GOLD CLOSED DOWN $10.40 TO $2919.60

SILVER CLOSED DOWN 16 CENTSTO $32.77

 GOLD ACCESS CLOSED 2935.30

Silver ACCESS CLOSED: $32.77

Bitcoin morning price:$95,650 UP 565DOLLARS.

Bitcoin: afternoon price: $96,219 UP 1174 DOLLARS

Platinum price closing DOWN $10.15 TO $973.40

Palladium price; DOWN $11.35TO $975.40

END

*CANADIAN GOLD: $4176.12UP 12.89CDN dollars per oz( * NEW ALL TIME HIGH 4176.12CDN DOLLARS PER OZ//FEB 19 2025)

*BRITISH GOLD: 2332.00 UP 7.93Pounds per oz// *(NEW ALL TIME HIGH//CLOSING///2,339.25 BRITISH POUNDS/OZ) FEB 10/2025

*EURO GOLD: 2,815,518UP 4.43 Euros per oz //* (ALL TIME CLOSING HIGH: 2,815.52EUROS PER OZ/FEB 18 //2025)

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EXCHANGE

EXCHANGE: COMEX
CONTRACT: FEBRUARY 2025 COMEX 100 GOLD FUTURES
SETTLEMENT: 2,931.600000000 USD
INTENT DATE: 02/18/2025 DELIVERY DATE: 02/20/2025
FIRM ORG FIRM NAME ISSUED STOPPED

072 C GOLDMAN 1
092 C DEUTSCHE BANK 17
118 C MACQUARIE FUT 156
118 H MACQUARIE FUT 370
167 C MAREX 234
190 H BMO CAPITAL 81
323 C HSBC 320 149
323 H HSBC 2
332 H STANDARD CHARTE 2
363 H WELLS FARGO SEC 548
435 H SCOTIA CAPITAL 182
555 C BNP PARIBAS SEC 300
657 C MORGAN STANLEY 3
657 H MORGAN STANLEY 1266
661 C JP MORGAN 537
686 C STONEX FINANCIA 32 40
690 C ABN AMRO 11 28
709 C BARCLAYS 2
732 C RBC CAP MARKETS 3
732 H RBC CAP MARKETS 11
737 C ADVANTAGE 23
880 C CITIGROUP 1
880 H CITIGROUP 6
905 C ADM 23

TOTAL: 2,174 2,174
MONTH TO DATE: 71,651

JPMorgan stopped (received) 01574contracts/3655

GOLD: NUMBER OF NOTICES FILED FOR FEBRUARY/2024. CONTRACT: 2174 NOTICES FOR 217,400 OZ  6.7670TONNES

total notices so far: 71,651 contracts for 7165100 Oz (228.86 tonnes)

FOR  FEB.

SILVER NOTICES: 146 NOTICE(S) FILED FOR 0.730 MILLION OZ/

total number of notices filed so far this month : 4370 for 21.850 million oz

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GLD/

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

THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.

WITH GOLD DOWN $10.40 INVESTORS SWITCHING TO SPROTT PHYSICAL  (PHYS) INSTEAD OF THE FRAUDULENT GLD:

HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSITOF 6.38ONNES

INVENTORY RESTS AT 869.44TONNES

SLV/

WITH NO SILVER AROUND AND SILVER DOWN 16 CENTS AT THE SLV: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.276 MLLION OX

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.

CLOSING INVENTORY: 436.718 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI ROSE BY A HUGE SIZED 722CONTRACTS TO 170,107 AND CONTINUING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS GOOD SIZED GAIN IN COMEX OI WAS ACCOMPLISHED WITH OUR GAIN OF $0,56  IN SILVER PRICING AT THE COMEX WITH RESPECT TO MONDAY’S TRADING. WE HAD A HUMONGOUS GAIN OF 942 TOTAL CONTRACTS ON OUR TWO EXCHANGES WITH OUR GAIN IN PRICE//MONDAY’S TRADING.. WE HAD HUGE LIQUIDATION OF T.A.S. CONTRACTS ON MONDAY COMEX TRADING/ AS THEY DESPERATELY TRIED TO CONTAIN SILVER’S PRICE RISE FOR THE PAST 4 WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY FAILED ON TUESDAY WITH SILVER’S RISE IN PRICE BY 56 CENTS.  WE HAD A HUGE T.A.S. LIQUIDATION TUESDAY COUPLED WITH ANOTHER NEW STRONG T.A.S. ISSUANCE OF 468 CONTRACTS ISSUED BY THE CME AND THAT SIGNALS DEEP CODE RED THAT THE CROOKS ARE DESPERATE TO STOP SILVER BREAKING OVER THE 34.00 DOLLAR MARK. WE HAVE A HUGE CONTANGO IN SILVER SPOT VS FRONT FEB OF AROUND 95 CENTS AND A LEASE RATE OF 6%. WE HAD A FAIR 220 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR STRONG 468 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN FUTURE TRADING AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE. IN ESSENCE WE GAINED A HUMONGOUS SIZED 942 CONTRACTS ON OUR TWO EXCHANGES WITH OUR STRONG GAIN IN PRICE. WE HAD HUGE TAS LIQUIDATION THROUGHOUT MONDAY’S COMEX TRADING SESSION/

PLEASE NOTE THAT THE CROOKS NEED A HIGHER SILVER/GOLD T.A.S. TO CARRY ON THEIR CROOKED MANIPULATION ON A DAILY BASIS BUT DEMAND IS JUST TOO HIGH FOR THEM. THE HIGHER ISSUANCE OF T.A.S. IS NOW USED TO TEMPER OUR SILVER/GOLD PRICE RISE OR INITIATE A RAID AS WHAT HAPPENED SEVERAL TIMES LAST MONTH AND AGAIN WITH THIS WEEK’S TRADING ON SILVER.

CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE.  THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS:  1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON TUESDAY NIGHT/WEDNESDAY MORNING: A STRONG 468 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE  OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT NOW SEEMS THAT THE OCC HAS ORDERED THE BANKS TO REDUCE ITS NEW LEVEL OF 1 TRILLION DOLLARS IN GOLD/SILVER DERIVATIVES

WE HAVE IN THE PAST YEAR SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023//  OUR BANKERS WITH THE HELP OF SPECULATORS AND HIGH FREQUENCY TRADERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY  $0.56 AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SILVER LONGS FROM THEIR PERCH AS WE HAD A HUMONGOUS GAIN IN OUR TWO EXCHANGES OF 1284 CONTRACTS WE HAD A MASSIVE LIQUIDATION OF T.A.S. CONTRACTS TRYING TO CONTAIN SILVER’S PRICE RISE 

WE HAD A FAIR 220 CONTRACT ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN  INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 10.105 MILLION OZ (FIRST DAY NOTICE) FOLLOWED BY TODAY’S 165 CONTRACT QUEUE JUMP FOR 0.825MILLION OZ

// STANDING FOR SILVER//FEB ADVANCES TO  21.915MILLION OZ 

WE HAD:

/ MEGA HUGE SIZED COMEX OI GAIN+// A FAIR SIZED  EFP ISSUANCE/ VI)   STRONG SIZED NUMBER OF  T.A.S. CONTRACT ISSUANCE 468 CONTRACTS)/

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED 338CONTRACTS.

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 12 DAYS, total 9517 contracts:   OR 47.585 MILLION OZ  (793 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR:  47,585 MILLION OZ

LAST 24 MONTHS TOTAL EFP CONTRACTS ISSUED  IN MILLIONS OF OZ:

MAY 137.83 MILLION

JUNE 149.91 MILLION OZ

JULY 129.445 MILLION OZ

AUGUST: MILLION OZ 140.120

SEPT. 28.230 MILLION OZ//

OCT:  94.595 MILLION OZ

NOV: 131.925 MILLION OZ

DEC: 100.615 MILLION OZ

YEAR 2022:

 JAN 2022-DEC 2022

JAN 2022//  90.460 MILLION OZ

FEB 2022:  72.39 MILLION OZ//

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

APRIL: 114.52 MILLION OZ FINAL//LOW ISSUANCE

MAY: 105.635 MILLION OZ//

JUNE: 94.470 MILLION OZ

JULY : 87.110 MILLION OZ

AUGUST: 65.025 MILLION OZ

SEPT. 74.025 MILLION OZ///FINAL

OCT.  29.017 MILLION OZ FINAL

NOV: 134.290 MILLION OZ//FINAL

DEC, 61.395 MILLION OZ FINAL

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

JAN 2023///   53.070 MILLION OZ //FINAL

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

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

APRIL  111.035 MILLION OZ(SLIGHTLY GREATER THAN THAN LAST MONTH)

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

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

JULY 85.745 MILLION OZ (SMALLER THAN LAST MONTH)

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

SEPT: 72.705 MILLION OZ (SMALLER THIS MONTH)

OCT: 97.455 MILLION OZ

NOV.  50.050 MILLION OZ 

DEC. 66.140 MILLION OZ//

TOTAL 2023: 1,104.10 MILLION OZ/

JAN ’24 : 78.655 MILLION OZ//

FEB /2024 : 66.135 MILLION OZ./FINAL

MARCH: 143.750 MILLION OZ// 4TH HIGHEST ON RECORD.

APRIL: 161.770 MILLION OZ (THIS MONTH WILL BE A WHOPPER OF ISSUANCE OF EFPS//3RD HIGHEST EVER RECORDED FOR A MONTH)

MAY: 135.995 MILLION OZ  //WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE

JUNE 110.575 MILLION OZ ( WILL BE ANOTHER STRONG MONTH ISSUANCE)

JULY: 108.870 MILLION OZ (WILL BE A STRONG ISSUANCE MONTH/ A TOUCH OVER 100 MILLION OZ/)

AUGUST; 99.740 MILLION OZ//THIS MONTH WILL BE STRONG FOR ISSUANCE BUT LESS THAN JULY.

SEPT: 112.415 MILLION OZ//WILL BE A HUGE MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE

OCT; 97.485 MILLION OZ (WILL BE SMALLER ISSUANCE THIS MONTH )

NOV. 115.970 MILLION OZ ( HUGE THIS MONTH)

DEC: 132.54 MILLION OZ (THIS MONTH WILL BE A HUMDINGER FOR ISSUANCE BUT ISSUANCE SLOWED DRAMATICALLY THESE PAST FIVE DAYS/// WILL NOT EXCEED MARCH 2022 RECORD OF 209 MILLION OZ

YEAR 2024 TOTAL: 1363.84 MILLION OR 1.363 BILLION OZ

JANUARY 2025: 67.230 MILLION OZ///(THIS MONTH’S ISSUANCE OF EXCHANGE FOR PHYSICAL WILL BE SMALL)

FEB. 47.585 MILLION OZ//EXCHANGE FOR PHYSICAL ISSUANCE

RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 722 CONTRACTS WITH OUR GAIN IN PRICE OF SILVER PRICING AT THE COMEX// MONDAY.,.  THE CME NOTIFIED US THAT WE HAD A FAIR EFP ISSUANCE  CONTRACTS: 220  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 DEC OF  10.105 MILLION  OZ ON FIRST DAY NOTICE,FOLLOWED BY TODAY’S HUGE QUEUE JUMP OF 0.825 MILLION OZ TO LONDON//NEW STANDING ADVANCES TO 21.915 MILLION OZ

WE HAVE 1). A HUMONGOUS SIZED GAIN OF 942 OI CONTRACTS ON THE TWO EXCHANGES WITH OUR GAIN IN  PRICE// 2.THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A STRONG 468 CONTRACTS TRYING DESPERATELY TO CONTAIN SILVER’S PRICE RISE,//MONSTER FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE TUESDAY COMEX SESSION. HOWEVER THEY STILL NEED THESE ISSUANCES FOR REPLENISHMENT FOR FUTURE TRADING //3. ZERO NET LONG SPECULATORS WERE BURNED ON THURSDAY WITH THE SLIGHT LOSS IN PRICE. ALSO 4. SOME OF OUR LONGS EXERCISED THEIR CONTRACTS AND TENDERED FOR PHYSICAL SILVER MUCH TO THE ANGER OF OUR BANKERS. SILVER IS NOT BASEL III COMPLIANT SO THE BANKERS CAN TAKE THEIR TIME WITH THE DELIVERY OF SILVER.

THE NEW TAS ISSUANCE MONDAY NIGHT   (468 ) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE

WE HAD  146 NOTICE(S) FILED TODAY FOR 0.730 million 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 FAIRSIZED 1689 OI CONTRACTS  TO 522,330 AND FURTHER FROM THE RECORD (SET JAN 24/2020) AT 799,105  AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. (ALL TIME LOW OF 390,000 CONTRACTS.)

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY:  REMOVED A STRONG SIZED 1578 CONTRACTS//

WE HAD A FAIR SIZED INCREASE  IN COMEX OI (1689 CONTRACTS) OCCURRED WITH OUR HUGE GAIN OF $43.40 IN PRICE MONDAY. THE FRBNY SUPPLIED THE NECESSARY SHORT PAPER.. WE ALSO HAD A HUMONGOUS INITIAL STANDING IN GOLD TONNAGE FOR FEB AT 184.40 TONNES FOLLOWED BY A HUGE 2189 CONTRACT QUEUE JUMP//218,900 OZ (6.622ONNES)  

/NEW STANDING ADVANCES TO 225.486TONNES +18.4527

= 243.839 7TONNES.

/ ALL OF THIS HAPPENED WITH OUR   $43.40 GAIN IN PRICE  WITH RESPECT TO MONDAY’S COMEX ///. WE HAD A STRONG SIZED GAIN OF 4339 OI CONTRACTS (13.476APER TONNES) ON OUR TWO EXCHANGES, WITH MANY LONGS, REMAINING AT THE END OF THE DAY, TENDERING FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE, MUCH TO THE ANGER AND HORROR EXHIBITED BY OUR MAJOR BANKER, THE FEDERAL RESERVE BANK OF NEW YORK. THE HORROR INTENSIFIED ONCE LONDON STARTED TO TRADE LAST WEEK, AND THROUGHOUT THE WEEK WITH MAJOR TENDERING FOR PHYSICAL VIA THE EXCHANGE FOR PHYSICAL ROUTE! THE RESULT: A MASSIVE AMOUNT OF GOLD STANDING FOR DELIVERY FOR THE FRONT FEBRUARY CONTRACT MONTH. CENTRAL BANKERS ARE NOW WAITING PATIENTLY FOR THEIR DELIVERY OF GOLD VIA SLOW MOVING SHIPS.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 2650 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 523,905

IN ESSENCE WE HAVE A STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 4339 CONTRACTS  WITH 1,689 CONTRACTS INCREASED AT THE COMEX// AND A FAIR SIZED 2650 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 5914 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A STRONG SIZED AND CRIMINAL 1142 CONTRACTS ISSUED.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2650 CONTRACTS) ACCOMPANYING THE FAIR SIZED INCREASE IN COMEX OI OF 1689 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 4339 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 184.40 TONNES  FOLLOWED BY TODAY’S QUEUE JUMP OF 2129 CONTRACTS FOR 212,900OZ( 6.622TONNES). AND THEN WE ADD OUR 5 EXCHANGE FOR RISK TOTALS OF 18.4527 TONNES//NEW TOTAL OF GOLD STANDING AT THE COMEX ADVANCES TO 243.937TONNES

.

NEW STANDING FOR FEB ADVANCES TO:

225.486 NORMAL DELIVERY + .18,4527 TONNES OF EXCHANGE FOR RISK/PRIOR

EQUALS 243.939TONNES

//NEW STANDING FEB: 243,939 TONNES WHICH IS THE HIGHEST EVER GOLD STANDING FOR A FEBRUARY DELIVERY MONTH. AND FOR ANY COMEX MONTH.

 / 3) HUGE T.A.S. LIQUIDATION TRYING TO LOWER GOLD’S PRICE FRIDAY WITH LITTLE SUCCESS IN REMOVING ANY NET SPECULATOR LONGS, AS WITH OUR1)  $43.40 PRICE GAIN WE HAD 2) ZERO NET LONG SPECS BEING CLIPPED AS WE HAD A STRONG GAIN OF 5914 CONTRACTS ON OUR TWO EXCHANGES ) ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED TUESDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL AND THUS OUR RECORD NUMBER OF GOLD TONNES STANDING FOR FEBRUARY.

  4) FAIR SIZED COMEX OPEN INTEREST INCREASE 5)  FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///STRONG T.A.S.  ISSUANCE: 1142 T.A.S.CONTRACTS//

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: 51,077 CONTRACTS OF 5,107,700 OZ OR 158.87 TONNES IN 12 TRADING DAY(S) AND THUS AVERAGING: 4084 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 12 TRADING DAY(S) IN  TONNES  158,87TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2023, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS  158.87 DIVIDED BY 3550 x 100% TONNES = 4.47% 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/SECOND HIGHEST ON RECORD

AUGUST: 180.81 TONNES FINAL

SEPT. 193.16 TONNES FINAL

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

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

DEC:  185.59 tonnes // FINAL

TOTAL: 2,847,25 TONNES/2022

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

FEB: 151.61 TONNES/FINAL

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

APRIL: 197.42 TONNES

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

JUNE: 172.667 TONNES (WEAKER ISSUANCE THIS MONTH)

JULY:  151.69 TONNES (WEAKER THAN LAST MONTH)

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

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

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

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

DEC. 213.704 TONNES. A STRONG MONTH//

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

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

FEB’24: 201.947 TONNES

MARCH 2024: 352.21 TONNES//2ND HIGHEST EVER RECORDED EFP ISSUANCE.

APRIL: 267.05TONNES (WILL BE AN EXTREMELY STRONG MONTH BUT LESS THAN MARCH 2024)

MAY; 316.606 TONNES (WILL BE ANOTHER STRONG MONTH// 3RD HIGHEST RECORDED EFP ISSUANCE )// NOTICE THE HUGE INCREASES IN EX FOR PHYSICAL THESE PAST FEW MONTHS. THESE CONTRACTS ARE CIRCLED BACK FROM LONDON WHEREBY METAL IS REMOVED FROM THE COMEX.

JUNE 175.11 tonnes HEADING FOR A WEAKER MONTH AND MUCH LESS THAN THE THREE PREVIOUS MONTHS

JULY: 351. 65 TONNES (3RD HIGHEST EVER RECORDED EXCHANGE FOR PHYSICAL AND THE HIGHEST EVER RECORDED POST BASEL III) 

AUGUST: 274.79 TONNES//THIS MONTH WILL NO DOUBT BE A STRONG ISSUANCE OF EFP’S BUT MUCH LESS THAN LAST MONTH.

SEPT: 335 .104 TONNES//IF THIS CONTINUES WE WILL HAVE A HUMDINGER OF AN EFP ISSUANCE. WE WILL PROBABLY END JUST SHORT OF THE 3RD HIGHEST ISSUANCE EVER RECORDED.

OCT. 277.71 TONNES (THIS WILL BE A GOOD ISSUANCE THIS MONTH)

NOV: 393.875 TONNES ( A HUGE MONTH////NOW SURPASSED THE PREVIOUS 3RD AND 2ND HIGHEST EVER RECORDED EX FOR PHYSICAL ISSUANCE TO BECOME THE 2ND HIGHEST EVER RECORDED

DEC 360.03 TONNES THIRD HIGHEST EVER RECORDED FOR EFP ISSUANCE

TOTAL 2024 YEAR. 3,597.846 TONNES

JAN. 2025: 257.919 TONNES (ISSUANCE WILL BE PRETTY GOOD THIS MONTH BUT MUCH LOWER THAN LAST MONTH)

FEB: 150.63TONNES ISSUANCE

FEB: 158.87 TONNES//EX FOR PHYSICAL ISSUANCE (WILL BE A GOOD SIZED ISSUANCE THIS 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 (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY.  THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END  OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”

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

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

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

1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER ROSE BY A STRONG SIZED 722 CONTRACTS OI  TO 170,107 AND CLOSER TO THE COMEX HIGH RECORD //244,710( SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  7 YEARS AGO.  HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023

EFP ISSUANCE 220CONTRACTS

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

MAR 475 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1245 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE COMEX OI GAIN OF 722 CONTRACTS AND ADD TO THE 220 E.FP. ISSUED

WE OBTAIN A HUMONGOUS SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 942 CONTRACTS

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES  TOTALS 4.71MILLION OZ OCCURRED WITH OUR $0.56 GAIN  IN PRICE  

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  TUESDAY MORNING//MONDAY  NIGHT

SHANGHAI CLOSED UP 27.05PTS OR 0.81%

//Hang Seng CLOSED DOWN 32.57PTS OR 0.14%

// Nikkei CLOSED DOWN 105.79 OR 0.27%//Australia’s all ordinaries CLOSED DOWN 0.66%

//Chinese yuan (ONSHORE) CLOSED UDOWN TO 7.2796CHINESE YUAN OFFSHORE CLOSED DOWNTO 7.2899/ Oil UP TO 72.47 dollars per barrel for WTI and BRENT UP AT 76.43 Stocks in Europe OPENED ALL MIXED

ONSHORE USA/ YUAN TRADING ABOVELEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING

WEAKER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER

END

END

ASIA TRADING TUESDAY MORNING/MONDAY  NIGHT

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

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

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

GOLD

 LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A FAIR SIZED 1689 CONTRACTS TO 522,330 WITH OUR GAIN IN PRICE OF $43.40 WITH RESPECT TO MONDAY’S TRADING/RAID. WE LOST ZERO NET LONGS WITH THAT PRICE GAIN FOR GOLD. BUT AS YOU WILL SEE BELOW, THE GAIN WAS NOT AS LARGE AS EXPECTED. WE ALSO HAD A FAIR NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (2650) .

