GOLD PRICE CLOSED DOWN $2.15  TO $2021.00

SILVER PRICE DOWN $.10 TO $22.77

Gold ACCESS CLOSED 2024.55

Silver ACCESS CLOSED: 22.75

Bitcoin morning price:, 51,511 UP 427 DOLLARS.

Bitcoin: afternoon price: $51,908 up 824 dollars

Platinum price closing  $902/85 UP $17.65

Palladium price;     $969.45 UP $14.95

END

SHANGHAI GOLD PREMIUM 69 DOLLARS/COMEX GOLD

SHANGHAI GOLD (USD) FUTURES – QUOTES

GUG24. CMX – Shanghai Gold (USD) Futures,Feb

Date	Open	Close*
Feb 01, 2024	2,091.00	2,091.00
Jan 31, 2024	2,083.20	2,083.20
Jan 30, 2024	2,082.40	2,082.40
Jan 29, 2024	2,070.90	2,070.90

 

I will now provide gold in Canadian dollars, British pounds and Euros

4: 15 PM ACCESS

*CANADIAN GOLD: $2,729.99 DOWN 3.30 CDN dollars per oz( * NEW ALL TIME HIGH 2,795.90 CDN DOLLARS PER OZ//DEC 1 2023)

*BRITISH GOLD: 1599.33 DOWN 3.43 pounds per oz// *(NEW ALL TIME HIGH//CLOSING///1655.17 BRITISH POUNDS/OZ) OCT 2/2023

*EURO GOLD: 1871.12 DOWN 0.12 euros per oz //* (ALL TIME CLOSING HIGH: 1903.75 EUROS PER OZ//DEC 1.2023)

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EXCHANGE: COMEX

EXCHANGE: COMEX
CONTRACT: FEBRUARY 2024 COMEX 100 GOLD FUTURES
SETTLEMENT: 2,022.300000000 USD
INTENT DATE: 02/21/2024 DELIVERY DATE: 02/23/2024
FIRM ORG FIRM NAME ISSUED STOPPED

---

323 C HSBC 3
661 C JP MORGAN 6
737 C ADVANTAGE 9

---

TOTAL: 9 9
MONTH TO DATE: 18,962

 JPMorgan stopped 6/9 contracts.

FOR FEB.:

GOLD: NUMBER OF NOTICES FILED FOR FEB/2024. CONTRACT:  9 NOTICES FOR 900 OZ  or  0.02799 TNNES

total notices so far: 18,962 contracts for 1,896,200   Oz (58.979 tonnes)

FOR  FEBRUARY:

SILVER NOTICES 109  NOTICE(S) FILED FOR 545,000 OZ/

total number of notices filed so far this month : 1294  for 6,420,000 oz

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END

BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL

GLD

WITH GOLD DOWN $2.15//

INVESTORS SWITCHING TO SPROTT PHYSICAL  (PHYS) INSTEAD OF THE FRAUDULENT GLD/ : NO CHANGES IN GOLD INVENTORY AT THE GLD:

INVENTORY RESTS AT 829.82 TONNES

SLV//

WITH NO SILVER AROUND AND SILVER DOWN 10  CENTS  AT  THE SLV//

NO CHANGES IN SILVER INVENTORY AT THE SLV

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.

CLOSING INVENTORY: 432.766 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI FELL BY A SMALL SIZED 189 CONTRACTS TO 146,395 AND CLOSER TO  THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS HUGE SIZED LOSS IN COMEX OI WAS ACCOMPLISHED WITH OUR STRONG FALL OF $0.28  IN SILVER PRICING AT THE COMEX ON WEDNESDAY. WE HAD ZERO LONG LIQUIDATION AT THE COMEX SESSION WITH MINOR SHORT COVERING AS THE PRICE OF SILVER FELL APPRECIABLY.  WE HAD A STRONG 880 T.A.S ISSUANCE AND THESE WILL BE USED FOR MANIPULATION LATER THIS MONTH/AS WELL AS TODAY. PLEASE NOTE THAT THE CROOKS NEED A HIGHER SILVER T.A.S. TO CARRY ON THEIR CROOKED MANIPULATION.

CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE.  THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS:  1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON WEDNESDAY NIGHT: 880 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE  OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT THUS LOOKS LIKE THE FED (GOV’T) IS BEHIND ALL OF THESE TRADES.

WE HAVE NOW SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023//  OUR BANKERS WITH THE HELP OF SPECULATORS AND HIGH FREQUENCY TRADERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.33), BUT WERE UNSUCCESSFUL IN KNOCKING ANY SILVER LONGS AS WE HAD A SMALL SIZED GAIN OF 216 CONTRACTS ON OUR TWO EXCHANGES BUT WITH A MUCH LOWER PRICE.

WE  MUST HAVE HAD:

A GOOD SIZED 405 ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN  INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 3.535 MILLION OZ (FIRST DAY NOTICE) ACCOMPANYING A STRANGE 89 CONTRACT ISSUANCE FOR EX. FOR RISK FOR 445,000 OZ ON FIRST DAY NOTICE/ FOLLOWED BY TODAY’S 5,000 OZ E.F.P. JUMP TO LONDON //NEW TOTAL LOWERS TO ; 6.975 MILLION OZ   

//NEW STANDING FOR SILVER IS THUS 6.975 MILLION OZ 

/ SMALL SIZED COMEX OI LOSS/GOOD SIZED EFP ISSUANCE/ VI)  STRONG  SIZED NUMBER OF  T.A.S. CONTRACT ISSUANCE 880 CONTRACTS)/

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL -REMOVED A HUGE  370  CONTRACTS //

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 CONTRACTS for 15 days, total 8,362 contracts:   OR 41.810 MILLION OZ  (597 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR:  41.810 MILLION OZ

LAST 23 MONTHS TOTAL EFP CONTRACTS ISSUED  IN MILLIONS OF OZ:

MAY 137.83 MILLION

JUNE 149.91 MILLION OZ

JULY 129.445 MILLION OZ

AUGUST: MILLION OZ 140.120

SEPT. 28.230 MILLION OZ//

OCT:  94.595 MILLION OZ

NOV: 131.925 MILLION OZ

DEC: 100.615 MILLION OZ

YEAR 2022:

 JAN 2022-DEC 2022

JAN 2022//  90.460 MILLION OZ

FEB 2022:  72.39 MILLION OZ//

MARCH 2022: 207.140  MILLION OZ//A NEW RECORD FOR EFP ISSUANCE

APRIL: 114.52 MILLION OZ FINAL//LOW ISSUANCE

MAY: 105.635 MILLION OZ//

JUNE: 94.470 MILLION OZ

JULY : 87.110 MILLION OZ

AUGUST: 65.025 MILLION OZ

SEPT. 74.025 MILLION OZ///FINAL

OCT.  29.017 MILLION OZ FINAL

NOV: 134.290 MILLION OZ//FINAL

DEC, 61.395 MILLION OZ FINAL

TOTALS YR 2022: 1135.767 MILLION OZ (1.1356 BILLION OZ)

JAN 2023///   53.070 MILLION OZ //FINAL

FEB: 2023:       100.105 MILLION OZ/FINAL//MUCH STRONGER ISSUANCE VS THE LATTER TWO MONTHS.

MARCH 2023:  112.58 MILLION OZ//FINAL//STRONG ISSUANCE

APRIL  118.035 MILLION OZ(SLIGHTLY GREATER THAN THAN LAST MONTH)

MAY 66.120 MILLION OZ/INITIAL (MUCH SMALLER THIS MONTH)  

JUNE: 110.395 MILLION OZ//MUCH LARGER THAN LAST MONTH

JULY 85.745 MILLION OZ (SMALLER THAN LAST MONTH)

AUGUST: 171.43 MILLION OZ (THIS MONTH IS GOING TO BE HUGE //2ND HIGHEST ON RECORD

SEPT: 72.705 MILLION OZ (SMALLER THIS MONTH)

OCT: 97.455 MILLION OZ

NOV.  50.050 MILLION OZ 

DEC. 66.140 MILLION OZ//

TOTAL 2023: 1,104.10 MILLION OZ/

JAN ’24 : 78.655 MILLION OZ//

FEB /2024 : 41.81 MILLION OZ.

RESULT: WE HAD A SMALLL SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 189  CONTRACTS DESPITE OUR LOSS IN PRICE OF SILVER PRICING AT THE COMEX//WEDNESDAY.,.  THE CME NOTIFIED US THAT WE HAD A HUGE EFP ISSUANCE  CONTRACTS: 880  ISSUED FOR MARCH AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.  WE HAVE A GOOD INITIAL SILVER OZ STANDING FOR FEB. OF  3.535 MILLION  OZ ACCOMPANIED BY FIRST DAY NOTICE OF 445,000 OZ EX. FOR RISK FOLLOWED BY TODAY’S 5,000 OZ E.F.P. JUMP TO LONDON //NEW TOTAL LOWERS AT 6.975 MILLION OZ 

NEW STANDING  6.975 MILLION OZ   /// WE HAVE A SMALL GAIN OF 216 OI CONTRACTS ON THE TWO EXCHANGES DESPITE THE LOSS  IN PRICE. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A VERY STRONG SIZED 880 CONTRACTS//HUGE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE WEDNESDAY  COMEX SESSION/// WITH ZERO SHORT COVERING FROM OUR SPEC SHORTS ( PRICE OF SILVER FELL) .  THE NEW TAS ISSUANCE WEDNESDAY NIGHT   (880) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE//PROBABLY TODAY., .

WE HAD 109 NOTICE(S) FILED TODAY FOR 545,000  OZ

THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A TINY  SIZED 106 CONTRACTS  TO 407,169 AND CLOSER TO THE RECORD (SET JAN 24/2020) AT 799,733  AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110, BUT CLOSER TO OUR ALL TIME LOW OF 390,000 CONTRACTS.

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: – REMOVED 96 CONTRACTS

WE HAD A TINY SIZED INCREASE  IN COMEX OI ( 106 CONTRACTS) DESPITE OUR  $5.30 LOSS IN PRICE//WEDNESDAY. WE ALSO HAD A RATHER LARGE INITIAL STANDING IN GOLD TONNAGE FOR FEB. AT 49.773 TONNES ON FIRST DAY NOTICE  ACCOMPANIED BY FIRST DAY NOTICE : 55,400 OZ EX. FOR RISK //THUS INITIAL STANDING FOR FEB: 51.494  TONNES FOLLOWED BY TODAY’S 300 OZ QUEUE JUMP //NEW TOTAL OF GOLD STANDING ADVANCES TO: 64.189 TONNES // ALL OF THIS HAPPENED DESPITE OUR $5.30 LOSS IN PRICE  WITH RESPECT TO WEDNESDAY’S TRADING. WE HAD A FAIR SIZED GAIN  OF 1506 OI CONTRACTS (4.648) PAPER TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 1400 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 407,169

IN ESSENCE WE HAVE A FAIR SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 1506 CONTRACTS  WITH 106  CONTRACTS INCREASED AT THE COMEX// AND A FAIR SIZED 1400 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 1506 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED):  A FAIR  SIZED 1645 CONTRACTS. 

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1400 CONTRACTS) ACCOMPANYING THE TINY SIZED GAIN IN COMEX OI (106) //TOTAL GAIN FOR OUR THE TWO EXCHANGES: 1506 CONTRACTS. WE HAVE ( 1) NOW RETURNED TO OUR FORMER FORMAT OF BANKERS GOING LONG AND SPECULATORS GOING SHORT  ,2.) STRONG INITIAL STANDING AT THE GOLD COMEX FOR FEB. AT 49.773 TONNES PLUS FIRST DAY NOTICE OF 1.723 TONNE OZ EX. FOR RISK FOLLOWED BY TODAY’S 300 OZ QUEUE JUMP //NEW STANDING ADVANCES TO 64.189 TONNES.  / 3) ZERO LONG LIQUIDATION //  4)  TINY SIZED COMEX OPEN INTEREST GAIN/ 5)   FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6:  FAIR T.A.S.  ISSUANCE: 1645 CONTRACTS//SOME SHORT COVERING AGAIN

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2023-2024 INCLUDING TODAY

FEB.

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

TOTAL EFP CONTRACTS ISSUED: 49,454 CONTRACTS OR 4,945,400 OZ OR 153.82 TONNES IN 15 TRADING DAY(S) AND THUS AVERAGING: 3296  EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 15 TRADING DAY(S) IN  TONNES  153.82 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2022, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS  153.82/3550 x 100% TONNES  4.33% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO 2023

JANUARY/2021: 265.26 TONNES (RAPIDLY INCREASING AGAIN)

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

MARCH:.   276.50 TONNES (STRONG AGAIN/

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

MAY:        250.15 TONNES  (NOW DRAMATICALLY INCREASING AGAIN)

JUNE:      247.54 TONNES (FINAL)

JULY:        188.73 TONNES FINAL

AUGUST:   217.89 TONNES FINAL ISSUANCE.

SEPT          142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_

OCT:           141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)

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

DEC.           175.62 TONNES//FINAL ISSUANCE//

TOTALS: 2,578.08 TONNES/2021

JAN:2022   247.25 TONNES //FINAL

FEB:           196.04 TONNES//FINAL

MARCH/2022:  409.30 TONNES //FINAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.

APRIL:  169.55 TONNES (FINAL VERY  LOW ISSUANCE MONTH)

MAY:  247.44 TONNES FINAL//

JUNE: 238.13 TONNES  FINAL

JULY: 378.43 TONNES FINAL

AUGUST: 180.81 TONNES FINAL

SEPT. 193.16 TONNES FINAL

OCT:  177.57  TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)

NOV.  223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)

DEC:  185.59 tonnes // FINAL

TOTAL: 2,847,25 TONNES/2022

JAN 2023:    228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!

FEB: 151.61 TONNES/FINAL

MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)

APRIL: 197.42 TONNES

MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)

JUNE: 172.667 TONNES (WEAKER ISSUANCE THIS MONTH)

JULY:  151.69 TONNES (WEAKER THAN LAST MONTH)

AUGUST:  195.28 TONNES (A STRONGER MONTH)//FINAL

SEPT: 254.709 TONNES (WILL BE LARGER THAN LAST MONTH AND A STRONG MONTH)

OCT. 248.09 TONNES. LIKE SILVER, THIS MONTH IS GOING TO BE A STRONG E.F.P. ISSUANCE.

NOV.   239.16 TONNES//WILL BE STRONG THIS MONTH,

DEC. 213.704 TONNES. A STRONG MONTH//

TOTAL FOR YEAR 2023: 2,569.57 TONNES VS  2578 TONNES LAST YEAR

JAN ’24:     291.76 TONNES (WILL BE MUCH GREATER THAN LAST MONTH.//3RD HIGHEST EVER RECORDED EX FOR PHYSICAL)

FEB’24: 153.82 TONNES (SHOULD BE A WEAKER ISSUANCE MONTH)

SPREADING OPERATIONS

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

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

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

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

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

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

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

1.Today, we had the open interest at the comex, in SILVER FELL BY A SMALL SIZED 189  CONTRACTS OI  TO 146,395 AND FURTHER FROM THE COMEX HIGH RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  6 YEARS AGO.  HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023

EFP ISSUANCE  880  CONTRACTS

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

MARCH  880  and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 880  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 189 CONTRACTS AND ADD TO THE 405  OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A SMALL GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 216 CONTRACTS

THUS IN OUNCES, THE GAIN  ON THE TWO EXCHANGES  TOTAL 1.08 MILLION OZ 

OCCURRED DESPITE OUR  $.33 LOSS IN PRICE …..

END

OUTLINE FOR TODAY’S COMMENTARY

1a/COMEX GOLD AND SILVER REPORT

(report Harvey)

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

(Peter Schiff)

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

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

b. Other gold/silver commentaries

c. Commodity commentaries//

d)/CRYPTOCURRENCIES/BITCOIN ETC

2.ASIAN AFFAIRS//

THURSDAY MORNING/WEDNESDAY  NIGHT

SHANGHAI CLOSED UP 37.40 PTS OR 1.27%  //Hang Seng CLOSED UP 239.85 PTS OR 1.45%         /The Nikkei CLOSED UP 836.52 PTS OR 2.19%   //Australia’s all ordinaries CLOSED UP 0.07%    /Chinese yuan (ONSHORE) closed UP 7.1916 

 //OFFSHORE CHINESE YUAN CLOSED UP TO 7.1991 /Oil UP TO 77.84 dollars per barrel for WTI and BRENT  DOWN AT 82.77/ Stocks in Europe OPENED ALL GREEN// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING STRONGER AGAINST US DOLLAR/OFFSHORE YUAN STRONGER

A)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/
OUTLINE

3  CHINA
OUTLINE

4/EUROPEAN AFFAIRS
OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE

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

7. OIL ISSUES
OUTLINE

8 EMERGING MARKET ISSUES
9. USA

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

GOLD

 LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE  BY A TINY SIZED 106 CONTRACTS  TO 407,169 DESPITE OUR LOSS IN PRICE OF $5.80 WITH RESPECT TO WEDNESDAY TRADING. WE ARE GETTING AWFULLY CLOSE TO OUR LOW OI OF 390,000 CONTRACTS

EXCHANGE FOR PHYSICAL ISSUANCE

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

THAT IS 1400  EFP CONTRACTS WERE ISSUED: :  APRIL 4030  & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1400 CONTRACTS

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A FAIR SIZED TOTAL OF 1506  CONTRACTS IN THAT 1400 LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A TINY SIZED GAIN OF 106  COMEX  CONTRACTS..AND THIS GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR LOSS IN PRICE OF $5.80 WEDNESDAY COMEX.  AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS DURING MID MONTH IN THE DELIVERY CYCLE), THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR WEDNESDAY NIGHT WAS A FAIR SIZED 1645 CONTRACTS.  THROUGHOUT THE PAST SEVERAL WEEKS, THE BANKERS SOLD OFF THE LONG SIDE OF THE SPREAD WHICH  OF COURSE CONTINUES TO MANIPULATE THE PRICE OF GOLD SOUTHBOUND. (THEY KEEP THE SHORT SIDE OF THE CALENDAR/T.A.S. SPREAD WHICH WILL BE LIQUIDATED IN DAYS HENCE//. 

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING:   FEB  (64.189 TONNES)  (   ACTIVE MONTH)

HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 24 MONTHS OF 2021-2023:

DEC 2021: 112.217 TONNES

NOV.  8.074 TONNES

OCT.    57.707 TONNES

SEPT: 11.9160 TONNES

AUGUST: 80.489 TONNES

JULY: 7.2814 TONNES

JUNE:  72.289 TONNES

MAY 5.77 TONNES

APRIL  95.331 TONNES

MARCH 30.205 TONNES

FEB ’21. 113.424 TONNES

JAN ’21: 6.500 TONNES.

TOTAL  YEAR  2021 (JAN- DEC): 601.213 TONNES

YEAR 2022:

JANUARY 2022  17.79 TONNES

FEB 2022: 59.023 TONNES

MARCH: 36.678 TONNES

APRIL: 85.340 TONNES FINAL.

MAY: 20.11 TONNES FINAL

JUNE: 74.933 TONNES FINAL

JULY 29.987 TONNES FINAL

AUGUST:104.979 TONNES//FINAL

SEPT.  38.1158 TONNES

OCT:  77.390 TONNES/ FINAL

NOV 27.110 TONNES/FINAL

Dec. 64.000 tonnes

(TOTAL  YEAR 656.076 TONNES)

2023:

JAN/2023:    20.559 tonnes

FEB 2023: 47.744 tonnes

MAR:  19.0637 TONNES

APRIL: 75.676  tonnes

MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk =  20.338

JUNE: 64.354 TONNES

JULY: 10.2861 TONNES

AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)

SEPT: 15.281 TONNES FINAL

OCT.    35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes

NOV: 18.7122 TONNES + 16.2505 EX. FOR RISK   = 34.9627 TONNES

DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK =  51.707TONNES

TOTAL 2023 YEAR : 436.546 TONNES

JAN ’24.      22.706 TONNES

FEB. ’24:  64.189 TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)

THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT LOST $5.80 //// BUT WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD A FAIR SIZED GAIN  OF 1506 TOTAL CONTRACTS ON OUR TWO EXCHANGES DESPITE THE LOWER PRICE. WE HAD TO HAVE HAD AGAIN STRONG SHORT COVERING. WE HAD A STRONG T.A.S. LIQUIDATION ON THE FRONT END OF WEDNESDAY’S TRADING .   THE T.A.S. ISSUED ON WEDNESDAY NIGHT, WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.

WE HAVE GAINED A TOTAL OI OF 4.684 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL  GOLD TONNAGE STANDING FOR FEB. (49.773 TONNES) ON FIRST DAY NOTICE ALONG WITH AN EXCHANGE FOR RISK FOR 1.7235 TONNES. THIS WAS FOLLOWED WITH TODAY’S 300 OZ QUEUE JUMP (0.00933 TONNES//NEW TOTAL STANDING 64.189: ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS  IN PRICE  TO THE TUNE OF $5.80  

WE HAD -REMOVED 96   CONTRACTS  TO THE  COMEX TRADES TO OPEN INTEREST (CROOKS)

NET GAIN ON THE TWO EXCHANGES 1506 CONTRACTS OR 150,600 OZ OR 4.684 TONNES.
estimated volume today 148,680 poor

final gold volumes/yesterday  127,896 poor 

//speculators have left the gold arena

FEB 22 INITIAL  FEB  GOLD

/ /// THE FEB  2024 GOLD CONTRACT

Gold	Ounces
Withdrawals from Dealers Inventory in oz	nil
Withdrawals from Customer Inventory in oz	52,084.6203 oz Malca 1.62 tonnes (1620 kilobars)           .
Deposit to the Dealer Inventory in oz	nil oz
Deposits to the Customer Inventory, in oz
No of oz served (contracts) today	9  notice(s) 900 OZ 0.9797 TONNES
No of oz to be served (notices)	1127  contracts    112,700 oz 3.505 TONNES
Total monthly oz gold served (contracts) so far this month	18,962  notices 1,896,200 oz 58.979 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	x

0 dealer deposits:

total dealer deposits:  nil oz

total customer withdrawals: 1

i) Out of Malca: 52,084.620 oz 1620 kilobars

1.62 tonnes and equal to 1620 kilobars

total withdrawal: 52,084.620 oz

we had 0 customer deposit

Adjustments: 0

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR FEB.

For the front month of FEBRUARY we have an oi of 1130   contracts having LOST 312 contracts. We had 315 notices filed on Wednesday, so we GAINED 3 contracts or an additional 300 oz (0.00953 tonnes) will stand for delivery at the comex.

We also had 554 notices filed under exchange for risk on first day notice for a total of 55,400 oz or 1.723 tonnes to which must be added to the delivery cycle.

Thus initial standing for gold for February is 50.136 tonnes + 1.723 tonnes = 51.859 tonnes. This was followed with today’s QUEUE jump of 300 oz//New standing 62.457 tonnes + 1.723 tonnes = 64.180 TONNES

March LOST 67 contracts to stand at 2429

APRIL lost 182 CONTRACTS FALLING TO 317,641.

We had  9 contracts filed for today representing  900    oz  

Today, 0 notice(s) were issued from J.P.Morgan dealer account and 0  notices were issued from their client or customer account. The total of all issuance by all participants equate to 9   contract(s) of which 0  notices were stopped (received) by  j.P. Morgan dealer and 6 notice(s) was (were) stopped  ( (received) by J.P.Morgan//customer account   

To calculate the INITIAL total number of gold ounces standing for the FEB. /2024. contract month, we take the total number of notices filed so far for the month (18,962 x 100 oz ), to which we add the difference between the open interest for the front month of  FEB. (1130  CONTRACTS)  minus the number of notices served upon today  9 x 100 oz per contract equals  2,008,300 OZ  OR 62.466 TONNES  + 1.723 Ex for Risk/prior = 64.180 tonnes

thus the INITIAL standings for gold for the FEB. contract month:  No of notices filed so far (18,962) x 100 oz +  (1130) {OI for the front month} minus the number of notices served upon today (9)  x 100 oz which equals  2,008,300  oz (62.466 TONNES) + 54,400 oz (1.723 TONNES) ex. for risk/prior// NEW total standing OR 64.189 TONNES 

TOTAL COMEX GOLD STANDING FOR FEB: 64.189 TONNES WHICH IS GREAT FOR AN ACTIVE DELIVERY MONTH IN THE CALENDAR.  

