GOLD CLOSED UP $2.10 TO $2918.65
SILVER CLOSED UP $0.16 CENTS TO $32.75
GOLD ACCESS CLOSED 2909.60
Silver ACCESS CLOSED: $32.62
Bitcoin morning price:$90,979 UP2841 DOLLARS.
Bitcoin: afternoon price: $88,970 UP 832 DOLLARS
Platinum price closing UP $6.60 TO $971.10
Palladium price; UP $8.85 TO $949.40
END
*CANADIAN GOLD: $4160.60 DOWN 23.70 CDN dollars per oz( * NEW ALL TIME HIGH 4208.15CDN DOLLARS PER OZ//FEB 24 2025)
*BRITISH GOLD: 2259.60 DOWN 4.20 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING//2,339.25 BRITISH POUNDS/OZ) FEB 10/2025
*EURO GOLD: 2,698.90 DOWN 4.48 Euros per oz //* (ALL TIME CLOSING HIGH: 2,819,78UROS PER OZ/FEB 24 //2025)
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END
EXCHANGE
EXCHANGE: COMEX
EXCHANGE: COMEX
CONTRACT: MARCH 2025 COMEX 100 GOLD FUTURES
SETTLEMENT: 2,915.300000000 USD
INTENT DATE: 03/05/2025 DELIVERY DATE: 03/07/2025
FIRM ORG FIRM NAME ISSUED STOPPED
072 C GOLDMAN 32
072 H GOLDMAN 667
118 C MACQUARIE FUT 333
132 C SG AMERICAS 8 9
190 H BMO CAPITAL 335
323 C HSBC 463
363 H WELLS FARGO SEC 338
523 C INTERACTIVE BRO 2
624 H BOFA SECURITIES 288
657 C MORGAN STANLEY 68
661 C JP MORGAN 12
686 C STONEX FINANCIA 8 83
690 C ABN AMRO 11
709 C BARCLAYS 18
737 C ADVANTAGE 8
905 C ADM 19
TOTAL: 1,351 1,351
JPMORGAN STOPS 12/1351 CONTRACTS
GOLD: NUMBER OF NOTICES FILED FOR MARCH/2024. CONTRACT: 1351 NOTICES FOR 135,100 OZ 4.202 TONNES
total notices so far: 12,458 contracts for 1,245,800 Oz (38.874 tonnes)
FOR MARCH
XXXXXXXXXXXXXXXXXX
SILVER NOTICES: 454 NOTICE(S) FILED FOR 2.270 MILLION OZ/
total number of notices filed so far this month : 12,458 for 62.290 million oz
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GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD UP $2.10 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD:
HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.44TONNES
INVENTORY RESTS AT 900.36 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER UP 16 CENTS AT THE SLV: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF .455 MILLION OZ INTO THE SLV//
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 ROSE BY A MEGA MEGA MONSTER SIZED 4231 CONTRACTS TO 150,166 AND CONTINUING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS MONSTER SIZED GAIN IN COMEX OI WAS ACCOMPLISHED WITH OUR HUGE GAIN OF $0,82 IN SILVER PRICING AT THE COMEX WITH RESPECT TO WEDNESDAY’S TRADING. WE HAD A MEGA MEGA HUMONGOUS GAIN OF 5277 TOTAL CONTRACTS ON OUR TWO EXCHANGES WITH OUR HUGE GAIN IN PRICE//WEDNESDAY’S TRADING.. WE HAD LITTLE LIQUIDATION OF T.A.S. CONTRACTS ON WEDNESDAY 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 WEDNESDAY WITH SILVER’S HUGE GAIN IN PRICE. WE HAD A LITTLE T.A.S. LIQUIDATION WEDNESDAY CONSERVING THEIR ENERGY FOR TODAY. BUT THIS WAS COUPLED WITH ANOTHER HUGE T.A.S. ISSUANCE OF 926 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. THUS OUR RAID TODAY! WE HAVE A HUGE CONTANGO IN SILVER SPOT VS FRONT FEB OF AROUND 95 CENTS AND A LEASE RATE OF 6%. WE HAD A HUGE 1046 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR STRONG 926 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN THURSDAY.S TRADING//RAID AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE. IN ESSENCE WE GAINED A MEGA HUMONGOUS 5277 CONTRACTS ON OUR TWO EXCHANGES WITH OUR HUGE GAIN IN PRICE. WE HAD SMALL TAS LIQUIDATION THROUGHOUT WEDNESDAY’S COMEX TRADING SESSION WHICH ACCOUNTS FOR THE HUGE 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 AND NOW TODAY!
CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE. THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON WEDNESDAY NIGHT/THURSDAY MORNING: A HUGE 928 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 $0.82 AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SILVER LONGS FROM THEIR PERCH AS WE HAD A MEGA MEGA MONSTER GAIN IN OUR TWO EXCHANGES OF 5277 CONTRACTS WE HAD A LITTLE LIQUIDATION OF T.A.S. CONTRACTS TRYING TO CONTAIN SILVER’S PRICE RISE AND THAT ACCOUNTS OF MOST OF OUR OPEN INTEREST RISE.
WE HAD A 1046 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 0.290 MILLION OZ EXCHANGE FOR PHYSICAL TRANSFER TO LONDON
INITIAL STANDING FOR MARCH REDUCES TO 73.930 MILLION OZ
WE HAD:
/ MEGA MEGA COMEX OI GAIN+// A HUGE SIZED EFP ISSUANCE/ VI) STRONG SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 926 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED 369 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 4 DAYS, total 2076 contracts: OR 10.380 MILLION OZ (519 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 10.380 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: 10.38 MILLION OZ///
XXXXXXXXXXXXXXXXXXXXXXXXXXXX
RESULT: WE HAD A HUMONGOUS SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 4231 CONTRACTS WITH OUR GAIN IN PRICE OF 82 CENTS IN SILVER PRICING AT THE COMEX// WEDNESDAY.,. THE CME NOTIFIED US THAT WE HAD A 1046 CONTRACT EFP ISSUANCE CONTRACTS: 1046 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 0.290 MILLION OZ EXCHANGE FOR PHYSICAL TRANSFER TO LONDON//NEW STANDING REDUCES TO 73.930 MILLION OZ
WE HAVE 1). A MEGA MEGA HUMONGOUS SIZED GAIN OF 5231 OI CONTRACTS ON THE TWO EXCHANGES WITH OUR STRONG GAIN IN PRICE// 2.THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A STRONG 926 CONTRACTS TRYING DESPERATELY TO CONTAIN SILVER’S PRICE RISE,//LITTLE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE WEDNESDAY COMEX SESSION SAVING THEIR ENERGY FOR TODAY (THURSDAY). HOWEVER THEY STILL NEED THESE ISSUANCES FOR REPLENISHMENT FOR FUTURE TRADING //3. ZERO NET LONG SPECULATORS WERE BURNED ON WEDNESDAY 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 WEDNESDAY NIGHT (926 ) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE AND MOST LIKELY TODAY.
WE HAD 454 NOTICE(S) FILED TODAY FOR 2.270 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 FAIR SIZED 3083 OI CONTRACTS TO 492,353 AND CLOSER TO THE RECORD (SET JAN 24/2020) AT 799,105 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. (ALL TIME LOW OF 390,000 CONTRACTS.)
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED A STRONG SIZED 1151 CONTRACTS//
WE HAD A FAIR SIZED INCREASE IN COMEX OI (3083 CONTRACTS) OCCURRED WITH OUR GAIN OF $6.75 IN PRICE WEDNESDAY. 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 52,600 OZ QUEUE JUMP (1.633 TONNES)//NEW STANDING ADVANCES TO 30.309 TONNES
/NEW STANDING FOR MARCH; 39.309 TONNES
/ ALL OF THIS HAPPENED WITH OUR $6.75 GAIN IN PRICE WITH RESPECT TO WEDNESDAY’S COMEX ///. WE HAD A GOOD SIZED GAIN OF 3888 OI CONTRACTS (12.093 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 SMALL SIZED 805 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 492,353
IN ESSENCE WE HAVE A STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 3888 CONTRACTS WITH 3083 CONTRACTS INCREASED AT THE COMEX// AND A SMALL SIZED 805 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 3888 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A HUGE SIZED AND CRIMINAL 3772 CONTRACTS ISSUED.
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (805 CONTRACTS) ACCOMPANYING THE FAIR SIZED INCREASE IN COMEX OI OF 3083 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 3888 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 1.633 TONNES QUEUE JUMP//NEW STANDING ADVANCES TO 39.309 TONNES
NEW STANDING FOR MARCH ADVANCES TO:
39.309 TONNES
//NEW STANDING MARCH: 39.309 TONNES
.
/ 3) SMALL T.A.S. LIQUIDATION TRYING TO LOWER GOLD’S PRICE WEDNESDAY WITH NO SUCCESS IN REMOVING ANY NET SPECULATOR LONGS, AS WITH OUR1) $6.75 PRICE GAIN WE HAD 2) ZERO NET LONG SPECS BEING CLIPPED AS WE HAD A GOOD GAIN OF 3888 CONTRACTS ON OUR TWO EXCHANGES ) ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED WEDNESDAY 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) STRONG SIZED COMEX OPEN INTEREST INCREASE 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///FAIR T.A.S. ISSUANCE: 3772 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: 8384 CONTRACTS OF 838,400 OZ OR 26.077 TONNES IN 4 TRADING DAY(S) AND THUS AVERAGING: 2,096 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 4 TRADING DAY(S) IN TONNES 26.077 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2024, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 26.077 DIVIDED BY 3550 x 100% TONNES = 0.732% OF GLOBAL ANNUAL PRODUCTION
ACCUMULATION OF GOLD EFP’S YEAR 2021 TO 2023
JANUARY/2021: 265.26 TONNES (RAPIDLY INCREASING AGAIN)
FEB : 171.24 TONNES ( DEFINITELY SLOWING DOWN AGAIN)..
MARCH:. 276.50 TONNES (STRONG AGAIN/
APRIL: 189..44 TONNES ( DRAMATICALLY SLOWING DOWN AGAIN//GOLD IN BACKWARDATION)
MAY: 250.15 TONNES (NOW DRAMATICALLY INCREASING AGAIN)
JUNE: 247.54 TONNES (FINAL)
JULY: 188.73 TONNES FINAL
AUGUST: 217.89 TONNES FINAL ISSUANCE.
SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_
OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)
NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP
DEC. 175.62 TONNES//FINAL ISSUANCE//
TOTALS: 2,578.08 TONNES/2021
JAN:2022 247.25 TONNES //FINAL
FEB: 196.04 TONNES//FINAL
MARCH/2022: 409.30 TONNES //FINAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.
APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)
MAY: 247.44 TONNES FINAL//
JUNE: 238.13 TONNES FINAL
JULY: 378.43 TONNES FINAL/SECOND HIGHEST ON RECORD
AUGUST: 180.81 TONNES FINAL
SEPT. 193.16 TONNES FINAL
OCT: 177.57 TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)
NOV. 223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)
DEC: 185.59 tonnes // FINAL
TOTAL: 2,847,25 TONNES/2022
JAN 2023: 228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!
FEB: 151.61 TONNES/FINAL
MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)
APRIL: 197.42 TONNES
MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)
JUNE: 172.667 TONNES (WEAKER ISSUANCE THIS MONTH)
JULY: 151.69 TONNES (WEAKER THAN LAST MONTH)
AUGUST: 195.28 TONNES (A STRONGER MONTH)//FINAL
SEPT: 254.709 TONNES (WILL BE LARGER THAN LAST MONTH AND A STRONG MONTH)
OCT. 248.09 TONNES. LIKE SILVER, THIS MONTH IS GOING TO BE A STRONG E.F.P. ISSUANCE.
NOV. 239.16 TONNES//WILL BE STRONG THIS MONTH,
DEC. 213.704 TONNES. A STRONG MONTH//
TOTAL FOR YEAR 2023: 2,569.57 TONNES VS 2578 TONNES LAST YEAR
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 26.077 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 ROSE BY A MEGA MEGA HUMONGOUS SIZED 4231 CONTRACTS OI TO 150,166 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 1046 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAY 1046 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1046 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 4231 CONTRACTS AND ADD TO THE 1046 E.FP. ISSUED
WE OBTAIN A MEGA MEGA HUMONGOUS SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 5277 CONTRACTS
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 26.385 MILLION OZ OCCURRED WITH OUR $0.82 GAIN IN PRICE
OUTLINE FOR TODAY’S COMMENTARY
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
b, ) Gold/silver trading overnight Europe,//GOLD COMMENTARIES
(Peter Schiff)
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS THURSDAY MORNING//WEDNESDAY NIGHT
SHANGHAI CLOSED UP 39.13 PTS OR 0.17%
//Hang Seng CLOSED UP 775.50 PTS OR 3.29%
// Nikkei CLOSED UP 286,64 OR 0.77%//Australia’s all ordinaries CLOSED DOWN .44%
//Chinese yuan (ONSHORE) CLOSED UP TO 7.2481 CHINESE YUAN OFFSHORE CLOSED UP TO 7.2482/ Oil UP TO 66.81 dollars per barrel for WTI and BRENT DOWN TO 69.73 Stocks in Europe OPENED ALL MIXED
ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING
STRONGER AGAINST US DOLLAR/OFFSHORE YUAN STRONGER
END
END
ASIA TRADING THURSDAY MORNING/WEDNESDAY NIGHT
A)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 CHINA
OUTLINE
4/EUROPEAN AFFAIRS
OUTLINE
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE
6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE
7. OIL ISSUES
OUTLINE
8 EMERGING MARKET ISSUES
9. USA
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A FAIR SIZED 3083 CONTRACTS TO 492,353 WITH OUR STRONG GAIN IN PRICE OF $6.75 WITH RESPECT TO WEDNESDAY’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 SMALL NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (805 ).
THE CME ANNOUNCED WEDNESDAY 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 GOOD SIZED GAIN ON OUR TWO EXCHANGES OF 3888 CONTRACTS WITH OUR STRONG 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// WEDNESDAY // THEY ISSUED A HUGE 3772 CONTRACT ANNOUNCEMENT (WEDNESDAY NIGHT/THURSDAY 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!!!!! AND THIS WAS SURELY ON DISPLAY TODAY AS YOU WILL SEE.
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 SMALL SIZED 805 EFP CONTRACTS WERE ISSUED: : /APRIL 805 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 805 CONTRACTS. THESE EFP;S CIRCLE AROUND LONDON ON A 13 DAY BASIS AND ARE NOW USED BY GLOBAL CENTRAL BANKS TO EXERCISE FOR PHYSICAL GOLD WITH THE OBLIGATION TO DELIVER BEING FORCED ONTO COMEX BANKS. THE GOLD GENERALLY DELIVERED COMES FROM LONDON BUT THEY ARE OUT!! THUS COMEX BECOMES THE MAJOR SOURCE FOR OUR CENTRAL BANKERS.
ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A GOOD SIZED TOTAL OF 3888 CONTRACTS IN THAT 805 CONTRACT LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A FAIR GAIN OF 3083 COMEX CONTRACTS..AND THIS GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR GAIN IN PRICE OF $6.75 FOR WEDNESDAY/ 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 WEDNESDAY NIGHT/THURSDAY MORNING WAS A SMALL SIZED SIZED 805 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 (39.309 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 : 39;309 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
NOV: 18.7122 TONNES + 16.2505 EX. FOR RISK = 34.9627 TONNES
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276 TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
2025
January 2025: 70.102 TONNES + 43.208 EXCHANGE FOR RISK= 113.310 TONNES
FEBRUARY:/NEW STANDING ADVANCES TO 238.153TONNES +18.4527
= 256.607 TONNES.
MARCH: 39.309 TONNES
COMEX GOLD TRADING/MARCH CONTRACT MONTH
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $6.75/)/AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY APPRECIABLE NET SPECULATOR LONGS AS WE DID HAVE A STRONG SIZED GAIN IN OUR TWO EXCHANGES. BUT AS EXPLAINED ABOVE WE HAD CONSIDERABLE T.A.S. SPREADER LIQUIDATION WEDNESDAY 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 LAST WEDNESDAY, WE HAD 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!!
LAST NIGHT/THIS MORNING
THE CROOKS HOWEVER COULD NOT STOP CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL WEDNESDAY EVENING/THURSDAY 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: 39.306 TONNES
WE HAVE GAINED A STRONG SIZED TOTAL OF 12.093 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 52,500 OZ OR 1.633 TONNES: NEW TOTAL STANDING 39.309 TONNES
ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $6.75
WE HAD 1151 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 3888 CONTRACTS OR 388,800 0Z (12.093 TONNES)
confirmed volume WEDNESDAY 205,124ontracts: fair///
//speculators have left the gold arena
END
MARCH
// THE MARCH 2025 GOLD CONTRACT
MARCH 6
INITIAL
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 3 entries i) Out of Brinks enhanced: 202,188.800 oz 505 London good delivery bars at 400 oz each. ii) Ashai: 161,756.361 oz iii) 96,453.000 oz Brinks 3000 kilobars total weight withdrawal: 460,398.161 or 14.32 tonnes . |
| Deposit to the Dealer Inventory in oz | 2 ENTRIES i) Asahi dealer 62,597.997 oz (1,947 kilobars ii) Manfra dealer: 257,240.150 oz (8001 kilobars) total dealer weight: 319,838.147 oz(9948 kilobars) in tonnage; 9.948 tonnes |
| Deposits to the Customer Inventory, in oz | 2 ENTRIES i) Brinks 89,807.700 oz oz ii) Manfra: 48,161.471 o (1498 kilobars) total weight: 137,969.171 oz 4.29 tonnes total weight deposit;; 14.138 tonnes |
| No of oz served (contracts) today | 1351 notice(s) 135100 OZ 4.202 TONNES |
| No of oz to be served (notices) | 140 contracts 14,000 OZ 0.4384 TONNES |
| Total monthly oz gold served (contracts) so far this month | 12,498notices 1,249,800 oz 38.874 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 62,597.997 oz (1,947 kilobars
ii) Manfra dealer: 257,240.150 oz (8001 kilobars)
total dealer weight: 319,838.147 oz(9948 kilobars)
in tonnage; 9.948 tonnes
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we have 2 customer deposits:
2 ENTRIES
i) Brinks 89,807.700 oz oz
ii) Manfra: 48,161.471 o (1498 kilobars)
total weight: 137,969.171 oz
4.29 tonnes
total weight deposit;; 14.138 tonnes
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withdrawals: 3
i) Out of Brinks enhanced: 202,188.800 oz
505 London good delivery bars at 400 oz each.
ii) Ashai: 161,756.361 oz
iii) 96,453.000 oz Brinks 3000 kilobars
total weight withdrawal: 460,398.161 or 14.32 tonnes
xxxxxxxxxxxxxxxxxxxxxxxxxxxxx
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 434 CONTRACTS TO STAND AT 1491. WE HAD 91 CONTRACTS SERVED ON WEDNESDAY SO WE GAINED A HUGE 525 CONTRACTS FOR 52500 OZ (1.633 TONNES AS A PHYSICAL GOLD QUEUE JUMP. THIS IS CENTRAL BANKS LOOKING FOR BADLY NEEDED GOLD.
APRIL HAD A LOSS OF 4215 CONTRACTS DOWNTO 335,694 CONTRACTS AS THIS MONTH BECOMES THE FRONT MONTH.
MAY GAINED 5 CONTRACTS UP TO 256.
We had 1351 contracts filed for today representing 135,100oz
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 1351 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 12 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 (12,498 X 100 oz ) to which we add the difference between the open interest for the front month of MARCH.(1491 CONTRACTS) minus the number of notices served upon today (1351 x 100 oz per contract) equals 1,263800 OZ OR 39.309 TONNES
thus the INITIAL standings for gold for the MARCH contract month: No of notices filed so far (12,498x 100 oz +we add the difference for front month of MARCH (1491 OI} minus the number of notices served upon today (1351 x 100 oz) which equals 1,263,800 OR 39.309 TONNES
TOTAL COMEX GOLD STANDING FOR MARCH.: 39.309 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..
