MARCH 5/GOLD CLOSED UP $6.75 TO $2916.55//SILVER HAD A STELLAR DAY UP 82 CENTS TO $32.59//PLATINUM CLOSED DOWN $0.75 TO $964.50//PALLADIUM CLOSED DOWN $10.30 TO $940.55//JAPAN’S DEMOGRAPHICS CONTINUE TO DETERIORATE AS JAPAN INC HEADING FOR BANKRUPTCY//CHAOS IN GERMANY AS AUTHORITIES WILL GO ON A SPENDING BINGE OFFSETTING THEIR MORIBUND ECONOMY//ISRAEL VS HAMAS; ISRAEL REJECTS EGYPT’S PROPOSAL : EXPECT WAR TO RESUME IN A FEW DAYS//COVID UPDATES/VACCINE INJURY REPORT/DR PAUL ALEXANDER/SLAY NEWS ETC//USA NEWS; ADP PRIVATE WAGES SHOWS HUGE DOWNFALL//USA SERVICE SECTOR SHOWING GROWTH//SWAMP STORIES FOR YOU TONIGHT///
072 C GOLDMAN 4 132 C SG AMERICAS 1 190 H BMO CAPITAL 33 323 C HSBC 10 363 H WELLS FARGO SEC 35 624 H BOFA SECURITIES 21 657 C MORGAN STANLEY 8 661 C JP MORGAN 1 686 C STONEX FINANCIA 33 8 690 C ABN AMRO 21 1 709 C BARCLAYS 1 737 C ADVANTAGE 4 905 C ADM 1
TOTAL: 91 91 MONTH TO DATE: 11,147
JPMORGAN STOPS 1/91 CONTRACTS
GOLD: NUMBER OF NOTICES FILED FOR MARCH/2024. CONTRACT: 91 NOTICES FOR 9100 OZ 0.2830 TONNES
total notices so far: 11,147 contracts for 1,114700 Oz (34.672 tonnes)
FOR MARCH
XXXXXXXXXXXXXXXXXX
SILVER NOTICES: 227 NOTICE(S) FILED FOR 1.135 MILLION OZ/
total number of notices filed so far this month : 12.001 for 60.005 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 UP $6.75 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD:
HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 0.87TONNES
INVENTORY RESTS AT 901.80 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER UP 82 CENTS AT THE SLV: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 0.172 MILLION OZ
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 436.501 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY A SMALL SIZED22 CONTRACTS TO 145,935 AND STALLING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS SMALL SIZEDLOSS IN COMEX OI WAS ACCOMPLISHED WITH OUR SMALL GAIN OF $0,09 IN SILVER PRICING AT THE COMEX WITH RESPECT TO TUESDAY’S TRADING. WE HAD A FAIR GAIN OF 178 TOTAL CONTRACTS ON OUR TWO EXCHANGES WITH OUR SMALL LOSS IN PRICE//TUESDAY’S TRADING.. WE HAD HUGE LIQUIDATION OF T.A.S. CONTRACTS ON TUESDAY COMEX TRADING / AS THEY DESPERATELY TRIED TO CONTAIN SILVER’S PRICE RISE FOR THE PAST 4 WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY FAILED ON TUESDAY WITH SILVER’S GAIN IN PRICE. WE HAD A HUGE T.A.S. LIQUIDATION TUESDAY COUPLED WITH ANOTHER STRONG T.A.S. ISSUANCE OF 366 CONTRACTS ISSUED BY THE CME AND THAT SIGNALS DEEP CODE RED THAT THE CROOKS ARE DESPERATE TO STOP SILVER BREAKING OVER THE 34.00 DOLLAR MARK. WE HAVE A HUGE CONTANGO IN SILVER SPOT VS FRONT FEB OF AROUND 95 CENTS AND A LEASE RATE OF 6%. WE HAD A FAIR 200 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR STRONG 366 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN WEDNESDAY.S 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 290 CONTRACTS ON OUR TWO EXCHANGES WITH OUR SMALL GAIN IN PRICE. WE HAD HUGE TAS LIQUIDATION THROUGHOUT TUESDAY’S COMEX TRADING SESSION WHICH ACCOUNTS FOR THE SMALLISH GAIN IN OI ON OUR TWO EXCHANGES.
PLEASE NOTE THAT THE CROOKS NEED A HIGHER SILVER/GOLD T.A.S. TO CARRY ON THEIR CROOKED MANIPULATION ON A DAILY BASIS BUT DEMAND IS JUST TOO HIGH FOR THEM. THE HIGHER ISSUANCE OF T.A.S. IS NOW USED TO TEMPER OUR SILVER/GOLD PRICE RISE OR INITIATE A RAID AS WHAT HAPPENED SEVERAL TIMES LAST MONTH AND AGAIN WITH THIS WEEK’S TRADING ON SILVER.
CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE. THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON TUESDAY NIGHT/WEDNESDAY MORNING: A STRONG 366 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT NOW SEEMS THAT THE OCC HAS ORDERED THE BANKS TO REDUCE ITS NEW LEVEL OF 1 TRILLION DOLLARS IN GOLD/SILVER DERIVATIVES
WE HAVE IN THE PAST YEAR SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023// OUR BANKERS WITH THE HELP OF SPECULATORS AND HIGH FREQUENCY TRADERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.09 AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SILVER LONGS FROM THEIR PERCH AS WE HAD A FAIR GAIN IN OUR TWO EXCHANGES OF 178 CONTRACTS WE HAD A MASSIVE LIQUIDATION OF T.A.S. CONTRACTS TRYING TO CONTAIN SILVER’S PRICE RISE AND THAT ACCOUNTS OF MOST OF OUR OPEN INTEREST FALL.
WE HAD A 200 CONTRACT ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 78.753 MILLION OZ (FIRST DAY NOTICE) FOLLOWED BY TODAY’S 0.3500 MILLION OZ EXCHANGE FOR PHYSICAL TRANSFER TO LONDON
INITIAL STANDING FOR MARCH REDUCES TO 74.205 MILLION OZ
WE HAD:
/ SMALL COMEX OI LOSS+// A FAIR SIZED EFP ISSUANCE/ VI) STRONG SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 366 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED 112 CONTRACTS.
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS FEB. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF MAR
TOTAL CONTRACTS for 3 DAYS, total 1030ontracts: OR 5.150 MILLION OZ (343 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 5.150 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. 58.260 MILLION OZ//EXCHANGE FOR PHYSICAL ISSUANCE/FINAL
MARCH: 5.15 MILLION OZ///
XXXXXXXXXXXXXXXXXXXXXXXXXXXX
RESULT: WE HAD A SMALL SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 22 CONTRACTS WITH OUR GAIN IN PRICE OF 9 CENTS IN SILVER PRICING AT THE COMEX// TUESDAY.,. THE CME NOTIFIED US THAT WE HAD A 200 CONTRACT EFP ISSUANCE CONTRACTS: 200 ISSUED FOR MAY 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 MARCH OF 78.455 MILLION OZ ON FIRST DAY NOTICE, FOLLOWED BY TODAY’S 0.350 MILLION OZ EXCHANGE FOR PHYSICAL TRANSFER TO LONDON//NEW STANDING REDUCES TO 74.205 MILLION OZ
WE HAVE 1). A FAIR SIZED GAIN OF 178 OI CONTRACTS ON THE TWO EXCHANGES WITH OUR GAIN IN PRICE// 2.THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A STRONG 366 CONTRACTS TRYING DESPERATELY TO CONTAIN SILVER’S PRICE RISE,//MONSTER FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE TUESDAY COMEX SESSION. HOWEVER THEY STILL NEED THESE ISSUANCES FOR REPLENISHMENT FOR FUTURE TRADING //3. ZERO NET LONG SPECULATORS WERE BURNED ON MONDAY WITH THE HUGE GAIN 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 TUESDAY NIGHT (366 ) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE AND MOST LIKELY TODAY.
WE HAD 227 NOTICE(S) FILED TODAY FOR 1.135 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 SMALL SIZED 428 OI CONTRACTS TO 490,015 AND FURTHER FROM THE RECORD (SET JAN 24/2020) AT 799,105 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. (ALL TIME LOW OF 390,000 CONTRACTS.)
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED A STRONG SIZED 745 CONTRACTS//
WE HAD A SMALL SIZED INCREASE IN COMEX OI (428 CONTRACTS) OCCURRED WITH OUR GAIN OF $19.05 IN PRICE TUESDAY. THE FRBNY SUPPLIED THE NECESSARY SHORT PAPER.. WE ALSO HAD A HUMONGOUS INITIAL STANDING IN GOLD TONNAGE FOR MARCH AT 31.757 TONNES FOLLOWED BY TODAY’S HUGE 84,900 OZ QUEUE JUMP (2.6407 TONNES)//NEW STANDING ADVANCES TO 37.677 TONNES
/NEW STANDING FOR MARCH; 37.677 TONNES
/ ALL OF THIS HAPPENED WITH OUR $19.05 GAIN IN PRICE WITH RESPECT TO TUESDAY’S COMEX ///. WE HAD A FAIR SIZED GAIN OF 2008 OI CONTRACTS (6.245 PAPER 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 MARCH 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 1580 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 489,270
IN ESSENCE WE HAVE A FAIR SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 2008 CONTRACTS WITH 428 CONTRACTS INCREASED AT THE COMEX// AND A FAIR SIZED 1580 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 2008 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A STRONG SIZED AND CRIMINAL 2218 CONTRACTS ISSUED.
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1580 CONTRACTS) ACCOMPANYING THE SMALL SIZED INCREASE IN COMEX OI OF 428 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 2753 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 MARCH 31.757 TONNES FOLLOWED BY TODAY’S HUGE 2.6404 TONNES QUEUE JUMP//NEW STANDING ADVANCES TO 37.677 TONNES
NEW STANDING FOR MARCH ADVANCES TO:
37.677 TONNES
//NEW STANDING MARCH: 37.677 TONNES
.
/ 3) HUGE T.A.S. LIQUIDATION TRYING TO LOWER GOLD’S PRICE TUESDAY WITH NO SUCCESS IN REMOVING ANY NET SPECULATOR LONGS, AS WITH OUR1) $19.05 PRICE GAIN WE HAD 2) ZERO NET LONG SPECS BEING CLIPPED AS WE HAD A FAIR GAIN OF 2753 CONTRACTS ON OUR TWO EXCHANGES ) ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED TUESDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL AND THUS OUR HUGE TONNAGE STANDING FOR GOLD IN MARCH
4) SMALL SIZED COMEX OPEN INTEREST INCREASE 5) STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///FAIR T.A.S. ISSUANCE: 2218 T.A.S.CONTRACTS//
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2023-2025 INCLUDING TODAY
MAR
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MARCH :
TOTAL EFP CONTRACTS ISSUED: 7579 CONTRACTS OF 757,900 OZ OR 23.57 TONNES IN 3 TRADING DAY(S) AND THUS AVERAGING: 2,526 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN3 TRADING DAY(S) IN TONNES 23.57 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2024, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 23.57 DIVIDED BY 3550 x 100% TONNES = 0.664% 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
2024 AND 2025:
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: 207.21 TONNES//EX FOR PHYSICAL ISSUANCE (WILL BE A FAIR SIZED ISSUANCE THIS MONTH)
MARCH 23.57 TONNES
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 SMALL SIZED 22 CONTRACTS OI TO 145,935 AND CLOSER TO THE COMEX HIGH RECORD //244,710( SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 7 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE 200 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAY 200 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 200 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 22 CONTRACTS AND ADD TO THE 200 E.FP. ISSUED
WE OBTAIN A FAIR SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 178 CONTRACTS
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 0.890 MILLION OZ OCCURRED WITH OUR $0.09 GAIN 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 WEDNESDAY MORNING//TUESDAY NIGHT
SHANGHAI CLOSED UP 17.76 PTS OR 0.53%
//Hang Seng CLOSED UP 652.44 PTS OR 2.84%
// Nikkei CLOSED UP 87.06 OR 0.23%//Australia’s all ordinaries CLOSED DOWN .69%
//Chinese yuan (ONSHORE) CLOSED UP TO 7.2635 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.2616/ Oil UP TO 67.12 dollars per barrel for WTI and BRENT DOWN TO 70.16 Stocks in Europe OPENED ALL GREEN
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A SMALL SIZED428 CONTRACTS TO 489,270 DESPITE OUR STRONG GAIN IN PRICE OF $19.05 WITH RESPECT TO TUESDAY’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 (1580 ).
THE CME ANNOUNCED TUESDAY NIGHT, ZERO EXCHANGE FOR RISK CONTRACTS FOR NIL OZ OR 0 TONNES.
IN FEBRUARY: WE HAD FIVE EXCHANGE FOR RISKS TOTALLING 18.4527 TONNES!. 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 FAIR SIZED GAIN ON OUR TWO EXCHANGES OF 2008 CONTRACTS DESPITE OUR HUGE GAIN IN PRICE. OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN ON TUESDAY 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 HUGE T.A.S. LIQUIDATION// TUESDAY // THEY ISSUED A STRONG 2218 CONTRACT ANNOUNCEMENT (TUESDAY NIGHT/WEDNESDAY MORNING). THE T.A.S. LIQUIDATION IS WHY WE ARE HAVING A LOWER COMEX OPEN INTEREST GAIN BUT THIS IS COUPLED WITH HUGE AMOUNTS OF GOLD STANDING FOR DELIVERY TO CONFUSE THE ISSUE!!!!!
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 211 AND 212 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 NON ACTIVE DELIVERY MONTH OF MARCH .… THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS A STRONG SIZED 1580 EFP CONTRACTS WERE ISSUED: : /APRIL 1580 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 1580 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 FAIR SIZED TOTAL OF 2008 CONTRACTS IN THAT 1580 CONTRACT LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A SMALL GAIN OF 428 COMEX CONTRACTS..AND THIS GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR GAIN IN PRICE OF $19.05 FOR TUESDAY/ 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 TUESDAY NIGHT/MONDAY MORNING WAS A FAIR SIZED SIZED 1580 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 4 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 ( FEB 25 THROUGH FEB 28) AS THE GOLD PRICE GOT HAMMERED A BIT WITH COMEX OPTIONS EXPIRY AND OTC LONDON OPTIONS EXPIRY.
THE RAIDS ON OPTIONS EXPIRY DOES TWO IMPORTANT THINGS FOR OUR CROOKS:
STALLS THE ADVANCE IN PRICE
LOWERS THEIR ADVANCING DERIVATIVE LOSSES.
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 FEB 25, 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 JANUARY OPTIONS EXPIRY TRADING AND AGAIN WITH FEBRUARY OPTION EXPIRY MONTH. HALF WAY THROUGH THE JANUARY COMEX MONTH, THE CROOKS ISSUED FIVE CONSECUTIVE 30,000+ CONTRACT ISSUANCE OF T.A.S KNOWING THAT THEY WERE GOING TO INITIATE HUGE RAIDS ON OUR METALS.
STANDING FOR GOLD FOR THE PAST 4 PLUS YEARS:
// WE HAD A HUGE AMOUNT OF GOLD TONNAGE STANDING: MARCH (37.677 TONNES) WHICH IS HUGE FOR OUR NON ACTIVE MARCH DELIVERY MONTH / FEB HAD THE HIGHEST STANDING FOR GOLD EVER RECORDED FOR ANY MONTH.
YEAR 2025:
JAN 2025: 113.30 TONNES
FEB: 2025: 256.607 TONNES (WHICH INCLUDES 18.4567 TONNES OF EX FOR RISK)
AND NOW MARCH:
STANDING FOR GOLD : 37.677 TONNES WHICH IS EXTREMELY HIGH FOR A NON DELIVERY MONTH.
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:/NEW STANDING ADVANCES TO 238.153TONNES +18.4527
= 256.607 TONNES.
MARCH: 37.677 TONNES
COMEX GOLD TRADING/MARCH CONTRACT MONTH
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $19.05/)/AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY APPRECIABLE NET SPECULATOR LONGS AS WE DID HAVE A FAIR SIZED GAIN IN OUR TWO EXCHANGES. BUT AS EXPLAINED ABOVE WE HAD CONSIDERABLE T.A.S. SPREADER LIQUIDATION TUESDAY AS THEY WERE TRYING TO QUELL GOLD’S RISE AND STOP HUGE COMEX/OTC DERIVATIVE LOSSES FROM ALSO RISING. LAST TUESDAY ENDED COMEX OPTIONXS EXPIRY. HOWEVER AS I EXPLAINED ON WEDNESDAY, 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 FOR BOTH COMEX AND LONDON OTC!!
THE CROOKS HOWEVER COULD NOT STOP CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL TUESDAY EVENING/WEDNESDAY MORNING AND THUS OUR HUGE 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!
88 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 28 ZERO EXCHANGE FOR RISK WAS ISSUED.
TOTAL INITIAL DELIVERIES MARCH GOLD TRADING
MARCH: 35.040 TONNES
WE HAVE GAINED A FAIR SIZED TOTAL OF 6.245 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR MARCH (31.753TONNES) ON FIRST DAY NOTICE FOLLOWED BY TODAY’S QUEUE JUMP OF 84,900 OZ OR 2.6407 TONNES: NEW TOTAL STANDING 37.677 TONNES
ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $50.85
WE HAD 745 CONTRACTS REMOVED FROM THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE AS WELL
NET GAIN ON THE TWO EXCHANGES 2008 CONTRACTS OR 200,800 0Z (6.245 TONNES)
i) Out of Brinks enhanced: 191,254.945 oz 478 London good delivery bars at 400 oz each. ii) Loomis 32.151 (one kilobar)
iii) 25,719.04 oz Brinks 800 kilobars
total weight 217,006.156 oz 6.74 tonnes
.
Deposit to the Dealer Inventory in oz
2 ENTRIES
i) Asahi dealer 116,129.412 oz (3612 kilobars ii) Manfra dealer: 16,009.57 oz (498 kilobars)
total dealer weight: 132,138.982 oz(4.110 tonnes)
Deposits to the Customer Inventory, in oz
4 ENTRIES
i) Brinks 179,457.773 oz ii) Into HSBC: 27,328.35 oz (850 kilobars_) iii) JPMorgan 32,118.849 oz (999 kilobars) iv) Loomis 64,269.849 oz (20 kilobars) total weight: 303,174.821 oz 3.204 tonnes
total 7.314 tonnes
No of oz served (contracts) today
91 notice(s) 9100 OZ 0.2830 TONNES
No of oz to be served (notices)
966 contracts 96600 OZ 0.653 TONNES
Total monthly oz gold served (contracts) so far this month
11,147notices 1,114700 oz 34.672 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
dealer deposits: 2
2 ENTRIES
i) Asahi dealer 116,129.412 oz (3612 kilobars ii) Manfra dealer: 16,009.57 oz (498 kilobars)
total dealer weight: 132,138.982 oz(4.110 tonnes)
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we have 4 customer deposits:
4 ENTRIES
i) Brinks 179,457.773 oz ii) Into HSBC: 27,328.35 oz (850 kilobars_) iii) JPMorgan 32,118.849 oz (999 kilobars) iv) Loomis 64,269.849 oz (20 kilobars) total weight: 303,174.821 oz 3.204 tonnes
total 7.314 tonnes
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withdrawals: 1
i) Out of Brinks enhanced: 191,254.945 oz 478 London good delivery bars at 400 oz each. ii) Loomis 32.151 (one kilobar)
iii) 25,719.04 oz Brinks 800 kilobars
total weight 217,006.156 oz 6.74 tonnes
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adjustments:1/comex is in chaos
a) dealer to customer
a) Loomis: 96.457 oz
thus basically what comes into eligible is transferred to dealer accounts and then out.
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR MARCH
THE FRONT MONTH OF MARCH HAD A GAIN OF 168 CONTRACTS TO STAND AT 1057. WE HAD 681 CONTRACTS SERVED ON TUESDAY SO WE GAINED A HUGE 849 CONTRACTS FOR 84900 OZ (2.6407 TONNES AS A PHYSICAL GOLD QUEUE JUMP. THIS IS CENTRAL BANKS LOOKING FOR BADLY NEEDED GOLD.
APRIL HAD A LOSS OF 5787 CONTRACTS DOWNTO 339,908 CONTRACTS AS THIS MONTH BECOMES THE FRONT MONTH.
MAY LOST 68 CONTRACTS UP TO 251.
We had 91 contracts filed for today representing 9,100oz
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 91 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 1 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for MARCH /2025. contract month, we take the total number of notices filed so far for the month (11,147 X 100 oz ) to which we add the difference between the open interest for the front month of MARCH.(1057 CONTRACTS) minus the number of notices served upon today (91 x 100 oz per contract) equals 1,211,300 OZ OR 37.677 TONNES
thus the INITIAL standings for gold for the MARCH contract month: No of notices filed so far (11,147x 100 oz +we add the difference for front month of MARCH ( 1057 OI} minus the number of notices served upon today (91 x 100 oz) which equals 1,211,300 OR 37.677 TONNES
TOTAL COMEX GOLD STANDING FOR MARCH.: 37.677 TONNES WHICH IS HUGE FOR THIS NON ACTIVE ACTIVE DELIVERY MONTH IN THE CALENDAR. FEBRUARY HAD THE HIGHEST DELIVERY FOR ANY MONTH AND MARCH IS FOLLOWING SUIT..
JPMorgan has a total silver weight: 165.387million oz/416.815million or 39.58%
TOTAL REGISTERED SILVER: 139.808 MILLION OZ//.TOTAL REG + ELIGIBLE. 416.815Million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR FEBRUARY
silver open interest data:
FRONT MONTH OF MARCH /2025 OI: 3067 OPEN INTEREST CONTRACTS FOR A LOSS OF 729 CONTRACTS.WE HAD 659 CONTRACTS SERVED ON TUESDAY SO WE LOST 70 CONTRACTS OR 0.350 MILLION COMEX OZ STANDING UNDERWENT AN EFP TRANSFER TO LONDON LOOKING FOR METAL OVER THERE//NEW STANDING REDUCES TO 74.205 MILLION OZ. FOR THE THIRD DAY IN ROW, THE CROOKS COULD NOT FIND ANY SILVER OVER HERE!
APRIL SAW ANOTHER GAIN OF 41 CONTRACTS TO STAND AT 1494
MAY SAW A LOSS OF 431 CONTRACTS DOWN TO 113,623 CONTRACTS
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 227 or 1.135 MILLION oz
CONFIRMED volume; ON TUESDAY 57,420 small//
AND NOW ONTO MARCH:
To calculate the number of silver ounces that will stand for delivery in MARCH. we take the total number of notices filed for the month so far at 12,005 X5,000 oz = 60.005MILLION oz
to which we add the difference between the open interest for the front month of MAR (3067) AND the number of notices served upon today (227 )x (5000 oz)
Thus the standings for silver for the MARCH 2025 contract month: 12,005 Notices served so far) x 5000 oz + OI for the front month of MAR(3067) minus number of notices served upon today (227)x 5000 oz equals silver standing for the MARCH contract month equating to 74.205 MILLION OZ.
New total standing: 74.205 million oz which is huge for this very active delivery month of March.
