GOLD CLOSED UP $3.05 TO $3036.00

SILVER CLOSED DOWN $0.15 TO $33.41

 GOLD ACCESS CLOSED 3045.00

Silver ACCESS CLOSED: $33.53

Bitcoin morning price:$83,194 DOWN 440 DOLLARS.

Bitcoin: afternoon price: $84,332 UP 698 DOLLARS

Platinum price closing DOWN $10.35 TO $986.25

Palladium price; DOWN $9.75 TO $950.20

END

*CANADIAN GOLD: $4358.80 DOWN 3.00 CDN dollars per oz( * NEW ALL TIME HIGH 4361.64- CDN DOLLARS PER OZ//MARCH 19 2025)

*BRITISH GOLD: 2344.11 UP 1.31 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING//2,343.17 BRITISH POUNDS/OZ) MARCH 19/2025

*EURO GOLD: 2,805.95UP 10.83Euros per oz //* (ALL TIME CLOSING HIGH: 2,819,78UROS PER OZ/FEB 24 //2025)

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END

EXCHANGE: COMEX

EXCHANGE: COMEX
CONTRACT: MARCH 2025 COMEX 100 GOLD FUTURES
SETTLEMENT: 3,035.900000000 USD
INTENT DATE: 03/19/2025 DELIVERY DATE: 03/21/2025
FIRM ORG FIRM NAME ISSUED STOPPED

118 C MACQUARIE FUT 100
118 H MACQUARIE FUT 33
323 C HSBC 100
357 C WEDBUSH 25
363 H WELLS FARGO SEC 133
435 H SCOTIA CAPITAL 1
523 C INTERACTIVE BRO 2
523 H INTERACTIVE BRO 1
624 H BOFA SECURITIES 33
661 C JP MORGAN 31
686 C STONEX FINANCIA 73 54
709 C BARCLAYS 5
726 C PLUS500US FINAN 1
737 C ADVANTAGE 1 3
905 C ADM 8

TOTAL: 302 302

JPMORGAN stopped 31/302 contracts

GOLD: NUMBER OF NOTICES FILED FOR MARCH/2024. CONTRACT: 302 NOTICES FOR 30,200 OZ  0.9393 TONNES

total notices so far: 17,870 contracts for 1,787,000 Oz (55.583 tonnes)

FOR MARCH

XXXXXXXXXXXXXXXXXX

SILVER NOTICES: 195 NOTICE(S) FILED FOR 0.975 MILLION OZ/

total number of notices filed so far this month : 14,934 for 74.670 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 $3.05 INVESTORS SWITCHING TO SPROTT PHYSICAL  (PHYS) INSTEAD OF THE FRAUDULENT GLD:

HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.01 TONNES OF GOLD INTO THE GLD//

INVENTORY RESTS AT 909,28 TONNES

SLV/

WITH NO SILVER AROUND AND SILVER DOWN $.15 AT THE SLV: NO CHANGES IN SILVER INVENTORY AT THE SLV:

CLOSING INVENTORY

CLOSING INVENTORY: 444.054 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI FELL BY A HUMONGOUS SIZED 1159 CONTRACTS TO 169,407 AND STALLING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS HUGE SIZED LOSS IN COMEX OI WAS ACCOMPLISHED WITH OUR LOSS OF $0,45 IN SILVER PRICING AT THE COMEX WITH RESPECT TO WEDNESDAY’S TRADING. WE HAD A HUMONGOUS LOSS OF 1159 TOTAL CONTRACTS ON OUR TWO EXCHANGES DESPITE OUR SMALL LOSS IN PRICE//WEDNESDAY’S TRADING.. WE HAD HUGE LIQUIDATION OF T.A.S. CONTRACTS ON WEDNESDAY COMEX TRADING / AS THEY DESPERATELY TRIED TO CONTAIN SILVER’S PRICE RISE FOR THE PAST 4 WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $34.40 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY SUCCEEDED SLIGHTLY ON WEDNESDAY WITH SILVER’S SMALL LOSS IN PRICE.  WE HAD A HUGE T.A.S. LIQUIDATION WEDNEDAY. BUT THIS WAS COUPLED WITH ANOTHER HUGE T.A.S. ISSUANCE OF 847 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 57 CENTS AND A LEASE RATE OF 7.3%. WE HAD A 0 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR STRONG 847 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN TODAY’S TRADING/ AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE. IN ESSENCE WE LOST A HUMONGOUS 1159 CONTRACTS ON OUR TWO EXCHANGES DESPITE OUR SMALL LOSS IN PRICE. WE HAD CONSIDERABLE TAS LIQUIDATION THROUGHOUT WEDNESDAY’S COMEX TRADING SESSION WHICH ACCOUNTS FOR A HUGE PORTION IN THE LOSS 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 WEDNESDAY NIGHT/THURSDAY MORNING: A HUGE 847 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE  OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT NOW SEEMS THAT THE OCC HAS ORDERED THE BANKS TO REDUCE ITS NEW LEVEL OF 1 TRILLION DOLLARS IN GOLD/SILVER DERIVATIVES

WE HAVE IN THE PAST YEAR SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023//  OUR BANKERS WITH THE HELP OF SPECULATORS AND HIGH FREQUENCY TRADERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY  $0.45 AND WERE SUCCESSFUL IN KNOCKING OFF SOME NET SILVER LONGS FROM THEIR PERCH AS WE HAD A HUMONGOUS LOSS IN OUR TWO EXCHANGES OF 1079 CONTRACTS WE HAD HUGE LIQUIDATION OF T.A.S. CONTRACTS TRYING TO CONTAIN SILVER’S PRICE RISE AND THAT ACCOUNTS FOR LOTS OF OUR OPEN INTEREST FALL. 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 0 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 0.430 MILLION OZ QUEUE JUMP TO WHICH WE ADD .350 EXCHANGE FOR RISK

INITIAL STANDING FOR MARCH ADVANCES TO 80.800 MILLION OZ

WE HAD:

/ HUMONGOUS COMEX OI LOSS+// A ZERO SIZED  EFP ISSUANCE/ VI)   HUGE SIZED NUMBER OF  T.A.S. CONTRACT ISSUANCE 847 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 80 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 13 DAYS, total 8604 contracts:   OR 43.020 MILLION OZ  (662 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR:  43.020 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: 43.020 MILLION OZ///

XXXXXXXXXXXXXXXXXXXXXXXXXXXX

RESULT: WE HAD A HUMONGOUS SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1159 CONTRACTS WITH OUR LOSS IN PRICE OF 45 CENTS IN SILVER PRICING AT THE COMEX// WEDNESDAY.,.  THE CME NOTIFIED US THAT WE HAD A STRONG 860 CONTRACT EFP ISSUANCE  CONTRACTS: 860 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 0.430 MILLION OZ QUEUE JUMP//NEW STANDING ADVANCES TO 80.450 MILLION OZ + .350 EX. FOR RISK//NEW TOTAL 80.800 MILLION OZ.

WE HAVE 1). A HUMONGOUS SIZED LOSS OF 1159 OI CONTRACTS ON THE TWO EXCHANGES DESPITE OUR LOSS IN  PRICE// 2.THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A HUGE 847 CONTRACTS TRYING DESPERATELY TO CONTAIN SILVER’S PRICE RISE,//CONSIDERABLE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE WEDNESDAY COMEX SESSION. HOWEVER THEY STILL NEED THESE ISSUANCES FOR REPLENISHMENT FOR FUTURE TRADING //3. ZERO NET LONG SPECULATORS WERE BURNED ON WEDNESDAY WITH OUR LOSS IN PRICE. ALSO 4. SOME OF OUR LONGS EXERCISED THEIR CONTRACTS AND TENDERED FOR PHYSICAL SILVER MUCH TO THE ANGER OF OUR BANKERS. SILVER IS NOT BASEL III COMPLIANT SO THE BANKERS CAN TAKE THEIR TIME WITH THE DELIVERY OF SILVER.

THE NEW TAS ISSUANCE WEDNESDAY NIGHT   (847 ) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE AND MOST LIKELY TODAY.

WE HAD  195 NOTICE(S) FILED TODAY FOR 0.975 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 4270 OI CONTRACTS  TO 537,836 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 924 CONTRACTS//

WE HAD A STRONG SIZED INCREASE  IN COMEX OI (4270 CONTRACTS) OCCURRED WITH OUR SMALL GAIN OF $0.40 IN PRICE TUESDAY. THE FRBNY SUPPLIED THE NECESSARY SHORT PAPER.. WE ALSO HAD A HUMONGOUS INITIAL STANDING IN GOLD TONNAGE FOR MARCH AT 31.757 TONNES FOLLOWED BY TODAY’S STRONG 7400 OZ QUEUE JUMP (0.2302 TONNES), ////NEW STANDING ADVANCES TO 57.511 TONNES + .4655 TONNES EX FOR RISK/PRIOR = 57.9775 TONNES

/NEW STANDING FOR MARCH; 57.511 TONNES + .4655 TONNES EX FOR RISK/PRIOR = 57.9775 TONNES.

/ ALL OF THIS HAPPENED WITH OUR $0.40 GAIN IN PRICE  WITH RESPECT TO WEDNESDAY’S COMEX ///. WE HAD A STRONG SIZED GAIN OF 5420 OI CONTRACTS (16.85 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 1150 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 537,836

IN ESSENCE WE HAVE A STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 5420 CONTRACTS  WITH 4270 CONTRACTS INCREASED AT THE COMEX// AND A FAIR SIZED 1150 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 5420 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR SIZED AND CRIMINAL 1489 CONTRACTS ISSUED.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1150 CONTRACTS) ACCOMPANYING THE STRONG SIZED INCREASE IN COMEX OI OF 4270 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 5420 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 0.2302 TONNES QUEUE JUMP. TO WHICH WE MUST ADD OUR NEW .4655 TONNES OF EX FOR RISK/PRIOR

//NEW STANDING ADVANCES TO 57.511 TONNES + .4655 TONNES EX FOR RISK = 57.9775 TONNES 

//NEW STANDING MARCH: 57.9775 TONNES

.

 / 3) HUGE T.A.S. LIQUIDATION TRYING TO LOWER GOLD’S PRICE TUESDAY WITH ZERO SUCCESS IN REMOVING ANY NET SPECULATOR LONGS, AS WE HAD 1)  $0.40 PRICE GAIN AND WE HAD 2) ZERO NET LONG SPECS BEING CLIPPED AS WE HAD A STRONG GAIN OF 5420 CONTRACTS ON OUR TWO EXCHANGES ) ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED WEDNESDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL AND THUS OUR HUGE TONNAGE STANDING FOR GOLD IN MARCH. ALL OF THE GAIN IN OI WAS DUE TO THE HUGE NUMBER OF T.A.S. LIQUIDATION WEDNESDAY.

  4) STRONG SIZED COMEX OPEN INTEREST INCREASE 5)  FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///FAIR T.A.S.  ISSUANCE: 1489 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: 26,463 CONTRACTS OF 2,646,300 OZ OR 82.31 TONNES IN 13 TRADING DAY(S) AND THUS AVERAGING: 2035 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 13 TRADING DAY(S) IN  TONNES  82.31 TONNES

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

THUS EFP TRANSFERS REPRESENTS  82.31 DIVIDED BY 3550 x 100% TONNES = 2.30% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO 2023

JANUARY/2021: 265.26 TONNES (RAPIDLY INCREASING AGAIN)

 FEB  :  171.24 TONNES  ( DEFINITELY SLOWING DOWN AGAIN)..

MARCH:.   276.50 TONNES (STRONG AGAIN/

APRIL:      189..44 TONNES  ( DRAMATICALLY SLOWING DOWN AGAIN//GOLD IN BACKWARDATION)

MAY:        250.15 TONNES  (NOW DRAMATICALLY INCREASING AGAIN)

JUNE:      247.54 TONNES (FINAL)

JULY:        188.73 TONNES FINAL

AUGUST:   217.89 TONNES FINAL ISSUANCE.

SEPT          142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_

OCT:           141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)

NOV:           312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP

DEC.           175.62 TONNES//FINAL ISSUANCE//

TOTALS: 2,578.08 TONNES/2021

JAN:2022   247.25 TONNES //FINAL

FEB:           196.04 TONNES//FINAL

MARCH/2022:  409.30 TONNES //FINAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.

APRIL:  169.55 TONNES (FINAL VERY  LOW ISSUANCE MONTH)

MAY:  247.44 TONNES FINAL//

JUNE: 238.13 TONNES  FINAL

JULY: 378.43 TONNES FINAL/SECOND HIGHEST ON RECORD

AUGUST: 180.81 TONNES FINAL

SEPT. 193.16 TONNES FINAL

OCT:  177.57  TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)

NOV.  223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)

DEC:  185.59 tonnes // FINAL

TOTAL: 2,847,25 TONNES/2022

JAN 2023:    228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!

FEB: 151.61 TONNES/FINAL

MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)

APRIL: 197.42 TONNES

MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)

JUNE: 172.667 TONNES (WEAKER ISSUANCE THIS MONTH)

JULY:  151.69 TONNES (WEAKER THAN LAST MONTH)

AUGUST:  195.28 TONNES (A STRONGER MONTH)//FINAL

SEPT: 254.709 TONNES (WILL BE LARGER THAN LAST MONTH AND A STRONG MONTH)

OCT. 248.09 TONNES. LIKE SILVER, THIS MONTH IS GOING TO BE A STRONG E.F.P. ISSUANCE.

NOV.   239.16 TONNES//WILL BE STRONG THIS MONTH,

DEC. 213.704 TONNES. A STRONG MONTH//

TOTAL FOR YEAR 2023: 2,569.57 TONNES VS  2578 TONNES LAST YEAR

2024 AND 2025:

JAN ’24:     291.76 TONNES (WILL BE MUCH GREATER THAN LAST MONTH.//3RD HIGHEST EVER RECORDED EXCHANGE FOR PHYSICAL)

FEB’24: 201.947 TONNES

MARCH 2024: 352.21 TONNES//2ND HIGHEST EVER RECORDED EFP ISSUANCE.

APRIL: 267.05TONNES (WILL BE AN EXTREMELY STRONG MONTH BUT LESS THAN MARCH 2024)

MAY; 316.606 TONNES (WILL BE ANOTHER STRONG MONTH// 3RD HIGHEST RECORDED EFP ISSUANCE )// NOTICE THE HUGE INCREASES IN EX FOR PHYSICAL THESE PAST FEW MONTHS. THESE CONTRACTS ARE CIRCLED BACK FROM LONDON WHEREBY METAL IS REMOVED FROM THE COMEX.

JUNE 175.11 tonnes HEADING FOR A WEAKER MONTH AND MUCH LESS THAN THE THREE PREVIOUS MONTHS

JULY: 351. 65 TONNES (3RD HIGHEST EVER RECORDED EXCHANGE FOR PHYSICAL AND THE HIGHEST EVER RECORDED POST BASEL III) 

AUGUST: 274.79 TONNES//THIS MONTH WILL NO DOUBT BE A STRONG ISSUANCE OF EFP’S BUT MUCH LESS THAN LAST MONTH.

SEPT: 335 .104 TONNES//IF THIS CONTINUES WE WILL HAVE A HUMDINGER OF AN EFP ISSUANCE. WE WILL PROBABLY END JUST SHORT OF THE 3RD HIGHEST ISSUANCE EVER RECORDED.

OCT. 277.71 TONNES (THIS WILL BE A GOOD ISSUANCE THIS MONTH)

NOV: 393.875 TONNES ( A HUGE MONTH////NOW SURPASSED THE PREVIOUS 3RD AND 2ND HIGHEST EVER RECORDED EX FOR PHYSICAL ISSUANCE TO BECOME THE 2ND HIGHEST EVER RECORDED

DEC 360.03 TONNES THIRD HIGHEST EVER RECORDED FOR EFP ISSUANCE

TOTAL 2024 YEAR. 3,597.846 TONNES

JAN. 2025: 257.919 TONNES (ISSUANCE WILL BE PRETTY GOOD THIS MONTH BUT MUCH LOWER THAN LAST MONTH)

FEB: 207.21 TONNES//EX FOR PHYSICAL ISSUANCE (WILL BE A FAIR SIZED ISSUANCE THIS MONTH)

MARCH 82.31 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 FELL BY A HUMONGOUS SIZED 1159 CONTRACTS OI  TO 169,407 AND FURTHER FROM THE COMEX HIGH RECORD //244,710( SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  7 YEARS AGO.  HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023

EFP ISSUANCE 0 CONTRACTS

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

MAY 0 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 0 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE COMEX OI LOSS OF 1079 CONTRACTS AND ADD TO THE 0 E.FP. ISSUED

WE OBTAIN A HUMONGOUS SIZED LOSS OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 1079  CONTRACTS

THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES  TOTALS 5.395 MILLION OZ OCCURRED DESPITE OUR SMALL $0.40  IN PRICE  

OUTLINE FOR TODAY’S COMMENTARY

1a/COMEX GOLD AND SILVER REPORT

(report Harvey)

b, ) Gold/silver trading overnight Europe,//GOLD COMMENTARIES

(Peter Schiff)

c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens

ii a) Chris Powell of GATA provides to us very important physical commentaries

b. Other gold/silver commentaries

c. Commodity commentaries//

d)/CRYPTOCURRENCIES/BITCOIN ETC

2.ASIAN AFFAIRS  THURSDAY MORNING//WEDNESDAY  NIGHT

SHANGHAI CLOSED DOWN 17.48 PTS OR 0.51%

//Hang Seng CLOSED DOWN 551.19 PTS OR 2.23%

// Nikkei CLOSED HOLIDAY%//Australia’s all ordinaries CLOSED UP 1.16%

//Chinese yuan (ONSHORE) CLOSED DOWN TO 7.2428 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.2488/ Oil UP TO 67.38 dollars per barrel for WTI and BRENT UP TO 70.87 Stocks in Europe OPENED ALL RED

ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING

WEAKER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER

END

END

END

END

ASIA TRADING THURSDAY MORNING/WEDNESDAY  NIGHT

A)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/
OUTLINE

3  CHINA
OUTLINE

4/EUROPEAN AFFAIRS
OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE

6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE

7. OIL ISSUES
OUTLINE

8 EMERGING MARKET ISSUES
9. USA

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS

GOLD

 LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A GOOD SIZED 4270 CONTRACTS TO 537,836 DESPITE OUR VERY TINY GAIN IN PRICE OF $0.40 WITH RESPECT TO WEDNESDAY’S TRADING/. WE LOST ZERO NET LONGS WITH THAT PRICE GAIN FOR GOLD. BUT AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD A FAIR NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (1150 ).

THE CME ANNOUNCED WEDNESDAY NIGHT, 0 EXCHANGE FOR RISK CONTRACTS FOR NIL OZ OR NIL TONNES. LAST THURSDAY WAS 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:

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

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

THUS IN TOTAL WE HAD A STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 5420 CONTRACTS WITH OUR GAIN IN PRICE. OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN ON TUESDAY NIGHT AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED RAID AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THE DAILY ATTACKS WITH THE CONTINUAL LIQUIDATION OF T.A.S. CONTRACTS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY FOR THE THOUGHTFULNESS. LONDON ANNOUNCED LATE (JAN 30) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES. DELIVERY OF GOLD CONTRACTS ARE NOW TAKING SEVERAL WEEKS. NO DEFAULT HAS BEEN INITIATED AS DEALERS ARE AFRAID OF LOSS OF THEIR JOBS. SO THIS FRAUD CONTINUES. THE LEASE RATES IN LONDON HAVE NOW 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// THROUGHOUT THE WEEK. THEY ISSUED LAST NIGHT A FAIR SIZED 1489 CONTRACT THE T.A.S. LIQUIDATION OF THESE T.AS. CONTRACTS IS WHY WE ARE HAVING A LOWER COMEX OPEN INTEREST GAINS BUT THIS IS COUPLED WITH HUGE AMOUNTS OF GOLD STANDING FOR DELIVERY TO CONFUSE THE ISSUE!!!!! AND THIS WAS SURELY ON DISPLAY WEDNESDAY.

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 FRIDAY’S 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 1150 EFP CONTRACTS WERE ISSUED: :  /APRIL  1680 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1150 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 5420 CONTRACTS IN THAT 1150 CONTRACT LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A GOOD GAIN OF 4270 COMEX  CONTRACTS..AND THIS GAIN ON OUR TWO EXCHANGES HAPPENED DESPITE OUR VERY TINY GAIN IN PRICE OF $0.40 FOR WEDNESDAY/ COMEX. THE EXCHANGE FOR PHYSICALS WILL BE USED BY CENTRAL BANKS, TO EXERCISE FOR PHYSICAL GOLD AT THE COMEX AS MENTIONED  ABOVE.

T.A.S. ISSUANCE

AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS USUALLY DURING MID MONTH IN THE DELIVERY CYCLE), BUT NOW ON A DAILY BASIS, THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR WEDNESDAY NIGHT/THURSDAY MORNING WAS A FAIR SIZED 1489 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 LAST 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 ,THIS MONTH, WE HAD+ ANOTHER 5 DAY MEGA ISSUANCE BUT CORRESPONDING MEGA RAIDS FAILED TO MATERIALIZE. I WOULD LIKE TO POINT OUT THAT LAST 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:

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

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

THROUGHOUT THE PAST SEVERAL WEEKS, THE BANKERS CONTINUE TO SELL OFF THE LONG SIDE OF THE SPREAD (T.A.S.) WHICH  OF COURSE CONTINUES TO MANIPULATE THE PRICE OF GOLD SOUTHBOUND. (THEY KEEP THE SHORT SIDE OF THE CALENDAR/T.A.S. SPREAD WHICH WILL BE LIQUIDATED IN DAYS HENCE//. IT SEEMS THAT OUR CROOKS ORCHESTRATED, ON FEB 25, THEIR HUGE RAID TO LOWER THE PRICE OF GOLD TO MAKE THEIR COMEX BETS WHOLE ON OPTIONS EXPIRY WEEK AND THUS THE NEED FOR CONTINUAL STRONG T.A.S. ISSUANCE AND THEN LIQUIDATION. THIS WAS COUPLED WITH THE LIQUIDATION OF CALENDAR//MONTH END SPREADERS . THE USE OF OUR TWO SPREADER MECHANISMS WERE OF EXTREME IMPORTANCE TO OUR CROOKS IN LATE JANUARY OPTIONS EXPIRY TRADING AND AGAIN WITH FEBRUARY OPTION EXPIRY MONTH. HALF WAY THROUGH THE JANUARY COMEX MONTH, THE CROOKS ISSUED FIVE CONSECUTIVE 30,000+ CONTRACT ISSUANCE OF T.A.S KNOWING THAT THEY WERE GOING TO INITIATE HUGE RAIDS ON OUR METALS. THEN THEY ISSUED IN LATE FEB, ANOTHER 5 CONSECUTIVE 30,000+ ISSUANCES.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

STANDING FOR GOLD FOR THE PAST 4 PLUS YEARS:

// WE HAD A HUGE AMOUNT OF GOLD TONNAGE STANDING:   MARCH (57.9775 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 : 57.511 TONNES + .4665 TONNES EX FOR RISK = 57.9775 TONNES  WHICH IS EXTREMELY HIGH FOR A NON DELIVERY MONTH.

HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 50 MONTHS OF 2021-2024:

DEC 2021: 112.217 TONNES

NOV.  8.074 TONNES

OCT.    57.707 TONNES

SEPT: 11.9160 TONNES

AUGUST: 80.489 TONNES

JULY 7.2814 TONNES

JUNE:  72.289 TONNES

MAY 5.77 TONNES

APRIL  95.331 TONNES

MARCH 30.205 TONNES

FEB ’21. 113.424 TONNES

JAN ’21: 6.500 TONNES.

TOTAL  YEAR  2021 (JAN- DEC): 601.213 TONNES

YEAR 2022:

JANUARY 2022  17.79 TONNES

FEB 2022: 59.023 TONNES

MARCH: 36.678 TONNES

APRIL: 85.340 TONNES FINAL.