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

COMEX GOLD INVENTORIES/CLASSIFICATION

NEW PLEDGED GOLD:

241,794.285 oz NOW PLEDGED /HSBC  5.94 TONNES

204,937.290 PLEDGED  MANFRA 3.08 TONNES

83,657.582 PLEDGED JPMorgan no 1  1.690 tonnes

265,999.054, oz  JPM No 2 

1,152,376.639 oz pledged  Brinks/

Manfra:  33,758.550 oz

Delaware: 193.721 oz

International Delaware::  11,188.542 oz

total pledged gold: 1,354,385.502   42.127 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD:  18,237,040.238 OZ  

TOTAL REGISTERED GOLD 8,133,765.654  (252.99  tonnes).

TOTAL OF ALL ELIGIBLE GOLD: 10,103,274.584 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 6,779,380 oz (REG GOLD- PLEDGED GOLD) 210.87 tonnes

END

SILVER/COMEX

FEB 21/INITIAL

//2024// THE FEB 2024 SILVER CONTRACT//INITIAL

Silver	Ounces
Withdrawals from Dealers Inventory	NIL oz
Withdrawals from Customer Inventory	nil oz .
Deposits to the Dealer Inventory	nil OZ
Deposits to the Customer Inventory	42,613.200 oz
No of oz served today (contracts)	109 CONTRACT(S)    (545,000 OZ)
No of oz to be served (notices)	12 contracts  (60,000 oz)
Total monthly oz silver served (contracts)	1294 Contracts  (6,470,000 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

i)  0 dealer  deposit

total dealer deposit: nil oz

i) We had  0 dealer withdrawal

total dealer withdrawals: 0 oz

We had  1 deposits customer account:

i) Into CNT 42,613.200 ox

total customer deposits 42,613.200   oz

JPMorgan has a total silver weight: 129.806  million oz/280.180 million  or 46.42%

adjustment: 2 customer to dealer

i) Asahi: 942,425.300 oz

ii) Manfra; 544,693.301 oz

Comex withdrawals: 0

total withdrawal: nil oz

TOTAL REGISTERED SILVER: 44.936 MILLION OZ//.TOTAL REG + ELIGIBLE. 280.137 million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR DECEMBER:

silver open interest data:

FRONT MONTH OF FEB. /2023 OI: 121  CONTRACTS HAVING LOST 1  CONTRACT(S).  WE HAD 0 NOTICES FILED ON WEDNESDAY SO WE LOST 1 CONTRACT OR AN ADDITIONAL 5,000 OZ OF SILVER CONTRACTS WILL NOT STAND FOR DELIVERY AT THE COMEX AS THEY WERE FERRIED OVER TO LONDON TO TAKE IMMEDIATE DELIVERY OVER THERE.

MARCH LOST 7167 CONTRACTS TO 49,845

APRIL SAW A GAIN OF 30 CONTRACTS TO STAND AT 118

MAY SAW A GAIN OF 6582 CONTRACTS UP TO 76,124.

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 109 for 545,000  oz

Comex volumes// est. volume today 69,747 good

Comex volume: confirmed yesterday 77,858 good//

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 1294 x  5,000 oz = 6,470,000 oz 

to which we add the difference between the open interest for the front month of FEB. (121) and the number of notices served upon today  109 x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the FEB/2024 contract month:  1294 (notices served so far) x 5000 oz + OI for the front month of FEB. (121) – number of notices served upon today (109 )x 500 oz of silver standing for the FEB  contract month equates to 6.530 MILLION OZ.  + .445 MILLION OZ EX. FOR RISK PRIOR//NEW TOTAL 6.975 MILLION OZ

 New total standing: 6.975 million oz.

There are 44.936 million oz of registered silver.

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

END

GLD AND SLV INVENTORY LEVELS//

BOTH GLD AND SLV ARE MASSIVE FRAUDS!

FEB22/WITH GOLD DOWN $2.15 TODAY NO CHANGES IN GOLD INVENTORY AT THE GLD:

//INVENTORY RESTS AT 829.82 TONNES

FEB21/WITH GOLD DOWN $5.30 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 7.59 TONNES OF GOLD OUT OF THE GLD///INVENTORY RESTS AT 29.82 TONNES

FEB20/WITH GOLD UP $16.15 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 0.58 TONNES OF GOLD INTO THE GLD///INVENTORY RESTS AT 837.89 TONNES

FEB16/WITH GOLD UP $8,60 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.73 TONNES OF GOLD FROM THE GLD///INVENTORY RESTS AT 837.31 TONNES

FEB15/WITH GOLD UP $11.70 TODAY NO CHANGES IN GOLD INVENTORY AT THE GLD:/INVENTORY RESTS AT 841.92 TONNES

FEB14/WITH GOLD DOWN $2.75 TODAY NO CHANGES IN GOLD INVENTORY AT THE GLD:/INVENTORY RESTS AT 841.92 TONNES

FEB13/WITH GOLD DOWN $20.15 TODAY NO CHANGES IN GOLD INVENTORY AT THE GLD:/INVENTORY RESTS AT 841.92 TONNES

FEB12/WITH GOLD DOWN $4.80 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A STRONG WITHDRAWAL OF 1.74 TONNES OF GOLD FROM THE GLD. / //://INVENTORY RESTS AT 841.92 TONNES

FEB9/WITH GOLD DOWN $8.60 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A STRONG DEPOSIT OF 1.44 TONNES OF GOLD FROM THE GLD. / //://INVENTORY RESTS AT 843.66 TONNES

FEB8/WITH GOLD DOWN $2.70 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A MASSIVE WITHDRAWAL OF 5.47 TONNES OF GOLD FROM THE GLD. / //://INVENTORY RESTS AT 842.22 TONNES:

FEB7/WITH GOLD UP $0.40 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A MASSIVE WITHDRAWAL OF 4.04 TONNES OF GOLD FROM THE GLD. / //://INVENTORY RESTS AT 847.69 TONNES:

FEB6/WITH GOLD UP $8.50 TODAY NO CHANGES IN GOLD INVENTORY AT THE GLD:/ / //://INVENTORY RESTS AT 851.73 TONNES:

FEB5/WITH GOLD DOWN $9.85 TODAY SMALL CHANGES IN GOLD INVENTORY AT THE GLD:A DEPOSIT OF .58 TONNES OF GOLD INTO THE GLD// / //://INVENTORY RESTS AT 851.73 TONNES:

FEB 2/WITH GOLD DOWN $17.95 TODAY SMALL CHANGES IN GOLD INVENTORY AT THE GLD:A WITHDRAWAL OF .58 TONNES OF GOLD FROM THE GLD// / //://INVENTORY RESTS AT 851.15 TONNES:

FEB 1/WITH GOLD UP $5.00 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD:A WITHDRAWAL OF 1.73 TONNES OF GOLD FROM THE GLD// / //://INVENTORY RESTS AT 851.15 TONNES:

JAN 31/WITH GOLD UP $16.40 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD:A WITHDRAWAL OF 2.01 TONNES OF GOLD FROM THE GLD// / //://INVENTORY RESTS AT 852.88 TONNES:

JAN 30/WITH GOLD UP $6.50 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD:A WITHDRAWAL OF 1.16 TONNES OF GOLD FROM THE GLD// / //://INVENTORY RESTS AT 854.89 TONNES:

TOTAL IN LAST 18 DAYS WITHDRAWAL OF 14.12 TONNES

JAN 29/WITH GOLD UP $8.70 TODAYHUGE CHANGES IN GOLD INVENTORY AT THE GLD:A WITHDRAWAL OF 2.88 TONNES OF GOLD FROM THE GLD// / //://INVENTORY RESTS AT 856.05 TONNES

JAN 26/WITH GOLD DOWN $0.10 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD: / //://INVENTORY RESTS AT 858.93 TONNES

JAN 25/WITH GOLD UP $2.50 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD: / //://INVENTORY RESTS AT 858.93 TONNES

JAN 24/WITH GOLD DOWN $9.75 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD: / //://INVENTORY RESTS AT 858.93 TONNES

JAN 23/WITH GOLD UP $3.95 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.02 TONNES OF GOLD FROM THE GLD/ //://INVENTORY RESTS AT 858.93 TONNES

JAN 22/WITH GOLD DOWN $6.00 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.15 TONNES OF GOLD FROM THE GLD/ //://INVENTORY RESTS AT 860.95 TONNES

JAN 19/WITH GOLD UP $8.15 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD //://INVENTORY RESTS AT 862.10 TONNES

JAN 18/WITH GOLD UP $14.85  TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 2.30 TONNES OF GOLD FROM THE GLD//://INVENTORY RESTS AT 862.10 TONNES

JAN 17/WITH GOLD DOWN $23.25  TODAY: BIG CHANGES IN GOLD INVENTORY AT THE GLD A DEPOSIT OF .549 TONNES OF GOLD INTO THE GLD.;//://INVENTORY RESTS AT 864.40 TONNES

JAN 12/WITH GOLD UP $31.65  TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD; A MASSIVE WITHDRAWAL OF 4.61 TONNES OF GOLD FROM THE GLD//://INVENTORY RESTS AT 864.99 TONNES

GLD INVENTORY: 829.82 TONNES

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

FEB 22/WITH SILVER DOWN 10 CENTS TODAY NO CHANGES IN SILVER INVENTORY AT THE SLV

// : SLV INVENTORY RESTS AT 432.766 MILLION OZ

FEB  21/WITH SILVER DOWN 28 CENTS TODAY HUGE CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF 2.348 MILLION OZ OF SILVER FROM THE SLV// : SLV INVENTORY RESTS AT 432.766 MILLION OZ

FEB  20/WITH SILVER DOWN 33 CENTS TODAY HUGE CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF 3.385 MILLION OZ OF SILVER FROM THE SLV// : SLV INVENTORY RESTS AT 435.008 MILLION OZ

FEB  16/WITH SILVER UP 53 CENTS TODAY HUGE CHANGES IN SILVER INVENTORY AT THE SLV A DEPOSIT OF 1.235 MILLION OZ OF SILVER FROM THE SLV// : SLV INVENTORY RESTS AT 438.393 MILLION OZ

FEB  15/WITH SILVER UP 56 CENTS TODAY NO CHANGES IN SILVER INVENTORY AT THE SLV : SLV INVENTORY RESTS AT 437.615 MILLION OZ

FEB  14/WITH SILVER UP 24 CENTS TODAY NO CHANGES IN SILVER INVENTORY AT THE SLV : SLV INVENTORY RESTS AT 437.615 MILLION OZ

FEB  13/WITH SILVER DOWN 60 CENTS TODAY SMALL CHANGES IN SILVER INVENTORY AT THE SLV A SMALL WITHDRAWAL OF 0.504 MILLION OZ OZ OUT OF THE SLV: SLV INVENTORY RESTS AT 437.615 MILLION OZ

FEB  12/WITH SILVER UP 14 CENTS TODAY HUGE CHANGES IN SILVER INVENTORY AT THE SLV A HUGE WITHDRAWAL OF 1.921 MILLION OZ OZ OUT OF THE SLV: SLV INVENTORY RESTS AT 438.119 MILLION OZ

FEB 9/WITH SILVER DOWN 4 CENTS TODAY SMALL CHANGES IN SILVER INVENTORY AT THE SLV A SMALL DEPOSIT OF 600,000 OZ INTO THE SLV: SLV INVENTORY RESTS AT 440.040 MILLION OZ

FEB 8/WITH SILVER UP 29 CENTS TODAY NO CHANGES IN SILVER INVENTORY AT THE SLV: SLV INVENTORY RESTS AT 439.994 MILLION OZ

FEB 7/WITH SILVER DOWN 18 CENTS TODAY HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A MASSIVE DEPOSIT OF 4.04 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 439.994 MILLION OZ//LAST 9 DAYS: 10.7598 MILLION OZ WITHDRAWAL

FEB 6/WITH SILVER UP 11 CENTS TODAY NO CHANGES IN SILVER INVENTORY AT THE SLV: /INVENTORY RESTS AT 435.144 MILLION OZ//LAST 9 DAYS: 10.7598 MILLION OZ WITHDRAWAL

FEB 5/WITH SILVER DOWN 32 CENTS TODAY HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 3.345 MILLION OZ FROM THE SLV(FAIRY TALES) // /INVENTORY RESTS AT 435.144 MILLION OZ//LAST 8 DAYS: 10.7598 MILLION OZ WITHDRAWAL

FEB 2/WITH SILVER DOWN 50 CENTS TODAY SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 0.58 MILLION OZ INTO THE SLV(FAIRY TALES) // /INVENTORY RESTS AT 438.489 MILLION OZ//LAST 7 DAYS: 14.105 MILLION OZ WITHDRAWAL

FEB 1/WITH SILVER UP 7 CENTS TODAY MEGA CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.19 MILLION OZ INTO THE SLV(FAIRY TALES) // /INVENTORY RESTS AT 438.947 MILLION OZ//LAST 6 DAYS: 10.3018 MILLION OZ WITHDRAWAL

JAN 31/WITH SILVER DOWN 8 CENTS TODAY MEGA CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.7438 MILLION OZ INTO THE SLV(FAIRY TALES) // /INVENTORY RESTS AT 440.137 MILLION OZ//LAST 5 DAYS: 9.1118 MILLION OZ WITHDRAWAL

JAN 30/WITH SILVER DOWN 5 CENTS TODAY MEGA CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.876 MILLION OZ INTO THE SLV(FAIRY TALES) // /INVENTORY RESTS AT 442.699 MILLION OZ//LAST 4 DAYS: 7.368 MILLION OZ WITHDRAWAL

JAN 29/WITH SILVER UP $.37 TODAY MEGA CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.105 MILLION OZ INTO THE SLV(FAIRY TALES) // /INVENTORY RESTS AT 444.575 MILLION OZ

JAN 26/WITH SILVER DOWN $0.03 TODAY MEGA CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.556 MILLION OZ INTO THE SLV(FAIRY TALES) // /INVENTORY RESTS AT 446.680 MILLION OZ

JAN 25/WITH SILVER UP $0.03 TODAY MEGA CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.831 MILLION OZ INTO THE SLV(FAIRY TALES) // /

INVENTORY RESTS AT 448.236 MILLION OZ

JAN 24/WITH SILVER UP $0.44 TODAY MEGA CHANGES IN SILVER INVENTORY AT THE SLV: ANOTHER DEPOSIT OF 1.375 MILLION OZ INTO THE SLV(FAIRY TALES) // //INVENTORY RESTS AT 450.067 MILLION OZ

JAN 23/WITH SILVER UP $0.21 TODAY MEGA CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 16.201 MILLION OZ INTO THE SLV(FAIRY TALES) // //INVENTORY RESTS AT 448.694 MILLION OZ

JAN 22/WITH SILVER DOWN $0.45 TODAY NO CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 458,000 OZ OUT OF THE SLV // //INVENTORY RESTS AT 432.493 MILLION OZ

JAN 19/WITH SILVER DOWN $0.11 TODAY HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 458,000 OZ OUT OF THE SLV // //INVENTORY RESTS AT 432.493 MILLION OZ

JAN 18/WITH SILVER UP $0.13 TODAY NO CHANGES IN SILVER INVENTORY AT THE SLV: // //INVENTORY RESTS AT 432.951 MILLION OZ

JAN 17/WITH SILVER DOWN $0.38 TODAY HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 779,000 OZ FROM THE SLV.: // //INVENTORY RESTS AT 433.500 MILLION OZ

JAN 16/WITH SILVER DOWN $0.08 TODAY NO CHANGES IN SILVER INVENTORY AT THE SLV: // //INVENTORY RESTS AT 433.500 MILLION OZ

JAN 12/WITH SILVER UP $0.62 TODAY NO CHANGES IN SILVER INVENTORY AT THE SLV: // //INVENTORY RESTS AT 433.500 MILLION OZ

CLOSING INVENTORY 432.766 MILLION OZ//

PHYSICAL GOLD/SILVER COMMENTARIES

1:Peter Schiff/Mike Maharrey

end

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

END

END

3. CHRIS POWELL//GATA GOLD COMMENTARIES: daily Dispatches

Could Kansas residents start using gold as currency?

Submitted by admin on Wed, 2024-02-21 18:45 Section: Daily Dispatches

By Jack Harvel
Topeka (Kansas) Capital-Journal
Wednesday, February 21, 2024

Kansans could start using gold and silver as currency to cover debts, taxes, and state fees if the Kansas specie legal tender act is passed.

Twenty-seven Kansas representatives sponsored the bill, which advocates say allows people to protect themselves from inflation. Several of the proponents also spoke broadly about their belief that gold is a superior form of currency compared to fiat.

“It seems a little bit odd to me that we’re seeking to authorize gold and silver as legal tender, because it was used for thousands of years as legal tender to pay bills, to trade, what have you,” said Rep. Michael Murphy, R-Sylvia. “It also backed our currency up until 1973.” …

… For the remainder of the report:

https://www.cjonline.com/story/news/politics/government/2024/02/21/kansas-bill-would-let-gold-be-used-as-currency/72669860007

end

---

4. OTHER GOLD COMMENTARIES/PODCASTS

END

5 a. IMPORTANT COMMENTARIES ON COMMODITIES /ALUMINIUM

Aluminum Prices Soar After Biden Says “Major” Sanctions Package Against Russia Is Imminent

THURSDAY, FEB 22, 2024 – 05:45 AM

Aluminum and nickel futures rose on Wednesday after President Biden’s announcement that the US is planning to introduce a fresh round of sanctions against Russia in response to the sudden death of opposition leader Alexey Navalny in a Russian jail. 

On Tuesday, Biden told reporters at the White House about plans for a “major” sanctions package against Moscow set to be unveiled on Friday but didn’t comment on targeted industries or other specifics. 

According to Bloomberg, commodity traders have been waiting for a new round of trade restrictions on Russian metals since the UK moved in December to block British individuals and entities from trading physical metals from Russia, including aluminum, copper, and nickel. The UK has hinted at a coordinated action with Western partners against Russian metals. 

Aluminum prices on the London Metal Exchange jumped more than 2% on Wednesday after surging in response to Biden’s comments on Tuesday. Nickle futures were also up nearly 2%. 

Li Jiahui, an analyst at Shanghai Metals Market, told Bloomberg: “Prices are rising on the Biden news as investors are assessing the potential measures and impact,” adding, “Investors are awaiting for the specific measures to land.”

Earlier on Tuesday, White House spokesman John Kirby said that sanctions would be designed “to hold Russia accountable for what happened to Mr. Navalny.”

Also, US National Security Advisor Jake Sullivan said the “substantial package” of sanctions would cover “different elements of the Russian defense-industrial base and sources of revenue for the Russian economy” that power Moscow’s “war machine.” 

Meanwhile, the ineffectiveness of the West’s sanctions against the Russian economy is an awakening sign that neocon Washington elites believe they can do more of the same and expect different results. This is called insanity.

END

5 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT

END

6.CRYPTOCURRENCY//DIGITAL CURRENCY// COMMENTARIES/

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

ONSHORE YUAN:   CLOSED UP 7.1916

OFFSHORE YUAN: UP TO 7.1991

SHANGHAI CLOSED UP 37.40 PPTS OR 1.27% 

HANG SENG CLOSED UP 239.85 PTS OR 1.45%

2. Nikkei closed UP 836.32 OR 2.19%

3. Europe stocks   SO FAR:  ALL GREEN 

USA dollar INDEX DOWN  TO  103.68 EURO RISES TO 1.0848 UP 26 BASIS PTS

3b Japan 10 YR bond yield: FALLS TO. +.711 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 150.38/JAPANESE YEN NOW RISING AS WELL AS LONG TERM 10  YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK

3c Nikkei now  ABOVE 17,000

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

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

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

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

3g Oil UP for WTI and UP  FOR Brent this morning

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund UP TO +2.4510***/Italian 10 Yr bond yield UP to 3.936* /SPAIN 10 YR BOND YIELD UP TO 3.356…**

3i Greek 10 year bond yield UP TO 3.393

3j Gold at $2028.45 silver at: 23.04  1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble UP 0 AND 21 /100        roubles/dollar; ROUBLE AT 92.31//

3m oil into the 77  dollar handle for WTI and  82  handle for Brent/

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

JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 150.04//  10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.711% STILL ON CENTRAL BANK (JAPAN) INTERVENTION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.8788 as the Swiss Franc is still rising against most currencies. Euro vs SF:   0.9532 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

USA 10 YR BOND YIELD: 4.333 UP 1 BASIS PTS…

USA 30 YR BOND YIELD: 4.487  UP 1 BASIS PTS/

USA 2 YR BOND YIELD:  4.673 UP 4 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 30.99…(TURKEY SET TO BLOW UP FINANCIALLY)

GREAT BRITAIN/10 YEAR YIELD: UP 1  BASIS PTS AT 4.1495

end

2.a  Overnight:  Newsquawk and Zero hedge

AIphoria: Nvidia Blowout Sends US Futures Soaring, Pushes Japan And Europe To New Record Highs

THURSDAY, FEB 22, 2024 – 08:20 AM

US equity futures blasted higher, and were set to push US the S&P500 to a new all time high when markets open for trading, matching record highs hit earlier in the session for both Japanese stocks…

… and European bourses…

… boosted by blowout earnings by Nvidia which surged in early trading after delivering another eye-popping sales forecast  – it really was the $2BN delta between NVDA’s $24BN revenue forecast for the current quarter and the $21.9BN consensus estimate – that added fresh momentum to a stock rally that already made it the world’s most valuable chipmaker and fanned gains in tech stocks – and really all stocks – around the world. As of 7:40am S&P futures were higher by 1.3% on the day with Nasdaq futures outperforming and higher by 2.1% following Nvidia earnings which sent the stock up as much as 15%; in Europe, the Stoxx 600 hit a new all time high, rising 0.8% with Japan’s Nikkei also surpassing its December 1989 record high, and closing above 39K for the first time ever. Meanwhile, even as tech rocketed higher, yields continued their ascent, and the 10Y yield rose to a new 2024 high, while the dollar dipped and oil swung from gains to losses in a narrow range. Today’s calendar sees jobless claims (8:30am), February S&P US PMI’s (9:45am) and January existing home sales (10am) as well as several Fed speakers.

Naturally, all eyes are on Nvidia this morning which soared as much as 15% in pre-market trading after results showed demand continues to be strong for artificial intelligence computing hardware enabling extremely racist chatbots such as Google’s Gemini. The company, which will once again surpass Amazon and Alphabet in market value, has been the biggest driver of US stock market gains this year and has gained over $250BN premarket. And here is a stunning fact: the $250BN in market cap NVDA is set to gain today eclipses the previous record, that of Meta, which soared by $197BN just three weeks ago.

Nivida’s gain dragged other chipmakers higher in premarket trading, with Advanced Micro Devices Inc. climbing 6%, Applied Materials Inc. rising 4% and Intel Corp. up more than 2%. Here are some other notable premarket movers:

• B. Riley surged 35% after the embattled bank said internal review confirms that the company and its executives, including Bryant Riley, had no involvement with, or knowledge of, any of the alleged misconduct concerning Prophecy
• Carnival gains 5% as rival Royal Caribbean lifted its annual guidance. Royal Caribbean (RCL) +5%
• DigitalOcean jumps 9% after the provider of platform tools for start-ups posted 4Q revenue that beat estimates.
• DoorDash rises 4% as Morgan Stanley raises its rating, predicting robust growth.
• Enerplus ADRs gain 9% after Chord agreed to buy the Canadian oil and gas company for $3.7 billion in stock and cash.
• Etsy falls 9% after the e-commerce company’s outlook pointed to a slow start to the fiscal year, prompting Jefferies to cut its earnings estimate.
• Indivior ADRs jump 16% after the drugmaker reported upbeat results for the fourth quarter.
• Lucid Group sinks 8% after the electric vehicles maker forecast production for 2024 of about 9,000 vehicles, which analysts described as disappointing.
• Moderna Inc. gains 3% after the company reported fourth-quarter revenue that beat analysts’ expectations by gaining Covid vaccine market share on its rival, Pfizer Inc.
• Nvidia surges 13% after delivering another eye-popping sales forecast.
• Remitly soars 24% after the money transfer firm provided a year revenue forecast that topped estimates and a strong 4Q sales beat.
• Rivian falls 16% after the electric vehicle maker provided a disappointing forecast for 2024 production.
• Vertiv gains 5% with analysts noting strong order numbers for the data center equipment company.

Yet despite lots of activity elsewhere, this morning is all about AI (which apparently is raginly anti-white racist, forcing Google’s Bard or whatever it is called now, to pull all of its image generation altogether). The global market for generative AI may reach $1.3 trillion in 2032, according to estimates from Bloomberg Intelligence analyst Mandeep Singh. Explosive growth in the sector should boost hardware, software and internet companies again this year, he wrote in a recent report.

