GOLD CLOSED UP $42.85 TO $2980.35

SILVER CLOSED UP $0.46 CENTS TO $33.73

 GOLD ACCESS CLOSED 2983.50

Silver ACCESS CLOSED: $33.78

Bitcoin morning price:$83,000 DOWN 156 DOLLARS.

Bitcoin: afternoon price: $80,831 DOWN 2325 DOLLARS

Platinum price closing UP $4.05 TO $992.85

Palladium price; UP $2.20 TO $956.35

END

*CANADIAN GOLD: $4307.80 UP 89.14 CDN dollars per oz( * NEW ALL TIME HIGH 4307.80- CDN DOLLARS PER OZ//MARCH 13 2025)

*BRITISH GOLD: 2305.90 UP 39.38 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING//2,339.25 BRITISH POUNDS/OZ) FEB 10/2025

*EURO GOLD: 2,750.78 UP 9.87 Euros per oz //* (ALL TIME CLOSING HIGH: 2,819,78UROS PER OZ/FEB 24 //2025)

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END

EXCHANGE: COMEX

EXCHANGE: COMEX
CONTRACT: MARCH 2025 COMEX 100 GOLD FUTURES
SETTLEMENT: 2,939.100000000 USD
INTENT DATE: 03/12/2025 DELIVERY DATE: 03/14/2025
FIRM ORG FIRM NAME ISSUED STOPPED

---

118 H MACQUARIE FUT 3
132 C SG AMERICAS 1
323 C HSBC 120
363 H WELLS FARGO SEC 111
523 C INTERACTIVE BRO 2
661 C JP MORGAN 8
686 C STONEX FINANCIA 38 40
726 C PLUS500US FINAN 1

---

TOTAL: 162 162

JPMORGAN stopped 8/162 contracts

GOLD: NUMBER OF NOTICES FILED FOR MARCH/2024. CONTRACT: 162 NOTICES FOR 16,200 OZ  0.5038 TONNES

total notices so far: 14,041 contracts for 1,404,100 Oz (43.673 tonnes)

FOR MARCH

XXXXXXXXXXXXXXXXXX

SILVER NOTICES: 286 NOTICE(S) FILED FOR 1.430 MILLION OZ/

total number of notices filed so far this month : 13,634 for 68.170 million oz

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END

GLD/

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

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

WITH GOLD UP $42.85 INVESTORS SWITCHING TO SPROTT PHYSICAL  (PHYS) INSTEAD OF THE FRAUDULENT GLD:

HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 3.44 TONNES

INVENTORY RESTS AT 898.64 TONNES

SLV/

WITH NO SILVER AROUND AND SILVER UP $.46 AT THE SLV: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 0.774 MILLION OZ OUT OF THE SLV//

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.

CLOSING INVENTORY: 434.544 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI ROSE BY A MEGA HUMONGOUS SIZED 4355 CONTRACTS TO 159,618 AND CONTINUING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS HUMONGOUS SIZED GAIN IN COMEX OI WAS ACCOMPLISHED WITH OUR STRONG GAN OF $0,57 IN SILVER PRICING AT THE COMEX WITH RESPECT TO WEDNESDAY’S TRADING. WE HAD A MEGA HUMONGOUS GAIN OF 5358 TOTAL CONTRACTS ON OUR TWO EXCHANGES WITH OUR GAIN IN PRICE//WEDNESDAY’S TRADING.. WE HAD HUGE 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 GAIN IN PRICE.  WE HAD A HUGE T.A.S. LIQUIDATION WEDNESDAY. BUT THIS WAS COUPLED WITH ANOTHER MEGA HUGE T.A.S. ISSUANCE OF 1216 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 RAIDS ON OUR PRECIOUS METALS WILL COMMENCE AGAIN! 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 1003 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR HUGE 1216 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN TODAY’S TRADING/ AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE. IN ESSENCE WE GAINED A MEGA HUMONGOUS 5281 CONTRACTS ON OUR TWO EXCHANGES WITH OUR GAIN IN PRICE. WE HAD CONSIDERABLE TAS LIQUIDATION THROUGHOUT WEDNESDAY’S COMEX TRADING SESSION WHICH ACCOUNTS FOR A HUGE PORTION IN THE GAIN OF 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 TRYING TO KEEP THE SILVER PRICE BELOW $32.50 AND FAILING!AS IT IS NOW ABOVE $33.00

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 1215 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  $0.57 AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SILVER LONGS FROM THEIR PERCH AS WE HAD A MEGA HUMONGOUS GAIN IN OUR TWO EXCHANGES OF 5358 CONTRACTS WE HAD HUGE LIQUIDATION OF T.A.S. CONTRACTS TRYING TO CONTAIN SILVER’S PRICE RISE AND THAT ACCOUNTS OF LOTS OF OUR OPEN INTEREST RISE. HOWEVER THE CME NOTIFIED US THAT FOR THE FIRST TIME IN MARCH, WE HAVE BEEN ISSUED 70 CONTRACTS OF EXCHANGE FOR RISK FOR 350,000 OZ. THIS TOTAL WILL BE ADDED TO OUR REGULAR DELIVERY TOTALS FOR MARCH.

WE HAD A HUGE 1003 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 2.115 MILLION OZ QUEUE JUMP TO WHICH WE ADD .350 EXCHANGE FOR RISK

INITIAL STANDING FOR MARCH ADVANCES TO 78.415 MILLION OZ (DATA IS CME CORRECTED AGAIN FROM YESTERDAY)

WE HAD:

/ HUMONGOUS COMEX OI GAIN+// A HUGE SIZED  EFP ISSUANCE/ VI)   HUMONGOUS SIZED NUMBER OF  T.A.S. CONTRACT ISSUANCE 1215 CONTRACTS)/A 70 CONTRACT EX. FOR RISK FOR 350,000 OZ

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: added 77 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 9 DAYS, total 5628 contracts:   OR 28.140 MILLION OZ  (625 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR:  28.140 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: 28.140 MILLION OZ///

XXXXXXXXXXXXXXXXXXXXXXXXXXXX

RESULT: WE HAD A HUMONGOUS SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 4355 CONTRACTS WITH OUR GAIN IN PRICE OF 57 CENTS IN SILVER PRICING AT THE COMEX// WEDNESDAY.,.  THE CME NOTIFIED US THAT WE HAD A HUGE 1003 CONTRACT EFP ISSUANCE  CONTRACTS: 1003 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 2.115 MILLION OZ QUEUE JUMP//NEW STANDING ADVANCES TO 78.065 MILLION OZ + .350 EX. FOR RISK//NEW TOTAL 78.415 MILLION OZ.

WE HAVE 1). A MEGA HUMONGOUS SIZED GAIN OF 5355 OI CONTRACTS ON THE TWO EXCHANGES WITH OUR GAIN IN  PRICE// 2.THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A HUMONGOUS 1210 CONTRACTS TRYING DESPERATELY TO CONTAIN SILVER’S PRICE RISE,//CONSIDERABLE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE WEDNESDAY COMEX SESSION. HOWEVER THEY STILL NEED THESE ISSUANCES FOR REPLENISHMENT FOR FUTURE TRADING //3. ZERO NET LONG SPECULATORS WERE BURNED ON WEDNESDAY WITH OUR 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   (1210 ) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE AND MOST LIKELY TODAY.

WE HAD  286 NOTICE(S) FILED TODAY FOR 1.430 million OZ

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST FELL BY A FAIR SIZED 2562 OI CONTRACTS  TO 509,714 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 432 CONTRACTS//

WE HAD A FAIR SIZED DECREASE  IN COMEX OI (2562 CONTRACTS) OCCURRED DESPITE OUR GAIN OF $22.10 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 18400 OZ QUEUE JUMP (0.5723 TONNES)//NEW STANDING ADVANCES TO 43.900 TONNES

(DATA CME CORRECTED)

/NEW STANDING FOR MARCH; 43.900 TONNES

/ ALL OF THIS HAPPENED WITH OUR $22.10 GAIN IN PRICE  WITH RESPECT TO WEDNESDAY’S COMEX ///. WE HAD A FAIR SIZED LOSS OF 2112 OI CONTRACTS (6.569 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 450 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 509,146

IN ESSENCE WE HAVE A FAIR SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 2112 CONTRACTS  WITH 2562 CONTRACTS DECREASED AT THE COMEX// AND A SMALL SIZED 450 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 2112 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A MEGA MEGA HUGE SIZED AND CRIMINAL 38,493 CONTRACTS ISSUED, THE HIGHEST EVER RECORDED IN COMEX HISTORY.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (450 CONTRACTS) ACCOMPANYING THE FAIR SIZED DECREASE IN COMEX OI OF 2562 CONTRACTS/TOTAL LOSS FOR OUR THE TWO EXCHANGES: 2122 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 0.5723 TONNES QUEUE JUMP.

//NEW STANDING ADVANCES TO 43.900 TONNES 

NEW STANDING FOR MARCH ADVANCES TO:

43.900 TONNES

//NEW STANDING MARCH: 43.900 TONNES

.

 / 3) HUGE T.A.S. LIQUIDATION TRYING TO LOWER GOLD’S PRICE WEDNESDAY WITH ZERO SUCCESS IN REMOVING ANY NET SPECULATOR LONGS, AS WE HAD 1)  $22.10 PRICE GAIN AND WE HAD 2) ZERO NET LONG SPECS BEING CLIPPED AS WE HAD A FAIR LOSS OF 2112 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. ALL OF THE LOSS IN OI WAS DUE TO THE HUGE NUMBER OF T.A.S. LIQUIDATION WEDNESDAY.

  4) FAIR SIZED COMEX OPEN INTEREST DECREASE 5)  SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///MEGA MEGA HUGE T.A.S.  ISSUANCE: 38,493 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: 15,310 CONTRACTS OF 1,531,000 OZ OR 47.620 TONNES IN 9 TRADING DAY(S) AND THUS AVERAGING: 1701 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 9 TRADING DAY(S) IN  TONNES  47.620 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2024, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS  47.620 DIVIDED BY 3550 x 100% TONNES = 1.34% 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 47.620 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 HUMONGOUS SIZED 4355 CONTRACTS OI  TO 159,618 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 1003 CONTRACTS

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

MAY 15003 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1003 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 4355 CONTRACTS AND ADD TO THE 1003 E.FP. ISSUED

WE OBTAIN A MEGA HUMONGOUS SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 5358  CONTRACTS

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES  TOTALS 26.750 MILLION OZ OCCURRED WITH OUR $0.57 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 DOWN 13.19 PTS OR 0.39%

//Hang Seng CLOSED DOWN 137.55 PTS OR 0.58%

// Nikkei CLOSED DOWN 29.06 OR 0.08%//Australia’s all ordinaries CLOSED DOWN 0.45%

//Chinese yuan (ONSHORE) CLOSED UP TO 7.2470 CHINESE YUAN OFFSHORE CLOSED UP TO 7.2486/ Oil DOWN TO 67.34 dollars per barrel for WTI and BRENT DOWN TO 70.44 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 FELL BY A FAIR SIZED 2562 CONTRACTS TO 508,714 DESPITE OUR STRONG GAIN IN PRICE OF $22.10 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 (450 ).

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

IN FEBRUARY: WE HAD FIVE EXCHANGE FOR RISKS IN GOLD, 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:

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

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

THUS IN TOTAL WE HAD A FAIR SIZED LOSS ON OUR TWO EXCHANGES OF 2112 CONTRACTS DESPITE OUR STRONG GAIN IN PRICE. OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN ON WEDNESDAY 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 OF MARCH CONTINUES TO DISTORT OPEN INTEREST NUMBERS GREATLY AND IT SURELY WAS ON DISPLAY TODAY INCLUDING WITH OUR HUMONGOUS T.A.S. ISSUANCES AND HUGE T.A.S. LIQUIDATION// MONDAY, TUESDAY WEDNESDAY AND THURSDAY. THEY ISSUED ANOTHER MEGA MONSTER 38,493 CONTRACT ANNOUNCEMENT AS PROMISED!. THE T.A.S. LIQUIDATION IS WHY WE ARE HAVING A LOWER COMEX OPEN INTEREST GAINS BUT THIS IS COUPLED WITH HUGE AMOUNTS OF GOLD STANDING FOR DELIVERY TO CONFUSE THE ISSUE!!!!! AND THIS WAS SURELY ON DISPLAY WEDNESDAY. YOU WILL PROBABLY SEE 1 MORE MONSTER ISSUANCES OF THESE T.A.S CONTRACTS ON FRIDAY AS THE BANKERS WILL PROBABLY CALL FOR A RAID TRYING TO TAME THE HIGH PRICE ON OUR PRECIOUS METALS.

THE FED IS THE OTHER MAJOR SHORT OF AROUND 22+ 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 211 212 AND TODAY 213 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 SMALL SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS A SMALL SIZED 450 EFP CONTRACTS WERE ISSUED: :  /APRIL  450 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 450 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 LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A FAIR SIZED TOTAL OF 2112 CONTRACTS IN THAT 450 CONTRACT LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A FAIR LOSS OF 2562 COMEX  CONTRACTS..AND THIS GAIN ON OUR TWO EXCHANGES HAPPENED DESPITE OUR STRONG GAIN IN PRICE OF $22.10 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 ANOTHER MEGA MONSTER SIZED SIZED 38,493 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 AND AGAIN THIS WEEK,, THE FED HAS BEEN 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. DURING OPTIONS EXPIRY WEEK, 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 ONLY THE PAPER PRICE OF GOLD LOWERING! . AND NOW WE HAVE ANOTHER 5 DAY MEGA ISSUANCE AND CORRESPONDING MEGA RAIDS WILL PROBABLY BE FORTHCOMING BUT SO FAR NOT YET. I WOULD LIKE TO POINT OUT THAT THE 38,393 T.A.S. CONTRACT ISSUANCE IS THE HIGHEST ON RECORD!

THE RAIDS ON OPTIONS EXPIRY DOES TWO IMPORTANT THINGS FOR OUR CROOKS:

1. STALLS THE ADVANCE IN PRICE
2. LOWERS THEIR ADVANCING DERIVATIVE LOSSES.

MECHANICS OF T.A.S CONTRACTS/DECEMBER THROUGH MARCH.

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. THEN THEY ISSUED IN LATE FEB, ANOTHER 5 CONSECUTIVE 30,000+ ISSSUANCES.THIS IS THE FIRST TIME IN COMEX HISTORY THAT WE WILL HAVE THREE CONSECUTIVE MONTHS OF +30,000 T.A.S CONTRACT ISSUANCES: JANUARY, FEB AND MARCH WITH THIS MORNING’S ISSUANCE OF 38,493 CONTRACT THE HIGHEST EVER IN COMEX RECORDED HISTORY!!

STANDING FOR GOLD FOR THE PAST 4 PLUS YEARS:

// WE HAD A HUGE AMOUNT OF GOLD TONNAGE STANDING:   MARCH (43.900 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 : 43.900 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 EX FOR RISK

= 256.607 TONNES.

MARCH: 43.900 TONNES

COMEX GOLD TRADING/MARCH CONTRACT MONTH

THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $22.10/)/AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY APPRECIABLE NET SPECULATOR LONGS AS WE DID HAVE A FAIR SIZED LOSS IN OUR TWO EXCHANGES. BUT AS EXPLAINED ABOVE WE HAD HUGE 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.WITH FEB 24, COMEX ENDED OPTIONS EXPIRY. HOWEVER AS I EXPLAINED ON FEB MONTH END, 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/THURSDAY 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: 43.1726 TONNES

WE HAVE LOST A FAIR SIZED TOTAL OF 1690

6.569 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 18,400 OZ OR 0.5723 TONNES: NEW TOTAL STANDING 43.900 TONNES

ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $22.10

WE HAD 432 CONTRACTS ADDED TO THE  COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE AS WELL

NET LOSS ON THE TWO EXCHANGES 2112 CONTRACTS OR 211200 0Z (6.569 TONNES)

confirmed volume WEDNESDAY 283,347 contracts: fair///

//speculators have left the gold arena

END

MARCH

// THE MARCH 2025 GOLD CONTRACT

MARCH 13

INITIAL

Gold	Ounces
Withdrawals from Dealers Inventory in oz	nil
Withdrawals from Customer Inventory in oz	0 entries           .
Deposit to the Dealer Inventory in oz	0 entries
Deposits to the Customer Inventory, in oz	we have 2 customer deposits: 2 ENTRIES I) Into Brinks 249,170.250 oz (7750 kilobars) II) Into JPMorgan: 110,495.125 oz (4992. kilobars) total weight: 409,665.375 oz or 12,742 kilobars or 12.742 tonnes.
No of oz served (contracts) today	162 notice(s) 16200 OZ 0.5038 TONNES
No of oz to be served (notices)	73 contracts    7300 OZ 0.2270 TONNES
Total monthly oz gold served (contracts) so far this month	14,041 notices 1,404,100 oz 43.673 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: 0

nil

xxxxxxxxxxxxxxxx

we have 2 customer deposits:

2 ENTRIES

I) Into Brinks 249,170.250 oz (7750 kilobars)

II) Into JPMorgan: 110,495.125 oz (4992. kilobars)

total weight: 409,665.375 oz or 12,742 kilobars

or 12.742 tonnes.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

withdrawals: 0

xxxxxxxxxxxxxxxxxx

adjustments:0

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR MARCH

THE FRONT MONTH OF MARCH HAD A GAIN OF 12 CONTRACTS TO STAND AT 235. WE HAD 172 CONTRACTS SERVED ON WEDNESDAY SO WE GAINED A CONSIDERABLE 184 CONTRACTS FOR 18,400 OZ (0.5723 TONNES AS A PHYSICAL GOLD QUEUE JUMP. THIS IS CENTRAL BANKS LOOKING FOR BADLY NEEDED GOLD.

APRIL HAD A LOSS OF 15,845 CONTRACTS DOWNTO 272,278 CONTRACTS AS THIS MONTH BECOMES THE FRONT MONTH. APRIL IS STILL QUITE LOFTY AND NO DOUBT WE WILL HAVE A HUMONGOUS AMOUNT OF GOLD STANDING FOR THE APRIL DELIVERY MONTH!

MAY GAINED 23 CONTRACTS UP TO 413.

