FEB 25

· by harveyorgan · in Uncategorized · Leave a comment ·Edit

GOLD; $1886.30 DOWN $38.95

SILVER: $24.00 DOWN 64 CENTS

ACCESS MARKET: GOLD $1887.50

SILVER: $24.20

raid today in gold/silver due to options expiry at LBMA. The London OTC LBMA options expire Monday, Feb 28/2021

Bitcoin: morning price: $39371 UP 1015

Bitcoin: afternoon price: $38,790 UP 434

Platinum price: closing UP $3.00 to $1055.10

Palladium price; closing UP $26.20 at $2377.30

END

end

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comex notices//JPMorgan notices filed//comex notices//JPMorgan notices filed 8/50

EXCHANGE: COMEX

CONTRACT: FEBRUARY 2022 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,925.100000000 USD
INTENT DATE: 02/24/2022 DELIVERY DATE: 02/28/2022
FIRM ORG FIRM NAME ISSUED STOPPED

523 H INTERACTIVE BRO 7
657 C MORGAN STANLEY 15
661 C JP MORGAN 28
661 H JP MORGAN 23
686 C STONEX FINANCIA 8
905 C ADM 5 14

TOTAL: 50 50

MONTH TO DATE: 18,966

NUMBER OF NOTICES FILED TODAY FOR FEB. CONTRACT:50 NOTICE(S) FOR 5,000 OZ (0.1552 TONNES)

total notices so far: 18,966 contracts for 1,896,600 oz (58.99 tonnes)

SILVER NOTICES:

2 NOTICE(S) FILED TODAY FOR 10,000 OZ/

total number of notices filed so far this month 2024 : for 10,120,000 oz

GLD

WITH GOLD DOWN $38.95

WITH RESPECT TO GLD WITHDRAWALS: (OVER THE PAST FEW MONTHS):

GOLD IS “RETURNED” TO THE BANK OF ENGLAND WHEN CALLING IN THEIR LEASES: THE GOLD NEVER LEAVES THE BANK OF ENGLAND IN THE FIRST PLACE. THE BANK IS PROTECTING ITSELF IN CASE OF COMMERCIAL FAILURE

ALSO INVESTORS SWITCHING TO SPROTT PHYSICAL (phys) INSTEAD OF THE FRAUDULENT GLD//

NO CHANGES AT THE GLD:

CLOSING INVENTORY :1029.32 TONNES

Silver//SLV

WITH NO SILVER AROUND AND SILVER DOWN 64 CENTS:/:

AT THE SLV//

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

A HUGE CHANGE IN SILVER INVENTORY AT THE SLV//A WITHDRAWAL OF 5.510 MILLION OX FROM THE SLV

CLOSING INVENTORY: 546.052 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI ROSE BY A HUMONGOUS 7819 CONTRACTS TO 155,661 AND FURTHER FROM THE NEW RECORD OF 244,710, SET FEB 25/2020 AND WITH THIS HUGE LOSS IN OI, IT WAS ACCOMPANIED WITH OUR STRONG $0.15 GAIN IN SILVER PRICING AT THE COMEX ON THURSDAY. OUR BANKERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.15) BUT WERE SUCCESSFUL IN KNOCKING OUT SOME SILVER LONGS AS WE HAD A HUMONGOUS LOSS OF 4254 CONTRACTS ON OUR TWO EXCHANGES WITH ALL OF THE LOSS COMING FROM THE INITIATION OF SPREADER /TAS LIQUIDATION

WE MUST HAVE HAD:
I) HUGE BANKER SHORT COVERING AS THEY ARE VERY ANXIOUS TO GET OUT OF DODGE!!/. II)WE ALSO HAD SOME REDDIT RAPTOR BUYING//. iii) A HUGE ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) A HUGE INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 4.110 MILLION OZ FOLLOWED BY TODAY’S NIL OZ QUEUE JUMP//NEW STANDING 10.120 MILLION OZ. V) HUGE SIZED COMEX OI LOSS//INITIATION OF SPREADER LIQUIDATION.

I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL:

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI SILVER TODAY: CONTRACTS -8103

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS FEB. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF FEB:

TOTAL CONTACTS for 18 days, total contracts: : 14,478 contracts or 72.390 million oz OR 4.021 MILLION OZ PER DAY. (8043CONTRACTS PER DAY)

TOTAL NO OF OZ UNDERGOING EFP TO LONDON 14,478 CONTRACTS X 5,000 PER CONTRACT:

EQUATES TO: 72.39 MILLION OZ

LAST 10 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

JAN 2022// 90.460 MILLION OZ

FEB 2022: 72.39 MILLION OZ//

SPREADING OPERATIONS

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

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

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

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 (MAR), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”

RESULT: WE HAD A HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 7819 WITH OUR STRONG $0.15 GAIN SILVER PRICING AT THE COMEX// THURSDAY THE CME NOTIFIED US THAT WE HAD A HUGE SIZED EFP ISSUANCE OF 3565 CONTRACTS( 3565 CONTRACTS ISSUED FOR MAR AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH EXITED OUT OF THE SILVER COMEX TO LONDON AS FORWARDS THE DOMINANT FEATURE TODAY: /HUGE BANKER SHORT COVERING AS THEY GET OUT OF DODGE//// WE HAVE A GOOD INITIAL SILVER OZ STANDING FOR FEB OF 4.1 MILLION OZ FOLLOWED BY TODAY’S NIL OZ QUEUE JUMP //NEW STANDING 10.120, MILLION OZ// .. WE HAD A HUGE SIZED LOSS OF 4254 OI CONTRACTS ON THE TWO EXCHANGES FOR 21.290 MILLION OZ//

WE HAD 2 NOTICES FILED TODAY FOR 10,000 OZ

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST FELL BY A STRONG 6203 TO 611,953 AND FURTHER FROM OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: -7584 CONTRACTS.

THE BIS HAS ABANDONED THE GOLD COMEX TRADING!!!

THE STRONG SIZED DECREASE IN COMEX OI CAME DESPITE OUR GAIN IN PRICE OF $17.35//COMEX GOLD TRADING/THURSDAY/.AS IN SILVER WE MUST HAD HUGE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR STRONG SIZED EXCHANGE FOR PHYSICAL ISSUANCE. WE HAD ZERO LONG LIQUIDATION AS THE TOTAL GAIN ON OUR TWO EXCHANGES TOTALED 7776 CONTRACTS…

WE ALSO HAD A HUGE INITIAL STANDING IN GOLD TONNAGE FOR FEB AT 64.3 TONNES FOLLOWED BY TODAY’S 800 OZ QUEUE. JUMP //NEW STANDING: 58.995 TONNES

YET ALL OF..THIS HAPPENED WITH OUR GAIN IN PRICE OF $17.35 WITH RESPECT TO THURSDAY’S TRADING

WE HAD A STRONG SIZED LOSS OF 192 OI CONTRACTS (0.597 PAPER TONNES) ON OUR TWO EXCHANGES

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 6395 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 611,953.

IN ESSENCE WE HAVE A SMALL SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 192, WITH 6203 CONTRACTS DECREASED AT THE COMEX AND 6395 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 192 CONTRACTS OR 0.597TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (6395) ACCOMPANYING THE STRONG SIZED LOSS IN COMEX OI (6203,): TOTAL LOSS IN THE TWO EXCHANGES 192 CONTRACTS. WE NO DOUBT HAD 1) HUGE BANKER SHORT COVERING ,2.) HUGE INITIAL STANDING AT THE GOLD COMEX FOR FEB. AT 64.30 TONNES WHICH FOLLOWS TODAY’S 800 OZ QUEUE JUMP //NEW STANDING 59.023 TONNES// 3) ZERO LONG LIQUIDATION ,4) STRONG SIZED COMEX OI. GAIN 5) STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL//SOME SPREADER LIQUIDATION

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2022 INCLUDING TODAY

FEB

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF FEB :

59,689 CONTRACTS OR 5,968,900 OR 185.65 TONNES 18 TRADING DAY(S) AND THUS AVERAGING: 3316 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 18 TRADING DAY(S) IN TONNES: 185.65 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2020, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS 185.85/3550 x 100% TONNES 5,21% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO 2022

JANUARY/2021: 265.26 TONNES (RAPIDLY INCREASING AGAIN)

FEB : 171.24 TONNES ( DEFINITELY SLOWING DOWN AGAIN)..

MARCH:. 276.50 TONNES (STRONG AGAIN/

APRIL: 189..44 TONNES ( DRAMATICALLY SLOWING DOWN AGAIN//GOLD IN BACKWARDATION)

MAY: 250.15 TONNES (NOW DRAMATICALLY INCREASING AGAIN)

JUNE: 247.54 TONNES (FINAL)

JULY: 188.73 TONNES FINAL

AUGUST: 217.89 TONNES FINAL ISSUANCE.

SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_

OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)

NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP

DEC. 145.12 TONNES//FINAL ISSUANCE//

JAN:2022 247.25 TONNES //FINAL

FEB: 185.65 TONNES//INITIAL

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.

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

1.Today, we had the open interest at the comex, in SILVER, FELL BY A GIGANTIC SIZED 7819 CONTRACTS TO 155,661 AND CLOSER TO OUR COMEX RECORD //244,710(SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 4 1/2 YEARS AGO.

EFP ISSUANCE 3565 CONTRACTS

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

MAR 3565 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 3565 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 7819 CONTRACTS AND ADD TO THE 3565 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A HUMONGOUS SIZED LOSS OF 4254 OPEN INTEREST CONTRACT FROM OUR TWO EXCHANGES. ALL OF THE LOSS DUE TO SPREADER LIQUIDATION/TAS

THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES 21.290 MILLION OZ,

OCCURRED WITH OUR $0.15 GAIN IN PRICE.

OUTLINE FOR TODAY’S COMMENTARY

1/COMEX GOLD AND SILVER REPORT

(report Harvey)

2 ) Gold/silver trading overnight Europe,

(Peter Schiff,

3. Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com,

4. Chris Powell of GATA provides to us very important physical commentaries

5. Other gold commentaries

6. Commodity commentaries/cryptocurrencies

3. ASIAN AFFAIRS

i)FRIDAY MORNING// THURSDAY NIGHT

SHANGHAI CLOSED UP 21.48 PTS OR 0.63% //Hang Sang CLOSED DOWN 134.38 PTS OR 0.59% /The Nikkei closed UP 505.68 PTS or 1.95% //Australia’s all ordinaires CLOSED UP 0.28% /Chinese yuan (ONSHORE) closed UP 6.3148 /Oil DOWN TO 93.00 dollars per barrel for WTI and DOWN TO 98.36 for Brent. Stocks in Europe OPENED ALL GREEN // ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.3148. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.3132: /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFF SHORE STRONGER/

A)NORTH KOREA//USA/OUTLINE

b) REPORT ON JAPAN

OUTLINE

3 C CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A STRONG SIZED 6203 CONTRACTS AND CLOSER TO THE RECORD THAT WAS SET IN JANUARY/2020: {799,541 OI(SET JAN 16/2020)} AND PREVIOUS TO THAT: 797,110 (SET JAN 7/2020). AND THIS GOOD COMEX INCREASE OCCURRED DESPITE OUR STRONG GAIN OF $17.35 IN GOLD PRICING THURSDAY’S COMEX TRADING. WE ALSO HAD A STRONG SIZED EFP (6395 CONTRACTS). . THEY WERE PAID HANDSOMELY NOT TO TAKE DELIVERY AT THE COMEX AND SETTLE FOR CASH.

WE NORMALLY HAVE WITNESSED EXCHANGE FOR PHYSICALS ISSUED BEING SMALL AS IT JUST TOO COSTLY FOR THEM TO CONTINUE SERVICING THE COSTS OF SERIAL FORWARDS CIRCULATING IN LONDON. HOWEVER, MUCH TO THE ANNOYANCE OF OUR BANKERS, THE COMEX IS THE SCENE OF AN ASSAULT ON GOLD AS LONDONERS, NOT BEING ABLE TO FIND ANY PHYSICAL ON THAT SIDE OF THE POND, EXERCISE THESE CIRCULATING EXCHANGE FOR PHYSICALS IN LONDON AND FORCING DELIVERY OF REAL METAL OVER HERE AS THE OBLIGATION STILL RESTS WITH NEW YORK BANKERS. IT SEEMS THAT ARE BANKERS FRIENDS ARE EXERCISING EFP’S FROM LONDON AND NOW THEY ARE LOATHE TO ISSUE NEW ONES.

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW MOVING TO THE ACTIVE DELIVERY MONTH OF FEB.. THE CME REPORTS THAT THE BANKERS ISSUED A STRONG SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS 6395 EFP CONTRACTS WERE ISSUED: ;: , & FEB. 0 APRIL:6395 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 6395 CONTRACTS

WHEN WE HAVE BACKWARDATION, EFP ISSUANCE IS VERY COSTLY BUT THE REAL PROBLEM IS THE SCARCITY OF METAL AND IT IS FAR BETTER FOR OUR BANKERS TO PAY OFF INDIVIDUALS THAN RISK INVESTORS ESPECIALLY FROM LONDON STANDING FOR DELIVERY. THE LOWER PRICES IN THE FUTURES MARKET IS A MAGNET FOR OUR LONDONERS SEEKING PHYSICAL METAL. BACKWARDATION ALWAYS EQUAL SCARCITY OF METAL!

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A SMALL TOTAL OF 192 CONTRACTS IN THAT 6395 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A STRONG COMEX OI LOSS OF 6203 CONTRACTS..

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING FOR FEB (59.023),

HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 12 MONTHS OF 2021:

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 SO FAR THIS YEAR (JAN- DEC): 601.213 TONNES

FEB 2022: 59.023 TONNES

THE BANKERS WERE UN SUCCESSFUL IN LOWERING GOLD’S PRICE //// (IT ROSE $17.35) AND THEY WERE UNSUCCESSFUL IN FLEECING ANY LONGS AS WE HAVE REGISTERED A SMALL LOSS OF .597 TONNES OF TOTAL OI, ACCOMPANYING OUR HUGE GOLD TONNAGE STANDING FOR FEB (59.023 TONNES)…

WE HAD –7584 CONTRACTS REMOVED FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT

NO DOUBT THE LOSS ON THE GOLD COMEX WAS DUE TO SOME SPREADER LIQUIDATION

NET LOSS ON THE TWO EXCHANGES 192 CONTRACTS OR 19200 OZ OR 0.597 TONNES

Estimated gold volume today: 224,306 ///FAIR

Confirmed volume yesterday: 455,034 contracts VERY STRONG

INITIAL STANDINGS FOR FEB ’22 COMEX GOLD //FEB 25

Gold	Ounces
Withdrawals from Dealers* Inventory in oz*	nil oz
Withdrawals from Customer* Inventory in oz*	nil oz
Deposit to the Dealer* Inventory in oz*	nilOZ
Deposits to the Customer* Inventory, in oz*	nil
No of oz served (contracts) today	50 notice(s)5000 OZ0.1552 TONNES
No of oz to be served (notices)	10 contracts 1000 oz0.3110 TONNES
Total monthly oz gold served (contracts) so far this month	18,966 notices1,896,600 OZ58.99 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*	xxx oz

For today:

0 dealer deposit

No dealer withdrawal 0

0 customer deposit

total deposit: NIL oz

0 customer withdrawals

total withdrawals: nil oz

ADJUSTMENTS: 1// dealer to customer

a) 16,299.450 oz//JPMorgan

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR FEBRUARY.

For the front month of FEBRUARY we have an oi of 60, LOSING 687 contracts.

We had 695 contracts served upon yesterday, so we GAINED 8 contracts or an additional 800 oz will stand on this side of the pond looking for gold metal.

The month of March saw a GAIN OF 686 contracts and thus the OI standing is 4991.

April saw a LOSS of 12,589 contracts DOWN to 461,270.

June saw a gaIN of 5855 contracts up to 89,332 contracts

We had 50 notice(s) filed today for 5000 oz FOR THE FEB 2022 CONTRACT MONTH.

Today, 0 notice(s) were issued from J.P.Morgan dealer account and 23 notices were issued from their client or customer account. The total of all issuance by all participants equates to 50 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 8 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 0 notice(s) received (stopped) by the squid (Goldman Sachs)

To calculate the INITIAL total number of gold ounces standing for the FEB /2021. contract month,

we take the total number of notices filed so far for the month (18,966) x 100 oz , to which we add the difference between the open interest for the front month of (FEB: 60 CONTRACTS ) minus the number of notices served upon today 50 x 100 oz per contract equals 1,897,600 OZ OR 59.023 TONNES the number of TONNES standing in this active month of FEB.

thus the INITIAL standings for gold for the FEB contract month:

No of notices filed so far (18,966) x 100 oz+ (60) OI for the front month minus the number of notices served upon today (50} x 100 oz} which equals 1,897,600 oz standing OR 59.023 TONNES in this active delivery month of FEB.

We GAINED 8 contracts or an additional 800 oz will stand for gold over here

TOTAL COMEX GOLD STANDING: 59.023 TONNES (HUGE FOR A FEBRUARY DELIVERY MONTH)

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

COMEX GOLD INVENTORIES/CLASSIFICATION

NEW PLEDGED GOLD:

157,392.690, oz NOW PLEDGED /HSBC 4.89 TONNES

123,963.792 PLEDGED MANFRA 3.86 TONNES

54,339.114oz PLEDGED JPMorgan no 1 1.690 tonnes

262,049.904, oz JPM No 2 8.15 TONNES

898,821.330 oz pledged Brinks/27,96 TONNES

12,249,333 oz International Delaware: 0..3810 tonnes

Loomis: 18,615.429 oz

total pledged gold: 1,527,431.597 oz 47.50 tonnes

TOTAL REGISTERED AND ELIZ GOLD AT THE COMEX: 32,528,644.909 OZ (1011.77 TONNES)

TOTAL ELIGIBLE GOLD: 15,202,228.847 OZ (472.85 tonnes)

TOTAL OF ALL REGISTERED GOLD: 17,326,416.062 OZ (538.92 tonnes)

REGISTERED GOLD THAT CAN BE SERVED UPON: 15,798,985.0 OZ (REG GOLD- PLEDGED GOLD) 491.41 tonnes

END

FEBRUARY 2022 CONTRACT MONTH//SILVER

INITIAL STANDING FOR SILVER//FEB 25

Silver	Ounces
Withdrawals from Dealers* Inventory*	NIL oz
Withdrawals from Customer Inventory	504,818.750 ozCNT
Deposits to the Dealer* Inventory*	nilOZ
Deposits to the Customer Inventory	nil oz
No of oz served today (contracts)	2CONTRACT(S)10,000 OZ)
No of oz to be served (notices)	0 contracts (NIL oz)
Total monthly oz silver served (contracts)	2024 contracts 10,120,000 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*

And now for the wild silver comex results

we had 0 deposits into the dealer

total dealer deposits: nil oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

We have 0 deposits into the customer account

JPMorgan has a total silver weight: 182.9 million oz/348.321 million =52.51% of comex

ii) Comex withdrawals: 1

a)Out of CNT 504,868.750 oz

total withdrawal 504,818.750 oz

we had 2 adjustments//

dealer to customer account

CNT: 1,195,726.327 oz

customer to dealer

Brinks 647,659.720 oz

the silver comex is in stress!

TOTAL REGISTERED SILVER: 80.564 MILLION OZ

TOTAL REG + ELIG. 348.321 MILLION OZ

CALCULATION OF SILVER OZ STANDING FOR FEBRUARY

silver open interest data:

FRONT MONTH OF FEB//2022 OI: 2 CONTRACTS LOSING 37 contracts on the day. We had 37 contracts served upon yesterday.