MAY: 20.11 TONNES FINAL

JUNE: 74.933 TONNES FINAL

JULY 29.987 TONNES FINAL

AUGUST:104.979 TONNES//FINAL

SEPT.  38.1158 TONNES

OCT:  77.390 TONNES/ FINAL

NOV 27.110 TONNES/FINAL

Dec. 64.000 tonnes

(TOTAL  YEAR 656.076 TONNES)

2023:

JAN/2023:    20.559 tonnes

FEB 2023: 47.744 tonnes

MAR:  19.0637 TONNES

APRIL: 75.676  tonnes

MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk =  20.338

JUNE: 64.354 TONNES

JULY: 10.2861 TONNES

AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)

SEPT: 15.281 TONNES FINAL

OCT.    35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes

NOV: 18.7122 TONNES + 16.2505 EX. FOR RISK   = 34.9627 TONNES

DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK =  51.707 TONNES

TOTAL 2023 YEAR : 436.546 TONNES

2024

JAN ’24.      22.706 TONNES

FEB. ’24:  66.276 TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)

MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES

APRIL: 2024: 53.673TONNES FINAL

MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325

JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022

JULY: 11.692 TONNES

AUGUST 69.602 TONNES//FINAL STANDING

SEPT. 13.164 TONNES.

OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES

NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES

DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES  EQUALS 95.1066 TONNES

total year 2024: 540.30 tonnes

2025

January 2025: 70.102 TONNES + 43.208 EXCHANGE FOR RISK= 113.310 TONNES

FEBRUARY:/NEW STANDING ADVANCES TO 238.153TONNES +18.4527 EX FOR RISK

= 256.607 TONNES.

MARCH: 57.9775 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 $0.40/)/AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY APPRECIABLE NET SPECULATOR LONGS AS WE DID HAVE A GOOD SIZED GAIN IN OUR TWO EXCHANGES. BUT AS EXPLAINED ABOVE WE HAD HUGE T.A.S. SPREADER LIQUIDATION WEDNESDAY/PRIOR TO FOMC AS THEY WERE TRYING TO QUELL GOLD’S ATTEMPT AT $3,000 AND STOP HUGE COMEX/OTC DERIVATIVE LOSSES FROM ALSO RISING AND THEY FAILED MISERABLY AS GOLD IS NOW WELL ABOVE THE $3,000 THRESHOLD!!.

LAST NIGHT/THURSDAY MORNING

THE CROOKS HOWEVER COULD NOT STOP CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL WEDNESDAY EVENING/THURSDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD TO ARRIVE BY BOAT. IT IS NOW TAKING SEVERAL WEEKS TO DELIVER AND THUS THE REASON FOR THE HUGE LEASE RATE AT 10% (SCARCITY OF GOLD) THIS PAST MONTH.

EXCHANGE FOR RISK EXPLANATION/FEB THROUGH MARCH TRADING

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,FEB 4 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 IN THE DELIVERY CYCLE THE CME NOTIFIED US THAT WE HAD OUR FIRST EXCHANGE FOR RISK CONTRACT ISSUANCE IN MARCH 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: 57.511 TONNES + .46556 TONNES EX FOR RISK = 57.9775 TONNES

WE HAVE GAINED A STRONG SIZED TOTAL OF 16.85 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL  GOLD TONNAGE STANDING FOR MARCH (31.753TONNES) ON FIRST DAY NOTICE FOLLOWED BY TODAY’S STRONG QUEUE JUMP OF 7,400 OZ OR 0.2302 TONNES: NEW TOTAL STANDING 57.511 TONNES TO WHICH WE ADD OUR .4665 TONNES OF EXCHANGE FOR RISK//NEW TOTAL: 57.9775 TONNES

ALL OF THIS WAS ACCOMPLISHED WITH OUR VERY TINY GAIN IN PRICE TO THE TUNE OF $0.40

WE HAD 924 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 5420 CONTRACTS OR 542,000 0Z (16.85 TONNES)

confirmed volume WEDNESDAY 170,945 contracts: fair///

//speculators have left the gold arena

END

MARCH

// THE MARCH 2025 GOLD CONTRACT

MARCH 20

INITIAL

dealer deposits:

:

dealer deposits: 1

i) into Manfra dealer 9,645.000 oz
300 kilobars

weight .300 tonnes

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deposits customer

we have one customer deposit

i)Into Brinks 138,249.254 oz or 4300 kilobars

weight 4.3 tonnes

total weight dealer and customer 4.7 tonnes

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withdrawals: 0

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adjustments: customer to dealer:

i)Brinks 53,049.150 oz

AMOUNT OF GOLD STANDING FOR MARCH

THE FRONT MONTH OF MARCH HAD A LOSS OF 87 CONTRACTS TO STAND AT 922. WE HAD 161 CONTRACTS SERVED ON WEDNESDAY SO WE GAINED 74 CONTRACTS FOR 7400 OZ (.2302 TONNES AS A PHYSICAL GOLD QUEUE JUMP. THIS IS CENTRAL BANKS LOOKING FOR BADLY NEEDED GOLD

APRIL HAD A LOSS OF 701 CONTRACTS UP TO 252,422 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 102 CONTRACTS UP TO 1264.

We had 302 contracts filed for today representing 30,200oz  

This is a huge major assault on the comex for gold and this time it is physical that will be requested.

Today, 0 notice(s) were issued from J.P.Morgan dealer and 0 notices issued from their client or customer account. The total of all issuance by all participants equate to 302 contract(s) of which 0  notices were stopped (received) by  j.P. Morgan dealer and 31 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 (17,870 X 100 oz ) to which we add the difference between the open interest for the front month of  MARCH (922 CONTRACTS)  minus the number of notices served upon today  (305 x 100 oz per contract) equals  1,849,000 OZ  OR 57.511 TONNES to which we add our .4665 tonnes exchange for risk//new total tonnage standing: 57.9775 tonnes

thus the INITIAL standings for gold for the MARCH contract month:  No of notices filed so far (17,870x 100 oz +we add the difference for front month of MARCH (922 OI} minus the number of notices served upon today (302 x 100 oz) which equals  1,849,000 OZ OR 57.511 TONNES + .4665 ex for risk //new total 57.9775 tonnes

TOTAL COMEX GOLD STANDING FOR MARCH.: 57.9775 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..

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COMEX GOLD INVENTORIES/CLASSIFICATION

NEW PLEDGED GOLD:

241,794.285 oz NOW PLEDGED /HSBC  5.94 TONNES

204,937.290 OZ PLEDGED  MANFRA 3.08 TONNES

83,657.582 PLEDGED JPMorgan no 1  1.690 tonnes

265,999.054, oz  JPM No 2 

1,152,376.639 oz pledged  Brinks/

Manfra:  33,758.550 oz

Delaware: 193.721 oz

International Delaware::  11,188.542 oz

total pledged gold: 1,979,834.722oz 61.88 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 41,594,745.805.oz  

TOTAL REGISTERED GOLD 20,834,059,03 or 648.02 tonnes

TOTAL OF ALL ELIGIBLE GOLD: 20,760,686.775 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 18,8542,25oz (REG GOLD- PLEDGED GOLD)= 586.44tonnes //

END

SILVER/COMEX

// THE MARCH 2025  SILVER CONTRACT//INITIAL

MARCH 20

INITIAL

i)  2 entries

i) Into Brinks dealer 304,488.800 oz
ii) Into Manfra dealer: 523,384.361 oz

total dealer 827,872.963 oz

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deposits customer side

5 entries

5entries

i) Into Asahi 610,472.650 oz

ii) Into Brinks 512,873,741 oz

iii) Into JPMorgan 1182,109.3000 oz

iv) Into Loomis 310,061.520 oz

v) Into Manfra 579,138.600 oz

total weight 3194,659.811 oz

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withdrawals 1

1 entry

entries


i) out of Loomis; 606,936.690 oz

total withdrawal 606,936.690 oz

xxx

ADJUSTMENTs 1

customer to dealer:

a) Delaware 133,018.684 oz

JPMorgan has a total silver weight: 181.989million oz/456,485oz million  or 39.86%

TOTAL REGISTERED SILVER: 153.428 MILLION OZ//.TOTAL REG + ELIGIBLE. 456,485Million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR MARCH

silver open interest data:

FRONT MONTH OF MARCH /2025 OI: 1351 OPEN INTEREST CONTRACTS FOR A LOSS OF 233 CONTRACTS.WE HAD 319 CONTRACTS SERVED ON WEDNESDAY SO WE GAINED 86 CONTRACTS OR 0.430 MILLION OZ UNDERWENT A STRONG 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 LOSS OF 18 CONTRACTS TO STAND AT 2382

MAY SAW A LOSS OF 1116 CONTRACTS DOWN TO 128,154 CONTRACTS

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 195 or 0.975 MILLION oz

CONFIRMED volume; ON WEDNESDAY 66,278 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 14,934 X5,000 oz = 74.670 MILLION oz 

to which we add the difference between the open interest for the front month of MAR (1351) AND the number of notices served upon today (195 )x (5000 oz)

Thus the  standings for silver for the MARCH 2025 contract month:  (14,934) Notices served so far) x 5000 oz + OI for the front month of MAR(1351) minus number of notices served upon today (195)x 5000 oz equals silver standing for the MARCH contract month equating to 80.450 MILLION OZ TO WHICH WE ADD .350 MILLION OZ EX FOR RISK//NEW TOTAL 80.800 MILLION OZ//

 New total standing:  80.800 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 151.518million 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 20  WITH GOLD UP $3.05 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 2.01 TONNES OF GOLD INTO THE GLD///INVENTORY RESTS AT 909.28 TONNES

MARCH 19  WITH GOLD UP $0.45 TODAY// NO CHANGES IN GOLD AT THE GLD: ///INVENTORY RESTS AT 907.27 TONNES

MARCH 18  WITH GOLD UP $34.05 TODAY// SMALL CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 0.86 TONNES TONNES OUT OF THE GLD ///INVENTORY RESTS AT 907.27 TONNE

MARCH 17  WITH GOLD UP $34.05 TODAY// SMALL CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 0.64 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

GLD INVENTORY: 909.28 TONNES, TONIGHTS TOTAL

SILVER

MARCH 20 WITH SILVER DOWN $0.15 /NO CHANGES IN SILVER INVENTORY AT THE SLV //INVENTORY AT SLV RESTS AT 444.054 MILLION

MARCH 19 WITH SILVER DOWN $0.45 /SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 0.219 MILLION OZ INTO THE THE SLV. //INVENTORY AT SLV RESTS AT 444.054 MILLION

MARCH 18 WITH SILVER UP $0.21 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 4.823 MILLION OZ INTO THE THE SLV. //INVENTORY AT SLV RESTS AT 444.373 MILLION

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

CLOSING INVENTORY 444.054 MILLION OZ//

PHYSICAL GOLD/SILVER COMMENTARIES

1/ PETER SCHIFF/SCHIFF GOLD/MIKE MAHARRY

Alasdair Macleod..

2, EGON VON GREYERZ AND OTHER GOLD COMMENTARIES

3.. CHRIS POWELL AND DAILY GATA DISPATCHES

4. ANDREW MAGUIRE PODCAST

Episode 214

youtube.com/watch?v=E_A-wvLnyL0

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

This key ingredient is controlled by the military and may not be available

(zerohedge)

Key Coca-Cola & Pepsi Ingredient ‘Controlled By RSF Paramilitary In Sudan’

by Tyler Durden

Thursday, Mar 20, 2025 – 05:00 AM

Via Middle East Eye

Sudan’s paramilitary Rapid Support Forces (RSF) is currently controlling access to a vital ingredient used in Coca-Cola and Pepsi across vast swathes of the country, according to a new report.

Gum arabic, an organic emulsifier derived from the sap of the acacia trees, is a major ingredient in a range of products, including the gigantic soft drink brands as well as soap, medicine, sweets and cosmetics. Around 70 percent of the world’s supply comes from Sudan, where the trees grow in a 200,000 square mile belt across the south of the country that is largely controlled by the RSF, according to Bloomberg.

Hisham Salih Yagoub, whose company Afritec is one of Sudan’s biggest international suppliers, told the news outlet that he regularly pays the RSF $2,500 per truck to allow transport of the product to the country’s ports.

“They stop the trucks and you have to pay for the trucks to move,” he said. “They either steal some of it or they make you pay.”

Since April 2023, Sudan has been embroiled in a brutal civil war between the RSF and the Sudanese Armed Forces (SAF). The country has fallen into a humanitarian crisis, with 12.5 million Sudanese displaced from their homes, according to UNHCR. Thousands are estimated to have been killed.

The RSF has been accused of widespread sexual assault, looting, torture and the summary execution of civilians, while the SAF has also been censured for indiscriminate bombing campaigns.

According to documents acquired by Bloomberg, the SAF has also introduced a range of fees that amount to roughly $155 per 100kg of gum arabic being sent out of Port Sudan, meaning any transportation of gum arabic out of the country likely involves payment to groups accused of war crimes.

Bloomberg said it did not receive a response to inquires put to Coca-Cola, PepsiCo and Danone over the gum arabic controversy. 

Nestle said it was “committed to sourcing all our commodities in a responsible way, and in line with applicable regulatory requirements,” while Mars said it did it not tolerate bribery or corruption and was “actively engaging with our suppliers regarding the deeply concerning situation in Sudan and we remain prepared to take any appropriate action if we find any violation of our policies.”

Sudan’s gum arabic belt covers hundreds of thousands of square kilometers…

Coca-Cola and Pepsi have recently also faced a widespread boycott in the Middle East over the US role in supporting Israel’s assault on the Gaza Strip, as well as the former’s reported factory in the illegal West Bank settlement of Atarot.

According to market researcher NielsenIQ, western soft drink brands suffered a 7 percent sales decline in the first half of 2024 across the Middle East.

end

COPPER

London Copper Surges Back Above $10,000 On US Tariff-Driven Fears

Thursday, Mar 20, 2025 – 09:50 AM

Copper prices on the London Metal Exchange surpassed $10,000 per ton on Thursday, driven by concerns over President Trump’s potential tariff expansion on the crucial industrial metal used in everything from electric vehicles to power grids. Traders are rushing to deliver copper into the US before potential tariffs later this year. 

On Feb. 25, President Trump signed an executive order directing the US Department of Commerce to investigate the potential national security risks of copper imports, which could lead to tariffs on all copper imports—including raw mined copper, copper concentrates, refined copper, copper alloys, scrap copper, and certain derivative products. Since then, US prices have surged, and traders have been rushing to send their metal to the US ahead of tariffs, thereby tightening global supplies. The Secretary of Commerce will submit a report to the president 270 days from when the executive order was signed. 

According to BMO analysts, while the destination of copper exiting LME warehouses remains unknown, US trade data shows copper imports are increasing. 

“This is a round of cross-regional repricing triggered by potential US tariffs,” said Wei Lai, deputy trading head at Zijin Mining Investment Shanghai, adding, “Cargoes are lured to the US, leaving other places in shortfall. Buying sentiment is very strong.”

On Thursday, LME copper prices increased by a half percentage point to $10,046 a ton — the highest level since October — while prices on New York’s Comex inched closer to record highs. 

The spread between the copper Comex futures and LME futures widened to more than $1,254 per ton this week, surpassing its February peak of around $1,149. 

“Copper just keeps grinding as it takes out $10k, we said it will overshoot, and its overshooting! Nothing more to my eye than this is when GIR expect refined metal tightness to deliver deficits (2Q25 onwards) and US is dragging metal in that will be stranded,” Goldman analyst James McGeoch penned in a note to clients earlier. 

Last month, Goldman’s Eoin Dinsmore and others reinitiated their coverage of copper with a new medium-run $10,500-11,500/t range forecast. This call was based on three drivers:

1. Strong Electrification Demand. We believe the electrification megatrend will continue to reshape copper demand. That became clear in 2024, when despite a 10% drop in copper demand from the China construction sector, electrification drove a solid 4% YoY increase in China refined copper demand. Electrification will account for all copper demand growth to 2030. And the grid alone makes up over 50% of the growth, adding the equivalent of another US to global copper demand.
2. China Copper Stimulus. Copper demand is set to disproportionately benefit from China stimulus in sectors such as appliances and EVs. We estimate China stimulus will add 2pp to China copper demand growth, while tariffs knock off only 0.8pp. We forecast China refined copper demand to grow by 4% in 2025, as the boost from structural electrification and stimulus well outweigh the drags from weakness in construction and tariffs. However, several stimulus programs pull forward demand, with copper demand growth slowing markedly from 2027.
3. Ali Cap and Chile Floor. Copper demand will rise by 4Mt by 2030, requiring substantial growth in mine and scrap supply. We believe that substitution away from copper (when the copper price trades >4x the aluminium price) will cap the copper price at $10,500/t in 2025 and $11,500t in 2026. Mine supply growth will primarily come from short lead-time, low capex mines in DR Congo, but maintaining stable supply from Chile remains crucial. A price of $10,500/t will be needed by 2026 for enough new mine capacity to be developed and to avoid large deficits by the early 2030s. We think the scrap share of total demand will remain flat, offering little relief to future market tightness.

The Commerce Department’s investigation into copper imports is unlikely to deliver recommendations for the president until the end of the year. In the meantime, copper supplies flow into the US while global supplies tighten.

END 

6 CRYPTOCURRENCY NEWS

ASIA TRADING THURSDAY MORNING WEDNESDAY  NIGHT

SHANGHAI CLOSED DOWN 17.48 PTS OR 0.51%

//Hang Seng CLOSED DOWN 551.19 PTS OR 2.23%

// Nikkei CLOSED HOLIDAY%//Australia’s all ordinaries CLOSED UP 1.16%

//Chinese yuan (ONSHORE) CLOSED DOWN TO 7.2428 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.2488/ Oil UP TO 67.38 dollars per barrel for WTI and BRENT UP TO 70.87 Stocks in Europe OPENED ALL RED

ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING

WEAkER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER

END

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1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS /THURSDAY MORNING.7:30 AM

ONSHORE YUAN:   CLOSED DOWN AT 7.2428

OFFSHORE YUAN: DOWN TO 7.2488

SHANGHAI CLOSED CLOSED DOWN 17.48 PTS OR 0.31%

HANG SENG CLOSED CLOSED DOWN 551.19 PTS OR 0.23%

2. Nikkei closed

3. Europe stocks   SO FAR:  ALL RED

USA dollar INDEX UP TO  103.55// EURO FALLS TO 1.0847 DOWN 65 BASIS PT HEADING TO PARITY WITH USA

3b Japan 10 YR bond yield: RISES TO. +1.503//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 148.44…… JAPANESE YEN NOW FALLING AS WE HAVE NOW REACHED THE RE EMERGING OF THE YEN CARRY TRADE AGAIN AFTER DISASTROUS POLICY ISSUED BY UEDA

3c Nikkei now  ABOVE 17,000

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

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

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

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

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

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD DOWN TO +2.7580/Italian 10 Yr bond yield DOWN to 3.817 SPAIN 10 YR BOND YIELD DOWN TO 3.395

3i Greek 10 year bond yield DOWN TO 3.565

3j Gold at $3033.50 Silver at: 33.27  1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40

3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 24 /100  roubles/dollar; ROUBLE AT 84/24

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

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

JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 148.44 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.503 % 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 0.8825 as the Swiss Franc is still rising against most currencies. Euro vs SF:   0.9735 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: 4.187 DOWN 9 BASIS PTS…

USA 30 YR BOND YIELD: 4.502 DOWN 9 BASIS PTS/

USA 2 YR BOND YIELD:  4.054 UP 1 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 38.00…

10 YR UK BOND YIELD: 4.6395 DOWN 5 PTS

10 YR CANADA BOND YIELD: 2.974 DOWN 7 BASIS PTS

5 YR CANADA BOND YIELD: 2.488 DOWN 12 PTS.

2a New York OPENING REPORT

Futures Slump, Erasing Most Post-Fed Gains

Thursday, Mar 20, 2025 – 08:09 AM

US equity futures swooned shortly after 5am ET, erasing all post-FOMC gains, as doubts grew that the Fed can significantly cut interest rates in the face of potentially inflationary trade tariffs and sentiment was weighed down by comments from ECB President Lagarde, who said that US tariffs could hit growth in the region, and couldn’t make firm commitments on interest rates. As of 8:00am S&P futures dropped 0.4% a day after Wall Street rallied on the Fed’s signal that it still sees room to ease policy this year; Nasdaq futures lost 0.6%, paring much of the earlier advance seen after Fed Chair Powell offered reassuring comments about the outlook for US growth and inflation. European stocks also dropped with the Stoxx 600 down 0.9% and are set to snap a four-day winning streak. JPM warned earlier that yesterday’s rally may not be indicative of near-term direction as the Fed’s forecast shifted to support the Stagflation narrative and Powell reintroduced transitory inflation, neither are likely to give confidence to investors. Mag7 names are all loower with TSLA leading losses, while Energy and Financials are  higher but Chinese ADRs under pressure. The yield curve is bull flattening after steepening yesterday; the market is still placing its heaviest bets on June and/or Sept rate cuts. USD is poised to have its strongest day in 3 weeks, which is weighing on Emerging markets. Commodities are weaker ex-WTI and Softs; gold dips below its all time high of $3,050. Today’s macro data focus is on Jobless Claims, Regional Fed activity indicators, and Housing data.

In premarket trading, Tesla slipped the most among the Magnificent Seven stocks after the electric-vehicle maker recalled all the Cybertrucks it produced and sold in the first 15 months it was on the market in the US (Alphabet -0.4%, Amazon -0.2%, Apple -0.2%, Microsoft -0.3%, Meta -0.09%, Nvidia -0.4% and Tesla -1.1%).  Microchip Technology was undermined by its plan to sell depositary shares to repay debt., while US-listed shares in PDD Holdings Inc. slid as the Chinese budget-shopping site’s sales missed estimates for a third straight quarter. Here are the most notable US premarket movers:

• Akebia Therapeutics (AKBA) slumps 28% after the drugmaker launched a secondary offering of shares, with the size to be determined, via Leerink Partners and Piper Sandler.
• Aramark (ARMK) falls 2% after peer Sodexo lowered its revenue guidance, citing slower growth at its US university business.
• Cava Group (CAVA) gains 3% after an upgrade to overweight at JPMorgan.
• Celldex Therapeutics (CLDX) rises 2% after Morgan Stanley initiated coverage of the drug developer with an overweight rating, citing the firm’s compelling approach to treating a number of inflammatory conditions.
• Coty (COTY) gains 3% after Citi raised the cosmetics company to buy, saying the weakness in its consumer-beauty segment and normalization in prestige are largely reflected in the stock.
• Five Below (FIVE) jumps 9% after the discount retailer reported fourth-quarter results that beat expectations.
• PDD (PDD) ADRs fall 6% after the Chinese budget-shopping site reported sales that missed estimates for a third consecutive quarter, showing a further slowdown in growth amid pressures from domestic rivals and trade uncertainties in global markets.
• ProAssurance (PRA) surges 49% after the specialty insurer agreed to be bought by the Doctors Co., the largest US physician-owned medical malpractice insurer.
• Microchip Technology (MCHP) falls 6% after the company offered $1.35 billion in depositary shares. The group will use part of the proceeds to repay debt.
• Rivian (RIVN) slips 2% as Piper downgrades the stock to neutral, with analysts saying automakers, except for Tesla, should be avoided.
• QXO (QXO) rises 3% after the building products distributor struck a deal to buy Beacon Roofing Supply.

US markets have just endured a bruising four-week stretch in which the S&P 500 slid into a correction, but relief from assurances offered by Powell after the Fed meeting is already dissipating. Powell downplayed the economic impact of President Donald Trump’s tariff policies and said any resulting inflation bump could be transitory. The central bank also dialed back its growth forecasts for this year, while investors remain concerned about Trump’s plans to unleash a fresh tariff wave on April 2. 

“The fact that the Fed Chair didn’t play to recessionary fear helped sentiment, but I am a bit bothered by his characterization of the impact of tariffs on inflation as one-off,” Wei Li, global chief investment strategist at BlackRock said on Bloomberg TV. Traders pricing as many as three Fed cuts this year could end up disappointed, Li said, adding that “markets are still expecting the Fed to be able to come to the rescue of the economy if the economy slows down, but the growth-inflation trade-off is becoming very tough indeed.”

Meanwhile, bond investors seized on the Fed’s lower growth forecasts, as well as rate-setters’ indications for a half percentage point of policy easing this year. ECB President Christine Lagarde added to the worries about the economic outlook, saying Thursday that the brewing trade war could hit growth. 