“As goes Nvidia, so goes the market,” said Kim Forrest, chief investment officer of Bokeh Capital Partners LLC. “It does confirm the narrative that AI is going to continue to be strong for the foreseeable future. This narrative supported the markets last year, why wouldn’t it do the same this year?”

The latest numbers mean Wall Street estimates for Nvidia are set to be revised higher, which will likely bring down the valuation once again if the share price doesn’t keep pace.  While some investors have been concerned about a possible bubble forming around AI-related stocks, others noted that Nvidia is still less expensive than peers. The stock traded at about 30 times forward earnings as of Wednesday’s close, compared with AMD at 43 times. The shares are also cheaper than those of Amazon.com Inc. and Microsoft Corp., while the Nasdaq 100 Index trades at a 25 times multiple.

The hype around Nvidia’s earnings overshadowed a hawkish tone to the minutes of the Federal Reserve’s last policy meeting, where most officials expressed concern about the risk of cutting interest rates too soon. Fed Governor Lisa Cook and Minneapolis Fed President Neel Kashkari are set to speak today, providing investors with more food for thought along with jobs and home-sales data.

European stocks also benefited from the AIphoria, with the Stoxx 600 rising to a record high after Japan’s Nikkei 225 did the same earlier on Thursday. European semiconductor stocks rallied after Nvidia delivered another eye-popping sales forecast, as demand for chips to power AI algorithms shows no signs of letting up. Among European chip equipment makers, ASML rose as much as +5.1%. Here are some other notable premarket movers:

• Mercedes shares rise as much as 5.4% as the German carmaker’s gloomy earnings forecast was offset by its plan for an accelerated $3.2 billion buyback.
• Rolls-Royce gains as much as 9.4% after the UK aircraft engine maker reported strong earnings and guidance confirming its turnaround story, according to analysts at Jefferies.
• Marlowe shares jump as much as 39%, extending yesterday gains, after agreeing to sell some Governance, Risk & Compliance software and services assets to Inflexion Private Equity for an enterprise value of £430 million.
• Axa shares gain as much as 4% after its FY underlying profit beat the average analyst estimate, while the French insurer also vowed to return about €6 billion ($6.5 billion) of last year’s earnings to investors under a new payout policy.
• Indivior shares jump as much as 22% after the drugmaker reported upbeat results for the fourth quarter and provided outlook that was above consensus expectations at the mid-point.
• Delivery Hero shares fall as much as 10% on Thursday after the food delivery firm said negotiations to sell the Foodpanda business in some Southeast Asia markets have failed.
• Nestle shares drop as much as 5.3% after the food manufacturer posted “lackluster” full-year results amid significant currency headwinds, according to Vontobel. Morgan Stanley expects a downward revision to consensus EPS figures.
• ISS drops as much as 11% in Copenhagen as the cleaning and support services firm’s free cash flow guidance disappoints analysts. Stock is worst performer on Stoxx Europe 600 on Thursday.
• Hargreaves Lansdown shares slide as much as 8.9% after the wealth manager reported what analysts described as mixed first-half results.

Earlier in the session, Asian stocks gained as Nvidia’s better-than-expected revenue forecast sparked a rally in tech shares, helping Japan’s Nikkei 225 hit a new record. The MSCI Asia Pacific Index gained as much as 0.7% to its highest level since April 2022, with Toyota among the biggest boosts along with Nvidia suppliers TSMC and SK Hynix. Japan’s blue chip index surpassed its 1989 all-time high.

• Hang Seng and Shanghai Comp. were both firmer albeit with price action in Hong Kong choppy amid US-China chip-related frictions, while the mainland remained afloat after the latest stability efforts by China.
• Nikkei 225 outperformed amid tech strength and eventually printed fresh intraday record highs above 39,000.
• ASX 200 lagged as participants continued to digest an influx of earnings and after Australia’s Flash Manufacturing PMI returned to contraction territory.
• KOSPI was marginally higher after the BoK kept rates unchanged and signalled an unlikelihood of a cut soon.
• Indian stocks overcame a sell off in the preceding session to post their biggest single-day surge in three weeks with the biggest boost from automakers and software exporters. The S&P BSE Sensex Index rose 0.7% to 73,158.24 in Mumbai, the most since Jan. 31. The NSE Nifty 50 Index advanced by a similar measure to a new all-time high.

In FX, the risk-on mood has weighed on the greenback, with the Bloomberg Dollar Spot Index down 0.3% after edging lower in the last three days  and looking at its first weekly fall of 2024. Minutes of the Fed’s Jan. 30-31 meeting flagged that policymakers were more concerned about the risks of moving too soon to cut interest rates than waiting too long; a view presaged by Fed Governor Michelle Bowman who said that the time for a rate cut was “Certainly not now.”  A slip in the dollar is “probably a reflection of overall bullish sentiment, which has been given a boost after Nvidia,” said Kyle Rodda, a senior analyst at Capital.com. “Don’t overlook the China narrative, either. We’ve seen antipodeans a bit firmer over the last few days and I think stronger Chinese markets are having an impact at the margins”

In rates, treasury yields hit session highs with the long-end outperforming, flattening 2s10s and 5s30s spreads through Wednesday session lows. The 10Y yield traded at 4.33%, as treasury yields were richer by up to 3bps across long-end of the curve with front-end slightly cheaper on the day. Spreads including 2s10s, 5s30s are flatter by 2bp and 1.5bp, following similar bull flattening move seen across German curve. Core European rates are choppy following a round of services and manufacturing PMI’s data, while risk sentiment continues to be boosted by Nvidia surging in premarket trading after delivering stellar earnings after Wednesday’s close. US session focus includes jobless claims and PMI data, along with a busy Fed speaker slate. The dollar issuance slate is busy and includes BNG Bank 3Y; Cisco headlined a four-deal $19.4b slate for Wednesday, pushing weekly volume through $33b with more jumbo acquisition financing expected in the coming days. We algo get a $9b 30-year TIPS auction is scheduled for 1pm.

In commodities, oil prices advance, with WTI rising 0.5% to trade near $78.30. Spot gold adds 0.2%.

Bitcoin sits just shy of USD 52k, whilst Ethereum (+2.2%) edges higher and back towards USD 3k.

On today’s calendar, we get the January Chicago Fed national activity index, jobless claims (8:30am), February S&P US PMI’s (9:45am) and January existing home sales (10am). Federal Reserve members scheduled to speak include Jefferson (10am), Harker (3:15pm), Cook, Kashkari (5pm) and Waller (7:35pm)

Market Snapshot

• S&P 500 futures up 1.3% to 5,058.50
• STOXX Europe 600 up 0.6% to 493.87
• MXAP up 1.1% to 173.05
• MXAPJ up 1.0% to 528.53
• Nikkei up 2.2% to 39,098.68
• Topix up 1.3% to 2,660.71
• Hang Seng Index up 1.5% to 16,742.95
• Shanghai Composite up 1.3% to 2,988.36
• Sensex up 0.7% to 73,115.45
• Australia S&P/ASX 200 little changed at 7,611.20
• Kospi up 0.4% to 2,664.27
• German 10Y yield little changed at 2.46%
• Euro up 0.3% to $1.0850
• Brent Futures up 0.3% to $83.31/bbl
• Brent Futures up 0.3% to $83.31/bbl
• Gold spot up 0.1% to $2,028.84
• U.S. Dollar Index down 0.30% to 103.70

Top Overnight News

• As the annual meeting of China’s parliament approaches next month, its leaders are facing the greatest pressure in almost a decade to take bold policy decisions that safeguard the economy’s long-term growth potential. The start of the year saw Chinese stocks tumbling to five-year lows on growth concerns and deflation deepening to levels unseen since the global financial crisis, prompting comparisons with the 2015 turmoil that forced policymakers into action. RTRS
• South Korea’s central bank on Thursday joined its peers in the U.S. and Australia in seeking to hose down investors’ aggressive rate cut expectations after keeping interest rates at a 15-year high. “Most board members still see it as premature to discuss any interest rate cuts as inflation is above our target level and we need to check its slowdown path,” governor Rhee Chang-yong said in a news conference in Seoul. The Bank of Korea (BOK) kept interest rates steady at 3.50%, as expected by all 38 analysts polled by Reuters. RTRS
• The BOJ will pull the plug on its eight-year negative interest rate policy in April, according to more than 80% of economists polled by Reuters, marking a long-awaited major shift from a global outlier central bank. Nearly the same proportion of economists, 76%, also expect the BOJ to scrap yield curve control at that meeting, with almost all saying ultra-loose monetary conditions will end then, just months before many major central banks are expected to start cutting rates. RTRS
• European flash PMIs for Feb are mixed, with manufacturing dipping to 46.1 (down from 46.6 in Jan) while services climbed to 50 (up from 48.4 in Jan) and inflation pressures built (“overall rates of input cost inflation and selling price inflation accelerated in February to their highest since last May”). RTRS
• Benny Gantz, a member of Israel’s war cabinet, said that “preliminary signs” of progress have emerged on a deal to pause fighting in Gaza in exchange for the release of Israeli hostages. Without offering specifics, Mr. Gantz said there has been momentum on a new draft of the deal that indicates a “possibility to advance.” NYT
• US crude inventories surged by 7.2 million barrels last week, API data is said to show. That would take total holdings to the highest since November if confirmed by the EIA. Distillate supply fell, while gasoline stockpiles edged higher. BBG
• Ukraine has the right to strike “Russian military targets outside Ukraine” in line with international law, Nato Secretary-General Jens Stoltenberg has said, while acknowledging that Kyiv’s western suppliers of weapons have divergent stances on the issue. FT
• WMT has eased the delivery requirements for its suppliers, the latest sign of supply chain conditions normalizing back to pre-COVID levels. WSJ
• NVDA delivered another BIG beat and guide above, with Data Center once again serving as the key growth driver. Overwhelming consensus heading into the print was that we were going to get another BEAT & FADE (similar to what we got the last 2 qtrs)) Over the past 4 sessions, NVDA traded down -9% with the desk noting material derisking in NVDA & its AI / Momentum peer group… so, in retrospect, it seems like the “beat & fade” reaction may have been PULLED FORWARD. GS GBM

Earnings

• NVIDIA Corp (NVDA) – Q4 2024 (USD): Adj. EPS 5.16 (exp. 4.64), Revenue 22.1bln (exp. 20.62bln). Q1 25 revenue view 24bln plus or minus 2% (exp. 21.9bln). Revenue breakdown (USD). Data Centre revenue 18.4bln (exp. 17.21bln). Gaming revenue +58% y/y to 2.9bln (exp. 2.72bln). Professional Visualization revenue 463mln (exp. 435.5mln). Automotive revenue -4.4% Y/Y to 281mln (exp. 272.1mln). Other metrics ADJ gross margin 76.7% (exp. 75.4%). R&D expenses +26% Y/Y to USD 2.47bln (exp. 2.43bln). ADJ operating expenses +25% Y/Y to USD 2.21bln (exp. 2.23bln). ADJ operating income USD 14.75bln (exp. 13.14bln). Free cash flow USD 11.22bln (exp. 10.82bln). Commentary Generative AI has “hit the tipping point”. Data Center sales to China declined significantly in Q4 due to US government licensing requirements. Says has gotten requests for information from antitrust regulators in France, EU, UK and China over its sales of GPUs and efforts to allocate supply, while it expects to receive additional requests for information. CEO says demand far exceeds supply for next-generation products and cannot keep up with demand as we ramp. Says China represented mid-single-digit percentage of data centre revenue in Q4 due to USG licensing requirements and sees it to be in a similar range in Q1 (Newswires) Shares +13% in pre-market
• Anglo American (AAL LN) – FY (USD): Revenue 30.7bln (exp. 30.8bln). Adj. Net 2.90bln (exp. 2.81bln). Adj. EBTIDA 9.96bln (exp. 9.76bln). Basic EPS 2.42 (exp. 2.33). Cuts FY dividend to 0.41 (prev. 0.74, -45% Y/Y). COMMENTARY “There is no doubt that while the immediate macro picture presents some challenges for our PGMs and diamonds businesses, the demand trends for metals and minerals have rarely looked better.” “Our updated assessment of global GDP growth and consumer demand were the main factors behind our USD 1.6bln write-down of our book value of De Beers, principally relating to goodwill.” Anglo American secures additional multi-billion tonne high quality iron ore resource at Minas-Rio. Shares +3.4% in European trade
• Rolls Royce (RR/ LN) – FY (GBP): Revenue 16.49bln (exp. 14.82bln). FCF 1.285bln (prev. 505mln). Operating Margin 10.3% (prev. 5.1%). Sees 2024 FCF 1.7-1.9bln (exp. 1.37bln). Co. sees further improvement to all mid-term targets. Shares +7.9% in European trade
• Mercedes-Benz (MBG GY) – Q4 (EUR): Revenue 40.26bln (exp. 38.61bln). Sees 2024 Cars Adj. Return on Sales between 10-12% (exp. 11.3%); Free cash flow of the industrial business seen slightly above the prior-year level. COMMENTARY: Group EBIT is expected to be slightly below the previous year’s level resulting in divisional guidances. Mercedes-Benz Cars will seek to defend and hold pricing at 2023 levels. Index Weightings: DAX 40 (4.01%), Euro Stoxx 50 (1.6%), Stoxx 600 (0.5%) Shares +4.7% in European trade
• AXA (CS FP) – FY23 (EUR): Revenue 102.7bln (exp. 105.5bln), Net 7.19bln (exp. 7.45bln). Co. announces a share buyback of up to EUR 1.6bln. Co. increased main financial targets for 2024-2026. Targeting a total payout ratio of 75%, comprising a 60% dividend payout ratio and an additional 15% from annual share buy-backs. Dividend +16% Y/Y to EUR 1.98/shr. Co. announced a new strategic plan dubbed “Unlock the Future”. (AXA) Index Weightings: CAC 40 (3.3%), Euro Stoxx 50 (1.8%), Stoxx 600 (0.6%) Shares +2.4% in European trade
• Nestle (NESN SW) – FY23 (CHF): Revenue 92bln (exp. 94.04bln). Organic Revenue +7.2% (exp. +7.4%). Dividend 3 (exp. 3.08). Real Internal Growth -0.3% (exp. +0.08%). Sees 2024 organic revenue around +4% (exp. +4.91%). OUTLOOK 2024 outlook: “We expect organic sales growth around 4% and a moderate increase in the underlying trading operating profit margin. Underlying earnings per share in constant currency is expected to increase between 6% and 10%.” 2025 mid-term targets fully confirmed: mid-single-digit organic sales growth and an underlying trading operating profit margin range of 17.5% to 18.5% by 2025. Underlying earnings per share in constant currency to increase between 6% and 10%. COMMENTARY Growth was broad-based across most geographies and categories. Distribution costs as a percentage of sales decreased. (Nestle) Index Weighting: SMI (17.5% – largest), Stoxx 600 (2.8% – second largest) Shares -4% in European trade

A more detailed look at global markets courtesy of Newsquawk

APAC stocks were mostly positive amid tailwinds from the tech uplift in US futures following NVIDIA earnings. ASX 200 lagged as participants continued to digest an influx of earnings and after Australia’s Flash Manufacturing PMI returned to contraction territory. Nikkei 225 outperformed amid tech strength and eventually printed fresh intraday record highs above 39,000. KOSPI was marginally higher after the BoK kept rates unchanged and signalled an unlikelihood of a cut soon. Hang Seng and Shanghai Comp. were both firmer albeit with price action in Hong Kong choppy amid US-China chip-related frictions, while the mainland remained afloat after the latest stability efforts by China.

Top Asian News

• China’s Foreign Minister Wang said he feels Europe’s rational perception of China is increasing, believing China’s development is in line with the logic of history and Europe should not be afraid of it or reject it. Wang added that the European side is positive about strengthening China-EU exchanges at all levels and is very enthusiastic about deepening practical cooperation, while he would like to stress to the European side that ‘de-risking’ will not eliminate cooperation and ‘reducing dependence’ will not reduce mutual trust.
• Chinese small banks reportedly cut deposit rates to ease margin pressure, according to China Securities Journal.
• BoK maintained its base rate at 3.5%, as expected, with the decision made unanimously. BoK said it will maintain a restrictive policy stance for a sufficiently long period and will monitor the inflation slowdown, financial stability and economic growth risks, household debt growth, monetary policy operations in major countries and developments in geopolitical risks. BoK also stated that consumption and construction investment to recover at a slower pace, as well as noted that uncertainties to the growth outlook are high. Furthermore, Governor Rhee said five board members said the current interest rate should be maintained at least for the next three months and one board member said the door for a rate cut should be opened for the next three months, while Rhee added that he still doesn’t see much chances of a rate cut in H1 and that most members’ view it is too early to discuss rate cuts.
• Former BoJ policymaker Sakurai says BoJ could end negative rates in March if this year’s pay hikes exceed 4%, although there’s an equal chance it may wait until April, according to Reuters.
• Japanese PM Kishida says need to achieve wage hikes exceeding price increases

European bourses, Stoxx600 (+1.0%) soared at the open, taking lead from strong Nvidia (+13%) earnings, after-hours. Thereafter, in tandem with the softer-than-expected German PMI data, equities came off best levels and have been edging lower since, but remain markedly firmer on the session. European sectors are mixed; Tech is the clear outperformer after strong Nvidia earnings; peers such as ASML (+4.5%), BE Semiconductor (+15.7%, also on strong earnings) gain. Mercedes Benz (+4.9%) is leading the gains in the Autos sector, whilst Nestle (-4.3%) drags down Food Beverage and Tobacco. US Equity Futures (ES +1.0%, NQ +2%, RTY +0.5%) are entirely in the green, with clear outperformance in the tech-heavy NQ, after yet another strong earnings report from Nvidia (+13%).

Top European News

• EU is reportedly poised to release EUR 6.3bln in post-pandemic aid to Poland as early as next week in a major vote of confidence in the new government’s ability to mend ties with Brussels, according to Bloomberg.
• UK Chancellor Hunt is reportedly working on plans for a 99% mortgage scheme, via FT citing officials.
• BoE’s Greene says the tick-up in PMI data offers some grounds for optimism on growth in 2024; wage growth is heading in the right direction; services inflation generally started to ease; says she needs to see more evidence that UK inflation is not entrenched before she votes for a cut

FX

• USD is suffering at the hands of the NVIDIA-inspired jubilant move in the equity complex. DXY has been as low as 103.43 thus far (following French PMIs) before recovering in close proximity to its 200DMA at 103.69.
• An eventful morning for the EUR as strong French PMI metrics sent EUR/USD to a session peak of 1.0888 (50DMA sits at 1.0886) before a soft German manufacturing release sent the pair back to current levels of around 1.0855.
• GBP is benefitting from USD weakness with some two-way price action following mixed PMI metrics. As it stands, Cable is resting on its 50DMA at 1.2675.
• JPY is relatively steady vs. the USD with the pair remaining in consolidation mode after printing a YTD peak last week; trough of the session at 150.02.
• Antipodeans are both notably firmer vs. the USD as risk conditions prove supportive. AUD/USD cleared the 200DMA at 0.6563 and weekly high.
• PBoC set USD/CNY mid-point at 7.1018 vs exp. 7.1854 (prev. 7.1030).

Fixed Income

• USTs are near unchanged on the session as we await Fed speak & weekly US data with Wednesday’s FOMC Minutes release uneventful overall. More pertinently, the 20yr auction was poor, which sparked pressure in Treasuries.
• Bunds were initially hampered by the weak US outing, before then jumping lower on the hot French PMI data. Thereafter, a mixed German PMI release (big misses in Manufacturing & Composite), helped Bunds to rise back above 132.00 from their earlier trough at 131.78.
• Gilt price action moved in tandem with the aforementioned French/German data, before lifting by around 20 ticks after the UK Flash PMIs; currently holds around 97.30, towards the top-end of 96.92-97.49 bounds.

Commodities

• Crude is holding onto overnight gains after risk appetite was bolstered by all-around blockbuster earnings from tech giant Nvidia, with the mood reverberating cross-market. The larger-than-expected build in Private Inventories was ignored. Brent futures hold around USD 83.50/bbl.
• Firm trade across precious metals as a function of the risk-induced softness in the Dollar potentially coupled with some tailwinds from favourable technicals; XAU found support near its 21 DMA (2,024.16/oz) before rising above its 50 DMA (2,032.03/oz).
• Base metals are higher across the board this morning, but to varying degrees, with the complex bolstered by the risk-on sentiment and the weaker Dollar.
• Dubai sets the official crude differential for May at parity to DME Oman.
• German Economy Minster Habeck expects that gas prices will continue to fall.
• US Energy Inventory Data (bbls): Crude +7.2mln (exp. +3.9mln), Gasoline +0.4mln (exp. -2.1mln), Distillate -2.9mln (exp. -1.7mln), Cushing +0.7mln.

Geopolitics: Middle East

• Israeli military sounded sirens in the Red Sea port city of Eilat, warning of possible income aerial threats. It was separately reported that a possible medium-range ballistic missile launched by Iranian-backed Houthis in Yemen was intercepted by Israel’s Arrow air defence system over the Red Sea near Eilat.
• UKMTO has received reports of an incident 70nm south east of Aden, Yemen.
• UKMTO says it has been reported a vessel attack by two missiles, resulting in onboard fire 70NM Southeast of Yemen’s Aden.
• Ambery Saysp Alau-flagged, UK-owned general cargo ship was reportedly targeted with two missiles approx. 63NM Southeast of Aden, Yemen

Geopolitics: Other

• US, Japan and South Korea held a trilateral export control meeting at the US Embassy in Tokyo and agreed to cooperate further on Russia-bound export control and outreach to Southeast Asia, as well as critical tech export control, according to Japan’s Trade Ministry.
• US GOP Rep. Gallagher said during a delegation visit to Taipei that they are there to show bipartisan support for Taiwan and need to be more vigilant than ever to pass on the gift of freedom. Gallagher also stated that the message they want to send is that if China attempts an invasion, that effort would fail, while he added that the US stands with Taiwan, according to Reuters.
• Taiwan’s President Tsai thanked the US for continuing to help Taiwan strengthen its defences and said they will continue to engage with the world, as well as hope to see even more Taiwan-US exchanges this year. It was also reported that Taiwan’s President-elect Lai said they are facing great pressure from China and will continue to enhance defence capabilities, according to Reuters.
• China’s coast guard said it drove away a Philippine Fisheries and Aquatic Resources Bureau vessel that ‘illegally intruded’ into the waters adjacent to Scarborough Shoal, according to state media.

US Event Calendar

• 08:30: Feb. Initial Jobless Claims, est. 216,000, prior 212,000
  • Feb. Continuing Claims, est. 1.88m, prior 1.9m
• 08:30: Jan. Chicago Fed Nat Activity Index, est. -0.21, prior -0.15
• 09:45: Feb. S&P Global US Manufacturing PM, est. 50.7, prior 50.7
  • Feb. S&P Global US Services PMI, est. 52.3, prior 52.5
  • Feb. S&P Global US Composite PMI, est. 51.8, prior 52.0
• 10:00: Jan. Existing Home Sales MoM, est. 4.9%, prior -1.0%
  • Jan. Home Resales with Condos, est. 3.97m, prior 3.78m

Central Bank Speakers

• 10:00: Fed’s Jefferson to Give Speech, Q&A
• 15:15: Fed’s Harker Speaks on Economic Outlook
• 17:00: Fed’s Cook Speaks at Macrofinance Conference
• 17:00: Fed’s Kashkari Participates in Panel Discussion on Outlook
• 19:35: Fed’s Waller Speaks on Economic Outlook

DB’s Jim Reid concludes the overnight wrap

Strong guidance from Nvidia last night has given markets another boost this morning, with the stock surging by +9% in after-hours trading. That rally has extended more broadly, as S&P 500 futures are up +0.74%, and overnight the Nikkei surpassed its all-time intraday peak from 1989. So that’s a very big milestone, and it continues the Nikkei’s recent outperformance, having recorded a +16.5% gain over 2024 so far. That follows similar records in Europe yesterday, where both the DAX (+0.29%) and the CAC 40 (+0.22%) closed at all-time highs, and Euro HY spreads also reached their tightest level in over two years. That being said, there were further losses for sovereign bonds, and yields on 10yr Treasuries and bunds both closed at their highest level since November, thanks to hawkish central bank commentary and weak demand at a 20yr Treasury auction.