So we gained 0 contracts or an additional NIL oz will stand for silver on this side of the pond.

FOR MARCH WE HAD A LOSS OF 15,288 CONTRACTS DOWN TO 15,996 CONTRACTS.

WE HAVE ONE MORE READING DAY BEFORE FIRST DAY NOTICE.

APRIL HAD A 87 GAIN// CONTRACTS RISING TO 497

MAY HAD A GAIN OF 6910 CONTRACTS UP TO 116,198 contracts

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 2 for 10,000 oz

Comex volumes: 80,011// est. volume today//good/

Comex volume: confirmed THURSDAY: 204,046 contracts (OUT OF THIS WORLD)

To calculate the number of silver ounces that will stand for delivery in FEB. we take the total number of notices filed for the month so far at 2024 x 5,000 oz =. 10,120,000 oz

to which we add the difference between the open interest for the front month of FEB (2) and the number of notices served upon today 37 x (5000 oz) equals the number of ounces standing.

Thus the standings for silver for the FEB./2021 contract month: 2024 (notices served so far) x 5000 oz + OI for front month of FEB (2) – number of notices served upon today (2) x 5000 oz of silver standing for the FEB contract month equates 10,120,000 oz. .

We gained 0 CONTRACTS OR NIL ADDITIONAL oz of silver will stand at the comex. This should finalize the month of Feb for silver.

the record level of silver open interest is 234,787 contracts set on April 21./2017 with the price on that day at $18.42. The previous record was 224,540 contracts with the price at that time of $20.44

END

GLD AND SLV INVENTORY LEVELS:

FEB 25/WITH GOLD DOWN $38.95: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1029.32 TONNES

FEB 24/WITH GOLD UP $17.35//A HUGE CHANGE AT THE GLD: 5.23 TONNES INTO THE GLD// IN GOLD INVENTORY AT THE GLD/INVENTORY REST AT 1029.32 TONNES

FEB 23/WITH GOLD UP $2.00 : NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1024.09 TONNES

FEB 22/WITH GOLD UP $6.20: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 4.65 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 1024.09 TONNES

FEB 18/WITH GOLD DOWN $1.80: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1019.44 TONNES

FEB 17/WITH GOLD UP $29.50: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1019.44 TONNES

FEB 16/WITH GOLD UP 414.60 NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1019.44 TONNES

FEB 15/WITH GOLD DOWN $12.70 NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1019.44 TONNES

FEB 14/WITH GOLD UP $27.20 NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1019.44 TONNES

FEB 11/WITH GOLD UP $4.50 A HUGE CHANGE IN GOLD IVNETORY AT THE GLD// A DEPOSIT OF 3.48 TONNES INTO THE GLD//INVENTORY RESTS AT 1019.44 TONES

FEB 10/WITH GOLD UP $1.00: NO CHANGES IN GOLD INVENTORY AT THE GLD///INVENTORY RESTS AT 1015.96 TONNES

FEB 9/WITH GOLD UP $8.05//NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1015.96 TONNES

FEB 8/WITH GOLD UP $5.95 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 4.36 TONNES INTO THE GLD//INVENTORY RESTS AT 1015.96 TONNES

FEB 7/WITH GOLD UP $14.00 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.24 TONNES FROM THE GLD/////INVENTORY RESTS AT 1011.60 TONNES//

FEB 4/WITH GOLD UP $3.40 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.75 TONNES FROM THE GLD////INVENTORY RESTS AT 1014.84 TONNES

FEB 3/WITH GOLD DOWN $5.55: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.45 TONNES FROM THE GLD////INVENTORY RESTS AT 1016.59 TONNES

FEB 2/WITH GOLD UP $7.95//A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 3.78 TONES OF GOLD INTO THE GLD////INVENTORY RESTS AT 1018.04 TONNES

FEB 1/WITH GOLD UP $5.40: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1014.26 TONNES

JAN 31/WITH GOLD UP $10.10//NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1014.26 TONNES

JAN 28/WITH GOLD DOWN $8.30//NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1014.26 TONNES

JAN 27/WITH GOLD DOWN $36.15//ANOTHER HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.16 TONNES INTO THE GLD.//INVENTORY RESTS AT 1014.26 TONNES

JAN 26/WITH GOLD DOWN $21.60 A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 4.65 TONNES INTO THE GLD///INVENTORY RESTS AT 1013.10 TONNES

JAN 25/WITH GOLD UP $10.40 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1008.45 TONNES

JAN 24/WITH GOLD UP $10.10 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: AN UNBELIEVABLE DEPOSIT OF 27.59 TONNES INTO THE GLD//INVENTORY RESTS AT 1008.45 TONNES

CLOSING INVENTORY FOR THE GLD//1029.32 TONNES

Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them

FEB 25/WITH SILVER DOWN 64 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 5.510 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 546.052 MILLION OZ/

FEB 24/WITH SILVER UP 15 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 551.597 MILLION OZ

FEB 23/WITH SILVER UP 22 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 551.597 MILLION OZ//

FEB 22/WITH SILVER UP 30 CENTS TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 350,000 OZ INTO THE SLV///INVENTORY RESTS AT 551.597 MILLION OZ//

FEB 18/WITH SILVER UP 7 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.017 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 551.227 MILLION OZ

FEB 17/WITH SILVER UP 31 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.402 MILLION OZ//INVENTORY RESTS AT 550.210 MILLION OZ/

FEB 16/WITH SILVER UP 21 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 547.808 MILLIONOZ

FEB 15/WITH SILVER DOWN 46 CENTS TODAY : NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 547.808 MILLION OZ//

FEB 14/WITH SILVER UP 49 CENTS TODAY; A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 3.235 MILLION OZ INTO THES LV////INVENTORY RESTS AT 547.808 MILLION OZ

FEB 11/WITH SILVER DOWN 18 CENTS TODAY:NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 544.573 MILLION OZ///

SLV/FEB 10/WITH SILVER UP 19 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 544.573 MILLION OZ//

FEB 9/WITH SILVER UP 14 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 544.573 MILLION OZ//

FEB 8/WITH SILVER UP 15 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 3.143 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 544.573 MILLION OZ//

FEB 7/WITH SILVER UP 52 CENTS TODAY: A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.218 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 541.430 MILLION OZ/

FEB 4/WITH SILVER UP 16 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 539.212 MILION OZ

FEB 3/WITH SILVER DOWN 35 CENTS: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT539.212 MILLION OZ//

FEB 2/WITH SILVER UP 15 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 5.411 MILLION OZ INTO THE SLV.//INVENTORY RESTS AT 539.212 MILLION OZ/

FEB 1/WITH SILVER UP 18 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 533.801 MILLION OZ

JAN 31/WITH SILVER UP 7 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.202 MILLION OZ FORM THE SLV.//INVENTORY RESTS AT 533.801 MILLION OZ//

JAN 28/WITH SILVER DOWN 36 CENTS : NO CHANGE IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 535.003 MILLION OZ//

JAN 27/WITH SILVER DOWN $1.13 TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 535.003 MILLION OZ//

JAN 26/WITH SILVER DOWN 7 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 535.003 MILLION OZ//

JAN 25/WITH SILVER UP 10 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.311 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 535.003 MILLION OZ/

.JAN 24/WITH SILVER DOWN 48 CENTS TODAY: A MASSIVE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 4.8 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 532.692 MILLION OZ//.

SLV FINAL INVENTORY FOR TODAY: 546.052 MILLION OZ//

PHYSICAL GOLD/SILVER STORIES

1.PETER SCHIFF

end

2.LAWRIE WILLIAM//,//Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, James RICKARDS

The War On Cash Entering Bold New Phase

THURSDAY, FEB 24, 2022 – 10:20 PM

Authored by James Rickards via DailyReckoning.com,

With so much news about Ukraine, inflation, massive government spending and exploding deficits, it’s easy to overlook the ongoing war on cash. That’s a mistake because it has serious implications not only for your money, but for your privacy and personal freedom, as you’ll see today.

The war on cash is a global effort being waged on many fronts. My view is that the war on cash is dangerous in terms of lost privacy and the risk of government confiscation of wealth.

Governments always use money laundering, drug dealing and terrorism as excuses to keep tabs on honest citizens and deprive them of the ability to use money alternatives such as physical cash, gold and, these days, cryptocurrencies.

The real burden of the war on cash falls on honest citizens who are made vulnerable to wealth confiscation through negative interest rates, loss of privacy, account freezes and limits on cash withdrawals or transfers.

The enemies of cash promote the ease and convenience of digital payments. Of course, there’s no denying that digital payments are certainly convenient. I use them myself in the forms of credit and debit cards, wire transfers, automatic deposits and bill payments. I’m sure you do too.

But the surest way to lull someone into complacency is to offer a “convenience” that quickly becomes habit and impossible to do without. The convenience factor is becoming more prevalent, and consumers are moving from cash to digital payments just as they moved from gold and silver coins to paper money a hundred years ago.

One survey revealed that more than a third of Americans and Europeans would have no problem at all giving up cash and going completely digital. Specifically, the study showed 34% of Europeans and 38% of Americans surveyed would prefer going cashless.

But in reality, the so-called “cashless society” is just a Trojan horse for a system in which all financial wealth is electronic and represented digitally in the records of a small number of megabanks and asset managers.

Once that is achieved, it will be easy for state power to seize and freeze the wealth, or subject it to constant surveillance, taxation and other forms of digital confiscation like negative interest rates.

They can’t do that as long as you can go to your bank and withdraw your cash. That’s the key. In other words, it’s much easier for them to control your money if they first herd you into a digital cattle pen. That’s their true objective and all the other reasons are just a smoke screen.

That’s what they won’t tell you.

Elites know that they can’t ram their unpopular agendas through in normal times. The global elites and deep state actors always have a laundry list of programs and regulations they can’t wait to put into practice. They know that most of these are deeply unpopular and they could never get away with putting them into practice during ordinary times.

Yet when a crisis hits, citizens are desperate for fast action and quick solutions. The elites bring forward their rescue packages but then use these as Trojan horses to sneak their wish lists inside. That’s what we’re seeing.

The USA Patriot Act passed after 9/11 is a good example. Some counterterrorist measures were needed, of course. But the Treasury had a long-standing wish list involving reporting cash transactions and limiting citizens’ ability to get cash.

They plugged that wish list into the Patriot Act and we’ve been living with the results ever since, even though 9/11 is long in the past.

Cash prevents central banks from imposing negative interest rates because if they did, people would withdraw their cash from the banking system.

If they stuff their cash in a mattress, they don’t earn anything on it; that’s true. But at least they’re not losing anything on it. Once all money is digital, you won’t have the option of withdrawing your cash and avoiding negative rates. You will be trapped in a digital pen with no way out.

What about moving your money into cryptocurrencies like Bitcoin?

Let’s first understand that governments enjoy a monopoly on money creation, and they’re not about to surrender that monopoly to digital currencies like Bitcoin. Libertarian supporters of cryptos celebrate their decentralized nature and lack of government control. Yet their belief in the sustainability of powerful systems outside government control is naïve.

Blockchain does not exist in the ether (despite the name of one cryptocurrency), and it does not reside on Mars. Blockchain depends on critical infrastructure including servers, telecommunications networks, the banking system and the power grid, all of which are subject to government control.

You need to understand that reality.

The good news is that cash is still a dominant form of payment in many countries including the U.S. The problem is that as digital payments grow and the use of cash diminishes, a “tipping point” is reached where suddenly it makes no sense to continue using cash because of the expense and logistics involved.

Once cash usage shrinks to a certain point, economies of scale are lost and usage can go to zero almost overnight. Remember how music CDs disappeared suddenly once MP3 and streaming formats became popular?

That’s how fast cash can disappear.

Once the war on cash gains that kind of momentum, it will be practically impossible to stop.

Besides the loss of privacy, other dangers from the cashless society arise from the fact that digital money, transferred by credit or debit cards or other electronic payments systems, is completely dependent on the power grid. If the power grid goes out due to storms, accidents, sabotage or cyberattacks, our digital economy will grind to a complete halt.

The time to protect yourself is now. The best way is to keep a portion of your wealth outside of the banking system.

That’s why it’s a good idea to keep some of your liquidity in paper cash (while you can) and gold or silver coins. The gold and silver coins in particular will be money good in every state of the world.

That’s why I’m always saying that savers and those with a long-term view should get physical gold now while prices are still attractive and while they still can.

I strongly recommend that you own physical gold (and silver). I recommend you allocate 10% of your investable assets to gold. If you really want to be aggressive, maybe 20%. But no more.

Just make sure you don’t store it in a bank, because it would be subject to confiscation. That defeats the whole purpose of having this sort of protection in the first place.

I hold a significant portion of my wealth in nondigital form, including real estate, fine art and precious metals in safe, nonbank storage. That’s not because I’m paranoid or a fanatic prepper. I just think it’s prudent in these times.

I strongly suggest you do the same. The cashless society could be here quicker than you think.

-END-

3. Chris Powell of GATA provides to us very important physical commentaries

Chris Powell on gold rigging!

(Chris Powell)

Can gold market rigging get more obvious? Yes, and probably will tomorrow

Submitted by admin on Thu, 2022-02-24 12:03Section: Daily Dispatches

12:10p ET Thursday, February 24, 2022

Dear Friend of GATA and Gold:

Today’s “market” action in gold and silver evokes for your secretary/treasurer, and maybe a few others, a GATA dispatch from 10 years ago. An excerpt from that dispatch is below.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

May 30, 2012

https://www.gata.org/node/11426

If the Northern Hemisphere was destroyed in a nuclear war, the Federal Reserve, JPMorganChase, and HSBC would get some brokers to Sydney, Rio de Janeiro, and Johannesburg to sell gold futures massively and drive the price down by at least 5%.

Kitco market analyst Jon Nadler would crawl out from the rubble and opine to the cockroaches that the gold price had fallen because so many gold buyers had been killed, as he always had predicted would happen.

CPM Group’s Jeff Christian would telephone New Zealand not to worry because he was flying down with reams of gold-colored paper that would work just as well in Wellington as it did in New York as long as nobody asked what was behind it.

And the World Gold Council would console itself with whatever high-fashion models could be found wearing nose rings in French Polynesia.

But with London and New York razed, at least we’d be spared more contrived rationalizations about the strange market action from the Financial Times and Wall Street Journal.

Monetary metals investors should understand that, as geopolitical analyst Jim Rickards somehow was allowed to say on CNBC three years ago, “When you own gold you’re fighting every central bank in the world.”

It’s them or humanity, slavery or freedom. Get used to it. Besides, we’re winning.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

CPowell@GATA.org

end

Your weekend reading material

Alasdair Macleod…

Alasdair Macleod: How Ukraine fits into the global jigsaw

Submitted by admin on Thu, 2022-02-24 20:45Section: Daily Dispatches

By Alasdair Macleod
GoldMoney, Toronto
Thursday, February 24, 2022

Ukraine is part of a far bigger geopolitical picture.

Russia and China want U.S. hegemonic influence in the Eurasian continent marginalized. Following defeats for U.S. foreign policy in Syria and Afghanistan and following Brexit, Russian President Vladimir Putin is driving a wedge between America and the non-Anglo-Saxon European Union.

Due to global monetary expansion, rising energy prices are benefiting Russia, which can afford to squeeze Germany and other EU states dependent on Russian natural gas. The squeeze will stop only when America backs off.

Being keenly aware that its dominant role in NATO is under threat, America has been trying to escalate the Ukraine crisis to suck Russia into an untenable occupation. Putin won’t fall for it.

The danger for us all is not a boots-on-the-ground war — that’s likely to involve only the pre-emptive attacks on military installations Putin initiated last night — but a financial war for which Russia is fully prepared.

Both sides probably do not know how fragile the eurozone banking system is, with both the European Central Bank and its national central bank shareholders already having liabilities greater than their assets. In other words, rising interest rates have broken the euro system, and an economic and financial catastrophe on its eastern flank will probably trigger its collapse.

The developing tension over Ukraine is part of a bigger picture — a struggle between America and the two Eurasian hegemons, Russia and China. The prize is ultimate control over Mackinder’s World Island.

Halford Mackinder is acknowledged as the founder of geopolitics: the study of factors such as geography, geology, economics, demography, politics, and foreign policy and their interaction. His original paper was entitled “The Geographical Pivot of History,” presented at the Royal Geographical Society in 1905, in which he first formulated his Heartland Theory, which extended geopolitical analysis to encompass the entire globe.

In this and a subsequent paper (“Democratic Ideals and Reality: A Study in the Politics of Reconstruction,” 1919) he built on his Heartland Theory, from which his famous quote has been passed down to us: “Who rules East Europe commands the World Island” — Eurasia. “Who rules the World Island rules the world.”

Josef Stalin was said to have been interested in this theory, and while it is not generally admitted, the leaders and administrations of Russia, China, and America are almost certainly aware of Mackinder’s theory and its implications. …

… For the remainder of the analysis:

https://www.goldmoney.com/research/goldmoney-insights/popular/2616-how-ukraine-fits-into-the-global-jigsaw?gmrefcode=gata

end

Jim Rickards: The dollar is becoming a victim of its own success

Submitted by admin on Thu, 2022-02-24 21:25Section: Daily Dispatches

By James G. Rickards
The Daily Reckoning, Baltimore
Tuesday, February 22, 2022

America’s most powerful weapon of war does not shoot, fly, or explode. It’s not a submarine, plane, tank, or laser.

America’s most powerful strategic weapon today is the dollar.

The United States uses the dollar strategically to reward friends and punish enemies. The use of the dollar as a weapon is not limited to trade wars and currency wars, although the dollar is used tactically in those disputes.

The dollar can be used for regime change by creating hyperinflation, bank runs, and domestic dissent in countries targeted by the U.S. The U.S. can depose the governments of its adversaries, or at least blunt their policies without firing a shot. …

… For the remainder of the analysis:

https://dailyreckoning.com/the-dollar-a-victim-of-its-own-success/

end

4.OTHER GOLD/SILVER COMMENTARIES

Special thanks to Doug C for providing this for us:

I now see the atheists that control the banking system also control the silver institute

Click to access SNFeb2022.pdf

END

5.OTHER COMMODITIES/EDIBLE OILS/HUGE PRICE INCREASES//

6.CRYPTOCURRENCIES

Your early currency/gold and silver pricing/Asian and European bourse movements/ and interest rate settings FRIDAY morning 7:30 AM

ONSHORE YUAN: CLOSED DOWN 6.3148

OFFSHORE YUAN: 6.3132

HANG SANG CLOSED DOWN 134.38 PTS OR 0.59%

2. Nikkei closed UP 505.68 PTS O 1.95%

3. Europe stocks ALL GREEN

USA dollar INDEX DOWNP TO 96.91/Euro RISES TO 1.1216-

3b Japan 10 YR bond yield: RISES TO. +.208/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 115.58/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET//

3c Nikkei now ABOVE 17,000

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

3e WTI:: 93.00 and Brent: 98.36–

3f Gold DOWN /JAPANESE Yen DOWN CHINESE YUAN: ON -SHORE CLOSED UP// OFF- SHORE UP

3g Japan is to buy the equivalent of 108 billion uSA dollars worth of bond per month or $1.3 trillion. Japan’s GDP equals 5 trillion usa./“HELICOPTER MONEY” OFF THE TABLE FOR NOW /REVERSE OPERATION TWIST ON THE BONDS: PURCHASE OF LONG BONDS AND SELLING THE SHORT END

Japan to buy 100% of all new Japanese debt and by 2018 they will have 25% of all Japanese debt. Fifty percent of Japanese budget financed with debt.