European equities slipped, halting a four-day winning streak, on concern that tariffs could undercut the region’s economies. The Stoxx Europe 600 Index was down 1% by 10:40 a.m. in London, with investors taking profits on top-performing sectors including defense, banks and industrials. Sentiment was weighed down by comments from European Central Bank President Christine Lagarde, who said that US tariffs could hit growth in the region, and couldn’t make firm commitments on interest rates. Meanwhile the Swiss National Bank cut its interest rate to deter investors from pushing money into the franc. Meanwhile the Swiss National Bank cut its interest rate to deter investors from pushing money into the franc. Here are the biggest movers Thursday:

• Shaftesbury Capital gains as much as 18%, the most since 2020, after the company announced it has partnered with Norges Bank Investment Management in a deal that values the Covent Garden estate at £2.7 billion
• Eurofins shares advance as much as 6.2%, the most since June 25, after the laboratory-testing company started a new buyback program
• CVC Capital shares rise as much as 4.8%, the biggest jump since Dec. 12, after full-year earnings beat expectations, though analysts say weaker-than-expected guidance on performance-related earnings could drive downgrades
• Nexi rose as much as 5.8% in Milan trading after Corriere della Sera daily reported that US fund TPG made an offer for about EU850m for Nexi’s Digital Banking Solutions division
• Jeronimo Martins shares rise as much as 3.2% as retailer reported 4Q Ebitda beat thanks to better performance of Portuguese and Colombian chains
• Sodexo slumps as much as 18%, the most since September 2002, after the food services company issued a profit warning due to challenges including weaker growth in North America in both health care and education
• Lanxess drops as much as 9.4%, largest decline in a month, after the German chemicals company’s 2025 adjusted Ebitda guidance missed estimates. That was mostly due to prebuying in 4Q, Citi says
• 3i Group shares fall as much as 8.3%, the steepest decline since May 2022, after the private equity firm gave an update on its biggest portfolio company that analysts said was disappointing
• Investec falls as much as 4.6% in Johannesburg, the most since December, after the bank said it expects its basic earnings per share for the full year to fall by as much as 36% compared to the prior year
• Husqvarna falls as much as 4.5% as SEB Equities lowers its price target to a new Street-low and trims 2025-27 EPS estimates by 11%-12%, citing soft sentiment in Europe and a “clearly weakening” US environment

Earlier in the session, Asian stocks were mixed as investors sold Chinese shares, offsetting optimism elsewhere after the Federal Reserve signaled there’s still room to ease policy later this year. The MSCI Asia Pacific ex-Japan Index was little changed. Shares advanced in Taiwan, South Korea and Australia, while Indonesian stocks extended a rebound for a second day. Japanese markets were shut for a holiday. A gauge of Chinese shares listed in Hong Kong posted its biggest drop in three weeks, with some market participants attributing the losses to profit taking and waning earnings catalysts. Onshore Chinese shares also fell. Investors are taking stock as they await additional market catalysts, said David Chao, global market strategist, Asia Pacific ex-Japan at Invesco. “We are also moving through peak tariff uncertainty, and these risks could be amplified in the coming weeks.”

In FX, the Bloomberg Dollar Spot Index rose 0.3% and above levels seen before Wednesday’s Federal Reserve decision after US equity futures abruptly turned lower. The pound slipped 0.3%, having risen earlier this week to the highest since November. The Bank of England is expected to leave its benchmark rate unchanged later, with fresh data showing that UK wage growth held at its highest level in nine months.

• EUR/USD drops as much as 0.6% to 1.0839, lowest in nearly a week
• GBP/USD down 0.3% to 1.2962; the Bank of England is likely to turn less dovish on Thursday as officials start to fret about the fallout from Donald Trump’s tariff wars and a renewed bout of domestic inflation
• EUR/CHF falls as much as 0.4% to 0.9531 before briefly reversing losses after the Swiss National Bank cut its interest rate to the lowest since September 2022 and declared another reduction is less likely for now
• EUR/SEK rallies by 0.4% to 11.0589, highest since March 14; Sweden’s central bank kept its benchmark rate unchanged at a two-year low and reiterated it’s finished with the easing cycle
• AUD/USD plummets by 1.1% to 0.6287; Australian employment surprisingly dropped in February, sending the currency and government bond yields lower as traders boosted bets on further interest-rate cuts this year
• USD/CAD up a third day, gains 0.4% to 1.4385; Canadian Prime Minister Mark Carney is poised to call a snap federal election on Sunday for an expected vote on April 28, the Globe and Mail reports

In rates, treasury futures push higher into early US session with yields falling across the curve. 10-year yields, lower by around 5bps at 4.19%, remain near richest levels of the session with bunds and gilts in the sector outperforming slightly, catching up with Wednesday’s post-FOMC moves in US rates. Investors continue to digest Wednesday’s Fed meeting, where Chair Powell said the inflationary impact of tariffs is likely to be transitory. US session features weekly jobless claims data at 8:30am New York time and a 10-year TIPS reopening at 1pm. Treasuries have added to their post-Fed gains, with US 10-year yields falling another ~3 bps to 4.21%. Gilts lead a rally in European government bonds ahead of the Bank of England decision, with UK 10-year borrowing costs falling nearly 6 bps to 4.57%. The pound falls 0.5%.

In commodities, Oil prices turn lower with Brent down 0.1% to $70.75 a barrel. Spot gold drops $19 to around $3,028/oz. Bitcoin inches lower toward $85,000.

Looking to the day ahead now, the main highlight will be all the central bank results. Today will also be heavy with data releases, including the March Philadelphia Fed business outlook, US existing home sales, UK January unemployment rate, Germany February PPI, and Eurozone January construction output. In terms of earnings releases, we can expect Nike, FedEx, Micron, Lennar, RWE, Accenture, and PDD Holdings.

Market Snapshot

• S&P 500 futures up 0.5% to 5,705.50
• STOXX Europe 600 up 0.2% to 556.27
• MXAP up 0.2% to 190.03
• MXAPJ little changed at 593.59
• Nikkei down 0.2% to 37,751.88
• Topix up 0.4% to 2,795.96
• Hang Seng Index down 2.2% to 24,219.95
• Shanghai Composite down 0.5% to 3,408.95
• Sensex up 1.2% to 76,379.80
• Australia S&P/ASX 200 up 1.2% to 7,918.89
• Kospi up 0.3% to 2,637.10
• German 10Y yield little changed at 2.78%
• Euro down 0.3% to $1.0874
• Brent Futures up 0.8% to $71.34/bbl
• Gold spot down 0.2% to $3,041.19
• US Dollar Index up 0.25% to 103.69

Top Overnight News

• US President Trump posts on Truth Social “The Fed would be MUCH better off CUTTING RATES as U.S.Tariffs start to transition (ease!) their way into the economy. Do the right thing. April 2nd is Liberation Day in America!!!”
• Canadian PM Carney is expected to call a snap election for April 28, according to Bloomberg citing Globe
• US imports of Canadian crude tumbled to 3.13 million barrels a day last week, the lowest since March 2023 as producers exhaust local stockpiles. BBG
• Trump is expected to sign an executive order on Thurs that seeks to eliminate the Dept. of Education, although it can’t be formally closed without an act of Congress. NYT
• Nvidia plans to spend several hundred billion dollars on US-made chips and electronics over the next four years, CEO Jensen Huang told the FT. Nvidia shares rose overnight  and semiconductor peers also gained. BBG
• Trump’s tariffs are forcing Chinese exporters to look for alternative markets, potentially unleashing a new “China Shock” that will claim millions of jobs in emerging economies from Mexico to Indonesia. BBG
• US energy stocks are outperforming all other sectors in the S&P 500 despite weaker crude prices. They’ve been helped by lingering inflation anxiety, a supportive US administration and intensifying geopolitical tensions. BBG
• BofA total card spending +0.8% Y/Y (vs. 0.3% Feb avg.); biggest slowdowns were in entertainment and home improvement: BofA
• Chinese government bonds extended a recovery after the PBOC boosted short-term funding support. BBG
• The BOE may turn less dovish as officials start to fret about the fallout from tariffs and a renewed bout of domestic inflation. The MPC will probably leave the benchmark at 4.5% today and reiterate a cautious approach to further cuts. BBG
• The pace of British pay growth was little changed and there were others signs of stability in the jobs market, according to official data that contrasted with warnings of a hit to hiring from employers upset about an imminent tax increase. Private sector pay, excluding bonuses, – a key gauge for the Bank of England – rose by 6.1% in the three months to January, compared with the same period a year earlier, marginally slower than a 6.2% increase at the end of 2024, Thursday’s data showed. RTRS
• Australia’s jobs numbers for Feb come in soft, with a ~53K drop in the number of employed people (the Street was looking for a 30K increase). WSJ
• Brazil’s central bank raised its benchmark rate by 100 bps to 14.25%, as expected. Policymakers signaled a smaller hike at their next meeting in May. BBG

A more detailed look at global markets courtesy of Newsquawk

APAC stocks traded mixed with most indices in the green as the region initially took its cue from the gains on Wall St in the aftermath of the FOMC meeting where the Fed kept rates unchanged and slowed its balance sheet run-off, while Chinese markets bucked the trend and Japanese participants were absent due to Vernal Equinox Day. ASX 200 outperformed with gains led by the tech and real estate sectors amid a lower yield environment, while disappointing jobs data did little to derail the momentum in the index. KOSPI advanced amid strength in tech including index heavyweight Samsung Electronics which recently held its AGM and announced the appointment of one of its CEOs. Hang Seng and Shanghai Comp were subdued as participants navigated through earnings releases and after the lack of surprises from the announcement that China’s benchmark Loan Prime Rates were kept unchanged.

Top Asian News

• HKMA maintained its base rate at 4.75%, as expected.
• US President Trump confirmed a willingness to hold a June summit with Chinese President Xi.
• Chinese battery makers CATL and BYD are targeted for new restrictions in the US under legislation that would bar the Homeland Security Department from procuring clean energy technology made by six companies, according to Nikkei Asia.
• South Korean opposition lawmakers are said to be seeking to impeach Acting President Choi, according to Yonhap citing the main DP opposition floor leader.

European bourses (STOXX 600 -1%) opened mixed, but has now succumbed to some significant selling pressure in recent trade, to display a negative picture in Europe. While there is no clear catalyst for the downside, it could be attributed to traders winding down their optimism surrounding the roll out of EU defence spending given it would take time to build up to spending of 1.5% of GDP; also, a pullback post-FOMC, refocussing on tariffs/trade into the April 2nd deadline and general economic/policy uncertainty all weigh. As such, a broad risk-off mood has entered markets since the European cash open, with the Dollar also catching a bid. European sectors are mixed and with the breadth of the market fairly narrow aside from the top/bottom performers. Retail takes the top spot, joined closely by Real Estate; the latter buoyed by the relatively lower yield environment – a factor which has led to some of the underperformance in Banks today.

Top European News

• ECB’s Villeroy says “we cannot have a new policy of spending whatever it takes re. defence spending”; says could raise overall economic growth to 1.5% from 1% at present in the near future.
• ECB’s Lagarde says ECB analysis suggests that a US tariff of 25% on imports from Europe would lower Euro Area growth by around 0.3ppts in the first year; reiterates data dependant approach. Says the analysis of bond yield shows increase in inflation expectations is not significant.
• SNB cuts its Policy Rate by 25bps to 0.25%, as expected; “prepared to intervene on the foreign exchange market as necessary”. The SNB will continue to monitor the situation closely and adjust its monetary policy if necessary, to ensure that inflation remains within the range consistent with price stability over the medium term. SNB Vice Chair Tschudin says inflationary pressure should continue to ease gradually over the next quarters, particularly in Europe. Economic growth in Switzerland was solid in Q4, services sector and parts of manufacturing developed favourably, and there was a further slight increase in unemployment, while the utilisation of overall production capacity was normal. SNB’s Schlegel says inflation has developed inline with expectations. Uncertainty about global economic developments and inflation has increased “significantly”. Inflation is still being driven by domestic services. Will continue to monitor the situation closely and adjust our monetary policy if necessary. SNB Chair Schlegel (post-meeting Q&A) says monetary conditions are appropriate; will not comment on the value of the CHF.
• Riksbank Statement: Rates left unchanged at 2.25%; sees rates at current levels going forward.
• Norges Bank Regional Network Q1’25: “contacts report a pick-up in growth in 2025 Q1 and expect stable growth in Q2.”
• Greek PM Mitsotakis supports the Commissions Defence White Paper; however, adds that at some point the EU will need to discuss whether they move to grants instead of loans to fund increased defence expenditure

FX

• DXY has continued to build on yesterday’s post-FOMC gains with the release broadly as expected. The announcement failed to appease any of those in the market looking for a dovish lean from the FOMC with Chair Powell reaffirming that the Fed is in no hurry to cut rates. Ultimately, the Fed is in a holding pattern as policymakers look to gain clarity on the Trump administration’s trade agenda. DXY has ventured as high as 103.95. If 104 gives way, interim resistance comes via the 14th March peak at 104.09.
• EUR is softer vs. the broadly firmer USD. From a macro perspective in the Eurozone, remarks from ECB President Lagarde largely echoed her introductory statement at this month’s ECB press conference. However, she did flesh out the Bank’s view on the ongoing trade conflict, noting that ECB analysis suggests that a US tariff of 25% on imports from Europe would lower Euro Area growth by around 0.3ppts in the first year. EUR/USD has slipped further from its YTD peak on Tuesday at 1.0954 and has hit a new low for the week at 1.0839.
• JPY flat vs. the USD and more resilient than peers. Yesterday, USD/JPY slumped beneath the 150.00 level as US yields softened in reaction to the Fed announcement, while the pair then continued its slide and approached closer to the 148.00 level in the absence of Japanese participants who were away from market overnight.
• GBP softer vs. the broadly firmer USD but stronger vs. the EUR. This morning’s UK labour market report had no impact on expectations for today’s upcoming BoE policy announcement. Cap Eco writes “the latest figures show that the jobs market is not collapsing as some surveys suggest and that there hasn’t been a big rise in the LFS redundancy rate”. Cable is currently contained within yesterday’s 1.2954-1.3010 range.
• Antipodeans are both at the bottom of the G10 leaderboard with pressure seen in AUD following disappointing jobs data from Australia which showed a surprise contraction in Employment Change and a drop in the Participation Rate, while better-than-expected New Zealand GDP failed to spur a bid.
• SNB delivered a 25bps cut to 0.25%, in-fitting with the majority of views and one that potentially takes the SNB to its terminal rate, with markets pricing in just 9bps of additional easing in 2025, though the still low inflation forecasts and uncertainty ahead (a point the SNB emphasised) mean further policy adjustments cannot be ruled out.
• PBoC set USD/CNY mid-point at 7.1754 vs exp. 7.2402 (Prev. 7.1697).
• Limited reaction seen in EUR/SEK following the widely-expected decision by the Riksbank to hold rates and the Riksbank declaring that it sees rates at current levels going forward, as reflected in the rate path. The lack of additional easing has been attributed to the recent higher-than-expected outturn for inflation.
• Brazil Central Bank hiked the Selic rate by 100bps to 14.25%, as expected, with the decision unanimous, while the committee expects another adjustment of a smaller magnitude at the next meeting and said the current scenario requires a more contractionary monetary policy.
• Morgan Stanley (MS) has paused its long EUR/USD and GBP/USD recommendations, saying investors may de-risk into the US’ April 2nd tariff deadline. Adds that there is arguably too much EUR optimism priced in.

Fixed Income

• USTs are firmer as the benchmark continues the dovish move seen after the Fed with particular focus on the slowing of the balance sheet run-off. Action overnight was contained on account of no Japanese trade, but once cash trade resumed the benchmark continued its climb and is currently at a 111-06+ session high with yields lower across the curve which itself is flattening.
• Bunds are firmer, picked up most recently as the risk tone deteriorated in the European morning with specifics somewhat light but a lot of focus on global economic uncertainty into the April 2nd tariff date and digestion of the EU’s defence white paper. On this, WSJ’s Norman points out there are “reasons to be sceptical EU member states will spend EUR 650bln in additional defence spending” given new 1.5% of GDP flexibility in budget rules. Flexibility which implies that it will take time to reach such a spending level; a view which is potentially weighing on the risk tone.
• Gilts are outperforming on the back of reports that the Chancellor will announce the biggest spending cuts since austerity next week with cuts to Whitehall budgets by billions of pounds more than thought (the general view was already for significant cuts in the Spending Review). Additionally, the morning saw the latest employment data with wage metrics pretty much bang in line with expectations while the unemployment measures, via both LFS and Claimant Count, ticked higher. A point which was ultimately taken dovishly with markets now just about fully pricing a 25bps cut in June and another in November. Reporting/data which Gilts welcomed and, alongside continuing FOMC bullishness, saw the benchmark gap higher by 24 ticks before extending by 25 more to a 92.81 peak; the highest it has been since March 4th.
• Spain sells EUR 6.5bln vs exp. EUR 5.5-6.5bln 0.50% 2030 I/L, 3.15% 2035 & 3.45% 2043 Bono

Commodities

• Crude is a little lower, with initial overnight strength fading in the European session alongside the deterioration in risk tone and as the Dollar lifts to session highs. Brent’May currently in a USD 70.89-71.41/bbl range.
• Precious metals are pressured today, with spot gold lower by just under USD 4/oz, trading within a tight USD 3,038.78-3,057.51/oz range. The yellow-metal has cooled a touch from overnight highs, as the Dollar continues to strengthen.
• Base metals are mixed; 3M LME Copper extended on this week’s rally overnight, and briefly reclaimed the USD 10k/t mark; though in-fitting with the risk tone, has cooled from those overnight peaks to a currently USD 9,930/t.
• US President Trump considers extending Chevron’s licence to pump oil in Venezuela, according to WSJ.
• US Energy Secretary Wright confirmed the signing of the LNG export approval for the CP2 project on Wednesday and said they are moving urgently to grow supply of electricity and lower prices with the impact of administration moves expected to be seen later this year, while he also stated they want to grow supply and push oil prices down.
• Norway (Prelim) Feb oil production 1.72mln/bpd (prev. M/M 1.78mln/bpd); Gas Production 9.9bln (prev. 10.7bln) Cubic Metres

Geopolitics: Middle East

• Iran Foreign Minister says US President Trump letter is ‘more of a threat’, but adds that there are opportunities, and Tehran will contemplate both.
• Israeli military announced sirens sounded in several areas in Israel following a projectile that was launched from Yemen, while Houthis said they shelled Ben Gurion Airport with missiles and bombarded US aircraft carrier Harry Truman with a number of ballistic and winged missiles and drones, according to Asharq News.
• Houthi media reported the US bombing of targets including a cotton factory in Zabid district and with five raids in Hodeidah, northwestern Yemen, according to Sky News Arabia
• US President Trump’s letter to Iran’s Supreme Leader Ali Khamenei included a two-month deadline for reaching a new nuclear deal, according to Axios citing sources.
• US Secretary of State Rubio says President Trump seeks to promote peace and resolve the issue of “Iranian nuclear” diplomatically but is ready for all options, while he added that if Trump is forced to choose between a nuclear Iran or take action to prevent that from happening, he will take action.
• French President Macron said he spoke with Saudi Arabia’s Crown Prince MBS and welcomed the Jeddah Initiative, which enabled the start of peace negotiations in Ukraine, while Macron condemned the resumption of Israeli strikes on Gaza and said the conference on a two-state solution, which France will co-chair, must help revive a political perspective for both Israelis and Palestinians.

Geopolitics: Ukraine

• Russian Kremlin says, on a US-Russia meeting in Jeddah, that it may not be on Sunday but will be in the coming days. Will announce who the Russian representative will be. To discuss the Black Sea initiative and other points of the Ukrainian peace deal.
• Ukrainian President Zelensky said Ukrainian and US officials may meet this Friday, Saturday or Sunday, while he added that his conversation with Trump on Wednesday was substantive and he felt no pressure from Trump. Zelensky said Ukraine is ready to discuss US involvement in the Zaporizhzhia plant’s restoration with discussions in the early stages and noted it is not yet clear exactly how the infrastructure ceasefire will be monitored. Furthermore, he said Ukraine will respond in kind if Russia violates the ceasefire and that President Trump understands that Ukraine will not recognise occupied land as Russian.

US Event Calendar

• 08:30: March Initial Jobless Claims, est. 224,000, prior 220,000
• 08:30: March Continuing Claims, est. 1.89m, prior 1.87m
• 08:30: 4Q Current Account Balance, est. -$330b, prior -$310.9b
• 08:30: March Philadelphia Fed Business Outl, est. 9.0, prior 18.1
• 10:00: Feb. Existing Home Sales MoM, est. -3.2%, prior -4.9%

DB’s Jim Reid concludes the overnight wrap

Although yesterday was a day where the market rallied on a relatively dovish Fed meeting, at least in terms of Powell’s messaging, the most interesting thing I listened to over the course of the day was a podcast featuring US Treasury Secretary Bessent. I’ll be honest that my walk to the station in the morning is usually accompanied by a tub-thumping Liverpool podcast. However since they were dumped out of Europe and lost a cup final in the course of the last week, I’m avoiding them for now. So as there were no new golf podcasts available, I listened to Bessent. I suppose the more you listen to this administration the more the evidence builds that they are serious about making significant structural changes to the economy. Here he talked about reducing the role of government, the fact that after WWII 90% of Americans made more than their parents and now it’s 50/50, and the distributional problems of the top 10% owning large amounts of assets with the bottom 50% not having much. Anyway it’s worth a listen. It’s within the All-In podcast.

Bessent did say he completely respected the Fed’s autonomy on monetary policy even if he didn’t always agree with them. There wasn’t a lot of incremental news to agree or disagree with last night as they kept the fed funds rate on hold in the 4.25%-4.50% range for a second consecutive meeting, while announcing a slowing in the pace of QT. The updated dot plot showed the median FOMC member still expecting two rate cuts in 2025, even as the distribution of responses shifted in a more hawkish direction with 8 of the 19 members expecting one or no cuts this year. The projections also saw 2025 core inflation revised +0.3pp higher and growth -0.4pp lower, with the balance of risks also shifting in a more stagflationary direction. A clear majority of the FOMC now see risks tilted towards higher inflation but towards weaker growth and higher unemployment.

In the press conference, Powell reiterated that policy was in a “good place” and that the Fed is not in a “hurry” to cut rates, while emphasising the “remarkably high” uncertainty and avoiding potential hawkish signals. He acknowledged that tariffs may delay “further progress” on inflation but said that the base case was the tariff impact on inflation would be “transitory” and noted that long-term inflation expectations remained anchored. Powell said the Fed was watchful of risks from the recent downturn in sentiment data though the relationship with hard data had not been “very tight” lately. Our US economists think that while the Fed may be anticipating a slowdown in the hard data, they are on hold until that evidence emerges (see their reaction here).

On the balance sheet, the Fed announced a slowing in the pace of QT, with the runoff in Treasury holdings to slow from $25bn to $5bn from April 1, while the MBS redemption cap was unchanged at $35bn. The move matched our expectations that an adjustment of QT was likely, though the details were somewhat different with Powell saying that the FOMC had “seen some signs of increased tightness in money markets” and reusing a “slower for longer” argument adopted when the Fed first slowed QT last May. See our rates strategists’ takeaway here.

Rates saw a solid rally on the back of the decisions, with 10yr yield having traded 3-4bps higher on the day prior to Fed before closing -4.1bps lower at 4.24%. 2yr yields saw a larger move, falling by -11bps post-FOMC to close -6.8bps lower on the day. The amount of Fed rate cuts priced by year-end rose +6.7bps to 66bps from its three-week low the previous day. The avoidance of a hawkish Fed surprise also boosted equities, with the S&P 500 rallying from +0.3% pre-FOMC to as much as +1.8% higher near the end of Powell’s press conference, before closing up +1.08%. The rally was broad-based with all 11 major S&P sector groups higher on the day. The Mag-7 (+1.67%) reversed much of the previous day’s -2.47% loss, while the VIX closed below the 20 level for first time since the end of February (-1.90pts to 19.90).
Ahead of the Fed’s decision, European equity markets had mostly seen modest gains, with the STOXX 600 rising +0.19%, led by gains for the CAC (+0.70%) and FTSE MIB (+0.45%). The DAX (-0.40%) underperformed for once, largely due to losses in its auto and defence stocks including notable declines for Rheinmetall (-4.53%) and Saab (-5.33%). European bonds saw a modest rally, with 10yr bund yields -0.8bps lower at 2.80%.