In terms of those Nvidia results, the company reported $22.1bn of revenue in Q4 (vs $20.4bn analyst expectations), representing a dramatic +265% increase in sales compared to a year earlier. It projected $24bn of revenue for the current quarter (above $21.9bn expectation), with Nvidia’s CEO speaking of a “tipping point” for generative AI. This strong outlook led Nvidia shares to post an impressive +9% gain in after-hours trading, though the magnitude of this move might be seen as par for the course given that, ahead of the release, options were implying a move of more than 10% in Nvidia’s share price today.

Before the release, US equities had actually had a mixed day yesterday, with the S&P 500 trading -0.6% lower less than an hour before the close, before recovering to advance +0.13%. Tech underperformance saw both the NASDAQ (-0.32%) and the Magnificent 7 (-0.31%) post modest declines, and Nvidia (-2.85%) had actually been the worst performer among the Magnificent 7 group. Things looked more promising outside of the big tech names, with 6 5% of S&P 500 companies gaining on the day. Moreover in Europe, the Euro Stoxx 50 (+0.32%) closed at a 23-year high, and both the DAX (+0.29%) and the CAC 40 (+0.22%) closed at an all-time high. The broader STOXX 600 was down -0.17%, but that was in large part due to the weakness among UK equities, where the FTSE 100 was down -0.73%.

On the rates side, a key story yesterday were the FOMC minutes, which reinforced the narrative that the Fed was in no rush to ease policy. According to the minutes, “most participants noted the risks of moving too quickly to ease the stance of policy and emphasized the importance of carefully assessing incoming data in judging whether inflation is moving down sustainably to 2 percent”, while “several participants mentioned the risk that financial conditions were or could become less restrictive than appropriate“. Meanwhile on QT, the minutes confirmed plans to begin in-depth balance sheet discussions at the March meeting, though this came with a view “to guide an eventual decision to slow the pace of runoff”, so not just suggesting that a change on QT is imminent.

The minutes came an hour after a 20yr Treasury auction, where weak demand helped to push up yields further, as the share of indirect bidders fell to its lowest since May 2021. Moreover, there was some hawkish commentary earlier in the day, which further contributed to the bond selloff. For instance, Richmond Fed President Barkin said in an interview (recorded on Tuesday) that “You do worry that when the goods price deflation cycle ends, you’re going to be left with shelter and services higher than you like it”. And over in Europe, the ECB’s Wunsch said “I believe one should not discard a scenario in which monetary policy stays tight for longer than currently expected”.

Collectively, that led investors to dial back their expectations for rate cuts again. In fact, the chance of a rate cut at the Fed’s March meeting was down to just 7%, which is the lowest in over three months. Bear in mind that a cut by March was fully priced at the start of the year, so we’ve seen a significant turnaround in expectations so far this year. And looking further out, the amount of cuts expected by the December meeting was down to just 86.7bps by the close, the lowest in more than three months, and a major decline from the 168bps expected less than six weeks ago.

Given all that, sovereign bond yields ended the day noticeably higher on both sides of the Atlantic. For instance in the US, the 1 0yr Treasury yield (+4.4bps) closed at its highest level since November, at 4.32%. Moreover, there was evidence that the recent increase in rates was filtering through to the real economy, as with 30yr mortgage rates back above 7% for the first time in over two months, according to data from the Mortgage Bankers Association for the week ending February 16. Back in Europe it was a similar story, with pricing of a rate cut by April down to 38%, its lowest in four months, while yields on 10yr bunds were up +7.5bps to 2.45%, also their highest closing level since November.

Overnight in Asia, we’ve seen all the major indices advance, with gains for the Nikkei (+1.91%), the Shanghai Comp (+1.00%), the CSI 300 (+0.73%), the Hang Seng (+0.74%) and the KOSPI (+0.34%). That’s been driven by the technology sector, and tech stocks in the Nikkei have led the index’s advance with a +3.97% gain. Separately, we’ve also seen growing confidence overnight that the Bank of Japan will adjust their ultra-loose monetary policy, as Governor Ueda said he expected the virtuous economic cycle to continue, and pointed out that services prices were continuing to rise. Indeed, yields on 2yr JGBs are currently at their highest level since 2011 overnight, and investors are now pricing in a 78% chance that they’ll deliver a hike by the April meeting.

Otherwise, today will bring the release of the February flash PMIs from around the world, and we’ve already had a few releases overnight. In Japan, the composite PMI fell back to 50.3, down from 51.5 the previous month, but in Australia, the composite PMI was back in expansionary territory at 51.8, marking its highest level in 10 months.

To the day ahead now, and data releases include the flash PMIs for February from Europe and the US, along with the US weekly initial jobless claims and existing home sales for January, as well as the euro area final inflation print for January. From central banks, we’ll get the ECB’s account of their January meeting, and also hear from the Fed’s Jefferson, Harker, Cook, Kashkari and Waller.

2 B) NOW NEWSQUAWK (EUROPE/REPORT)

NVDA earnings boost market sentiment with Equities & Antipodeans bid whilst USD dips; US PMI & IJC due – Newsquawk US Market Open

THURSDAY, FEB 22, 2024 – 06:03 AM

• European equities are firmer, taking the lead from strong Nvidia earnings, which has led to outperformance in the NQ
• Dollar is subdued and the Antipodeans outperform, benefiting from the broader risk tone
• Bonds are divergent, with EGBs choppy on the morning’s PMI data
• Crude holds firm alongside base metals which benefit from the softer Dollar and positive risk tone
• Looking ahead, US IJC, ECB Minutes, CBRT Policy Announcement, Speeches from Fed’s Jefferson, Bowman, Harker, Kashkari & Cook, Supply from US. Earnings from, Pioneer Natural Resources, Moderna, Intuit & Booking.

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EUROPEAN TRADE

EQUITIES

• European bourses, Stoxx600 (+1.0%) soared at the open, taking lead from strong Nvidia (+13%) earnings, after-hours. Thereafter, in tandem with the softer-than-expected German PMI data, equities came off best levels and have been edging lower since, but remain markedly firmer on the session.
• European sectors are mixed; Tech is the clear outperformer after strong Nvidia earnings; peers such as ASML (+4.5%), BE Semiconductor (+15.7%, also on strong earnings) gain. Mercedes Benz (+4.9%) is leading the gains in the Autos sector, whilst Nestle (-4.3%) drags down Food Beverage and Tobacco.
• US Equity Futures (ES +1.0%, NQ +2%, RTY +0.5%) are entirely in the green, with clear outperformance in the tech-heavy NQ, after yet another strong earnings report from Nvidia (+13%).
• Click here and here for the sessions European pre-market equity newsflow, including earnings from Anglo American, Rolls Royce, Nestle and more.
• Click here for more details.

FX

• USD is suffering at the hands of the NVIDIA-inspired jubilant move in the equity complex. DXY has been as low as 103.43 thus far (following French PMIs) before recovering in close proximity to its 200DMA at 103.69.
• An eventful morning for the EUR as strong French PMI metrics sent EUR/USD to a session peak of 1.0888 (50DMA sits at 1.0886) before a soft German manufacturing release sent the pair back to current levels of around 1.0855.
• GBP is benefitting from USD weakness with some two-way price action following mixed PMI metrics. As it stands, Cable is resting on its 50DMA at 1.2675.
• JPY is relatively steady vs. the USD with the pair remaining in consolidation mode after printing a YTD peak last week; trough of the session at 150.02.
• Antipodeans are both notably firmer vs. the USD as risk conditions prove supportive. AUD/USD cleared the 200DMA at 0.6563 and weekly high.
• PBoC set USD/CNY mid-point at 7.1018 vs exp. 7.1854 (prev. 7.1030).
• Click here for more details.

FIXED INCOME

• USTs are near unchanged on the session as we await Fed speak & weekly US data with Wednesday’s FOMC Minutes release uneventful overall. More pertinently, the 20yr auction was poor, which sparked pressure in Treasuries.
• Bunds were initially hampered by the weak US outing, before then jumping lower on the hot French PMI data. Thereafter, a mixed German PMI release (big misses in Manufacturing & Composite), helped Bunds to rise back above 132.00 from their earlier trough at 131.78.
• Gilt price action moved in tandem with the aforementioned French/German data, before lifting by around 20 ticks after the UK Flash PMIs; currently holds around 97.30, towards the top-end of 96.92-97.49 bounds.
• Click here for more details.

COMMODITIES

• Crude is holding onto overnight gains after risk appetite was bolstered by all-around blockbuster earnings from tech giant Nvidia, with the mood reverberating cross-market. The larger-than-expected build in Private Inventories was ignored. Brent futures hold around USD 83.50/bbl.
• Firm trade across precious metals as a function of the risk-induced softness in the Dollar potentially coupled with some tailwinds from favourable technicals; XAU found support near its 21 DMA (2,024.16/oz) before rising above its 50 DMA (2,032.03/oz).
• Base metals are higher across the board this morning, but to varying degrees, with the complex bolstered by the risk-on sentiment and the weaker Dollar.
• Dubai sets the official crude differential for May at parity to DME Oman.
• German Economy Minster Habeck expects that gas prices will continue to fall.
• US Energy Inventory Data (bbls): Crude +7.2mln (exp. +3.9mln), Gasoline +0.4mln (exp. -2.1mln), Distillate -2.9mln (exp. -1.7mln), Cushing +0.7mln.
• Click here for more details.

NOTABLE EUROPEAN HEADLINES

• EU is reportedly poised to release EUR 6.3bln in post-pandemic aid to Poland as early as next week in a major vote of confidence in the new government’s ability to mend ties with Brussels, according to Bloomberg.
• UK Chancellor Hunt is reportedly working on plans for a 99% mortgage scheme, via FT citing officials.
• BoE’s Greene says the tick-up in PMI data offers some grounds for optimism on growth in 2024; wage growth is heading in the right direction; services inflation generally started to ease; says she needs to see more evidence that UK inflation is not entrenched before she votes for a cut

DATA RECAP

• EU HCOB Composite Flash PMI (Feb) 48.9 vs. Exp. 48.5 (Prev. 47.9); Services Flash PMI (Feb) 50.0 vs. Exp. 48.8 (Prev. 48.4); Manufacturing Flash PMI (Feb) 46.1 vs. Exp. 47.0 (Prev. 46.6); “The latest PMI print gives hope for a recovery in the eurozone, which is why we are sticking to our annual HCOB forecast of 0.8% for 2024”.
• UK Flash Composite PMI (Feb) 53.3 vs. Exp. 52.9 (Prev. 52.9); Manufacturing PMI (Feb) 47.1 vs. Exp. 47.5 (Prev. 47.0); Services PMI (Feb) 54.3 vs. Exp. 54.1 (Prev. 54.3)
• German HCOB Composite Flash PMI (Feb) 46.1 vs. Exp. 47.5 (Prev. 47.0); Services Flash PMI (Feb) 48.2 vs. Exp. 48.0 (Prev. 47.7); Manufacturing Flash PMI (Feb) 42.3 vs. Exp. 46.1 (Prev. 45.5)
• French HCOB Composite Flash PMI (Feb) 47.7 vs. Exp. 45.0 (Prev. 44.6); Services Flash PMI (Feb) 48.0 vs. Exp. 45.6 (Prev. 45.4); Manufacturing Flash PMI (Feb) 46.8 vs. Exp. 43.5 (Prev. 43.1)
• Italian Consumer Prices Final YY (Jan) 0.8% vs. Exp. 0.8% (Prev. 0.8%); MM (Jan) 0.3% vs. Exp. 0.3% (Prev. 0.3%)
• Italian CPI (EU Norm) Final YY (Jan) 0.9% vs. Exp. 0.9% (Prev. 0.9%); MM (Jan) 0.3% vs. Exp. -1.1% (Prev. -1.1%)
• EU HICP-X F&E Final YY (Jan) 3.6% vs. Exp. 3.6% (Prev. 3.6%); MM (Jan) -0.9% vs. Exp. -0.9% (Prev. -0.9%); YY (Jan) 3.3% vs. Exp. 3.3% (Prev. 3.3%); YY (Jan) 2.8% vs. Exp. 2.8% (Prev. 2.8%); MM (Jan) -0.4% vs. Exp. -0.4% (Prev. 0.2%)
• French Business Climate Mfg (Feb) 100.0 vs. Exp. 99.0 (Prev. 99.0, Rev. 98)

EARNINGS

• NVIDIA Corp (NVDA) – Q4 2024 (USD): Adj. EPS 5.16 (exp. 4.64), Revenue 22.1bln (exp. 20.62bln). Q1 25 revenue view 24bln plus or minus 2% (exp. 21.9bln). Revenue breakdown (USD). Data Centre revenue 18.4bln (exp. 17.21bln). Gaming revenue +58% y/y to 2.9bln (exp. 2.72bln). Professional Visualization revenue 463mln (exp. 435.5mln). Automotive revenue -4.4% Y/Y to 281mln (exp. 272.1mln). Other metrics ADJ gross margin 76.7% (exp. 75.4%). R&D expenses +26% Y/Y to USD 2.47bln (exp. 2.43bln). ADJ operating expenses +25% Y/Y to USD 2.21bln (exp. 2.23bln). ADJ operating income USD 14.75bln (exp. 13.14bln). Free cash flow USD 11.22bln (exp. 10.82bln). Commentary Generative AI has “hit the tipping point”. Data Center sales to China declined significantly in Q4 due to US government licensing requirements. Says has gotten requests for information from antitrust regulators in France, EU, UK and China over its sales of GPUs and efforts to allocate supply, while it expects to receive additional requests for information. CEO says demand far exceeds supply for next-generation products and cannot keep up with demand as we ramp. Says China represented mid-single-digit percentage of data centre revenue in Q4 due to USG licensing requirements and sees it to be in a similar range in Q1 (Newswires) Shares +13% in pre-market
• Anglo American (AAL LN) – FY (USD): Revenue 30.7bln (exp. 30.8bln). Adj. Net 2.90bln (exp. 2.81bln). Adj. EBTIDA 9.96bln (exp. 9.76bln). Basic EPS 2.42 (exp. 2.33). Cuts FY dividend to 0.41 (prev. 0.74, -45% Y/Y). COMMENTARY “There is no doubt that while the immediate macro picture presents some challenges for our PGMs and diamonds businesses, the demand trends for metals and minerals have rarely looked better.” “Our updated assessment of global GDP growth and consumer demand were the main factors behind our USD 1.6bln write-down of our book value of De Beers, principally relating to goodwill.” Anglo American secures additional multi-billion tonne high quality iron ore resource at Minas-Rio. Shares +3.4% in European trade
• Rolls Royce (RR/ LN) – FY (GBP): Revenue 16.49bln (exp. 14.82bln). FCF 1.285bln (prev. 505mln). Operating Margin 10.3% (prev. 5.1%). Sees 2024 FCF 1.7-1.9bln (exp. 1.37bln). Co. sees further improvement to all mid-term targets. Shares +7.9% in European trade
• Mercedes-Benz (MBG GY) – Q4 (EUR): Revenue 40.26bln (exp. 38.61bln). Sees 2024 Cars Adj. Return on Sales between 10-12% (exp. 11.3%); Free cash flow of the industrial business seen slightly above the prior-year level. COMMENTARY: Group EBIT is expected to be slightly below the previous year’s level resulting in divisional guidances. Mercedes-Benz Cars will seek to defend and hold pricing at 2023 levels. Index Weightings: DAX 40 (4.01%), Euro Stoxx 50 (1.6%), Stoxx 600 (0.5%) Shares +4.7% in European trade
• AXA (CS FP) – FY23 (EUR): Revenue 102.7bln (exp. 105.5bln), Net 7.19bln (exp. 7.45bln). Co. announces a share buyback of up to EUR 1.6bln. Co. increased main financial targets for 2024-2026. Targeting a total payout ratio of 75%, comprising a 60% dividend payout ratio and an additional 15% from annual share buy-backs. Dividend +16% Y/Y to EUR 1.98/shr. Co. announced a new strategic plan dubbed “Unlock the Future”. (AXA) Index Weightings: CAC 40 (3.3%), Euro Stoxx 50 (1.8%), Stoxx 600 (0.6%) Shares +2.4% in European trade
• Nestle (NESN SW) – FY23 (CHF): Revenue 92bln (exp. 94.04bln). Organic Revenue +7.2% (exp. +7.4%). Dividend 3 (exp. 3.08). Real Internal Growth -0.3% (exp. +0.08%). Sees 2024 organic revenue around +4% (exp. +4.91%). OUTLOOK 2024 outlook: “We expect organic sales growth around 4% and a moderate increase in the underlying trading operating profit margin. Underlying earnings per share in constant currency is expected to increase between 6% and 10%.” 2025 mid-term targets fully confirmed: mid-single-digit organic sales growth and an underlying trading operating profit margin range of 17.5% to 18.5% by 2025. Underlying earnings per share in constant currency to increase between 6% and 10%. COMMENTARY Growth was broad-based across most geographies and categories. Distribution costs as a percentage of sales decreased. (Nestle) Index Weighting: SMI (17.5% – largest), Stoxx 600 (2.8% – second largest) Shares -4% in European trade

NOTABLE US HEADLINES

• Alphabet’s Google (GOOG) to pause Gemini image generation of people after issues, via Bloomberg

GEOPOLITICS

MIDDLE EAST

• Israeli military sounded sirens in the Red Sea port city of Eilat, warning of possible income aerial threats. It was separately reported that a possible medium-range ballistic missile launched by Iranian-backed Houthis in Yemen was intercepted by Israel’s Arrow air defence system over the Red Sea near Eilat.
• UKMTO has received reports of an incident 70nm south east of Aden, Yemen.
• UKMTO says it has been reported a vessel attack by two missiles, resulting in onboard fire 70NM Southeast of Yemen’s Aden.
• Ambery Saysp Alau-flagged, UK-owned general cargo ship was reportedly targeted with two missiles approx. 63NM Southeast of Aden, Yemen

OTHER

• US, Japan and South Korea held a trilateral export control meeting at the US Embassy in Tokyo and agreed to cooperate further on Russia-bound export control and outreach to Southeast Asia, as well as critical tech export control, according to Japan’s Trade Ministry.
• US GOP Rep. Gallagher said during a delegation visit to Taipei that they are there to show bipartisan support for Taiwan and need to be more vigilant than ever to pass on the gift of freedom. Gallagher also stated that the message they want to send is that if China attempts an invasion, that effort would fail, while he added that the US stands with Taiwan, according to Reuters.
• Taiwan’s President Tsai thanked the US for continuing to help Taiwan strengthen its defences and said they will continue to engage with the world, as well as hope to see even more Taiwan-US exchanges this year. It was also reported that Taiwan’s President-elect Lai said they are facing great pressure from China and will continue to enhance defence capabilities, according to Reuters.
• China’s coast guard said it drove away a Philippine Fisheries and Aquatic Resources Bureau vessel that ‘illegally intruded’ into the waters adjacent to Scarborough Shoal, according to state media.

CRYPTO

• Bitcoin sits just shy of USD 52k, whilst Ethereum (+2.2%) edges higher and back towards USD 3k.

APAC TRADE

• APAC stocks were mostly positive amid tailwinds from the tech uplift in US futures following NVIDIA earnings.
• ASX 200 lagged as participants continued to digest an influx of earnings and after Australia’s Flash Manufacturing PMI returned to contraction territory.
• Nikkei 225 outperformed amid tech strength and eventually printed fresh intraday record highs above 39,000.
• KOSPI was marginally higher after the BoK kept rates unchanged and signalled an unlikelihood of a cut soon.
• Hang Seng and Shanghai Comp. were both firmer albeit with price action in Hong Kong choppy amid US-China chip-related frictions, while the mainland remained afloat after the latest stability efforts by China.

NOTABLE HEADLINES

• China’s Foreign Minister Wang said he feels Europe’s rational perception of China is increasing, believing China’s development is in line with the logic of history and Europe should not be afraid of it or reject it. Wang added that the European side is positive about strengthening China-EU exchanges at all levels and is very enthusiastic about deepening practical cooperation, while he would like to stress to the European side that ‘de-risking’ will not eliminate cooperation and ‘reducing dependence’ will not reduce mutual trust.
• Chinese small banks reportedly cut deposit rates to ease margin pressure, according to China Securities Journal.
• BoK maintained its base rate at 3.5%, as expected, with the decision made unanimously. BoK said it will maintain a restrictive policy stance for a sufficiently long period and will monitor the inflation slowdown, financial stability and economic growth risks, household debt growth, monetary policy operations in major countries and developments in geopolitical risks. BoK also stated that consumption and construction investment to recover at a slower pace, as well as noted that uncertainties to the growth outlook are high. Furthermore, Governor Rhee said five board members said the current interest rate should be maintained at least for the next three months and one board member said the door for a rate cut should be opened for the next three months, while Rhee added that he still doesn’t see much chances of a rate cut in H1 and that most members’ view it is too early to discuss rate cuts.
• Former BoJ policymaker Sakurai says BoJ could end negative rates in March if this year’s pay hikes exceed 4%, although there’s an equal chance it may wait until April, according to Reuters.
• Japanese PM Kishida says need to achieve wage hikes exceeding price increases

DATA RECAP

• Japanese Manufacturing PMI Flash SA (Feb) 47.2 (Prev. 48.0); Services PMI Flash SA (Feb) 52.5 (Prev. 53.1)
• Australian Manufacturing PMI Flash (Feb) 47.7 (Prev. 50.1); Services PMI Flash (Feb) 52.8 (Prev. 49.1)
• New Zealand Trade Balance (NZD)(Jan) -976.0M (Prev. -323.0M, Rev. -368M); Exports (NZD)(Jan) 4.93B (Prev. 5.94B, Rev. 5.85B); Imports (NZD)(Jan) 5.91B (Prev. 6.26B, Rev. 6.22B)

2C ASIA AFFAIRS

THURSDAY MORNING/WEDNESDAY  NIGHT

SHANGHAI CLOSED UP 37.40 PTS OR 1.27%  //Hang Seng CLOSED UP 239.85 PTS OR 1.45%         /The Nikkei CLOSED UP 836.52 PTS OR 2.19%   //Australia’s all ordinaries CLOSED UP 0.07%    /Chinese yuan (ONSHORE) closed UP 7.1916 

 //OFFSHORE CHINESE YUAN CLOSED UP TO 7.1991 /Oil UP TO 77.84 dollars per barrel for WTI and BRENT  DOWN AT 82.77/ Stocks in Europe OPENED ALL GREEN// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING STRONGER AGAINST US DOLLAR/OFFSHORE YUAN STRONGER

2 d./NORTH KOREA/ SOUTH KOREA/

NORTH KOREA/SOUTH KOREA

END

2e) JAPAN

JAPAN

END

3 CHINA

CHINA/

4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS

EU

end

5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS

ISRAEL HAMAS/RAFAH

Israel strikes a mosque in Rafah hiding weapons for Hamas. The clear-out of Gaza continues

(Jerusalem Post)

Israeli strike on Rafah flattens mosque, clear out of Gaza continues

In the central Gaza Strip, Israeli forces located and destroyed a boobytrapped site from which rockets were most likely launched into Israeli territory, the IDF said.

By JERUSALEM POST STAFFFEBRUARY 22, 2024 09:37Updated: FEBRUARY 22, 2024 11: 

Israeli bombs on Rafah flattened a mosque and destroyed homes while the Hamas chief was in Cairo for talks Gazans hope could bring a truce in time to head off a full-blown assault on the city.

The al-Farouk mosque in the center of Rafah was flattened into slabs of concrete, the facades of adjacent buildings blasted away. Authorities said four houses had been struck in the south of the city and three in the center.

The IDF deepened its operations in Hamas areas of control across the central and northern Gaza Strip on Thursday, with forces killing some 20 terrorists in Zeitoun over the past 24 hours.

The Israeli military targeted several Hamas terror infrastructure in the Zeitoun area. Ground forces directed fighter jets and aircraft to strike some 10 locations from which attacks were carried out against Israeli forces in Gaza.

One strike targeted a Hamas military site that was still in use by the Gazan terrorists, the IDF said. One terrorist was killed by IDF troops in close combat battles after being identified by soldiers as carrying an RPG.

In the central Gaza Strip, Israeli forces located and destroyed a boobytrapped site from which rockets were most likely launched into Israeli territory, the IDF said.

Israeli forces destroy Hamas, Islamic Jihad ships in Gaza

Israeli forces also operated in Gaza’s south, destroying various terror infrastructures in Khan Yunis. The IDF killed some 15 terrorists in targeted raids across the southern Gaza city, seizing AK-47s, grenades, and additional military equipment.

In addition, Israeli naval forces destroyed vessels used by Hamas and the Palestinian Islamic Jihad in the southern Strip overnight on Wednesday.