There are 139.805million 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/
MARCH 5 WITH GOLD UP $6.75 TODAY HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 0.87 TONNES INTO THE GLD ///INVENTORY RESTS AT 901.80 TONNES
MARCH 4 WITH GOLD UP $19.05 TODAY HUGE CHANGES IN GOLD AT THE GLD:A MASSIVE WITHDRAWAL OF 3.45 TONNES INTO THE GLD ///INVENTORY RESTS AT 900.93 TONNES
MARCH 3 WITH GOLD UP $50.70 TODAY HUGE CHANGES IN GOLD AT THE GLD:A MASSIVE WITHDRAWAL OF 1.72 TONNES INTO THE GLD ///INVENTORY RESTS AT 904.38 TONNES
FEB 28 WITH GOLD DOWN $44.70 TODAY HUGE CHANGES IN GOLD AT THE GLD:A MASSIVE WITHDRAWAL OF 1.72 TONNES INTO THE GLD ///INVENTORY RESTS AT 904.38 TONNES
FEB 26 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 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: 901.80 TONNES, TONIGHTS TOTAL
SILVER
MARCH 5 WITH SILVER UP 82 CENTS//SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 0.172 MILLION OZ OUT OF THE SLV. //INVENTORY AT SLV RESTS AT 436.501 MILLION OZ
MARCH 4 WITH SILVER UP 9 CENTS//SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.82 MILLION OZ INTO THE SLV. //INVENTORY AT SLV RESTS AT 436.673 MILLION OZ
MARCH 3 WITH SILVER UP $0.78//SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 0.819 MILLION OZ INTO THE SLV. //INVENTORY AT SLV RESTS AT 438.493 MILLION OZ
FEB 28 WITH SILVER DOWN 0.56//SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 0.819 MILLION OZ INTO THE SLV. //INVENTORY AT SLV RESTS AT 438.493 MILLION OZ
FEB 26 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 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 436.501 MILLION 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
Alasdair Macleod..
3 CHRIS POWELL AND GATA DISPATCHES
Chris Powell…
4 ANDREW MAGUIRE/LIVE FROM THE VAULT NO 212//ANDREW MAGUIRE INTERVIEWING DR DANIEL LACALLE
5B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT/COMMODITIES: COMMODITY//EGGS
6 CRYPTOCURRENCY NEWS
END
ASIA TRADING WEDNESDAY MORNING TUESDAY NIGHT
SHANGHAI CLOSED UP 17.76 PTS OR 0.53%
//Hang Seng CLOSED UP 652.44 PTS OR 2.84%
// Nikkei CLOSED UP 87.06 OR 0.23%//Australia’s all ordinaries CLOSED DOWN .69%
//Chinese yuan (ONSHORE) CLOSED UP TO 7.2635 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.2616/ Oil UP TO 67.12 dollars per barrel for WTI and BRENT DOWN TO 70.16 Stocks in Europe OPENED ALL GREEN
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS /WEDNESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN AT 7.2635
OFFSHORE YUAN: DOWN TO 7.2616
SHANGHAI CLOSED CLOSED UP 17.76 PTS OR 0.53%
HANG SENG CLOSED CLOSED UP 652.44 PTS OR 2.84%
2. Nikkei closed UP 87.06OR 0.23%
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX DOWN TO 104.94// EURO RISES TO 1.0695 UP 72 BASIS PT HEADING TO PARITY WITH USA
3b Japan 10 YR bond yield: RISES TO. +1.440//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 149.23…… JAPANESE YEN NOW FALLING AS WE HAVE NOW REACHED THE RE EMERGING OF THE YEN CARRY TRADE AGAIN AFTER DISASTROUS POLICY ISSUED BY UEDA
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen UP CHINESE ONSHORE YUAN: DOWN OFFSHORE: DOWN
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil DOWN for WTI and DOWN FOR BRENT this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD UP TO +2.7100/Italian 10 Yr bond yield UP to 3.769 SPAIN 10 YR BOND YIELD UP TO 3.359
3i Greek 10 year bond yield UP TO 3.488
3j Gold at $2917.00 Silver at: 32..39 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 16 /100 roubles/dollar; ROUBLE AT 89.57
3m oil into the 67 dollar handle for WTI and 70 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 149.23 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.440 % 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 0.8880 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9498 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: 4.228 UP 2 BASIS PTS…
USA 30 YR BOND YIELD: 4.5332 UP 2 BASIS PTS/
USA 2 YR BOND YIELD: 3.937 DOWN 2 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 36.43…
10 YR UK BOND YIELD: 4.6955 UP 17 PTS
10 YR CANADA BOND YIELD: 2.920 DOWN 2 BASIS PTS
5 YR CANADA BOND YIELD: 2.590 DOWN 4 PTS.
2a New York OPENING REPORT
Futures Rise On Hope For Trade War Relief, Europe Soars, Bunds Crash On “Whatever It Takes” Stimulus
Wednesday, Mar 05, 2025 – 08:20 AM
US equity futures are higher following comments from Commerce Secretary Howard Lutnick who seemed to suggest that a compromise on Canadia/Mexican tariffs could be announced today; and while Trump’s speech last night doubled-down on tariffs he but did not refute Lutnick’s comments; at the same time the US/Ukraine mineral deal also appears to be moving forward providing further de-escalatory relief for markets. As such, as of 8:00am, S&P 500 futures are up 0.3% while Nasdaq 100 contracts add 0.6% (both well off session highs) with all 7 of the Mag 7 higher and Semis are bid into MRVL earnings. Chinese stocks led a rally in Asia after Beijing set an ambitious economic growth target that boosted expectations of further stimulus.Finally, European stocks are surging (Dax +3%) after Germany unveiled plans to unlock hundreds of billions of euros for defense and infrastructure investments in a dramatic policy shift which has sent German bonds plunging by a near record 22bps. US Treasury yields are flat around 4.24% while the USD is weaker and commodities are mixed. Energy is lower, Ags higher, and precious over base. Today’s macro data focus is on ISM-Srvcs, Factory Orders, Mortgage Applications (up 20.4%), and ADP.
In premarket trading, Goldman and Citigroup rose more than 1%, while Tesla was poised to recover from a four-month low, and led gains among the Magnificent Seven stocks, putting the electric-vehicle maker’s stock on track to rebound after two sessions of losses (TSLA 1.6%, NVDA +1.5%, AMZN +0.8%, META +0.5%, GOOGL +0.6%, AAPL +0.3% and MSFT +0.3%). AeroVironment (AVAV US) shares are down 20% in premarket trading after the small unmanned aircraft maker slashed its FY forecasts. It also reported third-quarter results that missed expectations. Here are some other notable movers:
AppLovin Corp. (APP US) is downgraded to sell from neutral at Arete, which cites concerns over the firm’s e-commerce business
Carrier Global (CARR US)shares rise as much as 2.9% in US premarket trading after JPMorgan upgrades the heating and air conditioning equipment maker to overweight from neutral, seeing the stock as cheap enough
Moderna (MRNA US) shares rally 8.6% in premarket trading after Chief Executive Officer Stephane Bancel and Board Director Paul Sagan said they bought $6 million of stock, according to SEC filings
Palantir Technologies Inc. (PLTR US) shares are up 2.6% in premarket trading, after William Blair upgraded the AI software company to market perform from underperform
Shares of automakers, banks and chip firms jumped in premarket trading on Wednesday after Lutnick said the Trump administration may announce a pathway for tariff relief on goods from Canada and Mexico covered by a North American free trade agreement
US stocks capped their worst two-day slump since December on Tuesday, before the comments from Lutnick, who told Fox Business that Trump may offer a path to alleviate some tariff pressure. Traders will be watching data due later today for a snapshot of the state of the economy.
“The market doesn’t like uncertainty and tariffs will most likely continue to be an overhang risk,” Nataliia Lipikhina, EMEA equity strategy head at JPMorgan Private Bank, said on Bloomberg TV. “But if we are looking at earnings growth in the US, we actually see double-digit growth in 2025 and 2026. We are buyers of the dip at this point.”
In an address to Congress, Trump acknowledged that there may be an “adjustment period” to tariffs as he defended his policies to remake the US economy. Ten-year Treasury yields traded steady at 4.24%, while the dollar sank 0.4%.
On the corporate front, Blackrock Inc., the world’s biggest asset manager, led a consortium that will buy a controlling stake in Panama ports and a larger unit that has operations across 23 countries. It’s one of the biggest acquisitions of the year that marks a win for Trump, who had raised concerns over control of key ports near the Panama Canal.
European stocks are sharply higher on German military spending/debt brake removal, unlocking hundreds of billion of euros in defense and infrastructure spending. Shares in the region have also received a boost on hopes that the Trump administration may walk back some tariff measures and also on the increasing probability of a US/Ukraine mineral deal which is boosting the odds of a ceasefire. Construction and industrial sectors are leading the gains. Stoxx 600 rises 1.7% to 560.62 with 473 members up, 121 down and 6 unchanged. The DAX is up over 3% and set for its best day in over two years, the euro rises 0.6% and now trades above $1.07 for the first time since November. Here are some of the biggest European movers on Wednesday:
Germany’s defense, industrial and domestic stocks rise after chancellor-in-waiting Friedrich Merz said the country would unlock hundreds of billions of euros for defense and infrastructure investments.
European mining stocks and steelmakers are outperforming on Wednesday after commodity-hungry China set a bullish economic growth goal for 2025 and said it will cut output of steel in an attempt to ease a massive glut and restore profitability at mills.
Bayer shares gain as much as 6.5% after the German company reported sales and earnings for the fourth quarter that were ahead of expectations.
Campari shares rise as much as 6.3% as analysts point to the Italian spirits maker’s fourth-quarter sales beat and strength in its EMEA business and aperitifs.
Breedon Group shares jump as much as 15% after the building materials company delivered results just ahead of expectations.
Evonik shares jump as much as 11% after the specialty chemicals company said it expects earnings to grow in the current quarter.
Sandoz shares gain as much as 7% as biosimilars sales of the Swiss generic drugs maker came in slightly higher than anticipated and the company reaffirmed its mid-term outlook.
Games Workshop shares rise as much as 8.5% to hit a new record high after the Warhammer figurine maker said trading was better than expected in the first two months of 2025, which is set to see annual profit come in ahead of expectations.
Richter shares gain as much as 3.6% after the Hungarian pharmaceutical company said it plans to pay out 30%-50% of its adjusted net income in 2025-2030, providing “significant upside” to the dividend, as it focuses strategy on managing the patent cliff for its blockbuster Cariprazine drug.
Flutter shares rise as much as 3.4% in London after the FanDuel owner reported final results for 2024 in line with consensus and confident 2025 outlook.
Adidas shares fall as much as 3.9% after the sportswear company forecast FY25 operating profit that missed analyst estimates.
Lindt & Spruengli shares drop as much as 5.4% after Vontobel cut its recommendation on the chocolatier to hold from buy, citing a volatile market amid low US consumer confidence data and the strong run in the stock before results released this week.
Earlier in the session, Asian stocks rallied as China’s ambitious growth target raised prospects of more stimulus and the Trump administration indicated it may roll back some tariffs on its allies. The MSCI Asia Pacific Index rose as much as 1.1%, the most in three weeks, with Chinese technology stocks like Tencent and Meituan among the biggest boosts. Chinese stocks in Hong Kong rallied more than 3% after the National People’s Congress in Beijing set an economic growth target of about 5% for 2025, the third straight year it has maintained that goal. Stock benchmarks also rallied in Japan, Korea and Taiwan. Donald Trump’s administration showed willingness to walk back on the 25% tariff imposed on Canada and Mexico, two of its biggest trading partners. Hong Kong and China’s “major indexes do not look expensive, trading around historical means,” Citi strategists including Pierre Lau wrote in a note. “Valuations of China’s alternatives to the US’s magnificent-seven stocks look inexpensive, in our view,” he said. Elsewhere, India’s NSE Nifty 50 Index climbed, snapping a record-setting 10-day losing streak, while stocks fell in Australia.
While German and European stocks are surging, German bunds lead a near-record plunge in European government bonds after Germany unveiled plans to unlock hundreds of billions of euros for defense and infrastructure investments in a dramatic policy shift. German 10-year yields soar more than 22 bps to 2.72%, the biggest one day move since the failed bund auction in Nov 2011.
“Huge quantities of debt in the coming years is going to be quite disruptive for European bond markets, particularly the long end of the curve,” said Peter Kinsella, global head of FX strategy at Union Bancaire Privee Ubp SA in London. “We’ve not seen this type of issuance pretty much since the early 1990s when Germany was paying for reunification.
In the US, treasuries are steady as US trading gets under way with the curve steeper, as front-end yields are more than 3bps richer on the day with long end little changed. Treasury yield shift leaves 2s10s, 5s30s spreads steeper by 3bp-4bp; US 10-year yield around 4.23% is ~2bp lower on the day while Germany’s is higher by 22bp, after German policy shift to a massive debt-financed defense spending plan. US session includes February ADP employment and ISM services gauge, and possibility of Mars Inc. corporate bond sale exceeding $25 billion.
In FX, the Bloomberg Dollar Spot Index fell 0.6%, hitting its lowest since Dec. 9, led by falls versus the euro; EUR/USD jumped 0.9% to 1.0722, a level last seen on Nov. 11 after Germany pledged to unlock hundreds of billions of euros for defense and infrastructure spending; the Swedish krona takes top spot among G-10 FX, rising 1% against the greenback.
“The US economy could slow down further and force the Fed to resume its easing cycle in the second half of the year,” said Valentin Marinov, head of global FX strategy at Credit Agricole CIB. “The Fed may also have to put an end to its quantitative tightening programme to accommodate US President Donald Trump’s fiscal spending plans. This could erode the USD exceptionalism.”
In commodities, WTI falls 1.5% to $67.20 a barrel. Bitcoin rises 3% and above $90,000.
The US economic data calendar includes mortgage applications which soared by 20.4%, after dropping 6.4% last week; February ADP employment change (8:15am), S&P Global US services PMI (9:45am), January factory orders and February ISM services index (10am). Fed releases Beige book at 2pm. Fed speaker slate empty for the session
Market Snapshot
S&P 500 futures up 0.8% to 5,838.00
MXAP up 1.1% to 186.59
MXAPJ up 1.9% to 586.12
Nikkei up 0.2% to 37,418.24
Topix up 0.3% to 2,718.21
Hang Seng Index up 2.8% to 23,594.21
Shanghai Composite up 0.5% to 3,341.97
Sensex up 1.0% to 73,718.18
Australia S&P/ASX 200 down 0.7% to 8,141.11
Kospi up 1.2% to 2,558.13
STOXX Europe 600 up 1.5% to 559.12
German 10Y yield little changed at 2.68%
Euro up 0.9% to $1.0718
Brent Futures down 0.6% to $70.63/bbl
Gold spot down 0.1% to $2,915.13
US Dollar Index down 0.82% to 104.88
Top Overnight News
US President Trump said in his Address to the Joint Session of Congress that America is back and they have taken swift and relentless action and are just getting started. Trump announced he will create a new office of shipbuilding in the White House and will offer new tax incentives for shipbuilding, while he is fighting every day to make America affordable again and reiterated his call to drill for more oil. Furthermore, Trump said they will eliminate inflation by reducing all fraud, waste and theft of public money and stated that reciprocal tariffs will kick in on April 2nd.
President Donald Trump’s administration is considering granting relief from his 25% tariffs on Canadian and Mexican imports to products that comply with the trade pact he negotiated with the two U.S. neighbors during his first term, Commerce Secretary Howard Lutnick said on Tuesday. RTRS
Trump called for ending the bipartisan $52 billion chip subsidy program, saying it’s a “horrible, horrible thing.” An end to subsidies will end up benefiting the Chinese AI and semiconductor sector. BBG
Border crossings along the US-Mexico border plummeted to the lowest level in decades during Feb, giving Trump a major victory. Axios
German borrowing costs surged by the most in 17 years as investors bet on a big boost to the country’s ailing economy from a historic deal to fund investment in the military and infrastructure. The yield on the 10-year Bund surged 21 bps to 2.69%, its biggest one day move since 2008. FT
Google is urging DOJ officials to back away from a push to break up the company, citing national security concerns, people familiar said. The Biden administration called for changes including the sale of its Chrome web browser, with hearings scheduled for next month. BBG
China’s NPC numbers are largely consistent w/recent media reports, including a GDP growth objective of around 5%, inflation around 2%, and a fiscal deficit target of 4%, while officials pledged to boost domestic consumption. WSJ
China’s Caixin services PMI comes in ahead of expectations for Feb at 51.4 (up from 51 in Jan and above the Street’s 50.7 forecast). BBG
BOJs Uchida said the BOJ can raise interest rates at a pace in line with dominant views among financial markets and economists, keeping alive expectations that there is a chance of a near term increase in borrowing costs despite Trump tariff risks. RTRS
2B European opening report
Global Sentiment lifted on tariff optimism, European stocks at highs & Bunds hammered on German spending plans – Newsquawk US Market Open
Wednesday, Mar 05, 2025 – 06:04 AM
Sentiment lifted after the US Commerce Secretary suggested Trump could potentially reduce tariffs on Canada and Mexico, perhaps as soon as Wednesday.
European bourses at session highs; DAX 40 +3% outperforms; US equity futures broadly higher with the RTY +1.2%.
EUR surges on German spending plans, DXY around 1.05 after breaking below its 200DMA.
Bunds battered by Merz’s fiscal reform, USTs await data and tariff updates.
Crude subdued continuing recent action & failing to benefit from China’s support which has bolstered base metals.
Looking ahead, US ADP National Employment, US Factory Orders, ISM Services, Fed’s Beige Book, BoE Treasury Select Hearing, Speakers including BoE’s Bailey, Pill, Taylor and Greene. Earnings from Abercrombie & Fitch, Foot Locker & Marvell.
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TARIFFS/TRADE
US Commerce Secretary Lutnick said he thinks US President Trump will meet Mexico and Canada in the middle on tariffs and they’re probably going to be announcing that tomorrow (i.e. Wednesday 5th), while he added if USMCA rules are followed, Trump is considering relief, according to a Fox Business interview. Lutnick also said that President Trump is to move with Canada and Mexico but not all the way and that Trump may roll back Canada and Mexico tariffs on Wednesday.
US and Canadian officials are in talks to possibly roll back Trump’s tariffs, according to WSJ. However, it was separately reported that US President Trump signalled privately he will stick with tariffs, according to NYT.
US Department of Commerce preliminarily determined Canadian softwood lumber is being dumped into the US.
Canada’s Foreign Minister Joly is set to speak with US Secretary of State Rubio on Wednesday, according to the BBC.
US President Trump’s administration is readying an order to bolster US shipbuilders and punish China, while the draft order includes measures such as raising revenue from Chinese ships and tax credits and grants for shipyards, according to WSJ.
EUROPEAN TRADE
EQUITIES
European bourses (STOXX 600 +1.5%) are entirely in the green, with sentiment boosted by several factors, which include; a) Lutnick suggesting Trump will scale back Canada/Mexico tariffs, b) Germany agreeing to debt brake reform, c) China’s Official Work Report which maintained its annual growth target and pledged measures including a boost in spending. Price action today has really only been one way, and that’s upward; as it stands, indices generally reside at session highs.
European sectors hold a positive bias, with the key movers today attributed to the aforementioned German debt brake reform agreement. Construction & Materials tops the pile, joined closely by Industrial Goods and Services, Autos and then Tech; the latter two, buoyed by the risk-tone given the optimism surrounding a rolling back of US tariffs on Canada/Mexico.
US equity futures (ES +0.6% NQ +0.7% RTY +1.2%) are entirely in the green, with sentiment lifted after US Commerce Secretary Lutnick said Trump could potentially scale back tariffs on Canada and Mexico, perhaps as soon as Wednesday.
Tesla’s (TSLA) German sales fell 76% in February in rising EV market, via Bloomberg.
Saudi Aramco said to mull bid for BP’s (BP/ LN) Castrol, via Bloomberg; will study bid for part, or all of Castrol’s businesses; said to be particularly interested in Castrol India; Aramco deliberations at an early stage, may not lead to bid.
DXY is extending its downside for a third consecutive session as gains in the EUR act as a drag on the index. DXY has fallen from the 107.56 level seen at the start of the week to a current session trough at 104.85, taking out its 200DMA at 105.00 in the process. Headwinds for the DXY aren’t just a case of EUR strength, it is also in the context of domestic weakness following a recent run of soft data prints. And on the trade front, US Commerce Secretary Lutnick suggested Trump could potentially reduce tariffs on Canada and Mexico, perhaps as soon as Wednesday. Today’s data slate sees US ADP and ISM services PMI with the former taking place in the context of Friday’s NFP print.
EUR is the clear outperformer across the majors with the obvious catalyst for recent price action being the latest updates out of Germany. To recap, the measures announced by Merz and others include a special EUR 500bln 10yr fund for infrastructure investments, changes to the debt brake to exempt defence spending of more than 1% of GDP, a loosening of the regional balanced budget requirement and a new instrument to provide EUR 150bln of loans. Subsequently, EUR/USD has surged from the circa 1.0388 level seen at the start of the week to a multi-month peak at 1.0722, brining it in touching distance of its 200DMA at 1.0725.
JPY is firmer vs. the broadly weaker USD. On the domestic front, BoJ Governor Ueda noted that diverging monetary policy stance among countries could potentially increase volatility, have destabilising effects on exchange-rate dynamics. Elsewhere, BoJ Deputy Governor Uchida said he does not have a preset idea in mind on the pace of future rate hikes and does not think it is good communication for the BoJ to judge whether market pricing of future moves are appropriate or not. USD/JPY has delved as low as 149.11 but stayed clear of yesterday’s 148.08 YTD trough.
Cable is up for a third session in a row, clearing the 1.28 mark and its 200DMA at 1.2803, printing a fresh YTD peak at 1.2854. Newsflow for the UK remains on the light side asides from reporting via the BBC that the Treasury will inform the OBR of its “major measures” on Wednesday aimed at reducing spending by billions pounds.
Antipodeans both faded some of their recent gains as the greenback recouped lost ground and amid the mixed risk sentiment in Asia, while there was little reaction seen following better-than-expected Australian GDP data or from the announcement that RBNZ Governor Orr resigned.
Hotter-than-expected Swiss inflation metrics from Switzerland triggered a knee-jerk lower in EUR/CHF from 0.9470 to 0.9453 before paring almost all of the move. The release exceeded expectations but fell in-line with the SNB’s Q1 projection of 0.3%.
PBoC set USD/CNY mid-point at 7.1714 vs exp. 7.2575 (prev. 7.1739).
Bunds are under marked pressure following the CDU, CSU and SPD leaders announcing an agreement on the first phase of debt break reform which they hope to pass in the next week as such get through under the current Bundestag configuration where a two-thirds majority for constitutional reform can be attained. At most, the planned reform has weighed on Bunds by over 250 ticks to a 129.66 trough vs Tuesday’s 132.24 close. Since, Bunds have made their way off the 129.66 base and are back above 130.00 with support coming via downward revisions to some Final PMIs this morning, as the equity rally took a slight breather and on profit taking from the marked bearish action.
USTs are under modest pressure, following the lead from Bunds, but to a much lesser degree. Due to the German measures not having any direct fiscal implications for the US and as the region remains more focused on growth concerns; ISM Services & Factory Orders are the next points to watch on this alongside ADP ahead of Friday’s Payrolls. USTs have been down to a 110-27 base but have spent much of the European morning and APAC session holding at the 111-00 mark.