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
COMEX GOLD INVENTORIES/CLASSIFICATION
NEW PLEDGED GOLD:
241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES
204,937.290 OZ PLEDGED MANFRA 3.08 TONNES
83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes
265,999.054, oz JPM No 2
1,152,376.639 oz pledged Brinks/
Manfra: 33,758.550 oz
Delaware: 193.721 oz
International Delaware:: 11,188.542 oz
total pledged gold: 2,085,544.431 oz 64.86 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD: 39,670,180.54 .oz
TOTAL REGISTERED GOLD 19,731,635.090 or 613.736 tonnes
TOTAL OF ALL ELIGIBLE GOLD: 19,938,545.45 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 17,628,091oz (REG GOLD- PLEDGED GOLD)= 548.30 tonnes //
END
SILVER/COMEX
MARCH 6
INITIAL
// THE MARCH 2025 SILVER CONTRACT//INITIAL
MARCH 5
INITIAL
// THE MARCH 6 2025 SILVER CONTRACT//INITIAL
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | nil withdrawals 1 1 entry i) Out of Loomis; 40,049.820 oz |
| Deposits to the Dealer Inventory | i) 2 dealer deposit/ 2 entries i)Brinks 642,391.710 oz ii) Loomis 369,332.99 oz total weight: 1,011,724.670 oz |
| Deposits to the Customer Inventory | 2 entries i)Into Brinks 1003.842 oz ii) Into JPMORGAN 1889,254.842 oz total weight: 2,490,311.982 oz 3 entries i)Into ASAHI 594,785.800 oz ii) Loomis 602,675.180 iii) Into JPMorgan: 1,241,566.900 oz total weight: 3,390,040.790 oz total weight 2,439,027.880 oz |
| No of oz served today (contracts) | 454 CONTRACT(S) (2.27MILLION OZ |
| No of oz to be served (notices) | 2328 contracts (11.640 MILLION oz) |
| Total monthly oz silver served (contracts) | 12,458 Contracts (62.290 million oz) |
| Total accumulative withdrawal of silver from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of silver from the Customer inventory this month |
i) 2 dealer deposit/
2 entries
i)Brinks 642,391.710 oz
ii) Loomis 369,332.99 oz
total weight: 1,011,724.670 oz
total dealer withdrawals: 0 oz
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
deposits customer side
2 entries
i)Into Brinks 1003.842 oz
ii) Into JPMORGAN 1889,254.842 oz
total weight: 2,490,311.982 oz
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
withdrawals 1
1 entry
i) Out of Loomis;
40,049.820 oz
xxx
ADJUSTMENTs 0
JPMorgan has a total silver weight: 167.276million oz/420.227million or 39.80%
TOTAL REGISTERED SILVER: 141.152 MILLION OZ//.TOTAL REG + ELIGIBLE. 420.277Million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR FEBRUARY
silver open interest data:
FRONT MONTH OF MARCH /2025 OI: 2782 OPEN INTEREST CONTRACTS FOR A LOSS OF 285 CONTRACTS.WE HAD 227 CONTRACTS SERVED ON WEDNESDAY SO WE LOST 58 CONTRACTS OR 0.290 MILLION COMEX OZ STANDING UNDERWENT AN EFP TRANSFER TO LONDON LOOKING FOR METAL OVER ON THAT SIDE OF THE POND//NEW STANDING REDUCES TO 73.930 MILLION OZ. FOR THE FOURTH DAY IN ROW, THE CROOKS COULD NOT FIND ANY SILVER OVER HERE!
APRIL SAW ANOTHER GAIN OF 43 CONTRACTS TO STAND AT 1537
MAY SAW A GAIN OF 2682 CONTRACTS UP TO 116,305 CONTRACTS
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 454 or 2.270 MILLION oz
CONFIRMED volume; ON WEDNESDAY 74.462 small//
AND NOW MARCH DELIVERIES:
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 12,458 X5,000 oz = 62.290MILLION oz
to which we add the difference between the open interest for the front month of MAR (2782) AND the number of notices served upon today (454 )x (5000 oz)
Thus the standings for silver for the MARCH 2025 contract month: 12,458 Notices served so far) x 5000 oz + OI for the front month of MAR(2782) minus number of notices served upon today (458)x 5000 oz equals silver standing for the MARCH contract month equating to 73.930 MILLION OZ.
New total standing: 73.930 million oz which is huge for this very active delivery month of March.
We must also keep in mind that there is considerable silver standing in London coming from our longs in New York that underwent EFP transfers.
There are 141.152million 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 6 WITH GOLD UP $2.10 TODAY HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 1.44 TONNES TONNES OUT OF THE GLD ///INVENTORY RESTS AT 900.30 TONNES
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: 900.30 TONNES, TONIGHTS TOTAL
SILVER
MARCH 6 WITH SILVER UP 16 CENTS//SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 0.455 MILLION OZ OUT OF THE SLV. //INVENTORY AT SLV RESTS AT 436.046 MILLION
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 436.046 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..
A new financial crisis looms
The hope that in the face of weakening economies interest rates and bond yields will decline is wrong. They are still rising in the Eurozone and Japan, leading to a new wave of financial instability.
| Alasdair MacleodMar 6∙Paid |
Over the last ninety years there has been a growing belief held by macroeconomists and investment strategists that interest rates and bond yields are under the control of central bank monetary policies.
It has its origins in the Keynesian-inspired role of governments using deficit spending and interest rates to stimulate economic activity when the private sector suffers a downturn. However, this is one of the fundamental errors of macroeconomic beliefs as we are about to find out.
Before then and particularly before interventionist Presidents Hoover and Roosevelt, politicians knew not to interfere in the event of a slump for fear of making it worse. They, and currency-issuing central banks had learned that the role of interest rates was to manage the currency, not the economy. In those days higher interest rates would prevent a run on gold reserves, allowing credit in the form of gold substitutes to maintain their value both internationally and domestically.
We see evidence that what was true under gold standards still applies to fiat currency relationships today. Interest rates are the primary influence on exchange rates. In January 2021, as US interest rates rose from the zero bound the dollar’s trade weighted index rose from 90 to 113 while rates in other currencies remained supressed. And when they began to reflect the inevitable, the dollar backed off, consolidating in the 100—110 range.
But still, the lessons of the role of interest rates remain ignored by the mainstream. Let’s try another approach by posing a question: if credit has a greater risk of losing purchasing power, what should happen to interest rates?
The answer should be obvious: unless rates rise to compensate for the greater risk, then the value of the credit will decline. Obvious maybe, but it flies in the face of central bank policy, which persists in using interest rates in attempts to manage economic outcomes.
Only this week we see the true role of interest rates and bond yields being proved yet again. The background is one of increasing evidence of a US economy stalling, and expectations of a declining Fed Funds Rate to support the economy gaining momentum. At the same time, the new German chancellor proposes to relax borrowing rules to accommodate higher defence spending and to establish an off-budget €500 billion defence fund — proposals together with a further €800 billion promised by Ursula von der Leyen which are already leading to significantly higher eurobond yields. The immediate consequences for the euro and the dollar’s TWI are shown below.
The inflationary implications are also reflected in the 10-year German bund yield, which has simply soared:
As the marker for other eurozone bond markets, Germany’s bund yields have driven all the others higher. And in the case of France’s, highly exposed Japanese investors will be suffering heavy losses in addition to their losses in their own JGBs:
Round One of the bond market crisis was the unexpected rise in US bond yields between 2020—2022, leading to the failure of some regional banks. Round Two is kicking off in the Eurozone and Japan, which is set to create a second banking crisis outside America originating in the Eurozone and Japan.
Returning to the US dollar, these growing bond yield differentials appear to be only just starting to undermine the dollar’s TWI. Yet, as I have pointed out in earlier articles, the US private sector’s GDP adjusted for the contribution of the budget deficit is not growing by 4.5% as the Congressional Budget Office expects but is actually contracting by 2% in nominal terms. Add in the CBO’s forecast of inflationary debasement at 2.9%, and the private sector is already in a 5% slump. And due to Trump’s tariffs, it’s getting even worse for the US economy and those of other nations.
These negative outlooks for the US economy and the dollar are bound to be reflected in higher dollar prices for gold, silver, and the entire commodity complex. Why? because the Fed is likely to keep interest rates suppressed in a vain attempt to stave off economic decline.
But it is worse than that. A contracting private sector GDP rapidly raises government debt to GDP, and by definition intensifies the debt trap. In short, the entire financial system is becoming demonstrably unstable. That is the clear message from the last few days.
So, what do you do? Get out of risky credit and into the safety of real, legal money which is gold!
end
this is gold used to satisfy demand from central bank buying of physical
(zerohedge)
Unprecedented Surge In Swiss Bullion Imports Sends US Trade Deficit To Record High In January
Thursday, Mar 06, 2025 – 08:51 AM
The US trade deficit widened to a record in January as companies scrambled to secure goods from overseas before President Donald Trump imposed tariffs on America’s largest trading partners.
The gap in goods and services trade widened 34% from the prior month to $131.4 billion, Commerce Department data showed Thursday. The deficit was larger than all but one estimate in a Bloomberg survey of economists.
Source: Bloomberg
The value of imports rose 10% to a record $401.2 billion, while exports increased 1.2%. The figures aren’t adjusted for inflation.
Canada’s trade surplus with the US jumped to a record at the start of the year, driven by exports of cars, auto parts and oil, separate data from Statistics Canada showed Thursday.
But, perhaps most notably, the January flurry of imports was broad and included a surge in inbound shipments of industrial supplies and materials.
Within that category, imports of finished metal shapes that include gold bullion jumped $20.5 billion, marking a a second month of steep increases.
For an even clearer picture of the magnitude of the shift in bullion imports, we note that the Swiss trade deficit (where all that bullion is coming from) rocketed higher (an order of magnitude from historical norms)…
As we detailed here, while everyone has been distracted by talk of the tariff-driven arbitrage between COMEX and LBMA (London)…
…it appears Americans have been buying bullion direct from the Swiss.
Furthermore, with tariffs now in place, the ‘front-running’ is over and the trade balances (imports) will adjust accordingly.
3 CHRIS POWELL AND GATA DISPATCHES
Chris Powell…
In interview at PDAC, Eric Sprott forces Kitco to mention market manipulation
Submitted by admin on Wed, 2025-03-05 12:10 Section: Daily Dispatches
12:08p ET Wednesday, March 5, 2025
Dear Friend of GATA and Gold (and Silver):
In an interview conducted during the PDAC conference in Toronto this week, mining entrepreneur Eric Sprott pushed silver market manipulation onto the Kitco internet site, which long has been suppressing the price-suppression issue. Silver’s price has been manipulated for 50 years, Sprott says, and gold and silver mining company shares are very undervalued. He thinks the silver price could exceed $50 soon.
The interview with Sprott is 18 minutes and can be viewed at Kitco here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
end
Gold payments for oil suspended by Ghana’s central bank chief
Submitted by admin on Tue, 2025-03-04 21:58 Section: Daily Dispatches
By Ekow Dontoh, Moses Mozart Dzawu, and Ondiro Oganga
Bloomberg News
Sunday, March 2, 2025
Ghana’s new central bank chief has suspended the West African nation’s program of paying for oil with gold and said he expects the cedi to stabilize after its volatility of last year.
“We intend to maintain an appropriate monetary policy stance,” Bank of Ghana Governor Johnson Asiama said in an interview on Friday. Together with commitments for fiscal discipline under the administration of President John Mahama, that “should help us maintain stability in the foreign exchange markets,” he said.
With interest rates at 27% and inflation easing to 23.5% in January, Asiama said better monetary and fiscal policy coordination should help cool price pressures as the country puts the economic trauma of its 2022 debt default behind it. Africa’s biggest gold producer had to seek a $3 billion bailout from the International Monetary Fund and restructure its debt after defaulting on its obligations.
… For the remainder of the report:
end
Deutsche Bank sees risk of U.S. dollar losing safe-haven status
Submitted by admin on Tue, 2025-03-04 16:00 Section: Daily Dispatches
From Bloomberg News
Tuesday, March 3, 2025
The U.S. dollar may lose its traditional safe-haven status as global markets adjust to a new geopolitical order, according to Deutsche Bank AG.
“We do not write this lightly. But the speed and scale of global shifts are so rapid that this needs to be acknowledged as a possibility,” said George Saravelos, the bank’s global head of FX strategy, in a note to clients. “It is hard to overestimate the scale of change taking place in global economic and geopolitical relations in a matter of days.”
Deutsche Bank’s concerns follow a slump on the dollar on Tuesday that has caught out investors betting on further strength. A broad gauge of the greenback fell as much as 0.7% even as the U.S. moved forward with tariffs on its main trading partners, which many viewed as likely to bolster the currency.
“What stands out in today’s market reaction is that the dollar is not strengthening materially,” Saravelos wrote. “We would not have expected these market moves at the start of the year.” …
… For the remainder of the report:
end
4 ANDREW MAGUIRE/LIVE FROM THE VAULT NO 212//ANDREW MAGUIRE INTERVIEWING DR DANIEL LACALLE
Kinesis.money/live-from-the-vault/trump-expose-feds-gold-coverup/
Episode 212
Posted 28th February 2025
5B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT/COMMODITIES: COMMODITY//EGGS
6 CRYPTOCURRENCY NEWS
END
ASIA TRADING WEDNESDAY MORNING TUESDAY NIGHT
SHANGHAI CLOSED UP 39.13 PTS OR 0.17%
//Hang Seng CLOSED UP 775.50 PTS OR 3.29%
// Nikkei CLOSED UP 286,64 OR 0.77%//Australia’s all ordinaries CLOSED DOWN .44%
//Chinese yuan (ONSHORE) CLOSED UP TO 7.2481 CHINESE YUAN OFFSHORE CLOSED UP TO 7.2482/ Oil UP TO 66.81 dollars per barrel for WTI and BRENT DOWN TO 69.73 Stocks in Europe OPENED ALL MIXED
ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING
STRONGER AGAINST US DOLLAR/OFFSHORE YUAN STRONGER
END
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
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 UP AT 7.2481
OFFSHORE YUAN: DOWN TO 7.2482
SHANGHAI CLOSED CLOSED UP 39.13 PTS OR 1.17%
HANG SENG CLOSED CLOSED UP 775.50 PTS OR 3.29%
2. Nikkei closed UP 286.64 OR 0.77%
3. Europe stocks SO FAR: ALL MIXED
USA dollar INDEX DOWN TO 104.055// EURO RISES TO 1.0800 UP 7 BASIS PT HEADING TO PARITY WITH USA
3b Japan 10 YR bond yield: RISES TO. +1.501//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 147.69…… JAPANESE YEN NOW FALLING AS WE HAVE NOW REACHED THE RE EMERGING OF THE YEN CARRY TRADE AGAIN AFTER DISASTROUS POLICY ISSUED BY UEDA
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold DOWN /JAPANESE Yen UP CHINESE ONSHORE YUAN: UP OFFSHORE: UP
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and UP FOR BRENT this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD UP TO +2.859/Italian 10 Yr bond yield UP to 3.923 SPAIN 10 YR BOND YIELD UP TO 3.518
3i Greek 10 year bond yield UP TO 3.660
3j Gold at $2901.20 Silver at: 32.13 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble UP 1 AND 9 /100 roubles/dollar; ROUBLE AT 89.21
3m oil into the 66 dollar handle for WTI and 69 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 147.69 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.501 % 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 0.8849 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9558 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: 4.310 UP 4 BASIS PTS…
USA 30 YR BOND YIELD: 4.611 UP 5 BASIS PTS/
USA 2 YR BOND YIELD: 3.998 UP 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 36.44…
10 YR UK BOND YIELD: 4.7815 UP 8 PTS
10 YR CANADA BOND YIELD: 3.017 UP 5 BASIS PTS
5 YR CANADA BOND YIELD: 2.670 UP 3 PTS.
2a New York OPENING REPORT
Futures Plunge As German Bond Rout Goes Gl
Thursday, Mar 06, 2025 – 08:20 AM
Futures tumble, led by Tech as the world is hammered by soaring yields from Europe to Japan. As of 8:00am ET, S&P futures are down 1.1%, and Nasdaq futures plunged 1.4% as Marvell Technology shares were among the biggest premarket losers, dropping about 15%, after the chipmaker’s result and revenue forecast failed to live up to investors’ lofty expectations. MongoDB Inc. dropped 17% after the database software company gave a disappointing forecast. Mag 7 underperform: NVDA (-1.8%), TSLA (-1.6%) and META (-1.5%) pre-market. 10y yields are +2bps higher while 2y is -1.5bp lower this morning but the move is nothing compared to Germany where yields earlier soared as much as 15bps (they have since retraced much of the move) extending yesterday’s record rout; the USD plunge continues, just as Bessent wanted, with the rest of the world about to find out what soared trade deficits really mean. Commodities are mixed: oil saw small gains (+0.5%) after yesterday’s selloff; basic metals are rallying this morning, while precious metals are lower. Since yesterday’s close, the equity weakness was not contributed by single catalyst but more due to a number of macro uncertainties (the auto tariffs delay will not resolve the tariffs risks; more evidence of sentiment impacts from Beige book) and rotation to international stocks. Today, we will hear from AVGO on AI outlooks; MRVL fell -15% post earnings release yesterday (after-market) despite numbers are mostly in line with expectation.
In premarket trading, Tesla and Nvidia fall more than 2% are leading premarket losses among the Magnificent Seven stocks on Thursday. Amazon, Microsoft, Alphabet, Meta and Apple fall less than 1%. Burlington Stores (BURL US) shares rise 14% in premarket trading after the retailer reported fourth-quarter comparable sales and profit that topped Wall Street expectations. Still, its annual forecasts fell short, with Chief Executive Officer Michael O’Sullivan saying the outlook for 2025 is “very uncertain.” Here are the other notable premarket movers:
- ALX Oncology (ALXO US) shares rise 13% in premarket trading after Jefferies upgraded the drug developer to buy from hold, citing “limited theoretical downside.”
- CoreCivic Inc. (TH US) will resume operations at the South Texas Residential Center under an amended intergovernmental services agreement (IGSA).
- JD.com ADRs (JD US) jump as much as 11% in premarket trading on Thursday after the Chinese e-commerce firm reported net revenue for the fourth quarter that beat the average analyst estimate. Peers PDD Holdings climbs 4.4% and Alibaba Group rises 3.8%. .
- MongoDB shares (MDB US) are down 18% in premarket trading Thursday, after the database software company gave a full-year forecast that is weaker than expected.
- ON Semiconductor (ON US) analysts are generally positive on the company’s bid to buy Allegro Microsystems (ALGM US), seeing synergies between the two, though some questioned the offer price, which values the company at $6.9 billion including debt.
- Shares of ECARX Holdings (ECX US), a mobility technology provider, are up 9.1% in premarket trading after the company said it won an award to provide Volkswagen and Skoda with digital cockpit solutions.
- Victoria’s Secret (VSCO US) shares fall as much as 2.7% in US premarket trading after the lingerie retailer’s forecasts for the first quarter and for the full year fell short of analyst expectations with the company citing an uncertain backdrop and shift in consumer confidence. Analysts at BMO and JPMorgan cut their price targets on the stock.
Chip shares came under renewed pressure after Alibaba Group Holding Ltd. introduced its Qwen platform, a model that it claims performs as well as Chinese start-up DeepSeek but with a fraction of the data. The news, alongside the underwhelming earnings, are denting investor confidence in US companies’ dominance in AI.
“Clearly Alibaba is weighing on sentiment,” said Alexandre Hezez, chief investment officer at Group Richelieu in Paris. “The tech sector has been weakened lately, if you combine that with Marvell, it’s a pretty sour cocktail for US stocks”
Europe’s Stoxx 600 index slipped 0.6%, as real estate and consumer product names underperform, reacting to sharply higher bond yields across the continent, following Germany’s announcement earlier this week that it would deploy hundreds of billions of euros in additional spending. Indeed, German government bonds fall again, extending their worst daily drop since 1990 and pushing 10-year yields up another 6 bps to 2.85%. And this time the selling has spilled over across Europe and is also hammering Japan.
Auto shares bucked the trend, however, after President Donald Trump offered the sector a one-month reprieve from the tariffs levied on Mexican and Canadian imports. The DAX is up 0.4% as bonds sell off across the world. Automakers extend rally following a delay in some US tariffs on Mexico and China. Focus is also on the European Central Bank meeting later Thursday. Here are some of the biggest movers on Thursday:
- German stocks touched a record high, rising for a second day after chancellor-in-waiting Friedrich Merz said that the country would unlock hundreds of billions of euros for defense and infrastructure investments. Meanwhile, news that the US will delay Canadian and Mexican tariffs on automakers for a month also boosted German car companies.
- Lufthansa shares rise as much as 9.1%, the biggest jump since March 2022. The German flag carrier reported a return to adjusted Ebit growth in the fourth quarter and guided a “significant” increase in 2025.
- Air France-KLM shares soar as much as 20%. Strong unit revenues drove a fourth-quarter Ebit beat, while management commentary that operating profit guidance for fiscal year 2025 would be at least €300 million higher than the previous year across the business reassured the market.
- Deutsche Post advances as much as 13% following fourth-quarter results that saw a strong performance from the company’s Express unit.
- Kenmare shares jump as much as 52%, the most since 2015, after the titanium minerals company said it rejected a takeover offer tabled by a consortium that includes its former managing director Michael Carvill.
- JCDecaux shares rise as much as 20%, the most since November 2020, as results and guidance from the French outdoor advertising firm were met with an outpouring of relief.
- European real estate and utility stocks are underperforming again on Thursday as a global bond selloff continued due to Germany’s spending plans, with investors looking ahead to the European Central Bank’s interest-rate decision later today.
- Spire Healthcare falls as much as 25% as the UK hospital operator’s full-year guidance misses analyst estimates.
- Galderma shares drop as much as 9.3%, the most on record, after the Swiss skincare company forecast “clearly subdued” net sales growth in the first quarter from a year earlier due to phasing.
Germany’s spending plan drove Bunds on Wednesday to their worst session since 1990 and the selloff extended on Thursday. The moves rippled into markets across the euro area and beyond, with Japanese 10-year borrowing costs earlier reaching the highest in over a decade and Treasury yields rising three basis points.
Investors are now waiting for the European Central Bank’s meeting, which is expected to deliver a 25 basis-point interest rate cut, and could yield clues on how rate-setters might react to the additional spending plan.
“This is ultimately a reassessment of the reality that Europe needs to find some financing,” Rabobank strategist Matthew Cairns said of the bond selloff. “Some more repricing is likely, then the ECB will come in and attempt to settle market sentiment.”
Earlier in the session, Asian stocks rose as Chinese shares extended their rally and Donald Trump exempted automakers from newly imposed tariffs on Mexico and Canada for one month. The MSCI Asia Pacific Index rose as much as 1.5%, set for second day of gains, with Alibaba among the biggest boosts after unveiling its latest AI model. Hong Kong’s Hang Seng Index led advances, rising 3.3%. Stocks also climbed in mainland China, Japan and South Korea. Ongoing anticipation of further stimulus as well as vows to support the development of new technologies such as AI are powering China’s rally after the nation set bullish growth targets for the year at the start of the National People’s Congress on Wednesday. While China’s ambitious goals signal its preparedness for a looming trade war, investors remain cautious on the sustainability of share-price gains amid increasing geopolitical uncertainty. Elsewhere, Japanese stocks climbed on boosts from the US tariff delay as well as Germany’s historic spending plans. Malaysian equities slipped ahead of an interest rate decision, with the central bank standing pat as expected.