We had 162 contracts filed for today representing 16,200oz  

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 162 contract(s) of which 0  notices were stopped (received) by  j.P. Morgan dealer and 8 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 (14,041 X 100 oz ) to which we add the difference between the open interest for the front month of  MARCH.(235 CONTRACTS)  minus the number of notices served upon today  (162 x 100 oz per contract) equals  1,411,400 OZ  OR 43.900 TONNES

(DATA/CME CORRECTED FOR TODAY) 

thus the INITIAL standings for gold for the MARCH contract month:  No of notices filed so far (14,041x 100 oz +we add the difference for front month of MARCH (235 OI} minus the number of notices served upon today (162 x 100 oz) which equals  1411,400 OR 43.900 TONNES

TOTAL COMEX GOLD STANDING FOR MARCH.: 43.900 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: 40,559.779.864 .oz  

TOTAL REGISTERED GOLD 19,779,764.410 or 616.23 tonnes

TOTAL OF ALL ELIGIBLE GOLD: 20,479,965.654 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 17,694,222oz (REG GOLD- PLEDGED GOLD)= 550.03 tonnes //

END

SILVER/COMEX

// THE MARCH 2025  SILVER CONTRACT//INITIAL

MARCH 13

INITIAL

//

Silver	Ounces
Withdrawals from Dealers Inventory	NIL oz
Withdrawals from Customer Inventory	3 entries withdrawals 3 3 entries:: i) Out of Delaware: 2919.600 oz ii) Out of Loomis: 653,578.200 oz iii) Out of HSBC 100,003.580 oz total weight: 756,501.380 oz
Deposits to the Dealer Inventory	1 entries 0 entry
Deposits to the Customer Inventory	5 entries 5 entries i) Into ASAHI customer: 611,853.600 oz ii) Into Brinks customer acct 2,114,222.538 oz iii) Into CNT 598,804.146 oz oz iv)Into JPMorgan customer acct 1,220,757.400 oz v) Into HSBC 602,660.310 oz total weight; 5,148,337.988 OZ
No of oz served today (contracts)	286 CONTRACT(S)    (1.430 MILLION OZ
No of oz to be served (notices)	1979 contracts  (9.895 MILLION oz)
Total monthly oz silver served (contracts)	13,634 Contracts  (68.170 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)  0 dealer  deposit/

0 entry

total dealer withdrawals: 0 oz

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

deposits customer side

5 entries

i) Into ASAHI customer: 611,853.600 oz

ii) Into Brinks customer acct 2,114,222.538 oz

iii) Into CNT 598,804.146 oz oz

iv)Into JPMorgan customer acct 1,220,757.400 oz

v) Into HSBC 602,660.310 oz

total weight; 5,148,337.988 OZ

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

withdrawals 3

3 entries::

i) Out of Delaware: 2919.600 oz

ii) Out of Loomis: 653,578.200 oz

iii) Out of HSBC 100,003.580 oz

total weight: 756,501.380 oz

xxx

ADJUSTMENTs 1

customer to dealer:

a) Malca 699,721.515 oz

JPMorgan has a total silver weight: 175.321million oz/440.821 oz million  or 39.77%

TOTAL REGISTERED SILVER: 147.946 MILLION OZ//.TOTAL REG + ELIGIBLE. 440,821Million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR MARCH

silver open interest data:

FRONT MONTH OF MARCH /2025 OI: 2265 OPEN INTEREST CONTRACTS FOR A GAIN OF 343 CONTRACTS.WE HAD 80 CONTRACTS SERVED ON WEDNESDAY SO WE GAINED 152 CONTRACTS OR 2.115 MILLION COMEX OZ STANDING UNDERWENT A MASSIVE QUEUE JUMP LOOKING FOR METAL OVER ON THIS SIDE OF THE POND. WE MUST NOW ADD THAT CRAZY 70 CONTRACT EX FOR RISK/PRIOR FOR 350,000 OZ. THE BANK OF ENGLAND OR ANOTHER OFFICIAL ENTITY IS ASSUMING THE RISK OF DELIVERY AND THE COUNTERPARTY ARE BULLION BANKS WHO CANNOT GUARANTEE DELIVERY. (DATA IS CME CORRECTED)

APRIL SAW ANOTHER GAIN OF 38 CONTRACTS TO STAND AT 1995

MAY SAW A GAIN OF 3045 CONTRACTS UP TO 121,688 CONTRACTS

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 80 or .400 MILLION oz

CONFIRMED volume; ON WEDNESDAY 64,934 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 13,634 X5,000 oz = 68.170 MILLION oz 

to which we add the difference between the open interest for the front month of MAR (2265) AND the number of notices served upon today (286 )x (5000 oz)

Thus the  standings for silver for the MARCH 2025 contract month:  (13,634) Notices served so far) x 5000 oz + OI for the front month of MAR(2265) minus number of notices served upon today (286)x 5000 oz equals silver standing for the MARCH contract month equating to 78.065 MILLION OZ. (DATA:CME CORRECTED FROM YESTERDAY) TO WHICH WE ADD .350 MILLION OZ EX FOR RISK//NEW TOTAL 78.415 MILLION OZ//

 New total standing:  78.415 million oz which is huge for this very active delivery month of March.(CME DATA CORRECTED FROM YESTERDAY)

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 145.978million 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 13  WITH GOLD UP $42.85 TODAY HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 3.44 TONNES TONNES OUT OF THE GLD ///INVENTORY RESTS AT 898.64 TONNES

MARCH 12  WITH GOLD UP $22.10 TODAY HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 3.90 TONNES TONNES OUT OF THE GLD ///INVENTORY RESTS AT 895.20 TONNES

MARCH 11  WITH GOLD UP $21.20 TODAY HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 3.45 TONNES TONNES OUT OF THE GLD ///INVENTORY RESTS AT 891.30 TONNES

MARCH 10  WITH GOLD DOWN $12.45 TODAY HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 4.30 TONNES TONNES OUT OF THE GLD ///INVENTORY RESTS AT 894.317 TONNES

MARCH 7  WITH GOLD DOWN $12.00 TODAY HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 1.72 TONNES TONNES OUT OF THE GLD ///INVENTORY RESTS AT 898.64 TONNES

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: 898.64 TONNES, TONIGHTS TOTAL

SILVER

MARCH 13 WITH SILVER UP $0.46 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 0.774 MILLION OZ OUT OF THE THE SLV. //INVENTORY AT SLV RESTS AT 434.544 MILLION

MARCH 12 WITH SILVER UP $0.57 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.032 MILLION OZ OUT OF THE THE SLV. //INVENTORY AT SLV RESTS AT 435.318 MILLION

MARCH 11 WITH SILVER UP $0.60 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 0.816 MILLION OZ INTO THE THE SLV. //INVENTORY AT SLV RESTS AT 436.410 MILLION

MARCH 10 WITH SILVER DOWN 25 CENTS/HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.276 MILLION OZ INTO THE THE SLV. //INVENTORY AT SLV RESTS AT 435.591 MILLION

MARCH 7 WITH SILVER DOWN 40 CENTS/HUGL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.184 MILLION OZ OUT OF THE SLV. //INVENTORY AT SLV RESTS AT 434.317 MILLION

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 434.544 MILLION OZ//

PHYSICAL GOLD/SILVER COMMENTARIES

1/ PETER SCHIFF/SCHIFF GOLD/MIKE MAHARRY

Alasdair Macleod..

2. EGON VON GREYERZ ET AL

Gold Soars To Record High As Tariff Tensions Rise

Thursday, Mar 13, 2025 – 11:31 AM

Gold prices broke out to a new record high this morning following President Trump’s latest threat to ratchet up tariffs against European imports.

Spot prices hit $2974 this morning…

This moves come just a couple of weeks after “Structurally higher central bank demand” pressured Goldman Sachs Precious Metals Research team to shift their year-end 2025 gold price forecast dramatically higher, from $2890 to $3100/toz with Lina Thomas and the team reiterating their ‘long gold’ trading recommendation.

The chaotic situation in the physical gold market remains with precious metal imports exploding…

…and while gold lease rates have normalized somewhat…

…the flow in COMEX vaults continues. Every single day for the past 3 months physical gold has been delivered to COMEX vaults bringing the total to a record 40.15MM oz or 1,250 metric tons

Precious metal speculators may have a problem as they reduced length into this surge…

Finally, we note that Gold’s recent strength has almost entirely erased bitcoin’s outperformance since the election…

Barbarous relic vs digital gold – who will win?

Finally, Goldman estimates a 5% additional rise in gold prices by December 2025 to $3,250 if concerns over US fiscal sustainability were to grow. 

Rising fears of inflation and fiscal risks could drive speculative positioning and ETF flows higher, while US debt sustainability concerns may push central banks, especially those holding large US Treasury reserves, to buy more gold.

Professional subscribers can read the full precious metals note here…

END

3. CHRIS POWELL AND DAILY GATA DISPATCHES

Paul Brownstein: LBMA — What comes next

Submitted by admin on Wed, 2025-03-12 19:31 Section: Daily Dispatches

7:30p ET Wednesday, March 12, 2025

Dear Friend of GATA and Gold:

Market analyst Paul Brownstein today itemizes the signs that the paper gold system is crumbling, wealth is being transferred in huge amounts, and capital controls and more government interventions in the markets are becoming inevitable.

His analysis is headlined “LBMA: What Comes Next” and it’s posted at his internet site, Charts and Parts, here:

https://chartsandparts.substack.com/p/lbma-what-comes-next

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

END

Idaho eliminates income taxes on gold and silver

Submitted by admin on Mon, 2025-03-10 19:34 Section: Daily Dispatches

From Money Metals News Service
Eagle, Idaho
Friday, March 7, 2025

Idaho yesterday formally ended state income taxes on gold and silver as part of its largest tax cut in state history.

House Bill 40, sponsored by House Speaker Mike Moyle and begrudgingly signed by the state’s liberal Republican governor, Brad Little, provides a sweeping $253 million income tax cut for Idaho taxpayers by lowering the rate from 5.695% to 5.3% while also adding two specific exemptions.

The new law includes a tax-neutral provision whereby taxpayers back out any “net capital gains or losses that meet the definition of precious metal bullion or monetized bullion … included in the taxpayer’s federal adjusted gross income.”

Idaho already had a long-standing sales tax exemption on purchases of precious metals. By exempting income connected with precious metals sales, it now becomes less difficult for gold and silver to resume their constitutional role as money in Idaho. All tax cuts contained in HB 40 take effect as of January 1, 2025, pursuant to the bill’s emergency provisions. …

… For the remainder of the report:

https://www.moneymetals.com/news/2025/03/07/idaho-eliminates-income-taxes-on-gold-and-silver-003891

Vince Lanci: The gold carry trade is being unwound at last

Submitted by admin on Mon, 2025-03-10 10:59 Section: Daily Dispatches

11a ET Monday, March 10, 2025

Dear Friend of GATA and Gold:

In a 21-minute video posted at Gold-Eagle, market analyst Vince Lanci argues that the big recent shipments of gold from London to the United States constitute the unwinding of the gold carry trade begun by the U.S. during the Clinton administration for gold price suppression purposes.

That is, the gold is being put back where it was only pretended to be for decades when it was really being leased, rehypothecated, and sold to protect the ever-inflated U.S. dollar against competition.

Lanci’s analysis is headlined “Was U.S. Gold Repatriated to Refill Fort Knox?” and it can be viewed here:

https://www.gold-eagle.com/article/was-us-gold-repatriated-refill-fort-knox

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.orgEND

4.ANDREW MAGUIRE/LIVE FROM THE VAULT NO 213//ANDREW MAGUIRE

Kinesis.money/live-from-the-vault/trump-expose-feds-gold-coverup/

END

On LFTV, Maguire says shortcovering in gold is getting hard to hide

Submitted by admin on Sat, 2025-03-08 17:56 Section: Daily Dispatches

5:55p ET Saturday, March 8, 2025

Dear Friend of GATA and Gold:

Signs of shortcovering in the gold market are getting harder to hide, London metals trader Andrew Maguire tells this week’s episode of Kinesis Money’s “Live from the Vault” program. The bullion banks that used to sell gold unrelentingly are buying for their own accounts, he adds. He believes silver will follow gold’s breakout soon.

The program is 53 minutes long and can be viewed at YouTube here:

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

Episode 212

5B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT/COMMODITIES: COMMODITY//COBALT

EV-Critical Battery Metal Cobalt Soars As Congo’s Export Ban Disrupts Supply Chains

Thursday, Mar 13, 2025 – 04:15 AM

The Democratic Republic of Congo’s four-month suspension of cobalt exports has driven up prices of the critical metal, which is heavily used in lithium-ion batteries—the backbone of the renewable energy industry. 

New Fastmarkets data shows that a pound of cobalt hydroxide—the main product exported from the DRC, the world’s top producer—has surged 84% since the DRC suspended exports last month to counter a market glut that had pressured prices to multi-year lows. Prices reached $10.50 per pound on Tuesday, the highest level since July 2023. The price of cobalt metal has also soared 43%

Chart courtesy of Bloomberg.

Telf AG, the marketing agent for cobalt mined in the DRC by Eurasian Resources Group, has invoked force majeure clauses in its supply contracts, allowing it to suspend deliveries due to the export ban outside its control. 

Telf told customers that the impact ban is still being assessed and that it will not be able to meet any delivery obligations. 

“The cobalt export ban has been publicly announced by the DRC government, and like many other industry participants, we are currently assessing our options in response to these developments,” a Telf spokesperson told Bloomberg.

According to the US Geological Survey, the DRC produced 76% of the world’s cobalt supplies, critical for the electric vehicle market.

The latest export ban mirrored the 2022-23 suspension when the DRC halted exports of both copper and cobalt from CMOC’s mines due to a tax disagreement with the Chinese company. At the time, CMOC accounted for 10% of global cobalt production. 

A four-month suspension of cobalt exports will likely generate the short-term outcome: higher prices followed by sliding prices… 

Fastmarkets analyst Robert Searle told AFP News that the DRC’s temporary ban may have “significant risks” for “Chinese companies that have invested billions of dollars into the DRC’s mining industry. This uncertainty and the ban caught them off guard and could slow further investment in the country.”

Searle pointed out that “higher cobalt prices and (supply) disruptions could see a greater deployment” of cobalt-free batteries from EV companies pushing away from the metal “in the coming years.” 

“The oversupply in the cobalt market has predominantly been driven by the growth in mined supply in the DRC,” said Searle.

Cobalt prices are expected to continue rising in the coming weeks. However, prices will likely plummet again once the export ban is lifted. Rather than relying on short-term fixes, a long-term supply agreement to balance production is needed… 

6 CRYPTOCURRENCY NEWS

ASIA TRADING THURSSDAY MORNING WEDNESDAY  NIGHT

SHANGHAI CLOSED DOWN 13.19 PTS OR 0.39%

//Hang Seng CLOSED DOWN 137.55 PTS OR 0.58%

// Nikkei CLOSED DOWN 29.06 OR 0.08%//Australia’s all ordinaries CLOSED DOWN 0.45%

//Chinese yuan (ONSHORE) CLOSED UP TO 7.2470 CHINESE YUAN OFFSHORE CLOSED UP TO 7.2486/ Oil DOWN TO 67.34 dollars per barrel for WTI and BRENT DOWN TO 70.44 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 /THURSDAY MORNING.7:30 AM

ONSHORE YUAN:   CLOSED UP AT 7.2470

OFFSHORE YUAN: DOWN TO 7.2486

SHANGHAI CLOSED CLOSED DOWN 13.19 PTS OR 0.39%

HANG SENG CLOSED CLOSED DOWN 137.66 PTS OR 0.58%

2. Nikkei closed DOWN 29.06 OR 0.8%

3. Europe stocks   SO FAR:  ALL MIXED

USA dollar INDEX UP TO  103.81// EURO FALLS TO 1.0867 DOWN 18 BASIS PT HEADING TO PARITY WITH USA

3b Japan 10 YR bond yield: RISES TO. +1.523//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 147.98…… JAPANESE YEN NOW FALLING AS WE HAVE NOW REACHED THE RE EMERGING OF THE YEN CARRY TRADE AGAIN AFTER DISASTROUS POLICY ISSUED BY UEDA

3c Nikkei now  ABOVE 17,000

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

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

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

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

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

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD DOWN TO +2.8945/Italian 10 Yr bond yield DOWN to 3.964 SPAIN 10 YR BOND YIELD DOWN TO 3.519

3i Greek 10 year bond yield UP TO 3.730

3j Gold at $2946.40 Silver at: 33.13  1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40

3k USA vs Russian rouble;// Russian rouble UP 0 AND 91 /100  roubles/dollar; ROUBLE AT 86.24

3m oil into the 67 dollar handle for WTI and  70 handle for Brent/

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

JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 145.98 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.523 % 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 0.8827 as the Swiss Franc is still rising against most currencies. Euro vs SF:   0.9578 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: 4.338 UP 2 BASIS PTS…

USA 30 YR BOND YIELD: 4.661 UP 3 BASIS PTS/

USA 2 YR BOND YIELD:  3.997 UP 0 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 36.62…

10 YR UK BOND YIELD: 4.8000 UP 6 PTS

10 YR CANADA BOND YIELD: 3.119 UP 5 BASIS PTS

5 YR CANADA BOND YIELD: 2.744 UP 5 PTS.

2a New York OPENING REPORT

Futures Slide Ahead Of PPI As Democrats Prepare To Shut Down Government

Thursday, Mar 13, 2025 – 08:27 AM

US equity futures are again lower, although well off session lows, with small caps leading and tech stocks lagging as concerns over whether Democrats will push the US into a government shutdown over the weekend added to uncertainty around the outlook for the economy. As of 8:00am, S&P futures contracts fell 0.4%, in an extremely illiquid and volatile session, after gains on Wednesday spurred by a softer-than-expected inflation print. Nasdaq futures dropped 0.5%, with most Mag7 names lower; weak earnings hit software firm Adobe and clothing retailer American Eagle in premarket trading, Intel jumped as much as 11% after the chipmaker named a new chief executive officer. Senate Minority Leader Chuck Schumer said Wednesday that Democrats would not provide the necessary votes to pass the Republican plan to avert a shutdown. The yield curve is seeing yields rise in longer-dated bonds by 1-2bps. USD is flat while cmdtys are under pressure, though Ags are stronger. The market seems a bit more resilient to headline risk as macro fundamentals return to focus ahead of next week’s Fed meeting. Today’s macro data focus is on PPI to see if yesterday’s CPI (and PCE mapping) are intact ahead of tmrw’s Univ of Mich sentiment update. 

In premarket trading, Intel shares jump 11% after the chipmaker named Lip-Bu Tan as its CEO. Tan is signaling that he’ll stick with his predecessor Pat Gelsinger’s plan to make chips for other companies, even as he vows to learn from past mistakes. On the other end, Adobe shares slumped 4.6% after the maker of software for creative professionals gave an outlook thatwas mixed relative to expectations. While analysts are generally positive, Evercore wrote that the report wasn’t strong enough to change the narrative around the stock. Here are some other notable movers:

• Wells Fargo shares edge 1% higher after RBC Capital Markets upgrades to outperform from sector perform, saying the stock’s weakness provides a good entry point.
• SentinelOne shares slump 14% after the security software company gave a revenue forecast that was weaker than expected.
• UiPath shares slide 18% after the automation software company gave a forecast that is weaker than expected, raising concerns about the threat it faces from AI.
• American Eagle shares drop 9.1% after the apparel retailer forecast operating income for the first quarter that missed the average analyst estimate. Analysts note that the clothier’s weak forecast overshadowed its 4Q earnings beat.

The previous day’s CPI reading “has reinvigorated belief in the declining inflation narrative,” said Daniel Murray, CEO of EFG Asset Management in Zurich. Investors are now awaiting readings on US wholesale inflation and initial jobless claims, with price growth seen moderating to 0.3% last month.

Recent weeks have seen a slew of Wall Street banks including Goldman Sachs Group Inc. and Citigroup Inc. cut their forecasts for the S&P 500, predicting a hit from the slowing economy. Yardeni Research added to that bearish chorus, noting that Trump’s tariff policies have heightened the risk of stagflation. Still, some strategists think a bottom for US stocks is “probably” here, with JPMorgan Chase & Co. saying the worst of the correction may be over, with credit markets indicating a lower risk of a recession.

Meanwhile Treasury yields shrugged off the cooler inflation data to edge higher, with investors focusing on the effect higher tariffs could have on prices in the coming months. The Federal Reserve, which meets next week, has already signaled it will take a wait-and-see approach before cutting interest rates further.  

European equities erased a gain of 0.5%, as earlier gains in health care, consumer product and insurance stocks were promptly reversed after Trump threatened the EU with 200% tariffs on alcohol products, and as concerns about trade persist after President Donald Trump said the US would respond to the European Union’s countermeasures to his tariffs on steel and aluminum. Poland’s Allegro leads gains, while Deilveroo and HelloFresh fall. European truckmakers slip after US regulators signaled they would dial back emissions standards, potentially derailing purchases of new trucks. Here are the biggest movers Thursday:

• Allegro climbs as much as 8.9% in early trading in Warsaw after the Polish e-commerce platform reported better-than-expected adjusted Ebitda in the fourth quarter, announced a first-ever buyback
• Novo Nordisk shares rise as much as 2.8% after Kepler Cheuvreux raised the stock to buy. The analysts see a recovery in the Danish drugmaker’s shares after sentiment “swung too far the other way”
• Volution jumps as much as 12%, the most in over five months, after the maker of indoor air quality products delivered a beat in the first half and said annual earnings should be ahead of consensus
• DFS Furniture gains as much as 12%, the most since July 2023, after the British furniture firm reported “a strong set of interims,” according to Jefferies, with 1H pre-tax profit almost doubling year on year
• Lotus Bakeries rises as much as 6.1%, most since August, after analysts at KBC Securities upgraded the stock to accumulate from hold, seeing better opportunities for the sweets producer following a selloff
• Halma advances as much as 4.4% after the health and safety sensor technology group delivers results that analysts view as solid, with consensus estimates now expected to nudge up slightly
• Daimler Truck falls as much as 15%, leading the rest of European truckmakers lower, after the new head of the US EPA announced potential rollbacks of truck-emissions regulations starting in 2027, which could derail purchases of new trucks to comply with standards
• DocMorris shares drop as much as 21% and hit a record low after the Swiss-based online pharmacy announced a potential capital increase and didn’t provide any guidance for 2025
• Valeo falls as much as 5.1% as Exane cuts the car-parts maker to neutral from outperform following a rally over the past six months, preferring outperform-rated peer Forvia
• Deliveroo shares fall the most in more than two years after the UK food delivery firm forecast earnings that disappointed investors
• Hugo Boss shares fall as much as 5.1% to their lowest level in over three months after the high-end clothing maker’s sales outlook for 2025 missed estimates amid macroeconomic volatility
• Trainline shares fall as much as 16%, the most in almost four years, after the train operator reported net ticket sales and group revenue for the full year that missed the average analyst estimate
• Grenke shares slide as much as 22%, falling to the lowest since June 2012, after the German lease finance provider gave a forecast for 2025 earnings that missed the average estimate
• Deliveroo shares fall as much as 6.9% to the lowest in almost a year, after the food delivery firm set guidance for adj. Ebitda below estimates, dragged by targeted investments to boost growth

Earlier in the session, Asian equities fell amid a broad risk-off mood, as traders largely looked past weaker-than-expected US inflation data. The MSCI Asia Pacific Index dropped as much as 0.5%, reversing a gain of as much as 0.6%. TSMC was the biggest drag on the gauge, with Taiwan’s benchmark the region’s biggest decliner as the central bank warned of currency risks from stock outflows. Sentiment turned sour as worries mounted about the health of the world’s largest economy amid on-again, off-again trade policies and geopolitical tensions. The regional gauge is down about 1.8% this week. “The general sense is that the world is not in a good place. There’s uncertainty everywhere and nobody wants to put on risk,” said Vey-Sern Ling, a managing director at Union Bancaire Privee. “I think economic uncertainties in the US caused by Trump’s policies will be a constant worry.”

In FX, the Bloomberg Dollar Spot Index rises 0.1%. The yen is off its best levels but still the top G-10 FX performer against the greenback. The Swedish krona is the weakest with a 0.7% drop, closely followed by the Antipodean currencies.