3h Oil DOWN for WTI and DOWN FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO +.0.230%/Italian 10 Yr bond yield FALLS to 1.832% /SPAIN 10 YR BOND YIELD FALLS TO 1.20%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.60: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 2.55

3k Gold at $1890.00 silver at: 24.06 7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble;// Russian rouble UP 168/100 in roubles/dollar;ROUBLE AT 82.73

3m oil into the 93 dollar handle for WTI and 98 handle for Brent/

3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 115.58 DESTROYING JAPANESE CITIZENS WITH HIGHER FOOD INFLATION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this morning .9273– as the Swiss Franc is still rising against most currencies. Euro vs SF 1.0339 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

USA 10 YR BOND YIELD: 2.005 UP 4 BASIS PTS

USA 30 YR BOND YIELD: 2.314 UP 3 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 13.79

Futures Recover Overnight Losses After Torrid Thursday Rally As Uneasy Calm Returns

FRIDAY, FEB 25, 2022 – 07:57 AM

After yesterday’s furious gamma-squeeze rally, U.S. stock futures were slightly lower on the day, although near the overnight session highs as the ongoing Ukraine conflict and impact of Western sanctions continue to drive risk; sentiment was boosted after the Kremlin said that Ukraine’s neutrality offer is a move “toward positive” and following reports that China’s president Xi held a phone call with Putin who said Russia is willing to conduct high-level negotiations with Ukraine. S&P futures were down 10 points to 0.25% at 7:30am, after paring earlier declines of more than 1%, with Nasdaq futures down -0.15% and Dow futures down 0.4%. Europe’s Stoxx Europe 600 was in the green, and oil was steady after Bloomberg reported that oil importers in China are briefly pausing new seaborne purchases as they assess the potential implications of handling the shipments following the Ukraine invasion. Gold was steady, while Brent crude reached $100 a barrel and Treasuries rose.

In the latest developments, Ukraine’s president Zelensky said Moscow-led forces were continuing attacks on military and civilian targets on the second day of their invasion. Leaders from the North Atlantic Treaty Organization will hold virtual talks on the alliance’s next steps starting at 3 p.m. in Brussels. Meanwhile, President Joe Biden imposed stiffer sanctions on Russia, promising to inflict a “severe cost on the Russian economy” that will hamper its ability to do business in foreign currencies after Moscow-led forces attacked military targets in Ukraine, triggering the worst security crisis in Europe since World War II. China urged Russia and Ukraine to negotiate to address problems, according to Chinese state TV. Here is a full recap of the latest Ukraine developments:

There were reports of heavy explosions rocking the Ukrainian capital of Kyiv and US Senator Rubio tweeted it appeared that at least three dozen missiles were fired at the Kyiv are in 40 minutes, while Ukrainian Foreign Minister Kuleba confirmed Russian rockets fired at Kyiv and President Zelensky also noted Russia resumed missile strikes at 04:00 local time/02:00GMT. Russia has not undertaken missile strikes on Kyiv, according to Russian press citing a source in the Defence Ministry.
There is currently gunfire in Kyiv with Russians in the City, according to a reporter (08:45GMT/03:45EST)
Gunfire has been heard near the government quarter of Kyiv, Ukraine, via LBC News (09:09GMT/04:09EST)
Ukrainian military vehicles seized by Russian troops wearing Ukrainian uniforms, heading for Kyiv, defense official says – UNIAN, cited by BNO News.
Russian paratroopers take control of Chernobyl nuclear power plant, according to the Ministry of Defence cited by Sputnik. Additionally, Ukraine nuclear agency says it is seeing higher radiation levels in Chernobyl; note, Sky News reports that the increase is insignificant and is due to military vehicles moving around the reactor.
Ukraine President adviser says that Ukraine wants peace, if negotiations are still possible, they should be undertaken. Subsequently, Russian Foreign Minister Lavrov says that Ukraine President Zelenskiy is “lying” when he says he is prepared to discuss the neutral status of Ukraine; however, the Kremlin says it has taken note of Kyiv’s willingness to discuss neutral status; will need to analyze this.
Ukraine President Zelensky says the Russian assault is like a repeat of WW2, accuses Europe of an insufficient reaction, Europe can still stop the Russian aggression if they act quickly.
Ukrainian President Zelensky has proposed Russian President Putin joins him at the negotiating table, according to Ria.

In premarket trading, Block jumped after fourth-quarter sales beat consensus, while Coinbase dropped after warning that trading volume will decline in the first quarter. Zscaler slumped 13% after the security software company’s second-quarter results failed to live up to the most optimistic expectations, even though they beat estimates. Analysts slashed their price targets, including a new Street-low at Barclays. Here are some of the other notable U.S. premarket movers today:

Block Inc. (SQ US) shares climb 15% in U.S. premarket trading after the firm posted fourth-quarter sales that beat Street consensus. Analysts say the results are a relief, supported by “impressive” Cash App figures.
Coinbase Global Inc. (COIN US) shares were 1.6% lower in premarket trading after the biggest U.S. cryptocurrency exchange cautioned that trading volume will decline in the first quarter.
Etsy (ETSY US) shares are up about 18% in premarket trading, after the e- commerce company reported fourth-quarter results that featured better-than-expected revenue and gross merchandise sales. It also gave a forecast.
Beyond Meat (BYND US) shares dropped 10% in premarket as analyst questioned its profitability outlook and pricing strategy after the maker of plant-based foods forecast sales that missed market expectations.
KAR Auction Services (CVNA US) climbs 50% in U.S. premarket after agreeing to sell its Adesa U.S. physical auction business to Carvana for $2.2 billion in cash. Truist Securities sees positive implications for both stocks.
Farfetch (FTCH US) shares rally 27% in premarket trading after co. posted a smaller-than-expected 4Q loss.

A prolonged conflict could deliver a major blow to global markets and slow the normalization of central bank policy that’s expected this year. Wall Street strategists cut their forecasts on European equities on concern that the war in Ukraine will hurt economic growth, with Goldman Sachs Group Inc. expecting virtually no full-year returns.

A the same time, disruptions of raw materials and food could stoke already-high prices and heap pressure on central banks to act faster to curb inflation. Russia remains a commodity powerhouse and Ukraine is a major grain exporter. Markets still see around six quarter-point increases by the Federal Reserve, but bets on other central bank’s hiking cycles have been pared in recent days.

“This conflict implies a further deterioration of the already tricky growth-inflation trade-offs central banks have been facing, making the upcoming decisions particularly hard,” Silvia Dall’Angelo, senior economist at the international business of Federated Hermes, wrote in a note to clients. “Downside growth risks from the geopolitical backdrop mean that they are likely to proceed gradually and cautiously.”

Penalties by the U.S. and its allies spared Russia’s oil exports and avoided blocking access to the Swift global payment network. With flows of natural gas returning to Europe, prices reversed a record-breaking rally with the benchmark contract down as much as 28%.

European stocks climbed as investors bought the dip after a volatile week led by developments on the Ukrainian front. Stocks trade at session highs after the Kremlin says that Ukraine’s neutrality offer is a move “toward positive” while oil slips to session low. U.S. futures decline. Euro Stoxx 50 rallies 1.2%. FTSE 100 outperforms, adding 1.8%, IBEX lags, adding 0.9%. CAC 40 up 1.3%. Utilities, real estate and food & beverages are the strongest sectors. Russia’s MOEX index rebounds, rising ~15%. Here are some of the biggest European movers today:

European shares in sectors that were beaten down by Russia risk on Thursday rebound, with travel and basic resource stocks among the top gainers, as well as banks with exposure to eastern Europe.
Bank Polska Kasa Opieki +14%, Dino Polska +7.3%, Polymetal International +7.5%, Wizz Air +5.8%
The European utility sector leads gains among subindexes on the Stoxx 600, gaining about 5%, after European natural gas prices halted their rally rally, as Russian flows to the continent ramped up.
Rightmove shares rise as much as 7.4% after the online property listings firm reported FY revenue growth of 48% from a year earlier. The results show encouraging momentum into 2022, Numis says.
Pearson has its biggest gain in almost a year, rising 11% after results. Goldman Sachs notes the education publisher’s adjusted operating profit for FY22 was in line with market expectations.
Freenet rises as much as 6.7% after results, the most since May, as analysts see positive profitability updates despite revenue weakness.
Vallourec climbs as much as 20% after the French steel-pipe maker gave guidance that Oddo BHF calls “reassuring” in spite of incidents at a Brazil mine.
Valeo falls as much as 12% in Paris after the French company set out targets for this year and 2025, with analysts noting 2022 guidance came in below expectations.
BASF drops as much as 4.9% in Frankfurt after adjusted Ebit missed consensus and results show a squeeze on margins, Berenberg said.
Swiss Re plunges as much as 8.4% after reporting results that missed analyst estimates. The insurer also proposed new targets that “don’t seem supportive enough,” Citi writes.
Casino slumps as much as 17% to its lowest level in more than three decades after the French grocer reported FY results that Jefferies says showed “no progress” on deleveraging.

An uneasy calm returned to Asia’s stock markets on Friday, as investors assessed the fallout of Russia’s invasion of Ukraine and the outlook for China’s tech sector. The MSCI Asia Pacific Index climbed as much as 1.2%, rallying from its worst drop in a year on Thursday. Weaker-than-expected U.S. sanctions on Russia supported market sentiment, helping lift tech and industrial shares. China’s tech stocks advanced even after Alibaba announced the slowest revenue growth since it went public. Benchmarks in Japan and India were among the top performers. India’s Sensex turned from the biggest loser in Asia to the biggest winner on Friday. Hong Kong’s Hang Seng Index dropped as the city deals with record Covid-19 cases. Asian equities “showed signs of excessive drops, so today’s rise appears to be a technical rebound,” Seo Jung-hun, a strategist at Samsung Securities, said by phone. “Markets will continue to face volatility as Russia-sparked risks, the Fed’s policy tightening and inflation issues still persist.” Federal Reserve Governor Christopher Waller said a half percentage-point increase in U.S. interest rates next month could be justified, although the Ukraine conflict has added to uncertainty. The Asian stock benchmark is set for its worst week this month, down almost 4%, and remains close to entering a bear market. Geopolitical risks, regulatory concerns for Chinese private enterprises and a relatively slower pace of earnings growth compared with the rest of the world are all weighing on sentiment

Japanese equities climbed, sealing their first gain in six sessions, as blue chips led the charge following a late U.S. rally from the recent selloff in anticipation of Russia’s invasion of Ukraine. Electronics makers and telecoms were the biggest boosts to the Topix, which rose 1%. Tokyo Electron and SoftBank Group were the largest contributors to a 2% rise in the Nikkei 225. The yen retraced some of its 0.5% loss against the dollar overnight. “Expectations are spreading that the pace of rate hikes will be slowed down in the U.S. and Europe, considering the impact the Ukraine situation will have on the economy,” said Nobuhiko Kuramochi, a market strategist at Mizuho Securities

In rates, treasuries were slightly cheaper across the curve, with yields higher by 1bp to 1.5bp from Thursday’s session close. U.S. 10-year yield around 1.975%, cheaper by 1bp on the day with bunds lagging a further 1bp following data including France CPI beat, while Estoxx rally 1.5%; gilts outperform by around 2bp vs. Treasuries.

Treasuries pared an advance after Federal Reserve Governor Christopher Waller said a half percentage-point rate increase may be justified if economic data remain hot. European benchmark bonds traded steady to slightly lower. Gilts gained, led by the belly of the curve; Bank of England’s Huw Pill speaks later, with the pace of tightening in focus. IG dollar issuance slate empty so far; borrowers stepped away from debt sales Thursday leaving weekly total around $18b vs. $25b expected. German bunds bear-flatten on the back of a stronger-than-expected French CPI print, while money markets price as much as 42bps of ECB tightening in December, an increase of 5bps compared to Thursday.

In FX, the Bloomberg Dollar Spot Index was little changed as the greenback traded mixed versus its Group-of-10 peers, though most currencies were confined to narrow ranges relative to yesterday’s moves. The Australian and New Zealand dollars led G-10 gains on short covering after Thursday’s plunge; The yen was also higher while the euro fell a third consecutive day to trade below $1.12 and the pound erased an early advance. Hedging costs in the major currencies turned south early Friday, but investors aren’t ready to shift bias into risk-on exposure. French consumer prices rose 4.1% in February from a year earlier versus 3.3% in January. That’s the strongest reading since the data series started in 1997. Economists had forecast a 3.7% advance. Currencies from the European Union’s east weakened against the euro and the dollar, but were far from levels reached Thursday. A gauge of one-week implied volatility in the dollar against the Taiwan dollar jumped to a six-month high on Friday while the Taiwan dollar slid to the weakest since October in the spot market. The conflict in Ukraine may raise the risk premium for China and Taiwan over the medium term, according to Morgan Stanley.

In commodities, Brent trades around $99, while WTI slips below $93. Spot gold rises roughly $6 to trade near $1,910/oz. European natural gas prices halt a record-breaking rally. Benchmark futures fell as much as 28%, after four consecutive days of gains. Most base metals trade in the red; LME aluminum falls 2.5%, underperforming peers. LME lead outperforms

Looking at the day ahead, data highlights from the US include the personal income and personal spending data for January, preliminary durable goods orders and core capital goods orders for January, pending home sales for January, and the final University of Michigan consumer sentiment index for February. In Europe, we’ll also get the preliminary French CPI reading for February, and the Euro Area’s economic sentiment indicator for February.

Market Snapshot

S&P 500 futures down 1.1% to 4,237.75
MXAP up 1.0% to 181.44
MXAPJ up 0.8% to 593.50
Nikkei up 1.9% to 26,476.50
Topix up 1.0% to 1,876.24
Hang Seng Index down 0.6% to 22,767.18
Shanghai Composite up 0.6% to 3,451.41
Sensex up 2.5% to 55,878.05
Australia S&P/ASX 200 up 0.1% to 6,997.81
Kospi up 1.1% to 2,676.76
STOXX Europe 600 up 0.8% to 442.68
German 10Y yield little changed at 0.16%
Euro down 0.2% to $1.1172
Brent Futures up 0.9% to $99.98/bbl
Gold spot up 0.3% to $1,909.09
U.S. Dollar Index little changed at 97.18

Top Overnight News from Bloomberg

Federal Reserve officials stuck to their resolve to raise interest rates next month despite uncertainty posed by Russia’s invasion of Ukraine, with at least one policy maker considering a half-point move
Out of 18 potential red flags in Citi’s global Bear Market checklist, only seven are currently waving, far fewer than before bear markets of 2000 and 2007, strategists led by Beata Manthey wrote in a note. In Europe, the number of danger signs is only five, they said
China’s Politburo vowed to strengthen macroeconomic policies to stabilize the economy this year, suggesting more support could be on the cards to boost growth ahead of a key leadership meeting later this year
Russia still has about $300 billion of foreign currency held offshore – – enough to disrupt money markets if it’s frozen by sanctions or moved suddenly to avoid them
China’s central bank ramped up its short-term liquidity injection in the banking system, providing support just as global markets are roiled by geopolitical tension

A more detailed look at global markets courtesy of Newsquawk

Asia-Pacific stocks mostly gained after the firm rebound on Wall St. ASX 200 was capped amid a slew of earnings and with outperformance in tech offset by weakness in miners and financials. Nikkei 225 outperformed and reclaimed the 26k status with exporters underpinned by a more favourable currency. KOSPI gained with index heavyweight Samsung Electronics underpinned as it launched global sales of its flagship smartphone and latest tablet which have attracted record pre-orders. Hang Seng and Shanghai Comp. were mixed with the mainland underpinned after the PBoC boosted its daily liquidity operation which resulted in the biggest weekly cash injection in more than two years. although Hong Kong was constrained by losses in the energy majors and with financials subdued amid pressure in HSBC shares and after China Communist Party inspections on financial institutions.

Top Asian News

China Pledges Stronger Economic Policies to Stabilize Growth
China Leaves Russia’s War Off Front Pages as Xi Stays Silent
Currency Traders Remain Vigilant Even as Hedging Costs Retreat
Asian Stocks Gain as China Tech, India Rebound; Hong Kong Drops

European bourses are firmer and back in proximity to initial best levels after losing traction shortly after the cash open, Euro Stoxx 50 +1.3%; FTSE 100 +1.9% outperforms amid Basic Resources strength. US futures are lower across the board, ES -0.9%, after yesterday’s significant intra-day reversal to close positive; albeit, action has been rangebound within the European morning. US SEC’s EDGAR feed is reportedly down; fillings cannot be made. In Europe, sectors are all in the green featuring noted outperformance in Utilities and Basic Resources, Energy remains firmer in-spite of the crude benchmarks pullback

Top European News

Wall Street Cuts European Stock Targets as War Prompts Outflows
U.K. Takes Aim at Russia’s Opaque Embrace of London Property
UBS Triggers Margin Calls as Russia Bond Values Cut to Zero
What to Watch in Commodities: Ukraine Impact Roiling Markets

In FX, Aussie regroups alongside broad risk sentiment and rebound in Aud/Nzd cross amidst mixed NZ consumption and trade data – Aud/Usd near 0.7200 vs sub-0.7100 low yesterday. Buck bases after abrupt reversal from new 2022 highs in DXY terms and residual rebalancing may underpin alongside underlying safe haven bid – index above 97.000 again vs 96.770 low and 97.740 y-t-d best. Rouble supported by ongoing CBR intervention via higher repo auction cap – Usd/Rub around 84.000 compared to almost 90.000 record peak.
Yen and Gold off best levels, but both retain elements of safety premium – Usd/Jpy circa 115.35 and Xau/ Usd
hovering above Usd 1900/oz

In commodities, WTI and Brent have continued to pull back after overnight consolidation, Brent April notably below USD 99.00/bbl
vs USD 101.99/bbl highs. Focus remains firmly on geopolitics (see section above) while participants are also attentive to next week’s OPEC+ meeting. Japan’s Industry Minister said they will appropriately deal with an oil release from national reserves in cooperation with relevant countries and the IEA. Spot gold is rangebound after an initial move higher failed to gather steam and hit resistance at USD 1922/oz. Goldman Sachs recently commented that the rally for gold has a lot further to go on the situation in Ukraine and prices and that prices could reach as high at USD 2,350/oz if there is a build in demand for ETF.

Geopolitical updates

US Senior US administration official said the US still has room to further tighten sanctions if Russian aggression accelerates further and is keeping the option open to impose import-export controls on less advanced mainline chips such as those used in the Russian auto industry.
European Commission President von der Leyen said steps agreed by EU leaders include financial sanctions and they are targeting 70% of the Russian banking market, as well as key state owned companies including defence. Furthermore, the export ban will impact Russia’s oil sector by making it impossible to upgrade refineries and EU is limiting Russia’s access to key technologies such as semiconductors.
EU Council President Michel says they are urgently preparing additional sanctions against Russia, via AFP; subsequently, a German gov’t spokesperson says a discussion of third sanctions package against Russia is in its early stages.
French President Macron said EU sanctions will be followed by French national sanctions on certain people which are to be announced later, while they will offer EUR 300mln of aid to Ukraine and military equipment, as well as target Belarus for penalties.
Russian Central Bank said it will provide any support needed for sanctions-hit banks and that banks have been well prepared in advance, while Ukraine’s Central Bank banned operations with RUB and BYR, as well as banned banks from making payments to entities in Russia and Belarus.
Russia may retaliate for UK ban on Aeroflot flights to Britain, according to Tass citing the aviation authority; subsequently, Russia banned London registered craft from its airspace.
Russian Parliamentary Upper Chamber speaker says that Russia has prepared sanctions to hit the weak points of the West, according to Interfax.
Australian PM Morrison announced the nation is to impose further sanctions on Russian individuals and said it is unacceptable that China is easing trade restrictions with Russia at this time. Taiwan will join democratic countries to put sanctions on Russia for invasion of Ukraine and Japanese PM Kishida said they will immediately impose sanctions in Russia in three areas including the financial sector and military equipment exports, while Russia’s envoy to Japan later said there will be a serious Russian response to Japanese sanctions.
UK Defence Minister Wallace says we would like to cut Russia off from SWIFT; French Finance Minister Le Maire says the option of cutting Russia off from SWIFT remains an option, but it a last resort.
India is reportedly exploring setting up INR trade accounts with Russia to soften the blow on India from Russian sanctions, according to Reuters sources.