Those moves came as EU leaders presented their white paper on “Readiness 2030”, with European Commission President Ursula von der Leyen saying “we must buy more European” and create an “EU-wide” market for defence equipment. With much of the detail having already been well flagged in recent weeks, there was a hint of disappointment on the announcement. Notably, the EU announced that the US, UK and Turkiye will be excluded from the €150bn EU defence spending fund unless they sign defence and security pacts with the EU. The UK’s exclusion in particular was a surprise since PM Keir Starmer has been very vocal about the UK’s commitment to increased defence funding and cooperation on European defence. The UK is attempting to balance on a geopolitical tightrope between trying to get closer to the EU again after years of Brexit, but also trying to avoid the worst impact of Trump’s April 2 tariff deadline. The FT reported yesterday that the UK is engaging with Trump’s trade team over things like dropping the UK’s digital services tax in return for reduced tariffs.

Earlier yesterday morning, the European mood had seen some contagion from the news that Turkish authorities had detained Istanbul Mayor Ekrem Imamoglu, who is seen as a top political rival to Turkiye’s President Erdogan. The Turkish Lira saw an initial steep decline of as much as -11.15%, though it recovered to-3.19% by the close. Other Turkish assets also struggled, with the ISE equity index down -8.72% on the day and yields on Turkish 10Y dollar bonds rising +15.5bps to +7.38%. The news contributed to the euro (-0.38%) posting its worst day against the dollar so far this month after reaching a 5-month high on Tuesday.

Elsewhere in Europe yesterday, TTF natural gas futures (+8.46%) saw their biggest jump in nearly three weeks after the limited progress from the Trump-Putin call on Tuesday evening. Ukraine’s President Zelensky agreed to halt strikes on energy assets following a call with Trump yesterday, echoing a similar agreement between Trump and Putin the previous evening, but questions over the exact details of this remained.

Looking forward to today, Europe will see a triple header of central bank policy decisions from the SNB, Riksbank and BoE. On the SNB we are expecting a 25bp cut, in line with consensus. On the Riksbank, we think things are skewed towards a hold with hawkish messaging. Lastly on the BOE, the expectation is for a hold at 4.5% and a relatively quiet meeting (see our UK economist’s preview here).

Asian equity markets are showing a mixed performance this morning. Across the region, the Hang Seng (-1.18%) is leading losses, falling from a three-year high amid a pullback in technology stocks from their recent rally. The CSI (-0.39%) and the Shanghai Composite (-0.10%) are also edging lower. By contrast, the S&P/ASX 200 (+1.18%) is continuing to recover from a recent seven-month low as risk sentiment was boosted by softer-than-expected employment data (more below). The KOSPI (+0.33%) is also trading in positive territory. Elsewhere, Japanese markets are shut for a holiday. Outside of Asia, US stock futures are indicating a positive start, with those on the S&P 500 (+0.48%) and NASDAQ 100 (+0.66%) moving higher. Cash Treasuries are shut in Asia due to the holiday in Japan.

Coming back to Australia, the employment rate dropped sharply by -52.8k in February (v/s +30.5k in January), significantly missing market expectations of +30k gain. The broad-based decline raised expectations for an interest rate cut by the RBA.

On the monetary front, the People’s Bank of China (PBOC) kept the 1-year loan prime rate (LPR) at 3.1% and the 5-year LPR at 3.6%, where they have been since a quarter-percentage-point cut in October.

To the day ahead now, the main highlight will be all the central bank results. Today will also be heavy with data releases, including the March Philadelphia Fed business outlook, US existing home sales, UK January unemployment rate, Germany February PPI, and Eurozone January construction output. In terms of earnings releases, we can expect Nike, FedEx, Micron, Lennar, RWE, Accenture, and PDD Holdings.

2b European opening report

European risk sentiment slips, USD firmer and Bonds bid post-FOMC – Newsquawk US Market Open

Thursday, Mar 20, 2025 – 06:49 AM

• European risk tone deteriorates with US futures also slumping into the red, potentially driven by EU fiscal focus, post-FOMC pullback and attention returning to tariffs/trade.
• USD up vs. peers, Antipodeans lags, EUR slides and GBP eyes BoE.
• Bonds are bid post FOMC & as the tone deteriorates, Gilts lead on data & reports around the Spring Statement.
• Crude succumbs to the risk-off sentiment, with base metals also heading lower.
• Looking ahead, US Philly Fed Index, Jobless Claims, Japanese CPI, BoE & SARB Policy Announcements, Speakers including ECB’s Lane, BoC’s Macklem. Supply from the US, Earnings from Jabil, Micron, Nike, FedEx.

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TARIFFS/TRADE

• US President Trump said he believes India is probably going to be lowering tariffs substantially but on April 2nd, the US will be charging them the same tariffs they charge the US.
• EU’s Trade Commissioner Sefcovic says the Commission is considering delaying first set of counter tariffs against the US to mid-April.

EUROPEAN TRADE

EQUITIES

• European bourses (STOXX 600 -1%) opened mixed, but has now succumbed to some significant selling pressure in recent trade, to display a negative picture in Europe. While there is no clear catalyst for the downside, it could be attributed to traders winding down their optimism surrounding the roll out of EU defence spending given it would take time to build up to spending of 1.5% of GDP; also, a pullback post-FOMC, refocussing on tariffs/trade into the April 2nd deadline and general economic/policy uncertainty all weigh. As such, a broad risk-off mood has entered markets since the European cash open, with the Dollar also catching a bid.
• European sectors are mixed and with the breadth of the market fairly narrow aside from the top/bottom performers. Retail takes the top spot, joined closely by Real Estate; the latter buoyed by the relatively lower yield environment – a factor which has led to some of the underperformance in Banks today.
• US equity futures (ES -0.7%) are entirely in the red, with sentiment in the complex hit alongside the tank in European equities with drivers much the same as outlined above.
• Click for the sessions European pre-market equity newsflow
• Click for the additional news
• Click for a detailed summary

FX

• DXY has continued to build on yesterday’s post-FOMC gains with the release broadly as expected. The announcement failed to appease any of those in the market looking for a dovish lean from the FOMC with Chair Powell reaffirming that the Fed is in no hurry to cut rates. Ultimately, the Fed is in a holding pattern as policymakers look to gain clarity on the Trump administration’s trade agenda. DXY has ventured as high as 103.95. If 104 gives way, interim resistance comes via the 14th March peak at 104.09.
• EUR is softer vs. the broadly firmer USD. From a macro perspective in the Eurozone, remarks from ECB President Lagarde largely echoed her introductory statement at this month’s ECB press conference. However, she did flesh out the Bank’s view on the ongoing trade conflict, noting that ECB analysis suggests that a US tariff of 25% on imports from Europe would lower Euro Area growth by around 0.3ppts in the first year. EUR/USD has slipped further from its YTD peak on Tuesday at 1.0954 and has hit a new low for the week at 1.0839.
• JPY flat vs. the USD and more resilient than peers. Yesterday, USD/JPY slumped beneath the 150.00 level as US yields softened in reaction to the Fed announcement, while the pair then continued its slide and approached closer to the 148.00 level in the absence of Japanese participants who were away from market overnight.
• GBP softer vs. the broadly firmer USD but stronger vs. the EUR. This morning’s UK labour market report had no impact on expectations for today’s upcoming BoE policy announcement. Cap Eco writes “the latest figures show that the jobs market is not collapsing as some surveys suggest and that there hasn’t been a big rise in the LFS redundancy rate”. Cable is currently contained within yesterday’s 1.2954-1.3010 range.
• Antipodeans are both at the bottom of the G10 leaderboard with pressure seen in AUD following disappointing jobs data from Australia which showed a surprise contraction in Employment Change and a drop in the Participation Rate, while better-than-expected New Zealand GDP failed to spur a bid.
• SNB delivered a 25bps cut to 0.25%, in-fitting with the majority of views and one that potentially takes the SNB to its terminal rate, with markets pricing in just 9bps of additional easing in 2025, though the still low inflation forecasts and uncertainty ahead (a point the SNB emphasised) mean further policy adjustments cannot be ruled out.
• PBoC set USD/CNY mid-point at 7.1754 vs exp. 7.2402 (Prev. 7.1697).
• Limited reaction seen in EUR/SEK following the widely-expected decision by the Riksbank to hold rates and the Riksbank declaring that it sees rates at current levels going forward, as reflected in the rate path. The lack of additional easing has been attributed to the recent higher-than-expected outturn for inflation.
• Brazil Central Bank hiked the Selic rate by 100bps to 14.25%, as expected, with the decision unanimous, while the committee expects another adjustment of a smaller magnitude at the next meeting and said the current scenario requires a more contractionary monetary policy.
• Morgan Stanley (MS) has paused its long EUR/USD and GBP/USD recommendations, saying investors may de-risk into the US’ April 2nd tariff deadline. Adds that there is arguably too much EUR optimism priced in.
• Click for a detailed summary
• Click for NY OpEx Details

FIXED INCOME

• USTs are firmer as the benchmark continues the dovish move seen after the Fed with particular focus on the slowing of the balance sheet run-off. Action overnight was contained on account of no Japanese trade, but once cash trade resumed the benchmark continued its climb and is currently at a 111-06+ session high with yields lower across the curve which itself is flattening.
• Bunds are firmer, picked up most recently as the risk tone deteriorated in the European morning with specifics somewhat light but a lot of focus on global economic uncertainty into the April 2nd tariff date and digestion of the EU’s defence white paper. On this, WSJ’s Norman points out there are “reasons to be sceptical EU member states will spend EUR 650bln in additional defence spending” given new 1.5% of GDP flexibility in budget rules. Flexibility which implies that it will take time to reach such a spending level; a view which is potentially weighing on the risk tone.
• Gilts are outperforming on the back of reports that the Chancellor will announce the biggest spending cuts since austerity next week with cuts to Whitehall budgets by billions of pounds more than thought (the general view was already for significant cuts in the Spending Review). Additionally, the morning saw the latest employment data with wage metrics pretty much bang in line with expectations while the unemployment measures, via both LFS and Claimant Count, ticked higher. A point which was ultimately taken dovishly with markets now just about fully pricing a 25bps cut in June and another in November. Reporting/data which Gilts welcomed and, alongside continuing FOMC bullishness, saw the benchmark gap higher by 24 ticks before extending by 25 more to a 92.81 peak; the highest it has been since March 4th.
• Spain sells EUR 6.5bln vs exp. EUR 5.5-6.5bln 0.50% 2030 I/L, 3.15% 2035 & 3.45% 2043 Bono
• Click for a detailed summary

COMMODITIES

• Crude is a little lower, with initial overnight strength fading in the European session alongside the deterioration in risk tone and as the Dollar lifts to session highs. Brent’May currently in a USD 70.89-71.41/bbl range.
• Precious metals are pressured today, with spot gold lower by just under USD 4/oz, trading within a tight USD 3,038.78-3,057.51/oz range. The yellow-metal has cooled a touch from overnight highs, as the Dollar continues to strengthen.
• Base metals are mixed; 3M LME Copper extended on this week’s rally overnight, and briefly reclaimed the USD 10k/t mark; though in-fitting with the risk tone, has cooled from those overnight peaks to a currently USD 9,930/t.
• US President Trump considers extending Chevron’s licence to pump oil in Venezuela, according to WSJ.
• US Energy Secretary Wright confirmed the signing of the LNG export approval for the CP2 project on Wednesday and said they are moving urgently to grow supply of electricity and lower prices with the impact of administration moves expected to be seen later this year, while he also stated they want to grow supply and push oil prices down.
• Norway (Prelim) Feb oil production 1.72mln/bpd (prev. M/M 1.78mln/bpd); Gas Production 9.9bln (prev. 10.7bln) Cubic Metres
• Click for a detailed summary

NOTABLE DATA RECAP

• UK Avg Wk Earnings 3M YY (Jan) 5.8% vs. Exp. 5.9% (Prev. 6.0%, Rev. 6.1%) [note: other data vendors had the newswire consensus at 5.8%]; UK Avg Earnings (Ex-Bonus) (Jan) 5.9% vs. Exp. 5.9% (Prev. 5.9%)
• UK Private Sector 3 Month Average Growth YY (Jan) 6.1% (Prev. 6.20%); HMRC Payrolls Change (Feb) 21k (Prev. 21k); ILO Unemployment Rate (Jan) 4.4% vs. Exp. 4.4% (Prev. 4.4%); Claimant Count Unem Chng (Feb) 44.2k (Prev. 22.0k, Rev. 2.8k); Employment Change (Jan) 144k vs. Exp. 95k (Prev. 107k)
• German Producer Prices YY (Feb) 0.7% vs. Exp. 1.0% (Prev. 0.5%); Producer Prices MM (Feb) -0.2% vs. Exp. 0.1% (Prev. -0.1%)

NOTABLE EUROPEAN HEADLINES

• ECB’s Villeroy says “we cannot have a new policy of spending whatever it takes re. defence spending”; says could raise overall economic growth to 1.5% from 1% at present in the near future.
• ECB’s Lagarde says ECB analysis suggests that a US tariff of 25% on imports from Europe would lower Euro Area growth by around 0.3ppts in the first year; reiterates data dependant approach. Says the analysis of bond yield shows increase in inflation expectations is not significant.
• SNB cuts its Policy Rate by 25bps to 0.25%, as expected; “prepared to intervene on the foreign exchange market as necessary”. The SNB will continue to monitor the situation closely and adjust its monetary policy if necessary, to ensure that inflation remains within the range consistent with price stability over the medium term. SNB Vice Chair Tschudin says inflationary pressure should continue to ease gradually over the next quarters, particularly in Europe. Economic growth in Switzerland was solid in Q4, services sector and parts of manufacturing developed favourably, and there was a further slight increase in unemployment, while the utilisation of overall production capacity was normal. SNB’s Schlegel says inflation has developed inline with expectations. Uncertainty about global economic developments and inflation has increased “significantly”. Inflation is still being driven by domestic services. Will continue to monitor the situation closely and adjust our monetary policy if necessary. SNB Chair Schlegel (post-meeting Q&A) says monetary conditions are appropriate; will not comment on the value of the CHF.
• Riksbank Statement: Rates left unchanged at 2.25%; sees rates at current levels going forward.
• Norges Bank Regional Network Q1’25: “contacts report a pick-up in growth in 2025 Q1 and expect stable growth in Q2.”
• Greek PM Mitsotakis supports the Commissions Defence White Paper; however, adds that at some point the EU will need to discuss whether they move to grants instead of loans to fund increased defence expenditure

NOTABLE US HEADLINES

• US President Trump posts on Truth Social “The Fed would be MUCH better off CUTTING RATES as U.S.Tariffs start to transition (ease!) their way into the economy. Do the right thing. April 2nd is Liberation Day in America!!!”
• BofA total card spending +0.8% Y/Y (vs. 0.3% Feb avg.); biggest slowdowns were in entertainment and home improvement.
• Canadian PM Carney is expected to call a snap election for April 28, according to Bloomberg citing Globe

GEOPOLITICS

MIDDLE EAST

• Iran Foreign Minister says US President Trump letter is ‘more of a threat’, but adds that there are opportunities, and Tehran will contemplate both.
• Israeli military announced sirens sounded in several areas in Israel following a projectile that was launched from Yemen, while Houthis said they shelled Ben Gurion Airport with missiles and bombarded US aircraft carrier Harry Truman with a number of ballistic and winged missiles and drones, according to Asharq News.
• Houthi media reported the US bombing of targets including a cotton factory in Zabid district and with five raids in Hodeidah, northwestern Yemen, according to Sky News Arabia
• US President Trump’s letter to Iran’s Supreme Leader Ali Khamenei included a two-month deadline for reaching a new nuclear deal, according to Axios citing sources.
• US Secretary of State Rubio says President Trump seeks to promote peace and resolve the issue of “Iranian nuclear” diplomatically but is ready for all options, while he added that if Trump is forced to choose between a nuclear Iran or take action to prevent that from happening, he will take action.
• French President Macron said he spoke with Saudi Arabia’s Crown Prince MBS and welcomed the Jeddah Initiative, which enabled the start of peace negotiations in Ukraine, while Macron condemned the resumption of Israeli strikes on Gaza and said the conference on a two-state solution, which France will co-chair, must help revive a political perspective for both Israelis and Palestinians.

RUSSIA-UKRAINE

• Russian Kremlin says, on a US-Russia meeting in Jeddah, that it may not be on Sunday but will be in the coming days. Will announce who the Russian representative will be. To discuss the Black Sea initiative and other points of the Ukrainian peace deal.
• Ukrainian President Zelensky said Ukrainian and US officials may meet this Friday, Saturday or Sunday, while he added that his conversation with Trump on Wednesday was substantive and he felt no pressure from Trump. Zelensky said Ukraine is ready to discuss US involvement in the Zaporizhzhia plant’s restoration with discussions in the early stages and noted it is not yet clear exactly how the infrastructure ceasefire will be monitored. Furthermore, he said Ukraine will respond in kind if Russia violates the ceasefire and that President Trump understands that Ukraine will not recognise occupied land as Russian.

CRYPTO

• Bitcoin is on a firmer footing and trades just above USD 85k; XRP continues to build on recent strength, which stemmed from positive SEC news.

APAC TRADE

• APAC stocks traded mixed with most indices in the green as the region initially took its cue from the gains on Wall St in the aftermath of the FOMC meeting where the Fed kept rates unchanged and slowed its balance sheet run-off, while Chinese markets bucked the trend and Japanese participants were absent due to Vernal Equinox Day.
• ASX 200 outperformed with gains led by the tech and real estate sectors amid a lower yield environment, while disappointing jobs data did little to derail the momentum in the index.
• KOSPI advanced amid strength in tech including index heavyweight Samsung Electronics which recently held its AGM and announced the appointment of one of its CEOs.
• Hang Seng and Shanghai Comp were subdued as participants navigated through earnings releases and after the lack of surprises from the announcement that China’s benchmark Loan Prime Rates were kept unchanged.

NOTABLE ASIA-PAC HEADLINES

• Chinese Loan Prime Rate 1Y (Mar) 3.10% vs. Exp. 3.10% (Prev. 3.10%)
• Chinese Loan Prime Rate 5Y (Mar) 3.60% vs. Exp. 3.60% (Prev. 3.60%)
• HKMA maintained its base rate at 4.75%, as expected.
• US President Trump confirmed a willingness to hold a June summit with Chinese President Xi.
• Chinese battery makers CATL and BYD are targeted for new restrictions in the US under legislation that would bar the Homeland Security Department from procuring clean energy technology made by six companies, according to Nikkei Asia.
• South Korean opposition lawmakers are said to be seeking to impeach Acting President Choi, according to Yonhap citing the main DP opposition floor leader.

DATA RECAP

• Australian Employment (Feb) -52.8k vs. Exp. 30.0k (Prev. 44.0k)
• Australian Unemployment Rate (Feb) 4.1% vs. Exp. 4.1% (Prev. 4.1%)
• Australian Participation Rate (Feb) 66.8% vs. Exp. 67.3% (Prev. 67.3%)
• New Zealand GDP Prod Based QQ (Q4) 0.7% vs. Exp. 0.4% (Prev. -1.0%, Rev. -1.1%)
• New Zealand GDP Prod Based YY (Q4) -1.1% vs. Exp. -1.4% (Prev. -1.5%, Rev. -1.6%)

3c Asia opening report

Dovish reaction to the FOMC, numerous other Central Bank announcements ahead – Newsquawk Europe Market Open

Thursday, Mar 20, 2025 – 02:19 AM

• Fed maintained rates & dots, cut growth & lifted inflation projections. To slow the balance sheet runoff. Powell emphasized uncertainty, a wait-and-see approach.
• Trump posted “The Fed would be MUCH better off CUTTING RATES as U.S.Tariffs start to transition… into the economy”
• APAC stocks mixed, US futures saw a dovish reaction to the FOMC
• DXY pulled back, EUR/USD & GBP/USD briefly above 1.09 and 1.30 respectively
• Fixed income bid post-FOMC though further gains were somewhat capped given the Tokyo holiday
• Crude firmer following the risk tone and factoring some geopolitical updates while XAU hit a new USD 3057/oz record high
• Looking ahead, highlights include US Philly Fed Index, Jobless Claims, Japanese CPI, German Producer Prices, BoE, SNB, Riksbank & SARB Policy Announcements, Speakers including ECB’s Lagarde & Lane, SNB’s Schlegel, Riksbank’s Thedeen, BoC’s Macklem & BoE’s Bailey. Supply from Spain, France & US, Earnings from PDD, Jabil, Accenture, Micron, Nike, FedEx, RWE & Lanxess.
• Click for the Newsquawk Week Ahead.

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US TRADE

EQUITIES

• US stocks were firmer and rose to highs in the wake of the latest FOMC rate decision in which the Fed left rates unchanged at 4.25-4.5%, as expected, with the dot plots unchanged, growth forecasts cut, and 2025 unemployment and inflation projections raised, while it announced to slow the pace of the balance sheet runoff. In the presser, Fed Chair Powell largely stressed a wait-and-see approach and said they are not in a hurry to cut rates, even when quizzed about cutting in May, as he stressed several times there is a lot of uncertainty ahead, and to bear that in mind when digesting Fed forecasts.
• SPX +1.08% at 5,675, NDX +1.30% at 19,737, DJI +0.92% at 41,965, RUT +1.57% at 2,082.
• Click here for a detailed summary.

FOMC

• Federal Reserve kept rates unchanged at 4.25-4.5%, as expected in a unanimous decision, while it announced the Fed will slow the place of the balance sheet runoff with the monthly Treasury redemption cap to decline to USD 5bln from USD 25bln, while the monthly redemption cap on MBS was unchanged at USD 35bln. There was one dissent from Fed Governor Waller, who supported no change in the policy rate but preferred no change to the balance sheet runoff. Fed said the economy continues to expand at a solid pace but added that uncertainty around the economic outlook has increased (prev. “The Committee judges that the risks to achieving its employment and inflation goals are roughly in balance” has been removed), while the Fed dot plots showed FFR projections were kept unchanged with 2025 at 3.9% (exp. 3.875%, prev. 3.9%), 2026 at 3.4% (exp. 3.500%, prev. 3.4%), 2027 at 3.1% (exp. 3.125%, prev. 3.1%) and Longer-Run at 3.0% (exp. 3.125%, prev. 3.0%). Furthermore, the Fed lowered its GDP projections with 2025 seen at 1.7% (prev. 2.1%), 2026 at 1.8% (prev. 2.0%), 2027 at 1.8% (prev. 1.9%) and the longer-run kept at 1.8% (prev. 1.8%), while the Unemployment Rate forecast was raised for 2025 to 4.4% (prev. 4.3%) but maintained for the rest of the projection horizon, while PCE Inflation view was raised for 2025 to 2.7% (prev. 2.5%) and 2026 to 2.2% (prev. 2.0%).
• Fed Chair Powell said the Fed made a technical decision to slow the pace of the decline in the balance sheet and recent indications point to a moderation in consumer spending and surveys show heightened uncertainty, while he added it remains to be seen how uncertainty will affect outlook. Powell said PCE prices likely rose 2.5% in February and core PCE prices probably rose 2.8%, as well as noted that inflation expectations have recently moved up, with tariffs as a driving factor. Powell said the new administration is implementing significant policy changes and the net effect is what will matter, while he also stated that uncertainty around policy changes and the economic effect is high. Furthermore, he said they do not need to be in a hurry and will await further clarity with uncertainty unusually elevated and policy is not on a preset course.
• Fed Chair Powell said during the Q&A that the base case is that inflation will be transitory and will depend on inflation expectations staying anchored, as well as stated it will be difficult to know how much inflation is from tariffs and goods inflation moved up, with tariffs clearly a part of it and there may be a delay in further inflation progress this year. Powell said that on balance, people wrote down similar forecasts to last time and it is hard to know how this will work out, while policy can move in the direction they need it to and it is appropriate to wait for further clarity, and costs of waiting are very low. Powell also stated that forecasts point to weaker growth and higher inflation, which call for different responses and cancel each other out, while the unemployment rate only rose a tenth, so there ultimately has not been a big change in forecasts. Furthermore, Powell said they are at a place where they can cut, or hold at what is clearly a restrictive stance of policy, as well as repeated the Fed is not going to be in any hurry to move on rate cuts and regarding the balance sheet, he said they looked at pausing and slowing, although people came to be strongly in favour of slowing the balance sheet shrinkage.