In rates, treasuries dip ahead of US producer price data, with US 10-year yields rising ~2 bp to 4.33%; treasury futures drifted lower as US trading begins after plying narrow ranges during Asia session and London morning, lifting cash yields by 1bp-3bp across maturities and steepening the curve. US 10-year yields around 4.33% are ~2bp cheaper on the day near session high with bunds in the sector lagging by an additional 1bp. Treasury curve spreads are steeper, 2s10s by ~1.5bp day’s high. Bunds have bigger losses as European stocks pare losses. This week’s Treasury auction cycle concludes with $22b 30-year reopening at 1pm New York time; Wednesday’s 10-year note auction stopped through by 0.5bp. WI 30-year yield at around 4.662% is ~9bp richer than February’s auction result. Focal points of US session include February PPI, weekly jobless claims data and 30-year bond supply.

In commodities, oil prices decline, with WTI falling 0.5% to $67.30 a barrel. Spot gold rises $10 to around $2,944/oz with prices rising toward record highs as several banks predicted further gains for the haven asset amid the escalation in global trade tensions. Bitcoin is steady just above $83,000.

The US economic data calendar includes February PPI and jobless claims (8:30am) and 4Q household change in net worth (12pm). Fed officials are in external communications blackout ahead of March 19 policy announcement

Market Snapshot

• S&P 500 futures down 0.5% to 5,574.00
• STOXX Europe 600 little changed at 540.95
• MXAP down 0.3% to 184.55
• MXAPJ down 0.7% to 576.88
• Nikkei little changed at 36,790.03
• Topix up 0.1% to 2,698.36
• Hang Seng Index down 0.6% to 23,462.65
• Shanghai Composite down 0.4% to 3,358.73
• Sensex little changed at 73,993.34
• Australia S&P/ASX 200 down 0.5% to 7,749.07
• Kospi little changed at 2,573.64
• German 10Y yield little changed at 2.89%
• Euro little changed at $1.0878
• Brent Futures up 0.2% to $71.12/bbl
• Gold spot up 0.3% to $2,943.89
• US Dollar Index little changed at 103.62

Top Overnight News

• Senate Republicans are planning tax reductions that go well beyond an extension of President Trump’s expiring tax cuts. On the menu: Reviving lapsed business tax breaks, expanding the child tax credit, loosening the cap on the state and local tax deduction and incorporating Trump’s ideas for eliminating taxes on tips, overtime and Social Security benefits, said Finance Committee Chairman Mike Crapo (R., Idaho), who ticked through a list of ideas Wednesday that could easily top $5 trillion or more over a decade. WSJ
• On the back of Trump’s Yale CEO caucus meeting Tuesday, while CEOs have largely been quiet, they affirmed that things would have to get significantly worse to publicly criticize the President. Asked how much the stock market would need to decline for them to speak out collectively, 44% said it would have to fall 20%. Another 22% said stocks would have to fall 30% before they would take a stand. WSJ
• US Treasury Secretary Bessent spoke with congressional leaders about making Trump tax cuts permanent and said that is what they will deliver: Fox Business
• Japanese investors registered the second-largest net purchases of overseas equities on record last week. Funds offloaded a net $2.4 billion of overseas bonds. BBG
• The BOJ’s terminal rate may be 1.5% or higher, according to JST’s chief economist Hiroshi Ugai. The recent rise in long-term interest rates indicates that a similar view is spreading in markets. BBG
• Intel soared premarket (INTC +11% premkt) after naming industry veteran Lip-Bu Tan as CEO. He signaled he’ll stick to the firm’s contentious foundry strategy. Chip-related stocks in Asia rallied
• Poland’s president has called on the US to transfer nuclear weapons to Polish territory as a deterrent against Russian aggression, a request that is likely to be perceived as highly provocative in Moscow. FT
• Global oil demand is under pressure from the escalating trade war, the IEA said. It expects a surplus of 600,000 barrels a day in 2025, which may jump to 1 million b/d following OPEC+’s decision to revive output. BBG
• Fentanyl seizures along the US-Mexico border tumbled ~40% M/M in Feb to 590 pounds, hitting the lowest level since Dec ’21. BBG
• Median Manhattan apartment rents hit a record $4,500 in February, with bidding wars in almost 27% of deals. The competitive market is expected to hold as economic uncertainty keeps potential homebuyers in rentals. BBG

A more detailed look at global markets courtesy of Newsquawk

APAC stocks were subdued as risk appetite soured despite the mostly positive handover from Wall St where sentiment was underpinned after softer-than-expected CPI data but with the upside capped as concerns lingered. ASX 200 was dragged lower by consumer stocks, energy and financials, with the consumer sector pressured as electricity bills are to jump as much as 9% in a cost-of-living blow following the energy regulator’s price ruling. Nikkei 225 initially outperformed and briefly reclaimed the 37,000 level before wiping out the gains. Hang Seng and Shanghai Comp gradually deteriorated following a tepid PBoC liquidity operation and with participants unfulfilled by the lack of policy action so far by the central bank post-NPC, while reports that Hong Kong is mulling reducing thresholds for purchasing the most expensive stocks did little to spur a bid.

Top Asian News

• PBoC says will lower rates and the RRR at a “proper time”; will keep liquidity ample. Will guide social financing costs lower. Will balance short and long-term developments. Will keep CNY basically stable at a reasonable and balanced level. Will strengthen expectation guidance.
• BoJ Governor Ueda said underlying inflation remains slightly below 2% but expects it to gradually accelerate as the economy recovers, while he added that the BoJ is gradually shrinking the size of its balance sheet and will take time to assess the ideal size, considering overseas examples. Ueda also said Japan’s monetary base and balance sheet are somewhat too big which is why bond buying is being slowed.
• Hong Kong mulls reducing thresholds for purchasing the most valuable stocks, according to Bloomberg.
• Japan’s Bankers Association Chair says market view on BoJ’s terminal rate have risen more than expected; long-term interest rates have scope to rise further due to BoJ rate hikes and bond-buying taper.
• Acer (2353 TW) FY (TWD): net 5.54bln (+2.1% Y/Y); plans to raise up to TWD 10bln via unsecured bond; cash dividend of 1.7/shr; will de-list its GDR from LSE.

European bourses (STOXX 600 +0.3%) opened mostly lower, but sentiment has improved as the morning progressed to display a modestly positive picture in Europe. European sectors are mixed, and holds a slight defensive bias; Telecoms is towards the top of the pile, joined closely by Healthcare, which is propped up by Novo Nordisk (+3%); the Co. benefits from a broker upgrade at Kepler and as it bounces back from recent losses. Autos sits at the foot of the pile, with no clear driver but with tariff uncertainty still at the forefront of traders minds.

Top European News

• German Green Party official says there is no progress in talks with CDU/CSU and SPD on debt plans, via an RTL interview.
• German Greens Spokesperson says there is no rapprochement so far in talks with the SPD and CDU/CSU; will continue to reject the draft legislation of the CDU and SPD.
• ECB’s Nagel says US trade tariffs on the EU could push Germany into a recession in 2025.
• ECB’s Kazaks says “I cannot say everything is done on inflation”; rates will be decided meeting by meeting amid uncertainty.
• ECB’s Rehn says you can only hope that the Trump administration can respect central bank independence; should aim at negotiated solutions for US tariffs, encourage the administration to avoid the unnecessary and harmful measures.
• IFW Institute says German economy is expected stagnate in 2025 (unchanged from prev. forecast); to grow by 1.5% in 2026 (prev. forecast of 0.9%); anticipates tailwinds from a public spending boost that incoming Chancellor Merz is pushing for.

FX

• DXY is incrementally firmer/flat and trades within a 103.50-76 range, as traders await US PPI and weekly jobless claims. The former includes key components which feed into the Fed’s preferred US PCE measure; following the softer-than-expected CPI yesterday, JP Morgan provisionally forecasted core PCE to have risen 0.31% M/M; this would lift Y/Y to 2.7% (prev. 2.6%). Trade updates will of course also be in focus, as will any commentary surrounding a potential US shutdown.
• EUR is a little lower and trades within a 1.0860-97 range, with a slew of ECB speakers set to appear throughout the day. Traders will keep an keen out on any commentary out of Germany, where the Bundestag is set to debate fiscal reform. Commentary this morning has come via a German Green Party official who said there is no progress in talks with CDU/CSU and SPD on debt plans; remarks which sparked some modest pressure in the Single-currency, which entirely pared soon after. Elsewhere, on the growth front for Germany; IfW Institute raised its 2026 GDP forecast, citing tailwinds from a boost in public spending under incoming Chancellor Merz.
• GBP is a little lower and ultimately trading rangebound, given the lack of UK-specific updates, but ahead of GDP figures on Friday. High for the day sits at 1.2973, a little shy of the prior day’s peak at 1.2987.
• JPY was the marginal G10 outperformer, before then paring the upside as the day progressed. USD/JPY currently sits at the mid-point of a 147.59-148.37 range. Overnight, BoJ Governor Ueda said underlying inflation remains slightly below 2% but expects it to gradually accelerate as the economy recovers, while he added that the BoJ is gradually shrinking the size of its balance sheet and will take time to assess the ideal size, considering overseas examples.
• Antipodeans are the clear underperformers today, largely a factor of the subdued risk tone in Asia overnight and in a slight paring of the upside seen on Wednesday.
• PBoC set USD/CNY mid-point at 7.1728 vs exp. 7.2439 (Prev. 7.1696).
• Canadian Prime Minister-designate Mark Carney will be officially sworn in on Friday and is to shrink the cabinet when he takes over with the cabinet expected to have between 15 and 20 ministers, down from the current 37, according to Bloomberg

Fixed Income

• USTs are flat, after spending the early portion of the morning a little firmer following a strong 10yr auction, which garnered strong demand with a stop-through of 0.5bps. Back to today, US paper has held a downward bias, in tandem with pressure seen in Bunds. Focus today will be on the US PPI, where some components will feed into the US PCE metric. Sentiment has also taken a slight hit following updates out of Washington; US Senate Democratic Leader Schumer said Senate Republicans do not have the votes to approve the House-passed government spending bill without amendments. On the supply front, a 30yr auction is due.
• Bunds are on the backfoot, after spending most of the morning firmer; the complex has slipped from a intraday high of 127.53 to a current trough of 126.93. All eyes are on the German Bundestag today, where the main German officials involved will each outline their approaches and views before a general debate. Pre-debate commentary thus far has come via a German Green Official who said that there has been no progress in talks on debt plans; this sparked some modest upside in German paper, before entirely paring. More recently, a Greens official said there has been no rapprochement so far and will continue to reject the draft legislation; remarks which knee-jerked Bunds, but proved fleeting. Ultimately focus will be on the debate at 11:00 GMT / 07:00 EDT. Ahead, a slew of ECB members are set to speak throughout the day.
• Gilts are lower by a handful of ticks and directionally in-fitting with peers; UK-specific newsflow has been light this week, but picks up in the form of GDP figures on Friday.
• Italy sells EUR 6.75bln vs exp. EUR 5.5-6.75bln 2.65% 2028, 2.45% 2033, 4.30% 2054 BTP and EUR 1.5bln vs exp. EUR 1.25-1.5bln 4.00% 2031 Green BTP.

Commodities

• Crude has been exceptionally choppy today, but is now firmly in the red and resides at session lows. Early morning trade saw a pick up in oil prices, but lacked any fundamental driver. Thereafter, crude dipped off best levels and continued lower after some US-Russia related updates; the first bout of pressure stemmed from reports that US Envoy Witkoff’s plan crossed the Russia border (has since landed). A second leg lower was seen after Russia’s Kremlin said President Putin may have an international call later on Thursday, and also pushed back on reports that it had laid out demands for talks. Brent’May currently at the bottom end of a USD 70.43-71.25/bbl range.
• Spot gold is firmer by around USD 12/oz, continuing the upward momentum following the US CPI report on Wednesday. Currently sits at the top end of a USD 2,933.03-2,947.15/oz range.
• Base metals hold a negative bias, following a subdued session in Asia overnight. 3M LME copper resides in a current USD 9,721.42-9,811.90/t range.
• Citi forecasts Dutch TTF and JKM gas prices are likely to be rangebound in respective EUR 34-35/MWh and USD 11.50-13.50/MMBtu ranges during Q2-2025.
• IEA OMR: Cuts 2025 oil demand growth forecast to 1.03mln BPD (prev. 1.1mln BPD); “the scope and scale of tariffs remains unclear, and with trade negotiations continuing apace, it is still too early to assess the impact on the market outlook”.
• Saudi Crude oil supply to China set to fall to 34mln/bbls in April, according to Reuters sources.
• Qatar set to start supplying Syria with gas via Jordan with Washington’s approval, according to Reuters sources.

Geopolitics: Middle East

• Hamas official said they welcomed US President Trump’s apparent retreat from calls for the displacement of Gazans.

Geopolitics: Ukraine

• Russian Foreign Minister says the deployment to Ukraine of foreign military personnel under any flag as unacceptable. Russia considers any foreign military bases in Ukraine as unacceptable. Deployment of troops or building bases in Ukraine would mean direct involvement of these countries into the conflict with Russia. Russia would respond with all available means to deployment of foreign troops and bases in Ukraine.
• US Envoy Witkoff has arrived in Moscow, according to TASS.
• Russia’s Kremlin says Russian President Putin may have an international phone call on later on Thursday; on reports that Russia has laid out demands for talks, says there is a huge amount of misinformation out there; confirms US envoy is flying to Russia. US National Security advisor Waltz spoke with Russia’s Ushakov
• US Envoy Witkoff’s plane has crossed the Russian border, according to Tass citing Flightradar.
• Russian President Putin said troops should defeat the enemy in the Kursk region and completely liberate the region, while it was also reported that Russia’s Chief of the General Staff said Kyiv’s plans in Kursk region failed and Ukrainian forces in the Kursk region are surrounded, according to IFX. It was later reported that the Kremlin said the operation in the Kursk region is at the final stage, according to TASS.
• “Kremlin: Putin may comment today on the proposal for a ceasefire in Ukraine”, according to Al Arabiya.

Geopolitics: Other

• Polish President Duda urged for the US to move nuclear warheads to Polish territory, according to FT.

US Event Calendar

• 08:30: Feb. PPI Final Demand MoM, est. 0.3%, prior 0.4%
  • Feb. PPI Final Demand YoY, est. 3.3%, prior 3.5%
  • Feb. PPI Ex Food and Energy MoM, est. 0.3%, prior 0.3%
  • Feb. PPI Ex Food and Energy YoY, est. 3.5%, prior 3.6%
• 08:30: March Initial Jobless Claims, est. 225,000, prior 221,000
  • March Continuing Claims, est. 1.89m, prior 1.9m
• 12:00: 4Q US Household Change in Net Wor, prior $4.77t

DB’s Jim Reid concludes the overnight wrap

Standby for an exciting special announcement from DB Research this morning. No its not me stepping down and spending more time with my family. That would be far too stressful and unaffordable.

Ahead of our exciting new announcement, the market selloff has finally begun to stabilise over the last 24 hours, with the S&P 500 (+0.49%) posting a recovery that kept it clear of correction territory for now. However the next hurdle is a potential US government shutdown this Saturday if not enough moderate Democrats vote for the Republican stopgap funding bill in the Senate ahead of the weekend. We will see if a deal can be made. The uncertainty has perhaps helped S&P (-0.57%) and Nasdaq (-0.87%) futures to give up their gains from yesterday so we will see how this story plays out.

Before this, the softer-than-expected US CPI print had dominated, reassuring investors that the Fed would still have the space to cut rates if required. But even with the weaker inflation print, the rally faded as the day progressed. There was still a lot of concern about ongoing tariffs, particularly after various retaliatory measures were announced against the United States. So that meant the S&P gave up the bulk of its initial +1.26% move straight after the open, closing at +0.49%, with nearly two thirds of S&P 500 constituents lower on the day and a lot of other risk assets still struggling to gain traction.

In terms of that CPI release, the February numbers were the mirror image of the previous month, as both headline and core CPI surprised on the downside. For instance, headline CPI fell to just +0.22% on the month (vs. +0.3% expected), which pushed the year-on-year rate down to +2.8% (vs. +2.9% expected). That monthly print was the weakest since August, and it meant the 3m annualised rate finally moved down to +4.3%, ending a run of 6 consecutive increases in the measure. Meanwhile for core CPI, there was also a decent story, with the monthly number at +0.23% (vs. +0.3% expected), which pushed the year-on-year rate down to +3.1% (vs. +3.2% expected). You can see our US economists’ full CPI recap here.

As discussed, the release immediately led to a surge in US equity futures, as investors hoped it would keep the Fed on course to cut rates this year. However, that initial positivity began to tail off as the market focus returned back to tariffs, and whether that might lead to a fresh rebound in the inflation numbers. Indeed, yesterday saw Canada retaliate against the latest US steel and aluminium tariffs, announcing tariffs on around C$30bn of US products, targeting steel and aluminium as well. And that followed on from the EU’s own announcement yesterday morning, who proposed countermeasures covering €26bn of American goods, which would come into force over April. So collectively, the fear is that this ratchet could be increasingly hard to climb down from over the months ahead. Amidst a visit to Ireland, Trump himself continued to make comments implying that tariffs would go up, saying that the US would respond to the EU countermeasures, that he wasn’t happy with the EU and that April 2 would be a very big day, when he’s planning to impose reciprocal tariffs. He also referred to Ireland’s large pharmaceuticals trade surplus against the US. Remember as well that Trump has said he considers VAT to be like a tariff, so that could seriously affect a lot of European countries.

With all that in hand, the S&P 500 (+0.49%) ultimately ended the day higher, but that was mainly thanks to a strong bounceback for the Magnificent 7 (+2.27%), which put in their best daily performance in six weeks. Indeed, the recovery was a pretty narrow one, with most constituents in the S&P moving lower on the day (65%), which left the equal-weighted index down -0.46%, while the Dow Jones fell -0.20%. Small-cap stocks also lagged, with the Russell 2000 only up +0.14%. But despite the caveats, the moves took the S&P further away from the -10% threshold that would mark a technical correction, leaving it -8.87% beneath its peak, while moderating volatility saw the VIX index (-2.69pts to 24.23) post its biggest decline of the year so far.

The modest risk-on tone meant that US Treasuries struggled yesterday, despite the softer-than-expected CPI print. So yields rose across the curve, with the 2yr yield (+4.5bps) up to 3.99%, whilst the 10yr yield (+3.2bps) moved up to 4.31%, its highest level in two weeks before dipping back to 4.295% in Asia this morning. In addition, the equity recovery also helped alleviate fears that the US was heading into recession, and investors dialled back their expectations for Fed rate cuts this year, despite the softer CPI print. So by the close, the rate priced in for the December meeting had actually moved up +5.7bps on the day, with futures only pricing in 70bps of cuts this year.

Over in Europe, the narrative was more consistently positive yesterday, with the STOXX 600 (+0.81%) ending a run of 4 consecutive declines, whilst the DAX saw a larger +1.56% gain. For what it’s worth, that’s now the 8th consecutive session where the DAX has moved by at least 1% in either direction, and if we get a 9th today, it would be the first time that’s happened since the pandemic turmoil of H1 2020. Bond yields also came off their recent highs, with yields on 10yr bunds (-1.9bps), OATs (-3.4bps) and BTPs (-2.3bps) all moving lower. And there was a fresh tightening in sovereign bond spreads too, with the Franco-German 10yr spread down to 67.6bps, which is the tightest it’s been since July. Today sees a debate in the reconvened outgoing Bundestag which kicks off the constitutional process leading us to potentially see the largest domestic fiscal stimulus since at least German reunification. See our economists’ note “Crunchtime in the Bundestag” previewing this.

Otherwise yesterday, the Bank of Canada delivered a 25bp rate cut in their latest policy decision, taking their overnight rate down to 2.75%, in line with expectations. Their statement acknowledged the ongoing trade war, saying that “heightened trade tensions and tariffs imposed by the United States will likely slow the pace of economic activity and increase inflationary pressures in Canada.” The Canadian dollar strengthened by +0.45% against the US Dollar yesterday, making it the strongest-performing G10 currency, and the statement acknowledged that they would need to assess “the timing and strength of both the downward pressures on inflation from a weaker economy and the upward pressures on inflation from higher costs.”

Asian equity markets are lower overnight with the Hang Seng (-1.42%) leading losses and heading for its fifth successive loss while the CSI (-0.58%) and the Shanghai Composite (-0.75%) are also trading lower alongside the KOSPI (-0.38%) and the S&P/ASX 200 (-0.48%). The Nikkei (+0.07%) is clinging on to gains after a larger earlier rally.

To the day ahead now, and US data releases include PPI inflation for February and the weekly initial jobless claims. Meanwhile in the Euro Area, we’ll get industrial production for January. Otherwise, central bank speakers include ECB Vice President de Guindos, and the ECB’s Rehn, Vujcic, Makhlouf, Holzmann, Villeroy and Nagel.

2b European Report

US equity futures are mixed & USD steady ahead of US PPI & geopolitical updates – Newsquawk US Market Open

Thursday, Mar 13, 2025 – 06:18 AM

• European bourses opened lower but have gradually picked up; US futures are modestly lower/flat.
• USD is steady ahead of PPI metrics, fleeting EUR softness as German political tensions mount.
• Bunds are modestly lower awaiting the Bundestag debate while USTs look to PPI and shutdown developments.
• Industrial commodities softer on tariff woes; spot gold inches closer to all-time-highs.
• Looking ahead, US Initial Jobless Claims, US PPI, Speakers including ECBʼs Lagarde, Holzmann, Villeroy, Supply from the US.