Central Banks

Fed’s Waller (voter) said it is too soon to judge how Ukraine conflict will impact the world or US economy and concerted action to rein in inflation is needed. Waller said rates should be raised by 100bps by mid-year and there is a strong case for a 50bps hike in March if incoming data indicates economy is still exceedingly hot, but added it is possible a more modest tightening is appropriate in wake of Ukraine attack , while he also stated the Fed should start trimming the balance sheet no later than the July meeting, according to Reuters.
ECB’s Lane said there would be a significant increase to 2022 inflation forecast amid the Ukraine crisis but hinted at inflation below target at end of horizon according to Reuters sources; Lane presented several scenarios: Mild scenario: no impact to EZ GDP; seen as unlikely; Middle scenario: 0.3-0.4ppts shaved off EZ GDP; Severe scenario: EZ hit by almost 1ppt. Note, sources cited by Reuters suggested these were rough calculations.
BoE’s Mann says all of the MPC agree that UK inflation is way above the BoE’s goal; Mann added that domestic demand is strong and UK labour market is tight. BoE agents survey has been fundamental in guiding Mann’s view on policy.

US Event Calendar

8:30am: Jan. Personal Income, est. -0.3%, prior 0.3%
8:30am: Jan. Personal Spending, est. 1.6%, prior -0.6%
8:30am: Jan. Real Personal Spending, est. 1.2%, prior -1.0%
8:30am: Jan. Cap Goods Orders Nondef Ex Air, est. 0.3%, prior 0.3%
8:30am: Jan. Cap Goods Ship Nondef Ex Air, est. 0.5%, prior 1.3%
8:30am: Jan. -Less Transportation, est. 0.4%, prior 0.6%
8:30am: Jan. PCE Deflator MoM, est. 0.6%, prior 0.4%; PCE Deflator YoY, est. 6.0%, prior 5.8%
8:30am: Jan. PCE Core Deflator MoM, est. 0.5%, prior 0.5%; PCE Core Deflator YoY, est. 5.2%, prior 4.9%;
8:30am: Jan. Durable Goods Orders, est. 1.0%, prior -0.7%
10am: Feb. U. of Mich. Sentiment, est. 61.7, prior 61.7; Current Conditions, est. 68.5, prior 68.5; Expectations, est. 57.3, prior 57.4
10am: Feb. U. of Mich. 1 Yr Inflation, prior 5.0%
10am: Feb. U. of Mich. 5-10 Yr Inflation, prior 3.1%
10am: Jan. Pending Home Sales (MoM), est. 0.2%, prior -3.8%; YoY, est. -1.8%, prior -6.6%

DB’s Jim Reid concludes the overnight wrap

It’s been a pretty seismic 36 hours and at some points yesterday the outlook for markets and economies felt very bleak. However remarkably after an 8 dollar round trip that first sent Brent crude over $105/bbl, oil (+2.31% on the day) eventually closed last night at $99.08 (still the highest since 2014), and only around the levels seen just before Russia launched the invasion just over 24 hours ago. It’s edged up again in the Asian session to $100.75 as I type but the fact that oil stopped going parabolically higher helped turn the whole market around yesterday.

Indeed markets hit peak pessimism around lunchtime in Europe but Biden not yet putting sanctions on Energy or restricting Russian access to SWIFT seemed to cap off a more positive tone thereafter. Indeed the S&P and Nasdaq rose +4.23% and +7.04% respectively from the opening lows to close up +1.50% and +3.34% on the day. A remarkable turnaround. S&P 500 (-0.53%) and Nasdaq (-0.76%) futures are down again this morning but this is still clearly well off the lows.

If this event is going to have a lasting macro and market impact it has to hit energy prices and for much of yesterday it looked like it was on course to aggressively do so, and to be fair still might. European natural gas will be one to watch today as it soared +63.89% at its peak yesterday, only to fade towards the close to be ‘only’ up +33.31%. On a bigger picture basis the events of this week have to be forcing governments to think of their energy security in much more detail than they have in the past. Will it also impact the green transition? Surely it makes it more urgent in the medium-term but tougher to stick with in the short-term. Much will depend on what happens next for energy prices. Clearly the West may still put sanctions on this Russian supply which will undoubtedly risk a renewed spike in energy.

Diving into yesterday. The intraday turnaround in asset prices followed clarity on what the west’s next round of sanctions would look like. The sanctions were expanded to more connected individuals and entities, were designed to cut off high-tech exports crucial to Russian defense and tech industries, impinge Russia’s ability to raise capital on foreign markets by restricting access and freezing assets of some of their largest banks, and restrict Russia’s ability to deal in dollars, yen, and euros. The sanctions not applied, however, drove an intraday turn in risk assets and reversed measures of inflation compensation. Namely, President Biden noted the sanctions package was specifically designed to allow energy payments to continue, and that the US would release strategic oil reserves as needed to help ameliorate price pressures. Further, they did not cut off Russia’s access to the international payments system, SWIFT, though maintained the option of doing so.

Before the rally back there was a complete rout in numerous markets yesterday, and when it came to Russian assets there was frankly a capitulation, with the MOEX equity index (-32.28%) shedding more than a third of its value in a single day (-45.06% at the session lows). Bloomberg wrote a piece saying that the worst single day equity loss in their database for any country’s index was Argentina’s -53.1% fall in January 1990. In total, there have been seven worst days in stock market history than -33.3%. For what it’s worth, those equity declines are the sort that would trigger circuit breakers if they happened elsewhere. For example we couldn’t see that for the S&P 500 in a single day, since trading rules stipulate that there’s a complete halt for the day once you get to a -20% loss.

On top of that, the Russian Ruble -5.15% hit a record low against the US dollar, after suffering its worst daily performance since the height of the Covid crisis back in March 2020. And yields on 10yr Russian sovereign debt were up by +435.0bps to 15.23%.

The STOXX 600 fell -3.28% as it reached its lowest level since last May, with major losses for the other European indices including the FTSE 100 (-3.88%), the CAC 40 (-3.83%) and the DAX (-3.96%).

With investors pricing in a less aggressive reaction function from central banks, sovereign bonds saw a decent rally yesterday, having also been supported by the dash for haven assets. However the moves didn’t match the severity of the flight to quality shock, even at the worse point of the day, as the real return consequence of buying government bonds at a yields of 0-2% was all too apparent with inflation rife.

There was some big ranges though. 10yr US real yields were -27.7bps lower and breakevens +14.4bps wider as news of the invasion, and commensurate stagflation fears hit. However, the intraday turn around led to much more modest closing levels, with 10yr real yields -4.2bps lower and breakevens +1.5bps higher. 10yr nominal Treasury yields settled -2.8bps lower on the day at 1.96%. At shorter tenors, 5yr breakevens also displayed a remarkable intraday roundtrip, finishing +1.4bps higher after having hit an intraday peak +24.8bps wider at +3.39%, which would have been the highest reading on record. In Europe the breakeven widening was more sustained, and the 10yr German breakeven actually managed to close above 2% for the first time in over a decade yesterday, having climbed +12.9bps to +2.10%. Meanwhile nominal yields on 10yr bunds (-5.8bps), OATs (-7.0bps) and gilts (-3.2bps) all moved lower.

Energy prices are going to continue to keep central bankers awake at night, since they can’t do anything about the supply issues directly. More shocks will lead to both lower growth (absent fiscal suppprt) and higher inflation, with the risk being that you start to see second-round effects if higher inflation becomes entrenched. Notably, one of the ECB’s biggest hawks, Robert Holzmann of Austria, said in a Bloomberg interview that the conflict meant “It’s possible however that the speed may now be somewhat delayed.” That was music to the ears of peripheral sovereign debt in particular, which rallied strongly on the news, with the Italian spread over 10yr bunds moving from an intraday high of 178bps to close at 164.5bps.

In Asia the Nikkei (+1.63%), Kospi (+1.15%), Shanghai Composite (+0.54%), and the CSI (+0.78%) all are higher in line with the second half rally yesterday. Meanwhile, the Hang Seng (-0.16%) is lower.

In economic data, overall inflation for Tokyo rose +1.0% y/y in February, its fastest pace of growth since December 2019, on higher energy prices and after an upwardly revised +0.6% increase in January. Bloomberg estimates were for a +0.7% rise. Excluding fresh food, consumer prices in Japan advanced +0.5% in February y/y, accelerating from a +0.2% increase in January and outpacing a +0.4% gain expected by analysts.

In central banks news, the People’s Bank of China (PBOC) beefed up liquidity by injecting 300 billion yuan ($47.4 bn) into the financial system via 7-day reverse repos, amid concerns over the Russia-Ukraine conflict. For the week, the PBOC injected a net 760 billion yuan – the biggest weekly cash offering since January 2020.

Data releases understandably took a back seat yesterday, but we did get the weekly initial jobless claims from the US for the week through February 19, which fell to 232k (vs. 235k expected). We also saw the continuing claims for the week through February 12 fall to a half-century low of 1.476m, a level unseen since 1970. Otherwise, new home sales in January fell to an annualised rate of 801k (vs. 803k expected), and the second estimate of Q4’s GDP was revised up by a tenth from the initial estimate to an annualised +7.0%.

To the day ahead now, and data highlights from the US include the personal income and personal spending data for January, preliminary durable goods orders and core capital goods orders for January, pending home sales for January, and the final University of Michigan consumer sentiment index for February. In Europe, we’ll also get the preliminary French CPI reading for February, and the Euro Area’s economic sentiment indicator for February.

END

3. ASIAN AFFAIRS

i)FRIDAY MORNING// THURSDAY NIGHT

3 a./NORTH KOREA/ SOUTH KOREA

///NORTH KOREA

3B JAPAN

3c CHINA

/CHINA//USA/TAIWAN

end

CHINA/USA/RUSSIA

4/EUROPEAN AFFAIRS//UK AFFFAIRS

GERMANY/COVID/VACCINE INJURIES

UK//RUSSIA INVASION OF UKRAINE

British motorists have now been warned that UK petro prices may hit 1.60 pounds per litre. ($2.14 usa per litre or roughly $8.00 per gallon)

Warning UK Petrol Prices May Hit £1.60/Litre After Russian Actions

FRIDAY, FEB 25, 2022 – 03:30 AM

Via The Epoch Times,

British motorists are being warned over the possibility of petrol prices soaring to £1.60 a litre after Russia’s military assault on Ukraine sparked a hike in oil prices.

The price of Brent crude oil hit its highest level in eight years after increasing by 6.3% to 102.90 US dollars per barrel shortly after 8am on Thursday.

Average fuel prices at UK forecourts are already at record highs, and the situation is expected to worsen as retailers pass on further rises in wholesale costs.

RAC fuel spokesman Simon Williams said:

“Russia’s actions will now push petrol pump prices up to £1.50 very soon.

“The question then becomes where will this stop and how much can drivers take, just as many are using their cars more and returning to workplaces.

“If the oil price was to increase to 110 US dollars, there’s a very real danger the average price of petrol would hit £1.55 a litre.

“This would cause untold financial difficulties for many people who depend on their cars for getting to work and running their lives as it would skyrocket the cost of a full tank to £85.
“At 120 US dollars a barrel—without any change to the exchange rate which is currently at 1.35 US dollars—we would be looking £1.60 a litre and £88 for a full tank.”

Figures from data firm Experian Catalist show the average cost of a litre of petrol at UK forecourts on Wednesday increased to 149.43p, while diesel rose to 152.83p.

This compares with petrol at 145.91p and diesel at 149.22p a month ago, and petrol at 122.50p and diesel at 125.99p a year ago.

AA president Edmund King said: “Russia’s attack on Ukraine and resulting geopolitical uncertainty has pushed Brent crude above 100 US dollars per barrel for the first time since 2014.

“This will result in hikes in prices at the pumps.
“New record fuel prices are likely any time soon.”

Mr King advised drivers wanting to conserve fuel to consider car-sharing, cutting out short journeys, reducing speeds and driving more smoothly

end

EUROPE/NATURAL GAS/RUSSIA

Here is a list of European countries that are most dependent on Russian gas:

(zerohedge)

Which European Countries Are Most Dependent On Russian Gas?

FRIDAY, FEB 25, 2022 – 04:15 AM

After the invasion of Ukraine by Russian forces, Europe is at risk of sliding into an energy crisis triggered by much of the continent’s reliance on Russian gas, which arrives via pipelines. Liquefied natural gas (LNG) that can travel long distances on cargo ships before being regasified could be a potential solution should such a crisis occur, but, as Statista’s Katharina Buchholz notes, LNG can be hard to source and implement. Major producers are the U.S., Qatar and Nigeria.

Data from the European Union Agency for the Cooperation of Energy Regulators shows which countries’ energy supply would be most at risk in the case of a Russian gas freeze or an embargo.

Infographic: Which European Countries Depend on Russian Gas? | Statista

You will find more infographics at Statista

Among Europe’s major economies, Germany imports around half of its gas from Russia, while France only obtains a quarter of its supply from the country, according to the latest available data. The biggest source of French gas was Norway, supplying 35 percent. Italy would also be among the most impacted at a 46 percent reliance on Russian gas.

The UK is in a different position, drawing half of its gas supply from domestic sources and importing mostly from Norway and also Qatar. Spain is also not on the list of Russia’s major customers, the biggest trade partners of the country being Algeria and the U.S.

Some smaller European countries rely exclusively on Russian gas, namely North Macedonia, Bosnia and Herzegovina and Moldova. Dependence also was above 90 percent of gas supply in Finland and Latvia and at 89 percent in Serbia, as per the latest available data. Low dependence could be seen in the Netherlands, Romania and almost no dependence on Russian gas exists in Georgia, Ireland and Ukraine. However, the latter country has been buying natural gas from the EU since 2015 after a previous armed conflict with Russia over Crimea. This means it could be subject to the re-import of Russian gas via the bloc.

end

European natural gas prices plunge as much as 60% with reports that Russian flows via Ukraine soar

(zerohedge)

European NatGas Prices Plunge As Russian Flows Via Ukraine Soar

FRIDAY, FEB 25, 2022 – 11:04 AM

European natural gas futures plunged Friday after surging the most since 2005 when President Vladimir Putin’s forces invaded Ukraine. The record-breaking rally was halted after four consecutive days of gains due to increased natgas flows from Russia.

During Thursday’s invasion, Dutch TTF Gas Futures soared as much as 60% as Putin’s forces launched a barrage of artillery, airstrikes, and missiles across Ukraine to “demilitarize” the country. We noted, at the time, even though energy prices jumped, there were no reports of supply disruptions or blackouts in Ukraine, suggesting businesses as usual.

On Friday, Dutch TTF Gas prices plunged as much as 28%…

…on new data supplied by Bloomberg via Gazprom PJSC that natgas flows from Russia, through Ukraine, and into Europe jumped almost 38% on Thursday and are expected to rise 24% on Friday.

“Utilities are ordering more of the fuel under long-term contracts with Gazprom PJSC. That’s because the deals are priced in such a way that Russian imports are now cheaper than spot gas traded at European hubs. The development follows months of limited Russian exports,” Bloomberg explains.

BCS Global Markets’ commodity desk told clients that “Gazprom’s month-forward contracts have been ‘out-of-the-money’ all year, keeping exports low. That changed yesterday as prices jumped, and demand for Russian gas has risen sharply, and could well rise further in the coming days.”

Gazprom reiterated that natgas flows via Ukraine are running as normal and will increase upon client requests. Russian flows through Ukraine are rebounding, though a pipeline into Germany via Poland remains muted.

Stefan Ulrich, an analyst at BloombergNEF, said besides economics behind European buyers purchasing more Russian gas, “there may also be a strategic component as buyers seek to buy now given a potential for disruption in flows or further price increases.”

Even though Russia’s invasion of Ukraine is sufficient for Western countries to take the nuclear option of expelling Russia from SWIFT, effectively kicking Russia out of the entire dollar-payment system, and leaving the country with few payment options, the move would be too damaging to Europe because Russia is the continent’s largest natgas supply, providing more than a third of the region’s needs. About a third of those shipments transit via Ukraine.

President Biden has also backed the decision not to sanction Russia’s energy sector, saying it would disrupt global energy markets and send higher prices.

So for now, business as usual for Russia, now flooding natgas into Europe even though it’s in the process of invading Ukraine.

EU/RUSSIA

Europe set to freeze Putin and Lavrov assets

(zerohedge)

EU Set To Freeze Putin, Lavrov Assets

FRIDAY, FEB 25, 2022 – 08:10 AM

The EU is planning to freeze the assets of both Russian President Vladimir Putin and his foreign minister Sergei Lavrov under a new sanctions package being pushed through on Friday, according to FT, citing three people familiar with the matter.

The sanctions package is expected to be approved this afternoon, along with several measures to be taken against Russian industries and banks, said the people.

The new measures will not restrict Putin and Lavrov from traveling – indicating the EU’s willingness to maintain the possibility of diplomatic solutions to Russia’s actions in Ukraine.

FT reports that the matter was discussed by leaders late Thursday, with ‘a large number of them speaking in favor of the idea.’

Officially, Putin owns hardly any assets according to Bloomberg, which notes that his annual income is around 10 million rubles ($120,850), and he owns three cars and an apartment according to his most recent financial disclosure.

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

RUSSIA//UKRAINE/DONBASS//KIEV

Ukraine Citizens Urged To “Make Molotov Cocktails” Against Russian Tanks Rolling Through City Streets

FRIDAY, FEB 25, 2022 – 09:21 AM

Amid widespread reports that the Russian army is closing in on Ukraine’s capital of Kiev, underground shelters including the subway system are filling up with civilians hunkering down, expecting a larger scale attack on the city of some three million as Russian forces are said to now be in the suburbs and on the outskirts of the city.

“Civilians are terrified of further escalation, with many attempting to flee their homes and others taking shelter where possible,” UN High Commissioner for Human Rights Ravina Shamdasani said Friday while condemning the assault. She said “the military action by the Russian Federation clearly violates international law. It puts at risk countless lives and it must be immediately halted.”

In response Russian Foreign Minister Sergey Lavrov declared that “nobody is going to attack the people of Ukraine,” while describing to CNN that the military seeks “no strikes on civilian infrastructure.”

“I will stress: read what Putin said. No strikes on civilian infrastructure, no strikes on the personnel of the Ukrainian army, on their dormitories, or other places not connected to the military facilities. The statistics that we have confirm this,” the Kremlin top diplomat said.

“Nobody is going to somehow degrade the Ukrainian Armed Forces. We are talking about preventing Neo-Nazis and those promoting genocide from ruling this country,” he continued. “The current regime in Kyiv is under two external control mechanisms. First, the West and the US. And second, neo-Nazis,” he charged.

There are increasing scenes of tanks and armored equipment rolling through city and neighborhood streets. The following are unconfirmed but are being widely circulated among Ukrainian and international observers…

Graphic: Russian tank appears to smash into and over a civilian vehicle…

It appears there may be more surges of tank units into Ukraine to come…

Kiev is disputing Lavrov’s claims, saying at least 137 people have been killed so far into Friday, including civilians, and with a UN refugee agency statement counting about 100,000 Ukrainians being displaced – many now pouring into neighboring European states like Poland.