THE CME ANNOUNCED FRIDAY NIGHT, ZERO EXCHANGE FOR RISK CONTRACTS FOR NIL OZ OR 0 TONNES

AND SO FAR IN FEBRUARY: WE HAVE HAD FIVE EXCHANGE FOR RISKSNOW TOTALLING 18.4527TONNES!. THE RECIPIENT OF THESE EXCHANGE FOR RISK CONTRACTS IS THE BANK OF ENGLAND WHO DESPERATELY WANT THEIR LEASED GOLD BACK. THUS WE HAVE TWO SEPARATE ENTITIES (CENTRAL BANKS) DEMANDING THEIR GOLD BACK:

1. THE BANK OF ENGLAND
2. THE FEDERAL RESERVE BANK OF NEW YORK

THE COUNTERPARTY TO THE BANK OF ENGLAND’S EXCHANGE FOR RISK ARE BULLION BANKS THAT CANNOT VERIFY THAT THEIR GOLD IS UNENCUMBERED AND THUS THE BUYER, THE CENTRAL BANK OF ENGLAND, ASSUMES THE RISK OF THAT DELIVERY.

THUS IN TOTAL WE HAD A GOOD SIZED GAIN ON OUR TWO EXCHANGES OF 4339CONTRACTS WITH OUR GAIN IN PRICE. OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN ON THURSDAY NIGHT AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED RAID AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THE DAILY ATTACKS WITH THE CONTINUAL LIQUIDATION OF T.A.S. CONTRACTS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY FOR THE THOUGHTFULNESS. LONDON ANNOUNCED LATE (JAN 30) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES. DELIVERY OF GOLD CONTRACTS ARE NOW TAKING SEVERAL WEEKS. NO DEFAULT HAS BEEN INITIATED AS DEALERS ARE AFRAID OF LOSS OF THEIR JOBS. SO THIS FRAUD CONTINUES. THE LEASE RATES IN LONDON HAVE NOW CLIMBED TO 10% AS GOLD IN LONDON IS NOW EXTREMELY SCARCE. WE CAN NOW SAFELY SAY THAT THERE IS A RUN ON A BANK AND THAT BANK IS THE BANK OF ENGLAND!!!

THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT THIS MONTH CONTINUES TO DISTORT OPEN INTEREST NUMBERS GREATLY AND IT SURELY WAS ON DISPLAY TODAY INCLUDING WITH OUR STRONG T.A.S. ISSUANCES AND STRONG T.A.S. LIQUIDATION. MONDAY NIGHT, THEY ISSUED A STRONG 1142 CONTRACT ANNOUNCEMENT (MONDAY NIGHT/TUESDAY MORNING).

THE FED IS THE OTHER MAJOR SHORT OF AROUND 16+ TONNES OF GOLD OWING TO THE B.I.S. THE FED NEEDS TO COVER AS THEY ARE VERY WORRIED ABOUT WHAT IS GOING TO HAPPEN TO GOLD PRICES ONCE THE BRICS BEGIN THEIR INITIATIVE AND ABANDON THE US DOLLAR. THIS WAS SCHEDULED TO HAPPEN LATE OCT 2024/(AS OUTLINED IN OUR GOLD PHYSICAL COMMENTARIES//VIEW ANDREW MAGUIRE LATEST LIVE FROM VAULT PODCAST FRIDAY’S 197 , 199, 2001,   202, 203 , 204 ,205  206, 207 208 AND TODAY’S 209, AS HE TACKLES THIS IMPORTANT TOPIC). THE FOUR OR FIVE BANKS ARE ALSO WORRIED ABOUT THEIR HUGE PRECIOUS METAL DERIVATIVE EXPOSURE (NORTH OF ONE TRILLION DOLLARS) AND THIS IS PROBABLY THE MAJOR REASON FOR GOLD/SILVER’S RISE THESE PAST TWO MONTHS. THEY ARE TOTALLY TRAPPED., AND THEIR FAILURE TO STOP CENTRAL BANK PURCHASES OF PHYSICAL GOLD IS THE MAJOR ISSUE OF THE DAY!IT SURE LOOKS LIKE THE BIS HAS GIVEN THE FED ITS MARCHING ORDERS TO COVER ITS PHYSICAL GOLD SHORT AS TRUMP CAME INTO OFFICE MONDAY NOON JAN 20. TRUMP WILL PROBABLY BE FURIOUS WITH THE FED IF IT FINDS OUT THAT THEY (FRBNY) HAS BEEN MANIPULATING THE GOLD MARKET FOR THE PAST TWO YEARS.

OUR PHYSICAL LONDONERS BOUGHT NEW MASSIVE QUANTITIES OF LONGS AT ANY PRICE AND THIS GOLD BOUGHT WILL BE TENDERED FOR PHYSICAL ON A T + ???? BASIS. BECAUSE GOLD IS BASEL III COMPLIANT, GOLD IS SUPPOSED BE DELIVERED IN A VERY TIMELY ONE DAY. CENTRAL BANKS AROUND THE WORLD, BEING REPRESENTED BY OUR LONDONERS, ARE THE REAL PURCHASERS OF THIS GOLD.

THE PROBLEM FOR THOSE PROVIDING THE SHORT PAPER IS THE SHOCK TO THEM ON RECEIVING NOTICE THAT THE LONGS WANT THE PHYSICAL GOLD AS THEY TENDER FOR THAT SHINY YELLOW METAL. THE HIGH LIQUIDATION OF OUR TWO SPREADERS: 1) THE MONTH END SPREADERS AND 2. T.A.S DURING LAST WEEK IS SURELY DISTORTING COMEX OPEN INTEREST BUT THAT DOES NOT STOP LONDON’S ACCUMULATION OF PHYSICAL! YOU CAN ALSO VISUALIZE THAT PERFECTLY WITH THE HUGE AMOUNTS OF QUEUE JUMPING ORCHESTRATED BY CENTRAL BANKERS BOLTING AHEAD OF ORDINARY LONGS AS THEIR NEED FOR PHYSICAL IS GREAT AS THEY SCOUR THE PLANET LOOKING FOR GOLD. 

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW DEEP INTO THE ACTIVE DELIVERY MONTH OF FEBRUARY…  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 A STRONG SIZED 2650 EFP CONTRACTS WERE ISSUED: :  /FEB  2650 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 2650 CONTRACTS. THESE EFP;S CIRCLE AROUND LONDON ON A 13 DAY BASIS AND ARE NOW USED BY GLOBAL CENTRAL BANKS TO EXERCISE FOR PHYSICAL GOLD WITH THE OBLIGATION TO DELIVER BEING FORCED ONTO COMEX BANKS. THE GOLD GENERALLY DELIVERED COMES FROM LONDON BUT THEY ARE OUT!! THUS COMEX BECOMES THE MAJOR SOURCE FOR OUR CENTRAL BANKERS.

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A GOOD SIZED TOTAL OF 4339 CONTRACTS IN THAT 2650 CONTRACT LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A FAIR SIZED GAIN OF 1689 COMEX  CONTRACTS..AND THIS STRONG SIZED GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR GAIN IN PRICE OF $43.40F OR TUESDAY/ COMEX. THE EXCHANGE FOR PHYSICALS WILL BE USED BY CENTRAL BANKS, TO EXERCISE FOR PHYSICAL GOLD AT THE COMEX AS MENTIONED  ABOVE. THE MAJOR PART OF THE LOSS IN TOTAL OI ON OUR TWO EXCHANGES WAS DUE TO LIQUIDATION OF T.A.S. SPREADERS!

T.A.S. ISSUANCE

AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS USUALLY DURING MID MONTH IN THE DELIVERY CYCLE), BUT NOW ON A DAILY BASIS, THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR MONDAY NIGHT/TUESDAY MORNING WAS A STRONG SIZED SIZED 1142 CONTRACTS, AS AGAIN, ALL OF THE TRADING AND SUPPLY OF CONTRACTS HAVE BEEN ORCHESTRATED BY GOVERNMENT (FEDERAL RESERVE BANK OF NEW YORK). AS PER THEIR MEGA 5 DAY ISSUANCE OF T.A.S OVER A FEW WEEKS AGO, THE FED WAS EXPERIMENTING WITH EINSTEIN’S DEFINITION OF INSANITY….TRYING TO DO THE SAME THING OVER AND OVER AGAIN HOPING FOR A DIFFERENT RESULT. HIS DEFINITION STILL STANDS.. THE CROOKS ACCOMPLISHED LITTLE AS FEW LEFT OUR GOLD METAL ARENA. A HUGE RAID WAS ORDERED BY THE FED WITH END OF THE MONTH TRADING ( MONDAY TRADING// JAN 27) AS THE GOLD PRICE GOT HAMMERED A BIT WITH COMEX OPTIONS EXPIRY. AS YOU SAW WITH LAST TUESDAY’S TRADING// JAN 28 IT HAS NO EFFECT ON GOLD AS IT SHOT UP AGAIN IN PRICE AND IT CONTINUED TO RISE THROUGHOUT THE WEEK. LONDON’S ANNOUNCEMENT LAST THURSDAY THAT THEY WERE OUT OF PHYSICAL GOLD SURELY HELPED TO PROPEL GOLD’S METEORIC RISE IN PRICE THESE PAST SEVERAL DAYS PROPELLING IT THROUGH THE 2800 DOLLAR BARRIER TO THE LEVEL IT IS NOW TRADING READY TO CLOSE IN ON THE 2900 DOLLAR LEVEL.

MECHANICS OF T.A.S CONTRACTS/DECEMBER 2024

THROUGHOUT THE PAST SEVERAL WEEKS, THE BANKERS CONTINUE TO SELL OFF THE LONG SIDE OF THE SPREAD (T.A.S.) WHICH  OF COURSE CONTINUES TO MANIPULATE THE PRICE OF GOLD SOUTHBOUND. (THEY KEEP THE SHORT SIDE OF THE CALENDAR/T.A.S. SPREAD WHICH WILL BE LIQUIDATED IN DAYS HENCE//. IT SEEMS THAT OUR CROOKS ORCHESTRATED, ON DEC. 27, THEIR HUGE RAID TO LOWER THE PRICE OF GOLD TO MAKE THEIR COMEX BETS WHOLE ON OPTIONS EXPIRY WEEK AND THUS THE NEED FOR CONTINUAL STRONG T.A.S. ISSUANCE AND THEN LIQUIDATION. THIS WAS COUPLED WITH THE LIQUIDATION OF CALENDAR//MONTH END SPREADERS . THE USE OF OUR TWO SPREADER MECHANISMS WERE OF EXTREME IMPORTANCE TO OUR CROOKS IN LATE DECEMBER’S OPTIONS EXPIRY TRADING AND AGAIN WITH JANUARY OPTION EXPIRY MONTH. HALF WAY THROUGH THE JANUARY COMEX MONTH, THE CROOKS ISSUED FIVE CONSECUTIVE 30,000+ CONTRACT ISSUANCE. ALL OF THESE T.A.S. ISSUANCES WERE USED IN AN ATTEMPT TO THWART GOLD TRADING ESPECIALLY BEFORE TRUMP’S INAUGURATION AS THE FED MUST REDUCE ITS MASSIVE PHYSICAL GOLD SHORT OF 79 TONNES. THEY FAILED MISERABLY AS GOLD SKYROCKETED IN PRICE THIS WEEK AND NOW TO ALL TIME RECORD HIGHS IN USA DOLLAR TERMS AND OTHER CURRENCIES.

STANDING FOR GOLD FOR THE PAST 4 PLUS YEARS:

// WE HAD A STRONG AMOUNT OF GOLD TONNAGE STANDING:   FEB (243.939 TONNES) WHICH IS HUGE FOR OUR ACTIVE FEB DELIVERY MONTH AND THE HIGHEST STANDING FOR GOLD EVER RECORDED FOR ANY MONTH.

YEAR 2025:

JAN 2025: 113.30 TONNES

FEB: 2025: 243.939 TONNES (WHICH INCLUDES 18.4567 TONNES OF EX FOR RISK)

HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 50 MONTHS OF 2021-2024:

DEC 2021: 112.217 TONNES

NOV.  8.074 TONNES

OCT.    57.707 TONNES

SEPT: 11.9160 TONNES

AUGUST: 80.489 TONNES

JULY 7.2814 TONNES

JUNE:  72.289 TONNES

MAY 5.77 TONNES

APRIL  95.331 TONNES

MARCH 30.205 TONNES

FEB ’21. 113.424 TONNES

JAN ’21: 6.500 TONNES.

TOTAL  YEAR  2021 (JAN- DEC): 601.213 TONNES

YEAR 2022:

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 =  51.707 TONNES

TOTAL 2023 YEAR : 436.546 TONNES

2024

JAN ’24.      22.706 TONNES

FEB. ’24:  66.276 TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)

MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES

APRIL: 2024: 53.673TONNES FINAL

MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325

JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022

JULY: 11.692 TONNES

AUGUST 69.602 TONNES//FINAL STANDING

SEPT. 13.164 TONNES.

OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES

NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES

DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES  EQUALS 95.1066 TONNES

total year 2024: 540.30 tonnes

2025

January 2025: 70.102 TONNES + 43.208 EXCHANGE FOR RISK= 113.310 TONNES

FEBRUARY: 225.486 TONNES OF GOLD+ + 18.4527 TONNES EX FOR RISK PRIOR=//NEW TOTAL STANDING 243.939 TONNES

COMEX GOLD TRADING/FEB CONTRACT MONTH

THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $43.40//AND WERE UNSUCCESSFUL IN KNOCKING OFF SOME APPRECIABLE NET SPECULATOR LONGS AS WE DID HAVE A FAIR SIZED LOSS IN OUR TWO EXCHANGES. BUT AS EXPLAINED ABOVE WE HAD CONSIDERABLE T.A.S. SPREADER LIQUIDATION MONDAY AS THEY WERE TRYING TO QUELL GOLD’S RISE AND STOP HUGE COMEX/OTC DERIVATIVE LOSSES FROM ALSO RISING. THE BANKERS WERE UNSUCCESSFUL IN SLOWING THEIR DERIVATIVE LOSSES IN PRECIOUS METAL BETS WITH OPTIONS EXPIRY JAN 28 AT THE COMEX. OUR T.A.S. SPREADER LIQUIDATIONS THIS 2ND WEEK OF FEB, WERE DISTORTING OPEN INTEREST AS I EXPLAINED ABOVE, BUT IS HAVING NO EFFECT ON GOLD’S METEORIC RISE IN PRICE. PRIOR TO FRIDAY . THE RAID ON FRIDAY WAS NEEDED TO QUELL PRICE RISES IN GOLD AND SILVER,. SILVER IS A BIG HEADACHE FOR OUR CROOKS AS THE PHYSICAL METAL IS BASICALLY UNATTAINABLE. DERIVATIVE LOSSES ON BOTH GOLD AND SILVER ARE HUGE!

THE CROOKS HOWEVER COULD NOT STOP CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL TUESDAY EVENING WEDNESDAY MORNING AND THUS OUR RECORD NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD TO ARRIVE BY BOAT. IT IS NOW TAKING SEVERAL WEEKS TO DELIVER AND THUS THE REASON FOR THE HUGE LEASE RATE AT 10% (SCARCITY OF GOLD)

EXCHANGE FOR RISK EXPLANATION/DECEMBER AND JANUARYTRADING

DECEMBER MONTH EXCHANGE FOR RISK!

75 DAYS AGO, FRIDAY NIGHT (EARLY SATURDAY MORNING NOV 30) THE CME ANNOUNCED ANOTHER OF THOSE CRAZY DELIVERIES: THE ISSUANCE OF 250 EXCHANGE FOR RISK CONTRACTS WHICH TOTAL 25000 OZ (.7776 TONNES. HERE THE BUYER ASSUMES THE RISK THAT HE WILL BE DELIVERED UPON IN PHYSICAL METAL. THIS IS ABSOLUTELY INSANE AND A HUGE VIOLATION OF THE TRUE DISCOVERY PRICE MECHANISM WHICH IS THE COMEX MANTRA!. AND THEN GUESS WHAT? THE CME ANNOUNCED ANOTHER EXCHANGE FOR RISK, LATE TUESDAY EVENING/ EARLY WEDNESDAY MORNING, (DEC 5) OF 617 CONTRACTS FOR 61,700 OZ OR GOLD (1.919 TONNES). THEN MUCH TO MY ANGER, THE CME ANNOUNCED A THIRD ISSUANCE FRIDAY NIGHT DEC 7 FOR A MONSTROUS 2254 EXCHANGE FOR RISK CONTRACTS OR 225,400 OZ OR 7.0108 TONNES. NOT TO BE UNDONE, THE CROOKS CONTINUED WITH THEIR NONSENSE WITH ANOTHER 50 CONTRACT EXCHANGE FOR RISK THE MORNING OF DEC 12 FOR 5000 OZ OR .1555 TONNES. AND THIS BRINGS US TO THIS EARLY FRIDAY MORNING (DEC 13) WHERE I WAS SHOCKED TO SEE FOR THE FIFTH TIME THIS MONTH AN ENTRY FOR 250 CONTRACTS OF EXCHANGE FOR RISK FOR 25000 OZ OR .7776 TONNES.THUS ALL FIVE OF THESE ISSUANCES WILL BE ADDED TO THE TOTAL GOLD BEING “DELIVERED UPON”. THIS BRINGS US TO EARLY SATURDAY MORNING DEC 21 WHERE TO MY SHOCK AGAIN WE HAD OUR 6TH ISSUANCE OF EXCHANGE FOR RISK TOTALLING 1300 CONTRACTS FOR AN ASTOUNDING 4.043 TONNES. THIS BRINGS THE TOTAL ISSUANCE FOR THE MONTH OF DEC TO 6 FOR 14.6836 TONNES A NEW RECORD. THE COMEX IS TOTALLY SHATTERED TO PIECES.

EXCHANGE FOR RISK // JANUARY MONTH!!

