FEB 25//COMEX EXPIRY TODAY AND THUS OUR USUAL AND CUSTOMERY RAID AT THE COMEX: GOLD CLOSED DOWN $40.85 TO $2906.20 WHILE SILVER WAS HIT FOR A LOSS OF 90 CENTS TO $31.51//PLATINUM ROSE BY 85 CENTS TO $966.55//PALLADIUM WAS DOWN $18.20 TO $925.50//GOLD COMMENTARY TONIGHT FROM ALASDAIR MACLEOD //TRUMP SEEKS TOUGHER CONTROLS ON CHIPS EXPORTED TO CHINA//ISRAEL VS HAMAS: A FEW DAYS LEFT BEFORE THE END OF FIRST PHASE OF THE DEAL: ISRAEL WANTS THE 4 DEAD HOSTAGES WITH NO CEREMONY FROM HAMAS: ISRAEL VS WEST BANK ETC//COVID UPDATES//RUSSIA VS UKRAINE UPDATES//COVID INJURY REPORTS//DR PAUL ALEXANDER/SLAY NEWS//NEWS ADDICTS/EVOL NEWS/COMMENTARY TONIGHT FROM MIKE EVERY//USA NEWS: HOME PRICES ACCELERATE AGAIN//TUCKER CARLSON INTERVIEW ON GOLD AT FORT KNOX//SWAMP STORIES FOR YOU TONIGHT
104 C MIZUHO 1 118 H MACQUARIE FUT 1 435 H SCOTIA CAPITAL 6 624 C BOFA SECURITIES 8 624 H BOFA SECURITIES 234 657 C MORGAN STANLEY 1 661 C JP MORGAN 291 686 C STONEX FINANCIA 16 4 690 C ABN AMRO 39 6 726 C PLUS500US FINAN 1 737 C ADVANTAGE 7 905 C ADM 21 991 H CME 16
TOTAL: 326 326
MONTH TO DATE: 74,518
JPMorgan stopped (received) 291/326
GOLD: NUMBER OF NOTICES FILED FOR FEBRUARY/2024. CONTRACT: 326 NOTICES FOR 32600 OZ 1.0139 TONNES
total notices so far: 74,844 contracts for 7,484,400 Oz (232.79 tonnes)
FOR FEB.
SILVER NOTICES: 80 NOTICE(S) FILED FOR 0.400MILLION OZ/
total number of notices filed so far this month : 4563 for 22.815 million oz
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END
GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD DOWN $ 40.85 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD:
HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A MASSIVE DEPOSIT OF 3.45TONNES
INVENTORY RESTS AT 907.83 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER DOWN 90 CENTS AT THE SLV: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 6.245 MILLION OZ
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 441.406MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY A HUGE SIZED949 ONTRACTS TO 168,057 AND STALLING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS HUGE SIZED LOSS IN COMEX OI WAS ACCOMPLISHED WITH OUR SMALLL LOSS OF $0,15 IN SILVER PRICING AT THE COMEX WITH RESPECT TO MONDAY’S TRADING. WE HAD A FAIR GAIN OF 401 TOTAL CONTRACTS ON OUR TWO EXCHANGES DESPITE OUR LOSS 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 SUCCEEDED ON MONDAY WITH SILVER’S FALL IN PRICE BY 15 CENTS. WE HAD A HUGE T.A.S. LIQUIDATION MONDAY COUPLED WITH ANOTHER NEW STRONG T.A.S. ISSUANCE OF 937 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 1350 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR STRONG 937 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 FAIR SIZED 401 CONTRACTS ON OUR TWO EXCHANGES WITH OUR LOSS IN PRICE. WE HAD HUGE TAS LIQUIDATION THROUGHOUT MONDAY’S COMEX TRADING SESSION DUE TO IT BEING COMEX OPTIONS EXPIRY!!
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 MONDAY NIGHT/TUESDAY MORNING: A STRONG 937 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 SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.15 BUT WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SILVER LONGS FROM THEIR PERCH AS WE HAD A FAIR GAIN IN OUR TWO EXCHANGES OF 401 CONTRACTS WE HAD A MASSIVE LIQUIDATION OF T.A.S. CONTRACTS TRYING TO CONTAIN SILVER’S PRICE RISE AND THAT ACCOUNTS OF ALL OF OUR OPEN INTEREST FALL.
WE HAD A 1350 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 111CONTRACT QUEUE JUMP FOR 5550000 OZ
// STANDING FOR SILVER//FEB INCREASES TO 23.455 MILLION OZ
WE HAD:
/ HUGE SIZED COMEX OI LOSS+// A HUGE SIZED EFP ISSUANCE/ VI) HUGE SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 937 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: ADDED 783 CONTRACTS.
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS FEB. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF FEB
TOTAL CONTRACTS for 16 DAYS, total 11,627ontracts: OR 58,135 MILLION OZ (726 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 58,135 MILLION OZ
LAST 24 MONTHS TOTAL EFP CONTRACTS ISSUED IN MILLIONS OF OZ:
MAY 137.83 MILLION
JUNE 149.91 MILLION OZ
JULY 129.445 MILLION OZ
AUGUST: MILLION OZ 140.120
SEPT. 28.230 MILLION OZ//
OCT: 94.595 MILLION OZ
NOV: 131.925 MILLION OZ
DEC: 100.615 MILLION OZ
YEAR 2022:
JAN 2022-DEC 2022
JAN 2022// 90.460 MILLION OZ
FEB 2022: 72.39 MILLION OZ//
MARCH 2022: 207.140 MILLION OZ//A NEW RECORD FOR EFP ISSUANCE
APRIL: 114.52 MILLION OZ FINAL//LOW ISSUANCE
MAY: 105.635 MILLION OZ//
JUNE: 94.470 MILLION OZ
JULY : 87.110 MILLION OZ
AUGUST: 65.025 MILLION OZ
SEPT. 74.025 MILLION OZ///FINAL
OCT. 29.017 MILLION OZ FINAL
NOV: 134.290 MILLION OZ//FINAL
DEC, 61.395 MILLION OZ FINAL
TOTALS YR 2022: 1135.767 MILLION OZ (1.1356 BILLION OZ)
JAN 2023/// 53.070 MILLION OZ //FINAL
FEB: 2023: 100.105 MILLION OZ/FINAL//MUCH STRONGER ISSUANCE VS THE LATTER TWO MONTHS.
MARCH 2023: 112.58 MILLION OZ//FINAL//STRONG ISSUANCE
APRIL 111.035 MILLION OZ(SLIGHTLY GREATER THAN THAN LAST MONTH)
MAY 66.120 MILLION OZ/INITIAL (MUCH SMALLER THIS MONTH)
JUNE: 110.395 MILLION OZ//MUCH LARGER THAN LAST MONTH
JULY 85.745 MILLION OZ (SMALLER THAN LAST MONTH)
AUGUST: 171.43 MILLION OZ (THIS MONTH IS GOING TO BE HUGE //2ND HIGHEST ON RECORD
SEPT: 72.705 MILLION OZ (SMALLER THIS MONTH)
OCT: 97.455 MILLION OZ
NOV. 50.050 MILLION OZ
DEC. 66.140 MILLION OZ//
TOTAL 2023: 1,104.10 MILLION OZ/
JAN ’24 : 78.655 MILLION OZ//
FEB /2024 : 66.135 MILLION OZ./FINAL
MARCH: 143.750 MILLION OZ// 4TH HIGHEST ON RECORD.
APRIL: 161.770 MILLION OZ (THIS MONTH WILL BE A WHOPPER OF ISSUANCE OF EFPS//3RD HIGHEST EVER RECORDED FOR A MONTH)
MAY: 135.995 MILLION OZ //WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
JUNE 110.575 MILLION OZ ( WILL BE ANOTHER STRONG MONTH ISSUANCE)
JULY: 108.870 MILLION OZ (WILL BE A STRONG ISSUANCE MONTH/ A TOUCH OVER 100 MILLION OZ/)
AUGUST; 99.740 MILLION OZ//THIS MONTH WILL BE STRONG FOR ISSUANCE BUT LESS THAN JULY.
SEPT: 112.415 MILLION OZ//WILL BE A HUGE MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
OCT; 97.485 MILLION OZ (WILL BE SMALLER ISSUANCE THIS MONTH )
NOV. 115.970 MILLION OZ ( HUGE THIS MONTH)
DEC: 132.54 MILLION OZ (THIS MONTH WILL BE A HUMDINGER FOR ISSUANCE BUT ISSUANCE SLOWED DRAMATICALLY THESE PAST FIVE DAYS/// WILL NOT EXCEED MARCH 2022 RECORD OF 209 MILLION OZ
YEAR 2024 TOTAL: 1363.84 MILLION OR 1.363 BILLION OZ
JANUARY 2025: 67.230 MILLION OZ///(THIS MONTH’S ISSUANCE OF EXCHANGE FOR PHYSICAL WILL BE SMALL)
FEB. 58.135 MILLION OZ//EXCHANGE FOR PHYSICAL ISSUANCE
RESULT: WE HAD A HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 947 CONTRACTS WITH OUR LOSS IN PRICE OF SILVER PRICING AT THE COMEX// MONDAY.,. THE CME NOTIFIED US THAT WE HAD A 1350 CONTRACT EFP ISSUANCE CONTRACTS: 1350 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 550 ,000 OZ EQUEUE JUMP TRANSFER TO LONDON//NEW STANDING ADVANCESTO 23.455 MILLION OZ
WE HAVE 1). A FAIR SIZED GAIN OF 401 OI CONTRACTS ON THE TWO EXCHANGES WITH OUR LOSS IN PRICE// 2.THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A STRONG 937 CONTRACTS TRYING DESPERATELY TO CONTAIN SILVER’S PRICE RISE,//MONSTER FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE MONDAY COMEX SESSION. HOWEVER THEY STILL NEED THESE ISSUANCES FOR REPLENISHMENT FOR FUTURE TRADING //3. ZERO NET LONG SPECULATORS WERE BURNED ON MONDAY WITH THE 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 (937 ) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE
WE HAD 80 NOTICE(S) FILED TODAY FOR 0.400 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 GOOD SIZED 4465 OI CONTRACTS TO 529,785 AND CLOSER TO 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 913 CONTRACTS//
WE HAD A GOOD SEIZED INCREASE IN COMEX OI (4465 CONTRACTS) OCCURRED WITH OUR GAIN OF $7.65 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 280 CONTRACT QUEUE JUMP//28000 OZ (0.8709 TONNES)
/NEW STANDING ADVANCES TO 233.80TONNES +18.4527
= 252.2527TONNES.
/ ALL OF THIS HAPPENED WITH OUR $7.65 GAIN IN PRICE WITH RESPECT TO MONAY’S COMEX ///. WE HAD A STRONG SIZED GAIN OF 7213 OI CONTRACTS (22.44PAPER 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 2750 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 529,785
IN ESSENCE WE HAVE A STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 7215 CONTRACTS WITH 4465 CONTRACTS INCREASED AT THE COMEX// AND A FAIR SIZED 2750 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 7215 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A SMALL SIZED AND CRIMINAL 918 CONTRACTS ISSUED.
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2750 CONTRACTS) ACCOMPANYING THE STRONG SIZED INCREASE IN COMEX OI OF 4465CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 7215 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 280 CONTRACTS FOR 28000OZ( 0.8709TONNES). AND THEN WE ADD OUR 5 EXCHANGE FOR RISK TOTALS OF 18.4527 TONNES//NEW TOTAL OF GOLD STANDING AT THE COMEX ADVANCES TO 252.2529TONNES
.
NEW STANDING FOR FEB ADVANCES TO:
233.80 NORMAL DELIVERY + .18,4527 TONNES OF EXCHANGE FOR RISK/PRIOR
EQUALS 252.2527 TONNES
//NEW STANDING FEB: 252.2527 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 MONDAY WITH LITTLE SUCCESS IN REMOVING ANY NET SPECULATOR LONGS, AS WITH OUR1) $7.65 PRICE GAIN WE HAD 2) ZERO NET LONG SPECS BEING CLIPPED AS WE HAD A STRONG GAIN OF 1871 CONTRACTS ON OUR TWO EXCHANGES ) ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED MONDAY 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) STRONG SIZED COMEX OPEN INTEREST INCREASE 5) STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///SMALL T.A.S. ISSUANCE: 918 T.A.S.CONTRACTS//
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2023-2025 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: 63,061CONTRACTS OF 6,306,100 OZ OR 196,146 TONNES IN 16 RADING DAY(S) AND THUS AVERAGING: 3941 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 16TRADING DAY(S) IN TONNES 196,146 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2024, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 196,146 DIVIDED BY 3550 x 100% TONNES = 5.52% OF GLOBAL ANNUAL PRODUCTION
SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_
OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)
NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP
DEC. 175.62 TONNES//FINAL ISSUANCE//
TOTALS: 2,578.08 TONNES/2021
JAN: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: 196.146 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 FELL BY A HUGE SIZED 949 CONTRACTS OI TO 167,274 AND FURTHER FROM THE COMEX HIGH RECORD //244,710( SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 7 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE 1350 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAR 130 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1350 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 2299 CONTRACTS AND ADD TO THE 1350 E.FP. ISSUED
WE OBTAIN A GOODSIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 401 CONTRACTS
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTALS 2.005 MILLION OZ OCCURRED WITH OUR $0.15 LOSS IN PRICE
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 DOWN 26,99PTS OR 0.80%
//Hang Seng CLOSED DOWN 307,59 PTS OR 1,32%
// Nikkei CLOSED DOWN 539,15 OR 1,39%//Australia’s all ordinaries CLOSED DOWN 0.73%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 7.2481 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.2624// Oil UP TO 71,01 dollars per barrel for WTI and BRENT UP TO 74.91Stocks in Europe OPENED ALL MIXED
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A GOOD SIZED4465CONTRACTS TO 529785 WITH OUR GAIN IN PRICE OF $7.65 WITH RESPECT TO MONDAY’S TRADING/. WE LOST ZERO NET LONGS WITH THAT PRICE GAIN FOR GOLD. BUT AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD A FAIR NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (2750 ).
THE CME ANNOUNCED MONDAY NIGHT, ZERO EXCHANGE FOR RISK CONTRACTS FOR NIL OZ OR 0 TONNES.
AND SO FAR IN FEBRUARY: WE HAVE HAD FIVE EXCHANGE FOR RISKS NOW 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:
THE BANK OF ENGLAND
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 STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 7215 CONTRACTS WITH OUR GAIN IN PRICE. OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN ON MONDAY 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 FAIR T.A.S. LIQUIDATION. MONDAY // THEY ISSUED A FAIR 918 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, , 203 , ,205 , 207 209 AND TODAY’S 210 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 THESE PAST FEW WEEKS 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 FAIR SIZED 2750 EFP CONTRACTS WERE ISSUED: : /FEB 2750 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 2750 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 STRONG SIZED TOTAL OF 7215 CONTRACTS IN THAT 2750 CONTRACT LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A GOOD GAIN OF 4465 COMEX CONTRACTS..AND THIS GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR GAIN IN PRICE OF $7.65 FOR MONDAY/ COMEX. THE EXCHANGE FOR PHYSICALS WILL BE USED BY CENTRAL BANKS, TO EXERCISE FOR PHYSICAL GOLD AT THE COMEX AS MENTIONED ABOVE.
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 FAIR SIZED SIZED 918 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 2900 DOLLAR BARRIER TO THE LEVEL IT IS NOW TRADING READY TO CLOSE IN ON THE 3000 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 (252.2527 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: 252.2527 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
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: 66.276TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
2025
January 2025: 70.102 TONNES + 43.208 EXCHANGE FOR RISK= 113.310 TONNES
FEBRUARY: 233.80TONNES OF GOLD+ + 18.4527 TONNES EX FOR RISK PRIOR=//NEW TOTAL STANDING 252,2527 TONNES
COMEX GOLD TRADING/FEB CONTRACT MONTH
THE SPECS/HFT WERE UNUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $7.65/)/AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY APPRECIABLE NET SPECULATOR LONGS AS WE DID HAVE A STRONG SIZED GAIN 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. TODAY ENDS COMEX OPTIONXS EXPIRY. HOWEVER THIS UPCOMING FRIDAY WE HAVE THE MUCH BIGGER OTC.LONDON.OTC EXPIRY.THE BANKERS WERE UNSUCCESSFUL IN SLOWING THEIR DERIVATIVE LOSSES IN PRECIOUS METAL BETS WITH OPTIONS EXPIRY LAST JAN 28 AT THE COMEX. OUR T.A.S. SPREADER LIQUIDATIONS THIS 3RD 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 RAIDS ON FRIDAYS,INCLUDING MONDAY AND TODAY WERE 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 MONDAY EVENINGTUESDAY 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!
78 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 THROUGH THE MONTH. FOR FRIDAY FEB 21 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 STRONG SIZED TOTAL OF 22.44PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR FEB (184.40TONNES) ON FIRST DAY NOTICE FOLLOWED BY A STRONG SIZED 280 CONTRACT QUEUE JUMP FOR 28,000 OZ. NEW STANDING ADVANCES TO 233.80 TONNES OF GOLD. TO WHICH WE ADD OUR 18.4527TONNES OF EXCHANGE FOR RISK//NEW TOTALS STANDING 252.2527 TONNES
ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $7.65
WE HAD 913CONTRACTS 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 7215 CONTRACTS OR 712500 0Z (22.44 TONNES)
i) Into Brinks customer acct: 9677,459 oz (301 kilobars) .301 tonnes
total customer and dealer in tonnes:4.798 tonnes
No of oz served (contracts) today
326 notice(s) 32,600 OZ 1.0139 TONNES
No of oz to be served (notices)
323 contracts 32300 OZ 1.0047 TONNES
Total monthly oz gold served (contracts) so far this month
74,844 notices 7,484,400 oz 232.79 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month
x
dealer deposits: 1
1 ENTRY
I) Brinks dealer 144,587.047oz
4.497 TONNES
we have 1 customer deposits:
1 ENTRIES
i) Into Brinks customer acct: 9677,459 oz (301 kilobars) .301 tonnes
total customer and dealer in tonnes:4.798 tonnes
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withdrawals: 1
1 entry
i) Out of JPMorgan 83,004.724 oz 2,581 tonnes
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adjustments:2/comex is in chaos
a)customer to dealer
a) Manfra 15,961,408 oz oz
dealer to customer
b) ASAHI 203,465.191oz
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 LOSS OF 124 CONTRACTS TO STAND AT 649 WE HAD 404 CONTRACTS SERVED ON FRIDAY SO WE GAINED A HUGE 280 CONTRACTS OR A 28,000OZ QUEUE JUMP OR 0.8709TONNES,.( THURSDAY, FEB 13 WE WITNESSED THE HIGHEST EVER QUEUE JUMP RECORDED AT THE COMEX AT 12.12 TONNES)
MARCH HAD A LOSS OF 646 CONTRACTS DOWNTO 14,417
APRIL HAD A GAIN OF 4053 CONTRACTS UP TO 389,012CONTRACTS
MAY GAINED 7CONTRACTS UP TO 19.
We had 326 contracts filed for today representing 32,600oz
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 326 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 291 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 (74,844X 100 oz ) to which we add the difference between the open interest for the front month of FEB.(649CONTRACTS) minus the number of notices served upon today (326 x 100 oz per contract) equals 7,516,700 OZ OR 233.80 TONNES TO WHICH WE ADD NEW EXCHANGE FOR RISK 18.4527 TONNES//NEW TOTAL STANDING 251.3827TONNES
thus the INITIAL standings for gold for the FEB contract month: No of notices filed so far (74,844 x 100 oz +we add the difference for front month of FEB ( 649 OI} minus the number of notices served upon today (326 x 100 oz) which equals 7,516,700Oz (233.80TONNES + 18,4527 tonnes ex for risk PRIOR = 252.2526 tonnes
TOTAL COMEX GOLD STANDING FOR FEB.: 252.2527 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!!
