MARCH 17/HAPPY ST PATRICK’S DAY: GOLD CLOSED UP $8.40 TO $2998.50 // SILVER ROSE A BIT, UP 3 CENTS TO $33.80//PLATINUM WAS UP $5.30 TO $1003.65 WHILE PALLADIUM WAS UP $4/25 TO $970.50//EXTREMELY IMPORTANT COMMENTARY THAT EVERYBODY MUST READ; DAVID STOCKMAN ON THE FOLLY OF TRUMP’S TARIFFS AND CANADA’S NEW PRIME MINISTER WITH HIS HUGE ATTACKMENTS TO CHINA AND BROOKFIELD//GOLD COMMENTARY TONIGHT FROM GOLD FIX, DOUG CASEY AND AL;SDAIR MACLEOD////GERMANY’S AFD PARTY TRYING TO STOP THE HUGE GOVERNMENT EXPENDITURE FOR DEFENSE//ISRAEL VS HAMAS//ISRAEL VS HEZBOLLAH//SYRIA UPDATES//USA STRIKES YEMEN TWICE AND WILL CONTINUE TO DO SO///COVID UPDATES/VACCINE INJURY REPORTS/DR PAUL ALEXANDER/SLAY NEWS ETC/TRUMP TO CHALLENGE BIDEN’S AUTO PEN//USA ECONOMIC NEWS FOR YOU TONIGHT AS WELL AS SWAMP STORIES//
099 H DB AG 78 118 C MACQUARIE FUT 333 118 H MACQUARIE FUT 215 190 H BMO CAPITAL 330 323 C HSBC 128 363 H WELLS FARGO SEC 440 435 H SCOTIA CAPITAL 46 624 H BOFA SECURITIES 169 661 C JP MORGAN 2 686 C STONEX FINANCIA 95 53 709 C BARCLAYS 11 737 C ADVANTAGE 1 905 C ADM 27
TOTAL: 964 964 MONTH TO DATE: 17,135
JPMORGAN stopped 2/964 contracts
GOLD: NUMBER OF NOTICES FILED FOR MARCH/2024. CONTRACT: 964 NOTICES FOR 96,400 OZ 2.998 TONNES
total notices so far: 17,135 contracts for 1,713,500 Oz (53.297 tonnes)
FOR MARCH
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SILVER NOTICES: 289 NOTICE(S) FILED FOR 1.445 MILLION OZ/
total number of notices filed so far this month : 14,096 for 70.480 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 $8.40 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD:WOW!!!
SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 0.600 TONNES
INVENTORY RESTS AT 906.41 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER UP $.03 AT THE SLV: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 4.096 MILLION OZ OUT OF THE SLV//
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 439.550 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI ROSE BY A HUMONGOUS SIZED1464 CONTRACTS TO 166,394 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 DESPITE OUR SLIGHT GAIN OF $0,04 IN SILVER PRICING AT THE COMEX WITH RESPECT TO FRIDAY’S TRADING. WE HAD A HUMONGOUS GAIN OF 2332 TOTAL CONTRACTS ON OUR TWO EXCHANGES WITH OUR GAIN IN PRICE//FRIDAY’S TRADING.. WE HAD HUGE LIQUIDATION OF T.A.S. CONTRACTS ON FRIDAY 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 TO ABOVE $34.40 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY FAILED ON FRIDAY WITH SILVER’S GAIN IN PRICE. WE HAD A HUGE T.A.S. LIQUIDATION FRIDAY. BUT THIS WAS COUPLED WITH ANOTHER HUGE T.A.S. ISSUANCE OF 907 CONTRACTS ISSUED BY THE CME AND THAT SIGNALS DEEP CODE RED THAT THE CROOKS ARE DESPERATE TO STOP SILVER BREAKING OVER THE 34.40 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 7.3%. WE HAD A HUGE 868 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR HUGE 907 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN MONDAY’S TRADING/ AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE. IN ESSENCE WE GAINED A HUMONGOUS 2372 CONTRACTS ON OUR TWO EXCHANGES DESPITE OUR SLIGHT GAIN IN PRICE. WE HAD CONSIDERABLE TAS LIQUIDATION THROUGHOUT FRIDAY’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 $34.00 . THE KEY PRICE TO WATCH IS $34.40. IF IT BREAKS THAT PRICE, THEN WE HEAD FOR $50.00 SILVER.
CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE. THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON FRIDAY NIGHT/SATURDAY MORNING: A HUGE 907 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 $0.04 AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SILVER LONGS FROM THEIR PERCH AS WE HAD A HUMONGOUS GAIN IN OUR TWO EXCHANGES OF 2332 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 868 CONTRACT ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 78.753 MILLION OZ (FIRST DAY NOTICE) FOLLOWED BY TODAY’S 0.480 MILLION OZ QUEUE JUMP TO WHICH WE ADD .350 EXCHANGE FOR RISK
INITIAL STANDING FOR MARCH ADVANCES TO 79.76 MILLION OZ
WE HAD:
/ HUMONGOUS COMEX OI GAIN+// A HUGE SIZED EFP ISSUANCE/ VI) HUMONGOUS SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 907 CONTRACTS)/A 70 CONTRACT EX. FOR RISK FOR 350,000 OZ/SECOND WEEK OF MARCH
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED 276 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 10 DAYS, total 7184 contracts: OR 35.920 MILLION OZ (718 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 35.920 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: 35.920 MILLION OZ///
XXXXXXXXXXXXXXXXXXXXXXXXXXXX
RESULT: WE HAD A HUMONGOUS SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1464 CONTRACTS WITH OUR SLIGHT GAIN IN PRICE OF 4 CENTS IN SILVER PRICING AT THE COMEX// FRIDAY.,. THE CME NOTIFIED US THAT WE HAD A HUGE 868 CONTRACT EFP ISSUANCE CONTRACTS: 868 ISSUED FOR MAY AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH EXITED OUT OF THE SILVER COMEX TO LONDON AS FORWARDS. WE HAVE A GOOD INITIAL SILVER OZ STANDING FOR MARCH OF 78.455 MILLION OZ ON FIRST DAY NOTICE, FOLLOWED BY TODAY’S 0.480 MILLION OZ QUEUE JUMP//NEW STANDING ADVANCES TO 79.410 MILLION OZ + .350 EX. FOR RISK//NEW TOTAL 79.76 MILLION OZ.
WE HAVE 1). A HUMONGOUS SIZED GAIN OF 2332 OI CONTRACTS ON THE TWO EXCHANGES DESPITE OUR TINY GAIN IN PRICE// 2.THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A HUGE 907 CONTRACTS TRYING DESPERATELY TO CONTAIN SILVER’S PRICE RISE,//CONSIDERABLE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE FRIDAY COMEX SESSION. HOWEVER THEY STILL NEED THESE ISSUANCES FOR REPLENISHMENT FOR FUTURE TRADING //3. ZERO NET LONG SPECULATORS WERE BURNED ON FRIDAY 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 FRIDAY NIGHT (907 ) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE AND MOST LIKELY TODAY.
WE HAD 289 NOTICE(S) FILED TODAY FOR 1.445 million OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST ROSE BY A STRONG SIZED 6203 OI CONTRACTS TO 532,348 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 HUGE SIZED 466 CONTRACTS//
WE HAD A STRONG SIZED INCREASE IN COMEX OI (6203 CONTRACTS) OCCURRED WITH OUR GAIN OF $9.75 IN PRICE FRIDAY. 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 MEGA HUGE 165,700 OZ QUEUE JUMP (5.153 TONNES), THE 4TH HIGHEST EVER QUEUE JUMP RECORDED AT THE COMEX////NEW STANDING ADVANCES TO 55.682 TONNES + .4655 TONNES EX FOR RISK/PRIOR = 56.1485 TONNES
/NEW STANDING FOR MARCH; 55.682 TONNES + .4655 TONNES EX FOR RISK/PRIOR = 56.1485 TONNES.
/ ALL OF THIS HAPPENED WITH OUR $9.75 GAIN IN PRICE WITH RESPECT TO FRIDAY’S COMEX ///. WE HAD A STRONG SIZED GAIN OF 7668 OI CONTRACTS (23.85 PAPER TONNES) ON OUR TWO EXCHANGES, WITH MANY LONGS, REMAINING AT THE END OF THE DAY, TENDERING FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE, MUCH TO THE ANGER AND HORROR EXHIBITED BY OUR MAJOR BANKER, THE FEDERAL RESERVE BANK OF NEW YORK. THE HORROR INTENSIFIED ONCE LONDON STARTED TO TRADE LAST WEEK, AND THROUGHOUT THE WEEK WITH MAJOR TENDERING FOR PHYSICAL VIA THE EXCHANGE FOR PHYSICAL ROUTE! THE RESULT: A MASSIVE AMOUNT OF GOLD STANDING FOR DELIVERY FOR THE FRONT MARCH CONTRACT MONTH. CENTRAL BANKERS ARE NOW WAITING PATIENTLY FOR THEIR DELIVERY OF GOLD VIA SLOW MOVING SHIPS.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 1465 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 532,814
IN ESSENCE WE HAVE A STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 7668 CONTRACTS WITH 6203 CONTRACTS INCREASED AT THE COMEX// AND A FAIR SIZED 1465 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 7668 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR SIZED AND CRIMINAL 1850 CONTRACTS ISSUED.
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1465 CONTRACTS) ACCOMPANYING THE STRONG SIZED INCREASE IN COMEX OI OF 6203 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 7668 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 5.153 TONNES QUEUE JUMP. TO WHICH WE MUST ADD OUR NEW .4655 TONNES OF EX FOR RISK/PRIOR
//NEW STANDING ADVANCES TO 55.682 TONNES + .4655 TONNES EX FOR RISK = 56.1485 TONNES
//NEW STANDING MARCH: 56.1485 TONNES
.
/ 3) HUGE T.A.S. LIQUIDATION TRYING TO LOWER GOLD’S PRICE THURSDAY WITH ZERO SUCCESS IN REMOVING ANY NET SPECULATOR LONGS, AS WE HAD 1) $9.75 PRICE GAIN AND WE HAD 2) ZERO NET LONG SPECS BEING CLIPPED AS WE HAD A STRONG GAIN OF 7668 CONTRACTS ON OUR TWO EXCHANGES ) ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED FRIDAY 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 GAIN IN OI WAS DUE TO THE HUGE NUMBER OF T.A.S. LIQUIDATION THURSDAY.
4) STRONG SIZED COMEX OPEN INTEREST INCREASE 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///FAIR T.A.S. ISSUANCE: 1850 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: 21,708 CONTRACTS OF 2,170,800 OZ OR 67.52 TONNES IN 10 TRADING DAY(S) AND THUS AVERAGING: 2171 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN10 TRADING DAY(S) IN TONNES 67.52 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2024, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 67.52 DIVIDED BY 3550 x 100% TONNES = 1.90% OF GLOBAL ANNUAL PRODUCTION
SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_
OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)
NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP
DEC. 175.62 TONNES//FINAL ISSUANCE//
TOTALS: 2,578.08 TONNES/2021
JAN:2022 247.25 TONNES //FINAL
FEB: 196.04 TONNES//FINAL
MARCH/2022: 409.30 TONNES //FINAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.
APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)
MAY: 247.44 TONNES FINAL//
JUNE: 238.13 TONNES FINAL
JULY: 378.43 TONNES FINAL/SECOND HIGHEST ON RECORD
AUGUST: 180.81 TONNES FINAL
SEPT. 193.16 TONNES FINAL
OCT: 177.57 TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)
NOV. 223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)
DEC: 185.59 tonnes // FINAL
TOTAL: 2,847,25 TONNES/2022
JAN 2023: 228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!
FEB: 151.61 TONNES/FINAL
MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)
APRIL: 197.42 TONNES
MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)
JUNE: 172.667 TONNES (WEAKER ISSUANCE THIS MONTH)
JULY: 151.69 TONNES (WEAKER THAN LAST MONTH)
AUGUST: 195.28 TONNES (A STRONGER MONTH)//FINAL
SEPT: 254.709 TONNES (WILL BE LARGER THAN LAST MONTH AND A STRONG MONTH)
OCT. 248.09 TONNES. LIKE SILVER, THIS MONTH IS GOING TO BE A STRONG E.F.P. ISSUANCE.
NOV. 239.16 TONNES//WILL BE STRONG THIS MONTH,
DEC. 213.704 TONNES. A STRONG MONTH//
TOTAL FOR YEAR 2023: 2,569.57 TONNES VS 2578 TONNES LAST YEAR
2024 AND 2025:
JAN ’24: 291.76 TONNES (WILL BE MUCH GREATER THAN LAST MONTH.//3RD HIGHEST EVER RECORDED EXCHANGE FOR PHYSICAL)
FEB’24: 201.947 TONNES
MARCH 2024: 352.21 TONNES//2ND HIGHEST EVER RECORDED EFP ISSUANCE.
APRIL: 267.05TONNES (WILL BE AN EXTREMELY STRONG MONTH BUT LESS THAN MARCH 2024)
MAY; 316.606 TONNES (WILL BE ANOTHER STRONG MONTH// 3RD HIGHEST RECORDED EFP ISSUANCE )// NOTICE THE HUGE INCREASES IN EX FOR PHYSICAL THESE PAST FEW MONTHS. THESE CONTRACTS ARE CIRCLED BACK FROM LONDON WHEREBY METAL IS REMOVED FROM THE COMEX.
JUNE 175.11 tonnes HEADING FOR A WEAKER MONTH AND MUCH LESS THAN THE THREE PREVIOUS MONTHS
JULY: 351. 65 TONNES (3RD HIGHEST EVER RECORDED EXCHANGE FOR PHYSICAL AND THE HIGHEST EVER RECORDED POST BASEL III)
AUGUST: 274.79 TONNES//THIS MONTH WILL NO DOUBT BE A STRONG ISSUANCE OF EFP’S BUT MUCH LESS THAN LAST MONTH.
SEPT: 335 .104 TONNES//IF THIS CONTINUES WE WILL HAVE A HUMDINGER OF AN EFP ISSUANCE. WE WILL PROBABLY END JUST SHORT OF THE 3RD HIGHEST ISSUANCE EVER RECORDED.
OCT. 277.71 TONNES (THIS WILL BE A GOOD ISSUANCE THIS MONTH)
NOV: 393.875 TONNES ( A HUGE MONTH////NOW SURPASSED THE PREVIOUS 3RD AND 2ND HIGHEST EVER RECORDED EX FOR PHYSICAL ISSUANCE TO BECOME THE 2ND HIGHEST EVER RECORDED
DEC 360.03 TONNES THIRD HIGHEST EVER RECORDED FOR EFP ISSUANCE
TOTAL 2024 YEAR. 3,597.846 TONNES
JAN. 2025: 257.919 TONNES (ISSUANCE WILL BE PRETTY GOOD THIS MONTH BUT MUCH LOWER THAN LAST MONTH)
FEB: 207.21 TONNES//EX FOR PHYSICAL ISSUANCE (WILL BE A FAIR SIZED ISSUANCE THIS MONTH)
MARCH 67.52 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 APRIL. 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 HUMONGOUS SIZED 1464 CONTRACTS OI TO 166,394 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 868 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAY 868 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 868 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 1464 CONTRACTS AND ADD TO THE 868 E.FP. ISSUED
WE OBTAIN A HUMONGOUS SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 2332 CONTRACTS
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 11.66 MILLION OZ OCCURRED WITH OUR $0.04 GAIN IN PRICE
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS MONDAY MORNING//SUNDAY NIGHT
SHANGHAI CLOSED UP 6.57 PTS OR 0.19%
//Hang Seng CLOSED UP 185.59 PTS OR 0.77%
// Nikkei CLOSED UP 263.07 OR 0.72%//Australia’s all ordinaries CLOSED UP 0.59%
//Chinese yuan (ONSHORE) CLOSED UP TO 7.2312 CHINESE YUAN OFFSHORE CLOSED UP TO 7.2322/ Oil UP TO 68.12 dollars per barrel for WTI and BRENT UP TO 71.51 Stocks in Europe OPENED ALL GREEN
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A STRONG SIZED6203 CONTRACTS TO 532,348 WITH OUR STRONG GAIN IN PRICE OF $9.75 WITH RESPECT TO FRIDAY’S TRADING/. WE LOST ZERO NET LONGS WITH THAT PRICE GAIN FOR GOLD. BUT AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD A FAIR NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (1465 ).
THE CME ANNOUNCED FRIDAY NIGHT, 0 EXCHANGE FOR RISK CONTRACTS FOR NIL OZ OR NIL TONNES. THURSDAY IS THE FIRST ISSUANCE FOR MARCH FOR .4665 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:
THE BANK OF ENGLAND
THE FEDERAL RESERVE BANK OF NEW YORK
THE COUNTERPARTY TO THE BANK OF ENGLAND’S EXCHANGE FOR RISK ARE BULLION BANKS THAT CANNOT VERIFY THAT THEIR GOLD IS UNENCUMBERED AND THUS THE BUYER, THE CENTRAL BANK OF ENGLAND, ASSUMES THE RISK OF THAT DELIVERY.
THUS IN TOTAL WE HAD A STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 8134 CONTRACTS WITH OUR GAIN IN PRICE. OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN ON FRIDAY 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 REVERTED BACK TO 1% BUT GOLD IN LONDON IS STILL 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// TROUGHOUT THE WEEK. THEY ISSUED A FAIR 1850 CONTRACT ANNOUNCEMENT THUS ENDING FOR 5 CONSECUTIVE MEGA T.A.S. ISSUANCES AVERAGING OVER 30,000 CONTRACTS PER DAY. 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 FRIDAY.
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 211 212 213 AND TODAY 214 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 SEVERAL WEEKS IS SURELY DISTORTING COMEX OPEN INTEREST BUT THAT DOES NOT STOP LONDON’S ACCUMULATION OF PHYSICAL! YOU CAN ALSO VISUALIZE THAT PERFECTLY WITH THE HUGE AMOUNTS OF QUEUE JUMPING ORCHESTRATED BY CENTRAL BANKERS BOLTING AHEAD OF ORDINARY LONGS AS THEIR NEED FOR PHYSICAL IS GREAT AS THEY SCOUR THE PLANET LOOKING FOR GOLD.
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW DEEP INTO THE NON ACTIVE DELIVERY MONTH OF MARCH .… THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS A FAIR SIZED 1850 EFP CONTRACTS WERE ISSUED: : /APRIL 1850 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 1850 CONTRACTS. THESE EFP;S CIRCLE AROUND LONDON ON A 13 DAY BASIS AND ARE NOW USED BY GLOBAL CENTRAL BANKS TO EXERCISE FOR PHYSICAL GOLD WITH THE OBLIGATION TO DELIVER BEING FORCED ONTO COMEX BANKS. THE GOLD GENERALLY DELIVERED COMES FROM LONDON BUT THEY ARE OUT!! THUS COMEX BECOMES THE MAJOR SOURCE FOR OUR CENTRAL BANKERS.
ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A STRONG SIZED TOTAL OF 7668 CONTRACTS IN THAT 1465 CONTRACT LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A STRONG GAIN OF 6203 COMEX CONTRACTS..AND THIS GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR GAIN IN PRICE OF $9.75 FOR FRIDAY/ 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 FRIDAY NIGHT/SATURDAY MORNING WAS A FAIR SIZED 1850 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 BUT CORRESPONDING MEGA RAIDS FAILED TO MATERIALIZE. I WOULD LIKE TO POINT OUT THAT WEDNESDAY’S 38,393 T.A.S. CONTRACT ISSUANCE IS THE HIGHEST ON RECORD!
THE RAIDS ON OPTIONS EXPIRY DOES TWO IMPORTANT THINGS FOR OUR CROOKS:
STALLS THE ADVANCE IN PRICE
LOWERS THEIR ADVANCING DERIVATIVE LOSSES.
MECHANICS OF T.A.S CONTRACTS/DECEMBER 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 MEGA HUGE T.A.S CONTRACT ISSUANCES: JANUARY, FEB AND MARCH WITH FRIDAY MORNING’S ISSUANCE OF 27,503 CONTRACTS.
STANDING FOR GOLD FOR THE PAST 4 PLUS YEARS:
// WE HAD A HUGE AMOUNT OF GOLD TONNAGE STANDING: MARCH (56.1485 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 : 55/682 TONNES + .4665 TONNES EX FOR RISK = 56/1485 TONNES WHICH IS EXTREMELY HIGH FOR A NON DELIVERY MONTH.
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 50 MONTHS OF 2021-2024:
DEC 2021: 112.217 TONNES
NOV. 8.074 TONNES
OCT. 57.707 TONNES
SEPT: 11.9160 TONNES
AUGUST: 80.489 TONNES
JULY 7.2814 TONNES
JUNE: 72.289 TONNES
MAY 5.77 TONNES
APRIL 95.331 TONNES
MARCH 30.205 TONNES
FEB ’21. 113.424 TONNES
JAN ’21: 6.500 TONNES.
TOTAL YEAR 2021 (JAN- DEC): 601.213 TONNES
YEAR 2022:
JANUARY 2022 17.79 TONNES
FEB 2022: 59.023 TONNES
MARCH: 36.678 TONNES
APRIL: 85.340 TONNES FINAL.
MAY: 20.11 TONNES FINAL
JUNE: 74.933 TONNES FINAL
JULY 29.987 TONNES FINAL
AUGUST:104.979 TONNES//FINAL
SEPT. 38.1158 TONNES
OCT: 77.390 TONNES/ FINAL
NOV 27.110 TONNES/FINAL
Dec. 64.000 tonnes
(TOTAL YEAR 656.076 TONNES)
2023:
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
2025
January 2025: 70.102 TONNES + 43.208 EXCHANGE FOR RISK= 113.310 TONNES
FEBRUARY:/NEW STANDING ADVANCES TO 238.153TONNES +18.4527 EX FOR RISK
= 256.607 TONNES.
MARCH: 56/1485 TONNES (INCLUDES .4665 TONNES EX FOR RISK)
COMEX GOLD TRADING/MARCH CONTRACT MONTH
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $9.65/)/AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY APPRECIABLE NET SPECULATOR LONGS AS WE DID HAVE A STRONG SIZED GAIN IN OUR TWO EXCHANGES. BUT AS EXPLAINED ABOVE WE HAD HUGE T.A.S. SPREADER LIQUIDATION FRIDAY AS THEY WERE TRYING TO QUELL GOLD’S ATTEMPT AT $3,000 AND STOP HUGE COMEX/OTC DERIVATIVE LOSSES FROM ALSO RISING.
LAST NIGHT/SATURDAY 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 FRIDAY EVENING/SATURDAY 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) THIS PAST MONTH.
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.
EXCHANGE FOR RISK CONTRACTS/MONTH FOR MARCH
EARLY THIS MORNING THE CME NOTIFIED US THAT WE HAD OUR FIRST EXCHANGE FOR RISK CONTRACT ISSUANCE FOR 150 CONTRACTS REPRESENTING 15,000 OZ OF GOLD OR .46656 TONNES. THE BANK OF ENGLAND IS STILL NOT SATISFIED AS THEY NEED TO RETRIEVE ALL OF ITS LOST GOLD THROUGH LEASING! THE 15,000 OZ WILL BE ADDED TO TODAY’S NORMAL DELIVERY TOTAL.
TOTAL INITIAL DELIVERIES MARCH GOLD TRADING
MARCH: 55.682 TONNES + .46556 TONNES EX FOR RISK = 56.1485
WE HAVE GAINED A HUGE SIZED TOTAL OF 25.300 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR MARCH (31.753TONNES) ON FIRST DAY NOTICE FOLLOWED BY TODAY’S MEGA HUMONGOUS QUEUE JUMP OF 165,700 OZ OR 5.153 TONNES: NEW TOTAL STANDING 55.682 TONNES TO WHICH WE ADD OUR .4665 TONNES OF EXCHANGE FOR RISK//NEW TOTAL: 56.1485 TONNES
ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $9.65
WE HAD XXXX CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE AS WELL
NET GAIN ON THE TWO EXCHANGES 8134 CONTRACTS OR 813,400 0Z (25.300 TONNES)
we have 2 customer deposits: i) Into Brinks enhanced: 2205.15 oz
6 Good London delivery bars
ii) Into Loomis: 32,018.660 oz (996 kilobars)
total weight 34,223.210 oz or1.06 tonnes
No of oz served (contracts) today
964 notice(s) 96400 OZ 2.998 TONNES
No of oz to be served (notices)
767 contracts 76,700 OZ 2.385 TONNES
Total monthly oz gold served (contracts) so far this month
17,135 notices 1,713,500 oz 53.297 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
TOTAL DEALER DEPOSIT: NIL
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we have 2 customer deposits:
i) Into Brinks enhanced: 2205.15 oz
6 Good London delivery bars
ii) Into Loomis: 32,018.660 oz (996 kilobars)
total weight 34,223.210 oz or1.06 tonnes
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withdrawals: 0
0 ENTRIES
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adjustments:2 customer to dealer:
i)Brinks 82,853.127 0z
ii) Loomis 40,124.448 oz
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR MARCH
THE FRONT MONTH OF MARCH HAD A LOSS OF 473 CONTRACTS TO STAND AT 1731. WE HAD 2130 CONTRACTS SERVED ON FRIDAY SO WE GAINED A HUMONGOUS 2131 CONTRACTS FOR 213100 OZ (5.153 TONNES AS A PHYSICAL GOLD QUEUE JUMP. THIS IS CENTRAL BANKS LOOKING FOR BADLY NEEDED GOLD AND THIS BECOMES THE 4TH HIGHEST EVER QUEUE JUMP. FRIDAY WE HAD THE HIGHEST EVER RECORDED AT 6.6 TONNES.
APRIL HAD A LOSS OF 6266 CONTRACTS DOWN TO 264,881 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 190 CONTRACTS UP TO 1005.
We had 2130 contracts filed for today representing 213,000oz
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 964 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 2 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 (17,135 X 100 oz ) to which we add the difference between the open interest for the front month of MARCH.(1721 CONTRACTS) minus the number of notices served upon today (964 x 100 oz per contract) equals 1,790,200 OZ OR 55.682 TONNES to which we add our .4665 tonnes exchange for risk//new total tonnage standing: 56.1485 tonnes
thus the INITIAL standings for gold for the MARCH contract month: No of notices filed so far (17,135x 100 oz +we add the difference for front month of MARCH (1721 OI} minus the number of notices served upon today (964 x 100 oz) which equals 1,790,200 OR 55.682 TONNES + .4665 ex for risk //new total 56.1485 tonnes
TOTAL COMEX GOLD STANDING FOR MARCH.: 56.1485 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..
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 40,465,964.070 .oz
TOTAL REGISTERED GOLD 20,095,647.985 or 625/05 tonnes
TOTAL OF ALL ELIGIBLE GOLD: 20,370,316.085 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 18,085,515oz (REG GOLD- PLEDGED GOLD)= 562.52 tonnes //
END
SILVER/COMEX
// THE MARCH 2025 SILVER CONTRACT//INITIAL
MARCH 17
INITIAL
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
2 entries
i) Out of Brinks 6943.860 oz ii) Oust of Loomis 1,170,856.230 oz
total weight withdrawal 1,177,800.90 oz
Deposits to the Dealer Inventory
0 entry
Deposits to the Customer Inventory
5 entries
i) Into Brinks customer acct 643,656.984 oz ii) Into Loomis 71,794.400 oz iii) Into CNT 299,663.250 oz iv)Into JPMorgan customer acct 1,287.883.300 oz v) Into HSBC: 598,936,820,
total weight; 2.901,934.804 OZ
No of oz served today (contracts)
289 CONTRACT(S) (1/445 MILLION OZ
No of oz to be served (notices)
1979 contracts (9.895 MILLION oz)
Total monthly oz silver served (contracts)
14,096 Contracts (70.480 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
JPMorgan has a total silver weight: 177.839million oz/445/422 oz million or 40.00%
TOTAL REGISTERED SILVER: 149.901 MILLION OZ//.TOTAL REG + ELIGIBLE. 445.422Million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR MARCH
silver open interest data:
FRONT MONTH OF MARCH /2025 OI: 2075 OPEN INTEREST CONTRACTS FOR A LOSS OF 77 CONTRACTS.WE HAD 173 CONTRACTS SERVED ON FRIDAY SO WE GAINED 96 CONTRACTS OR 0.480 MILLION OZ STANDING AS THEY 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.
APRIL SAW ANOTHER GAIN OF 185 CONTRACTS TO STAND AT 2199
MAY SAW A GAIN OF 940 CONTRACTS UP TO 126,978 CONTRACTS
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 289 or 1.445 MILLION oz
CONFIRMED volume; ON FRIDAY 65,085 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 14,096 X5,000 oz = 70.480 MILLION oz
to which we add the difference between the open interest for the front month of MAR (2075) AND the number of notices served upon today (289 )x (5000 oz)
Thus the standings for silver for the MARCH 2025 contract month: (14,096) Notices served so far) x 5000 oz + OI for the front month of MAR(2075) minus number of notices served upon today (289)x 5000 oz equals silver standing for the MARCH contract month equating to 79.410 MILLION OZ TO WHICH WE ADD .350 MILLION OZ EX FOR RISK//NEW TOTAL 79.76 MILLION OZ//
New total standing: 79.76 million oz which is huge for this very active delivery month of March.
We must also keep in mind that there is considerable silver standing in London coming from our longs in New York that underwent EFP transfers.