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TARIFFS/TRADE

• US Secretary of State Rubio is to today meet with Canada’s Foreign Minister Joly in Charlevoix, Canada.
• US food giants including PepsiCo (PEP) and Conagra (CAG) are reportedly pushing to exempt certain imports from tariffs, according to the trade group.

EUROPEAN TRADE

EQUITIES

• European bourses (STOXX 600 +0.3%) opened mostly lower, but sentiment has improved as the morning progressed to display a modestly positive picture in Europe.
• European sectors are mixed, and holds a slight defensive bias; Telecoms is towards the top of the pile, joined closely by Healthcare, which is propped up by Novo Nordisk (+3%); the Co. benefits from a broker upgrade at Kepler and as it bounces back from recent losses. Autos sits at the foot of the pile, with no clear driver but with tariff uncertainty still at the forefront of traders minds.
• US equity futures (ES -0.1%, NQ U/C, RTY -0.1%) mixed/modestly lower, taking a breather from the upside seen on Wednesday. Focus today is on US PPI, which does follow a softer-than-expected CPI report on Wednesday.
• Click for the sessions European pre-market equity newsflow
• Click for the additional news
• Click for a detailed summary

FX

• DXY is incrementally firmer/flat and trades within a 103.50-76 range, as traders await US PPI and weekly jobless claims. The former includes key components which feed into the Fed’s preferred US PCE measure; following the softer-than-expected CPI yesterday, JP Morgan provisionally forecasted core PCE to have risen 0.31% M/M; this would lift Y/Y to 2.7% (prev. 2.6%). Trade updates will of course also be in focus, as will any commentary surrounding a potential US shutdown.
• EUR is a little lower and trades within a 1.0860-97 range, with a slew of ECB speakers set to appear throughout the day. Traders will keep an keen out on any commentary out of Germany, where the Bundestag is set to debate fiscal reform. Commentary this morning has come via a German Green Party official who said there is no progress in talks with CDU/CSU and SPD on debt plans; remarks which sparked some modest pressure in the Single-currency, which entirely pared soon after. Elsewhere, on the growth front for Germany; IfW Institute raised its 2026 GDP forecast, citing tailwinds from a boost in public spending under incoming Chancellor Merz.
• GBP is a little lower and ultimately trading rangebound, given the lack of UK-specific updates, but ahead of GDP figures on Friday. High for the day sits at 1.2973, a little shy of the prior day’s peak at 1.2987.
• JPY was the marginal G10 outperformer, before then paring the upside as the day progressed. USD/JPY currently sits at the mid-point of a 147.59-148.37 range. Overnight, BoJ Governor Ueda said underlying inflation remains slightly below 2% but expects it to gradually accelerate as the economy recovers, while he added that the BoJ is gradually shrinking the size of its balance sheet and will take time to assess the ideal size, considering overseas examples.
• Antipodeans are the clear underperformers today, largely a factor of the subdued risk tone in Asia overnight and in a slight paring of the upside seen on Wednesday.
• PBoC set USD/CNY mid-point at 7.1728 vs exp. 7.2439 (Prev. 7.1696).
• Canadian Prime Minister-designate Mark Carney will be officially sworn in on Friday and is to shrink the cabinet when he takes over with the cabinet expected to have between 15 and 20 ministers, down from the current 37, according to Bloomberg
• Click for a detailed summary
• Click for NY OpEx Details

FIXED INCOME

• USTs are flat, after spending the early portion of the morning a little firmer following a strong 10yr auction, which garnered strong demand with a stop-through of 0.5bps. Back to today, US paper has held a downward bias, in tandem with pressure seen in Bunds. Focus today will be on the US PPI, where some components will feed into the US PCE metric. Sentiment has also taken a slight hit following updates out of Washington; US Senate Democratic Leader Schumer said Senate Republicans do not have the votes to approve the House-passed government spending bill without amendments. On the supply front, a 30yr auction is due.
• Bunds are on the backfoot, after spending most of the morning firmer; the complex has slipped from a intraday high of 127.53 to a current trough of 126.93. All eyes are on the German Bundestag today, where the main German officials involved will each outline their approaches and views before a general debate. Pre-debate commentary thus far has come via a German Green Official who said that there has been no progress in talks on debt plans; this sparked some modest upside in German paper, before entirely paring. More recently, a Greens official said there has been no rapprochement so far and will continue to reject the draft legislation; remarks which knee-jerked Bunds, but proved fleeting. Ultimately focus will be on the debate at 11:00 GMT / 07:00 EDT. Ahead, a slew of ECB members are set to speak throughout the day.
• Gilts are lower by a handful of ticks and directionally in-fitting with peers; UK-specific newsflow has been light this week, but picks up in the form of GDP figures on Friday.
• Italy sells EUR 6.75bln vs exp. EUR 5.5-6.75bln 2.65% 2028, 2.45% 2033, 4.30% 2054 BTP and EUR 1.5bln vs exp. EUR 1.25-1.5bln 4.00% 2031 Green BTP.
• Click for a detailed summary

COMMODITIES

• Crude has been exceptionally choppy today, but is now firmly in the red and resides at session lows. Early morning trade saw a pick up in oil prices, but lacked any fundamental driver. Thereafter, crude dipped off best levels and continued lower after some US-Russia related updates; the first bout of pressure stemmed from reports that US Envoy Witkoff’s plan crossed the Russia border (has since landed). A second leg lower was seen after Russia’s Kremlin said President Putin may have an international call later on Thursday, and also pushed back on reports that it had laid out demands for talks. Brent’May currently at the bottom end of a USD 70.43-71.25/bbl range.
• Spot gold is firmer by around USD 12/oz, continuing the upward momentum following the US CPI report on Wednesday. Currently sits at the top end of a USD 2,933.03-2,947.15/oz range.
• Base metals hold a negative bias, following a subdued session in Asia overnight. 3M LME copper resides in a current USD 9,721.42-9,811.90/t range.
• Citi forecasts Dutch TTF and JKM gas prices are likely to be rangebound in respective EUR 34-35/MWh and USD 11.50-13.50/MMBtu ranges during Q2-2025.
• IEA OMR: Cuts 2025 oil demand growth forecast to 1.03mln BPD (prev. 1.1mln BPD); “the scope and scale of tariffs remains unclear, and with trade negotiations continuing apace, it is still too early to assess the impact on the market outlook”.
• Saudi Crude oil supply to China set to fall to 34mln/bbls in April, according to Reuters sources.
• Qatar set to start supplying Syria with gas via Jordan with Washington’s approval, according to Reuters sources.
• Click for a detailed summary

NOTABLE DATA RECAP

• UK RICS Housing Survey (Feb) 11.0 vs. Exp. 20.0 (Prev. 22.0, Rev. 21.0)
• EU Industrial Production YY (Jan) 0.0% vs. Exp. -0.9% (Prev. -2.0%); Industrial Production MM (Jan) 0.8% vs. Exp. 0.6% (Prev. -1.1%, Rev. -0.4%)

NOTABLE EUROPEAN HEADLINES

• German Green Party official says there is no progress in talks with CDU/CSU and SPD on debt plans, via an RTL interview.
• German Greens Spokesperson says there is no rapprochement so far in talks with the SPD and CDU/CSU; will continue to reject the draft legislation of the CDU and SPD.
• ECB’s Nagel says US trade tariffs on the EU could push Germany into a recession in 2025.
• ECB’s Kazaks says “I cannot say everything is done on inflation”; rates will be decided meeting by meeting amid uncertainty.
• ECB’s Rehn says you can only hope that the Trump administration can respect central bank independence; should aim at negotiated solutions for US tariffs, encourage the administration to avoid the unnecessary and harmful measures.
• IFW Institute says German economy is expected stagnate in 2025 (unchanged from prev. forecast); to grow by 1.5% in 2026 (prev. forecast of 0.9%); anticipates tailwinds from a public spending boost that incoming Chancellor Merz is pushing for.

NOTABLE US HEADLINES

• US Treasury Secretary Bessent spoke with congressional leaders about making Trump tax cuts permanent and said that is what they will deliver, according to Fox Business’s Lawrence.

GEOPOLITICS

MIDDLE EAST

• Hamas official said they welcomed US President Trump’s apparent retreat from calls for the displacement of Gazans.

RUSSIA-UKRAINE

• Russian Foreign Minister says the deployment to Ukraine of foreign military personnel under any flag as unacceptable. Russia considers any foreign military bases in Ukraine as unacceptable. Deployment of troops or building bases in Ukraine would mean direct involvement of these countries into the conflict with Russia. Russia would respond with all available means to deployment of foreign troops and bases in Ukraine.
• US Envoy Witkoff has arrived in Moscow, according to TASS.
• Russia’s Kremlin says Russian President Putin may have an international phone call on later on Thursday; on reports that Russia has laid out demands for talks, says there is a huge amount of misinformation out there; confirms US envoy is flying to Russia. US National Security advisor Waltz spoke with Russia’s Ushakov
• US Envoy Witkoff’s plane has crossed the Russian border, according to Tass citing Flightradar.
• Russian President Putin said troops should defeat the enemy in the Kursk region and completely liberate the region, while it was also reported that Russia’s Chief of the General Staff said Kyiv’s plans in Kursk region failed and Ukrainian forces in the Kursk region are surrounded, according to IFX. It was later reported that the Kremlin said the operation in the Kursk region is at the final stage, according to TASS.
• “Kremlin: Putin may comment today on the proposal for a ceasefire in Ukraine“, according to Al Arabiya.

OTHER

• Polish President Duda urged for the US to move nuclear warheads to Polish territory, according to FT.

CRYPTO

• Bitcoin is a little firmer and trades just above USD 83k whilst Ethereum remains flat and holds shy of USD 1.9k.
• Ripple (XRP) Secures Dubai License for Crypto Payments in the UAE

APAC TRADE

• APAC stocks were subdued as risk appetite soured despite the mostly positive handover from Wall St where sentiment was underpinned after softer-than-expected CPI data but with the upside capped as concerns lingered.
• ASX 200 was dragged lower by consumer stocks, energy and financials, with the consumer sector pressured as electricity bills are to jump as much as 9% in a cost-of-living blow following the energy regulator’s price ruling.
• Nikkei 225 initially outperformed and briefly reclaimed the 37,000 level before wiping out the gains.
• Hang Seng and Shanghai Comp gradually deteriorated following a tepid PBoC liquidity operation and with participants unfulfilled by the lack of policy action so far by the central bank post-NPC, while reports that Hong Kong is mulling reducing thresholds for purchasing the most expensive stocks did little to spur a bid.

NOTABLE ASIA-PAC HEADLINES

• PBoC says will lower rates and the RRR at a “proper time”; will keep liquidity ample. Will guide social financing costs lower. Will balance short and long-term developments. Will keep CNY basically stable at a reasonable and balanced level. Will strengthen expectation guidance.
• BoJ Governor Ueda said underlying inflation remains slightly below 2% but expects it to gradually accelerate as the economy recovers, while he added that the BoJ is gradually shrinking the size of its balance sheet and will take time to assess the ideal size, considering overseas examples. Ueda also said Japan’s monetary base and balance sheet are somewhat too big which is why bond buying is being slowed.
• Hong Kong mulls reducing thresholds for purchasing the most valuable stocks, according to Bloomberg.
• Japan’s Bankers Association Chair says market view on BoJ’s terminal rate have risen more than expected; long-term interest rates have scope to rise further due to BoJ rate hikes and bond-buying taper.
• Acer (2353 TW) FY (TWD): net 5.54bln (+2.1% Y/Y); plans to raise up to TWD 10bln via unsecured bond; cash dividend of 1.7/shr; will de-list its GDR from LSE.

2C Asian report

3 .ASIA

3A NORTH KOREA/SOUTH KOREA

3BJAPAN

3C. CHINA/

CHINA/USA

4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS

EU/usa

Here we go!! Trump threatens a 200% tariff on EU booze

(zerohedge)

Euro Dips As Trump Threatens 200% Tariff On EU Alcohol Imports

Thursday, Mar 13, 2025 – 08:14 AM

Another day, another tariff-based headline…

President Trump threatened to enact a 200% tariff on European wine, champagne and other alcoholic beverages, the latest escalation in a brewing trade war between the US and the EU.

The president in a social media post on Thursday said that he would move forward with the import duties if the EU doesn’t repeal a tax on US whiskey, a measure put in place to retaliate against Trump’s steel and aluminum tariffs that went into effect on Wednesday.

The European Union, one of the most hostile and abusive taxing and tariffing authorities in the World, which was formed for the sole purpose of taking advantage of the United States, has just put a nasty 50% Tariff on Whisky. 

If this Tariff is not removed immediately, the U.S. will shortly place a 200% Tariff on all WINES, CHAMPAGNES, & ALCOHOLIC PRODUCTS COMING OUT OF FRANCE AND OTHER E.U. REPRESENTED COUNTRIES. 

This will be great for the Wine and Champagne businesses in the U.S.

Trump’s jab came a day after E.U. leaders announced that they would respond to the United States imposing 25 percent tariffs on steel, aluminum and related products.

The 27-nation bloc plans to react in two waves: 

• First, with tariffs as high as 50 percent on U.S. products including Harley-Davidson motorcycles and Kentucky bourbon, which will take effect on April 1; 
• and second, a series of measures in mid-April that would target farm products and industrial goods that are important to Republican districts.

“Reimposing these debilitating tariffs at a time when the spirits industry continues to face a slowdown” will “further curtail growth and negatively impact distillers and farmers in states across the country,” Chris Swonger, the chief executive of the Washington-based Distilled Spirits Council, said in a statement on Wednesday.

The euro sold off against the dollar…

And US futures are fading…

European spirits and drinks makers dropped on the news: LVMH, which has wines and spirits divisions, falls 2%; spirits maker Pernod Ricard -3%, cognac producer Remy Cointreau -3.4%, Davide Campari -2.8%, Diageo -0.3%

Cue the re-retaliatory threats from Brussels… and around and around we go.

end

UK

(MISES)

The UK’s Prime Minister Is Killing Economic Growth

Thursday, Mar 13, 2025 – 06:30 AM

Authored by Roham Jaberi via The Mises Institute,

Prime Minister Starmer promised to “secure the highest sustained growth among the G7 nations” prior to last year’s general election. However, under the new government, the UK economy continues to struggle to grow. GDP growth was positive in the first half of 2024, but stalled in the second half. The third quarter of 2024 experienced 0.0 percent growth compared to the previous quarter, although it was forecast to be at least around 0.1 percent. The UK’s service sector recorded a 0.1 percent decline, with the financial and insurance sector, which forms 8 percent of the UK’s GDP, suffering a 0.6 percent reduction in activity.

This is worth noting because the UK’s financial sector has been one of the country’s comparative advantages since late 1980s. Although business investment increased by 1.9 percent in the third quarter, the increase was partially offset by a 0.6 percent decline in gross capital formation which is a momentous indicator for the overall economic climate, and business expansion incentives.

Starmer and chancellor Rachel Reeves said that economic challenges they inherited from the pandemic, Brexit, and the Russian invasion of Ukraine, had put them in a difficult situation to fulfill their growth promises. However, the construction sector grew by 0.7 percent in the third quarter of 2024, and the government has recently promised reforms such as removing some green belt restrictions and reducing the influence of NIMBYs (Not in My Backyard), who traditionally oppose developments and altering urban planning. The reform can make home building easier, leading to higher growth in construction (among other things). That decision is long overdue, but better late than never.

Britain is still far from what can be described as a proper growth climate. 

From what economic theory tells us, economic growth is not a government-executed phenomenon. 

Government measures can potentially help or hinder growth, but in general, growth is a multi-factor phenomenon led and done by individuals. 

For one, security of private property rights. These encourage entrepreneurs and investors to engage in legal economic activity and want to invest funds in sectors they evaluate to be as economically attractive and profitable as possible. This can be done without as much fear of government intervention or political forces interfering. Government intervention often comes in the forms of overregulation, high tax rates, and/or “green” measures that increase energy costs and put a financial burden on businesses, leading to an increased cost of capital and ending up with low or no incentives to invest, especially in new businesses.

The second factor is a proper goods and services market, governed by supply and demand, with the price mechanism signaling to entrepreneurs and capital owners what consumers want, and what it would cost to satisfy that demand. This enables economic calculation to measure the risk of forming or using capital, employing labor, purchasing equipment and production inputs, and waiting for rewards after starting the business.

The third factor is a developed financial market, providing borrowers with loans. A banking system which is well-regulated by market forces (as opposed to over-regulated) with a guarantee of commitment to the contracts and competitive interest rates attractive for both lenders and borrowers.

An evaluation of the UK’s position with regard to these factors is needed to decide whether the government’s growth priority claim can be taken seriously.

The UK has had a prominent reputation in preserving property rights since its modern history, most probably because it was one of the countries in which the Age of Enlightenment began and gave birth to virtues of a liberal society based on natural rights, of which property is one of the central rights. However, according to the Heritage Foundation’s 2024 economic freedom index—consisting of 12 indicators of freedom on a scale from 0 to 100—the UK’s property rights score in 2024 has slightly decreased to 94.6 out of 100 from 95.1 in 2023, which is not overly concerning, but it is still worth asking why.

The UK’s tax burden score was 65.4 during two successive years of 2021 and 2022, but declined to 62.3 in 2024, meaning that both firms and individuals are under heavier tax burdens which will negatively affect investment and business development. Though the country is in a better state when it comes to the tax burden than some of its European counterparts like France and Germany, some other European nations like Ireland (78 out of 100), Iceland (73.6 out of 100), and Switzerland (70.4 out of 100), are doing better in that regard.

The government spending indicator, which is a measure of the size of the government, was 34.3 in 2024—a drop from 41.9 since last year which reflects an overall increase in government spending as a share of GDP. Other things being equal, the larger the government and its costs, the fewer the resources left for private economic activity, as the government will borrow more to finance its spending programs and budget deficits leaving businesses with less capital for growth.

Business and labor freedom are two indicators showing positive trends since the last couple of years with the former being 82.7 and the latter being 63.2 in 2024 compared to 79.1 and 62.2 respectively in 2023. However, the news coming from businesses and potential investors to fuel the market do not seem to be optimistic. According to the Telegraph, “More than 6,000 millionaires will flee Britain for the European Union by the end of December to avoid a Labour tax grab…” Investment Migration Insider—another British business climate observer—reported that the “UK Lost 10,800 Millionaires in 2024,” meaning one millionaire per 45 minutes! This obviously is a concerning trend and bad news for the UK’s business climate in particular and for its economic growth in general.

If the UK is to achieve economic growth and higher standards of living—as claimed to be the government’s first priority—it needs significant score increases in economic freedom indicators that will lead to an environment attractive enough for people who are willing to fulfill the needs of their fellow humans through entrepreneurship and investment.

END

FRANCE

France “Won’t Give In To Threats” After Trump Threatens 200% Tariff On EU Alcohol Imports

by Tyler Durden

Thursday, Mar 13, 2025 – 08:14 AM

Another day, another tariff-based headline…

President Trump threatened to enact a 200% tariff on European wine, champagne and other alcoholic beverages, the latest escalation in a brewing trade war between the US and the EU.

The president in a social media post on Thursday said that he would move forward with the import duties if the EU doesn’t repeal a tax on US whiskey, a measure put in place to retaliate against Trump’s steel and aluminum tariffs that went into effect on Wednesday.

The European Union, one of the most hostile and abusive taxing and tariffing authorities in the World, which was formed for the sole purpose of taking advantage of the United States, has just put a nasty 50% Tariff on Whisky. 

If this Tariff is not removed immediately, the U.S. will shortly place a 200% Tariff on all WINES, CHAMPAGNES, & ALCOHOLIC PRODUCTS COMING OUT OF FRANCE AND OTHER E.U. REPRESENTED COUNTRIES. 

This will be great for the Wine and Champagne businesses in the U.S.

https://truthsocial.com/@realDonaldTrump/114155003492555395/embed

France – the biggest exporter of alcohols to the US – immediately responded after the country’s Trade Minister Laurent Saint-Martin said France won’t give in Trump’s tariff threats and will “always protect” its industries. Trump is “escalating the trade war he chose to unleash,” Saint-Martin said, adding that France is “determined to retaliate with the European Commission and our partners.”

D. Trump lance la surenchère dans la guerre commerciale qu’il a choisi de déclencher.

La France reste déterminée à riposter avec la Commission européenne et nos partenaires.

Nous ne céderons pas aux menaces et protègerons toujours nos filières.

— Laurent Saint-Martin (@LaurentSMartin) March 13, 2025

Trump’s jab came a day after E.U. leaders announced that they would respond to the United States imposing 25% tariffs on up to €26 billion ($28.3 billion) worth of steel, aluminum and related products. The EU will also immediately begin consultations with member states, with the aim of adopting the additional lists of agricultural and industrial goods subject to tariffs as high as 25% by mid-April. As reported last night, the 27-nation bloc plans to react to the US in two waves: 

• First, with tariffs as high as 50 percent on U.S. products including Harley-Davidson motorcycles and Kentucky bourbon, which will take effect on April 1; 
• and second, a series of measures in mid-April that would target farm products and industrial goods that are important to Republican districts.

