is committing war crimes in Gaza. According to ARD-DeutschlandTREND in March 2026, 60 percent of Germans consider the military offensive against Iran by the U.S. and Israel to be “not justified.” That result may look even worse now as energy prices have slammed the German economy.
In other words, Chrupalla may be adopting the positions that are sitting well with the German public.
At the same time, crime statistics released about a week ago show that migrant violence continues to dominate in Germany,with sexual crimes and serious violence in 2025 growing compared to the record numbers seen in 2024. Overall, crime fell slightly compared to 2024, but serious crimes grew. Most of the decline was due to the legalization of marijuana in late 2024, which resulted in a drop in drug offenses.
Foreigners account for approximately 42 percent of all violent crimes.
The AfD is calling for mass deportations, increased funding for police, an immigration moratorium, cutting pro-migrant NGO funding, and stricter laws to deter criminals.
Israelis Outraged After Govt Sent Vital Arrow Missiles To Germany Mid-Iran War
Wednesday, Apr 29, 2026 – 02:45 AM
There’s growing outrage and political division in Israel after news emerged that the government and defense ministry fulfilled a weapons contract with Germany, sending vital Arrow air defense missiles to Berlin during the middle of the Iran war.
At the very moment the missiles were being delivered, Israeli citizens were dying under Iran’s fierce ballistic missile retaliation attacks during the height of Operation Epic Fury.
The Jerusalem Posthas “confirmed that Israel continued to send Arrow missiles to Berlin mid-war as part of a contract between the countries, even though Israel had a shortage of its own interceptors,” the publication writes.
“Some commentators upon learning this information have accused the Israeli government of allowing at least five persons to die and hundreds to be injured when the IDF did not use the Arrow to defend from certain attacks,” the report adds.
The Arrow was developed jointly with the United States and is designed to intercept long-range missiles, serving as the highest tier of Israel’s multi-layered defense.
The first Arrow was delivered to Germany in 2025, despite that starting with the last June war, it has been an open secret that Israel is running low on interceptors, and that it takes a significant amount of time to replenish them.
In April, we featured analysis describing how Israel only in the last few years grew to become Germany’s largest arms partner in a ‘mega deal’:
Israel’s delivery of the Arrow 3 missile defense system to Germany last year, which was its largest export deal ever at $4.6 billion, led to its share of Germany’s arms imports jumping from 13% during the period 2020-2024 to 55% during the period 2021-2025. At the same time, Israel remained Germany’s third-largest arms client at 10% of its exports from 2021-2025 compared to 11% of them from 2020-2024, with the slight 1% decrease likely being due to three-month-long curb on arms exports to it last year.
Why this matters is because Israel’s new role as Germany’s largest arms supplier might worsen its ties with Russia, especially if exports evolve from defensive systems like the Arrow 3 to offensive ones like the $7 billion deal for 500 rocket launchers and thousands of missiles that they’re now negotiating. Moreover, West Asian geopolitics might radically change after the end of the Third Gulf War, so Russia might not be able to reciprocally sell similar systems to Iran. Israel would then gain an edge over Russia.
Israeli officials have sought to downplay the Arrow deliveries for Germany, in some cases arguing that the benefits for Israel actually saves civilian lives – based on other defense items Israel gets in return.
Also, as JPost writes further, “A Maariv report indicated Israeli sources were concerned that if they did not maintain the pace of Arrow deliveries to Germany, it could harm relations or the already signed and potential future defense deals.”
“The Post understands that in addition to general economic benefits, and economies of scale benefits heavily increasing Israel’s own volume of Arrows for self-defense, that the deal with Germany provided two other crucial items,” the publication adds.
The fact that much of Israel’s defense is underwritten by the US taxpayer also provides an ultimate backstop from Israeli leaders’ perspective. The longer the Iran war persists, and as more Israeli arms exports leave port, the more the controversy is likely to grow.
END
UK
Two Jewish men badly wounded in terrorist stabbing attack in London’s Golders Green; assailant arrested
Male, 45, stabs septuagenarian in throat, stabs another man in his 30s; Met Police declare it as terrorist incident; Starmer condemns ‘appalling’ incident, Israel says his statements ‘no substitute’ for combating anti-Jewish hate
Two Jewish men — one in his 70s and the other in his 30s — were stabbed and seriously wounded on Wednesday in the heavily Jewish London neighborhood of Golders Green in an antisemitic terror attack, the latest in a spate of incidents targeting British Jews.
Both men were treated at the scene and taken to the hospital. In a statement, the Metropolitan Police described the victims’ condition as stable. The BBC earlier said they were seriously wounded.
The assailant, a 45-year-old man who also tried to stab police officers in the attack, was arrested on suspicion of attempted murder, police said. “Specialist officers from Counter Terrorism Policing are leading the investigation and working with the Metropolitan Police to establish the full circumstances and any links to terrorism,” the statement said.Promoted: Hadassah’s Underground
The head of Counter Terrorism Policing, Assistant Commissioner Laurence Taylor, later said the attack had formally been declared a terrorist incident, and that investigators were looking into “whether this attack was deliberately targeting the Jewish community in London.”
The local Shomrim emergency response organization, which serves Jewish areas, made the first public report of the incident, saying it had responded immediately and detained the suspect.
END
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
ISRAEL/USA VS IRAN
Trump Tells Aides US Preparing For Extended Blockade, But Could Be Open To Interim Deal With Iran
Tuesday, Apr 28, 2026 – 09:15 PM
Summary
Trump prepares for ‘extended blockade’ – WSJ reports he has informed aides of risky planning.
Trump TS claim: Tehran has informed Washington they are in a “state of collapse” and that the Iranians want the US to “open the Hormuz Strait” – as ‘tank tops’ loom.
Trump doesn’t appear open to Iran’s proposal which hinges on US naval blockade ending & nuclear issue being pushed to future negotiations (CNN). Tehran working on revised plan to be sent in ‘few days’.
First crude-laden Japanese tanker from Saudi port exits Hormuz Strait successfully without Iranian interference.
Iranian analyst describes that Tehran believes it can outlast Trump & the standoff with US in Hormuz, citing “munitions, markets, and the midterms.”
If confirmed, this constitutes another huge gamble by Trump – on both the economic and political fronts, and with the lingering potential for escalation (towards some kind of ground action as well). According to the WSJ Tuesday evening, the president has told aides and his staff that he’s prepared to implement an extended blockade:
President Trump has instructed aides to prepare for an extended blockade of Iran, U.S. officials said, targeting the regime’s coffers in a high-risk bid to compel a nuclear capitulation Tehran has long refused.
In recent meetings, including a Monday discussion in the Situation Room, Trump opted to continue squeezing Iran’s economy and oil exports by preventing shipping to and from its ports. He assessed that his other options—resume bombing or walk away from the conflict—carried more risk than maintaining the blockade, officials said.
Yet continuing the blockade also prolongs a conflict that has driven up gas prices, hurt Trump’s poll numbers and further darkened Republicans’ prospects in the midterm elections. It has also caused the lowest number of transits through the Strait of Hormuz since the war began.
However, it remains that this could also be some classic Trump signaling of a ‘maximalist’ position, in order to get Iran to capitulate at the negotiating table. Just as the WSJ report hit, there was this headline over the news wires based on fresh comments:
TRUMP SAID IRAN WANTS THE STRAIT OF HORMUZ REOPENED AND MAY ACCEPT AN INTERIM DEAL TO END THE US NAVAL BLOCKADE WHILE BROADER WAR-END NEGOTIATIONS CONTINUE.
The new threat of prolonged military action was accompanied late Tuesday by this from the Treasury Secretary:
In recent meetings, including a Monday discussion in the Situation Room, Trump opted to continue squeezing Iran’s economy and oil exports by preventing shipping to and from its ports. He assessed that his other options—resume bombing or walk away from the conflict—carried more risk than maintaining the blockade, officials said.
Revised Plan Coming in ‘Next Few Days’
So at least there is some back-and-forth. Trump is said to have rejected an initial proposal from Iran, which centered on the US opening up the strait, but pushes the nuclear issue to future talks – and only after an end to the war. Tehran is reportedly revising, and is expected to submit a revised draft deal in the coming days. CNN has the latest in the following:
Mediators in Pakistan expect to receive a revised proposal from Iran in the next few days to end the war, after US President Donald Trump indicated that he would not accept an earlier version, sources close to the mediation process told CNN. The sources say Iranian Foreign Minister Abbas Aragchi was due back in Tehran today after a visit to Russia, adding that he is expected to consult with regime leaders. That process is slow, the sources say, because of the difficulty in communicating with Supreme Leader Mojtaba Khamenei, whose location is being kept secret.
Currently there’s much speculation and armchair quarterbacking regarding ‘hardliners’ vs ‘moderates’ in Iran and who is actually in charge, amid reports the IRGC doesn’t want engagement with untrustworthy Washington at all. Meanwhile there’s no question Iran is using the extended ceasefire interim to rearm and regroup militarily.
Trump claims Iranians in ‘State of Collapse’
Literally one minute before market-open, and President Trump issues the following big claim: he says that Tehran has informed Washington they are in a “state of collapse” and that the Iranians want the US to “open the Hormuz Strait”. Of course, even if it were true, why would the Iranians admit such a thing to their enemy during a state of war?
There have been some signs of political fracture – especially tensions between IRGC and civilian leadership – but so far the evidence has been anecdotal at best. Currently the internal Iranian government debate seems to be on whether to talk to the US or not – but again, amid the fog of war… all Western MSM can do is speculate, aside from the rare Iranian ‘anonymous’ source that might whisper in a reporter’s ear.
Oil Rises to 3-week High as Trump Doesn’t Appear Open To Iran Proposal
Reporting from Monday evening and overnight says President Trump doesn’t appear open to Iran’s latest proposal to end the war, which hinges on the US naval blockade being lifted but pushes the nuclear issue off to later negotiations. As a result, oil prices have continued to rise, climbing above $110 a barrel Tuesday morning – a first in three weeks, amid concerns of a prolonged strait closure. As for the latest tankers to actually make it through, CBS describes:
Four civilian ships appeared to leave the Persian Gulf through the Strait of Hormuz on Tuesday without Iranian interference, including a Japanese oil tanker carrying some two million barrels of crude from Saudi Arabia.
The Panama-flagged crude oil tanker Idemitsu Maru called at Saudi Arabia’s Juamyah industrial port in early March, according to open source data from the MarineTraffic ship tracking website. For the past week it had remained anchored off the coast of Abu Dhabi in the Persian Gulf, until late Monday, when it sailed toward Iran’s Larak island in the Strait of Hormuz.
On Tuesday morning, tracking data showed the vessel passing south of Iran’s Larak island, which analysts say the regime had used as a “toll booth” to collect fees from some ships before military authorities declared the strait entirely closed again last week.
The White House has insisted that there would be no scheme for Iran collecting tolls as part of any future deal, but the Iranians appear to be forcing the issue, and have said the funds will help with the country’s reconstruction after the devastation wrought by US-Israeli bombing raids.
Three M’s
Independent news organization Drop Site says that Iran is now setting its own terms for ending the war as President Trump’s narrative on negotiations flails. One Iranian analyst has said that Tehran believes it has the three M’s on its side: “munitions, markets, and the midterms.”
The report cites Hassan Ahmadian, a well-known Iranian analyst and associate professor at the University of Tehran, who explains: “The Iranians are saying time is working in our favor for the three Ms: munitions, markets, and the midterms. These three Ms help Iran in its position and weaken US positions.”
“Obviously in the U.S., they want something to say, ‘We squeezed Iran and we got this.’ My perception is that the Iranians are keen to deny the United States that – they wouldn’t give what Trump wants as a victory,” he added.
A separate Iranian official, privy to negotiations and so remaining anonymous, stated: “We’re currently moving forward with our own design, and we feel continuing negotiations doesn’t make sense until the U.S. government lifts the maritime blockade.”
“The scope of the conflict has expanded, and naturally the issue is no longer purely nuclear,” the official added. Indeed, the latest proposal for ceasefire out of Tehran focuses on the US Navy ending its blockade, and leaves the nuclear issue for future consideration, given it has proven an impasse in the prior Islamabad talks.
But Washington as been asserting its own leverage:
ISRAEL /USA VS IRAN
Brent Nears Iran War Highs After Trump Orders “Extended Blockade”, Threatens “No More Mr. Nice Guy”
Wednesday, Apr 29, 2026 – 08:25 AM
Summary
Trump warns Iran to “get their act together” and to “get smart” – and for the second time writes “no more Mr. Nice Guy”.
Brent Crude nears Iran war high of$115 per barrel & highest since June 2022.
Trump in 4am Truth Social post: “Iran can’t get their act together. They don’t know how to sign a nonnuclear deal. They better get smart soon!”
Fresh White House statement indicates communication still open with Tehran, but still says “Iran can never possess a nuclear weapon.”
Brent crude oil has neared $115 per barrel, which is the high of the Iran war and the highest level since June 2022, driven by the ongoing Hormuz Strait blockade and standoff, and war fears – in a seventh straight session of gains.
This latest move higher follows Tuesday night’s WSJ report that the US plans to extend its blockade of Iranian ports, intensifying fears of prolonged disruption through the strategically critical Strait of Hormuz.
As a reminder, the president has told aides and his staff that he’s prepared to implement an extended blockade:
President Trump has instructed aides to prepare for an extended blockade of Iran, U.S. officials said, targeting the regime’s coffers in a high-risk bid to compel a nuclear capitulation Tehran has long refused.
In recent meetings, including a Monday discussion in the Situation Room, Trump opted to continue squeezing Iran’s economy and oil exports by preventing shipping to and from its ports. He assessed that his other options—resume bombing or walk away from the conflict—carried more risk than maintaining the blockade, officials said.
4am Truth Social
This isn’t exactly a ‘new’ threat, as it’s something he said on April 19 as well, but President Trump in a 4am Truth Social post warned Iran to “get smart soon” as the White House reviews military options for the Strait of Hormuz.
“Iran can’t get their act together. They don’t know how to sign a nonnuclear deal. They better get smart soon!” Trump wrote early Wednesday, alongside an image showing him with a weapon and the message “NO MORE MR. NICE GUY!”
Members of Trump’s national security team presented multiple options during a Situation Room meeting this week, including whether to increase or reduce the US military presence in the strait and whether to adopt a more aggressive operational posture, NBC News reported, citing an unnamed US official and a person familiar with the discussions. According to the WSJ Tuesday evening, the president has told aides and his staff that he’s prepared to implement an extended blockade.
WH still Communicating With Tehran
And yet, the White House says negotiators are still in communication with the Iranians, who are “struggling to sort out their leadership situation” amid the war. Trump on Tuesday claimed Tehran officials told him the country is in a “State of Collapse” – though obviously it’s highly dubious they would communicate that to him.
White House spokesperson Anna Kelly told media that Trump would only enter into an agreement with Iran that “puts US national security first” and that “He has been clear that Iran can never possess a nuclear weapon.” However, the Iranians themselves have made it clear they would never just transfer their enriched uranium out of the country. Their latest proposal has centered on lifting the blockade on the Strait of Hormuz first, and then leaving the nuclear issues for future negotiation after the war is resolved.
More Latest Developments
via Newsquawk
Donald Trump told officials to prepare for an extended blockade of Iran, The Wall Street Journal reported citing sources; Trump has opted to keep squeezing Iran’s economy, judging other options as higher risk than maintaining the blockade.
Trump posted, “Iran can’t get their act together. They don’t know how to sign a nonnuclear deal. They better get smart soon! President DJT,” alongside an image of himself holding a rifle with explosions behind him and the caption “NO MORE MR. NICE GUY!”.
Trump said the US is “doing very well in the Middle East,” adding that King Charles III agrees Iran cannot have a nuclear bomb.
Iran’s Vice Chairman of the National Security Council Alaeddin Boroujerdi said negotiations are being handled directly by Mohammad Bagher Ghalibaf, who “personally manages” them.
Iran pushed back on US claims regarding pipeline explosions, Islamic Republic News Agency reported.
A senior Pakistani official said mediation efforts continue, working to narrow the gap between the US and Iran.
Scott Bessent said the Treasury has targeted Iran’s financial infrastructure, disrupting tens of billions in revenue; Kharg Island is nearing maximum storage capacity, forcing Iran to cut oil production.
The Israeli army carried out a large-scale bombing operation east of Gaza City.
The Islamic Revolutionary Guard Corps said new capabilities are ready to counter any new US attack, Press TV reported.
Israel Hayom reported that Israel may accept a limited ceasefire with Lebanon contingent on Hezbollah’s disbandment, according to Al Hadath.
An Israeli army commander said, “we are not talking about destroying terrorist infrastructure in southern Lebanon, but rather destroying everything,” according to Haaretz.
A political aide to the IRGC said, “we will respond to any new aggression with surprises and new capabilities, will burn America’s giant ships at sea if they miscalculate again,” Al Jazeera Mubasher reported.
Sanae Takaichi said Japan will engage with Iran to ensure safe passage of ships.
The US Treasury has frozen $344 million in crypto linked to Iran, Fox Business reported citing officials.
ISRAEL TBN
HEZBOLLAH
Amer Hujirat, Defense Ministry civilian contractor, killed in Hezbollah drone attack in Lebanon
This event comes as the IDF is facing new threats from Hezbollah in southern Lebanon, as the group employs fiber optic “wire” drones.