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD: 38,882,330.307 .oz
TOTAL REGISTERED GOLD 17,892,729.886or 556.539onnes
TOTAL OF ALL ELIGIBLE GOLD: 20,989,600.421 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 15,818,257oz (REG GOLD- PLEDGED GOLD)= 492.01 tonnes //
END
SILVER/COMEX
FEB 25
INITIAL
// THE FEB 2025 SILVER CONTRACT//INITIAL
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
0
Deposits to the Dealer Inventory
606,053,000 oz Asahi
Deposits to the Customer Inventory
6 entries
i) Into Asahi 3,044,520 oz ii) Into Brinks: 297,224,900 oz iii) Into CNT 679,224,900 oz iv) Into Delaware 20,762,924 oz v) Into JPM 1,184,170.720 oz vi) Into Manfra: 161,115.700 oz total weight 2,345,508,114 oz
No of oz served today (contracts)
80 CONTRACT(S) (0.400MILLION OZ
No of oz to be served (notices)
148 contracts (0.740MILLION oz)
Total monthly oz silver served (contracts)
4563 Contracts (22.815million oz)
Total accumulative withdrawal of silver from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
i) 1 dealer deposit/
317,690.100 Loomis
total dealer deposit 317,690.100 oz
i) We had 0 dealer withdrawal
total dealer withdrawals: 0 oz
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deposits customer side
6 entries
i) Into Asahi 3,044,520 oz ii) Into Brinks: 297,224,900 oz iii) Into CNT 679,224,900 oz iv) Into Delaware 20,762,924 oz v) Into JPM 1,184,170.720 oz vi) Into Manfra: 161,115.700 oz
JPMorgan has a total silver weight: 158.884million oz/395.318million or 40.25%
TOTAL REGISTERED SILVER: 120.275MILLION OZ//.TOTAL REG + ELIGIBLE. 395.318Million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR FEBRUARY
silver open interest data:
FRONT MONTH OF FEB /2025 OI: 228 OPEN INTEREST CONTRACTS FOR A GAIN OF 111 CONTRACTS.
WE HAD 0 NOTICES FILED ON MONDAY SO WE GAINED 111 CONTRACTS OR WE EXPERIENCED A 555,000 OZ EXCHANGE FOR PHYSICAL TRANSFER AS THESE GUYS WILL TRY THEIR LUCK LOOKING FOR SILVER IN NEW YORK,
MARCH SAW A LOSS OF 11,779CONTRACTS UP TO 41,218THE FRONT ACTIVE DELIVERY MONTH OF MARCH ALSO IS NOT DECLINING MUCH AND WE SHOULD ALSO HAVE A HUMDINGER OF A DELIVERY MONTH FOR MARCH. WE HAVE 3 MORE READING DAYS BEFORE FIRST DAY NOTICE.
APRIL SAW ANOTHER GAIN OF 147 CONTRACTS TO STAND AT 1348
MAY SAW A GAIN OF 10,090CONTRACTS UP TO 101,253 CONTRACTS
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 80 or 0.400MILLION oz
CONFIRMED volume; ON MONDAY 104,666huge//
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 4543 X5,000 oz = 22.815 MILLION oz
to which we add the difference between the open interest for the front month of FEB (228 AND the number of notices served upon today (80 )x (5000 oz)
Thus the standings for silver for the FEB 2025 contract month: 4563 Notices served so far) x 5000 oz + OI for the front month of FEB(228)minus number of notices served upon today (80)x 5000 oz equals silver standing for the FEB contract month equating to 23.455 MILLION OZ.
New total standing: 23.455 million oz which is huge for a non active delivery month of February
There are 120.275million 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 25 WITH GOLD DOWN $40,85 TODAY HUGE CHANGES IN GOLD AT THE GLD:A MASSIVE DEPOSIT OF 3.45 TONNES INTO THE GLD ///INVENTORY RESTS AT 907.83 TONNES
FEB 24 WITH GOLD UP 7,65 TODAY HUGE CHANGES IN GOLD AT THE GLD:A MASSIVE DEPOSIT OF 20.66 TONNES FROM THE GLD ///INVENTORY RESTS AT 904.38TONNES
FEB 21 WITH GOLD DOWN $1.35 TODAY HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 5.77ONNES FROM THE GLD ///INVENTORY RESTS AT 883.72TONNES
FEB 20 WITH GOLD DOWN $10.40 TODAY HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 8.51TONNES FROM THE GLD ///INVENTORY RESTS AT 877,95TONNES
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: 907,83 TONNES, TONIGHTS TOTAL
SILVER
FEB 25 WITH SILVER DOWN $0.90//HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 6,245 MILLION OZ INTO THE SLV. //INVENTORY AT SLV RESTS AT 441.4061MILLION OZ
FEB 24WITH SILVER DOWN $0.15//NO CHANGES IN SILVER INVENTORY AT THE SLV. //INVENTORY AT SLV RESTS AT 435.171MILLION OZ
FEB 21WITH SILVER DOWN $0.40//HUGE CHANGES IN SILVER INVENTORY AT THE SLV : HUGE CHANGES AT THE SLV A WITHDRAWAL OF 0.456MILLION OZ/. //INVENTORY AT SLV RESTS AT 435,171MILLION OZ
FEB 20WITH SILVER UP $0.29//HUGE CHANGES IN SILVER INVENTORY AT THE SLV : HUGE CHANGES AT THE SLV A WITHDRAWAL OF 1.547 MILLION OZ/. //INVENTORY AT SLV RESTS AT 435,171MILLION OZ
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 441.406MILLION OZ//
PHYSICAL GOLD/SILVER COMMENTARIES
1/ PETER SCHIFF/SCHIFF GOLD/MIKE MAHARRY
2/ Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
In recent decades, China which ranks fifth in global silver reserves has not only mined 3,500—4,000 tonnes annually but imported large quantities of silver doré for refining as well. Less well known is the Peoples Bank’s role in managing silver reserves, which is still regarded in China as a monetary metal. China was on a silver standard only ninety years ago.
Today, gold is the principal monetary metal, and silver is widely regarded as industrial only. But since 1983, along with gold the PBOC has been responsible for overseeing the accumulation of the nation’s silver bullion reserves. The key to this policy has been price management. This article tells how this was achieved.
Introduction
About twelve ago, I had a speaking gig in New York at a conference attended by about a dozen silver mining and exploration companies. At that time, conspiracy theories about JPMorgan’s dealings in the silver market were rife. But when Blythe Masters, then Head of Global Commodities at JPMorgan went on CNBC, she made JPMorgan’s position clear:
“Speculation is [rife] particularly in the blogosphere about this topic and I think the challenge is that speculation represents a misunderstanding as the nature of our business. As I mentioned earlier our business is a client driven business where we execute on behalf of clients to achieve their financial and risk management objectives. The challenge is that commentators don’t see all of that activity simultaneously. So just to give you a simple example we store significant amounts of commodities, for example silver on behalf of customers. We operate vaults in New York City, in Singapore, and in London. And often when customers have that metal stored in our facilities, they hedge it on a forward basis through JPMorgan who in turn hedges itself in the commodity markets. If you see only the hedges and our activity in the futures market, but you aren’t aware of the underlying client position then hedging it would suggest inaccurately that we’re running a large directional position. In fact, that’s not the case at all. We have offsetting positions. We have no stake in whether prices rise or decline. Rather, we’re running a flat or a relatively natural… [interviewer interrupts]”[i]
Silver bulls rushed to condemn her, calling her a liar and worse. But I was convinced that a senior executive of her undoubted ability and in her position would be telling the truth. Furthermore, I suspected that Masters did the CNBC interview specifically to quash the wild rumours about JPMorgan’s silver dealing rather than ignore them.
So, what was JPMorgan’s true role in the market? Clearly, it was dealing for clients and not taking one-sided positions. As Masters revealed, the bank only took out derivative positions to hedge their dealings with clients, maintaining a level book.
The conference in New York gave me a chance to dig a little deeper. I asked the dozen or so silver companies present there the process of how they turned their silver at the mine into cash to pay their costs. They all said that the process started with an assessment of the silver doré’s value by a specialist assessor from Glencore or Trafigura, who then arranged for payment and shipment to a refiner. None of the miners admitted they knew where the doré was shipped to for refining — it was no longer their business. But the common assumption was probably China.
Glencore and Trafigura are huge commodity traders acting for large mining corporations as well as the miners I interviewed. They obviously worked with a major bank on the payments side, which is where JPMorgan would come into the picture. As soon as the doré was shipped, the cashflow hungry miner would be paid on the assessor’s valuation. Likely, it would be shipped FOB Origin, which means the doré enters Chinese possession at the point of shipment, and payment would be through JPMorgan’s books.
Presumably, China instructed JPMorgan to hedge the silver price on Comex or London, effectively dumping silver onto the market before it was in deliverable form. Note that this is not JPMorgan acting as principal but acting for the refiner (China) as a client. The consequence was for JPMorgan to continuously feed short positions into Comex, suppressing the price. But as Masters made clear JPMorgan was not taking a position for itself, only dealing for the Chinese as client.
As well as being a large miner herself, China was refining cheaply considerable amounts of imported doré when some western refineries were closing down on environmental and cost grounds. So, the hedging book through JPMorgan would have been significant, depressing the spot price through Comex dealings. We can take this even further, in the context of a normal dealer/client relationship. As dealer and client work together, an element of dealing discretion can be given to the dealer along with dealing objectives.
So what might those objectives be?
As a major buyer of doré, it would have been in China’s interests to keep the price as low as possible. And it would have been the means for China to accumulate substantial silver reserves for monetary purposes, which she had already done with gold.
In this context, the original 1983 Regulations on the Control of Gold and Silver appointing the Peoples Bank of China states:
Article 4. The People’s Bank of China shall be the State organ responsible for the control of gold and silver in the People’s Republic of China.
The People’s Bank of China shall be responsible for the control of the State’s gold and silver reserves; responsible for the purchase and sale of gold and silver; work in conjunction with the authority responsible for commodity prices to formulate and administer a purchase and sales price for gold and silver [my emphasis]; work in conjunction with the competent department to examine and approve the operations (including processing and sales) of units (hereinafter referred to as managing units) dealing in gold and silver products, chemical products containing gold and silver, the recovery of gold and silver from residual liquid and solid wastes; control and inspect the gold and silver market and supervise the implementation of these Regulations.
Note the PBOC’s responsibility for controlling the price of silver.
We know or should know that in the period 1983—2002 when the Shanghai Gold Exchange finally came into existence under the control of the PBOC, that the PBOC was able to secretly accumulate vast quantities of gold which was in a deep bear market with American and European financial communities liquidating their bullion holdings in favour of dollars. I believe that during this period China secretly acquired as much as 20,000 tonnes, spread round various state bodies.
These easy conditions for accumulating gold were not generally true for stockpiling silver in the larger quantities required reflected in the price relationship between the two monetary metals. The PBOC had to use different tactics. The practical way to accumulate massive quantities of silver was to become the world’s refiner and manage the price — in other words keep it suppressed principally by selling as a covered bear in paper markets.
Blythe Masters had no need to lie about JPMorgan’s role in this. Between Glencore/Trafigura and China as its customers, JPMorgan would be central to achieving the outcome China desired.
There is another aspect to this puzzle rarely mentioned. Note, that under Article 4 of the Regulations appointing the PBOC that no distinction is made between gold and silver. For the purposes of the regulations, silver is as much money as gold, a reserve to be controlled by the central bank as general backing for the currency.
It should be remembered that China was on a silver standard as recently as 1935. Ordinary people accumulated silver as wealth and banks kept reserves in silver. For the Chinese population, silver was their money as much as gold was in the west. There is every reason why silver should be singled out in the Regulations to have the same status as gold.
Will China continue to suppress prices? Those days are probably over. Almost certainly, China has accumulated substantial silver reserves, more than enough for a supporting monetary role to gold. The state’s monetary silver reserves are likely to be segregated from industrial production, which has become an uncontrollable source of demand.
Clearly, the PBOC understands the role of monetary metals, which is ultimately to secure the value of credit. They know that gold and silver values are generally stable, and that it is credit which declines. Their very public disposal of dollars for gold tells us that they are no longer suppressing prices of gold. What goes for gold must also apply to their policy regarding silver.
5B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT/COMMODITIES: COMMODITY//EGGS
US Egg-Laying Hen Population Implodes, Wholesale Egg Prices Hit New Record
Tuesday, Feb 25, 2025 – 01:20 PM
Under the Biden-Harris administration, farmers were forced to cull tens of millions of egg-laying hens to contain the bird flu outbreak. As a direct result, the nation’s total egg-laying flock has plunged to its lowest level in nearly a decade, driving wholesale egg prices to record highs.
Trump stated this week that Secretary of Agriculture Brooke Rollins will take action on soaring egg prices, adding, “We inherited all the problems.”
Trump is correct in saying the egg-flation mess was “inherited,” as the latest Bloomberg data shows that the nation’s egg-laying hen population fell to its lowest level since 2016 last month. This decline was driven by farmers being forced to cull flocks under Biden’s first term to curb the bird flu outbreak.
“It was important to me to see firsthand an egg-laying farm facility implementing strong biosecurity measures. We have a lot of work to do as we combat avian flu, help our poultry industry recover, and bring the price of eggs down for all Americans. More coming mid-week on this,” Rollins wrote on X on Monday.
Monday’s print of the Urner Barry Egg Index EBP shows wholesale prices jumped to $7.56, a new record high. Since late Decemeber, wholesale prices have jumped to new record highs by the week, with reports of egg shortages nationwide.
According to the USDA’s bird flu dashboard, 19 million birds across the Lower 48 have been infected by avian influenza over the last 30 days.
It’s time to set up those chicken coops, folks.
Panic searching on Google.
And don’t forget honeybees and victory gardens—become self-sufficient and take back control of your own food supply chain instead of relying on mega-corporations that poison food with toxic seed oils and other chemicals in processed foods.
// Nikkei CLOSED DOWN 539,15 OR 1,39%//Australia’s all ordinaries CLOSED DOWN 0.73%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 7.2481 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.2624// Oil UP TO 71,01 dollars per barrel for WTI and BRENT UP TO 74.91Stocks in Europe OPENED ALL MIXED
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 7.2481
OFFSHORE YUAN: DOWN TO 7.2624
SHANGHAI CLOSED CLOSED DOWN 26.99 PTS OR 0..80%
HANG SENG CLOSED CLOSED DOWN 307.85PTS OR 0.32%
2. Nikkei closed DOWN 539,15 OR 1,39%
3. Europe stocks SO FAR: ALL MIXED
USA dollar INDEX UP TO 106.59// EURO RISES TO 1.0463 UP 3 BASIS PT HEADING TO PARITY WITH USA
3b Japan 10 YR bond yield: FALLS TO. +1.372 //Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 149.44…… 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 DOWN /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 DOWN TO +2.4770/Italian 10 Yr bond yield DOWN to 3.557 SPAIN 10 YR BOND YIELD DOWN TO 3.156
3i Greek 10 year bond yield DOWN TO 3.3000
3j Gold at $2940.65 Silver at: 32.22 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble UP 0 AND 99 /100 roubles/dollar; ROUBLE AT 86.75
3m oil into the 70 dollar handle for WTI and 74 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 149,44 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.372 % 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 0.8969 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9385 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.
USA 10 YR BOND YIELD: 4.345 DOWN 5 BASIS PTS…
USA 30 YR BOND YIELD: 4.613 DOWN 4 BASIS PTS/
USA 2 YR BOND YIELD: 4.125 DOWN 4 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 36.46…
10 YR UK BOND YIELD: 4.5940 UP 3 PTS
10 YR CANADA BOND YIELD: 3.071 DOWN 4BASIS PTS
5 YR CANADA BOND YIELD: 2.763 DOWN 4 PTS.
2a New York OPENING REPORT
Futures Drop As Momentum Massacre Crushes Bitcoin
Tuesday, Feb 25, 2025 – 07:30 AM
US equity futures, and Asian markets are lower as the recent tech-led selloff on Wall Street accelerated, sparking further risk-off behavior and momentum liquidations, and spilling over into bitcoin which plunged to a 3 month low breaking below its post election support. As of 7:00am, S&P futures are down 0.3% and are outperforming Nasdaq futs which are down 0.5%; sentiment was dented after Trump said that Canada/Mexico tariffs would be implemented on-time. Mag7 names and semis are lower with NVDA down 1.6%; Europe’s ASML and STMicroelectronics also Bloomberg reported that the Trump admin is planning to expand efforts to limit China’s technological advancements, including tougher semiconductor curbs and pressuring allies to escalate restrictions on China’s chip industry. The ongoing stock rout sparked a rally in Treasuries that has pushed US 10-year yields down 6 bps to 4.34%. Traders also added to their Federal Reserve interest-rate cut bets with ~53 bps of easing now priced in by year end; the USD is flat. Commodities are mostly lower with crude/gasoline higher. Today’s macro data focus is on Housing, regional Fed activity indicators, and Consumer Confidence.
Meanwhile Bitcoin tumbled 7%, dropping below $90,000 and sliding to a 3 month low of $88,000 breaking post-election support levels, as the recent momentum massacre sparked a brutal crypto selloff; meanwhile DeepSeek reopened access to its core programming interface after nearly a three-week suspension.
In premarket trading, Nvidia led premarket losses among the Mag 7 stocks after Bloomberg News reported that Donald Trump’s administration is pressuring US allies to escalate their chip restrictions on China (Nvidia -1.3%, Alphabet -0.7%, Amazon, Alphabet, Microsoft, Meta and Apple were falling less than 1%, Tesla was little changed). US-listed Chinese stocks broadly rebound, with Alibaba rising 3.8% following its biggest drop since 2022; JD.com is up 1.8%, PDD +1.4%, Baidu +0.8%, Bilibili +2.8%. here are some other notable premarket movers:
Chegg shares tumble 22%, after the education technology company’s first-quarter projections for revenue and adjusted Ebitda trailed Wall Street expectations.
Hims & Hers Health shares slide 18% in premarket trading after the telehealth company reported fourth-quarter results and said it will soon stop selling some compound weight-loss drugs. While the results were solid, Piper Sandler noted that there was a high level of uncertainty for 2025.
Cryptocurrency-exposed stocks slide as Bitcoin tumbles below $90,000 to hit the lowest level since mid-November, paring the gains seen since Donald Trump’s election to the White House. MicroStrategy -5.9%, Coinbase -5.6%, Riot Platforms -4.4%, MARA Holdings -6%, Bit Digital -6.6%, CleanSpark -5.8%, Hut 8 Mining -6.7%
Zoom Communications shares fall 5%, after the communications software company gave a forecast that is modestly weaker than expected.
As broad-based selling swept markets, the VIX Index touched its highest level this year at just below 20. There didn’t appear to be a single catalyst for the selling – the suddenly pervasive pessimism was correctly described here two days ago in “Goldman Traders Hit The Panic Button: Perfect Sell Storm Of Positioning, Valuation, Breadth, Concentration And Policy“- although concerns are mounting that President Trump’s policies will hurt global economic growth. Uncertainty on trade policies has prompted investors to pare risk and switch to havens like Treasuries or gold. Trump signaled Monday that tariffs on Mexican and Canadian imports will go ahead.
“At the moment there’s a lot of uncertainty reigning in the background which is making it challenging for investors to navigate,” said Alexandra Morris, an investment director at Skagen AS. “The whole tariff discussion is the main negative catalyst.”
Nvidia’s earnings report on Wednesday could be yet another catalyst to unleash volatility given its outsized impact on the broader market.
“Bear in mind that the market impact of Nvidia’s results have often proved to be as significant as US jobs reports over the last couple of years,” Deutsche Bank AG strategist Jim Reid wrote in a note to clients.