There are 149.901million 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 17 WITH GOLD UP $8.40 TODAY// SMALL CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 0.600 TONNES TONNES OUT OF THE GLD ///INVENTORY RESTS AT 906.41 TONNES
MARCH 14 WITH GOLD UP $9.75 TODAY HUGE CHANGES IN GOLD AT THE GLD:A MONSTER DEPOSIT OF 7.17 TONNES TONNES OUT OF THE GLD ///INVENTORY RESTS AT 905.81 TONNES
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: 906.41 TONNES, TONIGHTS TOTAL
SILVER
MARCH 17 WITH SILVER UP $0.03 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 4.096 MILLION OZ INTO THE THE SLV. //INVENTORY AT SLV RESTS AT 439.550 MILLION
MARCH 14 WITH SILVER UP $0.04 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 0.910 MILLION OZ INTO THE THE SLV. //INVENTORY AT SLV RESTS AT 435.454 MILLION
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
With western capital markets only just beginning to realise that gold is the best performing asset in Q1, portfolio flows into gold ETFs will have a dramatic effect on the gold price.
This article assesses investors’ exposure to gold in western capital markets. It comes in three forms: bullion itself, gold ETFs, and gold mining corporations. The findings show that exposure to gold and related investments is significantly less than commonly thought, raising questions over what happens when investment managers attempt to rebalance their portfolios away from poorly performing sectors in 2025.
Quantifying the problem
Portfolios in Western capital markets have almost no exposure to gold, and minimal exposure to gold ETFs and mines. While equity markets have been strong, this has not been an issue for investment managers. Furthermore, the poor performance of duration bonds has encouraged them to overweight equities and underweight bonds. With the exception of the UK and some European equity markets, the first quarter of 2025 has been a disaster for these portfolios, as the table below illustrates.
The stand-out exception has been gold. And silver has risen 17%, even beating gold. The point behind this exercise is that at the end of Q1 which is just days away, investment managers will want to demonstrate not just that they have not lost too much value, but that the portfolios under their management are planning to increase exposure to gold and gold mines. Undoubtedly, this is driving the current inflows into gold ETFs, recorded by the World Gold Council in the chart below.
The dark blue is North America, which in February added 72.2 tonnes equivalent, while Europe (light blue) having added 39 tonnes in January only added 2 tonnes in February. Asia added 24.4 tonnes in February. This tells us that it was only last month that investment managers in the US began reweighting their portfolios in favour of gold.
According to market analyst MSCI, global portfolios at end-2023 were worth $270.7 trillion, 44.5% being US-managed, and 35.7% being managed in other developed markets. That amounts to $120.5 trillion and $96.6 trillion respectively.
In a report for the Norwegian Ministry of Finance dated April 2024[i], MSCI estimated physical financial gold holdings to be about $5 trillion, including central banks and ETFs, with a further $1 trillion of derivatives. Taking central bank holdings of 36,197 tonnes and 3,113 tonnes in ETFs at the time of the report, that leaves an estimated 39,000 tonnes of what MSCI described as investment gold.
These figures are likely to be unreliable, because they are derived rather than recorded, and no one can know the true figure. But we can say that investment gold is unevenly distributed with the large majority of portfolios by value having very little or no exposure at all, while some, such as Asian wealth funds have acquired substantial hidden bullion reserves.
For example, China is thought to have in excess of 20,000 tonnes spread round various government accounts, and Russia a further 10,000. Taking these figures leaves precious little actually in portfolios based in North America, Europe, and Japan where physical gold is not a regulated asset and therefore ownership discouraged by regulators.
There is a better way of looking at it. Because it is not a regulated investment, the amount of gold held in investment portfolios in North America and developed markets is unlikely to be significantly greater than that reflected in ETFs — perhaps a few hundred tonnes at most. At end-2023, ETFs held 3,226 tonnes worth $210 billion, which was 0.08% of MSCI’s $270.7 trillion total. Including a likely figure for directly held gold in portfolios, it is fair to assume that exposure to gold and ETFs is only 0.1% on average.
Gold derivatives
In the report for the Norwegian Finance Ministry, MSCI stated that the World Gold Council estimated gold derivatives to be valued at $1 trillion at that time, nearly five times the bullion backing ETFs. This figure is likely to have been taken from the Bank for International Settlements, and the chart of total gold derivative values over time are illustrated in the BIS chart below.
We should point out that gold derivatives are not commonly held in portfolios, counterparties mainly restricted to banks and hedge funds. Bank positions are significantly larger than those of hedge funds, which being broadly confined to Comex futures when longs in the managed money category were valued at only $22 billion at the time of the MSCI report.
Therefore, for the western investment portfolio universe, derivatives can be ignored.
Mines are usually the gold investment of choice
Traditionally, investment managers have sought gold exposure through substitutes in the form of mining corporations. The sector has badly lagged the rise in the gold price, demonstrating Investment managers’ extreme commitment to momentum investing at the expense of value.
Longstanding investor disinterest in the sector has led to brokers cutting their research efforts covering mining generally, while boosting analysis of other fashionable investment categories such as technology and financials. Consequently, investment managers are only open to buying the established gold majors. The combined capitalisation of the ten largest gold mining corporations is less than $300bn, while the top 112 companies are valued at only $450bn.
As a proportion of the MSCI’s $217.1 trillion value of US and other developed nation portfolios, the entire gold mining universe represents only 0.21% of that total.
Summary and conclusion
· Portfolio exposure to the best performing asset class in Q1 is virtually non-existent, wrongfooting investment managers badly.
· A likely figure for US and developed nations’ portfolios combining bullion, ETFs, and mines is of the order of 0.3% of total assets under management, ignoring hedge fund derivative positions which are a small portion of the derivative total.
· Q1 portfolio compositions matter for reporting purposes, with significant losses appearing in previously favoured investment categories. There is always significant pressure on investment managers to demonstrate that their portfolios have reduced their exposure to poorly performing sectors and that they are reallocating investment to those that are performing.
· Our analysis confirms that there is little free bullion available for portfolio investment and therefore increasing demand for gold-backed ETFs should have a disproportionate effect on the gold price.
· Assuming that the equity bull market is over, the rest of this year will see continuing portfolio reallocation from formally fashionable sectors to gold, silver, and commodities generally. Any combined attempt by investment managers to increase their exposure to average just 1% should have a dramatic effect on the gold price and mining share values. Bear in mind that in former times a portfolio angled at wealth preservation would aim to have ten times that exposure to gold and gold mines.
· Purely from an investment viewpoint, the bull market in gold, silver, and related substitutes has only just started.
2, EGON VON GREYERZ AND OTHER GOLD COMMENTARIES
Gold and Basel III: The Crisis Banks Cannot Ignore
BY VBL
FRIDAY, MAR 14, 2025 – 15:00
Basel III Countdown: The Gold Crisis Banks Can’t Ignore
Basel III will be implemented in the U.S. on July 1, 2025. The much needed change strengthens bank capital requirements, limits leverage, and increases liquidity standards to reduce financial risk and enhance banking system stability.
This final set of rules for US adoption has been dubbed the “Basel III Endgame” by major accounting firms no less then PWC and EY. These rules focus on the amount of capital that banks must have against the credit, operational, and market riskiness of their business. Simply put, bank leverage will shrink as the need for better collateral takes precedent.
What follows is an analysis and explanation of the current scramble to repatriate both Gold and Silver by American banks as that deadline approaches.
1. Repatriation: Quiet Additions to the U.S. Balance Sheet
A significant part of that involves restoration of Gold to its status as Tier 1 capital reserved for the world’s highest valued collateral.
The 2000 tons of Gold being repatriated right now isn’t just sitting idle. A significant portion is being added—or more accurately, restored—to the U.S. balance sheet.
2. The Gold Wasn’t Sold—But It Was Lent and Shorted.
The U.S. Treasury never sold this gold outright. That would have been a constitutional violation, as gold can only be sold to retire U.S. debt directly. Instead, in the 1990s, the gold was loaned out to bullion banks under a perpetual rolling structure. These banks then hedged it through carry trades, profiting off borrowed gold.
Who was behind this? Look no further than Robert Rubin and Alan Greenspan. The Fed facilitated it, the Treasury allowed it, and the bullion banks executed it. In some cases, what now sits in place of actual gold are IOUs issued by those same banks.
3. Why It Happened: Monetizing Gold While Keeping Prices Down
At the time, the rationale was simple:
The Fed got to monetize gold by loaning reserves, earning a small return.
Gold prices remained suppressed, preventing inflation fears from spiking (a lesson Greenspan learned from Volcker’s battles).
Bullion banks used the gold for leveraged carry trades, compounding their profits.
No laws were broken. But in the process, a critical asset tied to American sovereignty was placed in the hands of private banks—banks that could, and eventually would, default.
This gold leasing and carry trade structure went on for decades. The OCC chart below illustrates just how long.
4. Fast Forward to Today: A Balance Sheet Reckoning
For reasons still unclear, the U.S. has decided to clean up its balance sheet. That means some of those IOUs have been called in.
The problem? Many bullion banks, complacent for years, now face a scramble. They have far more claims against gold than they have actual gold. And with IOUs being recalled, they’re being forced to cover their positions—at any cost.
Why is the U.S. doing this now? Is it fear of BRICS gold purchases? Perhaps it is a need to consolidate assets for monetization, as Treasury Secretary Bessent has hinted. Or maybe it is all in preparation to create a gold-backed bond-type instrument for international dealings? Nobody is really sure.
Regardless of the reason, the underlying reality is the same: If everyone else is securing gold, the U.S. needs gold too. The bullion banks, caught in the middle, are paying the price.
5. From Greed to Fear: The Shift in Bullion Bank Behavior
Over the last two years, bullion banks have gone from aggressively shorting gold to desperately covering their positions.
Bullion Banks Covering shorts On All Time Highs…
Before March 2023: They played the usual game—selling high, buying low, profiting from hedge funds scrambling in and out of bullish positions.
Post-December 2023: They started covering shorts more aggressively but still maintained some patience in their purchases, keeping gold prices elevated but controlled.
Post Trump’s Inauguration the game changed. Banks (next chart) go from booking profits to locking in losses over a 2 year period-
At that point, bullion banks began urgently covering shorts, not to profit but to survive. They started locking in losses, breaking even at best, often losing money outright. The dark blue arrows in the attached charts highlight this shift.
The turning point came in 2022 (see OCC orange Bar chart above) when JPMorgan, Citibank, and others were forced to disclose their derivative books in compliance with Basel III. But the cracks had been forming for years.
6. Basel III: The Countdown to Gold-Backed Reality
Basel III, which started in 2009 after the Global Financial Crisis, was delayed repeatedly due to EU crises (GREXIT 2011, BREXIT 2016, etc.). Now, it’s scheduled for full implementation in the U.S. in July 2025—and current bullion bank behavior suggests that deadline will hold.
This is why gold is flowing back into the U.S. If banks can’t reclaim their encumbered gold in time, they’ll be forced to continue covering shorts in a rallying market. Everyone already knows there’s a problem. If this continues without government intervention, it could get ugly.
Bullion banks haven’t even begun to hedge their silver shorts yet. Stay tuned.
International Man: For decades, mainstream financial commentators have dismissed gold as a “barbarous relic.” Federal Reserve officials and policymakers routinely downplay its importance, insisting that fiat currency and central banking make gold obsolete.
Yet, despite this public stance, the US government still holds one of the world’s largest gold reserves.
So, what’s really going on here? If gold is truly irrelevant, why does the government still treat it as a strategic asset?
Doug Casey: Governments hate gold because it’s a discipline on the amount of currency they can create. Gold is money. Governments can’t create it out of thin air. You might say that gold needs the government about as much as a fish needs a bicycle.
Gold is not a strategic asset. It shouldn’t be viewed as something to buy or sell, like land, copper, or a factory. You don’t buy or sell money; that’s almost a contradictory concept. Gold is money itself, although fiat currencies are treated as money in today’s world. Confusing gold with fiat currency is one of the terrible notions created by Keynesian economists. It’s allowed mainstream financial commentators to dismiss gold as a pet rock.
As you said, the Federal Reserve officials and policy makers routinely downplay the importance of gold. They believe that fiat currency and central banking have made gold obsolete. They’re 100% wrong.
Despite their theories and stated beliefs, governments around the world have been buying massive amounts of gold in recent years. They’re dumping dollars. For 25 years after World War II, the major asset of other central banks has been US dollars.
It made sense at the time because the dollars were convenient and guaranteed to be redeemed at $35 for an ounce of gold up to 1971. Now, however, the US government backs its dollars by nothing. Foreign governments can see that the US government is fiscally and monetarily totally out of control. They’ve seen the US arbitrarily confiscate assets, impose sanctions, and levy duties. They’re dumping dollars because it’s increasingly obvious they’re the unsecured liability of a bankrupt and unreliable government. They’re accumulating gold.
The only solution to today’s massive monetary problems is to go back to classical banking practices. What that means is gold and only gold is used as money. US Government debt should not be monetized. And fractional reserve banking has to be abolished.
There used to be a distinction between the two types of bank accounts—demand deposits (i.e., checking accounts) and time deposits (i.e., savings accounts). Banks have typically offered both, but they’re two totally separate and very different businesses.
With demand deposits, you pay the bank to store your gold securely. You have the right to withdraw it at a moment’s notice and write checks against it, making it simple to transfer it on the bank’s books to another person.
Time deposits are a totally different business. With these, you deposit money with the bank for X number of months. It must be for a fixed period of time to allow the bank to lend that money out for X number of months. The banks may pay you 3% and charge the borrower 7%, the 400 basis point difference covering overhead, risk of loss, and profit.
Today, however, there’s no longer any distinction between time and demand deposits. Banks lend demand deposits, which is a fraud. It’s as if you paid the Allied Van Company to store your furniture, and they then rented it to someone else.
Worse, when banks lend money today, it’s redeposited within the system. They lend it out again, it’s redeposited, they lend it out again, ad infinitum. It’s a giant daisy chain, an inverted pyramid of debt. It’s why banking is such a profitable business—until the inevitable happens. If any significant borrower goes bust, or if depositors want more than a minimum of cash, any given bank would be shown to be bankrupt.
That’s why Central Banks like the Fed are critical to maintaining the fraud. They stand ready to create fiat to maintain confidence in the system. And regulate commercial banks to keep them from abusing the system too badly.
Almost every bank in the world engages in fractional reserve practices. That practice puts them all in danger of bankruptcy. Sorry for the overly brief explanation. But the bottom line is that the entire system must be, and will be, reset.
International Man: Given the secrecy surrounding Fort Knox, do you think the US government still possesses the 261 million ounces of gold it claims to have?
Do you think the reluctance to conduct a full, independent audit is due to mismanagement, deception, or something more sinister?
Doug Casey: Chris Weber recently did an essay about that in his March 3 letter. His publication is one of my favorites; I suggest you subscribe.
You’ll see why I say that. In any event, go to weberglobal.net to get that letter, gratis. You should take advantage of a two-month trial for $60 as well.
In fact, there’s never been a formal audit of Ft Knox. I doubt that the US government has anything like 261 million ounces of gold that it says it owns. In fact, most of the gold in Fort Knox is not even in good delivery .999 form; it’s what we call coin melt.
The US government confiscated gold coins from the public in 1933. They were in wide circulation and everyday use. The government then melted them down—they’re 90% gold and 10% copper. There’s never been an actual audit of how much gold, of what purity, there is in Fort Knox. FWIW, the vault itself was inaugurated in 1936.
We don’t know who owns whatever gold there is in Ft Knox, ostensibly 147 million ounces, because any amount of it may have been hypothecated for who knows what reasons. For that matter, the same is true of the gold stored with the New York Fed, another 110 million ounces.
No one knows exactly how much there is, who owns what, or how much may have been loaned out. It impresses me as a dog’s breakfast. For many years, Ron Paul has fought to get an audit, but they’ve disregarded him.
Hopefully, DOGE will be the impetus to dig into it so we can find out exactly how much is there and exactly who owns it.
International Man: US citizens have virtually no financial privacy, facing severe penalties if they fail to disclose every detail of their financial lives to the government.
Why is financial disclosure a one-way street where citizens are forced to comply while the government operates behind closed doors?
Doug Casey: It’s naïve to believe that, just because some people call it “our democracy,” that we’re anything more than the capite censi—the “head count,” as the Romans termed the mob. The people who control the government, the Deep State, are the boss. I recognize that it’s very politically incorrect to say so, but the government is an entity onto itself with its own interests.
Even though America is unique in world history for having been founded on the principles of personal freedom and a strictly limited State, it’s degraded over time. That’s natural, I suppose; the Second Law of Thermodynamics operates in absolutely every sphere. But today, it’s a fiction, a myth, that citizens no longer democratically control the State. We’ve devolved into an unstable multicultural domestic empire. In fact, you’re a subject, a veritable serf—albeit one with a high standard of living.
At this point, the government is very much like The Wizard of Oz, hiding behind the curtain. The Wizard, you’ll recall, was not the friend of Dorothy and her companions.
International Man: President Trump recently stated, “We’re going to go into Fort Knox to make sure the gold is there.” If it isn’t, he warned, “we’re going to be very upset.”
What do you make of Trump’s comments? Do they signal genuine concern about US gold reserves, or are they just political posturing with no real intention of follow-through?
Doug Casey:If it’s true that something has happened to the gold, it will trigger a genuine earthquake which will echo around the world.
I’m afraid that if DOGE digs into the gold holdings in Fort Knox and the NY Fed, there won’t be anything near 261 million unhypothecated ounces of gold.
If that’s the case, it would create such an upset that I’m not sure they’d dare disclose it. It would overthrow the world’s financial system because it would show that no figures are reliable and that it’s all a sham. This is potentially a very big deal.
International Man: What are the investment implications of renewed scrutiny on US gold reserves—both in general and with the potential for a full audit of Fort Knox?
Doug Casey: As I’ve said many times before, at approximately $3,000, gold is reasonably valued relative to the historical cost of everything else—clothes, food, houses, cars. But because the world’s financial situation is so shaky at this point and gold is, in fact, the only financial asset that’s not simultaneously somebody else’s liability, it seems to me that you should continue buying gold. It’s much better to own gold coins than it is to own dollars, which are just the accounting fiction of an unsound bank.
As Matt Smith has pointed out recently—he explains all this in (LINK)—if gold was reinstituted as money, whether just between governments or in general society, it would probably have to be revalued at 25, 30, or $40,000 an ounce.
At this point, continue buying gold even at $3,000 an ounce. The general public is still totally uninterested in it. That’s going to change when panic breaks upon the economic world in the near future.
END
3. CHRIS POWELL AND DAILY GATA DISPATCHES
CME Group terminates four monetary metals futures contracts for lack of activity
Submitted by admin on Mon, 2025-03-17 09:38 Section: Daily Dispatches
9:38a ET Monday, March 17, 2025
Dear Friend of GATA and Gold (and Silver):
CME Group, operator of the major futures markets in the United States, announced Friday the termination of three gold-related and one silver-related futures contracts: gold kilo futures, London spot gold futures, London spot silver futures, and cleared OTC London gold forwards:
The announcement said there was no open interest in the contracts, and responding this morning to an inquiry from GATA, a CME Group spokeswoman said “the lack of activity in the products led to the decision” to terminate them.
CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. CPowell@GATA.org
end
4. ANDREW MAGUIRE PODCAST
Episode 214
youtube.com/watch?v=E_A-wvLnyL0
5B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT/COMMODITIES: COMMODITY//COBALT
6 CRYPTOCURRENCY NEWS
ASIA TRADING MONDAY MORNING SUNDAY NIGHT
SHANGHAI CLOSED UP 6.57 PTS OR 0.19%
//Hang Seng CLOSED UP 185.59 PTS OR 0.77%
// Nikkei CLOSED UP 263.07 OR 0.72%//Australia’s all ordinaries CLOSED UP 0.59%
//Chinese yuan (ONSHORE) CLOSED UP TO 7.2312 CHINESE YUAN OFFSHORE CLOSED UP TO 7.2322/ Oil UP TO 68.12 dollars per barrel for WTI and BRENT UP TO 71.51 Stocks in Europe OPENED ALL GREEN
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS /MONDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP AT 7.2312
OFFSHORE YUAN: DOWN TO 7.2322
SHANGHAI CLOSED CLOSED UP 6.67 PTS OR 0.19%
HANG SENG CLOSED CLOSED UP 185.59 PTS OR 0.77%
2. Nikkei closed UP 343.42 OR 0.93%
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX DOWN TO 103.18// EURO RISES TO 1.0897 UP 29 BASIS PT HEADING TO PARITY WITH USA
3b Japan 10 YR bond yield: FALLS TO. +1.482//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 148.46…… 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 +2.8295/Italian 10 Yr bond yield DOWN to 3.883 SPAIN 10 YR BOND YIELD DOWN TO 3.454
3i Greek 10 year bond yield DOWN TO 3.627
3j Gold at $2993.40 Silver at: 33.71 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble UP 1 AND 76 /100 roubles/dollar; ROUBLE AT 83.72
3m oil into the 68 dollar handle for WTI and 71 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 148.46 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.4820 % 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 0.8818 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9616 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: 4.291 DOWN 2 BASIS PTS…
USA 30 YR BOND YIELD: 4.598 DOWN 2 BASIS PTS/
USA 2 YR BOND YIELD: 4.023 UP 6 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 36.67…
10 YR UK BOND YIELD: 4.7365 DOWN 2 PTS
10 YR CANADA BOND YIELD: 3.064 DOWN 2 BASIS PTS
5 YR CANADA BOND YIELD: 2.694 DOWN 5 PTS.
2a New York OPENING REPORT
Futures Fall After Bessent Says “Not Worried” By Slide In US Stocks
Monday, Mar 17, 2025 – 08:16 AM
Futures are lower to start the week – but well off the lowest levels of the session – following the best day for US stocks since November, as the market digests trade war news and the Trump Put remains absent. Over the weekend, Scott Bessent dismissed recent stock declines as healthy, reinforcing the view that President Donald Trump’s administration is unlikely to step in to boost markets (the Fed is a different matter). Trump also reminded investors over the weekend that he would be imposing both broad reciprocal tariffs and additional sector-specific tariffs on April 2. As of 8:00am ET, S&P futures are down -0.2% having been down as much as 0.6% earlier; Nasdaq futures are down 0.1% as Mag 7 stocks edged lower, though Nvidia gained before its much anticipated conference on artificial intelligence. Europe’s Stoxx 600 index rose 0.4%, extending its year-to-date outperformance against US stocks. In global news, Trump will speak with Russian President Vladimir Putin on Tuesday about ending the war in Ukraine. So far the Ukraine ceasefire news is having a muted impact. Trump also said reciprocal tariffs and additional sector-specific tariffs will hit on April 2. Meanwhile, the US retail operator of Forever 21 filed for bankruptcy after years of poor performance. Bond yields are lower as the curve bull flattens while the USD falls to fresh 4 month lows. Commodities are bid higher led by Ags and Energy, following the latest stimulus vows from China. Today’s macro data focus is on Retail Sales where a stronger number may give the market comfort in trying to create a relief rally and the Fed on Weds could be supportive too.
In premarket trading, Tesla leads losses among Mag 7 stocks (Alphabet -0.1%, Amazon +0.3%, Apple -0.2, Microsoft -0.4%, Meta +0.1%, Nvidia +1.4% and Tesla -0.5%), DocuSign rose 1% after William Blair upgraded the e-signature software firm to outperform, noting market opportunity for the company’s Intelligent Agreement Management platform. Incyte (INCY) sinks 14% after reporting topline results from a Phase 3 clinical trial program evaluating the safety and efficacy of povorcitinib. Here are some other notable premarket movers:
Netflix (NFLX) gains 1% as MoffettNathanson turns bullish, saying the company’s ability to better monetize its engagement remains an underappreciated aspect of its scale.
Norwegian Cruise Line (NCLH) rises 4% after JPMorgan upgraded the stock to overweight, noting that management signaled during an investor conference that there were no detectable changes in demand and that their 2025 outlook was cautious. The stock is down 25% year-to-date.
Science Applications (SAIC) climbs 10% after the government IT services contractor posted 4Q results and provided guidance.
Sprouts Farmers Market (SFM) climbs 1% after Deutsche Bank raised its rating to buy from hold following the stock’s recent pullback.
Bessent told NBC’s Meet the Press Sunday that he’s not worried by the slump in US stocks, after about $5 trillion was wiped from the S&P 500’s value and the index tumbled into a correction. “Corrections are healthy,” he told NBC. Traders still don’t seem convinced. His comments are a blow to those harboring hopes that President Donald Trump will seek to cushion the market impact of his policies.
“This statement caused some alarm for many Wall Street types who had been counting on Bessent to be the second Trump administration’s ‘voice of reason’ on economic policy,” said Benjamin Picton, a strategist at Rabobank. The comments effectively dash prospects that policymakers will throw “liquidity bones to financial markets whenever they showed signs of wobbling,” Picton added.
Meanwhile, fears of a protracted global trade war are benefiting haven assets, with gold holding close to record highs around $3,000 an ounce, and Treasury yields edging lower. Bund yields dropped five basis points as jitters mounted over Tuesday’s parliamentary vote on Germany’s landmark spending package.
Another source of concern is the US threat of “unrelenting” military strikes on Yemen’s Houthi militants, who said they would respond by targeting US vessels in the Red Sea. The events lifted Brent crude futures above $71 a barrel, while European shipping stocks, including AP Moller-Maersk A/S and Hapag-Lloyd AG, gained.
It’s a busy week on the macro front as the Federal Reserve, Bank of England and the Bank of Japan are set to hold policy meetings. While they are not expected to change interest rates, investors will watch in particular for any clues from the Fed on what kind of support could be offered to the economy. Swaps see high odds of three Fed cuts this year, but Fed chair Jerome Powell faces the task of assuring investors the economy remains on solid footing, while signaling policy support will be provided when required. US retail sales data due later Monday are expected to reinforce the picture of a slowing economy, following on from below-forecast inflation readings last week.
In Europe, the Stoxx 600 rose 0.4%, with energy and utilities shares leading gains after China said it would take steps to revive consumption, while consumer products and retail stocks are the biggest laggards. Here are the biggest movers Monday:
Phoenix Group shares rise as much as 7.8%, the most since May, after the insurance and pension fund company delivered operating profit ahead of expectations and upgraded its outlook through to 2026
ProSieben shares climb as much as 5%, the highest intraday since July. The German media company is nearing a deal to give General Atlantic up to 10% in the firm through a convertible bond
CVS Group advances as much as 13%, the most since Sept. 2021, following an upgrade of the veterinary health company to outperform by RBC based on factors including strong Australian margins
U-blox rises as much as 9.3% to the highest since July, after the Swiss semiconductor company signed an agreement to divest its Cellular business to Trasna
Forterra shares rise as much as 3.5% after the building products company was upgraded by analysts at Peel Hunt, who argue there is major earnings upside when volumes recover
QinetiQ shares drop as much as 22%, the most on record, after analysts warned of sharp cuts to consensus after the company downgraded growth expectations for this year and next
Energean slides as much as 11% after the oil and gas company warned Carlyle has not yet obtained regulatory approvals in Italy and Egypt for a deal to buy a portfolio of assets from the London-listed company
Siltronic slides as much as 4.7% as Jefferies cuts its rating on the semiconductor equipment manufacturer to hold from buy, cautioning that the outlook remains difficult
Stocks across Asia also rose, pulled higher by a rebound in technology shares and a sense of optimism over China’s plans to boost consumption. The MSCI Asia Pacific Index gained as much as 1.2%, with chip makers TSMC and Samsung Electronics giving it the biggest boost as they tracked a recovery in US tech shares Friday. Benchmarks in Hong Kong, Japan and South Korea all moved higher. The biggest news for traders to digest came from China, after a weekend report from the state news agency said Beijing will promote “reasonable growth” in wages and set up a mechanism to adjust the minimum salary, something it seems to do every other months.A raft of economic data also showed signs of recovery in the economy, including a pickup in retail sales. The response of mainland Chinese stocks was muted. Although a gauge of Chinese shares listed in Hong Kong rose around 0.6%, the onshore benchmark CSI 300 Index drifted lower. The market appeared underwhelmed with a Monday press conference. Elsewhere, we get the Bank of Japan’s policy decision due on Wednesday, with the central bank widely expected to keep rates steady.
“China’s latest measures reinforce that boosting consumption is a top priority this year, with a multi-pronged approach involving several ministries and a host of different measures,” said Charu Chanana, chief investment strategist at Saxo Markets. “This could help to broaden out the momentum we have seen in China stocks this year, primarily led by tech.”
In FX, the Bloomberg Dollar Spot Index is set for a second daily loss and is down 0.2%, hitting a fresh four-month low as investors awaited US retail sales and manufacturing data for further clues on the state of the world’s biggest economy. The Norwegian krone is the best performer among the G-10 currencies, rising 0.9% against the greenback. The pound and euro rise 0.3% each.
In rates, treasuries are slightly richer across the curve, following a wider bull-flattening rally seen across bunds which find support from short covering flow ahead of Tuesday’s vote on the spending package. 10-year Treasury yields drop 3 bps to 4.28% in a slight bull-flattening move. Gilts are steady. Bunds rally, led by longer-dated maturities before Tuesday’s vote in the Bundestag on the spending package. German 30-year yields fall 8 bps to 3.13%. Treasury auctions this week include $13 billion 20-year bonds Tuesday and $18 billion 10-year TIPS Thursday.