LO AND BEHOLD, THE CROOKS ISSUED THEIR FIRST ISSUANCE A MONSTER 1700 CONTRACTS FOR EXCHANGE FOR RISK TOTALLING 170,000 OZ OR 5.28775 TONNES ON MONDAY JAN 6/2025. THEN TO MY HORROR, THEY ISSUED THEIR SECOND EXCHANGE FOR RISK ON JAN 8, TOTALLING 150 CONTRACTS FOR 15000 OZ OR .4665 TONNES. THIS TONNAGE WILL BE ADDED TO THE FIRST ISSUANCE. THUS TOTAL EXCHANGE FOR RISK ISSUANCE FOR OUR TWO EARLY JANUARY EX FOR RISK: 5.7533 TONNES. THEN MERCILESSLY THEY CONSUMMATED FOR THE THIRD TIME THIS MONTH 85 EXCHANGE FOR RISK LAST THURSDAY NIGHT (JAN 17) FOR 8500 OZ OR .2649 TONNES OF GOLD. THEN TO MY HORROR THEY ISSUED THEIR 4TH EXCHANGE FOR RISK THIS MONTH (JAN 22) FOR A MONSTER 5000 CONTRACTS OR 5,000,000 OZ.(15.562 TONNES).NOT TO BE UNDONE, THE CROOKS ISSUED THEIR FIFTH EXCHANGE FOR RISK LAST NIGHT FOR 500 CONTRACTS REPRESENTING 50,,000 OZ OR 1.555 TONNES OF GOLD. REMEMBER THAT THE BUYER ASSUMES THE RISK THAT HE WILL BE DELIVERED UPON WHICH IS TOTALLY ASININE!! THUS FOR THE 5 EXCHANGE FOR RISK ISSUED THIS MONTH TOTALS 23.134 TONNES OF GOLD. THIS BRINGS US TO , JAN 25 WHERE THE CME ANNOUNCED ITS SIXTH MAJOR EXCHANGE FOR RISK ISSUANCE OF 6454 CONTRACTS FOR 645,400 OZ OR 20.074 TONNES OF GOLD. THIS IS THE HIGHEST EVER RECORDED ISSUANCE IN NUMBER OF EXCHANGE FOR RISK, AT 6, AND FOR NEW TOTALS FOR THE MONTH OF JANUARY: 43.208 TONNES!!! AND A NEW RECORD FOR ISSUANCE.

EXCHANGE FOR RISK CONTRACTS/MONTH FOR FEBRUARY:

THE CME ANNOUNCED TO THE WORLD THAT ON FEB 4 THEY ISSUED 100 CONTRACTS OF EXCHANGE FOR RISK TO THE BANK OF ENGLAND.THEN A FEW NIGHTS AGO, THEY ISSUED THEIR SECOND CONSECUTIVE EXCHANGE FOR RISK OF 500 CONTRACTS FOR 50,000 OZ (1.555 TONNES OF GOLD. FEB 6 WAS THE THIRD ISSUANCE FOR A HUGE 2400 CONTRACTS, 240,000 OZ OR 7.465 TONNES. AND THEN FINALLY FRIDAY NIGHT, THE 4TH EXCHANGE FOR RISK WAS ISSUED REPRESENTED BY 2834 CONTRACTS OR 283400 OZ OR 8.8149 TONNES OF GOLD WITH THE OWNER OF THOSE CONTRACTS BEING THE BANK OF ENGLAND. THE BANK OF ENGLAND WANTS THEIR GOLD BACK. THIS NEW EXCHANGE FOR RISK WILL BE ADDED TO PREVIOUS EXCHANGE FOR RISK OF 9.3264 TONNES TO A NEW TOTAL EXCHANGE FOR RISK = 18.1413 TONNES. IN MID WEEK WE HAD ANOTHER .3114 TONNES OF EXCHANGE FOR RISK ISSUANCED//NEW TOTAL 18,4527 TONNES!..FINALLY THIS TOTAL WILL NOW BE ADDED TO OUR REGULAR DELIVERIES THROUGHT THE MONTH. FOR TUESDAY FEB 19 ZERO EXCHANGE FOR RISK WAS ISSUED.

FINAL STANDING GOLD/COMEX FOR JANUARY

FINAL STANDING FOR JAN: 70.102TONNES + 43.206 TONNES EX FOR RISK = 113.310 TONNES (WHICH IS HUGE FOR OUR VERY NON ACTIVE DELIVERY MONTH) A NORMAL AMOUNT STANDING FOR A JANUARY IN EARLIER TIMES HAS BEEN GENERALLY AROUND 1/4 TONNE OF GOLD. HOWEVER THESE PAST 4 YEARS QUEUE JUMPING HAS BEEN VERY PRONOUNCED AND THUS STANDING INCREASES DRAMATICALLY.

TOTAL INITIAL DELIVERIES FEB GOLD TRADING

WE HAVE GAINED A FAIR TOTAL OF 13.496 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL  GOLD TONNAGE STANDING FOR FEB (184.40TONNES) ON FIRST DAY NOTICE FOLLOWED BY A STRONG SIZED 21,29 CONTRACT QUEUE JUMP FOR 212,900OZ. NEW STANDING ADVANCES TO 225.486TONNES OF GOLD. TO WHICH WE ADD OUR 18.4527TONNES OF EXCHANGE FOR RISK//NEW TOTALS STANDING 243.939TONNES

ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE  TO THE TUNE OF $43.40

WE HAD 1578 CONTRACTS REMOVED FROM THE  COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE AS WELL

NET GAIN ON THE TWO EXCHANGES 4339CONTRACTS OR 4339,00 OZ (13.496ONNES)

confirmed volume TUESDAY 248,880ontracts: POOR///

//speculators have left the gold arena

END

// THE FEB 2025 GOLD CONTRACT

FEB 19

INITIAL

dealer deposits: 3

ENTRIES 3











i) Brinks dealer 142,268.175oz

(4425 KILOBARS)



ii)Asahi 32,483.570 oz

iii)Loomis 32,151.000 oz (1000 kilobars)

total dealer 215,744.240 oz 6.710 tonnes

we have 4customer deposits:

4 ENTRIES

i) into Asahi 32,022.498 oz (9971 kilobars)
ii) into brinks 121,274.881 oz 3772 kilobars
iii into jpmorgan 160,755.000 (5000 kilobars
iv)into Manfra 45,393.79 0z

total customer 393,597,79 oz 12.24 tonnes

total dealer and customer 18.95 tonnes

withdrawals: 1

1 entry

1.)out of Brinks enhanced

232,326.985 oz

580 London Good delivery bars

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adjustments:2/comex is in chaos

3 customer to dealer

a) Brinks 316,076.479 oz oz

b)jpm 7716.240oz

c) 166,545.835 oz

thus basically what comes into eligible is transferred to dealer accounts and then out.

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR FEB

FEB HAD A GAIN OF 573 CONTRACTS TO STAND AT 3047 WE HAD 1556 CONTRACTS SERVED ON MONDAY SO WE GAINED A HUGE 2129 CONTRACTS OR A 212,900 OZ QUEUE JUMP OR 6.622 TONNES,.(THURSDAY, FEB 13 WE WITNESSED THE HIGHEST EVER QUEUE JUMP RECORDED AT THE COMEX AT 12.12 TONNES)

MARCH HAD A LOSS OF 193 CONTRACTS DOWN TO 14,819

APRIL HAD A GAIN OF 477CONTRACTS UP TO 388,168 CONTRACTS

We had 2174 contracts filed for today representing 217,400 oz  

This is a huge major assault on the comex for gold and this time it is physical that will be requested.

Today, 0 notice(s) were issued from J.P.Morgan dealer and 0 notices issued from their client or customer account. The total of all issuance by all participants equate to 2174contract(s) of which 0  notices were stopped (received) by  j.P. Morgan dealer and 537 notice(s) was (were) stopped  (received) by J.P.Morgan//customer account   

To calculate the INITIAL total number of gold ounces standing for FEB /2025. contract month, we take the total number of notices filed so far for the month (71,651x 100 oz ) to which we add the difference between the open interest for the front month of  FEB.(3047CONTRACTS)  minus the number of notices served upon today  (2174 x 100 oz per contract) equals  7,249,400OZ  OR 225.486TONNES  TO WHICH WE ADD NEW EXCHANGE FOR RISK 18.4527 TONNES//NEW TOTAL STANDING 243.939TONNES

thus the INITIAL standings for gold for the FEB contract month:  No of notices filed so far (71,651x 100 oz +we add the difference for front month of FEB ( 3047OI} minus the number of notices served upon today (2174 x 100 oz) which equals  7,249,400 Oz (225.486TONNES  + 18,4527 tonnes ex for risk PRIOR = 243.939onnes

TOTAL COMEX GOLD STANDING FOR FEB.: 243.939 TONNES WHICH IS HUGE FOR THIS ACTIVE DELIVERY MONTH IN THE CALENDAR AND THIS IS THE HIGHEST EVER RECORDED FOR ANY FEBRUARY AND THE HIGHEST FOR ANY MONTH FOR THAT MATTER IN COMEX HISTORY!!

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

COMEX GOLD INVENTORIES/CLASSIFICATION

NEW PLEDGED GOLD:

241,794.285 oz NOW PLEDGED /HSBC  5.94 TONNES

204,937.290 OZ PLEDGED  MANFRA 3.08 TONNES

83,657.582 PLEDGED JPMorgan no 1  1.690 tonnes

265,999.054, oz  JPM No 2 

1,152,376.639 oz pledged  Brinks/

Manfra:  33,758.550 oz

Delaware: 193.721 oz

International Delaware::  11,188.542 oz

total pledged gold: 2,082,524.203 oz 64.77onnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD: 37,983,093.444oz  

TOTAL REGISTERED GOLD 17,562,375.957or 546.26onnes

TOTAL OF ALL ELIGIBLE GOLD: 20,420,717.487OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 14,790,791 oz (REG GOLD- PLEDGED GOLD)= 460.05onnes //

END

SILVER/COMEX

FEB 12

INITIAL

// THE FEB 2025  SILVER CONTRACT//INITIAL

i)  1 dealer  deposit/

1 entry

i)brinks dealer 365,859.058 oz

i) We had  0 dealer withdrawal

total dealer withdrawals: 0 oz

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deposits customer side

3entries

3entries



i) Into Ashai 595,648,500oz
ii) Into JPMorgan: 1403,279.100oz
iii) Into brinks 3,844,620.607 oz

total 4,843,548.265 oz

oz

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withdrawals 1

6,010.950oz


a) Delaware 6010.950 oz

total 6010.950 oz

ADJUSTMENTs 1customer to dealer:

i) manfra 164,300.986

JPMorgan has a total silver weight: 155.099million oz/385.079million  or 40.78%

TOTAL REGISTERED SILVER: 97.438MILLION OZ//.TOTAL REG + ELIGIBLE. 385.279million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR FEBRUARY

silver open interest data:

FRONT MONTH OF FEB /2025 OI: 285OPEN INTEREST CONTRACTS FOR A GAIN OF 113 CONTRACTS.

WE HAD 52 NOTICES FILED ON MONDAY SO WE GAINED 165 CONTRACTS OR WE EXPERIENCED A 825,000 OZ EXCHANGE QUEUE JUMP AS THESE GUYS WILL TRY THEIR LUCK AT THE COMEX TRYING TO OBTAIN PHYSICAL SILVER.

MARCH SAW A LOSS OF 2806CONTRACTS DOWN TO 78,626 HE FRONT ACTIVE DELIVERY MONTH OF MARCH ALSO IS NOT DECLINING MUCH AND WE SHOULD ALSO HAVE A HUMDINGER OF A DELIVERY MONTH FOR MARCH.

APRIL SAW ANOTHER GAIN OF 82 CONTRACTS TO STAND AT 495

MAY SAW A GAIN OF 2740 CONTRACTS UP TO 68,217 CONTRACTS

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 146 or 0.730MILLION oz

CONFIRMED volume; ON TUESDAY 90,551 huge//

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 4370 5,000 oz = 21.850 MILLION oz 

to which we add the difference between the open interest for the front month of FEB (285) and the number of notices served upon today (146)x (5000 oz)

Thus the  standings for silver for the FEB 2025 contract month:  4370Notices served so far) x 5000 oz + OI for the front month of FEB(285)minus number of notices served upon today (146)x 5000 oz equals silver standing for the FEB contract month equating to 21.915MILLION OZ. 

 New total standing: 21.915 million oz which is huge for a non active delivery month of February

There are 97.0438million oz of registered silver.

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

Now that we have surpassed $28.40 the next big line in the sand for silver is $34.76. After that the moon

0 the next big line in the sand for silver is $34.76. After that the moon

END

BOTH GLD AND SLV ARE MASSIVE FRAUDS!

GLD AND SLV INVENTORY LEVELS/

FEB 19/  WITH GOLD DOWN $10.40 TODAY HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 6.38TONNES FROM THE GLD ///INVENTORY RESTS AT 869.44TONNES

FEB 18/  WITH GOLD UP $43.00 TODAY HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 1.14TONNES FROM THE GLD ///INVENTORY RESTS AT 863.06TONNES

FEB 13/  WITH GOLD UP 11.00 TODAY HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 6.901 TONNES FROM THE GLD ///INVENTORY RESTS AT 866.50TONNES

FEB 12  WITH GOLD DOWN $3,40ON THE DAY; NO CHANGES IN GOLD AT THE GLD: ///INVENTORY RESTS AT 864.19 TONNES

FEB 10  WITH GOLD UP $10.75 ON THE DAY; NO CHANGES IN GOLD AT THE GLD: ///INVENTORY RESTS AT 864.19 TONNES

FEB 7  WITH GOLD UP $10.75 ON THE DAY; NO CHANGES IN GOLD AT THE GLD: ///INVENTORY RESTS AT 864.19 TONNES

FEB 6  WITH GOLD DOWN $18.15 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 1.14 TONNES OF GOLD OUT OF THE GLD ///INVENTORY RESTS AT 864.19 TONNES

FEB 5  WITH GOLD UP $27.10 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 1.72 TONNES OF GOLD OUT OF THE GLD ///INVENTORY RESTS AT 863.05 TONNES

 FEB 4  WITH GOLD UP $25.00 ON THE DAY; SMALL CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 0.58 TONNES OF GOLD OUT OF THE GLD ///INVENTORY RESTS AT 864.77 TONNES

JAN 31  WITH GOLD UP $4.80 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 1.15 TONNES OF GOLD OUT OF THE GLD ///INVENTORY RESTS AT 864.19 TONNES

 JAN 30  WITH GOLD UP $40.95 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD:A MASSIVE DEPOSIT OF 4.30 TONNES OF GOLD INTO THE THE GLD ///INVENTORY RESTS AT 865.34 TONNES

 JAN 29  WITH GOLD DOWN $6.25 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD:A MASSIVE DEPOSIT OF 4.02 TONNES OF GOLD INTO THE THE GLD ///INVENTORY RESTS AT 861.04 TONNES

JAN 28  WITH GOLD UP $23.05 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD:A MASSIVE WITHDRAWAL OF 3.16 TONNES OF GOLD OUT OF THE GLD //

JAN 27  WITH GOLD DOWN $36.05 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD:A MASSIVE WITHDRAWAL OF 5.17 TONNES OF GOLD OUT OF THE GLD ///

JAN 24  WITH GOLD UP $16.00 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD:A MASSIVE WITHDRAWAL OF 5.17 TONNES OF GOLD OUT OF THE GLD ///INVENTORY RESTS AT 864.19 TONNES

 JAN 23  WITH GOLD DOWN $1.00 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD:A MASSIVE WITHDRAWAL OF 2.30 TONNES OF GOLD OUT OF THE GLD ///INVENTORY RESTS AT 869.36 TONNES

 JAN 22  WITH GOLD UP $15.15 ON THE DAY; MEGA HUGE CHANGES IN GOLD AT THE GLD:A MASSIVE WITHDRAWAL OF 7.46 TONNES OF GOLD OUT OF THE GLD ///INVENTORY RESTS AT 871.66 TONNES

 JAN 20  WITH GOLD UP $35.30 ON THE DAY; MEGA HUGE CHANGES IN GOLD AT THE GLD:A MASSIVE DEPOSIT OF 10.34 TONNES OF GOLD INTO THE GLD ///INVENTORY RESTS AT 879.12 TONNES

/

GLD INVENTORY: 863.06TONNES, TONIGHTS TOTAL

SILVER

FEB 19WITH SILVER DOWN $0.16//HUGE CHANGES IN SILVER INVENTORY AT THE SLV : HUGE CHANGES AT THE SLV A WITHDRAWAL OF 2.276 MILLION OZ/. //INVENTORY AT SLV RESTS AT 436.717MILLION OZ

FEB 18WITH SILVER UP $.56//HUGE CHANGES IN SILVER INVENTORY AT THE SLV : NO CHANGES AT THE SLX/. //INVENTORY AT SLV RESTS AT 438.994MILLION OZ

FEB 14WITH SILVER UP $.01//HUGE CHANGES IN SILVER INVENTORY AT THE SLV : A DEPOSIT OF 1.593 MILLION OZ INTO THE SLV./. //INVENTORY AT SLV RESTS AT 437.401 MILLION OZ

FEB 12WITH SILVER UP $.01 //HUGE CHANGES IN SILVER INVENTORY AT THE SLV : A DEPOSIT OF 8 MILLION OZ OUT OF THE SLV./. //INVENTORY AT SLV RESTS AT 437.401 MILLION OZ

FEB 10 WITH SILVER DOWN $0.26 //HUGE CHANGES IN SILVER INVENTORY AT THE SLV : A WITHDRAWAL OF 1.73 MILLION OZ OUT OF THE SLV./. //INVENTORY AT SLV RESTS AT 428.66 MILLION OZ

 FEB 7 WITH SILVER DOWN $0.26 //HUGE CHANGES IN SILVER INVENTORY AT THE SLV : A WITHDRAWAL OF 1.73 MILLION OZ OUT OF THE SLV./. //INVENTORY AT SLV RESTS AT 428.66 MILLION OZ

FEB 6 WITH SILVER DOWN $0.17 //HUGE CHANGES IN SILVER INVENTORY AT THE SLV : A MASSIVE WITHDRAWAL OF 12.383 MILLION OZ OUT OF THE SLV./. //INVENTORY AT SLV RESTS AT 430.39 MILLION OZ

FEB 5 WITH SILVER UP $0.45 //HUGE CHANGES IN SILVER INVENTORY AT THE SLV : A MASSIVE WITHDRAWAL OF 3.285 MILLION OZ OUT OF THE SLV./. //INVENTORY AT SLV RESTS AT 442.773 MILLION OZ

FEB 4 WITH SILVER UP $0.81 //HUGE CHANGES IN SILVER INVENTORY AT THE SLV : A MASSIVE WITHDRAWAL OF 2.550 MILLION OZ OUT OF THE SLV./. //INVENTORY AT SLV RESTS AT 446.331 MILLION OZ

FEB 4 WITH SILVER UP $0.81 //HUGE CHANGES IN SILVER INVENTORY AT THE SLV : A MASSIVE WITHDRAWAL OF 2.550 MILLION OZ OUT OF THE SLV./. //INVENTORY AT SLV RESTS AT 446.331 MILLION OZ

FEB 3 WITH SILVER UP ONE CENT //HUGE CHANGES IN SILVER INVENTORY AT THE SLV : A MASSIVE WITHDRAWAL OF 2.550 MILLION OZ OUT OF THE SLV./. //INVENTORY AT SLV RESTS AT 446.331 MILLION OZ

JAN 31  WITH SILVER DOWN $0.19 //HUGE CHANGES IN SILVER INVENTORY AT THE SLV : A MASSIVE WITHDRAWAL OF 2.369 MILLION OZ OUT OF THE SLV./. //INVENTORY AT SLV RESTS AT 448.881 MILLION OZ

jAN 30  WITH SILVER UP $0.76 //HUGE CHANGES IN SILVER INVENTORY AT THE SLV : A MASSIVE WITHDRAWAL OF 2.003 MILLION OZ OUT OF THE SLV./. //INVENTORY AT SLV RESTS AT 451.249 MILLION OZ

jAN 29  WITH SILVER UP $0.34 //HUGE CHANGES IN SILVER INVENTORY AT THE SLV : A MASSIVE WITHDRAWAL OF 1.639 MILLION OZ OUT OF THE SLV./. //INVENTORY AT SLV RESTS AT 453.252 MILLION OZ

jAN 28  WITH SILVER UP $0.34 //HUGE CHANGES IN SILVER INVENTORY AT THE SLV : A MASSIVE WITHDRAWAL OF 1.821 MILLION OZ OUT OF THE SLV./. /

jAN 27  WITH SILVER DOWN $.61 //HUGE CHANGES IN SILVER INVENTORY AT THE SLV : A MASSIVE WITHDRAWAL OF 1.64 MILLION OZ OUT OF THE SLV./. //INVENTORY AT SLV RESTS AT 457.395 MILLION OZ

JAN 24  WITH SILVER DOWN $.21 //HUGE CHANGES IN SILVER INVENTORY AT THE SLV : A MASSIVE WITHDRAWAL OF 1.64 MILLION OZ OUT OF THE SLV./. //INVENTORY AT SLV RESTS AT 457.395 MILLION OZ

JAN 23  WITH SILVER DOWN $.41 //HUGE CHANGES IN SILVER INVENTORY AT THE SLV : A MASSIVE WITHDRAWAL OF 4.738 MILLION OZ OUT OF THE SLV./. //INVENTORY AT SLV RESTS AT 459.035 MILLION OZ

JAN 22  WITH SILVER UP $.08 //SMALL CHANGES IN SILVER INVENTORY AT THE SLV : A DEPOSIT OF 0.721 MILLION OZ INTO THE SLV./. //INVENTORY AT SLV RESTS AT 464.043 MILLION OZ

JAN 20  WITH SILVER DOWN $.09 //NO CHANGES IN SILVER INVENTORY AT THE SLV : A WITHDRAWAL OF 1.568 MILLION OZ FROM THE SLV./. //INVENTORY AT SLV RESTS AT 463.315 MILLION OZ

CLOSING INVENTORY 438,994 MILLION OZ//

PHYSICAL GOLD/SILVER COMMENTARIES

1/ PETER SCHIFF/SCHIFF GOLD/MIKE MAHARRY

END

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

ALASDAIR MACLEOD

Midweek metals madness

After rising nearly 14% in just two months and the premiums on Comex futures normalising, you would have thought gold would have a correction. Instead, it threatens to rise even further…

Despite recent strength, gold’s chart still looks good. Speculator positions on Comex are far from extreme, suggesting that they have yet to get fully on board the trend. In the last three sessions, prices have been driven by overnight (Asian) demand. Broadly, where gold goes silver tends to follow.