“Reimposing these debilitating tariffs at a time when the spirits industry continues to face a slowdown” will “further curtail growth and negatively impact distillers and farmers in states across the country,” Chris Swonger, the chief executive of the Washington-based Distilled Spirits Council, said in a statement on Wednesday.

The euro sold off against the dollar…

And US futures are fading…

European spirits and drinks makers dropped on the news: LVMH, which has wines and spirits divisions, falls 2%; spirits maker Pernod Ricard -3%, cognac producer Remy Cointreau -3.4%, Davide Campari -2.8%, Diageo -0.3%

Cue the re-retaliatory threats from Brussels… and around and around we go.

END

HUNGARY UKRAINE/RUSSIA

Kyle Anzalone via The Libertarian Institute

Orban Govt Blasts Ukraine Over Attack On Russian Pipeline Bringing Oil To Hungary

Thursday, Mar 13, 2025 – 02:00 AM

Authored by Kyle Anzalone via The Libertarian Institute

Budapest voiced its opposition to Ukrainian attacks on Russian pipelines that bring oil to Hungary. A Ukrainian attack on a pipeline briefly paused oil deliveries to the neighboring country.

On Tuesday, Ukraine conducted its largest-ever attack on Russia, firing over 300 drones into Russian territory. While Moscow claimed success in downing the UAVs, some reached their targets, killing at least three people. A measuring station on the Druzhba oil pipeline between Russia and Hungary was also hit. 

In response, Hungarian Foreign Minister Péter Szijjártó urged Kiev to halt attacks on infrastructure bringing oil into Hungary, which imports most of its crude through the Druzhba pipeline. Despite the damage, the pipeline was operational by Tuesday afternoon.

“We consider the attacks directed against the energy structure of Hungary unacceptable,” Szijjártó said.

“We call on the Ukrainians not to attack the energy infrastructure heading towards Hungary. Hungary cannot be blamed for the war between Russia and Ukraine, Hungary is not responsible for this war,” the Hungarian FM added.

While Kiev and Budapest came to an agreement last year that allowed oil to continue to flow through the Ukrainian section of the Druzhba line, Ukraine’s Sanctions Minister Vladyslav Vlasiuk accused Hungary of using the “Druzhba pipeline problem as an argument to block the continuation of sanctions.”

There is concern within the European Union that Hungary will impede the bloc’s sanctions on Russia, as the measures are set to expire next week and must be reapproved with unanimous consent from all member states.

Some EU and Ukrainian officials reportedly fear that Hungarian Prime Minister Viktor Orbán will vote to end the sanctions, as he has frequently criticized the economic war on Russia and Western military support for Kiev.

Vlasiuk, the Ukrainian sanctions chief, claimed that Budapest was undermining “the unity of the EU.“

5 RUSSIAN AND MIDDLE EASTERN AFFAIRS

ISRAEL HAMAS///

Witkoff proposes new hostage release outline involving 50 day ceasefire

During this 50 day ceasefire period- which would end on April 20 – discussions would be carried out regarding the continuation of the deal.

By AMICHAI STEIN, JERUSALEM POST STAFFMARCH 13, 2025 17:10Updated: MARCH 13, 2025 18:41

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fbreaking-news%2Farticle-845970&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20250225_eab6a653f4759423d63a849fb76f9f0d4185dca4&useBunnyCDN=0&themeId=140&unitType=tts-player

Following US Middle East envoy Steve Witkoff’s visit to Qatar, a new outline for an updated hostage-ceasefire proposal is on the table, a source familiar with the details told the Jerusalem Post on Thursday.

As part of the proposed outline, Hamas would release around five living hostages as well as the bodies of dead hostages. In exchange, Israel would allow a 50-day ceasefire, starting from March 1.

During this 50 day period – which would end on April 20 – discussions would be carried out regarding the continuation of the deal.

END

ISRAEL LEBANON

IDF strikes Hezbollah weapons production facility in southern Lebanon

By JERUSALEM POST STAFFMARCH 13, 2025 20:30

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fbreaking-news%2Farticle-846006&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20250225_eab6a653f4759423d63a849fb76f9f0d4185dca4&useBunnyCDN=0&themeId=140&unitType=tts-player

The IDF attacked terrorist infrastructure used by Hezbollah in the Beqaa Valley region of Lebanon on Thursday, the military announced.

The infrastructure included a site for the production and storage of strategic weapons

ISRAEL/USA

‘Schumer used to be Jewish, now he’s Palestinian,’ Trump says in meeting with Irish PM

“Schumer is a Palestinian as far as I’m concerned. He’s become a Palestinian,” Trump said during his meeting with Irish Prime Minister Micheál Martin.

By JERUSALEM POST STAFFMARCH 12, 2025 21:15Updated: MARCH 12, 2025 21:31

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Finternational%2Farticle-845801&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20250225_eab6a653f4759423d63a849fb76f9f0d4185dca4&useBunnyCDN=0&themeId=140&unitType=tts-player

US President Donald Trump called the minority leader of the US Senate, Chuck Schumer, “a Palestinian” during his meeting with Irish Prime Minister Micheál Martin on Wednesday at the White House.

“Schumer is a Palestinian as far as I’m concerned. He’s become a Palestinian. He used to be Jewish. He’s not Jewish anymore. He’s a Palestinian,” Trump said.

This isn’t the first instance of Trump making this comment.

Trump had insinuated that “the Palestinians, people like Chuck Schumer, would have already been resettled in far safer and more beautiful communities, with new and modern homes, in the region,” as part of a post on Trust Social in February.

This came as part of a post where Trump stated that “The Gaza Strip would be turned over to the United States by Israel at the conclusion of fighting.”

Trump continued that “they would actually have a chance to be happy, safe, and free.”

Schumer criticized Trump at DNC

Schumer criticized Trump during his speech at the Democratic National Convention in Chicago in August.

Schumer, as the highest-ranking Jewish member of Congress, said he never wants his grandkids to face discrimination because of who they are.

“But Donald Trump, this is a guy who peddles antisemitic stereotypes. He even invited a white supremacist to Mar-a-Lago, and unfortunately, his prejudice goes in all directions,” Schumer said.

---

---

Schumer acknowledged the blue, square pin on his lapel from ‘Stand Up to Jewish Hate,’ the campaign to target antisemitism from Patriots owner Robert Kraft.

“I am wearing this blue square to stand up to antisemitism, to stand up to all hate,” he said. “Our children, our grandchildren, no matter their race, no matter their creed, their gender or family, deserve better than Donald Trump’s American carnage.”

END

ISRAEL GAZA/USA

Trump Backpedals On Controversial Plan: ‘No One Is Expelling Anyone From Gaza’

Wednesday, Mar 12, 2025 – 11:00 PM

President Trump in a Wednesday press conference while hosting Irish prime minister Micheál Martin at the White House appeared to backpedal on his plan to turn Gaza into the “Riviera of the Middle East” by expelling all Palestinian inhabitants. 

Trump told reporters “Nobody is expelling any Palestinians” in response to a question on whether he still stands by his ultra-provocative remarks which were tantamount to calling for ethnic cleansing of the enclave.

REPORTER: What about the president's plan to expel Palestinians out of Gaza?

TRUMP: Nobody is expelling any Palestinians. Who are you with?

REPORTER: I'm with Voice of America, sir.

TRUMP: Oh, no wonder. pic.twitter.com/SfosOKDnv6

— Aaron Rupar (@atrupar) March 12, 2025

“We’re working hard with Israel… to see [how] we can solve the problem,” Trump explained. 

The fresh remarks stand in stark contrast with his earlier February words spoken alongside Israeli Prime Minister Benjamin Netanyahu, in which he said, “The US will take over the Gaza Strip… I see it as a long-term ownership position.” He had explained that Palestinians in Gaza would have to leave and be resettled elsewhere.

In the Wednesday back-and-forth with reporters he actually again called Senate Minority Leader Chuck Schumer a “Palestinian” and then quipped “He used to be Jewish. He’s not Jewish anymore.”

The White House position on Gazans being expelled to other countries is based on the prior explanation that “Gaza is currently uninhabitable and residents cannot humanely live in a territory covered in debris and unexploded ordnance,” in the earlier words of US National Security Council spokesman Brian Hughes.

But even many Republicans see the plan as completely unrealistic and absurd, given that for starters it would ensure years more of brutal war, and the likelihood that conflict would spiral over into other Arab countries.

Removal of the debris which has piled up in the demolished Strip could take years or even decades…

Jordan and Egypt were among the first to vehemently reject Trump’s Gaza reconstruction plan, and Jordan’s leadership even threatened that its military would seek to prevent it.

END

SYRIA

Syria’s Jolani Invited To EU Donor Summit At Very Moment His Troops Massacre Alawites, Christian

Thursday, Mar 13, 2025 – 05:45 AM

Many local eyewitness accounts say that the Syrian jihadist mass killings targeting Alawites and Christians along Syria’s coast in Latakia and Tartous governates is continuing, even as the mainstream media has largely stopped covering the massacres. The killings began on a large-scale last Friday and appear to have continued, despite denials from Damascus.

For example, well-known Mideast regional correspondent said Tuesday – at a time when many thought the killings were over – “I just got an urgent message from somebody in Baniyas, Syria telling me that gunmen are RIGHT NOW spotted in the small Alawite village of Al Sin, close to Huraysun & 10 km north of Baniyas. Gunmen roaming through the village. Civilians terrified, hiding in houses & nearby fields.”

Tens of thousands of persecuted Syrian civilians are currently seeking the safety of both northern Lebanon and Russia’s Kmeimim Air Base, as we documented earlier. In some cases, troops from Jolani’s ruling Hayat Tahrir al-Sham (HTS) as well as foreign fighters are approaching the gates of the base as they hunt down Alawites and non-Sunni ‘heretics’.

Syria’s self-declared President Ahmed al-Sharaa (Jolani) is paying lip-service to ‘investigations’ into the killings, and has called for a halt to the attacks on religious minorities. Apparently this is good enough for the European Union, as Sharaa has just been invoved to address a European Commission donor’s conference. 

“Syria’s foreign minister Asaad al-Shibani is set to attend a donor summit for his country in Brussels on March 17, a European official told Reuters on Wednesday, the first time Syria will be formally represented at the yearly conference,” Reuters reports.

“The official said that Syria’s interim president Ahmed al-Sharaa was not expected to be at the donor meeting, after a Syrian source and two diplomats had told Reuters he was expected there.”

But the fact that his government will be represented, and that Jolani was directly invited – despite still being deemed by the US and many Western governments a terrorist, and at a moment his forces are slaughtering innocent civilians – is a deep irony and an absurd outrage.

The European Union has of course long been on Washington’s regime change bandwagon in Syria, which included the Gulf monarchies as well as Israel. The EU just began lifting some sanctions on Syria, but only in the wake of Assad’s December 8 ouster.

The reality remains that the only country involved in Syria which seems focused on actually protecting Alawites, Christians and Druze is Russia. Their coastal base is now an encampment for some 10,000 people who have fled Jolani’s death squads.

Even the ultra-establishment Economist recently admitted that Jolani is the “great pretender” – or as we put it… an Al-Qaeda jihadist wearing a suit and now suddenly embraced by the West. He was only a few short years ago literally the personal emissary of ISIS emir Abu Bakr al-Baghdadi.

The Economist began its profile of the “great pretender” as follows:

One summer morning in 2021 a debonair-looking man approached the crossing point into rebel-held Syria. As he left Turkey behind, Khaled al-Ahmed felt his chest tighten. He was a member of the Alawite sect, a minority group from which the Assad dynasty, which had ruled Syria for 50 years, was drawn. Until 2018 he had been a close adviser to Bashar al-Assad, the country’s president. Now he was about to enter territory controlled by Sunni Islamist rebels, many of whom would have been happy to see people like him executed.

Guards waved him across into a no-man’s-land, where men in balaclavas were waiting in black SUVs to escort him to his destination. There was a cursory check of credentials. Then they sped past teeming refugee camps to a multi-storey concrete house on the outskirts of Idlib, a city which served as the headquarters for Syria’s most powerful Islamist militia. The group’s leader, Ahmed al-Sharaa – Abu Muhammad al-Jolani, as he called himself then – was expecting him.

Little was known about al-Sharaa in those days, but he did have a reputation for power games. He frequently kept visitors waiting – people assumed it was to underscore his own importance. But when the Alawite man entered his command centre, al-Sharaa walked straight up to him and kissed him three times on the cheeks – for al-Ahmed was an old childhood friend.

The type of people who are advocating for the new Syrian regime. pic.twitter.com/bZtyVYNgj8

— asad abukhalil أسعد أبو خليل (@asadabukhalil) March 11, 2025

Thousand of innocent dead religious minorities later and…

Now he will be wined and dined, with red carpet and fawning media, in a European capital. But perhaps this was the plan and real plot all along. Assad has been overthrown and that’s all the West cared about – certainly their concern was never actually about the Syrian people.

END

SYRIA/ISRAEL

WATCH: Katz confirms IDF attacks in Damascus to stop future Islamic Jihad terror ops

Katz said, “There will be no impunity for Islamic terror against Israel in Damascus, nor in any other area.”

By YONAH JEREMY BOBMARCH 13, 2025 13:15Updated: MARCH 13, 2025 14:16

https://player.jpost.com/public/player.html?player=jpost&media=3865781&url=https://www.jpost.com/breaking-news/article-845919Israel Air Force strikes a Palestinian Islamic Jihad terror command center in Damascus. March 13, 2025. (Credit: IDF SPOKESPERSON’S UNIT).

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fbreaking-news%2Farticle-845919&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20250225_eab6a653f4759423d63a849fb76f9f0d4185dca4&useBunnyCDN=0&themeId=140&unitType=tts-player

Defense Minister Israel Katz on Thursday confirmed IDF air force attacks on terror groups in Damascus.

Defense sources confirmed to the Jerusalem Post earlier Syrian media reports that the targets were Islamic Jihad locations in Syria’s capital city and added that the groups were planning future terror operations against Israel.

לדברי הערוץ, התקיפה כוונה למבנה. מקור ביטחוני סורי לערוץ אל-חדת’: יעד התקיפה בפרברי דמשק הוא אישיות פלסטינית | תיעוד@guy_telaviv @kaisos1987 https://t.co/Mf6Mxzbf1l pic.twitter.com/K28Lt1gMuT— כאן חדשות (@kann_news) March 13, 2025

Put differently, sources indicated that the targeted groups were not merely Islamic Jihad terrorists who had harmed Israel in the past but were part of an active upcoming threat, though the Post was not given any timeframe.

The IDF said that its Northern Command and Intelligence Command had helped precisely target an Islamic Jihad headquarters from which terror attacks against Israel had been planned.

Katz said, “There will be no impunity for Islamic terror against Israel in Damascus, nor in any other area,”  with the IDF echoing that sentiment.

Continuing, he stated, “anywhere that terror groups organize against Israel, the extremist Islamist leader Julani [Syrian leader Ahmed al-Sharaa] will find air force jets hovering above and attacking the terror targets.”

“We will not allow Syria to change into a threat to the State of Israel,” he added.

Implications of the attack on Syria

The attack marks a major escalation by Israel against terror groups in Syria and a more direct affront to al-Sharaa’s new regime, given that until now, most attacks have not been close to his seat of power.

The fact that Israel undertook such a risky and audacious attack in Damascus this time does not necessarily commit it to such actions in the future, though it does show that Jerusalem is ready to pull the trigger even in Syria’s capital if there is a future threat developing, the Post has learned.

The Post was unable to clarify whether al-Sharaa himself knew about the activities of the Islamic Jihad terrorists who were targeted, but in the past, the Israeli position has been that authorities over an area are responsible for terror in their area of control whether they know of all threats or not.

Related Tags

ISRAEL WEST BANK

Terror shooting near Ariel in West Bank, one wounded

The 18-year-old shooting victim arrived at the industrial zone of Ariel with a gunshot wound and was treated by MDA paramedics.

By JERUSALEM POST STAFFMARCH 12, 2025 20:52Updated: 

MARCH 12, 2025 22:17

The IDF received a report about a shooting near Ariel, the military announced on Wednesday.

The 18-year-old shooting victim arrived at the industrial zone of Ariel with a gunshot wound and was treated by MDA paramedics.

“We treated an 18-year-old young man, fully conscious that was suffering from a gunshot wound to the hand,” MDA paramedic Gennadi Dubinsky said in a statement. “We were told that he was injured while driving the vehicle near a farm. We provided him with medical treatment and evacuated him to a hospital, where he is in moderate and stable condition while continuing treatment.”

MDA evacuated the 18-year-old to Beilinson Hospital in Petah Tikva for further treatment.

“This is the third attack in the same area, yet we are not receiving clear and sufficient answers from the IDF and security establishment,” Samaria Regional Council head Yossi Dagan said in regards to the attack.

“A full routine is taking place in the city of Ariel, the enemy will not be allowed to destroy the holiday atmosphere, Purim celebrations will take place as usual in the city,” said the mayor of Ariel, Yair Chetboun. “We will not allow vile terrorists to harm the routine of life. We will continue to stand by the IDF and the security forces, ensure security and maintain the routine of life in the city and its surroundings.”

According to Dagan, the ongoing wave of attacks indicates a broader, more coordinated effort against Jewish communities in Judea and Samaria, requiring a shift in Israel’s strategic response. “This latest attack is yet another painful reminder of what we have been saying all along—Judea and Samaria must be treated as a full-fledged front, just like Gaza and Lebanon. The terrorism here is not a collection of isolated incidents but an organized and ongoing assault against the settlements and the Jewish people as a whole,” he said.

He issued a direct call to Israel’s leadership. “I call on the government and the security establishment to act immediately and decisively to restore deterrence, strengthen our hold on the land, and ensure real security for the residents of Judea and Samaria—and, by extension, all citizens of Israel.”

IDF looking for the terrorists

The IDF is currently searching for the terrorist in surrounding areas.

This is a developing story.

END

ISRAEL/WEST BANK

Police arrest Israeli-Arab for providing security info to terrorists in West Bank

The Taiba resident, 21-year-old Kamal Nashaf, also pledged allegiance to ISIS, the agencies noted. 

By JERUSALEM POST STAFFMARCH 13, 2025 08:12Updated: MARCH 13, 2025 08:41

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fbreaking-news%2Farticle-845857&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20250225_eab6a653f4759423d63a849fb76f9f0d4185dca4&useBunnyCDN=0&themeId=140&unitType=tts-player

Police and Shin Bet (Israel Security Agency) arrested an Israeli-Arab resident of Taiba on suspicion he had provided security information to terrorists in the West Bank, the two agencies said on Thursday.

The Taiba resident, 21-year-old Kamal Nashaf, also pledged allegiance to ISIS, the agencies noted. 

Since the summer of 2024, Nashaf had watched ISIS terror content on social media and contacted terror operatives identified with the terror group. 

Nashaf also saw himself as part of the terror group and had in his possession items which are identified with it. 

The investigation also revealed that Nashaf wished to carry out his actions to avenge Israel’s activities in the Gaza Strip, the agencies said.

https://player.jpost.com/public/player.html?player=jpost&media=3865543&url=www.jpost.comIsrael Police and Shin Bet arrest an Israeli-Arab suspect from Taibe who gave security information to terrorists in the West Bank. (ISRAEL POLICE)

https://www.jpost.com/breaking-news/article-845857

The suspect photographed security forces who were on their way to Tulkarm in the West Bank and transferred the footage via Telegram to terror operatives in the West Bank, the agencies added.

This is a developing story. 

END

RUSSIA VS UKRAINE

Putin Rejects US Temporary Ceasefire Plan, Appears In Military Fatigues 

Thursday, Mar 13, 2025 – 08:26 AM

Russia has rejected the US-proposed 30-day ceasefire which came out of the Jeddah meeting with Ukraine, describing that it would only allow Ukrainian forces to regroup.

“This is nothing other than a temporary time-out for Ukrainian soldiers, nothing more. Our goal is a long-term peaceful resolution,” Yuri Ushakov, a senior aide to Russian President Vladimir Putin, told Russian state television. “Our goal is a long-term peaceful settlement that takes into account the legitimate interests of our country and our well-known concerns. It seems to me that no one needs any steps that (merely) imitate peaceful actions in this situation,” he said. He further expressed that it would “give nothing” to Russia.

Russian President Putin came to visit the headquarters of the Kursk operation, dressed in military uniform. This does not seem like a signal that he is ready for a 'bad' peace.

Russia does not need a ceasefire, Ukraine needs a ceasefire. pic.twitter.com/aJ9jsiescX

— Sašo Ornik (@ornik_saso) March 12, 2025

This was the first official public response on the issue from the Kremlin, after it said Wednesday it was “studying” the proposal. President Trump’s special envoy, Steve Witkoff, is currently en route to Moscow to discuss the temporary truce proposal.

Ushakov says he has communicated Moscow’s rejection of the 30-day ceasefire plan to Trump’s national security adviser Mike Waltz.

None of this comes as a great surprise, given not only that Russian forces have the clear battlefield momentum and upper-hand, but back in January President Putin explained why he would never settle for any ceasefire that’s temporary.

He had said at the time, “The goal should not be a short truce, not some kind of respite for regrouping forces and rearmament with the aim of subsequently continuing the conflict, but a long-term peace based on respect for the legitimate interests of all people, all nations living in this region.”