In commodities, Bitcoin is little changed around $83,500. Spot gold climbs $12 to near $3,000/oz having topped that level for the first time on Friday. WTI rises 1% to $67.80 a barrel.
Looking at today’s calendar, US economic data calendar includes March Empire manufacturing, February retail sales (8:30am), January business inventories and March NAHB housing market index (10am). Fed officials are in external communications blackout ahead of March 19 policy announcement
Market Snapshot
S&P 500 futures down 0.6% to 5,607.50
STOXX Europe 600 up 0.4% to 548.55
MXAP up 0.9% to 187.43
MXAPJ up 0.9% to 586.91
Nikkei up 0.9% to 37,396.52
Topix up 1.2% to 2,748.12
Hang Seng Index up 0.8% to 24,145.57
Shanghai Composite up 0.2% to 3,426.13
Sensex up 0.4% to 74,153.00
Australia S&P/ASX 200 up 0.8% to 7,854.06
Kospi up 1.7% to 2,610.69
German 10Y yield little changed at 2.85%
Euro little changed at $1.0880
Brent Futures up 0.6% to $70.99/bbl
Gold spot up 0.0% to $2,985.40
US Dollar Index little changed at 103.71
Top Overnight News
Treasury Secretary Scott Bessent said he’s not worried about the recent downturn that’s wiped trillions of dollars from the equities market as the US seeks to reshape its economic policies. “I’ve been in the investment business for 35 years, and I can tell you that corrections are healthy, they are normal,” Bessent said Sunday on NBC’s Meet The Press. “I‘m not worried about the markets. Over the long term, if we put good tax policy in place, deregulation and energy security, the markets will do great.” BBG
Trump and Russia’s Vladimir Putin will speak tomorrow as the US presses for a deal on Ukraine. Trump said much of the discussion will be about territory. BBG
US President Trump invoked the Alien Enemies Act against Tren De Aragua which he declared is attempting and threatening invasion against the US, while he said any Venezuelans aged 14 or older who are TDA members and not US citizens or lawful permanent residents are liable to be “apprehended, secured and removed as alien enemies”.
Voters are souring on the economy even as Trump’s second term boosted positivity about the US as a whole, an NBC News poll showed. The Democratic Party got its lowest approval in the poll’s history at 27%. BBG
US Senate voted 54-46 to pass the stopgap funding bill to keep the government funded through September 30th, while President Trump signed the budget appropriations bill into law.
Trump’s trade war w/Europe risks damaging an economic relationship worth ~$9.5T (in terms of goods/services trade and foreign direct investment). WSJ
US President Trump’s administration was reportedly considering a new travel ban that would impact 43 countries, with a draft plan developed by the State Department several weeks ago: NYT
Oracle is accelerating discussions with the White House on a deal to run TikTok’s US business. Politico
Chinese consumption, investment and industrial production beat estimates at the start of the year, pointing to signs of economic resilience. However, Beijing’s consumption-focused press conference underwhelmed. Bloomberg Economics called the plan to boost spending “skeletal.” BBG
China’s economic data for Jan/Feb comes in ahead of plan, including industrial production (+5.9% vs. the Street +5.3%) and retail sales (+4% vs. the Street +3.8%). RTRS
Plans are being made for global CEOs to meet Xi Jinping on March 28 following an upcoming forum in Beijing, people familiar said. BBG
GIR revised our 2025 and 2026 earnings to $262 and $280 respectively (previously $268 and $288), reflecting growth of 7% in both 2025 and 2026 (vs. 9% and 7% previously). Furthermore, we now expect the S&P 500 will trade at a forward P/E of 20.6 by year-end vs. 21.5 previously. Our revised 3-, 6-, and 12-month S&P 500 price targets are 5600 (-1%), 5900 (+5%), and 6500 (+15%). GIR
OECD Economic Outlook, Interim Report March 2025; cuts global growth outlook – cites trade tensions
A more detailed look at global markets courtesy of Newsquawk
APAC stocks began the week on the front foot following last Friday’s resurgence on Wall St and amid encouraging Chinese activity data but with gains capped owing to geopolitical tensions after the US conducted strikes on Yemen’s Houthis and with participants awaiting this week’s central bank decisions. ASX 200 gained with the advances led by notable strength in the commodity-related sectors and following encouraging data from Australia’s largest trading partner. Nikkei 225 climbed at the open despite the lack of obvious catalysts, while Japan’s largest labour union anticipates an average 5.46% wage increase this year which would surpass 5% for the second consecutive year and would be the highest in 34 years but is still below the union’s 6.09% pay increase demand. Hang Seng and Shanghai Comp were positive with sentiment underpinned following recent support pledges and after encouraging Chinese activity data in which Industrial Production topped forecasts and Retail Sales matched estimates. However, gains in the mainland were limited as data also showed an increase in Urban Unemployment and House Prices remained in deep contraction territory.
Top Asian News
China’s State Planner Vice Chair says consumption is improving, though consumer confidence remains weak.
PBoC detailed measures to improve the quality and efficiency of financial services and will grow the financial ecosystem that supports tech innovation, while state media reported that China should choose the right timing and strength for monetary easing.
China’s State Council released a special action plan to boost domestic consumption which includes measures to increase residents’ income, pensions and wages, as well as establishing a childcare subsidy scheme and increasing revenue from land reform including rural areas.
China’s NDRC said it is to encourage foreign investment in technology and manufacturing with the state planner to release an expanded list of industries it seeks to attract foreign investment in.
China’s stats bureau spokesperson said China’s economy remains resilient but achieving the 2025 growth target will not be easy and the external environment is becoming more complex and severe. The spokesperson added that China’s property market faces some pressures, despite signs of stabilising but they expect China’s consumer prices to improve further and expect Q1 economic operations to be steady. Furthermore, it was stated that macroeconomic policies will provide more support for the economy and the employment situation remains largely stable with the rise in the February jobless rate still within normal ranges.
PBoC says Official says it will use policy tools such as reserve requirement ratio and relending and discount facilities.
Dozens of foreign CEOs set to attend Beijing’s CDF business summit this month; some expected to meet President Xi, according to Reuters sources.
CAICT says shipments of phones within China are down 14.3% Y/Y in January. Shipments of foreign-branded phones, such as Apple (AAPL) -20.6% Y/Y.
European bourses (STOXX 600 +0.3%) opened mixed, and traded indecisively on either side of the unchanged mark; though sentiment gradually picked up as the morning progressed. European sectors hold a positive bias, but with the breadth of the market fairly narrow. Energy takes the top spot, lifted by underlying strength in oil prices; the complex is buoyed by heightened geopolitical tensions after the US struck Houthi targets. On that, the militant group said it would continue naval operations until the Gaza blockade is lifted and aid is let in. Basic Resources benefits from the risk tone, and after constructive Chinese activity data overnight, with particular focus on the stronger-than-expected Industrial Production data. US equity futures (ES -0.4%, NQ -0.4%, RTY -0.6%) are lower across the board, with slight underperformance in the RTY, giving back some of the significant strength seen on Wall Street on Friday. Intel’s (INTC) new CEO plans to overhaul the chip design and manufacturing business, plans to restart AI efforts and produce chips at annual cadence as it looks at further cuts, Reuters reports.
Top European News
ECB’s de Guindos says that the administration of US President Trump has increased economic uncertainty due to tariff deregulation. Trade was is bad for the global economy. Effect of tariffs on inflation may be compensated by lower economic activity. Believes inflation is converging on 2% and everything is going in the “right direction”. Increased uncertainty has made the current situation more opaque compared to six months ago. Spain will need to spend 2.7% GDP on Defence in four years and raise its budget by EUR 6bln per year. Seeing a decrease in services inflation due to evolution of wages, should lead overall inflation to the 2% target.
UK Chancellor Reeves is to pledge to change the law to restrict merger investigations by the Competition and Markets Authority, according to FT.
Britain’s largest regulators will be given performance reviews by ministers and set targets for cutting red tape and growing the economy, according to The Times.
Moody’s raised Greece’s sovereign rating from Ba1 to Baa3; Outlook revised to Stable from Positive and affirmed Spain at A; Outlook Stable. It was also reported that Fitch affirmed France at AA-; Outlook Negative, affirmed Portugal at A-; Outlook Positive, and affirmed Poland at A-; Outlook Stable.
German Economy Ministry says economic weakness continues at the start of 2025 amid subdued domestic/foreign demand and increased uncertainty.
German Ifo institute has lowered their economic forecasts to 0.2% for 2025 and 0.8% in 2026.
FX
USD net softer vs. peers in what has been a weekend lacking in incremental newsflow on the trade front aside from Trump reiterating that he has no intention of creating exemptions on steel and aluminum tariffs, adding that he will impose reciprocal and sectoral tariffs on April 2nd. Focus is also on the US government averting a shutdown. DXY is currently tucked within Friday’s 103.57-104.09 range, ahead of US Retail Sales.
EUR is steady vs. the USD and tucked within Friday’s 1.0830-1.0912 range. Incremental macro drivers over the weekend for the EZ are lacking and therefore markets are bracing for the outcome of tomorrow’s vote in the Bundestag on the German reform package. ECB’s de Guindos remarked that he believes inflation is converging on 2% and everything is going in the “right direction”. However, this provided little traction for the EUR.
GBP is a little firmer and trades within a 1.2926-58 range, in what has been a catalyst-thin session thus far, but has focus remains on Thursday’s BoE meeting.
JPY is a little lower and the marginal G10 underperformer today, partly thanks to slightly positive risk tone following constructive Chinese data which has lifted Antipodeans and European stocks. USD/JPY currently towards the mid-point of a 148.47-149.09 range.
Antipodeans continue to extend on the upside on Friday, with gains today facilitated by the constructive Chinese activity data and after China unveiled a special action plan to boost consumption.
PBoC set USD/CNY mid-point at 7.1688 vs exp. 7.2199 (Prev. 7.1738)
Fixed Income
EGBs bid with OATs outperforming after Fitch left France’s rating alone on Friday. More broadly, benchmarks bid with yields weighed on by pressure in European gas benchmarks ahead of the Putin-Trump call. Action which has lifted OATs by over 70 ticks at best with Bunds not far behind.
Bunds also potentially acknowledge further complaints lodged with the Constitutional Court ahead of Tuesday’s Bundestag vote on fiscal reform, reform which Merz believes will pass though he acknowledges it will be close; firmer by over 50 ticks and just shy of the 128.00 mark.
USTs await US Retail Sales before the latest update to Atlanta Fed’s GDPnow tracker which is currently running at -2.4% though the gold-adjusted figure is -0.4%. Firmer by a handful of ticks but essentially contained with yields mixed and the curve flatter.
Gilts are following EGBs but magnitudes are much less pronounced. UK specifics light once again but the clock counts down to next week’s OBR update and before that a welfare reform announcement.
Crude
Crude is on a stronger footing today, with gains attributed to heightened geopolitical tensions after the US struck Houthi targets. Further for the region, the militant group said it would continue naval operations until the Gaza blockade is lifted and aid is let in. Brent’May currently sits at the upper end of a USD 70.68-71.80/bbl range.
European gas is lower, after optimistic updates from Trump over the weekend, where he said he would speak to Russian President Putin on Tuesday.
Precious metals are mixed, with spot gold firmer by around USD 7/oz, whilst silver is a little lower. The yellow-metal has slipped below the USD 3,000/oz mark, to currently trade at the upper end of USD 2,982.36-2,994.12/oz range; upside today has been facilitated by the aforementioned heightened geopolitical tensions.
Base metals are mixed, with the complex failing to materially benefit from the constructive Chinese activity data overnight, where Industrial Production printed above expectations but with Urban unemployment and House Prices remaining at subdued levels. 3M LME Copper is a little firmer today and trades within a USD 9,776.45-9,845.35/t range. Elsewhere, Trump reiterated his firm stance on tariffs, stating there would be no exemptions on steel and aluminium duties and confirming reciprocal and sectoral tariffs will be imposed on April 2nd.
Iraq agreed to double electricity imports from Turkey.
India’s February Gold imports at USD 2.3bln; February oil imports at USD 11.8bln
Geopolitics: Middle East
US President Trump ordered the US military to launch ‘decisive and powerful’ military action against Houthis in Yemen and told Iran to end support for Houthis immediately, while the Pentagon said US strikes against Houthis will last days or weeks., Furthermore, it was later reported that the death toll from the US attacks on Yemen reached 53.
US Defence Secretary Hegseth said the US campaign will be unrelenting, while he added that Iran has been enabling the Houthis far too long and they better back off.
US Secretary of State Rubio commented that the US military campaign in Yemen will go on until the Houthis no longer have the capability to strike ships and said there is no way Houthis would have the ability to attack shipping unless they had support from Iran.
US Secretary of State Rubio spoke with Russian Foreign Minister Lavrov on Saturday and told him about US operations against Houthis, while Lavrov stressed the need for an immediate cessation of the use of force against Yemen Houthis and said it is important for all parties to engage in political dialogue in order to find a solution that avoids further bloodshed, according to Reuters.
Yemen’s Houthis said naval operations will continue until the Gaza blockade is lifted and aid is let in, while the group said it targeted a US aircraft carrier with ballistic missiles and drones in the Red Sea but showed no proof, according to Reuters.
Iranian Revolutionary Guards top commander Salami said Tehran will respond decisively and destructively to any enemy taking threats into action and noted that Yemen’s Houthis take strategic and operational decisions on their own, according to state media.
Israeli air strike killed nine in Gaza amid ceasefire disputes. It was separately reported that the Israeli PM’s office said Israel will continue Gaza ceasefire talks in accordance with the US proposal for the immediate release of 11 living hostages and half of the dead. Furthermore, an Israeli delegation was in Egypt discussing hostages with senior Egyptian officials and PM Netanyahu moved to dismiss the head of the Shin Bet security service, according to the PM’s office cited by Reuters.
Syria’s military fired rockets and shells at Lebanon on Sunday after accusing Iran-backed Hezbollah of executing three Syrian army personnel, according to Bloomberg.
Geopolitics: Ukraine
Ukrainian President Zelensky said Ukraine’s partners must define a clear position on security guarantees and the path to peace must begin unconditionally, while he added there must be a foreign troop contingent based on Ukraine soil as part of a peacekeeping arrangement and the question of territory is complex and should be discussed later.
Russian Defence Ministry said Russia will demand Kyiv’s neutral status and NATO’s refusal to accept Ukraine in a peace treaty on Ukraine, while Russia opposes any troops in Ukraine as part of post-conflict guarantees, not just NATO troops. Furthermore, it was stated that the issue of unarmed observers as part of post-conflict international support for Ukraine may be discussed only once a peace treaty is worked out.
US President Trump said he will be speaking with Russia’s President Putin on Tuesday and may have something to announce on Ukraine-Russia talks by Tuesday. Trump added that land and power plants are the focus of talks toward a Russia-Ukraine deal and they are already talking about “dividing up certain assets” between the two sides.
US President Trump said it feels like Russia is going to make a deal with them and stated that they had pretty good news coming out of Russia. Trump also announced that General Kellogg was appointed as Special Envoy to Ukraine and will no longer be an envoy to Russia.
US envoy Witkoff said differences between Ukraine and Russia have narrowed and they had positive discussions with Russian President Putin, while Witkoff said he expects Trump and Putin to speak this week and that US negotiating teams will meet with Ukrainians this week and will also meet with Russians.
UK PM Starmer said following a meeting with world leaders that they reaffirmed commitment to Ukraine’s long-term security and agreed that Ukraine must be able to defend itself and deter future Russian aggression, while they agreed military planners would convene again in the UK this week to progress practical plans for how militaries can support Ukraine’s future security. Furthermore, Starmer said they will accelerate military support, tighten sanctions on Russia’s revenues and will continue to explore all lawful routes to ensure that Russia pays for the damage it has done to Ukraine, as well as commented that Putin’s response to the ceasefire proposal is not good enough.
Russia launched an air attack on Ukraine’s capital of Kyiv and the Russian Defence Ministry said its forces retook control of two settlements in Russia’s Kursk region.
Ukrainian drone attack targeted energy facilities in Russia’s Astrakhan region and sparked a fire, according to the regional governor.
Geopolitics: Other
Azerbaijan’s Defence Ministry said Armenian forces opened fire on Azeri positions on Sunday, while Armenia’s Defence Ministry said the statement by Azerbaijan does not correspond to reality.
North Korea said its nuclear forces will ‘exist forever’ and criticised G7 states for nuclear hegemony, while it will steadily update and strengthen its nuclear armed forces and said demand by G7 for North Korea to abandon nuclear weapons is a provocation. It was also reported that North Korea condemned the US deployment of additional stealth fighter jets to Japan, according to KCNA.
US Event Calendar
08:30: Feb. Retail Sales Advance MoM, est. 0.6%, prior -0.9%
08:30: Feb. Retail Sales Ex Auto MoM, est. 0.3%, prior -0.4%
08:30: Feb. Retail Sales Control Group, est. 0.3%, prior -0.8%
08:30: March Empire Manufacturing, est. -2.0, prior 5.7
10:00: Jan. Business Inventories, est. 0.3%, prior -0.2%
10:00: March NAHB Housing Market Index, est. 42, prior 42
DB’s Jim Reid concludes the overnight wrap
This morning we’ve launched our latest global market survey, which we’re doing on a quarterly basis now. We ask simple questions to tease out your thoughts on tariffs, whether your view on Germany has changed, your preference for US or European equities, whether the US equity correction is over just as it began, and a few other topical questions. We would very much appreciate all responses. They are all anonymous. We’ll publish the results later this week. The link to fill it in is here.
A reminder that late last week we launched our Deutsche Bank Research Institute (DBRI), a new offering designed to provide valuable insights for corporates, investors and policymakers navigating today’s complex and rapidly evolving global landscape. The Institute will connect the world to Europe and Europe to the world, across geopolitics, macroeconomics, technology, and the evolving corporate landscape. The new Institute website is here and is open to the public so you can share widely. It contains the inaugural “What Germany’s economy needs now” paper which outlines a series of necessary reforms which will demand a historic effort from the next government. Hopefully the huge fiscal stimulus package that will likely get approved this week (more later) will give them the opportunity to implement these reforms. See the English version here and the German here.
It’s a busy week for central bank watchers with decisions due from the Fed, the BoJ (both Wednesday) and the BoE (Thursday), amongst others. Economic data highlights include retail sales in the US (today), various US housing data, labour market stats in the UK (tomorrow) and inflation in Japan (Friday) and Canada (tomorrow). After we had the white smoke of a deal on Friday, the spotlight will be on the vote around the huge proposed fiscal expansion in Germany. The Bundestag and the Bundesrat are expected to hold votes tomorrow and Friday, respectively, before the new Bundestag sits from March 25. We’ll preview these below. Note that overnight Trump has said he’ll speak to Putin tomorrow so that’s another thing to watch
The full day by day week ahead is at the end as usual but let’s preview a few of the key events. Firstly, the Fed is widely expected to stay on hold on Wednesday. In their preview (see “March FOMC preview: Patience is a virtue amidst cross currents”), our economists still expect limited guidance about the policy path ahead given all the extreme uncertainty. The statement is likely to announce a pause in QT beginning in April, and we expect forward guidance indicating that QT is expected to resume once the debt ceiling is resolved and the liability composition of the balance sheet normalises. There are risks that a slowing is announced rather than a pause. Our economists also expect the SEP to maintain two rate cut dots this year but with an upward drift in individual dots that could push the median dot to one cut as a risk. The economic projections will likely show higher inflation, somewhat weaker growth, and an unchanged forecast for the unemployment rate this year. Last week’s inflation data looked softer on the surface but as our economists pointed out, they still point towards another strong core PCE print. Today’s retail sales will likely be the last piece of data influencing the Fed.
In terms of Germany, this week will be a landmark one with votes on the deal in the Bundestag tomorrow and the Bundesrat on Friday. With the deal agreed on Friday the bulk of the execution risk has been averted. Assuming it goes through, which must be now over 95% probability wise (on my crude guestimates), our economists believe this could lead to a fiscal stimulus of 3-4% of GDP by 2027 at the latest. So don’t underestimate how huge this package is. Our economists’ note here from Friday outlines the remaining risks both in terms of the vote and the constitutional court ruling around whether not enough time was provided to scrutinise the deal. However the legislation is covered by less than 20 pages of text, so we think the legal risk here is low. We also don’t think there is a large risk that the constitutional court rules against the legitimacy of this outgoing parliament given that most experts believe they have constitutional power until the last session. I still don’t think markets have fully caught up to how much of a game changer this will be for Germany over the next few years. Longer-term though our inaugural Institute paper suggests Germany should use this period to embark on significant structural reform. Hopefully the comfort of higher growth towards the latter part of this decade won’t reduce the likelihood of this.
Back to central banks, the BoJ is expected to keep rates steady and the current monetary policy framework maintained on Wednesday. See our economists’ preview of the meeting here. For the BoE, our UK economist expects the BoE to keep the Bank Rate unchanged at 4.5% (his full preview can be found here).
Asian equity markets have begun the week on the front foot after mixed China data but in anticipation of a domestic 30-point action plan to stimulate consumer spending and bolster stock and real estate markets. There is a press conference at 3pm local time (7am GMT so just after we go to print). As I check my screens, the KOSPI (+1.52%) is leading gains in the region with the Hang Seng (+1.07%), Nikkei (+1.20%), and the S&P/ASX 200 (+0.83%) also notably higher. Mainland Chinese stocks are more mixed with the CSI (-0.24%) lower but with the Shanghai Composite (+0.19%) edging higher. S&P 500 (-0.55%) and NASDAQ 100 (-0.59%) futures are slipping after the strong rally on Friday but are also being weighed down by an interview with Bessant over the weekend who suggested stock market corrections are normal and didn’t suggest the administration is going to shy away from what it would see as difficult but necessary changes to the economy.
Coming back to China, industrial output accelerated at a faster pace in the first two months of 2025, advancing +5.9% (v/s +5.3% expected) while retail sales rose by +4.0% in the January-February period from a year ago, against market expectations for a +3.8% y/y growth. Fixed asset investment rose by +4.1% on a year-to-date basis, beating the +3.2% growth estimated by Bloomberg. The unemployment rate rose to 5.4% in February (v/s +5.1% expected), the highest level in two years. Meanwhile, new home prices dipped -0.1% versus a month earlier after two months of relatively steady prices indicating that the nation’s property slump lingers despite the country’s latest efforts to prop up the market. Used-home prices dropped -0.34%, the same pace as the previous month, and fell -0.1% from January in top-tier cities. The market has moved on to focus on the announcement as we go to print.
Looking back at last week now and markets saw a fresh selloff as tariff uncertainty mounted and investors grew more cautious on the US outlook. That meant the S&P 500 fell -2.27% in what was also its 4th consecutive weekly loss. Moreover, if the index sees a 5th weekly decline this week, that would be the longest run of declines since the 2022 bear market. However, on Friday there was then a very sharp recovery, which saw the S&P 500 pare back its losses for the week to rise +2.13% on the day, marking its best daily performance since Trump’s election victory back in November. And there were other signs by the weekend that market volatility was easing, as the VIX index closed at 21.77pts, which was its lowest level since the start of March.
Nevertheless, that recovery on Friday wasn’t enough to save most assets from a significant slump, with US HY spreads (+30bps last week) posting their biggest move wider last week since the turmoil last summer. Those losses were echoed around the world, albeit to a lesser extent, and Europe’s STOXX 600 fell -1.22% (+1.14% Friday) in its worst week of 2025 so far. Notably, Friday even saw gold prices move above the $3,000/oz mark for the first time intraday, before closing slightly beneath that at $2,984/oz.
There were also big moves in European sovereign bond markets, as Germany’s CDU leader Friedrich Merz reached an agreement with the Greens on proposals to amend the constitutional debt brake to allow more borrowing. That meant yields continued to push higher in Europe, with those on ten-year bunds up +3.9bps last week (+2.1bps Friday) to 2.87%, whilst the French 10yr OAT yield was up +1.3bps (+1.0bps Friday) to 3.57%.
For US Treasuries, it was a more stable story, with the 10yr yield up +1.1bps last week (+4.4bps Friday) to 4.31% despite having traded as low as 4.15% early last Tuesday. Friday’s rise in yields came amid a significant jump in inflation expectations in the University of Michigan’s preliminary index for March. It showed 1yr expectations rising to +4.9% (vs. +4.3% expected), which is their highest since November 2022. And 5-10yr expectations also jumped up to a 32-year high of +3.9% (vs. +3.4% expected). In turn, that led investors to dial back their expectations for Fed rate cuts this year, with just 65bps priced in by the December meeting at the close, the fewest in over two weeks. The UoM survey continues to show extreme polarisation of inflation and economic views along party lines but the rise in expectations overall and from Independent voters is starting to be a concern.
2b European opening report
US equity futures are softer & Crude bid after Trump orders strikes in Yemen; US Retail Sales due – Newsquawk US Market Open
Monday, Mar 17, 2025 – 06:59 AM
US Senate voted 54-46 to pass the stopgap funding bill to keep the government funded through September 30th.
European bourses modestly firmer whilst US futures are in negative territory.
USD is a touch softer ahead of a risk-packed week; Antipodeans benefit from Chinese data and as China unveiled a plan to boost weak consumption.
EGBs bid with OATs leading after Fitch while Bunds await fiscal updates.
Gas deflates after US President Trump said he will speak with Russia’s President Putin on Tuesday and may have something to announce on Ukraine-Russia talks by Tuesday.
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TARIFFS/TRADE
US President Trump said he has no intention of creating exemptions on steel and aluminium tariffs, while he added that he will impose reciprocal and sectoral tariffs on April 2nd.
US Secretary of State Rubio said they will potentially engage in bilateral negotiations with countries on new trade arrangements once tariffs are imposed.
Canada’s Defence Minister said they are reconsidering F-35 purchases amid tensions with Washington and are having conversations with other fighter jet makers.
Companies urged in a joint letter to EU Commission President von der Leyen for “Buy European” policies in public procurement.
EUROPEAN TRADE
EQUITIES
European bourses (STOXX 600 +0.3%) opened mixed, and traded indecisively on either side of the unchanged mark; though sentiment gradually picked up as the morning progressed.
European sectors hold a positive bias, but with the breadth of the market fairly narrow. Energy takes the top spot, lifted by underlying strength in oil prices; the complex is buoyed by heightened geopolitical tensions after the US struck Houthi targets. On that, the militant group said it would continue naval operations until the Gaza blockade is lifted and aid is let in. Basic Resources benefits from the risk tone, and after constructive Chinese activity data overnight, with particular focus on the stronger-than-expected Industrial Production data.
US equity futures (ES -0.4%, NQ -0.4%, RTY -0.6%) are lower across the board, with slight underperformance in the RTY, giving back some of the significant strength seen on Wall Street on Friday.
Intel’s (INTC) new CEO plans to overhaul the chip design and manufacturing business, plans to restart AI efforts and produce chips at annual cadence as it looks at further cuts, Reuters reports.
USD net softer vs. peers in what has been a weekend lacking in incremental newsflow on the trade front aside from Trump reiterating that he has no intention of creating exemptions on steel and aluminum tariffs, adding that he will impose reciprocal and sectoral tariffs on April 2nd. Focus is also on the US government averting a shutdown. DXY is currently tucked within Friday’s 103.57-104.09 range, ahead of US Retail Sales.
EUR is steady vs. the USD and tucked within Friday’s 1.0830-1.0912 range. Incremental macro drivers over the weekend for the EZ are lacking and therefore markets are bracing for the outcome of tomorrow’s vote in the Bundestag on the German reform package. ECB’s de Guindos remarked that he believes inflation is converging on 2% and everything is going in the “right direction”. However, this provided little traction for the EUR.
GBP is a little firmer and trades within a 1.2926-58 range, in what has been a catalyst-thin session thus far, but has focus remains on Thursday’s BoE meeting.
JPY is a little lower and the marginal G10 underperformer today, partly thanks to slightly positive risk tone following constructive Chinese data which has lifted Antipodeans and European stocks. USD/JPY currently towards the mid-point of a 148.47-149.09 range.
Antipodeans continue to extend on the upside on Friday, with gains today facilitated by the constructive Chinese activity data and after China unveiled a special action plan to boost consumption.
PBoC set USD/CNY mid-point at 7.1688 vs exp. 7.2199 (Prev. 7.1738)
EGBs bid with OATs outperforming after Fitch left France’s rating alone on Friday. More broadly, benchmarks bid with yields weighed on by pressure in European gas benchmarks ahead of the Putin-Trump call. Action which has lifted OATs by over 70 ticks at best with Bunds not far behind.
Bunds also potentially acknowledge further complaints lodged with the Constitutional Court ahead of Tuesday’s Bundestag vote on fiscal reform, reform which Merz believes will pass though he acknowledges it will be close; firmer by over 50 ticks and just shy of the 128.00 mark.
USTs await US Retail Sales before the latest update to Atlanta Fed’s GDPnow tracker which is currently running at -2.4% though the gold-adjusted figure is -0.4%. Firmer by a handful of ticks but essentially contained with yields mixed and the curve flatter.
Gilts are following EGBs but magnitudes are much less pronounced. UK specifics light once again but the clock counts down to next week’s OBR update and before that a welfare reform announcement.
Crude is on a stronger footing today, with gains attributed to heightened geopolitical tensions after the US struck Houthi targets. Further for the region, the militant group said it would continue naval operations until the Gaza blockade is lifted and aid is let in. Brent’May currently sits at the upper end of a USD 70.68-71.80/bbl range.