In Europe, tech stocks also underperformed but have been offset by gains in healthcare and banks with the Stoxx 600 rising 0.3%. European defense stocks rose after Bloomberg reported that Germany’s chancellor-in-waiting Friedrich Merz is in talks with the Social Democrats to approve up to €200 billion in special defense spending. Unilever shares fell after the company announced in a surprise move that CEO Hein Schumacher would step down and pass the reins to CFO Fernando Fernandez. Here are the biggest movers Tuesday:
Smith & Nephew shares rise as much as 10%, the most since August, after reporting 4Q sales that beat estimates. The report is likely to reassure investors, RBC said, flagging particular strength in orthopaedics in the US
Novo Nordisk rises as much as 5.2%, to the highest since Dec. 20, after US firm Hims & Hers Health said it will soon stop selling some compound weight-loss drugs rivaling the Danish company’s offering
Galp Energia shares jump as much as 7.9%, the most in 10 months, after the company reported success at its latest exploration well off Namibia, boosting confidence in the company’s broader Namibia play
Thyssenkrupp shares rise as much as 15% in Frankfurt, to the highest since October 2023, after Citi increased its price target, citing the potential value unlock from the company’s marine and steel businesses
Dormakaba shares gain as much as 3.9%, to the highest level since 2021, after the Swiss security company lifted profit guidance slightly and posted solid results
European semiconductor stocks drop after Bloomberg reported that the Trump administration is pressuring US allies to escalate their chip restrictions on China
European mining stocks fell after iron ore, copper and aluminum dropped in response to moves by the US to restrict Chinese investments
Unilever shares drop as much as 3.4% in London trading after the consumer goods company said Hein Schumacher would step down as chief executive officer and board director
SIG Group shares tumble as much as 13%, the most in five years, after the Swiss carton-packaging maker reported subdued full-year results. Analysts cite falling profitability, low growth in the Americas
European automakers underperform after passenger-car registrations dropped in January, while electric vehicle sales jumped; total sales in the region declined 2.1% year on year
Earlier in the session, Asian stocks fell as US President Donald Trump’s continued attempts to pressure China and other nations dented investor sentiment. The MSCI Asia Pacific Index slid as much as 1.4% before paring some losses. Chinese stocks whipsawed throughout the day, showcasing the volatility sparked by uncertainties around Trump’s actions. His administration is said to be sketching out tougher versions of US semiconductor curbs and pressuring key allies to escalate their restrictions on China’s chip industry. According to Bloomberg, Trump officials recently met with their Japanese and Dutch counterparts about restricting Tokyo Electron Ltd. and ASML Holding NV engineers from maintaining semiconductor gear in China, according to people familiar with the matter. This comes after a directive set the stage for a more muscular use of the Committee on Foreign Investment in the United States, or CFIUS, a secretive panel that scrutinizes proposals by foreign entities to buy US companies or property, to thwart Chinese investment. The Hang Seng Tech Index had slumped as much as 4.4%, pacing losses for Chinese equities in New York. The gauge later erased most of its decline as more than $1 billion worth of money poured into Hong Kong stocks from China. JPMorgan strategists said US moves to limit investment in China tech may trigger a reversal in mainland stocks after the recent rally, while some investors saw an opportunity buy on dips. TSMC, Hitachi and Alibaba were among the biggest drags on the regional gauge. Most national benchmarks were in the red.
In FX, the Bloomberg Dollar Spot Index rises 0.1%. The Aussie and kiwi dollars underperform, falling 0.4% each.
In rates, bonds surged, pushing the yield on 10-year Treasuries down six basis to 4.34%. The treasury rally sent yields to YTD lows, fueled by risk aversion tied to the potential for US tariff policies to dent economic growth. Swap spreads are notably tighter, a sign that receiving flows are a driver. In short-term rates, Fed-dated OIS revert to fully pricing in two 25bp rate cuts by year-end. US yields are near session lows, 6bp-8bp richer across maturities with gains led by the belly, steepening 5s30s spread by 2bp; 10-year touched 4.32% and outperforms German counterpart by 7bp, UK by 3bp. 10- and 30-year swap spreads are nearly 2bp tighter on the day; Dallas Fed President Lorie Logan during London morning said the central bank when it stops balance-sheet runoff should purchase more shorter-term than longer-term securities to mirror the composition of Treasury issuance. A widely-watched gauge of the attractiveness of German debt fell to the most negative on record, reflecting expectations for higher borrowing to fund big outlays on defense spending. Gilts followed Treasuries higher, with UK 10-year yields falling 3 bps to 4.53%. German 10-year borrowing costs are flat at 2.47% as bunds were held back by reports of emergency defense spending.
In commodities, oil prices are steady with WTI near $70.80 a barrel. Spot gold falls $10 to $2,941/oz. Bitcoin tumbled below $90,000 to hit the lowest since mid-November as investors stepped back from one of the most popular Trump trades.
Looking at today’s calendar, we get the February Philadelphia Fed non-manufacturing activity (8:30am), December FHFA house price index and S&P CoreLogic home prices (9am), February consumer confidence and Richmond Fed manufacturing index (10am) and February Dallas Fed services activity (10:30am). Fed speaker slate also includes Barr (11:45am) and Barkin (1pm)
Market Snapshot
S&P 500 futures down 0.1% to 5,994.50
STOXX Europe 600 up 0.3% to 555.01
MXAP down 1.1% to 187.58
MXAPJ down 1.3% to 589.62
Nikkei down 1.4% to 38,237.79
Topix down 0.4% to 2,724.70
Hang Seng Index down 1.3% to 23,034.02
Shanghai Composite down 0.8% to 3,346.04
Sensex up 0.2% to 74,613.76
Australia S&P/ASX 200 down 0.7% to 8,251.91
Kospi down 0.6% to 2,630.29
German 10Y yield little changed at 2.47%
Euro little changed at $1.0472
Brent Futures little changed at $74.81/bbl
Gold spot down 0.4% to $2,940.73
US Dollar Index little changed at 106.64
Top Overnight News
Donald Trump’s administration is sketching out tougher versions of US semiconductor curbs and pressuring key allies to escalate their restrictions on China’s chip industry, an early indication the new US president plans to expand efforts that began under Joe Biden to limit Beijing’s technological prowess. BBG
President Donald Trump’s Federal Trade Commission will “vigorously” sue to block illegal mergers, the agency’s new chairman said Monday, highlighting support for the repeated deal challenges during the Biden era. BBG
President Donald Trump said on Monday that tariffs on Canadian and Mexican imports are “on time and on schedule” despite efforts by the countries to beef up border security and halt the flow of fentanyl into the U.S. ahead of a March 4 deadline. RTRS
French President Emmanuel Macron said a truce in Ukraine could come in “weeks” after meeting with Trump at the White House but added that a deal “must not mean a surrender of Ukraine.” BBG
Fed’s Goolsbee (2025 voter) said if the administration enacts policies that drive up prices, the Fed has to take them into account by law, while he added that auto parts suppliers have expressed concerns about tariffs and before the Fed can go back to cutting rates, it needs more clarity. Furthermore, Goolsbee said the full details of the administration’s policy package are still to be determined and they have to take a wait-and-see posture.
Fed’s Logan (2026 Voter) does not comment on monetary policy in prepared remarks; says once quantitative tightening ends, it would make sense to overweight purchases of shorter dated securities; floats idea of discount window loan facility.
Elon Musk said subject to the discretion of the President, employees will be given another chance and a failure to respond a second time will result in termination.
Tesla’s European sales plunged 45% year on year in January to fewer than 10,000, as rival carmakers saw a surge in EV demand. It began rolling out driver-assistance capabilities in China. BBG
BofA Global Markets President DeMare says clients are doing less today than Q4 and the beginning of the year; still a good quarter even with client uncertainty, via Bloomberg TV. Says if they do not see productivity from AI, then investments will be scaled back.
China is increasing scrutiny of outbound investments by domestic companies as well as their use of proceeds from Hong Kong share sales, people familiar said. BBG
South Korea’s central bank lowered its policy rate by 25bp, as expected, and trimmed its growth forecast for the country as it resumed easing to support a sagging economy. WSJ
MSFT – Goldman reiterates its Buy rating, $500 PT, and leaves its estimates for $88bn/91bn in FY25/26 CapEx unchanged following recent reporting that Microsoft has potentially delayed or canceled some of its AI data center leases. While unconfirmed, GS believe this reporting emphasizes what the company has already telegraphed: that as a responsible capital allocator, Microsoft continues to invest in AI capacity prudently with an eye towards returns. GIR
A gauge measuring the attractiveness of German bonds hit a record low, in anticipation of more debt sales. BBG
Tariffs/Trade
US President Trump’s team is seeking to tighten chip controls on China with the US said to be pressing Japan and Netherlands to align on China restrictions, while it is weighing tighter controls on Nvidia (NVDA) chip exports to China, as well as considering more restrictions on SMIC (981 HK) and CXMT. Furthermore, US officials reportedly met with Japanese and Dutch counterparts to restrict Tokyo Electron (8035 JT) and ASML (ASML NA) engineers from maintaining semiconductor equipment in China, according to Bloomberg.
Mexico studies tariffs on China in a bid to strike a deal with US President Trump, while Mexican President Sheinbaum said she sees agreements with the US by Friday and that Mexican officials are in Washington studying possible China levies, according to Bloomberg.
WTO panel is to examine measures adopted by Turkey targeting Chinese EV imports.
French President Macron said he hoped he convinced Trump on trade and noted that they do not tariff the US, while he added that they don’t need a trade war and the urgency is to increase security expenditure.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks traded lower following the weak handover from the US where the tech sector led the declines and risk appetite was sapped amid ongoing uncertainty surrounding tariffs and geopolitics. ASX 200 retreated with underperformance seen in the tech, consumer discretionary and financial sectors, while defensives showed resilience and energy was also lifted following a jump in Woodside Energy’s profit. Nikkei 225 slumped at the open on return from the long weekend but was off worse levels as shares of Itochu, Marubeni, Mitsubishi, Mitsui and Sumitomo rallied following reports late last week that Berkshire Hathaway plans to gradually raise its investments in Japanese trading houses. Hang Seng and Shanghai Comp conformed to the negative mood amid headwinds from trade frictions with the US seeking to tighten chip controls on China and after the PBoC’s MLF operation resulted in a net drain of CNY 200bln. Nonetheless, Chinese markets were well off today’s worst levels as the heavy slump at the open spurred some dip buying.
Top Asian News
PBoC conducted a CNY 300bln 1-year MLF operation with the rate kept at 2.00% for a net drain of CNY 200bln.
Huawei improved production of AI chips and achieved a yield close to 40% which marks a breakthrough for China’s tech goals, according to the FT.
Bank of Korea cut its base rate by 25 basis points to 2.75%, as expected, with the rate decision unanimous and interest rates for the special loan programme were also lowered. BoK said US tariff policies, Fed policies, and stimulus measures by the Korean government are some of the uncertainties for the economy, while it noted it is necessary to remain cautious about high FX volatility. BoK Governor Rhee stated that four board members said current policy rates could be maintained for the next three months and two board members said further rate cuts are possible for the next three months, while Rhee added that the market consensus expecting two more rate cuts this year aligns closely with the central bank’s views.
PBoC Advisor says Chinese CPI will decline moderately in February; changes in external environment will increase pressure on expanding domestic demand this year.
Opposition Japan innovation party (ISHIN) agrees on details of LDP, Komeito Coalition’s revised state budget, according to a party official; revised state budget would pave way for passage of JPY 115tln FY2025-26 budget.
China’s MOFCOM urges the EU to stop listing Chinese enterprises and to cease spreading false accusations against China; China will take necessary measures to firmly protect the legitimate rights and interests of Chinese enterprises.
European bourses (STOXX 600 +0.2%) are mostly modestly firmer vs. an entirely negative open; sentiment gradually improved as the morning progressed, paring some of the early-morning losses following a negative APAC handover. European sectors are mixed vs opening mostly lower. Healthcare tops the pile, with Novo Nordisk (+4%) shares on the front foot. Tech is the clear underperformer today, after Bloomberg reported that US President Trump’s team is seeking to tighten chip controls on China; it was also said that US officials reportedly met with Japanese and Dutch counterparts to restrict Tokyo Electron and ASML engineers from maintaining semiconductor equipment in China.
Top European News
ECB’s Nagel says inflation outlook is fairly encouraging; persistent core and services inflation warrants caution, via Bloomberg; German economy in “stubborn” stagnation; ECB should take one step at a time and not rush more cuts. Hopes for swift formation of the new German economy.
ECB’s Kazaks says “I think we have to continue cutting rates”, via Bloomberg; will take rate cuts “step by step”, rate path to hinge on Trump policies. Must be cautious as we near the end of the terminal rate. Joint borrowing instrument needed for big investments. Europe at a critical point, need to invest in defence.
Reuters poll: 66/66 expect the BoE to hold rates at 4.5% in March with a median view of a cut in Q2 to 4.25%.
FX
After a pick-up late in the US session yesterday, DXY is a touch lower in early European trade. Trump was able to provide the dollar with some support yesterday after stating that he will be proceeding with tariffs on Mexico and Canada. Today’s data slate sees the release of US Conference Board consumer confidence which is expected to slip to 102.5 from 104.1. Today’s speaker slate includes Fed’s Barr and Barkin. DXY is currently within a 106.56-79 range and above yesterday’s YTD low at 106.12.
EUR is trivially firmer/flat vs. the USD with focus in Europe primarily on the political landscape in the wake of the fallout of the German Federal Election and the subsequent coalition-building process. From a monetary policy perspective, the latest ECB Euro Area Indicator of Negotiated Wage Rates showed Q4 wage growth slow to 4.12% from 5.43% but had little sway on EUR. Note ECB’s Schnabel is due to speak at 13:00GMT. EUR/USD is currently tucked within Monday’s 1.0453-0528 range.
USD/JPY initially edged higher overnight and briefly reclaimed the 150.00 status but then faded the gains amid the broad downbeat risk tone across the APAC region and Japanese Services PPI data which slightly accelerated as expected. USD/JPY has delved as low as 149.20 with the next downside target coming via Monday’s YTD low at 148.84.
GBP is flat vs. the USD and EUR with macro newsflow light for the UK. We heard yesterday from BoE’s Dhingra who remarked that if rates are lowered by 25bps at a quarterly pace, you will still be in restrictive territory all of this year. That being said, she is very much viewed as s dovish outlier on the MPC. Of greater interest today is comments from BoE Chief Economist Pill. Currently trading within a 1.2607-38 range.
Antipodeans are both a touch softer vs. the USD. AUD/USD is down for a third consecutive session after printing a YTD peak at 0.6408 last Friday. Fresh macro drivers are lacking for Australia with attention instead turning to January inflation data due overnight with consensus looking for weighted CPI Y/Y to hold steady at 2.5%.
PBoC set USD/CNY mid-point at 7.1726 vs exp. 7.2530 (prev. 7.1717).
RBI is seen as likely to be selling USD’s to stop the INR’s downside, via Reuters citing traders.
Fixed Income
USTs are firmer, picked up a touch on Monday’s strong 2yr outing before grinding marginally higher overnight and then lifting back above the 110-00 mark to a 110-09 peak in the European morning, a high the benchmark has remained in proximity to since. Ahead, the speakers continue with Barr & Barkin due before POTUS signs his latest executive order. Amidst that, the US will sell 70bln of 5yr notes; follows a 2yr which saw a slightly softer b/c than the prior but still a strong level of demand, particularly for the indirect figure.
Bunds towards the top-end of a 131.87-132.45 band with the benchmark essentially flat as participants continue to digest the German election and await clues on coalition talks; the high printed just before the EZ wage tracker as the general risk tone took another modest leg lower. On the latter, the figure moderated from the prior in-fitting with proxies while an extensive text release from ECB’s Nagel largely focussed on the Bundesbank’s accounts while monetary comments were in-fitting with his hawkish bias. No reaction to either event. A well received German Green Bund outing also had little impact.
Gilts are firmer, somewhere between USTs and Bunds in terms of magnitude as the benchmark acknowledges both the tepid risk tone and reports suggesting the UK could get involved in European-wide defence spending; a source cited by the FT said the UK Treasury “is interested in” the idea of a rearmament bank for such funding. Given that structuring spending in this way would limit the impact on Reeves’ fiscal position. Gilts find themselves in the green and holding towards the top-end of a slim 92.67-91 band.
UK sells GBP 1.6bln 1.125% 2035 I/L Gilt: b/c 3.52x (prev. 3.12x) and real yield 1.115% (prev. 1.128%).
Germany sells EUR 1.495bln vs exp EUR 1.5bln 1.80% 2053 Green Bund: b/c 2.4x (prev. 2.6x), average yield 2.73% (prev. 2.84%) & retention 0.33% (prev. 24.60%)
Italy sells EUR 2.75bln vs exp. EUR 2.5-2.75bln 2.55% 2027 & EUR 1.5bln vs exp. EUR 1.25-1.5bln 1.80% 2036 BTP€i
German 10-year spread to swaps hit the most negative on record, according to Bloomberg.
Saudi Arabia offers Middle East’s first sovereign Euro Green Bond, via Bloomberg; 7-year Green Bond IPT mid swaps +155bps, 12-year Conventional Bond IPT mid swaps +175bps, according to IFR.
Commodities
Crude is a little firmer in what has been a lacklustre and choppy session for the complex thus far. Initially oil prices were subdued alongside the risk-off sentiment seen in early-European trade, but did improve a touch thereafter. More recently, prices have been choppy with Brent May currently trading in a USD 74.17-76/bbl parameter.
Subdued trade across precious metals despite the softer Dollar but with price action contained to tight ranges amid a lack of driver this morning. Spot gold remains at the record highs printed yesterday (USD 2,956.31/oz) with today’s range currently between USD 2,929.64-2,953.42/oz.
Lacklustre trade across base metals despite the weaker Dollar but with the broader sentiment on the back foot and newsflow on the quieter side. 3M LME copper currently resides in a USD 9,424.95-9,500.05/t range after finding resistance at the half-round figure.
US President Trump commented on Truth that they want the Keystone XL Pipeline built and suggested easy approvals.
India could reportedly extend import curbs on low ash metallurgical coal used in steelmaking, according to Reuters sources.
IEA Director says Europe has been importing a lot of Russian LNG to help economies; might be a high time to replace it with LNG from Qatar beginning 2027.
Geopolitics
Russia’s Kremlin says President Putin is “okay” with European peacekeepers in Ukraine, refers to earlier statement that such a move would be unacceptable. When asked about a possible US-Russia rare earths deal, says the US needs rare earth minerals, and “Russia has a lot”. Many steps need to be taken to restore trust between the US and Russia. When asked about the UN vote on Ukraine on Monday, says it sees the US taking a much more balanced stance. Says European stance on Ukraine may become more balanced as a result of contacts with the US.
US President Trump said he emphasised the importance of the critical minerals and rare earth deal with Ukraine in meeting with French President Macron, while Trump added that he is in serious discussions with Russian President Putin about ending the war and talks are proceeding very well. Trump also said he was talking with French President Macron about trade deals at the White House and will meet with Ukrainian President Zelensky either this week or next to sign a minerals deal. Trump later said he had great conversations including with Russia on ending the Ukraine war and the meeting with French President Macron is another step forward towards ending the war.
French President Macron said they need something substantial for Ukraine and Europe, while he stated his message to US President Trump was to be careful and that they have to go fast but first need a truce in Ukraine. Macron also stated that he thinks he had a strong convergence with Trump on Ukraine and a truce could be reached in the coming weeks, as well as noted that it is feasible to establish a truce at least and start negotiating for peace. Furthermore, Macron said he is working with the UK on a UK-France proposal for presence to maintain peace with US backup and backstop, while he spoke with European leaders and that many are ready to be part of security guarantees.
UN General Assembly adopted the amended US-drafted Ukraine resolution that backs Ukraine’s sovereignty and territorial integrity, while it approved all proposed European amendments to the US-drafted resolution on Ukraine and rejected the proposed Russian amendment to the US-drafted resolution on the Ukraine war anniversary. It was later reported that Russia failed at the UN Security Council to amend the US-drafted resolution on Ukraine and vetoed a European attempt to amend the US-drafted resolution on Ukraine, while the UN Security Council adopted the US-drafted resolution on Ukraine.
Poland scrambled aircraft to ensure airspace security after Russia launched strikes on Ukraine, while all of Ukraine was reportedly under air raid alerts as the air force warned of Russian missile attacks.
Russia Foreign Minister Lavrov to visit Iran on Tuesday, according to RIA.
US Event Calendar
08:30: Feb. Philadelphia Fed Non-Mfg, prior -9.1
09:00: Dec. S&P CS Composite-20 YoY, est. 4.41%, prior 4.33%
Dec. S&P/CS 20 City MoM SA, est. 0.40%, prior 0.41%
4Q House Price Purchase Index QoQ, est. 0.3%, prior 0.7%
10:00: Feb. Conf. Board Consumer Confidenc, est. 102.5, prior 104.1
Morning from what promises to be a relatively warm and sunny day in Lisbon. Two consequences of Brexit hit me last night. One I had to queue for 75 minutes at immigration with a British passport and secondly when I got to the counter the officer said that he shouldn’t let me in as I have no blank spaces left on my passport. He squeezed a stamp on a full page and let me in and warned me to get a replacement immediately. So in my hotel room last night I had to book an emergency passport appointment before a US trip next week. I had no idea the passport was full. It’s only been an issue since Brexit as previously no European travel got stamped. To get an appointment though I needed to take a passport photo of myself on my phone in a dimly lit hotel room. 25 attempts later and I finally managed to get one that the online portal approved after balancing a table on my bed, putting the iPhone on it, the camera timer on and running to stand in front of the blank wall. The glamour of work travel.