The extraordinary thing is that western financial markets have missed out in this game entirely. Even momentum-playing speculators appear luke-warm about the trend, otherwise Comex’s open interest would be significantly greater whereas it has declined by some 76,000 contracts in the last 18 trading sessions.

So, what’s going on?

I have often emphasised the standing for delivery problem on Comex. It is where ephemeral futures meet physical reality. Since mid-December, when the current bullish move started 290 tonnes have been stood for delivery, supposedly a staggering withdrawal of bullion from bullion banks’ reserves. In the past, they have used every trick in the book to not part with actual possession, but that only works so long as those standing for delivery accept a certificate promising ownership from the likes of Goldman Sachs or JPMorgan instead of actual delivery.

But what happens if these ownership certificates are no longer acceptable?

I believe that this is why the bullion bank establishment in New York has had to suck physical liquidity out of other financial centres and even the Bank of England, because there was a run on their US bullion reserves developing with increasing numbers of stand-for-deliveries insisting on actual possession.

Since Covid, gold stand-for deliveries on Comex have totalled over 2,500 tonnes. This conceals an enormous build-up of undelivered obligations, inevitably leading to a run on the system. But why now?

Following President Trump’s election, there has been enormous uncertainty over his own and his team’s attitudes to gold. We hear that Treasury Secretary Scott Bessant is bullish of gold, and that he supports the Treasury’s gold being transferred to a new sovereign wealth fund. But what if the rumours about Fort Knox and the New York Fed misrepresenting the actual position are true? What if most of the gold is missing?

If that is true, then precedence suggests that gold in the Comex vaults might be confiscated to make up for shortfalls in the Treasury’s stocks. And a promise to deliver made by a bullion bank (“Don’t worry, we will look after your gold for you at no storage cost — here is a piece of paper confirming the arrangement”) suddenly is not good enough.

It certainly explains the panic in New York.

Then there’s Trump’s stated objective to devalue the dollar as part of his MAGA policy, in order to make US production more competitive in export markets and shut out foreign competition. That alone points to a rush into gold.

The fact is that with all the rumours and uncertainty over Trump’s trade and financial policies, plus his seeming disregard for others’ property rights (talk to Gazans, and now Ukrainians!) any foreigner holding dollars, storing gold, or possessing gold certificates from a bullion bank for gold in US vaults is at risk of losing it all. In these turbulent times, the only safety looks like possessing physical gold held beyond America’s reach.

The only problem is that liquidity elsewhere has already been cleaned out!

.3 CHRIS POWELL AND GATA DISPATCHES

Chris Powell…..

4 ANDREW MAGUIRE/LIVE FROM THE VAULT NO 210

Episode

210

 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT/COMMODITIES: COMMODITY//COFFE

6 CRYPTOCURRENCY NEWS

END

ASIA TRADING TUESDAY MORNING MONDAY  NIGHT

SHANGHAI CLOSED UP 27.05PTS OR 0.81%

//Hang Seng CLOSED DOWN 32.57PTS OR 0.14%

// Nikkei CLOSED DOWN 105.79 OR 0.27%//Australia’s all ordinaries CLOSED DOWN 0.66%

//Chinese yuan (ONSHORE) CLOSED UDOWN TO 7.2796CHINESE YUAN OFFSHORE CLOSED DOWNTO 7.2899/ Oil UP TO 72.47 dollars per barrel for WTI and BRENT UP AT 76.43 Stocks in Europe OPENED ALL MIXED

ONSHORE USA/ YUAN TRADING ABOVELEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING

WEAKER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER

END

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

ONSHORE YUAN:   CLOSED DOWN AT 7.2796

OFFSHORE YUAN: DOWN TO 7.2899

SHANGHAI CLOSED CLOSED UP 27.05 PTS OR 0.81%

HANG SENG CLOSED CLOSED DOWN 32.57PTS OR 0.14%

2. Nikkei closed DOWN 109.79OR 0.27%

3. Europe stocks   SO FAR:  ALL MIXED

USA dollar INDEX DOWN TO  106.97 EURO FALL TO 1.0440 DOWN 8 BASIS PT HEADING TO PARITY WITH USA

3b Japan 10 YR bond yield: RISES TO. +1.418Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 151.73…… JAPANESE YEN NOW FALLING AS WE HAVE NOW REACHED THE RE EMERGING OF THE YEN CARRY TRADE AGAIN AFTER DISASTROUS POLICY ISSUED BY UEDA

3c Nikkei now  ABOVE 17,000

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

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

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

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

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

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD UP TO +2.5260 Italian 10 Yr bond yield UP to 3.578 SPAIN 10 YR BOND YIELD UP TO 3.177

3i Greek 10 year bond yield UP TO 3.347

3j Gold at $2939.90 /Silver at: 32.92  1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40

3k USA vs Russian rouble;// Russian rouble UP 0 AND 53 /100  roubles/dollar; ROUBLE AT 91.25

3m oil into the 72dollar handle for WTI and  76 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 151.73  10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.418% STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING.

30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.9047 as the Swiss Franc is still rising against most currencies. Euro vs SF:   0.94426well 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: 4.565 UP 2 BASIS PTS…

USA 30 YR BOND YIELD: 4.7870 UP 2 BASIS PTS/

USA 2 YR BOND YIELD:  4.308 UP 1 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 36.30…

10 YR UK BOND YIELD: 4.6550 UP 10 PTS

10 YR CANADA BOND YIELD: 3.190 UP 9 BASIS PTS

5 YR CANADA BOND YIELD: 2.888 UP 8 PTS.

2a New York OPENING REPORT

Futures Slide After Trump Threatens 25% Tariffs, FOMC Minutes Loom

Wednesday, Feb 19, 2025 – 08:25 AM

US equity futures are lower ahead of today’s FOMC minutes, with global markets also sinking and bonds extended their slide after President Trump’s latest tariff threats stoked concern about a widening trade war; hawkish UK inflation prints which sent bond yields higher did not help. As of 8:00am S&P futures are -0.3% lower after the index topped its January record on Tuesday, while Nasdaq futures traded steady after Trump raised the specter of 25% tariffs on Autos and Pharma, both coming after April 1. The Trump Admin will also keep Biden-era rules on M&A. A slew of earnings reports also dented sentiment, with Arista Networks, Occidental Petroleum, Celanese and Bumble all dropping in premarket trading after results. Super Micro Computer rallied, however, after issuing an aggressive long-term revenue outlook. Pre-mkt, Mag7 names are mixed with Semis seeing some profit-taking. The yield curve is twisting steeper as the USD appreciates. Commodities are stronger despite the USD move; Brent trades above $76 while gold is at an all time high around $2940. Today’s macro data focus will be on Housing data and the Fed Minutes.

In premarket trading, Nvidia is leading gains among the Magnificent Seven (GOOGL +0.3%, AMZN -0.1%, AAPL -0.1%, MSFT -0.02%, META -0.09%, NVDA +0.4% and TSLA -0.1%). Bumble plunged 17% after the online dating company gave a first-quarter forecast that was weaker than expected on key metrics. Etsy tumbled 7% after reporting gross merchandise sales for the fourth quarter that missed the average analyst estimate. Here are some other notable premarket movers:

• Analog Devices (ADI) gains 5% after posting adjusted earnings per share for the first quarter that beat the average analyst estimate.
• Arista Networks (ANET) falls 4% after the computer networking company posted 4Q results.
• Cadence Design Systems (CDNS) slips 3% after the electronic design automation software company gave an outlook that was seen as disappointing.
• Celanese (CE) drops 13% after the chemical firm said it sees “persistently weak global demand” in end markets including paint and coatings.
• Fiverr (FVRR) rises 4% after forecasting 1Q revenue that beat the average analyst estimate.
• Howard Hughes Holdings (HHH) falls 3% after confirming it received an revised unsolicited proposal from Pershing Square and will evaluate the offer.
• International Flavors (IFF) falls 2% after forecasting disappointing sales for 2025.
• RB Global Inc. (RBA) rises 3% after reporting quarterly revenue that beat the average analyst estimate.
• Shift4 Payments (FOUR) declines 10% after the payments processing firm gave a weaker-than-expected outlook for adjusted Ebitda.
• Global Blue (GB) jumps 18% after Shift4 agreed to acquire the shopping technology company for $7.50 per share in cash.
• Star Bulk (SBLK) slips 5% as Jefferies notes that 4Q results were weak due to lower dry bulk spot rates, which have continued into the current quarter.
• Supernus Pharmaceuticals (SUPN) drops 21% after the drugmaker said a mid-stage study of its experimental therapy for treatment-resistant depression failed to meet its primary endpoint.
• Toll Brothers (TOL) falls 5% after the luxury homebuilder reported first-quarter revenue and total home sales that fell short of consensus estimates.
• Wix.com (WIX) rises 2% after the company’s forecast for 1Q revenue disappointed.

Traders’ attention will focus turn to the latest FOMC Minutes which could offer clues on the monetary policy outlook. While inflation has been slowing, many fear the effect of Trump’s tariff push on prices. Several officials, including Governor Christopher Waller and San Francisco Fed chief Mary Daly, have signaled rates will stay on hold until inflation slows significantly. 

Separately, on Wednesday, the European Central Bank’s Isabel Schnabel said the bank will have to discuss pausing or ending its rate-cut campaign. Her comments pushed the euro 0.2% lower against the dollar, while bond yields rose across Europe, with 10-year German bund yields up about five basis points. Meanwhile, British 10-year gilt yields rose about six basis points after data showed inflation at a 10-month high.

Investors are also pricing increased government spending on defense should the war in Ukraine draw to an end. “When you think about the outcome of any peace treaty between Ukraine and Russia, that will involve a huge uplift in defense spending from European countries,” said Lilian Chovin, head of asset allocation at Coutts & Co.

Europe’s Stoxx 600 Index dropped 0.5% after another record close on Tuesday. Mining, travel, retail and construction stocks underperform. Sentiment was hurt after Trump warned he is weighing tariffs of around 25% on automobile, semiconductor and pharmaceutical imports. His comments added to the a fragile market picture as hopes for an end to the war in Ukraine were tempered by the exclusion of Ukrainian and European officials from US-Russia talks held on Tuesday.  Major markets are all lower ex-Italy as bond yields increase following the UK inflation print. Aero/Def, Energy, Semis among the strongest baskets. Here are some of the biggest movers on Wednesday:

• HSBC shares in London rise 1.1% following a recent strong rally that took the stock to trade at highest since 2001, after the lender reported pretax profit that beat estimates and detailed a $2 billion share buyback.
• Societe BIC shares rise as much as 5.9% to hit their highest level in more than eight months after the French consumer-goods firm posted annual earnings ahead of expectations.
• Glencore shares drop as much as 7.2% to their lowest level in over three years, with analysts pointing to the miner’s disappointing copper production guidance as well as its shareholder returns, which were weighed down by its debt.
• Jet2 shares sink as much as 11%, their biggest drop since July 2023, after the package holiday company’s guidance fell short of analysts’ expectations.
• Philips shares drop 11%, the most since Oct. 28, after the Dutch medical equipment maker said it expects lower demand in China to continue to stymie growth this year.
• Delivery Hero shares fall 5%, the most in a month, after Citigroup downgraded the stock to sell from neutral, citing risk to margins due to mounting competitive pressures in the Middle East.
• Straumann shares fall as much as 4.4% after the Swiss maker of dental equipment posted results with weaker profitability levels.
• Tate & Lyle shares fall as much as 3.5% after Berenberg cut its recommendation on the stock to hold from buy, citing the ingredient maker’s weak FY2026 outlook, and a lack of signs of improvement in pricing conditions.
• BAE Systems shares fall as much as 3.3% after the UK defense firm’s FY25 cash-flow guidance disappointed analysts, who also noted concerns around US and UK budgets and reviews.
• Temenos shares fall as much as 4%, the most since November, as the Swiss banking software company’s guidance was seen dampened by the recently announced sale of Multifonds at a valuation that is deemed too low.

Some investors are also concerned about Germany’s national election on Sunday. While Friedrich Merz of the center-right opposition is expected to become chancellor, polls suggest the far-right Alternative for Germany will become the second-biggest party in parliament.

“I have been selling quite a lot over the last two days as Europe is now pricing the best possible scenario for the next catalysts, which is the Ukraine ceasefire and German elections,” said Alberto Tocchio, a portfolio manager at Kairos Partners. “The situation might get bumpy as both events are going to be more complicated than what the market thinks.”

In FX, the Bloomberg Dollar index rises 0.1%. The kiwi sits atop the G-10 FX leader board, rising 0.3% against the greenback after the RBNZ signaled it would slow the pace of interest-rate cuts after a third straight reduction of 50 bps. The yen rises 0.2%, taking USDJPY down to ~151.80 after BOJ Board Member Takata said it’s important for authorities to continue considering gradual hikes.

In rates, treasuries edged lower, pushing US 10-year yields up 2 basis points to 4.57%; long-end yields are less than 3bp cheaper on the day with 2s10s, 5s30s spreads wider by 2bp-3bp. Gilts led a selloff in European government bonds as traders trim their Bank of England interest-rate cut bets after UK inflation climbed to the highest since March 2024. UK 10-year yields rise 5 bps to 4.61%, although the pound still falls 0.1% to around $1.26. The German 10-year is ~5bp higher as expectations for ECB rate cuts decline; money markets see 72bps of easing by year-end vs about 76bps before Schnabel’s comments. Treasury coupon auctions resume with $16b 20-year sale at 1pm New York time and continue Thursday with $9b 30-year TIPS new issue. WI 20-year yield at around 4.835% is 6.5bp richer than January’s auction, which drew strong demand and stopped through by 1.1bp

In commodities, oil prices advance, with WTI rising 1% to $72.50 a barrel. European natural gas futures are flat having topped €50 a megawatt-hour at one stage. Spot gold rises $8 to around $2,944/oz.

The US event calendar includes January housing starts and building permits and February New York Fed services business activity (8:30am). Fed speaker slate includes Jefferson at 5pm; minutes of January FOMC meeting to be released at 2pm

Market Snapshot

• S&P 500 futures little changed at 6,152.00
• STOXX Europe 600 little changed at 557.19
• MXAP down 0.1% to 189.67
• MXAPJ little changed at 598.35
• Nikkei down 0.3% to 39,164.61
• Topix down 0.3% to 2,767.25
• Hang Seng Index down 0.1% to 22,944.24
• Shanghai Composite up 0.8% to 3,351.54
• Sensex little changed at 75,952.51
• Australia S&P/ASX 200 down 0.7% to 8,419.19
• Kospi up 1.7% to 2,671.52
• German 10Y yield little changed at 2.53%
• Euro little changed at $1.0441
• Brent Futures up 0.8% to $76.41/bbl
• Gold spot up 0.3% to $2,943.81
• US Dollar Index little changed at 107.03

Top Overnight News

• President Donald Trump said he would likely impose tariffs on automobile, semiconductor and pharmaceutical imports of around 25%, with an announcement coming as soon as April 2 in a move that would represent a dramatic widening of the president’s trade war. BBG
• Trump said the media seeks to sow division between them when asked about the media description of Elon Musk as an ‘unelected president’, while Trump said having someone as smart as Elon Musk to work with him in running the country’s affairs is very important. Furthermore, he thinks Musk’s team will discover a trillion dollars in wasted money: Fox
• Trump posted on Truth that the Department of Justice has been politicised like never before over the past four years and he therefore instructed the termination of all the remaining “Biden Era” US attorneys.
• Intelligence from the United States and close allies shows that Russian President Vladimir Putin still wants to control all of Ukraine. While Putin is sending representatives to Saudi Arabia for negotiations with the US that are aimed at ending the war, officials said that current intelligence shows Putin still believes he can wait out Ukraine and Europe to eventually control all of Ukraine. NBC
• Trump said that Republicans would not touch Medicaid, also repeating his assertion that Medicare and Social security would not be touched: Punchbowl.
• Pharma leaders are to meet with US President Trump in a push to tweak drug policies: BBG
• China’s decline in new-home prices eased for a fifth month in January, offering hope for an end to the slump. Still, Fitch said a solid rebound in sales is needed to put a floor under prices. BBG
• China’s holdings of Treasuries have fallen to their lowest level since 2009, as Beijing holds more of its US government bonds through lower-profile accounts and diversifies into alternative assets such as gold. Analysts add that part of the change is also Beijing seeking to disguise the true extent of its Treasury holdings to accounts not captured in the data. FT
• Japan’s export growth accelerated to 7.2% year on year in January, driven by shipments to the US. Core machine orders unexpectedly fell in December. BBG
• New Zealand’s central bank slashed its policy rate by 50bp to 3.75%, a move that was expected by investors. WSJ
• UK CPI for Jan overshoots the Street on headline at +3% (vs. the Street +2.8% and up from +2.5% in Dec), although core was inline at +3.7% (vs. +3.2% in Dec) and services fell a tiny bit short at +5% (vs. the Street +5.1% and up from +4.4% in Dec). RTRS
• Traders trimmed bets on further rate cuts from the BOE this year in the wake of a surprise jump in UK inflation, and now see fewer than two more reductions through December. CPI accelerated to 3% in January, the highest level in 10 months. Two-year gilt yields gained. BBG
• Iranian oil flows to China jumped to 1.74 million barrels a day this month, the highest since October, according to Kpler, as traders work around tighter US curbs. BBG
• The DeepSeek-led selloff in AI stocks last month provided the first test this year for whether the low correlation environment would persist. Ultimately, the market reaction was discerning rather than indiscriminate, as stocks moved according to their individual exposure to the new information rather than in unison. On Monday, January 27th, as investors digested the DeepSeek news, the tech-heavy Nasdaq 100 fell by 3% while the equal-weight S&P 500 was flat and the broader S&P 500 fell by just 1% (Furthermore, among the mega-cap tech stocks the market discerned winners and losers, with AAPL gaining 3% and NVDA falling by 17%. Goldman

Tariffs

• US President Trump said he will be announcing large companies that are coming back to the US related to chips and cars, while he added car plants are going to be built in the US and the auto tariff rate will be around 25%. Trump said pharmaceutical tariffs will probably be 25% or higher and will see announcements over the next couple of weeks. Trump also stated he was contacted by companies because of tariffs and that the EU has been very unfair to the US.
• China’s ambassador to WTO said US tariffs create tariff shocks that heighten economic uncertainty, disrupt global trade and risk global recession, while the ambassador added that US unilateralism.

A more detailed look at global markets courtesy of Newsuqawk

APAC stocks traded mixed following the somewhat choppy performance stateside as attention centred on US-Russia talks on Ukraine, while US President Trump reiterated threats of tariffs on autos, chips and pharmaceuticals. ASX 200 was dragged lower by underperformance in energy and the top-weighted financial sector after a double-digit percentage drop in Santos’s underlying profit and Big 4 bank NAB also reported a decline in earnings. Nikkei 225 briefly tested the 39,000 level to the downside following disappointing machinery orders and export data. Hang Seng and Shanghai Comp were mixed with sentiment in Hong Kong subdued and the mainland kept afloat in a reversal of recent fortunes, while the US tariff threat lingered and Chinese House Prices continued to contract Y/Y albeit at a less severe pace.