TARIFFS/TRADE

• US President Trump said he believes India is probably going to be lowering tariffs substantially but on April 2nd, the US will be charging them the same tariffs they charge the US.

NOTABLE HEADLINES

• US President Trump posts on Truth Social “The Fed would be MUCH better off CUTTING RATES as U.S.Tariffs start to transition (ease!) their way into the economy. Do the right thing. April 2nd is Liberation Day in America!!!”

APAC TRADE

EQUITIES

• APAC stocks traded mixed with most indices in the green as the region initially took its cue from the gains on Wall St in the aftermath of the FOMC meeting where the Fed kept rates unchanged and slowed its balance sheet run-off, while Chinese markets bucked the trend and Japanese participants were absent due to Vernal Equinox Day.
• ASX 200 outperformed with gains led by the tech and real estate sectors amid a lower yield environment, while disappointing jobs data did little to derail the momentum in the index.
• KOSPI advanced amid strength in tech including index heavyweight Samsung Electronics which recently held its AGM and announced the appointment of one of its CEOs.
• Hang Seng and Shanghai Comp were subdued as participants navigated through earnings releases and after the lack of surprises from the announcement that China’s benchmark Loan Prime Rates were kept unchanged.
• US equity futures mildly extended on recent gains after climbing in a dovish reaction to the FOMC.
• European equity futures indicate an uneventful open with Euro Stoxx 50 futures down 0.1% after the cash market closed with gains of 0.4% on Wednesday.

FX

• DXY trimmed its gains in reaction to the Fed announcement in which it kept the FFR unchanged as expected at 4.25-4.50% and decided to slow the pace of the balance sheet run-off with the decision on rates made unanimously although Fed’s Waller preferred to continue the current pace of decline in securities holdings.
• EUR/USD bounced off lows and briefly reclaimed the 1.0900 status as the dollar softened on the FOMC.
• GBP/USD clawed back some losses and momentarily returned to 1.3000 territory, while participants now look ahead to UK jobs and wages data, as well as the BoE policy announcement.
• USD/JPY slumped beneath the 150.00 level as US yields softened in reaction to the Fed announcement, while the pair then continued its slide and approached closer to the 148.00 level in the absence of Japanese participants.
• Antipodeans were choppy amid the somewhat mixed risk appetite and with pressure seen following disappointing jobs data from Australia which showed a surprise contraction in Employment Change and a drop in the Participation Rate, while better-than-expected New Zealand GDP failed to spur a bid.
• PBoC set USD/CNY mid-point at 7.1754 vs exp. 7.2402 (Prev. 7.1697).
• Brazil Central Bank hiked the Selic rate by 100bps to 14.25%, as expected, with the decision unanimous, while the committee expects another adjustment of a smaller magnitude at the next meeting and said the current scenario requires a more contractionary monetary policy.

FIXED INCOME

• 10yr UST futures were underpinned in reaction to the FOMC decision to slow the balance sheet run-off from April although further upside was contained with cash treasuries trade closed overnight due to the Tokyo holiday.
• Bund futures remained afloat after climbing in tandem with US counterparts in reaction to the Fed, while participants look ahead to German Producer Prices and the latest ECB comments including from Lagarde.

COMMODITIES

• Crude futures remained afloat after the prior day’s gains amid geopolitical tensions in the Middle East and the mostly constructive post-FOMC risk sentiment.
• US President Trump considers extending Chevron’s licence to pump oil in Venezuela, according to WSJ.
• US Energy Secretary Wright confirmed the signing of the LNG export approval for the CP2 project on Wednesday and said they are moving urgently to grow supply of electricity and lower prices with the impact of administration moves expected to be seen later this year, while he also stated they want to grow supply and push oil prices down.
• Spot gold held on to recent gains and printed a fresh record high north of the USD 3050/oz level.
• Copper futures extended on this week’s rally and reclaimed the USD 10,000/ton status.

CRYPTO

• Bitcoin was subdued overnight and gradually retreated beneath the USD 86,000 level.

NOTABLE ASIA-PAC HEADLINES

• Chinese Loan Prime Rate 1Y (Mar) 3.10% vs. Exp. 3.10% (Prev. 3.10%)
• Chinese Loan Prime Rate 5Y (Mar) 3.60% vs. Exp. 3.60% (Prev. 3.60%)
• HKMA maintained its base rate at 4.75%, as expected.
• US President Trump confirmed a willingness to hold a June summit with Chinese President Xi.
• Chinese battery makers CATL and BYD are targeted for new restrictions in the US under legislation that would bar the Homeland Security Department from procuring clean energy technology made by six companies, according to Nikkei Asia.
• South Korean opposition lawmakers are said to be seeking to impeach Acting President Choi, according to Yonhap citing the main DP opposition floor leader.

DATA RECAP

• Australian Employment (Feb) -52.8k vs. Exp. 30.0k (Prev. 44.0k)
• Australian Unemployment Rate (Feb) 4.1% vs. Exp. 4.1% (Prev. 4.1%)
• Australian Participation Rate (Feb) 66.8% vs. Exp. 67.3% (Prev. 67.3%)
• New Zealand GDP Prod Based QQ (Q4) 0.7% vs. Exp. 0.4% (Prev. -1.0%, Rev. -1.1%)
• New Zealand GDP Prod Based YY (Q4) -1.1% vs. Exp. -1.4% (Prev. -1.5%, Rev. -1.6%)

GEOPOLITICS

MIDDLE EAST

• Israeli military announced sirens sounded in several areas in Israel following a projectile that was launched from Yemen, while Houthis said they shelled Ben Gurion Airport with missiles and bombarded US aircraft carrier Harry Truman with a number of ballistic and winged missiles and drones, according to Asharq News.
• Houthi media reported the US bombing of targets including a cotton factory in Zabid district and with five raids in Hodeidah, northwestern Yemen, according to Sky News Arabia
• US President Trump’s letter to Iran’s Supreme Leader Ali Khamenei included a two-month deadline for reaching a new nuclear deal, according to Axios citing sources.
• US Secretary of State Rubio says President Trump seeks to promote peace and resolve the issue of “Iranian nuclear” diplomatically but is ready for all options, while he added that if Trump is forced to choose between a nuclear Iran or take action to prevent that from happening, he will take action.
• French President Macron said he spoke with Saudi Arabia’s Crown Prince MBS and welcomed the Jeddah Initiative, which enabled the start of peace negotiations in Ukraine, while Macron condemned the resumption of Israeli strikes on Gaza and said the conference on a two-state solution, which France will co-chair, must help revive a political perspective for both Israelis and Palestinians.

RUSSIA-UKRAINE

• Ukrainian President Zelensky said he had a ‘frank and substantial’ talk with US President Trump and Trump informed him about the call with Putin, while they agreed that Ukraine and the US should continue working together to achieve a real end to the war and lasting peace. Zelensky added that one of the first steps toward fully ending the war could be ending strikes on energy and other civilian infrastructure which they support and Ukraine confirmed it is ready to implement.
• Ukrainian President Zelensky said Ukrainian and US officials may meet this Friday, Saturday or Sunday, while he added that his conversation with Trump on Wednesday was substantive and he felt no pressure from Trump. Zelensky said Ukraine is ready to discuss US involvement in the Zaporizhzhia plant’s restoration with discussions in the early stages and noted it is not yet clear exactly how the infrastructure ceasefire will be monitored. Furthermore, he said Ukraine will respond in kind if Russia violates the ceasefire and that President Trump understands that Ukraine will not recognise occupied land as Russian.

EU/UK

NOTABLE HEADLINES

• UK Chancellor Reeves will announce the biggest spending cuts since austerity at next week’s Spring Statement after ruling out tax rises as a way to close her budget deficit and will tell MPs she intends to cut Whitehall budgets by billions of pounds more than previously expected, which could mean reductions of 7% for unprotected departments over the next four years, according to the Guardian.

3 .ASIA

3A NORTH KOREA/SOUTH KOREA

3BJAPAN

3C. CHINA/

4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS

UK

Bank of England on hold with interest rates

(zerohedge)

BOE Keeps Rate On Hold In 8-1 Vote

Thursday, Mar 20, 2025 – 08:28 AM

The Bank of England held interest rates at 4.5% as expected, and says it will stick to a “gradual and careful” approach to easing as some of its more outspoken doves turned cautious. The vote split was 8-1 (expectations were for a 7-2 split), with external member Swati Dhingra voting for a 25bp cut and Mann moving into the unchanged group. The BoE said that interest rates are still on a gradually declining path. As with all the other central banks this week, the BoE highlighted elevated uncertainty. It said domestic price and wage pressures were moderating, but remained elevated. Today’s decision followed macro data which showed unemployment held at 4.4% and wage growth slowed as expected.

The BoE statement maintained the view that “a gradual and careful approach to policy restraint remains appropriate” and reiterated that monetary policy is not on a preset course over the next few meetings; the statement indicates that while the MPC does think that disinflationary progress has continued, there hasn’t been enough news since the last MPC meeting to conclude a further rate cut was justified at this stage. It stated:

“There remained two-sided risks around the balance of supply and demand, and the persistence of domestic price and wage pressures. The underlying disinflationary process was expected to continue, but an accumulation of evidence would be used to assess progress. There was no presumption that monetary policy was on a pre-set path over the next few meetings.”

Some more highlights from the statement:

TRADE POLICY/GEOPOLITICS:

• Notes that gloval trade policy has intensified, other geopolitical uncertainties have also increase
• MPC will pay close attention to any signs of more lasting inflation pressure

ECONOMY:

• Domestic wage pressures are moderating, but are still somewhat elevated
• Energy prices are higher than last year
• It is possible that labour costs have been a driver of the recent pickup in nonenergy goods prices
• Notes that GDP has been slightly stronger than expected in February; surveys still suggest weak growth, and employment plans

GOVERNOR COMMENTS:

• BoE Governor Bailey says there is a lot of economic uncertainty
• Bailey still thinks that interest rates are on a gradually declining path

Overall, the decision was largely as expected with policy settings maintained and language around “gradual and careful” reiterated. The main update was the vote split, 8-1 with Dhingra the lone dissenter as activist Mann switched to an unchanged vote after calling for 50bps in February (Feb. decision was a 25bps cut); a switch which is likely one of the drivers behind the modest hawkish move.

In terms of guidance, language is much the same as last time, with the eight members who voted for unchanged, emphasising that “there had been relatively little news since the previous meeting…”, one point of note is the continuing emphasis that the BoE is not on a pre-set path, though Bailey reiterated the view that interest rates are on a gradually declining path. Elsewhere, the release acknowledged upside in energy prices and moderating but elevated inflationary pressures.

According to UBS, the commentary from the BoE was “in line with market views. The notable change comes from MPC external member Mann. Having been hawkish for so long, she suddenly called for a 50bp cut in February, alongside Dhingra. Dhinghra voted for a 25bp cut this week. Mann, however, has returned to an unchanged view. Her suggestion for an activist approach has gone. While inconsequential for markets, it does draw attention to her odd vote at the last meeting.”

There is no formal press conference as this is not an MPR meeting. However, Governor Bailey will likely do the press rounds later in the day, typically the lock-in period for this ends at around 16:00GMT though timing is for guidance only.

In kneejerk response, the pound trimmed declines and lifted from 1.2955 to 1.2979. While Gilts were also choppy but ultimately fell from 92.96 to 92.87 before extending to 92.75 over an eight minute period. UK 10-year yield is 6bps lower at 4.57%; two-year peer is 4bps lower at 4.17%. Money markets maintain BOE rate-cut wagers, price 53bps more cuts by the end of next year.

UK

UK Taxpayers Funded £7.6 Billion In Welfare For Migrants In Just One Year

by Tyler Durden

Thursday, Mar 20, 2025 – 03:30 AM

Authored by Steve Watson via Modernity.news,

In just one year, over a million migrants in Britain received more than £7.6 billion in welfare, an analysis of government data has found.

The Centre for Migration Control (CMC) estimates  that around 1,158,000 foreign nationals received universal credit for low income individuals, after collating Department for Work and Pensions (DWP) data.

The figures are from 2023 when a supposedly conservative government was in power, and before the current far left Labour government was elected.

The CMC notes that the numbers will continue to increase given the ever increasing record numbers of foreigners being allowed into the UK.

Migrants in the UK become eligible for universal credit, and the same benefits as natives, when they are either granted refugee status or indefinite leave to remain in the country.

The £7.6 billion figure doesn’t even include support payments and accommodation given to migrants awaiting to hear back on their asylum claims, which totalled another £5.4 billion.

As we’ve highlighted, these ‘refugees’ get to spend their time in lavish hotels at taxpayer expense.

Or they’re sent to quaint villages where residents don’t know what has hit them.

The Centre for Migration Control also found that 40 nationalities were more likely to receive universal credit than British citizens, with migrants from the Congo most likely to be on benefits, with 445 claims per 1,000 people.

Other nationalities most likely to be on benefits included Iraqis at 434 per 1,000, Afghans at 414, Algerians at 361, Eritreans at 355, Syrians at 352, Somalians at 336, and Iranians at 334, while only 100 in 1000 actual British people claimed universal credit in 2023.

Karl Williams, research director at the Centre for Policy Studies, urged that the figures reveal the government need to have a “much more selective immigration system that prioritises migrants likely to be substantial net contributors.”

Shadow Home Secretary Chris Philp called the benefits figures “unacceptable” adding athat it “is immoral that British taxpayers are subsidising nationals of other countries on an industrial scale. No wonder our taxes are so high.”

Philip further stated, “Research shows low-wage migrants actually cost other taxpayers money. This is why the era of mass migration has to end.”

Previous stats compiled by the CMC have revealed that almost 1.7 million foreigners residing in the UK are out of work or “economically inactive,” costing taxpayers an estimated £8.5 billion per year.

The £8.5 billion estimate doesn’t even include the costs of asylum seekers, as well as foreign students, meaning the actual cost to a British taxpayers is probably much higher.

In addition, the Institute for Fiscal Studies (IFS) has revealed that the Home Office spent a staggering £7.9 billion in just three years on asylum, border, and visa management when its budget was just £320 million.

In addition, the CMC found that foreign nationals are twice as likely to be arrested for crimes compared to British citizens, and 3.5 times more likely to be arrested for sexual offences.

* * *

Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.

END

EU/CHINA

Huawei-Gate: Europe Guards Against China’s Cash-For-Influence Schemes

Thursday, Mar 20, 2025 – 02:00 AM

Authored by Anders Corr via The Epoch Times,

European authorities are investigating an alleged “cash for influence” scheme in which as many as 15 current and former members of the European Parliament (MEPs) took bribes from Huawei, the Chinese telecommunications company.

The case, initiated by Belgian intelligence, indicates that greater vigilance is needed in Europe and elsewhere against malign foreign influence operations.

On March 13, more than 100 police reportedly raided 21 offices in Belgium, France, and Portugal, including offices of lobbyists working for Huawei in Brussels, the capital of the European Union. Federal police detained several individuals for questioning. One arrest was made in France. Two European parliamentary assistants are under suspicion and had their offices sealed by court order. An office in Portugal was raided on suspicion of receiving wire transfers meant for MEPs.

On March 14, the European Parliament banned Huawei lobbyists from its premises.

The investigation is of alleged corruption, forgery, and criminal organization, as well as possible money laundering. Illegal gifts were allegedly received as far back as 2021 in Brussels in exchange for taking political positions. The gifts allegedly included food, travel, soccer tickets, and conference expenses worth more than 150 euros per MEP, the limit after which such gifts must be reported. It apparently costs little to buy an MEP.

Huawei is suspected of close collaboration with China’s military and intelligence services, as well as with Iran, North Korea, and Cuba. Huawei has the technological means to do massive amounts of damage via espionage and sabotage in the 170 countries around the world in which it is active. While Huawei is banned from U.S. telecom infrastructure, its involvement in Mexico has been called a “trojan horse at the border.” In Europe, Huawei remains deeply embedded in the continent’s telecoms at approximately the same level as in 2022, despite warnings from the United States and European Union.

The company’s reach and resources are huge, with a market capitalization of $178 billion. Huawei uses some of that money to engage in networking at a high level of European politics, including with former European Council President Charles Michel.

Huawei apparently seeks to use its influence to integrate into and build all layers of Europe’s artificial intelligence and cloud infrastructure, including for government and university clients. The company advocates a “balance” between security and competitiveness.

But do Europeans really want to sacrifice their security for cheaper telecoms?

The vast majority of Huawei’s activities in Europe are legal, but still problematic given their high level and links to the Chinese Communist Party (CCP). In November, Huawei hosted the European Innovation Day 2024 in Paris. Participants reportedly included Nicola Caputo, the regional minister of Campania in Italy and a member of the European Committee of the Regions; Ximo Puig, the Spanish permanent representative to the Organization for Economic Co-operation and Development; Ana Paula Nishio de Sousa, director of Digital Transformation and AI at the United Nations Industrial Development Organization; and Rebeca de Sancho Mayoral, the European Commission senior adviser on EU Innovation and Access to Finance. One of the events in Paris was cosponsored by Euronews.

At another event in Davos in January, a reporter lobbed softball questions to Huawei’s Europe CEO Kenneth Fredriksen. He said that Huawei would like to be “an alternative to Europe” in multiple ways. Huawei would continue “what we have been doing for the last two decades, contributing to Europe’s digitalization and I think also help Europe to basically prepare for AI, become AI ready.”

Fredriksen noted that AI is more than an application layer. He said, “You need to have the infrastructure from end to end in order to be able to realize the full potential of AI.”

The Davos event, an “exclusive executive roundtable lunch,” reportedly included the participation of Fredriksen, Michel, former Vice President of the European Council Silvana Koch-Mehrin, and Romania’s Minister of Economy Ivan Bogdan.

Michel made points to a reporter that would be welcome in Beijing, including an implicit threat of retaliation against the U.S. “trade war.” He voiced support for the World Trade Organization and “multilateralism.” The CCP has used the ideology of liberal trade and its easy access to multilateral forms of international governance to exponentially increase its global influence since the West’s diplomatic opening to China in the early 1970s.

The regime in Beijing also seeks to influence the “subnational” level. In March, Huawei partnered with the city council of Barcelona, Spain, according to the company’s social media. “The Barcelona City Council has partnered with #Huawei to drive ICT [information and communications technology] innovation and training,” Huawei Europe posted on social media platform X. The collaboration will “boost smart city projects and digital skills development via the Huawei Spain Academy and Barcelona Activa’s IT Academy.”

From the subnational to the federal levels, CCP-linked organizations are energetically influencing European and broader international politics. At least as much energy should be put into resisting legal and illegal forms of CCP infiltration. The European raids against Huawei lobbyists on March 13 were a good start. But much more remains to be done.

Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times or ZeroHedge.

5 RUSSIAN AND MIDDLE EASTERN AFFAIRS

ISRAEL HAMAS///

Hamas not softening stance on hostage deal despite Gaza strikes, sources tell ‘Post’

Israel has ramped up its military response to Hamas in Gaza, with officials signaling a shift toward full control as hostage negotiations remain stalled.

By AMICHAI STEINMARCH 19, 2025 21:59Updated: MARCH 19, 2025 22:48

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fisrael-news%2Farticle-846790&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20250225_eab6a653f4759423d63a849fb76f9f0d4185dca4&useBunnyCDN=0&themeId=140&unitType=tts-player

After Israel launched airstrikes on the Gaza Strip, there was still no indication that Hamas was preparing to soften its stance on the issue of the hostage and ceasefire deal.

“There is no signal, no sign that Hamas is currently changing its position on the matter,” an official told The Jerusalem Post on Wednesday.

Prime Minister Benjamin Netanyahu convened a three-hour meeting with Defense Minister Israel Katz and senior security officials on Wednesday.

An official told the Post after, “It was decided to raise the level of response – and actions are expected to escalate. What we saw, with the entry of ground forces into the Netzarim Corridor, is just the beginning.”

Ministers clarified to the Post that Israel is focused on the goal of ending Hamas’s rule in Gaza.

“Israel has decided to change its approach toward Hamas, and what Hamas is experiencing from Israel is about to change with American backing. There is a clear shift in the current equation,” said Culture and Sport Minister Miki Zohar (Likud).

“Israel is seeking a resolution: either the return of all hostages, the expulsion of Hamas, and the disarmament of the organization, or, in my opinion, full occupation and Israeli control over the Gaza Strip,” he said.

The consensus for continuing the fighting exists among all ministers. 

‘There is no other way the war will end’

National Missions Minister Orit Strock (Religious Zionist Party) told the Post that in this act, Israel is making it clear that the ultimate goal has always been – and remains – Hamas’s destruction.

“This is the only way the war will end. There is no other option,” she said.

Strock added that this is a rolling event, and that the range of responses will escalate with time.

“The targets in the strikes included Hamas’s civilian leadership. This was outlined on October 7 but was never fully carried out. Now we are working toward implementing that goal,” she said.

She also noted that what ministers are hearing lately is that all eyes in the regional arena are on Israel and Gaza, to see what Israel will do there.

The security cabinet is set to convene on Thursday to receive an update on the progress in fighting. Zohar said, “In the near future, we will see high-intensity fire. The IDF has prepared a plan for the Gaza Strip. We are focused on the goal.”

END

ISRAEL HAMAS

Israeli Troops, Tanks Start New Ground Offensive In Gaza

Wednesday, Mar 19, 2025 – 08:30 PM

Over a day after it restarted aerial bombings of Gaza, the Israel Defense Forces (IDF) have resumed “focused ground operations” in the “center of the Gaza Strip” over the past 24 hours.

As we observed earlier, clearly an indefinite all-out war is back on, and the collapsed ceasefire will not be put back together anytime soon. The IDF says it has “re-expanded their control to the center of the Netzarim” corridor, which is the buffer zone that separates northern Gaza from the south.

Withdrawal from Netzarim had been part of phase one of the 2-month ceasefire, thus much of the diplomatic work done during that time has now been effectively reversed.

Israeli Defense Minister Israel Katz told the Palestinians that “the evacuation of the population from the battle zones” in Gaza will “begin again soon,” in a video message Wednesday.

“Take the advice of the U.S. President. Return the hostages and eliminate Hamas, and other options will open up for you – including going to other places in the world for those who wish,” Katz said.

However, the border crossing with Egypt is currently closed, and so hundreds of thousands of civilians will have nowhere to go. The new IDF operation has included the movement of tank units deeper into Gaza.

Gaza’s Health Ministry had said as of Tuesday least 436 Palestinians, including 183 children, have been killed since Israel resumed the bombardment.

Gaza’s hospitals are once again under immense strain:

The International Committee of the Red Cross (ICRC) warns that medics are struggling to manage a sharp increase in casualties over the last 36 hours due to the resumption of ground operations by Israel in the Gaza Strip.

“Due to the recent suspension of humanitarian aid into Gaza, stocks of medical supplies have dropped significantly and on top of this, hospital staff are struggling to manage the sharp increase of casualties,” the ICRC said in a statement.

The day prior, Israeli PM Benjamin Netanyahu declared “this is just the beginning” regarding the Gaza operation – and also expressed appreciation in the comments for US military help against the Houthis of Yemen. He had further said negotiations can take place “only under fire”.

The White House has said it was aware that Israeli was gearing up for another round of military attacks, and that it’s given a greenlight to the Israeli strikes. This comes after Trump for weeks floated a controversial plan to expel Palestinians from the Gaza Strip, which international groups have condemned as ethnic cleansing.

ISRAEL HAMAS

Over 70 Gazans reported killed in overnight strikes

Gaza’s pro-Hamas Quds News outlet reports that 71 people were killed in Israeli strikes across the Strip overnight, which would raise the death toll to over 540 since Israel resumed its military campaign in Gaza on Tuesday morning.

The news outlet reports that airstrikes took place around Khan Younis, Rafah and other parts of Gaza overnight.

The death toll cannot be verified, and figures from Hamas-controlled health authorities in the Strip have been questioned.

Israel says it is only targeting terrorists and terror infrastructure and blames Hamas and allied groups for collateral damage, saying they use civilians as human shields.