ISRAEL/HAMAS/GAZA/

Hostages that were in Khan Younis are now in Rafah

(Jerusalem Post)

Is Hamas hiding hostages in Rafah? IDF finds none in Khan Yunis

For most of the war, the IDF said that most of the Israeli hostages held by Hamas were in Khan Yunis.

With the IDF completing its operational takeover of Khan Yunis, sources have confirmed that the IDF found no hostages there, though it did find multiple multi-million shekel special tunnels with cages where hostages had been held.

For most of the war, the IDF said that most of the Israeli hostages held by Hamas were in Khan Yunis.

Even when the IDF invaded Khan Yunis and was making significant progress in late December and late January, sources said there was still hope that the IDF would locate hostages there.

There was especially high suspicion that hostages might still be held in Khan Yunis in the vast tunnel network, regarding which the IDF still had only penetrated part of.Israeli soldiers operate in the Gaza Strip, February 21, 2024 (credit: IDF SPOKESPERSON’S UNIT)

Hamas moves hostages to Rafah

However, once the IDF penetrated into the western and southern sectors, and its forces started to be able to move more freely and quickly explore the remaining tunnels, it became clear that Hamas had moved the hostages elsewhere.

Likewise, all of the cages where hostages had been held were empty, though with signs that they had been occupied until recently.

As early as December, top sources started to argue that Hamas was already moving some hostages from Khan Yunis to Rafah.

Also, top sources had said a small number of hostages remained in a small part of central Gaza, which the IDF has intentionally avoided invading so as to avoid a premature conflagration that could lead to the hostages’ deaths.

It seems that since December, more, or even all, of the remaining hostages in Khan Yunis were moved to Rafah, hiding among around 1.5 million Palestinian civilians.

Though it is also possible that the hostages are being hidden in other less well-known villages, no security sources have suggested such a theory to date.

Also, the IDF announced, on Wednesday morning, the death of St.-Sgt. Abraham Wovagen, who fell in northern Gaza.

Wovagen was 21 years old, from Netanya, and was a soldier in the 932nd battalion of the Nahal Brigade.Go to the full article >>

END

ISRAEL/HAMAS

This is important for all the world to see

(Jerusalem Post/Barsky)

Israeli report on Hamas sexual crimes to be translated, shared with the world

Foreign Minister Israel Katz instructed to translate a report published this morning as soon as possible and distribute the translated versions to the whole world with the help of Israeli embassies.

By ANNA BARSKY

Israel’s Foreign Ministry will distribute to all Israeli embassies in the world the difficult report of the Association of Aid Centers for Victims of Sexual Assault detailing the systematic sexual abuse committed by Hamas during the massacre in the south on 7.10.

This is the first step of an extensive public diplomacy campaign, the aim of which is to fight international authorities’s silence on the detailed evidence collected on systematic sexual crimes committed by Hamas terrorists against Israeli citizens during the October 7 massacres. 

Foreign Minister Israel Katz instructed to translate the report published this morning as soon as possible and distribute the translated versions to the whole world with the help of Israeli embassies abroad.

“The horrors of October 7 continue to be revealed even many months later,” said Katz, “the crimes of sexual violence, which find expression in this important report, will serve the State of Israel in its ceaseless war against the terrorist organization Hamas in the political arena.”

Israel’s plan to reveal Hamas’s sexual crimes to the world

The Ministry stated that the translation of the report joins a wide range of activities conducted by the Foreign Ministry in recent weeks in order to raise international awareness of the issue of harm and violence by Hamas terrorists in Israel. Among other things, delegations were sent abroad in cooperation with civil society elements, other government ministries, and security agencies. In addition, the visit of the United Nations’ special envoy on sexual violence, Pramila Patten, to Israel was arranged.Terrorism can come in several forms, including sexual assault and rape motivated by nationalism. Pictured: The scene of Hamas’s October 7 massacre at the Supernova music festival. (credit: YOSSI ZAMIR/FLASH90)

The difficult report published this morning, the most comprehensive so far conducted in Israel, includes dozens of confidential and visible information, including survivor testimonies, interviews with rescue and treatment forces, information that was allowed to be published, and inquiries. Many of the contents detailed in it are very difficult to read.

The report finds that the Hamas attack included violent acts of rape, with the threat of weapons, which in some cases were aimed at injured women. Many of the acts of rape were carried out in a group manner, with cooperation between the abusing terrorists. Often, the rape was carried out in front of an ‘audience:’ Spouses, family, or friends, in a manner designed to increase the pain and helplessness of all those present and to sow additional terror. 

Hamas terrorists carried out a hunting expedition following young women and men who fled the site of the Nova music festival and, according to testimonies, dragged them by the hair while screaming. The acts targeted women, girls, and men.

Earlier this week, officials at the United Nations demanded that Palestinian claims about the alleged commission of sexual crimes by IDF soldiers in the Gaza Strip be investigated. According to reports in American and British media, international officials claimed that they had “credible allegations of human rights violations against Palestinian women and girls in Gaza and the West Bank by Israeli forces.”Go to the full article >>

END

ISRAEL/EILAT/HOUTHIS

Israel’s Arrow defense system intercepts apparent Houthi ballistic missile headed for Eilat

(TIMES OF ISRAEL)

IDF confirms Arrow system downed missile over Red Sea, in apparent Houthi attack

By EMANUEL FABIAN

The IDF says the long-range Arrow air defense system intercepted a missile — apparently launched by the Iran-backed Houthis in Yemen — over the Red Sea that was heading for Israel.

The apparent ballistic missile, fired toward Eilat, did not enter Israeli airspace when it was shot down, and sirens sounded in the southern city according to protocol, the IDF adds.

The Houthis have fired several ballistic missiles and drones at Eilat, in solidarity with the Gaza Strip, where Israel is battling Hamas terrorists. All of the projectiles have been intercepted or missed their target.

This morning’s Arrow interception was its sixth interception of a ballistic missile, all of which occurred amid the war in Gaza. Cruise missiles and drones launched by the Houthis in recent months have been taken out by Israeli fighter jets.

END

ISRAEL/.HAMAS/

(Times of Israel//Thursday)

Gantz sees signs of progress on the hostage deal

(Jerusalem Post)

Gantz sees signs of progress on hostage deal, warns of looming Rafah op during Ramadan

War cabinet member says government will not seek sweeping limitations on Arab Israeli worshipers at Al-Aqsa during holy month — only on individuals considered dangerous

By SAM SOKOL FOLLOW21 February 2024, 10:30 p

Minister Benny Gantz at a press conference at IDF headquarters in Tel Aviv, February 21, 2024. (Contact Productions)

A new hostage deal between Israel and Hamas could be in the works, war cabinet minister Benny Gantz declared on Wednesday, but if the sides fail to reach an agreement Israel will invade the southern Gaza city of Rafah over Ramadan.

He also said the entire war cabinet was united in opposition to sweeping limitations on Arab Israelis visiting Al-Aqsa Mosque on the Temple Mount during Ramadan — as has reportedly been sought by far-right National Security Minister Itamar Ben Gvir. Netanyahu was reported earlier this week to have sided with Ben Gvir on the issue.

Talking of a hostage deal, Gantz told reporters during a press conference at IDF headquarters in Tel Aviv that there were “initial signs that indicate the possibility of moving forward” on a new framework. He pledged to “leave no stone unturned” in the effort to free those kidnapped on October 7.

He did not offer further details, but unconfirmed reports in Arabic media Wednesday claimed Hamas had softened its position somewhat, as talks continue between the terror group’s representatives and mediators in Cairo.

Channel 12 reported Wednesday evening that Israel was gearing up to attend another high-level summit in Paris on Friday aimed at securing a long-elusive hostage deal.

Like the first such summit in Paris late last month, this one would be attended by Mossad chief David Barnea, Qatari Prime Minister Mohammed bin Abdulrahman Al Thani, Egyptian intelligence chief Abbas Kamel and CIA chief Bill Burns, the network said.

It said that before confirming its attendance, Israel was waiting to see more progress in the ongoing talks Egypt and Hamas were holding in Cairo.

Last week, Prime Minister Benjamin Netanyahu refused to send an Israeli delegation for further hostage negotiations in Cairo, saying Hamas was continuing to insist on “delusional” demands for a hostage deal.

On limitations to visits by Arab Israelis to Al-Aqsa Mosque during Ramadan, Gantz said the war cabinet was united in only seeking restrictions on specific individuals who are deemed dangerous, and “not on those who come to pray.” He added that Arab Israelis “are an integral part of Israeli society” who must enjoy equal rights.

Ben Gvir’s desired limitations, ostensibly to prevent extremist elements from entering the Al-Aqsa compound and foment unrest during Ramadan, were reportedly opposed by both Attorney General Gali Baharav-Miara, who raised legal objections, and the Shin Bet security agency, which warned that the curbs could spark an angry backlash and play into the hands of Hamas.

Gantz reiterated that Israel was prepared to launch a planned Rafah offensive during Ramadan if a hostage deal is not reached by the time the Muslim holy month starts around March 10.

“On the battlefield, we are facing an operation in Rafah, which will begin after the population is evacuated from the area,” he said, arguing that clearing out the last remaining Hamas forces operating there was critical for the demilitarization of the Gaza Strip.

Kites are flown over Rafah as smoke billows following Israeli bombardment on Khan Younis in the southern Gaza Strip on February 20, 2024. (Said Khatib/AFP)

“I repeat, if there is no hostage deal, we will also operate during Ramadan,” he said, adding that since November’s temporary ceasefire, “we have not stopped fighting for even one day — and we will not stop even for a minute, without our hostages being returned.”

It is believed that 134 hostages out of more than 250 abducted by Hamas on October 7 remain in Gaza — not all of them alive — after 105 civilians were released from Hamas captivity during a weeklong truce in late November, and some others were released in other circumstances.

Rafah, which sits on the Gaza-Egypt border, is the last remaining Hamas stronghold in the enclave, but it is also where over a million displaced Palestinians have fled to seek shelter from fighting elsewhere.

US President Joe Biden has warned Netanyahu that a military incursion “should not proceed without a credible and executable plan for ensuring the safety of and support” of the city’s civilian population. Similar warnings have been issued by many of Israel’s Western allies and Netanyahu has said such a plan is in the works.

Gantz said Israel will retain complete security control but no civilian control over the Gaza strip following the war, hours after the Knesset adopted a declaration opposing the “unilateral” creation of a Palestinian state.

After October 7, “it would be a mistake to give such a tailwind to terrorism,” Gantz said of unilateral action, arguing that political arrangements that do not stem from direct talks “will not be sustainable.”

“In any future situation, Israel will maintain its supremacy and its operational capabilities in the entire Gaza Strip,” he promised, insisting that Israel “will not allow murderers to return to control places where the IDF has operated.

“We are examining a number of options so that aid to Gaza will be delivered through an international administration of moderate Arab countries with the support of the US. We are currently promoting pilot programs of the transfer” through third parties, he said.

“Our goal and the goal of the donor countries is the same: aid to the residents and not to the terrorists” and “we are working to strengthen the moderate axis vis-à-vis Iran, and establish a regional administration that will help the Palestinians build another government in Gaza.”

Palestinians protest after Friday prayers during Ramadan, at the Al-Aqsa Mosque Compound and Temple Mount in Jerusalem’s Old City, April 7, 2023. (Jamal Awad/Flash90)

Turning to the controversy over the ultra-Orthodox military draft, Gantz, a former IDF chief of staff, called on members of the community to “arise and enlist” in the military, stating that “you don’t need a law to enlist — this is the solution to Israel’s security needs.”

Gantz’s comments came hours after the Attorney General’s Office requested a further extension from the High Court of Justice to legislate a law regulating the exemptions received by ultra-Orthodox men from military service, as the current deadline to pass such a law by March 31 rapidly approaches.

end

ISRAEL/GAZA

This is good! IDF advancing a pilot program where local Palestinians take the lead and form a local government in Zeitoun/GAZA

(Jerusalem Post)

IDF said advancing Gaza City pilot to have unaffiliated locals take over governance

TV report says military met with community leaders in Zeitoun neighborhood, wants them to take charge them of aid distribution in hopes of establishing alternative to Hamas rule

Israeli soldiers patrol in Gaza City’s Zeitoun neighborhood on November 25, 2023, on the second day of a truce between Israel and Hamas. (Mahmud Hams/AFP)

The Israel Defenses Forces has advanced plans to establish a local Palestinian governing body to replace Hamas in the Zeitoun neighborhood of Gaza City, Israeli television reported Wednesday.

Prime Minister Benjamin Netanyahu has said Israel wants local Palestinian community leaders who are not affiliated with either Hamas or the Palestinian Authority to take over the governance of Gaza after the war.

Channel 12 news said Zeitoun will serve as a pilot program for this effort, adding that IDF officials have already met with a group of unnamed Palestinian community leaders who will be tasked with governing residents of the area who did not flee southward due to the fighting.

The report, which did not cite any sources, said Israel hopes that having the locals take charge of aid distribution will help create an alternative to Hamas, but noted the biggest challenge would be securing the area “to prevent Hamas from interfering.”

The network further reported that as part of the pilot, Israel is stressing a complete overhaul of the curriculums taught at Gaza schools, saying the textbooks incite against Israel and Jews.

Analysts have expressed heavy skepticism of this effort, noting the likelihood that any Palestinian community leaders seen openly and unilaterally cooperating with Israel will quickly be delegitimized and possibly find their lives at risk. They say a similar effort was advanced by the United States after it invaded Iraq two decades ago only to backfire.

While many in the security establishment believe that the PA should be tasked with leading the governmental effort, the IDF is under direction from Netanyahu’s office not to formally draft any plans for post-war governance in Gaza that involve the PA and accordingly have been left with the framework that they’re currently trying to advance in Zeitoun, officials have told The Times of Israel.

Troops of the 36th Division operate in Gaza City’s Zeitoun neighborhood, in a handout image released on November 20, 2023. (Israel Defense Forces)

Speaking Wednesday, war cabinet minister Benny Gantz referred to a “pilot program” for aid distribution in Gaza, where he vowed Israel will retain complete security control but no civilian control after the fighting sparked by the Hamas-led October 7 terror onslaught is over.

“In any future situation, Israel will maintain its supremacy and its operational capabilities in the entire Gaza Strip,” he promised, insisting that Israel “will not allow murderers to return to control places where the IDF has operated.

“We are examining a number of options so that aid to Gaza will be delivered through an international administration of moderate Arab countries with the support of the US. We are currently promoting pilot programs of the transfer” through third parties, he said.

“Our goal and the goal of the donor countries is the same: aid to the residents and not to the terrorists” and “we are working to strengthen the moderate axis vis-à-vis Iran, and establish a regional administration that will help the Palestinians build another government in Gaza.”

Gantz also addressed post-war Gaza in remarks on Sunday, when he cautioned it could take years to rebuild “governance capacity inside Gaza, which cannot be Hamas and should not be Israel,” and stated a future civilian administration of the coastal territory will likely be composed of “local Palestinians supported by some sort of regional committee or arrangement.”

END

ISRAEL EARLY THIS MORNING

One killed and 11 wounded in a terror shooting in Ma’ale Adumim which is a few miles from Jerusalem but inside the West Bank

(Jerusalem Post)

One killed, eight wounded in terror shooting attack near Ma’ale Adumim

Terrorists fired on vehicles near az-Za’ayyem checkpoint using automatic weapons * Two terrorists ‘neutralized’ at scene of attack, third shot after fleeing * IDF says Arrow system downed missile over Red Sea

Five wounded in terror attack….. arrive at Shaare Zedek Medical Center in Jerusalem

Today, 8:30

 

Five people wounded to varying degrees in the shooting terror attack on the Route 1 highway between Jerusalem and Ma’ale Adumim have arrived at the Shaare Zedek Medical Center for treatment, the hospital says in a short statement.

Hadassah Medical Center says a man in his 20s who was moderately wounded in the attack has arrived at the hospital, and others are expected to arrive shortly.

END

ISRAEL/HEZBOLLAH

IDF says it carried out airstrikes against Hezbollah sites in Lebanon after missile fire on northern Israel

By EMANUEL FABIAN FOLLOW

Today, 1:53 pm

The IDF says it carried out airstrikes with fighter jets against Hezbollah sites in southern Lebanon a short while ago.

The targets included a building in Maroun al-Ras and other infrastructure belonging to the terror group in Kafr Kila and Khaim.

After missile fire on Kiryat Shmona and Kfar Yuval this morning, the IDF says it shelled the launch sites in southern Lebanon with artillery.

The IDF also says a tank shelled an area near Jebbayn.

מטוסי קרב תקפו לפני זמן קצר מבנה צבאי של ארגון הטרור חיזבאללה במרחב מרון א-ראס ותשתיות טרור של הארגון במרחבים כפר כילא ואל-חיאם. כמו כן, טנק של צה”ל ירה במרחב אל ג’יבין.

בשעות האחרונות זוהו שיגורים משטח לבנון לשטח ישראל במרחבים קריית שמונה וכפר יובל, צה”ל תקף את מקורות הירי pic.twitter.com/Rg7vNFs1IW

— צבא ההגנה לישראל (@idfonline) February 22, 2024

end

ISRAEL/HAMAS/GAZA/UNRWA

A real blight on the United Nations

(Jerusalem Post)

Eight UNRWA employees arrested by Israel over Hamas ties

Out of approximately 12,000 UNRWA workers in Gaza, 440 are active in the military arm of Hamas, meaning terrorists currently fighting against the IDF.

By MAARIVFEBRUARY 22, 2024 15:37Updated: FEBRUARY 22, 2024 16:06

Eight UNRWA employees working in the Gaza Strip have been arrested by the IDF due to connections to Hamas, according to a Maariv report on Thursday.

The report, which cites a secret document that has been obtained by Maariv, claimed that the employees have circumstantial evidence linking them directly with Hamas, and they have been transferred to Israel for further investigation.

The report also highlighted that the UNRWA organization has reached out to Israel and has requested access to contact the arrested individuals

The actual arrest of the employees was reported to have spanned over the past few months of fighting, from October until February. One of the detainees is even suspected of participating in the massacre that Hamas conducted on October 7, according to the report.

According to the secret document, UNRWA made an appeal a few days ago to relevant political parties in Israel, including a detailed list of the eight detainees, while the management of the UN requested information about the detained employees of the organization, where they are being detained, the status of the investigation against them, and whether Their affiliation to Hamas and terrorist activities has been proven.

Israeli officials have emphasized that the appeals by UNRWA and the UN are yet to be answered, and the investigation of the eight detainees is still ongoing.

UNRWA’s appeal comes following Israel’s campaign to remove the organization from Gaza. Last week, Foreign Minister Israel Katz revealed the “UNRWA Brochure” during his speech at the Munich Security Conference, which contained explicit evidence of the involvement of the organization’s employees in terrorist activities. He also attacked the organization, saying, “The organization serves as an arm of the terrorist organization Hamas – its leaders should resign.”

The security establishment reported on more indirect ties between UNRWA and Hamas

On Wednesday, the security establishment forwarded to the cabinet and other government officials an updated report indicating that out of approximately 12,000 UNRWA workers in Gaza, 440 are active in the military arm of Hamas, meaning terrorists currently fighting against the IDF.

According to that report, about 2,000 other employees are registered Hamas operatives, but not members of the military wing. An additional 7,000 UNWRA employees reportedly have a first-degree relative who is a Hamas terrorist. In total, out of 12,000 employees, close to 9,500 are connected to Hamas

END

USA/HOUTHIS/

Yemen’s Houthis ban Israel, USA and British ships from the Red Sea and Biden the Magnificent does nothing

(Reuters)

Yemen’s Houthis ‘ban’ Israeli, US and British ships from Red Sea

By REUTERS

FEBRUARY 22, 2024 14:28

hips that are wholly or partially owned by Israeli individuals or entities and Israel-flagged vessels are banned from the Red Sea, Gulf of Aden, and the Arabian Sea, said statements from an agency controlled by Yemen’s Houthi group seen by Reuters on Thursday.

The statements, sent to shipping insurers and firms from the Houthi’s Humanitarian Operations Coordination Center, also said ships owned by US or British individuals or entities, or sailing under their flags, are also banned.

end

RUSSIA/UKRAINE/IRAN/USA

Iran sends Russia hundreds to ballistic missiles while Biden twiddles his thumbs. However Biden authorizes the takeover of Iranian seized assets to be used by Ukraine.

(zero hedge)

Iran Sends Russia Hundreds Of Ballistic Missiles, Washington Powerless

WEDNESDAY, FEB 21, 2024 – 10:00 PM

Back in early 2022 just weeks into the Russian invasion of Ukraine, Western officials began raising suspicions that the Islamic Republic of Iran was supplying arms, and especially kamikaze drones, to Moscow for use on the Ukrainian battlefield. This proved true, and allegations of Tehran supplying ballistic missiles soon followed. 

Now, just days away from the grim two-year mark of the start of the major war, there are fresh reports of a dramatic escalation in Iran’s military supply pipeline to Russia. Reuters reports Wednesday that Tehran has provided Moscow with a “large number of powerful surface-to-surface ballistic missiles.”

The report alleged an estimated 400 missiles, mostly from the Fateh-110 family of short-range ballistic weapons, have been provided. These are mobile-launched and have a range of up to 435 miles.

“The shipments began in early January after a deal was finalized in meetings late last year between Iranian and Russian military and security officials that took place in Tehran and Moscow, one of the Iranian sources say,” according the report.

“There will be more shipments,” one Iranian official has boasted. “There is no reason to hide it. We are allowed to export weapons to any country that we wish to.”

Starting last fall, the US administration began getting creative on ways it could retaliate against Iran. The Pentagon at that time announced that it was sending seized shipments of illicit Iranian arms (usually intercepted in waters off the Arabian peninsula) to Ukraine’s armed forces.

“The US will transfer thousands of seized Iranian weapons and rounds of ammunition to Ukraine, in a move that could help to alleviate some of the critical shortages facing the Ukrainian military as it awaits more money and equipment from the US and its allies,” US officials said at the time.

In the below brief analysis, the hawkish think tank The Foundation for Defense of Democracies (FDD) had hailed this Biden policy as one which “turns the tables” on both Tehran and Moscow…

The U.S. transfer of Iranian arms to Ukraine turns the tables on both Tehran and Moscow, which have doubled down on their defense partnership following Russia’s 2022 invasion of Ukraine. Tehran provides drones to Moscow and helps the Russians localize their production. In March 2023, Iran agreed to purchase 24 advanced Sukhoi Su-35 fighters from Russia, significantly upgrading the capabilities of the Islamic Republic’s air force. In 2019, 2021, 2022, and 2023, Russia and Iran conducted joint naval drills in the Gulf of Oman. Russia and Iran are also sharing intelligence and cooperating in a joint effort to push U.S. military forces out of the region.

In this way there are now Iranian arms on ‘both’ sides of the Ukraine-Russia conflict. However, hundreds of Iranian ballistic missiles on the Russian side means it won’t run low on missiles anytime soon.

The Ukrainian side, meanwhile, is still hurting for more arms and manpower, as it’s being beaten back from frontline positions, especially in the east and with the latest loss at Avdiivka.

END

RUSSIA/UKRAINE

The capture and re taking of the city of Avdeevka is a real gamechanger\a good read.

Korybko: Russia’s Capture Of Avdeevka Will Reverberate Across Europe & Accelerate Geostrategic Shifts

THURSDAY, FEB 22, 2024 – 02:00 AM

Authored by Andrew Korybko via Substack,

Russia finally captured the Ukrainian fortress town of Avdeevka following a protracted battle that ended in Kiev’s chaotic retreat and the abandonment of its wounded troops. The timing took place as the Western elite met in Germany for this year’s Munich Security Conference over the weekend, which conveniently enabled them to plan their next moves in this proxy war. No significant financial or military aid is expected, however, despite Ukraine’s newly clinched security pacts with Germany and France.

Rather, as was explained here earlier in the month when analyzing the latest Biden-Scholz Summit in DC, the West’s focus will be on the long-term containment of Russia in Europe beyond the borders of that former Soviet Republic. To that end, Germany’s role as the US’ preferred “Lead From Behind” partner in the EU will become more prominent, which will take the form of connecting the “military Schengen” with the revived Weimar Triangle in order to accelerate the construction of “Fortress Europe”.

The preceding three hyperlinked analyses explain these concepts more in depth as well as their relationship, but they can be summarized as Germany exploiting its comprehensive subordination of Poland to resume its long-lost superpower trajectory after a nearly eight-decade-long hiatus. The reason why the West’s attention will turn towards accelerating this geostrategic shift instead of clinging to its proxy war on Russia via Ukraine after Avdeevka is because it’s now clear that the latter is a lost cause.