Top Asian News

• RBNZ cut the OCR by 50bps to 3.75%, as expected, while it said rates were reduced further as inflation abates and if economic conditions continue to evolve, there is scope to lower the OCR further in 2025. RBNZ said the committee has the confidence to continue lowering rates and economic activity remains subdued although the economy is expected to recover over 2025. RBNZ lowered its official cash rate forecast to 3.45% for June 2025 (previously 3.83%) and to 3.1% in March 2026 (previously 3.43%), while it sees the OCR at 3.1% in June 2026 (previously 3.32%) and at 3.1% in March 2028.
• RBNZ Governor Orr said the OCR path projects 50bps by mid-year at around July and suggested two 25bp cuts with April and May ‘about right’, while he added the economy has significant spare capacity and 3.75% is the high end of the range of neutral rates. Furthermore, he said it would be a beautiful world if they could get rates to neutral and keep them there and they are seeing a turnaround in the economy.
• BoJ’s Takata said it is necessary for the BoJ to shift gears as appropriate and BoJ’s flexibility has increased, while he added Japan’s real interest rates remain deeply negative, with no change to the accommodative monetary environment. Takata said they must adjust the degree of monetary support further if the economy moves in line with the BoJ’s forecasts and must gradually shift policy, even after January’s rate hike, to avoid upside price risks from materialising. However, he also stated the BoJ needs to take a cautious approach in shifting policy due to uncertainty over the US economic outlook and difficulty in gauging the neutral rate level.
• China issues plan to stabilise foreign investment: Will better utilise foreign investment to strengthen supply chain in the manufacturing sector, promote orderly opening up in the BioPharma field. To encourage financial institutions to provide financing services to foreign-funded enterprises. Foreign invested firms will be allowed to use domestic loans to carry out equity investment. Encourages FDI in livestock breeding, feeding equipment production, feed and veterinary drug production. Will facilitate foreign investors with M&A investment in China.

European bourses (STOXX 600 -0.4%) began the session on either side of the unchanged mark, continuing the indecisive mood seen in APAC trade overnight. As the morning progressed, stocks dipped lower, with a more pronounced sell-off seen in recent trade; indices generally at lows. The dip in sentiment does come amid commentary via Ukrainian President Zelensky who noted that the US demanding return of USD 500bln in minerals is “not a serious conversation”. Seemingly pushing down optimism regarding a near-term Ukraine-Russia peace deal. European sectors are mixed vs initially opening with a slight negative bias; the breadth of the market is fairly narrow. Energy is towards the top of the pile, with upside facilitated by gains in BP, alongside broadly firmer oil prices; BP benefits on reports that it is mulling selling its lubricants unit, worth around USD 10bln. Basic Resources is the slight underperformer today, with the sectors hampered by losses in Glencore after its FY results disappointed (details in the FTSE 100 section below).

Top European News

• ECB’s Schnabel says “we are getting closer to the point where we may have to pause or halt our rate cuts”, according to FT. Does not think R-star can be a reliable guide for monetary policy in real-time. “Restriction has come down significantly, up to a point where we can no longer say with confidence that our monetary policy is still restrictive”. “I’m not saying our monetary policy is no longer restrictive. What I’m saying is I’m no longer sure whether it is still restrictive. But we should not overstate a difference of 25 basis points”. When questioned on “should the ECB drop the reference to restrictiveness in March?”, replied “that is a discussion we should have in the next meeting”. “I firmly believe in the meeting-by-meeting approach”. “…for me, the direction of travel is not so clear anymore”. “Both services inflation and wage growth are still at an uncomfortably high level”. Should start to see services inflation come down in February. Should stop fine-tuning and responding to single data points.
• ECB’s Panetta says signs of weakness in the EZ economy “are more present than we were anticipating”. Expected a recovery driven by consumer spending which didn’t materialise. A weak economy poses a downward risk for inflation, upward risk is primarily from energy prices. Divergence in regulatory approach between US and Europe poses an issue. Need to avoid starting a de-regulation race. Banking regulation could be simplified.
• UK ONS says average private rents rose by 8.7% in the 12 months to January 2025.

FX

• DXY is steady with the USD showing a mixed performance vs. peers after yesterday’s session of gains which some have attributed to a recent pick-up in US yields. Overnight, President Trump stated he will impose 25% tariffs on autos, pharmaceuticals and chips. However, this is a reiteration of recent threats and markets are broadly anticipating a period of “relative calm” ahead of the April 1st deadline. DXY sits towards the top end of yesterday’s 106.80-107.22 range, ahead of the FOMC Minutes. Sentiment has been hit in recent trade amid commentary via Ukrainian President Zelensky who noted that the US demanding return of USD 500bln in minerals is “not a serious conversation”.
• EUR is softer vs. the USD with macro newsflow for the Eurozone on the light side. As such, geopolitics remains in focus with attention on the fallout from US-Russia discussions on the Ukraine war and what that could mean for the region, mainly via the lens of likely increased issuance for Defence spending. ECB dove Panetta stated that signs of weakness in the EZ economy “are more present than we were anticipating”. EUR/USD recently breached the lower end of Tuesday’s 1.0435-86 range.
• USD/JPY has traded on both sides of the 152.00 level (151.56-152.31 range) after disappointing Japanese Machinery Orders and Exports, as well as mixed comments from BoJ’s Takata who stated the BoJ must gradually shift policy even after January’s rate hike to avoid upside price risks from materialising but added that they need to take a cautious approach in shifting policy due to uncertainty.
• GBP is steady vs. the USD following a mixed UK inflation report; CPI Y/Y 3.0% vs. Exp. 2.8% (Prev. 2.5%), Core Y/Y 3.7% vs. Exp. 3.7% (Prev. 3.2%), Services Y/Y 5.0% vs. Market & BoE Exp. 5.20% (Prev. 4.40%). Markets don’t fully price the next 25bps rate cut until June with a total of 52bps of cuts seen by year-end. Cable hit a fresh YTD peak at 1.2640 late yesterday but has since faded gains.
• Antipodeans are both firmer vs. the USD with outperformance in the NZD post-RBNZ. NZD was initially pressured after the RBNZ delivered a third consecutive 50bps rate cut and signalled further cuts ahead, although the currency later rebounded off lows after the dust settled and RBNZ Orr suggested at the press conference for a shift to 25bps cuts in April and May.
• PBoC set USD/CNY mid-point at 7.1705 vs exp. 7.2807 (prev. 7.1697).
• Westpac week ahead orders: Buy AUD/CAD at 0.8990, targeting 0.9180, with a trailing stop initially set at 0.8955; Sell CAD/JPY at 107.80, targeting 105.00, with a trailing stop initially set at 108.50.

Fixed Income

• USTs are marginally in the red but essentially flat when compared to EGBs and in particular Gilts. Docket ahead features 20yr supply, FOMC Minutes and remarks from Jefferson (voter) but with the latest building permit/housing start data first. Thus far, specifics for USTs are a little light and as such the benchmark is steady in a slim five tick overnight band between 108-22+ and 108-27. However, it is worth highlighting that long-end benchmarks, particularly the 20yr, trade a little heavy pre-supply.
• A softer morning for EGBs though not to quite the same magnitude as Gilts. Specifics for the bloc light with the focus still firmly on Ukraine and potential defense-related joint issuance. A well-received Bund auction had little impact on German paper.
• Thereafter, remarks via ECB hawk Schnabel, has sparked some additional downside in Bunds, taking them down to fresh lows at 131.58; her comments held a hawkish tilt. She said that “we can no longer say with confidence that our monetary policy is still restrictive”, adding that the “we are getting closer to the point where we may have to pause or halt our rate cuts”.
• Gilts are underperforming after a noisy set of inflation data from the UK. Metrics which saw the headline come in hotter than expected though much of this was due to potential one-off factors around Transport and Energy. The all-important Services figure printed cooler than both the BoE and market expected. While there are caveats and positives to the release, this does not however change the overall picture from it of increasing price pressures. The 2028 outing sparked some modest pressure in Gilts, taking UK paper to the a fresh session low of 92.08.
• Amid commentary via Ukrainian President Zelensky who noted that the US demanding return of USD 500bln in minerals is “not a serious conversation”, risk-off sentiment crept in. The downside in the complex has subsided and currently traverse worse levels.
• Orders for the new 8yr “BTP Plus” reach EUR 10lbn since start of offer, according to bourse data.
• UK sells GBP 4.25bln 4.375% 2028 Gilt: b/c 3.09x (prev. 3.2x), average yield 4.294% (prev. 4.384%) & tail 0.5bps (prev. 0.2bps)
• Germany sells EUR 3.47bln vs exp. EUR 4.5bln 2.50% 2035 Bund: b/c 2.8x (prev. 2.8x), average yield 2.52% (prev. 2.54%) & retention 22.8% (prev. 23.58%)

Commodities

• Firmer trade across the crude complex amid ongoing geopolitics and with the European Commission this morning targeting Russian aluminium, shadow fleet and tech. Brent Apr resides in a USD 75.80-76.48/bbl parameter. Some modest pressure has been seen in the complex in recent trade amid commentary via Ukrainian President Zelensky, who seemed to pour cold water on the prospects of a near-term solution to the Ukrainian conflict.
• Modest gains were seen across spot gold and silver with the Dollar steady but as spot gold prints fresh record highs, buoyed by the broader geopolitical landscape, with the US-Russia meeting not received well by Ukraine. Spot gold currently resides in a USD 2,942.21-2,947.08/oz range.
• Base metals are mostly firmer following a mostly lower APAC session, with aluminium prices shooting higher after the European Commission unveiled its 16th Russian sanctions package this morning, targeting Russian aluminium, shadow fleet and tech. 3M LME copper resides in a USD 9,407.85-9,494.00/t range.
• US President Trump said he is looking at Venezuela very seriously and may not let Venezuela export oil via Chevron.
• EU envoys have agreed on the 16th sanctions package against Russia, includes primary aluminium import ban and listing of 73 new shadow fleet vessels. European Commission’s 16th sanctions package against Russia expected to be formally imposed on Monday, according to WSJ’s Norman.
• Glencore (GLEN LN) believes initiatives to remove some regulation will be positive for commodity markets; demand for commodities looks good in China, which is seen growing 5% in 2025.
• Exxon (XOM) reports that flare gas recovery equipment froze up resulting in release of sulphur dioxide at the 275k BPD Joliet Illinois refinery.
• Turkish Energy Minister says have not received any information from Iraq on resuming oil flows from Iraq-Turkey pipeline.
• China’s NDRC will cut retail gasoline and diesel prices by CNH 170/ton and CNH 160/ton respectively, starting February 19.

Geopolitics: Ukraine

• Ukrainian President Zelensky says US President Trump is trapped in a disinformation bubble; US demanding return of USD 500bln in minerals is “not a serious conversation”; “I can’t sell our country”. Nobody in Ukraine trusts [Russian President] Putin.
• Russia’s Kremlin says Russian President Putin/US President Trump meeting will take time to prepare, via Tass. Will first need reanimation of Russia-US relations, then restoration, via Tass. Talks in Riyadh is an important step towards Ukraine crisis settlement. Russian and US mainly discussed their own relations yesterday.
• Ukrainian President Zelensky says “he wants to end war with Russia this year”, according to Sky News Arabia
• Kremlin says Russian President Putin and US President Trump meeting may occur before the end of February, according to Interfax. Russia will appoint Ukraine negotiator depending on who the US representative is.
• Russian Foreign Minister Lavrov says he assumes that the US intends to remove obstacles that are in the path of promising projects. Have begun to move away from the edge of the abyss where the Biden admin led the US-Russia relationship.
• European Commission President says “We are committed to keep up the pressure on the Kremlin”.
• US President Trump said talks with Russia were very good and he is more confident, while he added that he does not think they would have to remove all troops from Europe and it is fine if Europeans want peacekeeping troops in Ukraine. Trump criticised Ukraine who he said wants a seat at the table but noted that Ukraine has had a seat and this could have been settled easily, as well as falsely accused Ukraine of starting the war and suggested Ukraine should hold an election. Furthermore, Trump said it was the Ukrainian leadership that allowed the war to continue so far and he is disappointed after Ukraine denounced its exclusion from US-Russia talks, while he also stated that he will probably meet with Russian President Putin before the end of the month.
• German Defence Minister said Russian threat will remain even with the possibility of peace in Ukraine and their experts estimate that in 4 to 7 years Putin will be able to launch an attack on NATO territory, according to Al Jazeera.

Geopolitics: Other

• China’s Foreign Minister Wang Yi met with Bolivia’s Foreign Minister at the UN and said China is willing to work with Bolivia to elevate their strategic partnership, while he added that Latin America belongs to its people and is not any country’s “backyard”, as well as stated that China will always be a trustworthy friend and partner of Latin America.
• N12 reports that the Israeli gov’t has begun working on an initiative to allow Gaza Strip residents to voluntarily leave to receptive third nations, article adds that such countries “have not yet been identified”.

US Event Calendar

• 07:00: Feb. MBA Mortgage Applications -6.6%, prior 2.3%
• 08:30: Jan. Housing Starts, est. 1.39m, prior 1.5m
  • Jan. Housing Starts MoM, est. -7.3%, prior 15.8%
  • Jan. Building Permits, est. 1.46m, prior 1.48m
  • Jan. Building Permits MoM, est. -1.5%, prior -0.7%
• 08:30: Feb. New York Fed Services Business, prior -5.6
• 14:00: Jan. FOMC Meeting Minutes

DB’s Jim Reid concludes the overnight wrap

Markets put in a strong performance yesterday, with both the S&P 500 (+0.24%) and the STOXX 600 (+0.32%) hitting all-time highs. For the S&P 500 that marked a second all-time high of the year. Remarkably, it had already registered 11 all-time highs by this time last year and 57 in 2024 as a whole. Talks over Ukraine were an important catalyst for yesterday’s advance, as hopes for an end to the conflict helped to power the European advance, where equities have seen a clear outperformance against their global counterparts so far this year. Indeed, the STOXX 600 hasn’t seen a weekly decline at all this year, with the index currently on track for a 9th consecutive weekly gain.

US equity futures are edging higher again overnight but Asian equities are more mixed after last night Trump signalled major tariffs on autos, chips and pharmaceuticals. When asked on auto tariffs, he said “I probably will tell you that on April 2, but it’ll be in the neighborhood of 25%”, adding similar comments on the other two sectors. In a report earlier this month (link here), Peter Sidorov highlighted how electronics, autos and pharma are three groups in which the US runs the largest trade deficit so it’s not a surprise to see these being targeted. It remains to be seen which of the floated tariffs will be implemented but there are now many tariff spinning plates in play, with reciprocal tariff investigations also due by early April, steel and aluminium tariffs due on March 12, and the one-month delay to tariffs on Canada and Mexico ending on March 4.

Turning to the latest on Ukraine, yesterday saw the US and Russia commence talks in Saudi Arabia, with US Secretary of State Marco Rubio speaking with Russian Foreign Minister Sergei Lavrov. In a readout from the US State Department, it said they agreed to appoint “high-level teams to begin working on a path to ending the conflict in Ukraine as soon as possible in a way that is enduring, sustainable, and acceptable to all sides.” However, there was no sign yet of a date for a meeting between Presidents Trump and Putin. In the meantime, we had a report from Fox News that the US and Russia were proposing a 3-stage peace plan, according to diplomatic sources close to the talks. That would involve a ceasefire, Ukrainian elections, and signing a final agreement, though Fox reporting later clarified that officials were only “floating” the elections idea at this stage. Trump also referred to the “long time” since Ukraine had an election in his comments later on.

There have been concerns that Europe and Ukraine are being left on the sidelines and yesterday Zelenskiy postponed his own visit to Saudi Arabia, saying “we want no one to decide anything behind our back”. That said, last night Rubio did have a call with major European foreign ministers to brief them on the meeting. And while the direction of travel may be very uncomfortable for Europe politically, markets have been more focused on the prospect of any agreement to end the war rather than the type of agreement. As such European risk assets continued to outperform. In fact, all of the major equity indices posted a fresh advance, which included new records for the STOXX 600 (+0.32%) and the DAX (+0.20%). There was also some positive news from the ZEW survey in Germany, as the expectations component rose to a 7-month high of 26.0 (vs. 20.0 expected). Perhaps the upcoming election is also bringing renewed hope. And even though tech stocks dragged on the main indices, other cyclicals helped to overpower that, with the STOXX Banks Index (+1.96%) up to a 13-year high as well. As a European banker that wasn’t the worst news I’ve had this year.

Elsewhere in Europe, sovereign bonds stabilised after their Monday losses, with yields on 10yr bunds (+0.5bps), OATs (-0.7bps) and OATs (-0.1bps) seeing little movement in either direction. Nevertheless, the broader risk-on tone meant that sovereign bond spreads tightened further, with the Italian-German 10yr spread down to a 3-year low of 105bps. And it was the same story for credit as well, with both Euro IG and HY spreads closing at their tightest in over 3 years, around the time that energy prices began to spike higher and inflation rose meaningfully.

Over in the US, financial markets caught up with the rest of the world as they reopened after Monday’s holiday. The S&P 500 (+0.24%) was little changed for much of the day, but a late rally helped it reach a new all-time high, surpassing its previous record from January 23. The gains were fairly broad with more than 70% of the S&P 500 higher on the day and the Russell 2000 up +0.45%. But the advance was held back by the Magnificent 7 (-0.71%), with Meta (-2.76%) leading on the downside after a remarkable run on 20 consecutive gains that had seen its shares rise +20.5% in the past month. Meanwhile, Intel (+16.06%) was the second-best performer in the S&P 500 following weekend reporting by WSJ and Bloomberg that it could be broken up in a deal involving TSMC and Broadcom.

US Treasuries also struggled by comparison with their European counterparts, with the 10yr yield up +7.4bps on the day to 4.55%. That was in part a catch down to Monday’s sell-off and also followed remarks from Fed officials on Monday, who reiterated the message that they were in no hurry to adjust policy. Yesterday’s sizable $30bn slate of IG corporate bond issuance may have also added upward pressure on yields. And in Canada, the 10yr yield surged by +8.4bps on the day, which came after their latest core CPI print surprised on the upside. For instance, both the core inflation measures preferred by the Bank of Canada moved up to +2.7% (+2.6% expected), which led investors to dial back the likelihood of another rate cut at their next meeting.

Here in the UK, gilts underperformed their European counterparts after the latest labour market data surprised on the upside. That included a rise in average weekly earnings to +6.0% (vs. +5.9% expected), whilst the unemployment rate remained at 4.4% (vs. 4.5% expected). So as with the Canadian inflation numbers, that also saw investors dial back the probability of a rate cut from the Bank of England at their next meeting. Yields on 10yr gilts themselves were up +3.0bps on the day, whilst the 2yr yield was up +3.7bs. Watch out for UK CPI just after we go to press.

Coming back to Asia, the Nikkei (-0.31%), the Hang Seng (-0.51%) and the S&P/ASX 200 (-0.73%) are all losing ground. The KOSPI (+1.72%) is the best performer rallying to a 5-month high buoyed by hopes of improving political conditions in the country. Additionally, mainland Chinese stocks are also advancing with the Shanghai Composite (+0.54%) moving higher after the central government vowed to support private industries.

In monetary policy action, the Reserve Bank of New Zealand (RBNZ) lowered the official cash rate by 50bps to 3.75% as expected in its policy meeting, marking its fourth straight cut, as easing inflation offers the central bank room to boost the economy. Additionally, the central bank indicated that it will likely follow with 25bps cut at its April and May policy meetings.

Early morning data showed that Japanese exports rose +7.2% y/y in January (vs +2.8% in December, +7.7% market consensus). Meanwhile, imports rose a bigger-than-expected +16.7% (vs +1.7% in December, +9.3% market consensus), thus leading to a trade deficit of -2.76 trillion yen in January (v/s -2.10 trillion yen expected) and compared with a revised surplus of +0.133 trillion yen in the previous month as worries continue to grow about looming tariffs from the Trump administration.

Looking at yesterday’s other data, the US Empire State manufacturing survey came in at 5.7 in February (vs. 0.0 expected). But there was more negative news from the NAHB’s housing market index, which fell to a five-month low of 42 in February (vs. 46 expected).