While I was travelling and taking selfies, US markets tried to recover yesterday but ultimately struggled with the Magnificent 7 (-1.40%) closing at its lowest level since early December, which in turn left the S&P 500 -0.50% lower. Europe managed to again outperform the US, though the STOXX 600 was still down -0.08% even as the DAX (+0.62%) advanced. And with more negative sentiment coming to the fore, US Treasuries rallied across the curve, with the 10yr yield (-3.1bps) closing at a two-month low of 4.40%. This morning its edged lower again to 4.375%.
Those election results from Germany were a key market focus yesterday, as investors reacted to Sunday’s vote. As a reminder, the conservative CDU/CSU are the largest group in the new Bundestag, but the only two-party coalition that can reach a majority are the CDU/CSU and the SPD, given that they’ve refused to cooperate with the AfD. A coalition between the two seemed to be the goal for the CDU/CSU yesterday, with CDU leader Friedrich Merz saying that “I am determined to hold constructive, good, swift talks with the Social Democrats”. That’s a combination Germany has seen frequently in the last couple of decades, with the two governing together for three of Angela Merkel’s four terms, including from 2013-21. However, it’s clear that the SPD’s position as the only party able to provide a majority for the CDU/CSU offers them leverage in any negotiations, and SPD co-leader Lars Klingbeil said that “Whether the SPD enters a government isn’t yet clear”.
In the meantime, there was continued speculation about whether there might be some sort of reform to the debt brake. As it stands, the centrist parties (CDU/CSU, SPD and Greens) are just short of the two-thirds majority required to change the constitution. They could achieve that threshold with the left-wing Die Linke, but they favour lower defence spending and have said they’d only vote for that if investments were made in infrastructure. So there’s theoretically a compromise you could reach where they agree to exempt infrastructure from the debt brake, and that could create more space for defence spending in the core budget.
Another idea gaining momentum yesterday was that the centrist parties could even reform the debt brake in the current Bundestag, where the different centrist groups already have a two-thirds majority, and Merz said that “The German Bundestag is able to make decisions at any time”, although current finance minister Joerg Kukies said that it would “be a questionable political signal if constitutional amendments were now made with an old majority”. While this debate is in its early stages, our Germany economists argue that markets should start pricing in some probability of meaningful debt-brake reform in the next few weeks. Indeed, Bloomberg reported after Europe went home that Merz has opened talks with the SPD for special defence spending of as much as EUR 200bn before a formal coalition deal is made and before the new legislature sits on March 24th.
In terms of the market reaction, German equities saw a clear outperformance relative to their European counterparts. After a topsy-turvy session, the DAX was +0.62% by the close, having been up more than +1% in the European morning but then briefly falling into the red amid a broader risk-off move early in the US session. There was a stronger performance for the MDAX index of mid-cap stocks, which are more domestically concentrated, but even there the index was up +2.83% before paring that back to close +1.52% higher. Looking at the specifics, expectations for higher defence spending meant that Rheinmetall (+6.40%) was the strongest performer in the DAX again, bringing its YTD advance to +54.80%.
In my CoTD yesterday which went out late due to technical issues I discussed how the election continued a global trend (especially in Europe) where the establishment parties combined hit a record low share of the vote. In Germany support for the CDU/CSU and SPD combined has never been lower at 45.0%, down from 91.2% at the peak in 1976. In the UK election last year the combined vote for Labour and the Conservatives was the lowest in over a century and in the French elections at a similar time we saw support for the far right, far left and centrists broadly equal. We think mainstream parties are suffering due to ever lower economic growth, which along with wider inequality means that an increasing share of the electorate must be, by definition, exposed to negative growth in their world. Concerns over issues like immigration and globalisation are likely symptoms of this rather than the root cause.
Finally on the election, the Euro itself was fairly subdued yesterday, only seeing a modest +0.10% move against the US Dollar. Our FX strategists published an update yesterday after the German election, where they stay euro bearish on balance. However, their conviction on a sub-parity drop for the euro is now lower than it was, mainly because of incoming US fiscal news and the market’s resilience to absorbing tariff announcements without building a risk premium. Nevertheless they also don’t see a breakout higher for EUR/USD given the lack of sufficiently clear positive catalysts from Europe, particularly given the prospect of further ECB easing and persistent tariff risk.
Elsewhere in Europe, there was a lot of focus on Ukraine yesterday, with growing noises that the Ukraine and the US were moving closer to some sort of minerals deal. Ukraine’s Deputy PM Olga Stefanishyna said that “Ukrainian and U.S. teams are in the final stages of negotiations”, with Trump saying later on that “It looks like we’re getting very close” and that Zelenskiy could visit Washington in the next week or two to sign an agreement. Earlier Bloomberg reported that a draft text would see the US commit to a “free, sovereign and secure” Ukraine. Separately, in a meeting with France’s Macron, Trump claimed that Russia’s Putin would accept European peacekeepers in Ukraine. Macron suggested that he and Trump made “substantive steps forward” as he stressed the need for security guarantees for Ukraine, though Trump avoided any direct assurances on this front. So we’ve seen a more constructive tone compared to last week’s concerns that US-Russia talks would leave Ukraine and Europe out in the cold, but the path towards ending Russia’s war in Ukraine is still far from clear.
As mentioned at the top risk assets saw a bit of volatility yesterday. In the US, the S&P 500 (-0.50%) closed beneath 6,000 for the first time since mid-January, extending its -1.71% slump last Friday. This decline came due to a late sell-off that in part followed Trump’s suggestion that the delayed tariffs against Canada and Mexico “are going forward on time, on schedule”. That said, Bloomberg later reported that the fate of the 25% levies was still to be determined. The US equity decline was driven by tech stocks, with the Magnificent 7 down -1.40% ahead of Nvidia (-3.09% yesterday) reporting its results after the US close tomorrow. Bear in mind that the market impact of Nvidia’s results have often proved to be as significant as US jobs reports over the last couple of years, so it’s still a big event on the calendar. There were some news stories over the weekend around Microsoft (-1.03%) cancelling some leases for data centers which raised concerns about excess capex spending.
Otherwise, US Treasuries put in a fresh rally yesterday, as the broader risk-off tone pushed yields lower. Indeed, the 10yr yield (-3.1bps) closed at its lowest since early December, at 4.40%, and the 10yr real yield (-4.2bps) moved back beneath the 2% mark again. That came as investors also dialled up their expectations for Fed rate cuts this year, with the amount priced in by the December meeting up +3.6bps to 50bps.Meanwhile in Europe, 10yr yields were much steadier, with those on 10yr bunds, OATs and BTPs all +0.7bps higher on the day.
Asian equity markets are weaker overnight. There was a Bloomberg report that the Trump administration is seeking further curbs in Chinese investments in strategic sectors including technology, and especially in chips. The move has led to a decline in Chinese technology shares with the Hang Seng dropping more than -1% initially and tech titans including Alibaba and Tencent emerging as the biggest losers. As I check my screens, the Hang Seng (-0.62%) has partially recovered some of its earlier losses with the Shanghai Composite (-0.25%) also recovering. Elsewhere, the KOSPI (-0.49%) and the S&P/ASX 200 (-0.68%) are also trading lower with the Nikkei (-1.10%) leading the declines after reopening following yesterday’s holiday.
In monetary policy action, the Bank of Korea cut interest rates by 25 bps to 2.75%, its lowest since August 2022, as it strives to shore up economic growth amid weak domestic demand and uncertainties at home and abroad. The decision comes as South Korea continues to grapple with political uncertainty over the impeachment trial of President Yoon Suk Yeol.
There was very little other data yesterday, although Germany’s Ifo business climate indicator remained at 85.2 in February (vs. 85.8 expected). The expectations component did pick up to 85.4 (vs. 85.0 expected), but the current assessment reading fell back to 85.0 (vs. 86.3 expected).
To the day ahead now, and US data releases include the Conference Board’s consumer confidence for February, the FHFA’s house price index for December, and the Richmond Fed’s manufacturing index for February. From central banks, we’ll hear from the Fed’s Logan, Barr and Barkin, the ECB’s Nagel and Schnabel, and the BoE’s Pill.
2B European Report
2C Asian Report
Trump looking to further tighten chip controls on China; UK & EU to discuss Europe-wide defence fund – Newsquawk Europe Market Open
Tuesday, Feb 25, 2025 – 01:28 AM
APAC stocks traded lower following the weak handover from the US where the tech sector led the declines.
US President Trump said they are on time with tariffs and tariffs are going forward; also reportedly looking to tighten chip controls on China.
EU and UK are to discuss a Europe-wide defence fund amid fear of US pullback, according to FT.
European equity futures indicate a marginally lower cash open with Euro Stoxx 50 future down 0.1% after the cash market closed with losses of 0.4% on Monday.
FX markets are steady with the USD mildly softer vs. peers, EUR/USD remains on a 1.05 handle and USD/JPY sub-150.
Looking ahead, highlights include German GDP Detailed (Q4), US Consumer Confidence, Richmond Fed Index, ECB Euro Area Indicator of Negotiated Wage Rates, NBH Policy Announcement, Fed Discount Rate Minutes, RBA’s Jones, Fed’s Logan, Barr, Barkin, ECB’s Schnabel & BoE’s Pill, Supply from UK, Italy & Germany.
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 day
US TRADE
EQUITIES
US stocks were mostly lower and extended on Friday losses as the pullback from recent ATHs continued, while there were few fresh drivers for the downside although the overhang of tariffs and uncertainty on geopolitics continued to weigh. Sectors were mixed as tech underperformed ahead of NVDA earnings mid-week and amid reports about Microsoft (MSFT) cancelling leases for data centres, which brought into question the large CapEx expectations from the tech sector as they look to bolster AI technology.
SPX -0.50% at 5,983, NDX -1.21% at 21,352, DJI +0.08% at 43,461, RUT -0.78% at 2,178.
US President Trump said they are on time with tariffs and tariffs are going forward, while he added they are on schedule and moving along rapidly. Furthermore, he said all they want is reciprocity and the US will be liquid and rich again.
US President Trump’s team is seeking to tighten chip controls on China with the US said to be pressing Japan and Netherlands to align on China restrictions, while it is weighing tighter controls on Nvidia (NVDA) chip exports to China, as well as considering more restrictions on SMIC (981 HK) and CXMT. Furthermore, US officials reportedly met with Japanese and Dutch counterparts to restrict Tokyo Electron (8035 JT) and ASML (ASML NA) engineers from maintaining semiconductor equipment in China, according to Bloomberg.
US lawmakers are introducing bipartisan legislation to toughen trade enforcement laws and address concerns about China’s trade practices, according to Reuters.
Mexico studies tariffs on China in a bid to strike a deal with US President Trump, while Mexican President Sheinbaum said she sees agreements with the US by Friday and that Mexican officials are in Washington studying possible China levies, according to Bloomberg.
EU expands tariff list in US President Trump’s looming metals trade dispute.
WTO panel is to examine measures adopted by Turkey targeting Chinese EV imports.
French President Macron said he hoped he convinced Trump on trade and noted that they do not tariff the US, while he added that they don’t need a trade war and the urgency is to increase security expenditure.
NOTABLE HEADLINES
Fed’s Goolsbee (2025 voter) said if the administration enacts policies that drive up prices, the Fed has to take them into account by law, while he added that auto parts suppliers have expressed concerns about tariffs and before the Fed can go back to cutting rates, it needs more clarity. Furthermore, Goolsbee said the full details of the administration’s policy package are still to be determined and they have to take a wait-and-see posture.
Elon Musk said subject to the discretion of the President, employees will be given another chance and a failure to respond a second time will result in termination.
APAC TRADE
EQUITIES
APAC stocks traded lower following the weak handover from the US where the tech sector led the declines and risk appetite was sapped amid ongoing uncertainty surrounding tariffs and geopolitics.
ASX 200 retreated with underperformance seen in the tech, consumer discretionary and financial sectors, while defensives showed resilience and energy was also lifted following a jump in Woodside Energy’s profit.
Nikkei 225 slumped at the open on return from the long weekend but was off worse levels as shares of Itochu, Marubeni, Mitsubishi, Mitsui and Sumitomo rallied following reports late last week that Berkshire Hathaway plans to gradually raise its investments in Japanese trading houses.
Hang Seng and Shanghai Comp conformed to the negative mood amid headwinds from trade frictions with the US seeking to tighten chip controls on China and after the PBoC’s MLF operation resulted in a net drain of CNY 200bln. Nonetheless, Chinese markets were well off today’s worst levels as the heavy slump at the open spurred some dip buying.
US equity futures (ES +0.2%) languished near the prior day’s lows with the rebound contained amid light fresh catalysts.
European equity futures indicate a marginally lower cash open with Euro Stoxx 50 futures down 0.1% after the cash market closed with losses of 0.4% on Monday.
FX
DXY traded rangebound after ultimately recovering yesterday from initial losses as the March 4th deadline for US tariffs on Mexico and Canada approaches, while there was a lack of firm conviction amid a light calendar and ahead of PCE data later in the week, while the recent updates from the US centred around trade and geopolitics with President Trump stating that tariffs are going forward and that they’re getting very close on the Ukrainian minerals deal.
EUR/USD remained contained beneath the 1.0500 handle after fluctuating post-German election, while ING recently noted they remain reluctant to chase EUR/USD beyond 1.0500 and expect to see a return below 1.04 over the next four weeks citing the looming risk of US tariffs on the EU and the ECB’s resolutely dovish stance.
GBP/USD was uneventful after it recently stalled and pulled back from just shy of the 1.2700 handle and with BoE’s Dhingra noting that taking a “gradual” approach on rates would still leave monetary policy as a drag on the economy this year.
USD/JPY initially edged higher and briefly reclaimed the 150.00 status but then faded the gains amid the broad downbeat risk tone across the region and following Services PPI data from Japan which slightly accelerated as expected.
Antipodeans attempted to nurse recent losses but with the rebound limited owing to the risk-off mood and quiet calendar.
PBoC set USD/CNY mid-point at 7.1726 vs exp. 7.2530 (prev. 7.1717).
FIXED INCOME
10yr UST futures traded uneventfully but held on to the prior day’s gains which were facilitated by a flight to safety.
Bund futures were subdued after the recent choppy performance in the aftermath of the German election and mixed Ifo data, while participants await German GDP data and looming Bund supply.
10yr JGB futures resumed last Friday’s advances on return from the long weekend amid softer JGB yields although price action was capped following weaker results at the enhanced liquidity auction for 20yr, 30yr & 40yr JGBs.
COMMODITIES
Crude futures kept afloat after the prior day’s gains as markets digested Iraq supply, geopolitics and fresh Iranian sanctions.
US President Trump commented on Truth that they want the Keystone XL Pipeline built and suggested easy approvals.
Spot gold pulled back overnight after having notched a fresh record high yesterday alongside the risk aversion.
Copper futures were subdued owing to the downbeat mood across the Asia-Pac region although the downside was limited and there were also recent favourable forecasts by Goldman Sachs which predicts the copper market is set for a sustainable price increase with a new range projected at USD 10,500-11,500 per tonne, while it expects copper deficits of 180,000 tons in 2025 and 250,000 tons in 2026.
CRYPTO
Bitcoin nursed losses after a heavy sell-off in the US afternoon; sits below the USD 92,000 level.
NOTABLE ASIA-PAC HEADLINES
PBoC conducted a CNY 300bln 1-year MLF operation with the rate kept at 2.00% for a net drain of CNY 200bln.
Huawei improved production of AI chips and achieved a yield close to 40% which marks a breakthrough for China’s tech goals, according to the FT.
Bank of Korea cut its base rate by 25 basis points to 2.75%, as expected, with the rate decision unanimous and interest rates for the special loan programme were also lowered. BoK said US tariff policies, Fed policies, and stimulus measures by the Korean government are some of the uncertainties for the economy, while it noted it is necessary to remain cautious about high FX volatility. BoK Governor Rhee stated that four board members said current policy rates could be maintained for the next three months and two board members said further rate cuts are possible for the next three months, while Rhee added that the market consensus expecting two more rate cuts this year aligns closely with the central bank’s views.
DATA RECAP
Japanese Services PPI (Jan) 3.10% vs Exp. 3.10% (Prev. 2.90%, Rev. 3.00%)
GEOPOLITICS
MIDDLE EAST
Senior Israeli official told Axios that the abductee deal is “on the verge of an explosion” against the backdrop of Israeli PM Netanyahu’s decision to delay the release of the 600 Palestinian prisoners, although talks are underway to find a solution before the return of the four abductees on Thursday.
RUSSIA-UKRAINE
US President Trump said he could end the war in Ukraine within weeks and would be willing to go to Moscow at an appropriate time but added that May 9th may be too soon for a visit and he would go to Moscow if things get settled. Furthermore, he said Ukraine’s land is part of the negotiation and hopes Ukraine can take back some of its land.
US President Trump said he emphasised the importance of the critical minerals and rare earth deal with Ukraine in meeting with French President Macron, while Trump added that he is in serious discussions with Russian President Putin about ending the war and talks are proceeding very well. Trump also said he was talking with French President Macron about trade deals at the White House and will meet with Ukrainian President Zelensky either this week or next to sign a minerals deal. Trump later said he had great conversations including with Russia on ending the Ukraine war and the meeting with French President Macron is another step forward towards ending the war.
French President Macron said Europe is willing to step up to be a stronger partner and do more on defence, while he added that the strength of US re-engagement is a source of uncertainty for Russian President Putin and noted he is willing to provide security guarantees to Ukraine. Macron also commented after speaking with US President Trump, that they have made substantive steps forward during discussions and that Europe has invested USD 138bln in aid to Ukraine, as well as noted that a minerals deal will help guarantee Ukraine’s sovereignty and that Europeans are committed, ready and aware they need to do more.
French President Macron said they need something substantial for Ukraine and Europe, while he stated his message to US President Trump was to be careful and that they have to go fast but first need a truce in Ukraine. Macron also stated that he thinks he had a strong convergence with Trump on Ukraine and a truce could be reached in the coming weeks, as well as noted that it is feasible to establish a truce at least and start negotiating for peace. Furthermore, Macron said he is working with the UK on a UK-France proposal for presence to maintain peace with US backup and backstop, while he spoke with European leaders and that many are ready to be part of security guarantees.
EU and UK are to discuss a Europe-wide defence fund amid fear of US pullback, according to FT. It was separately reported that Germany is discussing EUR 200B in emergency defence spending, according to Bloomberg.
UN General Assembly adopted the amended US-drafted Ukraine resolution that backs Ukraine’s sovereignty and territorial integrity, while it approved all proposed European amendments to the US-drafted resolution on Ukraine and rejected the proposed Russian amendment to the US-drafted resolution on the Ukraine war anniversary. It was later reported that Russia failed at the UN Security Council to amend the US-drafted resolution on Ukraine and vetoed a European attempt to amend the US-drafted resolution on Ukraine, while the UN Security Council adopted the US-drafted resolution on Ukraine.
Russian President Putin held a meeting on rare earth metals and said Russia would be ready to offer joint work to US public and private entities, while he added that Trump’s position is not in Russia’s interests and is in Ukraine’s interests. Putin also said Russia and the US could consider working together on aluminium production and could think of a joint project with the US in Russia.
Poland scrambled aircraft to ensure airspace security after Russia launched strikes on Ukraine, while all of Ukraine was reportedly under air raid alerts as the air force warned of Russian missile attacks.
EU/UK
NOTABLE HEADLINES
BoE’s Dhingra said they are already at a high level of monetary policy restrictiveness and that medium-term inflation pressures are easing. Dhingra added that food prices are ticking up, but they are not seeing the same rise in import costs as before. Furthermore, she said everyone on the MPC has a different definition of the pace of rate cuts implied by “gradual” and her definition of gradual rate cuts does not mean 25bps per quarter, while she added if you cut rates by 25bps at a quarterly pace, you will still be in restrictive territory all of this year.
3 .ASIA
3A NORTH KOREA/SOUTH KOREA
end
3BJAPAN
end
3C. CHINA/
CHINA
CHINA/USA
Trump Seeks Tougher Chip Controls On China To Curb Advancements
Tuesday, Feb 25, 2025 – 07:20 AM
Asian main equity indexes declined on Tuesday, pressured by a mix of broad risk-off sentiment, US equity degrossing, unfavorable seasonality trends, some technical factors, and profit-taking. Fresh concerns over President Trump’s ‘America First’ policies further weighed on sentiment.
A report last weekend indicated that the Trump administration directed the Committee on Foreign Investment in the US to restrict Chinese investments in strategic sectors to safeguard national security interests.
However, this note focuses on a new Bloomberg report detailing Trump’s efforts to curb China’s chip advancements as AI enthusiasm erupts in the world’s second-largest economy alongside soaring AI CAPEX spending.