Amer Hujirat.(photo credit: SECTION 27A COPYRIGHT ACT)ByJERUSALEM POST STAFFAPRIL 28, 2026 22:51Updated: APRIL 29, 2026 00:31
Amer Hujirat, a civilian working for the IDF in southern Lebanon, was killed on Tuesday, according to Israeli media citing a statement from Ziv Medical Center.
Hujirat, a 44-year-old resident of Shfaram, was killed in a Hezbollah drone strike, which also lightly wounded his 19-year-old son, who was working for him. Hujirat’s son was evacuated to Ziv Medical Center for treatment, according to N12. He was subsequently discharged after receiving medical care and mental health support.
The IDF announced earlier on Tuesday evening that an employee working for an engineering company carrying out projects on behalf of the Defense Ministry was killed, adding that his family had been notified by the Israel Police and extended its condolences to them.
This event comes as the IDF is facing new threats from Hezbollah in southern Lebanon, as the group employs fiber optic “wire” drones, which are impossible to jam as they are controlled via wire rather than radio waves or satellite navigation.
IDF soldiers operate in southern Lebanon, published April 28, 2026. (credit: IDF SPOKESPERSON’S UNIT)
In addition, one Hezbollah official on Monday threatened to start using suicide bombers against the IDF – a tactic it used against both the Israeli and American militaries in the 1980s, when the terror group had less sophisticated weaponry.
END
IRAN/ISRAEL/USA
Max Pressure: U.S. Prepares For Extended Hormuz Blockade As Treasury Warns Sanction Risks Linked To China’s “Teapot” Refineries
Wednesday, Apr 29, 2026 – 10:05 AM
The U.S. is intensifying pressure on Iran and China across two fronts.
First, on the military side, The Wall Street Journal reported that President Trump told top aides to prepare for an extended U.S. naval blockade of the Strait of Hormuz, a move that would strangle Tehran’s oil revenue.
Second, on the economic side, the Treasury Department’s Office of Foreign Assets Control is warning financial institutions about sanctions exposure related to Chinese independent “teapot” refineries, particularly in Shandong Province, due to their continued purchases and refining of Iranian crude.
Taken together, the message from President Trump to Secretary of the Treasury Scott Bessent is very clear: Washington is squeezing Iran’s oil revenue at both ends of the supply chain, through a continued blockade of the Hormuz chokepoint that enables exports and the Chinese refining network.
“China purchases approximately 90 percent of Iran’s oil exports, with teapot refineries accounting for the majority of these imports. This revenue ultimately benefits the Iranian regime, its weapons programs, and its military,” Treasury explained in a press release, adding, “Some Chinese teapot refineries have used the U.S. financial system to conduct dollar-denominated transactions and procure U.S. goods.”
What OFAC is doing is urging banks to tighten controls, conduct enhanced due diligence on transactions involving China-based refineries, and communicate sanctions expectations to correspondent banks.
Treasury also imposed sanctions on 35 entities and individuals for their roles in Iran’s shadow banking sector.
The reason the Treasury singled out Shandong Province is that the area in China is a core hub for China’s independent refineries.
Efforts to end the US-Iran war, now entering the third month, have morphed from an air campaign against Tehran to an economic war with hopes that the Trump administration can economically squeeze Tehran into a favorable peace deal that includes winding down its nuclear program.
“Iran’s shadow banking system serves as a critical financial lifeline for its armed forces, enabling activities that disrupt global trade and fuel violence across the Middle East,” Bessent said in a statement, quoted by Reuters.
“Illicit funds funneled through this network support the regime’s ongoing terrorist operations, posing a direct threat to U.S. personnel, regional allies, and the global economy,” Bessent said, adding any institution that facilitated or engaged with these networks was at risk of “severe consequences.”
OFAC has already imposed about 1,000 sanctions on Iran-related individuals, ships, and aircraft as part of a campaign to exert maximum economic pressure on Iran’s shadow banking.
Brett Erickson, managing principal at Obsidian Risk Advisors, told Reuters that the Trump administration should go after Chinese banks that have supported Tehran.
“Washington keeps talking about waging a maximum pressure campaign, but it is still avoiding the one move that would actually matter,” Erickson said. “If you are not willing to target the Chinese banks propping up the regime in Tehran, you are not going for the jugular, you are running a charade.”
The U.S. economic pressure campaign on Tehran, as well as China, comes as Trump travels to Beijing next month to meet with his Chinese counterpart, Xi Jinping.
END
Brent Pushes Higher After Trump Orders “Extended Blockade” – Huddles With Oil Execs Over Hormuz
Wednesday, Apr 29, 2026 – 10:25 AM
Summary
Trump recently met this week with oil and gas executives at the White House to address energy fallout, and as oil pushes higher: Axios.
Trump warns Iran to “get their act together” and to “get smart” – and for the second time writes “no more Mr. Nice Guy”.
Trump in 4am Truth Social post: “Iran can’t get their act together. They don’t know how to sign a nonnuclear deal. They better get smart soon!”
Fresh White House statement indicates communication still open with Tehran, but still says “Iran can never possess a nuclear weapon.”
President Trump recently met this week with oil and gas executives at the White House to address the energy fallout from the Iran war, per fresh Axios reporting, as supply disruptions push prices higher and create both opportunity and risk for the industry. Among those attending were Mike Wirth of Chevron, along with senior officials including Susie Wiles, Scott Bessent, Steve Witkoff, and Jared Kushner.
A White House official said, “The president meets with energy executives frequently to get their feedback on domestic and international energy markets,” with discussions covering domestic production, Venezuela, oil futures, natural gas, and shipping. It should be noted that while Trump “huddles” with oil CEOs, Republicans in Congress are still too scared to so much as pass a simple War Powers Resolution, or to have real robust debate over the merits of the Iran War.
The Middle East supply shock is obviously driving up global crude and US gasoline prices, which sets up for huge implications for Republicans come next fall’s midterms. Oil prices have extended their multi-day rally, surpassing $116 a barrel:
Brent crude futures for June rose $4.24, or 3.81%, to $115.50 a barrel by 1255 GMT, climbing for an eighth day to the highest level since March 31. The June contract expires on Thursday and the more active July contract was up 3.86% at $108.43.
Oil Pushing Toward Iran War Highs
Earlier in the morning, Brent crude oil has neared $115 per barrel, driven by the ongoing Hormuz Strait blockade and standoff, and war fears – in a seventh straight session of gains.
This latest move higher follows Tuesday night’s WSJ report that the US plans to extend its blockade of Iranian ports, intensifying fears of prolonged disruption through the strategically critical Strait of Hormuz.
As a reminder, the president has told aides and his staff that he’s prepared to implement an extended blockade:
President Trump has instructed aides to prepare for an extended blockade of Iran, U.S. officials said, targeting the regime’s coffers in a high-risk bid to compel a nuclear capitulation Tehran has long refused.
In recent meetings, including a Monday discussion in the Situation Room, Trump opted to continue squeezing Iran’s economy and oil exports by preventing shipping to and from its ports. He assessed that his other options—resume bombing or walk away from the conflict—carried more risk than maintaining the blockade, officials said.
END
IRAN/ISRAEL/USA UPDATES
Trump Rejects Iran Offer, Prepares ‘Short Wave’ Strikes, As Oil Prices Soar & Congressional GOP Members ‘Restless’
Wednesday, Apr 29, 2026 – 12:05 PM
Summary
CENTCOM reportedly preparing for “short wave of strikes” on Iran in order to potentially break the Hormuz impasse & force Tehran back to the negotiating table. Trump rejects Iran proposal as it won’t give up nuclear program.
Trump recently met this week with oil and gas executives at the White House to address energy fallout, and as oil pushes higher: Axios.
Trump warns Iran to “get their act together” and to “get smart” – and for the second time writes “no more Mr. Nice Guy”.
Trump in 4am Truth Social post: “Iran can’t get their act together. They don’t know how to sign a nonnuclear deal. They better get smart soon!”
Fresh White House statement indicates communication still open with Tehran, but still says “Iran can never possess a nuclear weapon.”
When in doubt, escalate higher? US Central Command is reportedly preparing for a “short wave of strikes” on Iran in order to potentially break the Hormuz impasse and force Tehran back to the negotiating table, where the US wants it to hand over its enriched uranium and finally abandon its nuclear program. We’re in the “just one more thing will do it” in the escalation ladder, which was all easily predictable.
“Trump told Axios the U.S. will maintain a naval blockade on Iran until a nuclear deal is reached, rejecting Tehran’s plan to ease restrictions before talks,” per Barak Ravid. “He said the blockade is more effective than bombing and will continue as key leverage, insisting Iran must not obtain a nuclear weapon.”
So there are more plans at least ‘on the table’ for possible ‘limited strikes’ as diplomacy has clearly been faltering; however, Iran is saying it is prepared to fight back hard in the scenario that the US naval blockade of Iranian ports continues. Meanwhile this is doing nothing to help soaring oil prices, and prices at the pump for Americans and people globally. Congress is getting nervous, and they should be after rejecting several War Powers initiatives. Brent inches toward hitting Iran war highs:
And more: Trump told Axios he saw the blockade as “somewhat more effective than the bombing,” and the sources said he had yet to order any kinetic action as of Tuesday night.
Unnamed GOP Senator tells Semafor as Iran War set to hit 60-days on Friday: “People cross some sort of threshold and start to be very uncomfortable with it. I am sensing restlessness among many of my colleagues.”
Trump Huddles with Oil Execs: Axios
President Trump recently met this week with oil and gas executives at the White House to address the energy fallout from the Iran war, per fresh Axios reporting, as supply disruptions push prices higher and create both opportunity and risk for the industry. Among those attending were Mike Wirth of Chevron, along with senior officials including Susie Wiles, Scott Bessent, Steve Witkoff, and Jared Kushner.
A White House official said, “The president meets with energy executives frequently to get their feedback on domestic and international energy markets,” with discussions covering domestic production, Venezuela, oil futures, natural gas, and shipping. It should be noted that while Trump “huddles” with oil CEOs, Republicans in Congress are still too scared to so much as pass a simple War Powers Resolution, or to have real robust debate over the merits of the Iran War.
The Middle East supply shock is obviously driving up global crude and US gasoline prices, which sets up for huge implications for Republicans come next fall’s midterms. Oil prices have extended their multi-day rally, surpassing $116 a barrel:
Brent crude futures for June rose $4.24, or 3.81%, to $115.50 a barrel by 1255 GMT, climbing for an eighth day to the highest level since March 31. The June contract expires on Thursday and the more active July contract was up 3.86% at $108.43.
Oil Pushing Toward Iran War Highs
Earlier in the morning, Brent crude oil has neared $115 per barrel, driven by the ongoing Hormuz Strait blockade and standoff, and war fears – in a seventh straight session of gains.
This latest move higher follows Tuesday night’s WSJ report that the US plans to extend its blockade of Iranian ports, intensifying fears of prolonged disruption through the strategically critical Strait of Hormuz.
Watch: Small Earthquake Registered After IDF Blows Up Largest-Ever Hezbollah Tunnel
Tuesday, Apr 28, 2026 – 10:10 PM
The Israel Defense Forces (IDF) on Tuesday destroyed a major Hezbollah tunnel in southern Lebanon on Tuesday evening, minutes after issuing an unusual warning that the blast would be heard across wide areas.
The tunnel is being described in regional media as the largest one ever discovered thus far in the war in southern Lebanon. Israeli N12 News reporter Amit Segal has written that “the force of the explosion caused a small earthquake to be felt along the northern border.” The below footage has been confirmed in Israeli media:
Very shortly before the huge blast, an alert went out to Israeli communities from Rosh Hanikra to the Golan Heights, forewarning of the large explosion – telling people not to panic.
The tunnel was located near the village of Qantara, which is a heavily Shiite Muslim town. The Israeli ground operation has seen Muslim and Christian villages alike razed to the ground in some instances.
Amid the fragile Iran and Lebanon ceasefires, sirens sounded in the Galilee area just minutes before the planned detonation, reportedly also based on potential inbound aerial threats.
Amazingly, the Times of Israel reports in the explosion aftermath that the “Geological Survey of Israel says the massive controlled explosion was picked up by the seismic warning system. However, no earthquake sirens were activated.”
“The military told residents earlier it would ensure that the controlled blast would not set off the earthquake sirens, which has happened in the past,” the report adds.
The blast was filmed and photographed even from miles away, where smoke was seen reaching many stories into the air.
Lebanon has been denouncing such controlled demolition activity, given that in some cases entire villages and abandoned towns have been destroyed in similar fashion.
Israel has sought to utterly raze any village it deems a Hezbollah weapons depot or safe area. But this has also included targeting Christian towns in the south of Lebanon, as the below image shows.
The IDF destroyed a massive Hezbollah tunnel; the force of the explosion caused a small earthquake to be felt along the northern border. pic.twitter.com/symjrjk7bT
The Christian village of Yaroun in southern Lebanon, before and after it was destroyed by the Israeli army
Western media has tended to present these Mideast conflicts involving Israel as coming down to “Jewish vs. Muslim” wars – but the Israeli army doesn’t discriminate in terms of also attacking Lebanese and Palestinian Christian enclaves.
end
HEZBOLLAH/ISRAEL
‘Ceasefire on paper’: Conricus warns Iran, Hezbollah, and Hamas are using the pause to prepare
Former IDF spokesperson Jonathan Conricus says Israel faces unresolved fronts in Iran, Lebanon, and Gaza, warning that degraded enemies can still recover if not decisively defeated.
Kids holding the Hezbollah flags stand in a vehicle as displaced people make their way to return to their homes after a 10-day ceasefire between Lebanon and Israel went into effect, at the southern suburbs of Beirut, Lebanon, April 17, 2026.(photo credit: REUTERS/MOHAMED AZAKIR)ByGABRIEL COLODRO/THE MEDIA LINEAPRIL 29, 2026 13:03Updated: APRIL 29, 2026 13:50
Jonathan Conricus, a former international spokesperson for the Israel Defense Forces (IDF) and a senior fellow at the Foundation for Defense of Democracies, warned that the current ceasefire frameworks surrounding Israel should not be mistaken for a strategic resolution.
“I think both sides, all sides, Iran, Israel, various Gulf countries, the Iranian proxies, Hezbollah, everybody is using this time, militarily speaking, in order to resupply and prepare for what probably inevitably is going to come,” Conricus told The Media Line. He said that renewed fighting could come locally, between Israel and Hezbollah, or more regionally, involving Israel, Iran, and the United States.
Speaking amid continued uncertainty over the ceasefire framework promoted by President Donald Trump, Conricus said Israel and its adversaries are using the pause to rebuild their military capacity. “Gulf states are frantically trying to improve their defensive capabilities, and Israel is replenishing all of the stockpiles, both offensive and defensive ones,” he said. “And I think that the Iranian regime is trying to do the same in order to try to brace themselves for whatever will come.”
Conricus described the diplomatic track with Iran as deeply limited. “The negotiations, they look like two parallel lines that are not going to meet,” he said, arguing that “the maximum that the Iranian regime is willing to address doesn’t meet the very basic minimum that the US is willing to consider.” He added that Iran is not “in a position to be dictating terms,” pointing to its exposure to economic pressure and damage to energy infrastructure.
On Iran’s military position, Conricus was careful not to describe the regime as defeated: “The Iranian regime is down, but it’s definitely not out.” He argued that Iran’s ability “to project force,” manufacture ballistic missiles and drones, and act as “the bully of the region” has been “significantly reduced,” but “not permanently destroyed.”https://www.youtube.com/embed/d9_bxn7t5Fg?si=oUZfHpebS5_Vygc9
“If the regime is left in place, then I have very little doubt that what we will eventually see within a relatively short period of time would be the Iranian regime going back to what they did before,” he said, listing nuclear weapons, ballistic missiles, drones, and support for terror organizations as likely priorities. “There’s no indication … that the Iranian regime is changing its trajectory,” he added.
Turning to Lebanon, Conricus said the term “ceasefire” no longer reflects the reality on the ground. “We have a ceasefire on paper, but it isn’t really a ceasefire in the way that I would interpret the phrase, whereby both sides of a conflict cease their military operations,” he said. Israel is acting “to defend Israeli civilians in northern Israel” and to degrade Hezbollah’s capabilities, while Hezbollah continues firing rockets and drones and fighting Israeli troops deployed inside Lebanon.
Limiting major attacks on Hezbollah’s strategic assets
Conricus said the only area in which Israel appears to be observing the American request is in limiting major attacks on Hezbollah’s strategic assets in Beirut and the Beqaa Valley. “In that … we have a certain aspect of a ceasefire,” he said. But the core issue, he argued, remains Hezbollah’s existence as an armed Iranian proxy inside Lebanon.
“What really needs to happen here is for a strategic decision to be made by the Lebanese government,” he said. “That is to make sure that there’s only one military in Lebanon, and that is the military of the state of Lebanon, the Lebanese Armed Forces.” Until then, Conricus said, Israel and Lebanon will continue facing “various aspects of ceasefires and violations of ceasefire and fighting and attacks and moving population and many other things.”
Asked about the Litani River, Conricus said he does not see it as the central strategic marker. “I don’t think that the Litani River holds any strategic significance,” he said. Instead, he argued that Israel should focus on severing the link between Iran and Hezbollah and preventing Hezbollah from obtaining both strategic and basic weapons.