The Russian leader had on Wednesday visited Kursk region for the first time since Ukraine’s incursion there and holding of territory which began in August.

“Our immediate goal is as soon as possible to conclusively destroy the enemy entrenched on the territory of Kursk region,” Putin said.

And the optics and symbolism were not missed on Russia’s enemies, as Putin was dressed in military fatigues as he addressed top generals, which is a rarity.

President Trump has been warning of what could happen if Moscow doesn’t come the negotiating table. “I can do things financially that would be very bad for Russia,” Trump said earlier. “I don’t want to do that because I want to get peace. I want to see peace and we’ll see. But in a financial sense, yeah, we could do things very bad for Russia. It would be devastating for Russia.”

But as Moon of Alabama highlights in fresh analysis, the meager 30-day truce offering which came out of Jeddah demonstrates weakness on the US side. Asia Times had predicted:

According to the latest from Riyadh, Ukraine says it is ready for a 30 day cease fire. If this is what Washington “extracted” from the Ukrainians, it is operationally meaningless. With Russia on the brink of winning in Kursk and elsewhere, the Russians won’t accept any such deal. If it is a ruse to allow the US to resume arms shipments to Ukraine, knowing Russia will reject it, the so-called peace initiative is a dead letter.

Meanwhile RT has featured the explanation and more context to Russia’s rejection by political analyst Sergey Markov as follows…

Reasons why Russia to refuse a ceasefire (and especially anything deemed temporary):

1. A ceasefire would be exploited by the West and Ukraine to halt the advance of the Russian army, strip it of its initiative, supply the Ukrainian army with more weapons, continue extensive mobilization in Ukraine, and strengthen the repressive and anti-Russian nature of the Ukrainian political regime

2. The experience of the Minsk 1 and Minsk 2 agreements clearly demonstrates this pattern

3. The consistent dishonesty of Western politicians and media regarding the conflict, as well as their refusal to acknowledge their own and Ukraine’s culpability, strongly suggests that history will repeat itself 

4. Russian President Vladimir Putin and other Russian officials have repeatedly stated that what Russia needs is lasting peace, not just a temporary ceasefire

5. The West cannot really be trusted 

6. Russia is advancing.  A ceasefire always benefits those who are retreating.

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

BREAKING: CDC Issues Disturbing Measles Vaccine Guidance

https://karenkingston.substack.com/p/breaking-cdc-issues-disturbing-measles?utm_medium=email

This CDC guidance is deeply disturbing as it mirrors the COVID-19 playbook, “show me your 2-dose vaccine card or you can’t attend college, travel internationally, or provide healthcare services.”

March 10, 2025: On Friday, March 7, 2025, the CDC issued a disturbing Health Advisory Alert promoting aggressive measles vaccination for adults and children and demanding proof of vaccination for college students. The CDC is also openly reinforcing some of the dangerous vaccine protocols from the Texas Department of State Health Services (DSHS), including vaccinating babies as young as 6 months old.

Image: Shutterstock

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CDC Recommends Every Adult and Child Be Up to Date On MMR (Measles, Mumps, Rubella) Vaccines

The CDC recommends that, “All patients without other evidence of immunity, especially those planning international travel, are up to date on MMR vaccine per routine ACIP (Advisory Committee on Immunization Practices) recommendations.”

I was not surprised to see the CDC recommending the standard 2 doses of MMR for children, but I was shocked by these high-risk recommendations.

College Students Must Have Proof of Two (2) MMR Shots

Adults at high exposure risk, including students at post-secondary institutions (college students), healthcare workers, and international travelers, should have two documented doses.

This CDC Health Alert is deeply disturbing as it is leading up to the same playbook from COVID-19, “show me your 2-dose vaccine card or you can’t attend college, travel internationally, or provide healthcare services.”

CDC Enforces Dangerous Texas MMR Recommendation for Babies 6 Months Old

I was shocked to see the CDC publish the Texas Health Services recommendations to vaccinate babies as young as 6 months old, even though infants have an underdeveloped adaptive immune response (the part of the immune system that’s responsible for producing antibodies) and are unable to “remember” the specific viruses or bacteria that an infant was inoculated (vaccinated) with in order to produce antibodies in the future.

END

Mass Murder by Injection: Dr. Makis Exposes the mRNA Turbo Cancer Scandal and Canada’s Cover-Up

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Over the last few years, the National Citizen’s Inquiry (NCI) has traversed Canada, gathering sworn testimony from experts and victims alike on the disastrous consequences of COVID-19 measures, with a particular emphasis on the experimental mRNA injections.

This from rairfoundation.com.

One of the most harrowing testimonies came from Canadian oncologist Dr. William Makis, who has been at the forefront of exposing the unprecedented rise in aggressive cancers following mass inoculation campaigns. His findings have led to relentless persecution by Canadian authorities, including the Alberta government, which is now seeking a jail term against him for his defiant stance against these gene therapy injections.

Dr. Makis, a specialist in nuclear medicine and oncology, laid out a damning case against the continued administration of COVID-19 mRNA vaccines, particularly in children. Through meticulous analysis of data from Canada’s adverse event reporting system, the World Health Organization’s VigiAccess, and the U.S. VAERS database, he revealed a horrifying trend:

[C]ancers developing at an unprecedented rate and

with unparalleled aggression in vaccinated individuals,

including children as young as six months old.

The Grim Statistics:

• Over 3 million Canadian children have received at least one COVID-19 vaccine dose.
• Canada officially reports 488 post-vaccine deaths but dismisses them without proper investigation.
• The WHO database, in contrast, reports over 200,000 serious adverse events in children following vaccination.
• In Australia, a smaller but similarly vaccinated country, at least nine child deaths were attributed to the vaccine.
• The U.S. VAERS system records 538 child deaths post-mRNA vaccination, with disturbing patterns of “turbo cancers”.
• Turbo cancers appear within weeks or months of vaccination, affecting organs like the heart, brain, lymph nodes, and bone marrow at an alarming rate.

Dr. Makis highlighted how the Canadian government systematically underreports vaccine injuries and deaths, using vague classifications such as “indeterminate” or “unrelated” to dismiss fatal adverse events. Further, deaths occurring within 14 days of vaccination are counted as unvaccinated, further skewing the data to mask the true dangers of these injections.

Beyond the medical catastrophe, Dr. Makis exposed the ruthless political persecution of doctors who dared to challenge the COVID-19 narrative. He himself has faced years of legal battles, financial strangulation, and professional exile.

How Canada Silences Dissenting Doctors:

• Over 3 million Canadian children have received at least one COVID-19 vaccine dose.
• Canada officially reports 488 post-vaccine deaths but dismisses them without proper investigation.
• The WHO database, in contrast, reports over 200,000 serious adverse events in children following vaccination.
• In Australia, a smaller but similarly vaccinated country, at least nine child deaths were attributed to the vaccine.
• The U.S. VAERS system records 538 child deaths post-mRNA vaccination, with disturbing patterns of “turbo cancers”.
• Turbo cancers appear within weeks or months of vaccination, affecting organs like the heart, brain, lymph nodes, and bone marrow at an alarming rate.

Dr. Makis’ income sources, including Twitter and GiveSendGo, have been systematically blocked or raided, leaving him financially crippled for standing by his medical oath. Furthermore, the Alberta government is seeking a jail term for Makis speaking his medical truth.

In a moment of defiance which is fully representative of Dr. Makis’ struggle against the new Canadian medical tyranny and censorship, Dr. Makis was able to discuss potential treatments for what he calls “mRNA-induced turbo cancers.” He urged patients to seek repurposed drugs, particularly ivermectin, hydroxychloroquine, and mebendazole or Fenbendazole, which have shown promise in slowing or reversing some of these cancers.

Disturbing Trends in Post-Vaccine Cancer Cases:

• Lymphoma is the most common vaccine-induced cancer, followed by aggressive brain tumors, colon cancer in children, and soft-tissue sarcomas.
• Cancers are now presenting at younger ages and at more advanced stages than ever before.
• Conventional treatments are failing, as these vaccine-driven cancers resist chemotherapy, radiation, and immunotherapy.
• The spike protein is found in every cancerous cell in patients who received the mRNA vaccine

Dr. Makis issued an urgent plea to halt the administration of COVID-19 vaccines, especially in children and pregnant women. He called for:

• Immediate removal of mRNA injections from all childhood vaccination schedules.
• A national investigation into vaccine injuries and deaths, including pathological autopsies on suspected victims.
• A complete overhaul of Canada’s adverse event reporting system, which is currently a fraudulent tool of suppression.
• Legal and financial support for persecuted doctors who refuse to compromise their medical ethics.

Dr. Makis’ testimony at the NCI on March 8, 2025, is a damning indictment of the Canadian government’s reckless complicity in one of the greatest medical scandals of all time. His words resonate as both a dire warning and a call to action—to expose the truth, protect our children, and hold those responsible accountable.

The question remains: Will Canada wake up before more lives are destroyed?

DR PAUL ALEXANDER

BOOM!!

This is a great post & I thank Trump for appointing Zeldin at EPA for this type of stuff is great for American tax-payers if these were corrupted grants! “Lee Zeldin Notifies 8 Recipients of $20

billion from the Biden EPA’s slush fund that their grants have been terminated. This I agree with! Lee is getting it done, he should school Pam Bondi how to do it! Now we need see perp walks!

Dr. Paul AlexanderMar 12

READ IN APP

According to AP, the money was awarded to “Coalition for Green Capital, Climate United Fund, Power Forward Communities, Opportunity Finance Network, Inclusiv and the Justice Climate Fund.”

Lee Zeldin on X: “Update: @EPA just notified 8 recipients of $20 BILLION in Biden EPA “gold bars” that their grants have been TERMINATED! It is my commitment to President Trump, Congress, and you, that EPA will be an exceptional steward of your tax dollars. I’ll have it no other way! https://t.co/PjJ5WOlaY1” / X

___

MARK CRISPIN MILLER

SLAY NEWS

The latest reports from Slay NewsRFK Jr Warns Public: Flu ‘Vaccines’ Cause Non-Influenza Infections to SurgeHealth and Human Services (HHS) Secretary Robert F. Kennedy Jr. has blown the whistle to warn the public that people who receive flu “vaccines” are “4.4 times more likely” to suffer a non-influenza infection.READ MORESouth Dakota Bans Tax Dollars Being Used for Fake ‘Meat’ ProductsSouth Dakota has just introduced new laws that ban taxpayer money from being used to develop, promote, or purchase fake “meat” products such as lab-grown “beef” or insect-based “foods.”READ MOREKaroline Leavitt Shreds AP Reporter for ‘Trying to Test’ Her on EconomicsPresident Donald Trump’s White House Press Secretary Karoline Leavitt tore an Associated Press (AP) reporter to shreds during Tuesday’s briefing.READ MOREJ.D Vance’s Cousin Attacks Vice President Over Ukraine: ‘An Ambush of Absolute Bad Faith’The policy to secure peace between Ukraine and Russia from President Donald Trump’s administration has triggered a pushback from the Left.READ MOREVeteran Fox News Cameraman Craig Savage DiesThe White House is mourning a veteran Fox News cameraman who has died after losing his battle with cancer.READ MOREJudge Blocks Deportation of Columbia University Student Who Led Pro-Hamas ProtestsA federal judge in Manhattan has put a temporary hold on the deportation of Syrian national Mahmoud Khalil, a former student at Columbia University.READ MOREAlex Jones Blames George Soros-Funded DA for Murder of InfoWars Reporter Jamie WhiteInfoWars founder Alex Jones has blamed George Soros-funded Travis County District Attorney Jose Garza for the “brutal murder” of the outlet’s reporter Jamie White.READ MORETrump Taps Air Force Legend Dan ‘Razin’ Caine as Chairman of Joint Chiefs of StaffPresident Donald Trump has nominated Ret. Air Force Lt. Gen. Dan “Razin'” Caine as chairman of the Joint Chiefs of Staff.READ MORERosie O’Donnell Leaves America to Protest Trump, Vows Not to Return Until It’s ‘Safe’Leftist comedian Rosie O’Donnell has announced that she has left America and moved to Ireland to protest President Donald Trump’s return to the White House.READ MORECanada Caves to Trump, Cancels Electricity Tariff on U.S EnergyCanada has caved to President Donald Trump after he vowed the nation would pay an unprecedented “financial price” for imposing a huge retaliatory electricity tariff on the United States.READ MOREWhoopi Goldberg: Trump Is Destroying Biden’s ‘Very Robust’ Economy“The View” co-host Whoopi Goldberg has told her gullible audience that President Donald Trump is destroying the “very robust” economy that he supposedly inherited.READ MORERubio Confirms Ukraine Has Accepted Trump’s Peace Deal: ‘We’ll Take This to the Russians’Secretary of State Marco Rubio has just confirmed that Ukraine has accepted the terms of President Donald Trump’s deal to secure peace with Russia.READ MOREAOC Hit with Ethics Complaint Over ‘Troubling’ Abuse of Taxpayer-Funded Member AllowanceRadical Democrat Rep. Alexandria Ocasio-Cortez (D-NY) has been hit with an ethics complaint over allegations that the congresswoman abused her taxpayer-funded member allowance.READ MORE

EVOL NEWS

———- Forwarded message ———
From: News Addicts <mail@newsaddicts.com>
Date: Thu, Mar 13, 2025 at 10:06
Subject:  Dem Lawmaker Pushes Bill to Legalize Attacks on Police Under Certain Circumstances
To: Milan Sabioncello <sabioncello@gmail.com>

LATEST REPORTS FOR NEWS JUNKIESDem Lawmaker Pushes Bill to Legalize Attacks on Police Under Certain CircumstancesAn Illinois lawmaker has introduced a bill that critics say will make it legal for anyone experiencing a mental health episode to attack police officers.Democratic state Rep. Lisa Davis, an attorney in the Law Office of the Cook County Public Defender’s office, introduced House Bill 3458 in February.Under the terms of the legislation, the bill would “ that it is …READ THE FULL REPORTLarge Swath of Rain Forest Eradicated So Global Elites Can Hold ‘Climate Conference’The COP30 climate summit in the Brazilian city of Belém isn’t slated to take place until November, but when it does arrive, the state government is going to make sure that the tens of thousands of visitors will have a quick and easy route to get to the conference proper.It’s just going to cost “tens of thousands of acres of …READ THE FULL REPORTNASA Astronauts Stranded in Space Since June Suffer Another SetbackSpaceX and NASA scrubbed the planned rocket launch of Crew-10 to the International Space Station (ISS) on Wednesday due to a hydraulic issue with one of the ground systems, according to officials giving a live broadcast of the event.NASA and SpaceX will get their next opportunity to send the rocket into space when the launch window opens on Thursday at …READ THE FULL REPORTGerman Government Reportedly Knew COVID Likely Came from Lab by 2020The German government for years concealed an assessment by its Foreign Intelligence Service that a lab origin of COVID-19 was overwhelmingly likely, according to a Tuesday investigative report by two German newspapers.The investigation, published jointly by Die Zeit and Sueddeutscher Zeitung, claims that German intelligence (BND) met in Berlin within weeks of the emergence of SARS-CoV-2 in early 2020 for …READ THE FULL REPORTKash Patel’s FBI Charges High-Ranking CBP Official in FEMA Fraud Scheme ScandalKash Patel took to X on Wednesday to announce a major breakthrough in the fight against public corruption.“Following efforts with our interagency partners, I can report that a career Director level employee at US Customs and Border Protection has been charged with allegedly attempting to defraud FEMA, as well as lying to federal agents,” Patel wrote.He continued, “This is part …READ THE FULL REPORT

NEWS ADDICTS

LATEST NEWS

Australia Sounds Alarm as Heart Attack Deaths Skyrocket Among VaccinatedAustralia is sounding the alarm after official data revealed that heart attack deaths are skyrocketing to alarming levels among people who received Covid mRNA “vaccines.”READ MORE

Canada to impose $20b in retaliatory tariffsCanada announced Wednesday that it will impose over $20 billion in retaliatory tariffs in response to President Donald Trump’s sweeping 25 percent tariffs on all steel and aluminum imported into the United States. The move escalates tensions between the two longtime trade partners, adding to fears of a full-scale trade war. Trump introduced the tariffs as part of his broader …READ MORE

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

a must must read! Michael Every has got it right!!

(Michael Every)

Rabobank: “There’s Growing Recognition Trump Is Serious About Radically Reshaping The US”

Thursday, Mar 13, 2025 – 10:45 AM

By Michael Every of Rabobank

Shock Therapy

Markets were thrilled US inflation was lower than expected headline and core. Just don’t focus on the fact that Europe and Canada raised counter-tariffs on the US; and that Europe’s are up to 50% and aimed at Republican not Democrat states’ products, upping the ante hugely. 

USTR Greer has already stated: “For years, the EU has opposed US efforts to reindustrialize. The EU has rejected attempts under successive US administrations to cooperate effectively on dealing with global excess capacity on steel, aluminium, and other sectors, employing measures that are too little and too late. If the EU acted as quickly to address global excess capacity as it does to punish the US, we likely would be in a different situation today. The EU’s punitive action completely disregards the national security imperatives of the US – and indeed international security – and is yet another indicator that the EU’s trade and economic policies are out of step with reality.”

President Trump has said, “We’ll win that financial battle.” Yet it’s not just financial: Europe is begging for US defense guarantees and needs US LNG as well as Fed swap lines.

Canadian PM-designate Carney says he’s ready to negotiate the USMCA if there’s “respect for Canadian sovereignty”. However, statecraft logic dictates the US will want Canada to match whatever external tariffs it sets on China, in which case true sovereignty cannot be retained. Ontario’s Premier Ford will meet with US Commerce Secretary Lutnick today, and we will see if the result is a schmooze, kvetch, or plotz-fest. The BOC cut 25bps to 2.75% as expected yesterday, which was a snooze-fest compared to the geopolitical backdrop. Indeed, as lines on maps blur, arguments are made for Canada to move closer to the EU: it speaks French, has resources Europe needs, and the EU offers it a huge new market. However, Greenland could be literally in the way, as yesterday’s election tipped it closer towards independence, if not the most pro-US party wanting it. Moreover, Canada is adjacent to Russia and areas China is interested in yet spends little on defence even by EU standards; and the US will always border its key economic centers.

Mexico has yet to raise counter-tariffs, waiting until 2 April. Whether this is ‘Fortress North America’ plan, or a wait-and-hope approach remains to be seen.  

The UK hasn’t raised tariffs yet either and will be “negotiating an economic deal which covers and will include tariffs if we succeed,” while “[keeping] all options on the table.” If it were to get a US carve-out, that would point to a statecraft framework of splitting the UK from Europe.

Meanwhile, there’s growing recognition Trump is serious about radically reshaping the US. The Wall Street Journal asks if he is taking a “liquidationist approach”. The Financial Times underlines he sees the need for shock therapy to remake the US to make things again and argues a recession won’t stop him. Indeed, the more one hears ‘Main Street not Wall Street’, ‘national security’, ‘long term, not next quarter’, and ‘don’t focus on stocks’, the more it echoes ‘Common Prosperity’. After all, for a decade I’ve argued that neoliberalism would move closer to mercantilism to resist it. Ironically, however, the markets who didn’t see that China’s Common Prosperity was politically logical before it started, then called it “regulatory reforms”, and took years to finally bewail, “China is uninvestable,” are now floating a pivot from US to Chinese assets.

Regardless, all this market volatility helps cap US 10-year yields, now a White House focus: and how low do stocks have to go before the Fed does what it always does right after telling us that isn’t its role, and it won’t? One wonders, especially as stocks might then go right back up.

Meanwhile Europe’s reflationary rearmament –VW says it may make things for the German army (again)– is already running into regulatory and supply-side bottlenecks which will only get worse – more so with a trade war with the US, or with a de-risking from it. Indeed, economic history says assuming the EU can rearm on a free market, big-profits basis without unleashing inflation is likely to be wrong. Such issues are explored in our latest global strategy special report, ‘EU economic statecraft update: it’s for real; and for realpolitik’. The conclusion is the EU needs transformational change to achieve its very grand strategy goals.

Of course, that doesn’t mean there won’t be some pampering for markets:

• EPA head Zeldin just offered “the largest deregulatory announcement in US history”, and tax cuts are floated for everything but foreign production, i.e., tariffs. Of course, that’s as Senate Democrats look to block the House government financing bill that maintains spending at Biden levels to protest DOGE cuts to government spending, threatening a government shutdown of the sort that DOGE could only dream of.
• China is trying to show it’s all about the private sector again; and yet it’s also saying that it will double down on its over-supply export-led model that leaves firms struggling to make profits in some cases – and to what US, EU, and global response?
• The EU is also promising a bonfire of the vanities paperwork.

That’s confusing enough a backdrop: but add geopolitics.

The US, having restarted military aid and intel sharing with Ukraine, is now threatening to devastate Russia’s economy if they won’t play ball on peace. Wasn’t that the gameplan from February 2022 up until recently, and how did that work out so far?

Iran has seemingly rejected the US offer of nuclear talks, which may only leave the hard way. And emphasis on the word ‘hard’ there for all involved – and those not involved, like Europe. If the EU thinks Ukraine is all it has to worry about just because it can’t focus on more than one geopolitical problem at once, then it’s sadly wrong.