Previously the US established logistical outposts along the border to assist the fleeing civilians, and also any of the thousands of US nationals still in Ukraine.

Russian forces continue their advance from air and on the ground, with reports that a an aerodrome was taken near Kiev, and paratroopers landing once the ground base area was secured, according to Russia’s defense ministry. There are also reports of the large-scale movement of ground forces further toward and into the capital – and simultaneously resistance being put up by Ukrainian national forces:

Ukraine forces blew up a bridge about 30 miles north of Kyiv on Thursday in order to thwart the advance of Russian tanks toward the capital city, according to reports.
The nation’s airborne assault troops targeted the bridge, which crosses the Teteriv River at Ivankiv, helping ground forces stop a Russian tank convoy, Ukraine’s Defense Ministry said, according to Newsweek.

However, despite in some instances momentary Russian reversals, it appears they continue to grab key strategic locations off the outskirts of Kiev. “Russia’s defense ministry says its forces have captured the strategic Hostomel airfield, situated just 7 kilometers (4 miles) northwest of Kyiv, and landed paratroopers in the area,” Al Jazeera details of the latest.

There are reports that a special Chechen unit of Russia’s military is preparing to be deployed to Ukraine…

The airbase is considered a huge strategic gain and staging ground for further operations to secure Kiev. “The Hostomel airfield has been the site of some of the most intense fighting between Russian and Ukrainian forces,” the report details. “The site has a long runway capable of accommodating heavy transport planes.”

Meanwhile President Zelensky has appealed to his troops to “hold your ground, you are all that we have” – while all eligible males ages 16-60 are being barred from leaving the country so they can fight.

“The city has gone into a defensive phase,” the Mayor of Kiev Vitali Klitschk added to Zelensky’s appeal. “Shots and explosions are ringing out in some neighbourhoods saboteurs have already entered Kyiv. The enemy wants to put the capital on its knees and destroy us.”

And as things get more desperate, an unusual appeal went out from Ukraine’s Defense Ministry on Friday telling common citizens to make molotov cocktails to repel the Russian invaders. Ukrainian citizens were told to “neutralize the occupier” by any means.

The official Defense Ministry post urging citizens to prepare to resist:

It appears local militias are also forming in various places, including under Ukraine’s former leader…

Further ordinary citizens are being asked to report Russian force movements via a tip line or by contacting local authorities. “We ask citizens to inform about the movement of equipment!” the urgent social media message posted by the Defense Ministry of Ukraine said.

END

Friday afternoon EST

(zerohedge)

“We Must Hold The Capital” Says Kyiv Mayor As Russian Forces Enter Outskirts; Putin Calls For Surrender

FRIDAY, FEB 25, 2022 – 12:35 PM

Russian troops breached the suburbs of Kyiv and began setting up for a battle to control the capital, according to the Financial Times, which added that the movements come as Russian President Vladimir Putin calls for Ukraine’s army to surrender and ‘spare the country bloodshed.’

Loud explosions were heard in Kyiv shortly after 4am on Friday, as armored Russian vehicles were reported advancing into the northern district of Obolon – resulting in a battle in the streets. According to Western officials, Ukrainian resistance was more robust than anticipated and was effective in slowing the Russian attempt to encircle Kyiv and capture Ukraine’s second-largest city of Kharkiv located in the north-east.

Then, the Kremlin reported that by early afternoon troops had made a ‘crucial breakthrough,’ securing a key airport and positioning themselves so that Kyiv was “blocked…from the west,” a claim which FT notes couldn’t be independently verified.

Earlier in the day, Kyiv Mayor Vitali Klitschko said in a video address: “Right now, in some areas of the capital, shots and explosions can be heard,” adding “Ukraine’s military are neutralizing groups of Russian saboteurs. The enemy is already in Kyiv, we must hold the capital, which the enemy wants bring to its knees and destroy.

Putin calls for surrender, Zelensky says he’s “the number-one target.”

As his troops moved to encircle Kyiv, Putin urged Ukraine’s armed forces to “take power into their own hands” and overthrow their government so they could strike a peace deal with Russia.
Chairing a meeting of Russia’s security council on Friday, the Russian president told Ukraine’s army it would be “easier for us to make a deal with you” than the politicians who had taken “the whole Ukrainian people hostage”.
Earlier in the day, Ukraine’s president Volodymyr Zelensky delivered an early morning address warning that “enemy saboteur groups” were already in Kyiv and that Russia was planning to assassinate him. “The enemy has identified me as the number-one target,” Zelensky said, wearing a military-style green T-shirt. -FT

Later Friday evening, Zelensky posted a video with his top aides and Prime Minister, saying “We are all here, our soldiers are here … we are defending our independence.”

Meanwhile, civilians are fleeing Kyiv in large numbers – with traffic congesting roads leading out of the capital. Some residents were seen fleeing on foot with suitcases in the hopes of hitching rides with passing cars. As we noted earlier, underground shelters including the subway system are filling up with civilians hunkering down, expecting a larger scale attack on the city of some three million as Russian forces are said to now be in the suburbs and on the outskirts of the city.

Earlier in the day, residents of Obolon, Ukraine were asked to notify the military of any Russian movement into the city, and called on locals to “Make Molotov cocktails, neutralize the occupier.”

“Russian troops are trying to attack, but our mechanised units have set up a solid barrier there,” said Zelensky adviser Oleksiy Arestovych, who added that Ukrainian troops were battling Russians north of Kyiv near the towns of Dymer, Ivankiv, Vorzel and Bucha.

On Thursday night, Ukrainian forces destroyed bridges north of the city in an attempt to slow Russian forces.

“They are putting up a fight and they are not doing horribly, but they are still overwhelmed. I have no doubt they will continue to fight for as long as they possibly can,” a senior western intelligence official told FT.

Check back for updates

end

Special thanks to Robert for sending these to us:

Blinken: We’re Not Halting Gas and Oil Purchases from Russia Because We’re Trying to Minimize ‘Pain to Us’

Inbox

Hilarious … how about we have no choice or the eastern seaboard goes without diesel and there is no one wanting to replace Russian oil to us? Who surrendered to who knowing they are empty of ability and full of noise?
Cold comfort to the Germans who have been told, you are on your own but listen to us. Nord Stream 2 will go ahead as reality displaces fiction and hubris.

https://www.breitbart.com/clips/2022/02/24/blinken-were-not-halting-gas-and-oil-purchases-from-russia-because-were-trying-to-minimize-pain-to-us/

Fwd: Spriter on Twitter: “Russian tanks in the Ukrainian streets of Gomel. https://t.co/LPNoxqPqov” / Twitter

Inbox

>
> Each city of size is being occupied to control and protect key infrastructure.
>
> https://twitter.com/natashabertrand/status/1496849053824471041
>
> Chechen forces are coming in to Ukraine. These are hardened warriors who will be merciless to hardcore resistance encountered.

https://twitter.com/spriter99880/status/1497121799431233536
>
>
> Guessing that Russian military forces will not be in for a long period. However, we should anticipate civilian resistance being called for will not be well tolerated. Word is the Chechens will be going in to exterminate saboteurs who try to destroy infrastructure, and there is no doubt there will be such parties.

> Zelensky finally gets it as he is out on the limb by himself and who one is picking up the phone to answer when he calls. He got played and hung out to dry. It is doubtful that Russia will allow him to stay as there are issues he will have to answer for. Thus, within a week to 10 days or less there will be likely be a interim leader of some sort. And we can expect that early next year there will be elections in the Ukraine. The danger is not the Ukraine which will be independent but neutral but what external interferences and influences come to bear as a European war looks more likely than not, Probably some time around mid 2024 early 2025. In the interim, expect Russian tensions to be rising likely to mid April before things settle down. We will continue to see shortages and inflation regardless of interest hikes and the blame will be placed on Russia as opposed to Covid. Many governments are quite desperate and this opportunity will not be wasted. It is doubtful it will work because political credibility is headed for the toilet for many so called leaders. People like Trudeau and Freeland have lost face domestically and internationally and not talked about bank runs are bigger than people know, with lasting damage to Canada’s reputation as a safe haven for capital.

> Russia is also readying fertilizer supplies and like to allow for normal food production while at the same the sales of wheat to China from Russia will grow tremendously and be settled in Rubles. One imagines that since Ukraine will desperately need true real financial assistance that fertilizer supplies both from Belarus and Russia will be settled in wheat production and rubles. So far Russian wheat sales accounted for .5% of Chinese purchases and that is about to change dramatically displacing other producers such as Canada while also reducing USD settlements. And it will not be entirely surprising to see Ukrainian wheat headed towards China or Eurasia or both as it is integrated into markets it previously has no access to. These efforts will accomplish stability of cost for domestic growers in the Ukraine and Russia while adding to the economic cost for others since 80% of world supply of ammonia is restricted from export by Russia, until April. Apart from military actions, the financial side of this war has been gamed out and planned for, both by China and Russia. It will become more apparent as the year progresses. The real difference between what China/Russia are doing is planned while what the West is doing is reacting to the actions of the moment not realizing that such reactions were anticipated and planned for and accepted as consequences. It should be becoming clear that both Russia and China are turning away from the West.

end

6// GLOBAL COVID ISSUES/VACCINE MANDATE ISSUES/

CORONAVIRUS/UPDATE/VACCINE MANDATE/EMERGENCY ACT/CANADA

Fwd: COVID-19 Cases, Hospitalizations Jump Among Vaccinated: CDC Data

Inbox

https://www.theepochtimes.com/vaccinated-people-more-likely-to-contract-covid-19-go-to-hospital-in-recent-weeks-cdc-data_4300048.html?utm_source=newsnoe&utm_campaign=breaking-2022-02-24-4&utm_medium=email&est=EznULuCDonH62hpVR41YqX9%2FR3rUJwGgZ4sp8%2Fxgsfw9muF%2BCOG9KNrI

COVID-19 Cases, Hospitalizations Jump Among Vaccinated: CDC Data

Vials of Moderna's COVID-19 vaccine in Bridgeport, Conn., in a file image. (Joseph Prezioso/AFP via Getty Images)

COVID-19 case and hospitalization rates increased among people who got a COVID-19 vaccine following the emergence of the Omicron virus variant, according to newly published data from the Centers for Disease Control and Prevention (CDC).

According to the data, which is submitted to the CDC by health departments across the country, the COVID-19 case rate in fully vaccinated people rose by more than 1,000 percent between Dec. 11, 2021, and Jan. 8, 2022.

Fully vaccinated refers to people who received two doses of the Moderna or Pfizer COVID-19 vaccines, or the single-dose Johnson & Johnson vaccine.

The CDC doesn’t count a person as fully vaccinated until 14 days have elapsed from his or her final shot.

The case rate among those who also received a booster dose skyrocketed as well, rising some 2,400 percent between the same dates.

While cases also rose among the unvaccinated, the jump in infections among the vaccinated closed the gap between the populations. As a result, people who haven’t received a vaccine were just 3.2 times more likely to test positive for COVID-19 in January.

COVID-19-associated hospitalizations also increased among the vaccinated, from 1.4 per 100,000 for the fully vaccinated for the week ending Dec. 18, 2021, to 35.2 per 100,000 in the week ending Jan. 8, according to data from a surveillance system managed by the CDC.

People who got a booster were less likely to require hospital care, but the hospitalization rate among the boosted also rose from December 2021 to January.

And deaths attributed to COVID-19 increased during the same time period among the vaccinated, including among the boosted.&lt;img class=”size-full wp-image-4300240″ src=”https://img.theepochtimes.com/assets/uploads/2022/02/24/case-rate.jpg” alt=”Epoch Times Photo” width=”733″ height=”402″ /&gt; (CDC)

Other data sources also point to vaccines performing worse after Omicron, including studies published by the CDC in January, which has narrowed the gap between the unvaccinated and vaccinated in terms of cases and hospitalizations.

Some research, though, signals that boosters restore much of the lost protection, including a study performed by researchers with Kaiser Permanente and Moderna published in Nature Medicine on Feb. 21.

“Our results suggest that third doses may be needed sooner than 6 months after the second dose of the Moderna COVID-19 vaccine to protect against omicron infection,” Hung Fu Tseng, a Kaiser researcher, said in a statement. “Reassuringly, 3 doses provide strong protection against COVID-19 hospitalization due to either the omicron or delta variant.”

Just days after the study, though, Moderna CEO Stéphane Bancel told investors on a call that a second booster would be necessary because of waning protection from the vaccine, including the first booster.

“This year, we expect to see continued primary vaccination and boosting in the Southern Hemisphere in the first half, and a shift to boosters as a fourth dose booster in the Northern Hemisphere in the second half of the year, similar to flu vaccines,” Bancel said.

U.S. health officials have said they’re considering whether to authorize second boosters for the general public.

The CDC data also showed a jump in case, hospitalization, and death rates among the unvaccinated, but the increase wasn’t as significant as compared to that recorded among the vaccinated.

The CDC says unvaccinated adults were 2.6 times more likely to test positive for COVID-19 in January compared to fully vaccinated adults and 3.2 times more likely when compared to boosted adults; at least 30 times more likely to be hospitalized in December 2021 due to COVID-19 compared to boosted Americans 18 or older, 14 times more likely to die from COVID-19 in December 2021 compared to the fully vaccinated, and 41 times more likely to die in December 2021 versus the boosted.

Cases, hospitalizations, and deaths have plummeted in both the unvaccinated and vaccinated in recent weeks, driving many states to rescind COVID-19 restrictions.

end

GLOBALNEWS COVID 19

Media Blackout: Nasal Spray that is 99% Effective Against COVID-19 in its Phase 3 Clinical Trial – Now Approved in India, Israel, Bahrain, Indonesia & Thailand

By Jim Hoft
Published February 25, 2022 at 7:30am
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The Canadian pharmaceutical company SaNOtize Research & Development Corp., (SaNOtize), and Glenmark Pharmaceuticals Limited (Glenmark), announced earlier this month the successful outcomes of a nasal spray in its Phase 3 clinical trials and now approved by India’s drug regulator as a treatment for adult patients with COVID-19 who have a risk of progression of the disease.

“Thestudy confirmed that SaNOtize’s Nitric Oxide Nasal Spray (NONS) represents a safe and effective antiviral treatment that shortens the course of COVID-19, and could prevent the transmission of COVID-19,” according to their news release.

The SaNOtize Nitric Oxide Nasal Spray (NONS) is designed to kill the Covid-19 virus in the upper airways, preventing it from incubating and spreading to the lungs. It contained anti-microbial properties with a direct virucidal effect on Covid-19.

In a randomized, double-blind, placebo-controlled, parallel-arm study at 20 clinical sites across India that evaluated 306 patients, NONS reduced the SARS-CoV-2 log viral load in COVID-19 patients by more than 94% within 24 hours of treatment, and by more than 99% in 48 hours as compared to saline control.

Treatment also demonstrated, in the high-risk group (n=218), a statistically significant greater proportion of patients who achieved a combination of clinical and virological cure, based on the World Health Organization (WHO) Progression Scale. Moreover, the median time to negative PCR, in this group, was 4 days in the treatment group compared with 8 days in the control. Test subjects included patients infected with different variants, likely including Delta and Omicron. There were no significant adverse health events recorded in the Phase 3 trial, or in over 500 subjects treated so far with NONS in clinical trials.

The reduction in log viral load corroborates the reduction of viral load in the UK Phase 2 trials (a reduction of 95% in 24 hours and 99% in 72 hours), conducted in March 2021 by Ashford and St Peter’s Hospitals NHS Foundation Trust, and Berkshire and Surrey Pathology Services, and published in the Journal of Infection in August 2021.

“These results definitively substantiate the safety and efficacy of NONS in the fight against COVID-19,” said Dr. Gilly Regev, SaNOtize Co-Founder and CEO. “We are thrilled to be able to provide COVID patients with an affordable product that has been shown to deliver a faster cure. And with the proven safety profile of NONS, we look forward to this becoming the first line of treatment and potentially defense for COVID infection worldwide.”

The SaNOtize treatment is designed to kill the virus in the upper airways, preventing it from incubating and spreading to the lungs. It is based on nitric oxide (NO), a natural nanomolecule produced by the human body with proven anti-microbial properties shown to have a direct effect on SARS-CoV-2, the virus that causes COVID-19. The pharmacology, toxicity, and safety data for NO use in humans has been well-established for decades. The NO molecule released from NONS is identical to the one delivered in its gaseous form to treat persistent pulmonary hypertension, or Blue Baby Syndrome, in newborn babies.

With the receipt of manufacturing and marketing approval from India’s drug regulator, SaNOtize’s strategic partner, Glenmark, will launch NONS commercially in India under the brand name FabiSpray^®. The approval is for the treatment of adult patients with COVID-19 who have a risk of progression of the disease, which includes either persons over the age of 45, non-vaccinated people and/or those with comorbidities. Glenmark entered into an exclusive long-term strategic partnership with SaNOtize in August 2021 to manufacture, market and distribute NONS for COVID-19 treatment in India and other Asian markets including Singapore, Malaysia, Hong Kong, Taiwan, Nepal, Brunei, Cambodia, Laos, Myanmar, Sri Lanka, Timor-Leste, and Vietnam.

NONS has a marketing authorization as a Class I Medical Device in the EU. NONS is also approved and being sold in Israel, Thailand, Indonesia, and Bahrain, under the name enovid^™ or VirX^™.

“As viral load is an important determinant of disease severity and transmission of COVID-19 infection, demonstration of reduction in the viral load is expected to have significant clinical consequences from a patient and community perspective,” said Dr. Monika Tandon, Senior Vice President and Head – Clinical Development, Global Specialty/Branded Portfolio for Glenmark. “In the current scenario, with new emerging variantsexhibiting high transmissibility, this novel product provides a useful option in the world’s fight against COVID-19.”

Glenmark will submit the clinical trial data for publication in a peer-reviewed journal in order to share its findings.

Randomized, Double-Blind, Placebo-Controlled Phase 3 Trials – Details

Patients in the Glenmark Phase 3 clinical trial in India self-administered a dose of 2 sprays per nostril, six times a day for a seven-day treatment period, along with standard supportive care.
The primary and secondary outcome measures demonstrated the efficacy and safety of the NONS treatment arm over the control arm, which was administered normal saline nasal spray as placebo in double-blind manner.
The trial also included a sub group analysis for patients with a high risk of disease progression, including either non-vaccinated patients, patients in middle- and older-age groups, and/or patients with co-morbidities.
Reduction in log viral load in the NONS group was statistically significant and superior to the control group in the full population and high-risk population (p < 0.05). Similar results were seen in the un-vaccinated group. The primary endpoint was achieved and confirmed in all analyses.
Significantly higher proportion of patients became negative on the RT-PCR test in the NONS group as compared to the placebo group. The time to virological cure was four days in the NONS group and eight days in the placebo group (p < 0.05).
A significantly higher proportion of patients demonstrated a 2-point clinical status improvement on the WHO Progression Scale, the most clinically validated point system used in clinical trials, in the NONS group as compared to the placebo group in the high-risk group (p < 0.05).
Data suggests role of NONS in prevention of COVID-19, which is consistent with a faster viral reduction.
NONS was safe and well tolerated by all patients who were part of the clinical trial. There were no reports of moderate or severe or serious adverse events or death in the study. An independent Data and Safety Monitoring Board (DSMB) concluded that NONS was safe in COVID-19 patients.

“NONS destroys the virus, blocks entry into the nasal cavity and halts replication of the virus, which rapidly reduces viral load. This is important because viral load has been linked to infectivity, poor health outcomes and complications from Long COVID,” said Dr. Chris Miller, Chief Science Officer and co-founder of SaNOtize. “Amid evidence of waning efficacy for some vaccines and higher breakthrough rates, there is currently a lack of an antiviral therapy that is effective against COVID-19 and its variants that can be made widely and affordably available to the public. This is what makes NONS a critical weapon in ending the pandemic and preventing future outbreaks.”