US yields are bid across the curve with the belly leading, as has been the case in recent sessions. On the trade front, US Commerce Secretary Lutnick suggested Trump could scale back the Mexican/Canada tariffs, and could be announced on Wednesday.
Gilts are softer following the lead from Bunds. Trading much closer to Bunds than USTs in terms of magnitudes with Gilts down to a 92.11 low at worst vs the 93.50 close on Tuesday. Pressure which comes as Gilts play catchup to the Merz announcement, with USTs having already reacted in Tuesday’s session, and as the focus returns to the UK’s own fiscal fortunes. On this, multiple outlets have reported that Chancellor Reeves is to present the OBR with her latest potential fiscal adjustments which the BBC, citing sources, reports include several billion pounds of draft spending cuts to welfare & other departments. Most recently, no move to a strong UK auction which saw a b/c in excess of 3x.
Crude is on the backfoot, continuing the pressure seen in overnight trade which failed to materially benefit from the latest private sector inventory data which showed a surprise draw in headline crude. A softer Dollar, positive risk tone and China pledging to boost spending has failed to lift sentiment in the complex; focus may be on Ukrainian President Zelensky who said that Ukraine is ready to come back to the table to sign a minerals deal – tariff uncertainty and recent OPEC+ action also factor. Brent and WTI trading at USD 67.47/bbl and USD 70.55/bbl respectively.
Precious metals are mixed, with gold flat whilst Silver gains; the softer Dollar and China’s Official Growth Report manages to keep the yellow-metal afloat, despite the risk-on mood. Gold trades indecisively but towards its USD 2,922/oz high, after remaining above the USD 2,900/oz mark for most of Monday’s session.
Base metals are entirely in the green, with the complex boosted after China’s Official Growth Report which maintained a growth target of around 5% and pledged measures to boost spending. 3M LME Copper above the USD 9.5k mark compared to Tuesday’s USD 9.34k close.
Swiss CPI YY (Feb) 0.3% vs. Exp. 0.2% (Prev. 0.4%); MM (Feb) 0.6% vs. Exp. 0.5% (Prev. -0.1%)
French Industrial Output MM (Jan) -0.6% vs. Exp. 0.3% (Prev. -0.4%, Rev. -0.5%)
Spanish Services PMI (Feb) 56.2 vs. Exp. 55.3 (Prev. 54.9)
Italian HCOB Services PMI (Feb) 53.0 vs. Exp. 50.9 (Prev. 50.4); HCOB Composite PMI (Feb) 51.9 (Prev. 49.7)
EU HCOB Services Final PMI (Feb) 50.6 vs. Exp. 50.7 (Prev. 50.7); EU HCOB Composite Final PMI (Feb) 50.2 vs. Exp. 50.2 (Prev. 50.2)
German HCOB Services PMI (Feb) 51.1 vs. Exp. 52.2 (Prev. 52.2); HCOB Composite Final PMI (Feb) 50.4 vs. Exp. 51 (Prev. 51)
French HCOB Services PMI (Feb) 45.3 vs. Exp. 44.5 (Prev. 44.5); HCOB Composite PMI (Feb) 45.1 vs. Exp. 44.5 (Prev. 44.5)
UK S&P Global Composite PMI (Feb) 50.5 vs. Exp. 50.5 (Prev. 50.5); Global Service PMI (Feb) 51.0 vs. Exp. 51.1 (Prev. 51.1)
EU Producer Prices YY (Jan) 1.8% vs. Exp. 1.4% (prev. 0.0%, rev. 0.1%); Producer Prices MM (Jan) 0.8% vs. Exp. 0.5% (Prev. 0.4%, Rev. 0.5%)
Italian Retail Sales NSA YY (Jan) 0.9% (Prev. 0.6%); Retail Sales SA MM (Jan) -0.4% (Prev. 0.6%)
NOTABLE EUROPEAN HEADLINES
UK Treasury has earmarked several billion pounds of draft spending cuts to welfare and other departments, via BBC citing sources; Treasury will inform the OBR of its “major measures” on Wednesday.
UK Chancellor Reeves is set to submit plans this week to the OBR detailing billions of GBP of spending reductions, according to the FT.
German new passenger car registrations (Feb) -6.4% to 203,434, according to KBA
NOTABLE US HEADLINES
US President Trump said in his Address to the Joint Session of Congress that America is back and they have taken swift and relentless action and are just getting started. Trump announced he will create a new office of shipbuilding in the White House and will offer new tax incentives for shipbuilding, while he is fighting every day to make America affordable again and reiterated his call to drill for more oil. Furthermore, Trump said they will eliminate inflation by reducing all fraud, waste and theft of public money and stated that reciprocal tariffs will kick in on April 2nd.
GEOPOLITICS
MIDDLE EAST
White House said the Gaza reconstruction plan adopted by Arab states does not address the reality that Gaza is ‘currently uninhabitable’ and that President Trump stands by his proposal to rebuild Gaza ‘free from Hamas’.
Russian President Putin agreed to act as a mediator between Iran and the US, according to Zvezda citing the Kremlin. It was also reported that a Kremlin aide said Iran was discussed at Russia-US talks in Riyadh and that Russia and the US agreed to hold separate talks on Iran, according to Interfax.
RUSSIA-UKRAINE
US President Trump said in his Congress address that he received an important letter from Ukrainian President Zelensky who said he is ready to come back to the table and Ukraine is ready to sign a minerals deal.
US and Ukraine plan to sign minerals deal and President Trump has told advisers he wanted to announce the Ukraine minerals deal during Tuesday’s speech to Congress, according to sources cited by Reuters although they cautioned that the deal had yet to be signed and the situation could change.
Other
China’s Coast Guard said the Philippines sent a civilian boat to deliver supplies to its ‘illegally grounded’ warship at Second Thomas Shoal, while China urged the Philippines to honour its commitments and work with China to manage the maritime situation.
CRYPTO
Bitcoin is on a firmer footing and has climbed back above USD 88k; Ethereum also higher and sits just above USD 2.2k.
APAC TRADE
APAC stocks traded mixed following the whipsawing stateside on Trump’s tariffs, subsequent retaliation and Commerce Secretary Lutnick’s suggestion of a potential rollback, while the region also digested a slew of commentary from China’s Official Work Report and President Trump’s Address to the Joint Session of Congress.
ASX 200 was dragged lower by underperformance in the consumer and energy sectors, while better-than-expected Australian GDP data failed to inspire a recovery.
Nikkei 225 price action was initially choppy but gradually edged higher amid a weaker currency.
Hang Seng and Shanghai Comp were positive after better-than-expected Chinese Caixin Services PMI data and with the attention on the NPC and the Official Work Report in which China maintained its annual growth target of around 5% and pledged measures including a boost in spending, while there was notable outperformance in Hong Kong where CK Hutchison surged by more than 20% after agreeing to sell its Panama Canal Ports stake to BlackRock.
NOTABLE ASIA-PAC HEADLINES
Foxconn (2317 TT) February revenue rose at a rate of +56.43% Y/Y (vs +3.2% Y/Y in January).
China targets 2025 GDP growth of around 5% and CPI at around 2%, while it sees the 2025 budget deficit at 4% of GDP and said it will adopt more proactive fiscal policy. China will re-capitalise major state banks with CNY 500bln from special treasury bonds and will issue CNY 1.3tln in ultra-long-term special treasury bonds in 2025 vs CNY 1tln in 2024, while it set the 2025 quota on local government special bonds at CNY 4.4tln vs. CNY 3.9tln in 2024, according to the Official Work Report.
China’s NDRC said it will boost domestic demand and will promote integrated advancements in technological and industrial innovation and will use monetary policy instruments to adjust both the monetary aggregate and structure, while it added that China will lower banks’ reserve requirement ratios and interest rates at the right timing. NDRC said China will support the fundraising of micro and small businesses, well accelerate efforts to foster a complete system of domestic demand and make domestic demand the main engine and anchor of economic growth.
China’s financial regulator head said will support the property market, lengthen the white list, and ensure delivery of housing, while China will increase the supply of credit to more private enterprises and will reduce comprehensive financing costs of private enterprises. Furthermore, China approved an additional CNY 60bln of insurance funds for long-term investment in capital markets.
China Cabinet Research Office head said fully confident in achieving the 2025 economic growth target and that China’s economy has shown steady improvement over 2025 so far, while the official added that macro policy measures will provide strong support to the economy.
RBNZ Governor Orr resigned and Deputy Governor Hawkesby will be Acting Governor until March 31st, while RBNZ Chair Quigley said Governor Orr resigned for personal reasons and feels like ‘he’s done the job’.
DATA RECAP
Chinese Caixin Services PMI (Feb) 51.4 vs. Exp. 50.8 (Prev. 51.0); Composite PMI (Feb) 51.5 (Prev. 51.1)
Australian Real GDP QQ SA (Q4) 0.6% vs. Exp. 0.5% (Prev. 0.3%); YY SA (Q4) 1.3% vs. Exp. 1.2% (Prev. 0.8%)
2c) Asia opening report
Equities react to Lutnick on tariffs, EUR and Fixed tracks German debt reform – Newsquawk Europe Market Open
Wednesday, Mar 05, 2025 – 01:42 AM
US futures gained after the Wall St. close as Lutnick suggested Trump could potentially reduce tariffs on Canada and Mexico, perhaps as soon as Wednesday.
APAC mixed but with strength in China after data and the Official Growth Report which maintained a growth target of around 5% and pledged measures to boost spending.
EUR underpinned by German debt brake reform with the DXY under pressure as a result, Cable hit a YTD peak while NZD was unreactive to Orr resigning.
Bunds weighed on by CDU’s Merz saying the first results on debt brake reform have been reached with the SPD alongside proposing new instruments and defence exemptions.
Fed’s Williams said he does not see the need to change policy currently, and described it as “still restrictive” and with the right balance; highlighted UoM inflation data as one to watch.
Crude subdued, XAU range bound and Copper gained on China’s report; Trump said he received a letter from Zelensky who is ready to come back to the table.
Looking ahead, highlights include Swiss CPI, US ADP National Employment, US Factory Orders, ISM Services, China NPC, Fed’s Beige Book, BoE Treasury Select Hearing, Speakers including BoE’s Bailey, Pill, Taylor and Greene, Supply from UK, Earnings from Telecom Italia, Bayer, Adidas, Sandoz, Abercrombie & Fitch, Foot Locker & Marvell.
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US TRADE
EQUITIES
US stocks closed largely in the red on what was a choppy session with a notable sell-off into the close amid a chunky market imbalance, while markets fluctuated during the session with initial significant risk-off sentiment amid US growth concerns which was further exacerbated by a poor RCM/TIPP economic optimism print and after the implementation of Trump tariffs on China, Mexico, Canada which spurred the announcement of retaliatory measures. Nonetheless, stocks then staged an intraday recovery before suffering another bout of selling heading into the close.
SPX -1.22% at 5,778, NDX -0.36% at 20,353, DJI -1.55% at 42,521, RUT -1.08% at 2,080.
US President Trump posted on Truth “Please explain to Governor Trudeau, of Canada, that when he puts on a Retaliatory Tariff on the U.S., our Reciprocal Tariff will immediately increase by a like amount!”. Trump separately commented that Canada does not allow American banks to do business in Canada but their banks flood the American market which does not seem fair.
US Commerce Secretary Lutnick said he thinks US President Trump will meet Mexico and Canada in the middle on tariffs and they’re probably going to be announcing that tomorrow (i.e. Wednesday 5th), while he added if USMCA rules are followed, Trump is considering relief, according to a Fox Business interview. Lutnick also said that President Trump is to move with Canada and Mexico but not all the way and that Trump may roll back Canada and Mexico tariffs on Wednesday.
US and Canadian officials are in talks to possibly roll back Trump’s tariffs, according to WSJ. However, it was separately reported that US President Trump signalled privately he will stick with tariffs, according to NYT.
US Department of Commerce preliminarily determined Canadian softwood lumber is being dumped into the US.
Canada’s Foreign Minister Joly is set to speak with US Secretary of State Rubio on Wednesday, according to the BBC.
Ontario Premier said if tariffs persist, they will immediately apply a 25% surcharge on the electricity they export to New York, Michigan, and Minnesota, while it was also reported that Quebec is to add a 25% penalty to US bids on government contracts.
US President Trump’s administration is readying an order to bolster US shipbuilders and punish China, while the draft order includes measures such as raising revenue from Chinese ships and tax credits and grants for shipyards, according to WSJ.
NOTABLE HEADLINES
Fed’s Williams (Vice Chair) said he doesn’t see the need to change the policy rate right now and monetary policy is in a good position which can be adjusted as needed. Williams added that monetary policy is still restrictive and has the right balance right now and it is really hard to know what the Fed will do with rates this year, while it is worth watching UoM inflation expectations data.
US President Trump said in his Address to the Joint Session of Congress that America is back and they have taken swift and relentless action and are just getting started. Trump announced he will create a new office of shipbuilding in the White House and will offer new tax incentives for shipbuilding, while he is fighting every day to make America affordable again and reiterated his call to drill for more oil. Furthermore, Trump said they will eliminate inflation by reducing all fraud, waste and theft of public money and stated that reciprocal tariffs will kick in on April 2nd.
APAC TRADE
EQUITIES
APAC stocks traded mixed following the whipsawing stateside on Trump’s tariffs, subsequent retaliation and Commerce Secretary Lutnick’s suggestion of a potential rollback, while the region also digested a slew of commentary from China’s Official Work Report and President Trump’s Address to the Joint Session of Congress.
ASX 200 was dragged lower by underperformance in the consumer and energy sectors, while better-than-expected Australian GDP data failed to inspire a recovery.
Nikkei 225 price action was initially choppy but gradually edged higher amid a weaker currency.
Hang Seng and Shanghai Comp were positive after better-than-expected Chinese Caixin Services PMI data and with the attention on the NPC and the Official Work Report in which China maintained its annual growth target of around 5% and pledged measures including a boost in spending, while there was notable outperformance in Hong Kong where CK Hutchison surged by more than 20% after agreeing to sell its Panama Canal Ports stake to BlackRock,
US equity futures calmed down following yesterday’s whipsawing with upside seen post-Wall Street’s closing bell after US Commerce Secretary Lutnick suggested that Trump could potentially reduce the tariffs on Canada and Mexico, while there was limited upside seen amid President Trump’s Address to the Joint Session of Congress.
European equity futures indicate a higher cash market open with Euro Stoxx 50 futures up 1.8% after the cash market closed with losses of 2.8% on Tuesday.
FX
DXY initially regained some composure after weakening yesterday amid continued US growth concerns, while the implementation of US tariffs on China, Mexico, and Canada failed to meaningfully support the greenback. However, the index is back to lows as the EUR strengthens.
EUR/USD remains underpinned after recently surging on the back of a softer dollar and as European yields experienced a boost on German defence spending and debt brake reform plans; EUR/USD comfortably above 1.0600.
GBP/USD was rangebound overnight after climbing to a fresh YTD peak just shy of the 1.2800 handle.
USD/JPY continued to rebound and retested the 150.00 level to the upside amid light fresh catalysts from Japan.
Antipodeans faded some of their recent gains as the greenback recouped lost ground and amid the mixed risk sentiment in Asia, while there was little reaction seen following better-than-expected Australian GDP data or from the announcement that RBNZ Governor Orr resigned.
PBoC set USD/CNY mid-point at 7.1714 vs exp. 7.2575 (prev. 7.1739).
FIXED INCOME
10yr UST futures remained lacklustre after declining yesterday alongside an intraday rebound in stocks and with prices dragged lower in tandem with the heavy selling pressure seen in Bunds.
Bund futures slumped after comments from Germany’s CDU leader Merz who said Germany plans a reform of the debt brake and announced a credit-financed special fund worth EUR 500bln.
10yr JGB futures tracked the losses in global peers as Japanese yields marginally edged higher, while the latest comments from BoJ officials provided little in the way of fresh insight as Deputy Governor Uchida reiterated they will continue to adjust the degree of monetary accommodation if the outlook for economic activity and prices presented in the Outlook Report is realised.
COMMODITIES
Crude futures were subdued after yesterday’s choppy performance and failed to benefit from the latest private sector inventory data which showed a surprise draw in headline crude but the stockpiles of other products were mixed.
Spot gold took a breather and sat just north of the USD 2,900/oz level after gaining on a softer dollar.
Copper futures initially traded rangebound amid the mixed and indecisive risk sentiment in Asia-Pac but then gained as stocks saw a mild uplift alongside US President Trump’s Address to the Joint Session of Congress and following China’s latest support pledges in the Official Work Report.
CRYPTO
Bitcoin traded indecisively and oscillated around the USD 87,000 level.
NOTABLE ASIA-PAC HEADLINES
China targets 2025 GDP growth of around 5% and CPI at around 2%, while it sees the 2025 budget deficit at 4% of GDP and said it will adopt more proactive fiscal policy. China will re-capitalise major state banks with CNY 500bln from special treasury bonds and will issue CNY 1.3tln in ultra-long-term special treasury bonds in 2025 vs CNY 1tln in 2024, while it set the 2025 quota on local government special bonds at CNY 4.4tln vs. CNY 3.9tln in 2024, according to the Official Work Report.
China’s NDRC said it will boost domestic demand and will promote integrated advancements in technological and industrial innovation and will use monetary policy instruments to adjust both the monetary aggregate and structure, while it added that China will lower banks’ reserve requirement ratios and interest rates at the right timing. NDRC said China will support the fundraising of micro and small businesses, well accelerate efforts to foster a complete system of domestic demand and make domestic demand the main engine and anchor of economic growth.
China’s financial regulator head said will support the property market, lengthen the white list, and ensure delivery of housing, while China will increase the supply of credit to more private enterprises and will reduce comprehensive financing costs of private enterprises. Furthermore, China approved an additional CNY 60bln of insurance funds for long-term investment in capital markets.
China Cabinet Research Office head said fully confident in achieving the 2025 economic growth target and that China’s economy has shown steady improvement over 2025 so far, while the official added that macro policy measures will provide strong support to the economy.
RBNZ Governor Orr resigned and Deputy Governor Hawkesby will be Acting Governor until March 31st, while RBNZ Chair Quigley said Governor Orr resigned for personal reasons and feels like ‘he’s done the job’.
DATA RECAP
Chinese Caixin Services PMI (Feb) 51.4 vs. Exp. 50.8 (Prev. 51.0); Composite PMI (Feb) 51.5 (Prev. 51.1)
Australian Real GDP QQ SA (Q4) 0.6% vs. Exp. 0.5% (Prev. 0.3%); YY SA (Q4) 1.3% vs. Exp. 1.2% (Prev. 0.8%)
GEOPOLITICS
MIDDLE EAST
White House said the Gaza reconstruction plan adopted by Arab states does not address the reality that Gaza is ‘currently uninhabitable’ and that President Trump stands by his proposal to rebuild Gaza ‘free from Hamas’.
Russian President Putin agreed to act as a mediator between Iran and the US, according to Zvezda citing the Kremlin. It was also reported that a Kremlin aide said Iran was discussed at Russia-US talks in Riyadh and that Russia and the US agreed to hold separate talks on Iran, according to Interfax.
RUSSIA-UKRAINE
US President Trump said in his Congress address that he received an important letter from Ukrainian President Zelensky who said he is ready to come back to the table and Ukraine is ready to sign a minerals deal.
US and Ukraine plan to sign minerals deal and President Trump has told advisers he wanted to announce the Ukraine minerals deal during Tuesday’s speech to Congress, according to sources cited by Reuters although they cautioned that the deal had yet to be signed and the situation could change.
Other
China’s Coast Guard said the Philippines sent a civilian boat to deliver supplies to its ‘illegally grounded’ warship at Second Thomas Shoal, while China urged the Philippines to honour its commitments and work with China to manage the maritime situation.
EU/UK
NOTABLE HEADLINES
Germany’s CDU leader Merz said Germany plans reform of the debt brake and the first results have been reached in talks with SPD and a special fund is to be presented next week. Merz also said they will propose a new instrument that will provide EUR 150bln of loans, while he added the economy must be brought back on the growth path with a credit-financed special fund worth EUR 500bln and all defence spending above 1% of GDP would be exempt from debt brake restrictions.
3 .ASIA
3A NORTH KOREA/SOUTH KOREA
SHE IS WORSE THAN HER BROTHER/SHE IS NUTS!
Kim Jong-Un’s Sister Threatens Retaliation After US Nuclear-Powered Carrier Arrives In South Korea
The USS Carl Vinson arrived in South Korea at the start of this week. The move was a show of force and drew a sharp rebuke from Pyongyang.
A Pentagon press release said the nuclear-powered aircraft carrier, which serves as the flagship of the Navy’s Carrier Strike Group One, “arrived in the Republic of Korea (ROK) for a scheduled port visit” beginning March 2, adding that “The visit to Busan exemplifies the US commitment to the region, further enhancing relationships with ROK leaders and the local population.”
Rear Adm. Michael Wosje, commander of the strike group, said the show of force was important to US policy in the region. “An aircraft carrier port visit demonstrates our commitment to the alliance between the US and the Republic of Korea.” He continued, “Our alliance remains the linchpin of peace and security in Northeast Asia and the Korean Peninsula, and we are dedicated to working with our ROK Navy counterparts to ensure stability in the region.”
However, deployments of advanced US military equipment to the Korean Peninsula have been repeatedly denounced by the DPRK, often prompting reciprocal shows of force from North Korea. In response to the Vinson’s arrival in South Korea, Kim Yo-jong, the sister of Supreme Leader Kim Jong-un said, “The United States is repeatedly committing provocative acts that ignore North Korea’s security concerns and worsen the situation.”
“The United States is openly demonstrating its intention to be the most hostile and confrontational toward the Democratic People’s Republic of Korea through these practical actions,” she added.
“The root of the escalation of the situation on the Korean Peninsula clearly lies with the United States and its allies, who are further intensifying their military moves to transplant NATO’s infrastructure into the region and raise the level of war preparedness,” she continued.
Pyongyang’s complaints are rooted in the fact that the Vinson, as well as a US submarine that arrived in South Korea earlier this year, are capable of delivering nuclear strikes. Kim said North Korea would continue to strengthen its nuclear program. “The hostile policy toward North Korea pursued by the United States today, along with its actions, provides ample justification for the infinite strengthening of our nuclear war deterrence. We will not just sit back and comment on the situation,” she explained.
During Donald Trump’s first administration, he initially took an aggressive policy towards North Korea, publicly threatening “fire and fury.” However, the relationship warmed after several months and Trump met with Kim three times.
While Trump was unable to ink an official agreement with Kim by the end of his first term, Pyongyang had limited its missile tests and worked to demilitarize the border with South Korea. After Joe Biden took over in the Oval Office, diplomacy with the DPRK ground to a halt.
Additionally, Biden worked to create a new military pact between the US, South Korea, and Japan, which was viewed as a threat by North Korea. Throughout the Biden administration, both sides escalated their provocative military drills. Those war games and missile tests have continued in the first month of the new Trump presidency.
end
3BJAPAN
We warned you on several occasions that this was coming: Japan’s birth rate plummets again to its lowest level in 125 years. Basically it means that Japan’s debt is spread out over fewer people
(zerohedge)
Demographic Doom: Japan’s Birth Rate Falls To The Lowest In 125 Year
Tuesday, Mar 04, 2025 – 09:45 PM
The number of babies born in Japan last year fell for a ninth straight year to the lowest level on record stretching back 125 years, according to health ministry data released Thursday.