END

IDF ground forces operating in Gaza; Katz warns of ‘total destruction’ unless hostages returned

Defense minister issues ‘final warning’ to Gazans to eject Hamas, says combat zone evacuations will soon begin; military names 2 more senior Hamas officials killed in strikes

By Emanuel Fabian, Follow
Agencies and ToI Staff

Troops of the Gaza Division operate in the southern Gaza Strip, in a handout photo issued by the military on March 19, 2025. (Israel Defense Forces)

The IDF said Wednesday it had launched “pinpoint” ground operations in the central and southern Gaza Strip, as Defense Minister Israel Katz warned that Hamas’s continued rule in the enclave would lead to its “total destruction and ruin.”

The army said its operations were aimed at expanding the security zone near the border and creating a partial buffer between northern and southern Gaza. Troops of the 252nd Division entered the Netzarim Corridor area, a route that splits Gaza into north and south, capturing around half of it, up to the Salah a-Din road.

At the same time, the IDF said it deployed the Golani Brigade to the southern part of the Gaza border, readying it for action in the Strip.Promoted: Israel BondsKeep Watching

Katz said Israel would soon issue evacuation orders for combat zones in the Strip.

“Gaza residents, this is a final warning. The first Sinwar ruined Gaza and the second Sinwar will completely obliterate it,” the defense minister said, referring to the slain leader of the terror group, Yahya Sinwar, and to his brother, Mohammed Sinwar, a senior Hamas military commander who is thought to have succeeded him.

“The Air Force strikes against Hamas terrorists were just the first step. Things will become much more difficult, and you will pay the full price,” he said.

Katz said that if the hostages are not released and Hamas is not removed from Gaza, “Israel will operate with strength you have not yet seen.”

“Take the US president’s advice. Return the hostages and remove Hamas, and other options will open up for you, including leaving for other places in the world for those who desire,” he said.

“The alternative is total destruction and ruin,” Katz added.

Defense Minister Israel Katz visits the Tel Nof Airbase, March 18, 2025. (Ariel Hermoni/Defense Ministry)

The Israel Defense Forces and Shin Bet security agency said Tuesday that Israel’s strikes have targeted cells of terror leaders and operatives, rocket-launching positions, weapons, and other Hamas and Islamic Jihad terror infrastructure.

The Hamas-run health ministry has said over 400 people have been killed since Israel renewed its offensive, including women and children. Its unverified figures do not differentiate between civilians and combatants.

Israel renewed its offensive overnight Monday-Tuesday, citing Hamas’s “repeated refusal” to free Israeli hostages.

The sides have been unable to agree on the continuation of the ceasefire, with Israel insisting on extending the first phase — with more hostage releases in return for the release of Palestinian prisoners and further calm — while the terror group has insisted on moving to the second phase, which envisioned Israel fully withdrawing from Gaza and agreeing to permanently end the war in exchange for the release of the remaining living hostages.

According to the terms of the January 19 deal, the sides were to launch negotiations over the second phase a few weeks into the first, but Prime Minister Benjamin Netanyahu refused to do so, insisting that the war will not end until Hamas’s governing and military capabilities have been demolished.

Troops of the 252nd Division operate in the Netzarim Corridor area of central Gaza, in a video issued by the military on March 19, 2025. (Israel Defense Forces)

Netanyahu said Tuesday night that from now on, negotiations on a continued ceasefire would only be conducted “under fire.”

Israel has previously made various offers including monetary rewards to Gazans who provide information that will lead to the release of hostages, to no avail.

Terror groups in the Gaza Strip are still holding 59 hostages, including 58 of the 251 abducted by Hamas-led terrorists on October 7, 2023. They include the bodies of at least 35 confirmed dead by the IDF.

Overnight, two United Nations employees were killed in an explosion at a UN facility in Deir al-Balah in central Gaza. Israel denied accusations it was responsible for the blast at the building. A UN source told AFP the two dead were employees of the UN Office for Project Services (UNOPS) and the UN mine-mitigation service UNMAS.

Gaza’s Hamas-run health ministry said earlier that a foreigner was among those killed and five others were seriously wounded in the explosion in Deir al-Balah, which it blamed on Israel.

In a statement, the IDF said, “Contrary to reports, the IDF did not attack a UN compound in Deir al-Balah. The IDF calls on media outlets to exercise caution with unverified reports.”

Palestinians inspect their damaged house following an Israeli strike in Deir al-Balah, Gaza Strip on March 19, 2025. (AP Photo/Abdel Kareem Hana)

Additionally, the IDF and Shin Bet announced that two more top Hamas officials were killed in airstrikes in the Gaza Strip over the past day.

One of the dead was Yasser Mohammed Harb Musa, a member of Hamas’s politburo who headed the defense portfolio and ministry of development.

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“As part of his role, Musa handled the advancement and guidance of terror attacks against the State of Israel,” the IDF and Shin Bet said, adding that he was considered close to slain Hamas leader Yahya Sinwar.

The second Hamas official the IDF said it killed was Mohammed Jamasi, the chief of the terror group’s so-called emergency committee.

“Over the years, Jamasi held key positions in the political bureau and the leadership of the movement and as part of his role in the war, he coordinated a significant portion of the Hamas regime’s government activity in the Gaza Strip, including the guidance of terror attacks against the State of Israel,” the statement added.

The two join a list of several senior Hamas leaders killed since the renewed offensive, including Hamas’s de facto prime minister of the Strip.

Separately, the IDF said Wednesday that it targeted the main command center of Hamas’s Daraj-Tuffah Battalion, located in Gaza City, in one of its overnight airstrikes.

The command center targeted overnight had been used by Hamas to plan numerous attacks against Israel and troops, the IDF said.

Europe decries fresh fighting

UK Prime Minister Keir Starmer said Wednesday that he was “deeply concerned about the resumption of Israeli military action in Gaza.”

“The images of parents carrying their children, young children to hospitals… are truly shocking,” Starmer told parliament.

Britain’s Prime Minister Keir Starmer leaves 10 Downing Street in central London on March 19, 2025, to take part in the weekly session of Prime Minister’s Questions (PMQs). (Ben STANSALL / AFP)

Germany’s Foreign Minister Annalena Baerbock said that the renewed airstrikes “are shattering the tangible hopes of so many Israelis and Palestinians of an end to suffering on all sides.”

Speaking before starting a trip to Lebanon, she called on “all sides” in the conflict to “show restraint, respect humanitarian law, and return to talks.”

“The lives of dozens of hostages, including Germans… (and) of many thousands of Palestinians” depend on peace, she said.

“The resumption of hostilities also puts at risk the positive efforts of Arab states who want to chart a peaceful path for Gaza, free from Hamas,” Baerbock added.

Germany’s top diplomat said she was appealing “in particular to the USA to use its regional influence… now, because the security of the wider Middle East is affected by this.”

She also warned that there was “a serious risk of wider regional escalation” at a time when “the situation in Lebanon has stabilized and there have been steps towards settling the conflict at the Israeli-Lebanese border.”

EU High Representative and Vice-President for Foreign Affairs and Security Policy, Kaja Kallas gives a press conference to unveil the White Paper for European Defense Readiness 2030 at the EU headquarters in Brussels on March 19, 2025. (Nicolas TUCAT / AFP)

European Union foreign policy chief Kaja Kallas said she told Foreign Minister Gideon Sa’ar that the renewed campaign in Gaza is “unacceptable.” Kallas told reporters in Brussels she was referring specifically to “the loss of civilian lives.”

Kallas said she will travel to Egypt on Sunday to discuss the situation with the “Arab Quint” — Egypt, Jordan, Qatar, Saudi Arabia, and the UAE — adding there was a need to increase diplomatic pressure on Israel.

According to Israel’s readout of Tuesday’s phone call, Sa’ar told Kallas that Israel “has no choice” but to renew military operations in the Gaza Strip, stressing that while Israel has endorsed proposals offered by US President Donald Trump’s special envoy Steve Witkoff that would maintain the ceasefire, “Hamas has rejected them twice.”

Sa’ar also emphasized to Kallas that the IDF is operating “solely against Hamas and terrorist targets while acting to minimize harm to the civilian population.”

The conversation came the same day Kallas released a joint statement with EU commissioners saying, “The EU deplores the breakdown of the ceasefire in Gaza and the deaths of civilians, including children, in Israeli airstrikes,” calling on Israel to end the campaign and for Hamas to release all the hostages.

“The EU believes that the resumption of negotiations is the only way forward,” the statement continued.

French President Emmanuel Macron (R) and Jordan’s King Abdullah shake hands at the start of a press conference following their meeting at the Elysee Palace, in Paris, on March 19, 2025. (Gonzalo Fuentes / POOL / AFP)

President Emmanuel Macron said Wednesday alongside Jordan’s King Abdullah II in Paris that the resumption of strikes was a major step in the wrong direction.

“It’s dramatic for the Palestinians of Gaza, who are again plunged into the terror of bombardment, and dramatic for the [Israeli] hostages and their families who live in the nightmare of uncertainty.”

Macron slammed Hamas, saying the “axis of resistance is today an illusion,” but also warned Israel that there could be “no Israeli military solution in Gaza.”

Abdullah called the strikes “an extremely dangerous step that adds further devastation to an already dire humanitarian situation.”

“The international community must act immediately and collectively push for restoring the ceasefire and the implementation of its phases,” he said. “Israel’s attacks and its blockade of aid, water, and electricity to Gaza are escalatory measures that risk the lives of a severely vulnerable population.”

Much of Gaza now lies in ruins after 15 months of fighting, which erupted on October 7, 2023, when thousands of Hamas-led gunmen attacked Israeli communities near the Gaza Strip, killing some 1,200 people and abducting 251 hostages into Gaza.

The Israeli campaign in response has killed more than 48,000 people, according to unverified numbers from Hamas health authorities, and destroyed much of the housing and infrastructure in the enclave, including the hospital system. Israel says it had killed some 20,000 combatants in battle as of January 2025, and another 1,600 terrorists inside Israel on October 7.

HEZBOLLAH

HOUTHIS and HAMAS

houthis

IDF downs Houthi missile as sirens blare across central Israel, Jerusalem area

No direct injuries in overnight attack claimed by Yemeni rebel group * Suspects sent home after being grilled by cops about Qatari payments to Netanyahu’s aides

Missile from Yemen intercepted as sirens sound across Israel

The last time these areas have been targeted was January 18, 2025.

By SHIR PERETSMARCH 20, 2025 04:07Updated: MARCH 20, 2025 11:46

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Sirens sounded across Israel following a missile from Yemen, the IDF announced early Thursday morning.

The missile was intercepted by the IAF before entering Israeli territory, the military announced.

Sirens were sounded in accordance with protocol.

The last time these areas have been targeted was January 18, 2025.

No projectile falls or serious injuries have been reported, according to Magen David Adom.

MDA reported 13 people who were injured on their way to the protected area and three panic victims.

US attacks in Yemen

Earlier tonight, the United States struck targets in the Yemeni capital, Sanaa, Houthi-run Al Masirah TV reported.

This is the fifth consecutive day of US attacks on Yemeni soil.

The Houthis released a statement regarding the attack, saying they had targeted Ben-Gurion Airport with a “Palestine 2” hypersonic ballistic missile.

‘The Houthis are paying’

Prime Minister Benjamin Netanyahu was evacuated from a Knesset meeting during the siren, and a reporter asked him, “Will the Houthis pay for this?”

“The Houthis are already paying, and will continue to pay,” Netanyahu answered.

This is a developing story.

Hamas!

Gaza rockets trigger sirens in Tel Aviv, IDF intercepts missile

The IDF announced that the Israel Air Force intercepted one projectile, and confirmed that two others hit an open area.

By JERUSALEM POST STAFFMARCH 20, 2025 13:26Updated: MARCH 20, 2025 14:41

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Sirens sounded across central Israel following launches from the Gaza Strip on Thursday afternoon.

The sirens were sounded in Tel Aviv, Holon, Rishon Lezion, Ramat Gan, and other locations in the Tel Aviv area.

The IDF announced that the Israel Air Force intercepted one projectile and confirmed that two others hit an open area.

United Hatzalah announced that they had received several calls from people suffering from anxiety attacks triggered by the sirens.

Hamas’s armed wing, Al-Qassam Brigades, claimed the attack which they carried out in response “to the Zionist massacres against civilians,” Reuters reported.

Israel Police later announced that they were working on locating a piece of fallen shrapnel in the Shfela area.

Israel Police has previously announced that they are “carrying out operational searches to locate and secure any potential impact zones in order to ensure public safety.”

Police advise “residents to remain in designated safe zones, avoid approaching impact sites, refrain from handling any rocket remnants that may contain explosives.”

Any “relevant information immediately to the Israel Police hotline at 100,” the police requested.

Yemen attack

This comes after sirens were sounded across Israel following a missile launch from Yemen early on Thursday morning.

This is a developing story.

WEST BANK

AUSTRALIA

Aussie opposition leader vows to restore ties with Israel and Netanyahu if elected

Australia’s Home Affairs Minister Peter Dutton addresses Parliament House in Canberra, July 24, 2019. (Rod McGuirk/AP)

Australian opposition leader Peter Dutton says one of his first acts if elected premier in May will be to bolster ties with Israeli Prime Minister Benjamin Netanyahu’s government.

In his first major foreign policy address, Dutton says calling Netanyahu will be among his first official acts, calling the current government’s stance toward Israel one of its “most egregious foreign policy failures.”

“Instead of treating Israel like the ally it is, this Government has treated Israel like an adversary,” he says, according to a transcript of the speech released by his office.

The Liberal Party leader promises that Canberra will end funding for the United Nations Relief and Works Agency, the main agency providing aid for Palestinian refugees, citing its employment of Gazans who took part in the October 7, 2023, attack on Israel.

He adds that Australia will resume voting with Israel at the UN, accusing the government of Prime Minister Anthony Albanese of adopting “adversarial positions towards Israel to shore-up Labor votes in certain seats where there are, undeniably, anti-Israel and antisemitic views.”

Australia’s Prime Minister Anthony Albanese (C) and Rabbi Shlomo Kohn visiting the Adass Israel Synagogue in Melbourne on December 10, 2024, days after it was set ablaze. (Handout / DEPARTMENT OF PRIME MINISTER AND CABINET / AFP)

He does not address a rash of antisemitic attacks in Australia seemingly linked to the war against Hamas in Gaza.

Dutton also says he will make Washington his first overseas stop if elected, seemingly marking a pivot toward the US and away from Southeast Asia where Canberra has normally focused its foreign policy efforts.

Elections in Australia are scheduled for mid-May.

SYRIA/LEBANON

IRAN/USA

Trump Letter To Iran Gave 2-Month Deadline For Fresh Nuclear Deal

Wednesday, Mar 19, 2025 – 07:40 PM

Axios has newly revealed a key, explosive part of President Trump’s letter submitted to Iranian leadership, which was initially disclosed in the first week of March. The letter to Iran’s Supreme Leader Ali Khamenei included a two-month deadline for achieving another nuclear deal, according to several anonymous sources. It seems a come to the able again, or else!…type of proposal

Axios notes that “It isn’t clear whether the two month-clock begins from the time the letter was delivered or from when negotiations start.” The letter was first reported at the end of the first week of March, but the Iranians claimed they hadn’t received it up to days after that.

“But if Iran rejects Trump’s outreach and doesn’t negotiate, the chances of US or Israeli military action against Iran’s nuclear facilities would dramatically increase,” Axios continues.

Trump has spelled out the “or else” part in a Yemen-related Wednesday post on Truth Social…

After admitting that Iran has backed off of support for the Houthis at a moment the US is bombing Yemen, Trump is warning “they will be completely annihilated.” While the threat is being most directly aimed at the Houthis, the clear message is that the Iranians have been put on notice as well.

Lately the International Atomic Energy Agency (IAEA) has described that the Islamic Republic’s current stockpile of 60% enriched uranium – if enriched to 90% – would be enough to produce six nuclear bombs.

Trump has recently brought back ‘maximum pressure’ on Iran, and has even this week advanced the possibility of cracking down on sanctions-busting Iranian oil exports on the high seas, using naval intervention. Clearly this is part of the big stick package of actions meant to push Tehran to the table.

An earlier Fox News interview in February marked the point at which Trump first laid out that Iran has two choices. “Everybody thinks Israel with our help or our approval will go in and bomb the hell out of them,” Trump had said at the time while discussing potential Israeli military action against Tehran.

“I would prefer that not happen. I’d much rather see a deal with Iran where we can do a deal, supervise, check it, inspect it,” the president continued.

That’s when he made one of the more provocative and threatening comments: “There’s two ways to stopping them: With bombs or a written piece of paper,” he had previously said.

The US is now increasingly worried that given last year’s tit-for-tat exchange of major strikes with Israel, Tehran leaders are more incentivized than ever to secretly develop a nuke. However, the CIA has long assessed, even recently, that Iran’s leadership has not yet ordered the pursuit of a bomb. The Ayatollahs throughout the decades have also condemned atomic weapons as ‘unIslamic’.

RUSSIA VS UKRAINE

TURKEY

BG TROUBLE FOR TURKEY

Turkey Unexpectedly Hikes Lending Rate In Scramble To Prop Up Crashing Lira

Thursday, Mar 20, 2025 – 12:55 PM

Just as Wall Street had gotten all bulled up on Turkey, urging clients to buy the lira (countless previous rugpulls of carry traders notwithstanding) amid expectations of easing inflation, declining interest rates, and a generally pro-market posture, Erdogan stunned everyone on Wednesday by sparking the biggest meltdown in the currency and Turkish markets in years when he arrested his chief opposition challenger for the presidential post, confirming yet again that Turkey is the biggest banana republic in the emerging market universe by far (because Erdogan believes he is untouchable by Western nations as he has become the most important force in Europe thanks to his massive military, which is the second largest in NATO).

And then, moments ago Turkey pulled shocker number 2 in 24 hours, when the Turkish central bank shocked the market again when it raised its overnight lending rate by two percentage points in a surprise meeting on Thursday to support the lira and mitigate the impact from the currency’s sudden decline on inflation.

The rate hike came a day after the currency lost as much as 11% amid political turmoil triggered by the detention of a major opposition politician. And, as shown in the chart below, it has done absolutely nothing to restore confidence in the policies of this banana republic, with the USDTRY promptly back to where it was before the rate hike.

“Assessing the risks that these developments may pose to the inflation outlook, measures have been taken to support the tight monetary stance,” the bank said in a statement on its website. The “monetary policy stance will be tightened in case a significant and persistent deterioration in inflation is foreseen.” 

While policymakers left their benchmark, one-week repo rate unchanged at 42.5%, the increase in the overnight rate to 46% would allow them to raise the average cost of funding they provide to commercial lenders, and help further tighten financial conditions. The move is also meant to make fudning of lira shorts more expensive.

After Turkish assets posted the world’s biggest losses on Wednesday, including an 8% crash in the stock market which triggered a marketwide circuit breaker, markets showed some signs of stabilization on Thursday, largely thanks to $8 billion in USD sales by the central bank meant to prop up the lira. The only problem is that the CBRT is chronically cash-strapped and as such it will be unable maintain intervention once foreigners lose all faith in the local market, where rates paid on FX positions are an unsustainable 42%, yet with inflation running even higher, Turkey has no choice.

“It is the confirmation of the central bank’s credibility and that yesterday’s events are more political than a change in the orthodox policies implemented since 2023,” said Guillaume Tresca, an emerging-markets strategist at Generali Investments, who was clearly long Turkey and was hoping his soothing words would convince someone.

Meanwhile, expectations that the monetary authority could slow down or pause its rate cuts saw investors sell banking shares, with Turkish lenders’ equities dropping as much as 9% on Thursday.

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

this is dangerous and we must be careful!

CDC Warns About Elevated Risk Of Dengue Fever

Thursday, Mar 20, 2025 – 06:30 AM

Authored by Jack Phillips via The Epoch Times (emphasis ours),

The U.S. Centers for Disease Control and Prevention on Tuesday sent an alert to health officials and providers about relatively elevated levels of dengue fever cases.

“Dengue activity remains high in some parts of the United States and globally, with many countries reporting higher-than-usual numbers of dengue cases in 2024 and 2025,” the CDC warned in a bulletin.

The agency urged health care providers and state and local health agencies, along with the public, to take steps to detect and prevent dengue.

Transmission remains high in North America and South America, including in Puerto Rico and the U.S. Virgin Islands, both territories of the United States, the CDC said.

“Spring and summer travel coincides with the peak season for dengue in many countries, increasing the risk of both travel-associated and locally acquired cases in the United States,” the CDC said in an alert.

The federal health agency pointed to data, updated as of March 10, that shows more than 13 million cases of dengue reported in North America, Central America, and South America, as well as the Caribbean region. It noted that local transmission of the virus was reported in Florida, California, and Texas last year.

Also known as “break-bone fever” because it can be so painful, dengue is transmitted by the Aedes aegypti mosquito. Four different but related viruses cause the disease: dengue virus 1, 2, 3, and 4, according to health officials.

The World Health Organization says that about half the world’s population is at risk of getting the disease and that there are 100 million to 400 million infections every year. Symptoms can include fever, severe headaches, and pain in muscles and joints. There is no widely available medicine for treating dengue infections.

Last year, the CDC sent out a similar health alert about an increased risk of dengue infections across the United States.

“Global incidence of dengue in 2024 has been the highest on record for this calendar year; many countries are reporting higher-than-usual dengue case numbers,” the CDC said in its June 2024 advisory.

Some people can experience no signs or symptoms of a dengue infection. But when symptoms do occur, they can be mistaken for another illness such as influenza. Symptoms usually start between four and 10 days after being bitten by a dengue-infected mosquito, according to the Mayo Clinic. The virus generally causes a high fever of 104 degrees Fahrenheit and can include several other symptoms.

These include muscle, bone, or joint pain; vomiting; nausea; pain behind the eyes; swollen glands; and a rash. In some cases, the symptoms can become life-threatening in what is known as “severe dengue,” dengue hemorrhagic fever, or dengue shock syndrome, the clinic says on its website.

The severe symptoms often can occur after the fever goes away and can include persistent vomiting, abdominal pain, fatigue, rapid breathing, bleeding gums or nose, blood in stool or vomit, restlessness, thirst, pale and cold skin, and weakness.

Complications from severe forms of the disease can lead to organ damage, severe bleeding, and breathing problems, according to the Johns Hopkins Medical School.

The Associated Press contributed to this report.

MARK CRISPIN MILLER

In memory of those who “died suddenly” in the United States and worldwide, March 10-17, 2025

in memory of those who “died suddenly” in the United States and worldwide, March 10-17, 2025

Rocker Jesse Colin Young; voice actor Dave Mallow (Power Rangers); screenwriter David Steven Cohen (‘Courage the Cowardly Dog’); sportswriter Cindy Luis; wrestler Vince Steele (39); & more

A survey of the likely global toll of COVID “vaccination,” based on the reports collected by our worldwide team of researchers this past week.

To help support our work: https://www.givesendgo.com/newsfromunderground

CHINA:

Note: Reports out of China on the effect of the “vaccination” drive have been virtually nonexistent. This article from The Epoch Times fills in the gap with anecdotal evidence that the jabs are killing many younger Chinese.

Chinese Residents Report Increased Millennial Deaths Amid Respiratory Infections

March 15, 2025

Amid continuing distrust of the Chinese regime’s data on infectious diseases and vaccination deaths, anecdotal reports from residents and health care professionals across China suggest an unusual number of deaths among millennials this winter season.

Beijing’s National Bureau of Statistics does not regularly publish data on mortality rates. Because of the regime’s record of publishing unreliable data, including its underreporting of COVID-19 infections in early 2020, analysts and the public often resort to relying on anecdotal evidence.

In February, individuals working in China’s disease prevention and control sector told the Chinese edition of The Epoch Times that the regime is likely underreporting the recent COVID-19 and bird flu infections.

Also speaking to the Chinese edition of The Epoch Times in early March, Chinese residents from several provinces, whose full names are not mentioned because of safety concerns, said there have been many deaths among “post-’80s” and “post-’90s,” or those born in the 1980s and 1990s. Some of them voiced their suspicion that the deaths may be caused by the side effects of COVID-19 vaccination.