To the day ahead now, and data releases include the UK CPI for January, US housing starts and building permits for January. Otherwise from central banks, we’ll get the minutes of the FOMC’s January meeting, and also hear from Fed Vice Chair Jefferson.

B) EUROPEAN REPORT

C) ASIA REPORT

RBNZ cut by 50bps & signalled further easing, continued tariff rhetoric from Trump – Newsquawk Europe Market Open

Wednesday, Feb 19, 2025 – 01:45 AM

• APAC stocks traded mixed following the somewhat choppy performance stateside.
• President Trump stated he will impose 25% tariffs on autos, pharmaceuticals and chips.
• European equity futures indicate a slightly lower open with Euro Stoxx 50 futures down 0.1% after the cash market closed with gains of 0.3% on Tuesday.
• The RBNZ delivered a third consecutive 50bps rate cut and signalled further cuts ahead; likely to step down to 25bps increments.
• DXY a touch softer, NZD leads, most other majors are broadly contained.
• Looking ahead, highlights include UK CPI, FOMC Minutes (Jan), Fed’s Jefferson, Supply from UK, Germany & US.

SNAPSHOT

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US TRADE

EQUITIES

• US stocks closed with marginal gains after a slight bid was seen heading into the settlement but were relatively rangebound in a day which was dominated by US and Russia high-level delegates holding a meeting in Riyadh regarding Ukraine. Following the gathering, the Russian side gave positive remarks with Russian Foreign Minister Lavrov noting that talks were “not unsuccessful”, while Ukrainian President Zelensky postponed his visit to Saudi Arabia until March 10th with sources stating that it was in order to not give legitimacy to US-Russia meeting.
• SPX +0.24% at 6,129, NDX +0.23% at 22,164, DJI +0.02% at 44,556, RUT +0.50% at 2,291.
• Click here for a detailed summary.

TARIFFS

• US President Trump said he will be announcing large companies that are coming back to the US related to chips and cars, while he added car plants are going to be built in the US and the auto tariff rate will be around 25%. Trump said pharmaceutical tariffs will probably be 25% or higher and will see announcements over the next couple of weeks. Trump also stated he was contacted by companies because of tariffs and that the EU has been very unfair to the US.
• China’s ambassador to WTO said US tariffs create tariff shocks that heighten economic uncertainty, disrupt global trade and risk global recession, while the ambassador added that US unilateralism threatens to upend the rules-based trading system and the WTO must have its voice.

NOTABLE HEADLINES

• Fed’s Barr (voter) said AI presents some risks and AI’s speed risks generating issues on a wider scale, while he also noted that they have made a lot of progress on inflation.
• US President Trump said the media seeks to sow division between them when asked about the media description of Elon Musk as an ‘unelected president’, while Trump said having someone as smart as Elon Musk to work with him in running the country’s affairs is very important. Furthermore, he thinks Musk’s team will discover a trillion dollars in wasted money.
• US President Trump posted on Truth that the Department of Justice has been politicised like never before over the past four years and he therefore instructed the termination of all the remaining “Biden Era” US attorneys.
• US President Trump’s administration is planning to lay off 40% of the workers at the federal housing administration, while the Pentagon was reported to create a staff termination list as DOGE targets the military, according to Bloomberg.
• Pharma leaders are to meet with US President Trump in a push to tweak drug policies, according to Bloomberg.
• US Senate confirmed Howard Lutnick as US Commerce Secretary.

APAC TRADE

EQUITIES

• APAC stocks traded mixed following the somewhat choppy performance stateside as attention centred on US-Russia talks on Ukraine, while US President Trump reiterated threats of tariffs on autos, chips and pharmaceuticals.
• ASX 200 was dragged lower by underperformance in energy and the top-weighted financial sector after a double-digit percentage drop in Santos’s underlying profit and Big 4 bank NAB also reported a decline in earnings.
• Nikkei 225 briefly tested the 39,000 level to the downside following disappointing machinery orders and export data.
• Hang Seng and Shanghai Comp were mixed with sentiment in Hong Kong subdued and the mainland kept afloat in a reversal of recent fortunes, while the US tariff threat lingered and Chinese House Prices continued to contract Y/Y albeit at a less severe pace.
• US equity futures (ES +0.1%, NQ +0.2%) eked mild gains after the late bid on Wall St which helped the S&P 500 notch a record close.
• European equity futures indicate a slightly lower open with Euro Stoxx 50 futures down 0.1% after the cash market closed with gains of 0.3% on Tuesday.

FX

• DXY traded rangebound at the 107.00 level after strengthening yesterday as US participants returned from the long weekend amid a higher yield environment and with headline newsflow dominated by US and Russia talks in Riyadh regarding Ukraine. Elsewhere, President Trump threatened 25% tariffs on autos from April 2nd, as well as warned of tariffs on chips and pharmaceuticals, while the attention stateside now turns to the incoming FOMC Minutes.
• EUR/USD lacked demand after it recently gave up ground to a firmer dollar but retained a comfortable grip on the 1.0400 handle with the attention in Europe on discussions between European leaders over the Russia-Ukraine conflict.
• GBP/USD struggled for direction following the prior day’s choppy performance and with participants awaiting UK CPI data.
• USD/JPY traded on both sides of the 152.00 level after disappointing Japanese Machinery Orders and Exports, as well as mixed comments from BoJ’s Takata who stated the BoJ must gradually shift policy even after January’s rate hike to avoid upside price risks from materialising but added that they need to take a cautious approach in shifting policy due to uncertainty.
• Antipodeans were firmer on the session but with two-way price action seen in which NZD was initially pressured after the RBNZ delivered a third consecutive 50bps rate cut and signalled further cuts ahead, although the currency later rebounded off lows after the dust settled and RBNZ Orr suggested at the press conference for a shift to 25bps cuts in April and May.
• PBoC set USD/CNY mid-point at 7.1705 vs exp. 7.2807 (prev. 7.1697).

FIXED INCOME

• 10yr UST futures languished near the prior day’s lows after suffering from a higher yield environment and corporate supply, while participants also awaited a looming 20yr auction and FOMC Minutes.
• Bund futures were subdued beneath the 132.00 level with demand contained ahead of a EUR 4.5bln Bund issuance.
• 10yr JGB futures traded indecisively as participants digested disappointing data and mixed BoJ rhetoric.

COMMODITIES

• Crude futures were kept afloat in rangebound trade after the recent US-Russia talks on Ukraine which Russian Foreign Minister Lavrov said were “not unsuccessful”, while US President Trump criticised Ukraine in a press briefing and hinted that an election may be needed in Ukraine, as well as falsely claimed Ukraine started the war.
• US President Trump said he is looking at Venezuela very seriously and may not let Venezuela export oil via Chevron.
• North Dakota Pipeline Authority said the state’s oil production is estimated to be down 120k-150k BPD due to recent extreme cold and related ops, while associated wellhead natural gas production is estimated to be down 0.34-0.42 BCFD.
• Russia’s oil exports and transit from the Black Sea Port of Novorossiisk was suspended on February 18th due to bad weather but CPC Blend oil loadings are unaffected, according to Reuters citing sources.
• Spot gold held on to most of the prior day’s firm gains and sat in close proximity to retest its record highs.
• Copper futures remained lacklustre amid the mixed risk sentiment in Asia-Pac markets.

CRYPTO

• Bitcoin was choppy and swung between gains and losses above the USD 95,000 level.

NOTABLE ASIA-PAC HEADLINES

• RBNZ cut the OCR by 50bps to 3.75%, as expected, while it said rates were reduced further as inflation abates and if economic conditions continue to evolve, there is scope to lower the OCR further in 2025. RBNZ said the committee has the confidence to continue lowering rates and economic activity remains subdued although the economy is expected to recover over 2025. RBNZ lowered its official cash rate forecast to 3.45% for June 2025 (previously 3.83%) and to 3.1% in March 2026 (previously 3.43%), while it sees the OCR at 3.1% in June 2026 (previously 3.32%) and at 3.1% in March 2028.
• RBNZ Governor Orr said the OCR path projects 50bps by mid-year at around July and suggested two 25bp cuts with April and May ‘about right’, while he added the economy has significant spare capacity and 3.75% is the high end of the range of neutral rates. Furthermore, he said it would be a beautiful world if they could get rates to neutral and keep them there and they are seeing a a turnaround in the economy.
• BoJ’s Takata said it is necessary for the BoJ to shift gears as appropriate and BoJ’s flexibility has increased, while he added Japan’s real interest rates remain deeply negative, with no change to the accommodative monetary environment. Takata said they must adjust the degree of monetary support further if the economy moves in line with the BoJ’s forecasts and must gradually shift policy, even after January’s rate hike, to avoid upside price risks from materialising. However, he also stated the BoJ needs to take a cautious approach in shifting policy due to uncertainty over the US economic outlook and difficulty in gauging the neutral rate level.

DATA RECAP

• Chinese House Prices MM (Jan) 0.0% (Prev. 0.0%)
• Chinese House Prices YY (Jan) -5.0% (Prev. -5.3%)
• Japanese Trade Balance (JPY)(Jan) -2758.8B vs. Exp. -2100.5B (Prev. 130.9B, Rev. 132.5B)
• Japanese Exports YY (Jan) 7.2% vs. Exp. 7.9% (Prev. 2.8%)
• Japanese Imports YY (Jan) 16.7% vs. Exp. 9.7% (Prev. 1.8%, Rev. 1.7%)
• Japanese Machinery Orders MM * (Dec) -1.2% vs. Exp. 0.1% (Prev. 3.4%)
• Japanese Machinery Orders YY * (Dec) 4.3% vs. Exp. 6.9% (Prev. 10.3%)
• Australian Wage Price Index QQ (Q4) 0.7% vs. Exp. 0.8% (Prev. 0.8%)
• Australian Wage Price Index YY (Q4) 3.2% vs. Exp. 3.2% (Prev. 3.5%)

GEOPOLITICS

MIDDLE EAST

• Israel Minister of Strategi Affairs Dermer will work with US Special Envoy Witkoff on phase two talks which are focused on demands to end the war, while there will be working teams and professional ranks traveling to Qatar and Egypt, according to Jerusalem Post citing sources.

RUSSIA-UKRAINE

• US President Trump said talks with Russia were very good and he is more confident, while he added that he does not think they would have to remove all troops from Europe and it is fine if Europeans want peacekeeping troops in Ukraine. Trump criticised Ukraine who he said wants a seat at the table but noted that Ukraine has had a seat and this could have been settled easily, as well as falsely accused Ukraine of starting the war and suggested Ukraine should hold an election. Furthermore, Trump said it was the Ukrainian leadership that allowed the war to continue so far and he is disappointed after Ukraine denounced its exclusion from US-Russia talks, while he also stated that he will probably meet with Russian President Putin before the end of the month.
• Intelligence reportedly shows Russian President Putin is not interested ‘in a real peace deal’ and is going through the motions but still thinks he can eventually control all of Ukraine, according to the sources cited by NBC News.
• France convenes a second meeting to discuss Ukraine and European security on Wednesday which will include NATO allies not invited on Monday. Furthermore, it was reported that among the countries invited are Norway, Canada, Baltic States, Czech Republic, Greece, Finland, Romania, Sweden and Belgium.
• German Defence Minister said Russian threat will remain even with the possibility of peace in Ukraine and their experts estimate that in 4 to 7 years Putin will be able to launch an attack on NATO territory, according to Al Jazeera.
• EU is reportedly working on an initiative to provide Ukraine with additional military support as soon as possible, with an aim to deliver at least 1.5mln rounds of artillery ammunition, air defence systems, deep-precision strike missiles and drones, as well as support to train and equip brigades and bolster ties between the defence industries of the EU and Ukraine, according to Bloomberg citing a document.

OTHER

• China’s Foreign Minister Wang Yi met with Bolivia’s Foreign Minister at the UN and said China is willing to work with Bolivia to elevate their strategic partnership, while he added that Latin America belongs to its people and is not any country’s “backyard”, as well as stated that China will always be a trustworthy friend and partner of Latin America.

3 .ASIA

3A NORTH KOREA/SOUTH KOREA

end

3BJAPAN

end

3C. CHINA/

CHINA /

Beijing Underground Command Center Signals Preparation For Conflict

Tuesday, Feb 18, 2025 – 11:25 PM

Authored by John Mills via The Epoch Times,

The media recently reported that China’s People’s Liberation Army is building the world’s biggest military base underground in possible preparation for conflict with the United States.

Large enough to fit 10 Pentagons, the new super large facility should not be a surprise – it is a logical and iterative next step of a long program of underground facilities by China. The command center is on the western outskirts of the capital city of Beijing.

In about 2011, stories began to appear around China’s “Underground Great Wall.”

“In March 2008, China’s state-run CCTV network broke the news about a 5,000-kilometre-long network of hardened tunnels built to house the Chinese Second Artillery Corps’s (sic) increasingly modern force of nuclear-tipped ballistic missiles,” The Diplomat reported on Aug. 20, 2011.

Hui Zhang of Harvard’s Belfer Center downplayed China’s Underground Great Wall and explained it was only “defensive in nature.”

Prior to the Underground Great Wall, the People’s Liberation Army Navy built a large underground submarine base on Hainan Island that is still being expanded and improved.

The new command center in Beijing is described by online media BulgarianMilitary.com as a “command-and-control center for the PLA in wartime.“ The report notes that ”the site’s sheer scale, combined with its underground elements, points to a design built for survival,“ and  ”experts believe that the complex will feature a series of underground nodes, perhaps even a hidden subway system, all interconnected by subterranean passageways.”

When completed, this facility—now dubbed the “Beijing Military City” by Western military analysts—will be the largest underground command center in the world, possibly in history.

Western Equivalents Are Limited in Comparison

Zhang of the Belfer Center described the Beijing Military City as defensive in nature. That is one viewpoint but should also be measured and compared in terms of equivalency in the West. The challenge is that there is little equivalency in the West in modern times.

There are underground facilities dating back to the Cold War days in the West, but most have been decommissioned. Canada’s “Diefenbunker” in Ottawa is a museum and tourist attraction. In the UK, there was the Central Government War Headquarters (CGWHQ), close to Bristol, about 100 miles due west of London, which could accept about 4,000 to 5,000 essential personnel for the Continuity of Government (COG).

In the United States, there was The Greenbrier Hotel in West Virginia, where, at one time, Congress would relocate to in case of conflict; it is now a museum with a gift shop. The Pentagon contains the existing National Military Command Center, which is in the above-ground basement, but also has a backup at Raven Rock and air and ground mobile alternate command posts. The White House has an alternate facility for COG, if necessary.

Strategic Command at Offutt Air Force Base in Omaha, Nebraska, has an underground facility that is being rebuilt due to a flood in 2019 that damaged part of the facility. The vaunted and historic Cheyenne Mountain Complex in Colorado Springs, Colorado, was essentially closed around 2005 but was reopened beginning in 2015 as a backup for the above-ground facilities below at Peterson Air Force Base.

Most of the Cold War facilities in the West closed because there was a perception there was no compelling reason to keep them open, along with the enormous maintenance costs to keep them operational. The reality is that all of these Western facilities, whether they are active or museum pieces, would fill up only a small portion of the operational side of the underground Beijing Military City currently under construction.

China’s New Underground Headquarters

The message being sent from the construction is a theme of preparation for conflict. Bulgarian military expert Boyko Nikolov said, “This isn’t just about protecting assets; it’s about creating a self-sustaining, impenetrable hub that could coordinate China’s war efforts from the shadows.”

Dennis Wilder, former head of the China analysis section at CIA and senior adviser for Asia at the White House, said, “If the report is correct, it is a sign of China’s intention to build not only world-class conventional power but also advanced nuclear war fighting capabilities.”

The iterative buildup from the Hainan underground submarine base to the underground “Great Wall” for China’s ground-based nuclear force to the now-revealed Beijing Military City is likely the largest aggregation of underground military facilities in history. The indicators are that it is part of a pathway to conflict. Noted China expert Gordon Chang has framed it as “China is preparing for war, America is not.”  The assessment cannot be clearer or starker.

China is building and expanding underground facilities as protected wartime command and control centers to ensure COG. The West has nominal equivalent facilities; most have been converted into museums that would need significant modernization and time if they were to be brought back into service.

Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times or ZeroHedge.

4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS

5 RUSSIAN AND MIDDLE EASTERN AFFAIRS

ISRAEL/HAMAS

Reporter’s Notebook: ‘Post’ examines ceasefire’s effect on Gaza border security landscape

Reporter’s Notebook: A ground look at how IDF withdrawals and open mass movement of Palestinians has impacted security.

By YONAH JEREMY BOBFEBRUARY 19, 2025 08:59Updated: FEBRUARY 19, 2025 09:28

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fisrael-news%2Farticle-842766&unitId=2900003088&userId=fc1f54a9-182e-48c4-af1c-0ddd1497d1d7&isLegacyBrowser=false&isPartitioningSupport=1&version=20250210_c4413a04dc8172732676bb6bdd69d005ba41af2f&useBunnyCDN=0&themeId=140&unitType=tts-player

I visited Gaza four times during this war and was on the Israeli side of the Gaza border countless times, starting from October 11, 2023, while the IDF was still finishing up its clearance of Hamas invaders.

And yet it was critical for me to see the changes, both on the Israeli side and, as much as possible, on the Gaza side, since the January 19 ceasefire.

The ceasefire led to massive IDF withdrawals from nearly all of Gaza, other than a 700-1,100 meter perimeter and a small force on the Philadelphi Corridor with Egypt.

As of February 3, it also led to Gaza’s 2.3 million Palestinian population returning to their home communities, including hundreds of thousands returning to northern Gaza.

I would have visited the Gaza border closer to February 3, but after initially expressing an openness to organizing a tour, the IDF declined to cooperate with any tour. 

https://player.jpost.com/public/player.html?player=jpost&media=3853115&url=www.jpost.com‘Post’ visits the Gaza border area. (Credit: YONAH JEREMY BOB).

Many local contacts on the Gaza border have also become temporarily overwhelmed with managing the week-to-week and sometimes day-to-day changes regarding the rounds of hostage returns.

Finally, I managed to organize a tour that led me to visit Nirim (near Khan Yunis in southern Gaza), Beeri (near El Bureij in central Gaza), Alumim, and Nahal Oz (both near Shejaia and Gaza City in northern Gaza.)

On a personal level, the tour was night and day from earlier visits. There were comparatively no roadblocks (in the early war months, roadblocks were everywhere in the South), there were no rockets blowing up over my head, and my GPS was not scrambled.

‘Radical transformation’ at the Gaza border

What I saw was a mixed picture of radical transformation, potential long-term quiet, along with still dangerous tensions beneath the surface.

Given the lack of IDF cooperation, I had to suffice with driving around nearby border fields and seeking makeshift lookout spots to judge the progress on both sides of the border. (The IDF seemed more excited about showing off victories in the field in Gaza than about showing withdrawals – another blatant sign of this being they have not updated the public when withdrawing other than with vague messages that try to bury the withdrawal theme.)

I also spoke off-the-record with some soldiers and local village security volunteers.

In terms of radical transformation, vast areas of Khan Yunis and Shejaia have been flattened since the start of the war.

In an earlier briefing, which The Jerusalem Post was part of, it was made clear that hundreds of meters of residences and buildings near the border would be destroyed to make room for a security perimeter and to make it harder for future Gaza invaders to sneak up on Israeli-side Gaza border towns.

Unlike parts of Gaza where houses were destroyed only if Hamas was using them to fight from, with these close border areas, a policy decision was made to “clean house” whether houses were used by Hamas or not in order to generally improve Israel’s future defensive posture.

Israel’s side of the Gaza border

On the Israeli side of the border, the transformation is that the border towns are still much worse off than one might have expected.

Although many of the 22 villages that Hamas conquered on October 7 have been rebuilt and repopulated, at least 10 close border towns still are prohibited from accepting their residents to return.

In such places as Nirim, only those residents who are part of the local voluntary security team and some critical local business workers are permitted to live in their towns.

No one knows how long this policy will last, but some believe it could easily last into the next school year of fall 2025, if not longer.

In terms of a lasting quiet, the good news was that I did not hear or see any active fighting.

Hundreds of thousands of Palestinians may have returned to northern Gaza, and Palestinians, in general, may be returning to their origin communities from refugee areas on the Mediterranean coastline, but this has not led to any major new security threat.