The 720,998 babies born in Japan in 2024 was a drop of 37 thousand, or 5%, from the previous year, according to the Health and Welfare Ministry. It was the lowest number of births since Japan started taking the statistics in 1899.
The result, which includes babies of foreign nationality born in Japan, is 15 years ahead of the forecast for reaching that level. The birth rate for just Japanese nationals is expected to fall below 700,000 for the first time when it is published later this year. The faster-than-predicted decline suggests government measures have completely failed to address the country’s fast-aging and declining population.
At the same time, the number of deaths hit a record just above 1.6 million, pushing the ratio of deaths to births above a shocking 2x for the second straight year, virtually guaranteeing demographic doom for Japan.
“We believe the declining births has not been effectively controlled,” Chief Cabinet Secretary Yoshimasa Hayashi told reporters, adding the government will steadily pursue expanded childcare programs and subsidies for childrearing households, while promoting salary increase and support for matchmaking effort.
Japan’s dismal demographic data come just as South Korea reported that the number of babies born in that country rebounded for the first time in nine years in 2024, a result partly attributed to an increase in marriages among couples who delayed weddings during the COVID-19 pandemic.
The Japanese survey Thursday also noted that the number of marriages last year was 499,999, an increase of 2.2% on 2023 when a 90-year low was recorded.
Experts say improving outlook for the economy, jobs and gender equality is key to encourage young people to marry and have children. And even though the Japanese economy has allegedly been “improving”, the fact that prices have soared the most in decades has likely snuffed out any marginal desire the youth may have had to procreate as it has not been more expensive to have kids this century.
Surveys show that many younger Japanese are reluctant to marry or have families, discouraged by bleak job prospects, the high cost of living that rises at a faster pace than salaries and corporate cultures that are not compatible with having both parents work.
Japan’s population is projected to fall by about 30%, to 87 million by 2070, when four out of every 10 people will be 65 or older.
Commenting on the demographic death of Japan, and really every Western “developed” nation, One River’s Eric Peters muses that “if we can simply stave off a war with China and Russia for a couple decades, their youth will be too busy changing adult diapers to pick up rifles…. in 10yrs, both China and Russia will suffer 5% population declines. In 25yrs China will shrink by 13%, Russia by 14%. In 50yrs, China will shrink by 28%, Russia by 30%.”
end
3C. CHINA/
CHINA
CHINA/USA
4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
GERMANY
GERMANY in trouble: Initiates whatever it takes fiscal stimulus to kickstart its moribund economy. Bund yields skyrocket
(zerohedge)
Germany Unveils Historic “Whatever It Takes” Fiscal Package, Sending Swap Spreads Crashing Ahead Of Debt Avalanche
Wednesday, Mar 05, 2025 – 02:45 AM
The leaders of CDU/CSU and SPD this evening announced an agreement on an even more significant fiscal expansion than what anyone had expected at the beginning of the week. The plan is to make three material changes to the debt brake in the very near term, convening the outgoing parliament in which the centrist parties still hold a constitutional majority:
A EUR 500bn (11.6% of GDP in 2024) special purpose off-budget vehicle for infrastructure investment, that is planned to be disbursed over the next 10 years, and which amounts to roughly 1% of GDP in annual infrastructure spending (of which EUR 100bn will be allocated to the federal states).
A reform of the debt brake to exempt any defense spending in the main budget’s “Einzelplan 14”, the budget of the Ministry of Defence, over and above 1% of GDP, effectively permitting open-ended borrowing for defense. Currently the Einzelplan 14 amounts to EUR 53.25bn (1.25% of nominal GDP in 2024). The current off-budget fund adds another EUR 25bn of defence funding but this would not be relevant for this part of the proposal. Thus apart from removing any constitutional limit on additional defence spending, 0.25% of GDP (EUR 11bn) of spending in Einzelplan 14 that surpasses the 1% threshold is freed up to fund other measures, for example tax reductions.
An increase in the structural deficit allowed for the states (Länder) from the current level of 0.0% of GDP to 0.35%, the same proportion as the federal level. Furthermore the proposal includes the formation of an expert commission tasked with creating a long-term reform proposal to structurally reform the debt brake by the end of 2025. This would have to be passed by the newly elected 21st Bundestag. It remains unclear if this reform proposal would supersede the announced measures to be passed in the 20th Bundestag or would add to them.
All elements require a two-thirds constitutional supermajority. The parties want to pass the agreed measures with the old 20th Bundestag parliament, before the newly elected 21st Bundestag (where the AfD has a potential blocking minority)is convened on March 25.
In keeping with recycled European aphorisms, party leaders, especially the Conservatives, explicitly referred to this decision as a “whatever it takes” moment and a determination to “rearm completely”. According to DB’s reading, tonight’s robust rhetoric implies that the open-ended borrowing room for defense will be used at a pace that could bring German defence spending to at least 3% perhaps as early as next year (although the exact target may only be defined after the NATO summit in June).
There is, however, a catch and in this case it is that it has not yet been confirmed whether the Greens will agree to these constitutional changes. Still, DB assumes that this will be the case, with the infrastructure fund likely to satisfy their demands. After all it’s only (lots and lots of) debt. It is also unlikely that CDU/CSU and SPD would have made this announcement without green-lighting it with the Greens. Nonetheless, this is an important source of uncertainty at the time of writing.
According to DB’s Winker, and pending more clarity on this issue while being mindful of some execution risk, the German bank’s strategists believe “this is one of the most historic paradigm shifts in German postwar history.” Both the speed at which this is happening and the magnitude of the prospective fiscal expansion is reminiscent of German reunification — though the underlying geopolitical shift driving today’s developments is far less benign than 35 years ago.
As a result of this paradigm shift, DB says that it will soon update its growth forecasts for the German economy once there is more clarity in the coming days, although it clarifies that at the time of writing “there is now meaningful upside risk to our 1.0% growth forecast for 2026.” That said, the outlook for 2025 will likely be dominated by global trade policy, where the risks remain skewed to the downside of DB’s 0.5% forecast.
Goldman agrees, writing that the agreed measures imply significant upside risks to the bank’s growth, deficit and debt forecasts, even under gradual implementation…
… but while it is debatable how much of the “defense” spending will trickle down to growth at the Federal level, one thing is certain: German deficits and debt are about to explode.
Indeed, a closely-watched gauge of the attractiveness of German debt fell to the most negative on record as German policymakers unveiled their unprecedented “whatever it takes” fiscal package meant supposedly to fund “defense” spending, but really just using the recent Ukraine fiasco as a pretext to flood the economy with debt.
As shown below, the German 10-year bond yield hit a record six basis points above comparable swaps, the most in data going back to 2007. The difference between yields and swap rates, known as the the swap spread, is a key yardstick of future issuance because bonds tend to weaken relative to swaps as the market anticipates more sales.
While some bond investors say Germany’s relatively small debt pile means it has the capacity to borrow more, they want higher yields to compensate for increased bonds outstanding. The latest leg of the move comes at a time when as noted above, Germany appears to have locked-in a gargantuan spending package equal to more than 10% of GDP!
“The German election aftermath is made more interesting by the twist from Merz that the outgoing parliament could be used to create space for extra borrowing,” according to Citigroup Inc. analysts, including Jamie Searle. “This keeps the near-term spotlight on funding for defense, which looks set to weigh further on swap spreads.”
Ironically, the German plans benefited from the catastrophic meeting last Friday between Zelensky and Trump, when it appears that the last bridge between the US and Ukraine had been burned, and Germany was on its own to fund the further defense of Ukraine. Well, now that we are hearing speculation that the US may implicitly provide security guarantees to Kiev under the guise of a commercial mineral development deal, suddenly the German plans looks far less solid: will the German people, famous for shunning any massive and not so massive new debt incurrence, agree to what is sure to be surge in the country’s sovereign debt load if Trump would end up footing the bill for Ukraine anyway and Zelensky agrees with Trump’s terms. We will find out in the next three weeks: the collapsed coalition only has until March 24 to pass the package before the new legislature sits for the first time, with the AfD now benefitting from a blocking position.
Investors had already started to price in the prospect of Germany dialing back its tight fiscal rules following the election, with the 10-year spread with swaps flipping negative for the first time in November. The 30-year swap spread, the equivalent gauge for ultra-long bonds, moved to more-deeply negative territory at about minus 50 basis points, compared to minus 46 basis points at Friday’s close.
The moves also reflect the growing volume of bonds that private investors must absorb as the ECB, once a major price-insensitive buyer, shrinks its crisis-era bond portfolios.
There also remains skepticism that Merz will be able to implement the debt brake reform in the near-future given political fragmentation. As noted above, the Left is in favor of ditching the debt brake entirely and kickstarting investment in infrastructure, but also wants to lower the defense budget. So only the possibility of horse trading that saddles Germany with even more debt is the most likely outcome.
Bottom line: Europe is well-known for suffering sovereign debt crises at the worst possible time, and should inflation remain stubbornly sticky, the yield on new German debt may soon become unmanageable… which means the ECB will have to step in and monetize German deficit spending, as it did for much of the past decade. The only problem: it will first need a market and/or deflationary shock to greenlight such an intervention. Although in light of events in the past 5 years, we doubt very much that the Frankfurt-based central bank will have any problems coming up with yet another fake crisis to capitalize on.
Bond Vigilantes Blow Up German Bond Market After “Whatever It Takes” Fiscal Package
Wednesday, Mar 05, 2025 – 09:25 AM
As we detailed earlier,last night saw Germany announce plans for one of its largest fiscal regime shifts in post-war history.
The leaders of CDU/CSU and SPD this evening announced an agreement on an even more significant fiscal expansion than what anyone had expected at the beginning of the week. The plan is to make three material changes to the debt brake in the very near term, convening the outgoing parliament in which the centrist parties still hold a constitutional majority:
A EUR 500bn (11.6% of GDP in 2024) special purpose off-budget vehicle for infrastructure investment, that is planned to be disbursed over the next 10 years, and which amounts to roughly 1% of GDP in annual infrastructure spending (of which EUR 100bn will be allocated to the federal states).
A reform of the debt brake to exempt any defense spending in the main budget’s “Einzelplan 14”, the budget of the Ministry of Defence, over and above 1% of GDP, effectively permitting open-ended borrowing for defense. Currently the Einzelplan 14 amounts to EUR 53.25bn (1.25% of nominal GDP in 2024). The current off-budget fund adds another EUR 25bn of defence funding but this would not be relevant for this part of the proposal. Thus apart from removing any constitutional limit on additional defence spending, 0.25% of GDP (EUR 11bn) of spending in Einzelplan 14 that surpasses the 1% threshold is freed up to fund other measures, for example tax reductions.
An increase in the structural deficit allowed for the states (Länder) from the current level of 0.0% of GDP to 0.35%, the same proportion as the federal level. Furthermore the proposal includes the formation of an expert commission tasked with creating a long-term reform proposal to structurally reform the debt brake by the end of 2025. This would have to be passed by the newly elected 21st Bundestag. It remains unclear if this reform proposal would supersede the announced measures to be passed in the 20th Bundestag or would add to them.
All elements require a two-thirds constitutional supermajority. The parties want to pass the agreed measures with the old 20th Bundestag parliament, before the newly elected 21st Bundestag (where the AfD has a potential blocking minority)is convened on March 25.
In keeping with recycled European aphorisms, party leaders, especially the Conservatives, explicitly referred to this decision as a “whatever it takes” moment and a determination to “rearm completely”. According to DB’s reading, tonight’s robust rhetoric implies that the open-ended borrowing room for defense will be used at a pace that could bring German defence spending to at least 3% perhaps as early as next year (although the exact target may only be defined after the NATO summit in June).
Assuming it goes through, Deutsche Bank’s Jim Reid warns that everything you thought you knew about Germany’s economic prospects 3 months ago, or even 3 weeks ago, should be ripped up and you should start your analysis from fresh.
Today’s CoTD simply looks at Germany’s fiscal deficit through time and assumes an extra 3% deficit phased in over the next decade from current levels.
This is incredibly back of the envelope, but puts the planned move in some historical perspective.
Of course, if growth rebounds then this may reduce the deficit so there are a lot of moving parts. However, this could easily be a sustained fiscal stimulus unparalleled in Germany’s history. Germany will still likely have the lowest debt/GDP in the G7 as far as the eye can see.
We estimated that Germany could spend around $1.6tn before its debt/GDP equalled the second lowest (the US) in the G7.
This package has the potential to be in the magnitude of around $1tn over time and the US won’t stand still in terms of its debt over this period.
If you want a bit of fun, Germany could spend $8.5tn before its debt/GDP equalled Japan’s!
So don’t underestimate how important this news is. Your portfolio over time will thank you for it.
Indeed it will, if you were long bunds as zee bond vigilantes just sent Bund yields higher by over 24bps…
…the biggest yield jump in history for the German bond market…
The FT reports that investors said the bond sell-off did not reflect concerns about the sustainability of Berlin’s debt, which at around 63 per cent of GDP is far lower than the level in other big western economies such as France, the UK and the US.
In contrast with recent rises in borrowing costs in countries such as the UK, which have threatened their fiscal plans, markets were pricing in a better growth trajectory that was boosting risky assets such as stocks at the expense of ultra-safe government debt.
“Yields are rising because of the perception that Germany is turning on the growth tap. It is very risk-positive,” said Karen Ward, a strategist at JPMorgan Asset Management.
We are not sure we’re buying what these analysts are selling on this one – especially as we noted overnight that swap spreads are literally exploding.
And remember, Europe is well-known for suffering sovereign debt crises at the worst possible time, and should inflation remain stubbornly sticky, the yield on new German debt may soon become unmanageable… which means the ECB will have to step in and monetize German deficit spending, as it did for much of the past decade. The only problem: it will first need a market and/or deflationary shock to greenlight such an intervention. Although in light of events in the past 5 years, we doubt very much that the Frankfurt-based central bank will have any problems coming up with yet another fake crisis to capitalize on.
This sudden (and urgent) surge in borrowing comes after Zelensky publicly snubbed Trump’s deal in The Oval Office – prompting VP Vance to explain that this was a done deal… “someone got to him… likely it was our European allies”…
Are we giving zee Germans too much credit for a 4D-Chess move? Did our “allies” force Zelensky to tank the deal with Trump at the last minute, to prompt a new ‘crisis’ (it worked with COVID, remember), enabling them to bypass the debt brake in the name of security, freedom, and whatever patriotic, democracy-saving narrative they choose next? Perhaps, but if the shoe fits (mixing analogies unapologetically) as the deadline for government change in Germany (March 24th) looms and the AfD’s ability block this massive debt plan looms even larger indeed.
A top academic and government advisor warns that the UK will experience a civil war within the next five years caused by the “destruction of legitimacy” brought about by the government’s failure to secure the border.
Professor David Betz made the comments during a podcast appearance with journalist and author Louise Perry.
Betz teaches at Kings College London and has advised or worked with the UK MOD and GCHQ as well as being a Senior Fellow of the Foreign Policy Research Institute.
The professor, who describes himself as a “classic member of the establishment,” told Perry that British society is now “explosively configured” to suffer mass unrest.
He said the fallout began with the fracture of the social contract after the political establishment in the UK tried to subvert the Brexit vote.
Subsequent years have brought about a “destruction of legitimacy” as a result of successive governments’ open border policy and their inability to protect children from grooming gangs, in addition to a two-tier justice system presided over by a highly-politicised judiciary.
“If you want to create domestic turmoil in a society, then what the British government has been doing is almost textbook exactly what you would do,” said the professor.
Betz said that the situation is now “too far gone” and that a national eruption which will outstrip last summer’s riots is likely to happen within half a decade.
Writing on his Substack, Paul Embery outlined some of the other arguments Betz made during the podcast that led the professor to make his fateful prediction.
Betz contends that we now live in a deeply fractured nation and one that has much less connection to those aspects of its history which previously made it content and well governed. The nefarious activities of certain individuals and groups serve to exacerbate and magnify our divisions.
So, can a society in which such realities are playing out be said to be destined for civil war? Well, here comes the interesting bit. Betz explains that highly-heterogenous societies (those comprised of many different social, cultural and ethnic groups) in which there is no single dominant cohort are not especially prone to civil war. That is because no group has enough power or status to co-ordinate a widespread revolt. Similarly, highly-homogenous, or ‘unfactionated’, societies are not particularly vulnerable on account of the fact that it is generally easy to arrive at consensus positions. The danger area, Betz asserts, is in the middle – societies that are becoming more heterogenous and in which a previously dominant social majority fears that it is losing its place. In such societies, a nativist sentiment manifests in a narrative of what Betz calls ‘downgrading’ and ‘displacement’ – the most powerful causes of civil conflict. Throw in long-term structural economic decline and the apparent inability of the government to offer ‘bread and circuses’, and the sense of dispossession deepens.
He also addressed the phenomenon of ‘asymmetric multiculturalism’ in which ‘in-group preference, ethnic pride, and group solidarity – notably in voting – are acceptable for all groups except whites, for whom such things are considered to represent supremacist attitudes that are anathematic to social order’. This ‘provides an argument for revolt on the part of the white majority (or large minority) that is rooted in stirring language of justice’.
On the surface, the United Kingdom would seem like the least likely country to be susceptible to mass civil disorder, but thanks to years of societal malaise and mass immigration, it unfortunately feels like we’re on the brink of experiencing just that.
* * *
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5 RUSSIAN AND MIDDLE EASTERN AFFAIRS
ISRAEL
IDF demolishes home of terrorist who carried Jaffa light rail attack
The IDF demolished the Hebron home of the terrorist who carried out the terror shooting attack in the light rail in Jaffa in October, the military said on Wednesday.
Seven people were murdered and 15 were wounded in the terror attack.
According to The Guardian, the Kan report said that the “hell plan” would also involve forcing Palestinians in northern Gaza to move to the south to prepare for a resumption of the bombing campaign. Other Israeli media reports say Israel is preparing for a full-scale resumption of what international organizations have condemned as a genocidal war if Hamas doesn’t accept Israel’s terms.
Hamas is urging that Israel follow the initial deal, under which phase two of the ceasefire was supposed to start already and would have involved a full Israeli withdrawal from Gaza.
After refusing to engage in talks on the second phase, Israel is trying to get Hamas to agree to an extension of the first phase ceasefire for another 42 days and release more hostages without an Israeli withdrawal, a proposal Israel says was put forward by President Trump’s Middle East Envoy, Steve Witkoff.
Israel has received widespread condemnation for blocking all aid shipments into Gaza and collectively punishing the civilian population amid the Muslim holy month of Ramadan, but the US has expressed support for the war crime and signed off onbillions in new military aid ahead of Netanyahu’s announcement.
On Monday, Netanyahu warned things could get worse in Gaza, threatening that if Hamas doesn’t release Israeli hostages, there would be consequences “that you cannot imagine.”
An analysis from the Israeli newspaper Haaretzacknowledged that Hamas was unlikely to agree to release more hostages without a long-term peace plan since the captives are the group’s only leverage over Israel.
Gaza is drowning in a sea of waste & apocalyptic destruction…
Israel’s restrictions on aid before imposing the total siege and its refusal to engage in talks on phase two were also violations of the agreement. On Monday, at least two more Palestinians were killed by Israeli fire in the southern city of Rafah.
END
ISRAEL HAMAS
Hostages lost up to 40 percent of body weight in captivity – Health Ministry
Many freed hostages suffered severe muscle deterioration, as well as damage to their teeth.
By DR. ITAY GALMARCH 5, 2025 16:32Updated: MARCH 5, 2025 16:34
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.(photo credit: REUTERS/Hatem Khaled)
The extreme hunger the released hostages experienced is “very concerning,” with some suffering weight loss of 40%, the Health Ministry reported on Wednesday.
Dr. Hagar Mizrahi, head of the Medical Division, said that the starvation led to significant muscle deterioration, which requires the gradual rebuilding of muscle mass through physiotherapy treatments that began in hospitals and continued in rehabilitation departments after their release.
Hostages suffered infections from drinking sea water
Some of the hostages drank diluted water or seawater, which also affected their immune systems and led to infections.
Dr. Mizrahi was asked whether differences in conditions were observed between female and male hostages and replied that all hostages suffered from extremely severe torture.
The hostages incurred significant damage to their mouths, as some suffered from broken teeth and will require prolonged treatments. The difficult psychological state also caused damage to their teeth.
Red Cross members look on at Hamas terrorists parading hostages in Gaza, February 8, 2025 (credit: REUTERS/Hatem Khaled)
Psychological condition
Regarding their psychological condition, Dr. Mizrahi said that some of the hostages need to rebuild their lives entirely, and the consequences of captivity will stay with them for a long time.
“The health system will provide all necessary support in the mental health field,” she said.
END
ISRAEL/EGYPT/GAZA/ARAB STATES
Abbas and the Palestinian Authority along with Hamas will not be welcomed by Israel
(JERUSALEM POST)
Arab states adopt Egyptian alternative to Trump’s ‘Gaza Riviera’
Sisi said at the summit that he was certain that Trump would be able to achieve peace in the Gaza conflict.
By REUTERSMARCH 4, 2025 20:46Updated: MARCH 4, 2025 22:07
Egyptian President Abdel Fattah el-Sisi, speaks with United Nations Secretary-General Antonio Guterres as Egypt hosts emergency Arab summit. Cairo, March 4, 2025.(photo credit: Egyptian Presidency/Handout via REUTERS )
Arab leaders adopted an Egyptian reconstruction plan for Gaza on Tuesday that would cost $53 billion and avoid resettling Palestinians, in contrast to US President Donald Trump’s “Middle East Riviera” vision, according to a copy of the plan.
Egyptian president Abdel Fattah al-Sisi said that the proposal had been accepted at the closing of a summit in Cairo.
Sisi said at the summit that he was certain that Trump would be able to achieve peace in the Gaza conflict.
The major questions that need to be answered about Gaza’s future are who will run the enclave and which countries will provide the billions of dollars needed for reconstruction.
Sisi said Egypt had worked in cooperation with Palestinians on creating an administrative committee of independent, professional Palestinian technocrats entrusted with the governance of Gaza.
Egypt’s Foreign Minister Badr Abdelatty meets with Palestinian Prime Minister Mohammad Mustafa at the Al Tahrir palace to discuss details of the Gaza reconstruction plan, ahead of the emergency Arab summit organised by Egypt this week, in Cairo, Egypt March 3, 2025.. (credit: Amr Abdallah Dalsh/Reuters)
The committee would be responsible for the oversight of humanitarian aid and managing the Strip’s affairs for a temporary period, in preparation for the return of the Palestinian Authority (PA), he said.
The other critical issue is the fate of Hamas. Palestinian President Mahmoud Abbas, who heads the PA, said he welcomed the Egyptian idea.
Abbas, in power since 2005, also said he was ready to hold presidential and parliamentary elections if circumstances allowed.
Reconstruction would need Gulf states
Any reconstruction funding would require heavy buy-in from oil-rich Gulf Arab states such as the United Arab Emirates and Saudi Arabia, which have the billions of dollars needed.