“The ability to achieve our long-term goals using military only are very limited,” he said. “Military are necessary, but they are not the ones that will actually deliver what Israel needs on a long-term security perspective.” Israel, he asserted, should combine military, diplomatic, financial, and non-kinetic tools while supporting the Lebanese government and army.
Conricus said any arrangement with Lebanon will remain weak unless Beirut acts directly against Hezbollah. “Until we see the Lebanese government order the Lebanese armed forces to take meaningful kinetic military action against Hezbollah, action that would also entail casualties on the Lebanese side, then everything said and done will be void and of very little relevance,” he said.
He argued that the moment Lebanese authorities begin such action, “then we know that they crossed the Rubicon.” At that stage, he said, Israel should provide “maximum support, intelligence, and kinetic support and diplomatic support,” while avoiding steps that would make it harder for the Lebanese government to act domestically.
In Gaza, Conricus said Hamas remains in control of territory beyond the Israeli deployment line. “If we’re honest about it, Hamas controls half of the Gaza Strip,” he said. “Is it a robust, functioning, and well-oiled bureaucracy? No, it’s jungle laws.” He described Hamas rule as “the survival of the fittest and the rule of the most cruel and violent,” adding that Hamas “still has weapons, and still controls the Palestinian civilian population.”
Conricus said Hamas’ refusal to disarm should surprise no one. “Hamas was never going to disarm,” he said. “The only way to disarm Hamas is to defeat them.” He described that process as long and politically uncomfortable. “This is not a quick fix. This doesn’t align with American or Israeli political calendars,” he said.
On Hamas’ tunnel network, Conricus said Israeli officials have become more cautious in their public assessments. “The last assessment I heard was something to the tune of 60%,” he noted, referring to the reported destruction of Hamas infrastructure. “But I take that with many grains of salt and with caution, because I think that the gap between what we know and what we don’t know is still significant.”
He said parts of Gaza remain inaccessible to Israeli troops, while areas on Israel’s side of the deployment line are being searched and cleared. “It’s a spider web of underground network,” he said. “It appears almost endless in terms of the amount, depth, and diversity of tunnels that Hamas dug over so many years.”
Conricus said the same caution should apply to assessments of Iran, Hezbollah, and Hamas. “We’ve seen many times with the benefit of hindsight that what Intel assessments provided, they were perhaps a bit more optimistic than reality.”
For Conricus, the central lesson across the three fronts is that partial military degradation does not amount to strategic success. “Until you are able to force an enemy to surrender and give up and capitulate, it doesn’t really matter how much of his assets you’ve been able to degrade,” he said. “Whether you destroy 40%, 60% or 70 or 80%, it is important, but it is not decisive and crucial.”
END
IRAN/CURRENCY THE RIAL
Iran’s currency drops to 1.8 million rials per US dollar
ByREUTERS
Iran’s currency dropped to a record low of 1,810,000 rials to the US dollar on Wednesday, the Iranian Student News Agency (ISNA) said, marking a fall of about 15% over the past two days.
The drop follows weeks of calm in Iran’s free currency market and appears to have been driven by increased demand for foreign currencies, including the euro and the Emirati dirham.
Iranian currency tracking websites showed varying rates of between 1,760,000 and 1,810,000 rials to the US dollar.
END
IRAN/USA
Iran Announces Fuel Rationing As Brent Tops War Highs, After Trump Rejects Tehran’s Latest Offer
Wednesday, Apr 29, 2026 – 01:45 PM
Summary
Brent crude briefly reaches $119/barrel -Iran war high.
CENTCOM reportedly preparing for “short wave of strikes” on Iran in order to potentially break the Hormuz impasse & force Tehran back to the negotiating table. Trump rejects Iran proposal as it won’t give up nuclear program.
Trump recently met this week with oil and gas executives at the White House to address energy fallout, and as oil pushes higher: Axios.
Trump warns Iran to “get their act together” and to “get smart” – and for the second time writes “no more Mr. Nice Guy”.
Fresh White House statement indicates communication still open with Tehran, but still says “Iran can never possess a nuclear weapon.”
Brent crude oil prices have briefly reached their highest level of the Iran War, at $119.50/barrel – which is also the highest since 2022. Iran is meanwhile starting to ration fuel, according to state sources, with the country’s oil minister newly announcing the following:
IRAN OIL MINISTER: JUSTIFIES RATIONING FUEL CONSUMPTION BY “WAR CONDITIONS”
IRAN OIL MINISTER: NO INTERNAL CONCERNS REGARDING THE SECURING AND DISTRIBUTION OF FUEL
Brent crude oil futures rose above $110 soon after Trump’s earlier morning threat and warning to Iran.
West Texas Intermediate futures also trading well above $100 a barrel.
END
The sands of the Middle East are never still
UAE/USA
ROBERT H…
The decision by the United Arab Emirates to exit OPEC effective May 1 comes as oil supply is being physically disrupted, by conflict and by hegemony games.
Officials in the UAE have tried to frame this as a strategic move, stating they need “greater flexibility to manage production independently” and to expand output capacity without being constrained by quotas. That statement alone reveals the real issue or does it ?
The UAE has made it clear that it intends to increase production capacity toward 5 million barrels per day by 2027, well above its current quota near 3 million. That gap explains everything. By leaving OPEC, they can monetize that capacity immediately rather than waiting for collective agreements that no longer align with their national interest.
Why so suddenly? Perhaps you heard or read that the UAE reached out to the US for a swap line due to the conflict between the US and Iran. The problem is that they went to Treasury and not the Fed. The Treasury does not control swap lines; the Fed does in dealing with Central Banks, not governments. Remember America uses a Private Dollar controlled by the Fed.
The UAE in order to stabilize itself as a government had no choice but to walk from OPEC to monetize extra production for much need cash borrowings. Since help was not coming from America.
It is like what has happened with Iran and Russia. Iran went to Russia and said again that they will give up uranium to Russia. Russia has offered this to America only to be turned down. Likely because it gives Russia a voice in the outcome in the Middle East. Not withstanding that Russia is best suited to deal with this having the means to safely deal with the Uranium under international inspection ( discussions have taken place). This had been the #1 issue. But this presents a problem for America of a loss of hegemony to give Russia a voice. Iran has been strategic in dealing with an obstacle to peace. Thus the blockade continues. The cost of which will result in a lower global GDP( gross domestic output).
However the Middle East countries and beyond see the real power plays at work. Who knows which side lasts the longest in this scenario of last man standing? The world at large has already lost and the only question is how bad is the loss. There is no way to reverse the situation of billions of barrels of oil removed from supply. This has very real consequences that will take years to reverse. Leaving countries to cope with lower GDP and a lower standard of living that will ignite new conflicts and turmoil going forward.
Dave Mason; maestro Michael Tilson Thomas (C); actor Rif Hutton; rockers Gregg Foreman, Cassie Jalilie (35, C); comic Raj Sharma; actor Matt DeCaro; author David Fantle; footballer Monte Coleman; more
Gardnerville, NV – Singer, songwriter and Rock-n-Roll Hall of Fame inductee Dave Mason passed away at his Gardnerville home April 19 at the age of 79. Over the past few years, he has performed concerts mostly in America, until heart problems force him to retire from the road in 2024. His family posted a statement saying that, after making dinner with his wife, he sat down in his favorite chair, with his pet Maltese Star at his feet, to take a nap, and “passed away peacefully… surrounded by the beautiful Carson Valley that he loved so much.”
Michael Tilson Thomas, the 12-time Grammy Award winning composer and famed conductor who led the San Francisco Symphony for a quarter century, has died. The symphony said Thursday that Thomas, known to many as MTT, diedat his home Wednesday surrounded by family and friends. He was 81. Thomas first announced in 2021 that he had been battling glioblastoma, an aggressive brain cancer which required immediate brain surgery. Last year, Thomas announced the tumor had returned and said he would wind down his public appearances. In October 2017, the orchestra announced that Tilson Thomas would conclude his tenure as its music director at the close of the 2019–2020 season, and subsequently take the title of music director laureate.
Rif Hutton–a familiar face to TV fans, especially to “Doogie Howser, M.D.” devotees–has died at 73, TMZ has learned. His family tells us the veteran actor passed awayat his home in Pasadena, California, on Saturday, after a battle with brain cancer, which he had been fighting for more than a year. Hutton stayed booked and busy,carving out a decades-long career built on versatility. He took on everything from authority figures to conflicted professionals , often popping up in one-off roles that left big impressions. Hutton leaves behind a long list of credits and a legacy that spans decades of television.
A musician from Philadelphia was found dead in his California home this week, according to the Los Angeles County Medical Examiner. Gregg Foreman, 53, was found in his Los Angeles home by first responders with the fire department on Tuesday, April 21 around Noon, officials explained. Firefighters pronounced Foreman dead, officials said. Foreman rose to fame as the founder and front man for the band The Delta 72. He is also credited with working on Kat Von D’s debut LP in 2020, “Love Made Me Do It” as well as her 2024 album. Foreman just finished touring with Cat Power in March, and, he wrote on Instagram, his new band was mixing and recording its first EP. The Los Angeles Medical Examiner is scheduled to do an autopsy to determine the manner and cause of death for Foreman.
Cassie Jalilie [35], the drummer for Arizona-based punk band The Venomous Pinks, has passed away. She passed away following a battle with stage 4 cervical cancer. The band announced Cassie’s passing in an Instagram post.
DALLAS, TX – Acclaimed Dallas comedian Raj Sharma died Friday morning, according to social media posts from the clubs he regularly headlined and the podcast he once co-hosted. He was 50 years old. Sharma had moved back to North Texas in recent months while dealing with various illnesses that regularly saw him hospitalized. His social media channels, where he boasted more than 450,000 followers on Instagram alone, had of late featured more confessional posts about his health–often from a hospital bed. It was not abundantly clear what his diagnosis was based on his posts–and it’s not clear if his doctors ever determined the exact root of the issues, either. In various posts, he complained of facial paralysis that saw the left side of his face drooping; of infections that later were diagnosed as facial cellulitis; of dealing with a constantly running nose; of having his stomach pumped; and, more than anything else, of being always tired.
Mr. DeCaro performed in a production of the play Friday night and died early Saturday at his Bridgeport home from heart failure, his wife, Sheila O’Callaghan, said. He was 70. Mr. DeCaro was a beloved figure in the acting community. Mr. DeCaro’s stage career spanned four decades across major stages in Chicago and around the country.
When Hollywood historian David Fantle and his friend and writing partner Tom Johnson walked into Vincente Minnelli’s house in 1980, it looked to them like “silent screen siren Norma Desmond’s decaying brick pile from Billy Wilder’s Sunset Boulevard,” Fantle recalled. Fantle, who spent a lifetime interviewing Golden Age celebrities to preserve their stories for posterity, died unexpectedly Tuesday at his home in Milwaukee following a cardiovascular emergency. He was 66. In addition to his role as a Hollywood historian, the St. Paul, Minnesota, native had a 40-year career in public relations, serving in top positions at Visit Milwaukee, the Wisconsin Department of Tourism and the United Performing Arts Fund. He also sat on the board of the Holocaust Education Resource Center and taught film and PR classes at Marquette University.
Marquette continuing to follow CDC guidance COVID-19 vaccination [sic] for faculty and staff: The primary series and booster(s) are strongly encouraged for faculty and staff: https://n9.cl/j9meh
Former Washington linebacker Monte Coleman, a Ring of Fame member who helped the franchise win each of its three Super Bowls, has passed away. He was 68. Coleman went on to coach linebackers at the University of Arkansas at Pine Bluff. He was later promoted to the program’s head coach in 2007 and led the team to a Southwestern Athletic Conference championship in 2012.
NASHVILLE, TN – Dave McGinnis, known affectionately as “Coach Mac” by most, has passed away. In McGinnis, the football world lost a man who never stopped coaching, and encouraging, even though his role in the NFL changed in more recent years. The world, and the Titans community, lost a man who was a friend to many, always generous with his time, money, and stories. McGinnis died on Monday after an illness that first hospitalized him in early March. He was 74.
Doug Martin, the former UW defensive end who helped the Huskies win the 1978 Rose Bowl before playing 10 seasons with the Minnesota Vikings, died Saturday morning after multiple medical complications. He was 68. Martin’s death was confirmed to The Seattle Times by several of his former Husky teammates, including Bruce Harrell, Stafford Mays and Cliff Bethea.
Former Angels All-Star Garret Anderson died from an issue with his pancreas, officials told The California Post on Tuesday. A spokesperson for the Orange County Sheriff Coroner’s Office said Anderson passed away last week due to acute necrotizing pancreatitis, which Cedars Sinai describes as “ahealth problemin which part of your pancreas dies.” Anderson’s death, the spokesperson added, was deemed to be natural. Anderson’s wife, Teresa, previously told ESPN she believed her husband had died from a heart attack. Anderson suffered a medical emergency at his Newport Beach, Calif., home on April 16. Newport Beach Police Department records show a call for service to the home for “medical aid” was placed at 1:17 p.m.
Researcher’s note – In the extensive spectrum of COVID-19 related complications, acute pancreatitis has surfaced as a rare adverse event associated with exposure to the Pfizer “vaccine”: https://pmc.ncbi.nlm.nih.gov/articles/PMC10990070/
Mammoth Lakes, California – The Mammoth Mountain community has lost a beloved member. According to a social media post from his partner, skier and snowcat operator Bernie Rosow [45] has passed away after a presumed health incident on Bloody Mountain, which is about a mile or so southeast of Mammoth Lakes. “We lost Bernie yesterday. Alexander‘s favorite person in the world and my love,” wrote Amber Feld (referring to their son Alexander Rosow). “[Bernie] was out doing what he loves to do, hiking up Bloody Mountain to ski down. We presume a heart health incident and passed quickly.” Over two decades, the Vermont native became known not only for his technical prowess on difficult backcountry descents, but as a source of inspiration to the close-knit Mammoth Mountain community. His POV videos often went viral in skiing and riding circles.
DR PAUL ALEXANDER..
Fwd: PSA!!! CARFENTANIL: you thought Wuhan’s Fentanyl was catastrophic? Well, let me introduce you to Carfentanil, it i…
morphine, BUT carfentanil is 100 X more potent than fentanyl, meaning carfentanil is 10,000 X more potent than morphine; carfentanil must NEVER be used, ingested, smelt by humans in ANY capacity;
WARNING, this is coming to a street corner near you:
This is a a large-animal tranquilizer e.g. for elephants, and has been considered a ‘chemical weapon’…meaning if this can me weaponized, aerosolized etc., placed on some form of weapons delivery system, like a missile, this can be catastrophic….in the wrong hands. Be warned, our governments must center this in its war on illicit drugs for this can do damage others cannot.
‘A single two-milligram intramuscular injection of carfentanil is powerful enough to sedate an elephant and lethal enough to kill 50 human beings.
Carfentanil gets into the drug supply when traffickers deliberately mix the potent powder into heroin, cocaine, methamphetamine and counterfeit pills, often without the user’s knowledge.’
They do this to increase potency, stretch supply and maximize profits with tiny, hard-to-detect quantities.
‘You’re talking about not even a grain of salt that could be potentially lethal,’ Frank Tarentino, the DEA’s chief of operations for its northeast region, told CNN.’
Carfentanil is used to sedate, take down massive animals with thick hides. Like elephants. Rhinos. There is no situation ever, in which a human being is to ingest it. Or be near it. Yet we know it is making its way to the street. It will kill many.
I wanted to introduce you to this word. It is like the word ‘Polonium-210’. These words should never be in your dictionary yet you should know that there are deadly substances out there that is so vicious, we cannot properly describe the implications.
NEWSWIZE
MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
7. OIL AND NATURAL GAS COMMENTARIES
Germany Scrambles For Polish Oil Route As Russia Halts Druzhba Flows
Germany is hunting for solutions to reroute crude oil supplies to the PCK Schwedt refinery after Russia said it would halt Kazakh oil deliveries through the Druzhba pipeline starting May 1, with roughly 43,000 barrels per day (bpd) now at risk.
Berlin is now in talks with Poland over moving replacement barrels through the port of Gdansk, with potential deliveries flowing onward to Schwedt, the refinery that supplies much of eastern Germany, including Berlin, with fuels. The plant has become a recurring pressure point since Germany moved away from Russian crude, and this latest disruption exposes how little slack remains in the system.
Kazakhstan shipped 2.146 million metric tons to Germany through Druzhba last year, up 44% from 2024, with another 730,000 tons delivered in the first quarter.
Poland says it has the technical capacity to handle additional flows, but port access, shipping schedules, crude availability and refinery configurations all matter, too. Replacing pipeline crude with seaborne barrels is rarely a one-for-one swap.
The episode also revives an old vulnerability in European oil security in that the infrastructure can be diversified on paper and still remain concentrated in practice, with Druzbha still running through Russia.
Alternatives do exist for Schwedt, but they are costlier and more complicated. The refinery has increasingly leaned on crude arriving through Baltic routes and Germany’s Rostock port, but those channels are limited.
There is a bigger signal here for the oil market. What looks like a regional supply disruption adds to a broader premium around logistics security, not just crude supply. In Europe, barrels are one question. Moving them is another.
And that distinction matters increasingly for pricing, refinery margins, and the value of secure non-Russian supply routes.