European gas is lower, after optimistic updates from Trump over the weekend, where he said he would speak to Russian President Putin on Tuesday.
Precious metals are mixed, with spot gold firmer by around USD 7/oz, whilst silver is a little lower. The yellow-metal has slipped below the USD 3,000/oz mark, to currently trade at the upper end of USD 2,982.36-2,994.12/oz range; upside today has been facilitated by the aforementioned heightened geopolitical tensions.
Base metals are mixed, with the complex failing to materially benefit from the constructive Chinese activity data overnight, where Industrial Production printed above expectations but with Urban unemployment and House Prices remaining at subdued levels. 3M LME Copper is a little firmer today and trades within a USD 9,776.45-9,845.35/t range. Elsewhere, Trump reiterated his firm stance on tariffs, stating there would be no exemptions on steel and aluminium duties and confirming reciprocal and sectoral tariffs will be imposed on April 2nd.
Iraq agreed to double electricity imports from Turkey.
India’s February Gold imports at USD 2.3bln; February oil imports at USD 11.8bln
UK Rightmove House Prices MM (Mar) 1.1% (Prev. 0.5%); YY (Mar) 1.0% (Prev. 1.4%)
NOTABLE EUROPEAN HEADLINES
ECB’s de Guindos says that the administration of US President Trump has increased economic uncertainty due to tariff deregulation. Trade was is bad for the global economy. Effect of tariffs on inflation may be compensated by lower economic activity. Believes inflation is converging on 2% and everything is going in the “right direction”. Increased uncertainty has made the current situation more opaque compared to six months ago. Spain will need to spend 2.7% GDP on Defence in four years and raise its budget by EUR 6bln per year. Seeing a decrease in services inflation due to evolution of wages, should lead overall inflation to the 2% target.
UK Chancellor Reeves is to pledge to change the law to restrict merger investigations by the Competition and Markets Authority, according to FT.
Britain’s largest regulators will be given performance reviews by ministers and set targets for cutting red tape and growing the economy, according to The Times.
Moody’s raised Greece’s sovereign rating from Ba1 to Baa3; Outlook revised to Stable from Positive and affirmed Spain at A; Outlook Stable. It was also reported that Fitch affirmed France at AA-; Outlook Negative, affirmed Portugal at A-; Outlook Positive, and affirmed Poland at A-; Outlook Stable.
German Economy Ministry says economic weakness continues at the start of 2025 amid subdued domestic/foreign demand and increased uncertainty.
German Ifo institute has lowered their economic forecasts to 0.2% for 2025 and 0.8% in 2026.
NOTABLE US HEADLINES
OECD Economic Outlook, Interim Report March 2025; cuts global growth outlook – cites trade tensions
US Senate voted 54-46 to pass the stopgap funding bill to keep the government funded through September 30th, while President Trump signed the budget appropriations bill into law.
US President Trump’s administration was reportedly considering a new travel ban that would impact 43 countries, with a draft plan developed by the State Department several weeks ago.
US Treasury Secretary Bessent said he’s not worried about the recent downturn that’s wiped trillions of dollars from the equities market, while he stated that markets will do great over the long term if they put good tax policy in place, deregulation and energy security, according to NBC’s Meet The Press.
US President Trump invoked the Alien Enemies Act against Tren De Aragua which he declared is attempting and threatening invasion against the US, while he said any Venezuelans aged 14 or older who are TDA members and not US citizens or lawful permanent residents are liable to be “apprehended, secured and removed as alien enemies”.
GEOPOLITICS
MIDDLE EAST
US President Trump ordered the US military to launch ‘decisive and powerful’ military action against Houthis in Yemen and told Iran to end support for Houthis immediately, while the Pentagon said US strikes against Houthis will last days or weeks., Furthermore, it was later reported that the death toll from the US attacks on Yemen reached 53.
US Defence Secretary Hegseth said the US campaign will be unrelenting, while he added that Iran has been enabling the Houthis far too long and they better back off.
US Secretary of State Rubio commented that the US military campaign in Yemen will go on until the Houthis no longer have the capability to strike ships and said there is no way Houthis would have the ability to attack shipping unless they had support from Iran.
US Secretary of State Rubio spoke with Russian Foreign Minister Lavrov on Saturday and told him about US operations against Houthis, while Lavrov stressed the need for an immediate cessation of the use of force against Yemen Houthis and said it is important for all parties to engage in political dialogue in order to find a solution that avoids further bloodshed, according to Reuters.
Yemen’s Houthis said naval operations will continue until the Gaza blockade is lifted and aid is let in, while the group said it targeted a US aircraft carrier with ballistic missiles and drones in the Red Sea but showed no proof, according to Reuters.
Iranian Revolutionary Guards top commander Salami said Tehran will respond decisively and destructively to any enemy taking threats into action and noted that Yemen’s Houthis take strategic and operational decisions on their own, according to state media.
Israeli air strike killed nine in Gaza amid ceasefire disputes. It was separately reported that the Israeli PM’s office said Israel will continue Gaza ceasefire talks in accordance with the US proposal for the immediate release of 11 living hostages and half of the dead. Furthermore, an Israeli delegation was in Egypt discussing hostages with senior Egyptian officials and PM Netanyahu moved to dismiss the head of the Shin Bet security service, according to the PM’s office cited by Reuters.
Syria’s military fired rockets and shells at Lebanon on Sunday after accusing Iran-backed Hezbollah of executing three Syrian army personnel, according to Bloomberg.
RUSSIA-UKRAINE
Ukrainian President Zelensky said Ukraine’s partners must define a clear position on security guarantees and the path to peace must begin unconditionally, while he added there must be a foreign troop contingent based on Ukraine soil as part of a peacekeeping arrangement and the question of territory is complex and should be discussed later.
Russian Defence Ministry said Russia will demand Kyiv’s neutral status and NATO’s refusal to accept Ukraine in a peace treaty on Ukraine, while Russia opposes any troops in Ukraine as part of post-conflict guarantees, not just NATO troops. Furthermore, it was stated that the issue of unarmed observers as part of post-conflict international support for Ukraine may be discussed only once a peace treaty is worked out.
US President Trump said he will be speaking with Russia’s President Putin on Tuesday and may have something to announce on Ukraine-Russia talks by Tuesday. Trump added that land and power plants are the focus of talks toward a Russia-Ukraine deal and they are already talking about “dividing up certain assets” between the two sides.
US President Trump said it feels like Russia is going to make a deal with them and stated that they had pretty good news coming out of Russia. Trump also announced that General Kellogg was appointed as Special Envoy to Ukraine and will no longer be an envoy to Russia.
US envoy Witkoff said differences between Ukraine and Russia have narrowed and they had positive discussions with Russian President Putin, while Witkoff said he expects Trump and Putin to speak this week and that US negotiating teams will meet with Ukrainians this week and will also meet with Russians.
UK PM Starmer said following a meeting with world leaders that they reaffirmed commitment to Ukraine’s long-term security and agreed that Ukraine must be able to defend itself and deter future Russian aggression, while they agreed military planners would convene again in the UK this week to progress practical plans for how militaries can support Ukraine’s future security. Furthermore, Starmer said they will accelerate military support, tighten sanctions on Russia’s revenues and will continue to explore all lawful routes to ensure that Russia pays for the damage it has done to Ukraine, as well as commented that Putin’s response to the ceasefire proposal is not good enough.
Russia launched an air attack on Ukraine’s capital of Kyiv and the Russian Defence Ministry said its forces retook control of two settlements in Russia’s Kursk region.
Ukrainian drone attack targeted energy facilities in Russia’s Astrakhan region and sparked a fire, according to the regional governor.
OTHER
Azerbaijan’s Defence Ministry said Armenian forces opened fire on Azeri positions on Sunday, while Armenia’s Defence Ministry said the statement by Azerbaijan does not correspond to reality.
North Korea said its nuclear forces will ‘exist forever’ and criticised G7 states for nuclear hegemony, while it will steadily update and strengthen its nuclear armed forces and said demand by G7 for North Korea to abandon nuclear weapons is a provocation. It was also reported that North Korea condemned the US deployment of additional stealth fighter jets to Japan, according to KCNA.
CRYPTO
Bitcoin and Ethereum are a little lower, with the former holding around USD 83.5k.
APAC TRADE
APAC stocks began the week on the front foot following last Friday’s resurgence on Wall St and amid encouraging Chinese activity data but with gains capped owing to geopolitical tensions after the US conducted strikes on Yemen’s Houthis and with participants awaiting this week’s central bank decisions.
ASX 200 gained with the advances led by notable strength in the commodity-related sectors and following encouraging data from Australia’s largest trading partner.
Nikkei 225 climbed at the open despite the lack of obvious catalysts, while Japan’s largest labour union anticipates an average 5.46% wage increase this year which would surpass 5% for the second consecutive year and would be the highest in 34 years but is still below the union’s 6.09% pay increase demand.
Hang Seng and Shanghai Comp were positive with sentiment underpinned following recent support pledges and after encouraging Chinese activity data in which Industrial Production topped forecasts and Retail Sales matched estimates. However, gains in the mainland were limited as data also showed an increase in Urban Unemployment and House Prices remained in deep contraction territory.
NOTABLE ASIA-PAC HEADLINES
China’s State Planner Vice Chair says consumption is improving, though consumer confidence remains weak.
PBoC detailed measures to improve the quality and efficiency of financial services and will grow the financial ecosystem that supports tech innovation, while state media reported that China should choose the right timing and strength for monetary easing.
China’s State Council released a special action plan to boost domestic consumption which includes measures to increase residents’ income, pensions and wages, as well as establishing a childcare subsidy scheme and increasing revenue from land reform including rural areas.
China’s NDRC said it is to encourage foreign investment in technology and manufacturing with the state planner to release an expanded list of industries it seeks to attract foreign investment in.
China’s stats bureau spokesperson said China’s economy remains resilient but achieving the 2025 growth target will not be easy and the external environment is becoming more complex and severe. The spokesperson added that China’s property market faces some pressures, despite signs of stabilising but they expect China’s consumer prices to improve further and expect Q1 economic operations to be steady. Furthermore, it was stated that macroeconomic policies will provide more support for the economy and the employment situation remains largely stable with the rise in the February jobless rate still within normal ranges.
PBoC says Official says it will use policy tools such as reserve requirement ratio and relending and discount facilities.
Dozens of foreign CEOs set to attend Beijing’s CDF business summit this month; some expected to meet President Xi, according to Reuters sources.
CAICT says shipments of phones within China are down 14.3% Y/Y in January. Shipments of foreign-branded phones, such as Apple (AAPL) -20.6% Y/Y.
DATA RECAP
Chinese Industrial Production YY (Feb) 5.9% vs. Exp. 5.3% (Prev. 6.2%)
Chinese Retail Sales YY (Feb) 4.0% vs. Exp. 4.0% (Prev. 3.7%)
Chinese Unemployment Rate Urban Area (Feb) 5.4% (Prev. 5.1%)
Chinese China House Prices MM (Feb) -0.1% (Prev. 0.0%); YY (Feb) -4.8% (Prev. -5.0%)
2c) Asia open report
3 .ASIA
3A NORTH KOREA/SOUTH KOREA
3BJAPAN
3C. CHINA/
4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
ITALY
Italy Could Be Forced To Grant Citizenship To 2.5 Million Foreigners After June Referendum
Italy will hold a referendum on June 8-9 to decide whether to halve the waiting period for foreigners applying for Italian nationality, the government announced on Thursday.
If approved, the reform would reduce the required residency period to five years, potentially granting citizenship to around 2.5 million foreign nationals.
The referendum was triggered after opposition parties and pro-migrant organizations, including Oxfam Italia, collected more than 500,000 signatures last September, meeting the legal threshold for a public vote.
Despite strong opposition from the ruling Brothers of Italy (FdI) party, led by Prime Minister Giorgia Meloni, the government was obligated to set a date for the vote after a ruling from the Constitutional Court in January approved its admissibility.
Currently, foreigners must reside in Italy for at least 10 years before applying for citizenship through naturalization. Children born in Italy to foreign parents are also unable to obtain citizenship until they turn 18.
Proponents of the reform argue that the existing system is restrictive and out of step with other European countries such as Germany, the U.K., Spain, and Portugal, where the naturalization process typically takes five years.
In France, naturalization is permitted after two to five years, depending on individual circumstances.
The proposal has sparked a heated debate within the Italian government. Prime Minister Meloni, who came to power in 2022 on an anti-migration platform, has consistently opposed changes to the nationality law, calling the 10-year requirement “an appropriate length of time for nationality.”
Deputy Prime Minister Matteo Salvini, leader of the co-governing League Party, shares this stance.
However, the issue has created tensions within the governing coalition. Antonio Tajani, leader of the center-right Forza Italia party and also a deputy prime minister, suggested an alternative proposal last year to grant Italian nationality to children who have completed a continuous 10-year education in the national school system, rather than waiting until they turn 18. However, this idea was never formalized into legislation.
Reviewing the proposal earlier this year, Italy’s top court noted that the change would only affect the required residency period for foreign nationals to apply. Other conditions for naturalization, including a minimum B1 level in Italian, continuous and legal residency in the country, and the absence of a criminal record, will still apply.
For the proposal to pass, voter turnout must exceed 50 percent +1 of the Italian electorate and be supported by a simple majority.
Proponents of the change had called for the vote to be held on the same day as administrative elections on May 25-26 to ensure greater turnout. However, the government had the power to choose to hold the vote on another day.
“We had requested that there be a combination with the first round of the administrative elections and the referendum on May 25-26. Obviously, the road is now,” noted Riccardo Magi, spokesperson for the Citizenship Referendum Committee.
He added the work starts now to rally students and those more likely to support the bill to register to vote. “We have just over 80 days to break the wall of silence. Students must know that they must register and must communicate 35 days before the date of the vote their desire to vote not in the place where they are resident but in the place where they are domiciled.”
Tensions are rising between Paris and Algiers. The current diplomatic crisis, described by analysts as the most serious since Algeria’s independence in 1962, raises the risk of a rupture in bilateral relations between France and its former North African colony.
The current quarrel was triggered in July 2024 by French President Emmanuel Macron’s support for Morocco’s claims of sovereignty over Western Sahara. The resource-rich territory, considered by the UN as “non-autonomous”, is controlled for the most part by Morocco but claimed by the Polisario Front, a Sahrawi independence movement supported by Algeria. The move infuriated Algiers, which announced the “withdrawal with immediate effect” of its ambassador to France.
Relations have deteriorated ever since, first with the incarceration of French-Algerian writer Boualem Sansal in Algiers in mid-November, who was accused of having undermined the integrity of Algerian territory in statements made to a far-right media outlet in France.
This was followed by the January arrests of Algerian influencers in France accused of calling for violence, and compounded by Algiers blocking the deportation of its nationals from France.
In early March, the situation worsened after a knife attack, which injured three police officers and cost the life of a passerby in Mulhouse in eastern France, by an Algerian whom the French authorities had tried to deport back to his country 14 times in vain.
Following the attack, French Prime Minister François Bayrou set an ultimatum. He gave Algiers “one month to six weeks” to accept the readmission of its nationals staying illegally in France who had been handed deportation orders. Otherwise, the head of government threatened, Algeria would expose itself to “a graduated response”.
This could range from the calling into question of visa-free travel for Algerian diplomats to the termination of the 1968 bilateral agreement which grants, according to Paris, “considerable advantages” to Algerians in terms of entry and residence in France.
‘Back to the time of the colonies’
France also accuses Algeria of blacklisting French companies bidding for public contracts, replacing French with English in primary education, reintroducing a stanza that calls out France by name in its national anthem and blocking cooperation in matters of security.
At the helm of the recent escalation is French Interior Minister Bruno Retailleau, who advocates for a very firm approach to the fight against immigration. Since taking office in September, he has made numerous hostile statements against Algeria as well as calls to toughen the “balance of power” on issues that divide the two countries.
“Should France bow its head?” Retailleau said after the Mulhouse attack. “No pain in history gives a license to offend France,” he added, in reference to the 132-year-old colonial era, the memory of which is still a great source of tension.
For historian Benjamin Stora, a leading specialist in French colonization and the Algerian war of independence, the current crisis reflects a persistence of the memory problem linked to this difficult past. “In France at the moment there is an obsession with Algeria, with a kind of daily repetition of grievances,” he told Middle East Eye.
According to him, this “terrible obsession”, fueled both by political leaders and media outlets close to the far right, “summons a kind of colonial unconscious”.
The notion implies that the people who experienced colonization – whether colonizers or colonized – have internalized the power relations typical of the colonial period. As if Algeria were still a French colony and should submit to the dictates of Paris. Stora’s opinion is widely shared in Algeria.
Former Algerian diplomat and minister of culture and communication, Abdelaziz Rahabi, declared that some have “the feeling that we are back to the time of the colonies”.
In February, Algerian President Abdelmadjid Tebboune denounced the “deleterious climate” between the two countries and urged his French counterpart to “make his voice heard” to end the conflict.
Macron was slow to react, pulling his ministers back into line two weeks ago and hammering home his desire to “engage in a demanding and respectful dialogue” with Algiers. But no tangible improvement has been seen since. Before Paris’ shift on Western Sahara, the two heads of state got along rather well.
The French president made a spectacular rapprochement with Algiers during an official visit in the summer of 2022, which was marked by an all-out restart of the bilateral relationship and the launch of a joint commission of historians to work on the difficult memorial issue.
The first French head of state to be born after Algeria’s independence, Macron had earlier made an impression in February 2017 when, as a presidential candidate, he described colonisation as a “crime against humanity”.
Electoral instrumentalization
In Algeria, the crisis is seen essentially as the result of the rightward shift of the French political class, which has favoured antagonistic positions towards the North African country. The Algerian authorities accuse extremist currents in France of mistreating bilateral relations to satisfy electoral issues.
In a press release published following the February 25 announcement by Paris of measures restricting access to France for some Algerian dignitaries, Algiers denounced the role of the right and far right in French-Algerian relations.
“Algeria has clearly become the subject of intra-French political quarrels where all self-serving low blows are allowed in the context of a competition in which the far right is the instigator, the point of contact and the ordering institution,” the foreign ministry communique stated.
Many observers in both countries also explain this latest crisis as linked to French domestic politics. “It is here, at the heart of purely electoral issues, that the balance of power around the Algerian issue is being exercised,” Zoheir Rouis, vice president of the Algerian centre-left party Jil Jadid, told MEE.
“This issue is the hostage of an internal electioneering campaign in view of the next presidential election which will take place in three years,” he said.
According to Rouis, the French interior minister seeks to woo the far right’s electoral stronghold by exploiting its hostility to the former North African colony.
The far-right National Rally (RN), which is currently the leading political party in terms of seats in the French parliament, accuses Retailleau of not doing enough to confront Algeria and limiting himself to ineffective statements. Retailleau replied that the RN saw him as a competitor who could deprive the party of its electoral base. “A collapse of the French political class has brought to the forefront a host of people without imagination or plans, who defend extremist ideas in an attempt to exist,” Rouis told MEE.
‘Incalculable consequences’
According to Farida Souiah, professor of social sciences at a business school in the city of Lyon, this instrumentalisation of the current crisis is at the root of its seriousness. “There have been tensions since the 1970s, particularly after Algeria’s nationalisation of hydrocarbons, but what is special today is the duration and accumulation of episodes of crisis since July 2024,” she told MEE.
While the Algerian leadership is accused of using the crisis to distract from internal problems and strengthen national cohesion, “in France, migration issues are seen as useful for winning the vote of the right and the far right,” Souiah said. To this end, many untruths are told on the subject, she added.
“We talk a lot about the non-implementation of OQTFs [obligation to leave French territory, or deportation orders] but we don’t say that Algerians represent one of the first nationalities to be effectively removed from France.”
According to a French interior ministry report, Algerians were at the top of the list of people deported from France in 2024, with 2,999 deportations carried out, an increase of more than 17 percent compared to 2023. Moreover, according to Souiah, the 1968 agreements are brandished by the right and the far right as a concession to Algeria while various amendments introduced since their signing have greatly weakened them.
In a column in Le Monde newspaper in January, Hocine Zeghbib, honorary lecturer in public law, explained that this treaty, established after Algeria’s independence to facilitate the movement of people between the two countries, has not had much impact on Algerian immigration to France, especially after the end of labour immigration in the 1970s and the implementation of a visa policy a decade later.
For Souiah, beyond the migration issue, it is the persistence of the memorial dispute over colonisation that explains why French-Algerian relations are so complicated. “In Algeria, the relationship with France is placed in a national narrative that has a very strong rhetoric on the issue of [French] interference,” she said.
And the North African country is not in the habit of yielding to “coups de force” or ultimatums imposed by the former colonial power, she added. With each side sticking to their guns, the breakdown of relations is a very likely possibility, according to observers.
The press release from the Ministry of Foreign Affairs in Algiers warned of “incalculable consequences on the Algerian-French relationship in all its dimensions”. France has arguably the most to lose, for several reasons.
First of all is energy. Along with Italy, Spain and Germany, the country is one of the largest buyers of Algerian gas.
The repercussions could also be economic, as around 450 French companies are established in Algeria, which is the second largest African market for French exports. The costs could be lower for Algeria, which has worked in recent years to diversify its economic partners.
On the security front, Algeria is an important partner for France in sharing intelligence and combating instability in the Sahel region in Africa, where the rise of armed groups linked to the Islamic State group is worrying experts.
The deterioration in bilateral relations has also already seriously affected the work of memorial reconciliation between the two countries. Stora, who issued around 30 recommendations to make progress on this issue in 2021 in a report commissioned by Macron, is concerned about the repercussions of the current spat in this field.
“After five meetings, the historians’ commission has frozen its work,” he told MEE. The rupture could also have a heavy human cost, particularly due to a possible renegotiation or termination of the 1968 migration deal, the historian stressed. “Hundreds of thousands of people who have ties on both sides of the Mediterranean risk being impacted by the crisis,” Stora said.
On Friday, a group of dual nationals, including public figures, wrote an op-ed in Le Monde warning that in French public debate a discourse is developing that “normalises the idea that some French people must constantly prove their belonging, while others are the natural guardians of it.
“The controversies surrounding immigration, secularism and national identity constantly remind us that our presence is disturbing, that our names, our faces, our traditions are perceived as cracks in the country’s unity.”
end
GERMANY
Bund Yields Slide As AfD Attempts Last-Ditch Effort To Block Germany’s Massive War-Spending Debt Package
Monday, Mar 17, 2025 – 10:05 AM
None other than the far-right, nazi-saluting, goose-stepping advocates for freedom and secure borders – the AfD party – are the last thing standing between Germany’s so-called’ coalition of the status quo voting tomorrow for a massive debt package to fund its warmongering (and save the economy).
With one day left, the Alternative for Germany party has challenged the vote at the constitutional court, arguing the Bundestag had not given time for outside experts to scrutinize plans that lifted the euro and shares last week.
As Reuters reports, Independent lawmaker Joana Cotar also said she had filed a complaint in order to thwart Tuesday’s vote in parliament, while three lawmakers from the pro-business Free Democrats (FDP) also plan petitions.
“The federal government has so far been unable to answer very simple and fundamental questions on this,” FDP finance expert Florian Toncar told dpa.
The parliamentary budget committee approved the plans on Sunday.
The measures have already survived earlier legal challenges last week from the AfD and the Left party., but this time yields are sliding a little – perhaps signaling there’s a chance AfD succeeds…
Merz cannot afford many defectors on Tuesday as his conservatives, SPD and Greens are set to clear the two thirds majority needed to pass constitutional amendments with just 30 votes to spare.
The urgency comes from a blend of taking advantage of a crisis of commitment from Trump to save Europeans at any cost and the ongoing collapse of the German economy…
“The German economy is stuck,” said Timo Wollmershaeuser, head of Ifo’s economic forecasts.
“Despite a resurgence in purchasing power, consumer sentiment remains subdued, and companies are also reluctant to invest.”
The OECD cut its 2025 German growth forecast to 0.4% from 0.7% while the economy ministry in its monthly report flagged high levels of domestic and foreign policy uncertainty.
The ministry did, however, talk up the prospect of a “stabilising effect” if Merz’s plans succeeded.
“Stabilizing” is one word for hyperinflationary debt hell we guess…
5 RUSSIAN AND MIDDLE EASTERN AFFAIRS
ISRAEL HAMAS///
IDF strikes drone operators in Gaza’s Beit Lahiya, at least nine killed
The Israeli military fired at two Palestinians who were “operating a drone that posed a threat to IDF troops,” it said.
The IDF confirmed it struck targets who posed a threat to soldiers in Gaza’s northern Beit Lahiya town, as Hamas-affiliated medics told Reuters at least nine Palestinians were killed, reportedly including two local journalists.
The Israeli military fired at two Palestinians who were “operating a drone that posed a threat to IDF troops,” it said.
Several were critically injured as the strike hit a car, with casualties inside and outside the vehicle, the medics added. The IDF said that a number of Palestinians collected the drone operating equipment and entered a vehicle, prompting Israeli forces to fire.Top ArticlesRead More
IDF’s social media ban is way overdue
Witnesses and fellow journalists said the people in the car were on a mission for a charity called Al-Khair Foundation in Beit Lahiya, and they were accompanied by journalists and photographers when the strike hit them.
IDF soldiers in northern Gaza Strip conducting operation in the area of the Indonesian Hospital, where a Hamas launch site was located. (credit: IDF SPOKESMAN’S UNIT)
Shaky ceasefire proceedings
The incident coincided with a visit by Hamas’s exiled Gaza chief, Khalil Al-Hayya, to Cairo for further ceasefire talks aimed at resolving disputes with Israel that could risk a resumption of fighting in the enclave.
On Friday, Hamas said it had agreed to free an American-Israeli dual national if Israel begins the next phase of ceasefire talks towards a permanent end to the war, an offer Israel dismissed as “psychological warfare.”
Hamas said it had made the offer to release New Jersey native Edan Alexander, after receiving a proposal from mediators for negotiations on the second phase of a ceasefire deal.
ISRAEL HAMAS///
Hamas official to Al Jazeera: Israel demanded 11 living hostages for ceasefire continuation
The Israeli government voted to shut down the Qatari outlet in the country in May of last year.
Israel demanded that Hamas return 11 live hostages, including American hostage Edan Alexander, as well as the remains of 16 captives, in exchange for a continuation of the Gaza ceasefire, a Hamas official told Qatari-state media Al Jazeera on Friday.
The unidentified source also told the Qatari-owned outlet that the annex that Hamas submitted would amend the January 17 ceasefire and would not begin the second phase of negotiations.
The annex that Hamas submitted reportedly included a number of demands, including a complete Israeli withdrawal from Philadelphi; continued rehabilitation efforts for Gazan infrastructure in areas including communications, electricity, water, sanitation, and roads; more humanitarian aid to the enclave, including the continued operation of UN agencies; and a pause on all military activities in the Gaza Strip.
The source said that Hamas had linked its agreement to extend the ceasefire with the release of American-Israeli hostage Edan Alexander alongside the bodies of four other dual-national hostages. After Alexander and the unidentified hostages’ remains were given back, Israel would release a number of Palestinian prisoners yet to be wholly agreed upon.
The Al Jazeera report claims that Israel is willing to release 120 prisoners serving life sentences, 1,110 prisoners that were arrested in Gaza during the course of the Israel-Hamas War, and the remains of 160 prisoners from Gaza in exchange for the Israeli hostages.
אלג'זירה מפי מקור בחמאס: ישראל דורשת תמורת הפסקת האש לקבל לידיה 11 חטופים חיים, בהם עידן אלכסנדר, ו-16 חטופים חללים; בתמורה היא מוכנה לשחרר 110 אסירי עולם ו-1,100 מחבלים שנעצרו במהלך הלחימה בעזה @JackyHugi
The Israeli government voted to shut down the Qatari outlet in the country in May of last year, while the Palestinian Authority had frozen all activity of the Qatari state-run news source only at the beginning of this year, in a decision made by a specialized ministerial committee composed of the Palestinian Authority’s Culture, Interior, and Communications ministries.
Israel Police raid the Al Jazeera offices in east Jerusalem on May 5, 2024 (credit: Chaim Goldberg/Flash90)
Al Jazeera’s shutdown by the PA was condemned by Hamas, which claimed that the shutdown was a “blatant violation of press freedom and a repressive act aimed at silencing voices.”
Al Jazeera accused of incitement of clashes in Jenin
Al Jazeera’s shutdown in the West Bank was announced earlier this year. Fatah also accused the controversial news source of incitement amid the clashes between the Palestinian Authority security forces and terrorist factions in the West Bank city of Jenin.
Regarding the status of hostage Edan Alexander, Israel previously accused Hamas of deviating from the US proposal for a ceasefire extension after they announced their plans to release the Israeli-American hostage.
Sam Halpern, Amichai Stein, and Sarah Moskowitz contributed to this report.
ISRAEL HAMAS///
Witkoff warns time is not on Hamas’s side as terror org. makes impractical demands
The US government proposed extending the Gaza ceasefire beyond Ramadan and Passover, and warned Hamas that time is running out.
Hostage deal negotiators (L) Israeli Strategic Affairs Minister Ron Dermer and (R) Middle East envoy Steve Witkoff.(photo credit: shutterstock/Photo Drive, Flash90/Yonatan Sindel, REUTERS/Evelyn Hockstein/Pool/File Photo)
US special envoy to the Middle East Steve Witkoff dismissed on Friday Hamas’s claim that it would release Israeli-American hostage Edan Alexander in addition to the remains of four other American hostages.