The UAE, which sees Hamas and other Islamimists as an existential threat, wants an immediate and complete disarmament of the terror group, while other Arab countries advocate a gradual approach, a source close to the matter said.
A source close to Saudi Arabia’s royal court says the continued armed presence of Hamas in Gaza was a stumbling block because of strong objections from the United States and Israel, who would need to sign off on any plan.
In a speech at the summit, Saudi Foreign Minister Prince Faisal bin Farhan said international guarantees were needed that the current temporary ceasefire would remain in place, and supported the PA’s role in governing the strip.
Leaders of the UAE and Qatar did not speak during open sessions of the summit.
Senior Hamas official Sami Abu Zuhri on Tuesday rejected Israeli and US calls for the terror group to disarm. Abu Zuhri told Reuters the group would not accept any attempt to impose projects, or any form of non-Palestinian administration or the presence of foreign forces.
Alternative to Trump plan
Egypt, Jordan, and Gulf Arab states have for almost a month been consulting over an alternative to Trump’s ambition for an exodus of Palestinians and a US rebuild of Gaza, which they fear would destabilise the entire region.
A draft final communique from the summit seen earlier by Reuters firmly rejected the transfer of Palestinians from Gaza.
Egypt’s Reconstruction Plan for Gaza is a 112-page document that includes maps of how its land would be re-developed and dozens of colorful AI-generated images of housing developments, gardens, and community centers. The plan includes a commercial harbour, a technology hub, beach hotels, and an airport.
Israel was unlikely to oppose an Arab entity taking responsibility for Gaza’s government if Hamas was off the scene, said a source familiar with the matter.
But an Israeli official told Reuters that Israel’s war aims from the beginning have been to destroy Hamas’s military and governing capabilities.
“Therefore, if they are going to get Hamas to agree to demilitarise, it needs to be immediately. Nothing else will be acceptable,” the official said.
Following the emergency summit, Hamas said it welcomed Egypt’s Gaza reconstruction plan and called for providing means for its success.
END
THEN THIS:
Israel slams Arab summit adoption of Egyptian alternative to Trump’s Gaza plan
“The statement continues to rely on the Palestinian Authority and UNRWA — Both have repeatedly demonstrated corruption, support for terrorism,
The adoption statement by Arab states of the Egyptian reconstruction plan for Gaza is entrenched in perspectives that are no longer relevant post-October 7, Israel’s Foreign Ministry said on Tuesday.
According to the Egyptian plan, an administrative committee of independent, professional Palestinian technocrats would govern Gaza temporarily in preparation for the Palestinian Authority’s return in the Strip.
“The statement continues to rely on the Palestinian Authority and UNRWA — Both have repeatedly demonstrated corruption, support for terrorism, and failure in resolving the issue,” the Foreign Ministry said.
The ministry also stated the statement issued bore no mention of Hamas nor the October 7 massacre.
Egyptian President Abdel Fattah el-Sisi, speaks with United Nations Secretary-General Antonio Guterres as Egypt hosts emergency Arab summit. Cairo, March 4, 2025. (credit: Egyptian Presidency/Handout via REUTERS )
“For 77 years, Arab states have used Palestinians as pawns against Israel, condemning them to eternal ‘refugee’ status,” the ministry continued.
Adopting Trump’s plan
US President Donald Trump’s plan for Gaza “should be encouraged,” instead, the ministry noted, adding it would grant “an opportunity for Gazans to have free choice based on their free will.”
“Hamas’s attack on Israel has destabilized all of the region. Its terror regime in Gaza prevents any chance of security for Israel and its neighbors. Therefore, for the sake of peace and stability, Hamas can’t be left in power,” the ministry said.
It further added that “responsible regional states” should “break free from past constraints and collaborate to create a future of stability and security in the region.”
Actors Michelle Trachtenberg (39), James Houghton; screenwriter Roberto Orci; rocker David Johansen; singer Robert John; bodybuilder Jodi Vance (20); boxer Carson Jones; 76 infants; & m
Actress Michelle Trachtenberg, known for roles in ‘Harriet the Spy’ and ‘Gossip Girl,’ dead at 39
February 26, 2025
NEW YORK – Michelle Trachtenberg, an actress best known for her roles in “Buffy the Vampire Slayer” and “Gossip Girl,” has died at age 39. Trachtenberg was found dead Wednesday in her New York City apartment near Columbus Circle just after 8 a.m. local time by her mother, police sources told ABC News. The sources told ABC News the actress recently underwent a liver transplant and may have been experiencing complications. Trachtenberg is believed to have died of natural causes and no foul play is suspected.
Researcher’s note - In 2024, someone on Reddit made a post about Trachtenberg and the changes they noticed in her face, which included, at the time, apparent sunken cheeks and thinning hair. Another user wrote, "Cirrhosis usually leads to yellow eyes, muscle atrophy, thinning hair, and a whole slew of awful things. It could also explain why her lines in the revival seemed so oddly spoken. If your ammonia levels are high, then your speech is slurred and/or stilted." Sources told ABC Newsthat Trachtenberg had recently undergone a liver transplant and may have had complications from that. But she never went public with her health struggles.
James Houghton, the handsome actor who acted on “Knots Landing” and won four Daytime Emmys for his part in writing for “The Young and the Restless,” died last year at 75. His wife, Karen Houghton, belatedly confirmed his August 27, 2024, death to THR, saying she did not want to discuss his death from mesothelioma until now.
Project Runway star ShaVi Lewis dead at 38 as co-star Brittany Allen remembers his ‘love and laughter’
February 25, 2025
Fashion designer ShaVi Lewis, who appeared on season 18 of Project Runway, died on Monday, according to friends and family. Tributes are pouring out all over social media for the reality TV superstar. ShaVi’s cause of death still has yet to be announced, but the fashion icon posted some troubling messages on Facebook before he died. “If I treated people the way they treat me, I’d be the worst person on earth,” he wrote on February 22.The day before, on February 21, he posted, “Seems like today is choosing Violence…….and I’m with it.” One week prior, on February 13, he simply wrote, “I deserve better.”
Roberto Orci, Co-Creator of Fringe and Sleepy Hollow, Dead at 51
February 25, 2025
Hollywood screenwriter Roberto Orci, whose many credits included co-creating Fox’s Fringe and Sleepy Hollow and CBS’ Hawaii Five-0, has died at the age of 51, TVLine has confirmed. Orci died Tuesday at his Los Angeles home following a battle with kidneydisease.
Oscar nominee struck by tragedy hours before ceremony
March 3, 2025
The Oscar-nominated short film The Man Who Could Not Remain Silent has been struck by tragedy on the eve of the Academy Awards. Darko Buzov, the son of the Croatian man whose heroic true story inspired the film, and who was himself an important force behind the film’s creation, died suddenly of a heart attack aged 52 on Saturday (1 March).
David Johansen, New York Dolls Frontman and Punk Pioneer, Dead at 75
March 1, 2025
David Johansen, frontman for the New York Dolls and the last surviving original member of that pioneering punk band, has died at the age of 75. The death of the singer who also moonlighted as his swing music alter ego Buster Poindexter and, as an actor, appeared in films like Scrooged and Let It Ride, was confirmed Saturday by Mara and Leah Hennessey, Johansen’s wife and stepdaughter. “David Johansen diedat home in NYC on Friday afternoon holding hands with his wife Mara Hennessey and daughter Leah, surrounded my music, flowers, and love,” they said in a statement to Rolling Stone. “He was 75 years old and died of natural causes after nearly a decade of illness.” Johansen’s death comes less than a month after he revealed he was battling Stage Four cancer and a braintumor, and had been bedridden and incapacitated following a fall in November where he broke his back in two places. A fund was launched by Johansen’s family to raise money for his around-the-clock care.
Robert John, Beloved ‘Sad Eyes’ Crooner, Dies at 79
February 25, 2025
Robert John, a singer-songwriter whose inimitable voice lent itself to a number of Billboard Hot 100 hits including “Sad Eyes” and an enduring version of “The Lion Sleeps Tonight,” died on Monday (Feb. 24). He was 79 years old. The star’s son, Michael Pedrick, confirmed the news of his death to Rolling Stone. While no cause of death was given, John was still recovering from a stroke he suffered a few years prior to his passing.
Dolly Parton‘s husband, Carl Dean, died Monday in Nashville, Tennessee. The couple was married for 59 years. Dean was 82 years old. No cause of death was given. The family asked for respect and privacy at this time.
Researcher’s Note – Dolly Parton has received her first dose of the COVID-19 vaccine [sic]: Link Dolly Parton Was ‘Happy’ to Help Fund Moderna’s COVID Vaccine [sic]: I Felt ‘Led to Do Something’: Link
Barrel Racing World Mourning Loss of Former Great Lakes Circuit Director
March 3, 2025
The barrel racing and rodeo world lost a bright light with the passing of Becky Nix [55]. Rodeo On SI send our deepest condolences to her family and loved ones in this difficult time. When the Women’s Professional Rodeo Association (WPRA) added breakaway roping, it gave Nix a chance to pick up her rope again. In March of 2023, Nix was diagnosed with ovariancancer and fought for nearly two years before losing the battle.
Poker Player Mark Toulouse Collapses and Dies During Tournament in Texas
March 3, 2025
On Sunday, March 2, tragedy struck at Texas Card House (TCH) Dallas after poker player Mark “Doc” Toulouse, 73, passed awayduring TCH’s $300 NLH tournament, which attracted 1,648 runners. “According to the report I received, Mark collapsed during the tournament, was taken to a local hospital, and passed away,” Todd Witteles of PokerFraudAlert.com reported. “When the incident occurred, players were already in the money. Mark’s stack blinded out, and he officially finished in 26th place, for a cash of $1,475.” PokerNews reached out to TCH and a spokesperson shared: “In the update I got this morning he had a heart attack at the club.”
Coach & Athlete Jodi Vance Dies While Attending 2025 Arnold Sports Festival
March 2, 2025
The bodybuilding community is mourning the suddenloss of coach and athlete Jodi Vance [20], who tragically passed away during the 2025 Arnold Sports Festival in Columbus, Ohio. Initial reports from friends and family suggest that severe dehydration led to a major heart attack, resulting in her untimelydeath. Speculation arose regarding Vance’s potential participation in the Arnold Amateur bodybuilding event. However, her coach, Justin Mihaly, clarified that she was not preparing for competition at the Arnold Sports Festival and was approximately 20 weeks out from her next planned show.
Carson Jones tragically dies at 38 before esophagus surgery
March 1, 2025
World Boxing News is pained to report the passing of Carson Jones, who has tragically died at the age of 38 due to complications before esophagus surgery. The former welterweight contender, who would fight anyone in their own backyard, flatlined before he went under the knife, Sean Gibbons informed WBN late on Friday. Ex-world champion Caleb Truax had been the first to report that Jones wasn’t doing well as he prepared for the procedure on Monday. Gibbons told World Boxing News, “They were supposed to be doing that surgery on his esophagus, but he flatlined and died right before they even started the surgery. “I don’t know if the stuff they put him to sleep with did it, but his lungs collapsed also because they were full of food due to the tear in his esophagus. He was gone for sixteen minutes. So, sixteen minutes without oxygen to the brain, he didn’t really have a chance. He had been on life support and braindead since Monday,” added the MP Promotions President.
Basketball star dies aged just 26 after 18-month battle with brain cancer
February 28, 2025
A former college basketball star has died at the age of just 26, following an 18-month battle with braincancer. Brooklyn-born Elijah Olaniyi was diagnosed with brain cancer in November 2023, ending his hopes of a career as a professional basketball player outside of the United States. Olaniyi’s tumour had lay undetected in his brain during his senior year, during which he suffered from seizures and mental health issues. Doctors determined those were symptoms of the tumour.
Baylor football legend J.J. Joe dies at 54 years old
February 26, 2025
Waco, Texas – J.J. Joe, a Baylor football legend, died at 54 years old [suspected heart attack], the university announced on Wednesday. Joe quarterbacked the Bears from 1990-93 and was inducted into the Baylor Athletics Hall of Fame in 2006. After a standout career as a player, Joe joined Baylor as a color commentator on Baylor Radio Network.
Researcher’s Note – Baylor no longer requires employee vaccinations [sic]: Link
Fmr. Action News weathercaster and reporter Dave Frankel dies at 67
February 27, 2025
PHILADELPHIA, PA – Dave Frankel, one of the most recognizable members of the Action News family from the mid-80s to the late-90s, has died. He was 67 years old. After leaving television, Dave launched a second career in law, focusing on children with special needs and their families. Dave died Wednesday morning after a long battle with a form of dementia called primary progressive aphasia.
good & I thank him for his candor…for he joins folk like me, for I am like him, likely won’t be in administration because folk like me have said what Trump did WRONG with OWS, lockdowns, & the mRNA
Do not fuss Bob Malone, if Trump does not take you, you are always welcomed at The Wellness Company (TWC.health) with McCullough, Thorp, Risch, Wolf, Pinsky, Victory, myself. We will welcome you. Its strong staff. There is always a home for anyone who seeks to save lives, are patriots in this patriot economy, in joining a good company with good leadership. Our arms are open wide at TWC for you.
Key paragraphs:
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.
“After participating in this webinar, Dr. Hatfill informed me that members of the Trump transition team had been watching and had determined, based on my comments, that I should have no role in the current administration. Perhaps these are the same people that, under deep background (not for attribution) disclosed Colonel Parker’s appointment to CBS News.
(Oh well, Darn! I was so looking forward to having to buy a home in Rockville (been there, done that), spend time away from wife and farm in service to my Country, and abandon both the community Jill and I have so diligently built here on Substack as well as our friends in Madison VA and the “Quarantine Club” of like-minded conservatives!)
I hope that this is not a foreshadowing of future Trump administration pandemic policy decision making, but I am concerned both by this comment and by the nomination of Colonel Parker. I am concerned that if “Bird Flu” does at some future time become a more than theoretical threat to human health, the United States Government will make the same bad management decisions that characterized the COVIDcrisis. Because that is how the Deep State believes that “pandemics” should be handled.
Apparently, whatever lessons were learned about pandemics during the first Trump administration do not extend to valuing alternative voices and ideas. I think it’s best that Dr. Scott Atlas politely not accept any future offers to travel to DC and let the President know his thoughts and observations if this is to be the culture, for mental health reasons if no other.
As to Bobby and Jay Bhattacharya, bless their hearts. I wish them well and the best of luck. But the Biodefense/Pharma/academia industrial complex Deep State is going to run the show, and already is – or so it seems. The discussion is closed. The Overton window will be respected. The intelligence community has this covered.”
End this tee up of Malone here.
______
Begin my views here:
I have been clear, and it does not matter how many EOs are signed daily and all the bobbleheads and YES men and sycophants around Trump, when he does good, I call him out, when he does bad, I call him out. Bobby Kennedy Jr. was confirmed, and I am happy and that was GOOD, POTUS Trump. But I fear we were conned all through the campaigned (both parties with their complicit silence in the wrongs of COVID) and RNC and now, and we await RFK Jr. and him coming out and removing the chains that bind him. He was silenced yet the Trump administration should be ashamed and called to the carpet and be sanctioned, for the Trump polices of 2020 got us here and caused many Americans harm and to die, the OWS, the lockdowns, the school closures, the deadly ineffective deadly mRNA vaccines.
And it seems its more of the same. More to come.
The silence CANNOT be explained away.
Until I see different, and we people are not assholes, our heads are not up our assess like the ones around Trump, now known as the Trump ‘Bobblehead FOX’ administration, then we will call them out. All of them, for each act.
That photo above is my view of the Trump administration. Roughly. Largely with a few exceptions. I loathe bobbleheads and ‘yes’ people. I call them hypocrites and Jesus my savior, reserved the harshest views on them, ‘hypocrites’, calling them ‘empty tombs’, ‘bottomless pits’, ‘brooding vipers’.
Today.
RFK Jr. I support. I trust. Huge. I feel inside he will do good. If allowed. He has to either step up and out and big or his legacy is done! He cannot be silent. He has 3 routes, he speaks out against the mRNA, he stays silent, or he advocates for more of it. Only the former reprieves him!
We know it all. We the people are critical thinkers, you are, and you did it across COVID. I/we love him, RFK Jr., but if part of the deal is silence, then we were conned and then we must speak it as it is. I trust him. I/we await. We do not need to hear para ~we will keep the mRNA shots as we study it more…no no no..…that would be utter bullshit tripe misdirection fraud on us. The body of scientific evidence is clear. Bullet proofed! The deadly landscape is clear.
That OWS failed, killed, the lockdowns, and the mRNA vaccine. Nothing they did worked or could ever work. And they knew it but were incentivized and power drunk. POTUS Trump has failed to do what is necessary based on his COVID failures and continues to deceive Americans by praising the OWS, the mRNA vaccines, and moving to now help mainstream mRNA with this fraud STARGATE (mRNA vaccines, cancer etc. (that will NEVER work, and they know it) grift graft money grab of tax-payer money. He knows. He is not stupid. Whoever advised him for the last years on being silent and even praising the failed OWS and mRNA vaccine destroyed a good legacy. He cannot fix the damage but could try to make people ‘whole’ again.
We want clear action of complete mRNA transfection vaccine cessation now, now, and all those who did the fraud PCR created COVID, to be held to account and jailed if need be and some hung if judges call for it. Hang them! Hang them high! If judges, juries, courts call for hangings, then we hang all on the White House lawn and I will hope POTUS Trump will allow. We follow law!
So, I raise a glass to Robert Malone, here is to you Bob, for this article for it is good, still self-aggrandizement, but we know itis your way, your style, but it is good, and I admire courage and guts and some stones…and actually wish you well! Stay in the fight, whatever you do.
For whatever good he has done, and I deplore the ill that came via his mRNA technology and vaccine. I deplore that he gained financially and fame etc. and with others who pimped off of COVID and pain, and he did not act and warn soon enough about the devastation of his work along with Weissman, Kariko, Bourla et al. But he is a child of God too. And we all make mistakes, some bad, some wounds damage the skies above. For good. That vast. COVID and mRNA vaccine was one such wound.
In life we face our God one day after we leave this earth, and I leave it there. For the good, I praise him, for each of us has an ARC of life and we should not be judged on a part but rather the whole.
This is why many call me, daily, write me saying I am fooled, that Trump is malfeasant and devious and nefarious and an opportunist and was in on the fraud COVID up top. That he did this. I say I cannot go there, cannot say that, not from what I saw and know. No! He loves his nation and flag and peoples. But he did make devastating mistakes in this COVID, and his actions harmed people, as did Biden’s. But this is about 47. As much as I support him, I WILL say my mind, and he hurt us badly with his COVID decisions and refuses to stand up and admit this. This is disheartening. For I look up to him (Trump) while recognizing he is no savior or God. I still support him. I still in all that…TRUST.
And I too am imperfect and fallen and trying to find my way to my God. I try to atone for my sins daily and there are several. I simply wish to leave something behind, something small, to help improve lives and help my children, theirs, and your children. That is all.
LATEST REPORTS FOR NEWS JUNKIESWATCH: Scott Jennings responds after CNN host suggests Trump turning Joint Chiefs into ‘all white men’A CNN host tonight declared that the Joint Chiefs of Staff are going to be ‘all white men’ because President Trump has fired two of them. She said this in the context of President Trump’s address to Congress. Scott Jennings responded to Erin Burnett by saying “I don’t know what that means…,” and then pointing out that all the political …READ THE FULL REPORTDan Bongino Reveals Conservative Radio Host Who Will Replace Him on AirwavesDaily Caller editorial director Vince Coglianese will be taking over FBI Deputy Director Dan Bongino’s 12-3 p.m. nationally syndicated Westwood One radio show and his popular podcast, Bongino revealed Tuesday.“He is fantastic, I promise you I only bring the best people, you are gonna love him,” Bongino said.Watch:.@dbongino reveals who will be taking over his top-rated podcast when he assumes …READ THE FULL REPORTHere Are the Special Guests Invited to President Trump’s Address to CongressPresident Donald Trump’s joint address is tonight and many public and political figures are expected to attend.It’s not officially called the State of the Union, a title reserved for a president’s annual address to Congress after at least a full year in the administration. But it is an opportunity for Trump to lay out his priorities for the year.Who will …READ THE FULL REPORTMSNBC Host Says She Hopes Child Cancer Survivor DJ ‘Doesn’t Kill Himself If There’s Another Jan 6’Tonight after President Trump honored “DJ”, the 13 year old cancer survivor who wants to be a police officer, MSNBC’s Nicolle Wallace said something truly horrific. In the video below, she starts out saying all the right things. She says she was moved or touched by the story and hopes DJ lives a long life and has a successful career …READ THE FULL REPORT‘Victory for Trump’: Major Panama Canal Ports Now Under American ControlAnother America First achievement has been notched by President Trump just weeks after he publicly floated the idea of taking back control of the Panama Canal by force.In a major “victory” for the Republican, nearly all ports along the North American waterway are now under American control, according to media reports citing their sale to BlackRock, an American investment management …READ THE FULL REPORT
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
7.OIL AND NATURAL GAS ISSUES/GLOBAL/ENERGY/
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS WEDNESDAY MORNING 6;30AM//OPENING AND CLOSING
EURO VS USA DOLLAR: 1.0695 UP 72 BASIS PTS
USA/ YEN 149.23 DOWN 0.585 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 1.2834 UP 0.0040 OR 40 PTS
USA/CAN DOLLAR: 1.4392 DOWN 0.0007(CDN DOLLAR UP 7 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED UP 17.76 PTS OR 0.53%
Hang Seng CLOSED UP 652.44 PTS OR 2.84%
AUSTRALIA CLOSED DOWN 0.69%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 652.44 PTS OR 2.84%
/SHANGHAI CLOSED UP 17.76 PTS OR 0.53%
AUSTRALIA BOURSE CLOSED DOWN 0.69%
(Nikkei (Japan) CLOSED UP 87.66 PTS OR 0.23%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 2918.20
silver:$32.34
USA dollar index early WEDNESDAY morning: 104.94 DOWN 75 BASIS POINTS FROM TUESDAY’s CLOSE.
The USA/Yuan UP T0 7.2516, CNY ON SHORE ..CHINA MUST DEVALUE TO GOLD
THE USA/YUAN OFFSHORE UP TO 7.2382:
TURKISH LIRA: 36.44EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
the 10 yr Japanese bond yield at +1.435
Your closing 10 yr US bond yield DOWN 2 in basis points from MONDAY at 4.195% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.514 DOWN 1 in basis points /11:00 AM
USA 2 YR BOND YIELD: 3.908 DOWN 5 BASIS PTS.
GOLD AT 11;00 AM 2915.00
SILVER AT 11;00: 32.40
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: WEDNESDAY CLOSING TIME 11:00 AM//
London: CLOSED DOWN 3.16 pts or 0.04%
German Dax : UP 754.22pts or 3.38%
Paris CAC CLOSED UP 125.83 or 1.56%
Spain IBEX CLOSED UP 182.30 PTS OR 1.40%
Italian MIB: CLOSED UP 783.24PTS OR 2.08%
WTI Oil price 69.23 11 EST/
Brent Oil: 72.13 1:00 EST
USA /RUSSIAN ROUBLE /// AT: 89.27 ROUBLE UP 0 AND 47/ 100
GERMAN 10 YR BOND YIELD; +2.7365 UP 26 BASIS PTS.