END
SPECIAL THANKS TO ROBERT H FOR PROVIDING THIS COMMENTARY TO US:
CHRIS MARTENSON…
The Largest Energy Shock On Record Is Worse Than You Think
Bank of Canada Keeps Rates On Hold As It “Looks Through War’s Immediate Impact On Inflation”
Wednesday, Apr 29, 2026 – 10:00 AM
As expected, the Bank of Canada – which was the day’s first G5 central bank to hit the tape ahead of the Fed’s decision at 2pm ET – held interest rates unchanged at 2.25% as expected, saying adjustments to borrowing costs would likely be small if the economy and inflation evolve as expected, while stating that it is looking through the war’s immediate impact on inflation but will not let higher energy prices become persistent inflation.
“A policy rate close to current settings looks appropriate to support adjustment in the economy and return inflation to target,” BOC Governor Tif Macklem said adding that “There may still be a need to adjust the policy rate depending on how the risks evolve. But if the economy evolves broadly in line with the base case, changes in the policy rate can expected to be small.”
At the same time, officials flagged major risks to their outlook, including a review of the North American trade deal, the conflict in the Middle East and ongoing damage from the impacts of US tariffs, which could all require different responses for monetary policy.
Macklem explicitly outlined how officials may have to adjust borrowing costs more significantly in some scenarios. He noted that while additional US trade restrictions could prompt cuts to the policy rate, rising and persistently elevated energy prices would lead to tightening.
“If oil prices continue to increase, and particularly if they remain elevated, the risk that higher energy prices become generalized inflation increases,” Macklem said. “If this starts to happen, monetary policy will have more work to do — there may be a need for consecutive increases in the policy rate.”
Macklem said Canada is being buffeted by global events and geopolitical uncertainties, higher global energy prices are pushing inflation up, and monetary policy is focused on ensuring jump in energy prices does not turn into persistent inflation
The governor said the BOC has three key messages:
Canada is being buffeted by global events and geopolitical uncertainties, but our economy is growing and is expected to continue to grow.
After more than a year with inflation close to the 2% target, higher global energy prices are pushing inflation up. The surge in gasoline prices combined with still-elevated food price inflation is squeezing more Canadians.
Monetary policy is focused on ensuring the jump in energy prices does not turn into persistent inflation, while helping the economy adjust to global headwinds. We are committed to keeping inflation low and stable overtime.
Middle East
Since previous forecast in January, the war in the Middle East has sent global energy prices sharply higher, increased financial market volatility and disrupted shipping for fertilizer and other commodities. This has lowered the outlook for global growth while boosting inflation.
Growth
Growth looks to have resumed after contracting at the end of 2025. Consumer and government spending are contributing to growth, while US tariffs and trade uncertainty are weighing on exports and business investment.
The conflict in the Middle East will affect the composition of growth, but the impact on overall growth is expected to be small because higher global oil prices increase the value of our energy exports even as they squeeze consumers and many businesses.
Policy
Our baseline forecast assumes oil prices will come down and US tariffs will remain at the current levels. If this holds true, a policy rate close to current settings looks appropriate to support adjustment in the economy and return inflation to target.
There may still be a need to adjust the policy rate depending on how the risks evolve. But if the economy evolves broadly in line with the base case, changes in the policy rate can be expected to be small.
However, uncertainty is unusually elevated, and there are many possible outcomes. Monetary policy may need to be nimble.
Outlook
We are closely monitoring the impact of the conflict in the Middle East and how the economy is responding to US tariffs and trade policy uncertainty.
Governing Council is looking through the war’s immediate impact on inflation but will not let higher energy prices become persistent inflation.
As the outlook evolves, we stand ready to respond as needed.
The Bank is committed to maintaining Canadians’ confidence in price stability through this period of global upheaval.
“While the war in Iran may alter its composition, overall GDP growth is little changed in the updated forecast,” the bank said. “Since Canada is a large net exporter of oil, higher oil prices increase national income even as consumers are squeezed by higher gasoline prices.” Previously, the bank said it could not predict the length and scale of the Iran conflict, calling the economic impact “highly uncertain.”
The monetary policy report notes that its projections for inflation and growth are highly conditional on the assumption that US tariffs remain unchanged and that oil prices gradually decline to $75 per barrel by mid-2027.
Both the Iran war and US trade policy pose both upside and downside risks to inflation, the bank said. While a prolonged conflict in Middle East could stoke inflation further, it could also have a more negative impact on global growth.
The bank also warned that businesses could face more costs adjusting to US tariffs, which would risk fueling inflation. But tariffs could also weigh on demand by more than expected and a review of the US-Mexico-Canada Agreement scheduled for July 1 could yield an outcome that is worse than assumed, dragging on growth and inflation.
The bank left its estimate of the neutral rate — the level of borrowing costs that neither restrict nor stimulate economic growth — between 2.25% and 3.25%.
In kneejerk reaction,the USDCAD rose from 1.3692 to 1.3710 as the BOC acknowledged that it will look through the war’s immediate impact on inflat
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS WEDNESDAY MORNING 6;30AM//OPENING AND CLOSING
OPENING LEVELS OF CURRENCIES// AND CLOSING ASIAN STOCK MARKET AND OPENING EUROPEAN STOCKS:6 AM EST
EURO VS USA DOLLAR: 1.1698 DOWN 0.0023
USA/ YEN 159.73 UP .171 NOW TARGETS INTEREST RATE AT 1.75% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//END OF YEN CARRY TRADE BEGINS AGAIN DEC 2024/Bank of Japan raises rates by .25% TO 1.75 ..TAKAICHI NEW PM AS YIELDS RISE//JAPAN DEEPLY IN TROUBLE WITH RISING RATES AND A FALLING YEN!!
GBP/USA 1.3496 DOWN 0.0027 OR 27 BASIS PTS
USA/CAN DOLLAR: 1.3682 UP 0.0001 CDN DOLLAR DOWN 1 BASIS PTS//
Last night Shanghai COMPOSITE CLOSED UP 28.98 PTS OR 0.71%
Hang Seng CLOSED UP 413.72 PTS OR 1.61%
AUSTRALIA CLOSED DOWN 0.31%
// EUROPEAN BOURSE: ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL RED
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 413.72 PTS OR 1.61%
/SHANGHAI CLOSED UP 28.98 PTS OR 0.71%
AUSTRALIA BOURSE CLOSED DOWN 0.31%
(Nikkei (Japan) CLOSED DOWN 619.90 PTS OR 1.02%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: $4566.70
silver:$72.74
USA DOLLAR VS TRY (TURKISH LIRA): 45.07 PLUS 2 BASIS PTS AND NOW WE SEE THEIR STUPIDITY OF SELLING SOME OF THEIR GOLD.
USA DOLLAR VS RUSSIAN ROUBLE: 75.24 ROUBLE// DOWN 0 ROUBLE AND 10 BASIS PTS
UK 10 YR BOND YIELD: 5.017 UP 1 BASIS PTS
UK 30 YR BOND YIELD: 5.698 UP 2 BASIS PTS
CDN 10 YR BOND YIELD: 3.514 UP 1 BASIS PTS
CDN 5 YR BOND YIELD; 3.141 UP 3 BASIS PTS
USA dollar index early WEDNESDAY MORNING: 98.58 UP 10 BASIS POINTS FROM TUESDAY’s CLOSE
WEDNESDAY MORNING NUMBERS ENDS
And now your closing WEDNESDAY NUMBERS 10.00 AM
Portuguese 10 year bond yield: 3.505% UP 3 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.464% DOWN 0 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.640 DOWN 1 BASIS PTS//
SPANISH 10 YR BOND YIELD: 3.556 UP 3 in basis points yield
ITALY 10 YR BOND: 3.946 UP 5 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (
GERMAN 10 YR BOND YIELD: 3.0887 UP 3 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY WEDNESDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/10:00 AM
Euro/USA 1.1691 DOWN 0.0027 OR 27 basis points
USA/Japan: 160.07 UP 0.517 OR YEN IS DOWN 52 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 5.029 UP 2 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.693 UP 2 BASIS POINTS.
Powell’s Final FOMC Sees Most Dissents In 34 Years As Fed Keeps Rate Unch (As Expected)
Wednesday, Apr 29, 2026 – 02:00 PM
Since the last FOMC meeting (on March 18), gold has been clubbed like a baby seal (“EM piggy bank”) while stocks and oil have surged (with the former ignoring the peril of the latter)…
During that time, Fed rate-change expectations have swung violently from a full rate-cut to a full rate-hike and fallen back to no change at all in 2026, notably (hawkishly) rising in the last few days as oil prices surged back to war highs…
On the macro front, The Fed’s dual mandate is in play as (surprisingly) inflation has surprised to the downside while growth has surprised to the upside…
Notably, The Fed doesn’t need to cut rates today for monetary policy to get easier as inflation expectations are rising so much that ex-ante real rates have fallen to the lowest since November and are close to turning negative…
As we detailed earlier, recent labor data (March jobs, ADP, claims) has shown resilience and potentially some green shoots. To Bank of America, this should reduce the sense of urgency to shore up the labor market among the doves.
But, as a result of latent inflation threats, some of the most prominent doves on the committee have changed their tone of late. In a speech last week, Waller emphasized not only upside risks to inflation from the Iran war.
Nevertheless, with all that behind us, the market is expecting a big fat nothingburger from Fed Chair Powell’s last (maybe) FOMC meeting, but is expecting an indication of ‘two-sided risks’ with a single dissent (from Miran calling for a 25bps cut).
What The Fed Did and Said…
Most divided (8-4) Fed in 34 years votes to hold rates unchanged as expected BUT… With 4 No Votes, Powell’s Final Meeting Garners Most Dissents in 34 Years
*FED: HAMMACK, KASHKARI, LOGAN VOTED AGAINST EASING BIAS, BACKED
*FED SAYS GOVERNOR STEPHEN MIRAN DISSENTS IN FAVOR OF RATE CUT
Fed officials also changed slightly their characterization of the uncertainty around the conflict in Iran:
“Developments in the Middle East are contributing to a high level of uncertainty about the economic outlook.”
Back in March they said the implications for the US economy were “uncertain.”
In the spirit of Fed transparency, Powell leaves on a confusing note.
So, three of the dissenters opposed “inclusion of an easing bias.”
And yet the actual language of the statement arguably doesn’t specify such a bias.
It says that the committee would be prepared “to adjust the stance of monetary policy as appropriate.”
That doesn’t specify cutting interest rates.
Fed officials said the economy is expanding “at a solid pace” with “low” job gains and the unemployment rate “little changed”. That’s all the same as in March.
Their characterization of inflation changed slightly:
“Inflation is elevated, in part reflecting the recent increase in global energy prices.”
However, as Bloomberg notes, in central bank world every word matters, and there has been extensive debate around the characterization of “additional adjustments.” Some Fed watchers deem the wording as signaling most policymakers still see a rate cut as their next likely step, in what’s known as an easing bias. That bias stayed unchanged today:
“In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks.”
WRAP UP
Crude gains on geopolitical tensions while hawkish Fed statement lifts yields – Newsquawk US Market Wrap
Wednesday, Apr 29, 2026 – 04:25 PM
SNAPSHOT: Equities mixed, Treasuries down, Crude up, Dollar up, Gold down
REAR VIEW: Fed holds rates as expected; Hawkish dissent emerges on Fed easing bias; Powell to remain on board until investigation is well and truly over; Trump reportedly tells officials to prepare for an extended blockade of Iran; Trump rejects Iran proposal; US CENTCOM has reportedly prepared a plan for a “short and powerful” wave of strikes against Iran; OPEC+ likely to agree to oil output hike at Sunday meeting without UAE; UAE’S Fujairah port oil inventories have fall further; US Durable Goods top forecasts; US Housing Starts drop more than expected; BoC holds rates as expected; EIA shows surprise crude draw; Softer-than-expected Aussie CPI; STX earnings & guidance beats
COMING UP: Data: Japanese Retail Sales (Mar), Australian Export/Import Prices (Mar), Chinese NBS & RatingDog PMI (Apr), French GDP (Q1), German Retail Sales (Mar), German Import Prices (Mar), French Inflation (Apr), Spanish GDP (Q1), German Jobs (Apr), EZ GDP (Q1), EZ Unemployment Rate (Mar), US PCE Price Index (Q1/Mar), US GDP Growth Rate (Q1), Jobless Claims (Apr/25), US Chicago PMI (Apr). Events: ECB Policy Announcement (Apr), BoE Policy Announcement & MPR (Apr), CBRT Minutes (Apr). Speakers: BoE Governor Bailey; ECB President Lagarde. Supply: Australia, Japan. Earnings: Apple, SanDisk, Reddit, Amgen, Caterpillar, ConocoPhillips, Eli Lilly, Schneider Electric, BNP Paribas, SocGen, Credit Ag, Air France, BBVA, ING, DHL, BASF, Volkswagen, MTU Aero, Puma.
2. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
MARKET WRAP
Note: After the close, META, MSFT, AMZN, and GOOGL all saw earnings beats, however the moves have mostly pared at the time of writing, sparking choppy trade in US equity futures.
US indices ended mixed, with the tech-heavy Nasdaq 100 the sole gainer, while the small-cap Russell 2000 lagged amid a deluge of earnings, US data, Middle East rhetoric and the latest FOMC meeting. The Fed held rates, as expected, with Miran the only dovish dissenter, opting for a 25bps rate cut. Three regional Fed Presidents, Hammack, Logan and Kashkari, dissented over maintaining the easing bias in the statement. Overall, the statement was hawkish, with a key shift in policy language on inflation as the line that it “remains somewhat elevated” was replaced with “elevated”. The Fed explicitly attributed this to the recent surge in global energy prices, a hawkish tilt suggesting the Committee views the oil shock as more than purely transitory. In Chair Powell’s press conference, he was pressed heavily on Fed independence and governance and said he would stay on as governor until the DoJ probe had ended. Earlier, US data showed a strong durable goods print, the advance goods trade deficit widened more than expected, and housing data was mixed. Sectors were broadly lower, with energy the clear gainer, buoyed by notable gains in crude benchmarks as the US and Iran seemed no closer to any breakthrough, with punchy rhetoric from both sides on Wednesday. Treasuries were lower across the curve, while precious metals were in the red, with spot silver underperforming gold. The dollar gained, with the Antipodeans the clear laggards after Australian inflation was softer than expected and trimmed bets for hikes at next week’s RBA meeting. USD/CAD rose after the BoC held rates, as expected, and acknowledged it would look through the war’s immediate impact on inflation. Ahead, there are four Mag 7 earnings after-hours before more central banks, US data and earnings on Thursday.
US
FED STATEMENT/DECISION REVIEW: The updated statement and vote split was hawkish. The most striking development in the statement was the dissent; as anticipated, Governor Miran again voted for a 25bps rate cut; however, three additional dissenters (Hammack, Kashkari, and Logan) voted against the inclusion of any easing bias in the statement. Another key shift in the policy language was on inflation, with the line that inflation “remains somewhat elevated” being replaced with “elevated”, with the Fed explicitly attributing this to the recent surge in global energy prices, a hawkish tilt suggesting the Committee views the oil shock as more than purely transitory. On the Middle East, the statement drops the prior “uncertain implications” framing, instead stating directly that developments there are “contributing to a high level of uncertainty”. Meanwhile, growth and labour market language was largely unchanged; activity continues to expand “at a solid pace” and unemployment remains “little changed.”
FED POWELL REVIEW: At his last post-meeting press conference as Fed Chair, Powell was asked a lot about Fed governance and independence. He said he will remain as Governor after his Chair term expires in May until the DoJ matter is “well and truly over”, framing the decision around unprecedented legal and political attacks on the Fed rather than policy opposition to Kevin Warsh. He said he would not act as a ‘shadow Fed Chair’, expects a normal transition, and described Warsh as qualified, but repeatedly warned that Fed independence is at risk and that the Committee is concerned that political pressure may continue. On policy, Powell repeatedly said policy is in a “good place” to wait and see, but acknowledged that the Committee is moving closer to dropping its easing bias, with more officials now viewing a hike as likely as a cut. He stressed no one is calling for a hike right now; however, analysts said that the threshold for cuts has risen: the Fed wants to see more progress on tariffs and energy prices before easing, while he noted that core inflation risks are “real”. He noted that in addition to the three dissenters, there were non-voters who would have preferred to move away from easing bias, but still supported the rate decision. On inflation, Powell said the Fed had long assumed tariffs would be a one-off, and is already looking through that shock, but was more cautious on energy, noting prices may not have peaked and could feed into gas, airfares and petroleum-linked services. He again said that the labour market was not a source of inflation, describing it as cooling, with low hiring and low quits, while growth and consumer spending remain resilient for now. In terms of the policy outlook, analysts said the bar for September cuts is now higher, and Powell suggested that the next 30-60 days are key for whether guidance shifts.
DURABLE GOODS: Durable goods data was strong, with the headline rising 0.8% (exp. 0.5%, prev. -1.2%), core up 0.9% (exp. 0.4%, prev. 1.2%), and non-defence capital goods orders excluding aircraft surging 3.3% (exp. 0.5%, prev. 1.6%). Shipments in the same category, which feed directly into GDP, rose 1.2% versus 1.3% in February. The M/M increase in March durable goods orders was driven by a 16.9% jump in defence aircraft and parts. Pantheon Macroeconomics said the data suggest the underlying trend in capital goods spending is still improving gradually, with the latest regional Fed capex intentions pointing to that trajectory continuing in Q2. It added that the national accounts measure of core business equipment investment likely rebounded strongly in Q1 after a surprising slump in Q4, although a further surge in imports of computer equipment amid the AI boom probably lifted overall equipment investment by much more. Pantheon now expects a jump of around 15% in overall equipment investment, adding about 0.9pp to Q1 GDP growth on its own.