Indeed, Russia, China, and Iran will tomorrow hold a joint high-level meeting in Beijing to discuss Iran’s nuclear program and US threats. There we may also see if the US Noxin (reverse Nixon) geostrategy has any legs or not. Frankly, it would be a shock if it did – because try saying Noxin without saying No, and Xi is right in the middle of it.

However, understand that if that US strategy doesn’t pan out then hard choices could need to be made very quickly. For just one example, the US could have to decide what to do in the Middle East, or to let Israel decide and just lend it a hand; it could have to focus everything else on Asia ASAP; and Europe could find itself rapidly handed the keys and told to look after the continent as best it can while Russia and Iran and China cooperate even more closely. Obviously, the political-economy and market transformations implied in some such scenarios eclipse what has been seen –or, in Europe, promised– so far.

That may sound shocking, but it should be. It’s not a forecast, but it’s a distinct fat tail risk. And, frankly, one vastly more important than the backwards-looking US CPI figure yesterday.

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

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

CANADA

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

EURO VS USA DOLLAR:  1.0867 DOWN 18 BASIS PTS

USA/ YEN 147.98 DOWN 0.308 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 1.2935 DOWN 0.0030 OR 30 PTS

USA/CAN DOLLAR:  1.4382 UP 0.0022(CDN DOLLAR DOWN 22 BASIS PTS)

 Last night Shanghai COMPOSITE CLOSED DOWN 13.19 PTS OR 0.39%

 Hang Seng CLOSED DOWN 137.66 PTS OR 0.58%

AUSTRALIA CLOSED DOWN 0.45%

 // EUROPEAN BOURSE:     ALL MIXED

Trading from Europe and ASIA

I) EUROPEAN BOURSES:  ALL MIXED

2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 137.66 PTS OR 0.58%

/SHANGHAI CLOSED DOWN 13.19 PTS OR 0.39%

AUSTRALIA BOURSE CLOSED DOWN 0.45%

(Nikkei (Japan) CLOSED DOWN 29.06 PTS OR 0.08%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 2946.50

silver:$33.13

USA dollar index early THURSDAY  morning: 103.81 UP 24 BASIS POINTS FROM  WEDNESDAY’s CLOSE.

THURSDAY  MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing THURSDAY NUMBERS 1: 30 AM

Portuguese 10 year bond yield: 3.374 % DOWN 1 in basis point(s) yield

JAPANESE BOND YIELD: +1.528% up 2 FULL POINTS AND 5/100  BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.506 DOWN 1 in basis points yield

ITALIAN 10 YR BOND YIELD 3.948 UP 0 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.8775 DOWN 3 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 1.0859 DOWN .0026 OR 26 basis points

USA/Japan: 148.09 DOWN 0.197 OR YEN IS UP 20 BASIS PTS//

Great Britain 10 YR RATE 4.799 DOWN 1 BASIS POINTS //

Canadian dollar DOWN .0037 OR 37 BASIS pts  to 1.4396

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The USA/Yuan DOWN T0 7.2464,  CNY ON SHORE ..CHINA MUST DEVALUE TO GOLD  

THE USA/YUAN OFFSHORE DOWN TO 7.2490:    

TURKISH LIRA:  36.61 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//

the 10 yr Japanese bond yield  at +1.528

Your closing 10 yr US bond yield UP 2 in basis points from WEDNESDAY at  4.340% //trading well ABOVE the resistance level of 2.27-2.32%)

 USA 30 yr bond yield  4.656 UP 3 in basis points  /11:00 AM

USA 2 YR BOND YIELD: 4.001 UP 1 BASIS PTS.

GOLD AT 11;00 AM 2952.60

SILVER AT 11;00: 33.26

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

London: CLOSED UP 1.54 pts or 0.02%

GERMAN DAX: DOWN 109.29 PTS OR 0.48%

Paris CAC CLOSED DOWN 50.75 or 0.44%

Spain IBEX CLOSED UP 17.30 PTS OR 0.64%

Italian MIB: CLOSED DOWN 307.38 PTS OR 0.80%

WTI Oil price  67.01 11 EST/

Brent Oil:  70.42 1:00 EST

USA /RUSSIAN ROUBLE ///   AT:  86.58 ROUBLE DOWN 0 AND  57/ 100      

GERMAN 10 YR BOND YIELD; +2.8725 DOWN 3 BASIS PTS.

UK 10 YR YIELD: 4.7999 UP 2 BASIS POINTS

CDN 10 YEAR RATE: 3.143 UP 7 BASIS PTS.

CDN 5 YEAR RATE: 2.769 UP 9 BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA 1.0853 DOWN 0.0032 OR 32 BASIS POINTS//HEADING TO PARITY WITH THE DOLLAR

British Pound: 1.2949 DOWN .0016 OR 16 basis pts/HEADING FOR PARITY /USA

BRITISH 10 YR GILT BOND YIELD:  4.7175 DOWN 6 BASIS PTS//

JAPAN 10 YR YIELD: 1.529

USA dollar vs Japanese Yen: 147.66 DOWN .631 BASIS PTS// HEADING FOR 160 TO THE DOLLAR

USA dollar vs Canadian dollar: 1.4423 UP 64 BASIS PTS CDN DOLLAR DOWN 64 BASIS PTS

West Texas intermediate oil: 66.57

Brent OIL:  69.87

USA 10 yr bond yield DOWN 5 BASIS pts to 4.264

USA 30 yr bond yield DOWN 4 BASIS PTS to 4.5994%

USA 2 YR BOND: DOWN 6 PTS AT  3.949

CDN 10 YR RATE 3.066 DOWN 3 BASIS PTS

CDN 5 YEAR RATE: 2.691 DOWN 3 BASIS PTS

USA dollar index: 103.84 UP 26 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 36.61 GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE:  86.25 UP 0 AND  91/100 roubles

GOLD  2983.25 (3:30 PM)

SILVER: 33.82 (3:30 PM)

DOW JONES INDUSTRIAL AVERAGE: DOWN 537.36 OR 1.30

NASDAQ 100 DOWN 370.54 PTS OR 1.89%

VOLATILITY INDEX: 25.05 UP 0.82 PTS OR 3.35%

GLD: $ 275.13 OR UP 4.80 PTS OR 1.78%

SLV/ $30.74 PTS OR UP .52 OR 1.72%

TORONTO STOCK INDEX// TSX INDEX: CLOSED DOWN 220.11 OR 0.90%

end

TRADING today ZEROHEDGE/J

ZEROHEDGE/HEADLINE CLOSING MARKETS/ZEROHEDGE

USA DATA

US Deficit Hits Record $1.1 Trillion In First 5 Months Of 2025 As February Taxes Failed To Cover Even Half Of Spending

Wednesday, Mar 12, 2025 – 03:07 PM

First the good news: Elon Musk’s DOGE is going through government spending with a fine-toothed comb, slashing a million here, a billion there.

The bad news: at the rate it is going, DOGE will need a few hundred years to make a tangible impact, because as the Treasury just reported, in February the US government spent a staggering $603 billion, a 6% increase from the $567 billion a year ago…

… while it collected just $296 billion in tax revenues…

… which resulted in a $307 billion budget deficit for the month, which means that all tax revenues collected by the US government in February were less than the deficit! Said otherwise, the US spent more than twice what it collected in February.

Which in turn, means this February’s deficit was just shy of the highest on record, and only the post-covid shock of 2021 was greater…

… and pushed the cumulative total for 2025 to $1.147 trillion, covering 38% of all US spending in fiscal 2025.

This is a problem because as shown in the next chart, the cumulative budget deficit for the first 5 months of fiscal 2025 is the highest on record, surpassing even the fiscal shock from the depths of the post-covid response!

And the punchline is that no matter what Musk does, the USS Titanic remain fully on autopilot because while a few billion in discretionary spending here and there can be cut, neither entitlements (Social Security, Medicare) nor interest on the debt can be – without a default (it can however be inflated away… and it will be) – and in February, gross interest on the Federal debt hit a record $1.177 trillion in the past twelve months thanks to another $86 billion in interest spending.

Another way of looking at it: in the first five months of the fiscal year, the US has spent $480 billion on interest alone, the highest 5 month total ever.

What else to say? Well, we could lie to you and tell you that there is some hope and that DOGE will be able to fix this, but as much as we’d like that to be the case, we are now well beyond the Minsky Moment and for all the kicking and screaming, there is only one way all of this ends.

END

PPI plummets!

Core Producer Prices Tumbled Most Since COVID Lockdowns In February

Thursday, Mar 13, 2025 – 08:41 AM

Following yesterday’s slower than expected rise in consumer prices, this morning we see producer prices following a similar path with Core PPI dropping by the most MoM since April 2020 (-0.1% MoM vs +0.3% exp), slowing the annual pace of change for producer prices to +3.4%…

Source: Bloomberg

Transportation Services was the biggest downside driver of Core PPI…

Source: Bloomberg

The headline PPI was unchanged MoM (considerably slower than the +0.3% expected)…

Source: Bloomberg

PPI summary: 0.3% increase in prices for final demand goods offset a 0.2% decline in the index for final demand services. The index for final demand less foods, energy, and trade services moved up 0.2% in February after rising 0.3% in January. For the 12 months ended in February, prices for final demand less foods, energy, and trade services advanced 3.3 percent.

PPI Final demand: The index for final demand goods increased 0.3% in February, fifth consecutive rise. Leading the February advance, prices for final demand foods jumped 1.7%. The index for final demand goods less foods and energy moved up 0.4 percent. In contrast, prices for final demand energy fell 1.2%.

Product detail:

• Two-thirds of the February increase in the index for final demand goods is attributable to prices for chicken eggs, which jumped 53.6 percent. 
• The indexes for pork, fresh and dry vegetables, electric power, tobacco products, and carbon steel scrap also moved higher.
• Conversely, prices for gasoline declined 4.7 percent.
• The indexes for processed young chickens and for primary basic organic chemicals also decreased.

PPI Final demand services: The index for final demand services fell 0.2% in February, the largest decline since moving down 0.2 percent in July 2024. The February decrease can be traced to margins for final demand trade services, which dropped 1.0 percent. In contrast, prices for final demand services less trade, transportation, and warehousing rose 0.2 percent, while the index for final demand transportation and warehousing services was unchanged.

Product detail:

• Over 40% of the February decline in prices for final demand services is attributable to margins for machinery and vehicle wholesaling, which decreased 1.4 percent.
• The indexes for food and alcohol retailing; automobiles and automobile parts retailing; apparel, footwear, and accessories retailing; chemicals and allied products wholesaling; and residential real estate loans (partial) also moved lower.
• Conversely, prices for inpatient care advanced 0.8 percent.
• The indexes for hospital outpatient care and for machinery and equipment parts and supplies wholesaling also increased

Under the hood, Energy and Trade Services declined the most MoM…

Source: Bloomberg

Margin pressure remains on American corporations, although that pressure did ease a little last month…

Source: Bloomberg

Finally we highlight that, two-thirds of the February increase in the index for final demand goods is attributable to prices for chicken eggs, which jumped 53.6 percent.

And now egg prices are tumbling…

And energy prices are set to drag CPI and PPI even lower in the next month or so…

Source: Bloomberg

More disinflationary impulses to come…

END

JOBLESS CLAIMS PLUMMET!

do not read anything into this fraudulent data

DOGE Impact Remains Muted As National Jobless Claims Tumble

Thursday, Mar 13, 2025 – 09:30 AM

Following the initial surge in jobless claims in the DC area to start the year, things have slowed notably in the last two weeks (although last week saw a modest rise in the number of people filing for first time benefits)…

Source: Bloomberg

Overall, initial claims fell last week – with non-seasonally-adjusted claims now at their lowest since November

Source: Bloomberg

Meanwhile what the fuck is going on with NY jobless claims data?

Last week claims exploded higher in NY…

And this week they collapsed…

Continuing jobless claims remain range-bound for the last six months around the 1.875mm Americans level…

Source: Bloomberg

We wonder if the discrepancy between DOGE-driven layoffs and the lack of signal in the claims data is related to the buyouts offered to federal workers – which may preclude them from applying for unemployment benefits.

END

USA ECONOMIC NEWS

BALTIMORE

Restaurant Exodus Hits Crime-Ridden Baltimore City

Thursday, Mar 13, 2025 – 12:05 PM

Another long-standing restaurant in one of Baltimore City’s popular bar districts is closing its doors, marking another casualty in the city’s imploding hospitality scene. While the farewell messages from these establishments offer little explanation for their abrupt departures, the broader message has been very clear: Years of lawlessness, gang violence resembling a war zone, carjackings, out-of-control youth, high taxes, and deteriorating public safety have taken a toll on business owners. Meanwhile, City Hall—under far-left Democratic control—continues marching the metro into economic demise as the city’s population tumbles to a century-low.

The latest restaurant that called it quits is Banditos Tacos & Tequila in Federal Hill. 

“Over the past 14 years, Banditos has become a neighborhood staple in Federal Hill and Baltimore City,” the restaurant wrote on Facebook earlier this week, adding, “Banditos Federal Hill allowed us the opportunity to create an amazing brand that has grown to multiple locations, something we could not have done without YOU!” 

According to the restaurant, the Federal Hill location will be sold, and GameOn Bar+ Arcade will be moving into the space “in the near future.”

Banditos hedged its bets with locations outside the city, including in Towson, Columbia, and White Marsh, Maryland, and in Fairfax, Virginia. 

The restaurant did not mention the exact reasons for abruptly exiting the city, but a trend has become evident in recent months: 

• Mother’s Grille shuttered its Federal Hill location in January after nearly three decades in business. 
• The Riptide seafood restaurant in Fed Hill also closed up in January. 
• Across the Inner Harbor, Bondhouse Kitchen in Fells Point halted operations in January. 

The abrupt exit of these restaurants—some of whose operators are now focusing on locations in surrounding counties—follows more than a decade of far-left activism by social justice warriors in control of City Hall who have prioritized a woke agenda instead of actually governing the city like effective managers.

The result of failed leadership over the last 15 years has accelerated business exodus and population collapse. 

While violent crime may have declined last year, many residents have lost patience with the rudderless Democratic Party and its failed social justice policies, which have ultimately backfired into a firey mess. 

VICTOR DAVIS HANSON

USA/PERVASIVE ANTISEMITISM

Massie Donations Pour In – Jewish Group Vows To Help Trump Oust Him

Thursday, Mar 13, 2025 – 11:05 AM

President Trump’s social-media tirade against hard-line deficit-hawk Thomas Massie has had a big effect — but not exactly the one Trump wanted. Since Trump’s late-night tantrum in which he called for the Republican congressman to be ousted via a primary challenge, the Kentucky congressman has raked in more than $200,000 in donations. That huge and growing windfall comes as the Republican Jewish Coalition promised to help make Trump’s dream of a Congress without Massie come true. 

Massie provoked Trump’s wrath on Sunday, when he vowed to vote against a continuing resolution (CR) that would fund the government through Sept 30 — but without spending cuts. “Why would I vote to continue the waste fraud and abuse DOGE has found?” wrote Massie on X. “We were told the CR in December would get us to March when we would fight. Here we are in March, punting again!” 

These two propositions are not compatible:

1. “We had to do a CR that extends Biden spending levels to September because we don’t have 60 Republicans in the Senate.”

2. “We will pass conservative spending bills in September.”

Because we still won’t have 60 Senate Republicans.

— Thomas Massie (@RepThomasMassie) March 12, 2025

On Monday evening, a sputtering Trump used his Truth Social account to lash out at the libertarian-minded Massie:

“HE SHOULD BE PRIMARIED, and I will lead the charge against him. He’s just another GRANDSTANDER, who’s too much trouble and not worth the fight. He reminds me of Liz Cheney before her historic, record breaking fall (loss!). The people of Kentucky won’t stand for it, just watch. DO I HAVE ANY TAKERS??” 

Eventually, the CR passed 217-213; thanks to Minority Leader Chuck Schumer, it’s currently dead in the Senate. However, the follow-on effects of Trump’s political attack on Massie have continued — mostly in ways that add up to a big net-positive for Massie.

“I’ve received an amazing outpouring of support since I was attacked for voting No on the Biden-$-level CR. In fact, we just hit $205,000 from 2500 grassroots donors!” Massie wrote using his campaign’s X account late Thursday afternoon, urging like-minded people to help keep the trend going. Earlier he’d noted that the influx pushed the balance of his campaign coffer over $1 million for the first time.

I’ve received an amazing outpouring of support since I was attacked for voting No on the Biden-$-level CR.

In fact, we just hit $205,000 from 2500 grassroots donors!

Can you help me send a “huge” message by reaching $250,000 before the 48 hour mark?https://t.co/AgJY01IWPL https://t.co/cqS9qtflvz

— Thomas Massie for Congress (@MassieforKY) March 12, 2025

The sudden, non-election-year surge in contributions came alongside a social media reaction that saw a variety of conservatives and libertarians chiding the president for targeting Massie over his resolute opposition to profligate government spending, as the national debt marches toward the $37 trillion milestone. 

Totally agreed.
Conservatives should support Massie because he is one of the few who practices “America First” beyond just preaching it. https://t.co/MDvw4g7dS5

— Candace Owens (@RealCandaceO) March 11, 2025

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Glenn Greenwald zeroed in on Trump’s bizarre likening of Massie to Liz Cheney:  

Of the many absurd aspects of Trump’s attack on Thomas Massie, the comparison of Massie to Liz Cheney has to be the most laughable. It’s honestly difficult to think of two people less similar to one another than Thomas Massie and Liz Cheney.

Of course, that’s not to say Trump’s call to oust Massie has been uniformly ridiculed. Indeed, the America-first Republican is once again in the crosshairs of a group that works to advance the interests of Israel, as the Republican Jewish Coalition (RJC) quickly promised to take a leading role in making Trump’s wish of ending Massie’s congressional career a reality. “RJC will be a leading force alongside President Trump in support of a viable candidate to defeat Massie,” RJC spokesman Sam Markstein told Jewish Insider.

Massie has made himself a top target of pro-Israel political organizations by repeatedly voting against aid to Israel — as he does where other countries are concerned. He has also voted against legislation that’s touted as opposing antisemitism but which, in practice, would curtail criticism of the State of Israel.  

This is the second recent round of Republican Jewish Coalition saber-rattling at Massie. Last month, amid Massie’s public consideration of a run for Mitch McConnell’s Senate seat in 2026, the group promised to do whatever it takes to keep him from ascending to the upper chamber. “If Tom Massie chooses to enter the race for US Senate in Kentucky, the RJC campaign budget to ensure he is defeated will be unlimited,” warned Republican Jewish Coalition CEO Matt Brooks.

Massie has yet to announce his decision, but on Wednesday he made it clear that contributions to his campaign fund would be available for either defending his current seat, or working to join Rand Paul in representing Kentucky in the Senate: 

You can use that money for a senate race, right?

— Free World Farmer (@FreeWorldFarmer) March 12, 2025

Meanwhile, the whole dust-up has inspired plenty of social media content: 

Sir, they all love @RepThomasMassie pic.twitter.com/ARm1PVQFtD

— Being Libertarian (@beinlibertarian) March 11, 2025

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end

SWAMP STORIES FOR YOU TONIGHT

Blocks Path: Schumer And Schiff Schitt Shower Over Shutdown As Friday Deadline Looms

Wednesday, Mar 12, 2025 – 04:40 PM

With the latest shutdown ‘looming’ (once again), Senate Democrats are playing chicken over a short-term funding bill which passed on Tuesday in the House – as at least 8 Democrats will need to join the Republicans in order to pass it by Friday’s deadline, while Sens. Adam Schiff and Chuck Schumer digging in against it and pushing for a 30-day funding stopgap instead so they can renegotiate the larger stopgap.

According to Axios, Senate Democrats left a private meeting on Wednesday saying there aren’t enough votes to advance the bill, raising the chances of a government shutdown this weekend.

And according to Semafor, Senate Minority Leader Chuck Schumer – while privately counseling his caucus for weeks that a shutdown would be bad politics for Democrats – is now telling them to push for an ‘alternate’ stopgap, Semafor reports further.

To that end, Senate Democrats are now pushing for a 30-day funding package that would give bipartisan negotiators more time to reach a deal.

“Republicans chose a partisan path, drafting their continuing resolution without any input, any input from congressional Democrats. Because of that, Republicans do not have the votes in the Senate to invoke cloture on the House CR [continuing resolution],” said Schumer.

“Our caucus is unified on a clean April 11 CR that will keep the government open and give Congress time to negotiate bipartisan legislation that can pass. We should vote on that. I hope, I hope our Republican colleagues will join us to avoid a shutdown on Friday.“

“Democrats had nothing to do with this bill. And we want an opportunity to get an amendment vote or two. So that’s what we are insisting on to vote for cloture,” Sen. Tim Kaine (D-VA) – Hillary Clinton’s failed 2016 running mate whose crazy Antifa son was placed on probation in 2017 for rioting.

As Politico notes, the situation isn’t great.

With 52 Republicans expected to back the House-passed stopgap, eight Democrats would need to help advance it to a final Senate vote. So far only one — Sen. John Fetterman of Pennsylvania — has indicated he’ll support it. Other key swing voters are on the fence.