Individuals familiar with Trump’s upcoming chip restrictions on China informed Bloomberg about what’s coming down the pipe:
Trump officials recently met with their Japanese and Dutch counterparts about restricting Tokyo Electron Ltd. and ASML Holding NV engineers from maintaining semiconductor gear in China, according to people familiar with the matter. The aim, which was also a priority for Biden, is to see key allies match China curbs the US has placed on American chip-gear companies, including Lam Research Corp., KLA Corp. and Applied Materials Inc.
The meetings come in addition to early discussions in Washington about sanctions on specific Chinese companies, other people said. Some Trump officials also aim to further restrict the type of Nvidia Corp. chips that can be exported to China without a license, Bloomberg News has previously reported. They’re also having early conversations about tightening existing curbs on the quantity of AI chips that can be exported globally without a license, said some of the people, who asked not to be identified because the deliberations are private.
The timing of the new chip restrictions could “take months,” according to Bloomberg, noting, “It remains to be seen whether allies will be more receptive” to additional restrictions on China’s chip industry.
Goldman’s Ananya Prakash in London commented on the ongoing trade situation:
Press reporting that Trump’s administration is looking at tougher semiconductor curbs. GIR notes that the release highlights potential areas for increased scrutiny including US outbound investment to China, Chinese ADR standards, and companies on the Chinese Military Companies List. The memorandum suggests tighter controls on certain sectors like semiconductors and AI, possible changes to tax treaties, and stricter investment reviews.
Tokyo Electron shares closed down nearly 5% after the Bloomberg report.
Prakash provided clients with more color on semis action today:
Semis basket (GSSBSEMI) down 2.1% this morning, with its top constituents all down on the day as the US sketches out tougher versions of existing US semiconductor curbs against Beijing and pressures the Netherlands and Japan to escalate restrictions on China’s chip industry. Most notably ASML down 3% today, following the news that Trump’s team met with Japanese and Dutch counterparts, to discuss restricting ASML’s engineers from servicing/maintaining their hardware, which is key in producing microchips.
The chart we’re tracking is the PHLX Semiconductor Sector, which is trading 15% below its July 2024 peak.
Plus, there are mounting concerns about Microsoft data center order cancellations, per a new TD Cowen report. However, MSFT “strongly refutes” the report.
4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
UK
Calls For UK DOGE As Billions ‘Wasted’ On ‘Woke’ Projects Abroad Highlighted
Calls have grown for the British government to introduce the equivalent of the United States’ Department of Government Efficiency (DOGE), after the extent of so-called “woke waste” spending on projects abroad which fall under the umbrella of diversity, equality, and inclusion (DEI) was revealed.
Successive Conservative and Labour governments have signed off on projects such as £9,550,000 awarded in December 2024 to Cowater International to support “Accountability and Inclusion” in the Democratic Republic of the Congo.
The bulk of the funding under scrutiny has come through the foreign aid budget administered by the Foreign and Commonwealth Development Office (FCDO), although spending at home for academic and arts projects that appear to push the DEI agenda have also come under fire.
‘Gender Mainstreaming Strategy’
More than half a million pounds (£575,000) was granted to the Ark Group to deliver advice to the Jordanian Armed Forces’ “Gender Mainstreaming Strategy,” also by the FCDO but under the previous Conservative government in March 2024.
Projects around the world aiming to address the “climate crisis” are also major recipients of vast sums of UK money, with more than £101 million given to “Climate and Ocean Adaptation and Sustainable Transition” in Indonesia, the Philippines, Vietnam, and Mozambique, with this contract awarded to DAI Global in November 2024.
The UK has also allocated a further £12 million for a “Taskforce on Access to Climate Finance“ in Mauritius, with the contract still out for tender until December this year, the database shows.
While many drivers in the UK have been hit by congestion, ULEZ, and parking charges, almost half a million pounds (£499,649.60) was awarded by the FCDO in 2023 for 15 electric vehicles to be “donated to Albanian prisons” by the British Embassy in Tirana.
Since winning the general election last July, Labour has repeatedly claimed there is a “£22 billion black hole” in the public spending purse, which Chancellor Rachel Reeves has said necessitates sweeping cuts, such as the loss of winter fuel allowance for the majority of pensioners.
‘A Question of Priorities’
A group operating under the handle The Procurement Files since December 2024 has trawled the publicly available government accounts database to expose some of the more contentious spending, working with journalist Charlotte Gill, who runs a blog and uses the handle @wokewaste.
Also under scrutiny has been the hundreds of millions awarded to diplomatic spending, such as the refurbishment of embassies and high commissioners’ offices.
A spokesperson for The Procurement Files told The Epoch Times: “The UK spends over £100 billion a year on interest. Our aim is to help to find ways to reduce wasteful spend and to save the UK taxpayer money.
“For us, it is a question of priorities. Why would the UK taxpayer fund a project for ‘Green Urban Growth in Somalia’ or a ‘Maldives Shark Diving Code of Conduct’ when people here are struggling to pay sky-high energy bills?
“Politicans from the Conservatives and Reform, including Nigel Farage, have been in touch and follow our work.”
They added, “We will follow the blueprint laid out by Elon Musk and the U.S. DOGE team, and are cheering them on from the sidelines!”
Reform MP Richard Tice told The Epoch Times: “I believe I speak for the majority of logical, common-sense Britons when I say we need an equivalent of DOGE in the UK.
“As has been proven in America, the only people who oppose such an agency are the incompetent or corrupt bureaucrats.
“Let’s expose the levels of government waste, sleaze, and neglect of taxpayers’ money.
“Full transparency is what the people want—let’s give it to them.”
Sam Bidwell, director of The Next Generation, part of the Adam Smith Institute, said on social media platform X: “The benefits of a British DOGE would be in long-term growth rather than short-term savings.
“We have several hundred regulators, quangos, and [Arms Length Bodies], which churn out reams of absurd anti-growth regulation.
“Defunding and reforming these bodies would be an enormous net positive.”
Some Conservatives have backed the calls for a UK DOGE, including Scottish Tory leader Russell Findlay, who pledged in a speech on Tuesday to set up a Scottish Agency of Value and Efficiency in the event of him becoming first minister.
Findlay said such a department would be tasked with “cutting waste, identifying savings, and delivering better value for taxpayers.”
‘Green Growth’ and ‘Shrimp Health’
But there has been no talk from the British government of slashing such projects as the £22,490,382 awarded by the FCDO to PwC for “Green Growth” in Nepal shortly after Labour took office in July 2024.
Under the previous government, £220 million was granted to Palladium for “UK Partnering for Accelerated Climate Transitions” in developing countries, with an option to more than double this amount. The same company was separately awarded £15.5 million to deliver a “climate smart jobs programme” in Uganda.
The FCDO is not the only department to come under scrutiny, with the Home Office also coming in for criticism on social media for awarding Alcis Holdings £133,000 to monitor the “Afghanistan Taliban’s Narcotics Ban.”
Generous spending for high-level diplomacy is a recurring theme of the contracts under scrutiny, with £179,931 granted to “replace air-conditioning condensers” at the British High Commission in Barbados, and a £14.4 million contract for a whole-building refurbishment of the High Commission in Kenya.
Smaller amounts of funding have also come under fire over the usefulness of the project, with an academic study of “Shrimp Health in Bangladesh” awarded £50,000 in May 2023 through the Department for the Environment, Food, and Rural Affairs.
‘Glitching Transgenderism’
Arts Council funding which promotes DEI themes has also been criticised by commentators and social media users, such as the £185,627 awarded by the Arts and Humanities Research Council (ACHR) for a trans-identified academic to research “Trans Performance Now: Glitching Transgenderism” at Northumbria University.
Gill has highlighted a number of AHRC-sponsored studies in her work, writing that “the taxpayer is funding their own demise” by unwittingly stumping up for projects such as “The Europe that Gay Porn Built,” awarded £841,627 over four years at Birmingham City University.
ACHR funding for academic projects abroad has included £318,510 for a study that claims that water has experienced trauma, and aims to “address current water and mental health issues affecting Indiginous communities” in Peru and the United States.
Since taking control of the White House for the second time, President Donald Trump has begun a wide-ranging and rapid programme to cut what he regards as unnecessary and sometimes corrupt government expenditure, appointing SpaceX CEO Elon Musk as head of DOGE, named after the internet meme.
DOGE’s first radical move was to announce the slashing of USAID’s workforce from 14,000 to 294 after an audit revealed it was funding projects such as $1.5 million to “advance DEI in Serbia’s workplaces,” as well as $2 million for sex changes and “LGBT activism” in Guatemala, and $32,000 for a “transgender comic book” in Peru.
USAID Protests
USAID was set up in 1961 by President John F. Kennedy to administer humanitarian aid on behalf of the U.S. government, but much of its work is now contracted out to external agencies.
Musk claims to have already saved the U.S government more than $3.4 billion by halting DEI contracts, using his platform X to highlight what he has labelled widespread “fraud” as well as “waste.”
The Trump team has suggested as much as a trillion dollars could be saved by DOGE, although there is pushback from the Democrats and many NGOs and others who work within the foreign aid field.
The billionaire entrepreneur said earlier this month on X: “The corrupt politicians ‘protesting’ outside the USAID building are the ones getting money from USAID.
That’s why they’re there – they want your stolen tax dollars!”
The United States is the world’s largest provider of money for foreign aid, by a considerable margin. The UK is the world’s fourth largest spender, giving approximately £15.4 billion in 2023, compared to around £71.9 billion from the United States.
The FCDO has been contacted for comment.
5 RUSSIAN AND MIDDLE EASTERN AFFAIRS
IRAN/USA
Trump initiates harsh maximum pressure sanctions on Iranian trade/cancelling Biden’s measure of appeasement
Trump imposes sanctions on Iranian trade for ‘maximum pressure campaign’
The sanctions were being done to “stem the flow of revenue the regime uses to fund destabilizing activities.”
U.S. President Donald Trump and French President Emmanuel Macron (not pictured) attend a press conference at the White House in Washington, D.C., U.S., February 24, 2025.(photo credit: REUTERS/BRIAN SNYDER)
The US has decided to impose sanctions on eight entities engaged in Iranian petroleum and petrochemical trade and is identifying eight vessels as their blocked property, the State Department announced on Tuesday.
The State Department cited the reason for the sanctions as being part of US President Donald Trump’s “maximum pressure campaign on Iran.”
It added that the “Iranian regime continues to destabilize global security with its nuclear threat, ballistic missile program, and support for terrorist groups.”
“Iran’s oil exports are enabled by a network of illicit shipping facilitators in multiple jurisdictions who, through obfuscation and deception, load and transport Iranian oil for sale to buyers in Asia,” the Department of State explained.
The sanctions were, therefore, being done to “stem the flow of revenue the regime uses to fund these destabilizing activities,” the State Department said.
Iran’s and US’ flags are seen printed on paper in this illustration taken January 27, 2022. (credit: REUTERS/DADO RUVIC/ILLUSTRATION)
Who will be affected by the sanctions?
The State Department listed some of the following entities that will be sanctioned for “knowingly engaging in a significant transaction for the sale or transport of petroleum or petroleum products from Iran.”
Kangan Petro Refinery Company, Cosmos Lines Inc, Alkonost Maritime DMCC, Austinship Management Private Limited. Oceanend Shipping Ltd., IMS Ltd, and Octane Energy Group FZCO were on the list.
The State Department said the result of the sanctions will be “in accordance with E.O. 13846, all property and interests in property of the designated persons described above that are in the United States or in possession or control of US persons are blocked and must be reported to the Department of Treasury’s Office of Foreign Assets Control (OFAC).”
The State Department added that “additionally, all entities and individuals that have ownership, either directly or indirectly, 50 percent or more by one or more blocked persons are also blocked.”
The prohibition will include contributing or providing the blocked people with funds, goods, or services.
“The ultimate goal of sanctions is not to punish, but to bring about a positive change in behavior,” the State Department emphasized in its statement
end
The complexity of reimposing ‘maximum pressure’ – analysis
“We don’t want to be tough on Iran. We don’t want to be tough on anybody…But they just can’t have a nuclear bomb,” Trump had said.
The US Department of State said on February 24 that it is “designating 16 entities and vessels for their involvement in Iran’s petroleum and petrochemical industry.”
Among the targets are eight “entities” based in Iran, India, Malaysia, the Seychelles, and the UAE. They are involved in the sale, purchase, and transportation of Iranian petroleum. In addition, eight vessels were identified as part of this network. Both the US Department of Treasury and State put out statements about this new initiative.
The Department of State and the Department of the Treasury’s Office of Foreign Assets Control (OFAC) said they are “concurrently sanctioning a combined total of 22 persons and identifying 13 vessels as blocked property, across multiple jurisdictions, for their involvement in Iran’s oil industry.”
The sanctions affect not only the entities but also the oil tankers and dozens of people, according to the Associated Press. According to that report the sanctions are aimed at getting to a deal. The new Trump administration doesn’t want to go as hard on Iran as the first time, it prefers some kind of accomidation. Absent that, it will increase pressure.
Iran’s and US’ flags are seen printed on paper in this illustration taken January 27, 2022. (credit: REUTERS/DADO RUVIC/ILLUSTRATION)
However, Trump has distanced himself from some of the Iran “hawks” of the first administration, such as John Bolton. “We will see whether or not we can arrange or work out a deal with Iran,” Trump has said.
“We don’t want to be tough on Iran. We don’t want to be tough on anybody…But they just can’t have a nuclear bomb.”
Targeting aspects of Iran’s oil supply chain
US Treasury Secretary Scott Bessent has indicated that the US will use these sanctions to target aspects of Iran’s oil supply chain. The key parts of this supply chain include oil brokers in places such as the UAE and Hong Kong as well as oil tanker operators and managers who are located in China and India.
The head of Iran’s National Iranian Oil Company and the Iranian Oil Terminals Company were also targeted. The statement at Treasury noted that “the vessels sanctioned today are responsible for shipping tens of millions of barrels of crude oil valued in the hundreds of millions of dollars.”
The report noted that US President Donald Trump had issued National Security Presidential Memorandum 2 on February 4, 2025, ordering a campaign of maximum pressure on Iran and to reduce Iran’s oil exports to zero.
The target of these sanctions illustrates the complexity of using sanctions to deal with Iran’s oil trade. There are many entities involved, and they span the globe. They are also located in countries that are friends and partners of the US, such as India or the UAE. Many countries are not on board with confronting Iran. They want accommodation.
Iran and Saudi Arabia, for instance, reconciled over the last several years. A lot has changed in the Middle East since the Iran deal a decade ago. In addition, Iran has grown closer to Russia and China. Iran is also now seeking to play a larger role in BRICS and the SCO, which are economic blocs that are not part of the West.
One of the sanctions targeted the chief executive officer of the National Iranian Oil Company (NIOC). The Treasury statement says that “NIOC plays a key role in underwriting the regionally destabilizing activities of Iran’s military and its proxy groups, including the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF).
The Iranian government allocates billions of dollars worth of oil each year to its armed forces to supplement their annual budget allocations.”
Sanctions also went after a subsidiary that “oversees all operations at Iran’s oil terminals, including Kharg Island Oil Terminal, through which a majority of Iranian oil flows, and South Pars Condensate Terminal, which accounts for 100 percent of Iran’s gas condensate exports.”
The report says that Iran also exports oil from terminals on the Caspian Sea. Iran is increasingly seeking to expand its north-south economic corridor and recently held a confab aimed at increasing economic ties across the Caspian.
Another challenge is finding the oil brokers who help Iran export oil. The US Treasury statement singled out a network that extends to the UAE and China. “UAE-based Petroquimico FZE has purchased tens of millions of dollars’ worth of petroleum products from NIOC,” the report says.
It uses a Barbados-flagged ship called the Casinova, also called Ying Ge, “owned, managed, and operated by Liberia-based Le Monde Marine Services Limited, to transport over 200,000 barrels of Iranian oil to the UAE. “ Recently, the ship was in the Straits of Hormuz.
Another company that was targeted is Petronix Energy Trading Limited, which is said to use the Panamanian-flagged Meng Zin ship and a ship called Phoenix. Meng Xin appears to have been near Kuwait recently. The Treasury statement also notes there is a “shadow fleet” used for oil shipments.
This includes a claim that in “September 2024, the Panama-flagged URGANE I, managed and operated by PRC-based Nycity Shipmanagement Co Ltd (Nycity Shipmanagement), loaded Iranian Pars crude oil via a ship-to-ship transfer with a tanker owned by the sanctioned National Iranian Tanker Company.”
A number of other vessels were identified as part of this network. “As a result of today’s action, all property and interests in property of the designated person(s) described above that are in the United States or in the possession or control of US persons is/are blocked and must be reported to OFAC,” the report said.
The State Department said that “today’s action represents an initial step to realize President Trump’s campaign of maximum pressure on the Iranian regime. It disrupts efforts by Iran to amass oil revenues to fund terrorists’ activities.”
The challenge of these sanctions is clear. Numerous entities are involved, and they operate a network of ships across the Indian Ocean. Iran has become an expert at avoiding sanctions over the years.
The world of shipping is also already murky, with numerous companies and ships flagged in various countries. Nothing in the world of shipping is ever simple and clear-cut. Iran exploits this to its benefit.
It finds ways to transfer oil. Ships can turn off transponders and conduct ship-to-ship transfers to avoid detection. It’s notoriously hard to prevent this kind of trade.
In addition, the recent attempt by the Houthis to prevent shipping via the Red Sea illustrated the new world order on the high seas. The Houthis did not target ships linked to Russia or China, but targeted commercial ships it said were linked to Israel or linked to western companies and countries that work with Israel.
The Houthis sometimes made mistakes regarding which ships they targeted. It was difficult to prevent their attacks, and the attacks only stopped when a ceasefire began in Gaza.
The fact is that it is difficult to deal with Iran’s oil exports and sanctions will only be able to do so much in this regard.
ISRAEL/HAMAS/WEST BANK
Katz imposes sanctions on security prisoners who receive PA funding
“We will not allow the Palestinian Authority to continue rewarding terrorists for murdering and harming Israeli citizens,” Katz said.
Defense Minister Israel Katz imposed sanctions on Tuesday on security prisoners and their families who are citizens and residents of Israel and receive funding from the Palestinian Authority (PA).
According to the ministry’s statement, following the sanctions, security forces raided the homes of those subjected to the order, confiscating cash and assets amounting to hundreds of thousands of shekels.
The terror funds that were ordered to be liquidated were paid by the PA to terrorists who are currently serving sentences in Israeli prisons and released prisoners and their families for terror activities they committed, the ministry said.
In addition to the sanction, the ministry stated Israel had frozen NIS 470,000,000 from allotted funding to the PA, which is set to be allocated for the compensation of victims of terror.
“No more rewards for terrorism” Katz says
“We will not allow the Palestinian Authority to continue rewarding terrorists for murdering and harming Israeli citizens,” Katz said.
GILBOA PRISON, in northern Israel near the West Bank. (credit: FLASH90)
He dubbed the funding “blood money,” which “fuels terrorism,” adding that the Jewish State was “engaged in an all-out war against terrorism—on the battlefield, in the economic sphere, and in every necessary arena.”
END
ISRAEL/HAMAS
Hamas hostage displays sparking renewed Trump pressure to end terror group’s rule — sources
Washington pushing Arabs for post-war plan * Trump rescinds Biden policy that threatened military aid to Israel * Two detained after slipping across border from Jordan, IDF says
END
ISRAEL/HAMAS/OPINION
Hamas achieved its goals, hostage ceremonies will probably stop, expert says
“Of course, Hamas will agree. Once again, Israel fails to understand: Hamas has already reaped the internal benefits of these events,” said Eyal Ofer.
Eyal Ofer, an expert on Hamas and Gazan economics, explained the rationale behind why Hamas may cease the hostage release ceremonies—and why, in his view, Israel is missing the bigger picture in an interview with 103FM on Tuesday.
A surprising statement from a Hamas spokesperson suggests the group may change its approach to what Israel has called “shows of force” celebrating the release of hostages in Gaza.
After repeated delays in prisoner exchanges due to Hamas violations, the group has expressed willingness to forgo these public ceremonies—apparently to help advance the ongoing deal.
“One of Israel’s foolish demands is to stop the ceremonies,” said Ofer. “Of course, Hamas will agree. Once again, Israel fails to understand: Hamas has already reaped the internal benefits of these events.”