HOUSING STARTS/BUILDING PERMITS: Building permits for March fell 10.8% to 1.372mln (exp. 1.39mln) from 1.538mln, with single-family authorisations down 3.8%, while units in buildings with five units or more were at a rate of 427k. Housing starts rose 10.8% to 1.502mln from 1.356mln, above the consensus of 1.40mln. Single-family housing starts increased 9.7% to 1.032mln, and the March rate for units in buildings with five units or more was 446k. Housing starts were stronger than expected, but Oxford Economics notes based on building permits, the more forward-looking indicator, it does not expect the March pace of starts to be repeated in the coming months. The consultancy added that for housing starts to improve on a sustained basis, homebuilders will need to reduce their existing inventory of completed homes for sale. Mortgage rates have retraced about half of the rise that followed the start of the war with Iran, which should support some sales, but it does not expect rates to fall further any time soon.
TRADE BALANCE: The US advance goods trade deficit widened slightly to USD 87.87bln in March from USD 83.50bln, marginally deeper than the expected USD 87.50bln. Exports rose USD 5.2bln to USD 211.5bln, but were outpaced by imports, which increased USD 9.6bln to USD 299.3bln. The rise in imports was likely driven by a jump in vehicle shipments, while capital goods imports, including computers, computer accessories and semiconductors, remained strong due to ongoing demand for AI-related goods. Looking ahead, several factors could cloud the trade outlook, including tariff policy changes and the war in the Middle East, with attention also on petroleum exports in the face of the conflict.
CANADA
BOC: The BoC held rates at 2.25% as expected, keeping its options open amid the Middle-East conflict. The central bank reiterated its looking through the war’s immediate impact on inflation, but will not let higher energy prices become persistent inflation. As expected, the BoC raised its CPI inflation outlook, with 2026 lifted to 2.3% (prev. 2.0%), but unchanged at 2.1% for 2027. GDP growth projections were raised despite the ongoing war, 1.2% for 2026 (prev. 1.1%) and 1.6% for 2027 (prev. 1.5%). The central bank noted that since Canada is a large net exporter of oil, higher oil prices increase national income even as consumers are squeezed by higher gasoline prices. Ahead, it guided that changes in the policy rate are expected to be small as the economy evolves broadly in line with the base case. On trade, in the event the US imposes significant new trade restrictions on Canada, the BoC said they may need to cut the policy rate further to support economic growth. The BoC maintained its neutral rate estimate range of 2.25-3.25%. A very much expected decision, statement, and MPR from the BoC, leaving money markets slightly paring hawkish bets as any clear guidance towards hiking was absent.
FIXED INCOME
T-NOTE FUTURES (M6) SETTLED 16 TICKS LOWER AT 110-11+
Yields rose across the curve as oil gained after Trump rejected Iran’s proposal while Fed hawks dissented on easing language bias. At settlement, 2-year +9.3bps at 3.935%, 3-year +8.7bps at 3.952%, 5-year +7.9bps at 4.058%, 7-year +8.1bps at 4.236%, 10-year +6.0bps at 4.410%, 20-year +6.1bps at 4.985%, 30-year +4.5bps at 4.984%.
THE DAY: Ahead of the FOMC, yields pushed higher across the curve as crude prices extended gains. The move was driven by escalating geopolitical tensions, with reports that President Trump is preparing for a prolonged blockade of Iran and has been in discussions with oil executives about extending restrictions for months. Meanwhile, Iranian state media warned that continued US maritime actions could be met with “unprecedented” military responses. Further headlines from N12 and Axios’ Barak Ravid noted Trump has rejected Iran’s latest proposal, stating that the naval blockade will remain in place until US concerns around Iran’s nuclear programme are addressed.
The upside in yields was also supported by firm US data. Housing starts beat expectations, while durable goods were strong across the board, pointing to resilient growth, although building permits disappointed. The goods trade deficit widened more than expected, while wholesale inventories also topped forecasts, with the Atlanta Fed GDPNow estimate holding at 1.2%.
Yields extended highs following the FOMC decision, where the Fed left rates unchanged as expected. Miran dissented in favour of a 25bps cut, while hawkish dissent from Logan, Hammack, and Kashkari opposed maintaining the easing bias in the statement. The statement also upgraded its inflation language to “elevated” from “somewhat elevated,” while Powell noted some non-voting members also favoured removing the easing bias. Despite the initial hawkish interpretation, yields pared slightly into the close as Powell reiterated that policy is well positioned to remain in a wait-and-see mode, emphasising that no one is calling for a hike now.
SUPPLY
Bills
US sold 6-wk bills at high-rate 3.590%, B/C 3.14x
US sold USD 69bln 17-week bills on 29th April
US to sell USD 80bln of 4-week and USD 75bln of 8-week bills on 30th April; to settle 5th May
STIRS/OPERATIONS
Fed Pricing: June +1.9bps, July +0.8bps, Sept +0.8bps, Dec +3.3bps
NY Fed RRP op demand at 0.75bln (prev. 0.64bln) across 5 counterparties (prev. 6) on April 29th
SOFR at 3.64% (prev. 3.66%), volumes at USD 3.021tln (prev. USD 3.058tln) on April 28th
EFFR at 3.64% (prev. 3.64%), volumes at USD 82bln (prev. USD 85bln) on April 28th
CRUDE
WTI (M6) SETTLED USD 6.95 HIGHER AT USD 106.88/BBL; BRENT (N6) SETTLED USD 6.04 HIGHER AT 110.44/BBL
The crude complex was firmer as participants digested numerous Middle East headlines. Initially, traders digested a WSJ article which suggested that Trump told officials to prepare for an extended blockade on Iran, before crude benchmarks took another leg higher after a White House Official said Trump and oil companies discussed steps to continue the Iran blockade for months, if needed. The bullish news for oil did not stop there, as further source reports, via Press TV, suggested that Iran would hit the US with “unprecedented” military action, should the US continue its “maritime piracy”. WTI and Brent continued to edge higher and hit peaks of USD 107.68/bbl and 111.50/bbl, respectively, after N12 News reports. Firstly, CENTCOM has prepared a plan for a “short and powerful” wave of strikes against Iran aimed at trying to break the current impasse in negotiations, and secondly, Trump rejects Iran’s offer, and intends to keep the naval blockade in place until the regime agrees to a deal that addresses US concerns about its nuclear program. Following this, benchmarks came off peaks as Reuters source reports suggested OPEC+ is likely to agree on an oil output hike at Sunday’s meeting without the UAE, and OPEC+ is likely to hike quotas by 206k BPD minus the UAE share of 18k BPD. Note, there was little reaction to the latest Fed confab.
EQUITIES
CLOSES: SPX -0.04% at 7,136, NDX +0.58% at 27,187, DJI -0.57% at 48,862, RUT -0.60% at 2,739
SECTORS: Utilities -1.23%, Materials -1.10%, Health -0.69%, Real Estate -0.64%, Industrials -0.62%, Consumer Staples -0.24%, Communication Services -0.14%, Financials +0.09%, Consumer Discretionary +0.10%, Technology +0.18%, Energy +2.35%.
EUROPEAN CLOSES: Euro Stoxx 50 -0.39% at 5,812, Dax 40 -0.31% at 23,944, FTSE 100 -1.16% at 10,213, CAC 40 -0.39% at 8,072, FTSE MIB -0.51% at 47,796, IBEX 35 -0.62% at 17,665, PSI -0.60% at 9,210, SMI -0.88% at 13,032, AEX -0.38% at 997
Seagate (STX): EPS & rev. topped alongside stellar next Q outlook
Starbucks (SBUX): Q nos. impressed, stronger SSS & raised FY guidance w/ mgmt. saying its turnaround is taking hold despite higher gas prices.
T-Mobile US (TMUS): EPS, rev., postpaid net account additions topped & lifted net account addition guidance.
Visa (V): EPS & rev. surpassed exp., authorised new $20bln share repurchase prog. declared Q cash div. of $0.670/shr
Apple (AAPL) plans a Siri camera mode and upgraded visual AI in iOS 27 and expected to be announced the updates at WWDC event in June.
Meta (META) will run some servers longer in response to memory shortage, WSJ reports.
PayPal (PYPL) new CEO makes Venmo a standalone business unit as potential buyers circle, CNBC reports.
FX
The dollar strengthened on a hawkish dissent from 3 members on the Fed’s statement language as well as Powell speaking hawkish of some of his peers. Rates were held as expected at 3.50-3.75%, with Miran unsurprisingly calling for a 25bps cut. Interestingly, Hammack, Kashkari, and Logan did not support the inclusion of an easing bias in the statement at this time, while Powell said non-voters preferred this route as well (didn’t specify the amount), but he does not think they need to do it at this meeting. Powell added that a number of members are seeing a hike as likely as a cut, having moved up. A hawkish reaction was seen towards the statement, which extended after Powell announced he will stay on the board after his term as Chair until the investigations is well and truly over, bolstering Fed independence and likely giving incoming Chair Warsh a tougher time to push for his preference for easing. In other news, geopolitical developments supported the USD as Trump reportedly is leaning towards extending the blockade on Iran, while CENTCOM has reportedly prepared a plan for a short and powerful wave of strikes, aiming to break the standstill in talks. Separately, US data (housing starts beat, durable goods beat, building permits missed) resulted in the Atlanta Fed maintaining its Q1 real GDP growth estimate at 1.2%. DXY peaked at 99.05 before retreating to ~98.91.
AUD underperformed, weighed on by the stronger USD on a hawkish Fed and geopolitical developments as well as a softer-than-expected March inflation reading, +1.1% M/M (exp. 1.3%). AUD/USD broke below last week’s low, now trading around 0.7108.
CAD outperformed in the G10 space, little changed vs USD in the aftermath of the BoC holding rates, as expected. The resilience was more of a function of the move higher in the oil prices, as seen by the upward revisions in the BoC’s growth forecasts for 2026 & ’27, noting “since Canada is a large net exporter of oil, higher oil prices increase national income even as consumers are squeezed by higher gasoline prices”.
EUR and GBP saw similar weakness against the dollar ahead of their central bank announcements. For the ECB, the relatively limited amount of data, no overt signs of second round effects and uncertainty on the duration of the shock and degree of pass through mean the ECB is likely to maintain its interest rates and hold the Deposit Rate at 2.00%. Click here for the ECB preview.
The BoE is expected to hold rates, justified by the lack of clarity on the duration and size of the Middle East shock, with particular respect to second round effects. Click here for the BoE preview.
On the EMFX, BCB is overnight, whereby they are expected to cut by 25bps.
USA DATA RELEASES
Core Durables Goods Surge For 12th Straight Month, Push Bond Yield Higher
Wednesday, Apr 29, 2026 – 09:43 AM
After a recent string of ‘soft’ survey data, this morning we get some ‘hard’ data and it was far stronger than expected.
Preliminary headline durable goods orders for March rose 0.8% MoM (better than the 0.5% MoM exp), and the first increase after a three month decline to start the year (which was the first 3-month decline since Nov 2019).
The increase took place despite continued weakness in aircraft orders manifesting as a 21.1% drop in nondefense aircraft and parts in March.
Meanwhile, core durable goods orders (prelim for March ) rose even more, up by 0.9% MoM (and stronger than the 0.4% expected.
That was 12 straight months of gains, pulling core orders up 7.62% YoY – the most since July 2022.
Bookings for non-defense capital goods orders excluding aircraft, a proxy for investment in equipment, surged by 3.3% MoM after an upward revised 1.6% increase a month earlier.
Finally, shipments figures (which plug into GDP) were also comfortably stronger than expected (+1.2% in March versus +0.6% forecast), which suggests upside risks to Q1 forecasts.
It remains to be seen, however, how the war impacted demand for capital goods.
Bond yields rose after the better-than-expected housing and capital goods data. The war is an ongoing risk that can belatedly sour hard economic data, but soft data is more up to date. On that front, we have yet to see the manufacturing ISM turn down. As Bloomberg’s Simon White notes (in the chart below) the ISM leads durable goods new orders by about three months.
Meanwhile, as reported earlier, housing data for March also held up well, largely thanks to housing starts, driven by one-unit structures, even as multi-unit ones fall. Building permits, on the other hand, were ugly, but that is a very forward looking leading indicator, and was likely driven by the spike in rates.
The US economy is overall in remarkably good shape given the age of the cycle. That should keep yields supported. However, the longer energy prices remain elevated, that will become more in question.
USA ECONOMIC COMMENTARIES
average price of gasoline hits $4.17 per gallon. that should cause a major downdraft in USA economic activity
(zerohedge)
US Gas Prices Hit Highest Level In 4 Years, Analyst Says
The average price for a gallon of gasoline hit its highest level in four years on Tuesday as the cost of a barrel of oil remains elevated amid the conflict with Iran, according to a prominent analyst.
The national average price for a gallon of gas was $4.17, “the highest level since 2022,” and surpassed the $4.16 price reported earlier this month, said GasBuddy analyst Patrick de Haan in an X post on April 28.
“We’ll continue to head higher for now,” he added.
The American Automobile Association (AAA) also said the price for a gallon of regular gas reached just above $4.17, showing a 6-cent increase from Monday.
The price of gas and oil surged after the United States and Israel launched strikes on Iran on Feb. 28, prompting the country to respond by attacking ships in the Strait of Hormuz and launching its own strikes on neighboring countries in the Middle East.
Diesel was significantly higher on Tuesday, with AAA showing the price for a gallon at $5.46, an increase of 2 cents over Monday’s average.
According to an AAA report in March, the nationwide average price for a gallon of gas stood at around $2.98 on Feb. 26, two days before the U.S. military launched the strikes.
A federal Energy Information Administration (EIA) graph shows that gas prices reached $4.21 per gallon in April 2022, several weeks after Russia invaded Ukraine in February 2022.
Prices may have been impacted by the United Arab Emirates’ announcement on Tuesday that the oil-rich country was quitting the Organization of the Petroleum Exporting Countries (OPEC), dealing a blow to the oil producers’ group. The exit of the UAE weakens OPEC’s control over global oil supplies and will widen a rift between the UAE and neighboring Saudi Arabia.
UAE Energy Minister Suhail Mohamed al-Mazrouei told Reuters in a telephone interview that the decision was taken after examining the country’s energy strategies. He said the UAE had not discussed the issue with any other country.
“This is a policy decision, it has been done after a careful look at current and future policies related to level of production,” al-Mazrouei said.
OPEC Gulf producers have been struggling to ship exports through the Strait of Hormuz, a chokepoint between Iran and Oman through which roughly a fifth of the world’s crude oil and liquefied natural gas normally passes, due to Iranian threats and attacks on vessels. The Trump administration has pushed for Iran to reopen the strait while maintaining a U.S. naval blockade on Iran’s ports.
President Donald Trump on Tuesday provided an update on the U.S.–Iran conflict, writing in a Truth Social post that Iran informed the administration that it is in a “state of collapse” and wants to reopen the Strait of Hormuz. He did not provide other details.
Earlier on April 28, an Iranian military official told the semi-official IRNA news agency that Tehran considers itself still at war with the United States amid the blockade and ceasefire.
Trump and administration officials have said that gas prices will likely go down after the war ends. “I think they’ll be much lower. Before midterms? Much lower,” he told Fox Business in mid-April.
END
after a near miss, they now act:
Republican Lawmakers Move On Legislation To Build And Fund Trump’s $400 Million Ballroom
Tuesday, Apr 28, 2026 – 11:00 PM
Two days after a gunman tried to breach security at the White House Correspondents’ Association dinner at the Hilton hotel, Republican lawmakers got straight to work pushing for President Donald Trump’s $400 million White House ballroom.
The president and First Lady Melania Trump were ushered out of the dinner after the gunman pulled a Leeroy Jenkins past security and shot a Secret Service agent near the security checkpoint.
The moment President Trump was evacuated from the White House Correspondents dinner after loud noises were heard. pic.twitter.com/RnbIumNR3A
Not only was the security atrocious considering how many high-profile individuals were at the event (where Reagan shooter John Hinckley, who shot Regan there, said it was a dumb place to keep holding high-profile events), Trump was evacuated a full 10 seconds after JD Vance.
🚨 WATCH: Trump — escorted by the arms, Vance — grabbed by the scruff
CNN has released footage showing the evacuation of U.S. leadership.
And now, the push to get Trump’s ballroom completed…
“Let’s get it done,” Sen. Tim Sheehy (R-MT) said on X, announcing that he would introduce legislation this week and move for unanimous consent of “express approval for construction of a Presidential ballroom” – while over in the House Rep. Randy Fine (R-FL) will introduce the “Build the Ballroom Act” and file for explicit statutory authority.
“While the lawsuits attempting to stop this privately-funded gift to the country are nonsense, last night makes it clear that we need it—and we need it now,” he posted on X. “I look forward to Democrats repudiating their violent rhetoric against President Trump by cosponsoring and supporting this bill. Mr. President, build away.”