Russia already won the “race of logistics”/“war of attrition” with NATO that Secretary General Stoltenberg declared almost exactly one year ago as proven by the counteroffensive’s failure and the subsequent reversal of this conflict’s dynamics whereby Ukraine is now once again on the defensive. Former Command-in-Chief Zaluzhny’s replacement Syrsky explicitly admitted this last week before the disastrous retreat from Avdeevka, which is regarded as Kiev’s last major fortress in Donbass.

The stage is now set for a forthcoming Russian offensive that could steamroll through the rest of this region in the best-case scenario from Moscow’s perspective and the worst-case one from the West’s. That’s not to say that this will indeed happen because the so-called “fog of war” makes it impossible to accurately discern Ukraine’s full defensive capabilities behind the Line of Contact (LOC), but it’s not without reason that the West is panicking and Zelensky decided to blame them for his latest defeat.

He complained that a so-called “artificial lack of weaponry” was responsible in an allusion to the congressional deadlock over more Ukraine aid, which Biden agreed with to pressure his political foes. Navalny’s unexpected death on Friday was taken advantage of by anti-Russian hawks to demand that the House pass the Senate’s proxy war funding bill when it resumes its session later this month, but even if it’s approved, the problem is that the US has already expended its stockpiles.

While it’s possible that it could dip into those reserves that it’s saved for meeting its national security needs and coerce its vassals into doing so as well, the fact of the matter is that the counteroffensive’s failure in spite of much larger aid given to Kiev up until then suggests that this won’t make a difference. Whatever might be sent would be used solely to hold the LOC as long as possible and prevent a Russian breakthrough in order to perpetuate the stalemate that Zaluzhny was the first to admit had set in by fall.

Truth be told, that description was inaccurate since the LOC continues gradually moving westward and the pace might speed up after Russia’s capture of Avdeevka. President Putin already signaled that he won’t stop until his security guarantee requests are met through military or diplomatic means after recently regretting that he hadn’t ordered the special operation to begin sooner and saying on Sunday after the fall of that Ukrainian fortress town that victory is “a matter of life and death” for Russia.

It remains unclear when and on what terms the conflict will end, but the writing is on the wall and it clearly reads that Russia’s security guarantee requests will be met to some extent or another, ergo why the West is now planning for a decades-long “confrontation” with Russia per Stoltenberg’s own words. Therein lies the significance of the geostrategic shift that was identified earlier in this analysis regarding Germany’s role as the US’ top “Lead From Behind” partner for containing Russia in Europe.

In furtherance of that goal, NATO’s continental-wide “Steadfast Defender 2024” drills – the largest since the end of the Old Cold War – will be aimed at optimizing the partial implementation of the “military Schengen” between Germany, Poland, and the Netherlands, which France is expected to soon join. The Baltics will likely also participate as well given that they require support for building their so-called “Baltic Defense Line”, which could extend up to the Arctic if Finland gets involved too as expected.

The revived Weimar Triangle comes into play since Germany requires French backing because Berlin can’t realistically do all of this on its own, which in turn necessitated Poland’s military subordination to its western neighbor via the abovementioned logistics pact between them. A military corridor from France to Estonia, which could reach Finland via Denmark-Sweden (the second of whom is a NATO aspirant and expected to join this new “Schengen”), is therefore taking shape before the world’s eyes.

Russia’s capture of Avdeevka will therefore reverberate across Europe by accelerating the implementation of these long-term containment plans seeing as how NATO’s proxy war on it through Ukraine is obviously a lost cause after the fall of that former Soviet Republic’s latest fortress town. It’s this geostrategic dynamic that observers should pay more attention to than anything else since the resumption of Germany’s long-lost superpower trajectory is a development of global significance.

6.Global Issues//COVID ISSUES/VACCINE ISSUES

COVID Vaccine mRNA Can ‘Spread Systemically’ To Placenta And Infants Of Women Vaccinated During Pregnancy

WEDNESDAY, FEB 21, 2024 – 07:40 PM

Authored by Megan Redshaw via The Epoch Times (emphasis ours),

A new report suggests vaccine mRNA does not remain at the injection site following vaccination but can “spread systemically” to the placenta and umbilical cord blood of infants whose mothers are vaccinated during pregnancy.

In a peer-reviewed pre-proof accepted for publication in the American Journal of Obstetrics and Gynecology, researchers presented two cases that demonstrate, for the first time, the ability of COVID-19 vaccines to penetrate the fetal-placental barrier and reach the inside of the uterus. Additionally, researchers detected spike protein in placental tissue, indicating the bioactivity of the mRNA in reaching the placenta.

Researchers vaccinated two pregnant women with mRNA vaccines shortly before delivery to determine whether the mRNA in COVID-19 vaccines reached the placenta or fetus following maternal vaccination.

“The primary objective of the study was to investigate the knowledge gaps surrounding mRNA therapies during pregnancy, utilizing the COVID-19 vaccine as a foundation for future mRNA therapeutic developments, given its established use,” the study’s corresponding author, Dr. Nazeeh Hanna, a neonatologist, told The Epoch Times by email.

Researchers Find Vaccine mRNA in Samples

The first patient, “Patient 1,” was a 34-year-old woman at 38 weeks and four days gestation who received two Pfizer vaccine doses and two booster doses—one Pfizer and one Moderna. The Moderna booster dose was administered two days before the delivery of a healthy baby by cesarean section.

The second patient, “Patient 2,” was a 33-year-old woman at 40 weeks gestation. She received two Pfizer vaccine doses. The last dose was given 10 days before vaginal delivery of a healthy baby.

According to the paper, researchers found detectable vaccine mRNA in both placentas tested. The localization of the vaccine mRNA was mainly in the villus stroma—the connective tissue layer that supports the fetal capillaries and villous trophoblast. The villous trophoblast, the primary barrier between maternal and fetal tissues, supports the exchange of nutrients between a mother and her fetus.

Researchers also detected a “notably high signal” of vaccine mRNA in the placental decidua tissue of Patient 1, who received four vaccine doses. The decidua is the specialized endometrium layer that forms the base of the placental bed.

Spike protein expression was also detected—but only in the placenta of Patient 2. However, vaccine mRNA was detected in Patient 1’s cord and maternal blood samples, which were unavailable for the second patient.

The authors said the expression of spike protein in the placenta of the second patient but not in the first suggests that more than two days are necessary following vaccination for the mRNA to reach the placenta and be translated into the spike protein, which is then expressed in placental tissue.

Finally, researchers found the integrity of vaccine mRNA varied across different samples—the vaccine’s ability to activate an immune response relies upon fully intact mRNA. According to the findings, vaccine mRNA was largely fragmented in the cord blood and less fragmented in the placenta. In the placentas, 23 percent and 42 percent of the initial integrity was retained in Patients 1 and 2, respectively. In maternal blood from Patient 1, the vaccine’s mRNA had a high level of integrity at 85 percent. Integrity decreased to 13 percent in cord blood, suggesting limited bioactivity.

COVID-19 mRNA vaccines use lipid nanoparticles (LNPs) to deliver mRNA. “The findings suggest that lipid nanoparticles (LNPs) are capable of reaching the placenta and releasing mRNA within placental cells, where it is then translated into the spike (S) protein. However, by the time the mRNA reaches the fetus, it is no longer encapsulated by the LNPs, leading to its degradation (only 13% of the mRNA is intact in fetal circulation),” Dr. Hanna told The Epoch Times.

Dr. Hanna noted that the authors of the recently published paper did not evaluate the implications of transient spike protein expression in the placenta or the effects of degraded mRNA on the fetus.

Dr. Christiane Northrup, an obstetrician-gynecologist, is an advisory board member of MyCycleStory. She told The Epoch Times in an email, the group has been studying this kind of thing since the vaccine rollout in 2021. “There is no question whatsoever that the Covid 19 ‘vaccine’ ingredients are present in the placenta and throughout the body.”

“There have also been VAERS [Vaccine Adverse Event Reporting System] reports of infants dying of thrombocytopenia (low platelets) following maternal vaccination, and also evidence of infants having heart attacks in the womb following maternal vaccination. None of this is new information. It has simply been widely and systematically censored,” she added.

Dr. Dan McDyer, an obstetrician-gynecologist, told The Epoch Times in an email that he is not surprised by the “discovery of evidence of mRNA from the SARS CoV-2 injections and/or SARS CoV-2 spike protein present in fetal cord blood and placental tissues.”

“To me, the recommendation of administering this medication to pregnant women was one of the most irresponsible actions in the history of modern medicine. I am so disappointed that the entities charged with the mission of protecting public health (FDA) and women’s health (ACOG) were derelict in their duties because it only took me about 15 minutes of online research to determine that these lipid nanoparticles were going to cross the placenta and infect the fetus,” Dr. McDyer said.

Dr. James Thorp, a board-certified obstetrician-gynecologist and maternal-fetal medicine physician, told The Epoch Times by email that the paper shows mRNA from both Pfizer and Moderna vaccines can cross the placenta into the fetal blood entering the placental tissue.

“These authors observed a ‘notably high signal’ in the decidua, which is the lining of the uterus. This concentrated mRNA in the decidual tissues will be translated into high concentrations of spike protein, likely contributing to a myriad of devastating effects on human reproductive function—not just severe abnormalities of menstrual periods, but infertility, multiple pregnancy complications, and severe bleeding in pregnancy and in the post-partum period,” Dr. Thorp said.

Dr. Thorp added that despite their “horrifying” findings, the authors still concluded their evidence “overwhelmingly supports” the COVID-19 vaccine’s effectiveness in mitigating the morbidity and mortality of COVID-19 in pregnant and non-pregnant women.

Initial Clinical Trials Excluded Pregnant Women, Yet Studies Suggest mRNA Biodistribution

Initial clinical trials for mRNA COVID-19 vaccines excluded pregnant women, so there was no biodistribution data on the mRNA in COVID-19 vaccines and its ability to reach the placenta or fetus following maternal vaccination. However, assessment reports provided to the European Medicines Agency by Pfizer and Moderna show that mRNA is distributed to various tissues, including the liver, adrenal glands, spleen, and ovaries in animal studies.

An animal study cited by the authors of the paper shows that lipid nanoparticles of similar composition in other mRNA injections delivered functional mRNA to the placenta and other fetal organs.

Two previous human studies by the same researchers assessed whether the mRNA in COVID-19 vaccines is present in the placenta following maternal vaccination using different methods. The first study failed to detect mRNA in maternal and cord blood or placental tissue. The researchers attributed this to the long interval between vaccination and delivery and the methodology used in the study. The second study using improved sensitivity to detect mRNA also did not reveal vaccine mRNA. However, the authors attributed this to the probe that targeted the SARS-CoV-2 gene rather than the vaccine mRNA sequence.

In the current study, the authors used a more sensitive and robust approach which allowed them to have a more precise quantification of vaccine mRNA for superior accuracy, and a probe tailored explicitly for the vaccine mRNA, ensuring more reliable detection.

“Animal work clearly shows the distribution of the lipid nanoparticles to several organs, including the liver, adrenal glands, spleen, and ovaries. So, reaching the placenta was not surprising. In humans, we have previously published that the vaccine mRNA can be distributed to breast milk.” Dr. Hanna told The Epoch Times.

‘Catastrophic on Several Levels’

Dr. McDyer said the ability of the lipid nanoparticles to cross the placenta and infect the fetus could be “catastrophic on several levels,” impacting a developing fetal immune system.

“Imagine this: The fetal immune system ‘learns’ the appearance of ‘self’ early on by recognizing molecules, MHCs (Major Histocompatibility Complexes), on the surface of all of our cells. This appearance of ‘self’ is most certainly disrupted by the appearance of spike protein on the surface of these cells (cell membranes) as induced by the ‘vaccines,’’’ he told The Epoch Times.

“Additionally, fragments of spike protein will also likely appear in the MHCs on the cell surfaces. This causes a slight disfigurement of these MHCs which is likely to have an effect on the immune system’s capability to recognize ‘self,’” he added.

Dr. McDyer said he is certain disrupting cellular homeostasis by distracting the fetal cells to produce foreign proteins, such as the spike protein, instead of the proteins necessary for a developing fetus, will have detrimental unknown consequences. He believes this explains why one of his colleagues, a pediatric neurosurgeon, has seen a few unborn babies who have had strokes, an event he says he has never heard of in his entire career until now.

“We know that spike [protein] initiates clot formation, which can result in strokes,” Dr. McDyer said. “This is all so sad as it was completely unavoidable if normal, historical precautionary approaches were in place.”

Dr. Hanna believes that introducing mRNA to the fetus may pose potentially plausible risks but may also yield biologically plausible benefits. “The potential of mRNA-based interventions in addressing maternal and fetal health issues is profound. Such insights could substantially advance the crafting of safer and more effective mRNA-based therapies during pregnancy,” he said.

GLOBAL ISSUES

MARK CRISPIN MILLER

In memory of those who “died suddenly” in the United States and worldwide, February 13-February 19, 2024

Athletes: US (3), Canada, Switzerland, Sweden, Spain, Italy (2), Pakistan, Australia; politicians: US (4), UK, Germany, Poland, Czechia, Slovakia, Spain (2), Italy (3), Russia, India (2); & more

MARK CRISPIN MILLERFEB 22

READ IN APP

Italy:

United States: 

https://open.substack.com/pub/markcrispinmiller/p/in-memory-of-those-who-died-suddenly-656

News from Underground by Mark Crispin Miller is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.

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United States:

Canada: 

https://open.substack.com/pub/markcrispinmiller/p/in-memory-of-those-who-died-suddenly-d32

Mexico, Brazil, Argentina and Chile: 

https://open.substack.com/pub/markcrispinmiller/p/in-memory-of-those-who-died-suddenly-fe2

Mexico:

United Kingdom and Ireland: 

https://open.substack.com/pub/markcrispinmiller/p/in-memory-of-those-who-died-suddenly-7e4

France, Belgium, Holland, Germany, Austria, Switzerland, Sweden, Poland, Czechia, Slovakia, Croatia, Cyprus and Spain: 

https://open.substack.com/pub/markcrispinmiller/p/in-memory-of-those-who-died-suddenly-cb7

Italy:

Italy: 

https://open.substack.com/pub/markcrispinmiller/p/in-memory-of-those-who-died-suddenly-bcc

Ghana, Kenya, Armenia, Ukraine and Russia: 

https://open.substack.com/pub/markcrispinmiller/p/in-memory-of-those-who-died-suddenly-db1

India, Pakistan, Australia and New Zealand: 

https://open.substack.com/pub/markcrispinmiller/p/in-memory-of-those-who-died-suddenly-bfa

DR PAUL ALEXANDER

Of mRNA & FOUR men: the curious case of mRNA & these 4 men with the same common problem: Trump, wants credit for OWS but not vaccine deaths; Malone, wants credit for mRNA technology in mRNA vaccines

but not the deaths; Biden, rolled out the vaccine and wants credit but no blame for the deaths & Weissman wants credit for the mRNA technology with Malone but not the deaths from the mRNA vaccine

DR. PAUL ALEXANDERFEB 22

READ IN APP

4 men, same problem, no one is taking credit for the deaths and not even recognizing them. What do we do? Respectively, one man was misled on the safety and effectivenss of the mRNA technology and vaccine, the other lies about it and pretends and knew it was unsafe, the other does not know what we are even talking about, and the 4th knew it was unsafe (his technology too) yet pretends that there are no harms and deaths.

What do we do? One man did not understand that the many years after the study is completed and there is follow-up and ‘dead’ time, that it is built in for a reason. To detect harms, rare effects that needed time to become apparent. Another really has no idea the day of the week and the others, these are the real monsters for they remained silent when they knew the harms.

end

Nova Scotia Health Authority Rescinds COVID Vaccine Mandate for Health Care Workers

Friends Read Free

A syringe is prepared with COVID-19 vaccine at a vaccination clinic in Montreal, on March 15, 2021. (Paul Chiasson/The Canadian Press)

By Matthew Horwood

2/21/2024

The Nova Scotia Health Authority has announced it will be rescinding its COVID-19 vaccine mandate for health care workers due to the pandemic entering its endemic phase and its “commitment to respecting the choices and autonomy of our staff members.”

“Based on the current available evidence, Nova Scotia Health and IWK Health are amending their respective policies,” reads a joint statement released on Feb. 21 by the two health authorities, which was originally obtained by The Canadian Independent.

“Effective February 26, 2024, it will no longer be a requirement for employees, preferred candidates and on-site medical staff to submit proof of primary series COVID-19 immunization.”

The health organizations said the change represented the “evolving landscape of COVID-19 in its endemic phase.” They added that vaccination against the disease remained “highly effective” at preventing disease, hospitalization, and death, and encouraged all eligible residents to receive their boosters.

The organizations said the change in policy means health care workers who did not submit proof of vaccination and were subsequently let go from work would have the chance to “return to active employment.” Nova Scotia and IWK Health will be reaching out to those employees on administrative leave to discuss options for them to return to work.

end

Ricardo Perez Dulzaides, MD, PhD student at Einstein School of Medicine & so naturally would have taken all the mRNA Bourla, Bancel, Sahin, Kariko, Malone et al. shots; why did he die suddenly of

complications following a pulmonary embolism and cardiac arrest? He was 33 years old. What would suddenly kill this young man, healthy man? Is it the mRNA technology COVID gene injection?

DR. PAUL ALEXANDERFEB 22

READ IN APP

What other explanation in this era of ‘DIED SUDDENLY’…when will we wake up and at least ask the right questions.

Malone, Bourla, Bancel, Weissman et al. brought us death with their mRNA technology & vaccine, and they know it. The deaths that pile up rests at their feet and no amount of double talk, shows surrounded by grifters, will innoculate them.

The PCR created false positive COVID pandemic fraud is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.

Subscribed

History will record them as they are, money seeking deadly academics and scientists who brought a technology for fame, money, prizes that KILLED…the mRNA technology LNP platform, the mRNA vaccine, it is deadly, never ever worked in prior studies and was not studied for the toxicity and harm and then the vaccine makers took a 15 year process and boiled it down to 5 months.

The 15 years is there for a reason, so that we can uncover ‘rare’ safety events…yes, you can bring it in 5 months but then you cannot attest to safety and thus all who said it was safe and effective must be criminally charged. People took it and died. There is no way they could have known that it was safe and as we see, it was and is NOT.

IMO, we are watching criminals…

RIP Ricardo Perez Dulzaides, you are very brilliant and RIP, but somewhere in there, they misled you with the vaccine and you fell for it IMO, until I know otherwise…

Obstetrician, Dr. James Thorp, and Postpartum Nurse, Michelle Gershman, speak out about devastating unprecedented rise in reproductive & pregnancy complications after COVID mRNA vaccine rollout

Women who get the vaccine in first tri-mester have an 82% miscarriage rate; NICU from March 2021 had dramatic elevation in babies in NICU with marked fetal demises (baby died in utero but full term)

DR. PAUL ALEXANDERFEB 22

READ IN APP

a 40 sigma, standard deviation event? Thorp shares explosive catastrophic information as someone who is considered the world’s top expert in the field of Obstetrics.

Most of the mother, if not all who had a fetal demise had the mRNA COVID vaccine.

SLAY NEWS

EVOL NEWS:

…

The latest reports from Slay News

Covid ‘Boosters’ Block Natural Defense against Cancer, Study WarnsA bombshell new study has warned that Covid “booster” shots block the body’s natural defense from preventing cancers and other deadly diseases.READ MORE

Top Experts Expose WEF’s Anti-Carbon Agenda as a Hoax: ‘Pure Junk Science’Several world-renowned experts have dropped the hammer on the anti-carbon agenda pushed by the World Economic Forum (WEF) and the United Nations, warning that the globalist agenda is based on a hoax.READ MORE

Letitia James Threatens to Seize Trump’s Assets If He Fails to Pay $355 Million FineNew York’s Democrat Attorney General Letitia James has threatened to seize President Donald Trump’s assets if fails to pay the politically motivated $355 million fine issued by radical Judge Arthur Engoron.READ MORE

Trump Not Interested in Seeking Payback on Political Enemies: ‘My Revenge Will Be Success’President Donald Trump has declared that he has no intention of seeking revenge against his political enemies when he returns to the White House.READ MORE

U.S. Army Officials Warn of Dangerous Lack of Funding Due to Support for UkraineU.S. Army officials are raising the alarm about the dangerous lack of funding for America’s military as Democrat President Joe Biden and the Uniparty continue funneling taxpayer money into perpetuating the endless war in Ukraine.READ MORE

Politico Admits Joe Biden Involved in Brother’s Fraudulent ‘Americore’ DealCorporate media outlet Politico has admitted that Democrat President Joe Biden was involved in a fraudulent deal spearheaded by his brother James.READ MORE

Biden’s FBI Arrests Oregon Journalist for Breaking Pelosi’s Sign during Jan 6President Joe Biden’s FBI is helping the Democrats to “save democracy” by arresting an independent journalist for breaking a sign during the protests at the U.S. Capitol on January 6, 2021.READ MORE

Presidential Historian: Jill Biden Desperate to Retain ‘Power’ and Seek ‘Revenge’ against CriticsA presidential historian has provided a disturbing insight into First Lady Jill Biden’s ambitions in the White House.READ MORE

Biden Pumps the Brakes on Electric Vehicle Push as Consumer Demand PlummetsDemocrat President Joe Biden has been forced to pump the brakes on his push for electric vehicles (EVs) – a central component of his radical green agenda.READ MORE

Illegal Aliens Enjoy Free Hotel Stays and Luxury Meals in Boston, Funded by TaxpayersThe Democrat-led city of Boston, Massachusetts has been rolling out the red carpet for foreign nationals who entered the country illegally.READ MORE

Jim Jordan Subpoenas Biden’s HHS for Files on Violent Illegal AliensRepublican House Judiciary Committee Chairman Jim Jordan (R-OH) has just issued a subpoena against Democrat President Joe Biden’s Department of Health and Human Services (HHS).READ MORE

Amazon Driver Charged by NYC Police for Fending Off Lewd Attack from Drunk, Naked Illegal AlienAn Amazon delivery driver has been charged by New York City police after he was forced to defend himself during a lewd attack from a drunk, naked illegal alien who tried to steal packages from his van.READ MORE

Pelosi & Psaki Claim Putin Is Blackmailing Trump: ‘He Has Brought Disgrace to the White House’Democrat Rep. Nancy Pelosi (D-CA) and former White House Press Secretary Jen Psaki have told MSNBC’s dwindling audience that President Donald Trump is allegedly being blackmailed by Russia’s “evil” leader Vladimir Putin.READ MORE

LATEST NEWS:

NEWS ADDICT

Bill Gates, Fauci & Moderna Created COVID-19, Leaked DOD Contract ShowsExplosive leaked documents have revealed that Bill Gates and Dr. Anthony Fauci worked with pharmaceutical company Moderna to create COVID-19.READ THE FULL REPORT

Border Patrol Union UNLOADS on Joe BidenThe Border Patrol Union demonstrated the power of brevity on Monday through a social media post on X.READ THE FULL REPORT

Russia ARRESTS Los Angeles Woman for ‘Treason’Ksenia Karelina, a 33-year-old resident of Los Angeles, was apprehended by the Federal Security Service (F.S.B.) for allegedly committing high treason by donating to a Ukrainian organization that procured weapons and other supplies for the Ukrainian military, according to reports from the New York Times and Media Zona.READ THE FULL REPORT

Top Investors ABANDON New York After Trump RulingDuring his recent media tour, popularly known as “Mr. Wonderful,” Kevin O’Leary, the software entrepreneur and investor, expressed his concerns about the impact of a recent ruling by New York state judge Arthur Engoron.READ THE FULL REPORT

Congress Subpoenas Key Biden HHS RecordsRepublican House Judiciary Committee Chairman Jim Jordan (R-OH) has recently issued a subpoena against the Department of Health and Human Services (HHS) under Democrat President Joe Biden.READ THE FULL REPORT

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

The Fed’s “Solution” To The Mess It Created: It Will Tighten And Loosen At The Same Time

THURSDAY, FEB 22, 2024 – 10:05 AM

By Michael Every of Rabobank

So, the Nvidia earnings came and went, with talk of the economy at an “AI tipping point”: it seems equity markets avoided one for now anyway. Before continuing on a purely financial front, allow me to share a few other headlines of relevance to markets that you may have missed.

