Spot silver up 1%

Malaysia respects multilateralism, will continue to engage China, EU, US -Trade Minister [mention multilateralism = trade war escalation = bullish crypto]

Gold to oil ratio: 51.37. The highest since October 2020.

The EU is considering ways to allow U.S. LNG exports to comply with its new methane emissions rules to avoid a trade conflict with President Trump amid ongoing tariff threats. -sources

China state-backed funds cut off new investment in US private equity -FT

At close, Shanghai Composite Index up nearly 0.5%, Shenzhen Component Index and Chinext up over 1%

🚨China's foreign ministry, on US sanctions on officials: China strongly condemns and decides to sanction relevant US congress members, officials, and heads of non-governmental organizations [Yes please, escalate]

Nvidia CEO meets Japan PM Ishiba. Discusses AI robotics, AI energy needs

China Foreign Ministry, when asked about Iran foreign minister visit: China, Iran maintaining communications on all levels and sectors

Spot gold new ATH $3395

🚨Pope Francis died on Easter Monday, April 21, 2025, at the age of 88 at his residence in the Vatican's Casa Santa Marta.

Gold rises when people are worried, while a gain in (copper) shows that economic activity is expanding. So when copper drops to its lowest in gold terms in at least 38 years, that’s concerning. -Bloomberg [ignore macro fud, BTFD]

🚨U.S. stock indices down sharply; S&P 500 E-MINIS -1.13%, NASDAQ 100 E-MINIS -1.27%, DOW E-MINIS -1.04% [BTFD]

China’s SASAC urges State Owned Enterprises to strengthen fund coordination, ensure timely payments to Small Medium Enterprises. [China money cannon KABOOM]

$1Bn USDT minted at Tether Treasury -Tronscan

Goldman Sachs: The combination of much stronger-than-expected foreign spending plans and weaker US asset performance has already led to some brief but active rotation out of US assets and increased interest in hedging US assets.

Emerging market central banks are injecting liquidity while selling USTs to support their local currencies, this creates the illusion that US assets are underperforming. But when they stop selling USTs, and EM currencies collapse, those paper gains (in Yuan) will vanish. Capital will flood back into USD and crypto. This reversal is coming soon. -Bull Case Insider

US investors could be forced to offload around $800 billion of Chinese equities 'in an extreme scenario' of financial decoupling between the world’s two largest economies -Goldman Sachs

Klaus Schwab to step down as chair of the board of trustees of World Economic Forum with immediate effect -WEF statement