Boebert’s on it too – with the Colorado Republican announcing that she ‘and her team’ are in the process of drafting legislation to guarantee the project’s completion.
“I don’t believe congressional approval is required for the project, but if it’ll keep activist judges on the sideline, so be it,” she posted on X. “More to come this week.”
Even Sen. John Fetterman, who was there on Saturday, (D-PN) is onboard.
“We were there front and center. That venue wasn’t built to accommodate an event with the line of succession for the U.S. government,” he wrote on X. “After witnessing last night, drop the TDS and build the White House ballroom for events exactly like these.”
As the Epoch Timesnotes further, Acting Attorney General Todd Blanche also joined the calls to allow the ballroom to go ahead.
“It’s time to build the ballroom,” he posted on social media.
Trump said on Truth Social that the project was ahead of schedule and well within budget, arguing it’s necessary for security purposes.
He criticized a lawsuit by historic preservationists as based on the “passing aesthetic gripe of a single person” that is no justification for delaying a secure facility.
The ballroom project, envisioned by Trump for years as a classical addition to the executive mansion, has faced repeated legal hurdles. A federal judge ruled in March that construction requires explicit congressional authorization, halting above-ground work while allowing limited underground activity to continue. Appeals courts have issued temporary stays, but litigation from the National Trust for Historic Preservation continues.
Trump once offered to fund a ballroom privately during the Obama years but was turned down. Construction moved forward in Trump’s second term after demolition of parts of the East Wing. The administration described it as a privately-financed upgrade needed to bring the White House up-to-date to accommodate modern events.
Architects called the design “classical, beautiful, and long overdue,” as court cases mulled whether the executive branch required legislative sign-off for such a considerable alteration to the historic complex.
Preservation groups contend the project goes around lawful reviews and risks the White House’s historic character. The Justice Department on April 26 asked for the case to be dropped to ensure the safety of the president, his family, and administration officials.
end
JUST THE BEGINNING!!
O-I Glass Plunges As Gulf Energy Shock Hits Earnings Outlook
Wednesday, Apr 29, 2026 – 09:35 AM
Glass bottle and jar company O-I Glass plunged the most in premarket trading in more than six years after it slashed its full-year adjusted EPS outlook, blaming higher energy costs tied to the Gulf-related energy shock.
The major glass-container manufacturer, producing bottles and jars for the beer, wine, spirits, beverage, and food-packaging markets, now expects adjusted EPS of $1.00 to $1.50, down sharply from its prior forecast of $1.65 to $1.90 and well below the $1.67 Bloomberg Consensus estimate.
Slide 8 detailed O-I Glass’ Full Year 2026 Outlook impacted by the energy shock in the Middle East:
The chart on the right is O-I Glass reassuring investors that it has hedged or mitigated a large portion of its European natural gas exposure. It says 75% to 80% of its 2026 year-to-go EU natural gas exposure is covered at rates better than current index prices, and more than 50% is already mitigated for 2027.
First-quarter results were also weak (courtesy of Bloomberg):
Adjusted EPS 5c vs. 40c y/y, estimate 11c
Net sales $1.54 billion, -1.7% y/y, estimate $1.47 billion
Americas net sales $871 million, -0.2% y/y, estimate $826.3 million
Europe net sales $655 million, -1.8% y/y
Americas oper. profit $142 million, +0.7% y/y
Europe operating profit $0 vs. $68 million y/y
From early February through Tuesday’s close, O-I Glass shares had already fallen roughly 40% as investors priced in the Gulf energy shock now working its way through the company’s cost structure. Shares are down another roughly 18% in premarket trading. If losses hold, it would mark the stock’s largest one-day drop since March 9, 2020.
O-I Glass’ deteriorating outlook highlights how quickly the energy shock spread worldwide (read Goldman).
END
HUGE WIN FOR REPUBLICANS //SUPREME COURT RULING
In Huge Win For Republicans, Supreme Court Curbs Use Of Race In Drawing Voting Districts
Wednesday, Apr 29, 2026 – 10:30 AM
In a sweeping 6-3 decision issued today, the U.S. Supreme Court ruled that Louisiana’s congressional map with a second majority-Black district is an unconstitutional racial gerrymander. The ruling in Louisiana v. Callais (No. 24-109) delivers a major victory for Republicans by sharply curtailing the Voting Rights Act’s ability to compel the creation of predominantly Black or Hispanic districts – a development that could help the GOP protect and expand its House majority in the 2026 midterms and beyond.
Writing for the Court, Justice Samuel Alito held that Section 2 of the Voting Rights Act, properly interpreted, did not require Louisiana to draw the additional majority-Black district in Senate Bill 8. Because the state’s use of race was not justified by a compelling interest, the map violated the Equal Protection Clause of the Fourteenth Amendment.
The decision does far more than resolve one Louisiana map. It fundamentally updates the legal framework for Voting Rights Act challenges that has been in place since Thornburg v. Gingles (1986). The Court made three critical changes that will make it significantly harder for plaintiffs to force race-conscious districting:
Illustrative maps must be race-neutral: Plaintiffs can no longer draw “demonstration maps” that deliberately maximize majority-minority districts. Any alternative map must fully comply with all of a state’s legitimate, non-racial districting goals – including traditional criteria and the state’s partisan political objectives.
Race must be disentangled from party: To prove political cohesion and racial bloc voting, plaintiffs must now control for partisan affiliation. Simply showing that Black voters and white voters support different candidates is no longer enough if the pattern tracks party preference rather than race.
Focus on current intentional discrimination: The “totality of circumstances” analysis must center on evidence of present-day intentional racial discrimination in voting. Historical discrimination and generalized “societal effects” carry far less weight.
These changes align Section 2 more closely with the Fifteenth Amendment’s prohibition on intentional racial discrimination and the Constitution’s general bar on race-based government action.
Acting Attorney General Todd Blanche on April 29 said that President Donald Trump did not order the Department of Justice (DOJ) to file more charges against former FBI Director James Comey over a social media post that he made last year.
“Of course not, absolutely, positively not,” Blanche told “CBS Mornings” when he asked whether the president directed him to pursue new charges against Comey. “This is something that has been investigated for nearly a year now, and the results of that investigation is that a grand jury returned an indictment.”
On Tuesday, a grand jury returned an indictment against Comey over an Instagram post he made in May 2025 with a photo of seashells arranged on a beach to say “86 47.” Federal prosecutors said it was a threat to assassinate Trump. Comey later deleted the post and said that he thought the sell arrangement was a political message, not a call to violence.
“I didn’t realize some folks associate those numbers with violence,” and “I oppose violence of any kind so I took the post down,” Comey wrote at the time.
The criminal case is the second in months against Comey. A separate and unrelated indictment against the former FBI director was dismissed in late 2025 after a court ruled that the U.S. attorney who brought the charges was appointed in an unlawful manner.
Prosecutors said in a news release Tuesday of the new charge that it was a message that a “reasonable recipient who is familiar with the circumstances would interpret as a serious expression of an intent to do harm to the President of the United States.”
Comey was charged with threatening the president and transmitting a threat in interstate commerce. He could face a maximum sentence of 10 years in prison, according to the Department of Justice.
“If anybody in this country thinks—especially given what happened over the past couple of years with respect to President Trump—that it is okay for anybody to threaten the president of the United States … and then have the media or others say, well that’s not serious, then we have a bigger problem than I even imagined in this country,” Blanche told CBS on April 29.
The acting attorney general added that “anybody who tries to put forward some narrative that this is just about seashells or something to the contrary is missing the point,” stressing, “You cannot threaten the president of the United States.”
Comey was fired by Trump months into the president’s first term, and the two men have openly feuded ever since. Blanche, a former deputy attorney general who previously worked as Trump’s personal attorney, was elevated earlier this month to replace Pam Bondi, the first attorney general of Trump’s second term in office.
Responding to the new indictment, Comey released a video through Substack on April 28 in which he denied any wrongdoing.
“Well, they’re back. This time about a picture of seashells on a North Carolina Beach a year ago, and this won’t be the end of it. But nothing has changed with me. I’m still innocent, I’m still not afraid, and I still believe in the independent federal judiciary. So let’s go,” he said in the video.
The Associated Press contributed to this report.
END
Fed Chair Pick Warsh Approved By Key Senate Committee Along Party Lines
Wednesday, Apr 29, 2026 – 10:23 AM
The drama over Kevin Warsh’s nomination as Trump’s pick for next Fed chair appears to be over.
Moments ago, Warsh won the backing of the Senate Banking Committee Wednesday in a 13-11 party-line vote, putting him on track to be confirmed by the full Senate before Jerome Powell’s term ends May 15, Bloomberg reproted.
Warsh’s nomination had been held up by Republican Senator Thom Tillis until the Department of Justice agreed last week to drop (for now) a criminal probe into cost overruns in a renovation of the Fed’s Washington headquarters. Tillis, who saw the probe as “bogus” and a threat to the Fed’s independence on monetary policy, said in an interview on NBC’s “Meet the Press” that he received assurances the department wouldn’t reopen the case unless the Fed’s inspector general, who is also reviewing the project, sends a criminal referral.
As expected, Democrats weren’t won over: Senator Elizabeth Warren warned that Trump is still intent on controlling the Fed; Democrats have also demanded an end to a legal pursuit of Fed Governor Lisa Cook.
“The stink of stagflation is in the air,” Warren said. She said confirmation of Warsh would help Trump dominate the Fed’s monetary policy. “Trump has not been subtle about his takeover,” she said.
The vote makes real the prospect of a Warsh-led Fed that promises the biggest shake up of the US central bank in years. Having raised the prospect of “regime change” as part of his bid to win Trump’s nomination, Warsh has promised to shrink the Fed’s $6.7 trillion balance sheet, establish a new framework for managing inflation and change how the central bank communicates with the public. He has, however, offered few details on how he might pursue each of these goals.
Warsh is almost certain to face heavy pressure from Trump over monetary policy. In a CNBC interview on April 21, the president said he’d be disappointed if Warsh didn’t cut rates as soon as he took office.
Meanwhile, Warsh has vowed to protect the Fed’s independence. In his hearing last week Warsh blamed the Fed for allowing inflation to surge following the Covid-19 pandemic. While he said high prices remain a problem for Americans, he also floated the idea of a new framework for dealing with persistent inflation, though didn’t offer specifics. He also steered clear of committing to a near-term path for interest rates and suggested Fed officials have made a habit of providing financial markets with too much guidance on where policy is headed.
The combination of Warsh’s calls for a smaller balance sheet, new ways to think about inflation and communication changes put Warsh in the spotlight to explain how he’ll defend the Fed’s independence, said EY-Parthenon Chief Economist Gregory Daco.
“Taken together, this points to a more centralized, less transparent and potentially more politically-exposed policy framework,” he said.
Earlier, Warsh and his wife, Jane Lauder, reported assets worth at least $192 million in financial disclosures filed as part of his nomination. But his total net worth is likely much larger and makes him one of the wealthiest Fed officials in the central bank’s history. Bloomberg has estimated his wife’s net worth at $2.5 billion, many of which are market-dependent. Democratic lawmakers called for more scrutiny of Warsh’s assets, while Warsh has promised to quickly divest from certain funds for which he hasn’t disclosed the underlying assets, citing confidentiality agreements.
12 Signs That The Relentless Decline Of Our Society Is Accelerating
I have got some really crazy stuff to share with you in this article. For more than a decade and a half, I have been writing about the decline of our society. Sadly, over that period of time there has been an inexorable deterioration of our culture. We no longer agree on a generally accepted set of moral values, all of our major institutions are crumbling, and chaos reigns in the streets. Every single day I see more indications that conditions are getting even worse. I always hoped that by exposing what was really going on out there that it would inspire people to push for change. But instead, conditions just keep degenerating year after year.
If we love our society, what is happening to it should deeply sadden all of us. If our leaders had made much different decisions, we could have gotten much different results.
But now things are totally out of control and the clock is ticking. The following are 12 signs that the relentless decline of our society is accelerating…
#1 So far in 2026, there have been 116 mass shootings in the United States. Unfortunately, we are 36 percent ahead of last year’s blistering pace. And it appears that there are potentially a lot more mass shooters out there, because one recent survey discovered that 19.3 million Americans have seriously thought about shooting someone else…
About 19.3 million American adults, roughly the combined populations of New York City and Los Angeles, have at some point seriously thought about shooting another person. That’s the stunning extrapolation from a new national survey published in JAMA Network Open, an effort to put a number on this poorly understood group and frame it as a focus for gun violence prevention.
#2 If it seems like there are crazy people everywhere around you, that is because there really are crazy people everywhere around you. These days, you never know what is going to set someone off, and the results can be absolutely tragic. For example, just a few days ago a crazed man in Louisiana shot and killed eight children. Seven of them were his own kids…
A man killed eight children — seven of his own kids and one of their cousins — early Sunday in a mass shooting in Shreveport, Louisiana, officials said. The shooter is also dead after police pursued him, and they exchanged fire. It was the nation’s deadliest shooting in more than two years.
The children were killed in what police described as an “execution-style” shooting. They included five girls and three boys, ranging in age from 3 to 11, the coroner’s office confirmed. According to the office, their mothers identified the children as: Jayla Elkins, 3; Shayla Elkins, 5; Kayla Pugh, 6; Layla Pugh, 7; Markaydon Pugh, 10; Sariahh Snow, 11; Khedarrion Snow, 6; and Braylon Snow, 5.
#3 Things are so bad that even disabled Americans are gunning people down. In fact, a quadruple amputee has been charged with murder after he shot a front-seat passenger while he was driving a vehicle in Maryland…
Dayton Webber once said he believed God put him on this planet to inspire others to believe they could achieve anything they wanted to.
Now, the first quadruple amputee in American Cornhole League history faces murder charges after being accused of fatally shooting a man while driving in Maryland.
According to the Charles County Sheriff’s Department, Webber, of La Plata, Maryland, is alleged to have shot and killed a front-seat passenger during an argument on the evening of March 22, 2026.
#4 Authorities keep insisting that crime is under control, but we continue to see spectacular crimes being committed all over the nation. Earlier this week, two men in Philadelphia pulled off an armored truck heist that could have been pulled directly out of a CBS crime drama…
Two masked men armed with rifles carried out a brazen daylight robbery of a Brinks armored truck in the Tacony section of Northeast Philadelphia, escaping with what authorities say could be as much as $1.8 million in cash.
Philadelphia Police Department officials told ABC 6 that the robbery occurred around 9:45 a.m on April 21 on the 7200 block of Torresdale Avenue, as the Brinks truck was servicing a Budget Financial Center.
Brinks is a national security and cash logistics company that transports money for banks and retailers.
According to law enforcement officials, a blue Acura SUV pulled into the lot, with two suspects dressed in black jumping out, brandishing rifles and confronting the driver before seizing bags of cash.
#5 Why would someone purposely crash a vehicle into a police station? Either this is one of the dumbest criminals that I have ever read about, or something else is going on here…
A man deliberately drove his SUV into the Philadelphia Police Department’s 2nd District headquarters Tuesday afternoon, according to Police Commissioner Kevin Bethel, narrowly missing several people who were standing inside.
Police identified the suspect on Wednesday as 26-year-old Dieufort Joly of the 2100 block of Glendale Avenue.
Joly is charged with six counts of Aggravated Assault, six counts of Simple Assault, six counts of Recklessly Endangering Another Person, one count of Causing/Risking Catastrophe, one count of Institutional Vandalism, and one count of Possession of an Instrument of Crime.
#6 All over America, wild packs of young people are conducting “street takeovers” late at night. Unfortunately, this is even happening in some of our wealthiest neighborhoods…
Madness descended on an upscale Washington DC neighborhood again after a large mob of unhinged teens took over.
On Saturday night, a rowdy group of teenagers spilled into Navy Yard, a ritzy and trendy neighborhood in the US Capital, while people dined out and tried to enjoy their evening.
A massive crowd was seen running through the middle of a busy intersection, with some on foot and others riding bikes, in a video posted to X by investigator Elissa De Souza.
Thugs waving Palestinian flags blocked traffic, took over the street, lit a fire, and performed car stunts in the family-oriented neighborhood of Middle Village, Queens, NY, last night.
This is Mamdani’s NYC.
Queens, NY has one of the highest concentrations of Muslims in New York City.
#8 I don’t have to tell you that sexual promiscuity is absolutely rampant in our society, because it is obvious to everyone. In Minneapolis, officials intend to legalize public sex in bathhouses because the gay Somali community has been clamoring for them to do it…
Minneapolis city leaders are barreling ahead with plans to legalize adult bathhouses and sex venues where consenting adults can engage in sexual activity, scrapping a 38-year ban enacted during the AIDS epidemic.
The push, driven by activists, comes as the gay Somali community in Minneapolis has been clamoring to legalize bathhouses. City leaders are considering the proposal that would allow patrons to engage in sexual intercourse in the venues, the New York Post reports.
#9 Children are considered to be a burden in our society now, and the U.S. birth rate fell to yet another record low last year…
The U.S. fertility rate fell slightly in 2025, to another record low, extending two decades of declines, according to federal data released on Thursday.
The fertility rate — the number of births per 1,000 women of childbearing age — dropped to 53.1, from 53.8 in 2024, according to the National Center for Health Statistics.
The number of births dropped too, falling by 1 percent from the previous year, to 3,606,400.