A Palestinian Hamas terrorist and a member of the Red Cross sign documents during the handover of hostages Or Levy, Eli Sharabi and Ohad Ben Ami as part of the hostage deal between Hamas and Israel in Deir Al-Balah in the central Gaza Strip. Eller is standing to the left, February 8, 2025. (credit: REUTERS/Hatem Khaled)
Meant to reinforce Hamas’s control
According to Ofer, the ceremonies were meant to reinforce Hamas’s control in Gaza and project an image of strength and unity. “They are the rulers of Gaza—that was the purpose of the ceremonies,” he explains.
“At the last event, they included members from other organizations, and for the first time at a Hamas ceremony, they played the official Palestinian national anthem—a clear message of unity.”
Now that Hamas has achieved its internal goals, Ofer says, the group has little reason to continue the displays. “Now that they have already benefited from them, they have no problem stopping the ceremonies in return for real achievements—such as securing the release of additional prisoners, obtaining resources, and maintaining the ceasefire—especially when these public displays damage their image in a shocked Western audience.”
He noted that in the West, these ceremonies are widely seen as extremist demonstrations that harm Hamas’s reputation internationally. “These ceremonies were some of our best propaganda tools—without any Israeli intervention,” he says, referring to the backlash they triggered in international media.
Ofer concluded: “So why demand that they stop?” In his view, the demand is unnecessary since Hamas has already gained what it wanted and is now willing to abandon the ceremonies if the trade-off is worthwhile.
END
Hamas said weighing quiet handover of slain hostages for delayed prisoners
Report says terror group could transfer bodies to Egypt to be ID’d before inmates set free in two groups, as official warns ceasefire on ‘brink of collapse’ if logjam persists
International Red Cross vehicles move carrying Israeli hostages, Eliya Cohen, Omer Shem and Omer Wenkert, after they were handed over by Hamas in Gaza Feb. 22, 2025. (AP/Mohammad Abu Samra)
The Hamas terror group was reportedly considering a deal Monday to transfer the bodies of two slain hostages to Egypt in exchange for hundreds of prisoners previously slated for release, as international mediators sought to salvage a fraying ceasefire deal in Gaza.
Israel says it is holding onto 602 Palestinian inmates who had been scheduled to be freed Saturday until Hamas halts the practice of holding elaborate, propaganda-filled ceremonies when releasing hostages or transferring the bodies of those slain in captivity.
The decision, announced early Sunday, has set off a flurry of diplomatic activity aimed at keeping the ceasefire alive, with the crisis compounding worries that negotiators will fail to secure an agreement on extending the ceasefire beyond an early March deadline and into a second phase of hostage releases.
A senior Israeli official was quoted by the Walla news site warning that the entire hostage-ceasefire deal is on “the brink of collapse” if the current impasse is not bridged by Thursday.
Under the current deal, Hamas is scheduled to transfer the bodies of four hostages killed in captivity on Thursday, marking the final hostage-prisoner exchange of the first stage of the agreement, which began on January 19.
However, a Channel 12 news report Monday indicated that mediators are working on a formula that could see Hamas transfer two of the bodies to Egypt as early as Tuesday, in exchange for 301 of the prisoners from the Saturday release.
Should the formula work, the process would then be repeated for the two other hostages and the remaining 301 prisoners, according to the unsourced report.
Palestinian terrorists carry to the Red Cross one of four coffins said to hold the body of a slain Israeli hostage, in the southern Gaza Strip’s Khan Younis, February 20, 2025. (Eyad Baba / AFP)
By going through Egypt, Israel hopes the transfers will take place quietly, amid palpable anger and disgust over staged ceremonies put on by Hamas in Gaza in which hostages are forced to feign appreciation for their captors in front of crowds of Gazans before being handed over to the Red Cross.
On Saturday, Hamas published a propaganda video showing two hostages not slated for release being forced to watch the ceremony and beg for their freedom, further fueling Israeli ire.
Hamas held a similar ceremony last week for the handover of coffins containing the remains of octogenarian hostage Oded Lifshitz, young brothers Ariel and Kfir Bibas, respectively 4 years old and 9 months old when kidnapped on October 7, 2023, and their mother Shiri Bibas. The coffins were put on display in front of gawking crowds and gun-toting terror group operatives.
Israel had been slated to release the 602 prisoners on Saturday, including dozens serving multiple life sentences for deadly attacks on Israelis, in exchange for six living hostages, including two who had been held in Gaza for around a decade.
Prime Minister Benjamin Netanyahu decided late Saturday night to postpone the release of the inmates, accusing Hamas of repeatedly violating the ceasefire and saying the prisoners would only be released once Israel receives a promise that ceremonies “demeaning our hostages’ dignity” come to an end.
Israeli hostages, from left to right, Eliya Cohen, Omer Shem and Omer Wenkert, are told to show Hamas-issued certificates before being handed over to the Red Cross in Nuseirat, central Gaza Strip, Saturday, February 22, 2025. (AP/Jehad Alshrafi)
According to the senior Israeli official quoted by Walla, Hamas has since agreed to transfer the bodies of the four hostages on Thursday without any fanfare.
But despite appearing to meet Netanyahu’s demands, the premier responded by stiffening the ultimatum, informing mediators that a commitment from the terror group is insufficient and that the prisoners will only be let out once Israel receives the hostages and verifies their identity, the source said.
Israel has insisted on verifying that the released remains are indeed what they expect to receive, after Hamas last week sent a Gazan woman’s body in place of Shiri Bibas’s remains.
IDF officers salute a casket containing the body of slain hostage Shiri Silberman Bibas, late on February 21, 2025. (Israel Defense Forces)
It eventually gave Israel the murdered hostage’s remains.
The Prime Minister’s Office dismissed the Walla report as “more fake news from the echoes of Hamas propaganda.”
“Through his aggressive stance, the prime minister has already returned 192 hostages and he is determined to return them all,” the PMO added.
Hamas denies any talks with Israel
Saudi-owned newspaper Asharq al-Awsat reported earlier Monday that negotiations between Israel and Hamas were progressing and could lead to the handover of two hostages’ bodies within hours.
Hamas denied the Saudi news reports, however, doubling down on its official boycott of talks with Israel through mediators.
The Israel Prison Service dresses Palestinian prisoners set for release in shirts featuring its logo, a Star of David and the sentence in Arabic: ‘We will not forget or forgive,’ February 15, 2025. (Israel Prison Service)
In a statement on Telegram, Hamas official Mahmoud Mardawi demanded that Israel implement the ceasefire agreement by “releasing the 600 Palestinian prisoners” who were supposed to be freed on Saturday, and said the terror group had not changed its stance regarding continued negotiations.
The three-stage ceasefire agreement, reached last month, halted some 15 months of fighting triggered by Hamas’s October 7, 2023, onslaught, when Hamas-led invading terrorists killed some 1,200 people and took 251 hostages.
The deal requires Hamas to gradually release all its hostages, Israel to release thousands of Palestinian security prisoners in return, and both sides to halt fighting in the Strip, as the sides negotiate for a “sustainable calm” and the IDF withdraws gradually from the enclave. With the first phase of the deal set to end this coming Saturday, negotiations are ongoing for the second phase.
Palestinian security inmates released by Israel as part of a hostage release-ceasefire deal with Hamas are welcomed by family members as they arrive on buses to the European hospital in Khan Younis on February 1, 2025. (Eyad Baba / AFP)
Israeli officials have repeatedly stated in recent days that there are battle plans ready should the war resume.
But Gal Hirsch, the government’s liaison with relatives of hostages, indicated in a meeting with the families Monday that Israel was still attempting to negotiate an agreement to extend the deal to phase two.
“We’re trying to continue the phased releases to bring back living hostages, and the dead,” he was quoted saying by Channel 12.
Hirsch also reportedly told the families that Strategic Affairs Minister Ron Dermer, a close Netanyahu loyalist, was heading up negotiations, alongside himself. Previous rounds were negotiated by a team headed by Mossad chief David Barnea and Shin Bet counterpart Ronen Bar.
Trucks loaded with humanitarian aid cross into Gaza through the Kerem Shalom crossing, east of the city of Rafah, in the southern Gaza Strip, February 24, 2025. (Ali Hassan/Flash90)
According to the Kan public broadcaster on Monday, Israel is currently seeking to extend the current, first phase of the deal — repeating the framework of 42 days, with a hostage release each week — without committing to end the war. According to an Israeli official, negotiations for phase two would continue during this extended phase one.
However, Egypt, which has served as a key mediator, has refused to discuss an extension of phase one until negotiations over phase two begin, according to two Egyptian officials who were not authorized to brief reporters and spoke on condition of anonymity.
One official familiar with the negotiations said the mere launch of phase two talks would keep the truce intact, according to the language of the deal. That would mean a continued halt in fighting and aid flowing into Gaza, though there would be no further hostage releases beyond what has already been negotiated, he said, speaking on condition of anonymity to discuss closed diplomatic contacts.
People gather at Hostages Square in Tel Aviv, to watch on screen the release of Israeli hostages held by the Palestinian Hamas terror group in the Gaza Strip, on February 22, 2025 (Jack GUEZ / AFP)
Hamas has previously said it is open to a short extension to complete talks on phase two, but that was before Israel held up the release of the prisoners.
One of the Egyptian officials said Egypt is also demanding Israel complete its withdrawal from the Philadelphi corridor, on the Gaza side of the border with Egypt, before moving on to the next phase. The agreement calls for that withdrawal to begin this weekend and be completed within eight days.
US President Donald Trump’s Mideast envoy Steve Witkoff said Sunday he was traveling to the region this week and hoped to “get an extension of phase one” of the deal. The US expects “there will be a phase two” of the deal, he said, adding that Netanyahu is motivated to make a deal, but called any Hamas role in governing Gaza post-war a “red line.”
Trump reposts video from freed hostage
Trump Monday reposted a message sent to him by released US-Israeli hostage Keith Siegel on his Truth Social page.
In the video, Siegel could be seen standing outside the ruins of a home in Kibbutz Kfar Aza. He introduced himself as the “first American hostage freed in the deal that you set in place,” once again thanking Trump for his efforts.
Siegel said it is hard for him to comprehend the destruction that Hamas wrought on October 7. “Homes that were destroyed by Hamas, that were burned. People of the kibbutz that were murdered, burned alive.”
He urged Trump to act to get the rest of the hostages out of Gaza, saying the situation is urgent.
ISRAEL/IAQ/USA
Latest US Strike Killed Brother Of Syrian Government Minister
The US has continued carrying out airstrikes against Syria’s Idlib Governorate’s Harem District, near the Tel al-Karama refugee camp this weekend, targeting and killing Wasim Tahsin Bayraqdar, who they described as a “senior leadership facilitator” for the al-Qaeda-linked Hurras al-Din.
It is the third US drone strike against Idlib since President Trump took office last month, and all three reportedly targeted and killed Hurras al-Din leaders. This is particularly noteworthy since Hurras al-Din announced it was dissolving in late January, before any of these attacks.
This latest attack is perhaps an even bigger deal because Bayraqdar is the brother of Samer Bayraqdar, who is the Syrian government’s current Religious Endowments Minister. The ministry ensures that endowments are used properly for the maintaining of mosques and to help pay for religious education.
The US claimed the Bayraqdar that they killed was an active member of Hurras al-Din, despite the obvious handicap of that group apparently having dissolved weeks ago. Syrian researchers are also reporting that the man actually left Hurras al-Din five years ago after becoming disillusioned with the group.
The statement from researcher Mohammed Munir al-Faqir, who claimed to have met Bayraqdar in 2022, after he had already left Hurras al-Din and became a businessman, declaring that the US had killed “an isolated civilian citizen” and urging they retract their previous targets and reevaluate them.
That’s unlikely to happen, as the US, at least, seems satisfied with the narrative that Bayraqdar was an active “finance and logistics officer” at Hurras al-Din, and indeed has never appeared to even acknowledge the very public dissolution of the organization.
Hurras al-Din was effectively al-Qaeda’s affiliate in Syria. They were distinct from Hayat Tahrir al-Sham (HTS), which is broadly the current government. HTS had similar ideology to Hurras al-Din and going back through a series of rebrandings and renamings got its own start as al-Qaeda in Iraq (AQI), the original al-Qaeda affiliate in neighboring Iraq.
Therefore it is not necessarily implausible that a minister from an al-Qaeda-linked government might well have a brother affiliated with a separate al-Qaeda-linked organization. At the same time there is a paucity of evidence that this was actually the case, just a claim from CENTCOM that they hold that to be true.
There’s also no sign the US is slowing down on striking Syria, as on Sunday another strike was reported in Idlib, which killed another person. Details are still emerging on this newest strike though it seems probable that whoever this was, it will be presented as something to do with Hurras al-Din.
END
SYRIA
Sa’ar: Hamas, PIJ creating a new front against Israel in Syria
Sa’ar further addressed the new Syrian government led by President Ahmed al-Sharaa, dubbing it “a Jihadist Islamist terror group.”
Newly appointed Israeli minister of Foreign Affairs Gideon Saar attends a replacing ceremony at the Ministry of Foreign Affairs in Jerusalem on November 10, 2024.(photo credit: YONATAN SINDEL/FLASH90)
Hamas and the Palestinian Islamic Jihad (PIJ) Jihad are operating in Syria to create an additional front against Israel, Foreign Minister Gideon Sa’ar said during a meeting with senior European officials in Brussels on Monday.
“Hamas and PIJ are acting in Syria to create another front against Israel there,” Sa’ar noted.
He further addressed the new Syrian government led by President Ahmed al-Sharaa, dubbing it “a Jihadist Islamist terror group.”
‘Exacting vengeance’
“Everyone knows who Al-Sharaa is. Not only are they not inclusive. They are exacting vengeance on Alawites. They are harming the Kurds. We will not compromise the security on our border,” Sa’ar noted.
Foreign Minister Gideon Sa’ar at the EU-Israel Association Council in Brussels, Belgium. February 24, 2025. (credit: FOREIGN MINISTRY)
Sa’ar made his remarks during the EU-Israel Association Council, the forum which manages EU-Israeli relations.
END
LEBANON
ISRAEL/HAMAS EDITORIAL
ISRAEL/SYRIA
Syria calls for Israel’s withdrawal from its lands, national dialog closing statement says
Israeli Prime Minister Benjamin Netanyahu said recently that Israel would maintain the buffer zone as long as necessary.
By REUTERS, JERUSALEM POST STAFFFEBRUARY 25, 2025 18:20Updated: FEBRUARY 25, 2025 18:43
Syrian President Ahmed al-Sharaa holds a speech at the National Dialogue Conference on February 25, 2025 in Damascus, Syria(photo credit: Ali Haj Suleiman/Getty Images)
Syria condemned on Tuesday Israel’s incursion into its territories and called for Israel to withdraw, according to a the closing statement of a national dialog summit organized by Syria’s new Islamist rulers to outline the country’s political roadmap.
Israel moved forces into a UN-monitored demilitarized zone within Syria after rebels led by Hayat Tahrir al-Sham (HTS), a former Al Qaeda affiliate, toppled former President Bashar al-Assad in December.
Israeli Prime Minister Benjamin Netanyahu said on Sunday that Israel will not tolerate the presence of HTS in southern Syria, nor any other forces affiliated with the country’s new rulers, and demanded the territory be demilitarized.
“We will not allow forces of the HTS or the new Syrian army to enter the territory south of Damascus. We demand full demilitarization of southern Syria, in the provinces of Quneitra, Daraa, and Sweida,” Netanyahu said.“And we will not tolerate any threat to the Druze sect in southern Syria.”
IDF soldiers operate on Mount Hermon, on the border between Israel and Syria, December 12, 2024 (credit: IDF SPOKESPERSON’S UNIT)
Buffer zone
The prime minister said recently that Israel would maintain the buffer zone as long as necessary, while in the past he has said until the end of 2025, and other defense sources have said Israel could remain there for years.
Additionally, the IDF has been continually operating within and around the buffer zone in Syria, claiming it is doing so to ensure Israel’s security as a whole, but particularly for those living in the Golan.
HTS took control of Damascus over December 7-8 2024, bringing an end to the Assad family’s five decade rule. Shortly after, Netanyahu ordered the IDF to enter and create a buffer zone in southern Syria.
Yonah Jeremy Bob contributed to this report.
END
RUSSIA VS UKRAINE
Ukraine Already Lost The War But The EU Hasn’t Figured That Out
For a European, being isolated is probably the worst thing that can ever happen to you. Not getting invited to the Munich Security Conference would be an unrecoverable career setback. When Emmanuel Macron invited a few selected leaders to a summit a couple of weeks ago, the big debating point amongst EU folk was, who was invited and who was not. It was not about what the meeting should accomplish. Sitting at a table is really important to Europeans.
This is all fine for as you are dealing with relatively unimportant things, like financial regulation. But this is not the mindset with which you want to fight a war. We have yet to meet a European with a worked-out strategy to defeat Vladimir Putin. We are red-liners. We argue from first principles. We claim that we will support Ukraine for however long it takes. This idea worked spectacularly well for the ECB in the fight against speculators. But it does not translate to wars.
Ukraine has lost the war. We have no strategy to change this. Of all the nonsense Trump said and tweeted last week – and most of it was nonsense – he was correct on the essential issue – that the war is not winnable. He told us during his campaign that he wants to cut a deal.
The Europeans are in their unfortunate situation on the cats’ table of international diplomacy because they outsourced strategic thinking. The US acts, we react. Trump speaks. We are outraged. When Trump threatens tariffs, we threaten retaliation. Strategic thinking means making sacrifices, thinking ahead, factoring in what your opponent will do in response to your actions, have a strategy for second-best outcomes, and one for retreat and defeat.
In a world in which strategic thinking counts, the EU is hopelessly lost.
Ukrainian President Volodymyr Zelensky said that he was “ready” to resign as leader if it meant it would bring peace to his country, suggesting he could swap it for NATO membership – while also pushing back against US demands for Ukraine’s critical minerals and other natural resources as part of negotiations to end the war.
Asked at a press conference Sunday if he was ready to quit if it ensures peace for Ukraine, Zelensky said: “If (it guarantees) peace for Ukraine, if you really need me to resign, I am ready. I can exchange it for NATO.”
Earlier this month, US Secretary of Defense Pete Hegseth said that Kyiv joining NATO was unrealistic, upending the alliance’s stated policy that Ukraine was on an “irreversible path” to membership.
The Ukrainian president’s remarks come amid an ongoing spat with US President Donald Trump, who has called Zelensky a “dictator” for not holding elections while Ukraine remains at war.
Zelensky on Sunday also pushed back against Trump’s demand for a $500 billion share of Ukraine’s deposits of rare earths and other minerals as part of a draft “deal” Trump said would reflect the amount of aid the US has provided to Ukraine during its war with Russia.
“I am not going to recognize $500 (billion),” Zelensky said during a press conference at a forum marking the third anniversary of Russia’s invasion of Ukraine.
The US was one of Ukraine’s closest allies under the Biden administration, providing the country with tens of billions worth of military aid. But Trump has made it clear that he thinks the US should no longer send aid to Ukraine without getting anything in return.
Zelensky Pushes Back Against U.S. Mineral Deal and Announces European Summit
President Volodymyr Zelensky pushed back on Sunday against demands from the Trump administration for billions in Ukrainian natural resources and for holding peace talks that exclude Ukraine, while announcing plans for a major summit of European leaders on Monday.
Mr. Zelensky suggested that in assailing Ukraine, Mr. Trump had chosen the wrong adversary.
“If peace for Ukraine requires me to step down, I’m ready,” Mr. Zelensky said on the eve of the third anniversary of Russia’s full-scale invasion. “Another scenario: I could trade my position for NATO membership, if that’s what it takes,” he added.
Mr. Zelensky has said he will not accept any agreement negotiated between the United States and Russia without Ukraine’s participation.
“This is how we see this negotiation table: Ukraine as part of Europe, Europe, the United States and Russia. That’s approximately how we envision it,” he said.
Mr. Zelensky has been advised by European allies to tone down his confrontation with the American president. But on Sunday, he did not back away from his earlier comments and repeated his assertion that Mr. Trump is living in a disinformation bubble.
Mr. Zelensky’s pushback on Sunday could further anger Mr. Trump, who is pressing for a minerals deal and a peace agreement on terms he wants to dictate.
“I am not signing something that 10 generations of Ukrainians will have to repay,” Mr. Zelensky said, noting that negotiations would continue. Drawing on Ukraine’s revenue from natural resources, he said, it might take 250 years to pay $500 billion, which he called an unrealistic sum.