UK 10 YR YIELD: 4.7105 UP 18 BASIS POINTS
CDN 10 YEAR RATE: 2.898 DOWN 5 BASIS PTS.
CDN 5 YEAR RATE: 2.577 DOWN 6 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.0793 UP 0.01696 OR 170 BASIS POINTS//HEADING TO PARITY WITH THE DOLLAR
British Pound: 1.2899 UP .01038OR 104 basis pts/HEADING FOR PARITY /USA
BRITISH 10 YR GILT BOND YIELD: 4.6720 UP 15 BASIS PTS//
JAPAN 10 YR YIELD: 1.432
USA dollar vs Japanese Yen: 148.81 DOWN 0.102 BASIS PTS// HEADING FOR 160 TO THE DOLLAR
USA dollar vs Canadian dollar: 1.4326 DOWN 0.0062 BASIS PTS CDN DOLLAR UP 62 BASIS PTS
West Texas intermediate oil: 66.39
Brent OIL: 69.43
USA 10 yr bond yield UP 7 BASIS pts to 4.278
USA 30 yr bond yield UP 5 BASIS PTS to 4.565%
USA 2 YR BOND: UP 4 PTS AT 3.994
CDN 10 YR RATE 2.976 UP 11 BASIS PTS
CDN 5 YEAR RATE: 2.639 UP 9 BASIS PTS
USA dollar index: 104.23 DOWN 1.46 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 36.42 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 90.40 DOWN 0 AND 65/100 roubles
GOLD 2922,05 (3:30 PM)
SILVER: 32.68 (3:30 PM)
DOW JONES INDUSTRIAL AVERAGE: UP 485.60 PTS OR 1.14%
NASDAQ 100 UP 275.94 PTS OR 1.36%
VOLATILITY INDEX: 21.85 DOWN 1.66 PTS OR 7.06%
GLD: $ 269.62 OR UP 0.56 PTS OR 0.21%
SLV/ $29.77 PTS OR UP 0.77 OR 2.66%
TORONTO STOCK INDEX// TSX INDEX: CLOSED UP 302.87OR 1.24%
end
TRADING today ZEROHEDGE/
ZEROHEDGE/HEADLINE CLOSING MARKETS
Stocks & Bond Yields Jump As Trump ‘Eases’ Tariff Tensions, Germany Goes Nuts
USA DATA
The unusually bullish ADP reports provides the latest in a big disappointment in job gains
(ADP)
ADP Reports Biggest Disappointment In Job Gains In 2 Years In February
Wednesday, Mar 05, 2025 – 08:27 AM
According to the latest data from ADP, hiring slowed to the smallest level of gains since July, with trade and transportation, health care and education, and information showing job losses. Small business employment also fell.
That was the biggest miss for ADP headline data since March 2023…
According to Nela Richardson, Chief Economist at ADP, “policy uncertainty and a slowdown in consumer spending might have led to layoffs or a slowdown in hiring last month. Our data, combined with other recent indicators, suggests a hiring hesitancy among employers as they assess the economic climate ahead.”
Oddly, as we noted above, job losses were concentrated in Small Businesses… (we say oddly because we have seen Small Business Optimism explode higher since Trump was elected…)?
Perhaps more odd still is the fact that goods-producing firms saw a huge jump in job additions (Trump driving confidence in manufacturing with the biggest addition since Oct 2022) while Services was job additions tumble…
On the potentially positive side of the ledger – wage growth slowed for job-changers (and was flat for job-stayers)…
But given the levels of wage inflation (and labor weakness), it still has the stench of stagflation.
So, to sum things up:
Small biz optimism is thru the roof… but small biz see the most layoffs.
…and policy uncertainty is cited as the reason for weakness BUT manufacturers (which is where all the uncertainty is) added the most jobs since Oct 2022…
Is someone trying to force a confidence collapse narrative?
END
Read nothing in the following garbage report (soft data)
US Services Sector Surveys Beat Expectations In February As Jobs & New Orders Jump
S&P Global’s US Services PMI fell from 52.9 (January) to 51.0 (final February) – better than the expected 49.7 and still in expansion (just) but the weakest since April 2024. Of note this is a big bump higher from the 49.7 flash print (contraction) for February.
ISM Services also beat expectations, rising from 52.8 to 53.5, against expectations of a small decline to 52.5
Source: Bloomberg
So just as mixed as the Manufacturing data, but opposite (PMI down, ISM up).
Under the hood, Orders, Employment, and Prices Paid rose on the month with employment at it highest since Dec 2021!!
February was the third month in a row with all four subindexes that directly factor into the Services PMI – Business Activity, New Orders, Employment and Supplier Deliveries – in expansion territory, the first time this has happened since May 2022.
“Slightly slower growth in the Business Activity Index was more than offset by growth in the other three subindexes.
Anxiety continues; however, over the potential impact of tariffs.
Some respondents indicated that federal spending cuts are having negative impacts on their business forecasts.”
Here’s a fun one for you. This morning we saw ADP report that Services Sector job growth collapsed in February… which is weird because ISM Services employment hit a fucking 4 year high!!!
The S&P Global US Composite PMI Output Index fell to 51.6 in February, down from 52.7 in January. It was the second successive month in which the PMI has fallen, and the latest reading was the lowest since last April.
Divergent trends were, however, seen at the broad sector level. Manufacturing output rose markedly, but service sector growth softened to a 15-month low.
“The final PMI is an improvement on the earlier flash reading but still paints a worryingly weak picture of service sector business conditions compared to the buoyancy recorded late last year.
“Current output growth has downshifted markedly so far this year from a booming rate of expansion in December to a disappointingly sluggish pace in February.
S&P Global was careful to decouple Biden (current conditions) from Trump (future terrible, horrible world):
“Expectations for output growth have also been revised sharply lower as service providers have become increasingly worried over signs of slower demand growth and uncertainty over the impact of new government policies, ranging from tariffs and trade policy to federal budget cutting.
“The strong private sector hiring seen late last year has consequently gone into reverse, with a steep fall in backlogs of work hinting at further job losses to come.
And soaring prices are all Trump’s fault… even though the tariffs literally just went into place:
“Adding to the gloomier picture in February was a sharp rise in costs, which companies were often unable to pass on to customers due to weak demand. While this reduced pricing power is good news for inflation, it’s potentially bad news for profitability.”
All that doom and gloom from S&P Global is exactly offset by the optimism discussed by ISM.
So to sum up:
Services – both expanding (PMI down, ISM up)
Manufacturing – both expanding (PMI up, ISM down)
Baffle ’em with bullshit continues
END
Beige Book: Economic Activity, Employment And Prices Rose Since January, Economic Expectations Are “Optimistic”
Wednesday, Mar 05, 2025 – 02:44 PM
Was that it for the Atlanta Fed recession (which as we described, managed to fool everyone into believing the US economy is crashing because of… surging gold imports)?
Two months after the December Beige Book (published in January) reported that in the last month of Biden’s presidency, “economic activity increased slightly to moderately across the twelve Federal Reserve Districts in late November and December”, moments ago – and with everyone expecting fire and brimstone and perhaps a confirmation that the US is now neck deep in a recession if not depression (at least based on how the 10Y and USD are trading) – the latest Fed Beige Book found that in February, or one month into Trump’s 3rd 2nd presidency, economic activity actually “rose slightly since mid-January.”
Reading the latest Fed report we find that six districts reported no change, four reported modest or moderate growth, and two noted slight contractions.
Here are the specific details:
Consumer spending was lower on balance, with reports of solid demand for essential goods mixed with increased price sensitivity for discretionary items, particularly among lower-income shoppers.
Unusual weather conditions in some regions over recent weeks weakened demand for leisure and hospitality services.
Vehicle sales were modestly lower on balance.
Manufacturing activity exhibited slight to modest increases across a majority of Districts.
Contacts in manufacturing, ranging from petrochemical products to office equipment, expressed concerns over the potential impact of looming trade policy changes.
Banking activity was slightly higher on balance among Districts that reported on it.
Residential real estate markets were mixed, and reports pointed to ongoing inventory constraints.
Construction activity declined modestly for both residential and nonresidential units.
Some contacts in the sector also expressed nervousness around the impact of potential tariffs on the price of lumber and other materials.
Agricultural conditions deteriorated some among reporting Districts.
Yet despite this mixed picture, overall expectations for economic activity over the coming months were slightly optimistic.
Taking a closer at the labor market, the Beige Book found that employment nudged slightly higher on balance, with four Districts reporting a slight increase, seven reporting no change, and one reporting a slight decline.
Multiple Districts cited job growth in health care and finance, while employment declines were reported in manufacturing and information technology.
Labor availability improved for many sectors and Districts, though there were occasional reports of a tight labor market in targeted sectors or occupations.
Contacts in multiple Districts said rising uncertainty over immigration and other matters was influencing current and future labor demand.
Wages grew at a modest-to-moderate pace, which was slightly slower than the previous report, with several Districts noting that wage pressures were easing.
Turning to inflation, not surprisingly (to anyone who shops) prices increased moderately in most Districts, but several Districts reported an uptick in the pace of increase relative to the previous reporting period.
Input price pressures were generally greater than sales price pressures, particularly in manufacturing and construction.
Many Districts noted that higher prices for eggs and other food ingredients were impacting food processors and restaurants.
Reports of substantial increases in insurance and freight transportation costs were also widespread. Firms in multiple Districts noted difficulty passing input costs on to customers.
However, contacts in most Districts expected potential tariffs on inputs would lead them to raise prices, with isolated reports of firms raising prices preemptively.
Here is a snapshot of highlights by Fed District:
Boston: Economic activity increased slowly, boosted by a surge in home sales. Prices increased modestly on average, but contacts perceived that upward pressure on prices could emerge in response to tariffs. Employment declined slightly, and wages increased modestly. Expectations were mostly optimistic but marked by growing uncertainty.
New York: Regional economic activity was little changed in early 2025. Employment grew slightly and wage growth was moderate, with labor supply and labor demand coming back into balance. Selling price increases picked up to a moderate pace after some slowing last period. Many businesses noted heightened economic uncertainty and expressed concern about tariffs.
Philadelphia: Business activity declined slightly during the current Beige Book period after a slight increase last period. Employment continued to grow slightly; wages and prices grew modestly. Contacts noted that changes in fiscal and trade policies pose a risk of higher inflation. Generally, sentiment fell, but firms remain optimistic about future growth amid economic uncertainty.
Cleveland: District business activity was flat in recent weeks, although contacts expected activity to increase in the months ahead. Consumer spending was down, and some contacts noted declining consumer confidence. Employment levels remained flat. Contact reports suggest that nonlabor input costs edged up, while reported price increases continued to be modest.
Richmond: The regional economy grew modestly in recent weeks. Consumer spending increased modestly, down from the moderate rate previously reported. Nonfinancial services firms also reported modest growth while manufacturing activity was unchanged. Price growth remained moderate, but firms across sectors expressed concerns about overall uncertainty in the economy and about tariffs potentially leading to future price increases.
Atlanta: The economy of the Sixth District expanded at a modest pace. Employment was steady. Wages, input costs, and prices increased modestly. Retail sales fell slightly. Travel and tourism were steady. Home sales declined somewhat. Transportation activity grew modestly. Loan growth was moderate. Manufacturing expanded slightly. Energy demand increased modestly.
Chicago: Economic activity was little changed. Employment was up slightly; consumer and business spending were flat; nonbusiness contacts saw little change in activity; and construction and real estate and manufacturing activity decreased slightly. Prices increased modestly; wages rose moderately; and financial conditions were unchanged. Farm income in 2025 was expected to be similar to 2024.
St. Louis: Economic activity and employment have been flat. Prices continued to increase moderately but were above expectations. Contacts noted that they were holding off investment due to policy uncertainty and indicated that tariffs would result in higher prices. The outlook has declined from slightly optimistic in our previous report to neutral.
Minneapolis: Economic activity was steady. Employment grew but labor demand and hiring softened. Wage and price increases were moderate. Consumer spending was flat with improvements in travel and tourism. Manufacturing experienced modest improvements. Construction of nonresidential units slowed but accelerated modestly for residential units. Commercial real estate was mostly unchanged, and home sales improved. Agricultural conditions were flat.
Kansas City: Economic activity was unchanged on balance, but consumer spending decreased moderately. Prices rose at a moderate pace. While higher prices deterred spending, business contacts indicated they were more likely to scale back rather than take a hit on margins by softening pricing. Employment levels remained steady, though contacts noted a rise in labor force churn.
Dallas: The Eleventh District economy continued to expand moderately. Nonfinancial services activity grew while retail sales were flat, and manufacturing activity was rather volatile. Lending picked up notably and commercial real estate activity improved, though housing demand was tepid. Employment held steady, and little change was seen in wage and price growth. Contacts noted sharply higher uncertainty around the outlook.
San Francisco: Economic activity ticked down. Employment levels were stable. Price levels and wages grew slightly. Retail sales fell modestly and demand for services weakened a bit. Manufacturing activity improved somewhat, while conditions in agriculture and residential real estate softened. Commercial real estate and lending activity were steady.
Confirming that contraray to conventional wisdom the economic picture improved notably since January, the latest February Beige Book saw just 2 mentions of recessions, down sharply from 6 two months prior. But more notably, while mentions of “slow” extended their decline to 35 from 38, mentions of inflation rose to a two year high of 15, up from 11 last month…
… suggesting that the US economy – while hardly on fire as it was during the hyperinflationary period of Biden’s admin – continues to chug along and is hardly collapsing as so many Trump foes would like to see.
US Futures, Peso, & Loonie Spike After-Hours as Trump Team Hint At Tariff ‘Compromise
Tuesday, Mar 04, 2025 – 04:30 PM
Update (1630ET): First there were the Trump Tariffs… then the Retaliation. Then as Europe closed, chatter about a possible Ukraine minerals deal started to gain momentum lifting stocks to the highs.
With a few minutes left in the day, a large MoC sell imbalance sent stocks back down hard…
Commerce Secretary Howard Lutnick spoke on Fox Business, offering the dovish olive branch:
“Both the Mexicans and the Canadians were on the phone with me all day today trying to show that they’ll do better, and the president’s listening, because you know he’s very, very fair and very reasonable,” Lutnick said in an interview with Fox Business.
“So I think he’s going to work something out with them — it’s not going to be a pause, none of that pause stuff, but I think he’s going to figure out: you do more and I’ll meet you in the middle some way and we’re going to probably announcing that tomorrow.”
As Bloomberg reports, Lutnick did not explicitly say what President Donald Trump was considering after imposing an across-the-board tariff on all goods from Canada and Mexico that went into effect overnight.
Lutnick said that the tariffs would likely land “somewhere in the middle” with Trump “moving with the Canadians and Mexicans, but not all the way.”
Lutnick discounted the notion that the tariffs would be fully rolled back, pointing instead to the US-Mexico-Canada trade pact negotiated during Trump’s first term.
“If you live under those rules, then the president is considering giving you relief,” Lutnick said.
“If you haven’t lived under those rules, well, then you have to pay the tariff.”
and lifted US equity futures higher after the close…
And the Peso and Loonie are also bid with both hands and feet…
So, the Trump 1.0 tariff playbook analog continues…
* * *
Asian markets closed lower, European stocks are in the red, and US equity futures are trending lower this morning as worsening global trade war concerns weigh on risk sentiment.
On Monday, President Trump reiterated that he would impose tariffs on imports from Canada and Mexico starting Tuesday, stating that there was “no room left” for negotiation. He also noted that an additional 10% levy would be applied to imports from China.
Fast-forward to Tuesday morning. Trump’s 25% tariffs on goods from Mexico and Canada took effect, prompting Canada to retaliate with 25% tariffs on $100 billion worth of US imports. Mexico is expected to respond later.
Trump also introduced an additional 10% tariff on Chinese imports early Tuesday, bringing the total tax to 20% following a similar increase last month. China swiftly retaliated with tariffs on US food and agricultural products and an export ban on some defense firms.
According to an announcement by the Chinese Ministry of Finance, Beijing imposed new duties of 10% to 15% on US food and agricultural products.
Here’s an excerpt from the announcement:
15% tariff will be imposed on chicken, wheat, corn, and cotton.
10% tariff will be imposed on sorghum, soybeans, pork, beef, aquatic products, fruits, vegetables, and dairy products
For the imported goods listed in the appendix originating from the United States, corresponding tariffs will be levied on the basis of the current applicable tariff rates. The current bonded and tax reduction and exemption policies remain unchanged, and the additional tariffs will not be reduced or exempted
Goods that have been shipped from the place of departure prior to March 10, 2025, and imported from March 10, 2025 to April 12, 2025, shall not be subject to the additional tariffs prescribed in this announcement
Commenting on China’s retaliatory tariffs, Lynn Song, chief economist for Greater China at ING Bank, told clients: “The measures are still relatively measured for now. I think this retaliation shows China remains patient and has refrained from ‘flipping the table’ so to speak despite the recent escalation.”
“China’s hit-back isn’t exactly aggressive — a 15% tariff on US agricultural goods, but nothing broad-based on tech or autos, suggests to me they’re leaving room for negotiation,” said Billy Leung, an investment strategist at Global X ETF, adding, “That’s probably why Chinese stocks are rebounding instead of selling off harder.”
Dilin Wu, a research strategist at Pepperstone Group Ltd., said, “The immediate impact of these new tariffs on China remains manageable — the measures are currently concentrated in specific areas.”
“Should Beijing roll out additional pro-growth measures — such as large-scale fiscal stimulus or targeted support for high-tech industries and domestic consumption — it could further bolster market confidence,” Wu said.
Sea of red for global equity futures across most regions.
China’s Ministry of Finance warned: “The US’s unilateral tariff increase damages the multilateral trading system, increases the burden on US companies and consumers, and undermines the foundation of economic and trade cooperation between China and the US.”
Should Trump respond with retaliatory tariffs, the risk of sentiment continuation could continue. In the US, the growth outlook has dimmed as the troubling narrative of “growth scare and tariffs” takes center stage
END
White House Delays Canada, Mexico Automaker Tariffs For One Month Amid Trump-Trudeau Deadlock
Wednesday, Mar 05, 2025 – 02:15 PM
Update (1415ET): It’s official, President Trump is exempting automakers from newly imposed tariffs on Mexico and Canada for one month, the White House said Wednesday.
“We are going to give a one month exemption on any autos coming through USMCA,” said WH spox Caroline Leavitt, referring to the trade deal negotiated with Canada and Mexico in Trump’s first term.
“Reciprocal tariffs will still go into effect on April, 2, but at the request of the companies associated with USMCA, the president is giving them an exemption for one month so they are not at an economic disadvantage.”
As noted below, the announcement came after administration officials met Tuesday to discuss the matter with the heads of Ford, GM and Stellantis.
Trump and Trudeau Have It Out
As the Epoch Times noted earlier, following a phone call with Prime Minister Justin Trudeau to discuss recently imposed tariffs, President Donald Trump said he told the Canadian leader there hasn’t been enough done to stem the flow of fentanyl.
Trump also accused Trudeau of using the tariff issue to “stay in power.”
Trump discussed his phone call with Trudeau in two posts made on his Truth Social platform on the afternoon of March 5.
“Justin Trudeau, of Canada, called me to ask what could be done about Tariffs,” Trump wrote. “I told him that many people have died from Fentanyl that came through the Borders of Canada and Mexico, and nothing has convinced me that it has stopped.”
Trump also wrote that the call ended in a “’somewhat’ friendly manner,” while also accusing Trudeau of using the tariff issue to hold onto power in his final days in office.
“He was unable to tell me when the Canadian Election is taking place, which made me curious, like, what’s going on here? I then realized he is trying to use this issue to stay in power,” Trump said.
Trump’s social media posts came amid comments earlier that day from U.S. Commerce Secretary Howard Lutnick, who said he would announce a change to the tariffs policy.
“He’s going to come up with a plan this afternoon, we’re going to announce that plan,” Lutnick told Bloomberg on March 5.
Repeating comments made the previous day, Lutnick mentioned finding some “middle” ground on tariffs with Canada and Mexico.
“There’s going to be 25 percent tariffs,” Lutnick clarified. “It’s not the ’middle’ as in a number. I think it’s a middle in terms of USMCA [or] not USMCA,” suggesting items covered by the free trade deal between the countries would receive a different tariff treatment.
Canada responded to the U.S. tariffs by announcing an initial CA$30 billion surtax on a variety of U.S. goods from orange juice to motorcycles. The plan is for an additional CA$125 billion of goods to be slapped with a 25 percent surtax three weeks later if U.S. tariffs remain in place.
Trump imposed 25 percent tariffs on Canadian goods and 10 percent on its energy imports on March 4, after a 30-day pause expired. The pause had been applied for the Trump administration to assess measures taken by Canada to strengthen border security and counter fentanyl trafficking. Trump said on March 3 there was “no room left” for Canada and Mexico to avoid tariffs and that “vast amounts of fentanyl” is entering the United States from the bordering countries.
In reaction to the U.S. tariffs on March 4, Trudeau said he doubts fentanyl is the issue, and instead suggested Trump is using them to cause the collapse of the Canadian economy to facilitate “annexation.”
Trudeau and his ministers have said that a very small amount of fentanyl from Canada crosses into the United States and that, nonetheless, the Canadian government has stepped up measures to combat the problem. Ottawa has also stressed that both countries’ economies are intricately linked and that consumers and businesses on both sides will lose in the trade war.
“They’ve chosen to launch a trade war that will, first and foremost, harm American families,” Trudeau said. “They’ve chosen to sabotage their own agenda that was supposed to usher in a new golden age for the United States and they’ve chosen to undermine the incredible work we’ve done together to tackle the scourge that is fentanyl, a drug that must be wiped from the face of the earth.”
Lutnick was asked by reporters on March 4 to respond to Trudeau’s comments about annexation made earlier that day, and noted the prime minister is in his last days in office.
“Justin Trudeau is running the end of his term and I don’t really want to think about the ridiculous things he said the last couple of days,” he said. “It’s sad, it’s time for him to go and let’s move on, have a new government in Canada.”
Along with the border and fentanyl-related tariffs, Canada is facing the threat of 25 percent tariffs on steel and aluminum, which Trump said would be levied against every country on March 12.
A broader U.S. trade action is slated for April 2, with details about reciprocal tariffs expected to be announced. The Trump administration has already said it considers Canada’s federal sales tax (GST), its Digital Services Tax aimed at tech giants, and its supply management system for goods like poultry and dairy as trade barriers acting as tariffs against the United States.
Trump and Lutnick have also spoken about bringing car manufacturing back to the United States, which could have a significant impact for the Canadian auto industry which is deeply integrated across the border.
* * *
Update (1216ET): The Trump administration is considering giving automakers a one-month reprieve from newly imposed tariffs on Mexico and Canada, after administration officials met Tuesday to discuss the matter with the heads of Ford, GM and Stellantis, Bloomberg reports, citing anonymous officials.
The major Detroit automakers have aggressively sought to halt or revise Trump’s tariffs over concerns that they would have potentially catastrophic effects. (so, make your cars in the US?)
According to carmakers and experts cited, a rise in costs from the 25% tariffs imposed on US neighbors this week could send car prices skyrocketing by thousands of dollars almost immediately – and seize up supply chains.