In FX, the euro is little changed just below $1.08 ahead of the European Central bank decision, having ventured above that level earlier.
In rates, treasuries are mixed as US trading gets under way with belly to long-end yields higher on the day while front end outperforms, leaving 2s10s spread near widest levels of past month. France and Germany lead bigger selloff in core European rates, weighing on Treasuries and extending this week’s global yield-curve steepening move. US 10- to 30-year yields are more than 3bp higher on the day with 2-year little changed, leaving 2s10s near 32bp, last seen Feb. 4; German 10-year adds more than 6bp to Wednesday’s 30bp surge, French 10-year is 8bp higher after rising 26bp.Focal points of US session include weekly jobless claims data and three Fed speakers, following ECB rate decision at 8:15am New York time; President Christine Lagarde speaks 30 minutes later. German government bonds fall again, extending their worst daily drop since 1990 and pushing 10-year yields up another 6 bps to 2.85%. And this time the selling has spilled over across Europe and is also hammering Japan.
In commodities, oil prices advance, with WTI up 0.5% near $66.60 a barrel. Spot gold falls $20 to around $2,898/oz. Bitcoin rises 1% and above $91,000.
The US economic data calendar includes February Challenger job cuts (7:30am), January trade balance, 4Q final productivity and unit labor costs, and jobless claims (8:30am) and January wholesale trade sales (10am). Fed speaker slate includes Harker (8:45am), Waller (3:30pm) and Bostic (7pm)
Market Snapshot
- S&P 500 futures down 1.0% to 5,794.50
- STOXX Europe 600 down 0.2% to 554.81
- MXAP up 1.5% to 189.77
- MXAPJ up 1.2% to 594.54
- Nikkei up 0.8% to 37,704.93
- Topix up 1.2% to 2,751.41
- Hang Seng Index up 3.3% to 24,369.71
- Shanghai Composite up 1.2% to 3,381.10
- Sensex up 0.9% to 74,375.12
- Australia S&P/ASX 200 down 0.6% to 8,094.71
- Kospi up 0.7% to 2,576.16
- Brent Futures up 0.5% to $69.65/bbl
- Gold spot down 0.7% to $2,900.07
- US Dollar Index little changed at 104.21
- German 10Y yield little changed at 2.86%
- Euro little changed at $1.0789
- Brent Futures up 0.5% to $69.64/bbl
Top Overnight news
- US President Trump said he is collaborating with House Republicans on a Continuing Resolution to fund the government through September. It was separately reported that Trump is expected to issue an executive order as soon as Thursday aimed at abolishing the Education Department, according to WSJ.
- The Trump administration is weighing more exemptions from the new tariffs on Canada and Mexico — this time for the agriculture industry. Officials are discussing waiving the 25 percent duty on some agriculture products, including Canadian potash, a key ingredient in fertilizer. Politico
- Trump executive order could be released as soon as Tues calling for the Dept. of Education to be abolished (although doing so would require an act of Congress). WSJ
- Walmart Inc. has asked some Chinese suppliers for major price reductions, with the US retail giant’s efforts to shift the burden of President Donald Trump’s tariffs facing strong pushback from firms in the Asian nation, according to people familiar with the matter. Some suppliers, including producers of kitchenware and clothing, have been asked to lower their prices by as much as 10% per round of tariffs, essentially shouldering the full cost of Trump’s duties. BBG
- New York Fed’s Perli said balance sheet drawdown has been smooth and financial system reserves remain abundant but flagged the challenge of managing balance sheet cuts amid debt ceiling debate. Perli added that the Fed’s reverse repos can likely shrink further and the Fed may bring back early morning SRF operations at quarter-end.
- BofA card spending (March 1st): 1.4% Y/Y (1.9% January average), spending growth -0.3%
- Germany’s “fiscal bazooka” is positive for the country’s AAA credit rating according to S&P as Berlin has plenty of capacity for higher spending levels and will see a benefit to growth from the move. RTRS
- China is considering scrapping a price cap for local governments buying unsold apartments to help clear of millions of empty homes, people familiar said. Property stocks extended gains. BBG
- South Korea’s CPI for Feb comes in a bit below expectations, including headline +2% (down from +2.2% in Jan, and below the Street’s +2.1% forecast) and core +1.8% (down from +1.9% in Jan, and below the Street’s +1.9% forecast). BBG
- Japan’s biggest union group demanded an average wage hike of 6.09% this year, the most since 1993, signaling the kind of sustainable pay growth that may help drive the economy. BBG
- President Emmanuel Macron has said he will hold talks with allies over how France’s nuclear weapons could protect Europe, as the continent steps up efforts to guard against an emboldened Russia. Macron responded to a call by Germany’s Merz about whether France and the UK would be willing to do some sort of “nuclear sharing” if US became less reliable partner. FT
- The ECB is expected to cut rates by a quarter-point to 2.5% but focus will be on the outlook. Beyond today, opinions vary with one analyst seeing no more reductions while others reckon the benchmark will go down to 1% in early 2026. BBG
A more detailed look at global markets courtesy of Newsquawk
Russian Foreign Minister Lavrov says a “solution in Ukraine is possible within weeks if the West stops supporting Kiev”, via Sky News Arabia. Ukrainian President Zelensky anticipates positive outcomes from US cooperation next week. It was also reported that Zelensky’s top aide discussed with the US National Security Advisor steps to achieve just peace, while Ukraine and the US agreed on a meeting in the near future. Four senior members of Trump’s entourage have held secret discussions with some of Kyiv’s top political opponents to Ukrainian President Zelensky, according to Politico.
Top Asian News
- PBoC Governor Pan says they will study, establish new structural policy tools, will cut interest rates and Bank’s RRR at appropriate time. Wil prevent FX rate overshooting risks. Will roll out tech board on the debt market. Will expand relending facility for tech sector. Will expand relending facility from CNY 500bln to CNY 800bln-1tln.
- Rengo, Japan’s largest labour union, is seeking a wage hike of 6.09% for 2025 (sought 5.85% in 2024)
- A team from China recently unveiled its general-purpose AI Agent product, Manus, which is said to outperform the OpenAI model of the same level, according to Shanghai Securities News.
- China’s State Planner, on the 2025 GDP target, says external uncertainties are increasing and domestic demand is not sufficient; complete confidence in attaining the growth target.
- China’s Finance Minister, on fiscal policy, says China has ample policy room in the scenario of possible uncertain factors bother external and internal.
European bourses (STOXX 600 -0.5%) opened with a clear positive bias, but as the morning progressed, indices gradually drifted lower to display a more negative picture in Europe. European sectors are mixed vs initially opening with a positive bias. Autos is the clear outperformer today with optimism stemming from the White House, which said it will give one month exemptions on any autos coming through USMCA; Stellantis (+2.3%), Porsche AG (+2%). Real Estate is once again towards the foot of the pile, as yields continue to tick higher in the fall out from Germany’s spending plans. US equity futures are entirely in the red, with clear underperformance in the tech-heavy NQ (-1.2%); sentiment for the index is hit following Marvell results; the co. beat on headline metrics but its Q1 guidance disappointed – shares are lower by 15% in pre-market trade.
Top European News
- Goldman Sachs expects the ECB’s benchmark interest rate to reach 2% by June 2025 but no longer expects a 25bps cut in July. Goldman Sachs raised Germany’s 2025 economic growth forecast by 0.2 percentage points to 0.2% citing higher public spending on defence and infrastructure and raised the euro area’s 2025 economic growth forecast by 0.1 percentage point to 0.8%, while it sees some spillovers from Germany into neighbouring countries and now expects the rest of the euro area to step up military spending somewhat more quickly in response to the German shift.
- BoE Monthly Decision Maker Panel data – February 2025. Expectations for CPI inflation a year ahead rose from 3.0% to 3.1% in the three months to February. The corresponding measure for three-year ahead CPI inflation expectations was 2.8% in the three months to February, which was unchanged from the three months to January. Expected year-ahead wage growth remains unchanged at 3.9% on a three-month moving-average basis in February.
- Germany’s lower house to start discussing debt brake reform on March 13, via Reuters citing sources; to vote on debt brake reform on March 18.
- Turkish CBT Weekly Repo Rate (Feb) 42.5% (Prev. 45.0%)
FX
- DXY remains pressured and has extended its losing streak to a fourth session in a row. Recent price action has largely been a EUR story which has had a mechanical impact on the USD, with the JPY today also acting as a drag. From a US lens, this week has been characterised by soft US data and tariff angst given actions taken earlier in the week. From a US lens, this week has been characterised by soft US data and tariff angst given actions taken earlier in the week. On the latter, Trump has offered some tentative olive branches in the past 24 hours by providing a one-month exemption on any autos coming through the USMCA and reportedly considering agricultural carve-outs for Mexico and Canada. If downside in DXY extends, focus is on a test on 104; not breached since 6th Nov (103.70 was the low that day).
- EUR/USD has pulled back a touch in recent trade but ultimately remains buoyed by the latest stimulus efforts from Germany. The German 10yr yield is up around 50bps since the start of the week with ING writing that “risks are probably skewed to the 3% handle in 10-year bunds”. Subsequently, EUR/USD hit another YTD peak overnight at 1.0821. Today, the ECB is expected to deliver another 25bps rate cut. Greater attention lies on whether policymakers will still view policy as restrictive in lieu of recent economic developments.
- JPY is the best performer across the majors and even outpacing the rampant EUR. USD/JPY was already softer in early European trade before extending the move to the downside after news that Rengo, Japan’s largest labour union, is seeking a wage hike of 6.09% for 2025 (sought 5.85% in 2024). USD/JPY has printed a fresh YTD low at 147.78 with the next target coming via the 8th Oct low at 147.34.
- Cable has made its way onto a 1.29 handle for the first time since November 2024 before fading gains. It remains the case that fresh macro drivers for the UK have been on the light side and as such the pair is taking its cues from the broad softness in the USD. The latest DMP release showed the 1-year ahead inflation expectation rise to 3.1% from 3.0% with the 3-year metric holding steady at 2.8%.
- The recent rally in the Antipodeans vs. the USD has extended once again. Overnight, AUD/USD was unreactive to the mostly better-than-expected Australian data and instead tracked the cautious mood in APAC trade.
- PBoC set USD/CNY mid-point at 7.1692 vs exp. 7.2386 (prev. 7.1714).
Bunds
- Bunds once again under marked pressure with losses of over 100 ticks at worst to a 129.64 low vs the 131.71 opening level for the week. Action which has lifted the 10yr yield to a 2.93% peak into the ECB. Into that, markets are fully pricing a 25bps cut with focus on the labelling of restrictive or not and what the trajectory is thereafter.
- For EGBs, pressure today stems in a continuation of recent German-led action and on recent reports in Politico that Germany is expected to propose an idea of loosening the Stability and Growth Pact (the pact which keeps debt to 60% of GDP and deficits to 3%). Updates on this could come from today’s EU leaders meeting and/or the Finance Minister gathering on Monday.
- Gilts and USTs follow suit, but to slightly less degrees with downside of around 30 and 10 ticks respectively. Updates from the UK include the latest BoE DMP where the one-year inflation view was lifted modestly.
- For USTs, focus is on updates on the tariff/trade front as always while the region awaits data post-ECB in the form of weekly jobs (does not match the BLS survey period), Q4 labour revisions and wholesale inventory/trade data; following the latter points, the Atlanta Fed will update its GDPnow model for Q1 which was last tracking at -2.8% on March 3rd.
- Spain sells EUR 5.3bln vs. Exp. EUR 4.5-5.5bln 3.10% 2031 & 3.15% 2035 Bono & EUR 0.514bln EUR 0.25-0.75bln 0.7% 2033 I/L Bono.
- France sells EUR 13bln vs. Exp. EUR 11-13bln 4.00% 2035, 3.20% 2035, 1.75% 2039, and 2.50% 2043 OAT.
Commodities
- Crude is on a firmer footing attempting to pare back some of the pressure seen this week; the complex was pressured in early European trade, in tandem with a dip in risk sentiment, but the downside has since subsided. Brent May’25 currently around USD 69.50/bbl.
- Spot gold is now trading around the USD 2.9k/oz mark; overnight price action was rangebound, but did dip lower in European trade; currently trades within a USD 2,891.41-2,926.20/oz range.
- Base metals are mixed; 3M LME Copper is a little firmer today, benefiting from the commentary from PBoC Governor Pan who noted that rates will be cut at an “appropriate” time.
- A global aluminium producer is reportedly seeking a USD 245/T April-June premium in Japan discussions, via Reuters citing sources; +7% Q/Q.
- UBS expects platinum to be undersupplied by 500k/oz in 2025, keeping the metal in a deficit for a third consecutive year; targets platinum price of USD 1100/oz by mid-2025. Expects Platinum to lag Gold until lower rates support stronger industrial activity.
Geopolitics: Middle East
- Discussions took place Wednesday evening between US President Trump’s envoy, Hamas leaders and mediators from Egypt and Qatar, according to Reuters sources. Sources say American-Egyptian talks discussed governance of Gaza after end of war, names of who would manage the strip. Notes that discussions ended positively, and indicate a near transition to a second phase of the Gaza ceasefire agreement.
- US President Trump posted on Truth Social a warning for Hamas to release all hostages now not later and return all the dead bodies or it is over for them. Trump stated “only sick and twisted people keep bodies, and you are sick and twisted! I am sending Israel everything it needs to finish the job, not a single Hamas member will be safe if you don’t do as I say. I have just met with your former Hostages whose lives you have destroyed. This is your last warning! For the leadership, now is the time to leave Gaza, while you still have a chance.”
- Hamas said US President Trump’s threats demonstrate the US administration’s insistence on continuing as a partner in genocide against their people.
- US Treasury Secretary Bessent and Israel’s Minister of Finance Smotrich held a meeting to discuss the ongoing economic partnership between the US and Israel.
Geopolitics: Ukraine
- Russian Foreign Minister Lavrov says a “solution in Ukraine is possible within weeks if the West stops supporting Kiev”, via Sky News Arabia.
- Ukrainian President Zelensky anticipates positive outcomes from US cooperation next week. It was also reported that Zelensky’s top aide discussed with the US National Security Advisor steps to achieve just peace, while Ukraine and the US agreed on a meeting in the near future.
- Four senior members of Trump’s entourage have held secret discussions with some of Kyiv’s top political opponents to Ukrainian President Zelensky, according to Politico.
Geopolitics: Other
- Eight were hurt after a shell dropped on a civilian town at Pocheon, South Korea during a live-fire military drill, according to Reuters citing a fire official.
US event calendar
- 07:30: Feb. Challenger Job Cuts 103.2% YoY, prior -39.5%
- 08:30: 4Q Unit Labor Costs, est. 3.0%, prior 3.0%
- 08:30: 4Q Nonfarm Productivity, est. 1.2%, prior 1.2%
- 08:30: March Initial Jobless Claims, est. 233,000, prior 242,000
- 08:30: Feb. Continuing Claims, est. 1.87m, prior 1.86m
- 08:30: Jan. Trade Balance, est. -$128.8b, prior -$98.4b
- 10:00: Jan. Wholesale Trade Sales MoM, est. 0.5%, prior 1.0%
- 10:00: Jan. Wholesale Inventories MoM, est. 0.7%, prior 0.7%
DB’s Jim Reid concludes the overnight wrap
On what will be the hottest day of the year so far in London (it’s all relative), I’m writing this late at night in Chicago watching snow lightly come down outside my hotel room. Given the flight and the time difference I’ve been awake for pretty much most of what has been another remarkable 24 hours for markets, especially in Germany. The reality is that I still don’t think the enormity of the news has got close to being fully comprehended and digested by global investors yet. This is a seismic shift of the most epic proportions from Germany and perhaps only fast money and nimble investors have responded so far. However, over the days, weeks and months to come, investment committees and asset allocators will slowly and surely have to adjust their thoughts and positioning on what is the 3rd largest economy in the world, especially after five years of essentially zero growth.
In terms of reactions, the rise in the 10yr bund yield (+29.8bps) was the biggest daily jump since German reunification in 1990. So that beats the previous record, which was a +22.8bps move in late-2011 at the height of the Euro crisis. On top of that, we’ve just seen the biggest 3-day jump in the Euro (+3.99%) since August 2015, and the German DAX (+3.38%) just posted its best daily performance since late-2022. So there’s no doubt that markets are pricing in a once-in-a-generation policy regime shift, which has brought about a huge risk-on move for European assets.
Those moves were clearly in train at the market open, following the announcement from Germany the previous evening. But they then got further momentum in the middle of the day, as Bloomberg reported that Germany had called for reform of the EU’s fiscal rules to allow more defence spending. On Tuesday the European Commission proposed a 4-year fiscal rule exemption for defence spending but, according to the FT, Germany has called for a longer-lasting change. That’s a massive shift from previous positions, as Germany has traditionally been among the most resistant to looser fiscal policy at the EU level. Remember that EU leaders are meeting again tonight in Brussels for a summit on Ukraine and defence, with President Zelensky also attending, so keep an eye out for further headlines. Ahead of the summit France’s President Macron said last night that he wanted to open talks on extending France’s nuclear deterrent to European allies.
All this led to a massive surge for European bond yields, as investors faced up to a huge wave of new spending. As I put it in my chart of the day yesterday (link here), this could see Germany run the largest sustained deficits in its post-war history, so the scale of the reaction is understandable. Indeed, it pushed the 10yr bund yield up to 2.79%, the highest since late-2023. And it was much the same story elsewhere, with France’s 10yr yield (+26.0bps) posting its biggest daily jump since late-2011, moving up to 3.49%. Meanwhile in Italy, bond yields have long been more volatile given the higher political risk, but their 10yr yields (+27.6bps) also posted their biggest daily jump since late-2022.
The moves also led to a huge surge for European equities, with the DAX (+3.38%) leading the way. That continues an absolute rollercoaster ride for the index, which saw the best day since 2022 on Monday (+2.64%), followed by the worst day since 2022 on Tuesday (-3.54%), and then the best move since 2022 again yesterday. Elsewhere in Europe, there were sizeable gains for both France’s CAC (+1.56%) and Italy’s FTSE MIB (+2.08%). However, with the FSTE 100 (-0.04%) flat on the day, the STOXX 600 (+0.91%) posted a more moderate gain and is still down -0.20% so far this week, which if sustained would end a run of 10 consecutive weekly gains.
All that will create an interesting backdrop for today’s ECB decision, along with President Lagarde’s press conference. In terms of the decision itself, it’s widely expected they’ll announce another 25bp cut in their deposit rate, taking it down to 2.5%, and bringing the total cuts to 150bps since last summer. However, the potential for a huge fiscal impulse has suddenly rewritten the medium-term outlook, leading to speculation about whether they’ll stop cutting quicker than previously thought. Indeed, yesterday saw investors dial back their rate cut pricing this year, with 69bps of further cuts now expected by the December meeting, down -15.4bps on the previous day.
Over in the US, and it’s hard to believe it’s taken us this long to get here given all that’s going on there, tariffs again dominated the headlines and ultimately a more positive narrative emerged as the US announced a 1-month delay to the 25% Canada/Mexico tariffs for automakers so US car producers “are not at an economic disadvantage”. Cars and auto parts account for just under 25% of total US imports from Canada and Mexico so most of the tariffs that came in force on Tuesday will remain in place. But the delay added to hopes that the US administration may limit the most economically disruptive tariffs and the White House Press Secretary said that Trump “is open to hearing about other exemptions”. The tariff noise had remained tense earlier in the day, with Bloomberg citing Canadian officials that its government would not lift retaliatory tariffs if the US leaves any tariffs in place as it was cool on the idea of a “middle ground” settlement.
Ultimately, improved sentiment on the auto tariff delay sent the S&P 500 +1.12% higher by the close, having been -0.5% down intra-day before Bloomberg first reported that a delay for autos was being considered. Automakers rebounded, with Stellantis (+9.24%), GM (+7.21%) and Ford (+5.81%) essentially reversing their losses earlier in the week. Tech stocks saw a modest outperformance with the NASDAQ and Mag-7 +1.46% and +1.83% higher respectively. Elsewhere, there were contrasting moves for commodity-linked stocks. Energy (-1.51%) was the weakest sector in the S&P 500 as Brent crude (-2.45% to $69.30/bbl) closed below $70/bbl for the first time since September amid growing fears of an oil market surplus. By contrast, materials stocks (+2.63%) were the strongest performers as copper (+5.28%) saw its biggest daily spike since 2022.
Treasury yields closed higher on the auto tariff delay news, with the 2yr yield up +1.4bps to 4.01% and the 10yr yield up +3.5bps to 4.28%. Treasuries had earlier seen a sizeable round-trip amid a mixed batch of US data. The 2yr yield traded as low as 3.89% following an underwhelming ADP report of private payrolls for February, which came in at just +77k (vs. +140k expected). So that raised some fears about what the jobs report on Friday might show. But shortly afterwards, yields rebounded as the ISM services index painted a much more positive picture, coming in stronger than expected at 53.5 (vs. 52.5 expected). Moreover, the employment component moved up to 53.9, the strongest it’s been since December 2021.
The global bond selloff continued in Asia with yields on 10yr Japanese government bonds crossing 1.5% for the first time since June 2009 and those on the 30yr breach the 2.5% mark for the first time since 2008. Yields on 10yr USTs (+4.22bps) pushed upwards for a third consecutive day, reaching 4.32% as I type. Yields on Australian 10yr government bonds surged by 13bps.