In a joint Friday statement with the US National Security Council, Witkoff warned that the organization could no longer play for time with a ceasefire and hostage deal.
“Unfortunately, Hamas has chosen to respond by publicly claiming flexibility while privately making demands that are entirely impractical without a permanent ceasefire,” the statement read.Top ArticlesRead More
“Hamas is making a very bad bet that time is on its side. It is not. Hamas is well aware of the deadline, and should know that we will respond accordingly if that deadline passes.”
The mother of Israeli hostage Edan Alexander hugs an organizer at a pro-Israel rally, nearly one year after Hamas’ October 7, 2023 attack in southern Israel, in the Manhattan borough of New York City, US October 6, 2024. (credit: REUTERS/Stephani Spindel)
What is the ‘bridge’ plan?
The United States proposed a “bridge” plan to extend the ceasefire in Gaza into April beyond Ramadan and Passover and allow time to negotiate a permanent cessation of hostilities, the White House said.
The Jerusalem Post previously reported that Witkoff presented the updated proposal in Doha on Wednesday. A source involved in the negotiations said that the proposal discussed by Witkoff included the release of five living hostages and several deceased hostages in exchange for extending the ceasefire in Gaza for a few weeks.
As such, Hamas’s proposal is markedly different from the US’s “bridge” proposal. The Prime Minister’s Office noted on Friday that Hamas “continues to enact manipulations and psychological terror” on hostages and their families and that the terrorist organization “refuses to budge a millimeter” in negotiations.
The US’s Friday statement noted the differences between the proposals.
“Through our Qatari and Egyptian partners, Hamas was told in no uncertain terms that this ‘bridge’ would have to be implemented soon — and that dual US-Israeli citizen Edan Alexander would have to be released immediately,” it added.
An Israeli official also told the Post that Hamas’s intention to release only hostages with American citizenships is “manipulation intended to sabotage the negotiations…Hamas has not changed its position, despite American efforts, and despite our efforts to make concessions.”
The Hostages and Missing Families Forum said that it would welcome the return of any hostage, dead or alive.
“The return of any number of hostages must only be the beginning of an immediate and comprehensive deal to secure the release of all hostages,” the forum stated.
The forum stated that the Trump administration’s commitment to bringing all the hostages home has given them hope “during this darkest of times.”
Additionally, the forum went on to attack the Prime Minister’s office for waiting to hold a cabinet meeting until after Shabbat ends on Saturday evening.
“The hostage families apologize for interrupting your Shabbat, but their loved ones do not have time to wait,” the fourm statement read. “24 more hours in captivity amount to 24 more hours of torture and torment, and 24 hours of risking their deaths.”
ISRAEL LEBANON
BREAKING NEWS
IDF targets Hezbollah terrorist in southern Lebanon town
The IDF targeted a Hezbollah operators involved in “terrorist activity” in the vicinity of Kafr Kila, southern Lebanon, the Israeli military said.
end
ISRAEL SYRIA
SYRIA
New Post-Assad Syrian Constitution Enshrines Islamic Sharia Law
Friday, Mar 14, 2025 – 10:10 PM
For decades Syria was ruled by the Assad family and the secular Ba’ath party, which generally allowed for a high degree of religious freedom for non-Muslims like Christians, Druze, and dissident Muslim sects such as the Alawites.
But this quasi-secular public order collapsed literally overnight with the December 8 ouster of Bashar al-Assad, which saw him flee the country for safe-haven in Moscow.
The hardline Sunni Islamist Hayat Tahrir al-Sham (HTS) took over Syria, with the backing of external powers like NATO-member Turkey, and likely backing of Western countries such as the United States.
On Wednesday HTS leader and self-declared President Ahmed al-Sharaa (formerly Abu Mohammad al-Jolani: his ISIS/AQ name) signed a new declaration of an interim constitution.
A committee of HTS appointees produced it (or at least a partial draft) in a committee, and it clearly makes Islamic or Sharia Law the new law of the land.
The constitution for the first time in Syria’s history recognizes Islamic Law as the main source of jurisprudence. Previously the Assad government only recognized Islamic law as a source, or one of many sources.
The Assad family is of course from the Alawite sect, and thus operated in such a way that ensured protections for all non-Sunni religious minorities. But these protections have clearly now been stripped, amid an ongoing massacre targeting mainly Alawites in Syria’s coastal regions where thousands have died.
Under Assad, Christians especially lived their faith very publicly – which included parades in the streets in major cities during holidays like Christmas and Easter. The feast day of St. George was also often accompanied by public celebrations in various Christian towns.
But now, Christians are living in fear – and any church festivals have been either canceled altogether or at least greatly subdued. There have lately been reports that in Damascus HTS militants have roamed restaurants and cafes, chastising and abusing Christians for eating and drinking during the Muslim Ramadan fast.
Syrian HTS regime forces are burning down forests in the Latakia province to smoke out Alawites hiding from the genocide, which has killed thousands in the last week. Islamist forces have been instructed to turn in their mobile phones to stop details of the ghastly massacre being shared with the world. The self-appointed Syrian “President” al-Jolani claims he will investigate his own forces behind the killings.
While Syrian President Ahmad al-Sharaa, whose terrorist name is Abu Mohammed al-Jolani, claimed he would form an investigation committee to investigate his own killers, the massacres continue.
A HTS terrorist poses as he steps on the body of an Alawite woman in the village of Harisun on the Syrian coast after killing her entire family.
One day these photos will be featured in a story about the genocide of Alawites and Christians on the Syrian coast. But first, the… pic.twitter.com/YmEEyMQWXs
Al-Jolani’s Foreign Minister Asaad Hassan al-Shaibani is expected in Brussels Monday at a donor conference to rake in more taxpayer money for the brutal regime. The EU has already promised €235 million to Syria for 2025, plus €50 million from Germany, €65 million from Switzerland and £61 million from the UK.
On Thursday, al-Jolani declared himself “temporary” President for 5 years and approved a new “temporary” Syrian constitution that will place the country under Islamist rule, Arutz Sheva reported, including the requirement that the head of state must be a Muslim and that Shariah law serve as the primary basis for legislation.
Abu Mohammad al-Jolani joined Al-Qaida in Iraq 2003 where he sent car-bombs to Shia neighborhoods in order to start a civil war. He was too radical even for the head of Al-Qaida, Abu Musab al-Zarqawi. He wound up in a CIA-operated prison in Iraq with Abu Bakr al Baghdadi until 2011, with whom he went on to form ISIS. Al-Jolani become the leader of the al-Qaida offshoot in Syria, al-Nusra front, when it was taken over by ISIS 2013.
The Jolani regime’s Hay’at Tahrir al-Sham forced an elderly Alawite man to kiss their shoes before torturing and killing him, highlighting the sectarian brutality at the heart of the conflict. #Syriapic.twitter.com/aWfiV5MoEP
Syrian YouTuber Treka reported that “1500 Alawite and Christian Syrians (were) slaughtered in northern Syria by the new government (HTS). They are burning villages, attacking churches, and shooting anyone who is not Muslim.”
Other casualty estimates were much higher. Greek European Parliament member Nikolas Farantouris, who visited Damascus on 8-9 March, reported 7,000 dead, as Greek City Times reports.
Many Alawites were forced to flee their villages from the genocide and hid in the forests of Latakia province. Videos over the weekend showed HTS militias starting forest fires to smoke out the refugees.
The London-based Syrian Observatory of Human Rights reported that “members affiliated with the Ministry of Defence set fires in Latakia countryside. This has led to massive wildfires spreading across vast areas, consuming forests, lands and both public and private properties. These fires threaten the lives of civilians who have fled their homes to forested areas in an attempt to escape systematic execution operations against them.”
Video footage obtained by the Syrian Observatory for Human Rights shows members of the Ministry of Defence filming themselves setting fires in a village in Al-Qahtaniyah countryside.
According to SOHR sources, the fires have spread extensively along the mountains in Al-Qardahah countryside, devouring forests and lands while thick columns of smoke rise to cover the sky over the region. “This poses a serious threat to the environment, agricultural crops and the lives of civilians,” SOHR wrote.
HTS members burn a car just because its owner is Alawite, then gloat over it.
— SyriaAlert | StopAlawiteGenocide (@SyriaAlert) March 12, 2025
Pamela Geller keeps receiving e-mails from the scene of the genocide:
“Since 5 pm today until now, 12 am Damascus time, March 13th, fires have consumed the forests in Latakia and Tartous. After killing the Alawites, the Islamic jihadists set fire to the forests to burn their homes. People contacted the ruling authority, and their response was that the Alawites must be burned and exterminated.
(They are) Burning the forests around the village of Al-Qardaha in the city of Latakia to force civilian people out of the forests in order to be found and killed.
A new video has emerged of members of the Syrian government’s General Security running over bodies with a Toyota Prado, license plate 50010, in the Damascus countryside. At least three people were on board, on a street in the Al-Qusour neighborhood of Baniyas.
The extremist terrorist groups affiliated with Al-Julani have confiscated the phones of 400 of their own members in 17 areas of the Syrian coast because they had documented their crimes. They took these phones to hide evidence and the truth.
Moreover, the Syrian coast is now suffering from hunger. We are besieged, and no one can leave for other areas because they will kill us for being Alawites.
We are being exterminated. We are starving to death. Please intervene urgently.
Civilians are being brutally beaten and taken to unknown locations, where their fate is almost certainly death. The fear and suffering in our communities are unimaginable. Innocent people are disappearing, and their voices are being silenced forever.
— د. بسام علي Dr. Bassam Ali (@DrBassamAli1) March 9, 2025
Geller shared several videos of the horrific violence against Alawites on Gellerreport.com, which are too graphic to share here, including Islamist militias cutting out a man’s heart and running over corpses with a pickup truck.
— د. بسام علي Dr. Bassam Ali (@DrBassamAli1) March 9, 2025
Another e-mail appeal from Syria read:
I’m XXXXXX from Syria, Latakia and this is the second email I send to you, those terrorists established checkpoints around the city and ask anyone who crosses them whether he’s Alawite or sunni, I had to cross one yesterday when I was trying to find drinking water for my family and our relatives who left their home to escape certain death, they asked mr for ID card then asked me the question I mentioned above, I told them the truth that I’m Alawite as there’s no point in lying to them because they know who’s Alawite from their accent.
This is ethnic cleansing, If the world doesn’t think it is the whole world is responsible for the deaths of innocent alawites, those monsters claim that they are looking for remnants of the Assad regime while they are terrorizing the entire Alawite community, killing them and burning their homes, many Alawite villages were burned by them and the Syrian Observatory of Human Rights has documented every crime committed against humanity by Al Jolani and his terrorist regime, even if the world doesn’t care about us you must know that when he’s done killing us, innocent civilians in Europe and the United States are probably next on his list, I hope that The free world can do something before we all pay the price of letting a jihadist and formed Al Qaeda affiliate who probably celebrated when innocent people died in 9/11 control an entire nation and finally establish a caliphate that he and his Jihadist followers had dreamed of for years.
We have faith in you all, save our community before it’s destroyed like the Yezidis.
end
HEZBOLLAH (IN LEBANON) VS SYRIA
Hezbollah has crossed the border in Lebanon into Syria murdering many Muslims supporting the new regime
(JerusalemPost)
HOUTHIS/USA
‘Message to Iran’: US launches large-scale strikes on Houthis in Yemen, officials confirm
US official to ‘Post’: Strike on Houthis a message to Iran • US President Donald Trump: Houthis, your time is up, hell will rain down upon you
By JERUSALEM POST STAFF, REUTERS MARCH 15, 2025 19:55 Updated: MARCH 16, 2025 00:58
The United States struck Houthi targets in Yemen on Saturday evening in a message to Iran, at a time when the administration is proposing to open negotiations on its nuclear program, a US official told The Jerusalem Post.
The strikes will last “days, possible weeks” an official told Reuters.
At least nine were killed and nine injured in the strikes, a spokesperson for the Houthi-run health ministry said on X.
The air and naval strikes hit the Houthis’ radars, air defenses, and missile and drone systems, The New York Times reported.
US President Donald Trump wrote on his Truth Social account that “today, I have ordered the United States military to launch decisive and powerful military action against the Houthi terrorists in Yemen. They have waged an unrelenting campaign of piracy, violence, and terrorism against American, and other, ships, aircraft, and drones.”Trump also slammed his predecessor, former president Joe Biden, for his “pathetically weak” handling of the Houthi threat.
Smoke rises from the site of Israeli air strikes at the port of Hodeidah, in Hodeidah, Yemen July 21, 2024. (credit: REUTERS/STRINGER)
“Funded by Iran, the Houthi thugs have fired missiles at US aircraft, and targeted our troops and allies. These relentless assaults have cost the US and world economy many billions of dollars while, at the same time, putting innocent lives at risk,” the president stressed.
“The Houthi attack on American vessels will not be tolerated,” Trump wrote. “We will use overwhelming lethal force until we have achieved our objective. The Houthis have choked off shipping in one of the most important waterways of the world, grinding vast swaths of global commerce to a halt, and attacking the core principle of freedom of navigation upon which international trade and commerce depends.”
Donald Trump: Houthis, your time is up, starting today
The president concluded the post with a message to the Houthis and to Iran.
“To all Houthi terrorists, YOUR TIME IS UP, AND YOUR ATTACKS MUST STOP, STARTING TODAY. IF THEY DON’T, HELL WILL RAIN DOWN UPON YOU LIKE NOTHING YOU HAVE EVER SEEN BEFORE!” he wrote. “To Iran: Support for the Houthi terrorists must end IMMEDIATELY! Do NOT threaten the American people, their president, who has received one of the largest mandates in presidential history, or worldwide shipping lanes. If you do, BEWARE, because America will hold you fully accountable and, we won’t be nice about it!”
The strike’s goal is to open international shipping lanes in the Red Sea, which have been disrupted by the Houthis.Houthi-run Al Masirah TV previously said on Saturday that an attack targeted the Yemeni capital Sana’a, without providing further details.
The Iran-backed Houthi terror group paused attacks on Israel, which it began in support of Hamas, during the Israel-Hamas ceasefire. However, the Houthis announced last week that they would recommence attacks in response to Israel’s blockade on aid in Gaza.
END
US strikes Houthis for second time, IDF prepares to return to fighting
Israel to continue hostage talks • IAF strikes terrorist cell in the Beit Lahiya
Trump Orders New Large Scale Strikes On Iran-Backed Houthis In Yemen
Saturday, Mar 15, 2025 – 10:45 PM
Days ago Yemen’s Houthis announced they are resuming attacks on Red Sea shipping over Israel’s failure to fully open humanitarian aid corridors into the Gaza Strip.
But President Trump has responded preemptively by on Saturday ordering a series of new airstrikes on Yemen’s capital, Sanaa. The US commander-in-chief was warned he’ll continuing using “overwhelming lethal force” until the Iranian-backed Houthi completely halt their attacks.
The Houthis, known officially as the Ansar Allah movement, said that 15 people died in an updated figure, as a result of Saturday’s wave of US airstrikes.
Huge explosions were heard and witnessed in the capital in the northern province of Saada. Black smoke was seen over the Sanaa airport complex, which reportedly also hosts a very large military site.
“Our brave Warfighters are right now carrying out aerial attacks on the terrorists’ bases, leaders, and missile defenses to protect American shipping, air, and naval assets, and to restore Navigational Freedom,” Trump had continued in a post on Truth Social.
“No terrorist force will stop American commercial and naval vessels from freely sailing the Waterways of the World.”
He used to opportunity to also put Iran on notice, saying it will be held “fully accountable” for any aggression of its proxy in Yemen.
Ansar Allah’s leader last just Friday had declared a four-day deadline before attacks on shipping would resume. That four day timeline had ended by close of Tuesday, which means the Red Sea could be soon fiery scene of drone and missile attacks out of Yemen once again.
Since 2023 over 100 missile and drone attacks on commercial vessels have occurred in the Red Sea and the Gulf of Aden. The Houthis have also downed several MQ-9 Reaper drones operated by the Pentagon.
CENTCOM Forces Launch Large Scale Operation Against Iran-Backed Houthis in Yemen
On March 15, U.S. Central Command initiated a series of operations consisting of precision strikes against Iran-backed Houthi targets across Yemen to defend American interests, deter enemies, and… pic.twitter.com/u5yx8WneoG
A US-led naval coalition which began under the Biden administration has been able to do nothing in terms of putting a dent in Houthi capabilities, even after several bombing raids on Yemen, also at times including Israeli and UK jets. The pattern has been that the Houthis have only upped their attacks after US and Israeli coalition raids.
END
HOUTHIS/IRAN/USA/
IRGC Vows ‘Decisive’ Response To Any Threat After Trump Bombs Yemen Twice
Monday, Mar 17, 2025 – 01:00 PM
Iran has responded to weekend warnings and threats issued by US President Donald Trump, who ordered two waves of weekend airstrikes against its proxy in Yemen, the Houthis (Ansarallah).
The commander of Iran’s Islamic Revolutionary Guard Corps (IRGC), Maj. Gen. Hossein Salami, vowed Sunday that Iran would respond “decisively” to any threat or act of aggression from the United States. “Iran will never be the initiator of war, but in the event of a threat, the response will be firm, decisive, and conclusive,” Salami was quoted in Iran’s PressTV as saying.
Washington has for years assumed that every action from the Houthis has Iran’s hidden hand behind it. But the IRGC’s Salami rejected that notion, saying that the Ansarallah movement acts independently.
“The president of the United States has once again attributed the operations carried out by Yemen’s Ansar Allah to Iran and has warned the Iranian people to stop their support for the resistance group,” he said of Trump’s recent words. “Iran openly and clearly accepts responsibility for any actions it takes, when and where they occur,” he said.
“We are not a nation that operates under the cloak of secrecy; rather, we are a legitimate and globally recognized entity,” the IRGC general added. “When we undertake any military action or lend our support, we will declare it openly and unequivocally.”
The United States’ Saturday strike on Yemen not only resulted in possibly dozens of civilian deaths, but a reported over 100 injured, as President Trump vowed to “use overwhelming lethal force” while warning Iran to “immediately” cut its support.
“Your time is up, and your attacks must stop, starting today. If they don’t, hell will rain down upon you like nothing you have ever seen before,” the president had said on Truth Social.
“No terrorist force will stop American commercial and naval vessels from freely sailing the Waterways of the World.” That’s when he had put Iran on notice, saying it will be held “fully accountable” for any aggression of its proxy in Yemen.
On Sunday, the Houthis declared said they launched 18 missiles and a drone at the “aircraft carrier USS Harry Truman and its accompanying warships” in the Red Sea. They followed by saying a second salvo was launched, but the Pentagon said nothing came close to hitting US warships, and any threat was intercepted.
The Islamic Republic has long been suspected of being the supplier of sophisticated ballistic missiles and drones with long ranges to the Houthis. This especially ramped up in the wake of the 2015 war involving the Saudi-UAE-US coalition bombing campaign over Yemen, which lasted half-a-decade or more. Some of these Iran-made ballistic missiles and drones have hit Saudi oil facilities in past years.
Regarding US activity in Yemen: I recently said to watch for a new military engagement to compensate for the pull back in Ukraine. The Military Industrial Complex demands about $50 billion a year from our government, above and beyond what’s necessary to defend our own country. https://t.co/uoMjYIi2Xg
Below is some fresh commentary from AntiWar.com’s Dave DeCamp…
I get why people who don’t know much about the situation in Yemen might think it’s a good idea to bomb the Houthis to secure shipping lanes. Here are a few reasons why it’s a bad idea:
The Houthis (Ansar Allah) are incredibly resilient and have survived much worse than just a bombing campaign (US-backed Saudi/UAE war from 2015-2022)
Previous airstrikes against them only escalated their attacks and led to a bigger disruption of shipping
The Houthis aren’t pirates; they’re enforcing a blockade in response to Israel’s blockade on Gaza – After the Gaza ceasefire deal was reached, the Houthis stopped their attacks
The Houthis haven’t actually restarted attacks; they only announced they would be re-inforcing the blockade on Israeli shipping in response to Israel violating the ceasefire deal
DeCamp concludes with, “The US could have kept the situation in the Red Sea calm by forcing Israel to fully implement the Gaza ceasefire deal. This could have been done by leveraging military aid, but instead Trump chose to pour gasoline on the situation.”
IRAQ/USA
Senior ISIS Leader Killed By US-Led Joint Forces Strike In Iraq
A key leader of the ISIS terror group has been killed in a joint operation in Iraq.
Abdallah Maki Mosleh al-Rifai, also known as Abu Khadija, was deputy caliph for ISIS and “one of the most dangerous terrorists in Iraq and the world,” according to a statement by Iraqi Prime Minister Mohammed Shia al-Sudani.
“The Iraqis continue their remarkable victories over the forces of darkness and terrorism,” al-Sudani wrote on social media platform X.
Al-Rifai was killed in an airstrike in Anbar Province in western Iraq on March 15, conducted jointly by Iraqi national intelligence and U.S.-led coalition forces.
President Donald Trump heralded the strike on his Truth Social media platform as an example of his “peace through strength” foreign policy platform.
“Today the fugitive leader of ISIS in Iraq was killed,” Trump wrote on Friday. “He was relentlessly hunted down by our intrepid warfighters … in coordination with the Iraqi Government and the Kurdish Regional Government.”
The strike is the third major blow to ISIS in recent months, following U.S.-led strikes against senior ISIS leaders and attack planners in Somalia in February and Syria in December 2024.
ISIS, which controlled vast swaths of Iraq and Syria in 2015 and 2016, shifted to an insurgency strategy after losing much of its territory there and quickly expanded in both size and influence throughout much of northern and central Africa.
The group remains an influential player among the many Islamist terror networks that have proliferated throughout the Middle East and Africa in the absence of stable governments.
Civil leadership in Iraq is concerned about a possible resurgence of the group in the Middle East due to uncertainties about Syria’s new government and the withdrawal of U.S. forces from the region.
The United States and Iraq announced an agreement last year to wind down the military mission in Iraq of an American-led coalition to fight ISIS, with U.S. forces scheduled to begin departing Iraq by September of this year following more than two decades of operations in the country.
At the time the agreement was made, Iraqi leadership expressed confidence it could root out the remaining ISIS cells without U.S. assistance.
Since then, however, the rapid fall of the Assad regime in neighboring Syria and uncertainties over Syria’s future have led to renewed concerns about the possible spread of extremist groups in the region.
Though Syria’s new leadership, led by terrorist group Hayat Tahrir al-Sham, has pursued ISIS cells since taking power, there are widespread concerns that a breakdown in the overall security of Syria could allow the group to stage a resurgence.
Further, the news of al-Rifai’s killing on Friday coincided with a visit to Iraq by Syria’s new top diplomat to Iraq, who pledged to work with Iraq and the United States to continue combating ISIS.
Syrian interim Foreign Minister Asaad Hassan al-Shibani focused on the historic ties between the two countries, noting their respective roles throughout history in shaping Arab and Islamic culture and economy.
Strengthening the partnership between the two countries, he said, would “contribute to the stability of the region, making us less dependent on external powers and better able to determine our own destiny.”
Iraqi Foreign Minister Fouad Hussein likewise said at a news conference that ISIS was one of the “common challenges facing Syrian and Iraqi society,” and that the two nations would continue to work together to monitor and stamp out ISIS movements along the border.
Hussein added that a new operations room formed by Iraq, Jordan, Lebanon, Syria, and Turkey would seek to confront ISIS, thereby transferring responsibility for the matter from a coalition led by the United States to one led by regional powers.
U.S. Health and Human Services Secretary Robert F. Kennedy Jr. advised against providing vaccines to poultry amid a bird flu outbreak that has caused a steep increase in egg prices in recent months.
In an interview with Fox News on March 11, Kennedy said his primary concern with providing shots to egg-laying chickens is that the vaccine doesn’t provide complete protection against avian influenza.
“All of my agencies advise against vaccination of birds because if you vaccinate with a leaky vaccine—in other words, a vaccine that does not provide sterilizing immunity, that does not absolutely protect against the disease—you turn those flocks into mutation factories,” he said in the interview.
It is “much more likely” to jump to other animals at that point, Kennedy said, adding that officials with the Centers for Disease Control and Prevention, National Institutes of Health, and Food and Drug Administration advised against vaccinating birds.
“It’s dangerous for human beings to vaccinate the birds,” he said.
Since an outbreak of bird flu in the United States started in 2022, millions of egg-laying hens have been culled to prevent the spread of the virus. Egg prices have skyrocketed as a result, increasing to $4.95 per dozen on average in January 2025, according to recent data.
“We’ve killed 166 million chickens. That’s why we have an egg crisis,” Kennedy told Fox’s Sean Hannity, adding that bird flu is not transmissible via eggs or food.
“Most of our scientists are against the culling operation. They think that we should be testing therapeutics on those flocks. They should isolate. You should let the disease go with them and identify the birds that survive, which are the birds that probably have a genetic inclination for immunity.”
The price for a dozen had consistently been about $2 for decades before the disease struck. The U.S. Department of Agriculture (USDA) said recently that it expects egg prices to rise by 41 percent in 2025.
But the USDA reported last week that egg shortages are easing and wholesale prices are dropping, which might provide relief on the retail side before this year’s late Easter, which is three weeks later than last year’s. It said there had been no major bird flu outbreak for two weeks.
“Shoppers have begun to see shell egg offerings … becoming more reliable although retail price levels have yet to adjust and remain off-putting to many,” the agency wrote in a March 7 report.
As for bird flu spreading to people, the CDC has said the risk to the public remains low.
“There is no known person-to-person spread at this time,” the CDC said in its most recent update on the virus, dated March 10.
So far, 70 people have taken ill with avian influenza, and one has died. Officials in Louisiana in December 2024 confirmed the death of a person older than 65 who had preexisting health issues.
The Trump administration has unveiled a plan to combat bird flu, including a $500 million investment to help farmers bolster biosecurity measures, $400 million in additional aid for farmers whose flocks have been affected by avian flu, and $100 million to research and potentially develop vaccines and therapeutics for U.S. chicken flocks, among other measures.
The Associated Press contributed to this report.
MARK CRISPIN MILLER
DR PAUL ALEXANDER
Fwd: AI generated CRUDE back of the envelope analysis of risk of childhood vaccines looking at adverse effect risk from…
imperfect as Sharyl Attkisson reminds us, but gives us a clue, a signal given this important question; “serious risks from vaccinating are 60 times higher than serious risks from disease today”
Excellent scholarship by Sharyl Attkisson, a hat tip and it underscores that childhood vaccines now become a risk-benefit decision for parents. Parents must decide the good to ‘their child’ versus societal good.
Key AI generated finding: “serious risks from vaccinating are 60 times higher than serious risks from disease today. Milder risks from vaccinating are 14 times higher. Why?”
Alexander News Network (ANN): Trump’s War 2.0 for America is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
‘Imagine you’re a parent considering the CDC’s vaccine schedule: 43 shots with somewhere around 63 doses of vaccine your child is supposed to get by age 18—measles, flu, Covid, the works. You’ve heard the pitch: vaccines save lives, protect the herd, keep diseases in check. But you may naturally wonder: What’s the actual risk to my kid from all these shots when compared to the diseases they’re meant to stop?
Here’s the catch—no one’s ever put out a full, public breakdown of those cumulative odds, assuming vaccines even work as advertised. (Spoiler: they don’t always—Covid shots don’t stop infection or spread, some vaccinated people still catch measles, mumps, and flu today, and all of the last cases of polio in the US were caused by the vaccine.)
Enter Grok, an AI from xAI, which I asked to crunch the numbers. Grok is imperfect, and yet it can still provide us a window and the best idea we, as outsiders, can get to arrive at ballpark numbers and some insight into a vexing controversy.
The results?
On paper, using publicly available data from the Center for Disease Control (CDC) and other sources, vaccinating looks way riskier for your kid than skipping the shots in 2025. There are caveats, but I’ll examine this conclusion step by step, and explain why, when parents raise eyebrows, it’s not just unfounded conspiracy talk.
An obvious note to add here is that the numbers are so shockingly clear, this article will doubtlessly inspire immediate fake “fact checks” and effort to censor, launched by the usual suspects. The propagandists will crunch different odds and figures, and try to poke holes in this analysis to make it sound as though this is a complete misinterpretation. Debunked. Conspiracy Theory.
For example, they would doubtlessly rather utilize calculations that incorporate worst case scenario numbers from decades past when diseases were at their height, without taking into account a disease’s natural ebb and flow. They would rather look at disease toll from a time when there were fewer medical advancements to prevent disease spread and serious illness. And— fair enough on this one— they would prefer to use calculations that look at disease risk in the distant past when nobody was vaccinated, rather than look at the risk today with most people vaccinated. I’ll address that in this article.
In any event, I offer this simply for your own analysis and consideration, to add to the body of knowledge.
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MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
7.OIL AND NATURAL GAS ISSUES/GLOBAL/ENERGY/
Full Circle: Qatar To Supply Natural Gas To Syria Via Arab Pipeline
Monday, Mar 17, 2025 – 02:45 AM
Almost exactly 12 year ago, we explained that the sequence of events that would define the face of the middle east, and spark one of the bloodiest conflicts in the region in ages, namely the relentless proxy war seeking control over Syria, was prompted by nothing more than access to commodities in general, and a Qatari gas pipeline passing through Syria and onward to Europe in particular.