Iran sent Russia 400 ballistic missiles for use against Ukraine. Europe just ramped up its sanctions vs. Russia yet again, including secondary sanctions on Chinese and Indian firms for the first time, ahead of an expected US move tomorrow; yet as @laurnorman of the Wall Street Journal puts it: “If this is correct, the EU has a BIG decision to make. Senior EU officials have said this would be a red line, necessitating economic sanctions on Iran. That would be the final nail in the coffin of the JCPOA. So let’s watch closely to see if they act or not.” Indeed, because so far neither the EU or the US will touch Iran ‘because oil prices’ – and Iran knows it and acts accordingly.

The head of the International Maritime Organisation warned ships avoiding the Red Sea are now at risk of piracy off Somalia, on Africa’s east coast, and Guinea, on its west coast. This threat was flagged in “Same Ship, Different Day’, and could exacerbate the current crisis: it risks even higher freight insurance costs and/or the need for larger, more expensive, longer-term naval escorts for commercial shipping.

The White House announced $20bn to improve US port cybersecurity. (And also cancelled another $1.2bn of student loans despite the Supreme Court saying this shouldn’t be done.)

The UK Parliament mirrored the Royal Navy’s nuclear deterrent in embarrassing itself with the world watching. Yet ignore the shenanigans to note The Times’ @Dannythefink underlining: “The Speaker of the Commons has announced that he ignored precedent and selected motions because of MP’s concerns of violent retribution if presented with the usual alternatives. This is not a Westminster issue, it’s a democratic crisis if it’s true. So we need to find out if it is.” Recall Justice Minister Freer stepped down recently claiming he had avoided murder “by the skin of his teeth.”

And so back to markets, where yesterday saw an ugly US 20-year Treasury auction with a record tail of 3.3bps, foreign bidders dropping to under 60% from 74% in November, and dealers left with 21% of the auction, double the November level.

That was preceded by the January FOMC minutes, which sent the message: “Not So Fast”. However, there was a second message: the Fed will start tapering QT after March. As our Fed-watcher Philip Marey notes, with some at the Fed now saying the QT balance sheet runoff could continue even after they begin to cut rates: “Monetary policy tightening and loosening at the same time, why not? Not long ago the FOMC considered this inconsistent. But who needs time-consistency these days?” Indeed: because the Fed will, for now, keep rates high (tight) while reducing QT (looser). This kind of hybrid policy has long been flagged here as a ‘logical’ solution to the mess the Fed, and other central banks, have gotten themselves into.

The Fed’s Bowman was even clearer that the time for lower rates is “certainly not now.” Philip, who was saying 3 cuts when the market was saying 6, and no cuts in 2023 when the market was salivating, is sticking with the first of three 2024 Fed cuts in June. However, he adds: “the coming months should reveal whether the recent inflation stickiness is a one-off… we cannot rule out that progress on inflation is stalling… If keeping policy rates at current levels for longer is not going to do the job, the FOMC might even have to think about hiking again. However, they may prefer to delay that decision until after the November elections. Testing the limits of Fed independence may be hazardous in the current political climate. Before they know it, they will be buying green and blue bonds!”

The key point for markets is not the ‘mean’ central bank minutes, but that our (geo)political and economic problems mean central banks are minute. They are not now the giants that we like to conceive. There are limits to what monetary policy can do. More of the action going forward is going to be in the fiscal space, with the real issue being if the central bank cooperates with the government or not. That’s a whole new ballgame for Mr. Market.

Echoing that trend, the Bank of Thailand just pushed back against government efforts to force it to cut rates. As the Bangkok Post puts it, their reply was: “If we lower rates, it’s not going to make Chinese tourists spend more, or cause Chinese firms to import more petrochemicals from Thailand, or cause the government to disburse the budget more rapidly.”

In New Zealand, inflation expectations surged for the 2-year and 5-year segment despite being in recession. Our Australia and NZ strategist Ben Picton says that this now puts our ‘no change’ call for the RBNZ next week into question.

The BOE’s Greene notes upside risks to inflation from the Middle East, and that the supply side of the UK economy is constrained (which rates can’t change). We concur with both assessments. And as the Financial Times notes today, “Flawed labour market survey has left rate-setters unsure on even basic questions such as the level of unemployment.”

In Europe, provisional manufacturing PMIs for February showed France at 46.8 vs. 43.5 expected, yet Germany at 42.3 vs. 46. French services were at 48.0 vs. 45.6 consensus and German at 48.2 vs. 48. The overall Eurozone PMI was 46.1 for manufacturing and 50 for services. Tell me, what level of rates helps a bifurcating European economy with structural deindustrialisation yet a gradual upswing in services helped by rising real wages?

It’s all enough to make even the most swollen central bank heads feel a little small.

END

7//OIL ISSUES//NATURAL GAS ISSUES//ELECTRICAL GRID ISSUES// RENEWABLE ENERGY ISSUES//USA AND GLOBE//GLOBAL SHIPPING

END

8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//

PAKISTAN

END

YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS THURSDAY MORNING 7;30AM//OPENING AND CLOSING

EURO VS USA DOLLAR:  1.0846 UP  .0026 

USA/ YEN 150/38 UP 0.034  NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN  STILL FALLS//

GBP/USA 1.2670 UP  .0032

USA/CAN DOLLAR:  1.3474 DOWN .0021 (CDN DOLLAR UP 21 BASIS PTS)

 Last night Shanghai COMPOSITE CLOSED UP 37.40 PTS OR 1.27%

 Hang Seng CLOSED UP 239.85 POINTS OR 1.45%

AUSTRALIA CLOSED UP  0.07%   // EUROPEAN BOURSE:     ALL GREEN 

Trading from Europe and ASIA

I) EUROPEAN BOURSES:  ALL GREEN

2/ CHINESE BOURSES / :Hang SENG CLOSED UP 239.85 PTS OR 1.45%

/SHANGHAI CLOSED UP 37.40 PTS OR 1.27%

AUSTRALIA BOURSE CLOSED UP 0.07% 

(Nikkei (Japan) CLOSED UP 836.52 PTS OR 2.19%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 2028.45

silver:$23.04

USA dollar index early WEDNESDAY  morning: 103.68  DOWN 23 BASIS POINTS FROM WEDNESDAY’s CLOSE.

THURSDAY  MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing THURSDAY NUMBERS 1: 30 AM

Portuguese 10 year bond yield: 3.077% DOWN 1  in basis point(s) yield

JAPANESE BOND YIELD: +0.711% DOWN 0 AND  2//100   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.321 DOWN 1  in basis points yield

ITALIAN 10 YR BOND YIELD 3.8965 DOWN 3 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.4195 DOWN 1 BASIS PTS

END

IMPORTANT CURRENCY CLOSES FOR  THURSDAY  

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

Euro/USA 1.0811 DOWN   0.0009 or 9  basis points

USA/Japan: 150.47 UP 0.131 OR YEN DOWN 13 basis points/

Great Britain/USA 1.2619 DOWN .0019  OR 19  BASIS POINTS //

Canadian dollar DOWN .0007 OR 7 BASIS pts  to 1.3502

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed    ON SHORE  CLOSED DOWN AT 7.1947    

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (DOWN)…. (7.2019)

TURKISH LIRA:  31.00 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH

the 10 yr Japanese bond yield  at +0.711…

Your closing 10 yr US bond yield DOWN 1 in basis points from WEDNESDAY at  4.311% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield  4.455 DOWN 4  in basis points  /12.00 PM

USA 2 YR BOND YIELD: 4.6804 UP 3 BASIS PTS.

GOLD AT 10;30 AM 2023.35

SILVER AT 10;30: 22.81

Your  12:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates:  THURSDAY CLOSING TIME 12:00 PM//

London: CLOSED DOWN 56.70 PTS OR 0.73%

German Dax :  CLOSED UP 49.69 PTS OR 0.29%

Paris CAC CLOSED UP 16.87 PTS OR 0.22%

Spain IBEX CLOSED UP 69.00 PTS OR 0.69%

Italian MIB: CLOSED UP 316/72 PTS OR 1.00%

WTI Oil price  77.47   12: EST/

Brent Oil:  82.63  12:00 EST

USA /RUSSIAN ROUBLE ///   AT:  92.98;   ROUBLE DOWN 0 AND  42//100      

GERMAN 10 YR BOND YIELD; +2.4195 DOWN 2  BASIS PTS

UK 10 YR YIELD: 4.1185 DOWN 1 BASIS POINTS

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0822  UP .0002      OR 2 BASIS POINTS

British Pound: 1.2631 UP .0006   or 6 basis pts

BRITISH 10 YR GILT BOND YIELD:  4.138  UP 5 BASIS PTS//

JAPAN 10 YR YIELD: 0.717%

USA dollar vs Japanese Yen: 150.20 UP 0.232//YEN UP 23  BASIS PTS//

USA dollar vs Canadian dollar: 1.3507 DOWN .0016 CDN dollar UP 16   basis pts)

West Texas intermediate oil: 77.94

Brent OIL:  82.93

USA 10 yr bond yield UP 2  BASIS pts to 4.340%  

USA 30 yr bond yield DOWN 2 BASIS PTS to 4.487%

USA 2 YR BOND: UP 2 PTS AT  4.709%

USA dollar index: 103.97 DOWN 2  BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 30.99 (GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE:  92.85 UP 0  AND  30/100 roubles

GOLD  2023.05 3:30 PM

SILVER: 22.77 3:30 PM

DOW JONES INDUSTRIAL AVERAGE: UP 456.74 PTS OR .1.18%

NASDAQ UP 525…79 PTS OR 3.01%

VOLATILITY INDEX: 14.47 DOWN 0.87 PTS OR 5.67%

GLD: $187.56 UP 0.0-8 OR 0.04%

SLV/ $20.81 DOWN .15 OR 0.27%

end

USA AFFAIRS

TODAY’S TRADING IN GRAPH FORM

‘Everything Is Awesome’, Right?

THURSDAY, FEB 22, 2024 – 04:00 PM

It’s not the economy, it’s Nvidia stupid!

With $2 trillion market cap in its crosshairs, NVDA stock soared today, extending overnight gains after beating-and-raising again…

Adding the most market cap in a single-day ever – up $277BN…

That is 2 Goldmans, half a JPMorgan, or a whole Netflix or Adobe added in a day.

MAG7 stocks added over $500BN today to a new record high, second only to 11/10/22’s explosion higher driven by AAPL…

Source: Bloomberg

And all that market cap gain was driven by a $2.1BN ‘guide-up’ on Q1 revenue.

And as goes NVDA, so goes the entire stock market with Nasdaq leading the charge (up 3%) and the S&P up over 2%. Small Caps lagged with a mere 0.75% gain…

YTD, AI ‘winners’ are up 19% and AI ‘losers’ are down over 3%…

Source: Bloomberg

Interestingly, despite the surge in the indices, ‘most shorted’ stocks ended unchanged…

Source: Bloomberg

And we also saw 0-DTE traders aggressively fade the uptrend late on…

Source: SpotGamma

But NVDA prompted panic-bids in a lot more stocks – SMCI was the most ridiculous example back up to $1000…

Elsewhere, US macro was positive with initial jobless claims tumbling and existing home sales rising (though admittedly less than expected).

But, as we noted, the economy doesn’t matter…

Source: Bloomberg

Higher yields don’t matter…

Source: Bloomberg

Tumbling rate-cut expectations don’t matter…

Source: Bloomberg

Rising bond volatility doesn’t matter…

Source: Bloomberg

Valuations don’t matter (Tech is now trading 7 turns richer than the market – the highest since 2005)…

Source: Bloomberg

Treasury yields were higher overall but the short-end suffered most today (2Y +5bps, 30Y unch)….

Source: Bloomberg

Which bear-flattened the yield curve (2s30s) back to its most inverted of the year…

Source: Bloomberg

The dollar ended unchanged after a big roller-coaster (plunging into the Asian close and rallying back in Europe)…

Source: Bloomberg

Bitcoin end higher, testing back up to $52,000 (after testing below $51,000 intraday)…

Source: Bloomberg

Gold mirrored the dollar’s ride today, ending marginally lower…

Source: Bloomberg

Oil prices pushed higher today (though did see some early weakness), with WTI back above $78.50…

Source: Bloomberg

Finally, bear in mind what the FOMC said in the Minutes yesterday

“Several participants mentioned the risk that financial conditions were or could become less restrictive than appropriate, which could add undue momentum to aggregate demand and cause progress on inflation to stall.”

Well, financial conditions are very easy compared to Fed Funds…

Source: Bloomberg

…and US financial conditions are extremely easy relative to the EU and UK…

Source: Bloomberg

In other words, the higher NVDA goes, the tighter credit spreads compress, and the more the MOMO and FOMO funboys chase this malarkey, the longer The Fed will sit on its hands and not cut rates. Of course, that assumes we get through March without a banking crisis.

MORNING  TRADING//

end

AFTERNOON TRADING/

II USA DATA

Exactly what I have been telling you: do not put any faith in the jobless claim numbers

(zerohedge)

Initial Jobless Claims Plunge Near Record Lows… Fed Questions Data’s Accuracy

THURSDAY, FEB 22, 2024 – 08:40 AM

As mass corporate layoffs continue to mount, why should we be shocked that expectations were for a very small rise in initial jobless claims (from 213k to 216k) last week.

Source: Layoffs.fyi

What does that look like – in the real world labor market – in 2024…

1. Twitch: 35% of workforce
2. Roomba: 31% of workforce
3. Hasbro: 20% of workforce
4. LA Times: 20% of workforce
5. Spotify: 17% of workforce
6. Levi’s: 15% of workforce
7. Xerox: 15% of workforce
8. Qualtrics: 14% of workforce
9. Wayfair: 13% of workforce
10. Duolingo: 10% of workforce
11. Washington Post: 10% of workforce
12: Snap: 10% of workforce
13. eBay: 9% of workforce
14. Business Insider: 8% of workforce
15. Paypal: 7% of workforce
16. Okta: 7% of workforce
17. Charles Schwab: 6% of workforce
18. Docusign: 6% of workforce
19: CISCO: 5% of workforce
20. UPS: 2% of workforce
21. Nike: 2% of workforce
22. Blackrock: 3% of workforce
23. Paramount: 3% of workforce
24. Citigroup: 20,000 employees
25. Pixar: 1,300 employees

And here’s the government-supplied statistics…

Instead of rising, the number of Americans filing for jobless benefits for the first time, tumbled from 213k to 201k, practically the lowest levels in this cycle. That is the third lowest initial jobless claims since the start of 2023, according to the Biden admin…

Source: Bloomberg

Meanwhile, continuing claims also declined from 1.889mm Americans to 1.862mm…

Source: Bloomberg

Finally, if you doubt the accuracy of the Biden admin’s data, here’s what The FOMC Minutes said yesterday:

“While the recent trends prior to the meeting had been remarkably positive, Fed officials judged that some of the recent improvement “reflected idiosyncratic movements in a few series.”

Even they aren’t buying it.

Can’t imagine why they would doubt this?

…and California was ‘estimated’.

end

This is big!! Services are 70% of USA GDP. It slumps again. This is a hard data report

Manufacturing survey, a soft data report rose in numbers

(zerohedge)

US Services Sector Slumps In Feb, Manufacturing Hits 17-Month-High

end

TUCKER CARLSON

III  USA ECONOMIC COMMENTARIES

The awful state of the USA economy

(Mish Shedlock)

Within 10 Years, Interest And Medicare Will Each Cost $1.6 Trillion A Year

THURSDAY, FEB 22, 2024 – 09:10 AM

Authored by Mike Shedlock via MishTalk.com,

Fact check true: For the first time in history spending on interest will exceed spending on defense.

Do We Spend More On Interest Than Defense?

The Committee for a Responsible Federal budget did a Fact Check on that question. The answer is yes.

During a recent town hall, former United Nations Ambassador and current Presidential candidate Nikki Haley claimed, “for the first time we’re paying more in interest payments than we are on our defense budget.”

This statement is true. According to the Congressional Budget Office’s latest baseline, in Fiscal Year (FY) 2024, spending on interest is projected to total $870 billion, while spending on national defense will total $822 billion. This has never been the case before, going back to at least 1940.

Net interest spending nearly doubled from FY 2020 to 2023, rising from $345 billion to $659 billion. As a share of the economy, interest grew from 1.6 percent of GDP in 2020 to 2.4 percent in 2023. This year, interest is projected to rise to 3.1 percent of GDP and will exceed its record – 3.2 percent set in 1991 – in 2025.

In addition to breaching defense spending, interest costs are expected to exceed Medicare spending this year, making interest on the national debt the second largest line item in the FY 2024 federal budget, behind only Social Security.

Looking ten years ahead, the CBO projects Medicare and interest on the national debt will each exceed $1.6 trillion.

Bear in mind none of these figures price in a recession, ever.

My assumption is deficits will rise much more than expected in periods of recession. In turn this will add to national debt and thus interest on national debt.

As for defense, many thing that could be included in that category such as veterans benefits and homeland security are buried elsewhere. Even without such things factored in, both Democrats and Republicans are pushing for more military spending already. And what if there is a war?

The CBO Revised the Cost of Biden’s Energy Policies Up by $466 Billion

Meanwhile, the cost estimate of Biden’s Inflation Reduction Act coupled with EPA mandates, just jumped by $466 billion.

For details, please see The CBO Revised the Cost of Biden’s Energy Policies Up by $466 Billion

The GOP Supports a Child Tax Credit Boost and Affordable Housing Expansion

On January 17, I asked How Much Will That GOP Deal on Child Tax Credits Really Cost?

We have a new number on the deal the House Republicans agreed to. It’s $1.5 trillion over ten years. That does not include an Affordable Housing giveaway.

Pathetic.

END

The Fed has a lot to fear: the whole financial system is vulnerable to CRE downfall. Renowed CRE investor stops all New York City underwritting

(zerohedge)

Fed Fears “Notable” Financial System Vulnerability As Renowned CRE Investor Tells Team ‘Stop All NYC Underwriting’

THURSDAY, FEB 22, 2024 – 03:05 PM

Democrat politicians in cities such as New York, often criticized for their disastrous progressive policies, have transformed the metro area into what some believe is a ‘hellhole,’ overrun by violent crime, migrants, homelessness, open-air drug markets, and constant chaos. According to one real estate investor with a commercial real estate portfolio worth billions of dollars, Democrats are quickly transforming NYC’s CRE market into an unattractive option for investment. 

On X this week, real estate investor and influencer Grant Gardone said his real estate team at Cardone Capital has “Immediately discontinued ALL underwriting on New York City real estate.” 

“The risk outweigh the opportunities at this time. Recent political decisions will continue to deteriorate price and benefit states that don’t have these challenges,” Gardone said. 

He told his real estate team to concentrate on “Texas & Florida” markets where the political environment is not hostile, and overall state economies are friendly towards investors. 

Dear Cardone Capital team, Immediately discontinue ALL underwriting on New York City real estate. The risk outweigh the opportunities at this time. Recent political decisions will continue to deteriorate price and benefit states that don’t have these challenges. Focus on Texas & Florida.” Grant Cardone #NewYorkCity #RealEstate #NewYorkJudgement #Immigrants

2:49 PM · Feb 20, 2024

·

1M Views

“Why would I buy in New York City where you can’t actually collect rent, taxes are higher, & illegals are treated better than property owners,” Cardone wrote in a post last month. 

Why would I buy in New York City where you can’t actually collect rent, taxes are higher, & illegals are treated better than property owners. I can buy Florida and get better assets for less, actually able to collect rents & the law respects the property owners? The city that never sleeps is being overrun by crime, illegal immigrants & political creeps. CardoneCapital

Last edited3:48 PM · Feb 21, 2024

·

155K Views

Adding this… 

This NYC Judge will sell more real estate in Florida than all the real estate agents & broker’s combined.

His overreach in Trump case will
cost NYC immeasurable amounts of revenue that will take decades to reverse.

“CardoneCapital doubles down in Florida, Texas & Arizona,” GC pic.twitter.com/WRILjvZvoe— Grant Cardone (@GrantCardone) February 21, 2024

Cardone Capital’s website says it manages a real estate portfolio with more than 500,000 square feet of CRE office space and 11,903 apartment units valued at approximately $4 billion. 

“We invest for 14,000 investors at Cardone Capital that depend on cash flow. And if I can’t predict the cash flow because of some ruling, or because of the migrants, or because I can’t evict people, New York City just keeps doing every single thing they can to sell real estate in Florida, not sell real estate in New York,” the investor said in a Fox News interview on Wednesday. 

And the investor pointed out on X, “This NYC Judge will sell more real estate in Florida than all the real estate agents & broker’s combined.” 

Cardone Capital’s website says it manages a real estate portfolio with more than 500,000 square feet of CRE office space and 11,903 apartment units valued at approximately $4 billion. 

“We invest for 14,000 investors at Cardone Capital that depend on cash flow. And if I can’t predict the cash flow because of some ruling, or because of the migrants, or because I can’t evict people, New York City just keeps doing every single thing they can to sell real estate in Florida, not sell real estate in New York,” the investor said in a Fox News interview on Wednesday. 

Meanwhile, O’Leary Ventures chief Kevin O’Leary echoed a similar warning:

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-

Leary aka Mr. Wonderful

@kevinolearytv

The $355 Million decision against

@realDonaldTrump

has a lot less to do with #Trump than the emerging debate about the competitiveness of #NY State to attract investment and create new jobs in the future! #LoserState

3:58

The $355 Million decision against @realDonaldTrump has a lot less to do with #Trump than the emerging debate about the competitiveness of #NY State to attract investment and create new jobs in the future! #LoserState pic.twitter.com/obRfKUOcEt

— Kevin O'Leary aka Mr. Wonderful (@kevinolearytv) February 19, 2024

2:17 PM · Feb 19, 2024

·

195.4K Views

“New York was already a loser state, like California is a loser state. I would never invest in New York now. And I’m not the only person saying that,” O’Leary said. 

Furthermore, in the Federal Reserve’s last meeting, the minutes from the session, published on Wednesday, showed the CRE downturn is only gaining steam:

CRE prices continued to decline, especially in the multifamily and office sectors, and low levels of transactions in the office sector likely indicated that prices had not yet fully reflected the sector’s weaker fundamentals.

The minutes noted: 

Leverage in the financial sector was characterized as notable. In the banking sector, regulatory risk-based capital ratios continued to increase and indicated ample loss-bearing capacity in the banking system.

And also this:

The staff provided an update on its assessment of the stability of the U.S. financial system and, on balance, characterized the system’s financial vulnerabilities as notable. The staff judged that asset valuation pressures remained notable, as valuations across a range of markets appeared high relative to fundamentals

Back to NYC’s CRE market – well done, Democrats. The blowback wave from your failures is accelerating in a market that only points down.  

IIIB USA COMMENTARIES RE ISRAEL/HAMAS WAR/ and  PERVASIVE ANTISEMITISM/WOKISM…

END

FREIGHT ISSUES/USA

END

VICTOR DAVIS HANSON

END

SWAMP STORIES

This may bring a civil war inside New York especially if the truckers block entrances to the city

(EpochTimes)

New York AG Says She May Seize Trump Buildings, Assets If He Can’t Pay $355 Million Penalty

WEDNESDAY, FEB 21, 2024 – 11:00 PM

Authored by Caden Pearson via The Epoch Times (emphasis ours),

New York Attorney General Letitia James said on Feb. 20 that she’s prepared to seize former President Donald Trump’s buildings and assets if he can’t pay the penalty imposed in the state’s civil fraud case.

The former president was recently ordered to pay nearly $355 million and barred from doing business in New York state for three years by state Supreme Court Justice Arthur Engoron.

During an interview with ABC News, Ms. James said that it was “really not my business” if President Trump doesn’t have the money to pay the penalty, while also noting that she has her eyes on the Trump Building in Lower Manhattan.

“If he does not have funds to pay off the judgment, then we will seek, you know, judgment enforcement mechanisms in court, and we will ask the judge to seize his assets,” she said.

“We are prepared to make sure that the judgment is paid to New Yorkers, and yes, I look at 40 Wall Street each and every day,” she added, referring to the Trump Building.

President Trump’s attorneys have vowed to appeal the case; he and his attorneys have described the case as a “political witch hunt” and the verdict as “manifest injustice.”

Throughout the trial, the Trump team accused Justice Engoron of judicial malpractice, and the president has asserted that he should be the one being awarded damages.

Responding to the Trump camp’s intention to appeal and their sentiment, Ms. James expressed confidence that her office would prevail.

“I cannot be paralyzed by fear. And I cannot allow anyone to bully me into silence. And I cannot allow anyone to have a chilling effect on the work that I do and this office does each and every day,” Ms. James said.

President Trump’s legal team has argued that no fraud occurred and that the state attorney general failed to prove intent to defraud. He has said that there were “no victims because the banks made a lot of money.”