This is despite the fact that the number of soldiers handling Gaza is down from five divisions at the start of the war to one to two lighter divisions at this point.

The less robust Gaza Division and reservist Division 252 have replaced the more powerful Divisions 98, 162, and 36.

I could not see a large number of IDF forces at any of the spots that I stopped at – certainly nothing compared to what I saw during my visits in the early months of the war when vast fields were covered with tanks, armored Namer personnel carriers and legions of troops.

But I was told that the IDF is building 14 tougher positions along the border, a significant increase, and a number of smaller outposts were flagged for me as having quadrupled in size.

Some local security volunteers said they had plenty of ammunition and training materials, while some said these were deeply lacking and complained about the IDF not keeping promises to improve their ability to defend their towns.    

Despite the quiet that I experienced, I was told that there was constant gunfire and drone surveillance on the Gaza border.

I was told that for each of the half dozen or so laconic messages that the IDF has sent out in recent weeks about using distancing fire, that actually such incidents are constant, and that the military is only picking a select few to update the public about.

Soldiers describe situation in Gaza 

Some soldiers also expressed concern about reports in recent days of penetrations into Israel from Gaza. Though each incident so far was revealed as false, I could see the concern in many soldiers’ eyes that the future is less secure than people think.

Also, some soldiers said that many Gazans are starting to plant improvised explosives near the border without necessarily being stopped.

Still, the buzz of Israeli drones has made some Gaza border residents feel safer, as though there is a constant IDF eye watching for intruders in a way that there was not on October 7.

In addition, sources say that the mix of more soldiers and improvements physically and technologically for the border fence and obstacles to invasion somewhat increase Gaza border residents’ sense of safety.

Yet, still hanging over their heads is whether the war is really over now or whether there could be a return to war if phase two of the hostage deal and ceasefire negotiations blow up.

END

Hamas/ ISRAEL

Should Gaza be governed by an international player after Hamas? – opinion

International governance in Gaza could bring stability after Hamas’s defeat.

By RUTH WASSERMAN LANDEFEBRUARY 19, 2025 02:09

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fopinion%2Farticle-842720&unitId=2900003088&userId=fc1f54a9-182e-48c4-af1c-0ddd1497d1d7&isLegacyBrowser=false&isPartitioningSupport=1&version=20250210_c4413a04dc8172732676bb6bdd69d005ba41af2f&useBunnyCDN=0&themeId=140&unitType=tts-player

One year ago, in an op-ed I had written, I suggested that on the “Day After” in Gaza, after the IDF returns all of our hostages and eliminates Hamas rule from the enclave, an international role player such as the US should govern Gaza temporarily.

Most commentators felt this was nothing more than wishful thinking. Who, indeed, would agree to entrench themselves in the Gazan mud? Today, several weeks after the inauguration of US President Donald Trump, my thoughts have been significantly strengthened.

Trump spoke of turning the Gaza Strip into an American asset – either temporarily or otherwise. He even went further to say there is a dire need to remove the Gazan population of approximately two million people to an alternative place to allow for the enclave’s development and to solve, once and for all, the endless terrorism it breeds against Israel, Egypt, and its very own population, via its leadership.

Whether this solution is realistic or not is secondary. The very fact that such words have been uttered publicly by the president of the United States of America is significant, as they lend an idea not yet visited the legitimacy and weight needed to think out of the box and to contemplate original and creative solutions, which may go against the grain.

This is particularly significant given that what has been considered regarding Gaza thus far has simply not worked.

Palestinians seen in the city of Khan Yunis, southern Gaza Strip, February 17, 2025 (credit: ABED RAHIM KHATIB/FLASH90)

Gaza’s history

Not the potential peace, which was envisioned by former prime minister Ariel Sharon when he unilaterally withdrew from it in 2005-6, nor the work permits, which had been given to tens of thousands of Gazans to work within Israel in the homes and farms of precisely those people whose lives they then ravished on October 7.

Operation Cast Lead in 2008 and Operation Protective Edge in 2014 also failed to achieve the sought-after results.

Moreover, the current Israel-Hamas War, which began after the October 7, 2023, massacre, has also not stopped the breeding of the horrid hatred, incitement, and terror within the Gaza Strip.

The possibility of replacing Hamas’s leadership with the Abu Mazen (Mahmoud Abbas)-led Fatah is an absolute waste of time, as history had already proved, in 2007, when Hamas took over the Gaza Strip and slaughtered their Palestinian brethren – those same Fatah officers in the Gaza Strip.

Likewise, the idea of placing the heads of several large and prosperous families in the enclave, “Hamoulas,” in charge of several areas within Gaza during the current war only lasted a few short days as they were murdered by Hamas and their operatives.

WHAT THE war in Gaza has made crystal clear is the need to destroy Hamas’s infrastructure both above ground and below – namely, the entire underground tunnel network throughout the enclave. This cannot be achieved without the removal of the population of Gaza, either temporarily or otherwise.

It is also very clear that Hamas’s extreme Islamic ideology has, since 2006, entered every home and every school book in Gaza. Hence, an entirely new educational system needs to be introduced and supervised – something which cannot occur if it stays in power and/or Fatah takes its place.

After all, the hatred, incitement, and indoctrination are as much part of the messaging in Judea and Samaria under Mahmoud Abbas and the Fatah party as they are in the Gaza Strip.

The optimal role player that could possibly enact a reformed and new educational system is the United Arab Emirates, which has already proved it was able to execute far-reaching reforms in its own educational system. But they would never even consider it if Hamas remained in power, as they could not operate within Gaza without being endangered.

Without residents, Hamas will not be able to continue its terror activity for several reasons.

First, it would not be able to embed itself in the civilian population who serve as human shields. 

Second, it could not move closer and closer to the north of the enclave, amid throngs of civilians, to a position that would serve as a launching pad to attack nearby Israeli villages and towns. Third, without civilians, Hamas cannot lean upon the excuse of attacking Israel to “protect” the Gazans, as they would no longer be there.

When Yasser Arafat and the Palestinians were banished from Lebanon after they had turned the country into a hotbed of terror and participated in the periodical massacre of hundreds and thousands of Christian Lebanese, the world was silent.

After the Palestinians were banished from Kuwait for celebrating Iraq’s occupation of the country despite the Kuwaitis’ warm hospitality toward them, the world was silent. When the Palestinians were massacred in Jordan in “Black September” in 1970 by the Jordanian king after they had committed terror attack after terror attack in the kingdom, the world remained silent.

If Palestinians are banished from Gaza, temporarily or otherwise, the world would not remain silent as this time, Israel would be involved. However, the continued hostilities in the form of open and unapologetic hatred and genocidal zest, which are clear in every statement made by Hamas leadership in Arabic, cannot continue as they have been until now.

Where would Palestinians go?

THE QUESTION is, where should the Palestinians go? Is Egypt the right venue? No. Not because there is no space in the Sinai Peninsula; there is plenty of space there. Yet, that would mean exporting the problem from one mutual border with Israel to another. Furthermore, the panic that has awakened among the Egyptian leadership in the face of such a possibility is legitimate.

Why? The Egyptians, much like the Jordanians, understand well what it means to import approximately two million Palestinians.

Even though this would be a tiny percentage of their own 110 million-strong population, they remember Hamas murdering their soldiers in Rafah in 2012, the attempts made by the terror group to coordinate moves with terrorist entities in the Sinai Peninsula to undermine the Egyptian central regime, as well as their close ties to the Muslim Brotherhood.

The Egyptians understand that every country that has accepted Palestinians has suffered from terrorism and instability. History has proved that, and it is, after all, a legitimate fear.

Jordan is a similar example, only smaller and less stable. The king already faces a huge Palestinian portion of his population easily incited by external factors, such as the Islamic Republic of Iran, to undermine the Jordanian leadership. He does not need another two million Palestinians, who will not only further destabilize his regime but also destabilize the already fragile Jordanian economy and infrastructure.

On top of all that, Jordan shares a border with Israel that is over 330 km. long. With two million more Palestinians in its vicinity, the problem would simply have changed its geography.

Qatar comprises approximately 11,000 sq.km. – about half of the State of Israel. Only 300,000 Qataris live in that geography, alongside the upper echelon of Hamas, which has been lavishly living there for years, in tremendous prosperity.

Why would this country, which is practically the self-declared sponsor of Hamas, not take in the two million Gazan civilians who currently make do with merely 365 sq.km. in Gaza, a territory 30 times smaller in size than Qatar?

The distance from Israel is also significant enough to nullify border skirmishes, and the Egyptians and Jordanians could certainly breathe more easily with that solution.

Instead of hospitality for Palestinians, the latter could offer, in return for continued financial aid from the United States, the much-needed reform in their educational systems, their media, and the general messaging, which could undoubtedly be made more inclusive, tolerant, and multicultural.

The writer is a former MK and current senior fellow at the Misgav Institute for Strategic Affairs.

END

ISRAEL/LEBANON

IDF strike kills Hezbollah member in southern Lebanon, day after withdrawal

Military says operative was spotted handling weapons; Hezbollah supporters fly Iran-backed terror group’s flags in villages near border

By Emanuel Fabian, Follow
Agencies and ToI StaffToday, 5:23 p

Lebanese wave a Hezbollah flag in southern Lebanon, as seen from the Israeli side of the border, on February 18, 2025 (Ayal Margolin/Flash90)

The Israel Defense Forces on Wednesday carried out a strike in southern Lebanon, killing a Hezbollah operative.

He was the first person killed by the IDF in Lebanon since Israel withdrew from most of the border area a day earlier.

The official National News agency reported the “enemy drone struck a vehicle… in the town of  Ayta ash-Shab,” near the southern border.

An IDF statement said the Hezbollah member was targeted in the town after he was seen handling weapons.

The NNA had earlier said one person was wounded in the Wazzani region, elsewhere along the frontier, after Israeli forces opened fire “while residents were inspecting” restaurants and cafes in the area.

The NNA also reported Israeli automatic weapons fire toward homes near the town of Shebaa.

In a separate incident on Wednesday, the IDF said it fired warning shots in the Kafr Kila area in southern Lebanon after a group of suspects gathered close to the Israeli border. The suspects withdrew after the shots were fired, the military added.

A November 27 ceasefire deal had halted more than a year of hostilities between Israel and Hezbollah, including two months of all-out war, that was started by the Iran-backed terror group, some of whose supporters on Wednesday hoisted Hezbollah flags in several Lebanese villages near the border following the IDF pullout.

David Azoulay, mayor of the border town of Metula, lambasted the Israeli government, telling Channel 12 news, “The government of abandonment is continuing on its path in the north. Dozens of Hezbollah men [arrived] under the guise of civilians — and there is zero response. Once again we are containing and containing it.”

Under the terms of the deal, brokered by the United States, Israeli troops were granted 60 days to withdraw from southern Lebanon, where they had waged a ground offensive against fighters from Lebanon’s Hezbollah terror group since early October.

Hezbollah operatives were to leave the zone and Lebanese troops were to deploy in the area within the same period. The original withdrawal deadline was January 26, but was extended until February 18 as Israel argued the Lebanese army was not deploying quickly enough. In the meantime, the IDF uncovered weapons caches along the border and carried out strikes on Hezbollah targets it said posed a threat.

Israel announced just before the February deadline that it would temporarily keep troops in “five strategic points” near the border.

The army said they were hilltops overlooking the frontier where troops would remain to “make sure there’s no immediate threat.”

Lebanese leaders said Tuesday they were in contact with ceasefire brokers the United States and France to press Israel to fully withdraw, branding its continued presence in five places an “occupation.”

The UN called the incomplete pullout a violation of a Security Council resolution.

An IDF Merkava main battle tank is deployed by the concrete border wall at a position along Israel’s northern border with Lebanon on February 18, 2025.(Jalaa Marey/AFP)

The IDF did not officially confirm completing the pullout, but the matter was confirmed by observers on both sides. Defense Minister Israel Katz said the IDF was remaining in “a buffer zone,” with “five strategic outposts,” and would enforce the ceasefire “against any violation by Hezbollah.”

Prime Minister Benjamin Netanyahu had warned in November that Israel would maintain “full military freedom of action” in case of any truce breach.

Last week, the US authorized the IDF to remain in the five points, though it was not clear how long troops would stay there.

The conflict began on October 8, 2023, when Hezbollah began firing across the border, one day after Palestinian terror group Hamas led an invasion of southern Israel that killed 1,200 people, mostly civilians, and triggered war in the Gaza Strip.

Damage to a building in Rinatya, central Israel, amid a barrage of rockets fired from Lebanon by Hezbollah on November 24, 2024 (Courtesy)

Hezbollah rocket and drone fire forced the evacuation of 60,000 residents from northern Israel and caused major damage in many towns and communities.

As Hezbollah’s rocket fire reached further into Israel fighting escalated into open war in September, during which the terror group suffered significant losses to its leadership and weapons stockpiles.

A complex, three-phase ceasefire between Israel and Hamas began in January, though only the first stage has begun so far and talks have yet to start on the latter stages.

ISRAEL/LEBANON

ISRAEL/SYRIA

Satellite Imagery Reveals 7 New Israeli Army Outposts In Syria

Wednesday, Feb 19, 2025 – 03:30 AM

Via The Cradle

The Israeli army has set up at least seven new military outposts in southern Syria, satellite imagery published by Haaretz newspaper on 18 February has revealed. 

The new military sites were established in Mount Hermon, Hader, Jubata al-Khashab, Al-Hamidiyah, Quneitra, Al-Qahtaniyah, and Tel Kudna. They aim to serve as “operational hubs for troops” in Syria as part of a reorganization of the Israeli presence in the south of the country, Haaretz said. 

The sites include living quarters, command centers, clinics, bathrooms, and showers. Israeli occupation forces swept across southern Syria after the fall of former president Bashar al-Assad’s government in December last year, moving past the demilitarized zone and expanding their decades-long illegal occupation in the country. 

Facing “harsh” and “uninhabitable” conditions, Tel Aviv’s forces began setting up infrastructure to allow for a prolonged stay, the newspaper adds. 

Earlier this month, Israeli Army Radio reported that occupation forces have discreetly established a security zone within Syrian territory, with nine permanent sites already under advanced construction. 

Three army brigades currently operate on Syrian territory, an increase from the one-and-a-half battalions stationed in the occupied Golan Heights before 7 October 2023, the army radio added.

Invading forces have recently seized precious water sources such as the Al-Wahda Dam on the Yarmouk River Basin and others. 

Hundreds of Israeli airstrikes have also destroyed former Syrian army air and naval bases, as well as aircraft, air defense systems, and missile stores.

“The IDF will remain at the summit of the Hermon and the security zone indefinitely to ensure the security of the communities of the Golan Heights and the north, and all the residents of Israel,” Israeli Defense Minister Israel Katz said late last month during a visit to the occupied Syrian territory. 

“We will not allow hostile forces to establish themselves in the security zone in southern Syria … we will act against any threat,” he added.

END

Hamas official says it’s prepared to free all hostages in one swap in phase 2 of deal

IDF readies to receive 4 bodies of slain hostages tomorrow morning * Dramatic year-on-year rise in number of Haredi men enrolled in yeshiva * Hezbollah member said killed in Lebanon strike

• 6min agoIDF says it fired warning shots at suspects near border in southern Lebanon
• 47min agoIDF preparing to receive 4 bodies of slain hostages Thursday, probably in the morning
• 1hr agoIDF says drone strike in south Lebanon killed Hezbollah operative handling weapons
• 1hr agoEgypt’s Sissi says it is important to reconstruct Gaza without displacing Palestinians

A senior Hamas official tells AFP that the Palestinian terror group is prepared to release all remaining hostages in a single swap during the second phase of the Gaza hostage and ceasefire deal.

“We have informed the mediators that Hamas is ready to release all hostages in one batch during the second phase of the agreement, rather than in stages, as in the current first phase,” says Taher al-Nunu.

Nunu does not clarify if the terror group will also release the bodies of dead hostages, currently slated to be transferred in the third phase, in that potential single release.

The second phase of the agreement provides for the end of the war and the withdrawal of all IDF troops from Gaza.

Fifty-nine Israelis will remain in captivity after the completion of phase one of the deal — which was set to end March 2 — of whom 35 have been confirmed dead by Israeli authorities.

6.GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUES

MARK CRISPIN MILLER

memory of those who “died suddenly” in the United States and worldwide, February 10-17, 2025

Actors Kevyn Howard, Biff Wiff, Bob Bingham; rappers Gene ‘Groove’ Allen, Chelsea Reject (22); sports journos Charlie Ellerbrock, Stephen Hart; footballers Ben Christman (21), Jim Karsatos; & more

Kevyn Major Howard dead at 69: Full Metal Jacket actor passes away after being hospitalized for weeks

February 15, 2025

Kevyn Major Howard, the actor famous for his role as Rafterman in Full Metal Jacket, has passed away at 69. Howard died Friday at a hospital in Las Vegas [NV], as confirmed by his family to TMZ. The exact cause of his death remains unclear, but his family noted that he had been battling respiratory issues for several weeks before being hospitalized.

No cause of death reported.

Link

Upgrade to paid

Beloved Comedic Actor Biff Wiff Dies After Cancer Diagnosis

February 15, 2025

Character actor Bill Wiff, best known for his multiple appearances on Tim Robinson’s Netflix sketch series I Think You Should Leave, has died. According to Variety, his management confirmed his passing and noted he had been battling cancer [since May 30, 2023]. Wiff’s age was not available, however, he was reported to be in his 60s.

Link

‘Jesus Christ Superstar’ Actor Robert Franklin Bingham Dies

February 13, 2025

Robert Franklin Bingham, a member of the original cast of Jesus Christ Superstar, has died. Bingham passed away in a hospital on Saturday, Feb. 8, according to an online obituary. He was 78. A cause of death was not disclosed.

Link

New York rapper, ‘House Party’ actor Gene ‘Groove’ Allen dead at 62

February 14, 2025

Long Island-born rapper and actor Gene “Groove” Allen has died unexpectedly, according to his family. His death was confirmed on social media by his daughter, Nikki Wilkins. While no cause of death was given, a family member told TMZ that Allen died Wednesday at his home in Maryland following a medical emergency. No foul play is suspected. The outlet reported his age as 62, while his IMDb profile lists him as 60.

No cause of death reported.

Link

Brooklyn rapper Chelsea Reject passes away

February 14, 2025

Chelsea Alexander, known professionally as Chelsea Reject, has tragically passed away at the age of 22. A Brooklyn-based underground rapper, Chelsea was celebrated for her introspective lyrics, smooth delivery, and unique sound. Her music often explored themes of self-acceptance, mental health, and social justice, making her a powerful voice in contemporary hip-hop.

No cause of death reported.

Link

Beloved, Honored Sportswriter Charlie Ellerbrock Passes Unexpectedly

February 17, 2025

La Salle, IL – A man well known for his knowledge of sports, and his love of reporting it, has died. Charlie Ellerbrock passed away unexpectedly at his home on Friday. He was 67. Just last year, Ellerbrock earned induction into the Illinois Basketball Coaches Association Hall of Fame as a sportswriter. He worked as a sportswriter for the Times, Bureau County Republican, The La Salle News Tribune and Shaw Media.

No cause of death reported.

Link

Stephen Hart, long-time Advance sportswriter, Sea teacher and beloved friend, has died

February 16, 2025

Staten Island, NY – Those who know Stephen Hart, whether they’re a close friend or a casual acquaintance, surely can’t help but think talented sportswriter and inspiring teacher. Hart, who was an integral part of the Advance Sports Department for over 2 1/2 decades and a well-respected teacher at St. Joseph by-the-Sea since 2009, died Friday morning after a short illness. The ex-Midland Beach resident was 60.

Researcher’s Note – Gov. Kathy Hochul to require masks in schools, COVID vaccine or test for teachers: Link

No cause of death reported.

Link

Two footballers “died suddenly”:

College football offensive lineman Ben Christman, 21, found dead in his apartment, school says

February 12, 2025

Ben Christman, a college football offensive lineman who transferred to UNLV, was found dead in his off-campus apartment, the school said in a statement on Wednesday. He was 21. Christman recently transferred to the university after previously playing for Kentucky and Ohio State. The school said it didn’t have any more details on his death, and the Clark County Coroner’s Office in Nevada was working to determine the cause. Christman was at Ohio State for two seasons before he transferred to Kentucky. He sat out the 2023 season with a knee injury and played special teams in 2024, according to CBS Sports.