And so, the war that saw the birth and death (and eventual subsequent rebirth) of ISIS, the emergence of countless CIA-funded Al Qaeda spinoffs, and ultimately the fall of the Assad regime, has gone full circle, because as Reuters reports, Qatar – the country whose massive natural gas deposits started it all – is set to provide Syria with gas via Jordan, ostensibly to “improve the nation’s meagre electricity supply” and also to boost Syria’s new Al-Qaeda rulers.
The move, which is being spun as “the most significant tangible support for the new administration in Damascus by Qatar, one of the region’s sternest opponents of the now-deposed Bashar al-Assad and strongest backers of the rebels-turned rulers who replaced him“, is really just the first step in gas pipeline access from Qatar to Europe.
What is just as interesting is that according to the report, unnamed U.S. officials were quoted saying “the gas deal had a nod of approval from President Donald Trump’s administration without saying how this was communicated.” Which is strange because Trump has been very eager to use US LNG exports to Europe to further balance the US trade deficit with the continent.
Qatar’s state news agency said an agreement had been signed between Qatar’s development fund and Jordan’s energy ministry to provide Damascus with “an approved supply of natural gas” via Jordan to help address Syria’s electricity shortage, without mentioning Syria’s new rulers or Washington. Qatar’s fund will provide Jordan’s energy ministry with a grant to supply Syria with the gas, the fund told Reuters.
Jordanian energy minister Saleh al-Kharabsheh told Jordan’s state news agency the initiative would be fully funded by Qatar’s fund.
The gas will be received at Jordan’s Red Sea port of Aqaba and pumped to Syria via the Arab Gas Pipeline, Jordanian energy minister al-Kharabsheh said. A segment of the pipeline runs from Aquaba north across Jordan to Syria. It is shown in the map below.
This initiative, far from predicated by Qatari concern about the welfare – or electricity needs – of Syria’s new Al-Qaeda leader, Ahmad al-Sharaa who was formerly head of the Hayat Tahrir al-Sham terrorist group, is merely the first step to reincarnating Qatar’s ambitions to provide Europe via a yet to be constructed gas pipeline while using Syria’s puppet regime as a smokescreen….
… to allow transit of Qatar’s copious and cheap gas deposits located in the North Field, the largest natural gas field in the world, which for years has been in desperate need of clients.
The gas – in the current iteration – would be transferred from Jordan via a pipeline to the Deir Ali power plant in southern Syria. The move will initially boost the Deir Ali power plant’s output by 400 megawatts per day, an amount that would “gradually increase”, according to the Qatari fund’s statement. Estimates of Syria’s recent power capacity range up to around 4,000 MW.
The U.S. green light and efforts to encourage a deal between Kurdish forces in Syria’s north and Damascus suggest the US remains actively engaged in Syria, despite Washington moving more cautiously than European states to ease sanctions.
Ever since the latest US-backed coup in Syria late last year (not to be confused with the US-backed coup in Ukraine), the country has been suffering from severe power shortages, with state-supplied electricity available just two or three hours a day in most areas. Damage to the electricity grid means that generating or supplying more power is only part of the problem.
Damascus used to receive the bulk of its oil for power generation from Iran, but supplies have been cut off since the terrorist Islamist cell of Hayat Tahrir al-Sham led the ouster of Tehran-allied former president Assad in December, and was installed as the new ruler of Syria with western blessings.
The interim government has pledged to quickly ramp up power supply, partly by importing electricity from Jordan and using floating power barges that have yet to arrive.
Jordan has reportedly received U.S. approval to move forward with the supply of up to 250 MW of electricity during non-peak hours. However, Syria still needs to make fixes to its electricity grid and solve other technical issues before the supply, expected at around 250 megawatts during non-peak hours, can begin, the sources said.
“The internal network in Syria is not yet ready to receive this and needs a significant amount of work. Additionally, some matters are still unclear about financing of the agreement,” said Ibrahim Seif, a former Jordanian minister of energy and mineral resources.
A Western diplomat briefed on the Qatari gas plan said it came as part of an effort by Doha to follow up political backing from Gulf Arab states including Saudi Arabia and Qatar with tangible help to support Syria’s new rulers.
“They are very keen to finally give something, even if it won’t make a huge difference,” the diplomat said, while not saying that Qatar’s leaders are far more interested in taking the project to its next stage, where Northern Field gas will be directly transported by Syria via pipeline, and from there move on to Turkey and onward, to Europe.
Gulf backing has largely not been matched by official, tangible assistance due to U.S. sanctions on Syria, despite a waiver issued in January that allowed for some transactions, including on energy. But the exemption did not remove any sanctions, and states and entities looking to engage with Syria have sought additional guarantees.
Reuters reported last month that Qatar was holding off providing Syria’s new rulers with funds to increase public sector pay due to uncertainty over whether the transfers would breach U.S. sanctions.
end
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//
CANADA
Canada and the Brookfield connection to China’s powerhouse officials. Pay close attention to the Cambone interview of Sam Cooper as he tells how Vancouver Canada is the hub for the manufacture of Fentanyl precusors. This is why Trump is extremely angry with Canada
a must view….
Brookfield’s Deep Ties To Chinese Land, Loans & Green Deals
A review of corporate documents reveals that Brookfield—the influential $900 billion Canadian investment fund from which Liberal Prime Minister-to-be Mark Carney stepped away from in order to replace Justin Trudeau as Canada’s leader—maintains over $3 billion in politically sensitive investments with Chinese state-linked real estate and energy companies, along with a substantial offshore banking presence. One of its major real estate ventures, a $750 million entry into high-end Shanghai commercial property in 2013, involved a Hong Kong tycoon affiliated with the Chinese People’s Political Consultative Conference (CPPCC)—which the CIA labels a central “united front” entity of Beijing.
The investment occurred while China’s real estate bubble was peaking. Last year, as China’s market crashed, and vacancies soared in Shanghai, Brookfield under Carney secured hundreds of millions of dollars in loans from the Bank of China to refinance its Shanghai commercial land holdings. According to The Bureau’s research, this emergency loan came a decade after Carney, serving as Governor of the Bank of England, aided Beijing by facilitating the Bank of China’s expansion of its global financial footprint. In his 2013 speech, UK at the Heart of Renewed Globalisation, Carney announced that “The Bank of England [has] signed an agreement with the People’s Bank of China … Helping the internationalisation of the Renminbi is a global good.”
While Brookfield had already amassed well over three billion dollars in estimated investments and managed assets in China before Carney took the helm in 2020, research indicates that he played a role in expanding the firm’s footprint there. This included refinancing its 2019 acquisition of Shanghai commercial real estate—initially valued at approximately CAD $2 billion at the peak of China’s real estate bubble—though its actual worth was likely significantly lower when Brookfield secured nearly $300 million at four percent interest from the Bank of China last year.
Given that his history of deep investment in China—if not his holdings, reportedly now placed in a blind trust—could potentially color Carney’s plans for Canada, these developments are especially notable as a trade war between the United States and Beijing escalates.
Carney and his cabinet members will be sworn in at 11 a.m. this morning at Rideau Hall, the Governor General’s official residence. The timing of Carney’s appointment as prime minister adds urgency to ongoing questions about potential conflicts of interest, with matters further complicated by reports that his first international meeting will be with European leaders next week—who are themselves grappling with sweeping tariffs imposed by the Trump Administration.
Brookfield’s substantial investments in China—directly or indirectly involving state-linked entities—include hundreds of millions in renewable energy assets acquired through TerraForm Global in 2017, a $750 million real estate stake in China Xintiandi since 2013, a 2019 Shanghai land purchase valued at approximately $2 billion, a $100 million joint venture with GLP for solar projects launched in 2018, and reported plans to raise hundreds of millions more in both real estate and China green sector investments.
In 2013, the year Xi Jinping became president, Brookfield made its first major foray into China’s real estate sector, investing up to $750 million for a 22% stake in China Xintiandi, a subsidiary of Hong Kong-listed developer Shui On Land. “The cornerstone investment in China Xintiandi gives Brookfield access to high-quality assets in Shanghai while creating opportunities for future growth through asset acquisitions and strategic partnerships,” Bill Powell, Brookfield’s Australasian chief executive, said in a press release. “China is a key market in Brookfield’s long-term growth strategy, and partnering with Shui On Land to invest in China Xintiandi is an ideal entry point for us.”
Although Shui On Land is not state-owned, it operates within China’s tightly regulated urban redevelopment sector. One of Brookfield’s primary real estate partners in the region is Vincent Lo, Shui On Land’s principal, who previously served as a member of the Chinese People’s Political Consultative Conference (CPPCC)—an advisory body that ostensibly includes diverse political parties and organizations but ultimately operates under Chinese Communist Party leadership.
Its members, especially high-profile business leaders, often support policy objectives aligned with the central government’s agenda. Lo’s decades of membership in the CPPCC highlights his proximity to Beijing and adds important context to any business dealings he undertakes—such as those with Brookfield.
For example, in a 2024 interview with China Daily, Lo made his position on Chinese Communist rule in Hong Kong clear: “I think a lot of people don’t really understand what ‘one country, two systems’ is, until after a lot of disruptive demonstrations in Hong Kong that really made us realize we are under one country,” he told the Communist Party–controlled news outlet.
Further illuminating sensitive questions that geopolitical analysts might consider regarding Brookfield’s partnership with such investors, the China Daily interviewer asked:
“Vincent, since you mentioned that our motherland has improved and matured, understanding what the world is all about—does that diminish Hong Kong’s role in any way?”
“No, [Hong Kong is] more so [important] because right now, for example, the US and its close allies are all trying to contain China’s growth,” Lo answered. “And so Hong Kong as a special administrative region, we have a special sort of angle to handle this situation. Because I don’t believe multinational corporations can ignore the China market.”
According to China Daily, Vincent Lo served as a director of Hang Seng Bank in 2010 alongside Cheng Yu-tung, a prominent Hong Kong tycoon and member of the Chinese People’s Political Consultative Conference. Documents show Cheng was involved in Macau casino holdings through a consortium of Hong Kong investors, including Stanley Ho—an association that drew scrutiny from U.S. and Canadian law enforcement and intelligence. Authorities were particularly concerned about Cheng’s dealings with individuals suspected by New Jersey gaming regulators of engaging in illicit activities within Macau’s private VIP gaming rooms. [Cheng Yu-tung also had reported dealings with Donald Trump, before Trump ran for office in the United States.]
During his tenure as Governor of the Bank of England from 2013 to 2020, Carney deepened financial ties between the UK and China, most notably with his ‘money swap deal’ with China’s central bank, letting each country borrow the other’s cash—up to £21 billion. Carney said it could lead to a yuan-trading hub in London. This pact made it easier for businesses to use China’s money worldwide, boosting Beijing’s goal to rival the U.S. dollar.
In March 2024, as Brookfield’s chair, Mark Carney was among a select group of Western executives who met with President Xi Jinping in Beijing—an event The Telegram described as part of a “charm offensive” amid Beijing’s efforts to stabilize its economy.
Then, 11 years after strengthening ties between London and Beijing through the Bank of China agreement, Carney returned to Beijing in October 2024—just a month after joining Liberal Prime Minister Justin Trudeau’s economic task force. During this visit, he held meetings with senior Chinese officials, including a private session with Beijing Mayor Yin Yong.
The following month, as reported by Bloomberg on November 5, 2024, Brookfield secured a $276 million loan from the Bank of China—underscoring Carney and the firm’s deep financial connections to the People’s Republic.
According to Bloomberg’s anonymous sources, the Canadian asset manager faced a looming offshore senior loan of approximately $700 million due by year-end. The loan was originally used to finance Brookfield’s 2019 acquisition of a Shanghai office tower complex from Greenland Hong Kong Holdings Ltd.—a CAD 2-billion transaction that ranked among the largest commercial property purchases by a foreign firm in China. Bloomberg reported that the Bank of China loan carried an annual interest rate of around 4%.
“Talks are unfolding against the backdrop of a severe real estate slump in China, where rising supply and a slowing economy have pushed office vacancy in some prime Shanghai districts to 21.5 percent, the highest level in two decades,” Bloomberg noted.
That a state-owned bank provided this financing amid China’s plunging real estate market suggests the Bank of China extended a critical financial lifeline to Brookfield during a period of acute economic stress. While not classified as an investment, the loan underscores Brookfield’s politically sensitive ties to Beijing’s main bank—helping to sustain its multibillion-dollar real estate footprint in China under Carney’s leadership.
In 2017, Brookfield invested $750 million to acquire TerraForm Global, a renewable power company originally spun out of SunEdison, an American solar power company that filed for bankruptcy in 2016. TerraForm’s portfolio included 952 megawatts of solar and wind assets in emerging markets. “This transaction expands our presence in Brazil and provides a platform for further growth in India and China’s attractive, high-growth renewables markets,” the company said.
Notably, TerraForm’s indirect ties to JIC Capital—a Chinese state-owned entity that invested in SunEdison—suggest that these power purchase agreements may have involved government-backed contracts. This acquisition positioned Brookfield as a direct investor in China’s expanding clean energy market, a sector that the Chinese government has actively encouraged for foreign partnerships. It also aligns with Carney’s urgent vision—promoted through multilateral entities such as the World Economic Forum—to mobilize cross-border investment in pursuit of climate change mitigation.
Brookfield has also transacted directly with a Chinese state-owned enterprise. In 2017, Brookfield Infrastructure Partners sold its 28% stake in Transelec—Chile’s largest electric transmission company—to China Southern Power Grid for approximately $1.3 billion. The Transelec sale is one of the largest Chinese acquisitions in Chile’s energy sector and exemplifies Brookfield’s lucrative conduit role in high-level infrastructure transactions with Chinese state-owned entities.
Brookfield’s presence in China extends beyond asset sales. In 2018, the company formed a 50:50 joint venture with Global Logistic Properties (GLP), a leading Asia-based logistics firm, to install 300 megawatts of distributed solar projects across China, with a pipeline that could eventually expand to 1 gigawatt. Although GLP is not a Chinese state entity, it is partially owned by Vanke Group, whose largest shareholder is Shenzhen Metro—a well-known state-owned enterprise.
In his capacity at Brookfield, Carney’s interactions with Chinese leadership became even more direct. On October 20, 2024, he traveled to Beijing to attend the Financial Street Forum, an annual conference organized by the Chinese government to advance financial policy coordination with foreign investors. During this visit, Carney held a private meeting with Beijing’s Mayor Yin Yong at the city’s Financial Regulatory Bureau headquarters.
In language reminiscent of Chinese Communist Party framing, according to a Chinese government website statement, Beijing’s mayor “encouraged Brookfield Asset Management and BlackRock to seize opportunities, tap into their strengths, and increase their investment and business presence in Beijing. He invited both companies to further deepen mutually beneficial cooperation, and share the dividends of Beijing’s high-quality development and high-standard opening-up.” Meanwhile, “Carney highlighted Brookfield Asset Management’s keen interest in seizing development opportunities in China, further expanding its business in Beijing, and deepening cooperation with relevant partners in areas such as green finance, fund management, and infrastructure investment,” the Chinese statement said.
Beyond his corporate dealings, Carney has also interacted with Chinese financial institutions at global economic forums, appearing alongside figures such as Jin Liqun, President of the Asian Infrastructure Investment Bank (AIIB). The AIIB is a China-led institution that promotes large-scale infrastructure investments backed by Chinese capital. These ties suggest that Carney has built close relationships with key figures in China’s financial and political circles—connections that could shape his economic policies as he assumes leadership of Canada’s government today.
Carney resigned from Brookfield in January 2025 to focus on his leadership bid for Canada’s Liberal Party and secured a stunning victory this week in what CBC described as “largely a referendum on who is best to take on the U.S. president.”
“Carney, who does not hold a seat in the House of Commons and has never been elected, secured more than 85 percent of the points … [and] dominated in all 343 ridings,” CBC reported, noting that while he was widely seen as the front-runner, “even members of his camp were surprised by the resounding results Sunday evening.”
Carney’s team has stated that he placed all his assets in a blind trust to prevent conflicts of interest. However, questions remain about whether this step fully distances him from Brookfield. His opponent, Pierre Poilievre, has called for greater transparency regarding Brookfield’s financial dealings, while Poilievre’s party argues that Canadian media has not sufficiently scrutinized Carney’s background.
Meanwhile, Centre for International Corporate Tax Accountability and Research (CICTAR) has reported that Brookfield’s offshore structuring enabled it to avoid an estimated $6.5 billion in taxes in 2021 alone. “While this may be legal, it has large negative impacts on public funding for essential services,” the report stated. Two years ago, with Carney at the helm, Brookfield faced criticism for using offshore tax havens and various loopholes on its properties in London and its Manhattan West holdings in New York. According to CICTAR, in the case of Brookfield’s Canary Wharf properties, the management firm’s £2.6 billion co-ownership deal in 2015—alongside the Qatar Investment Authority—was structured through a labyrinth of holding companies and subsidiaries, including entities in known tax havens like Jersey and Bermuda
The Paradise Papers (a 2017 leak of offshore records) further revealed numerous Brookfield-linked entities registered through the Appleby law firm. For example, Brookfield Infrastructure Partners Limited and Brookfield Property Partners Limited were incorporated in Bermuda, according to the Paradise Papers data. Records show Brookfield had many Bermuda-based vehicles dating back to the mid-2000s—such as Brookfield Asset Management Holdings Ltd. (Bermuda, incorporated 2006)—and various Brookfield Infrastructure and Property subsidiaries formed between 2007 and 2013. Brookfield Asset Management was also listed as an officer of a Cayman Islands company (Brookfield Brazil Ltd., incorporated in 1995) in the Offshore Leaks database.
As Carney takes office today, scrutiny of his financial dealings and Brookfield’s deep ties to China and offshore banking is likely to intensify. With Canada’s economic future becoming ever more entangled in global trade conflicts, Carney’s business background offers both a wealth of expertise and a complex network of financial entanglements—factors that could potentially produce lasting consequences for Canadian citizens, whether they are fully aware or not.
Earlier this week, The Global Times, widely regarded as a vocal outlet for the Chinese Communist Party, signaled Beijing’s approval of Carney’s victory—at least for now.
“When asked about Mark Carney’s leadership win in Canada’s ruling Liberal Party and his expected rise to prime minister, Chinese Foreign Ministry spokesperson Mao Ning said Monday that China has taken note of the reports and extends its congratulations to Mr. Carney,” the outlet reported.
Mao added, “We hope Canada maintains an objective and rational understanding of China and adopts a pragmatic approach, working with China to improve and develop bilateral relations.”
* * *
Separately, ITM Trading’s Daniela Cambone recently spoke with Sam Cooper about the real reason President Trump wants Canada.
. . .
end
TRUMP VS CANADA/TARIFFS
THE TRUTH!! DAVID STOCKMAN!!!!!
Stockman: Will Trump Really Make America Free And Prosperous Again?
Donald Trump doesn’t give two hoots about the true agenda that might actually make America freer and more prosperous again. We are referring to the principles of—-
peaceful commerce with every nation, entangling alliances with none.
minimalist, solvent, constitutional government at home.
sound money and market-driven interest rates and asset prices.
maximum scope for personal liberty and free markets.
decentralized, Federalist arrangements for any necessary functions of the state.
Now, if there is one politicians in all of the Washington Swamp besides Senator Rand Paul who stands four-square for these essential principles, it is Congressman Thomas Massie, also of Kentucky. In fact, Tom Massie is so steadfast, learned and consistent on these matters as to be the very living embodiment of libertarian principles on the great stage of national politics.
And yet, and yet. In the face of what is a hugely debatable issue with respect to the latest continuing resolution (CR) tabled by Speaker Johnson, which is another total capitulation to Washington spending as usual, the Donald has now unleashed a vicious bully-boy attack on Rep Massie.
But for crying out loud, Donald, Congressman Massie has actually read every line of this 110 page abomination and knows that it provides spending authority of $1.658 trillion, which is 47% more than Big Spender Obama’s last budget. It will virtually cancel every dime DOGE has allegedly saved.
And, besides, enough with the clownish ALL CAPS sloganeering already. Instead, how about you give Rep. Massie the apology he deserves.
Thank you to the House Freedom Caucus for just delivering a big blow to the Radical Left Democrats and their desire to raise Taxes and SHUT OUR COUNTRY DOWN! They hate America and all it stands for. That’s why they allowed MILLIONS of Criminals to invade our Nation. Sometimes it takes great courage to do the right thing. Congressman Thomas Massie, of beautiful Kentucky, is an automatic “NO” vote on just about everything, despite the fact that he has always voted for Continuing Resolutions in the past. 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 Chaney before her historic, record breaking fall (loss!). The people of Kentucky won’t stand for it, just watch. DO I HAVE ANY TAKERS??? Anyway, thank you again to the House Freedom Caucus for your very important vote. We need to buy some time in order to MAKE AMERICA GREAT AGAIN, GREATER THAN EVER BEFORE. Unite and Win!!!
Based on the above rant, however, we are not sure what they put in the Donald’s orange juice today because it appears he was just getting cranked up when he took off after Rep Massie. Since then he’s come out swinging against Canada, and ordered his Secy of Commerce to raise the tariff on steel and aluminum to 50% in response to a threat from the equally loud-mouthed premier of Ontario that Canada might tax electricity exports to the US.
Needless to say, the social media rant below conveying this intention was surely posted by the Donald himself. It is full of the ALL CAPS hyperbole, factual exaggerations and outright nonsense that are the trademark evidence of unfiltered conveyance straight from the Donald’s brain to the worldwide web.
The one good thing you can say here is that there is no staff intermediation, scripting or spinning in the bluster, blather and bile posted below. Indeed, after Teleprompter Joe it is actually refreshing to know that what you get from the Donald is pure Trump-thought.
Unfortunately, what we also have is a classic case of Forrest Gump’s box of chocolates: You never know what you are going to get!
And not just the good stuff like his order to stop the insanity in Ukraine or wondering out loud whether he could convene a summit with Putin and Xi aimed at a global agreement to cut defense spending by 50%. That’s all marvelous!
Still, today’s eruption should be an off-setting cause for concern because it shows that on the large matter of global trade and the strategy for returning America to capitalist prosperity, the Donald is just as off-base, uninformed and ill-tempered, as he was this morning regarding Rep. Massie’s principled stand to vote “nay” on the CR.
Moreover, we are not just referring to the utter nonsense in the second column below about Canada as the 51st state. By now the Canucks are not remotely interested in the proposition, of course, but, more importantly, if Trump were even a luke-warm conservative, to say nothing of being semi-sane, he’d recognize that annexing Canada is not even a joke.
To the contrary, it’s an absolutely awful idea because the United States, like the EC, is already way too big to be governed honestly and effectively. That is to say, anyone truly worried about constitutional liberty and capitalist prosperity today would be advocating for defunding, dismantling and devolution of the Leviathan on the Potomac, not vastly expanding the territory from which it can suck revenues and resources.
Moreover, annexation of Canada aside, the Donald’s madcap posting today shows that he is hopelessly ill-informed factually and also analytically out to lunch on the matter of global trade. In that arena, in fact, the very last thing he ought to be attacking—even as a wanna be protectionist—-is Canada.
After all, Canada was a party to the NAFTA free trade area, and now, by virtue of the Donald’s bigger and betterUSMCA arrangement after his phony redo of NAFTA in 2020, is even more blameless on the unfair trade front.
As we will show below, Canada actually has a lower tariff barrier to trade than the United States and most certainly is not remotely “ONE OF THE HIGHEST TARIFFING NATIONS IN THE WORLD”.
Consider his point above about Canada’s anti-farmer tariffs, which he claims rise to 250% to 390% of various US dairy products.
Well, no, in 2024 Canada did not collect one single Canadian dollar or US dollar or even plug nickel of tariff revenue from US dairy exporters of the four leading dairy export products—fluid milk, butter, cheese and powder milk. That’s right, the tariff on US dairy exports of these four products was zero, nichts, nada and nothing, respectively.
And the reason for that lies in the so-called TRQs (tariff rate quota) that the Donald himself negotiated with the Canadians in the course of attaining his ballyhooed USMCA deal in 2020.
These TRQ arrangements, of course, are Rube Goldberg devices of the kind that anti-free market government bureaucrats love to tinker with, and the Donald’s were no exception. So what they negotiated was a “tariff free” amount of US dairy exports up to a specified quota level, after which the huge Canadian dairy tariffs the Donald referenced in his rant would become effective.
These TRQs, in turn, were to be phased in over six year—so as of 2024 we were almost there. Yet on the four leading dairy products listed in the table below, US exports did not reach the quota level in any of them. Therefore, no tariff was applied to nearly 71 million pounds of US dairy exports to Canada.
In the largest category for fluid milk right off the cows’ teats, for example, the quota was 91.9 million pounds, but US exports in 2024 amounted to only 34.7 million pounds or 37.7% of the quota. And in the case of cheese, the ratio was much closer at 95.6%, but still no tariff cigar; and so on for butter and skim milk powder, as well.
In all, the Donald’s own quota amounted to 136.9 pounds in 2024, but US exports only reached 70.5 million pounds or half of the quota on these four products. So the remaining headroom under the quota for Wisconsin or New York state dairy farmer supporters, as the case may be, is considerable.
And yet, this isn’t even the half of it. As it happens, the average value of these US dairy exports in 2024 ranged between $0.50 per pound for fluid milk, to $1.20/lbs for SMP, $2.00/lbs for cheese and $2.50/lbs. for butter. The long and short of the math, therefore, is that America’s tariff-free dairy exports to Canada in these four categories amounted to $83.7 million in 2024, which, in the scheme of things, is not even a fly on old Bessy’s ass.
As it happens, during 2024 total US goods exports to Canada totaled $349 billion and goods imports from Canada were $413 billion, leaving a merchandise trade deficit of $63 billion. So the dairy piece of the picture is a mere pimple. The export figure for the four products analyzed above amounted to just 0.02% of total US exports to Canada.
Moreover, on the services side of the trade ledger it was the opposite. US exports of $90 billion exceeded services imports of $65 billion, thereby generating a surplus on services of +$25 billion. So the net deficit on the goods and services account of stuff flowing north and south across the border was a tiny $38 billion.
In other words, even if you think the trade surplus or deficit with any single country is the end all and be all of policy, which it surely isn’t, the US does not remotely have a “trade problem” with Canada. The actual shortfall or cash difference to the US amounted to just 2.7% of two-way trade in goods and services and just 0.1% of GDP.
Stated differently, total trade turnover in goods and services with Canada in 2024 amounted to $917 billion. That captures a huge flow of business activity north and south across the 5,525 mile border with Canada—the longest border in the world. And yet we have the Donald ranting about phantom dairy tariffs on a tiny $84 million chunk of dairy exports to Canada, which amounts to 0.01% of America’s trade flows with Canada.
And, yes, even when you add in branded dairy-based manufactures like yogurt, ice cream and whey products, which also have not been constrained by TRQs, total dairy related US exports to Canada of about $1.1 billion are still a tiny fraction of 1% of the aggregate trade turnover with America’s partner to the north.
Finally, the Donald’s bombast today about Canada was rooted in his huge misconception that unfair tariffs and other trade barriers abroad are the reason why we have massive trade deficits and have seen huge parts of America’s industrial base 0ff-shored along with the good jobs and middle class incomes which went with it.
As highlighted in the Donald’s rant above, we have the familiar Trumpian claim that Canada is “ONE OF THE HIGHEST TARIFFING NATIONS IN THE WORLD”.
Well, no, here are ten major categories of imports into Canada in 2023 and the applicable tariff rate on each category. Together they comprise Canada’s $559 billion of imports from all worldwide partners.
As is evident from the second column and total at the bottom, Canada is the very opposite of a big time tariff collector. In fact, the average tariff on all products in 2023 was, well, 0.8%.
Indeed, the above not only proves that the Donald is out to lunch on the matter, but also that he probably shouldn’t by throwing stones from a glass house. As we will amplify more fully later this week, the weighted average effective tariff on imports into the USA is considerably higher at 2.0%.
So were the Donald to actually impose some kind of reciprocal tariff, which would amount to 2.00% -0.80%=1.20%, to equalize the two countries import duties, he would owe Canada about $5 billion per year in tariff equalization rebates!
In short, the last three things that Donald Trump should be attacking are Congressman Massie, Canada’s trade policies and the dairy TRQs of the USMCA.
In the lingo of sports, the first two of these amount to “unforced errors” and the latter consists of scoring an “own goal”, if there ever was one.
* * *
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YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS MONDAY MORNING 6;30AM//OPENING AND CLOSING
EURO VS USA DOLLAR: 1.0897 UP 29 BASIS PTS
USA/ YEN 148.46 DOWN 0.140 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 1.2968 UP 0.0073 OR 73 PTS
USA/CAN DOLLAR: 1.4354 UP 0.0011 (CDN DOLLAR DOWN 11 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED UP 6.47 PTS OR 0.19%
Hang Seng CLOSED UP 185.59 PTS OR 0.77%
AUSTRALIA CLOSED UP 0.86%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 185.59 PTS OR 0.77%
/SHANGHAI CLOSED UP 6.57 PTS OR 0.19%
AUSTRALIA BOURSE CLOSED UP .86%
(Nikkei (Japan) CLOSED UP 343.42 PTS OR 0.93%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 2997.50
silver:$33.77
USA dollar index early MONDAY morning: 103.18 DOWN 18 BASIS POINTS FROM FRIDAY’s CLOSE.