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END

VACCINE INJURIES//ISRAEL

https://www.theblaze.com/op-ed/horowitz-the-israeli-data-that-nukes-the-pfizer-vaccine-what-did-pfizer-know-and-when-did-they-know-it#toggle

Vaccine Impact

Michael Every

on the major topics of the day

Michael Every…

Rabobank: Russia Is Showing Us A New Kind Of War In Two Ways

FRIDAY, FEB 25, 2022 – 09:42 AM

By Michael Every of Rabobank

“Si vis pacem para fallacia”

US equities initially tumbled yesterday as Russia initiated a full invasion of Ukraine to “denazify” its government, led by a Jewish president, and to “demilitarise” its 250,000-strong standing army, its 300,000 reserves, and its millions of armed citizens being urged to defend their country to the last; all while implying strongly that anyone who helped Ukraine fight back would face Russian nuclear attack. It appeared the wolves of Wall Street realized the gravity of an angry Russian bear.

As we all saw terrible images Europe has not seen in decades, the West’s politicians stepped up with their next attempt at sanctions that would show Russia the price for finally shattering the liberal world order for good: and it was again too low.

UK PM Johnson offered: an asset freeze on all major Russian banks; new legislation to prohibit Russian companies from raising finance on UK markets and the state from raising sovereign debt; sanctions on over 100 companies and oligarchs; limiting the amount of money oligarchs can deposit in UK banks; suspending export licenses on some goods and services to Russia; banning Aeroflot from landing; extending sanctions to Belarus; and plans to clamp down on Russian money laundering.
US President Biden –who warned Putin wants to rebuild the USSR (actually, parts of the Russian empire, but the point stands)– imposed: export controls on critical technology; debt-equity restrictions on Russian firms in mining, metals, energy, transportation, and logistics; VTB bank fully blocked; and Sberbank, Russia’s largest, cut off from transacting in dollars. However, energy and food exports were not touched because the US does not want higher energy prices. (Though it won’t pump more shale to do so, or look at the Keystone pipeline again: it imports from Russia instead.) Food exports were also untouched for the same reason.
The EU still hadn’t managed to come up with a sanctions list at all at time of writing, but apparently is ‘serious’. Yet Biden said Europe was blocking a total SWIFT ban on Russia (allegedly, it is Germany, Italy, Hungary, and Cyprus who refuse to go along with it).

Markets loved it, and equities managed to rally all the way back to a green close. War in Europe is bullish, it seems, even if part of that action was probably due to options expiry rather than underlying confidence. After all, no real sanctions and less Fed hikes, perhaps.

Putin probably expected this Western weakness given an unalloyed record of vacillation and empty rhetoric for most of the past two decades. Indeed, building on a point made by Bloomberg’s Javier Blas, the West just sent Russia the funds to pay for all its initial salvo of bombs and missiles via the commodities they have bought from it. That’s a point I raised more broadly in a Clausewitzian sense when noting the US paid for China’s military spending via its imports and China paid for that of the US by lending the dollars back to the Treasury, which is not the mythical win-win free trade most free-traders think of.

Indeed, of the three scenarios we put forward in our recent report on ‘How We Would Pay for the War’ –war (A); war and sanctions (B); war and primary and secondary sanctions (C)– we are still closer to A than B. Ask Wall Street.

As such, energy prices came off to below $100 – but wheat, which feeds hundreds of millions worldwide, continues to soar. The fear is not sanctions but war itself. Historically, most people who died in wars didn’t do so from sword or axe or arrow, or bomb or bullet, but from the starvation or disease the war inadvertently created. We saw three cargo ships in the Black Sea and Sea of Azov bombed or struck by missiles yesterday; and Russia troops are rolling across key Ukrainian grain ports and, it seems, corn, barley, and wheat fields. The risks should be clear when markets are so tight and stocks so low.

On which, the current state of the war is unknown, but Bloomberg reports Western analysts feel Kyiv could fall within hours. Of course, the defense experts could be wrong, just like the many commentators who said there would be no invasion. However, with no air power Russian victory always seemed inevitable. The White House says it is prepared to again accept refugees, this time from Ukraine, which flags defeat not victory.

If so, commodity markets can ‘relax’ about the war. But then we find out if the relatively small number of Russian troops vis-à-vis the local population can hold the country, or if there is violent resistance that makes this an ulcer in the Russian underbelly for years – including in the grain belt. The focus would also turn to sanctions again: would occupied Ukrainian output be accepted globally? If yes, what message does that send? If no, what price will be paid by innocents?

Yet even if Russia wins quickly, global markets need to worry, as I said after Afghanistan fell – and Wall Street immediately forgot “because markets”.

Kabul and Kyiv: what a geopolitical track record for Western hegemony that would be within 12 months. The world is already asking ‘Where next?’ – because there will be a ‘next’. That point was partially underlined by John Kerry giving a TV interview in which he placed greater emphasis on the carbon emissions of the invasion(!), and that it may distract Putin from ‘going green’. He stressed the Arctic was thawing: yes, Russia sees that as a huge geostrategic opportunity for itself!

What John Kerry and the wolves of Wall Street alike fail to see is that Russia is showing us a new kind of war in two ways.

First, defense analysts argue Putin is demonstrating the stability/instability paradox that knowing he has nukes, and so does the US, the door is opened, not closed, to conventional warfare. Hypothetically, as military planners have long done, imagine Putin were to roll towards the Baltics or the Suwalki Gap between Poland and Lithuania to carve a path to the Russian exclave of Kaliningrad. Could NATO stop him on the ground? No. Could the US nuclear umbrella, or that of France? Yes. But what if Putin threatened to nuke New York or Paris? Who would blink first: America and France, over the Baltics, or Putin – who also seems to be doing a good version of the ‘madman’ theory. I stress this is hypothetical – but the EU cannot even agree on sanctions. Do you really think they would agree to bleed, or risk nuclear attack, for smaller members? This is repugnant world of our scenario A: dog eats dog; all against all; rely only on yourself. It gives me no pleasure to think that, or write it, or see the EU unable to act on it. It should give no one pleasure to try to trade it.
Second, look at it this way. The West has rich digital economies based on the ‘output’ of on-line influencers, pet therapists, yoga and Pilates classes, mobile gaming, YouTubers, lifestyle planning, Marie Kondo helping people get rid of their too-much-stuff, asset bubbles –and selling tranches of said bubbles to each other– all book-ended by endless central-bank liquidity. It’s a society where the middle-class lives in a comfortable bubble, never wondering where things like food and electricity, or physical goods, actually come from. Yet for now they still control the ‘rules of the game’, such as finance; hold the commanding heights of technology, despite terrible education systems and not paying engineers or scientists a decent wage; and collectively still have the world’s largest military – albeit very unevenly distributed and fading in relative power terms where it matters most.

The ‘revisionist’ powers like Russia are much poorer, more physical economies driven by raw materials (energy, metals, agri commodities), or, in China’s case, taking those materials and transforming them into too many goods – in short, controlling industrial supply chains. Yes, there are also pointless asset bubbles book-ended by endless central-bank liquidity; but parts also run like a 19th century gold standard (i.e., fiscal prudence, mercantilism, and militarism). It’s a tough, ultra-competitive society. Their collective financial power is rising, aided by the West; their technology is improving, aided by the West; and their military power is rising, aided by the West.

Logically, if the West won’t use its financial power and hold back its technology, and try to get some physical control of resources and supply chains back, and revisionists will use control of physical resources and/or supply chains, and don’t care so much about finance, then we don’t have to think too hard to see which triumphs over time, and especially if things get kinetic in the geographies closest to said revisionists. Which changes things on the ground, as we see in Ukraine. It was hardly a model Western free market before the war, but if Russia wins, what do you think its economy will look like? (And perhaps expect to start hearing about ‘The Ukraine’ again, as it was dubbed in English by Russia in the past, to make it into a territory and not a state: Russia may become as twitchy about the definite article as China is about the use of some nouns around Taiwan.)

Logically, under a ‘revisionist’ economic system, although Western oligarchs will be fine, the wolves of Wall Street will become state-leashed puppy dogs; or rugs. Logically, the only way for those wolves to keep howling is within a smaller territory. And this crisis is driving just that deglobalisation – and one side is fine with it. For example, Russia is effectively being removed from global financial markets and its stocks slumped 33% yesterday, and the Ruble moved past 90 at one point – and Putin did not flinch at all. Russia was prepared for the limited sanctions thrown at it. Rebuilding an empire it can control matters more – and we are paying for it to do so. Even if we throw it off SWIFT, the West loses its one-world dream, and commodity prices soar to destabilizing levels.

So, no, I am not cheerleading one system over the other, or ‘strongmen’. But I am pointing out that the existential ‘virtual-financial’ vs. ‘physical-military’ political-economy dynamic here should matter to ALL markets. That it doesn’t seem to worries me deeply.

And I know it isn’t seen as mattering to most. In conversations with different parts of the buy- and sell-side in Asia, I hear that rather than grappling with the issues above or admitting that war in Ukraine shows they have been fundamentally wrong for years and, the late rally yesterday aside, are positioned wrong for what logically lies ahead, the choice is still to switch the conversation to irrelevant technical discussions to avoid this all. “Is it time to go long sector X or Y?” “How do you feel about name Z?” That is the self-deluding intellectual gruel being served.

Si vis pacem para bellum has lasted the test of time: si vis pacem para fallacia will not.

Happy Friday – if you can.

7. OIL ISSUES

Not very smart: Biden administration freezes new oil and gas drilling

(zerohedge)

Biden Admin Freezes New Oil And Gas Drilling Leases Despite Recent Court-Ordered Injunction

THURSDAY, FEB 24, 2022 – 08:40 PM

As oil prices continue to rocket, now further helped along by Russia’s invasion of Ukraine, the Biden administration is still fighting tooth and nail to freeze new oil and gas drilling leases – even after a court ruled against the administration for using a metric to estimate “the societal cost of carbon emissions” to justify their move.

Despite the court’s ruling, Biden’s administration has stopped new leases and permits for federal oil and gas drilling, MSN reported this week.

The administration was previously prevented from using the “social cost of carbon” metric in decisions regarding oil and gas thanks to an injunction issued by US District Judge James Cain of the Western District of Louisiana.

But government lawyers quickly appealed the injunction, arguing that it “necessitated a pause on all projects where the government was using a social-cost-of-carbon analysis in its decision-making”. This, in turn, allowed the Biden administration to freeze oil and gas projects.

The metric in question uses economic models to put a value on each ton of carbon dioxide emitted, MSN reported, with the intention of quantifying the economic harm of climate change.

Biden’s lawyers argued: “The consequences of the injunction are dramatic. Pending rulemakings in separate agencies throughout the government — none of which were actually challenged here — will now be delayed. Other agency actions may now be abandoned due to an inability to redo related environmental analyses in time to meet mandatory deadlines.”

Interior Department spokesperson Melissa Schwartz added: “The Interior Department has assessed program components that incorporate the interim guidance on social cost of carbon analysis from the Interagency Working Group, and delays are expected in permitting and leasing for the oil and gas programs.”

Schwartz says the Interior Department “continues to move forward with reforms to address the significant shortcomings in the nation’s onshore and offshore oil and gas programs,” the report noted.

The timing couldn’t be worse for the administration, as this week’s invasion of Ukraine by Russia has pushed brent well above $100/barrel. We noted earlier this week that JP Morgan has suggested oil could average at about $110/barrel for the remainder of the year – but this prediction was also before the current geopolitical conflict in Europe escalated.

Great timing, Joe…

end

8 EMERGING MARKET& AUSTRALIA ISSUES

Australia//// NEW ZEALAND/ SOUTH AFRICA/BRAZIL//COVID/VACCINES/LOCKDOWNS

END

Your early currency/gold and silver pricing/Asian and European bourse movements/ and interest rate settings FRIDAY morning 7:30 AM

Euro/USA 1.1216 UP .0025 /EUROPE BOURSES //ALL GREEN

USA/ YEN 115.58 UP 0.027 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.3364 UP 0.0022

Last night Shanghai COMPOSITE CLOSED UP 21.48 PTS OR 0.63%

Hang Sang CLOSED DOWN 134/98 PTS OR 0.59%

AUSTRALIA CLOSED UP 0.28% // EUROPEAN BOURSES OPENED ALL GREEN

Trading from Europe and ASIA

I) EUROPEAN BOURSES ALL RED

2/ CHINESE BOURSES / :Hang SANG CLOSED DOWN 134.38 PTS OR 0.59%

/SHANGHAI CLOSED UP 21.48 PTS OR 0.63%

Australia BOURSE CLOSED UP 0.28%

(Nikkei (Japan) CLOSED UP 505.68 PTS OR 1.95%

INDIA’S SENSEX IN THE GREEN

Gold very early morning trading: 1891.60

silver:$24.04-

USA dollar index early FRIDAY morning: 96.91 DOWN 23 CENT(S) from THURSDAY’s close.

THIS ENDS FRIDAY MORNING NUMBERS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing FRIDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 1.11% UP 4 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +0.208% DOWN 2 AND 1/10 BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 1.21%// UP 3 in basis points yield from yesterday.

ITALIAN 10 YR BOND YIELD 1.84 UP 2 points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 63 points higher than Spain.

GERMAN 10 YR BOND YIELD: RISES TO +0.229% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.61% AND NOW ABOVE THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

END

IMPORTANT CURRENCY CLOSES FOR FRIDAY

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

Euro/USA 1.1258 UP .0068 or 68 basis points

USA/Japan: 115.61 UP 0.060 OR YEN DOWN 6 basis points/

Great Britain/USA 1.3409 UP 38 BASIS POINTS

Canadian dollar UP 63 BASIS pts to 1.2744

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan, CNY: closed ON SHORE (CLOSED )..UP 6.3175

THE USA/YUAN OFFSHORE: (YUAN CLOSED (UP)..6.3152

TURKISH LIRA: 13.89 EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield at +0.208

Your closing 10 yr US bond yield UP 1 IN basis points from THURSDAY at 1.983% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

USA 30 yr bond yield: 2.279 DOWN 0 in basis points

Your closing USA dollar index, 96.74 DOWN 40 CENT(S) ON THE DAY/1.00 PM/

Your closing bourses for Europe and the Dow along with the USA dollar index closing and interest rates for FRIDAY: 12:00 PM

London: CLOSED UP 149.73 PTS OR 3.73%

German Dax : CLOSED UP 515/13 points or 3.69%

Paris CAC CLOSED UP 231.38PTS OR 3.58%

Spain IBEX CLOSED UP 288.10PTS OR 3.57%

Italian MIB: CLOSED UP 893.15 PTS OR 3.59%

WTI Oil price 90.84 12: EST

Brent Oil: 97.01 12:00 EST

USA /RUSSIAN / RUBLE RISES: 82.83 UP 1.40 RUBLES/DOLLAR (RUBLE HIGHER BY 140 BASIS PTS)

GERMAN 10 YR BOND YIELD; +.229

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.1269 UP .0079 OR UP 79 BASIS POINTS

British Pound: 1.3407 UP .0037 or 37 basis pts

USA dollar vs Japanese Yen: 115.55 UP 0

USA dollar vs Canadian dollar: 1.2711 DOWN .0096 (CDN dollar UP 96 basis pts)

West Texas intermediate oil: 92.09

Brent: 98.53

USA 10 yr bond yield: 1.972 DOWN 0 points

USA 30 yr bond yield: 2.282 DOWN 0 pts

USA DOLLAR VS TURKISH LIRA: 13.80

USA DOLLAR VS RUSSIAN ROUBLE: 83.14 UP 1.24 ROUBLES (ROUBLE UP 124 PTS)//

DOW JONES INDUSTRIAL AVERAGE UP 834.92 PTS OR 2.51%

NASDAQ 100 UP 214.50 PTS OR 1.53%

VOLATILITY INDEX: 27.56 PTS DOWN 2.76 OR 9.10%

GLD: $176.53 DOWN $0.59 OR 0.33%

SLV: $22.40 UP $.09 OR 0.40%

end)

USA trading day in Graph Form

‘War News’ Is ‘Good News’?: Stocks End Historic Week Higher

FRIDAY, FEB 25, 2022 – 04:01 PM

For a brief moment midweek, Vladimir Putin went full Leeroy Jenkins…

But by the end of the week (during which many bloviated that Putin was potentially starting WW3), stocks were higher, Fed rate-hike trajectory had shifted hawkishly, oil was unchanged, gold was flat, safe-haven Treasuries were sold, cryptos were lower, and Biden approval ratings were higher.

It seems like the ultimate ‘bad news is good news’ example – but as we noted in stocks (and applies to many other markets), the world and his pet rabbit went into this week hedged-and-wedged, and unwinding/monetizing those hedges sparked a virtuous rebound from every dip. Every asset-class (except bonds) saw its implied volatility drop as the week went on…

Source: Bloomberg

US equities ripped back into the green on the week in the last two days (from the lows ahead of the cash open yesterday, Nasdaq is up over 8%) with only The Dow ending red (barely, but it did briefly get green today). Small Caps outperformed.

Today was The Dow’s best day of the year LOL!!

Consumer Discretionary stocks were the week’s biggest laggards while healthcare and Utes outperformed (not exactly a sign of ‘risk-on’…

Source: Bloomberg

Defensives dominated Cyclicals, despite the big rebound…

Source: Bloomberg

While many suggested the geopolitical risk was enough to spook The Fed, the fact is that March odds of a 50bps hike are practically unchanged on the week at around 25-30% (admittedly down from pre Putin highs)…

Source: Bloomberg

But December odds of 7 rate-hikes rising…

Source: Bloomberg

Furthermore, as Nomura’s Charlie McElligott pointed out earlier, The Fed actually has MORE work to do on tightening Financial Conditions, because the ABSOLUTE SCENES in Breakevens off the inflationary implications of the Russia / Ukraine impact on Commodities (5Y BE’s were 30bps wider at one point!), and thus, these are then having an enormous impact on Real Yields moving sharply more negative (instead of higher / tighter).

Source: Bloomberg

Treasury yields were higher overall on the week – following the same roller-coaster pattern – with the short-end notably underperforming…

Source: Bloomberg

Corporate debt was clubbed like a baby seal mid-week, then met with a wall of buying to end the week slightly tighter in spreads…

Source: Bloomberg

The dollar was safe-haven bid as Putin invaded and didn’t give it all back…

Source: Bloomberg

The Ruble was routed on the week, but even that staged a comeback in the last 36 hours…

Source: Bloomberg

Cryptos all ended lower on the week but well off the Putin plunge lows…

Source: Bloomberg

Perhaps most interestingly, oil, crude, and precious metals were practically unchanged on the week (despite all the intraweek volatility)…

Source: Bloomberg

Gold ended the week back below $1900…

However, despite oil’s roundtrip to nowhere this week, the backwardation in WTI’s term structure is at a record high (cost of prompt is over $9 higher than six months out) suggesting a seriously tight market…

So the bottom line message from the market is… Putin starts WW3? Meh…

And finally, for President Biden, the ‘rally around the flag’ push is working for his ratings…

…for now.

I)LATE LAST NIGHT /MORNING TRADING/

Confirmed talks on the Findlandizing of Ukraine (Ukraine remaining neutral on foreign policy)

(zerohedge)

Following Zelenskiy “Readiness” For Talks, Russia Confirms High-Level Delegation To Discuss “Neutral Status” Of Ukraine

FRIDAY, FEB 25, 2022 – 07:58 AM

US equity futures are spiking on reports from Interfax that Russia is ready to send a delegation to Minsk for Ukraine talks.