This month, New York joined the growing number of states that have legalized doctor-assisted suicide. Supporters say giving patients the choice to end their lives with the help of a physician provides compassion for the dying. Opponents warn it creates larger ethical problems.
More than a dozen states and Washington, D.C., allow the practice of doctor-assisted suicide. New York became the latest when the governor legalized the Medical Aid in Dying bill this month—a move many critics say puts the country on an even more slippery slope when it comes to the issue of life and death.
Matt Sharp with Alliance Defending Freedom said, “Under this law, the floodgates are now open wide.”
#11 I keep hearing about a resurgence of religion in this country, but a Gallup survey has found that the percentage of Americans with no religion at all has reached a new record high…
Americans with no formal religious identity, popularly known as the “nones,” reached a record share of the population in 2025, according to Gallup data that shows fewer than 50% of adults also report that religion is “very important” in their lives.
The findings, based on interviews with more than 13,000 U.S. adults across Gallup’s monthly 2025 surveys, show that the share of Americans identifying as “nones” reached a new high of 24%, up from 21% to 22% over the previous four years. The share of Americans identifying as “nones” has grown steadily from 2% in 1948 to its current record.
#12 George Barna is one of my all-time favorite pollsters, and he recently conducted a survey that discovered that only 1 percent of Generation Z has a biblical worldview…
A recent survey of American adults found that despite a surge of interest in Christianity and church attendance in the months since Charlie Kirk’s assassination, the number of people who adhere to a biblical worldview remains critically low, including just 1% of Gen Z.
Conducted in January by Arizona Christian University’s Cultural Research Center under the guidance of researcher George Barna, the latest installment of the American Worldview Inventory asked 2,000 American adults a series of 53 questions to discern if they live consistently with a biblical worldview.
The young adults of today will be the leaders of tomorrow.
So what would our society look like with them in charge?
All throughout human history, great societies have risen and great societies have fallen.
The future of our own society will be written by us.
Unfortunately, at this moment our society is in a serious state of decline, and it would literally take a major miracle to turn things around at this stage.
end
BRADON SMITH…..
The Assassination Wasn’t “Staged”, Leftists Are Just Evil
Why is it that every time a leftist tries to kill conservatives, it’s immediately called a “false flag”? And why is every single person who dares to question the false flag narrative attacked by a vicious (and suspiciously organized) online mob? The reason should be obvious but some people just don’t seem to see it: It’s a leftist psyop.
In what is now the THIRD failed assassination attempt on Donald Trump, Cole Tomas Allen, a donator to the Kamala Harris campaign, a No Kings protester, a BlueSky leftist and transgender defender, burst into the lobby of the White House Correspondents’ Association Dinner with firearms in an attempt to kill Donald Trump or anyone else in the administration that happened to be a convenient target.
His manifesto reads like most leftist manifestos, and his social media is worse. Infested with mainstream media talking points, infecting his brain with delusions of heroism if only he can “take out the fascists”.
There is absolutely no doubt whatsoever which side this guy is on. He is a full bore woke zealot brainwashed by typical Democrat rhetoric. And yes, he’s a part time teacher of high school children (let that sink in before you send your kids off to public school).
The online response from the political left within minutes of the attack was predictable, as if they had all received a script to recite whenever assassination attempts on Trump occur. The same people who call for Trump’s murder daily are now saying the event was “staged”. Furthermore, they claim that a long time woke leftist somehow volunteered to help Trump stage an assassination by risking prison time or death.
I’ve heard of bipartisan cooperation, but this is ridiculous. Lefties are really bending over backwards to help a Republican president with his image. Sadly, there were people in the alternative media that also immediately bought into this lie and repeated it. But why?
Leftists are repeating the false flag theory. The establishment media entertains the false flag theory. Why are some conservatives helping them spread these fallacies?
I think it’s important to take this opportunity to examine how 4th Generation Warfare works; first by understanding the reality that portions of the conservative movement are being targeted with it by the left wing, often effectively. The leftists have figured you out.
4th Gen Warfare is asymmetric and aims to break a movement’s political will. It works by striking at the psychological unity of an enemy group and dividing them; this requires that you identify certain cognitive biases within a portion of that group and exploit those biases to create infighting. The group in question is the “truth” or “conspiracy” element of the wider conservative or MAGA movement.
Has any popular conspiracy theorist today considered the possibility that they are being played? Have they considered the possibility that one of the biggest conspiracies of our era is the agenda to misdirect the public away from punishing the leftist cult for their numerous trespasses?
As a conspiracy “realist” for many years, I think the most important thing to remember is this: Not everything is a conspiracy. If you think everything is a conspiracy, I’m sorry to break it to you, but you are wrong and you are doing far more harm to the truth movement than you are doing good.
One of the most critical changes in the western world that is rarely talked about is that conspiracy movements now have substantial political power and social influence. For generations we were called “fringe”; the crazed and irrational dregs, the deplorables. Today, we have vast reach (online and offline) that stretches across America and into Europe.
Today, everything we say has the potential to affect government policies, elections and even wars (if we remain unified). When a movement grows this strong, its enemies can only seek to destroy it by sabotaging it from within.
By extension, there are numerous think-tanks, NGOs and covert operations designed specifically to find our weaknesses and manipulate our discourse (the SPLC is currently being indicted for such operations). More than anything, the enemy cares about what we think.
And what is our greatest weakness? What do these groups consistently exploit to keep us passive and ineffective? The core weakness of conspiracy theorists is paranoia.
Our willingness to “question everything” can sometimes be used against us to misdirect us into rabbit holes that simply don’t exist. Globalists and the political left have quickly learned that the best way to keep conservatives docile is to make us suspect our own side so much that we never turn our anger against the woke cabal.
Two decades ago when I got my start working in the alternative media, the concept of the “false left/right paradigm” was everywhere. It was the key argument of the truth/liberty movement. The idea that progressives and conservatives are actually much more alike than they know. That we all Americans basically want the same things, and the only obstacle dividing us is the fake “uniparty” at the top.
I’m sorry to break it to the people who have attached their entire political philosophy to this idea, but the false left/right paradigm is dead. It no longer exists.
It died at least a decade ago when Democrats and progressives embraced the woke cult, and in the process they became willing allies of the globalists. Where does almost all the globalist NGO money go? Into Democrat campaigns and woke activist groups What group receives the majority of globalist corporate support? Leftists. Who tries to implement nearly every policy that comes out of globalist conferences like Davos? The political left.
Hell, 90% of Jeffrey Epstein’s campaign donations went to Democrats. It was Epstein that was personally in contact with Democrats, texting them and helping them eith their witch hunt proceedings against Donald Trump. The political left is the machine of the globalists. Everything they promote, from transgenderism to open borders to climate controls is part of the globalist religion. They all a part of the same entity.
And now, they’re trying to kill us wherever they get a chance. They are openly proud of this fact and they represent around 25% of the population. Cole Allen isn’t a radical by today’s standards, he is the common denominator within the Democratic Party.
Meaning, leftist and conservatives are true enemies, from the bottom of the pyramid to the top. We do not want the same things. Not even close. There can be no reconciliation, and this only ends one way.
They know this and they are waging a psychological war against us. Think about it: Every new conspiracy narrative is designed to distract us from the culpability of the political left. When an attack or assassination takes place, the blame is always aimed at someone else.
The mountains of evidence proving that the attackers are militant leftists is ignored in favor of anecdotes, hearsay and outright lies. Here is how the formula works, as far as I can tell. It’s complicated, but hear me out…
1) If an assassination against a conservative fails, then it was “staged” by that conservative.
2) If an assassination against a conservative succeeds, leftists celebrate, and then claim “Israel did it”.
Okay, maybe it’s not so complicated. We witnessed this with the Charlie Kirk assassination. According to the arrest record and court documentation, Tyler Robinson, a far left activist with a trans furry boyfriend, confessed to his parents that he shot Kirk, which is why his parents convinced him to turn himself in.
His boyfriend gave photographic evidence of a hand-written confession to the feds. The note was composed by Robinson in the event that he died during the assassination. This is also on record with the court.
Everything points to Robinson because he is the person who most likely pulled the trigger (which is what he admitted to his parents). There is no grand scheme to frame him. Unless Robinson’s parents AND his boyfriend are in on the plan, there is no debate. The conspiracy theories fall apart.
When it comes to Trump, I have been highly critical in the past, specifically during his first term when he formed a horrific swamp creature cabinet. That said, it’s impossible to deny that his second term has been a 180 degree turnaround. Nearly every campaign promise he made has been carried out or at least attempted despite Democrat (and Neocon) interference.
If you are angry about the war in Iran, that’s fine, but Trump has been talking about removing the Islamic regime in Iran since the 1980s. Any Trump voter who is surprised by this did not do their homework. Entertaining baseless false flag assassination theories is not going to help end the war faster.
For the political left, jumping to conclusions and promoting disinformation is designed to control the narrative and sow division before all the facts can be examined. To plant theories in people’s heads and inoculate them to reasonable discourse.
For truth movement people buying into the disinformation, just know that you are being programmed. It doesn’t matter if you like Trump or hate Trump; like his policies or hate his policies. The facts don’t care about your emotion-based theories. If you’re going to attack him, at least make sure your reasons are legit.
The purpose of the “staged” narrative, as I mentioned, is to sow confusion, doubt and division within patriot circles. Globalists and leftists don’t want conservatives to fight back. They don’t want us organized or unified. They want us apathetic and aimlessly fighting with each other. The gas-lighting must end.
VICTOR DAVIS HANSON
KING NEWS
The King Report April 28, 2026 Issue 7730
Independent View of the News
@zerohedge: Iran’s Foreign Minister Araqchi announced that Donald Trump has requested negotiations because the United States has not achieved any of its goals, and we are reviewing this request. https://twitter.com/zerohedge/status/2048777598214250551?s=02
Iran has Trump chasing his tail and barking angrier; and global leaders know it.
Germany’s Merz says Iran is humiliating US as talks stall “The Iranians are obviously very skilled at negotiating, or rather, very skilful at not negotiating, letting the Americans travel to Islamabad and then leave again without any result,” he said during a talk to students in the town of Marsberg. “An entire nation is being humiliated by the Iranian leadership, especially by these so-called Revolutionary Guards. And so I hope that this ends as quickly as possible,” he added at the venue in the state of North Rhine-Westphalia… https://www.yahoo.com/news/articles/germanys-merz-says-iran-humiliating-124459175.html
@Osint613: IRGC General Javani: “The Americans will never be able to open the Strait of Hormuz through military means.”
We stated over a week ago that Trump’s perpetual motion machine of strikes, ceasefires, deadline and ceasefire extensions, and biblical threats plays into Iran’s Rope-a-Dope and wait out the infidels strategy.
To reiterate: Once Trump struck Iran, it was an existential threat to the regime and until the regime surrenders or is overthrow, there is no negotiating. STFU and pound the IRGC until they capitulate.
ESMs sank to a daily low of 7171.50 (-23.25) at 18:10 ET (10 minutes after Sunday night opening) on disappointing Iran news. But as we warned in Monday’s missive, “Traders are boundlessly bullish; This is Fed Week; the Monday Rally beckons; and it’s the peak for Fangs results this week. About 42% of S&P companies report results this week.”
So, ‘they’ aggressively bought ESMs, pushing them to a daily high of 7208.50 (+13.75) at 21:58 ET. Alas, sellers appeared; ESMs fell to 7181.50 at 4:12 ET. ESMs then traded in a megaphone pattern (increasing peaks and bottoms). The final rally leg of the megaphone, abetted by a modest late manipulation, took ESMs to a daily high of 7211.25 at 15:50 ET. ESMs slid to 7203.75 at 16:03 ET.
Positive aspects of previous session Seasonal and pattern upward biases kept stocks from larger losses. Fangs led Nasdaq, the Nas 100, and the S&P 500 to modest gains – and all-time S&P 500 high.
Negative aspects of previous session The DJIA and DJTA fell modestly. USMs were -12/32 at the NYSE close. Oil and gasoline rallied moderately.
Ambiguous aspects of previous session When will Trump stop chasing this tail and his annoying barking?
First Hour/Last Hour NYSE Action [S&P 500 Index]: 1st Hour: Up; Last Hour: Up
Pivot Point for S&P 500 Index [above/below indicates daily trend to day traders]: 7166.46 Previous session (S&P 500 Index) High/Low: 7178.74; 7146.72
WSJ’s @alexbward: Trump and his national-security team are skeptical of Iran’s offer of a deal that would see the Strait of Hormuz open and discussions about its nuclear work tabled, U.S. officials said. While Trump didn’t reject the offer outright, officials said the president sounded notes about Iran not dealing in good faith or being willing to meet his key demand: ending nuclear enrichment and vowing never to make a nuclear weapon.The U.S. will continue to negotiate with Iran, the officials said, with the White House likely to offer its response and counterproposals in the coming days.
A week or so ago, Trump asserted, “Iran has agreed to everything.” He has also repeatedly stated that ‘Iran has agreed that that it will halt its nuclear weapons program.’ Yet here we are!
Today – Though trader sentiment has been at historic extremes for weeks, that enthusiasm has been intensified further for the Fed Week Rally and the peak of Fang reporting season. ‘Tis why ‘they’ have been largely ignoring or downplaying negative fundamental and Iran reports. “To the moon, Alice!”
Expected economic data: Feb FHFA House Price Index 0.1% m/m; Fed A&P Cotality 20-city house prices 0.19% m/m & 1.13% y/y; April Conference Board Consumer Confidence 89; 2-day FOMC begins
Expected impact earnings: UPS 1.05, KO .82, GM 2.60, MDLZ .61, V 3.10, HLT 1.97, PCAR 1.15
ESMs are +16.50; NGMs are +68.50; USMs are -1/32; and gas & oil are up a tad at 20:11 ET.
S&P Index 50-day MA: 6796; 100-day MA: 6845; 150-day MA: 6806; 200-day MA: 6710 DJIA 50-day MA: 47,879;100-day MA: 48,351; 150-day MA: 47,825; 200-day MA: 47,108 (Green is positive slope; Red is negative slope)
S&P 500 Index (7173.91 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender and MACD are positive – a close below 6035.78 triggers a sell signal Weekly: Trender and MACD are positive – a close below 6500.00 triggers a sell signal Daily: Trender and MACD are positive – a close below 7024.65 triggers a sell signal Hourly: Trender and MACD are positive – a close below 7156.82 triggers a sell signal
@RNCResearch: Democrat House Leader Hakeem Jeffries stands by calling for “maximum warfare” against President Trump even after the assassination attempt on him and his administration. JEFFRIES (Exercising liberal privilege): “I stand by it…I don’t give a damn about your criticism!” https://x.com/RNCResearch/status/2048860446355013791
@ByronYork: Did Jimmy Kimmel, in his fake WHCD routine from a few days ago, really say, “Mrs. Trump, you have a glow like an expectant widow.”? Yes, he did. https://t.co/NMcITkp2gV
First Lady Melania Trump @FLOTUS: Kimmel’s hateful and violent rhetoric is intended to divide our country. His monologue about my family isn’t comedy- his words are corrosive and deepens the political sickness within America. People like Kimmel shouldn’t have the opportunity to enter our homes each evening to spread hate. A coward, Kimmel hides behind ABC because he knows the network will keep running cover to protect him. Enough is enough. It is time for ABC to take a stand. How many times will ABC’s leadership enable Kimmel’s atrocious behavior at the expense of our community.
Trump: Jimmy Kimmel, who is in no way funny as attested to by his terrible Television Ratings, made a statement on his Show that is really shocking. He showed a fake video of the First Lady, Melania, and our son, Barron, like they were actually sitting in his studio, listening to him speak, which they weren’t, and never would be. He then stated, “Our First Lady, Melania, is here. Look at Melania, so beautiful. Mrs. Trump, you have a glow like an expectant widow.” A day later a lunatic tried entering the ballroom of the White House Correspondents Dinner, loaded up with a shotgun, handgun, and many knives. He was there for a very obvious and sinister reason. I appreciate that so many people are incensed by Kimmel’s despicable call to violence, and normally would not be responsive to anything that he said but, this is something far beyond the pale. Jimmy Kimmel should be immediately fired by Disney and ABC…
W Bush Press Sec @AriFleischer: This is another example showing how Barack Obama is one of the most divisive figures in American politics today. So many of our divisions were caused by the smug, demeaning and narrow-minded way he treats his opponents. Here, he pretends to not know the truth about the would-be assassin, although the facts of his left wing views were public hours before Obama’s tweet. It’s classic Obama – pretend to be conciliatory while he is the one who creates the divide. You would hope that Obama would condemn the left after the left tries to kill a President. But that’s too much to ask. Once again, Obama proves himself to be a classless divider of our country.
@KanekoaTheGreat: Cole Allen retweeted mainstream Democrats like @FPWellman, @davidfrum, @JoJoFromJer, and @donwinslow – “Truly fascist.” “Just name Putin as director of national intelligence.” “Biden should nullify the election to save our democracy.” “THERE. IS. NO. LAW. ANYMORE.”https://x.com/KanekoaTheGreat/status/2048531179616268365
@libsoftiktok: The brewing company in Wisconsin is now doubling down on offering free beer to celebrate when Trump dies. The owner is running for state assembly and is a convicted criminal. Deranged peoplehttps://t.co/HdiqvZggqX
@RNCResearch: Democrats are proudly campaigning with Hasan Piker, who urged his audience to kill Republican lawmakers: “You would kill Rick Scott.” Democrats are comfortable supporting someone who calls to kill their political opponents.