On Friday, the United States proposed a new draft agreement, obtained by The New York Times, which still lacked security guarantees for Ukraine and included even tougher financial terms. The new draft reiterated a U.S. demand that Ukraine relinquish half of its revenues from natural resource extraction, including minerals, gas and oil, as well as earnings from ports and other infrastructure.
Under the proposed terms, those revenues would be directed to a fund in which the United States would hold 100 percent financial interest, and Ukraine should contribute to the fund until it reaches $500 billion. That sum is more than twice the value of Ukraine’s economic output in 2021, before the war.
The agreement does not commit the United States to security guarantees for Ukraine, or promise further military support for Kyiv. The word “security” was even deleted from a formulation contained in a previous version of the deal, dated Feb. 14 and reviewed by The Times, which stated that both countries aimed to achieve “lasting peace and security in Ukraine.”
No, Yes, No, then Nonsense
Zelensky said no to a deal for minerals, then reportedly yes, then no again, and now nonsense about stepping down if the US will let Ukraine in NATO.
Heck, not even the EU wants Ukraine in NATO or the EU now because of the dollar commitment it would take.
And where is the EU going to get troops or weapons.
The EU announces a conference, fails to invite Trump, but Trump likely would not have gone anyway.
No Position to Make Demands
Neither the EU nor Zelensky is in a position to make demands. If Ukraine won’t give Trump mineral rights, perhaps Putin would.
The US will not let Ukraine in NATO, nor will Russia, and despite EU talk, the EU is not ready for that either.
Zelensky is driving for a bargain that neither the US nor Russia would accept.
When Zelensky pushed back, the terms offered by Trump got worse.
Questions of the Day
Q: Will the EU send troops? A: No
Q: Will the EU give Ukraine enough weapons if the US drops support? A: No
Q: Will the EU help rebuild Ukraine? A: Perhaps a pittance
Q: Is there any point to a summit without Trump? A: No
The EU wants to be at the table. Trump will make fun of table the EU set.
Ivermectin, Hydroxychloroquine Use Soared During COVID-19 Pandemic, Study Says
Nearly 3 million prescriptions for the two drugs were written even though the FDA had said that neither drug is approved to treat COVID-19.
2/22/2025
Pill bottles on a pharmacy shelf. Carl DMaster/Epoch Times
Ivermectin and hydroxychloroquine prescriptions “soared far above” levels before the COVID-19 pandemic, according to a new study.
Researchers from the University of California – Los Angeles (UCLA) and other institutions said that nearly 3 million ivermectin and hydroxychloroquine prescriptions were issued during the pandemic, totaling some $272 million, according to a news release issued on Feb. 20.
The dispensing of ivermectin “from US pharmacies was nearly 1,000 percent higher than prepandemic rates,” the study said.
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Usage of the two drugs was three times higher in people aged 65 and older, compared with people aged 18 to 64, according to the study published in the Health Affairs journal. Patients aged 65 and older represented 25 percent of adults in the study but constituted more than 59 percent of COVID-19-linked ivermectin usage and 68 percent of COVID-19-related hydroxychloroquine use, it found.
Hydroxychloroquine prescriptions and usage peaked in March 2020, when the pandemic started in the United States, to 133 percent of pre-pandemic rates, the UCLA news release said.
Meanwhile, ivermectin use increased dramatically throughout 2020 and 2021, the researchers noted. By August 2021, prescriptions for the drug had shot to more than 10 times higher than before the pandemic.
But after the COVID-19-specific medications, such as Pfizer’s Paxlovid, became more widely available, prescriptions for both hydroxychloroquine and ivermectin dropped some 93 percent. That drop took place between March 1, 2022, and June 30, 2023, they noted.
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“Ivermectin use in particular was higher among people living in the most socially vulnerable neighborhoods and markedly higher in the southern United States,” they stated.
However, the “limited availability of COVID-19 medications does not appear to explain” what they described as a “wide geographic variation in ivermectin prescribing” such as in the South.
John Mafi, a senior study author with UCLA, said their findings “underscore the urgent need for policy reforms to combat misinformation and mistrust in scientific institutions,” asserting that “eliminating undue industry influence in government, enhancing transparency around scientific uncertainty, and earmarking public funding for clinical trials of new drugs are good places to start.”
The U.S. Food and Drug Administration (FDA) said that it has not authorized ivermectin for use against COVID-19 and that it has received multiple reports of people using ivermectin that was designed for animals. The agency said that it has received no evidence to suggest that ivermectin, which is approved as an anti-parasitic medication, is effective against COVID-19.
However, some studies have shown that ivermectin has led to positive outcomes for some people who took the drug for COVID-19, including one study that showed it led to “large reductions” in deaths from the virus.
The FDA in 2020 warned against using hydroxychloroquine, an anti-malaria drug, to treat COVID-19 outside of hospitals or clinical trials and said it revoked its emergency use authorization to use the medication as well as chloroquine to treat COVID-19 in some hospitalized individuals.
At least one study, published in mid-2020, had shown that the drug had lowered the U.S. death rate, while one early survey touted its effectiveness.
In the UCLA paper, researchers evaluated 8.1 million insured patients from across the United States to evaluate spending and usage of the two drugs in the first three years of the COVID-19 pandemic.
Story continues below advertisement
Based on their analysis, they wrote that “an estimated 3,037,751 COVID-19-associated prescriptions for hydroxychloroquine and ivermectin totaling an estimated $271,559,207 in spending were provided in US outpatient settings throughout the public health emergency,” according to the study, which was funded by the Commonwealth Foundation and the National Institutes of Health.
The findings was published just days after Robert F. Kennedy Jr. was sworn in as the U.S. health secretary.
Among other criticisms directed at the FDA, Kennedy last year wrote that the agency is “biased against many low-cost” or generic drugs such as ivermectin and said that large pharmaceutical companies are involved in the FDA’s decision-making processes.
END
LACK OF IMMUNITY IS CAUSING OUTBREAKS F TUBERCULOSIS
(ZEROHEDGE)
Tuberculosis Outbreaks Emerge As Illegals Pose Biosecurity Threat For Nation
Monday, Feb 24, 2025 – 08:30 PM
Alarm bells are sounding over the biosecuritythreat posed by the illegal alien invasion as concerns mount over the spread of infectious diseases across the Homeland. Millions of migrants were dumped into the country by the Biden-Harris globalist regime without proper vetting—leaving citizens to bear the burden of what a retired CIA officer describes as the “public health consequences of Biden-era open border policies.”
Legal migrants and refugees must have a medical examination for US entry. Yet the Biden administration recklessly dumped millions of illegals into the US through open borders and a complex web of NGOs. These illegals have had no proper medical evaluation of skin test/chest x-ray examination for tuberculosis (TB). They may expose citizens in the first world to third-world diseases eradicated a generation ago.
“Put simply, the Biden administration’s actions allowed millions of individuals to enter the country illegally and bring with them all of the diseases to which they had been exposed. We invited every microbe on the planet onto our soil,” former CIA operations officer Sam Faddis wrote on his Substack.
“Now we are facing the consequences,” Faddis warned, pointing out: “Epidemics don’t start as roaring fires. They start slowly and then expand, gathering speed as they go. Multiple such epidemics are already underway, and we are far behind in our efforts to control them.”
Tuberculosis, however, is not the only disease with which we need to be concerned. There are current outbreaks of measles and varicella (chickenpox) on both sides of the Texas-Mexico border. In Piedras Negras, Coahuila, the border city across the Rio Grande from Eagle Pass, Texas at least 60 young children have tested positive for varicella. In South Plains, Texas there have been at least 90 cases of the measles. That outbreak has apparently now spread to New Mexico.
According to a Concho Valley News report, sixteen patients in Texas have been hospitalized. Five of the cases are reported to have been vaccinated against the disease. The remainder of the cases were unvaccinated or had a vaccination status listed as unknown.
Keep in mind that this is what has been reported to date. We detect outbreaks of a disease when people seek medical care. That means they are already sick and they have likely already passed on the disease to others, who themselves have already infected yet more individuals. We are always running behind even as the rate at which the disease is spreading is increasing.
Biden and his cronies opened the nation to attack by every disease on the planet. We are only now beginning to see how much damage they did. Deporting illegals is a good first step, but unfortunately, the microbes they brought with them will stay.
A consequence of open borders is now being realized not just as a national security threat but also as a biosecurity threat, as once-eradicated diseases in the first world remerge at an alarming rate. This is unacceptable and was only made possible by globalist Democrats.
ment contracts Fired”; As Elon Musk and his Department of Government Efficiency (DOGE) continue to target agencies to eliminate “government spending waste”, apparently these agencies and programs
that DOGE is targeting do not include the ones that have made Elon Musk into the world’s richest man through government subsidies.
Tesla became the best-selling EV in the U.S. largely, if not entirely, on government subsidies, as have many of his other companies, especially SpaceX, which ONLY sells its products (rockets, satellites, etc.) to the U.S. Government, and are 100% funded via U.S. taxpayer dollars.”
Start AJR in entirety here and I ask you to comment:
Alexander News Network (ANN): Trump’s War 2.0 for America is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
“I believe it. They’re despicable people who have ZERO LOYALTY to the American people! This game they’re playing is much bigger than anyone thinks. Much, much bigger!
Here’s what I’d like to know:
February 13, 2025
“Who is Investigating Elon Musk’s $Billions in Government Contracts? 5 Inspectors General Who Were Investigating Musk’s Government Contracts Fired”
As Elon Musk and his Department of Government Efficiency (DOGE) continue to target agencies to eliminate “government spending waste”, apparently these agencies and programs that DOGE is targeting do not include the ones that have made Elon Musk into the world’s richest man through government subsidies.
Tesla became the best-selling EV in the U.S. largely, if not entirely, on government subsidies, as have many of his other companies, especially SpaceX, which ONLY sells its products (rockets, satellites, etc.) to the U.S. Government, and are 100% funded via U.S. taxpayer dollars.
Since just SpaceX alone has received about $20 billion from the U.S. federal government, we can be sure that NASA will NOT be one of the agencies targeted by Musk.
Of these 5 Inspectors General who were investigating the use of federal funds in Musk’s companies and then fired that Texas Rep. Casar mentioned, one that was not mentioned by Casar was the Inspector General of USAID, who was also investigating Musk for funds he received through USAID.
Watch: Joy Reid Breaks Down in Tears Over Her Show’s CancelationMSNBC’s Joy Reid couldn’t hold back the tears after her primetime show, The ReidOut, was axed as part of a major shakeup at the struggling left-wing network. Reid, who has long been known for her controversial takes and divisive rhetoric, broke down on camera while reacting to the news of her show’s cancellation.“My show had value, and—that what I was …READ THE FULL REPORT
Anti-Trump Judge Hit with Articles of ImpeachmentRep. Andy Ogles (R-TN) has formally introduced articles of impeachment against U.S. District Judge John Bates, accusing him of judicial activism and attempting to undermine an executive order issued by President Donald Trump. The move comes after Bates ruled to block the administration’s order that removed gender-affirming care resources from government websites.Ogles called Bates a “radical LGBTQ activist” and argued …READ THE FULL REPORT
Tiktoker Receives Bad News from US Attorney After Calling for Musk’s AssassinationOn Monday, Libs of Tiktok uncovered a video by alleged Tiktoker named Sarah C. Roberts. In the footage, she can be seen allegedly threatening the life of Elon Musk in what has become a consistent theme among leftists nationwide.“I promised myself I would avoid the news, but obviously, I haven’t,” Roberts began before turning her attention to Musk.“Elon Musk, we …READ THE FULL REPORT
White House Meeting Gets Tense as Macron Interrupts TrumpFrench President Emmanuel Macron fact-checked President Donald Trump on Monday regarding the issue of Ukraine war compensation, causing a tense moment between the two.Otherwise, the dynamic between them appeared to be much more convivial.A reporter asked Macron, “Will France support the U.S. being compensated?”The U.S is seeking a mineral rights deal with Ukraine to offset the $350 billion, by Trump’s …READ THE FULL REPORT
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
On The War’s Third Anniversary, The US Voted Against A UN Resolution Blaming Russia For Starting It
Tuesday, Feb 25, 2025 – 09:40 AM
By Michael Every of Rabobank
We need a geopolitical AND data calendar
A kind request to Bloomberg and other global assemblers of the weekly data calendars around which so many in markets still pivot: can we please get a geopolitical addition rather than just the numbers and the option of the warbling of endless central bankers? Right now, what political leaders say, especially when they meet, matters far more for markets than a run of the mill number or “jazz hands, yada yada yada” from an expert on monetary policy.
Yesterday, on its third anniversary, the US voted against a resolution at the UN blaming Russia for starting the Ukraine War. Obviously, that’s a slap in the face for Ukraine and Europe, who in the latest White House foreign policy pivot have been left clinging to the fuselage of a departing Airforce One like Afghanis on the runway at Bagram Airbase.
President Macron visited President Trump, where we heard thata push for a peace deal with Russia is on; and Trump said he’d like it in the economic sphere too. Russia then floated that it might mean rare earths and aluminium. Trump added President Putin has agreed to allow European peacekeepers into Ukraine, which Macron said he would send – if not to the front line.
Turkey backed Ukraine’s NATO membership. That’s a very powerful lever behind that cause, but Europe keeps failing to find the second-largest military power in NATO on a map or in any of its discussions.
Moreover, the US is reportedly close to an economic deal with Ukraine which will guarantee it as “free, sovereign, and secure.” This can be seen as predatory from the US side. It’s also the inverse of the ‘invade, then throw hundreds of billions at a country while failing to generate any profit from its resources, then get kicked out’ strategy employed in Afghanistan. It at least appears to cement US economic interests in keeping Ukraine viable despite apparent Russian appetites.
Next German Chancellor Merz, who stated, “Europe may need its own military alliance instead of NATO,” is discussingusing the outgoing Bundestag to change the constitution to lift the country’s debt brake, unleashing €200bn in extra defence spending– which would cover a year of two of what would be needed. All Germany, and Europe, would then need to do would be to find the resources to match, including up to 300,000 young men and women prepared to serve at a time when there are fewer and fewer of them, and opinion polls show even fewer patriotic ones.
The US is reportedly considering merging its Pentagon Africa Command into Europe, effectively showing it no longer has the same global focus. For those who haven’t noticed, Africa is right next to Europe, not the Americas. That said, some areas far from it remain key.
US sanctions are back on vs. Iran’s shadow fleet, and this time they mean to enforce them vigorously: thus, the need for more Russian oil(?)
In geoeconomics, there was more will-he-won’t-he news on US Canada and Mexico tariffs: Trump said they are proceeding at 25% from 4 March as a US official said talks are ongoing, and Mexico said it’s studying new China tariffs. Reciprocal US tariffs begin early April regardless, for Canada, Mexico, Europe, and everyone, it seems.
The Trump admin is reported to want to tighten Biden-era chip controls on China and have held meetings with the key Japanese and Dutch firms involved, underlining that there is also going to be greater pressure to align with the US on this issue.
Senior Atlantic Council fellow @andrewmichta opines: “I’ve been thinking about what the return to the basics of state power means today. We are re-learning the basics about what military power is about… Perhaps we also misread what constitutes a working economy… In a world of state-on-state competition and war you need to be able to “make things” – manufacture. Every place I look I see signs of our civilisational decline that has been brought about by our elites’ post-Cold War arrogance about the “end of history” and “unipolar moment” – that bred ignorance about the fundamentals about geopolitics and geoeconomics.”
I summarized this back in November with one question: “What is GDP *for*?”And if you still aren’t asking that, then you aren’t going to be accurate in forecasting what GDP is going to *be*.
Put this together and we are still in our 2025 global outlook title of ‘The Year of Living Dangerously’: we have a stackable series of binary geopolitical scenarios with starkly different economic and market implications.
Do we get a Ukraine peace deal or not? On whose terms – the West or Russia’s?
Does the US de facto walk away from NATO or not?
Does Europe rearm or not (even if the US does)?
Do we get US tariffs vs everyone, so America Alone, or vs. some not others?
Do we get a Monroe Doctrine US grand strategy base, or a break-up of the USMCA?
Does Europe work with the US vs China, or look to Beijing and end up outside the US sphere?
If the US and Europe rearm and jointly tariff China, then the key binaries are: if this stays in the economic realm or becomes geopolitical; if the economics involves a much weaker CNY or not; and/or if it involves the supply chains which the US and Europe still rely on for now.
One can see the room for massive volatility ahead – and how little most central bankers have to do with it except in their reaction function.(We certainly aren’t going to get any prediction from them. Indeed, the Fed’s Goolsbee just downplayed the leap to a 30-year high in US long-term inflation expectations, saying this doesn’t count unless it’s repeated for another few months, a time-period which will capture one of the binary tariff outcomes above. Visionary stuff well worth the big bucks.)
Meanwhile, Bloomberg says ‘China’s Repo Market Hit Hard as Yuan Defense Sparks Cash Squeeze.’ So, the PBOC trying to keep its currency stable vs the dollar as tariff fears rise is now draining local liquidity, hitting the economy. And that’s just with the Fed on hold, or grimly holding on, rather than talking hikes, and not (yet) looking at a how-to guides on geopolitics or geoeconomics. If/when it were to
END
7.OIL AND NATURAL GAS ISSUES/GLOBAL/ENERGY/
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//
CANADA FRANCE
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS TUESDAY MORNING 6;30AM//OPENING AND CLOSING
EURO VS USA DOLLAR: 1.0463 UP 2 BASIS PTS
USA/ YEN 149.44 DOWN 0.467 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 1.2617 UP 0.0003 OR 3 PTS
USA/CAN DOLLAR: 1.4263DOWN 0.0016(CDN DOLLAR UP 16 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED DOWN 26,99 PTS OR 0.80%
Hang Seng CLOSED DOWN 307,59 PTS OR 1.32%
AUSTRALIA CLOSED DOWN 0.73%
// EUROPEAN BOURSE: ALL MIXED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL MIXED
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 347.59 PTS OR 1.32%
/SHANGHAI CLOSED UP 26,899PTS OR 0.80%
AUSTRALIA BOURSE CLOSED DOWN 0.73%
(Nikkei (Japan) CLOSED UP 539,15 PTS OR 1,39%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 2939.80
silver:$32.22
USA dollar index early TUESDAY morning: 106.59 UP 8 BASIS POINTS FROM MONDAY’s CLOSE.
The USA/Yuan, CNY ON SHORE CLOSED DOWNAT 7.2481ON SHORE)..CHINA MUST DEVALUE TO GOLD
THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. (7.2559
TURKISH LIRA: 36.461EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
the 10 yr Japanese bond yield at +1.348
Your closing 10 yr US bond yield DOWN 7in basis points from MONDAY at 4.3227% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.587DOWN 6 in basis points /11:00 AM
USA 2 YR BOND YIELD: 4.115DOWN 5BASIS PTS.
GOLD AT 11;00 AM 2943.50
SILVER AT 11;00: 32..16
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: TUESDAY CLOSING TIME 11:00 AM//
London: CLOSED UP 9.69 pts or 0.11%
German Dax : DOWN 15.66pts or 0.07%
Paris CAC CLOSED DOWN 39,92 or 0.49%
Spain IBEX CLOSED UP 103,90 PTS OR 0.80%
Italian MIB: CLOSED UP 241.96PTS OR 0.63%
WTI Oil price 70.4311 EST/
Brent Oil: 74.7111:00 EST
USA /RUSSIAN ROUBLE /// AT: 86,62 ROUBLE UP 1 AND 11 100
GERMAN 10 YR BOND YIELD; +2.4680DOWN 1 BASIS PTS.
UK 10 YR YIELD: 4.560 DOWN 3 BASIS POINTS
CDN 10 YEAR RATE: 3.000DOWN 12 BASIS PTS.