Asian equity markets are mostly climbing this morning, mirroring Wall Street’s rally. The Hang Seng tech index (+4.72%) is leading gains, surging to a three-year high after Alibaba released a new open-source AI model that appears to perform as well as DeepSeek’s R1 on a fraction of the training data. The Hang Seng (+2.64%), the CSI (+1.09%) and the Shanghai Composite (+0.95%) are all up, a day after Beijing set an ambitious economic growth target and vowed more support for domestic consumption. Elsewhere, the Nikkei (+0.88%) and the KOSPI (+0.41%) are also trading in positive territory while the S&P/ASX 200 (-0.50%) is a notable exception in early trade. Outside of Asia, US equity futures tied to the S&P 500 (-0.06%) are trading flat.
Early morning data showed that South Korea experienced a slowdown in consumer inflation for the first time in four months in February. Prices rose +2.0% y/y (v/s +2.1% expected), following January’s +2.2% rise, thus offering some breathing room for policymakers intent on easing monetary policy. On a m/m basis, CPI growth slowed to +0.3%, compared to a +0.7% increase in January.
To the day ahead now, and EU leaders will be meeting in Brussels for a summit on Ukraine and defence. Otherwise, the main highlight will be the ECB’s policy decision, along with President Lagarde’s subsequent press conference. Other central bank speakers include the Fed’s Harker and Waller. Finally on the data side, US releases include the weekly initial jobless claims and the January trade balance, and we’ll also get Euro Area retail sales for January.
2B European report
US equity futures & DXY lower, Bunds continue to slip ahead of ECB – Newsquawk US Market Open
Thursday, Mar 06, 2025 – 05:33 AM
- European bourses are mostly lower, Autos benefit following tariff reprieve; US futures in the red with NQ underperforming.
- DXY remains on the backfoot, EUR underpinned by stimulus hopes as attention turns to ECB.
- Bunds continue to slump on the latest fiscal reports pre-ECB, USTs await data.
- Crude attempts to claw back recent pressure, XAU sits around USD 2.9k/oz.
- Looking ahead, US Initial Jobless Claims, Atlanta Fed GDPnow, Canadian Exports/Imports, ECB Policy Announcement, Special European Council regarding Ukraine and EU Defence, Speakers including ECB President Lagarde, Fed’s Waller, Bostic & Harker.
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TARIFFS/TRADE
- US President Trump is reportedly considering agricultural carve-outs for Mexico and Canada tariffs, according to Bloomberg.
- US Secretary of State Rubio discussed trade, borders and the economy with Canada’s Foreign Minister Joly, according to Bloomberg. It was also reported that Canada’s Foreign Minister said conversations with the US were happening and things were very fluid, while she said Canada could use oil and gas exports as a lever in negotiations if US tariffs continue.
- Mexico’s Pemex said it will not give discounts on its oil to US buyers because of tariffs and it is in talks with potential buyers in Asia and Europe amid Trump’s tariffs, while potential Chinese buyers are said to be interested in Mexican crude.
- Brazilian Vice President and Minister of Development, Industry, Trade and Services Alckmin is to talk with US Commerce Secretary Lutnik on Thursday.
EUROPEAN TRADE
EQUITIES
- European bourses (STOXX 600 -0.5%) opened with a clear positive bias, but as the morning progressed, indices gradually drifted lower to display a more negative picture in Europe.
- European sectors are mixed vs initially opening with a positive bias. Autos is the clear outperformer today with optimism stemming from the White House, which said it will give one month exemptions on any autos coming through USMCA; Stellantis (+2.3%), Porsche AG (+2%). Real Estate is once again towards the foot of the pile, as yields continue to tick higher in the fall out from Germany’s spending plans.
- US equity futures are entirely in the red, with clear underperformance in the tech-heavy NQ (-1.2%); sentiment for the index is hit following Marvell results; the co. beat on headline metrics but its Q1 guidance disappointed – shares are lower by 15% in pre-market trade.
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
- Click for a detailed summary
FX
- DXY remains pressured and has extended its losing streak to a fourth session in a row. Recent price action has largely been a EUR story which has had a mechanical impact on the USD, with the JPY today also acting as a drag. From a US lens, this week has been characterised by soft US data and tariff angst given actions taken earlier in the week. From a US lens, this week has been characterised by soft US data and tariff angst given actions taken earlier in the week. On the latter, Trump has offered some tentative olive branches in the past 24 hours by providing a one-month exemption on any autos coming through the USMCA and reportedly considering agricultural carve-outs for Mexico and Canada. If downside in DXY extends, focus is on a test on 104; not breached since 6th Nov (103.70 was the low that day).
- EUR/USD has pulled back a touch in recent trade but ultimately remains buoyed by the latest stimulus efforts from Germany. The German 10yr yield is up around 50bps since the start of the week with ING writing that “risks are probably skewed to the 3% handle in 10-year bunds”. Subsequently, EUR/USD hit another YTD peak overnight at 1.0821. Today, the ECB is expected to deliver another 25bps rate cut. Greater attention lies on whether policymakers will still view policy as restrictive in lieu of recent economic developments.
- JPY is the best performer across the majors and even outpacing the rampant EUR. USD/JPY was already softer in early European trade before extending the move to the downside after news that Rengo, Japan’s largest labour union, is seeking a wage hike of 6.09% for 2025 (sought 5.85% in 2024). USD/JPY has printed a fresh YTD low at 147.78 with the next target coming via the 8th Oct low at 147.34.
- Cable has made its way onto a 1.29 handle for the first time since November 2024 before fading gains. It remains the case that fresh macro drivers for the UK have been on the light side and as such the pair is taking its cues from the broad softness in the USD. The latest DMP release showed the 1-year ahead inflation expectation rise to 3.1% from 3.0% with the 3-year metric holding steady at 2.8%.
- The recent rally in the Antipodeans vs. the USD has extended once again. Overnight, AUD/USD was unreactive to the mostly better-than-expected Australian data and instead tracked the cautious mood in APAC trade.
- PBoC set USD/CNY mid-point at 7.1692 vs exp. 7.2386 (prev. 7.1714).
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FIXED INCOME
- Bunds once again under marked pressure with losses of over 100 ticks at worst to a 129.64 low vs the 131.71 opening level for the week. Action which has lifted the 10yr yield to a 2.93% peak into the ECB. Into that, markets are fully pricing a 25bps cut with focus on the labelling of restrictive or not and what the trajectory is thereafter.
- For EGBs, pressure today stems in a continuation of recent German-led action and on recent reports in Politico that Germany is expected to propose an idea of loosening the Stability and Growth Pact (the pact which keeps debt to 60% of GDP and deficits to 3%). Updates on this could come from today’s EU leaders meeting and/or the Finance Minister gathering on Monday.
- Gilts and USTs follow suit, but to slightly less degrees with downside of around 30 and 10 ticks respectively. Updates from the UK include the latest BoE DMP where the one-year inflation view was lifted modestly.
- For USTs, focus is on updates on the tariff/trade front as always while the region awaits data post-ECB in the form of weekly jobs (does not match the BLS survey period), Q4 labour revisions and wholesale inventory/trade data; following the latter points, the Atlanta Fed will update its GDPnow model for Q1 which was last tracking at -2.8% on March 3rd.
- Spain sells EUR 5.3bln vs. Exp. EUR 4.5-5.5bln 3.10% 2031 & 3.15% 2035 Bono & EUR 0.514bln EUR 0.25-0.75bln 0.7% 2033 I/L Bono.
- France sells EUR 13bln vs. Exp. EUR 11-13bln 4.00% 2035, 3.20% 2035, 1.75% 2039, and 2.50% 2043 OAT.
- Click for a detailed summary
COMMODITIES
- Crude is on a firmer footing attempting to pare back some of the pressure seen this week; the complex was pressured in early European trade, in tandem with a dip in risk sentiment, but the downside has since subsided. Brent May’25 currently around USD 69.50/bbl.
- Spot gold is now trading around the USD 2.9k/oz mark; overnight price action was rangebound, but did dip lower in European trade; currently trades within a USD 2,891.41-2,926.20/oz range.
- Base metals are mixed; 3M LME Copper is a little firmer today, benefiting from the commentary from PBoC Governor Pan who noted that rates will be cut at an “appropriate” time.
- A global aluminium producer is reportedly seeking a USD 245/T April-June premium in Japan discussions, via Reuters citing sources; +7% Q/Q.
- UBS expects platinum to be undersupplied by 500k/oz in 2025, keeping the metal in a deficit for a third consecutive year; targets platinum price of USD 1100/oz by mid-2025. Expects Platinum to lag Gold until lower rates support stronger industrial activity.
- Click for a detailed summary
NOTABLE DATA RECAP
- Swedish CPIF Flash YY (Feb) 2.9% vs. Exp. 2.7% (Prev. 2.2%); ex-Energy Y/Y 3.0% vs. Exp. 2.7% (Prev. 2.7%)
- EU HCOB Construction PMI (Feb) 42.7 (Prev. 45.4); German HCOB Construction PMI (Feb) 41.2 (Prev. 42.5); Italian HCOB Construction PMI (Feb) 48.2 (Prev. 50.9); French HCOB Construction PMI (Feb) 39.8 (Prev. 44.5)
- UK S&P Global Construction PMI (Feb) 44.6 vs. Exp. 49.5 (Prev. 48.1)
- EU Retail Sales MM (Jan) -0.3% vs. Exp. 0.1% (Prev. -0.2%); Retail Sales YY (Jan) 1.5% vs. Exp. 1.9% (Prev. 1.9%, Rev. 2.2%)
NOTABLE EUROPEAN HEADLINES
- Goldman Sachs expects the ECB’s benchmark interest rate to reach 2% by June 2025 but no longer expects a 25bps cut in July. Goldman Sachs raised Germany’s 2025 economic growth forecast by 0.2 percentage points to 0.2% citing higher public spending on defence and infrastructure and raised the euro area’s 2025 economic growth forecast by 0.1 percentage point to 0.8%, while it sees some spillovers from Germany into neighbouring countries and now expects the rest of the euro area to step up military spending somewhat more quickly in response to the German shift.
- BoE Monthly Decision Maker Panel data – February 2025. Expectations for CPI inflation a year ahead rose from 3.0% to 3.1% in the three months to February. The corresponding measure for three-year ahead CPI inflation expectations was 2.8% in the three months to February, which was unchanged from the three months to January. Expected year-ahead wage growth remains unchanged at 3.9% on a three-month moving-average basis in February.
- Germany’s lower house to start discussing debt brake reform on March 13, via Reuters citing sources; to vote on debt brake reform on March 18.
- Turkish CBT Weekly Repo Rate (Feb) 42.5% (Prev. 45.0%)
NOTABLE US HEADLINES
- New York Fed’s Perli said balance sheet drawdown has been smooth and financial system reserves remain abundant but flagged the challenge of managing balance sheet cuts amid debt ceiling debate. Perli added that the Fed’s reverse repos can likely shrink further and the Fed may bring back early morning SRF operations at quarter-end. Furthermore, he said market liquidity is still ample and that comments suggest balance sheet cuts have more room, as well as stated that if the Fed pauses quantitative tightening, it would not alter the endgame.
- US President Trump said he is collaborating with House Republicans on a Continuing Resolution to fund the government through September. It was separately reported that Trump is expected to issue an executive order as soon as Thursday aimed at abolishing the Education Department, according to WSJ.
- BofA card spending (March 1st): 1.4% Y/Y (1.9% January average), spending growth -0.3%
GEOPOLITICS
MIDDLE EAST
- Discussions took place Wednesday evening between US President Trump’s envoy, Hamas leaders and mediators from Egypt and Qatar, according to Reuters sources. Sources say American-Egyptian talks discussed governance of Gaza after end of war, names of who would manage the strip. Notes that discussions ended positively, and indicate a near transition to a second phase of the Gaza ceasefire agreement.
- US President Trump posted on Truth Social a warning for Hamas to release all hostages now not later and return all the dead bodies or it is over for them. Trump stated “only sick and twisted people keep bodies, and you are sick and twisted! I am sending Israel everything it needs to finish the job, not a single Hamas member will be safe if you don’t do as I say. I have just met with your former Hostages whose lives you have destroyed. This is your last warning! For the leadership, now is the time to leave Gaza, while you still have a chance.”
- Hamas said US President Trump’s threats demonstrate the US administration’s insistence on continuing as a partner in genocide against their people.
- US Treasury Secretary Bessent and Israel’s Minister of Finance Smotrich held a meeting to discuss the ongoing economic partnership between the US and Israel.
RUSSIA-UKRAINE
- Russian Foreign Minister Lavrov says a “solution in Ukraine is possible within weeks if the West stops supporting Kiev”, via Sky News Arabia.
- Ukrainian President Zelensky anticipates positive outcomes from US cooperation next week. It was also reported that Zelensky’s top aide discussed with the US National Security Advisor steps to achieve just peace, while Ukraine and the US agreed on a meeting in the near future.
- Four senior members of Trump’s entourage have held secret discussions with some of Kyiv’s top political opponents to Ukrainian President Zelensky, according to Politico.
OTHER NEWS
- Eight were hurt after a shell dropped on a civilian town at Pocheon, South Korea during a live-fire military drill, according to Reuters citing a fire official.
CRYPTO
- Bitcoin is on a firmer footing and sits just above USD 91k; Ethereum also a little firmer, and just shy of USD 2.3k.
APAC TRADE
- APAC stocks traded mixed albeit with a predominantly positive bias after the constructive handover from Wall St where stocks ultimately gained in a choppy session amid mixed data and after the US decided to delay auto tariffs on Canada and Mexico by 30 days.
- ASX 200 retreated to a fresh YTD low amid underperformance in the energy and utilities sectors, while better-than-expected building approvals and a larger trade surplus failed to inspire.
- Nikkei 225 advanced at the open as the yen faded some of its recent gains and with the index unfazed by the rise in yields.
- Hang Seng and Shanghai Comp resumed their upward momentum amid the ongoing “Two Sessions” and recent spending announcements, while participants also awaited a press briefing by China’s central bank, finance and securities chiefs.
NOTABLE ASIA-PAC HEADLINES
- JD.Com (JD / 9618 HK) Q4 (CNY) EPS 7.42 (prev. 5.30 Y/Y), Revenue 347bln (exp. 332.4bln), EBITDA 12.5bln (exp. 11.2bln)
- PBoC Governor Pan says they will study, establish new structural policy tools, will cut interest rates and Bank’s RRR at appropriate time. Wil prevent FX rate overshooting risks. Will roll out tech board on the debt market. Will expand relending facility for tech sector. Will expand relending facility from CNY 500bln to CNY 800bln-1tln.
- Rengo, Japan’s largest labour union, is seeking a wage hike of 6.09% for 2025 (sought 5.85% in 2024)
- A team from China recently unveiled its general-purpose AI Agent product, Manus, which is said to outperform the OpenAI model of the same level, according to Shanghai Securities News.
- China’s State Planner, on the 2025 GDP target, says external uncertainties are increasing and domestic demand is not sufficient; complete confidence in attaining the growth target.
- China’s Finance Minister, on fiscal policy, says China has ample policy room in the scenario of possible uncertain factors bother external and internal.
DATA RECAP
- Australian Building Approvals (Jan) 6.3% vs. Exp. 0.5% (Prev. 0.7%, Rev. 1.7%)
- Australian Balance on Goods (Jan) 5,620M vs. Exp. 5,500M (Prev. 5,085M)
- Australian Goods/Services Exports (Jan) 1.3% (Prev. 1.1%)
- Australian Goods/Services Imports (Jan) -0.3% (Prev. 5.9%)
2c Asian report
Bunds extend downside, EUR extends rally ahead of ECB – Newsquawk Europe Market Open
Thursday, Mar 06, 2025 – 01:45 AM
- APAC stocks traded mixed albeit with a predominantly positive bias after the constructive handover from Wall St.
- White House said they will give a one-month exemption on any autos coming through USMCA.
- US President Trump is reportedly considering agricultural carve-outs for Mexico and Canada tariffs, according to Bloomberg.
- European equity futures indicate a positive cash market open with Euro Stoxx 50 future up 0.7% after the cash market closed with gains of 1.9% on Wednesday.
- DXY remains on the backfoot, EUR/USD has extended its rally onto a 1.08 handle, Cable has breached 1.29 to the upside.
- Bund futures continued its downward slide after German yields surged by the most in a day since the 1990s.
- Looking ahead, highlights include Swedish CPI, EZ Retail Sales, US Initial Jobless Claims, Atlanta Fed GDPnow, Canadian Exports/Imports, ECB & CBRT Policy Announcements, Special European Council regarding Ukraine and EU Defence, BoE DMP, ECB President Lagarde, Fed’s Waller, Bostic & Harker, Supply from Spain, France & US.
- Earnings from Deutsche Post, Merck, Lufthansa, Zalando, Reckitt, Admiral, Rentokil, Entain, Melrose, JD.com, Kroger, Broadcom, Costco & Gap.
SNAPSHOT
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US TRADE
EQUITIES
- US stocks ultimately finished in the green on what was a choppy day, while T-notes were sold across the curve and the Dollar plummeted as the Euro and Bund yields climbed. The focus of the session was on US trade updates in which the US decided to delay auto tariffs on Canada and Mexico by 30 days, although President Trump told Canadian PM Trudeau that they had not done enough on fentanyl imports into the US, albeit progress on borders has been reasonable, while participants also digested mixed data releases including a dismal ADP jobs report and better-than-expected ISM Non-Manufacturing PMI.
- SPX +1.11% at 5,843, NDX +1.36% at 20,628, DJI +1.14% at 43,007, RUT +1.02% at 2,101.
- Click here for a detailed summary.
TARIFFS/TRADE
- White House said they will give a one-month exemption on any autos coming through USMCA and reciprocal tariffs will still go into effect on April 2nd, while it added that President Trump sees an increase in fentanyl flow through the Canadian border and there needs to be repercussions, although it was also stated that Trump is open to hearing about additional tariff exemptions.
- US President Trump is reportedly considering agricultural carve-outs for Mexico and Canada tariffs, according to Bloomberg.
- US President Trump posted on Truth that “Justin Trudeau, of Canada, called me to ask what could be done about Tariffs. 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. He said that it’s gotten better, but I said, “That’s not good enough.” The call ended in a “somewhat” friendly manner! 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. Good luck Justin!”
- US Secretary of State Rubio discussed trade, borders and the economy with Canada’s Foreign Minister Joly, according to Bloomberg. It was also reported that Canada’s Foreign Minister said conversations with the US were happening and things were very fluid, while she said Canada could use oil and gas exports as a lever in negotiations if US tariffs continue.
- Alberta Premier Smith said Alberta is to alter procurement practices amid US tariffs and that the US can’t be dominant without Canada, while Smith added that Alberta is to focus on energy exports to non-US markets.
- Mexico’s Pemex said it will not give discounts on its oil to US buyers because of tariffs and it is in talks with potential buyers in Asia and Europe amid Trump’s tariffs, while potential Chinese buyers are said to be interested in Mexican crude.
- Brazilian Vice President and Minister of Development, Industry, Trade and Services Alckmin is to talk with US Commerce Secretary Lutnik on Thursday.
NOTABLE HEADLINES
- Fed Beige Book stated overall economic activity rose slightly since mid-January and that six Districts reported no change, four reported modest or moderate growth, and two noted slight contractions, while 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.
- New York Fed’s Perli said balance sheet drawdown has been smooth and financial system reserves remain abundant but flagged the challenge of managing balance sheet cuts amid debt ceiling debate. Perli added that the Fed’s reverse repos can likely shrink further and the Fed may bring back early morning SRF operations at quarter-end. Furthermore, he said market liquidity is still ample and that comments suggest balance sheet cuts have more room, as well as stated that if the Fed pauses quantitative tightening, it would not alter the endgame.
- US President Trump said he is collaborating with House Republicans on a Continuing Resolution to fund the government through September. It was separately reported that Trump is expected to issue an executive order as soon as Thursday aimed at abolishing the Education Department, according to WSJ.
APAC TRADE
EQUITIES
- APAC stocks traded mixed albeit with a predominantly positive bias after the constructive handover from Wall St where stocks ultimately gained in a choppy session amid mixed data and after the US decided to delay auto tariffs on Canada and Mexico by 30 days.
- ASX 200 retreated to a fresh YTD low amid underperformance in the energy and utilities sectors, while better-than-expected building approvals and a larger trade surplus failed to inspire.
- Nikkei 225 advanced at the open as the yen faded some of its recent gains and with the index unfazed by the rise in yields.
- Hang Seng and Shanghai Comp resumed their upward momentum amid the ongoing “Two Sessions” and recent spending announcements, while participants also awaited a press briefing by China’s central bank, finance and securities chiefs.
- US equity futures (ES -0.2%, NQ -0.3%) are a touch softer after yesterday’s gradual pick-up which was helped by the one-month delay of US auto tariffs on Canada and Mexico, while reports noted that President Trump is also considering agricultural carve-outs for Mexico and Canada tariffs.
- European equity futures indicate a positive cash market open with Euro Stoxx 50 future up 0.7% after the cash market closed with gains of 1.9% on Wednesday.
FX
- DXY is a touch lower and lacked demand after slumping yesterday for the third consecutive day and fell to levels last seen in November 2024 as the recent soft dollar themes persisted with EUR recently surging on German CDU leader Merz’s investment announcement, while US data releases were mixed in which the latest ADP report significantly fell short of expectations but ISM Services unexpectedly rose further into expansionary territory.
- EUR/USD marginally extended on this week’s rally and reclaimed the 1.0800 handle with upside facilitated alongside the recent surge in German bond yields and with the attention now turning to Thursday’s ECB rate decision.
- GBP/USD held on to the prior day’s spoils and attempted to reclaim the 1.2900 handle after gaining on the back of the softer dollar, while the latest rhetoric from BoE officials lacked any fireworks.