Ex-SF Mayor @micsolana: I don’t think the problem with Hasan justifying a political assassination in the nyt was the culture writer running the interview btw. imo the problem is the center left no longer has an issue, as a rule, with amplifying an influencer who justifies political assassination.
@elonmusk: If they’re willing to die to assassinate, imagine what they will do if they gain political power
DJT operative @jason_meister: They arrested the President of the United States of America 4X, charged him 91X, indicted him 4X, spied on his campaign, sabotaged his first term, jailed his supporters, raided his private residence, censored him, gagged him, tried to bankrupt him, and attempted to remove him from state ballots. When all of that failed they tried to assassinate him not once but four times. And they go on national television to talk about how we need to vote for them to save democracy.
@TheBabylonBee: After Failed Assassination, Democrats Observe Customary 5-Minute Pause On Calling Trump ‘Hitler’
What would the MSM and Dem narrative be if there had been multiple assassination attempts on Obama?
@bennyjohnson: Try going on Disney owned ABC and saying that Michelle Obama deserves to be a widow. Or Jill Biden. Or Hillary Clinton. You’d not only have your show canceled, you’d be banned from network media for life. And I’d agree with that. Because wishing death on a woman’s husband is an evil thing to do. No matter the politics. So why is it ok for @Disney owned @ABC to allow Jimmy Kimmel to wish death on Trump and his supporters time and time again?
The MSM and Dems have been fomenting hate and violence since Trump came to prominence in 2015. After each attack on Trump or a GOP figure, Dems and the MSM call for calm and peace for a day or two – and then return to their nefarious practices. Why should they change MO? They won’t until they are forced to change.
@EndWokeness: RIP Officer John Bartholomew (38). Father of 3. Husband. Killed in Chicago by a felon on parole with 20+ arrests, Alphanso Talley. Judge Lyke released him multiple times. https://x.com/EndWokeness/status/2048830200943714309 (Why do people tolerate this and live with this? Because they are dependent on Dems/government and will NOT rock the boat because it will cost them money!)
NY Post’s @mirandadevine: Reminder that Norah O’Donnell squashed CBS correspondent Catherine Herridge’s reporting on Hunter Biden laptop before the 2020 election. Herridge later was forced out of CBS. O’Donnell keeps her job, applying the opposite standards to Trump than she did with Biden.
Reportedly Trump’s Svengali, COS Susie Wiles, is responsible for the Secret Service and continues to refuse to change leadership and reform it.
@susancrabtree: SECRET SERVICE EXCLUSIVE: In the wake of another assassination attempt on President Trump at the White House Correspondents’ Dinner Saturday night, sources tell me that White House Chief of Staff Susie Wiles rejected efforts by former DHS Secretary Kristi Noem to impose more reforms on the Secret Service earlier this year after a string of scandals and failures… Wiles, who directly oversaw the Secret Service and kept Curran in place despite numerous lapses and scandals, resisted efforts to install a hand-selected chief counsel, a former administration official with direct information about it told @RCPolitics… (more at link) https://x.com/susancrabtree/status/2048826097757040881
@TheBabylonBee: Nation Longs for Good Old Days When Comedians Were Funny and Didn’t Wish Death on Peoplehttps://buff.ly/PpBpPBO
The King Report April 29, 2026 Issue 7731
Independent View of the News
Fangs and AI-related stocks got hammered on Tuesday on this:
WSJ: OpenAI Misses Revenue, User Targets in High-Stakes Sprint Toward IPO The company’s CFO and board have questioned the wisdom of massive data-center spending amid slowing growth. OpenAI recently missed its own targets for new users and revenue, stumbles that have raised concern among some company leaders about whether it will be able to support its massive spending on data centers. Chief Financial Officer Sarah Friar has told other company leaders that she is worried the company might not be able to pay for future computing contracts if revenue doesn’t grow fast enough, according to people familiar with the matter… https://www.wsj.com/tech/ai/openai-misses-key-revenue-user-targets-in-high-stakes-sprint-toward-ipo-94a95273?mod=hp_lead_pos2
‘OpenAI Says Its Business Is ‘Firing on All Cylinders’’ – BBG 8:32 ET
NGMs hit a daily low of 27,009.50 (-431.00, -1.57%) AT 11:47 ET.
@WhiteHouse: “Iran has just informed us that they are in a “State of Collapse.” They want us to “Open the Hormuz Strait,” as soon as possible, as they try to figure out their leadership situation (Which I believe they will be able to do!).” – President Donald J. Trump 12:13 ET
@Reuters: TheUnited Arab Emirates said it quit OPEC and OPEC+, dealing a heavy blow to the oil exporting groups and their de facto leader, Saudi Arabia, at a time when the Iran war has caused a historic energy shock and unsettled the global economyhttps://reut.rs/4vXsBJy But the UAE exit from OPEC represents a big win for US President Donald Trump, who has accused the organization of ‘ripping off the rest of the world’ by inflating oil prices.
@hahussain: While a member of OPEC, Iran, pummeled other members U.A.E., Kuwait and Saudi Arabia, OPEC proved how useless it was. The UAE is smart to pull out. Next should be the OIC, maybe the Arab League too. These photo-op clubs proved to be useless. None of them showed up when their members were under Iranian fire. (UAE was 3rd largest OPEC producer.)
@_A_khalifa: After leaving OPEC, with its Fujairah pipeline bypassing the Strait of Hormuz, UAE can now ramp up freely potentially adding around 2 million extra barrels a day and helping break the high-price grip. Game changer for markets
@SpencerGuard: Game changer and what I wrote about in @WSJ @WSJopinion about making the Strait of Hormuz irrelevant (or at least much less relevant). Iran’s massive strategic blunder was playing that card – what @SecRubio called the economic nuclear weapon. Motivating all Gulf States to increase/create alternatives. Ultimately brining market stability and removing Iran’s option to use the strait as a weapon.
Despite the UAE/OPEC news, oil and gasoline rallied sharply on Tuesday.
Trump the Disrupter is on the precipice of accomplishing enormously beneficial and historic changes in the Middle East: Peace, stability, economic growth & development, and diminution of terrorism. To paraphrase Margaret Thatcher, “Don’t go wobbly now, Donald!”
ESMs opened down a tad on Monday night but quickly rallied to 7221.75 (+15.75) at 18:15 ET. After a modest retreat, ESMs hit a daily high of 7223.25 at 20:10 ET. ESMs then rolled over into a persistent decline that accelerated when the above WSJ article on OpenAI appeared near the 7 ET US repo market opening. After hitting a low of 7147.50 at 8:30 ET, conditioned buying for the NYSE opening began.
The rally for the NYSE opening took ESMs to 7183.00 at 9:43 ET. A pro dump commenced; ESMs sank to a daily low of 7146.25 (-59.75) at 10:48 ET. ESMs then traded in a narrow range until they broke higher near 13:25 ET. ESMs plodded to 7176.25 at 15:11 ET and rolled over to 7168.25 at 16:00 ET.
Positive aspects of previous session Buying for Fed Day and coming Fang results kept stocks from larger losses.
Negative aspects of previous session Fangs and AI-related stocks got clobbered in early trading. The DJTA fell 111.00; the DJIA fell 25.86. Oil and gasoline rallied sharply despite the UAE/OPEC report.
Ambiguous aspects of previous session When will Trump stop chasing this tail and his annoying barking?
First Hour/Last Hour NYSE Action [S&P 500 Index]: 1st Hour: Down; Last Hour: Down
Pivot Point for S&P 500 Index [above/below indicates daily trend to day traders]: 7135.49 Previous session (S&P 500 Index) High/Low: 7152.52; 7115.17
Trump: The Chancellor of Germany, Friedrich Merz, thinks it’s OK for Iran to have a Nuclear Weapon. He doesn’t know what he’s talking about! If Iran had a Nuclear Weapon, the whole World would be held hostage. I am doing something with Iran, right now, that other Nations, or Presidents, should have done long ago. No wonder Germany is doing so poorly, both Economically, and otherwise!
Today is Fed Day and the peak of Fang reporting season. Google, Microsoft, Amazon, and Meta report results after the close. Apple ends Fang reporting season tomorrow. Nvidia reports on May 20.
With oil, gasoline, and stocks surging, there is no reason for the Fed or Powell to indicate rate cuts are on the radar. In fact, there should be suggestions that the Fed might have to consider rate hikes in coming months. There is little reason to believe the Powell will utter bullish remarks to help Trump.
Ergo, with the end of upward bias for Fed Day today plus April performance gaming and Apple results tomorrow look for the formation of a short-term top.
Expected impact earnings: YUM 1.39, HUM 10.19, PSX -.53, GD 3.69, F .19, ALL 7.24, GOOGL 2.62, MSFT 4.04. AMZN 1.62, META 6.65, EBAY 1.58
Expected Economic Data: March Retail Inventories 0.1% m/m, Wholesale Inventories 0.4%; Mar Housing Starts 1.381m, Building Permits 1.39m; Mar Advance Goods Trade Balance -$87.8B with Imports -1.0 m/m, Exports -1.65 m/m; Mar Durable Goods 0.5% m/m, Ex-Trans 0.4%, Nondef Ex-Air 0.5%, Shipments 0.6%; No change in Fed Funds or Interest on Revere Balances is expected.
ESMs are +13.50; NGMs are +100.50; USMs are +1/32; and gas & oil are up a tad at 21:00 ET.
S&P Index 50-day MA: 6802; 100-day MA: 6848; 150-day MA: 6809; 200-day MA: 6714 DJIA 50-day MA: 47,872;100-day MA: 48,368; 150-day MA: 47,843; 200-day MA: 47,132 (Green is positive slope; Red is negative slope)
S&P 500 Index (7138.78 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender and MACD are positive – a close below 6035.78 triggers a sell signal Weekly: Trender and MACD are positive – a close below 6500.00 triggers a sell signal Daily: Trender and MACD are positive – a close below 7025.84 triggers a sell signal Hourly: Trender and MACD are negative – a close above 7149.29 triggers a buy signal
@RapidResponse47: @DAGToddBlanche: “Today, a grand jury sitting in the Eastern District of North Carolina returned an indictment against James Comey on two counts.” Count one: Knowingly and willfully making a threat to take the life of, and to inflict bodily harm upon, the President of the United States Count two: Knowingly and willfully transmitting an interstate commerce of communication that contained a threat to kill the President of the United States “It’s fair to say that threatening the life of anybody is dangerous and potentially a crime; threatening the life of the President of the United States will never be tolerated by the Department of Justice.” https://x.com/RapidResponse47/status/2049226763880845576
@nicksortor: A former senior advisor to Anthony Fauci has been INDICTED for his role in the COVID-19 coverup… David Morens and his co-conspirators FALSIFIED records in an effort to SUPPRESS the lab-leak theory and used his personal Gmail account rather than his NIH email in order to avoid being FOIA’d. Fauci might just be next! https://x.com/nicksortor/status/2049135738852184131
Google Billionaire Sergey Brin Compares California Wealth Tax To Soviet Union Socialism Brin, who has moved from a backer of liberal causes to a supporter of Republican President Donald Trump, told the New York Times in a rare statement: “I fled socialism with my family in 1979 and know the devastating, oppressive society it created in the Soviet Union. I don’t want California to end up in the same place.”… https://finance.yahoo.com/economy/policy/articles/billionaires-tax-closer-california-ballot-134850943.html
@WallStreetMav: Sergey Brin timeline: 1979: Family left Soviet Union to get away from socialism/communism. 2004: Got rich with Google IPO in California, then funded and hired socialists for 25 years. 2026: after helping to ruin California, moved away and now claims he is against Socialism
SWAMP STORIES FOR YOU TONIGHT
BALTIMORE/KEY BRIDGE
Key Bridge Nightmare: Contractor Dropped After Costs Spiral
Wednesday, Apr 29, 2026 – 11:55 AM
Left-wing Gov. Wes Moore’s claim that the Francis Scott Key Bridge rebuild is the “fastest-moving large infrastructure project in the United States” just hit a major roadblock.
Fox Baltimore’s Gary Collins reports that Maryland officials canceled Kiewit Infrastructure Co.’s contract for Phase 2 of the bridge rebuild, the construction phase, after the contractor’s proposal reportedly far exceeded state estimates.
This massive setback raises new questions about whether Moore’s administration can actually control costs, properly manage the rebuild, and deliver the “fastest-moving large infrastructure project in the U.S.,” given ballooning expenses.
Collins quoted U.S. Transportation Secretary Sean Duffy, who explained the decision to remove Kiewit after its Phase 2 proposal “far exceeded” state estimates. Those estimates have surged from roughly $1.8 billion to more than $5.2 billion.
Phase 2 of the rebuild would have included final design work, steel-pile installation in the Patapsco River, roadway approaches, and bridge-span construction. Now, Moore’s administration must scramble to find a new contractor.
Duffy stated in a federal announcement that the project has been plagued from the beginning by ballooning costs and delays.
“The Trump Administration is always working to secure the best possible team for hardworking American taxpayers,” Duffy continued. “It’s my job to ensure the American people’s tax dollars are used efficiently and that major projects are completed on time and on budget.”
He added, “We’re putting taxpayers and their priorities first.”
Moore said the state remains committed to rebuilding the bridge “safely, quickly, and cost-efficiently,” but the cancellation challenges his repeated claim that the project is one of the nation’s fastest-moving major infrastructure efforts.
In October, Duffy stated that Moore “hasn’t been a good steward with the money. We have also sent a letter to all of our partners saying they have to follow the law. A long time ago, we got rid of contracting based on race and sex.”
More than two years after the container ship hit the bridge – there is still no replacement span. Moore’s polling numbers are sliding, residents are frustrated with mounting crises plaguing the state, and the latest contract setback only reinforces the perception of dysfunction in the one-party-ruled state by unhinged Democratic Party kings and queens.
At the beginning of April, renowned climate engineering researcher Dane Wigington was on USAW to warn about increasing extreme weather caused by geoengineering or manmade weather modification in the sky. Wigington talked about “Gargantuan Hail, Toxic Particles, Severe Drought & Chemtrails.” What happened just this week? We saw softball sized hail in Springfield, Missouri, wildfires in Georgia, multiple tornados at the same time and severe drought from coast to coast in the U.S. The drought and strange weather is so bad in many areas that agricultural experts are already talking about widespread crop failure. Wigington says, “On a warming planet . . . and I am not an Al Gore or an environmental group fan, they are all criminal hypocrites with their denial of climate engineering. On a warming planet, we must have more overall rain, not less. We have less. . .. The only way it can rain less is if there is a factor we are not being told about, and that factor is climate engineering. We should not need to be told about this because it is an elephant in the sky above us. You have to be willfully blind not to see it. . .. We can speculate on agendas and objectives being carried out, but climate engineering is core to so many factors that are playing out in the U.S. We have crop crushing, and it’s not just the flash freeze and lack of water. Hail decimates crops. Now, we have baseball, softball and soccer ball sized hail recently in Illinois.”
What is going to happen when summer starts? Wigington says, “This is the summer from Hell that we are approaching right now. This will be like no other. The snow pack in the Colorado River watershed is almost nonexistent. The snowpack in the Sierra Nevada averages about 20%. In the Northern Sierra, it is about 5%. That’s 5% of normal. Why isn’t that headline everywhere? People have no idea what is coming. . .. What will happen in the Southwest? We are going to find out soon. Right now, they are frantically discussing desalination facilities in the Gulf of California. . .. That is idiocy and not going to save anything. It can’t be done in any time frame that matters.”
I asked Wigington if he lived in the Southwest what he would be doing? Wigington said, “I would move immediately.”
Wigington goes on to say, “Everything is tanking. You can’t fix what has been done, and people don’t want to understand the gravity of what has been done. . .. Complete chaos, carnage and collapse, that is what is happening. There are about five dozen countries freefalling into collapse because there is literally not enough to eat. Americans delusionally think that can’t happen here. Really?”
In closing, Wigington still holds out hope that we can still salvage what is left of the environment if we can stop the destruction that geoengineering is causing. Wigington says, “There are converging catastrophes in every direction, but if we don’t deal with what is happening in our skies, all other causes and concerns will, very soon, be mute points. . .. There is no argument that this is not happening. People cannot underestimate the difference they can make in this battle. We have free resources you can use at geoengineeringwatch.org. . .. If you can wake those up around you, you won’t feel so isolated and alone. . .. We can all make a difference if we can wake up enough people . . .. and waking up those involved with these programs and them standing down. That is the only way we are going to stop these operations.”
There is much more in the 50-minute interview.
There is an 8-minute video to explain how easy it is to ride out any terror attack or extreme storm. You can get more information on Sat phones and backup battery power at Sat123.com. You can get all the information on Starlink at Starlink.com. You can get all the new Faraday bags and clothing at DarkBags.com. You can also call 855-980-5830 and talk to a real human. Same goes for EscapeZone.com where you can get Faraday bags big and small, and the newest Faraday clothing. You can also talk to a real human at EscapeZone.com by calling 702-825-0005.
Join Greg Hunter of USAWatchdog as he goes one-on-one with Dane Wigington, founder of GeoEngineeringWatch.org, as the huge damage caused by geoengineering continues unabated as the march to environmental collapse draws closer for 4.28.26.
harveyorganblog.com 