CDN 5 YEAR RATE: 2.727DOWN 9 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.0512 UP 0.0051 OR 51 BASIS POINTS//HEADING TO PARITY WITH THE DOLLAR
British Pound: 1.2669UP.0053OR 53 basis pts/HEADING FOR PARITY /USA
BRITISH 10 YR GILT BOND YIELD: 4.509DOWN 6 BASIS PTS//
JAPAN 10 YR YIELD: 1.355
USA dollar vs Japanese Yen: 149.02 UP 0.891 BASIS PTS// HEADING FOR 160 TO THE DOLLAR
USA dollar vs Canadian dollar: 1.4302UP 0.0024 BASIS PTS CDN DOLLAR DOWN 24 BASIS PTS
West Texas intermediate oil: 69.14
Brent OIL: 73.10
USA 10 yr bond yield DOWN 10 BASIS pts to 4.270
USA 30 yr bond yield DOWN 10 BASIS PTS to 4.545%
USA 2 YR BOND: DOWN 7 PTS AT 4.096
CDN 10 YR RATE 2.993DOWN 10 BASIS PTS
CDN 5 YEAR RATE: 2.707DOWN 10 BASIS PTS
USA dollar index: 106,21 DOWN 30 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 36.45 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 86.60UP 1 AND 14/100 roubles
GOLD 2911.85 (3:30 PM)
SILVER: 31.60 (3:30 PM)
DOW JONES INDUSTRIAL AVERAGE: UP 159.45TS OR 0.37%
NASDAQ 100 DOWN 264.83 PTS OR 1,24%
VOLATILITY INDEX: 19.64UP 0.66 PTS OR 3,48%
GLD: $ 268,62OR DOWN 3.59 PTS OR 1,32%
SLV/ $28.83 PTS OR DOWN 0.61 OR 2.07%
TORONTO STOCK INDEX// TSX INDEX: CLOSED UP 52.72OR 0.21%
end
TRADING today ZEROHEDGE/
end
ZEROHEDGE/HEADLINE CLOSING MARKETS
‘In The Midst Of A Negative-Feedback Loop’: Bonds Bid As Retail Rout Wrecks Everything Else
‘
USA DATA
US Home Prices Accelerated To New Record High In December (Except Tampa Again!)
Tuesday, Feb 25, 2025 – 09:11 AM
For the second straight month, US home prices accelerated YoY in December (according to the latest data from S&P Global’s Case-Shiller Index). The 20-City Composite saw prices jump 0.5% MoM (faster than expected and the biggest jump since June) and accelerating MoM for the 3rd straight month…
Source: Bloomberg
But, Tampa prices continue to tumble..
In fact, Tampa prices are at their lowest since Sept 2023…
Arguably, (lagged) mortgage rates dipped during that period (positive short-term for the highly smoothed and lagged Case Shiller series), but as is clear, things do not end well…
Source: Bloomberg
However, home price appreciation does seem to track very closely with bank reserves at The Fed (6mo lag)…
Source: Bloomberg
So 100bps of rate-cuts prompted a re-acceleration in home prices…
Source: Bloomberg
Well played Fed!!
END
FRAUD!! Misuse of funds!
Vegas Hotel Rooms, MLB Stadium Rentals, & More: DOGE Finds Schools Misused Billions In COVID Funds
by Tyler Durden
Tuesday, Feb 25, 2025 – 08:50 AM
Schools misused hundreds of billions in COVID-relief funds on questionable expenses with minimal student impact, according to the Department of Government Efficiency (DOGE), led by Elon Musk, according to Fox News.
A report by Parents Defending Education, shared by DOGE, highlighted spending such as $86,000 on Las Vegas hotel rooms by Utah’s Granite Public Schools and $393,000 by California’s Santa Ana Unified to rent a Major League Baseball stadium.
DOGE also found schools spent COVID-relief funds on swimming pool passes and even an ice cream truck:
The cost-cutting department also revealed that schools spent $60,000 of COVID-relief funds on swimming pool passes, while a California district used its funds to purchase an ice cream truck.
The Fox News report says that the Trump administration is tightening oversight on the remaining $4 billion in funds, requiring receipts before release.
DOGE wrote in a post on X: “All of this money was drawn with zero documentation.”
Mom’s For Liberty wrote: “Recall those school board meetings when the ruling elites of Covidstan branded mothers as selfish disruptors simply for challenging their interpretation of “The Science” and scrutinizing how they allocated ESSER Funds? Never let them forget that we were right about everything.”
“This is outrageous,” said Will O’Neil, chairman of the Orange County Republican Party, who called the money spent on an MLB stadium “an absolute joke”.
DOGE has cut $370 million in Department of Education (DoEd) spending on DEI programs, axing 70 grants, including one for anti-racism training for teachers.
USA ECONOMIC NEWS
THIS WILL BE INTERESTING!!
Gavin Newsom Wants $40 Billion In Federal Relief For LA Fires
Monday, Feb 24, 2025 – 10:10 PM
Only two months ago Governor Gavin Newsom proclaimed that he was going to “Trump proof” California with a $50 million “litigation fund” designed to frustrate the President’s efforts to deport illegal immigrants. Today, Newsom is asking the federal government for over $40 billion in relief funds for aftermath of the Los Angeles wild fires. The question is, should Newsom get those dollars no questions asked? Or, should California be forced to make concessions on some of their more destructive policies?
The “Golden State” has a long history of gorging on federal funding, often with an attitude of entitlement. California has the highest rate of debt in the nation – It tops the list with over $500 billion while the next closest state is New York with around $300 billion. And though Newsom has often cited the state’s large tax revenues as a rationale for federal expenditures, the state still runs an average deficit of $30 billion per year and around 35% of the state budget is built on federal funds. In other words, they are far more reliant on the federal government than they let on.
Democrats love to claim that red states are “supported by California tax dollars”, but in reality California can’t even support itself.
Which is why Newsom is back and begging for money yet again; this time to fix a calamity that could have been avoided had Democrats listened to Donald Trump and others years ago and adapted their water management protocols to better prepare for fires.
Newsom sent a letter Friday addressed to House Speaker Mike Johnson (R-La.); House Minority Leader Hakeem Jeffries (D-N.Y.); Rep. Tom Cole (R-Okla.), the House Appropriations Committee chair; and Rep. Rosa DeLauro of Connecticut, the lead Democrat on that committee, asking for their support.
“Los Angeles is one of the most economically productive places on the globe, but it can only rebound and flourish with support from the federal government as it recovers from this unprecedented disaster,” Newsom wrote. A total of 16,251 structures were destroyed as the fires tore through a combined 37,400 acres of Pacific Palisades, Malibu, Pasadena and Altadena.
Republicans have suggested linking aid to certain policy changes, such as altering California’s water policy or imposing new voter ID requirements.
As with the wildfires in Maui in 2023, Democrat leaders are full of excuses and deflections on the disaster in LA. The strategy seems to work well for them – They simply stall for a few weeks until the issue is forgotten by the public, then beg for money. Trump’s offer of federal funds in exchange for policy changes is perhaps the only accountability that could be squeezed from progressive governments without arduous litigation.
Dems will argue that this kind of bargaining with government funds is “hurting the victims of the fires”; but the truth is that such bargaining is necessary to prevent future disasters. Leftist state governments continue to make the same mistakes over and over again because they are always rewarded and never punished. Changing this dynamic is the only way to convince them to reform.
END
House Republicans Advance Trump Agenda As Final Vote Looms Tonight
Tuesday, Feb 25, 2025 – 02:43 PM
House Republicans took a major step toward enacting former President Donald Trump’s policy vision on Tuesday, advancing a budget resolution that could set the stage for a high-stakes showdown within the GOP. But with hardline conservatives digging in their heels, the bill’s fate remains uncertain.
In a narrow 217-211 vote along party lines, the House approved the procedural rule for the budget resolution, clearing the way for a final vote. The GOP’s spending blueprint aims to push Trump’s domestic agenda—border security funding, energy policy shifts, and tax cuts—through Congress.
But the measure is hanging by a thread, as a group of conservative deficit hawks is refusing to budge. Speaker Mike Johnson (R-LA) acknowledged the uncertainty, telling reporters, “There may be a vote tonight, may not be. Stay tuned.”
Rebel Republicans Threaten to Tank Budget
At least four GOP lawmakers—Reps. Thomas Massie (KY), Victoria Spartz (IN), Warren Davidson (OH), and Tim Burchett (TN)—have vowed to oppose the final resolution, enough to sink the measure unless Johnson can win over last-minute holdouts.
Massie, an outspoken budget hawk, didn’t mince words. “I was a lean no before this meeting, now I’m a no,” he told reporters Tuesday, slamming the budget’s spending numbers as reckless.
“If the Republican plan passes under the rosiest assumptions, which aren’t even true, we’re gonna add $328 billion to the deficit this year, we’re gonna add $295 billion to the deficit the year after that, and $242 billion to the deficit after that, under the rosiest assumptions” Massie warned, adding “Why would I vote for that?”
With the GOP’s razor-thin House majority, Republicans can only afford to lose one of their own votes if Democrats remain united in opposition. That slim margin is making Johnson’s job even tougher as he tries to broker a compromise.
A Balancing Act Between Conservatives and Moderates
For weeks, GOP leadership has been wrangling members from both ends of the ideological spectrum. Conservative hardliners have been pushing for deeper spending cuts, while moderates are concerned about slashes to programs like Medicaid.
Some moderates, however, appear to be coming around. Rep. Juan Ciscomani (R-AZ), who had previously raised concerns, signaled on Tuesday that he was softening his stance. “I’m in a better place [than] where I was yesterday,” he told reporters after meeting with leadership.
The budget resolution sets a floor of $1.5 trillion in spending cuts, a target of $2 trillion in reductions, and a $4.5 trillion cap on the deficit impact of extending Trump’s 2017 tax cuts. It also carves out $300 billion for border security and defense, alongside a controversial $4 trillion increase in the debt limit.
Johnson and his leadership team have been scrambling to shore up support, but the opposition from Massie and other fiscal hawks presents a serious roadblock. If the measure fails, it would be another embarrassing setback for House Republicans, who have struggled to unite behind a cohesive spending strategy.
The House is scheduled to take a final vote on the budget resolution around 6 p.m. Tuesday – but that timeline is now in limbo. With tensions running high, all eyes are on whether Johnson can twist enough arms to push Trump’s budget vision through.
Stay tuned.
TUCKER CARLSON
New Tucker Interview
4:37 PM (30 minutes ago)
to me
Good watch but it’s 1.5 hours
VICTOR DAVIS HANSON
KING NEWS
he King Report February 25, 2025 Issue 7437
Independent View of the News
Monday King Report: We have regularly noted that when beaucoup expiring options weigh on stocks and produce ugly Thursdays and Fridays ahead of expiry, there is usually a relief rally on Monday. Traders are playing for this dynamic. Despite the probability of a pattern rally for Monday, the severe technical damage that occurred late last week could induce institutions and large hedge funds to liquidate stuff in coming sessions.
Traders poured into ESHs and NQHs (Naz 100 March futures) on Sunday night in expectation of the Monday Rally and the post-expiration rebound rally. After hitting 6063.25 at 1:22 ET, ESHs sank to 6041.50 at 3:16 ET. The surprise decline for the European opening was a portend.
Dip buyers then poured into ESHS, driving them to a daily high of 6067.50 at 4:31 ET. After a plodding retreat to 6053.00 at 7:48 ET, ESHs commenced the rally for the NYSE opening. But it was tepid. ESHs trudged to 6062.25 at 9:00 ET and then began a tumble that took ESHs to a daily low of 5994.50 at 10:07 ET. Conditioned dip and first-hour buying pushed ESHs to 6024.00 at 10:17 ET.
Sellers returned; ESHs sank to 5997.00 at 10:56 ET. The manipulation for the European close, and it was desperately needed, forced ESHs to 6037.75 at 11:42 ET. ESHs then traded sideways until a Noon Balloon took ESHs to 6048.50 at 12:43 ET. ESHs then commenced a decline that accelerated during the final 15 minutes of NYSE trading. Many traders got trapped long! ESHs slid to 5996.00 at 15:59 ET.
Near 14:08 ET, Nike was +5.61%; Travers was +3.67%; Boeing was +3.1%; Disney was +2.33%; Amgen was +2.27%. The DJIA was +235.80; the DJTA was -43.67; Nasdaq was -77.50: USHs were +5.32.
On February 7, Nike made a 4 year, 11-month low. Disney and Boeing have been laggards for years.
@MauiBoyMacro: The Dallas Fed released its Texas Manufacturing Outlook Survey (TMOS) for February. The general business activity index came in at -8.3 after rising notably in January. This marks a 22.4-point decline from the previous month, the sharpest monthly drop since March 2020. https://x.com/MauiBoyMacro/status/1894076982675063065
Mets owner Steve Cohen says he’s ‘negative’ on US economy, cites tariffs and Elon Musk’s DOGE cutshttps://trib.al/J7FXAbb
We opined a few weeks ago that Team Trump is betting on an economic rebound from a refurbished private sector on tax cuts, reduced regulations, and a jump in capex. But first, the US economy will suffer from reduced demand from the public sector and a severe contraction in federal employment.
Positive aspects of previous session The DJIA rallied robustly on laggard buying until the afternoon decline. Another midday rebound after an early tumble occurred. Bonds were +5/32 at the NYSES close.
Negative aspects of previous session ESHs and US stocks got hammered early on Monday and during the final hour. The DJTA declined moderately; Fangs and Nasdaq got hammered. The S&P 500 Index closed 17 handles below 6000. Meta has declined 5 days in a row. It sure looks like Meta was a pump & dump!
Ambiguous aspects of previous session Are bonds basing for a significant rally?
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: Down
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6001.48 Previous session S&P 500 Index High/Low: 6043.65; 5977.83
Pfizer names former FDA director as chief medical officer Pfizer on Monday named the former head of the U.S. health regulator’s drug evaluation unit, Patrizia Cavazzoni, as its chief medical officer, bringing back an industry veteran to lead its regulatory and drug safety operations. Cavazzoni, who stepped down from her role at the Food and Drug Administration in January, was among the top officials who left ahead of the new administration under President Trump… ttps://www.reuters.com/business/healthcare-pharmaceuticals/pfizer-names-former-fda-director-patrizia-cavazzoni-chief-medical-officer-2025-02-24/
Granholm Energy Department gave California utilities $600M, now she’ll sit on their boards During her tenure at the DOE, former Energy Secretary Jennifer Granholm was accused of a number of widely reported potential ethics violations, including conflicts of interest and using her official position to promote companies in which she purportedly had a financial stake or relationship. https://justthenews.com/politics-policy/energy/energy-department-grants-california-utilities-600-million-now-granholm-will
@paulsperry_: Jonathan Lenzner, whose father Terry Lenzner was a fixer for Bill Clinton and whose wife is currently the Washington editor of the New York Times, has left the FBI as chief of staff and taken a job as a white-collar defense attorney in Washington. (DC teems with incestuous corruption!) https://twitter.com/paulsperry_/status/1894090592902156337?s=02
Today – Monday’s action was very disappointing. A rally was expected on entrenched trading patterns; but it did not occur. Once again, stocks sank early in NYSE trading and rebounded at midday. However, instead of an afternoon rally and late manipulation, ESHs tumbled. This is an ominous sign for equities!
Stocks are sinking because recession angst is increasing among institutions and hedge funds. BBG’s Trender trading model has generated a daily sell signal for the first time since December 10.
The Nikkei was -639.30 (-1.6%) at 19:23 ET. Is Norinchukin Bank a problem? Did Norinchukin contributed to US stocks’ decline on Thursday, Friday, and Monday?
Nvidia is scheduled to report results after the NYSE close on Wednesday; .84 is consensus. Rumors or leaks regarding NVDA’s results could impact trading today. If there are no rumors or leaks, traders should be cautious with Mag 7 stocks. Any NVDA disappointment could be lethal.
ESHs sank to -5.75 at 18:55 ET but someone forced them vertically to +10.50 at 19:40 ET. ESHs are +13.50; NQHs are +26.75; and USHs are +6/32 at 21:15 ET. Bulls want to engineer a Turnaround Tuesday!
Expected economic data: Dec CoreLogic 20-city house prices 0.4% m/m & 4.45% y/y; Feb Conference Board Consumer Confidence 102.7; Feb Richmond Fed Mfg. Index -3; Dallas Fed Pres Logan 4:20 ET, Fed VCEO for Supervision Barr 11:45 ET, Richmond Fed Pres Barkin 13:00 ET
S&P Index 50-day MA: 6009; 100-day MA: 5944; 150-day MA: 5806; 200-day MA: 5706 DJIA 50-day MA: 43,696; 100-day MA: 43,471; 150-day MA: 42,567; 200-day MA: 41,749 (Green is positive slope; Red is negative slope)
S&P 500 Index (5983.25 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender and MACD are positive – a close below 5382.09 triggers a sell signal Weekly: Trender is positive; MACD is negative – a close below 5807.26 triggers a sell signal Daily: Trender and MACD are negative – a close above 6168.80 triggers a buy signal Hourly: Trender and MACD are negative – a close above 6063.34 triggers a buy signal
When the above Resolute Desk story appeared on February 21, we ignored it. But yesterday, rumors circulated that the desk was removed to be ‘lightly refinished’ because listening devices were found in it.
@BreannaMorello: Pure panic at the FBI. As I exclusively reported yesterday, FBI director Kash Patel has fired several employees. Hundreds of agents are being forced to transfer or resign. FBI employees are arguing over whether their actions these last four years were legal, according to a source. One employee arguing their actions were legal because they had court orders, while another employee reminding him, they lied to the judges to obtain those court orders. Accountability underway.
The NSA’s Secret Sex Chats – Intelligence officials maintained a chatroom to discuss polyamory and transgender surgeries, internal documents reveal… President Trump, Defense Secretary Pete Hegseth, and Director of National Intelligence Tulsi Gabbard have each made the case that the intelligence agencies have gone “woke,” prioritizing left-wing activism over national security. These chat logs confirm their suspicions and raise fundamental questions about competence and professionalism… https://www.city-journal.org/article/national-security-agency-internal-chatroom-transgender-surgeries-polyamory
Trump Slams ‘Racist’ Joy Reid, Says Comcast’s Brian Roberts Should Pay for ‘Damage to Country’ – “Lowlife Chairman of ‘Concast,’ Brian Roberts, the owner of Ratings Challenged NBC and MSDNC, has finally gotten the nerve up to fire one of the least talented people in television,” Trump said about Reid. “Based on her ratings, which were virtually non-existent, she should have been ‘canned’ long ago, along with everyone else who works there.”… “Then there’s, of course, the LOW IQ Con Man, Al Sharpton, who has, perhaps, the lowest TV ratings in the history of television. What is he doing to Brian Roberts to stay on the air? This whole corrupt operation is nothing more than an illegal arm of the Democrat Party.”… https://www.thewrap.com/trump-mocks-joy-reid-fired-msnbc-brian-roberts/
Angry Democratic donors turn off the flow of money “I’ll be blunt here: The Democratic Party is f‑‑‑ing terrible. Plain and simple,” one major Democratic donor said. “In fact, it doesn’t get much worse.” A second donor was equally as pointed. “They want us to spend money, and for what? For no message, no organization, no forward thinking. … The thing that’s clear to a lot of us is that the party never really learned its lesson in 2016. They worked off the same playbook and the same ineffective strategies and to what end?”… https://thehill.com/homenews/campaign/5158323-democrats-struggle-rebuild-party/
Kamala Harris’s lead in polling for Dem Presidential Candidate in 2028 has increased to 28 points.
@CollinRugg: Kamala Harris drops one of her best word salads to date while visiting the Palisades, says she can “smell the, the, the, the, the, the smoke.” “It’s not only seeing it, Elex, you can smell it. You can feel it.” “So, it’s seeing it with our eyes and many people have seen it. You all are covering it. But to literally be on the ground here, you can smell the, the, the, the, the, the smoke that was here. You can feel the, the toxicity, frankly, of the environment.” “You can feel the energy of all of the folks who are still here on the ground.”https://t.co/w18IFsGKYp
@persianjewess: A teen genius with a 4.4 GPA and 1590 SAT Score—who was hired straight out of high school by Google for a Ph.D level Software Engineer position—was rejected by 16 out of 18 colleges including 5 UC Schools: Berkeley, Davis, UCLA, UCSD and UCSB. Now he’s suing for racial discrimination against “highly qualified Asian-American candidates.” https://x.com/persianjewess/status/1893521856390484301
About a decade ago, a friend’s son was one of only 24 high school juniors that got a perfect ACT. He was rejected by Harvard. He had the wrong last name; and it was not Asian!
@MarioNawfal: MOD PAYS DIVERSITY CHIEFS MORE THAN SOLDIERS?! The Ministry of Defense (MoD) is hiring two diversity chiefs with salaries higher than British Army soldiers, because apparently, “inclusion” pays better than risking your life. A “Diversity and Inclusion Learning and Development Professional” (£38,790) and a “Culture and Inclusion Lead” (£36,530) will earn £12,000 more than new soldiers (£25,200) and almost as much as officers (£39,671). Both jobs require no office attendance and come with £11,243 in taxpayer-funded pensions—6 times the private sector average. Meanwhile, the British Army is set to shrink below 70,000 troops, its smallest size since the Napoleonic era… Source: GB News
harveyorganblog.com 