- USD/JPY gradually rebounded from the prior day’s trough and returned to 149.00 territory.
- Antipodeans held on to this week’s gains although further upside was capped amid the mixed risk appetite in the region and with little reaction seen to the mostly better-than-expected Australian data.
- PBoC set USD/CNY mid-point at 7.1692 vs exp. 7.2386 (prev. 7.1714).
FIXED INCOME
- 10yr UST futures were lacklustre after retreating in tandem with a slump in Bunds on German debt and spending plans.
- Bund futures continued its downward slide after German yields surged by the most in a day since the 1990s.
- 10yr JGB futures followed suit to the losses in global peers as Japanese yields climbed which saw the 10-yr yield touch 1.50% for the first time since 2009, while prices were also not helped by a weaker 30yr JGB auction.
COMMODITIES
- Crude futures partially nursed some of this week’s losses and rebounded from around a six-month low after recently suffering amid weak economic data and tariff uncertainty.
- Spot gold eked slight gains with price action rangebound amid an uneventful dollar.
- Copper futures remained afloat amid the mostly positive risk appetite and held on to the prior day’s spoils after upward momentum was spurred by Trump’s suggestion of 25% tariffs on imports of foreign aluminium, copper and steel.
CRYPTO
- Bitcoin continued its rebound and gradually climbed back above the USD 92,000 level.
NOTABLE ASIA-PAC HEADLINES
- A team from China recently unveiled its general-purpose AI Agent product, Manus, which is said to outperform the OpenAI model of the same level, according to Shanghai Securities News.
DATA RECAP
- Australian Building Approvals (Jan) 6.3% vs. Exp. 0.5% (Prev. 0.7%, Rev. 1.7%)
- Australian Balance on Goods (Jan) 5,620M vs. Exp. 5,500M (Prev. 5,085M)
- Australian Goods/Services Exports (Jan) 1.3% (Prev. 1.1%)
- Australian Goods/Services Imports (Jan) -0.3% (Prev. 5.9%)
GEOPOLITICS
MIDDLE EAST
- US President Trump posted on Truth Social a warning for Hamas to release all hostages now not later and return all the dead bodies or it is over for them. Trump stated “only sick and twisted people keep bodies, and you are sick and twisted! I am sending Israel everything it needs to finish the job, not a single Hamas member will be safe if you don’t do as I say. I have just met with your former Hostages whose lives you have destroyed. This is your last warning! For the leadership, now is the time to leave Gaza, while you still have a chance.”
- Hamas said US President Trump’s threats demonstrate the US administration’s insistence on continuing as a partner in genocide against their people.
- US Treasury Secretary Bessent and Israel’s Minister of Finance Smotrich held a meeting to discuss the ongoing economic partnership between the US and Israel.
RUSSIA-UKRAINE
- Ukrainian President Zelensky anticipates positive outcomes from US cooperation next week. It was also reported that Zelensky’s top aide discussed with the US National Security Advisor steps to achieve just peace, while Ukraine and the US agreed on a meeting in the near future.
- Four senior members of Trump’s entourage have held secret discussions with some of Kyiv’s top political opponents to Ukrainian President Zelensky, according to Politico.
- White House Press Secretary said National Security Adviser Waltz has been talking to his Ukrainian counterparts and they are reconsidering funding for Ukraine, while talks on the mineral deal are happening and Trump is committed to a peace deal.
- French President Macron said he wants to believe the US will remain at their side but have to be ready if they are no longer by their side and France will hold a meeting of all European army chiefs next week in Paris. Macron also stated they will have to make more investments in defence and will open the debate to extend the French nuclear umbrella to European partners.
OTHER NEWS
- Eight were hurt after a shell dropped on a civilian town at Pocheon, South Korea during a live-fire military drill, according to Reuters citing a fire official.
EU/UK
NOTABLE HEADLINES
- UK finance and defence trade bodies agreed to submit joint policy recommendations to the government for increasing funding to the defence industry.
- Goldman Sachs expects the ECB’s benchmark interest rate to reach 2% by June 2025 but no longer expects a 25bps cut in July. Goldman Sachs raised Germany’s 2025 economic growth forecast by 0.2 percentage points to 0.2% citing higher public spending on defence and infrastructure and raised the euro area’s 2025 economic growth forecast by 0.1 percentage point to 0.8%, while it sees some spillovers from Germany into neighbouring countries and now expects the rest of the euro area to step up military spending somewhat more quickly in response to the German shift.
3 .ASIA
3A NORTH KOREA/SOUTH KOREA
3BJAPAN
3C. CHINA/
CHINA
China Acknowledges ‘Sporadic’ Human Bird Flu Cases
Thursday, Mar 06, 2025 – 06:30 AM
Authored by Lily Zhou and Luo Ya via The Epoch Times (emphasis ours),
“Sporadic” cases of human avian influenza infections have been identified in China, the regime has said, after staying quiet about outbreaks in poultry.
The announcement comes after two workers in China’s disease prevention and control sector told The Epoch Times the regime had covered up the severity of respiratory disease outbreaks in the country. One of the workers also said there had been limited human-to-human transmission of H5N1 avian influenza, or bird flu.
On Feb. 27, Beijing Daily, which is under the control of the Beijing Municipal Committee of the Chinese Communist Party (CCP), cited the regime’s infectious disease prevention and control unit, saying there had been a rise in outbreaks of norovirus disease; hand, foot and mouth disease; tuberculosis; and other diseases.
The report also said that COVID-19 was spreading at a “relatively low level” and that outbreaks of mpox (previously known as monkeypox) and human avian influenza had been “sporadic” and “low-incidence,” without providing details.
Microbiologist Sean Lin, a member of the Committee on the Present Danger: China and former researcher at the Walter Reed Army Institute of Research, criticized the CCP’s failure to disclose more information.
“[The regime] had to acknowledge there are cases of avian influenza in humans,” he told The Epoch Times. “It said [the infections were] ’sporadic‘ and ’low-incidence,’ but didn’t reveal the exact numbers of cases, severe cases, or fatality. Neither did it clarify where the cases are or whether there are high-risk areas. This is very irresponsible.”
On March 3, the municipal Center for Disease Control and Prevention (CDC) in China’s southwestern Chongqing city included human avian influenza in its notice of health risks in March.
The municipal CDC in Huaihua city, Hunan Province, held a training session in late February on the response to respiratory diseases including the flu, COVID-19, and human avian influenza, the local government said on March 2.
Shanghai’s municipal authorities, which banned the trading of live poultry in the city in 2024, have also extended the ban to the end of 2027.
A Shanghai resident posted a photo of a sign on social media that was reportedly taken at an emergency department in mid-February. The sign asks patients to inform medical staff if they have been in contact with birds in the past 10 days, have been in contact with COVID-19 patients, or have travel history to certain parts of the world in the past two weeks.
Lin said actions taken by local governments suggest they are very concerned about potential large-scale outbreaks of bird flu among humans.
Bird flu, which includes several subtypes, is a highly pathogenic disease caused by the influenza A virus. It has mainly affected birds and other animals. People can catch the viruses from milk, feces, or other bodily fluids from infected animals, but known human-to-human transmission of the virus has been extremely rare, with only a handful of probable cases of limited, non-sustained transmission, according to the U.S. Centers for Disease Control and Prevention.
According to the latest situation report published by the World Health Organization (WHO), in 2024 and the first seven weeks of 2025, the Chinese regime has reported only a few cases of bird flu infections, including one case of H5N1 and one case of H10N3 detected in 2024.
Health Workers: Official Data Can’t Be Trusted
Beijing’s Center for Disease Control and Prevention has said flu-like symptoms in the current winter season were mostly driven by H1N1. However, locals have taken to social media to voice their suspicions that the CCP may have downplayed the role of COVID-19 and other respiratory diseases, including bird flu.
Speaking to the Chinese edition of The Epoch Times in January and February, an executive in China’s disease prevention and control sector, who was not named out of safety concerns, said various diseases have driven China’s deaths from respiratory diseases, including influenza A variants, COVID-19 variants, and bird flu.
On Feb. 15, he said that a variant of H5N1 had begun transmitting from human to human, although the transmission had remained inefficient, requiring physical contact.
When a case of bird flu is identified, the municipal CDC would isolate and test the patient’s family and tell them they were tested for influenza A, he said.
In January, the executive said isolation areas had been set up around the country and were being expanded. He also said the regime was preparing for the potential of a large number of deaths.
An employee at a municipal CDC also told The Epoch Times that reported cases of influenza A were inflated to cover up other diseases.
“Lots of information was covered up here,” he said, adding that supposed cases of influenza A infections could be either H5N1 or “little cans,” one of the codenames used for COVID-19 to avoid censorship.
Between 2003 and 2024, a total of 954 cases of human H5N1 infection were reported to the WHO, with 464 (49 percent) of the cases being fatal. During the same period, China reported 56 cases, among which 32 (57 percent) were fatal.
The first death from H5N1 in the United States occurred in January in Louisiana. Officials said the patient had been exposed to wild birds and a “non-commercial backyard flock.”
Following the death, the WHO said the virus posed a low risk to the general public. The organization issued a warning last year after H5N1 infected cows and goats in the United States, saying the virus could become more dangerous to humans following mutations in mammals.
Silence on Outbreaks Among Poultry
Some local authorities in China have begun recently to mention the prevention of bird flu in animals.
On March 3, a local authority in Shanghai publicized its efforts to prevent infectious diseases in livestock, including bird flu. Northern China’s Tianjin city publicized similar preparations on March 4.
The announcements came after poultry farmers in China took to social media to complain about bird flu outbreaks, which they said had decimated flocks of birds.
Last month, a goose farmer said he knew of several farmers who had been affected, including two who lost thousands of geese. Another goose farmer said he knows several farmers who lost their entire flocks. A duck farmer described a similar situation.
However, China’s Ministry of Agriculture and Rural Affairs and media outlets have remained silent on the domestic bird flu outbreaks, although they have provided detailed coverage of bird flu outbreaks outside China.
Between October 2024 and January 2025, China didn’t report any outbreak of high pathogenicity avian influenza, according to a map published in the World Organization for Animal Health’s latest situation report.
During the same period, 39 outbreaks were reported to the organization by other countries, mostly the United States, Japan, and European countries, the report shows.
Meanwhile, a 10-year-old research paper on H5N1, which was shared by Chinese social media users in January, was quickly purged.
In a previous interview with The Epoch Times, Lin said the CCP’s failure to warn the public about H5N1 outbreaks in poultry is likely to have “very serious consequences.”
If more people are infected with bird flu via birds, this could “seriously accelerate” the virus’s mutations, potentially allowing it to become infectious among humans more quickly, he warned.
Lin said Western countries should pressure the CCP to “disclose all data on bird flu, especially data on human infection with bird flu.”
Ho Mei-Shang, a Taiwanese infectious disease expert and former researcher at Academia Sinica’s Institute of Biomedical Sciences, told The Epoch Times in February that it is important to monitor bird flu outbreaks in China’s poultry farms because China has a vaccination program for bird flu.
Outbreaks in China “show their vaccines probably have failed,” she said. Ho added that avian influenza viruses tend to mutate faster in countries that choose to use vaccines because of vaccine-elicited immune pressure.
4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
GERMANY
migrant problems continue to plague Germany//
(zerohedge)
100,000 Rejected Asylum Seeker Lawsuits In 2024: Migrants Are Increasingly Suing To Stay In Germany
Thursday, Mar 06, 2025 – 05:00 AM
On top of soaring healthcare costs, rising crime, and overburdened schools, the German court system can add itself to the list of institutions feeling pressure due to soaring migration numbers. Rejected asylum seekers are once again suing to stay in Germany in growing numbers, with the administrative courts seeing 100,494 new cases in 2024.
The rules in Germany allow asylum seekers to sue if their asylum case is rejected, with the state of Brandenburg seeing the sharpest increase, with 6,138 cases, a 134 percent increase.
In 2023, there were 72,000 such cases, while in 2022, there were 62,000, according to a survey conducted by the German Judges’ Journal. That means there has been a 62 percent increase since 2022, according to Welt newspaper.
In 2017 and 2018, the number of such lawsuits was much higher but then fell from that time.
The courts are once again struggling to deal with the influx as the Federal Office for Migration and Refugees (BAMF) is now processing asylum claims more quickly.
The highest number of cases were seen in North Rhine-Westphalia at 19,267 cases, while Bavaria (15,278) and Baden-Württemberg (12,755) were in second and third place.
Wait times are also up for decisions and well beyond the target of six months set by the Conference of Minister Presidents.
Sven Rebehn, Federal Director of the German Judges’ Association, which also publishes the German Judges’ Journal, said “The administrative courts are gradually getting ahead of the wave, and their processing times are declining significantly. However, if the current dynamic increase in the number of complaints continues, the trend could stall again.”
He called for the hiring of more judges.
END
ECB
ECB Cuts Rates, Says Policy Becoming “Meaningfully Less Restrictive”
Thursday, Mar 06, 2025 – 08:47 AM
While the ECB’s rate cut this morning was not in doubt by anyone, and the ECB did not disappoint, cutting rates for the 6th time in a row by 25bps across the board (Deposit rate to 2.5% from 2.75%; Refinancing Rate to 2.65% from 2.90%, marginal lending to 2.60% from 2.85%)…
…. what everyone was focusing on was whether the ECB would use the word “restrictive” in the statement. And while it did use it, here is what it said: “Monetary policy is becoming meaningfully less restrictive, as the interest rate cuts are making new borrowing less expensive for firms and households and loan growth is picking up.” True, but one wonders just how restrictive fiscal policy is becoming now that European interest rates are exploding higher at the fastest pace since covid, we’ll find out soon enough. The ECB also said that “a headwind to the easing of financing conditions comes from past interest rate hikes still transmitting to the stock of credit, and lending remains subdued overall.” As a result, the economy faces continued challenges “and staff have again marked down their growth projections – to 0.9% for 2025, 1.2% for 2026 and 1.3% for 2027. The downward revisions for 2025 and 2026 reflect lower exports and ongoing weakness in investment, in part originating from high trade policy uncertainty as well as broader policy uncertainty.” Meanwhile, rising real incomes and the gradually fading effects of past rate hikes remain the key drivers underpinning the expected pick-up in demand over time.
Commenting on its policy stance, the ECB said the following:
- Monetary policy is becoming meaningfully less restrictive (previously it said “monetary policy remains restrictive”)
- ECB will follow a data-dependent and meeting-by-meeting approach to determining the appropriate monetary policy stance.
- In particular, rate decisions will be based on its assessment of the inflation outlook in light of the incoming economic and financial data, the dynamics of underlying inflation and the strength of monetary policy transmission.
- Governing Council is not pre-committing to a particular rate path.
And here is what it said about inflation:
- Governing Council is determined to ensure that inflation stabilises sustainably at its 2% medium-term target, especially in current conditions of rising uncertainty.
- Domestic inflation remains high, mostly because wages and prices in certain sectors are still adjusting to the past inflation surge with a substantial delay.
- But wage growth is moderating as expected, and profits are partially buffering the impact on inflation.
The ECB delivered the following forecast, cutting 2025 and 2026 GDP, lowering 2025 core inflation while raising 2025 headline inflation. Here are the details starting with HICP inflation:
- 2025: 2.3% (prev. 2.1%)
- 2026: 1.9% (prev. 1.9%)
- 2027: 2.0% (prev. 2.1%)
HICP Core inflation (ex-energy and food)
- 2025: 2.2% (prev. 2.3%)
- 2026: 2.0% (prev. 1.9%)
- 2027: 1.9% (prev. 1.9%)
GDP:
- 2025: 0.9% (prev. 1.1%)
- 2026: 1.2% (prev. 1.4%)
- 2027: 1.3% (prev. 1.3%)
And the visual summary for inflation:
This is what the ECB said about inflation:
Most measures of underlying inflation suggest that inflation will settle at around the Governing Council’s 2% medium-term target on a sustained basis. Domestic inflation remains high, mostly because wages and prices in certain sectors are still adjusting to the past inflation surge with a substantial delay. But wage growth is moderating as expected, and profits are partially buffering the impact on inflation.
Aside from a modest kneejerk reaction, the market was not surprise: as expected and priced, the ECB cut its policy rates by 25bps taking the deposit rate to 2.50% but as noted above, the most pertinent update was the adjustment to language around restrictiveness, with the ECB now saying “monetary policy is becoming meaningfully less restrictive” (prev. “monetary policy remains restrictive”), a tweak which some say opens the door to a pause in the easing cycle, something the likes of Schnabel have flagged in recent weeks, hence the initial hawkish reaction which sent the EURUSD to session highs of 1.082
Given this, traders will be keenly awaiting the press conference from Lagarde for insight into the discussion around the future path for policy, the statement itself maintained a data-dependent and meeting- by-meeting approach.
Today’s statement aside, also look for Lagarde’s views on the recent German fiscal announcements, EU proposals/reports and the significant market reaction to these events and what impact Lagarde thinks it has on their path ahead.
One thing is certain: monetary policy may be becoming “meaningfully less restrictive” but the explosive move higher in yields across Europe just made fiscal policy the most restrictive it has been in years.
END
ROBERT h TO US:
FRANCE/GERMANY RUSSIA
OSINTdefender on X: “French President Emmanuel Macron addressed the nation earlier today, as countries in Europe prepare to shift towards a “wartime economy” amidst uncertainty over security guarantees and continued support from the United States. During his speech, Macron called for European https://t.co/fI4pqZfAAV”
War monger.
It is already rumored that to save German car plants they will be converted to WAR plants.
Dumb is getting more dumb as no one will win and Europe will be left in tatters.
America will not fight for European Neocons. Nor will fund such an effort.
5 RUSSIAN AND MIDDLE EASTERN AFFAIRS
ISRAEL HAMAS/USA//:
YESTERDAY
Trump to ‘sick and twisted’ Hamas: ‘Release all of the Hostages now, or it is over for you’
By Jacob Magid
US President Donald Trump addresses a joint session of Congress at the Capitol in Washington, Tuesday, March 4, 2025. (Win McNamee/Pool Photo via AP)
US President Donald Trump issues a new ultimatum to Hamas to immediately release all remaining hostages or be destroyed.
“‘Shalom Hamas’ means Hello and Goodbye – You can choose,” Trump writes on Truth Social.
“Release all of the Hostages now, not later, and immediately return all of the dead bodies of the people you murdered, or it is OVER for you,” he says.
“Only sick and twisted people keep bodies, and you are sick and twisted!”
“I am sending Israel everything it needs to finish the job, not a single Hamas member will be safe if you don’t do as I say,” he warns.
“I have just met with your former hostages whose lives you have destroyed.”
“This is your last warning! For the leadership, now is the time to leave Gaza, while you still have a chance,” Trump says.
“Also, to the People of Gaza: A beautiful Future awaits, but not if you hold Hostages. If you do, you are DEAD! Make a SMART decision. RELEASE THE HOSTAGES NOW, OR THERE WILL BE HELL TO PAY LATER.”
ISRAEL HAMAS
‘This is your last warning!’: Trump gives ultimatum to Hamas
“Shalom Hamas’ means Hello and Goodbye – You can choose,” Trump’s post read.
By JAMES GENNMARCH 5, 2025 23:56Updated: MARCH 6, 2025 01:03
“Release all of the Hostages now, not later, and immediately return all of the dead bodies of the people you murdered, or it is OVER for you,” US President Donald Trump shared on Truth Social and X/Twitter on Wednesday evening, addressing Hamas.
“Shalom Hamas’ means Hello and Goodbye – You can choose,” his post read.
“Only sick and twisted people keep bodies, and you are sick and twisted!” he continued.
“This is your last warning! For the leadership, now is the time to leave Gaza, while you still have a chance,” Trump warned.
“RELEASE THE HOSTAGES NOW, OR THERE WILL BE HELL TO PAY LATER!” he concluded.
‘Not a single Hamas member will be safe’
“I am sending Israel everything it needs to finish the job, not a single Hamas member will be safe if you don’t do as I say,” indicating Trump’s desire to back Israel in further military operations if Hamas does not release all hostages.
“I have just met with your former Hostages whose lives you have destroyed.”
“Also, to the People of Gaza: A beautiful Future awaits, but not if you hold Hostages. If you do, you are DEAD! Make a SMART decision,” possibly referencing Trump’s controversial plans for restoring the Gaza Strip.
END
Witkoff met with Hamas leaders, Qatari mediators to advance hostage deal, Egyptian sources say
Hamas said that Trump’s repeated threats against Palestinians are support for Netanyahu to back out of the Gaza ceasefire and intensify the siege.
By REUTERSMARCH 6, 2025 12:45Updated: MARCH 6, 2025 13:34
Discussions took place on Wednesday night between US President Donald Trump’s Middle East Envoy Steve Witkoff, Hamas leaders, and mediators from Egypt and Qatar, two Egyptian sources tell Reuters.
Sources say American-Egyptian talks discussed governance of Gaza after the end of the war, including names of those who would manage the Strip.
Sources say that the discussions ended positively and indicate a near transition to a second phase of the Gaza ceasefire agreement.
An Israeli official told The Jerusalem Post that Israel is unaware of any advancements regarding phase two of the hostage deal.
Hamas said on Thursday that Trump’s repeated threats against Palestinians constituted support for Israel’s Prime Minister Benjamin Netanyahu to back out of the Gaza ceasefire and intensify the siege of Gaza.
Trump demanded on Wednesday that Hamas “release all of the hostages now, not later,” including the remains of dead hostages, “or it is OVER for you.”
In a text message to Reuters, Hamas spokesperson Abdel-Latif Al-Qanoua said: “The best track to release the remaining Israeli prisoners is by the occupation going into the second phase and compelling it to adhere to the agreement signed under the sponsorship of mediators.”