Researcher’s Note – Aug. 24, 2021 – Ohio State University issues coronavirus vaccine mandate for students, faculty, staff Link 2022-23 Football Roster – Ohio State Overview:• Ben is in his second year with the program and has four seasons of eligibility• He red-shirted the 2021 season as a true freshman Link

Link

Former Ohio State Quarterback Jim Karsatos Passes Away At Age 61

February 12, 2025

Former Ohio State quarterback Jim Karsatos passed away Sunday after battling a heart condition. He was 61 years old. Upon finishing his football career, he went on to become a successful financial advisor in Central Ohio, founding the Karsatos Financial Network in 2003. He also spent some time working as a sideline reporter for the Ohio State Football Radio Network. Karsatos, who was living in San Diego [CA] at the time of his death according to a former teammate, is survived by his three sons Nick, C.J. and Danny.

Link

Greg Sharpe, Voice of the Huskers, Passes Away After Battling Cancer

February 15, 2025

After battling cancer for nearly a year, Greg Sharpe has passed away. He was 61 years old. The Sharpe family issued a statement on his passing. “Over the last 12 months Greg has fought a very public battle with pancreatic cancer. Even though it was a grim diagnosis at the time, Greg chose to live and not to fear. He leaned into his faith, family and of course his professional calling of broadcasting Husker athletics. Without the support from the University of Nebraska, Playfly Sports and of course the best fans in college athletics, Husker Nation, he may not have been able to continue to fight and live the way that he did.”

Link

107.3 Planet Radio Jacksonville DJ Eric Leffler Passes Away

February 13, 2025

Music radio is mourning the passing of Jacksonville [FL] personality Eric Leffler [45]. Known as DJ EL, Leffler hosted on 107.3 Planet Radio WPLA and was the in-game DJ for the Jacksonville Jaguars, NASCAR, and Welcome to Rockville.

Researcher’s Note – Leffler “died suddenly”: The Jacksonville community is mourning the loss of Eric Leffler, known as DJ E.L., who passed away unexpectedly at age 45: Link

No cause of death reported.

Link

Two politicians “died suddenly”:

Lander in mourning after Mayor Richardson’s unexpected death

February 12, 2025

Lander, WY – With profound sadness, the family, council, and staff of the City of Lander announce the unexpected passing of Mayor Monte Richardson [69] on Wednesday, Feb. 12, 2025. Mayor Richardson dedicated his life to public service, serving as mayor since 2019 following many years of service as a council member. His contributions to Lander are immeasurable, and his legacy will endure through the countless lives he touched.

No cause of death reported.

Link

Taunton Rep. Doherty dies at 82 after cancer fight

February 16, 2025

BOSTON, MA – Rep. Carol Doherty of Taunton died Saturday after battling pancreatic cancer, her office announced. She was 82 years old and was an educator and school committee member before being first elected to the House in 2020. Doherty’s House office announced her death around 2 p.m. Saturday. She taught at Taunton’s Bennett Elementary School and later worked as a guidance counselor. She was elected president of the Massachusetts Teachers Association and served in that position for two consecutive terms in the early 1980s, according to her legislative biography. She later worked for 18 years at Northeastern University, including as director of professional development in the school of education.

Link

‘A chef’s chef’: Brian Canipelli, owner of Cucina 24, dead at age 46

February 14, 2025

ASHEVILLE, NC – The Asheville restaurant community is in mourning after the unexpected death of a beloved local chef and restaurateur. On Feb 6., Brian Canipelli died after a medical emergency during dinner service at his restaurant, Cucina 24. He was 46.

No cause of death reported.

Link

Retired Steeplechase Jockey Roddy MacKenzie Dies Suddenly At 45

February 14, 2025

Former National Steeplechase Association jockey Roderick “Roddy” MacKenzie, who competed on the circuit for nine years from 2006 to 2014, passed away suddenly on Wednesday in Delaware at the young age of 45.

No cause of death reported.

Link

Al Roker’s Ex-Wife Alice Bell Dies at 77, Daughter Courtney ‘Was With Her for Her Last Breath’

SLAY NEWS

EVOL NEWS

NEWS ADDICTS

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

7.OIL AND NATURAL GAS ISSUES/GLOBAL/ENERGY/COAL

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

SOUTH AFRICA

YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS WEDNESDAY MORNING 6;30AM//OPENING AND CLOSING

EURO VS USA DOLLAR:  1.0440 DOWN 5 BASIS PTS

USA/ YEN 151.73DOWN 0.187NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN  STILL FALLS//END OF YEN CARRY TRADE BEGINS AGAIN OCT 2024/Bank of Japan raises rates by .15% to 1.15..UEDA ENDS HIKING RATES AND NOW CARRY TRADES RE INVENTS ITSELF//

GBP/USA 1.2613 DOWN 0.0016 OR 16 PTS

USA/CAN DOLLAR:  1.4193 UP 0.0003 (CDN DOLLAR DOWN3 BASIS PTS)

 Last night Shanghai COMPOSITE CLOSED UP 27.05PTS OR 0.81%

 Hang Seng CLOSED DOWN 32.57PTS OR 0.14%

AUSTRALIA CLOSED DOWN 0.66%

 // EUROPEAN BOURSE:     ALL MIXED

Trading from Europe and ASIA

I) EUROPEAN BOURSES:  ALL MIXED

2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 32.57TS OR 0.14%

/SHANGHAI CLOSED UP 27.05PTS OR 0.81%

AUSTRALIA BOURSE CLOSED DOWN 0.66%

(Nikkei (Japan) CLOSED DOWN 105 79PTS OR 0.27%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 2939.15

silver:$32.92

USA dollar index early WEDNESDAY  morning: 106.97 UP 15 BASIS POINTS FROM  TUESDAY’s CLOSE.

WEDNESDAY  MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing WEDNESDAY NUMBERS 1: 30 AM

Portuguese 10 year bond yield: 3.056% UP 6 in basis point(s) yield

JAPANESE BOND YIELD: +1.437% UP 2 FULL POINTS AND 0/100  BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.215UP 7 in basis points yield

ITALIAN 10 YR BOND YIELD 3.633 UP 7 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.5470 UP 6 BASIS PTS

IMPORTANT CURRENCY CLOSES :  MID DAY WEDNESDAY

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

Euro/USA 1.0436DOWN .0014 OR 14 basis points

USA/Japan: 151.33 DOWN 0.585 OR YEN IS UP 59 BASIS PTS//

Great Britain 10 YR RATE 4.6550UP 4 BASIS POINTS //

Canadian dollar DOWN .0013 OR 9 BASIS pts  to 1.4204

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY ON SHORE CLOSED DOWN AT 7.2796 ON SHORE)..CHINA MUST DEVALUE TO GOLD  

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (DOWN)…. (7.2878

TURKISH LIRA:  36.27 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//

the 10 yr Japanese bond yield  at +1.437

Your closing 10 yr US bond yield UP 1 in basis points from MONDAY at  4.549% //trading well ABOVE the resistance level of 2.27-2.32%)

 USA 30 yr bond yield  4.773 UP 1 in basis points  /11:00 AM

USA 2 YR BOND YIELD: 4.289 DOWN 1 BASIS PTS.

GOLD AT 11;00 AM 2939.00

SILVER AT 11;00: 32..63

Your  11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: TUESAY CLOSING TIME 11:00 AM//

London: CLOSED DOWN 54.34pts or 0.64%

German Dax : DOWN 410.87pts or 1.80% 

Paris CAC CLOSED DOWN 96.02 s or 1.17%

Spain IBEX CLOSED DOWN 214.50PTS OR 1.59%

Italian MIB: CLOSED DOWN 205.99PTS OR 0.52%

WTI Oil price  72.91 11 EST/

Brent Oil:  76.66 11:00 EST

USA /RUSSIAN ROUBLE ///   AT:  90.08 ROUBLE UP 1 0AND  50 100      

GERMAN 10 YR BOND YIELD; +2.5470UP 4BASIS PTS.

UK 10 YR YIELD: 4.6580 UP 5 BASIS POINTS

CDN 10 YEAR RATE: 3.2222UP 1 BASIS PTS.

CDN 5 YEAR RATE: 2.906 UP 0 BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA 1.0424 DOWN 0.0024 OR 24 BASIS POINTS//HEADING TO PARITY WITH THE DOLLAR

British Pound: 1.2587 DOWN.0037 OR 37 basis pts/HEADING FOR PARITY /USA

BRITISH 10 YR GILT BOND YIELD:  4.6100 UP 5 BASIS PTS//

JAPAN 10 YR YIELD: 1.426UP 2 BASIS BASIS PTS.

USA dollar vs Japanese Yen: 151.45 DOWN 0.468 BASIS PTS// HEADING FOR 160 TO THE DOLLAR

USA dollar vs Canadian dollar: 1.4225 UP .0036 BASIS PTS CDN DOLLAR UP 36 BASIS PTS

West Texas intermediate oil: 72.29

Brent OIL:  76.07

USA 10 yr bond yield DOWN 1 BASIS pts to 4.535

USA 30 yr bond yield DOWN 1 BASIS PTS to 4.762%

USA 2 YR BOND: DOWN 3 PTS AT  4.270

CDN 10 YR RATE 3.185 DOWN 2 BASIS PTS

CDN 5 YEAR RATE: 2.879 DOWN 1 BASIS PTS

USA dollar index: 107.08 UP 11 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 36.30 GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE:  89.63 UP 1 AND  90/100 roubles

GOLD  2935,00(3:30 PM)

SILVER: 32.233:30 PM)

DOW JONES INDUSTRIAL AVERAGE: UP 71.25 TS OR 0.16%

NASDAQ 100 UP 10.99TS OR 0.05%

VOLATILITY INDEX: 15.23 DOWN .12TS OR 0.9%

GLD: $ 270.85OR UP .15.00 PTS OR 0.055%

SLV/ $29.81 PTS OR DOWN 0.10 OR 0.09%

TORONTO STOCK INDEX// TSX INDEX: CLOSED DOWN 23.00R 0.09%

end

OUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS WEDNESDAY MORNING 6;30AM//OPENING AND CLOSING

EURO VS USA DOLLAR:  1.0454 down 0.0032 BASIS PTS

USA/ YEN 152.06 UP 0.606 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN  STILL FALLS//END OF YEN CARRY TRADE BEGINS AGAIN OCT 2024/Bank of Japan raises rates by .15% to 1.15..UEDA ENDS HIKING RATES AND NOW CARRY TRADES RE INVENTS ITSELF//

GBP/USA 1.2595 DOWN 0.0026 OR 26 PTS

USA/CAN DOLLAR:  1.4205 UP 0.0025 (CDN DOLLAR DOWN 25 BASIS PTS)

 Last night Shanghai COMPOSITE CLOSED DOWN 8.86 PTS OR 0.26%

 Hang Seng CLOSED UP 252.16 PTS OR 1.12%

AUSTRALIA CLOSED DOWN 0.65%

 // EUROPEAN BOURSE:     ALL GREEN

Trading from Europe and ASIA

I) EUROPEAN BOURSES:  ALL GREEN

2/ CHINESE BOURSES / :Hang SENG CLOSED UP 252,16 PTS OR 1.12%

/SHANGHAI CLOSED DOWN 8.86 PTS OR 0.26%

AUSTRALIA BOURSE CLOSED DOWN 0.65%

(Nikkei (Japan) CLOSED UP 194,14 PTS OR 0.47%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 2911,20

silver:$32.35

USA dollar index early WEDNESDAY  morning: 105.92 DOWN 30 BASIS POINTS FROM  TUESDAY’s CLOSE.

WEDNESDAY  MORNING NUMBERS ENDS

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And now your closing WEDNESDAY NUMBERS 1: 30 AM

Portuguese 10 year bond yield: 2.981% UP 4 in basis point(s) yield

JAPANESE BOND YIELD: +1.3890% UP 3FULL POINTS AND 1/100  BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.143 UP 5 in basis points yield

ITALIAN 10 YR BOND YIELD 3.553 UP 4 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.4835 UP 6 BASIS PTS

IMPORTANT CURRENCY CLOSES :  MID DAY TUESDAY

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

Euro/USA 1.0478 DOWN .0093 OR 93 basis points

USA/Japan: 151.44 DOWN .647 OR YEN IS UP 65 BASIS PTS//

Great Britain 10 YR RATE 4.59000UP 5 BASIS POINTS //

Canadian dollar DOWN .0015 OR 15 BASIS pts  to 1.4186

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The USA/Yuan,  CNY ON SHORE CLOSED UP AT 7.2540 ON SHORE)..CHINA MUST DEVALUE TO GOLD  

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (UP)…. (7.2608

TURKISH LIRA:  36.23 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//

the 10 yr Japanese bond yield  at +1.389

Your closing 10 yr US bond yield DOWN 6 in basis points from TUESDAY at  4.469% //trading well ABOVE the resistance level of 2.27-2.32%)

 USA 30 yr bond yield  4.698 DOWN 4 in basis points  /11:00 AM

USA 2 YR BOND YIELD: 4.260 DOWN 5 BASIS PTS.

GOLD AT 11;00 AM 2898.00

SILVER AT 11;00: 32.26

Your  11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: WEDNESDAY CLOSING TIME 11:00 AM//

London: CLOSED DOWN 1.28 pts or 0.01%

German Dax : UP 46.41pts or 0.20% 

Paris CAC CLOSED UP 17.43 ts or 0.21%

Spain IBEX CLOSED UP 127.00PTS OR 0.98%

Italian MIB: CLOSED UP 226.43 PTS OR 0.59 %

WTI Oil price  70.83 11 EST/

Brent Oil:  74.84 11:00 EST

USA /RUSSIAN ROUBLE ///   AT:  91.83 ROUBLE DOWN 20AND  24/100      

GERMAN 10 YR BOND YIELD; +2.4835 UP 6 BASIS PTS.

UK 10 YR YIELD: 4.5900UP 5 BASIS POINTS

CDN 10 YEAR RATE: 3.104 DOWN 1 BASIS PTS.

CDN 5 YEAR RATE: 2.803DOWN 1 BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA 1.0446 DOWN 0.0039 OR 39 BASIS POINTS//HEADING TO PARITY WITH THE DOLLAR

British Pound: 1.2606 DOWN .0014 OR 14 basis pts/HEADING FOR PARITY /USA

BRITISH 10 YR GILT BOND YIELD:  4.5570 UP 3 BASIS PTS//

JAPAN 10 YR YIELD: 1.418 UP 3 BASIS BASIS PTS.

USA dollar vs Japanese Yen: 152,05 UP 0.612BASIS PTS// HEADING FOR 160 TO THE DOLLAR

USA dollar vs Canadian dollar: 1.41870 UP .0002 PTS CDN DOLLAR UP 2 BASIS PTS

West Texas intermediate oil: 71.75

Brent OIL:  75.79

USA 10 yr bond yield UP 8 BASIS pts to 4.556

USA 30 yr bond yield UP 8 BASIS PTS to 4.7760%

USA 2 YR BOND: UP 5 PTS AT  4.308

CDN 10 YR RATE 3.218 UP 11 BASIS PTS

CDN 5 YEAR RATE: 2.907 UP 10 BASIS PTS

USA dollar index: 10665 DOWN 37 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 36.23 GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE:  91,12 DOWN 1 AND  62/100 roubles

GOLD  2,883,70 (3:30 PM)

SILVER: 32,16 (3:30 PM)

DOW JONES INDUSTRIAL AVERAGE: DOWN 165.35 PTS OR 0.37%

NASDAQ 100 UP 83.97 PTS OR 0.38%

VOLATILITY INDEX: 14.77 DOWN 0.33PTS OR 2.19%

GLD: $ 266.29OR DOWN 4.02 PTS OR 1.,49%

SLV/ $29.31 PTS OR DOWN 0.15 OR 0.51%

TORONTO STOCK INDEX// TSX INDEX: CLOSED DOWN 215.28PTS OR 0.84%

end

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TRADING today ZEROHEDGE/

end

ZEROHEDGE/HEADLINE CLOSING MARKETS

USA DATA

US Housing Starts Plunged In January (Along With Homebuilder Confidence)

Wednesday, Feb 19, 2025 – 08:42 AM

After December’s unexpected huge upside surprise (+15.8% MoM), analysts expected housing starts to tumble back to earth in January as the lagged impact of higher rates unsettles homebuilders ‘goldilocks’ reality dream. Sure enough, Starts plunged 9.8% MoM (worse than the 7.3% decline expected), while permits rose a skimpy 0.1% MoM (better than the -1.5% exp)…

Source: Bloomberg

That is the biggest MoM drop in Starts since March 2024 while (forward-looking) permits have flatlined for two months.

Source: Bloomberg

Under the hood, multi-family permits declined for the second month in a row and single-family permits continue to show no real renaissance. Both single-family and multi-family starts were hammered in January with the former more so…

Source: Bloomberg

Going forward things do not look good as rate-cut hopes tumble…

Source: Bloomberg

…and even homebuilders are starting to lose faith…

Source: Bloomberg

While the Starts and Permits data is always lagged, we do note that mortgage applications plunged 6.6% week-over-week, tumbling bacxk to the mult-decade lows after a quick surge to start the year. Not a good sign for the American housing market.

USA ECONOMIC NEWS

Incoming! DOGE Poised To Strike Defense Department With Mass Layoffs

Wednesday, Feb 19, 2025 – 10:00 AM

After firing thousands of “probationary employees” at various federal departments, the Department of Government Efficiency (DOGE) has arrived at the largest of them all — the Department of Defense — and is expected to unleash a mass termination as early as this week. 

On Tuesday, DOGE staffers were reportedly at the Pentagon and being given lists of probationary employees in compliance with an end-of-business-day deadline. That term generally applies to any federal employee who’s in the first one or two years of their current position, regardless of whether they’ve held other roles before taking their current one. During the probationary period, employees generally can be fired without any privilege of appeal.

Though it’s not clear how many DOD employees are probationary, the Pentagon has about 950,000 civilian employees in all. Along with the lists of probationary employees, officials were also asked to identify any employees they wanted to spare, and provide a justification. However, according to the Washington Post‘s sources, few exceptions are expected to be made. The mass termination may happen by the end of this week. Uniformed service members are exempt.   

Defense Secretary Pete Hegseth has embraced the coming cuts. “There are waste, redundancies and headcounts in headquarters that need to be addressed,” he said last week. “There’s just no doubt.”

Given the sheer scale of the DOD, and the enormous variety of roles, DOGE may take a little extra time to parse the layoff candidates. Last week, the DOGE probationary-employee axe accidentally hit hundreds of Department of Energy employees who work with nuclear warheads. The National Nuclear Security Administration (NNSA) raced to reverse the terminations. 

One sensitive function of the DOD is its enormous hospital and health care system. Suddenly terminating doctors, nurses and therapists would obviously be catastrophic. However, when firing probationary employees at the Department of Veterans Affairs — which runs its own vast medical system — DOGE tread very lightly: Only 1,000 of more than 43,000 probationary VA employees were cut. 

Last week, President Trump said he’d like to pursue a summit with Chinese President Xii and Russian President Vladimir Putin, with a goal of agreeing to slash each country’s military budget in half. “We’re spending the money against each other, and we could spend that money for better purpose if we get along,” he said. “And I’ll tell you, I think that something like that will happen.”

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According to the New York Times, here are the approximate numbers of probationary employees already let go at several other federal departments: 

• Agriculture: 4,200
• Interior: 2,300
• Health and Human Services: 1,900
• Energy: 1,000

The DOGE campaign against federal waste got a shot in the arm on Monday, when Obama-appointed US District Court Judge Tanya Chutkan denied an emergency filing to block DOGE’s access to federal records and government layoffs – saying in a 10-page decision that the 14 states who brought the lawsuit have failed to meet the burden of proof to prove “imminent, irreparable harm.

END

B USA COMMENTARIES RE ISRAEL/HAMAS WAR/ and  PERVASIVE ANTISEMITISM/WOKISM

iiiC USA COVID //VACCINE ISSUES/IMPORTANT MEDICAL ISSUES

END

FREIGHT ISSUES/USA/

END

VICTOR DAVIS HANSON OR NEWT GINGRICH/TUCKER CARLSON

VDH

KING REPORT

SWAMP STORIES