Link

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UNITED STATES (189):

Jesse Colin Young, vocalist for the Youngbloods who sang ’60s hit ‘Get Together,’ dies at 83

March 17, 2025

Jesse Colin Young, whose vocals as frontman of folk rock band the Youngbloods gave voice to the 1960s’ counterculture, died on Sunday at his home in Aiken, S.C. Young’s publicist, Michael Jensen, confirmed to The Times on Monday that the 83-year-old musician died of a heart attack. Young had just penned his autobiography, was in the process of writing a children’s book and had finished working on a song for Future Youth Records, Jensen said. “He was an incredibly active guy,” Jensen said. “He was a client for many, many years, but more importantly, he was one of the nicest people on the entire planet. He was a great human being, and I’m heartbroken.”

Link

Power Rangers actor Dave Mallow who starred in multiple hit series dead at 76 as coworker reveals his health battle

March 12, 2025

Power Rangers voice actor Dave Mallow has died at 76 after a health battle that reportedly lasted years. He died on Tuesday while living in hospice care. The iconic voice actor was living at the MonteCedro Senior Living Community in Altadena, California, at the time he died. Mallow’s former co-worker said the actor struggled with his health in recent years, according to TMZ.

No cause of death reported.

Link

‘Courage the Cowardly Dog’ head writer David Steven Cohen dies at 58 (cancer)

March 18, 2025

David Steven Cohen, the head writer of Courage the Cowardly Dog, has passed away at the age of 58, according to reports from animation historian Jerry Beck. Beck shared on Facebook that Cohen’s cause of death was cancer. Cohen played a pivotal role in shaping the eerie and surreal storytelling that made Courage the Cowardly Dog a beloved yet unsettling children’s animated series on Cartoon Network.

Researcher’s Note - In December 2020, Cohen made “A Seasonal Message for the Aggressively Maskless“

Link

Tony Etz, Veteran CAA Agent, Dies at 64

March 11, 2025

Tony Etz, who executive produced Brian Dennehy-starring telefilms before serving as a CAA agent for 30 years, died Monday in Los Angeles [CA] after a long battle with cancer, the agency announced. He was 64. He also served as an adjunct professor at USC since 2011.

Researcher’s Note – USC will no longer require COVID-19 vaccines [sic], lifts other restrictions: Link

Link

‘American Idol’ Contestant Doug Kiker Dead at 32

March 13, 2025

“American Idol” alum Doug Kiker – known by the moniker “The Singing Garbage Man” – has died … TMZ has learned. Kiker died Monday, according to his ex-fiancée, Valerie Cook, who tells TMZ she hates that her kids lost their father. An official cause of death has not been determined. The singer’s death was acknowledged by multiple posts from family members … his sister Angela Evans posted a GoFundMe – saying the family needed help because “this was completely unexpected we are completely unprepared and are gonna need a little help getting him home from Denver Colorado and being able to give the memorial that not only he but anyone deserves.”

Link

Beau Dozier, noted producer and son of Lamont Dozier, dies

March 12, 2025

He was the son of a legend who absolutely carved his own path to greatness in the musical world. Today we mourn the passing of Beau Dozier, son of Motown legend Lamont Dozier and noted musician, songwriter and producer. He was just 45.

No cause of death reported.

Link

Cindy Luis, pioneer for Hawaii woman sportswriters, dies at 70

March 17, 2025

For the first several years of his gig as the radio play-by-play voice of University of Hawaii volleyball, Tiff Wells sat adjacent to sports reporter Cindy Luis on press row at the Stan Sheriff Center. “It was something we always joked about, that we saw each other more at the arena than we did at the house,” Wells said between tears and laughs in a phone call Sunday. “It’s always been something that was so special to us.” Many others joined Wells in issuing tributes and fond remembrances on Sunday for Luis, a pioneer for woman sportswriters in Hawaii who died unexpectedly at her Enchanted Lake home sometime overnight. She was 70. Wells said he was told by first responders that she passed peacefully. It came as a devastating surprise; Luis had said she wanted to attend Saturday night’s University of Hawaii men’s volleyball match against USC, but did not appear. That alone was not cause for alarm, but when Luis, an avid paddler, didn’t meet with friends for their regular Sunday morning stroking session off the coast of Lanikai, they grew concerned and some went to check on her. “It caught everybody off guard. I’m right there with everybody about how shocking and just how quick it happened,” Wells said.

No cause of death reported.

Link

Vince Steele Tragically Passes Away After Medical Emergency at Wrestling Event

March 16, 2025

The wrestling community has lost a beloved giant. Vince Steele, known as “The Jurassic Juggernaut”, has passed away at the age of 39. CCW confirmed the heartbreaking news, releasing a statement honoring the independent wrestling standout. According to PWInsider’s Mike Johnson, Steele was performing at a BriiCombination Wrestling event in New Jersey when a medical emergency occurred during a four-way match.

No cause of death reported.

Link

Junior Bridgeman, billionaire businessman and 12-year NBA veteran, dead at 71

March 11, 2025

Junior Bridgeman, a former college basketball star who went on to have a lengthy career in the NBA and became a billionaire businessman following his playing days, died on Tuesday after suffering a medical emergency during a downtown Louisville event. Multiple outlets reported that Bridgeman, 71, had grabbed his chest and said he believed he was having a heart attack while at the 45^th Annual Leadership Luncheon on Scouting, which benefits the Lincoln Heritage Council, Scouting America at the Galt House Hotel. The operator of the hotel confirmed Bridgeman’s passing in a statement to WAVE News in Lousiville and the city’s mayor, Craig Greenberg, issued a statement on the passing of the billionaire. The incident occurred in front of people attending the event and while Kent Taylor, the sports director at WLKY, had been interviewing him. Emergency personnel were called and he was taken away by ambulance.

Link

Former NBA Player Oliver ‘Big O’ Miller Dead at 54

March 12, 2025

Heartbreaking loss for the NBA … former center Oliver Miller – famously known as “The Big O” – has passed away at the age of 54. Former NBA player Eddie Johnson broke the news on Wednesday … expressing his sadness as he announced Miller’s passing.

Researcher’s Note - Miller died Wednesday after a battle with cancer. He was 54. Matt Zimmerman, who was a team manager during Miller’s first two seasons with the Razorbacks and now is Arkansas’ basketball radio color analyst, said Miller had been placed in hospice care in the Phoenix area within the past week: Link

Link

Former Cincinnati Bearcats Football Player Dominique Perry Passes Away

March 13, 2025

CINCINNATI, OH — A recent member of the Bearcats’ football team passed away this week in former defensive tackle Dominique Perry. Perry played for the program from 2020-23 and appeared in 17 games. He posted 17 career tackles and played 67 total snaps.

Researcher’s Note – University of Cincinnati announces COVID-19 vaccine [sic] mandate for students, faculty and staff: Link

No age or cause of death reported.

Link

Mike Battle, USC All-American who played for Jets, dies at 78

March 12, 2025

LOS ANGELES, CA – Mike Battle, an All-American defensive back and a member of USC ‘s 1967 national championship team who later played two seasons for the New York Jets, has died. He was 78. He died of natural causes on March 6 in Nellysford, Virginia, the school said Tuesday.

No cause of death reported.

Link

Dr Paul Alexander

Fwd: HHS’s Robert Kennedy Jr. is 100% correct & I covered several statements he made recently about H5N1 avian bird flu…

Robert Kennedy Jr. is 100% correct & I covered several statements he made recently about H5N1 avian bird flu (I have told you it is a fraud fake PCR created fear-porn non-pandemic) in America

Outloud broadcast! 3 key statements by Kennedy Jr. below & basically he is 100%, mass vaccination of chickens/animals using a non-sterilizing vaccine is wrong! Focus NOW on natural immunity of birds

That’s right, as I argued for in the fraud fake PCR-manufactured over-cycled COVID non-pandemic, all we needed to do was NOTHING, just strongly protect high-risk vulnerable people, always, and allow all, most low-risk general population to be exposed to pathogen, to recover, and to have life-long robust bullet proof natural acquired adaptive immunity.

This entire avian bird flu H5N1, H5N2, H5N8, H7N9 etc. is a fraud, fear-porn…birds get virus all the time, leave them alone. I will say if they do enter the lab and create more infectious deadly strains then that is a crime against humanity and we thus hang all involved, from lab people to vaccine makers. We hang them. We see no evidence to date of any pathological strain of bird flu or no human-to-human spread. If there is, folk like me will tell you.

Today, just turn it off! The move is to scare you to take mRNA vaccine. DO NOT!

Always, ‘moderation, commonsense, reasonable precautions’ should be the watch words. Always double and triple down protect high-risk vulnerable folk around you. That is all. Leave everyone else alone.

Leave the birds to develop natural immunity. Only remove infected birds (proven) and birds with symptoms. Leave the rest alone to recover if exposed and infected. Birds, animals have fever too, coughs too, symptoms too.

This is what RFK Jr. is trying to argue now, and he is 100% on the money: stop the killing of infected birds, the mass culling, the exposure of farm workers to infected birds/animals, just gather the infected ones and dispatch of them but leave the rest of the flock alone to become immune, natural immunity. This will reduce the meat shortages, the chicken shortage, the egg shortage, reduce the cost of eggs etc. and prevent the mass vaccination of the flocks with often ‘leaky imperfect’ non-sterilizing vaccines (alike in Marek’s virus in chickens) that do not stop infection, replication, or transmission and in fact, drives Darwinian natural selection evolutionary pressure where the ‘fittest’ most ‘hardiest’ most ‘competitively advantaged’ strains of pathogen are selected to survive and become enriched in the environment and dominant, often more infections and potentially more virulent and lethal.

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I praise Trump the orange prophet for picking RFK Jr. Great choice POTUS Trump!

Statement one:

“There’s no indication that those vaccines actually provide sterilizing immunity, and all three of my health agencies, NIH, CDC, and FDA, the acting heads of those agencies have all recommended against the use of the bird flu vaccine,” Kennedy said in an interview on Fox News published this week.

Statement two:

‘Federal health agencies oppose the use of bird flu vaccines in poultry right now, Health and Human Services Secretary Robert F. Kennedy Jr. said, weighing in publicly on it for the first time in his new role. The Trump administration has been considering poultry vaccination as it seeks to combat the outbreak that is fueling a record surge in egg prices.’

Statement three:

“We’ve in fact said, at the USDA, that they should consider maybe the possibility of letting it run through the flock so that we can identify the birds and preserve the birds that are immune to it,” he explained.

USDA moves to vaccinate poultry & animals with H5N1 bird flu vaccine – RFK Jr. says NO – America Out Loud News

As USDA moves to vaccinate poultry and animals with the H5N1 bird flu vaccine, RFK Jr. (Bobby Jr.) says NO; neither the CDC, NIH, or FDA supports the use of the bird flu vaccine and actually recommends against it. Boom!

Mass vaccination using a ‘leaky’ imperfect non-sterilizing vaccine (like Marek’s) that does not stop infection, replication, or transmission drives viral immune escape and selects for more infectious and potentially more lethal sub-variants. Vaccinating while there is high infectious pressure (into the teeth of an epidemic, etc.) using a sub-optimal, non-sterilizing, non-neutralizing vaccine is a recipe for disaster, and RFK Jr. is 100% correct.

This can place humans at risk if the virus jumps into a mixing vessel animal intermediary host, e.g., a pig, that recombines genetic material from various viruses and creates a potentially infectious and lethal ‘chimera’ type strain.

Great move, POTUS Trump, in selecting RFK Jr. The one post I stand by. Or agree with. Let us be honest, this cabinet is not based on merit, it is based on loyalty and maybe this is more important this time. But NOT merit.

The mass culling of the chickens is driving the shortage of supplies and eggs. Moreover, it exposes farm workers (juxtaposed near infected animals) involved in the culling to the virus and causes them to develop mild symptoms. Why not allow the birds and chickens to build natural immunity? There is grave danger using a leaky vaccine like in Marek.

Imperfect Vaccination Can Enhance the Transmission of Highly Virulent Pathogens – PubMed

end

Fwd: Why is Buffett offloading his real estate empire? ‘Warren Buffett’s latest move sends ominous warning about state …

Buffett offloading his real estate empire? ‘Warren Buffett’s latest move sends ominous warning about state of housing market’; Warren Buffett is likely selling his real estate empire – the

latest warning sign that the property market is in dire straits. The real estate market has been on the skids in recent years. Compass, the largest real estate brokerage in the country, is in advanced

talks to acquire Berkshire Hathaway’s HomeServices of America, the fourth-biggest player in the industry, according to The Wall Street Journal.’

Warren Buffett’s latest move sends ominous warning about state of housing market | Daily Mail Online

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Buffett’s latest potential sell-off is yet another example of the billionaire investor hording cash and exiting the market.

The iconic Berkshire Hathaway owner, now 94-years-old, has set prognosticators ablaze, with rumors flying that he is either retiring or anticipating a recession.

Buffett has sold off shares of companies like DaVita, Bank of America, CitiGroup, and Apple.

He even sold ETFs he had recently praised as money-makers.

Buffett, who rarely talks politics, recently spoke out about Donald Trump’s economic policies.

‘Tariffs are actually, we’ve had a lot of experience with them,’ he said in an interview on CBS News.

‘They’re an act of war, to some degree.

Slay news

News addicts

———-

Evol news

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

this is a must read!! a good summary of the day’s events

(Mike Every)

The Fed Putz

Thursday, Mar 20, 2025 – 10:20 AM

By Michael Every of Rabobank

With the much-vaunted ‘Fed Put’ under discussion —is it still there, and if not, how can markets do their job without knowing they will get bailed out for egregious errors of judgement?– the Fed’s March meeting was closely watched: see Phil Marey’s take, ‘Inertia’. As expected, the Fed did nothing: except lower growth and raise inflation expectations; move closer to suggesting no cuts this year; and still see everything reverting to mean in 2027 (“because neoclassical economics”, which has no home in the White House). In short, they are in wait-and-see mode.

A Trump-Putin meeting seems close – but is a workable peace deal? After a “very good” call with President Zelensky, the US says if it takes ownership of Ukraine’s nuclear power plants it would provide the “best protection for that infrastructure.” Again with the US assets, not boots, on the ground.

Some voices point out an obvious argument: Russia can’t stop its war economy because it has its own momentum, powerful vested interests, and there’s no plan B. Whether that alone motivates President Putin or, as others allege, he genuinely enjoys a return to 18th, 19th, and first-half-of-the-20th century-style statecraft remains to be seen. Regardless, it’s bad news for Europe.

For the EU, the worst possible scenario is the US waking away with Russia walking forwards. In that case, what’s already been agreed on new defense spending is nowhere near enough – as we warned. Militarily, the “four-year” scheme promised would have to be more like 14, say experts.

Europe’s new €150bn centralised military fund also won’t buy US, British, or Turkish arms. Yes, it’s an EU fund and national governments can still spend as they please. Yet this sits awkwardly alongside “Can we get a defence guarantee for our troops in Ukraine, President Trump?”; “Can we have your nuclear umbrella, PM Starmer?”; and “Protect us and Ukraine, President Erdogan.” (As Turkey’s markets collapse following the leading opposition presidential candidate, and current Istanbul mayor, being detained.) Canada –whose military makes Europe’s look good– will cooperate with the EU on a defence build-up, not just the US, but not from that €150bn pot, nor doing anything to help US-Canada relations.

Summarising, a Financial Times op-ed, ‘Europe is only half awake from its long sleep’, points out current europhoria could age like milk given its arms build-up is likely to split it: Spain and Portugal are out, as those closer to Moscow are in. That pressure can build to a fissure if not watched. (Elsewhere in the FT, Martin Wolf has yet to follow up on his promise to dissect the ‘Mar-a-Lago Accord’: presumably he’s still trying to poke holes in it before publishing.)

Europe also doesn’t have the bandwidth to cope well with more than one geopolitical issue at once as many conflate besides Russia-Ukraine. However:

On the EU’s doorstep in the Balkans, Bosnia could be on the brink of conflict. The former US NSA Balkans director states, “Any world-weary Austro-Hungarian functionary from over a century ago could be briefed up on Bosnia’s current problems in under five minutes. Only some names have changed. Without seeming alarmist, I recommend that no archdukes, or their current European Union equivalents, journey to Sarajevo this season.”

Trump’s letter to Iran reportedly has a 2-month deadline to strike a nuclear deal – or else, and local reports suggest Tehran may prefer US strikes to submitting. Markets may opt to shrug until bombs drop, but the fat tail risk just got fatter and more fixed in terms of timing.

Watching closely, Israel’s PM attacked “the leftist Deep State” in his country and the US as he prepares to fire the head of the Shin Bet internal security service today, against the instruction of his attorney general, who might also be fired, setting up a constitutional crisis. The local take is that traditionally risk-averse Netanyahu is now ‘all in’. (To be clear, the PM can fire the SB head; just not when the latter is investigating allegations the PM, already on trial over corruption charges, had a top aide who received cash from Qatar, which the opposition is calling “treason”.)

Congo is offering the US a trade deal – kick out rebels in the country and get critical minerals. This is the new (old!) realpolitik of key supply chains Europe doesn’t get when it talks about making “upstream investment in third countries’ critical minerals.” You have to fight for them at times – and, for now, the EU still can’t.

Copper prices are leaping as huge quantities of the metal flow to the US ahead of the start of feared 25% tariffs. In some cases, this is leaving other markets physically short. Possession is nine tenths of the law, as they say. And rearmament does require copper.

So does more spending, as Chinese banks are told to offer ultra-cheap consumer loans. If that strategy works, it means even higher consumer debt and higher global inflation and global rebalancing of sorts.

Elsewhere, China or Hong Kong could potentially block the recently-agreed sale of CK Hutchinson’s stake in Panama’s two ports and 43 other facilities in 23 countries to BlackRock – if so, that would set up a US-China geopolitical clash over this key issue at a time when the US military is reportedly already drafting plans for an invasion. That’s as US steps to try to reclaim the seas for itself commercially see the ‘Maritime Industry Warn USTR’s China Port Fees Could Sink US Economy’ – and that process kicks off Monday.

Talking of sudden inflation (and hedges), Trump is to speak on crypto today, to a traditionally libertarian crowd. That’s as Le Monde reports a French scientist, who came to the US for a scientific conference, was expelled after a random search turned up electronic messages highly critical of Trump, which were deemed as a “potential terrorism” threat.

Meanwhile, as Trump will reportedly also close the US Department of Education, Harvard has been forced to offer a remedial algebra course to its maths undergrads for the first time.

There is so much going on, so much of it is so radically different from what most are used to, and collectively it can be so transformative, that it can be easy to stick to old narratives, cherry pick data and headlines, and presume things will turn out the way that suits our book. Or to assume through all this there will still be the Fed Put. I’m not saying there won’t: but relying solely on it rather than looking more broadly risks you being the Fed Putz.

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

Oil Surges After US Unveils New Sanctions, Cementing Energy As Best Performing Sector Of 2025

Thursday, Mar 20, 2025 – 12:00 PM

As so often happens, just as Wall Street had given up on oil, it’s soaring.

WTI spiked to a 3-day high, and was on pace to hit the highest price since the start of the month, after the US announced sanctions targeting Chinese individual and crude oil tankers, who support Iran’s oil exports.

Specifically, the Treasury’s Office of Foreign Assets Control (OFAC) designated a Chinese “teapot” oil refinery and its CEO for purchasing and refining hundreds of millions of dollars’ worth of Iranian crude oil, including from vessels linked to the Foreign Terrorist Organization, Ansarallah (commonly known as the Houthis), and the Iranian Ministry of Defense of Armed Forces Logistics (MODAFL).

“Teapot refinery purchases of Iranian oil provide the primary economic lifeline for the Iranian regime, the world’s leading state sponsor of terror,” said Secretary of the Treasury Scott Bessent. “The United States is committed to cutting off the revenue streams that enable Tehran’s continued financing of terrorism and development of its nuclear program.”

OFAC additionally imposed sanctions on 19 entities and vessels responsible for shipping millions of barrels of Iranian oil, comprising part of Iran’s “shadow fleet” of tankers supplying teapot refineries like Luqing Petrochemical.

The news sent WTI up 2% to the highest level in 2 days, and just shy of the highest price hit in March.

As a caveat, and as Bloomberg’s inhouse energy expert Javier Blas pointed out, the US has in the past sanctioned large Chinese oil traders that were heavily involved in the Iranian-China business (such as Zhuhai Zhenrong Company) with little impact. Maybe this time will be different.

h

Today’s spike in oil will only make already happy energy investors, even happier. 

As Bloomberg notes, traders have been taking cover in oil and gas producers as inflation fears mount, putting the group back at the top of the S&P 500 leaderboard after trailing badly the past two years. One reason: as we have repeatedly noted, energy stocks are the conventional short leg to a “long tech” pair trade. As such, any time tech names slide, energy bounces and vice versa. 

The price of oil may be down about 6% this year, but energy shares are now the top-performing of 11 sectors in the equity benchmark. The group is up almost 8% in 2025 amid a broad market slide of nearly 4%. 

The last time the sector led the S&P 500 for a full year was in 2022, when Russia’s invasion of Ukraine sent oil costs skyrocketing above $100 a barrel. That price was about $67 on Wednesday. In 2024, the sector got trounced, gaining about 2% as the overall market soared more than 20%, powered by tech shares.

According to Bloomberg, lingering inflation anxiety, a supportive administration (Trump met with oil executives on Wednesday) as well as intensifying geopolitical tensions have fueled the strength in the shares. With long-term inflation expectations surging, the sector’s hedging appeal is key for investors looking to gird their portfolios against the risk of rising price pressures.

To Simon Lack, a portfolio manager for the Catalyst Energy Infrastructure Fund, it’s just the beginning for the shares. 
“Energy’s going to outperform,” he said, adding that the sector remains underappreciated even after its recent climb. The White House “really likes US energy and wants us to export more.” 

Despite rising fears of inflation and, worse, stagflation, investors are pouring money into the energy stocks, which makes sense: energy tends to be the best performing sector during periods of economic stagflation.

Bank of America clients piled into energy more than any other sector as the S&P 500 went into a correction last week. Institutions were big buyers as the cohort notched its biggest inflow since the Silicon Valley Bank crisis, the bank’s analysis showed. 

To be sure, there are a raft of potential challenges to the sector’s rally — including from Trump. Energy faces a “barrage of uncertainties,” according to Eric Nuttall, a portfolio manager at Ninepoint Partners, including the administration’s mantra of seeking lower oil prices and the potential of more Russian oil supplies hitting the market should there be a ceasefire in Ukraine.

On the other hand, energy remains one of the cheapest sectors in the market and faltering performance from high-growth tech stocks has investors looking for value. That’s why after slamming the sector for much of 2024, Wall Street is once again growing more positive on the group. The sector saw negative earnings revisions last year but is now garnering upgrades at a time when other S&P 500 segments are being hit with downgrades, according to Barclays Plc.

“Energy has been unloved for a long time,” said Lack at the Catalyst Energy Infrastructure, but that is rapidly changing. The sector is also poised to see double-digit profit growth in the third quarter and market-leading earnings growth of 20% in the following three months, according to analyst forecasts.

Russia’s Arctic LNG 2 Megaproject Could Figure Into A Future Deal With The US

Wednesday, Mar 19, 2025 – 10:35 PM

Authored by Andrew Korybko via substack,

Russian and Chinese interests don’t align on this particular issue and the dynamics associated with it…

Bloomberg reported on Tuesday that “Russia Is Wooing Arctic Gas Buyers With Life After US Sanctions”. They cited unnamed sources to report that Novatek, the company behind the Arctic LNG 2 megaproject, is courting American, European, and even Indian buyers ahead of Trump possibly curtailing or lifting sanctions on their initiative as part of the nascent Russian–US “New Détente”. According to them, a senior executive pitched this as “a way to counter a rising China”, which has a certain logic to it.

From those three potential clients’ perspectives, all three of which have troubled ties with China, whatever they might buy from Arctic LNG 2 would reduce the amount available to Beijing. There’s also the chance that they elbow China out of this megaproject entirely if they collectively replace its lost investments after private Chinese companies pulled out of Arctic LNG 2 due to American sanctions. This could prospectively be achieved if Japan and South Korea, which have similar interests, get involved too.

That could in turn force China to rely more on comparatively costlier LNG from other sources like Australia and Qatar, both of which are American allies and whose exports could be more easily cut off by the US Navy in the event of an Asian crisis, thus applying immense pressure on China in that scenario. Russia is neutral in the Sino-US dimension of the New Cold War, just like China is neutral to the Russian-American one, with both prioritizing their national interests as their leaders understand them to be.