Hostage-ceasefire deal between Israel and Hamas
The Gaza ceasefire deal, which came into effect in January, was negotiated with Trump’s envoy, who participated alongside envoys of the outgoing Biden administration. It calls for remaining hostages to be freed in a second phase, during which final plans would be negotiated for an end to the war.
The first phase of the ceasefire ended on Saturday, and Israel has since imposed a total blockade on all goods entering Gaza, demanding that Hamas release the remaining hostages without beginning the negotiations to end the war.
Palestinians say the blockade could lead to starvation among the 2.3 million people living in Gaza’s ruins.
Trump made his new threats after a White House meeting on Wednesday with a group of hostages who had been released in the first phase of the Gaza ceasefire deal.
“I am sending Israel everything it needs to finish the job; not a single Hamas member will be safe if you don’t do as I say,” he said. “Also, to the People of Gaza: A beautiful Future awaits, but not if you hold Hostages. If you do, you are DEAD! Make a SMART decision. RELEASE THE HOSTAGES NOW, OR THERE WILL BE HELL TO PAY LATER!”
END
New IDF chief prepares for return to Gaza fighting, vows to defeat Hamas
The comments were made during a meeting with the heads of local councils from the Gaza border communities.
By YANIR YAGNA, JERUSALEM POST STAFFMARCH 6, 2025 16:04Updated: MARCH 6, 2025 17:24
“We are preparing to return to fighting,” Lt.-Gen. Eyal Zamir said on his first day as the 24th IDF Chief of Staff on Thursday.
The comments were made during a meeting with the heads of local councils from the Gaza border communities.
“We must defeat Hamas,” said Zamir. “We are also preparing to resume fighting. The hostages are our top priority.”
Shamir, who was appointed to the position on Wednesday, began his term with a clear and concise message: “Victory and the defeat of the enemy – this is our mission, this is our destiny.”
In his first speech, Zamir emphasized the immense responsibility of leading the army after the events of October 7, while acknowledging the mistakes of the past alongside the determination to ensure that the IDF will succeed in its missions.
“We will not stop until Hamas is destroyed, and we will not remain silent until our people return from captivity in the Gaza tunnels,” he declared resolutely.
Israel’s next stages
Zamir expressed appreciation for his predecessor, Lt.-Gen. (ret.) Herzi Halevi, and promised the soldiers and commanders that he would provide them with the tools necessary for victory.
“Our actions will speak for themselves,” concluded the chief of staff, outlining the vision for the next stage in the struggle against Israel’s enemies.
The IDF Spokesperson’s Office stated that “during the meeting, the chief of staff spoke with the heads of the authorities, thanked them for their important cooperation, and emphasized the IDF’s commitment to regional security and restoring trust, eliminating Hamas, and returning the hostages.”
The meeting was attended by the outgoing head of the Southern Command, Maj.-Gen. Yaron Finkelman, the incoming head of the Southern Command, Maj.-Gen. Yaniv Asor, and the head of the Home Front Command, Major General Rafi Milo, Maariv reported.
IRAN/OPINION
Iran’s theocratic regime: A path to aggression and war
As Iran’s aging autocrat Ali Khamenei doubles down on confrontation with Israel and the United States, the nation stands at a historic crossroads.
By ERFAN FARDMARCH 6, 2025 15:21Updated: MARCH 6, 2025 15:39
Boldly confronting both Israel and the United States, Iran’s autocratic regime, led by Ali Khamenei, is doubling down on a path of aggression.
This combative approach has not only heightened international tensions but has also pushed the nation towards the edge of military conflict. As the specter of war looms, Iran’s internal stability crumbles under the weight of its leader’s relentless pursuit of power.
The Iranian mullah’s regime, under the iron-fisted rule of Ali Khamenei, is ruthlessly pursuing a path of hostility and war. This irrational approach in international relations, characterized by a combative stance towards both Israel and the United States, has significantly heightened tensions, raising the specter of military engagement.
The situation in Iran remains dangerously unstable and unpredictable, with continued provocations likely to escalate into open conflict.
Ali Khamenei steadfastly navigates a confrontational course with both Israel and the United States, determined to challenge them without yielding to Donald Trump—a leader known for his limited patience with protracted, insincere negotiations.
On the one hand, Trump’s foreign policy marks a departure from those of his predecessors. On the other hand, Khamenei shows a steadfast reluctance to engage in substantive talks.
Khamenei’s strategy aims to thwart any diplomatic victories Trump might claim. Both tactical compromises and superficial retreats have fallen short in dealing with figures such as Netanyahu and Trump, highlighting a clash of intransigent wills.
From the beginning, Ali Khamenei has relied on stalling tactics, aiming to prolong conflicts to maintain his flexibility and uphold his carefully crafted image.
In the USA, under a Democratic administration, there likely would have been a continuation of policies that appeased the Islamic Republic, reminiscent of the approaches taken by Carter, Obama, and Biden, which often overlooked the regime’s atrocities. However, with Trump’s ascension and the establishment of his security-focused administration, Khamenei recognized that his usual cunning maneuvers would not suffice against a firm ally of Israel.
Moreover, the powerful elite surrounding Khamenei are similarly disinclined to compromise. The Shiite dictator, irrational and stubborn, clings to his missile programs, terrorist networks among the regional proxies, and nuclear aspirations, knowing that the fall of his regime would likely precipitate his personal demise.
This reckless leader of the self-styled Islamic Caliphate refuses to disarm, fully aware that without his instruments of terror, the Islamic Republic’s facade as a brutal regime would be irrevocably exposed.
The recent resignations of two cabinet members, alongside Pezeshkian, the president known for his deception and subservience, mark a stark pivot towards a more militaristic approach, signaling that the regime is not only bracing for conflict but is also spiraling into deeper domestic vulnerability. This shift toward militarization suggests a desperate attempt to distract from escalating internal pressures and suppression —a tactic that history shows is often a precursor to dramatic political upheavals.
Pursuing militaristic agenda
In Iran, the relentless pursuit of a militaristic agenda under the guise of national defense is eroding the very fabric of societal stability. As economic conditions worsen and public dissent grows, the regime’s aggressive postures may be inadvertently setting the stage for its own undoing. Historical precedents demonstrate how prolonged aggression can accelerate a regime’s collapse by alienating the populace and overextending its governance capacity.
As long as this rogue Junta regime prevails, progress remains an impossibility. Yet, the increasing unpopularity of the regime, combined with its unsustainable aggressive policies, could catalyze a shift towards a transformative era. The Iranian people, historically resilient and proud, may soon find that the cost of enduring tyranny is too great to bear, potentially leading to a surge in demands for fundamental change.
For 36 years, the Iranian dictatorship of Khamenei has been characterized by warmongering, folly, and malice. Both Khamenei, the 86-year-old disreputable dictator in Tehran who places himself above all legal frameworks, and his puppet president, Pezeshkian, have perpetuated a legacy of lies, deception, and empty promises.
Despite the Iranian people’s profound exhaustion and disgust with the despotic rule of terror-driven mullahs, the enduring pride rooted in Iran’s storied history remains unbroken. The silence of the Iranian populace is not passive; it is dangerously poised on the edge of revolt, with internal upheaval increasingly likely to lead to regime change.
A century ago, Reza Shah the Great, a nationalistic King, liberated Iran from the destructive grasp of the Qajar dynasty. Today, as Nowruz approaches, the nation teeters on the brink of rebellion against the malevolent mullahs’ mafia and the detested rule of brazen clerics—a vivid testament to the ongoing clash between fanatic Islamist and nationalist forces.
In the Nowruz of 1979, Khomeini proclaimed the establishment of a divine government. The decades since have revealed the true nature of this Khomeinist regime: brutal, regressive, and universally scorned, teetering on the precipice of inevitable collapse. The potential leadership of Prince Reza Pahlavi during this critical transition looms large; without his guidance, Iran risks descending into civil war. Nevertheless, the ultimate arbiters of Iran’s future will be its people.
Should Israel and America succeed in neutralizing the nuclear threat from the Iranian dictator, a historic window of opportunity could open. Failure to do so, however, allows this malignant force to continue its catastrophic spread.
The potential destruction of Iran’s nuclear facilities, prompted by the dictator’s own aggression and folly, would empower the Iranian people to pave the way for the emergence of a new Middle East—one free from the shackles of Shiite clerical rule. This vision, as hopeful as it is transformative, anticipates no tears for the downfall of this religious and terroristic tyrant.
As the echoes of the past 19 nationwide anti-regime protests resonate, Iran stands at a historic crossroads. The regime’s unyielding aggression and disregard for both domestic welfare and international norms have set the stage for its potential downfall.
The international community, particularly allies like the United States and Israel, must seize this moment to intensify pressure on Tehran’s rulers. Supporting the Iranian people’s aspirations for freedom and governance that respects human rights and dignity is crucial.
By denying the regime the tools of oppression—specifically, its nuclear ambitions—we not only neutralize a global threat but also empower Iranians to reclaim their future. This moment, fraught with peril yet ripe with opportunity, demands decisive action to end the cycle of tyranny and terror.
A liberated Iran could mark the dawn of a new era in the Middle East, one where peace and prosperity can finally flourish. The world must stand ready to support a free Iran, ensuring that the collapse of the theocratic regime opens the door to a hopeful, democratic future.
Today, the Russian dictator, who benefited from Khamenei’s partnership in war crimes against Ukraine, wants to mediate between Trump and Khamenei. However, it is unclear what dream the former KGB colonel has envisioned for Iran. In Tehran, a heavy silence prevails, and no one knows which path the Iran dictator will choose.
One of Trump’s most critical achievements was the elimination of the notorious terrorist of Quds Force, Qasem Soleimani, along with his decision to withdraw from the flawed Iran nuclear deal (JCPOA). These actions humiliated the Tehran regime, demonstrating that a position of strength is the only language the mullahs understand.
Later, Netanyahu has long adhered to a similar strategy, making both leaders widely respected among Iranians who openly hope for US and Israeli intervention to topple the Tehran regime. This sentiment is no longer a secret—it is a growing reality.
RUSSIA VS UKRAINE/USA
Trump Team Holding Secret Talks With Ukrainian Opposition As US Sours On Zelensky
Thursday, Mar 06, 2025 – 12:25 PM
You know that President Zelensky is in trouble when even Democrats in the US are calling for new elections in Ukraine, at a moment that some Trump officials have issued comments strongly hinting they prefer to see new leadership in Kiev.
For example Maine Democratic Rep. Jared Golden has this week urged Zelensky to “call and win a new election” to “strengthen his hand” in negotiating a peace agreement to end the war. Golden said in the earlier Tuesday statement that Zelensky must “show the world he has the mandate” from the Ukrainian people.
Trump previously hammered Zelensky for being a “dictator without elections” – however, Ukraine’s parliament recently voted to uphold his ‘legitimacy’ – backing the martial law situation which constitutionally allows elections to be canceled and delayed indefinitely.
A new bombshell report has been issued Thursday saying that Trump’s team is actually engaging members of the Ukrainian opposition in secret – toward efforts in support of potential political transition in Kiev.
Politico writes, “Four senior members of Donald Trump’s entourage have held secret discussions with some of Kyiv’s top political opponents to Volodymyr Zelenskyy, just as Washington aligns with Moscow in seeking to lever the Ukrainian president out of his job.”
“The senior Trump allies held talks with Ukrainian opposition leader Yulia Tymoshenko, a remorselessly ambitious former prime minister, and senior members of the party of Petro Poroshenko, Zelenskyy’s immediate predecessor as president, according to three Ukrainian parliamentarians and a U.S. Republican foreign policy expert,” the report continues.
Tymoshenko has confirmed that her team is talking “with all our allies who can help in securing a just peace as soon as possible.”
This is massive and will without doubt see relations spiral further, at least until Zelensky comes to the US administration with hat in hand. The White House wants a formal apology. But it seems the opportunity to willingly sign Trump’s controversial mineral deal has come and gone.
As for the content of these secret Trump admin and Ukrainian opposition meetings, Politico reveals:
The discussions centered on whether Ukraine could hold quick presidential elections. These are being delayed in line with the country’s constitution because Ukraine remains under martial law. Critics of holding elections say they could be chaotic and play into Russia’s hands, with so many potential voters serving on the front lines or living abroad as refugees.
“The Trump aides are confident that Zelenskyy would lose any vote due to war fatigue and public frustration over rampant corruption,” the report continues. “Indeed, his poll ratings have been in decline for years, although they have picked up in the wake of last week’s Oval Office brawl, when the Ukrainian leader was shown the door after being berated by President Donald Trump and Vice President JD Vance. The most recent poll shows Zelenskyy still comfortably ahead in the race for the presidency.”
Zelensky’s declining popularity is something that the mainstream media has kept silent on for at least the last year or so. There also remains significant domestic opposition to conscription policies which have seen recruiters taking harsh measures, in some cases forcibly rounding up young men on the streets to eventually send them to the front lines.
As for another potential rival for power, who might seriously challenge Zelensky, Political highlights the following:
His nearest rival, trailing him by more than 20 percentage points, is Valery Zaluzhny, a former army commander who is now Ukraine’s ambassador to Britain. Only 10 percent backed Poroshenko, who is known as the Chocolate King due to his confectionary empire. Tymoshenko garnered just 5.7 percent support.
In Washington, perhaps highest official to have come closest to actually calling for a change in leadership in Kiev is US National Security Advisor Mike Waltz, who told CNN last Sunday: “it’s unclear whether President Zelensky, particularly after what we saw on Friday, is ready to transition Ukraine to an end to this war, and to negotiate and have to compromise.” Waltz then said that “we need a leader that can deal with us, eventually deal with the Russians, and end this war” – in remarks that hinted strongly at political transition soon.
6.GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUES
IMPORTANT STUDY!! WE NEED MORE B12 INTO OUR BODIES
(EPOCHTIMES)
Normal Vitamin B12 Levels May Still Be Too Low For Brain Health, Study Finds
Wednesday, Mar 05, 2025 – 08:05 PM
Authored by George Citroner via The Epoch Times (emphasis ours),
Older adults with vitamin B12 levels considered normal may still face cognitive decline and brain damage, according to a new study.
Participants with lower—yet technically acceptable—B12 levels showed measurable brain white matter damage and slower cognitive processing, prompting researchers to call for a reevaluation of what constitutes “healthy” B12 levels in aging populations.
These lower levels could “impact cognition to a greater extent than what we previously thought, and may affect a much larger proportion of the population than we realize,” Alexandra Beaudry-Richard, co-first author, said in a press release.
Rethinking B12 Levels
Recent research published in Annals of Neurology found that older, healthy people with concentrations of B12 in their blood on the lower side of normal showed signs of neurological and cognitive deficiency. The study found that lower B12 was linked to damage in the brain’s white matter, which helps brain regions communicate.
Researchers enrolled 231 healthy participants without dementia or mild cognitive impairment, with an average age of 71. Their average blood B12 level was 414.8 pmol/L, which exceeds the U.S. minimum threshold of 148 pmol/L, indicating that, on average, they do not exhibit B12 deficiency. Normal values for B12 are often cited as being roughly between 118 to 701 pmol/L.
Assessments of cognitive performance indicated that lower active B12 levels were associated with slower processing speeds, suggesting a potential for subtle cognitive decline. This effect was more pronounced in older participants.
The results raise questions about current B12 requirements and suggest the recommendations need updating, according to Dr. Ari J. Green, chief of the division of neuroimmunology and glial biology in the Department of Neurology at the University of California at San Francisco, and senior author of the study.
Older people are more prone to lower vitamin B12 levels because their stomach acid production, which is crucial for properly absorbing B12 from food, decreases as they age. This malabsorption, combined with potential dietary inadequacies, can lead to deficiency.
Low B12 levels are linked to brain lesions because B12 is vital for the health of nerve cells in the brain, so a deficiency can cause damage to the white matter, leading to lesions that can impact cognitive function.
“Previous studies that defined healthy amounts of B12 may have missed subtle functional manifestations of high or low levels that can affect people without causing overt symptoms,” Green stated.
“Revisiting the definition of B12 deficiency to incorporate functional biomarkers could lead to earlier intervention and prevention of cognitive decline,” he added.
Read the rest here…
And grab some potent B-Vitamins here…
VERMECTIN And FENBENDAZOLE Testimonials: Stage 2 Fallopian Tube Cancer, Stage 4 Breast Cancer With Lymph Node And Bone Metastases, 3 Months To Live Stomach Tumor
Mark Crispin Miller:
PAUL ALEXANDER
OH OH!!CDC rehires (including) outbreak employees (180 of them) after Musk fired them…hhmmm, tells them ‘come back to work’
“You should return to duty under your previous work schedule. We apologize for any disruption that this may have caused,”…what say you? Maybe some Veteran Affairs laid off workers can get a CDC job?
| Dr. Paul AlexanderMar 6 |
‘NEW YORK — The nation’s top public health agency is inviting about 180 employees back to work, about two weeks after laying them off.
Emails went out Tuesday to some Centers for Disease Control and Prevention probationary employees who got termination notices last month, according to current and former CDC employees.
A message seen by the AP was sent with the subject line, “Read this e-mail immediately.” It said that “after further review and consideration,” a Feb. 15 termination notice has been rescinded and the employee was cleared to return to work on Wednesday. “You should return to duty under your previous work schedule. We apologize for any disruption that this may have caused,” it said.’
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.
SLAY NEWS
NEWS ADDICTS
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| Bodybuilder Jodi Vance Was ‘Throwing Up’ Before Dying Suddenly of Heart Attack at 20, 911 Call RevealsAs the sports world mourns the sudden death of 20-year-old Ohio bodybuilder Jodi Vance, details are continuing to emerge about her shocking, fatal heart attack.READ MORE |
| Trump expected to sign executive order to eliminate the Department of EducationPresident Donald Trump is reportedly preparing to sign an executive order as early as Thursday that would set in motion the process of dismantling the U.S. Department of Education, according to a report from The Wall Street Journal. The draft of the order directs Education Secretary Linda McMahon to “take all necessary steps to facilitate the closure of the Education …READ MORE |
| Rep. Jim Jordan destroys Denver’s sanctuary Mayor in brutal five-minute beatdownOn Wednesday, the House Oversight Committee heard testimony from mayors of some of the country’s most pro-illegal immigrant cities, including Michelle Wu of Boston, Brandon Johnson of Chicago, Mike Johnston of Denver, and Eric Adams of New York. At the center of the heated exchange was Abraham Gonzales, a Venezuelan gang member arrested by Border Patrol in September 2023 and … |
EVOL NEWS
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
a must must read!
Europe’s ‘ReArm’ Plan “Is Going To Come At A Vast Cost”; Rabobank
Thursday, Mar 06, 2025 – 09:45 AM
Via Rabobank,
“And he shall judge among the nations and shall rebuke many people; and they shall beat their ploughshares into swords, and their pruning hooks into spears; nation shall lift up sword against nation, neither shall they forget war anymore.”
(With apologies to Isiah 2:4)
The US has increased its pressure on Ukraine to pause the war by turning off military intelligence to it, removing Kyiv’s ability to fire missiles into Russia. This action has further outraged and –given their reliance on US systems in NATO– terrified Europe. Note President Eisenhower did the same vis-à-vis then-and-current ally South Korea in 1953, which didn’t want to stop fighting; the US didn’t want a direct war with China, or more inflation, and made it clear military aid would stop until an armistice was achieved. That frozen conflict seems where Ukraine-Russia is heading, especially as President Zelenskyy just said what rejected what the Russian terms for any formal peace deal (demilitarisation, formal renouncement of lost territories) would be.
Europe has added its own pressure on Zelenskyy as Germany’s ministry of defence admits it can’t supply more materiel to Ukraine either as it’s out of stock.
That underlines the need for the German announcement on infrastructure investment and rearmament yesterday, which saw 10-year Bund yields rise 31bp on the day, their worst performance since 1997. EUR jumped.
Ahead of today’s EU ReArm summit President Macron addressed his nation, stating:
“Our prosperity and security have become more uncertain, and it must be said, we are entering a new era… if a country can invade its neighbour in Europe with impunity, then no one can be sure of anything anymore, and it is the law of the strongest that applies, and peace can no longer be guaranteed on our continent itself.”
He added that the future of Europe will not be set by the Kremlin or Washington, DC, and spoke of extending the French nuclear umbrella to Europe.
You will find more infographics at Statista
This is going to come at a vast cost. If you think a 31bp rise in Bunds captures the scale of shocks involved in a soft-power Europe trying to set its own future in a hard-power world then you spend too much time in soft-power circles. For starters, the FT op-eds today that ‘Europe must trim its welfare state to build a warfare state’: like it or not, that is starting to sound a bit MEGA (Europe, not America) and DOGE. One wonders what the ECB will say about it today.
Europe is outraged by US actions vs Ukraine and what some call the White House’s “reverse Nixon” strategy (so, ‘Noxin’?) of trying to split Russia from China, as with China vs the USSR in the 1970s: there is talk of Trump–Putin kinship or kompromat even in the financial press. However, facing a united China and Russia, when until this week Europe refused to rearm, is something all geostrategists, some belatedly, see as a deeply flawed US strategy. Moreover, the eurocentric fail to spot that Trump is not only pivoting from Europe to focus on Asia –which the EU largely thinks of in terms of trade not security– but is trying to use the quid pro quo gained there for Putin’s help with nuclear negotiations with Iran.
After all, Tehran is close to a nuclear weapon and Israel, who just rehearsed a joint strike on it with the US, to having to remove what it sees as an existential threat the hard way. Were that to occur, it would have a vast negative impact on the US and European economies. That key issue isn’t even part of current EU conversations; but as Europe rearms and tries to find its own place in the world, it will find it has to join more such dots in more locations at an ever-higher price.