In recent days, Commerce Secretary Howard Lutnick has hinted that there may be some carve-out exceptions to the initial tariffs – telling BBG television that the changes could be announced on Wednesday, including a potential reprieve for the auto sector in order to buy time to come up with plans to move both investments and production to the US.
The move sent both stocks and the Peso higher in mid-day trade.
* * *
President Trump reiterated his focus on reciprocal tariffs in a speech overnight to a joint session of Congress, noting that there would be a “little disturbance” but that we are “ok with that.”
Global equity markets braced for a potential trade decision with Canada and Mexico overnight and into the US morning. This follows Trump imposing a 25% tariff on imported goods from Mexico and Canada on Tuesday and increased tariffs on Chinese goods to 20%, up from 10%.
On Tuesday afternoon, US Commerce Secretary Howard Lutnick stated on Fox Business, “I think the president is going to work something out with them,” adding, “It’s not going to be a pause, none of that pause stuff, but I think he’s going to figure out, you do more, and I’ll meet you in the middle some way, and we’re going to probably be announcing that tomorrow.”
Lutnick, speaking on Bloomberg on Wednesday morning, also reiterated that he expects a decision regarding Canada and Mexico this afternoon.
Latest trade headlines (courtesy of Bloomberg):
LUTNICK: TRUMP CANADA, MEXICO DECISION EXPECTED THIS AFTERNOON
LUTNICK: TRUMP MAYBE, MAYBE WILL CONSIDER GIVING RELIEF
LUTNICK: AIMING FOR ‘SOMEWHERE IN THE MIDDLE’ ON CANADA, MEXICO
Ahead of the potential trade decision with America’s neighbors to the north and south, Goldman’s Brooke Roach, Kate McShane, and others outlined to clients late Tuesday companies within their coverage universe that have sourcing exposure to Mexico and Canada. They pointed out that clothing company Kontoor Brands has the most exposure to Mexico, while Canada Goose has the most exposure to… you guessed it: Canada
Roach and McShane noted that in their hardline stock universe coverage, many companies have either not disclosed their sourcing from Mexico and Canada or have a moderate level of exposure.
The analysts also identified which companies in their softlines coverage universe are most heavily exposed to the escalating trade war with China.
Hardlines coverage…
Comments on tariff headwind and mitigation commentary on softline coverage.
Comments on tariff headwind and mitigation commentary on hardline coverage.
Canada Goose shares in New York have been battered by same-store sales, weak wholesale orders, fierce competition, and a sluggish Chinese market. Also weighing on shares have been trade war concerns, as it sources 80% of its products from Canada. Shares are trading at a five-year low, with 22.5% of the float sold short.
The question remains for GOOS: Will positive US-Canada trade headlines be enough to ignite a squeeze?
IRS May Fire Half Of Its 90,000-Strong Workforce: Latest Lea
Tuesday, Mar 04, 2025 – 07:40 PM
The IRS is reportedly drafting plans to fire as much as half of its workforce through a mix of layoffs, attrition and incentivized buyouts, two leakers told the Associated Press, who spoke on condition of anonymity “because they weren’t authorized to disclose the plans.”
According to the report, “The layoffs are part of the Trump administration’s efforts to shrink the size of the federal workforce through billionaire Elon Musk’s Department of Government Efficiency by closing agencies, laying off nearly all probationary employees who have not yet gained civil service protection and offering buyouts to almost all federal employees through a “deferred resignation program” to quickly reduce the government workforce.”
According to former IRS commissioner John Koskinen, a reduction of tens of thousands of employees would render the agency “dysfunctional.”
AP would also like us to know that IRS cuts would be both racist and sexist, as “People of color make up 56% of the IRS workforce, and women represent 65%.”
In February, roughly 7,000 IRS employees with less than one year of service were racistly and sexistly laid off from the organization, while the rest of the agency was offered “deferred resignation program” buyouts. Employees involved in processing the 2025 tax season, however, were told earlier this month that they would not be able to accept the offer.
Meanwhile, the IRS’s deputized pistol-packin’ IRS-CI agents are being loaned out to the Department of Homeland Security to help assist with immigration enforcement, after DHS Secretary Kristi Noem asked Treasury Secretary Scott Bessent to borrow them.
VICTOR DAVIS HANSON
Victor Davis Hanson: Can Trump Revolutionize America?
The Trumpian agenda to “Make America Great Again” emerged during the 2015–16 campaign and ensured Donald Trump’s nomination and eventual victory over Hillary Clinton. This counterrevolutionary movement reflected the public’s displeasure with both the Obama administration’s hard swing to the left and the doctrinaire, anemic Republican reaction to it.
Although only partially implemented during Trump’s first term, MAGA policies nevertheless marked a break from many past Republican orthodoxies, especially in their signature skepticism concerning the goal of nation-building abroad and the so-called endless wars, such as those in Iraq and Afghanistan, that tended to follow. But like all counterrevolutions, there were intrinsic challenges in the transition from simply opposing the status quo to actually ending it.
There was a promising start during Trump’s first administration. Corporate interest in a porous border to ensure inexpensive labor was ignored; immigration was deterred or restricted to legal channels, and the border was largely secured. Deregulation and tax cuts, rather than deficit reduction, were prioritized. Selective tariffs were no longer deemed apostasies from the free market, but acceptable and indeed useful levers to enforce reciprocity in foreign trade. Costly middle-class entitlements were pronounced sacrosanct. Social Security and Medicare were declared immune from cost-cutting and privatization.
This “action plan to Make America Great Again” went hand in hand with an effort to transform the Republican Party. What had once been routinely caricatured as a wealthy club of elites was reinvented by Trump as a working-class populist movement. Racial chauvinism and tribalism were rejected. Race was to be seen as incidental to shared class concerns—notably, reining in the excesses of a progressive, identity politics–obsessed bicoastal elite. Athletes who in 2020 had bent a knee to express outrage at “systemic” racism were in 2024 celebrating their scores by emulating Trump’s signature dance moves.
Despite intense resistance from the media, the Democratic Party, and the cultural left, the first Trump term enjoyed success in implementing many of these agendas. After losing the 2020 election—in which nearly 70 percent of voters in key swing states voted by mail-in ballot—Trump left office without a major war on his watch. He had overseen a period with 1.9 percent annualized inflation, low interest rates, steady economic growth and, finally, after constant battles and controversy, a secure border with little illegal immigration.
Yet during the succeeding four-year Biden interregnum, the world became far more chaotic and dangerous, both at home and abroad. Biden’s general agenda was to reverse by executive order almost every policy that Trump had implemented. And while Trump was successfully reelected in 2024 after reminding voters that they had been far better off under the MAGA agenda than during Biden’s subsequent shambolic tenure, the changed conditions in 2024 will also make implementing that agenda even more difficult than after Trump’s first victory.
Trump has now inherited an almost bankrupt country. The ratio of debt to annual GDP has reached a record high of nearly 125 percent—exceeding the worst years of World War II. The nation remains sharply divided over the southern border. Trump’s own base demands that he address an estimated 12 million additional unvetted illegal aliens; diversity, equity, and inclusion mandates and racial quotas; and an array of enemies abroad who are no longer deterred by or content with the global status quo. The eight-year Obama revolution, in retrospect, did not change American institutions and policies nearly as much as the more radical four-year Biden tenure. And so often, when drastic remedies are proposed, their implementation may appear to the inured public—at least initially—as a cure worse than the disease.
Take the example of illegal immigration. Since Trump left office in January 2021, two major and unexpected developments followed during the Biden years. First, the border did not just become porous but virtually disappeared. Indeed, Biden in his first hours of governance stopped further construction of the Trump wall, restored catch-and-release policies, and allowed illegal immigrants to cross the border without first applying for refugee status.
Given the magnitude of what followed—as many as 12 million illegal aliens crossed the border during Biden’s tenure—the remedy of deportation would now necessitate a massive, indeed unprecedented, effort. The public has been increasingly hectored by the left to fear the supposedly authoritarian measures Trump had in mind when he called for “massive deportations.” Left unsaid was that such deportations would only be a response to the prior four years of lawless and equally “massive” importations of foreign nationals. And yet, while the 12 million illegal entrances over four years were an insidious process, the expulsion of most of those entrants will be seen as abrupt, dramatic, and harsh. In addition, it was much easier for felons and criminals to blend in to the daily influx of thousands than it will be to find them now amid a population of 335 million.
Second, in the 2024 election, Trump won a record number of Hispanic voters (somewhere between 40 and 50 percent, depending on how the term Hispanic is defined) in one of the most dramatic political defections from the Democratic Party in history. While voters’ switch to Trump can be largely attributed to the deleterious effects of the Biden-Harris open border on Hispanic communities, schools, and social services, no one knows what, if any, might be the paradoxical political effects of the mass deportation of many within these same Hispanic communities.
Will Hispanic voters continue to resent the ecumenical nature of illegal immigration across the southern border, which now draws millions from outside Latin America? Will they wish to focus primarily on violent criminals while exempting on a case-by-case basis Mexican nationals, many of whom have kinship ties to Hispanic U.S. citizens? In sum, no one yet knows the political consequences of deporting all—or even five to 10 percent—of the Biden-era illegal aliens, given their unprecedented numbers. Even if polls tell us that 52 percent of Americans support “massive” deportations, will that number still hold true if they eventually include friends and relatives or entail five or six million deportations?
Trump looks on after signing the Laken Riley Act in Washington, D.C., January 29, 2025. (Roberto Schmidt via Getty Images)
Trump’s fiscal policies pose similar known unknowns. During the 2024 campaign, Trump promised a number of large tax cuts to various groups. For example, eliminating taxes on service workers’ tips might cost the Treasury in excess of $10 billion a year. Trump’s call to make tax-free the incomes of police officers, firefighters, veterans, and active-duty military personnel would translate into at minimum a shortfall of $200 billion a year in federal tax revenue. Another $200 billion in annual revenue would be lost if, as promised, Trump once again allowed state and local taxes to be deducted from federal income taxes. Some $300 billion per annum would also vanish under Trump’s proposals to cease taxing hourly overtime pay. Other promises to eliminate taxes on Social Security income, cut corporate taxes to 15 percent, or re-extend his 2017 tax cuts could reach $1 trillion in lost federal revenue per year.
The 2024 yearly deficit was projected at about $1.83 trillion. So how would Trump reach his goal of moving toward a balanced budget if all the promised tax reductions were realized, with a yearly loss of at least $1 trillion in revenue added to the nearly $2 trillion currently borrowed each year? No one knows the precise increase in annual revenues that will accrue from greater productivity and economic growth due to Trump’s deregulatory and tax-reduction agendas. Furthermore, how much income can be expected from proposed reciprocal tariffs on foreign imports? And how much will realistically be gained in savings from Elon Musk’s new Department of Government Efficiency and its promise to cut $2 trillion from the annual federal budget?
So far, Trump’s proposed radical tax cuts are quite popular, mostly transparent, and often detailed, while the commensurate massive reductions in federal spending are as yet none of the above. The political success of Trump’s tax and spending reductions will hinge on the degree to which he can eliminate massive unpopular waste, slash useless programs, increase federal revenue from targeted foreign tariffs, and through incentives, grow the size and incomes of the taxpaying public and corporations—without touching sacrosanct big-ticket items like defense, Social Security, and Medicare. It bears noting that no prior administration has been able to cut the annual deficit while also massively reducing federal income taxes.
Trump has also promised a radically new and different cohort to run his cabinet posts and large agencies. In his first term, Trump’s agenda was stymied by both his own political appointees and the high-ranking officials of the administrative state. Starting in 2017, they saw their new jobs as either warping MAGA directives into their own preferred policies or colluding to block a supposedly unqualified and indeed “dangerous” Trump. Almost monthly, his cabinet heads or agency directors—John Bolton, James Comey, John Kelly, James Mattis, Rex Tillerson, Christopher Wray—were at odds with their politically inexperienced president.
Anonymous lower-ranking officials routinely claimed to the media that they were internally frustrating Trump initiatives and leaked embarrassing (and possibly fabricated) anecdotes about their president. One supposedly high-ranking Trump official known as “Anonymous”—later revealed to be a rather low-ranking bureaucrat named Miles Taylor—began a New York Times hit piece, “I Am Part of the Resistance Inside the Trump Administration.” He further boasted of how appointees deliberately tried to sabotage Trump policies and executive orders.
But paradoxes also arise from Trump’s 2024 remedies for this earlier internal obstruction. Given this past experience, only genuine outsiders appear immune to the compromises and careerism endemic among veterans of the administrative state. And yet such would-be reformers often lack the insider knowledge, expertise, and familiarity with the government blob needed to reduce or eliminate it.
The radical growth in the federal government, the surge in entitlements, the increases in regulations and taxes, and the soaring deficit and national debt were overseen by so-called experts in the bureaucracy as well as by traditional politicians on both sides of the aisle. In response, would-be reformers have talked grandly about the dangers of unsustainable national debt, the interest payments that now exceed $1 trillion per year, and the need to rein in nearly $2 trillion in annual budget deficits. But few, especially in Congress, may be willing to cancel the sacred-cow programs that have enriched their constituents, provided jobs for millions of Americans, and offered high-paying, revolving-door billets for retired politicians and their staffers.
For example, the general public, liberal and conservative alike, acknowledges vast waste and wrongheaded procurement at the Pentagon. Auditors quietly grant that massive subsidies and corporate welfare to pharmaceutical companies, agribusiness, and crony-capitalist wind- and solar-energy companies are near scandalous. An increasing number of voters now believes that the government needs to get out of the business of guaranteeing student loans that are nonperforming, stop funding boondoggles like high-speed rail, and dismantle the vast DEI commissar system at government agencies.
Yet those most familiar with these programs are their beneficiaries. And those who could most effectively discontinue them are precisely those who perhaps could least be trusted to do so. Therefore, outsiders are needed, even or especially those without the degrees and résumés customarily required to run these huge government entities.
Trump’s cabinet nominee Pete Hegseth, for example, a decorated combat veteran who wrote a book on the Pentagon’s pathologies, is by conventional standards unqualified to be the defense secretary. He is not a four-star officer, former Fortune 500 CEO, or prior cabinet official. Unlike his two predecessors, however, he would not revolve into the office from a post at a defense corporation with huge Pentagon contracts.
The FBI director nominee Kash Patel has a lengthy record of government service in Congress, the executive branch, and legal circles. But he also is a fierce critic of the FBI and was once himself a target of agency monitoring. Indeed, Patel wrote a book about FBI misadventures, incompetence, and political weaponization. He promises to move the agency outside of Washington, D.C., and to end its political contamination—which has earned him fierce opposition from within the bureau and its congressional and media supporters.
In rejection of the Republican establishment that obstructed him in his first administration, Trump has often opted for anti–big government picks who were once Democrats or who otherwise emphatically reflect the populist nature of the new Republican Party, such as Tulsi Gabbard (Director of National Intelligence), Robert F. Kennedy Jr. (Secretary of Health and Human Services), Dr. Marty Makary (head of the Food and Drug Administration), Dr. Jay Bhattacharya (Director of the National Institutes of Health), or Lori Chavez-DeRemer (Secretary of Labor).
In sum, while it is not impossible for reformers to emerge from the status quo, it is precisely those “unqualified,” “firebrand,” or “dangerous” outsiders without “proper” experience in government, without prestigious degrees and credentials, and without sober and judicious reputations within the bureaucracies (indeed, they are sometimes the very targets of the agencies that they are tasked to reform or end) who are most immune to being compromised by those bureaucracies.
But it is abroad where the implementation of the MAGA agenda will be most severely stress-tested, particularly regarding China, Russia, Ukraine, and the Middle East. Trump’s first term was neither isolationist nor interventionist. He loathed nation-building, but he also ridiculed the appeasement strategies of prior administrations. Recalling the Roman military commentator Vegetius’s famous aphorism si vis pacem, para bellum (if you desire peace, prepare for war), Trump’s strategy in building up the nation’s defenses and reforming the Pentagon was not to fight elective ground wars or to democratize foreign nations, but to avoid future conflicts through demonstrable deterrence.
Trump listens to Israel’s prime minister Benjamin Netanyahu speak during a press conference in Washington, D.C., on February 4, 2025. (Andrew Caballero-Reynolds via Getty Images)
A good example is his first-term experience with radical Islamists in the Middle East. On January 3, 2020, the Trump administration killed by drone the Iranian major general Qasem Soleimani near the Baghdad airport. Soleimani had a long record of waging surrogate wars against Americans, especially during the Iraq conflict and its aftermath. After the Trump cancellation of the Iran deal, followed by U.S. sanctions, Soleimani reportedly stepped up violence against regional American bases in Iraq and Syria—most of which, ironically, Trump himself wished to remove.
A few days after Soleimani’s death, Iran staged a performance-art retaliatory strike of twelve missiles against two U.S. air bases in Iraq, assuming that Trump had no desire for a wider Middle Eastern war. Tehran had supposedly warned the Trump administration of the impending attacks, which killed no Americans. Later reports, however, did suggest that some Americans suffered concussions and that more damage was done to the bases than was initially disclosed. Nonetheless, this Iranian interlude seemed to reflect Trump’s agenda of avoiding “endless wars” in the Middle East, while restoring deterrence that prevented, rather than prompted, full-scale conflicts.
Yet in a second Trump administration, such threading of the deterrence needle may become far more challenging. The world today is far more dangerous than it was when Trump left office in 2021. The U.S. military is far weaker, suffering from munitions shortages, massive recruitment shortfalls, DEI mandates, and dwindling public confidence. The State Department is far less credible, and America’s enemies have been long nursed on Biden-era appeasement. Four years ago, for example, no one would have dreamed that hundreds of thousands of Ukrainians and Russians would become casualties in a full-scale war on Europe’s doorstep.
Indeed, an inept Biden administration crippled U.S. deterrence abroad through both actual and symbolic disasters. In March 2021, Chinese diplomats brazenly dressed down newly appointed Biden administration diplomats in Anchorage without rebuke. The debacle in Afghanistan in August 2021 marked the greatest abandonment of U.S. arms and facilities in American military history. Six months later, an observant Vladimir Putin correctly surmised that a Russian invasion of Ukraine would likely face few countermeasures from a now humiliated and unsteady United States.
In late January 2023, the meandering and uninterrupted weeklong flight of a Chinese spy balloon across the American homeland seemed to exemplify the general disdain enemies now held for the Biden administration. Indeed, foreign foes assumed that there would be few Western consequences for their aggression, at least during a window of opportunity never before seen—nor likely to be repeated.
On October 7, 2023, Hamas terrorists, followed eagerly by a ragtag mob of Gazans, stormed into Israel. They murdered, tortured, raped, or took hostage some 1,200 Israeli victims, sparking a theater-wide war against Israel instigated by Iran and its surrogates.
The serial Houthi attacks on international shipping intensified to such a degree that the Red Sea joined the Black Sea, the Strait of Hormuz, the South China Sea, and the Eastern Mediterranean as virtual no-go zones for Western shipping, given the absence of visible American and NATO deterrents. By autumn 2024, Iran had launched 500 missiles, rockets, and drones at the Israeli homeland, with the United States loudly enjoining de-escalation and restraint on our Israeli ally.
By year’s end, tens of thousands of North Korean combat troops were fighting with Russians on the Ukrainian border. And by late 2024, the combined Russian and Ukrainian dead, wounded, and missing had passed one million, in the greatest European charnel house since the World War II battle for Stalingrad.
All these foreign wars and quagmires pose dilemmas for MAGA reformers. Again, Trump was not elected to be a nation-builder, globalist, or neoconservative interventionist. Conversely, he is no isolationist or appeaser, on whose watch the world would continue to descend into the chaos of the past four years. Yet Trump in 2024 is much more emphatic about the need to avoid such dead-end overseas entanglements, or even the gratuitous use of force that can lead to tit-for-tat entanglements. That caution may obscure his Jacksonian foreign policy and wrongly convince opportunists to test his frequent braggadocio and purported deterrence credentials.
In this regard, Trump’s selection of J.D. Vance as vice president and Tulsi Gabbard as director of national intelligence, along with Tucker Carlson and the once-Democratic pacifist Robert F. Kennedy Jr. as close advisers—coupled with his announcements that the hawkish former secretary of state Mike Pompeo and the former UN ambassador Nikki Haley would not be in the administration—may be misinterpreted by scheming foreign adversaries as proof of a new Trumpian unilateral restraint.
The Republican Party is now the party of peace, and Trump the most reluctant president to spend American blood and treasure abroad in memory. Trump broke with previous Republican interventionism largely because he damned past American misadventures in Afghanistan and Iraq that cost thousands of lives and trillions of dollars while they distracted from an unsustainable national debt, a nonexistent southern border, and a floundering lower middle class. Similarly, it is no wonder that the public often sees the use of force abroad as coming at the zero-sum expense of unaddressed American needs at home. Moreover, a woke, manpower-short military has disparaged and alienated the working-class recruits who disproportionately sought out combat units and fought and died in far-off Afghanistan and Iraq.
Recently, however, even as President Trump’s inner circle emphasized a stop to endless conflicts, Trump himself in November 2024 warned Vladimir Putin not to escalate his attacks against Ukraine. Yet that warning was followed by massive Russian air onslaughts against largely civilian Ukrainian targets—and further threats of tactical nuclear weapons deployed against Ukraine. Trump also instructed Hamas and Hezbollah to cease their wars against Israel, and advised the former to release the hostages, Americans particularly—or else.
Vladimir Putin no doubt took note, but he also may have wished to encourage America’s enemies to test Trump’s Jacksonian rhetoric against his campaign’s domestic promises to mind America’s own business at home. So, is there a way to square the circle of neither appeasing nor unwisely intervening?
Trump will have to speak softly yet clearly while carrying a club. For the first few months of his tenure, his administration will be tested as never before to make it clear to Iran and its terrorist surrogates, as well as China, North Korea, and Russia, that aggression against U.S. interests will swiftly incur disproportionate and overwhelming repercussions—in order to prevent wider wars that eventually might require the use of much larger forces.
Ukraine is, paradoxically, a case study of both the dangers of American intervention in distant foreign wars and the consequences of being regarded as weak, timid, and unable or unwilling to protect friends and deter enemies. The cauldron on the Ukrainian border, as already noted, has likely already caused between 1 and 1.5 million Ukrainian and Russian casualties, soldiers and civilians alike. There is no end in sight after three years of escalating violence. And there are increasing worries that strategically logical and morally defensible—but geopolitically dangerous—Ukrainian strikes on the Russian interior could escalate and lead to wider wars among the world’s nuclear powers. Joe Biden’s postelection decision to allow Ukraine to launch sophisticated American missiles deep into the Russian homeland was met by further Russian warnings of escalation to the use of nuclear weapons.
Many on the right wish for Trump immediately to cut off all aid to Ukraine for what they feel is an unwinnable war, even if that cessation would end any leverage to force Putin to negotiate. They feel the conflict was egged on by a globalist left, as a proxy conflict waged to ruin Russia to the last Ukrainian soldier. These critics see the war as conducted by a now undemocratic Ukrainian government, without elections, habeas corpus, a free press, or opposition parties, led by an ungracious and corrupt Zelensky cadre that has intrigued with the American left in an election year. Preferring negotiations that might cede Ukrainian territories already occupied by Russia for guarantees of peace, they point to polls revealing that less than half the Ukrainian people are confident of a full military “victory” that would restore the country’s 1991 borders.