In her comments on Feb. 20, Ms. James rejected such arguments, reportedly saying that financial fraud isn’t a victimless crime. The attorney general reportedly said that leveling the playing field is within her wheelhouse and that if the average person isn’t allowed to inflate the value of their assets to secure loans, then neither should President Trump.

Ms. James brought the lawsuit against President Trump and his co-defendants in 2022. Justice Engoron found President Trump liable and ruled that he inflated his assets to get better loans weeks before the trial began.

In addition to civil fraud cases, President Trump faces four criminal cases ahead of the 2024 elections. These include a case related to “hush money” payments before the 2016 elections, two cases related to his attempts to challenge the results of the 2020 elections, and a case related to the handling of classified documents.

President Trump recently called for an end to the legal cases against him, alleging that they amount to election interference against the Republican 2024 presidential front-runner.

“This is communism and a threat to democracy,” he declared in a post on Truth Social on Feb. 19.

“All political prosecutions of your favorite president, me, must stop immediately. We are in the middle of an election, perhaps the most important election in the history of our country, and these radical left lunatic prosecutors and judges are not allowed to be doing this,” he said.

During a town hall-style interview with Fox News’ Laura Ingraham on Feb. 20, President Trump once again described his legal battles as being comparable to what opposition leaders might face in a communist country, noting the death of Russian opposition leader Alexei Navalny.

“We are turning into a communist country in many ways,” he said.

Drawing parallels with Mr. Navalny’s plight, President Trump asserted that he’s facing several trials “all because of the fact that I’m in politics.”

Amid the legal battles, President Trump has so far notched victories by large margins in crucial GOP presidential primary contests in Iowa, New Hampshire, Nevada, and the U.S. Virgin Islands.

END

Biden takes on the Supreme Court defying the law

(zerohedge)

Biden Defies Supreme Court Again, Cancels $1.2 Billion In Student Debt From 153,000 Borrowers

WEDNESDAY, FEB 21, 2024 – 10:40 PM

Demonstrating yet again that nobody is quite about the law – and the constitutions – like the Biden crime family…

Joe Biden: “The Supreme Court of the United States blocked me, but they didn’t stop me!” pic.twitter.com/iwsxmyBEyv— RNC Research (@RNCResearch) February 5, 2024

… months after the Supreme Court voted that BIden’s student loan relief is illegal, the Biden administration said on Wednesday that it would forgive another $1.2 billion in student debt for nearly 153,000 borrowers enrolled its new repayment program, called the Saving on a Valuable Education, or SAVE, plan. According to CNBC, the relief will go to borrowers who have been in repayment for a decade or longer, and originally took out $12,000 or less.

Borrowers usually get debt forgiveness under income-driven repayment plans, including SAVE, after 20 or 25 years of payments. But under the SAVE plan, those who borrowed less can get their debt canceled after just a decade.

In January, the Biden administration said it would soon start to forgive the debt of these borrowers who had signed up for its new plan.

“With today’s announcement, we are once again sending a clear message to borrowers who had low balances: if you’ve been paying for a decade, you’ve done your part, and you deserve relief,” U.S. Secretary of Education Miguel Cardona said in a statement.

Eligible borrowers will begin receiving emails from President Joe Biden on Wednesday and do not need to take any further action to receive the relief, the U.S. Department of Education said.

Starting today, the first round of folks who are enrolled in our SAVE student loan repayment plan who have paid their loans for 10 years and borrowed $12,000 or less will have their debt cancelled.

That’s 150,000 Americans and counting.

And we’re pushing to relieve more.— President Biden (@POTUS) February 21, 2024

After the Supreme Court blocked Biden’s sweeping student loan forgiveness plan last June, his administration has found ways to defy the highest legal entity that has not yet been corrupted by Soros’ billions and has explored all of its remaining authority to leave people with less education debt, even if it meant violating the law.

The latest round pushes the total relief approved by the Biden administration to nearly $138 billion, benefiting 3.9 million borrowers. That number could grow as more people become eligible for forgiveness under the SAVE program, which has 6.9 million people enrolled. Administration officials have declined to estimate how many borrowers will eventually see loans forgiven under the program.

Yet even with the latest abuse of the Supreme Court ruling, Biden’s efforts to buy votes fall short of the president’s proposal for more sweeping student loan cancellation — as much as $20,000 in relief per borrower – that was struck down last year by the US Supreme Court. That forgiveness plan was estimated to cost $400 billion.

END

South Dakota Gov Kristi Noem sends its National Guard troops to the border

(zerohedge)

South Dakota Gov. Kristi Noem Sending National Guard To Border ‘Warzone’

WEDNESDAY, FEB 21, 2024 – 09:00 PM

Authored by Tom Ozimek via The Epoch Times (Emphasis ours),

South Dakota Gov. Kristi Noem has ordered the state’s National Guard troops to deploy to the southern border to help Texas deal with record-shattering waves of illegal immigration.

Ms. Noem, a Republican, said that 60 South Dakota National Guard soldiers will deploy to the U.S.-Mexico border later this spring, on a rolling basis over a period of three months.

“The border in a warzone, so we’re sending soldiers,” Ms. Noem said in a Feb. 20 statement.

South Dakota was the first state to deploy National Guard troops in response to Texas Gov. Greg Abbott’s call two-and-a-half years ago for help securing the border.

Ms. Noem said the National Guard troops will assist with construction of a border wall.

“These soldiers’ primary mission will be construction of a wall to stem the flow of illegal immigrants, drug cartels, and human trafficking into the United States of America,” she said.

The newly announced deployment will be South Dakota’s fifth since Mr. Abbott issued the call for help.

“Texas—with the support of America’s Governors—will fight to do the job Biden refuses to do,” Mr. Abbott said in a post on X, in which he noted that the U.S. Constitution gives states the right to “secure our borders against invasion.”

Amid a surge in illegal immigration, Mr. Abbott in September declared an “invasion” at the southern border. He then ordered the Texas National Guard and state law enforcement agencies to secure the border, including by setting up razor wire and marine barriers.

The Biden administration sued Texas, leading the U.S. Supreme Court to rule that federal agents could remove the razor wire.

It’s estimated that over 10 million illegal immigrants have crossed the border since President Joe Biden took office.

Texas Fights Back

Texas officially started building its own state-funded border wall in December 2021, when Mr. Abbott alleged that President Joe Biden “refuses to enforce laws passed by Congress to secure the border and enforce immigration laws” and so “Texas is stepping up to do the federal government’s job.”

That came after President Biden signed an executive order scrapping federal construction of a border wall, a signature project of former President Donald Trump. In a proclamation on Jan. 20, 2021, President Biden called the wall a “waste of money that diverts attention from genuine threats to our homeland security.”

Following President Biden’s decision to axe the wall, Mr. Abbott announced he would seek funding for his state to build its own border barrier, which came as the influx of illegal immigrants into Texas swelled to near-record proportions.

Roughly 450 miles of the larger border wall were built under President Trump, a project that was criticized by President Biden, though an internal Department of Homeland Security (DHS) memo contradicted this view, finding that physical barriers  are the most cost-effective tool to deter illegal border-crossing activity.

President Biden has taken a dim view of his predecessor’s vision for a grand barrier, pledging while still a presidential candidate in 2020 that “there will not be another foot of wall constructed in my administration.”

On the day that he took office, President Biden issued a proclamation that rescinded the national emergency declaration that President Trump had relied on to divert some $10 billion from Pentagon coffers to border wall construction.

The Biden administration later quietly auctioned off millions of dollars of border wall materials, for which it faced sharp criticism from Republican circles.

Sen. Roger Wicker (R-Miss.) sponsored a bill in May 2023 that would force the Pentagon to allow millions of dollars worth on unused border wall parts to be used to extend the wall in Texas and elsewhere along the southern border.

Mr. Wicker’s legislative proposal (pdf) came after an investigation by the Armed Services Committee found that the Pentagon was spending $47 million per year to store the wall panels and other elements.

Amid reports that the Biden administration was busy selling off border wall parts rather than allowing them to be used to build more barrier, Mr. Wicker called the development “outrageous, behind-the-scenes maneuvering.”

“This sale is a wasteful and ludicrous decision by the Biden administration that only serves as further proof they have no shame,” he told The New York Post.

In October 2013, the Biden administration did an about-face of sorts, waiving 26 federal laws in South Texas to allow for the construction of another 20 miles of border wall.

President Biden explained at the time that the reason for resuming border wall construction was because the money had already been appropriated and attempts to redirect the funds to other projects failed.

“There’s nothing under the law other than they have to use the money for what it was appropriated for. I can’t stop that,” President Biden said at the time.

Asked by reporters if he thought border wall was effective, he replied “no.”

A coalition of 27 states has formed to support Texas’s right to defend itself after the Supreme Court ruled that federal agents can remove the razor wire put up by Texas to prevent the flow of illegal immigrants from Mexico.

Other States Send Troops

A handful of other states have sent National Guard troops to Texas to bolster local efforts to secure the southern border amid the Lone Star State’s ongoing dispute with the Biden administration over border security.

In a recent move, Louisiana Gov. Jeff Landry, a Republican, said on Feb. 8 that his state would send 150 National Guard troops, who would work in three 50-man rotations, for a 90-day deployment to Texas.

“Because the president will not do his job, because the federal government will not act, because Congress refuses to put in place a solid immigration plan that protects this country and allows people to come in and out of this country the way that it’s been done since the beginning, then the states are going to act,” he said at a press conference in Baton Rouge.

The deployment—scheduled for March at a cost of roughly $3 million—is needed to help Texas tackle issues such as cross-border human trafficking and the fentanyl crisis, he said.

“There are 125,000 Americans that we are losing on an annual basis due to this crisis,” Mr. Landry said, citing Texas Gov. Greg Abbott’s recent announcement that 30,000 pounds of fentanyl had been seized at the border in Texas.

“That’s enough to kill almost everyone in the country,” he said.

Florida Gov. Ron DeSantis recently announced plans to deploy even more National Guard, State Guard, and Highway Patrol officers to assist Texas in securing its southern border.

“If we don’t have a border, then we are not a sovereign country,” Mr. DeSantis said in Jacksonville, Florida, on Feb. 1. “You either have a border, or you don’t. You’re either a sovereign country, or you’re not.

Florida has been helping Texas secure its border since 2021, and has deployed more than 700 members of the state’s National Guard.

Indiana Gov. Eric Holcomb said on Feb. 9 that he had ordered the deployment of 50 Indiana National Guard troops to Texas to assist with border security efforts.

“I am sending 50 #Hoosier Guardsmen to the southern border to support the Texas National Guard on their security mission,” Mr. Holcomb wrote in a social media post on the morning of Feb. 9. “These soldiers will begin mobilizing for the mission immediately and will arrive in Texas in mid-March.”

KING REPORT//

The King Report for February 22, 2024 Issue 7185

Independent View of the News

China Stocks Gain as Authorities Step Up Support: Markets Wrap – BBG   China Tightens Grip on Stocks With Net Sale Ban at Open, CloseCSRC bans net selling by major firms in first, last 30 minutesRegulator is creating a task force to track short sellinghttps://www.bloomberg.com/news/articles/2024-02-21/china-tightens-grip-on-stocks-with-net-sale-ban-at-open-close   The DJTA rallied over 100 points in early NYSE trading.  NSC rallied as much as 3% on a Barclay’s upgrade to overweight from equal-weight.  Barclay’s analyst Bradon Oglenski cited ‘activist firm’ Ancora’s demand for new management as a catalyst to accelerate operational improvement.  Norfolk & Southern opened at 261.36, ticked at the daily high of 261.37, and then fell to 256.615 at 9:34 ET.   Expeditors Int’l rebounded as much as 2% after tumbling as much as 8% on Tuesday due to an earnings miss.   Other land transportation stocks rallied over 1%.   ESHs traded in positive territory for only 15 minutes during early Asian trading.  China’s latest stock market rig only generated a small bounce.  ESHs fell to a low of 4981.00 at 20:34 ET.  They rebounded modestly and traded sideways until a minimal rally for the 3 ET European open developed.   Unfortunately for bulls, the dump for the European open commenced 15 minutes before the opening.  ESHs slid to 4976.00 at 3:55 ET.  ESHs then vacillated wildly in a 14-handle range until they broke lower at midday.  Volume was subdued because the known universe anxiously awaited the (post-NYSE close) results of the most important stock in the known universe, Nvidia, and the FOMC Minutes.   The FOMC Minutes from the January 31 meeting were more hawkish than expected.Most Fed Officials Flagged Risks of Cutting Rates Too Quickly – BBGFed Balance-Sheet Talks to Guide ‘Eventual Decision’ on Runoff – BBGSome Officials Saw Risk Inflation Progress Could Stall – BBGFed Officials Saw Policy Rate ‘Likely at its Peak’ – BBG (a reiteration)Official Wanted to See More Progress Toward 2% Inflation Before Cutting Rates – DJFed Officials Said Slowing Runoff Could Smooth Transition – BBGOfficials Remain ‘Highly Attentive’ to Inflation Risks – DJConsumer Spending Was ‘Surprisingly Resilient’ in 2023 – DJFed says demand may be stronger than currently assessed – The FlyOfficials highlighted the uncertainty about how long restrictive policy would be needed.https://www.federalreserve.gov/monetarypolicy/files/fomcminutes20240131.pdf   ESHs initially declined 7 handles on the FOMC Minutes release.  Someone quickly juiced them from 4971.25 at 14:00 ET to 4984.75 at 14:04 ET.  ESHs then rolled over and sank to 4959.00 at 15:20 ET.  The usual late manipulation went postal; ESHs soared to a daily high of 4998.00 at 15:56 ET.  (+39.00 in 36 minutes) Did someone have inside info about Nvidia’s results?  Not likely, NVDA closed -19.80.   USHs sank on an ugly 20-year auction: 4.595% vs 4.562% WI; 3.3bps Tail, largest on record for the 20-year; Foreign bidders fell to under 60% from 74% in November; and Dealers took 21% of the auction, double the amount from November. USHs hit a high of 118 22/32 at 7:17 ET and a low of 117 20/32 at 14:00 ET.   Fed’s Barkin Says Inflation Data Show Persistent Price Pressures – Bloomberg Richmond chief points to rising prices for shelter, services     Government data released last week showed consumer prices for goods declined in January, but that was more than offset by rising prices for shelter and services, Barkin said… https://finance.yahoo.com/news/fed-barkin-says-inflation-data-143628166.html   US House Republicans Privately Expect Government Shutdown – Axios The key date is April 30. If there’s not a new budget by then, it will trigger a 1% across-the-board spending cut. Democrats won’t back a stopgap bill beyond this… https://www.axios.com/2024/02/21/republicans-government-shutdown-mike-johnson   Positive aspects of previous session The DJTA rallied 118.68 Another late ESH manipulation saved stocks   Negative aspects of previous session Bonds and Fangs declined moderately WTI Oil and Gasoline rallied sharply   Ambiguous aspects of previous session Is the Mag 7 Bubble bursting?   First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: Up   Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4970.34 Previous session S&P 500 Index High/Low: 4983.21; 4946.00   Retired nurse faces ‘difficult’ reality of returning back to work to make ends meet One in eight retirees going back to work in 2024, survey finds – Inflation continues to squeeze more Americans out of retirement and back into the workforce… (Bidenomics!) https://www.foxbusiness.com/economy/retired-nurse-faces-difficult-reality-returning-work-make-ends-meet   Google apologizes after new Gemini AI refuses to show pictures, achievements of White people: Fox https://www.foxbusiness.com/media/google-apologizes-new-gemini-ai-refuses-show-pictures-achievements-white-people   Nvidia reported Q4 EPS of 5.16(4.60 exp.) and sales of $22.10B ($20.62B exp.).  Nvidia forecasted Q1 2025 revenue of $24B +/- 2%, $21.9B expected.  NVDA CEO Huang said AI is at a “tipping point.”   Nvidia initially jumped to 693.50 at 16:20 ET (+19 handles from NYSE close) on the release of its results.  NVDA quickly tumbled to 645.00 at 16:20 ET (-48.30 in less than 1 minute!)  Then, Nvidia soared to 745.99 at 17:00 ET.  The after-hour surge stalled when Nvidia’s CFO said data center sales to China declined ‘significantly in Q4.  Nvidia hit 734.31 at 16:54 ET.   ESHs soared to 5014.25 at 16:20 ET on Nvidia’s results.  They quickly sank to 4973.25 at 16:21 ET.  Yep, -41.00 in only a New York Minute.  ESHs then soared with NVDA and hit 5020 at 16:30 ET.   Today – Barring news, US stocks should soar early due to Nvidia.  Traders will carefully monitor Nvidia to see if it can top its after-hour rally peak of 745.99.  Some type of equity top is forming.  Be alert!   Expected Economic Data: Jan Chicago Fed National Activity Index -0.22; Initial Jobless Claims 216k, Continuing Claims 1.885m; Feb S&P Global US Mfg. 50.5, Services 52.4, Composite 51.8; Jan Existing Home Sales 3.97mFed VCEO Jefferson 10:00 ET, Fed Gov. Bowman 13:00 ET, Phil Fed Pres Harker (long-time hawk turned uber dove) 14:00 ET, Fed Gov. Cook & Minn Fed Pres Kashkari 17:00 ET   ESUs are +38.50, NQHs (Naz 100) are +250.75 (on NVDA) and USHs are +7/32 at 20:22 ET.   S&P Index 50-day MA: 4830; 100-day MA: 4605; 150-day MA: 4558; 200-day MA: 4494 DJIA 50-day MA: 37,830; 100-day MA: 36,012; 150-day MA: 35,606, 200-day MA: 35,145 (Green is positive slope; Red is negative slope)   S&P 500 Index ( 4981.80 close) – Trender trading model and MACD for key time frames Monthly: Trender and MACD are positive – a close below 4314.46 triggers a sell signal Weekly: Trender and MACD are positive – a close below 4782.26 triggers a sell signal Daily: Trender is positive; MACD is negative – a close below 4930.47 triggers a sell signal Hourly: Trender and MACD are negative – a close above 4985.86 triggers a buy signal   @RNCResearch: Biden struggles to read the words on the giant teleprompter in front of him: “My dad used to say, ‘Joey a, uh, a paycheck is about more than a, uh, a job is about more than a paycheck” https://twitter.com/RNCResearch/status/1760419922373493234   @GOP: “The Department of Justice (DOJ) failed to turn over the transcript of President Joe Biden’s interview with special counsel Robert Hur after the House Judiciary and Oversight Committees requested it.” https://t.co/PZDq9KxXW0   The White House issued a video of The Big Guy beseeching Americans for more Ukraine aid.  However, pundits noted that there were at least 29 cuts in the video; some counted 34!  Only the WH staff and God know how many takes were needed and how many gaffes had to be removed.   President Biden @POTUS: You may have heard some call into question the sanctity of America’s commitment to our Allies.  That’s not who we are. We’re a nation that can be relied on, that stands up to Putin. Let’s prove it by passing the bipartisan National Security Bill so I can sign it into law. https://twitter.com/POTUS/status/1760073824387702853   PS – Why does The Big Guy keep iterating, “That’s not who we are”?   Top Democrat Pollster (Nate Silver): Biden is headed for defeat in upcoming election—and Dems have ‘no plan to fix the problems’ – “It is entirely reasonable to see this as disqualifying.” https://t.co/wWfdcCWUyg   @CitizenFreePres: Biden’s staff has him wearing sneakers because he slips on the baby steps when he wears dress shoes. (Per Fox News)  https://twitter.com/CitizenFreePres/status/1760319453940858918   James Biden reportedly denies brother’s involvement in, knowledge of business dealings  “Joe Biden has never had any involvement or any direct or indirect financial interest in those activities. None,” Biden reportedly said… https://t.co/aZenBYxAaK   @CBSNews: The man accused of delivering false allegations to federal investigators about Hunter Biden and the president’s business dealings told officials after his arrest that individuals “associated with Russian intelligence” were tied to apparent efforts to peddle a story about the first son, federal prosecutors revealed.  (The DoJ stooging for the Bidens by blaming Russia, again!)  https://cbsn.ws/42Lc0ue   FBI informant charged with lying about US President Joe Biden and his son has told investigators he received information about Hunter Biden from Russian intelligence associates https://t.co/gwBRQbRJdx   Fox’s @JesseBWatters: Biden’s DOJ is trying to smear its indicted FBI informant by saying he has “high level contacts with Russian operatives”… but he told them that from the start. https://twitter.com/JesseBWatters/status/1760123627863671148   NY Post’s @mirandadevine: Remember Smirnov is the FBI’s long-standing, “trusted”, “credible” (their words) informant who they have paid more than $100,000 since at least 2010 and who has testified in multiple cases that likely led to convictions. Per indictment, information he provided was used on: 10/1/2010, 5/17/2011, 11/28/2012, 04/12/2013, 8/29/2013, 7/10/2015 and 3/11/2020. “The Defendant also knew the information he provided was used in criminal investigations because the Defendant participated in a number of operations where he was authorized to engage in criminal activity as part of   an   on-going criminal investigation.”     Smirnov has no criminal record. He is a dual US-Israeli citizen. Why now is he such a flight risk that the DOJ tried to keep him locked up in protective custody with tricky access to lawyers, let alone journalists?  And now his case is being transferred to the Central District of California where Biden nominee and Democrat donor Martin Estrada is the US Attorney who declined to charge Hunter Biden. Estrada was so desirable that Delaware USA David Weiss and AUSA Lesley Wolf delayed and made all sorts of excuses, according to IRS whistleblower Gary Shapley, until he was in place to ask him to partner. Hunter was Estrada’s first case. https://twitter.com/mirandadevine/status/1760146818581647725?s=02   @thevivafrei: Smirnov was a Confidential Human Source for the FBI who was authorized to engage in illegal activity for “investigative purposes”. Now they are throwing him under the bus to protect the “big guy”.  Quelle surprise!    https://twitter.com/thevivafrei/status/1760345710375981225   @TruthNinja316: Was Smirnov lying? Maybe…but you be the judge.  05/12/2014 (Vadym Pozharsky/Burisma): Hunter, help us.  We are being blackmailed by the prosecutor General.  “USE YOUR INFLUENCE TO CONVEY A MESSAGE/SIGNAL….TO STOP WHAT WE CONSIDER TO BE POLITICALLY MOTIVATED ACTIONS”.… https://t.co/rR1FhugBi9   @RNCResearch: COMPLETELY INSANE: Disgraced Democrat Rep. Dan Goldman claims, “It now appears as if the House Republican majority is being used by Russia to interfere in the 2024 election.” https://t.co/wEaeYxGTqC   Hunter Biden lawyer says photo on his phone showed sawdust, not cocaine: ‘prosecution is flat out wrong’ (Not a parody!  You can’t make this up!) https://t.co/ZtTtY6J2Hu   @paulsperry_: 3 years before Penn AG Josh Shapiro helped Joe Biden’s campaign by dramatically relaxing state voting rules w/ drop boxes, no-excuse mail-ins & extending d-line for counting ballots by 3 days, he personally OK’d acquisition of a hospital by Jim Biden’s corrupt Americore.   @JCNSeverino: The White House is scrambling to defend radical judicial nominee Adeel Mangi over his ties to antisemitic organizations. CAIR sent out a press release defending Mangi. The same CAIR whose co-founder and executive director was “happy to see” the October 7th Hamas terror attack.   (NYC) City Councilmember Gale Brewer wants to investigate pre-paid debit card program for migrant families – According to the contract the most a card can have is $10,000, but most cards will be refilled every four weeks… (Why won’t illegals flock to NYC?  Why aren’t citizens getting this?) https://www.cbsnews.com/newyork/news/nyc-pre-paid-debit-cards-for-migrants-investigation/       @elonmusk: This is crazy   Jackpot: NYC Mayor To Give Migrants Pre-Loaded Debit Cards Worth Up to $10,000 https://www.zerohedge.com/markets/jackpot-nyc-mayor-give-migrants-preloaded-debit-cards-worth-10000   Ben Crump says ending crime in US as easy as changing ‘definition of crime’; Dr Swain says that’s ‘ludicrous’ https://t.co/HoQY5loJvA   (The People’s Republic of) Massachusetts school requests National Guard to rein in ‘violent’ students: ‘sex and drugs in classrooms’ https://trib.al/dWTC3Ak   Suspects in Kansas City shooting armed with 9mm handguns: docs https://trib.al/6hRpq7K   @JackPosobiec: It’s now been confirmed the gun that started the Kansas City Superbowl shooting was stolen. And the shooting started bc one thug didn’t like the way another thug was ‘looking at him’.  Now watch how fast this story disappears.

GREG HUNTER

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