“As you know, today the President of Ukraine Zelensky announced his readiness to discuss the neutral status of Ukraine”: Interfax reports Dmitry Peskov, Russian press secretary, said earlier today.

“Initially, Russian President Vladimir Putin said that the purpose of the operation was to help the LNR and the DNR, including through the demilitarization and denazification of Ukraine. And this, in fact, is an integral component of the neutral status”
“In this context, in response to Zelensky’s proposal, Vladimir Putin is ready to send a Russian delegation to Minsk at the level of representatives of the Ministry of Defense, the Ministry of Foreign Affairs and the presidential administration for negotiations with the Ukrainian delegation”

US equity futures reacted instantly…

This move has erased all of the week’s (post-Putin) losses for the Nasdaq…

The Ruble is rallying, almost erasing all of the losses from the last two days…

Reactions in other markets (crude, gold, bonds) are all muted for now.

END

AFTERNOON

END

II) USA DATA

Core PCE rose 5.2% year over year! Spending rose a shocking 2.1% month over month, thus collapsing savings.

(zerohedge)

Fed’s ‘Favorite’ Inflation Indicator Hotter Than Expected At 40-Year Highs

FRIDAY, FEB 25, 2022 – 08:36 AM

Following December’s mixed bag (spending down, income up), analysts expected January to reverse that trend but instead, incomes were unchanged and spending rise by a shocking 2.1% MoM…

Source: Bloomberg

That is the biggest MoM jump in spending since March 2021 and given the lack of income gains, sent the savings rate plunging to just 6.4% of DPI – the lowest since Dec 2016!

However, Personal Income tumbled 2.1% YoY (largely thanks to stimulus/base effects), which is the biggest YoY drop since Nov 2009 (spending growth slowed but remains strong)…

Source: Bloomberg

On the wages side, Private wages are up 11.2% YoY, highest since October (and up from +10.7% in Dec), while Govt wages are up 4.8%, unch from Dec.

Finally, and probably most importantly, is The Fed’s favorite inflation indicator – PCE Deflator – printed at new cycle highs back to the early 80s…

Source: Bloomberg

Core PCE rose 5.2% YoY as expected (up from +4.9% YoY in Dec), but the headline PCE Deflator rose 6.1% YoY (up from +5.8% prio and above the 6.0% exp).

Not good news for those hoping the Russian ripples will slow The Fed’s roll.

end

US Pending Home Sales Plunge In January As Mortgage Rates Soar

FRIDAY, FEB 25, 2022 – 10:07 AM

Pending Home Sales is once again the tie-breaker for the trend of the housing market in January (after existing home sales surged and new home sales slumped) and analysts expect a very modest rebound after two straight months of MoM declines. They were wrong… very wrong! Pending home sales crashed 5.7% MoM (vs +0.2% exp). That is the worst MoM drop since Feb 2021 and the third straight month of declines. Pending home sales are down 9.1% YoY

Source: Bloomberg

This drop takes the Pending Home Sales SAAR Index down to April 2021 lows (which are basically equal to the lowest since May 2020)…

Source: Bloomberg

The figures suggest that homebuyers are still struggling to get into a housing market marked by record prices and lean inventory. It’ll only get less affordable as mortgage rates rise ahead of expected interest rate hikes by the Federal Reserve.

“Given the situation in the market — mortgages, home costs and inventory — it would not be surprising to see a retreat in housing demand,” Lawrence Yun, NAR’s chief economist, said in a statement.

Contract signings dropped in three of the four regions from the prior month, led by a 12.1% plunge in the Northeast. The West posted the only gain.

And, the future does not look bright for pending home sales if mortgage rates do not revert extremely fast…

Source: Bloomberg

So what are you going to do Mr.Powell?

END

UMich Consumer Sentiment Remains At 11-Year-Lows; ‘Rich’ & ‘Independents’ Weakest

FRIDAY, FEB 25, 2022 – 10:18 AM

Having tumbled to decade (or worse) lows in the preliminary February data, University of Michigan’s sentiment survey was expected to show no improvement in the final print but in fact the headline reading of sentiment picked up to 62.8 from 61.7 earlier in the month (though still remains at decade lows). The improvement in sentiment from earlier in the month was due to a pickup in outlook. The Michigan survey’s measure of future expectations climbed to 59.4 from the preliminary reading of 57.4. An index of current conditions was little changed from the initial estimate. Both, however, fell from January.

Source: Bloomberg

Confidence remains notably divergent across the partisan divide, but it is the independents that are likely the most worrisome for the current administration as they appear to be losing faith.

Source: Bloomberg

All income brackets saw sentiment drop, but it was the wealthiest that crashed the most (amid stock market chaos presumably)…

“Although Consumer Sentiment posted a slight increase in the last half of February, it still remained at its lowest level in the past decade, and the loss was still entirely due to a 12.9% decline among households with incomes of $100,000 or more.”

Source: Bloomberg

Worsening financial conditions were reported by 40% of respondents compared with 36% who said they were better off, the largest difference in nine years, the report showed.

“The February descent resulted from inflationary declines in personal finances, a near universal awareness of rising interest rates, falling confidence in the government’s economic policies, and the most negative long term prospects for the economy in the past decade,” Richard Curtin, director of the survey, said in a statement.

Buying attitudes weakened in every category with vehicles crashing to record-er lows…

Source: Bloomberg

Finally, inflation expectations remain at multi-year highs…

Source: Bloomberg

Notably, responses to the survey were collected prior to Russia’s invasion of Ukraine, which pushed up gasoline prices.

END

IIb) USA COVID/VACCINE MANDATE STORIES

USA vaccination rates collapse as the Omicron subsides

(zerohedge)

US Vaccination Rates Collapse As Omicron Subsides

THURSDAY, FEB 24, 2022 – 11:20 PM

As cases of the already-more-mild Omicron strain of Covid-19 subside, vaccination rates in the United States are collapsing, according to AP, which reports that the vaccination drive in the US is ‘grinding to a halt,’ and ‘demand has all but collapsed’ – particularly in rural areas.

At present, the average number of Americans getting their first dose is down to around 90,000 per day – the lowest point since the first few days of the vaccination campaign in December 2020 – while the outlook for any sort of substantial increase has largely evaporated.

AP of course acts like this is a national tragedy led by toothless rednecks in ‘deeply conservative’ parts of the country, suggesting a ‘losing battle to get people vaccinated’ in rural Alabama – but of course the reality goes unmentioned… that the vaccine largely evades Omicron – which is far less deadly than previous strains, and is only marginally effective in keeping medically at-risk people from dying.

Even the Washington Post noted on Wednesday: “Coronavirus vaccine protection was much weaker against omicron, data shows.”

While coronavirus shots still provided protection during the omicron wave, the shield of coverage they offered was weaker than during other surges, according to new data from the Centers for Disease Control and Prevention. The change resulted in much higher rates of infection, hospitalization and death for fully vaccinated adults and even for people who had receivedboosters. -WaPo

Meanwhile, government vaccination incentive programs that gave away cash, beer, sports tickets and other prizes have also disappeared – while governnment and employer vaccine mandates have suffered blows in court.

“People are just over it. They’re tired of it,” said Judy Smith, administrator for a 12-county public health district in northwestern Alabama.

The bottoming-out of demand for the first round of vaccinations is especially evident in conservative areas around the country.
On most days in Idaho, the number of people statewide getting their first shot rarely surpasses 500.
In Wyoming, a total of about 280 people statewide got their first shot in the past week, and the waiting area at the Cheyenne-Laramie County Health Department stood empty Tuesday morning. The head of the department fondly recalled just a few months ago, when the lobby was bustling on Friday afternoons after school with children getting their doses. But they aren’t showing up anymore either. -AP

“People heard more stories about, well, the omicron’s not that bad,” said Executive Director Kathy Emmons. “I think a lot of people just kind of rolled the dice and decided, ‘Well, if it’s not that bad, I’m just going to kind of wait it out and see what happens.’“

end

CDC Finally Ditches Indoor Masking Guidance For Majority Of US (Including Schools)

FRIDAY, FEB 25, 2022 – 04:40 PM

Just as Dr. Rochelle Walensky had hinted a little more than a week ago, the CDC on Friday finally eased its masking guidance for schools and other public areas, liberating millions of Americans from strict requirements that mandated mask wearing in most – if not all – public places.

According to the updated guidance, more than 70% of the US now falls under the “low” or “medium” COVID community level, meaning masks aren’t recommended for use by the general public.

In areas with a “high” level of spread (currently about 30% of the US population) masks would still be recommended in public indoor settings, and under the “medium” level, people at higher risk are encouraged to speak with their doctor about wearing a mask. But under the “medium” and “low” areas, the CDC doesn’t recommend masking.

Readers can find a breakdown of the new guidelines below:

Source: CDC

And here’s a breakdown of how those levels correspond to different parts of the US.

Source: CDC

Under the new guidelines, universal masking in schools – a subject of particularly intense debate – is now only recommended in areas with a “high” level of community spread.

According to the CDC, the new guidelines were designed with hospital capacity in mind, unlike the previous metrics, which were focused on overall case numbers, a reflection of a new phase of dealing with the pandemic as the wave of omicron infections has declined.

The 7-day average for new cases in the US was 74,750 on Thursday, down sharply from levels that topped 1 million per day in January. Hospitalizations are also falling, and death counts have begun declining, too. One reason for the sharp drop in cases is that Americans are now more frequently testing themselves.

The new federal guidance comes after governors across the country have ditched their masking guidance, while many liberal cities have done the same (even notorious holdout LA County has just begun to “relax” its masking policy).

Dr. Walensky said people can still wear masks if they want, but that the US is in “a stronger place as a nation.”

“We are in a stronger place as a nation when it comes to protecting our communities and ourselves against severe disease because of our efforts – like vaccination, improvements in testing, high quality masks, and improved ventilation – and because of living with this virus for two years.”
“The overall risk of severe disease is now generally lower. Still, the virus will continue to circulate in our communities, and we must prevent COVID-19 from overwhelming our hospitals and healthcare systems.”

Meanwhile, Jeffrey Zients, a White House official, did not deny the White House had been in touch with the CDC on revising its masking recommendations but said the CDC was “in the lead here on both the substance and the timing of masking guidance,” per the Epoch Times.

More than 35 states had already ditched their masking requirements, according to the National Academy for State Health Policy. Some, largely Republican-led states, never allowed local officials or school districts to impose masking requirements in the first place.

The question many want to get an answer to now is… when will the airplane mask mandate end?

Target ends masking requirement for both workers and customers

(Stieber/EpochTimes)

Target Ends Masking Requirement For Workers, Customers

FRIDAY, FEB 25, 2022 – 02:05 PM

Authored by Zachary Stieber via The Epoch Times,

Customers and workers at most Target stores no longer have to wear masks.

The Minnesota-based retailer updated its policies on Feb. 21, saying masks won’t be required as long as local regulations don’t force stores to require them.

“The health and safety of our guests and team members have been Target’s top priority throughout the pandemic. As COVID-19 cases continue to decline across the country, Target will not require our U.S. team members or guests to wear masks, as local regulations allow,” Target said in a statement.
“We’ll follow all state and local COVID-19 safety regulations and encourage our team members and guests to consult the latest public health guidance, get vaccinated and make decisions to keep themselves and their families safe,” it added.

Target has 1,926 stores in the United States and employs approximately 350,000 workers.

It wasn’t clear how many stores will still require masks due to local restrictions.

The retailer in August 2021 imposed the masking requirements in all counties designated high risk for COVID-19 transmission by the Centers for Disease Control and Prevention (CDC). Some 82 percent of the country falls under that designation as of Feb. 25.

Target will keep other safety and cleaning measures in place, including disinfecting, a company spokesperson told The Epoch Times in an email.

“We’ll also continue to provide our team with resources and benefits they need, including free medical-grade masks, COVID-19 tests, paid leave for team members with positive COVID-19 cases, and paid time and free Lyft rides to reduce barriers for team members to get their vaccines. Finally, we’ll continue to monitor trends in COVID-19 cases, public health data and guidance from public health experts moving forward. As the external environment changes, we will reevaluate and evolve our COVID-19 response for our team, operations and guests as needed,” the spokesperson said.

Other large retailers have eased mask mandates in recent weeks as COVID-19 cases and hospitalizations plunge across the country.

Walmart and Sam’s Club workers were told in mid-February that they can stop wearing masks, provided they’re fully vaccinated and work in a store that is not located in a jurisdiction that requires masking. Workers who are employed in “clinical care settings,” such as pharmacies, are also still forced to don face coverings.

Vaccinated workers can continue to wear masks, Walmart said in a memo. “We support and respect an individual’s choice to continue wearing one,” company officials said. Customers are not required to wear masks.

Amazon also said recently that masks would no longer be required for fully vaccinated employees, provided local regulations don’t force masking indoors.

Fully vaccinated means a person has received two doses of the Moderna or Pfizer COVID-19 vaccine, or the single-shot Johnson & Johnson jab.

The masking guidance update came due to a “sharp decline in COVID-19 cases across the country over the past weeks along with increasing vaccination rates across the country,” an Amazon spokesperson told The Epoch Times, adding, “This is a positive sign we can return to the path to normal operations.”

A slew of the states and counties that still forced people to mask in various settings have also totally withdrawn or partially withdrawn their masking mandates, citing the drop in COVID-19 metrics.

iii) USA inflation commentaries//LOG JAMS//

Cargill ship hit in a missile attack. This should cause food prices to rise

(zerohedge)

Cargill Ship Hit In Missile Attack In Ukraine Waters

FRIDAY, FEB 25, 2022 – 01:15 PM

Star Tribune reports a vessel chartered by Cargill Inc., a Minnesota-based agribusiness giant, was hit in a missile attack after leaving a deep-sea port on the outskirts of Odessa on Thursday.

“Right now, our priority is the safety of our people in the region. This is a rapidly evolving situation with a great deal of uncertainty,” said April Nelson, a Cargill spokeswoman, in an e-mail. “We are currently gathering information and assessing potential impacts to Cargill and our customers.”

Cargill said that the crew was safe, and the vessel was rerouted to Romania to undergo a damage report.

Cargill has a majority stake at a port in the Odessa port, exporting grains and oils worldwide. The company didn’t name the vessel.

Since the attack on Thursday, Cargill implemented contingency plans as Russia invades Ukraine for the second day. Its plan is to concentrate on guaranteeing its global customers’ food supplies.

Ukraine and Russia account for 25% of global trade in wheat and 20% of corn sales. With port and railway closures in Ukraine, Bloomberg Agriculture Spot Index has risen to record highs.

This will feed into food inflation as global food prices will jump to a record next month or sometime in the first half of this year.

Food inflation plagues global consumers and is about to worsen as spot agricultural commodity prices soar to record highs amid new supply chain disruptions.

iii) USA economic stories

For your interest…

Housing Market Insanity Hits The Suburbs As Million-Dollar Listings Disappear

THURSDAY, FEB 24, 2022 – 09:20 PM

As investors like BlackRock help drive America’s ‘Housing Bubble 2.0’ to increasingly absurd proportions, Americans are growing surprisingly accustomed to the fact that homes costing $1 million or less are growing increasingly hard to find in a growing number of urban locales. As we reported earlier this month, the number of cities where the price of an average home has topped $1 million has more than doubled over the last five years.

The dynamic is easy enough to understand: families seeking more space and cheaper prices flee from primary cities to secondary cities – or find a home in a comfortable nearby suburb.

And because of it, more in-demand suburbs surrounding cities like Boston, New York City, Philadelpha or – on the West Coast – Seattle and Spokane, Washington, are seeing the sub-$1 million homes disappear at a disturbing pace.

In a recent piece on the out-of-control American housing market, which of course will ultimately leave families holding the bag along with perhaps some investors, Bloomberg offered Wellesley, Mass., which once played host to Hillary Clinton during her college days. The McMansions and other sought-after million-dollar-plus offerings have almost disappeared from the market. Recently, in Wellesley, there were fewer than 10 even on offer.

Wealthy young urbanites are in a race to the U.S. suburbs. But they’re already late: The starter mansions are almost gone.
Take Wellesley, a leafy Massachusetts town of 30,000 people getting an influx of buyers from Boston who have outgrown apartments. Couples with dual incomes are coming out of the pandemic with more money, hungry for kids’ rooms and “his” and “her” home offices.
In the first week of February, there were just eight homes available for sale, a fifth of the level two years earlier. The cheapest one: $1.1 million.
“You have to act fast,” said Lara O’Rourke, an agent with Gibson Sotheby’s International Realty who helped a buyer beat out 15 others for a house listed for $1.4 million last month. “Inventory is not hanging around.”

Leave it to Bloomberg to care so much about the interests of the most moneyed Americans. Clearly, they know their audience. We have also reported how the present state of the housing market leaves first time buyers and poorer buyers at a growing disadvantage.

Of course, the disadvantages of the wealthy have a “spillover effect” that could also hurt the poor.

Across the country, the upscale homes that were once a symbol of affluence and aspiration for well-to-do suburbanites are in short supply. Buyers are rushing to lock in purchases as mortgage rates rise, intensifying demand. That’s driving up prices from elite commuter towns such as Wellesley and Newton outside of Boston and Rye north of Manhattan, to booming Sun Belt areas like Austin, Texas.
In a heated U.S. housing market that has locked out many entry-level buyers, people with million-dollar budgets are better positioned than most. But their difficulty finding homes has a spillover effect: They push into surrounding towns, and cheaper segments, squeezing affordability more with each bid.
“The entry price for these towns has already gone sky high,” said Chris Herbert, managing director for Harvard University’s Joint Center for Housing Studies. “It ends up pushing prices up across the board.”

High-end inventory in areas outside Boston has fallen by more than 40% over the last year. And across the country, wealthy suburbs are increasingly seeing $1 million-plus homes as “the norm”.

After years of seeing homebuyers shun its megamansions for high-rise apartments in Manhattan, even Greenwich, Conn., has seen inventory dry up.

As we mentioned earlier, the biggest problem with such hot demand is that it feeds on itself, before eventually becoming a deterrent for families; rising loan costs are another factor as buyers are reluctant to give up a preferential rate.

With demand so hot, the supply shortage is building upon itself. Older people who might have considered downsizing are staying put instead, avoiding fighting it out with younger buyers for smaller homes. As interest rates rise, homeowners also are less likely to want to move and give up their lower-cost loan. The average rate for a 30-year mortgage reached 3.92% last week, the highest since 2019, according to Freddie Mac.
In Texas, sales of single-family homes of more than $1 million almost doubled last year, according to an analysis by the Texas Realtors trade group for the 12 months through October. More than a quarter of that activity was in Austin, where an influx of tech workers with Facebook, Google or Tesla Inc. salaries are hunting for space.

And the result is that working people with budgets in between $1 million and $2 million can’t even get a showing.

They’re beating out buyers like Jeremy Knight, who has lost four bidding wars. Knight, a local real estate agent who is looking to move to a different school district, says he’s seeking homes with asking prices below $1.8 million but expects to pay more. Houses at the lower end of luxury go well over asking, he said.
“I was looking at a home for $1.75 million,” Knight said. “Just to get a showing, I had to wiggle in a 15-minute time frame at the end of the day. It was booked from beginning to end.”

So, if you’re looking to buy a home in the immediate future, you better be ready to compromise: or if they’re willing to wait another six months or so, they might have better luck if the Fed truly does act on the course proposed by Zoltan Pozsar, the oracle of the repo market

END

iv)swamp stories

end

KING REPORT/SWAMP STORIES

The King Report February 25, 2022 Issue 6706

Independent View of the News

The world has changed profoundly.