It also goes without saying that the odds of ‘Noxin’ and an Iran deal success are very low; but the alternative scenarios are not ones markets want to think about.
Again, they do not imply just a 31bp move higher in 10-year Bunds. Especially not when the Chinese embassy in the US tweets: “If war is what the US wants, be it a tariff war, a trade war or any other type of war, we’re ready to fight till the end.”
On the first of those fronts, President Trump granted a one-month pause on 25% tariffs on autos from Canada and Mexico, and is reportedly considering exempting some agri products, as well as potash. Markets obviously loved that, presumably because it affirmed their view that ‘there aren’t going to be any tariffs really’ – which is certainly easier to model.
What they won’t love at all is the Wall Street Journal’s Fed whisperer Nick Timiraos saying, ‘The Two-Headed Monster Stalking the Economy Has a Name: Stagflation’.
Because nobody is allowed to use the S word. Trump is using the term, “A little disturbance” instead.
Markets think the White House won’t do anything that allows them to go down, as if the 100+ radical executive orders so far, and constant talk of tariffs and resetting Bretton Woods, is just talk and the actual US focus is the old economic policy play of tax cuts and deregulation. An economic commentator I heard on TV yesterday was noting Trump was “using the art of the deal” with Canada and Mexico. What deal is this art working towards, exactly? Fiddling with efficient free trade just for the sake of it?! Saying “because markets” without thinking “because what?” is not a real response, or a predictor; sometimes headlines saying ‘European rearmament’ can mean an explosive surge in Bund yields.
Yet Trump hasn’t mentioned stocks so far, and the word from D.C. is their focus is on Main Street, not Wall Street, with willingness to tolerate “disturbance” for at least the next six to eight months, while blaming it on Biden, in order to get a framework in place that allows for growth based on what Trump thinks GDP is *for*, e.g., the new office of ship building in the White House.
That doesn’t mean there aren’t some market- and inflation-friendly measures being floated: as one example, Trump economic advisor Navarro wants to see oil in the $50s.
That would certainly offset some tariff inflation. However, that is also the point at which the US oil industry makes its money, so some serious economic statecraft is going to be required there, not economic policy.
On which note, as all is in flux, former Australian PM Abbot is publicly lobbying for a free-movement and free-trade deal for Australia, New Zealand, Canada, and the UK, so a slimline Anglosphere version of the EU. That could easily appeal to all four countries worried about the US direction under President Trump. However, don’t think for a moment that the US wouldn’t then want to bolt that mechanism on to itself provided there was a joint external tariff vs China. In fact, you could bank on it.
In the US, and purely on the bank/economic front, the latest Fed Beige Book noted
“Overall economic activity rose slightly since mid-January. Six Districts reported no change, four reported modest or moderate growth, and two noted slight contractions. 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… 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.”
You know what that doesn’t sound like? An Atlanta Fed GDPNow at -1.5% q-o-q annualised, apparently a recession warning, but largely due to a surge in imports into the US to try to front-run tariffs.
7.OIL AND NATURAL GAS ISSUES/GLOBAL/ENERGY/
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//
CANADA/MEXICO
Trump Confirms Mexico & Canada Exempt From Tariffs On USMCA-Compliant Goods… Until April 2nd
Thursday, Mar 06, 2025 – 02:55 PM
Update (1445ET): Despite his shots at Trudeau earlier in the day, which suggested he would ice the Canadians out of their USMCA exemption, President Trump just confirmed he will also exempt compliant goods from our neighbor to the north.
As Bloomberg reports, President Donald Trump will exempt Mexican and Canadian goods covered by the North American trade agreement known as USMCA from his 25% tariffs, offering major reprieves to the US’s two largest trading partners.
The pause on the tariffs, which are related to illegal immigration and fentanyl tracking, will expire on April 2, according to Commerce Secretary Howard Lutnick. That is the date when the president is expected to start unveiling plans for so-called reciprocal duties on nations around the world as well as sector-specific duties.
“Hopefully Mexico and Canada will have done a good enough job on fentanyl that this part of the conversation will be off the table” when the new tariffs kick in, Lutnick said in a statement.
The White House estimates that 62% of Canadian imports will still be subject to the tariffs, most of which are energy products that are being tariffed at a 10% rate, and half of goods coming from Mexico.
A White House official cautioned those proportions could change as importers rush to comply with the new rules.
Trump decided to pare back the tariffs after speaking to Mexican President Claudia Sheinbaum, Canadian Prime Minister Justin Trudeau and auto company executives.
As a reminder, we are at a critical level on the Trump Tariff 1.0 analog…
Will it be different this time?
* * *
Update (1130ET): President Trump has confirmed what Howard Lutnick hinted at earlier. In a Truth Social post, Trump noted that Mexico ()not Canada) will be exampt from tariffs on USMCA-compliant goods until April 2nd…
After speaking with President Claudia Sheinbaum of Mexico, I have agreed that Mexico will not be required to pay Tariffs on anything that falls under the USMCA Agreement.
This Agreement is until April 2nd.
I did this as an accommodation, and out of respect for, President Sheinbaum.
Our relationship has been a very good one, and we are working hard, together, on the Border, both in terms of stopping Illegal Aliens from entering the United States and, likewise, stopping Fentanyl.
Thank you to President Sheinbaum for your hard work and cooperation!
Sheinbaum replied, thanking the US president:
The peso surged up to two-wekek highs…
What happens on April 3rd?
* * *
US equity markets are rebounding off yesterday’s lows following remarks by US Commerce Secretary Howard Lutnick on CNBC that raise the potential fdor exemptions for any goods that are USMCA-compliant:
Trump will decide Thursday on the scope of a one-month exemption on 25% tariffs imposed this month on the US’s two largest trading partners, Lutnick said in an interview with CNBC.
“I think it’s likely it will cover all USMCA-compliant goods and services,” he said.
This comes on the day when the trade balance data shows a record trade deficit overall (as imports surged to front-run tariffs)…
Lutnick said he and Trump would be speaking with their Mexican counterparts later Thursday and that both Mexico and Canada “offered us an enormous amount of work on fentanyl.”
The knee-jerk reaction was positive – erasing around half of this morning’s selloff…
The question is – will these be temporary exemptions… or will Trump change his mind again?
END
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: 1.0800 UP 7 BASIS PTS
USA/ YEN 147.69 DOWN 1.183 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 1.2891 UP 0.0008 OR 8 PTS
USA/CAN DOLLAR: 1.4370 UP 0.0029(CDN DOLLAR UP 29 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED UP 39.13 PTS OR 1.17%
Hang Seng CLOSED UP 775.50 PTS OR 3.29%
AUSTRALIA CLOSED DOWN 0.44%
// EUROPEAN BOURSE: ALL MIXED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL MIXED
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 652.44 PTS OR 2.84%
/SHANGHAI CLOSED UP 39.13 PTS OR 1.17%
AUSTRALIA BOURSE CLOSED DOWN 0.44%
(Nikkei (Japan) CLOSED UP 286.69 PTS OR 0.77%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 2905.20
silver:$32.42
USA dollar index early WEDNESDAY morning: 104.055 DOWN 20 BASIS POINTS FROM TUESDAY’s CLOSE.
WEDNESDAY MORNING NUMBERS ENDS
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And now your closing THURSDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 3.358 % UP 10 in basis point(s) yield
JAPANESE BOND YIELD: +1.505% UP 7 FULL POINTS AND 2/100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.552 UP 14 in basis points yield
ITALIAN 10 YR BOND YIELD 3.956 UP 13 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.8845 UP 15 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY THURSDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.0828 UP .0033 OR 33 basis points
USA/Japan: 147.666 DOWN 1.225 OR YEN IS UP 123 BASIS PTS//
Great Britain 10 YR RATE 4.737 UP 2 BASIS POINTS //
Canadian dollar DOWN .0013 OR 13 BASIS pts to 1.4353
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The USA/Yuan UP T0 7.2478, CNY ON SHORE ..CHINA MUST DEVALUE TO GOLD
THE USA/YUAN OFFSHORE UP TO 7.2479:
TURKISH LIRA: 36.44EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
the 10 yr Japanese bond yield at +1.505
Your closing 10 yr US bond yield UP 3 in basis points from WEDNESDAY at 4.300% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.582 UP 2 in basis points /11:00 AM
USA 2 YR BOND YIELD: 3.971 DOWN 2 BASIS PTS.
GOLD AT 11;00 AM 2914.50
SILVER AT 11;00: 32.62
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 73.00 pts or 0.89
Paris CAC CLOSED UP 338.45 or 1.47%
Spain IBEX CLOSED UP 20.20 PTS OR 0.15%
Italian MIB: CLOSED UP 260.27PTS OR 0.68%
WTI Oil price 66.80 11 EST/
Brent Oil: 69,50 1:00 EST
USA /RUSSIAN ROUBLE /// AT: 89.27 ROUBLE UP 0 AND 0/ 100
GERMAN 10 YR BOND YIELD; +2.8845 UP 15 BASIS PTS.
UK 10 YR YIELD: 4.7370 UP 2 BASIS POINTS
CDN 10 YEAR RATE: 3.022 UP 5 BASIS PTS.
CDN 5 YEAR RATE: 2.667 UP 2 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.0787 DOWN 0.0006 OR 6 BASIS POINTS//HEADING TO PARITY WITH THE DOLLAR
British Pound: 1.2882 DOWN .0007 OR 7 basis pts/HEADING FOR PARITY /USA
BRITISH 10 YR GILT BOND YIELD: 4.6725 UP 0 BASIS PTS//
JAPAN 10 YR YIELD: 1.501
USA dollar vs Japanese Yen: 147.75 DOWN 1.42 BASIS PTS// HEADING FOR 160 TO THE DOLLAR
USA dollar vs Canadian dollar: 1.4312 DOWN 0.0028 BASIS PTS CDN DOLLAR UP 28 BASIS PTS
West Texas intermediate oil: 66.34
Brent OIL: 69.33
USA 10 yr bond yield UP 2 BASIS pts to 4.287
USA 30 yr bond yield UP 2 BASIS PTS to 4.582%
USA 2 YR BOND: DOWN 3 PTS AT 3.959
CDN 10 YR RATE 3.093 UP 12 BASIS PTS
CDN 5 YEAR RATE: 2.744 UP 10 BASIS PTS
USA dollar index: 104.13 DOWN 0.12 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 36.43 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 88,99 UP 1 AND 48/100 roubles
GOLD 2913,05 (3:30 PM)
SILVER: 32.59 (3:30 PM)
DOW JONES INDUSTRIAL AVERAGE: DOWN 427.51 PTS OR 0.99%
NASDAQ 100 DOWN 576.72 PTS OR 2.80%
VOLATILITY INDEX: 25.04 UP 3.12 PTS OR 14.23%
GLD: $ 268.25 OR DOWN 1.37 PTS OR 0.51%
SLV/ $29.63 PTS OR DOWN 0.08 OR 0..27%
TORONTO STOCK INDEX// TSX INDEX: CLOSED DOWN 248.04OR 1.00%
end
TRADING today ZEROHEDGE/
ZEROHEDGE/HEADLINE CLOSING MARKETS
Stocks Puke Despite ‘Easing’ Tariffs As Trifecta Of Trouble Hits Markets
USA DATA
USA ECONOMIC NEWS/USA
Woke Implodes: Disney Preparing To Fire 6% Of Staff At ABC News, Disney Entertainment Networks
Wednesday, Mar 05, 2025 – 10:10 PM
A new report indicates that 200 employees across Disney’s ABC News Group and Disney Entertainment Networks unit are set to be laid off as early as Wednesday, accounting for roughly 6% of the combined workforce. The move is part of a broader consolidation wave within far-left corporate media amid ratings implosion as Americans gravitate towards X and new media outlets in the Trump era.
The Wall Street Journal reports that the layoffs, which represent 6% of the combined units, will be announced at some point today. The report is based on people knowledgeable about the cuts.
Additional color by WSJ of the cuts:
- The ABC news magazine shows “20/20” and “Nightline” are consolidating into one unit, resulting in job cuts, the people said. ABC is also eliminating the political and data-driven news site 538, which had about 15 employees.
- All three hours of “Good Morning America” branded shows will be consolidated under one person; previously, the third hour had a separate production team.
- At the Disney Entertainment Networks unit, which houses broadcast networks and cable channels such as Freeform and FX, there will be staffing reductions in program planning and scheduling.
WSJ noted, “The cuts are the latest of several staff reductions over the past few years at Disney, which like many entertainment companies is looking for ways to save on what used to be core businesses as it spends more on sports and entertainment content to compete in the streaming marketplace,” adding, “Ratings and revenue are down at many cable channels as consumers ditch cable packages and advertisers flee for streaming services and digital platforms.”
The imminent cuts at ABC (and entertainment unit) come a little more than one week after race-baiting propagandist Joy Reid was fired from MSNBC. Ratings at the far-left network—full of wild conspiracies—have collapsed since Trump secured the White House in last November’s presidential election. Many hosts on the network suffer from a severe case of “TDS.”
Also.
And.
Millions of Americans have turned off leftist corporate media, instead opening their X app for the news. They now listen to long-form podcasts with Joe Rogan and increasingly read altranterive media outlets. Many folks feel betrayed by the left’s propaganda machine, which misled them on critical stories ranging from Hunter Biden’s laptop to Covid’s origins to the economy.
Now, the Overton Window has shifted from far-left to center-right (woke era over). With Trump signing an executive order banning government censorship, a new era of free thought has emerged—driven by new media pushing humanity forward.
END
Elon Musk’s DOGE Is Zero-Basing The Federal Government
Wednesday, Mar 05, 2025 – 07:15 PM
Authored by Bruce Abramson via RealClearMarkets,
What is DOGE really doing—and why is it so controversial? The answer lies in an esoteric if straightforward concept that began in the world of budgeting: Zero-basing.
As a general rule, most organizations, businesses, agencies, and even households building budgets start by asking themselves a simple question: What did we spend last year? To answer, they compile a list of expense categories and the amounts spent in each one. Next, they look ahead to the coming year to see which categories will require a bump up and where they can cut. Finally, they look at projected revenues to see whether they can expect to cover planned spending.
In such a process, last year’s budget serves as the “baseline” for this year’s budget.
That’s a perfectly reasonable approach if the goal is performance more-or-less on par with last year’s. An entity displeased with past performance and contemplating major reforms must take a radically different approach.
“Zero-Based Budgeting” rejects using last year’s budget as a baseline. Instead, it sets the baseline for each category at zero. It then considers each contemplated expenditure, one at a time, and asks whether current circumstances can justify it or require it. If so, it gets added to the budget. If not, it’s rejected.
Though zero-basing may have begun in the world of budgeting, it’s a powerful concept that can be applied quite broadly. I’ve long advocated its deployment in regulatory reform, and I’ve used it in my day job to revamp college admissions processes.
Stripped to its essentials, zero-based reforms reject inertia and incumbency as reasons for doing anything. They begin assuming nothing, review everything from first principles, and retain only that which is justifiable given current circumstances.
President Trump assumed office believing that the performance of the Executive Branch—not just last year, but for decades—has been entirely unacceptable. A majority of Americans agree with that assessment. Under such circumstances, preserving existing structures as a baseline would have been deeply foolish—not to mention counterproductive and destructive.
He thus called upon Elon Musk and his team at DOGE to zero base the entire government. That’s exactly what DOGE has been doing.
Consider, for example, a pair of messages that started with an announcement on X: “Consistent with President @realDonaldTrump’s instructions, all federal employees will shortly receive an email requesting to understand what they got done last week. Failure to respond will be taken as a resignation.” The promised email requested approximately five bullet points describing the employee’s accomplishments.
This request raised a furor. Why? Because it inverted the “normal” order.
Under normal circumstances, new management inherits a workforce, then makes decisions about who to retain and who to cut. Even if management suspects that payrolls have been padded with phantom employees and kickbacks, they typically leave things in place until they can identify the improprieties. If you’re on payroll, you’re assumed to be earning your keep until someone proves otherwise.
In other words, the status quo defines the baseline.
Musk’s message went wisely in the opposite direction. It reset the federal workforce to zero and shifted the burden of proving value. The “proof” required was negligible—but noticeably greater than the zero to which federal employees had grown accustomed.
Anyone receiving the e-mail message—in effect, anyone claiming to be a federal employee—was given a minimal but real challenge: Reply with an e-mail stating “I exist, I read e-mail from my employer, and at least in my own opinion, I confer value in exchange for my paycheck.”
Hardly a high standard, but enough to infuriate those who believe that the status quo must be maintained at all costs independent of the acceptability of past performance.
Even a quick glimpse at DOGE’s other moves highlights their consistency, appropriateness, and brilliance—with parallels emerging throughout the Trump Administration:
First, announce the termination or planned demise of an agency—say, USAID or the Department of Education. That resets its baseline to zero and shifts the burden to those claiming that said agency confers value in excess of cost upon the American people.
Next, let those who wish to preserve the program make their case: Justify the continuation of this expense given current circumstances. Past importance is irrelevant. Perhaps this program, when first introduced, solved a pressing problem. So what? Why do we need it in 2025?
In most cases, the burden of proving value should be higher than the one Musk set for employee maintenance—but still something that reasonable people making a reasonable case can meet. Activities capable of clearing that hurdle will be preserved; even if the agency housing them is eliminated, they can be relocated to one of the many agencies that will prove their worth.
The beauty of this approach is that it achieves two great results simultaneously:
One, it maximizes the chances of eliminating deadweight bloat and outright fraud by cutting as a default, then adding back only what can be justified.
Two, it aligns incentives appropriately by making the people best positioned to justify each governmental activity responsible for providing the justifications.
That’s what it means to zero-base a federal government returning far too little on the taxpayer dollar.
That’s precisely what DOGE is doing.
It’s far beyond time.
Bruce Abramson is a senior administrator at New College of Florida and a Fellow of the Coalition for America. His books include The New Civil War (RealClearPublishing, 2021) and most recently, American Spirit or Great Awokening? (Academica Press, 2024).
END
MARYLAND
Maryland Dems Lose All Sense Of Reality: Focus On Condoms For Kids, Reparations As Crises Pile Up
Wednesday, Mar 05, 2025 – 06:50 PM
Democratic lawmakers in Maryland are once again attempting to fleece taxpayers with another money-grabbing scheme, all while remaining in denial about a series of crises unfolding across the state. These unaccountable far-left politicians, tasked with upholding policies promoting public well-being, economic stability, and social order, have largely failed taxpayers.
Despite the worsening power crisis, deficit crisis, migrant crisis, crime crisis, and Doge-related downturn set to impact two Maryland counties that border DC, including Montgomery and Prince George’s counties, Maryland Democrats have recently focused their efforts on pushing a bill (bill died in MD Senate last week) to install condom machines in elementary schools.
It gets even better.
Rather than addressing the 264,000 residents in central Maryland struggling with overdue power bills—driven sky-high by disastrous de-growth “green” policies pushed by Democrats—the Maryland Legislative Black Caucus has prioritized their efforts not to solve the multi-crisis shitstorm for cash-strapped households and a state imploding financially that risks a credit rating downgrade – but instead establish the Maryland Reparations Commission to study historical inequality of African descendants in the state.
Bill SB 587 would establish a committee to examine how Democrats can fleece taxpayers some more – not happy with wasting millions on ‘climate change’ initiatives that have sparked a power crisis, the greed factor with these unaccountable power hungry lawmakers is off the charts. These politicians want the committee to examine the periods of Reconstruction from 1865 to 1965 and then determine how much taxpayer funds should be doled out.
“We do events all across the state, and one of the themes has always come back from Black Marylanders that it’s past time for Maryland to address the issue of reparations,” said Del. Jheanelle Wilkins (D-Montgomery) said last month during a briefing on the bill, adding, “The bill creates a commission to study various proposals on how we address the harms of enslavement.”
Reparations align with Marxist principles in supporting wealth redistribution based on historical grievances rather than individual merit. Marxist ideology emphasizes class struggle, wealth redistribution, and state intervention, exactly what Sen. C. Anthony Muse (D-Prince George’s) and Del. Aletheia McCaskill (D-Baltimore County), the lead sponsors of SB 587, are doing.
Ultimately, reparations are not about economic empowerment but about political control—fleecing taxpayers to push Marxist agendas rather than solving real problems for all Marylanders, regardless of race, such as the power crisis and economic shitstorm unfolding.
END
this LOOKS LIKE FAKE NEWS
Trump Drafts Executive Order To Close Down Education Department; Report
Thursday, Mar 06, 2025 – 09:25 AM
Authored by Jennifer Kabbany via The College Fix,
President Donald Trump has drafted an executive order calling for the U.S. Department of Education to be shut down, The Wall Street Journal reported late Wednesday, citing unnamed “people briefed on the matter.”
A draft of the order “directs Education Secretary Linda McMahon to ‘take all necessary steps to facilitate the closure of the Education Department’ based on ‘the maximum extent appropriate and permitted by law,’” the Journal reported.
McMahon, during her confirmation hearing last month, had stopped short of saying she would shut the department down, arguing that takes an act of Congress.
However, McMahon told staff in an email Monday — the same day she was confirmed by the Senate — that “Trump and the American voters had ‘tasked us with accomplishing the elimination of the bureaucratic bloat here at the Education Department—a momentous final mission—quickly and responsibly,’” the Journal reported, adding:
Fully unwinding the department would require a filibuster-proof, 60-vote majority in the Senate, legal experts have said. The major programs it administers—including money for students with disabilities and student loans—are codified in law and have significant political constituencies. The draft order doesn’t mention Congress. …
With around 4,500 employees as of last year, the department is the smallest cabinet-level agency. Polls show most Americans are skeptical of eliminating the department, and Democrats have rallied in opposition to the idea.