French president Emmanuel Macron and Ukrainian president Vladimir Zelensky meet with Trump on December 7, 2024, in Paris, France. (Oleg Nikishin via Getty Images)
In contrast, many on the left see Putin’s invasion and the right’s weariness with the costs of Ukraine as the long-awaited proof of the Trump-Russia “collusion” unicorn and generally perfidious Trumpian Russophilia. They judge Putin, not China’s imperialist juggernaut, as the real enemy. And they discount the dangers of a new Russia-China-Iran-North Korea axis. To see Ukraine at last defeat Russia, recover all of the Donbas and Crimea, and destroy the Putin dictatorship, they are willing to feed the war with American cash and weapons—again, to the last Ukrainian.
Trump vowed to end the catastrophe within a day by doing what is now taboo—namely, calling up Vladimir Putin and making a deal that would do the seemingly impossible and entice Russia back inside its pre-invasion borders of February 24, 2022, thus preserving a reduced but still autonomous, and even secure, Ukraine. How could Trump pull this off?
Ostensibly, Trump would be following the advice of a growing number of Western diplomats, generals, scholars, and pundits who have reluctantly outlined a general plan to stop the slaughter. But how would the dictator Putin face the Russian people with anything short of an absolute annexation of Ukraine, after wasting a million Russian casualties?
Perhaps, after the deal, Putin could brag to Russians that he institutionalized forever his 2014 annexations of the majority-Russian Donbas and Crimea; that he prevented Ukraine from joining NATO on the doorstep of Mother Russia; and that he achieved a strategic coup in uniting Russia, China, Iran, and North Korea in a grand new alliance against the West and particularly the United States, with the acquiescence, if not support, of the NATO member Turkey and an ever more sympathetic India.
And what would Ukraine and the West gain from such an example of the Trumpian “art of the deal”? Kyiv might boast that, as the bulwark of Europe, Ukraine heroically saved itself from Russian annexation, as was envisioned by Putin in the 2022 attempt to decapitate Kyiv and absorb the entire country. Ukraine was subsequently armed by the West and fought effectively enough to stymie the Russian juggernaut and humiliate and severely weaken the Russian military—to the benefit of NATO and EU nations. Trump might then pull off the agreement if he could further establish a demilitarized zone between the Russian and Ukrainian borders and ensure EU economic help for a Ukraine fully armed to deter an endlessly restless Russian neighbor.
What would be the incentives for such a deal, and would they be contrary to the interests of the American people or antithetical to the views of the new Republican populist-nationalist coalition? First, consider that if Trump were to cut all support for Ukraine, it would likely soon be absorbed by Russia. The MAGA right would then be blamed for a humiliation comparable to the Kabul catastrophe. Indeed, the fallout would likely be worse, since the situation in Ukraine, unlike the Afghanistan mess, required only American arms, rather than lives. In contrast, if the conflict grinds on and on, at some point the purportedly humanitarian yet pro-war left will be permanently stamped as the callous party of unending conflict, and seen as utterly indifferent to the Ukrainian youth consumed to further its endless vendetta against a Russian people who also are worn out by the war.
Both Russia and Ukraine are running out of soldiers, with escalating casualties that will haunt them for years. Russia yearns to be free of sanctions and to sell oil and gas to Europe. The West, and the United States in particular, would like to triangulate with Russia against China and vice versa, in Kissinger style, and thus avoid any multi-power nuclear standoff.
Trump wants global quiet in order to increase and stockpile American munitions with an emboldened China on the horizon. He will inherit a U.S. military budget dangerously exhausted by wasteful procurement of overpriced systems like the F-22 aircraft and the littoral combat ship, by cuts in training for troops and maintenance of ships, and by massive aid to Ukraine and Israel. Accordingly, Trump prefers allies like Israel that can win with a few billion, rather than those that continue to struggle after receiving $200 billion, as Ukraine has done.
Last, Europe is mentally worn out by the war, and increasingly reneging on its once-boastful unqualified support for Ukraine, as it hopes the demonic Trump can both end the hated war and be hated for ending it.
The same challenge of forcefully dissuading bullies while avoiding exhausting wars will confront Trump in the Middle East. To restore deterrence, Trump will have to put the Houthis on notice that their attacks on international shipping in the Red Sea will earn them something more deleterious than the Biden administration’s passive deflections of shore-to-ship missile attacks. That passivity has so far cost the United States about $2 billion in munitions without achieving tangible results.
Iran, of course, is at the nexus of Middle Eastern tensions. Both fear of Tehran’s missiles and the Biden administration’s opposition paralyzed the Abraham Accords. Iran supplies all the terrorist organizations—Hamas, Hezbollah, and the Houthis—that have attacked Israel since Trump’s departure. Accordingly, Trump will likely lift American restraints on Israel, supply the necessary heavy-duty ordnance should it wish to retaliate against Iranian attacks by taking out Iran’s nuclear program and oil-export facilities, and deter Russia and China from intervening to help their client Iran.
In sum, to ensure that there are no theater-wide conflicts in the Middle East as well as in Eastern Europe and beyond, Trump will have to use disproportionate force to dispel the image of the United States as indifferent to aggression due to fears of costly intervention.
The MAGA revolution that will now ensue in the four years of Trump’s second and last presidential term promises to remake America in ways only haphazardly realized four years ago. In Trump’s favor this time around are his past years of governance and his knowledge of the sort of opposition he will now face—after two impeachments, five weaponized civil and criminal court cases, repeated efforts to remove his candidacy from state ballots, two assassination attempts, and three brutal presidential campaigns.
The failed Biden years—the entrance of 12 million illegal aliens through a deliberately opened border, wars abroad, inflation, and soaring crime—helped propel the most spectacular political resurrection in American political history. The backroom Biden removal from the Democratic nomination, the subsequent listless Harris campaign, and the ever more radical trajectory of the increasingly unpopular Democratic Party have all put Trump in a far more powerful position than when he entered the presidency in 2017 or when he left office in 2021.
Trump’s success in resetting the United States will hinge not merely on outwitting the desperation of his enemies, but also on navigating the paradoxes of implementing his own MAGA agenda.
KING NEWS
The King Report March 5, 2025 Issue 7443
Independent View of the News
China slaps extra tariffs of up to 15% on imports of major US farm exports and adds trade limits Imports of U.S.-grown chicken, wheat, corn and cotton will face an extra 15% tariff, the Chinese ministry said. Tariffs on sorghum, soybeans, pork, beef, seafood, fruit, vegetables and dairy products will be increased by 10%…https://t.co/nLMMme7xWJ
People’s Daily, China @PDChina: China’s General Administration of Customs on Tuesday announced the suspension of soybean imports from three American enterprises — CHS Inc., Louis Dreyfus Company Grains Merchandising LLC, and EGT, LLC — after ergot and seed coating agents were detected in soybeans imported from the US.
Canada Retaliates, Puts Tariffs on $107 Billion of US Products The first stage is 25% tariffs on about C$30 billion ($20.6 billion) worth of goods from US exporters, and will go into effect at 12:01 a.m. New York time unless the US drops its tariffs, Trudeau said. A second round of tariffs at the same rate will be placed on C$125 billion of products in three weeks — a list that will include big-ticket items like cars, trucks, steel and aluminum… https://finance.yahoo.com/news/canada-ready-retaliate-against-us-204055399.html
Canada announces a 25% export tax on electricity it sends to 1.5 million American homes in Minnesota, Michigan and New York, in retaliation for President Trump’s tariffs
Trump: Canada doesn’t allow American Banks to do business in Canada, but their banks flood the American Market. Oh, that seems fair to me, doesn’t it?
@Jkylebass: We should think about President Trump’s Tariffs in 3 buckets: 1. Blunt force trauma – tariffs used to generate action (Mexico, Canada, China this round) 2. External revenue – a 10% across the board tariff should raise $400B annually 3. National Security (aluminum, steel, etc) Economically, tariffs act similarly to a currency adjustment…especially for a country running large and persistent trade deficits. In the end, today’s tariffs are about stopping Chinese fentanyl from intentionally killing over 100,000 Americans each year. This MUST STOP There will be a fractional impact on consumer prices and very little true impact to CPI. Treasury Sec Bessent said it best when he said, “Chinese manufacturers will eat the tariffs…prices won’t go up.”
ESHs traded in a 22-handle range (mostly positive) from the Nikkei opening until they broke down at 5:00 ET. ESHs then methodically declined until they rallied from 5814.75 at 8:24 ET to 5834.25 at 9:13 ET on the conditioned buying for the NYSE opening. ESHs then tumbled to 5744.00 at 10:20 ET.
Tues’s King Report: Traders will try to create a Turnaround Tues, especially if the morning is negative.
The usual dip buying after an early decline lifted ESHs to 5782.00 at 10:34 ET. Sellers returned; ESHs formed an effective triple bottom at the 11:30 ET European close. Then, as we suspected, traders created the Turnaround Tuesday to the upside. ESHs soared to 5875.75 at 15:24 ET.
Part of robust rally might have been due to Reuters, which said DJT would report, at His SOTU speech, that the US-Ukraine mineral rights deal has been signed. Last night Bessent denied the report.
@Zelenskyy: I would like to reiterate Ukraine’s commitment to peace. None of us wants an endless war. Ukraine is ready to come to the negotiating table as soon as possible to bring lasting peace closer. Nobody wants peace more than Ukrainians. My team and I stand ready to work under President Trump’s strong leadership to get a peace that lasts. We are ready to work fast to end the war, and the first stages could be the release of prisoners and truce in the sky — ban on missiles, long-ranged drones, bombs on energy and other civilian infrastructure — and truce in the sea immediately, if Russia will do the same… We do really value how much America has done to help Ukraine maintain its sovereignty and independence. And we remember the moment when things changed when President Trump provided Ukraine with Javelins. We are grateful for this. Our meeting in Washington, at the White House on Friday, did not go the way it was supposed to be. It is regrettable that it happened this way. It is time to make things right. We would like future cooperation and communication to be constructive. Regarding the agreement on minerals and security, Ukraine is ready to sign it in any time and in any convenient format. We see this agreement as a step toward greater security and solid security guarantees, and I truly hope it will work effectively. (<24 hrs. after DJT cuts aid, Zelensky changes tune)
ESHs then plunged to 5768.75 at 15:52 ET on trader liquidation. The illegal late manipulation forced ESHs to 5811.00 at 16:00 ET. ESHs then fell 21 handles in one minute after the ‘marks’ were booked.
US Natural Gas soared as much as 10%! @OilandEnergy: U.S. Henry Hub Natural Gas futures are soaring on record LNG exports. European countries are buying LNG to refill depleted storage sites in what looks like an early start to injection season.
@RealEJAntoni: Price of the median new home soared in Jan to the second highest level on record, just shy of $450k – that’s a 26% increase in just 4 years; throw in higher interest rates and it’s no wonder housing affordability collapsed under Biden: https://t.co/lK6kFVfBvX
@RapidResponse47: @SecScottBessent: “Over the medium term… it’s a focus on Main Street. Wall Street’s done great… We have a focus on small business and consumers… We are going to bring manufacturing jobs home… We’re cutting red tape, we’re cutting regulations, and we’re going to get bank lending going again.” https://x.com/RapidResponse47/status/1896923707253162301
Positive aspects of previous session ESHs and stocks rebounded sharply after a morning tumble. Gasoline and oil declined.
Negative aspects of previous session ESHs and US equities tumbled in the morning and during the final hour of NYSE trading. Gold rallied sharply while the dollar declined sharply. USHs were -1 2/32 at 16:38 ET.
Ambiguous aspects of previous session Is the worst of tariff fear over?
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]: 5791.94 Previous session S&P 500 Index High/Low: 5865.08; 5732.59
@DefiyantlyFree: In 2022, NBC was reporting that Joe Biden lost his temper with Zelensky because he wasn’t grateful and he was very demanding. That’s in 2022. Wait, the media didn’t tell you about this? I wonder why… https://x.com/DefiyantlyFree/status/1896201823834493344
@seanmdav: You can draw a straight line from what’s happening with Ukraine today back to the Obama-Biden foreign policy of 2014: they launched a coup to install a puppet government in Ukraine, then used the country as a base of operations for corrupt money laundering and enrichment of the regime’s friends and family, all funded by the American taxpayer. It wasn’t just Hunter Biden getting paid (though he was the most obvious). They were all doing it. If Zelensky falls and an accountable government is elected, it’s over for everyone who used that country as a piggy bank for the last decade, and they all know it. That knowledge is what unites Obama-era Democrats and neocons… Remember when they bombed Nordstream—Putin’s largest source of economic leverage over Europe—and then tried to claim Putin blew it up? Just wait to see what they come up when they finally decide Zelensky has outlived his usefulness.
Europe proposes new $150 billion defense fund to beef up armies: ‘We are living in the most momentous and dangerous of times’https://t.co/TWPTsECd9f
Trump considers ‘relinquishing leadership of NATO’ and insist UK and France take more responsibility as Starmer plans return to DC with Zelensky to present ‘united front’ on peace planhttps://t.co/r6JtE05ut7
@ITGuy1959: Hillary Clinton arguably did more long-term damage to U.S. – Russia relations than any person alive. The Russia collusion hoax hatched by her campaign coupled with Media fueled TDS created a Russiaphobia complex in this country that helped put us where we are today.
Some Dems plot to disrupt Trump’s speech to Congress (When you are on the wrong side of issues!) This sets up a potential clash between party traditionalists and its more combative anti-Trump wing… A wide array of props — including noisemakers — has also been floated: Signs with anti-Trump or anti-DOGE messages — just as Rep. Rashida Tlaib (D-Mich.) held up a sign during Israeli Prime Minister Benjamin Netanyahu’s speech last year that said “war criminal.” Eggs or empty egg cartons to highlight how inflation is driving up the price of eggs. Pocket constitutions to make the case that Trump has been violating the Constitution by shutting down congressionally authorized agencies. Hand clappers, red cards like those held up to express disagreement at town halls, and various other props have also been discussed… https://www.axios.com/2025/03/04/trump-congress-address-democrats-disrupt-plan
The idiocy of drawing attention to egg prices when the inflation was due to Biden is priceless! @Breaking911: Chuck Schumer, Elizabeth Warren and Cory Booker release the same exact videos at the same time. Can’t make this up. https://t.co/fMOiak6BvV @elonmusk: Who is writing the words that the puppets speak?.. And who told them ALL to hold the microphone like they’re a teenager doing TikTok videos… This is just lazy… Now we’re up to 22 Dem senators all doing the same cringe video simultaneously! (A cult that believes everyone else is stupid!)
The IRS is drafting plans to cut as much as half of its 90,000-person workforce, AP sources say.https://t.co/GXuSJrSy9s
Today – ESHs and US stocks tumbled during the first and final hour of NYSE trading. Stocks are due for a rabid rebound rally. After severe technical damage, the first meaningful rebound attempt fails. The usual suspects will try to foment a rally. The big caveat: Forced selling by traders, hedgies, and PMs.
The S&P 500 low on Tuesday is 5732.59. Its 200-DMA is 5725.89, which is important support.
After the NYSE close, CrowdStrike forecasted Q1 EPS of .64 to .66, .96 exp. CRWD sank 30 points. Non-GAAP Q4 EPS 1.03, .86 expected; Revenue $1.06B beat by $20m.
At 16:26 ET, Com Sec Lutnick said Trump might reduce tariffs on Mexico and Canada on Wed.
Expected economic data: Feb ADP Employment Change 140k; Feb S&P Global US Service PMI 49.7; Feb ISM Services Index 52.5, Price Paid 60.0; Jan Factory Orders 1.7% m/m; Jan Durable Goods 3.1% m/m, Ex-Trans 0.0%
ESHs are +24.75; NGHs are +75.25 (on the reduced tariffs report); & USHs are -18/32 at 21:15 ET.
S&P Index 50-day MA: 5989; 100-day MA: 5954; 150-day MA: 5822; 200-day MA: 5726 DJIA 50-day MA: 43,627; 100-day MA: 43,540; 150-day MA: 42,690; 200-day MA: 41,869 (Green is positive slope; Red is negative slope)
S&P 500 Index (5778.15 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender and MACD are positive – a close below 5447.29 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 6053.94 triggers a buy signal Hourly: Trender and MACD are negative – a close above 5891.83 triggers a buy signal
@WesternLensman: VANCE: “Zelensky, he goes to Europe and a lot of our Europeanfriends puff him up. They say you know, you’re a freedom fighter. You need to keep fighting forever.” “Fighting forever with what? With whose money? With whose ammunition, and with whose lives? The president is actually taking a much more realistic perspective and saying, this can’t go on forever.” “We can’t fund this thing forever. The Ukrainians can’t fight forever. So let’s bring this thing to a peaceful settlement.” https://x.com/WesternLensman/status/1896747967002079538
Trump: All Federal Funding will STOP for any College, School, or University that allows illegal protests. Agitators will be imprisoned/or permanently sent back to the country from which they came. American students will be permanently expelled or, depending on the crime, arrested. NO MASKS! Thank you for your attention to this matter.
Obama Justice Dept., John Kerry ‘systematically derailed’ FBI probe of Iranian terrorists while pursuing nuclear deal: whistleblowershttps://t.co/AGoeI7mvR4
@libsoftiktok: 1199SEIU, the major healthcare union involved in a multi-billion-dollar Medicaid scandal in NY, is currently hiring remote workers for its communication center with a stated goal to “STOP TRUMPS AGENDA.” Our tax dollars are funding this https://t.co/PCQWiSrPSb
@SwipeWright: A new study analyzed mental health outcomes in gender dysphoric patients (with no other previous mental health diagnoses) who did and did not receive “gender-affirming surgery.” Those who received surgery had an “elevated risk of mental health disorders—including depression, anxiety, suicidal ideation, and substance use disorder” compared to those who did not undergo surgery. They further report that “the heightened risk of mental health issues post-surgery was particularly pronounced among individuals undergoing feminizing transition compared to masculinizing transition.” Despite these findings, rather than questioning the medical legitimacy of performing “gender-affirming” surgeries given the significantly worse mental health outcomes among recipients, the authors instead suggest that these individuals simply require. https://x.com/SwipeWright/status/1895593395500052765 @NancyMace: Your mental illness will not become my new reality.
Andrew Cuomo blasts ‘defund the police’ in interview with Stephen A. Smith — despite once calling movement ‘legitimate’https://t.co/fpThN1LRKN
@Glenn_Diesen: In 1997, Biden bragged that he dismissed Russia’s concerns about NATO expansion. Moscow could be ignored as the US was the only game in town – Biden mocked Russia’s warning it would have to align with China and joked that Russia could also partner with Iran as the crowd laughed. https://x.com/Glenn_Diesen/status/1896615936804929992?t=_RdjYa3ODHWytqPECH_pwA
SWAMP STORIES
Quite a story!!
Waste Of The Day: $95 Million Worth Of EV Buses Were Never Delivered
Topline: The Biden administration gave Canadian electric bus maker The Lion Electric Company $160 million in subsidies to manufacture 435 buses for schools around the U.S. The company is nearing bankruptcy and laid off almost half its employees, but $95 million of the buses have still not been provided, according to the Washington Free Beacon.
Some of the $65 million worth of buses that were delivered are not without problems. The Environmental Protection Agency is investigating Lion Electric for fraud after the buses it sent to Winthrop Public Schools in Maine were unusable for a year and a half due to faulty parts.
Key facts: Lion Electric received the third most money of all manufacturers subsidized by President Biden’s $5 billion Clean School Bus program, yet there are still 55 school districts waiting for their buses, the Free Beacon reported.
Meanwhile, Lion Electric’s stock has fallen to $.08 per share compared to $33.48 in January 2021. The company has also allegedly faced issues with properly disclosing its finances. A group of investors sued the company last year for its allegedly “grossly unrealistic financial projections,” and the Securities and Exchange Commission issued a warning last August over inaccurate numbers
The issues were already clear when the government awarded its grant to Lion Electric in October 2022. The company had reported $17.2 million in losses in the previous three months, the Free Beacon reported.
Winthrop Public Schools in Maine is in a particularly tough spot. The school is required to either use the EV buses or pay back the federal grant used to buy them. Many of the buses are out of commission, and the school says Lion Electric has not provided support.
Lion Electric is required to pay Winthrop back for any time the buses spend off the road, but the school told Central Maine they don’t expect to get the $57,000 they are owed.
The company nearly received another $50 million subsidy from the State of Illinois, but it failed to keep the required number of employees on staff.
Dr. Peter McCullough is a renowned cardiologist who has been fighting the government CV19 vax propaganda from the beginning. Dr. McCullough is now out with new warnings about treatment needed for the CV19 bioweapon vax and the coming Bird Flu vaccine. Let’s start with the Bird Flu where McCullough warns, “The current bio-security protocol is to test 11 chickens . . . pool the swabs into the same test tube, send it off for testing. If it comes back positive, they don’t know which bird is positive, so they kill the entire flock. . . . The estimates were only 10,000 birds died of Bird Flu, but we know nearly 200 million chickens have been killed with this bio-security process.”
Now you know why egg prices are so high, but wait, there is more. Dr. McCullough says a new Bird Flu mRNA vaccine has been approved, and it could mean even bigger trouble if you don’t cook your chicken and eggs fully. Dr. McCullough says, “Now, the bad news is this virus has mutated for the worse. . . . I honestly think Bird Flu has taken a turn for the worst, and all this bio-security has made it worse and not better.”
Dr. McCullough is still recommending turning down any mRNA vaccine and thinks the CV19 mRNA vaccines should be discontinued and should have been pulled from the market a long time ago. Dr. McCullough says, “I am going natural and using nasal sprays and gargle twice a day. People doing this are getting . . . no colds, no flu and no Covid.”
Dr. McCullough also is recommending treatment for most people who have gotten the CV19 vaccines. Dr. McCullough contends the country is facing a health crisis that will be with us for up to 15 years, and people who are vaxed will have much shorter lives without treatment now. McCullough says, “I advise most people who took the shots, even those who had Covid, to undergo what is called ‘Base Spike Protein Detoxification.’ That’s the Ultimate Spike Detox from The Wellness Company. I personally do not recommend any mRNA injections. That means no Pfizer and Moderna Covid shots and no Moderna RSV shot.”
Finally, Dr. McCullough addresses the spike in cancers since the CV19 shots came onto the scene. Ed Dowd, author of the popular book “Cause Unknown: Epidemic of sudden deaths in 2021, 2022, 2023,” is one of many who has been seeing deaths, disabilities and cancers climb, especially in young people (third paragraph). Dr McCullough has a treatment that people are trying for cancer with promising results. Dr. McCullough says, “This is the combination of Ivermectin and Mebendazole, and it is used to cleanse the body of parasites. . . . What patients are doing is using this product ‘off-label.’. . . They are using it in the setting of advanced cancers. . . . The data is emerging that these antiparasitics may have anti-cancer effects. . . . Most people with advanced cancers are going to go all out.”
There is much more in the 51-minute interview.
Join Greg Hunter of USAWatchdog.com as he interviews top cardiologist Dr. Peter McCullough, who is Chief Science Officer of The Wellness Company. Dr. McCullough has new information on CV19 vax injury treatment,off-label cancer treatment and is still warning not to get a deadly Bird Flu vaccine or any other mRNA vax for 3.4.25.
harveyorganblog.com 