Sen. Mark Kelly (D-Ariz.) told reporters Wednesday that he remains undecided on the seven-month funding bill, which passed the House mostly along party lines Tuesday. Asked when he would make a decision, he quipped he’d make up his mind before the end of the Senate vote on the bill, which hasn’t yet been scheduled.

Meanwhile, Sen. Rand Paul (R-KY) is a ‘no’ on the bill.

Schiff Hits The Fan

Meanwhile, Sen. Adam Schiff (D-CA) threw a tantrum over the bill, saying in a Wednesday statement “I will not be voting for the partisan bill coming before the Senate that will further cement the Trump Administration’s chaos and reckless actions that are hurting working families and our economy.”

Will Democrats risk taking the blame for a government shutdown? Looks like it.

“I do not want to shut down our government, I want to improve it, streamline it and ensure it delivers services our communities need,” said Sen. Chris Coons (D-DE), while Rep. Alexandrio Ocasio-Cortez (D-NY) has been rallying Senate Democrats to unite against the bill.

“People aren’t going to be tricked with procedural games. They know exactly what is going on,” she wrote on social media.

In short:

https://x.com/zerohedge/status/1899866703095308597?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1899866703095308597%7Ctwgr%5Ef168fa126a954fe50a14d50306279f4a5aaf8371%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.zerohedge

end

then:

Schumer Shutdown: Senate Refuses To Pass Continuing Resolution After Democrats Melt Down

Wednesday, Mar 12, 2025 – 04:40 PM

Update (2130ET): Senate Majority Leader Chuck Schumer (D-NY) completely nuked any prospect of passing the House-passed continuing resolution on Wednesday, after he announced that most Democrats in the upper chamber will not support the bill, all but ensuring a government shutdown on Friday at 11:59 p.m.

“Funding the government should be a bipartisan effort, but Republicans chose a partisan path, drafting their [continuing resolution] without any input — any input — from congressional Democrats,” Schumer said on the floor of the Senate late Wednesday.

“Because of that, Republicans do not have the votes in the Senate to invoke cloture on the House CR. Our caucus is unified on a clean [CR through April 11] that will keep the government open and give Congress time to negotiate bipartisan legislation that can pass.”

Schumer: Republicans do not have the votes in the Senate to invoke cloture on the House CR. Our caucus is unified on a clean April 11th CR.. pic.twitter.com/Bh96hogy1x

— Acyn (@Acyn) March 12, 2025

The legislation needs at least 60 votes to overcome a filibuster, meaning at least seven Democrats would need to join the Republicans if Sen. Rand Paul (R-KY) were a yes. Since Paul is a ‘no’ – at least 8 Democrats would need to join.

Following Tuesday night’s vote, House Speaker Mike Johnson (R-La.) announced the lower chamber of Congress would recess until March 24, leaving Schumer with the option of accepting the House bill and keeping the federal lights on over the objection of progressive activists, or rejecting it and putting the nation’s capital on course for the 11th partial government shutdown since 1980.

In a statement after the lower chamber passed the funding bill, Johnson said it was “decision time for Senate Democrats: cast a vote to keep the government open or be responsible for shutting it down.” -NY Post

Either way, that’s moot until further notice…

*   *   * 

end

then

Schumer Shutdown: Senate Refuses To Pass Continuing Resolution After Democrats Melt Down

Thursday, Mar 13, 2025 – 08:20 AM

Update (2130ET): Senate Minority Leader Chuck Schumer (D-NY) completely nuked any prospect of passing the House-passed continuing resolution on Wednesday, after he announced that most Democrats in the upper chamber will not support the bill, all but ensuring a government shutdown on Friday at 11:59 p.m.

“Funding the government should be a bipartisan effort, but Republicans chose a partisan path, drafting their [continuing resolution] without any input — any input — from congressional Democrats,” Schumer said on the floor of the Senate late Wednesday.

“Because of that, Republicans do not have the votes in the Senate to invoke cloture on the House CR. Our caucus is unified on a clean [CR through April 11] that will keep the government open and give Congress time to negotiate bipartisan legislation that can pass.”

Schumer: Republicans do not have the votes in the Senate to invoke cloture on the House CR. Our caucus is unified on a clean April 11th CR.. pic.twitter.com/Bh96hogy1x

— Acyn (@Acyn) March 12, 2025

The legislation needs at least 60 votes to overcome a filibuster, meaning at least seven Democrats would need to join the Republicans if Sen. Rand Paul (R-KY) were a yes. Since Paul is a ‘no’ – at least 8 Democrats would need to join.

Following Tuesday night’s vote, House Speaker Mike Johnson (R-La.) announced the lower chamber of Congress would recess until March 24, leaving Schumer with the option of accepting the House bill and keeping the federal lights on over the objection of progressive activists, or rejecting it and putting the nation’s capital on course for the 11th partial government shutdown since 1980.

In a statement after the lower chamber passed the funding bill, Johnson said it was “decision time for Senate Democrats: cast a vote to keep the government open or be responsible for shutting it down.” -NY Post

Either way, that’s moot until further notice

END

Fiery But Peaceful: MSNBC Describes Violent Attacks On Tesla Dealerships As ‘Protest

Thursday, Mar 13, 2025 – 10:05 AM

Authored by Steve Watson via Modernity.news,

MSNBC had its own ‘fiery but peaceful’ moment when anchors claimed that violent attacks on Tesla facilities are perfectly legal ‘protests.’

Attackers have put staff in danger and even set fire to Tesla dealerships and charging stations, but the MSNBC hosts were visibly annoyed that President Trump agreed the actions could constitute domestic terrorism.

Trump: Tesla Attackers Are Terrorists

One of them whined “you have this post claiming that protests at Tesla dealerships are illegal.”

MSNBC Host wants to “be clear” that attacks against Tesla are is “protests.” pic.twitter.com/7tUyAaZJYS

— Townhall.com (@townhallcom) March 12, 2025

Or maybe it’s because they are throwing Molotov cocktails at and shooting out the windows of Tesla dealerships.

Oh yeah, this is just a little ole, mostly peaceful protest pic.twitter.com/sxXTcL41BI

— ScrollofTruth (@ScrollofTruthIF) March 12, 2025

In one case explosives were even discovered at a dealership in Colorado.

Woman arrested after explosives discovered at Tesla dealership https://t.co/YaVMMFqZlk

— Fox News (@FoxNews) February 27, 2025

“Woman”?

NBC and CNN are spreading misinformation. The person who was arrested for vandalizing and bringing explosives to a Tesla dealership, is a MAN pretending to be a woman. pic.twitter.com/46A9LC5Ch0

— Libs of TikTok (@libsoftiktok) February 26, 2025

Leftist media lies are so transparent at this point. 

When your team is burning down stores and trucks, that's not what good guys do. Maybe it's time to ask yourselves : "Are we really the good guys here?"

— ilaks (@ilaks) March 12, 2025

They’re not even trying anymore.

.com/bigdog19692/status/1899822713796960476?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1899822713796960476%7Ctwgr%5Ebd77618231e07dc01

END

These judges are unbelievable!!

(Burg/EpochTimes)

Judge Temporarily Blocks Trump’s Yanking Of Clearances From Law Firm Tied To Steele Dossier

Thursday, Mar 13, 2025 – 02:45 PM

Authored by Jacob Burg via The Epoch Times,

A federal judge on March 12 agreed to temporarily block President Donald Trump’s executive order stripping security clearances from employees at a prominent Washington law firm that was involved in generating the controversial Steele dossier.

Trump signed the order on March 6, citing law firm Perkins Coie’s work during the 2016 election, when Hillary Clinton’s campaign and the Democratic National Committee (DNC) paid the firm more than $1 million to hire opposition research company Fusion GPS. Trump’s order also targeted the firm’s policies promoting workforce diversity, equity, and inclusion.

Perkins Coie sued the Trump administration on Tuesday, arguing that the president’s order violated the firm’s rights of free speech, free association, and due process under the Constitution.

During a Wednesday hearing in Washington, U.S. District Judge Beryl Howell said she would grant the firm’s request for a temporary restraining order against the president’s order, which also sought to limit Perkins Coie’s work with federal contractors.

Trump ordered a government review aimed at ending all contracts the firm currently holds with any federal agencies and a review seeking to cancel contracts with its clients. The order also limits its lawyers’ ability to access government officials or retain security clearances.

In its lawsuit, Perkins Coie wrote that seven of its clients, including a major government contractor, had already pulled back legal work following Trump’s order or were planning to, resulting in “significant revenue” losses for the firm.

Government officials have also blocked or discouraged the firm’s attorneys from participating in meetings due to Trump’s order, according to the lawsuit.

In 2016, after receiving funding from the DNC and Clinton campaign, Fusion GPS hired Christopher Steele, a retired British counterintelligence specialist, to gather research into allegations that Trump’s 2016 campaign had conspired with the Russian government to win the presidential election.

Steele’s research was compiled into a dossier that BuzzFeed News published without his consent in 2017. The outlet was criticized for not first independently verifying many of the report’s salacious allegations, which sparked scrutiny among many journalists.

While some of the dossier’s more general findings—including that Russia was working to get Trump elected and sought to influence some of his associates—were later corroborated by U.S. intelligence agencies and special counsel Robert Mueller’s investigation, the report has been largely debunked, and no one in the president’s orbit was ever formally accused of conspiring with Russia.

Trump previously sued Clinton, Perkins Coie, and others, alleging they conspired to rig the 2016 election against him. A federal judge in Florida dismissed the lawsuit in 2022.

In February, Trump similarly ordered the suspension of security clearances for employees at Covington & Burling LLP, a Washington-based law firm that worked on former special counsel Jack Smith’s investigations of Trump.

END

KING NEWS

The King Report March 13, 2025 Issue 7449

Independent View of the News

Despite the lowest Core CPI in four years, US stocks and bonds declined in early US trading.   February CPI 0.2% m/m & 2.8% y/y, 0.3% m/m & 2.9% y/y expected; Core CPI 0.2% m/m & 3.1% y/y, 0.3% m/m & 3.2% y/y consensus.   The BLS: The index for shelter rose 0.3 percent in February, accounting for nearly half of the monthly all items increase.  The shelter increase was partially offset by a 4.0-percent decrease in the index for airline fares and a 1.0-percent decline in the index for gasoline. Despite the decrease in the gasoline index, the energy index rose 0.2 percent over the month as the indexes for electricity and natural gas increased. The index for food also increased in February, rising 0.2 percent as the index for food away from home increased 0.4 percent. The food at home index was unchanged over the month… https://www.bls.gov/news.release/cpi.nr0.htm   Gasoline declined 1.0% m/m and 3.1% y/y.  Electricity increased 1.0% m/m & 2.5% y/y.  Utility gas jumped 2.5% m/m & 6.0% y/y.   BBG’s @AnnaEconomist: As part of its annual updates to CPI weights to reflect past expenditure pattern, BLS just boosted the weights of core goods (mainly cars) by about 1 ppt while reducing the weight in core services (mainly housing) by 1ppt. This is the situation on the eve of tariffs coming into effect: Higher weights on goods (which further amplify whatever inflationary impact from mx/ca car tariffs), less weight on rents (which is about to disinflate faster). https://x.com/AnnaEconomist/status/1899632500424442324   The global bear market for bonds weighted on US debt.  Japan’s 20-year bond yield hit 2.32%, the highest rate since June 2008; its 30-year hit 2.615%, its highest yield since June 2006.  Tariffs and recession angst weighed on stocks, except for Fangs, which rallied sharply on bargain hunting and safe haven buying.   EU retaliates against Trump’s trade moves and hits beef, whiskey, motorcycles with targeted tariffs https://apnews.com/article/trump-eu-tariffs-countermeasures-806a3b9bcc9cd4e45817e672d95f0070   Trump said he would respond to the EU’s new tariffs on US goods.   As expected, The Bank of Canada lowered its policy rate to 2.75% from 3%.   After a slight negative tick at 18:03 ET on Tuesday, ESHs traded in an 18-handle ranged until they broke higher after 4:37 ET.  ESHs then steadily rallied to 5627.25 at 7:32 ET.  After a minor retreat, ESHs exploded to 5675.00 at 8:28 ET, two minutes before the official release of the February CPI Report.  Did the report leak?  After the jump, ESHs quickly reversed and eventually tumbled to 5550.25 at 11:05 ET.   Dip buyers and traders playing for a bounce then aggressively bought ESHs.  After hitting 5626.50 at 12:37 ET, partly on manipulation for the 12:30 ET European close (US on Daylight Savings Time now), ESHs fell to 5600.00 at 13:00 ET.  The afternoon rally then commenced.  ESHs jumped to 5631.25 at 13:31 ET; but that was it.  ESHs then sank to 5591.75 at 14:00 ET.    ESHs then rallied to5632.75 at 14:48 ET.  Alas, sellers returned; ESHs slid to 5595.24 at 15:51 ET.  The late manipulation pushed ESHs to 5613.50 at 15:55 ET.  ESHs slid to 5598.75 at 16:00 ET.   The NY Fang+ Index soared after the NYSE opening but hit its daily high of 12102.595 at 9:38 ET.  Nvidia led the rally and was +7.4% at 9:38 ET.  CrowdStrike also rallied sharply.   @spectatorindex: US budget deficit rose to $1.15 trillion through the first five months of fiscal year 2025, a record high for that duration. ($307.0B for February; $308.0B was expected.)   Trump has selected Michelle Bowman to be the new Federal Reserve Vice Chair for Supervision.  She is probably the favorite to replace Powell.   Positive aspects of previous session The NY Fang+ Index rallied sharply for the 2nd straight session. Stocks rallied after an early tumble for the umpteenth time.   Negative aspects of previous session USHs declined as much as 18/32 and were -15/32 at the NYSE close. Stocks declined sharply in the early going again, except Fangs. Precious metals rallied smartly.   Ambiguous aspects of previous session How many times can US stocks tumble early and then rebound?   First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: Down   Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5595.86 Previous session S&P 500 Index High/Low: 5642.19; 5546.09   Deputy WH Press Sec @AnnaKelly47: The USAID building will soon be occupied by CBP. This (notice to destroy documents) was sent to roughly three dozen employees. The documents involved were old, mostly courtesy content (content from other agencies), and the originals still exist on classified computer systems. More fake news (from Politico) hysteria!   ‘Hysteria’: White House shuts down concerns over USAID document purge ‘The documents involved were old… originals still exist on classified computer systems’ https://www.foxnews.com/politics/hysteria-white-house-shuts-down-concerns-over-usaid-document-purge   Sen. Graham (R) Admits the Syrian Jihadists He Once Supported Are Now Massacring Civilians https://t.co/8rBe9UfOqY   @libsoftiktok: Sen. Josh Hawley (R) calls for investigations into the dark money groups funding violent protests across the country. “Who’s funding these attacks? Who’s funding the campus protests– the Left’s been funding all of this stuff. They ought to be accountable for all of it.” https://x.com/libsoftiktok/status/1899530096043495666   If tariffs are so pernicious, why do many countries that have tariffs, particularly on US goods, not have harmful consequences, and why do so many of the countries prosper from the tariffs?  Bonus question: Why did the US prosper when it had many tariffs on imports?   Schumer Says Democrats Will Block GOP Plan to Avert US Shutdown – BBG 16:05 ET (It’s now ‘the Schumer Shutdown, even though his media stooges will blame the GOP.)   Today – The usual suspects will keep trying to generate a rally.  ‘They’ have created a robust rally in Fangs the past two sessions.  February PPI, like CPI, will have only a transitory effect.   Expected economic data: Feb PPI 0.3% m/m & 3.3% y/y, Core 0.3% m/m & 3.5% y/y; Initial Jobless Claims 225k, Continuing Claims 1.88m   ESHs are +17.25; NQHs are +70.75; and USHs are -2/32 at 20:10 ET.   S&P Index 50-day MA: 5957; 100-day MA: 5948; 150-day MA: 5834; 200-day MA: 5737 DJIA 50-day MA: 43,547; 100-day MA: 43,513; 150-day MA: 42,771; 200-day MA: 41,939 (Green is positive slope; Red is negative slope)   S&P 500 Index (5599.30 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 and MACD are negative – a close above 6107.43 triggers a buy signal Daily: Trender and MACD are negative – a close above 5807.06 triggers a buy signal Hourly: Trender is negative; MACD is positive – a close above 56255.28 triggers a buy signal   US District Judge Beryl Howell (Obama appointee) has blocked Trump’s order that banned Perkins Coie employees from entering federal buildings and requiring government contractors to disclose if they do business with the law firm.  Perkins Coie helped develop the Steele Dossier and the Russia Hoax – and is tightening connected to the Democratic Party.   @JerryDunleavy: Note here the Obama-appointed judge sneering that Trump “really has a bee in his bonnet” about the Trump-Russia collusion hoax that kneecapped his presidency and destroyed public faith in our law enforcement & intelligence agencies.  https://x.com/JerryDunleavy/status/1899947969937375567/photo/2   WH Sr. official @StephenM: Lawless judicial tyranny. Judges have no authority to force the executive branch to provide classified secrets to Democrat activist law firms.   @LauraPowellEsq: At the hearing today on the lawsuit challenging the ban on trans people in the military, Judge Reyes (Biden appointee) questioned the government attorneys about whether she should be required to defer to the judgment of the current Secretary of Defense. She pointed out that Pete Hegseth has not been in his role long. She said she believed Hegseth had no military experience, but then corrected herself and said something about having received an “early deployment” to do a TV show. She suggested that instead, she should defer to an opinion expressed by the former Chair of the Joint Chiefs of Staff years ago, emphasizing he had a “stellar” military record.  If you are looking for a constitutional crisis, we’ve got a judge who thinks she can disregard the proper exercise of executive authority if she believes the Cabinet member isn’t sufficiently qualified.   Federal judge rips DOJ lawyers, demands written retraction from Hegseth over transgender military policy post    https://www.foxnews.com/politics/federal-judge-rips-doj-lawyers-demands-written-retraction-from-hegseth-over-transgender-military-policy-post   New Hampshire Democrat Sen. Shaheen announced she would NOT seek reelection in 2026.   Three democrat Senators have announced that they will NOT seek re-election in 2026: Sen. Gary Peters (D-MI), Sen. Tina Smith (D-MN), and Sen. Jeanne Shaheen (D-NH).   AOC hit with ethics complaint over $4,550 payments for dance ‘training’ https://trib.al/z6Edbai   Social media is being littered by Democratic Reps and Senators spewing profanity, include f-bombs.  Who is advising these dolts?  Do they think cursing and dropping f-bombs makes them look cool?   Dems aren’t just protesting Trump, they’re protesting each other, says Watters Fox News host Jesse Watters highlights how Democrats have been incorporating excessive swearing into social appearances on ‘Jesse Watters Primetime.’   https://www.foxnews.com/video/6369864128112   Dem fundraiser ActBlue facing possible terror-financing investigation amid fraud probe https://t.co/qhKwP4oT7I   @IanJaeger29: Democrats are furious that President Trump had Teslas in the front of the White House today, claiming it was a taxpayer funded “car sale.” Here is President Biden in a Jeep Wrangler, in the South Lawn of the White House. The hypocrisy is stunning. https://x.com/IanJaeger29/status/1899619335024287895   @C_3C_3: Randi Weingarten hates DOGE. She is the President of the American Federation of Teachers. 1 of 2 national teachers unions. Her salary is $545,000. 99.9% of her union’s political donations go to Dems. The teacher unions are just another Dem $ laundering scheme.   Ninety-six percent of registered voters expressed… it was important for immigrants to learn English… https://justthenews.com/government/security/americans-want-immigrants-assimilate-lean-english-poll   Disney scales back ‘Snow White’ premiere as controversy surrounding film grows: report “Snow White” will hit theaters on March 21 — however, the Marc Webb-directed film has been bombarded with controversy following the decision to replace the fairy tale’s seven dwarfs with “magical creatures” of all sizes and genders…  https://trib.al/jYR0Zb1   @TheCalvinCooli1: Trump calls out Chuck Schumer: “Schumer is a Palestinian as far as I’m concerned. He’s become a Palestinian. He used to be Jewish. He’s not Jewish anymore. He’s a Palestinian.”  https://x.com/TheCalvinCooli1/status/1899876744162574779   Democrats Rally Support for Their Terrorist Hamas Campus Cheerleader If white racists were organizing on college campuses wearing hoods to hide their identities and threatening black students with genocide, just how long would it take for Democrat Party leaders to demand they be thrown into prison?…     The Democrats would bring Barack Obama back from the politically undead to demand the lopping of those racist heads. And pro-Democrat left wing media like the New York Times would hold the burlap bag open to catch the heads. But what if the victims were not black, but Jews?…    “Let me get this right: Senator Dick Durbin and the Judiciary Committee Democrats are fighting for a pro-Hamas foreigner who has made life hell for Jews on campus?” wrote Sen. Tom Cotton, R of Arkansas. “Even for Dick Durbin, who voted to cut off military supplies to Israel, this is remarkable.”     Mahmoud Khalil is an agent in support of the terrorist group Hamas…. https://t.co/aKM2aUJ6xW   Former Barclays CEO Jes Staley admits he had sex with Jeffrey Epstein assistant JPMorgan, where Staley was previously head of the private bank and had Epstein as a client, was sued by the US Virgin Islands for allegedly ignoring Epstein’s sex trafficking, with the bank in turn suing Staley before the case was settled… https://trib.al/AxHUeJj

GREG HUNTER