The USA/Yuan UP T0 7.2337, CNY ON SHORE ..CHINA MUST DEVALUE TO GOLD
THE USA/YUAN OFFSHORE UP TO 7.2429:
TURKISH LIRA: 36.66 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
the 10 yr Japanese bond yield at +1.488
Your closing 10 yr US bond yield DOWN 1 in basis points from WEDNESDAY at 4.298% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.596 DOWN 3 in basis points /11:00 AM
USA 2 YR BOND YIELD: 4.044 UP 4 BASIS PTS.
GOLD AT 11;00 AM 2990,90
SILVER AT 11;00: 33.61
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: MONDAY CLOSING TIME 11:00 AM//
London: CLOSED UP 49.12 pts or 0.57%
GERMAN DAX: UP 142.38 PTS OR 0.62%
Paris CAC CLOSED UP 90.07 or 1.13%
Spain IBEX CLOSED UP 44.68PTS OR 0.56%
Italian MIB: CLOSED UP 122.10 PTS OR 0.94%
WTI Oil price 67.87 11 EST/
Brent Oil: 71.17 1:00 EST
USA /RUSSIAN ROUBLE /// AT: 83.81 ROUBLE UP 1 AND 67/ 100
GERMAN 10 YR BOND YIELD; +2.8145 DOWN 9 BASIS PTS.
UK 10 YR YIELD: 4.7200 DOWN 3 BASIS POINTS
CDN 10 YEAR RATE: 3.015 DOWN 7 BASIS PTS.
CDN 5 YEAR RATE: 2.678 DOWN 6 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.0920 UP 0.0052 OR 52 BASIS POINTS//HEADING TO PARITY WITH THE DOLLAR
British Pound: 1.2993 UP .0090 OR 90 basis pts/HEADING FOR PARITY /USA
BRITISH 10 YR GILT BOND YIELD: 4.7015 DOWN 2 BASIS PTS//
JAPAN 10 YR YIELD: 1.483
USA dollar vs Japanese Yen: 149.27 UP .667 BASIS PTS// HEADING FOR 160 TO THE DOLLAR
USA dollar vs Canadian dollar: 1.4284 UP 58 BASIS PTS CDN DOLLAR DOWN 58 BASIS PTS
West Texas intermediate oil: 67.55
Brent OIL: 70.87
USA 10 yr bond yield DOWN 1 BASIS pts to 4.309
USA 30 yr bond yield DOWN 2 BASIS PTS to 4.602%
USA 2 YR BOND: UP 4 PTS AT 4.059
CDN 10 YR RATE 3.040 DOWN 3 BASIS PTS
CDN 5 YEAR RATE: 2.713 DOWN 2 BASIS PTS
USA dollar index: 103.07 DOWN 30 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 36.63 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 83.45 UP 2 AND 02/100 roubles
GOLD 2998.85 (3:30 PM)
SILVER: 33.84 (3:30 PM)
DOW JONES INDUSTRIAL AVERAGE: UP 353.44 OR 0.85%
NASDAQ 100 UP 107.60 PTS OR 0.55%
VOLATILITY INDEX: 20.39 DOWN 1.39 PTS OR 6.34%
GLD: $ 276.73 OR UP 1.49 PTS OR 0.44%
SLV/ $30.81 UP 0.10 PTS OR OR 0.33%
TORONTO STOCK INDEX// TSX INDEX: CLOSED UP 243,76 OR 0.99%
end
TRADING today ZEROHEDGE/J
ZEROHEDGE/HEADLINE CLOSING MARKETS/ZEROHEDGE
Stocks bid with Dollar and Yen sold in risk-on trade – Newsquawk US Market Wrap
Monday, Mar 17, 2025 – 04:04 PM
SNAPSHOT: Equities up, Treasuries flatten, Crude up, Dollar down.
REAR VIEW: Mixed US Retail Sales; Dismal NY Fed Manufacturing; Atlanta Fed Q1 GDPNow tracker forecasts -2.1% growth; Punchy US rhetoric on Yemen; Chinese industrial data impresses; Trump/Putin to meet Tuesday morning.
COMING UP: Data: German/EZ ZEW, Canadian Inflation, US Industrial Production, Imports/Exports, Japanese Exports/Imports Events: German Bundestag third reading on fiscal reform (vote) Speakers: ECB’s Escriva; NVIDIA CEO Huang Supply: UK, US Earnings: Xpeng.
2. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
MARKET WRAP
Stocks caught a bid on Monday with the risk tone improving after recent turmoil. All sectors closed green, aside from Consumer Discretionary, with outperformance in Real Estate, Energy and Industrials. The focus of the day was on economic data, which saw a mixed retail sales report and dismal NY Fed Manufacturing survey. There was a lack of fresh trade/tariff updates from over the weekend, other than the White House repeating that reciprocal tariffs will come into effect from April 2nd. Meanwhile, Bloomberg reported that USTR Greer is set to impose some order for the reciprocal tariffs, in hope to reduce uncertainty after a rocky rollout from tariffs on Canada, Mexico and China so far. T-Notes flattened with the curve choppy in response to the aforementioned US data with attention turning to the FOMC on Wednesday. In FX, the Dollar was sold, as was the Yen due to the risk environment while Antipodes outperformed. Also supporting antipodes was encouraging China activity data, while China also unveiled a special action plan to boost consumption helped support the China exposed currencies. Oil prices settled green on heightened geopolitical tensions in the Middle East after the US attacked Houthi targets in Yemen. US President Trump also said that any further attacks by Houthis will be met with great force, and that any attack from the Houthis will be looked upon as being a shot fired from Iran. Regarding Ukraine, Semafor reported that the US is considering recognising Ukraine’s Crimea region as Russian territory as part of an agreement to end the war, albeit a decision is not final. Trump is also set to speak with Putin in a call on Tuesday.
US
RETAIL SALES: The Retail Sales report was mixed, headline rose by 0.2%, beneath the 0.6% forecast with the prior being revised down to -1.2% from -0.9%. The core (ex autos) rose by 0.3%, in line with forecasts while the prior was revised down to -0.6% from -0.4%. The ex-gas and autos measure rose by 0.5%, above the 0.4% forecast, but the prior was revised to -0.8% from -0.5%. The Retail Control measure, which feeds into US GDP, saw a chunky beat at 1.0%, above the 0.3% forecast but the prior was also revised down to -1.0% from -0.8%. Overall, the report saw the Atlanta Fed GDPNow model for Q1 ’25 growth be revised down to -2.1% from -1.6%. Digesting the data, Pantheon Macroeconomics suggest real consumers’ spending rose by 0.25% in February, and Q/Q growth in consumption will slow to 1.4% in Q1 from 4.2% in Q4, assuming a modest 0.2% increase in March spending. The consultancy notes that “Consumers’ confidence has dropped sharply this month, but we see no convincing signs this is feeding through immediately to spending. Restaurant diner numbers have continued to grow solidly and hotel occupancy has remained in line with seasonal norms in early March, while consumer credit lending by commercial banks has continued to rise briskly”. This suggests to Pantheon Macro that fears that a recession is already underway look overdone.
NY FED: NY Fed Manufacturing Index for March was dismal, and the headline plunged to -20 from +5.7, and well beneath the expected -1.5. New orders and shipments sank to -14.9 (prev. 11.4) and -8.5 (prev. 14.2), respectively, while inventories rose to 13.3 from 8.7. Prices paid also rose to 44.9 from 40.2. Delivery times and supply availability held steady. Employment levels and hours worked continued to move slightly lower. Looking ahead, optimism about the outlook waned considerably for a second consecutive month, as the six-month general business conditions declined to 12.7 (prev. 22.2). Overall, Richard Deltz, Economic Research Advisor at the NY Fed, said “Manufacturing activity dropped significantly, input price increases climbed for a third straight month to hit their fastest pace in more than two years. In addition, supply availability is expected to contract and firms continued to grow less optimistic about the future business outlook.”
FIXED INCOME
T-NOTE FUTURES (M5) SETTLED 1 TICK LOWER AT 110-19+
T-Notes flatten to mixed US data ahead of Fed on Wednesday. At settlement, 2s +4.0bps at 4.055%, 3s +3.2bps at 4.033%, 5s +1.6bps at 4.098%, 7s +0.7bps at 4.208%, 10s -0.2bps at 4.306%, 20s -1.3bps at 4.634%, 30s -1.5bps at 4.600%.
INFLATION BREAKEVENS: 5yr BEI -1.0bps at 2.410%, 10yr BEI -0.6bps at 2.301%, 30yr BEI -0.9bps at 2.233%
THE DAY: T-Notes meandered overnight before catching a bid in the European morning ahead of the US data. The data was ultimately mixed, with retail sales headline missing, ex autos in line but ex autos and gas beat. The Control measure also beat but all metrics saw revisions lower. The NY Fed Manufacturing PMI data heavily disappointed, however, with new orders plummeting and prices paid rising. T-Notes saw two way action on the data, initially rising to c. 110-28 before falling to a low of 110-14 thereafter. Once the dust had settled, T-Notes started to pare the post data losses, going on to print a fresh high of 110-30 before then paring into settlement amid a constructive risk environment, seeing 10yr T-note futures settle flat. It was quiet on the trade/tariff front on Monday, other than the White House and President reiterating that reciprocal tariffs will be coming into effect from 2nd April. Although, in US trade Bloomberg reported that USTR’s Greer is pushing for order on the reciprocal tariff plan after a rocky rollout with tariffs on China, Mexico and Canada, to hopefully reduce the uncertainty. There was a lot of focus on geopolitics however with US President Trump and Russian President Putin set to speak on Tuesday, while oil prices were bid after the US attacked the Houthis in Yemen over the weekend. US President Trump also sent a warning to Iran that the US would respond forcefully to any more Houthi attacks, and that Iran would be to blame.
Ten days or so after the Heritage Foundation’s Oversight Project disclosed that nearly every document bearing former President Biden’s signature during his first term had been signed by an autopen—except for one—questions arose over whether executive orders and pardons could be deemed invalid, as we noted that Biden’s staff likely leveraged his rapid cognitive deterioration to sign those documents via autopen.
Overnight, President Trump declared that the 11th-hour pardons, including those given to members of Congress who investigated the January 6 insurrection, were “void, vacant, and of no further force or effect, because of the fact that they were done by autopen.” Some of those last-minute pardons include Deep Staters, such as former Representative Liz Cheney, retired General Mark Milley, and government scientist Anthony Fauci.
“The “Pardons” that Sleepy Joe Biden gave to the Unselect Committee of Political Thugs, and many others, are hereby declared VOID, VACANT, AND OF NO FURTHER FORCE OR EFFECT, because of the fact that they were done by Autopen,” Trump wrote on Truth Social late Sunday night.
The president continued: “In other words, Joe Biden did not sign them but, more importantly, he did not know anything about them! The necessary Pardoning Documents were not explained to, or approved by, Biden. He knew nothing about them, and the people that did may have committed a crime.”
He went on to say that members of that House committee are “subject to investigation at the highest level”…
“Therefore, those on the Unselect Committee, who destroyed and deleted ALL evidence obtained during their two year Witch Hunt of me, and many other innocent people, should fully understand that they are subject to investigation at the highest level. The fact is, they were probably responsible for the Documents that were signed on their behalf without the knowledge or consent of the Worst President in the History of our Country, Crooked Joe Biden!“
Here’s the full statement:
Trump told reporters aboard Air Force One late last night: “It’s not my decision — that’ll be up to a court — but I would say that they’re null and void, because I’m sure Biden didn’t have any idea that it was taking place, and somebody was using an auto pen to sign off and to give pardons.”
🚨 REPORTER: “Are those [autopen] pardons from the former President now null and void?”
TRUMP: “I would say that they're null and void because I'm sure Biden didn't have any idea that it was taking place … What they did is criminal.” pic.twitter.com/R9OD7kAtJb
Dems’ Approval Collapses 20 Points In 4 Years As Trump Posts Career-High
Monday, Mar 17, 2025 – 12:05 PM
Despite all the leftist and mainstream media wailing and gnashing of teeth about the new administration, fresh polling from two major mainstream news outlets paints a truly bleak picture for Democrats and a relatively rosy one for President Trump.
In the most striking read on the pulse of America, the Democratic Party’s favorability rating has collapsed by a whopping 20 percentage points in just four years, and now stands at just 29%, according to CNN. That’s the lowest in the history of CNN’s poll, which goes back to 1992. NBC News had a similar reading: 27% positive against 55% negative. “In more than 30 years of this poll, we’ve never seen either party hit a number this low, in terms of negatives,” said NBC’s Steve Kornacki.
While it’s different in degree, the dissatisfaction extends to Democrats themselves. Only 63% of Democrats and Dem-leaning independents view their own party favorably, and 52% say leaders are taking the party in the wrong direction. That compares to 79% of Republicans and Republican-leaning independents who give a thumbs-up to the GOP.
The sense that the Democratic Party is adrift is further reinforced by Democrats’ lack of any consensus whatsoever about who “best reflects the core values” of the party. More than 30% drew a complete blank, while the top three people named by respondents were Rep. Alexandria Ocasio-Cortez (10%), failed presidential candidate Kamala Harris (9%) and Sen. Bernie Sanders (8%).
Like I said, the Democrats have a problem. — New NBC News poll: Democratic Party hits record polling low
Just 7% of registered voters have a “very” positive of the Democrat Party, 27% say they have “positive” views of the party
Readings for Republicans are much better. With the GOP now in control of the White House, Senate and House of Represntatives, NBC News found 44% of registered voters think America is heading in the right direction — the highest it’s been since early 2004.
As Democrats hit a record-low in approval rating, Trump his tied his career-high approval rating, with 47% of registered voters content with his performance. That still leaves him with a net-negative, as 51% disapprove. That’s lower than any of his four predecessors at this point in their terms, but higher than the 40% approval rating Trump posted in 2017. Then, only 50% of Republicans viewed Trump “very positively.” That number has soared to 74% in this month’s NBC poll.
Americans are coming around to Trump’s approach to handling border security and immigration, with 55% approving and 43% disapproving. The Department of Government Efficiency (DOGE) has a net-positive approval rating, with 46% saying it’s a “good idea” compared to 40% who say it’s a “bad idea.” There’s a major split about the future of DOGE: 33% say there’s “much more to be done” while 33% say it’s “reckless and should stop now.” Elon Musk has a 51% negative-feelings rate, compared to 39% who feel positive about him.
In a major departure from all of his previous readings, Trump is in the red on his handling of the economy (54% disapprove, 44% approve) and the cost of living (55% disapprove, 42% approve). An overwhelming 82% of voters say the state of the economy is fair or poor, with just 18% calling it excellent. Trump is likewise underwater on foreign policy and the Russia/Ukraine war.
END
This is an excellent commentary from Mish Shedlock
U.S. President Donald Trump said on Thursday that BRICS nations could face 100% tariffs from the United States “if they want to play games with the dollar.”
“If any trading gets through, it’ll be 100% tariff, at least,” he said in response to a question about the BRICS nations – Brazil, Russia, India and China – setting up their own currency.
Ridiculous for Four Reasons
Reserve currency status strengthens the currency of the reserve nation, but Trump wants a weak currency.
No nation other than the US really wants to have reserve currency status because it is both an advantage and a curse, and no one wants the curse.
No nation is in position to challenge the US dollar because no nation other than the US qualifies for reserve currency.
Trump fails to understand that trade is between individual, not nations.
The Reserve Currency Curse
Points one and two are related. A Q& A will explain.
Q: Why do foreign central banks hold US dollar reserves? A: The US runs a trade deficit. The foreign exporters receive US dollars, but those exporters need local dollars for purchases. In China, the Chinese exporters trade the dollars for yuan, and the central banks accumulate dollars as a result.
For all its moaning, China does not really want to have reserve currency status because it would mean the end of its export mercantilism. Germany is in the same position.
What Would it Take for a BRIC-Based Currency to Succeed?
Lost in the hype over nations clamoring to join the BRICS block is a question I have not seen anyone address.
What Would it Take for the “Brick” to Succeed?
The Brick would need to float freely. The yuan doesn’t.
The Brick have to be a genuine reserve currency to achieve widespread use.
A functioning Brick-based bond market. This requirement is also for widespread use.
A significant desire by individuals to trade in Bricks and accept Bricks rather than local currencies or the dollar.
Willingness of China to stop export mercantilism.
No capital controls.
Note that the Euro fails because there is no central asset, no Eurobonds. There are German bonds, Italian bonds, French bonds. etc, all with different interest rates and liquidity.
Trade is Between Individuals, Not Nations
Fundamentally, trade is not between nations.
Aggregate reporting of trade deficits such as the persistent US deficit with China, makes it appear otherwise. But the deficit is really a result of a sum of individual transactions.
For example, you or I go to a store and buy a tool at Home Depot. More likely than not, it’s made in China. A Toyota may be assembled in the US or Mexico with parts from Japan, China, or Mexico.
Taking a step back, the intermediate buyer, say Home Depot, makes big orders with various Chinese manufacturers.
The same applies to a Brazilian Store Owner (BSO) dealing with China.
To place its order with a Chinese merchant, the BSO would need to convert Brazilian currency to Bricks, place an order with a Chinese Manufacture willing to accept Bricks, then the Bank of China would swap Yuan for the Bricks and then what?
What precisely does the Bank of China do with all the Bricks it is accumulating given that Bricks are a trading currency, not a reserve currency?
Are there any Brick bonds? No, because the Brick only a trading currency.
There is no Brick-based bond market and thus no way to collect interest holding Bricks. There is an increasing lack of trust in dollars, but no reason to have any faith at all in the Brick.
Here’s a major irony. If and when the “Brick” succeeded as a reserve currency, US deficits would shrink. But there is no chance of that for reasons stated.
Trump and Secretary of Treasury Bessent Discuss the “Detox Recession”
Lutnick: “We’re going to make the External Revenue Service replace the Internal Revenue Service.”
I ran the math on that ludicrous idea. Team Trump only needs to bring in $7 trillion in tariffs on $3.3 trillion in total imports.
Then we need to faithfully collect 200 percent tariffs on everything with of no trade frictions, no retaliations, and full compliance.
See above link for detailed analysis.
Trumperland Miracles
Trump simultaneously promotes a strong and weak dollar, and proposes we collect huge tariffs while reducing imports.
We will allegedly balance the budget by running huge deficits while having a Detox recession and not having recession.
In Trumperland, contradictions have no meaning, so this is entirely possible.
end
ROBERT H;
What makes equity work over debt
Explaining why we have problems galore today with countries and debt based economies.
The model is quite simple: any debt, interest bearing debt is a doubling time and it grows exponentially x equals y squared that’s the growth of debt But the real economy of any company grows more slowly. It begins to grow and then it tapers off in an s-curve. It is why countries like China kept growing their economies in various business ventures and are now trapped by debt as growth has slowed. You can run as long as growth is greater than the cost of interest on accumulating debt until the day it does not. And that day has arrived for China and many other countries. It is why private assets are way better than public ones as public assets have simply lost the ability to sustain and retain value. And thus will be re-evaluated by a lowering of value.
It is also why growth before in countries like China worked because current account receipts grew faster than debt obligations of interest and debt repayment. Today, the only country that clearly figured this out is Russia who is growing faster than debt in current receipts and has a manageable debt allowing it to pay for conflict without incurring new debt external to the country.
No one wants to admit this but this is the reality of the conflict. Now countries in Europe do not know how to extract themselves from a debt burden that is consuming them. The Americans through cuts are try to extend the day of reckoning. And why they will not fight Russia. That fight is over before it starts. And why they want hard assets for cash already squandered in Ukraine.
VICTOR DAVIS HANSON
USA/ANTISEMITISM REPORTS
Columbia University Expels Some Students Involved In 2024 Hamilton Hall Takeover
Columbia University said on March 13 that it has expelled or suspended some students who took over its Hamilton Hall last year amid pro-Palestinian protests, and temporarily rescinded the diplomas of others who have graduated.
In a campus-wide email, the university said its judicial board levied a range of sanctions against the students who occupied the building last year while protesting the Israel-Hamas war.
Those sanctions include multi-year suspensions, temporary degree revocations, and expulsions, Columbia wrote in a statement on its website. It said the return of suspended students will be overseen by the Columbia’s Life Office.
“Columbia is committed to enforcing the University’s Rules and Policies and improving our disciplinary processes,” the statement reads.
The school did not say how many students were expelled, suspended, or had their degrees revoked. In the campus-wide email, it said the administrative actions were based on “evaluation of the severity of behaviors.”
The Trump administration had said on March 7 that it was pulling $400 million in grants and contracts from Columbia University, citing the school’s failure to combat anti-Semitism on its campus.
Columbia recently launched an investigation into students engaging in pro-Palestinian protests last year, amid threats of funding losses from the federal government.
On Sunday, U.S. Immigration and Customs Enforcement (ICE) agents arrested Mahmoud Khalil, a former Columbia University graduate student and green card holder who led the pro-Palestinian encampment protest at the school in 2024. Agents said his arrest follows President Donald Trump’s executive orders combating anti-Semitism in colleges and universities.
Department of Homeland Security spokesperson Tricia McLaughlin said Khalil “led activities aligned to Hamas,” the U.S.-designated terrorist group that triggered the war in Gaza with its large-scale assault on southern Israel on Oct. 7, 2023.
Trump said it was the “first arrest of many to come” in a Monday post on his Truth Social platform.
“We know there are more students at Columbia and other Universities across the Country who have engaged in pro-terrorist, anti-Semitic, anti-American activity, and the Trump Administration will not tolerate it,” Trump wrote.
“Many are not students, they are paid agitators. We will find, apprehend, and deport these terrorist sympathizers from our country—never to return again.”
The president added that he expects “every one” of U.S. colleges and universities to comply.
On Monday, a federal judge in New York temporarily blocked the Trump administration from deporting Khalil until further legal proceedings, and after the court potentially authorizes his removal from the United States.
Khalil is suing to block Columbia University from providing a congressional committee with records of disciplinary actions stemming from last year’s protests.
Aldgra Fredly, Tom Ozimek, Bill Pan, and The Associated Press contributed to this report.
KINGNEWS
The King Report March 17, 2025 Issue 7451
Independent View of the News
Univ. Of Michigan Sentiment March Preliminary: 57.9 (63.0 exp.; prior 64.7)Current Conditions: 63.5 (64.4 exp.; prior 65.7)Expectations: 54.2 (63.0 exp.; prior 64.0)1-Year Inflation: 4.9% (4.3% exp.; prior 4.3%)5-10 Year Inflation: 3.9% (3.4% exp.; prior 3.5%) @MrMBrown: Sentiment by political affiliation: Dem: 41.4, Ind: 57.2, GOP: 83.9
Wall Street is overwhelmingly Democratic, and a supermajority of US billionaires is Democratic. Ergo, a US stock decline impacts them more than Main Street and Flyover America.
The UM Sentiment poll greatly oversamples Democrats. 6.5% (D) + 0.1% (R) = 6.6%, divide by 2 = 3.3%. Factor in 3.7% (I) and there is no way to get to 4.9% 1-year Inflation expectations unless Dems are grossly oversampled! USsentiment polls are now invalid and unreliable due to TDS.
German Bond Selloff Reignites as Merz Strikes Deal on Debt The 10-year yield rose as much as eight basis points to 2.94%… The euro and German stocks gained… The agreement in Germany for a potentially huge debt package is predictably pushing German and other European bond yields higher… https://finance.yahoo.com/news/german-bond-selloff-reignites-debt-110843834.html
Merz Said to Reach Tentative Deal with Greens on German Debt Merz, who aims to succeed Chancellor Olaf Scholz in the coming weeks, said late Thursday that he’s “very optimistic” that the landmark debt-spending package will be approved after a parliamentary debate on Thursday laid bare a deep rift with the Greens… The agreement on Friday spelled out that the infrastructure funding would be earmarked for new projects — and that €100 billion will be channeled to the government’s existing climate and transformation fund… https://finance.yahoo.com/news/merz-said-reach-tentative-deal-112657386.html
With stocks grossly oversold on a short-term basis, no negative news, and traders craving to get long for the expected Fed Week Rally and the manipulation for March expiration on Friday (3/21), ESHs and stocks rallied sharply on Friday. Bonds declined moderately due to the decline in German bunds.
ESHs traded flat when the Nikkei opened on Friday. They quickly commenced a rally that took ESHs to 5572.50 at 1:20 ET. After a plodding retreat to 5552.75 at the 4:00 ET European opening, ESH rallied.
A stair-step rally took ESHs to 5588.00 at 7:32 ET. After a retreat to 5568.50 at 9:32 ET, traders aggressively bought the NYSE opening dip and forced ESHs to 5607.75 at 9:52 ET. Sellers appeared: ESHs tumbled to 5564.00 at 10:00 ET due to the UM Sentiment survey.
When saner angels realized the UM Sentiment survey was politically corrupted, they poured back into ESHs, which spiked to 5599.75 at 10:04 ET. ESHs quickly sank to 5569.50 at 10:20 ET. Then, for the above noted reasons, large trading entities when gaga for ESHs and Fangs, which lead Expiry Week rallies. ESHs went virtually vertical, hitting 5635.50 at 11:45 ET.
After a retreat to 5611.25 at 12:28 ET, ESHs jumped to a new high of 5639.00 at 13:03 ET. Trader profit taking pushed ESHs down to 5613.00 at 14:24 ET. The last-hour (zigzag) rally and late manipulation forced ESHs to the daily high of 5648.75 at 15:56 ET. ESHs slid to 5631.00 at 16:00 ET.
@zerohedge: Three shocking statistics: 1) One year ago, 85% of US job market growth was in government andsectors dependent on government spending like health and education. 2. In 2024, one third of GDP came from government spending, a record high excluding periods of war or crisis; this was financed by 6-7% budget deficits, another peacetime record. 3. Every G20 country has higher average tariff rates than the United States save two, and most countries hide the true costs in expensive barriers like quotas, price controls, labeling requirements, and testing rules… https://x.com/zerohedge/status/1900361625678602378
Positive aspects of previous session Stocks soared on Friday, led by Fangs.
Negative aspects of previous session USHs were -17/32 at the NYSE close.
Ambiguous aspects of previous session How much of Friday’s rally was front running for Fed Week and the Expiry Manipulation?
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Up
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5616.02 Previous session S&P 500 Index High/Low: 5645.27; 5563.85
@zerohedge: Remarkable admission from Bank of America… DOGE is desperately needed as the alternative is catastrophe: “The global handoff from big government to the free market may prove slippery, but it seems necessary given large deficits and bloated debt burdens. Economic growth has been enabled by unsustainable government support and protectionist policies. It may take time for private sector job growth to accelerate, for government workers to resettle, for broad-based corporate profits to rise, and for global trade to find a new equilibrium. In our view, the likely productivity gains from a market-based economic reboot are greater than risks; and the risks from the unsustainable status quo of debt-financed, tepid, and narrow economic growth are severe.” – Jared Woodard, BofA Global Research, March 12, 2025
CNN’s @sarahnferris: House Dems so livid at Schumer that multiple members have directly urged AOC to primary him, according to a member with direct knowledge. One member said they would write a check tonight at the caucus’s Leesburg retreat. Rosa DeLauro leads House Dem appropriators in sharply worded letter to Schumer: “We cannot acquiesce to Republicans’ lawless destruction of our government, and we cannot forfeit Congress’s Constitutional authority to dictate federal spending,” per letter obtained by CNN… “We urge all Senate Democrats to stand with House Democrats and with the American people,” letter reads.
@WesternLensman: Democrats are seething over Donald Trump’s post praising Chuck Schumer — Dem Rep Ayanna Pressley: “We do not want to be praised by Donald Trump.” “He is a dictator. And what do you meet a dictator with? Defiance!” (Once again, Dem hateful, violence inciting rhetoric!) https://x.com/WesternLensman/status/1900585169712509036
The wacko leftist wing of the Dem Party is in revolt against the old guard leftists in the Dem Party.
Jewish activists plan NYC protest against Schumer on day of his book launch: ‘Double-speak and failure to protect’ https://t.co/sgOccjpG6K
@shellenberger: Dems’ favorability has hit a new record low of 29% (CNN poll). The Party is trapped between a base that wants trans sports, open borders, DEI, ESG, Ukraine war, and mass censorship, and swing voters who really, really don’t.https://x.com/shellenberger/status/1901260082110722075 The share of those who say the country is on the right track rose from 27% to 44% since November. https://x.com/shellenberger/status/1901301031016767932
Trump hits highest approval he’s ever had — as more Americans say US is on right track than any time in 20 years: poll https://trib.al/jFUrkTB
@devorydarkins: In an interview this morning on MSNBC, House Minority Leader Hakeem Jeffries says, “we have the republicans on the run” while stating that republican poll numbers are, “collapsing” and says the, “American people are with us.” Are democrats in some sort of secret race to see who can be most out of touch with the average person? (The pitiful Jeffries also said inflation is soaring.) https://x.com/devorydarkins/status/1901319596336157075
@RyanGirdusky: CNN poll: Who do you think the leader of the Democratic Party is?
Trump says he will ‘expel’ ‘corrupt forces’ who turned DOJ into ‘department of injustice’ — vows ‘legendary’ expose https://trib.al/ZKqsyFm
Trump: “I believe CNN and MSNBC are political arms of the Democratic Party and they are really corrupt and illegal.”
@WSJ: James K. Polk expanded the U.S. more than any other president. Now his portrait hangs in the Oval Office, a signal that President Trump’s ambition to take over Canada, Greenland and other territory is more than just talk.