The federal agency began in 1979 under President Jimmy Carter and currently has an annual budget of about $80 billion.
The department is in charge of, among other things, financial aid and student loans for college students, career and vocational education funding, Title IX regulations and oversight, and the Office for Civil Rights. It also maintains massive data records on all schools in the nation.
The department’s federal student loan portfolio amounts to approximately $1.6 trillion in student loan debt, and it is also responsible for the Free Application for Federal Student Aid, or FAFSA, program.
Conservatives in Washington D.C. have argued that the federal student loan programs could be moved to the Treasury Department.
McMahon, at her confirmation hearing, said the Office for Civil Rights could be moved to the Justice Department and disabilities support to the Department of Health and Human Services.
As The College Fix previously reported, the Trump team has already taken major steps in the last six weeks to purge the agency of diversity, equity and inclusion programs and employees.
US Arrests Top Terrorist Behind Afghanistan Bombing That Killed 13 US Service Members
Wednesday, Mar 05, 2025 – 06:25 PM
Authored by Jackson Richman via The Epoch Times (emphasis ours),
The United States has apprehended the top terrorist behind the bombing that killed 13 U.S. service members during the 2021 withdrawal from Afghanistan.
President Donald Trump made the announcement during his joint address to Congress on March 4.
The bombing occurred at Abbey Gate outside the airport in the Afghan capital of Kabul.
“Tonight, I am pleased to announce that we have just apprehended the top terrorist responsible for that atrocity, and he is right now on his way here to face the swift sword of American justice,” Trump said.
U.S. officials have identified the senior member of the ISIS branch based in Afghanistan as Muhammad Sharifullah.
Sharifullah was turned over to U.S. authorities by Pakistan and was being brought to the United States for prosecution, Trump said.
FBI Director Kash Patel commented on the extradition in a post on social media platform X.
“As President Trump just announced, I can report that tonight the FBI, DOJ, and CIA have extradited one of the terrorists responsible for the murder of the 13 American soldiers at Abbey Gate during the disastrous Afghanistan withdrawal,” he said. “One step closer to justice for these American heroes and their families.”
The 13 U.S. service members who were killed in the bombing were Marine Lance Cpl. Rylee J. McCollum, Marine Cpl. Humberto A. Sanchez, Marine Staff Sgt. Darin T. Hoover, Marine Cpl. Hunter Lopez, Marine Sgt. Johanny Rosario Pichardo, Marine Sgt. Nicole L. Gee, Marine Lance Cpl. David L. Espinoza, Marine Cpl. Daegan W. Page, Navy Corpsman Maxton W. Soviak, Marine Lance Cpl. Kareem M. Nikoui, Marine Lance Cpl. Dylan R. Merola, Marine Lance Cpl. Jared M. Schmitz, and Army Staff Sgt. Ryan C. Knauss.
During his speech, Trump criticized how the withdrawal occurred. Though he was not opposed to U.S. forces withdrawing in the first place, he called the withdrawal “the most embarrassing moment in the history of our country.”
During his first administration, Trump made a deal with the Taliban that was condition-based and would lead to the withdrawal of U.S. forces.
The United States was in Afghanistan between October 2001 and August 2021.
The Trump administration has pledged to hold accountable those behind the botched withdrawal.
END
WALMART/TARIFFS
Walmart Asks Chinese Suppliers To Absorb Tariff Costs
by Tyler Durden
Thursday, Mar 06, 2025 – 07:45 AM
Walmart asked Chinese suppliers to lower prices, aiming to absorb the new tariff burden at the supplier level rather than passing it on to consumers. The move is part of its strategy to maintain pricing power amid a value war with other retailers competing for cash-strapped consumers.
Bloomberg reports that the big-box retailer has asked Chinese suppliers, including those producing clothing and kitchenware, to reduce prices by about 10% per round of tariffs, likely shouldering the full cost of President Trump’s duties. The report was based on information from people familiar with the matter.
The people said that few suppliers have complied with Walmart’s request.
Here’s more:
So far, few have acquiesced. Suppliers’ margins are already razor thin due to Walmart’s strategy of procuring goods cheaply in order to maintain its competitive advantage, according to the people.
For some, any reduction greater than 2% would see them make a loss, the people said. Others have had their own upstream vendors refuse requests to cut prices more than 3%, forcing manufacturers to consider purchasing some parts from Vietnam, according to one of the people. That move has raised concerns that the lower prices will come at the expense of product quality, the person said.
…
Walmart initially requested price reductions from manufacturers when Trump’s first round of 10% tariffs on goods from China took effect in early February, with the request for additional cuts coming later the same month when the US president threatened to double duties, said the people.
The report comes days after Trump doubled the tariff on Chinese products to 20%, up from last month’s 10% tax. (Everything you need to know about tariff wars here.)
On Tuesday night, Trump addressed a joint session of Congress, in which he downplayed the growing trade war concerns:
“Tariffs are about making America rich again and making America great again. There’ll be a little disturbance, but we’re OK with that. It won’t be much.”
Trump noted:
“We inherited from the last administration an economic catastrophe and an inflation nightmare. Their policies drove up energy prices, pushed up grocery costs and drove the necessities of life out of reach for millions and millions of Americans.”
Last month, Walmart shares plunged on a dismal earnings forecast for the year that did not include the potential impact of tariffs. The retailer did warn about the uncertain geopolitical landscape and elevated interest rates.
Other top US retailers have warned about the trade war. Target warned on Tuesday that tariffs and a soft consumer environment plagued its full-year outlook. The CEO told investors during a call that he is having discussions with vendors.
END
VICTOR DAVIS HANSON
KING NEWS
| The King Report March 6, 2025 Issue 7444 | Independent View of the News |
| Chinese Embassy in US @ChineseEmbinUS: If war is what the U.S. wants, be it a tariff war, a trade war or any other type of war, we’re ready to fight till the end. White House to Give One-Month Exemption for Cars Through USMCA – BBG 13:37 ET. On Wednesday, ESHs and stocks once again rallied sharply after an early tumble. ESHs traded sharply higher but sideways from the Nikkei opening until they made a minor new high of 5844.25 at 4:48 ET. ESHs then commenced a decline that took ESHs to 5779.00 at 9:04 ET. Buying for the NYSE opening pushed ESHs to 5812.75 at 9:40 ET. ESHs then vacillated in a wide range until they broke lower near 11:04 ET. ESHs hit a daily low of 5749.75 at 11:40 ET. Traders then aggressively bought ESHs, driving them to a daily high of 5869.50 at 15:09 ET with only 2 modest dips. ESHs then dropped to 5834.25 at 15:51 ET. The illegal late manipulation forced ESHs to 5860.75 at 15:54 ET, a 26.50-point manipulation in only 3 minutes! ESHs slid to 5847.50 at 16:00 ET. The NY Fed: Firms’ Inflation Expectations Have Picked Up Firms expect both cost and price increases to move higher in 2025. Moreover, year-ahead inflation expectations have risen from 3 percent last year at this time to 3.5 among manufacturing firms and 4 percent among service firms… https://libertystreeteconomics.newyorkfed.org/2025/03/firms-inflation-expectations-have-picked-up/ Positive aspects of previous session Gasoline and oil declined sharply, again. ESHs and stocks once again rallied robustly after a morning tumble. Negative aspects of previous session USHs declined sharply for the 2nd straight session; they were -28.32 at the NSYSE close. Fangs rallied modestly, greatly underperforming the DJIA and DJTA. Ambiguous aspects of previous session Are bonds resting or is something more serious brewing? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: Flat Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5815.19 Previous session S&P 500 Index High/Low: 5860.59; 5742.35 Fox’s @LizMacDonaldFOX: Biden and Obama Democrats created a new beast, the “popup nonprofit shell” they suddenly launch to take in your taxpayer money supposedly for things like climate change and illegal immigration. Major front for taxpayer abuse with accusations of grift growing by the hour. Never saw it like this in decades covering IRS/taxes… https://x.com/LizMacDonaldFOX/status/1897358225650991288 @themarketswork: This popup NGO shell company story is only going to get bigger. It may end up becoming the story. Looks like this may have been one of the primary vehicles to take advantage of the giant taxpayer-funded slush funds created by Biden—or whoever was running him. This is more than Grant Laundering. This is Program Laundering. And it looks like Obama’s fingerprints are all over it. https://x.com/themarketswork/status/1897389631362228568 @elonmusk: Major fraud Today – With a higher S&P 500 Index low on Wednesday, and the 200 DMA holding, traders are confident that, at the least, a trading bottom appeared on Tuesday. Ergo, they will eagerly play for a rally. Expected economic data: Jan Trade Balance -$128.8b; Q4 Nonfarm Productivity 1.2%, Unit Labor Costs 3.0%; Initial jobless Claims 233k, Continuing Claims 1.877m; Jan Wholesale Sales 0.6% m/m, Inventories 0.7% m/m; Phil Fed Pres Harker 8:45 ET, Fed Gov. Waller 15:30 ET ESHs are -11.75; NGHs are -78.50; & USHs are -19/32 at 20:05 ET because the Japanese 10-year note hit 1.5%, its highest yield since 2009. The rise in JGB rates is forcing bond yields higher globally. S&P Index 50-day MA: 5988; 100-day MA: 5955; 150-day MA: 5825; 200-day MA: 5729 DJIA 50-day MA: 100-day MA: 43,549; 150-day MA: 42,706; 200-day MA: 41,884 (Green is positive slope; Red is negative slope) S&P 500 Index (5842.63 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 6023.35 triggers a buy signal Hourly: Trender is negative and MACD is positive – a close above 5885.34 triggers a buy signal Trump’s SOTU speech was a rub the Dems’ noses in his election and accomplishments, campaign-like event that was the longest SOTU speech on record. The Dems that did not act childish or unhinged, behaved liked they were at a funeral. Dems’ 21% approval will shrink due to their ugly behavior. @AriFleischer: The Democrats are out of control. They are embarrassing themselves. Heckling the President, especially in a forum like this, is not how they will win. @cspan: House Democrats holding up signs during President Trump’s address to a Joint Session of Congress. https://x.com/cspan/status/1897114510177325511 @nicksortor: Speaker Johnson just ORDERED the Sergeant at Arms to forcefully REMOVE Rep. Al Green after he had an h hinged meltdown while Trump was speaking. These people are DERANGED. https://x.com/nicksortor/status/1897111746504208744 @nicksortor: Dem Rep. Jasmine Crockett just STORMED OUT of Trump’s address as Elon Musk and DOGE were being shouted out by Trump. She couldn’t handle the thunderous applause they were getting @greg_price11: CNN Poll: 69% of people had a “very positive” or “somewhat positive” reaction to President Trump’s address. https://t.co/Z6uJlSMpm7 CBS Poll: 76% approved of DJT’s SOTU speech. https://t.co/Jt8Iit2qUn MSNBC’s Michael Steele: “I don’t know who thought of the bingo signs, but they should be fired.” MSNBC’s Simone Sanders: “This is an indictment… on the Democratic leadership… these visuals will not take back the House in 2028.” https://x.com/townhallcom/status/1897157717191496009 Trump made this cancer survivor an honorary Secret Service agent and MSNBC’s Nicole Wallace just hopes he doesn’t kill himself now (she really said that) – “…I hope he never has to defend the United States capitol against Donald Trump’s supporters. And if he does, I hope he’s not one of the six who loses his life to suicide.” https://t.co/4474KxwhdX @CurtisHouck: @PressSec Karoline Leavitt calls out MSNBC’s Nicolle Wallace for saying she hopes DJ Daniel doesn’t die by suicide as a future cop like those did after J6: “They’ve allowed their Trump Derangement Syndrome to stop them from celebrating America and our people, and we will not allow them to forget that and it’s not just the Democrat Party. The mainstream media still doesn’t get it. Last night, MSNBC’s Nicole Wallace disgustingly looped in a 13-year-old boy with brain cancer into an attack on the president over January 6 and CNN’s first chyron out of the speech called it divisive. President Trump wasn’t divisive. The Democrats were, and CNN was proven wrong by their own viewers. 69 percent of whom in a post-speech poll said they had a positive reaction to the President’s speech. It’s sad and frankly pathetic that Democrats and liberals in the legacy media continue to allow their hatred for the President to override their love for our country. But nevertheless, the President will continue to unify this nation through policies that are grounded in common sense and that uplifts all Americans.” @charliekirk11: (Obama political guru) David Axelrod: “I think there were times when [Democrats] should’ve risen. I think what Al Green did was despicable.” https://t.co/mBtz14Xvd9 @mirandadevine: President Trump says Biden “viciously prosecute[d] his political opponent” aka Trump. “How did that work out?” TRUMP: I look at the Democrats in front of me – I realize, there’s nothing I can say to make them happy, stand, or smile or applaud. I could find a cure to the most devastating disease…or announce the answers to the greatest economy in history, or the stoppage of crime to the lowest levels ever. And these people – sitting RIGHT HERE – will not clap, stand or cheer for these achievements. They won’t, no matter what. 5 times I’ve been up here… “The media and our friends in the Democrat Party kept saying that we needed new legislation to secure the border,” Trump said. “But it turned out that all we really needed was a new president.” “Our message to every child in America is you are perfect exactly the way God made you!” Trump asks defiant democrats to join in celebrating ‘wins for America’ for one night Even the left is slamming Democrats’ protest signs: ‘It’s giving bingo’… Democrats’ protest signs mocked as Brazilian steakhouse lookalikes Trump: Zelensky says Ukraine ‘ready to come to the negotiating table’ “I appreciate that he (Zelensky) sent this letter, just got it a little while ago. Simultaneously, we’ve had serious discussions with Russia and have received strong signals that they are ready for peace. Wouldn’t that be beautiful? ? It’s time to stop this madness. It’s time to halt the killing. It’s time to end this senseless war. If you want to end wars, you have to talk to both sides,” Trump: US has apprehended ‘top terrorist’ responsible for Abbey Gate bombing Trump boasts of ‘tremendous turnaround’ in military recruiting Trump asks Congress to fund ‘Gold Dome’ for military protection Trump reveals EO signed in honor of Jocelyn Nungaray, 12-year-old killed by illegal migrant Trump calls out ‘radical left lunatics’ for breakdown of law and order Trump: Cartels, MS-13, Tren de Aragua ‘are now in the same category as ISIS’ President Trump comes to one of the elephants in the room for this speech, tariffs — and says Americans will have to “bear with” him through an “adjustment period.” He also reiterated he will announce a sweeping agriculture tariff to take effect April 2… Trump tells Congress to get rid of ‘horrible, horrible’ CHIPS Act Trump touts more than $1.7T in US investments from tech firms Trump vows to remove federal bureaucrats that resist his orders ‘immediately’ ‘Squad’ Rep. Rashida Tlaib holds up ‘start paying your taxes’ sign for Trump Several Dems walk out of Trump’s speech as he touts cost savings Trump lists off DOGE cost-cutting actions Trump recognizes Elon Musk in House gallery: ‘Working really hard’ President Trump recognized his first guest of the night, Payton McNabb – whose volleyball career was derailed after a match against a high school team with a transgender player. Trump touts end of DEI: ‘Our country will be woke no longer’ Trump on Democrats: ‘There is absolutely nothing I can say to make them happy’ Trump touts reversal of Biden’s climate agenda Dems flip hand-held signs to ‘false’ after Trump touts ‘most successful’ tenure Trump touts 2024 electoral mandate, political comeback Trump kicks off speech by announcing ‘America is back’ https://trib.al/4IHLaMe Trump ordered a White House Shipbuilding Office to counter China’s large commercial fleet and navy. Trump called Joe Biden the “worst President in American history” at his SOTU address. When Dems win, they and their media stooges proclaim that Republicans should cooperate with them for the good of the USA. Not once during DJT’s SOTU did a Dem applaud DJT. The best-behaved Dems sat glumly with scornful miens. Hours before DJT’s SOTU speech, WH Press Sec Leavitt predicted that Dems would act like children at the event. @RapidResponse47: A 13-year-old cancer survivor (Black man) was just made an honorary member of the United States Secret Service — fulfilling a lifelong dream. Yet Democrats refused to stand for him. Absolutely deranged. https://x.com/GuntherEagleman/status/1897127859170480210/photo/1 @StephenM: Has there ever been a more disgraceful and pitiful and malicious display in politics than Congressional Democrats refusing to stand for heartbroken families and courageous heroes? @DonaldJTrumpJr: They wouldn’t even stand for the mother of a girl who was murdered in cold blood by an illegal immigrant. Let that sink in. @BreccanFThies: Democrats also refused to stand for Jocelyn Nungaray Wildlife Refuge, named after a 12-year-old girl who was sexually assaulted and murdered by two illegals in Texas @nicksortor: The mother of 12-year-old Jocelyn Nungaray, who was slain by an illegal, just SLAMMED Democrats for refusing to clap for her family as well as Laken Riley’s, calling them COWARDS. “This was VERY shameful for the Democrats.” “Democrats don’t stand for ANYTHING humane. They don’t stand for us citizens. They don’t stand for our security. They don’t stand for honorable things we need in this country. It’s DISGUSTING.” https://t.co/JdHkGeTwjR @RealJamesWoods: We capture a terrorist who murdered 13 Americans. He is being brought to justice by President Trump. Democrats refuse to stand. They are disgusting. Trump just surprised high school senior Jason Hartley — who tragically lost his father, an LA County Sheriff’s Deputy — of his acceptance to the United States Military Academy! https://x.com/RapidResponse47/status/1897130842608296349 @nicksortor: I want to give a shoutout to Democrat Rep. Laura Gillen. She was the SOLE DEMOCRAT who stood up and clapped as 13-year-old cancer patient DJ Daniel was being honored by President Trump and Director Curran. Trump: “To further enhance our national security, my administration will be reclaiming the Panama Canal, and we’ve already started doing it.” (Sec of State Rubio oversees the endeavor.) DJT: “I have a message tonight for the people of Greenland *comedic pause*. If you choose, we will welcome you to the United States of America. We need Greenland for national and international security. I think we’re going to get it…one way or the other.” @nicksortor: President Trump just called Elizabeth Warren POCAHONTAS to her face. “Do we really want to keep this Ukraine War going on for another five years? Pocahontas says ‘yes!’” https://x.com/nicksortor/status/1897132330856452589 @visegrad24: FULL TRANSCRIPT OF MACRON’S SPEECH: Macron delivered a very important 15-minute speech to the nation tonight in which he announced he will offer France’s nuclear weapons umbrella “to all allies on the European continent.” Tomorrow, the EU leaders will meet to decides on Europe’s remilitarization. Hundreds of billions of euros will be spent on defense… The United States of America, our ally, has changed its position on this war, supporting Ukraine less and leaving doubt as to what will happen next. At the same time, the same United States intends to impose tariffs on products from Europe… https://x.com/visegrad24/status/1897419108691665145 | |
SWAMP STORIES FOR YOU TONIGHT
With 9 Days To Go Before Another Shutdown, Trump Wants GOP To Buy Time “To Work On Our Agenda”
Thursday, Mar 06, 2025 – 10:55 AM
With nine days to go before yet another government shutdown, President Trump has encouraged Republicans to buy time “to work on our Agenda” with another Continuing Resolution (CR) -aka kicking the can again.
“Government funding runs out next week, and Democrats are threatening to shut down the Government – But I am working with the GREAT House Republicans on a Continuing Resolution to fund the Government until September to give us some needed time to work on our Agenda,” Trump posted on Truth Social, adding that doing so would allow for the administration to “cut Taxes and Spending in Reconciliation, all while effectively FREEZING Spending this year.”
To that end, House Speaker Mike Johnson has proposed a “clean” stopgap funding bill that would maintain current federal spending levels through September 30.
That said, Republicans will have to do this without support for Democrats – which means that it all comes down to whether Johnson can gain the support of all Republicans given the razor-thin Republican majority in the House – before the Senate weighs in.
Most of the House Freedom Caucus, which opposes the temporary funding measures, met with Trump at the White House Wednesday to discuss the funding plan, which could receive a vote as early as next week. Rep. Lauren Boebert (R-CO) said following the meeting that they’re ready to move forward with the CR, however other caucus members said they would need to see the text first.
“Look, we haven’t seen the final form of the CR,” said Rep. Andy Harris (R-MD), adding “In concept, the president has said he needs this for his agenda. We support the president’s agenda.”
More via Politico:
One catch: There are a whole lot of House Republicans who have never voted for a CR before, and getting them to play along this time is crucial. Because of the anger over Trump’s slashing of the federal bureaucracy, Democrats who usually put those stopgaps over the finish line probably won’t be on board this time.
So it fell to Trump himself to make the sale to the House’s fiscal hawks at the White House on Wednesday, and he seemed to make some progress. Missouri Rep. Eric Burlison said he’s now open to supporting a CR. And two key Freedom Caucus members — Texas Rep. Chip Roy (Texas) and Chair Andy Harris (Md.)— told reporters other holdouts will eventually get on board.
Massie Blocks Path
Rep. Thomas Massie (R-KY) may be the fly in the ointment, however, after say he’ll “vote against a clean CR that funds everything in 2025 at 2024 levels,” because (among other things) – Johnson “isn’t following the provision in law that would have cut everything by 1% if the CR extended past April. 2,” and that the government “should not fund the waste, fraud, and abuse that Doge has found.”
In comments to the press, Johnson said on Tuesday that he hopes to release the text of the CR by the end of the week.
In short, without support from Democrats, House Republicans will need to rally their entire conference in order to approve the stopgap measure.
During the last funding fight in December, Johnson pushed for an extension until March so that Republicans could come up with an agreement on new spending bills with Trump in office, before the March 14 deadline.
GREG HUNTER
harveyorganblog.com 