The largest invasion since Hitler blitzed Poland has occurred. Europe has its biggest security crisis since WWII. The halcyon days of post-USSR calm and geniality is over. The New World Order is gone with the wind. The Peace Dividend has been squandered. At a minimum, a new Cold War is here. The delusion of partnering with Putin/Russia has been shattered. Another wave of displaced immigrants is about to descent on Europe.

Europe is bracing for what could be an exodus of more than a million refugees after Russia launched a full-scale attack on Ukraine https://t.co/pDevBBZ5mR

Putin’s massive attack on Ukraine was a strident demonstration to the world that Russia is again a superpower and its advanced new weapons (reportedly hypersonic missiles were used) will keep it that way for the foreseeable future. Vlad wanted to ensure that the message was loud and clear.

The vexing question for the world: Will Vlad halt his adventurism with Ukraine, or does he have Hitler-like designs on other countries?

In the new Cold War, America is led not by Ike and other leaders steeled by WWII. It is led by Biden, Harris, Pelosi, Schumer, and a panoply of woke generals, many promoted on their ideology.

The list of Putin appeasers and enablers is headed by the Bushes, the Clintons, Merkel, big banks, and various multinational companies.

We are old enough to remember when the MSM and Dems excoriated Trump for demanding that NATO allies honor their codified commitments to spend 2% of GDP on NATO assets.

Baltic states appeal for Nato help after Russia’s assault on Ukraine https://t.co/H67Kyx2M7O

CNN: Belarusian troops joining Russian troops in attacking Ukraine

Remember when the US MSM and Biden apologists averred that the leaking of US intel about Russia’s invasion plans would deter Putin from invading Ukraine? It was only a few days ago.

@BillGertz: Putin’s threat today to strike any intervening power with “consequences they have never seen” sounds like the new Russian military doctrine dubbed “escalate to de-escalate” — a veiled reference to the use of nuclear attacks, most likely tactical nuclear strikes with missiles

A look back at Obama mocking Mitt Romney over Russia concerns
https://video.foxnews.com/v/6298653314001#sp=show-clips

@RyanGirdusky: The US’ decision in the 90’s to isolate Russia and normalize relations with China is the biggest foreign policy blunder of all time. (Bush & Clinton)

@wmiddelkoop: Installing their puppets in Kyiv, after a 2014 sponsored-coup, wasn’t the smartest US idea .. (sending Joe Bidens son for biz was even worse)

E-DNI @RichardGrenell: The Germans have helped invite this Russian invasion and attack in Europe. Merkel rewarded Putin consecutively. Biden is a disaster. This would never have happened under a Trump Administration. Never.  We are only 1 year into Joe Biden’s tenure. This is going to get worse. And the DC media is protecting the ruling party who continue to give us these disasters.

West must cease Russian oil dependence to release Putin ‘grip’ on Europe: UK’s Johnson
https://t.co/Oda9C3RlS9

Analysis: Putin launches a war the West saw coming but was powerless to stop https://t.co/2VNw4J0nqF

@Cernovich: Now would be a good time for Ukrainian intelligence to release the Biden information they covered up for… Joe.

Democrats and Republicans condemn the ‘KGB thug’s war crimes’ https://t.co/J4m8Hn83zs

@mchooyah: Don’t worry Ukraine. We are ensuring our warships in the Black Sea are running on enough green energy.

@camrynbaylee: Don’t worry Ukraine, all of our forces are vaccinated and go through extensive diversity and inclusion training

@jkenney: After President Biden blocked Alberta’s KeystoneXL Pipeline, the USA continues to buy 800,000 barrels of oil a day from Russia. That wealth finances Putin’s aggression. What a bizarre security and energy policy.

When will Xi make his move on Taiwan?

Beijing says Taiwan is “not Ukraine,” has always been part of China https://t.co/NRAoe18BeC

Elections have consequences. Most Americans harbor doubts about Biden. Americans have a lower regard for VP Kamala Harris. With far better intel than Americans, how do Putin and Xi regard Biden?

The DOJ is shutting down a China-focused anti-espionage program, largely because of perceptions that it unfairly painted Chinese Americans and U.S. residents of Chinese origin as disloyal. https://t.co/1mdQlwoXhR

John Kerry fears Russia-Ukraine war will distract from climate change (Not a parody!!!)
https://www.foxnews.com/politics/john-kerry-russia-ukraine-war-climate-change

As soon as the NYSE opened, someone decided to force ESHs and stocks higher. This undoubtedly was an operation to save US stocks – perhaps as a matter of national security. It was a message to Putin.

There probably was a fair amount of safe haven buying of US assets by Europeans, but the fingerprints of impact trading/manipulation were evident. Why would anyone buy US stocks so aggressively given that Joe Biden is now a ‘war-time president’?

After tumbling as much as 3.3%, the Nasdaq 100 turned positive by 11:13 ET. Why would anyone buy that recklessly in this environment? We all know what happened.

@ABC: Boris Johnson announces new package of sanctions targeting over 100 Russian entities and individuals. Johnson says this would totally exclude Russian banks from the U.K. financial system, adding, “oligarchs in London will have nowhere to hide.” https://t.co/lrKfCUm9dl

@CNBCnow: Biden says U.S. and allies will limit Russia’s ability to do business in dollars, euros, pounds, and yen; will block 4 more banks; adding more elite Russians to sanctions list; will restrict state-owned enterprises from raising funds.

Biden: “That means every asset they have in America will be frozen. This includes VTB, the second largest bank in Russia, which has 250 billion dollars in assets as promised. We’re also adding the names to the list of Russian athletes and their family members that are sanctioned.”

@EamonJavers: Treasury releases details of sanctions just announce by President Biden, including:
“Unprecedented action against Russia’s two largest financial institutions, Public Joint Stock Company Sberbank of Russia (Sberbank)and VTB Bank Public Joint Stock Company (VTB Bank); Correspondent and Payable-Through Account Sanctions on Sberbank. Full Blocking Sanctions on VTB; blocking sanctions on three additional major Russian financial institutions: Otkritie, Novikom, and Sovcom; prohibit transactions and dealings by U.S. persons or within the United States in new debt of longer than 14 days maturity and new equity of Russian state-owned enterprises, entities that operate in the financial services sector of the Russian Federation economy, and others; Families Close to Putin, including Sergei Sergeevich Ivanov, son of Sergei Borisovich Ivanov, Andrey Patrushev, son of Nikolai Platonovich Patrushev, Ivan Igorevich Sechin, son of Igor Ivanovich Sechin; And Financial Sector Elites, including:
Alexander Aleksandrovich Vedyakhin, a First Deputy Chairman of Executive Board of Sberbank, Andrey Sergeyevich Puchkov and Yuriy Alekseyevich Soloviev, two high-ranking VTB Bank executives Soloviev’s wife, Galina Olegovna Ulyutina

When Biden announced that the US and its allies would institute a limited economic war on Russia to debase Russia’s military and industry stocks sank. But suddenly someone forced ESHs higher until the close.  In time of economic warfare, a stable stock market is a matter of national security.

Biden did not sever Russia from SWIFT, reportedly due to a Germany veto. As expected, Biden refrained from sanctioning Russian energy firms. Joe also did NOT sanction Putin personally. Biden said he did not intend to converse with Putin. “There is a complete rupture right now in U.S.-Russian relations.” Biden is sending troops to Estonia, Lithuania, Latvia, Romania, and Germany (Reportedly 7k).

Russia should not be cut off from SWIFT at the moment – Germany’s Scholz http://reut.rs/3JOxcow

Joe said, “No one expected the sanctions to prevent anything from happening.” Just four days prior, Kamala Harris averred that sanctions would prevent Putin from invading Ukraine.

Biden says ‘no-one expected sanctions to prevent anything from happening,’ despite prior White House claims  https://www.foxnews.com/politics/biden-says-no-one-sanctions-prevent-happening-prior-white-house-claims

Reporter: “Putin said the West will face consequences greater than any you have faced in history. Is he threatening a nuclear strike?” Biden: “I have no idea.” Reporter: “Are you urging China to help isolate Russia?” Biden: “I’m not prepared to comment on that at the moment.”

@disclosetv: UBS cuts Russia bond values to zero, triggering margin calls for the bank’s wealth management clients.

Various pundits and analysts slammed Biden for implementing tepid sanctions.

@CBSNews: Why is President Biden still holding back on some of his toughest sanctions on Russia?  The White House has determined that “unity among Western allies is more important at this particular moment than unleashing every single arrow,” @nancycordes reports https://t.co/wO2mKSxHN6

@bennyjohnson: When even CNN is asking Biden why he’s being such a weak, feeble little — to his face on live TV — you know it’s really bad (Video) https://twitter.com/bennyjohnson/status/1496943982919696394

Sen. McConnell: “Every single available tough sanction should be employed and should be employed now.” https://bit.ly/3HhqWnI

Republicans criticize Biden for admitting he ‘knew’ about Russia’s invasion of Ukraine but still ‘did nothing’ https://trib.al/qmXi1fK

Biden’s Own Aides Feared His Sanctions Wouldn’t Stop Putin – With no alternatives, a ‘tired’ foreign policy tool now faces a high-stakes test on the Russia-Ukraine border
https://t.co/dnzSUEWWEK

Despite southern border crisis, CBP agents asked to deploy to Europe for Ukraine conflict
https://justthenews.com/government/security/exclusive-despite-southern-border-crisis-cbp-agents-asked-deploy-europe-ukraine
Aluminum prices surge to all-time highs: https://t.co/QxyanDbqzE

Manufacturers rush to buy supplies of critical titanium from sources outside of Russia https://t.co/w6G2pQIuL3

George W. Bush Condemns ‘Unprovoked and Unjustified Invasion of Ukraine’ (Too late, W!)
https://www.newsmax.com/politics/george-w-bush-ukraine-russia-vladimir-putin/2022/02/24/id/1058324/

User Clip: Bush saw Putin’s soul: “I looked the man in the eye. I found him to be very straightforward and trustworthy. We had a very good dialogue. I was able to get a sense of his soul; a man deeply committed to his country and the best interests of his country.”    June 17, 2001
https://www.c-span.org/video/?c4718091/user-clip-bush-putins-soul

Russia emboldened by Biden’s diplomatic ‘weakness,’ delayed sanctions, House Foreign Affairs Republicans say
https://www.foxnews.com/politics/russia-emboldened-by-bidens-diplomatic-weakness-delayed-crippling-sanctions-two-republicans-say

@mrglenn: Vladimir Putin’s Twitter page is still up and running because invading a neighboring country isn’t against their terms and services.

@bespokeinvest: You don’t even want to know the two other times QQQ gapped down 3% and finished the day up over 3%. The two other dates were 4/27/00 and 5/4/01.

Fed Balance Sheet: +$17.096B; MBS +$13.254 https://www.federalreserve.gov/releases/h41/20220224/

Reports say the Russian blitzkrieg has faltered on 2 fronts. The invasion from Crimea went well.

UK Ministry of Defence: Intelligence Update (on Ukraine) 24 February 2022Russian forces have likely captured Chernobyl Nuclear Power Plant…The Ukrainian Armed Forces have reported halted Russia’s advance towards Chernihiv…It is unlikely that Russia has achieved its planned Day 1 military objectives. Ukrainian forces have presented fierce resistance across all axes of Russia’s advance.https://twitter.com/DefenceHQ/status/1497015621082624003/photo/1

Ukraine strikes back: Kyiv’s troops have already shot down five Russian helicopters, destroyed dozens of tanks – and entire battalion ‘surrenders because they didn’t realise they had been sent to kill’ https://www.dailymail.co.uk/news/article-10547573/Ukraine-strikes-Kievs-troops-shoot-five-helicopters-Putins-forces-losses.html

@michaeldweiss: Anton Herashchenko: Russian paratroopers who survived the Ukrainian counterattack at Hostomel ran off into surrounding forests and fields.

Today – The usual suspects are screaming ‘buy stocks when the cannons are firing’. This is not Gulf War I. No one knows what comes next or the timing! War has been bullish for stocks due to the enormous government spending and central bank promiscuity. However, the US has been running a war economy for over 20 years! Debt is at an all-time high; record Fed promiscuity has appeared for years. Why and how would a new ‘war economy’ help? It would likely be harmful because inflation is already at a 40-year high. PS – The DJIA bottomed at 92.92 on April 28, 1942.

How Putin’s strategy is straight out of Hitler’s playbook: Russia’s justification for ‘peacekeeping mission’ echoes Germany’s Sudetenland ruse for invading Czechoslovakia
Hitler demanded self-determination for all German-speaking peoples living in the Sudetenland – asserting that they should no longer be part of Czechoslovakia and Austria. Meanwhile, Putin – who is widely seen as intent on restoring his country’s former empire – on Monday recognised the Russian-speaking regions of Donetsk and Luhansk in eastern Ukraine as independent states…
    Hitler brought his territorial claim to the Sudetenland to the Munich Conference in 1938, where naive Western leaders, including chief appeaser Neville Chamberlain, agreed to annex the territory to Germany in return for peace…
https://www.dailymail.co.uk/news/article-10538289/The-dangerous-parallels-Ukraine-invasion-Nazis-Sudetenland.html

Though it’s horrifying and despicable, the carnage in Ukraine and the coming sanctions on Russia are not problematic for the US stock market and economy. It’s the consequences and fallout of those actions, which are incalculable and probably monumental. There is likely to be much more trouble to navigate.

After obvious interventions in a market, serious investors and traders tend to stand aside and allow news and events to develop and provide clarity. ESHs are -27.75 at 20:55 ET.  Reports say today could see the worst attacks as Russia tries to take Kyiv.

Hawley pushing measure to ‘shut down Russian energy,’ says Biden enabled Putin
Hawley said the bill would lift the various regulations and “stop measures” that Biden imposed on American energy production upon taking office. “He canceled pipelines, he stopped oil and gas leases, he imposed new regulations,” Hawley said. “The effect of it has been to make us no longer energy independent, but, in fact, to make us energy-dependent now on nations like Russia.” Hawley criticized Biden for “begging” the 14-nation OPEC to increase oil production into the global market…
https://www.foxnews.com/politics/hawley-pushing-measure-shut-down-russian-energy-biden-enabled-putin

Ex-DNI @RichardGrenell: Germany has left the Western Alliance (For vetoing SWIFT sanction on Russia).  And there are literally hundreds of American NGO types who enabled them.

@johnrobb: Instead of focusing on the onboarding of Russia and China, we spent three decades focusing on the Middle East (thanks to the Bush x 2) chasing after oil we didn’t end up needing.

It would be good for the US if Trump shut up now and quit bragging about how things would have been different if he were president. This self-aggrandizement helps no one; particularly The Orange Man.

@bonchieredstate: Tucker (Carlson) taking a far different tone tonight. Says Putin should be punished and that he deplores this invasion. I never thought he was legitimately “pro-Putin” as much as he was a contrarian pushing an isolationist viewpoint. Still, it’s an interesting moment of clarity.

Putin oozes evil and treachery and has done so for decades. While trying to ‘do business’ with Putin to boost corporate interests, solons from multiple nations have both overlooked or ignored Putin’s venality. Some leaders tried to play him for a patsy. On April 1, 2008, W Bush “strongly supported” NATO membership for Georgia and Ukraine. Putin invaded Georgia on August 8, 2008.

Hillary cut a deal with Putin on Libya and then double-crossed Putin when the US facilitated a regime change and then allowed Ghaddafi to be tortured, raped, and murdered (Hillary bragged and joked about Ghaddafi’s horrible death). Reportedly this infuriated Putin and other Russian officials. The final straw was that Obama fostered a Ukrainian coup in 2013 that replaced a Russia-friendly president with someone that the US ‘could do business with’. Enter the Clintons, Bidens, and other US ruling class grifters.

Bush backs Ukraine and Georgia for Nato membership   April 1, 2008
https://www.theguardian.com/world/2008/apr/01/nato.georgia

END

end

Well that is all for today. I will see you MONDAY night

douglas cundey	10:32 AM (6 minutes ago)

Robert Hryniak	12:03 PM (1 minute ago)
to

Robert Hryniak	11:45 AM (5 minutes ago)
to

Robert Hryniak	7:04 PM (20 minutes ago)
to Harvey

FEB 25

DONATE

NUMBER OF NOTICES FILED TODAY FOR FEB. CONTRACT:50 NOTICE(S) FOR 5,000 OZ (0.1552 TONNES)

total notices so far: 18,966 contracts for 1,896,600 oz (58.99 tonnes)

1/COMEX GOLD AND SILVER REPORT

3. ASIAN AFFAIRS

b) REPORT ON JAPAN

3 C CHINA

4/EUROPEAN AFFAIRS

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

6.Global Issues

7. OIL ISSUES

8 EMERGING MARKET ISSUES

The War On Cash Entering Bold New Phase

Can gold market rigging get more obvious? Yes, and probably will tomorrow

Alasdair Macleod: How Ukraine fits into the global jigsaw

Jim Rickards: The dollar is becoming a victim of its own success

Your early currency/gold and silver pricing/Asian and European bourse movements/ and interest rate settings FRIDAY morning 7:30 AM

Futures Recover Overnight Losses After Torrid Thursday Rally As Uneasy Calm Returns

3 a./NORTH KOREA/ SOUTH KOREA

3c CHINA

4/EUROPEAN AFFAIRS//UK AFFFAIRS

Warning UK Petrol Prices May Hit £1.60/Litre After Russian Actions

Which European Countries Are Most Dependent On Russian Gas?

European NatGas Prices Plunge As Russian Flows Via Ukraine Soar

EU Set To Freeze Putin, Lavrov Assets

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

Ukraine Citizens Urged To “Make Molotov Cocktails” Against Russian Tanks Rolling Through City Streets

“We Must Hold The Capital” Says Kyiv Mayor As Russian Forces Enter Outskirts; Putin Calls For Surrender

Blinken: We’re Not Halting Gas and Oil Purchases from Russia Because We’re Trying to Minimize ‘Pain to Us’

Fwd: Spriter on Twitter: “Russian tanks in the Ukrainian streets of Gomel. https://t.co/LPNoxqPqov&#8221; / Twitter

6// GLOBAL COVID ISSUES/VACCINE MANDATE ISSUES/

Fwd: COVID-19 Cases, Hospitalizations Jump Among Vaccinated: CDC Data

COVID-19 Cases, Hospitalizations Jump Among Vaccinated: CDC Data

Media Blackout: Nasal Spray that is 99% Effective Against COVID-19 in its Phase 3 Clinical Trial – Now Approved in India, Israel, Bahrain, Indonesia & Thailand

Vaccine Impact

Michael Every

Rabobank: Russia Is Showing Us A New Kind Of War In Two Ways

“Si vis pacem para fallacia”

7. OIL ISSUES

Biden Admin Freezes New Oil And Gas Drilling Leases Despite Recent Court-Ordered Injunction

8 EMERGING MARKET& AUSTRALIA ISSUES

Your early currency/gold and silver pricing/Asian and European bourse movements/ and interest rate settings FRIDAY morning 7:30 AM

‘War News’ Is ‘Good News’?: Stocks End Historic Week Higher

Following Zelenskiy “Readiness” For Talks, Russia Confirms High-Level Delegation To Discuss “Neutral Status” Of Ukraine

Fed’s ‘Favorite’ Inflation Indicator Hotter Than Expected At 40-Year Highs

US Pending Home Sales Plunge In January As Mortgage Rates Soar

UMich Consumer Sentiment Remains At 11-Year-Lows; ‘Rich’ & ‘Independents’ Weakest

US Vaccination Rates Collapse As Omicron Subsides

Fwd: Spriter on Twitter: “Russian tanks in the Ukrainian streets of Gomel. https://t.co/LPNoxqPqov” / Twitter