@ChildrensHD: ‘Baffled:’ Doctors have no idea why cancer rates could be skyrocketing. “I wonder what could be going wrong, haywire with your immune system. What could be causing these cancers? Did we do anything different in the last four years?” https://x.com/ChildrensHD/status/1900713557538299920
@shellenberger: The former head of the UK’s foreign intelligence agency, MI6, told Boris Johnson in early 2020 that the Covid virus escaped from the Wuhan lab… the US, UK, Chinese, & German governments all knew the truth, covered it up, and spread disinformation… https://t.co/kk4WOEVDnT
@KanekoaTheGreat: The New York Times published an op-ed blasting scientists and government officials for covering up evidence that COVID-19 likely originated from a gain-of-function lab leak. Five years too late. The piece condemns Francis Collins, Anthony Fauci, Peter Daszak, Jeremy Farrar, Kristian Andersen, the authors of the Proximal Origin paper, and EcoHealth Alliance for publishing deceptive studies labeling the lab leak theory a conspiracy, even while privately admitting: “The lab escape version of this is so friggin’ likely to have happened because they were already doing this type of work and the molecular data is fully consistent with that scenario.” https://t.co/HvFt21ebW8
@WallStreetMav: The New York Times was equally involved in the coverup. Don’t believe them now…
@AFP: Military chiefs to meet Thursday in UK on Ukraine peacekeeping force: PM
Trump: “To Iran: Support for the Houthi terrorists must end IMMEDIATELY! Do NOT threaten the American People, their President… or Worldwide shipping lanes. If you do, BEWARE, because America will hold you fully accountable and, we won’t be nice about it!” https://x.com/TrumpWarRoom/status/1900982848997519455/photo/2
Secretary of Defense Pete Hegseth (@SecDef): “Iran has been enabling the Houthis for far too long… they better back off… The Houthi capital felt like an earthquake last night, and our message to Iran is clear: We are not Joe Biden; we will not be nice.”https://t.co/3NhVFKtvIK
Today – This is Fed Week and March Expiry Week. Traders are conditioned to play for both the Fed Week Rally and the Expiry Week manipulations. Even though there is NO chance that the Fed will cut rates or spew dovish remarks, a critical mass of traders are conditioned to play for the Fed Week Rally.
Add in the Monday Rally, and the short-term seasonal conditions are ripe for a robust rally.
The big question for today: How much trader buying power was exhausted on Friday on the manic buying by traders that were front running the expected Fed Week Rally and Expiry Week Manipulation?
Expected economic data: March Empire Mfg. -2.0; Feb Retail Sales 0.7% m/m, Ex-Autos 0.4%, Ex-Autos & Gas 0.5%; Jan Business Inventories 0.3%; March NAHB Housing Market Index
ESHs hit -37.75 and NQHs hit -162.25 at 19:06 ET on the high probability of a US-Iran skirmish. ESHs rallied to -32.50; NQHs are -136.25 (Traders expect rallies this week); and USHs are +4/32 at 20:25 ET.
S&P Index 50-day MA: 5943; 100-day MA: 5942; 150-day MA: 5839; 200-day MA: 5740 DJIA 50-day MA: 43,482; 100-day MA: 43,473; 150-day MA: 42,801; 200-day MA: 41,959 (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 6109.56 triggers a buy signal Daily: Trender and MACD are negative – a close above 5763.89 triggers a buy signal Hourly: Trender and MACD are positive – a close below 5556.84 triggers a sell signal
Trump invokes 18th century Alien Enemies Act to declare invasion of Tren de Aragua, speed deportationshttps://trib.al/oqU3Th8
Obama Fed judge orders deportation flights carrying alleged Venezuelan gangbangers to return to US after Trump invokes Alien Enemies Acthttps://t.co/868aHye1tW (Flight landed in El Salvador)
@seanmdav: In 1948, the Supreme Court ruled that the federal courts have zero authority to even review a presidential decision to deport hostile foreign enemies, let alone block or reverse that decision.
FL @AGJamesUthmeier: This is dangerous judicial territory—ordering POTUS to affirmatively reverse his exercise of constitutional and statutory power to eject foreign terrorists who clearly present a threat to Americans. The Supreme Court must step in now to correct this abuse of power. No one elected Judge Boasberg Commander-in-Chief…
@JerryDunleavy: Y’all might remember Judge Boasberg as the Obama-appointed judge who sentenced Kevin Clinesmith — the Trump-Russia figure who pleaded guilty to improperly altering a CIA email to help obtain FISA surveillance against Carter Page — to just one year of probation and no prison time.
@mrddmia: DC Obama Judge Jeb Boasberg sent many Trump supporters to prison for trespassing into the Capitol on January 6th. Yet he just attempted to stop the President from sending to an El Salvadoran prison designated foreign terrorists who trespassed into America. Jeb needs to resign.
@RepBrandonGill: I’ll be filing Articles of Impeachment against activist judge James Boasberg…
GOP Sen. and Judiciary Com chief @ChuckGrassley: Another day, another judge unilaterally deciding policy for the whole country. This time to benefit foreign gang members If the Supreme Court or Congress doesn’t fix, we’re headed towards a constitutional crisis. Senate Judiciary Cmte taking action
There is a Constitutional Crisis in the US over federal district court judges acting as presidents. But Dems and their media stooges are joyous over this egregious activity. ‘Saving democracy’, my … The Boasberg decision appears to be the redline that has pushed normally placid Republicans to action.
@TheLastRefuge2: Do *NOT* look for any help from SCOTUS against any Boasberg rulings. Boasberg knows the compromise within the Supreme Court and holds it like a weapon against Chief Justice John Roberts. Judge Boasberg was appointed to the FISC by Justice Robers. Boasberg knows the Sheldon Snook, compromise made by Roberts. Boasberg appointed Snook’s wife as Amicus because he constructed the FISC defense against their knowledge of fraudulent FISA filings from the DOJ. Boasberg is a close personal friend of Senator Mark Warner and has leveraged his authority to protect Warner in multiple cases, including his oversight of the James Wolfe FISA application leak case. Boasberg is at the center of all of it. Because he knows Robert’s hidden secret about Snook, Boasberg knows he can operate with a level of protection. This is the way DC operates.
@FlynnMovie: Mary McCord is married to Sheldon Snook, who was the right-hand man to the legal counsel of Chief Justice John Roberts. Chief Justice John Roberts appointed all the current judges on the United States Foreign Intelligence Surveillance Court (FISC). (Does Roberts hate DJT?) The surveillance of @GenFlynn ‘s calls was conducted under the legal authority of the FISA application that Mary McCord was in charge of submitting.
@listen_2learn: Lawfare coordinator Mary McCord admits that she and another lawfare coordinator, Andrew Weissmann, worked with the DOJ and intelligence losers on what bogus charges to bring against Trump. https://x.com/listen_2learn/status/1842038443880116610
It appears that Bush-appointed Chief Justic of the SCOTUS is abjectly compromised! Roberts was reportedly against ObamaCare until BHO summoned him to the WH. Roberts then caved.
The Most Absurd Supreme Court Conspiracy Theory You’ll Read Today June 25, 2015 “Jake Baker… thinks that the Obama administration may have threatened to take Roberts’ children away from him…. the Chief Justice and his wife adopted them in 2000… they’ve been said to have been adopted from a Latin American country – something inconsistent with their Nordic coloring.”… https://newrepublic.com/article/122157/most-absurd-supreme-court-conspiracy-theory-youll-read-today
@townhallcom: WH Press Sec LEAVITT ANNOUNCES PLAN TO FIGHT BACK AGAINST JUDICIAL ACTIVISTS STONEWALLING TRUMP AGENDA! “Fighting back by appealing. Fighting back by using the full weight of the white House counsel’s office and our lawyers at the federal government who believe that this injunction is entirely unconstitutional…” “You cannot have a low-level district court judge filing an injunction to usurp the executive authority of the president of the United States. That is COMPLETELY absurd!” “There have been 15 injunctions of this administration and our agenda. In three years under the Biden administration, there were 14 injunctions! So, it’s very clear that there are judicial activists throughout our judicial branch who are trying to block this president’s executive authority. We are going to fight back!” https://x.com/townhallcom/status/1900563032431899010
@nataliegwinters: The federal Judge who blocked President Trump from firing bureaucrats and stripping Perkins Coie’s security clearances is on tape going on a crazy tirade against Trump. She melts down about the rise of “authoritarianism” and the “big lie.” https://x.com/nataliegwinters/status/1900552313472725331 She was also a former Director and Treasurer at the Center for Democracy and Technology, funded by Soros’s Open Society Foundation. https://x.com/nataliegwinters/status/1900552319323766919
Speaking at the DoJ on Friday, Trump noted that Dems and their media stooges have been pressuring judges, including SCOTUS justices, to rule against DJT. He added that SCOTUS justices are human and subject to pressure from Dems, the MSM, and their family and friends that become upset by Dems and the MSM’s venomous attacks. He hailed Thomas, Alito, Gorsuch, and Kavanaugh for not succumbing to the pressure and hateful attacks. His exclusion of Roberts and Coney Barrett was a palpable rebuke of them, and a message to them that if they can’t stand the heat…
@WallStreetApes: Department of Education is laundering money back to the Democrat Party “This is why Democrats are losing their minds over Elon Musk. It’s all about money.”: Rep Harriet Hageman “The Federal Department of Education spends it as a budget of about $280 billion a year. Less than 25% goes to educating our students. So where does the other $220 billion go? It goes to a bureaucracy, it goes to a consultant, and that consultant then donates money BACK TO DEMOCRATS, and then it goes to a different consultant, and then it goes to an NGO. I mean, IT IS MONEY LAUNDERING and money churning at its absolute best.” https://x.com/WallStreetApes/status/1901107076526731316
For decades. Dems have bought votes. People got entitlements, jobs, contracts, or funding. Now that a lot of this abuse is ending, Dems and the media stooges are apoplectic over their existential crisis.
(RFK Jr.) @SecKennedy: I am directing the FDA commissioner to start the process of changing the rules to eliminate the self-affirmed GRAS pathway for new ingredients. I am also calling on the US FDA and @NIH continue to conduct and improve post-market assessments of GRAS chemicals currently in our food so we can rapidly identify the compounds that are making Americans so sick, and so that American consumers and regulators can make informed decisions… For far too long, ingredient manufacturers and sponsors have exploited a loophole that has allowed new ingredients and chemicals, often with unknown safety data, to be introduced into the U.S. food supply without notification to the FDA or the public. Eliminating the GRAS loophole will provide transparency to consumers, help get our nation’s food supply back on track by ensuring that ingredients being introduced into foods are safe, and ultimately Make America Healthy Again.
@DC_Draino: Democrats can be such sick bastards. When JD Vance walked into the Kennedy Center, someone said, “Kill that Vice” and people cheered. (And this is the supposedly refined, affluent crowd!) https://x.com/DC_Draino/status/1900563077906472963
On Friday, social media calls for DJT and Republicans’ deaths hit an all-time intraday high.
@AmericaPapaBear: “I don’t give a f*ck just k*ll him. You have to. I’m not asking!” https://x.com/AmericaPapaBear/status/1900609141208744018 (PS – There 2-3 common denominators in these videos! Is one possible mental illness?)
@libsoftiktok: Senator Thom Tillis (R) released disturbing voice messages left by unhinged lunatics making death threats toward him.
@townhallcom: Democrat Sen. Mark Kelly makes an EMBARASSING video announcing that he is SELLING his Tesla. “Every time I get in this car, it reminds me of just how much DAMAGE Elon & Trump are doing.” “I don’t want to drive a car build and designed by an a*shole!” https://x.com/townhallcom/status/1900579939822301223 (Unhinged, violent rhetoric from a Dem senator! How does this NOT induce violence?)
Deranged anti-Elon Musk dad scrawls swastika on NYC Cybertruck in broad daylight — leaving Jewish owner stunned: ‘I feel myself burning inside’https://trib.al/OmMTFZR
@nicksortor: AG Pam Bondi announces an ARREST has been made for throwing a Molotov cocktail into a Tesla showroom. “They’re looking at up to 20 YEARS in prison.” “If you’re gonna touch a Tesla, go to a dealership, do anything, you better watch out, because we’re coming after you.” https://x.com/nicksortor/status/1900551789428039939
Trans Tesla vandal — who allegedly threw Molotov cocktails at cars — lives with mom and calls herself ‘baby’: sources – A 42-year-old transgender woman who allegedly threw Molotov cocktails at vehicles and spray-painted “Nazi cars” at a Colorado Tesla dealership lives with her mother due to “emotional problems” and calls herself “baby” online… https://trib.al/znpB0dJ
@townhallcom: DESPERATE CHUCK SCHUMER CALLS REPUBLICANS “BASTARDS “It’s much, much better not to be in the middle of a shutdown, which would divert people from the number one issue we have against these bastards!” “They’re ruining democracy!”
Editor’s Note: In Democrat jargon, ‘Democracy’ means the Democratic Party.
@WesternLensman: Unhinged James Carville: “The entire idea of the United States is in jeopardy” — Trump is the “most serious crisis that this country has ever faced.” (He said DJT may have syphilis) What he really means is — the Democrat party is in jeopardy, and Trump is the most serious crisis they’ve ever faced. https://x.com/WesternLensman/status/1900294948072673608
PS – Carville would have been long forgotten if George HW Bush did NOT throw the 1992 Election.
@DC_Draino: Female reporter hits Trump in the face with her microphone.He shrugs it off and says, “she just became a big story tonight.” May have been an accident – what do you think? (Does NOT look like an accident, unless her arm was bumped) https://x.com/DC_Draino/status/1900682382736552007
@nicksortor: More and more conservatives are being swatted as we speak. Many that haven’t publicly revealed it as well. @AGPamBondi must make CRYSTAL CLEAR the DOJ will be pursuing these cases. Innocent people are going to end up being kiIIed if FBI and DOJ don’t intervene IMMEDIATELY.
U.S. Attorney Ed Martin (@USAEdMartin): Swatting is a violent criminal act. If any perpetrators are discovered in the District of Columbia or originate from here, you will be arrested, we will put you in jail and prosecute you to the fullest extent of the law.
It’s time for AG Pam Bondi to invoke RICO and go after organized and paid for violence – and those who fund such operations.
Hamas-linked charity drops lawsuit to avoid disclosing source of funds, Gregory Angelo reportshttps://t.co/3PySZryb4A
@BillAckman: Doesn’t it seem wrong that it is legal to pay people to protest and to be able to do so anonymously, even if the funding is from enemies of the state? Protests can materially affect public opinion and politics. Reports about protests are used by the media to advance agendas, and they are often fake. That is, the protestors often don’t believe what they are saying or know very little about what they are marching about. Why shouldn’t protesters be required to disclose if they are paid and by whom? Political advertisements require disclosures about who paid for them. Why are protests and protestors not held to this same standard?
UN Judge, Onetime Columbia University Human Rights Fellow, Found Guilty of Slavery Ugandan judge Lydia Mugambe, 49, “exploited and abused” the victim, prosecutors said, forcing her to work as an unpaid maid and caregiver while barring her from seeking other employment… Mugambe was a fellow housed within Columbia University’s Institute for the Study of Human Rights, whose fellows work to “address some aspect of a history of gross human rights violations in their society, country, and/or region,” in 2017… https://freebeacon.com/latest-news/un-judge-found-guilty-of-slavery/
New documentary shows the alarming connection between Hamas and campus protests https://t.co/IXlZCaOdft
Appeals court lifts blocks on President Trump’s executive orders restricting diversity, equity and inclusion programs. https://t.co/yvAg52XsFn
Chicago’s “Magnificent Mile,” a long-time premier shopping district, is now a ghost town due to crime. It was once protected due to its high generation of tax revenue. Now, woke politics is the priority. https://x.com/CPD1617Scanner/status/1900534669583536262
@WallStreetApes: Elon Musk breaks down the EXACT details, step by step, on Democrat’s plan for America and what they will do if they ever win another election… “What’s actually happening is they’re buying voters…It’s like a giant voter fraud scam. They’re importing voters and it’s really just a matter of time… It is an attempt to destroy democracy in America.” – There are 7 swing states, like often the margin of victory, there is like maybe 20,000 votes – If you put 200,000 illegals in there and they have like a 80% likelihood of voting Democrat… – If they’re not swing states, we’ll be a permanent one-party state, permanent, deep blue socialist state That’s what America will become. That was the game plan. That is still the game plan.”… “The reason I went so hardcore for Trump was because to me this was a fork in the road… – Then they will keep importing more illegals… outcome basically what happened in California It would’ve been the end. That’s why I went so hardcore for Trump. It would have otherwise been the end and that’s why the Democrat machine is so intent on destroying me.” “I invite people to do their research. The more they do the research, the more they will see that what I’m saying is absolutely true.” https://x.com/WallStreetApes/status/1900682993762791697
French pol wants US to give back Statue of Liberty: ‘You despise it’https://trib.al/rgqYBa8 (How about France gives back the lives of US GI killed in WWI and WWII that saved your …!) @Jimfrombaseball: The “Philadelphia Inquirer” found dangerous chemicals in the astroturf of the now-demolished Veterans Stadium. Six Phillies who played on that turf, Tug McGraw, Darren Daulton, John Vukovich, John Oates, Ken Brett, David West, died of a rare & aggressive brain cancer. The six players all died in their 40s or 50s, roughly three times the rate of the average adult population… The Phillies sold pieces of turf in sealed 4 x 4″ bags. The Inquirer purchased four of those on eBay. Samples analyzed by two separate labs found 16 types of dangerous chemicals in the turf. They are referred to as “forever chemicals” because they don’t break down & can last in the human body for years… https://x.com/Jimfrombaseball/status/1901247699162140812
Judge Blocking Criminal Deportations Faces Impeachment; El Salvador Prez Says “Too Late” On 1st Batch
Sunday, Mar 16, 2025 – 12:17 PM
Update (1220ET): In response to judge James Boasberg’s move to halt the Trump administration’s deportation of alleged gang members, Rep. Brandon Gill (R-TX) says he’s filing articles of impeachment against the judge.
“I’ll be filing Articles of Impeachment against activist judge James Boasberg this week,” Gill posted on X.
In response to Boasberg’s order (read all about it below), Attorney General Pam Bondi made an emergency filing with the DC Circuit Court to pause the order, asking the court to “halt this massive, unauthorized imposition on the Executive’s authority to remove people that Defendants had determined to be members of TdA (Tren de Aragua).
The Supreme Court in 1948 upheld the law and banned federal courts from even reviewing presidential actions undertaken pursuant to the law. Unelected inferior judges have no authority to seize the powers of the presidency or to overturn Supreme Court rulings. https://t.co/e8opuydE7D
Boasberg’s order was issued while a plane full of Venezuelan prisoners was headed to El Salvador – eventually landing in the country…
“Today, the first 238 members of the Venezuelan criminal organization, Tren de Aragua, arrived in our country. They were immediately transferred to CECOT, the Terrorism Confinement Center, for a period of one year (renewable),” said President Nayib Bukele on X. “On this occasion, the U.S. has also sent us 23 MS-13 members wanted by Salvadoran justice, including two ringleaders. One of them is a member of the criminal organization’s highest structure.”
Have you picked up a John O. flag yet at ZH Store?
* * *
A federal judge who’s been a critical ally to the deep state has preemptively blocked the Trump administration from deporting five Venezuelan nationals under the Alien Enemies Act (AEA) of 1978.
US District Judge James Boasberg (more on that below) issued his preemptive ruling a few hours after the American Civil Liberties Union (ACLU) filed a motion on the Venezuelans’ behalf against Trump’s reported plan to invoke the AEA to accelerate the removal of illegals from the US.
The ACLU asked Boasberg to block the use of the law, though Trump has yet to invoke it. Boasberg, of course, complied, granting a restraining order Saturday morning that prevents the administration from removing the five Venezuelan nationals for two weeks so the judge can hold a hearing on their challenge.
In their filing, the ACLU, alongside Democracy Forward and the ACLU of the District of Columbia, stated that the government has moved the Venezuelans – alleged members of Tren De Aragua, to a facility in Texas, which they state are being used “as staging facilities to remove Venezuelan men under the AEA.”
Of note, the Trump administration officially declared Tren de Aragua a terrorist organization last month.
If the name Boasberg rings a bell, refresh your memory below…
Voice Of America Journalists Placed On Leave After Trump Dismantles 8 Federal Agencies
Sunday, Mar 16, 2025 – 01:25 PM
Journalists at Voice of America (VOA) have been placed on administrative leave one day after President Trump signed an executive order dismantling eight federal agencies, which builds on a prior Trump directive to eliminate elements of the federal government deemed “unnecessary.”
VOA reporters were placed on “administrative leave with full pay and benefits until otherwise notified,” adding that this is “not being done for any disciplinary purpose,” according to The Hill, which received a copy of an internal memo which was sent out by the human resources executive for the U.S. Agency for Global Media (USAGM), VOA’s parent company.
VOA workers were also instructed not to enter their work premises or access USAGM internal systems without permission from the HR executive or “prior” permission from their supervisors.
The two-page memo, that was sent just past 9:40 a.m. local time Saturday, came after Trump penned an executive order to gut seven federal agencies, including USAGM, telling them to “reduce the performance of their statutory functions and associated personnel.”
“This order continues the reduction in the elements of the Federal bureaucracy that the President has determined are unnecessary,” the order said. –The Hill
Trump’s order also dismantles the Federal Mediation and Conciliation Service, the Woodrow Wilson International Center for Scholars, the Institute of Museum and Library Services, the Interagency Council on Homelessness, the Community Development Financial Institutions Fund and the Minority Business Development Agency.
If asked, VOA workers are expected to “immediately” surrender their USAGM badge and press pass, along with “any keys or other official government property, including documents, records, electronic and telephone devices, and other equipment.”
As the Epoch Times notes further, the United States Agency for Global Media (USAGM), which runs Voice of America (VOA) and Radio Free Asia, has been in Trump’s crosshairs since his first term. With an annual budget of around $900 million that operates networks broadcasting in more than 60 languages and around 100 countries, USAGM has been a target of criticism from Trump’s allies, who argue it operates with a liberal bias.
The president has nominated Brent Bozell, a conservative media watchdog, to lead the USAGM—though his Senate confirmation is pending.
Meanwhile, Kari Lake, a former news anchor and Arizona gubernatorial candidate, has been tapped to steer VOA. Lake said in a speech at the Conservative Political Action Conference that she understands why there are calls to dismantle VOA but that she believes it can be improved.
She was sworn in as a senior adviser for the USAGM on March 3, as she awaits further action on her VOA nomination.
In a post on social media on Saturday, Lake said that Trump’s latest executive order affects VOA operations and added that staff should check their emails “immediately.” Already, multiple VOA staff have received emails placing them on administrative leave with full pay and benefits “until otherwise notified.” It was not immediately clear how many employees were affected.
Friday’s executive order builds on Trump’s earlier Feb. 19 directive to reduce the size of the federal government, eliminate non-essential agencies and advisory committees, and minimize statutory functions to the lowest level required by law.
The moves represent the latest steps by Trump to reshape the federal bureaucracy and make its operations leaner. The president has tasked tech entrepreneur Elon Musk with leading that effort in his role as a special government employee in charge of the Department of Government Efficiency (DOGE).
So far, the DOGE effort has resulted in potential cuts of more than 100,000 jobs across the 2.3 million-member federal civilian workforce, the freezing of foreign aid, and the cancellation of thousands of contracts and programs, for an estimated savings of $115 billion to taxpayers.
Trump has said he and members of his administration are committed to finding ways to cut federal spending and reform government at a “historic level,” with the president setting a goal for DOGE to identify $2 trillion in wasteful spending before its scheduled dissolution on Independence Day in 2026.
A recent Epoch Times poll showed that readers overwhelmingly support DOGE and its activities, though many called for greater public visibility into its findings—along with demands for accountability for whatever abusive, fraudulent, or wasteful spending of taxpayer dollars that it identifies.
end
the judge will soon be impeached!
Behind The White House’s Decision To Ignore Activist Judge, Let Plane Full Of Deported Criminals Continue To El Salvador
Monday, Mar 17, 2025 – 07:11 AM
Update (2112ET): The Trump administration says it disregarded a judge’s order to turn around two planeloads of Venezuelan criminals because the flights were over international waters and therefore the ruling did not apply, Axios reports, citing two senior officials – one of whom made clear that it’s “Very important that people understand we are not actively defying court orders.”
The Trump administration argues that US District Judge James Boasberg overstepped his authority when he issued an order blocking the president from deporting roughly 250 alleged Tren de Aragua gang members under the Alien Enemies Act of 1789, a wartime law that gives the executive branch immense power to deport noncitizens without judicial hearings.
“This is headed to the Supreme Court. And we’re going to win,” a senior White House official told Axios, adding “It’s the showdown that was always going to happen between the two branches of government.”
“And it seemed that this was pretty clean. You have Venezuelan gang members … These are bad guys, as the president would say.”
Axios then cites Democrat attorney Mark S. Zaid…
this guy…
I've gotten clearances for guys who had child porn issues
…who posted on X “Court order defied. First of many as I’ve been warning and start of true constitutional crisis,” adding that it could eventually lead to another Trump impeachment, according to Axios.
According to the report, White House Deputy Chief of Staff Stephen Miller “orchestrated” the flights in the West Wing in tandem with DHS Secretary Kristy Noem.
More via Axios:
The timeline: The president signed the executive order invoking the Alien Enemies Act on Friday night, but intentionally did not advertise it.On Saturday morning, word of the order leaked, officials said, prompting a mad scramble to get planes in the air.
At 2:31 p.m. Saturday, an immigration activist who tracks deportation flights, posted on X that “TWO HIGHLY UNUSUAL ICE flights” were departing from Texas to El Salvador, which had agreed to accept Venezuelan gang members deported from the U.S.
Hours later, during a court hearing filed by the ACLU., Boasberg ordered a halt to the deportations and said any flights should be turned around mid-air.
“This is something that you need to make sure is complied with immediately,” he told the Justice Department, according to the Washington Post.
At that point, about 6:51 p.m., both flights were off the Yucatan Peninsula, according to flight paths posted on X.
It’s ridiculous that a Democratic president can import violent gang members, but a Republican president can’t deport them.
An internal discussion was had in the White House as to whether they should order the planes to turn around – only to press ahead per administration lawyers.
“There was a discussion about how far the judge’s ruling can go under the circumstances and over international waters and, on advice of counsel, we proceeded with deporting these thugs,” said the senior official.
“They were already outside of US airspace. We believe the order is not applicable,” said the other official.
Biblical cycle timing expert, geopolitical and financial analyst, Bo Polny says get ready for a wild ride in 2025 and beyond. Let’s start with the fraud done by the wicked in America being uncovered by DOGE. So far, DOGE (Department of Government Efficiency) has saved taxpayers a staggering $115 billion in fraud, waste and abuse. You ain’t seen nothing yet, according to Polny, “If you follow the money, you find out who got it and who the players are. . . . The players were all of Wall Street. The players were all the Democrats. The players were all the RINOs. The players were all of Hollywood . . . and music industry. The players were in Washington D.C. . . . . How are all these people, who are permanent politicians, worth hundreds of millions of dollars? You follow the money, but they won’t let you follow the money, and that is why they need to stop Elon from following the money chain. . . . What they found so far is chump change. . . . The fraud is so big that it is mind blowing, staggering what the world is about to find out.”
Polny says the truth about the massive fraud in America is going to cause a financial reset. Come July, the long-awaited Basel III is going to be implemented on banks July 1, 2025. It is supposed to stabilize the banking system. Polny says his calculations show America is going to be reborn after what the Bible says in Joel 2:31 “The Great and Terrible Day of the Lord.” Polny says this will happen most likely around the April Passover time frame. Fast forward, and then, America will be reborn on July 4th 2025. Polny explains, “The calculations are pointing to the rebirth of America this Fourth of July. . . . This is Biblical math.” (In the interview, Polny goes into detail on the dates and Biblical timing.)
Polny says the US dollar is going to suffer when all the massive fraud is revealed. Polny says, “They have used the Federal Reserve Note to go against God. They used the Federal Reserve Note to buy off all of Wall Street, to buy off every news media, to buy off Washington D.C., to buy off the elections and to buy off Hollywood. They have used the money to buy off everybody.”
So, what is coming? Polny says, “The real estate market is going to plummet. . . What we are about to witness is the collapse of the US dollar. This is going to accelerate . . . in the month of April, and it’s going to continue, but April is going to be really bad for the US dollar. That is going to lead to a collapse of the US bond market. When the US bond market collapses, you are going to have so much real estate hit the market that those who have got gold, silver and crypto currencies will have their pick of homes or whatever you want. . . . Sellers are going to be everywhere. There is going to be the complete and utter destruction of the US financial system. It starts now into the Fourth of July, and then, all heck breaks loose into year end. Then, 2026 will be wild because we will be stepping into a new financial era, and the new financial system will be an honest money system.”
That new system will make gold and silver skyrocket in price. Polny contends that silver could end up at “$2,000 per ounce,” and gold could get to “$80,000 to $100,000 per ounce.” Polny points out that President Donald Trump will rebuild America, but it will be painful, especially for evil people and for the enemies of God.
In closing, Polny also points out that he thinks the Biblical “Angel of Death” is on the earth now just like the days of Pharaoh where the first born were killed during what is now called Passover. Polny says this time, the Angel of Death is not coming for the first born, but for the wicked.
There is much more in the 98-minute in-depth interview.
Join Greg Hunter of USAWatchdog.com as he goes One-on-One with Biblical cycle expert and financial analyst Bo Polny as he talks about the birth pains of America’s rebirth in 2025.
harveyorganblog.com 