China didn’t want to risk America’s wrath by defying one of the latter’s most significant sanctions, ergo why it pulled out of Arctic LNG 2, while Russia’s interests rest in offering the West privileged access to this same megaproject as an incentive for the US to coerce Ukraine into concessions. Russian and Chinese interests therefore don’t align on this particular issue and the dynamics associated with it, yet they’re expected to responsibly manage their differences as usual in the spirit of their partnership.

These approaches align with the US’ evolving interests, however, since it wanted China to informally comply with some sanctions such as this one and others as a means of pressuring Russia while curtailing or lifting sanctions on Russia (including in a possibly phased manner) is a means of pressuring China. The US might not have planned this in advance, rather it’s probably just flexibly adapting to changing circumstances brought about by Russia’s impressive resilience in the Ukrainian Conflict.

The sanctions didn’t bankrupt Russia, its military-industrial complex didn’t collapse, and no withdrawal from Ukraine followed, with Russia instead gradually gaining ground and now approaching the brink of a breakthrough that could either decisively end or escalate the conflict. The US doesn’t want Russia to achieve its maximum goals (let alone by military means) while Russia might not want to risk whatever the US could do stop it in the event of a breakthrough, hence why they began negotiations at this time.

The series of pragmatic compromises that they’re now discussing could see Russia agree to a ceasefire in exchange for partial sanctions relief that could restore a degree of its pre-conflict complex interdependence with the US-led West in order to lay the basis for a comprehensive deal later. There’d prospectively be other mutually beneficial terms to whatever ceasefire they might clinch but the energy aspect could play a leading role in getting both sides to agree as explained here in early January.

Arctic LNG 2 and Nord Stream, as Russia’s most globally significant energy megaprojects, could therefore figure prominently in any series of pragmatic compromises with the US. Taken together, they could bring together those two, the EU, and the Indo-Pacific Rim countries of India, Japan, and South Korea, thus resulting in a Eurasian-wide network of direct stakeholders for sustaining and building upon a ceasefire in Ukraine. This might even be what ultimately gets Putin and Trump to reach an interim agreement.

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

CANADA/USA

END

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

EURO/USA: 1.0847 DOWN 65 BASIS POINTS

USA/ YEN 148.44 DOWN 0.020 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 1.2964 DOWN 0.0046 OR 46 BASIS PTS

USA/CAN DOLLAR:  1.4379 UP 0.0057 (CDN DOLLAR DOWN 57 BASIS PTS)

 Last night Shanghai COMPOSITE CLOSED DOWN 17.48 PTS OR 0.37%

 Hang Seng CLOSED DOWN 551.19 PTS OR 2.23%

AUSTRALIA CLOSED UP 1.16%

 // EUROPEAN BOURSE:     ALL RED

Trading from Europe and ASIA

I) EUROPEAN BOURSES:  ALL RED

2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 551.19 PTS OR 2.23%

/SHANGHAI CLOSED DOWN 17.48 PTS OR 0.5%

AUSTRALIA BOURSE CLOSED UP 1.16%

(Nikkei (Japan) CLOSED DOWN 93.54 PTS OR 0.25%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 3037.10

silver:$33.33

USA dollar index early THURSDAY  morning: 103.55 UP 46 BASIS POINTS FROM  WEDNESDAY’s CLOSE.

THURSDAY  MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing THURSDAY NUMBERS 1: 30 AM

Portuguese 10 year bond yield: 3.275 % DOWN 5 in basis point(s) yield

JAPANESE BOND YIELD: +1.503% UP 1 FULL POINTS AND 50/100  BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.401 DOWN 5 in basis points yield

ITALIAN 10 YR BOND YIELD 3.821 DOWN 5 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.7665 DOWN 6 BASIS PTS

IMPORTANT CURRENCY CLOSES :  MID DAY THURSDAY

Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM

Euro/USA 1.0885 DOWN .0077 OR 77 basis points

USA/Japan: 148.85 UP 0.372 OR YEN IS UP 37 BASIS PTS//

Great Britain 10 YR RATE 4.650 DOWN 7 BASIS POINTS //

Canadian dollar DOWN .0042 OR 42 BASIS pts  to 1.4365

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan UP T0 7.2452,  CNY ON SHORE ..CHINA MUST DEVALUE TO GOLD  

THE USA/YUAN OFFSHORE UP TO 7.2516:    

TURKISH LIRA:  38.00 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//

the 10 yr Japanese bond yield  at +1.503

Your closing 10 yr US bond yield DOWN 6 in basis points from WEDNESDAY at  4.199% //trading well ABOVE the resistance level of 2.27-2.32%)

 USA 30 yr bond yield  4.503 DOWN 6 in basis points  /11:00 AM

USA 2 YR BOND YIELD: 3.938 DOWN 7 BASIS PTS.

GOLD AT 11;00 AM 3033.00

SILVER AT 11;00: 33.36

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

London: CLOSED DOWN 7.76pts or 0.09%

GERMAN DAX: DOWN 78.00PTS OR 0.95%

Paris CAC CLOSED DOWN 274.93 or 01.18%

Spain IBEX CLOSED DOWN 102.20PTS OR 0.46%

Italian MIB: CLOSED DOWN 516.43PTS OR 1.30%

WTI Oil price  67.03 11 EST/

Brent Oil:  71.04 11:00 EST

USA /RUSSIAN ROUBLE ///   AT:  84.93 ROUBLE DOWN 0 AND  92/ 100      

GERMAN 10 YR BOND YIELD; +2.7664 DOWN 7 BASIS PTS.

UK 10 YR YIELD: 4.6500 DOWN 7 BASIS POINTS

CDN 10 YEAR RATE: 2.980 DOWN 7 BASIS PTS.

CDN 5 YEAR RATE: 2.648 DOWN 7 BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA 1.0852 DOWN 0.0060 OR 60 BASIS POINTS//HEADING TO PARITY WITH THE DOLLAR

British Pound: 1.2963 DOWN .0047 OR 47 basis pts/HEADING FOR PARITY /USA

BRITISH 10 YR GILT BOND YIELD:  4.7160 up 3 BASIS PTS//

JAPAN 10 YR YIELD: 1.503

USA dollar vs Japanese Yen: 148.78 UP 0.318 BASIS PTS// HEADING FOR 160 TO THE DOLLAR

USA dollar vs Canadian dollar: 1.4317 DOWN 6 BASIS PTS CDN DOLLAR UP 6 BASIS PTS

West Texas intermediate oil: 68.30

Brent OIL:  72.10

USA 10 yr bond yield DOWN 3 BASIS pts to 4.229

USA 30 yr bond yield DOWN 2 BASIS PTS to 4.552%

USA 2 YR BOND: DOWN 12 PTS AT  3.923

CDN 10 YR RATE 3.019 DOWN 1 BASIS PTS

CDN 5 YEAR RATE: 2.695DOWN 0 BASIS PTS

USA dollar index: 103.46 UP 39 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 37.84 GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE:  84.92 UP 0 AND  92/100 roubles

GOLD  3046.30 (3:30 PM)

SILVER: 33.47 (3:30 PM)

DOW JONES INDUSTRIAL AVERAGE: DOWN 11.31 OR 0.03%

NASDAQ 100 DOWN 59.05PTS OR 030%

VOLATILITY INDEX: 19.86 DOWN 0.04 PTS OR 0.20%

GLD: $ 280.75 DOWN 36 PTS OR 0.13%

SLV/ $30.50 DOWN 0.25 PTS OR OR 0.81%

TORONTO STOCK INDEX// TSX INDEX: CLOSED UP 13.79 OR 10.85%

end

TRADING today ZEROHEDGE/

ZEROHEDGE/HEADLINE CLOSING MARKETS/ZEROHEDGE

Post-Fed Hangover Hits Stocks As Trump Reminds Traders ‘Liberation Day’ Looms

by Tyler Durden

USA DATA

What Recession? Initial Jobless Claims Hover Near Multi-Decade Lows

Thursday, Mar 20, 2025 – 08:39 AM

The number of Americans filing for jobless benefits for the first time remains in ‘strong labor market’ mode with just 223k last week – a level it has oscillated around for three years now…

Moreover, this broad low level of initial jobless claims has not been seen since the late ’60s…

Continuing claims remain around 1.9 million Americans…

For now, the effects of DOGE seem to be kept in line by the judiciary…

But continuing claims are definitely trending higher among the dominantly government-based-labor states…

…is there a surprise to come?

END

US Existing Home Sales Jump Most In A Year In February

Thursday, Mar 20, 2025 – 10:07 AM

Following January’s big tumble in existing home sales (blamed in large part on winter storms… which apparently surprised analysts as happening in the winter and impacting sales), expectations – despite suddenly declining mortgage rates – were for February to see further weakness in sales (-3.2% MoM).

As we suspected (in our sarcastic intro), sales surprised bigly to the upside in February, rising 4.2% MoM (from a revised 4.7% MoM decline in January). That is the biggest MoM jump since Feb 2024…

Source: Bloomberg

However, despite the rebound, sales remain down 1.2% YoY.

Source: Bloomberg

Sales climbed the most in the West and South, which were afflicted at the start of the year by destructive wildfires in Los Angeles and severe winter storms, respectively. 

To the extent January sales were affected by weather, NAR Chief Economist Lawrence Yun said last month that those transactions would be carried into February.

“Home buyers are slowly entering the market,” Yun said in a statement. 

“Mortgage rates have not changed much, but more inventory and choices are releasing pent-up housing demand.”

Source: Bloomberg

The supply of previously owned homes jumped 17% from a year ago to 1.24 million, the most for any February since 2020.

Even so, the median sales price increased 3.8% from a year ago to $398,400 – a record for the month – extending a run of year-over-year price gains dating back to mid-2023.

Which got us thinking…

While home prices (in nominal dollars) are testing new record highs, the number of ounces of gold required to buy a home is at its lowest level in 12 years.

END

USA ECONOMIC NEWS

“Do The Right Thing” – Trump Warns Fed To Cut Rates As Tariff Trouble Looms

Thursday, Mar 20, 2025 – 09:10 AM

Remember when Senator Liz Warren urged The Fed to cut rates dramatically last summer and fall as Democratic Party approval ratings plunged into the toilet (but inflation was re-rearing its ugly head and spoiling the doves’ party)?

Well, it’s different this time… and probably ‘dangerous’ to democracy and a ‘constitutional crisis’… as President Trump took to social media last night to urge Jay Powell to cut rates now in an effort to help the economy through some short-term pain from tariffs…

“The Fed would be MUCH better off CUTTING RATES as U.S. Tariffs start to transition (ease!) their way into the economy. Do the right thing. April 2nd is Liberation Day in America!!!”

Markets overnight didn’t react to the post immediately, but Academy Securities’ Peter Tchir thinks it is one reason we are seeing any post FOMC gains erased.

S&P futures were in the 5640-5660 range immediately prior to the FOMC’s 2:00 pm release. They traded as high as 5720 and are now, all the way back to that 5640-5660 range.

Tchir continues: 

In yesterday’s post FOMC report we argued that one reason for the rally in stocks was another day without bombastic tariff headlines. Maybe this isn’t “bombastic” but the markets are going to have to start thinking about what is going to happen on April 2nd. If we really are getting tariffs across the globe (seems likely) and there is limited excess manufacturing capacity in the U.S. (there is some, but much would need to be constructed), then I see a rocky road ahead for the economy. Maybe that recession risk is why the President thinks the Fed should be getting ahead of the curve?

There is a lot of “chatter” about uncertainty. 

My fear is that the market isn’t pricing in what seems more and more certain – global tariffs shocking global supply chains.

Maybe it was just an 11pm post that will be retracted today, but all I can think of is the Simpson’s meme where Lenny is replacing 0 days without an accident, with another 0 days without an accident.

We spent a lot of time analyzing why I don’t think this series of policies is going to work in the near-term and might not work at all in Blue Jeans.

Tomorrow could get extremely interesting with allegedly a lot of negative convexity in the option market on Friday’s expiration. That tends to amplify market moves.

I went to bed concerned that the Fed, possible backing down on tariffs, and some semblance of a deal in Ukraine (though it looks more like Pearender – a combination of Peace and Surrender) – than Peace) would spark this rally people have been banking on. TQQQ saw large inflows and is now back to its highest share count since May of last year (yes, more bets are being placed on 3x leveraged Nasdaq 100 than heading into the election).

Across the board I see “froth” despite all the negative sentiment reports.

I woke up this morning, relieved that the market is now back to pre-FOMC levels but suspect soon I will regret not being bearish enough.

Good luck, and I think I’m finally going to have to suck it up and get a truth social account to track the President (though at least 10 people I follow and countless others immediately reposted the President’s comments – seen above – on X/twitter).

Finally, as we warned previously, this was all inevitable as the reflexive impact of potential tariffs (and recession talk, and partisan economics surveys) will weigh on the stock market, prompting investors to join the ranks of the right MAGA-ites demanding The Fed ‘do something’ to save their 401(k)s….

A win-win for Trump – he gets his foreign tariffs cake and eats domestic rate-cut pie too.

END

let us hope University of Pennsylvania got the message: Trump pauses 175 million dollars in funding to them over men in women’s sports

(zerohedge)

Trump Admin Pauses $175 Million In UPenn Funding Over Men In Women’s Sports

Thursday, Mar 20, 2025 – 09:30 AM

Authored by Gabrielle Temaat via The College Fix,

UPenn under investigation for allowing male on women’s swim team…

President Donald Trump’s administration is withholding $175 million from the University of Pennsylvania due to the school’s failure to ban men from women’s sports.

The White House announced the decision in a post on X Wednesday, citing the university’s “policies forcing women to compete with men in sports.”

The $175 million makes up approximately 20 percent of the total federal funds the university received last year, with the payments coming from the Department of Defense and the Department of Health and Human Services, a White House official told The New York Post.

However, the White House has not officially notified the school of the funding freeze.

A UPenn spokesperson told Fox News the school is “aware of media reports suggesting a suspension of $175 million in federal funding to Penn, but have not yet received any official notification or any details.”

“It is important to note, however, that Penn has always followed NCAA and Ivy League policies regarding student participation on athletic teams. We have been in the past, and remain today, in full compliance with the regulations that apply to not only Penn, but all of our NCAA and Ivy League peer institutions,” the spokesperson stated.

The funding pause follows a recent executive order signed by Trump titled “Keeping Men Out of Women’s Sports.”

The president said the order will protect women from being bullied, injured, and treated unfairly, and “there will be no federal funding” for schools and universities that do not follow the order, The College Fix previously reported.

UPenn is currently under investigation by the U.S. Department of Education for potential Title IX violations and risks losing all federal funding, Fox News reported.

The university allowed trans-identifying male swimmer William “Lia” Thomas to represent the women’s swim team during the 2021-22 season.

“UPenn infamously permitted a male to compete on its women’s swimming team, overturning multiple records hard-earned by women, and granting the fully intact male access to the locker room,” a White House official told The Post.

Three former UPenn athletes who competed alongside Thomas that season have filed a lawsuit, alleging Title IX violations, The Daily Pennsylvanian reported.

In addition, the Department of Education recently sent a letter to the National Collegiate Athletic Association urging it to revoke titles and records previously earned by Thomas and all other trans-identifying men who competed against women.

The federal department is also investigating San Jose State University for allowing transgender athlete Blaire Fleming to compete on the women’s volleyball team, Fox News reported.

Five teams forfeited their matches rather than competing against the male player, The College Fix previously reported.

White House Promotes 2 IRS Whistleblowers Who Exposed Tax Agency’s Favoritism For Hunter Biden

Wednesday, Mar 19, 2025 – 08:55 PM

Authored by Mark Tapscott via The Epoch Times (emphasis ours),

Two IRS agents who risked their careers by blowing the whistle on the tax agency’s treatment of former President Joe Biden’s son, Hunter Biden, are being promoted to top jobs in the Treasury Department, according to Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa).

Supervisory Special Agent Gary Shapley is being promoted to deputy chief of IRS Criminal Investigations, while Special Agent Joseph Ziegler is promoted to senior adviser for IRS reform. Both men will work from the office of Treasury Secretary Scott Bessent.

“Gary Shapley and Joe Ziegler put their entire careers on the line to stand up for the truth, and instead of being thanked, the Biden administration treated them like skunks at a picnic,” Grassley said in a statement announcing the promotions.

“Far too many whistleblowers share a similar experience of retaliation. I hope today is the first of many redemption stories for whistleblowers who’ve been mistreated.”

Grassley’s announcement comes during Sunshine Week, a period during which many members of the news media celebrate the birthday of Bill of Rights author and former President James Madison, the passage of the federal Freedom of Information Act in 1966, and the Whistleblower Protection Act in 1989.

In a statement released by Empower Oversight, the nonprofit government watchdog that defended Shapley, the two whistleblowers thanked Grassley and Bessent for coming to their aid following their public disclosures of information about IRS leniency for Hunter Biden during a tax-evasion investigation.

“We are enormously grateful to Secretary Bessent and Senator Grassley and all of the members of Congress for their leadership. We have been motivated by one singular mantra: Do what’s right,” Shapley and Ziegler said.

“It’s never been easy, and there have been more pitfalls than one would hope, but we appreciate the opportunity Secretary Bessent is giving us to utilize our skills and firsthand knowledge of the agency to further the work of the administration to root out waste and fraud from the federal government and make a difference.”

After coming across evidence that he and Shapley would later disclose to Congress, Ziegler opened an official criminal tax investigation. He believed the evidence pointed to tax evasion and possible links to prostitution rings. When he requested documents and interviews, he encountered increasing resistance from IRS higher-ups and the Department of Justice.

After Shapley became Ziegler’s supervisor in the IRS, they reported that the case was being slow-walked, especially by avoiding charging decisions in jurisdictions overseen by Biden administration DOJ appointees. In several cases, they determined that Hunter Biden’s name had been removed from search warrants.

As the evidence of tax evasion and related offenses connected to Hunter Biden grew without any prosecutorial actions, the whistleblowers turned their evidence over to Congress, including Grassley’s judiciary panel and the House Judiciary Committee chaired by Rep. Jim Jordan (R-Ohio). The two whistleblowers also appealed to the Inspector General for Tax Administration and the Department of Justice inspector general.

Things then went rapidly downhill for both men.

“After a tense October 2022 meeting where Shapley confronted Weiss about case mishandling, DOJ demanded the IRS remove both agents from the investigation. The IRS complied in May 2023, sidelining Shapley and Ziegler despite their stellar records. Shapley was passed over for a prestigious Joint Chiefs of Global Tax Enforcement (J5) leadership role he was uniquely qualified for, while both faced marginalization, reduced duties, and a ‘cascading series of retaliatory actions,’” a statement from Empower Oversight says.

Hunter Biden was eventually prosecuted and convicted for three felony and three misdemeanor tax offenses. President Joe Biden pardoned his son before the sentencing took place.

“After 20 months of investigation, the Office of Special Counsel (OSC) recently found the IRS had illegally gagged and retaliated against the whistleblowers. OSC determined that IRS gag orders violated federal law by omitting required language protecting whistleblower rights to speak to Congress or inspectors general,” the statement said.

Shapley and Ziegler are suing Hunter Biden’s attorney, Abbe Lowell, for defamation, claiming Lowell made public statements the whistleblowers consider to be defamatory.

Lowell did not respond to The Epoch Times’ request for comment.

Officials from the IRS and TIGTA did not respond to The Epoch Times’ request for comment. A DOJ spokesman referred The Epoch Times to the IRS.

END

Trump To Sign Order Eliminating Department Of Education

Wednesday, Mar 19, 2025 – 10:37 PM

By Zachary Stieber of the Epoch Times

President Donald Trump is expected to sign an executive order on March 20 that will facilitate the dismantling of the U.S. Department of Education, taking a step toward fulfilling a campaign pledge.

The order, which has been under preparation for weeks, will be signed at a White House event with several Republican governors and state education commissioners in attendance, as confirmed by the White House. The plan was first reported by USA Today.

Trump will direct his recently confirmed Education Secretary Linda McMahon to take all required steps to prepare for the closure of the Education Department and transfer its authority to the states, according to a White House fact sheet obtained by NTD TV, sister media of The Epoch Times.

According to the fact sheet, the order also aims to ensure that, throughout the process, there is no disruption in the delivery of services, programs, and benefits that Americans rely on.

The order also instructs that any programs or activities receiving remaining Department of Education funds will not promote diversity, equity and inclusion (DEI) or gender ideology.

The Department of Education did not immediately respond to a request for comment.

McMahon, confirmed by the Senate on March 3, said in her first message to employees—titled “Our Department’s Final Mission”—that her “vision is aligned with the president’s: to send education back to the states.”

She added, “Our job is to respect the will of the American people and the President they elected, who has tasked us with accomplishing the elimination of bureaucratic bloat here at the Department of Education—a momentous final mission—quickly and responsibly.”

The Department of Education employed about 4,200 workers before its recent termination of around 1,300, and the buyout of another 600.

The agency’s current form stems from a 1979 law that made it independent by splitting it from the Department of Health, Education, and Welfare.

The federal government’s role in education, according to the White House, has failed students, parents, and teachers.

National Assessment of Educational Progress (NAEP) scores demonstrate that student achievement has not improved, despite more than $3 trillion invested since the Department of Education’s inception in 1979, according to the fact sheet.

Trump promised on the campaign trail to abolish the Department of Education, alleging it is responsible for indoctrinating America’s youth.

Continue reading at The Epoch Times

END

VICTOR DAVIS HANSON

USA/ANTISEMITISM//HAMAS// REPORT

KINGNEWS

SWAMP STORIES FOR YOU TONIGHT

EDS (Elon Deranged Syndrome) at bull blast!

(zerohedge)

Rogue Soros-Funded NGO Plots Multi-City Assault On Tesla As Domestic Terrorism Escalates

Thursday, Mar 20, 2025 – 10:40 AM

While the FBI investigates far-left terrorist attacks against Tesla service centers, showrooms, Supercharging networks, and vehicles, the radical Soros-funded non-profit Indivisible is preparing to launch a multi-city offensive against the American company in the coming days.

Anti-DEI crusader Robby Starbuck explained more about the rogue non-profit with dirty Soros monies: 

Over the next few days you’re going to see an organized progressional protest effort at Tesla stores put together by a group called Indivisible.

George Soros foundation has given Indivisible nearly $8 million dollars for their “activism”.

They’re calling these “Tesla takedown” events and they’re doing it in the midst of a domestic terror spree targeting Tesla and Tesla owners. They have these planned across the entire country. These images are just six examples.

How can this not be seen as encouraging more violence and terrorism? I personally think that any violence occurring near locations they’ve chosen should result in Soros, his foundation, Indivisible and their founders being held criminally accountable as co-conspirators.

The indivisible founders are Ezra Levin and his wife Leah Greenberg. They became “resistance” figures during Trump’s first term and their work is celebrated by elected Democrats. So yeah, it’s clear to me that the Democrats and their typical thugs are organizing this insanity.

There’s reportedly even a form protest leaders can fill out to receive “reimbursement” payments for their protests.

There has been a series of domestic terrorism incidents nationwide by far-left Democrats targeting Tesla showrooms, service centers, Superchargers, and vehicles. The latest occurred on Tuesday in Las Vegas. 

On Wednesday night, FBI deputy director Dan Bongino said the agency is investigating attacks targeting Tesla. 

One day earlier, Attorney General Pam Bondi threatened “severe consequences on those involved in these attacks, including those operating behind the scenes to coordinate and fund these crimes.” 

Elon Musk previously wrote on X that an investigation found five ActBlue-funded groups have fueled Tesla protests in recent weeks, including Troublemakers, Disruption Project, Rise & Resist, Indivisible Project, and Democratic Socialists of America (AoC’s party). 

Crazed Ezra Levin is the mastermind behind the Indivisible…

https://x.com/zerohedge/status/1902460109193634067?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed

At least one far-left group published the addresses of Tesla locations and owners on a map, previously hosted on a now-defunct website, that served as a targeting tool for anarcho-terrorists.

Meanwhile, the failed 2024 Democratic vice presidential nominee wished death on the American company. 

Unhinged Democrats attacking an American company – whether by firebombing vehicles or publishing target lists online for anarcho-terrorists – creates disastrous optics for a party already in disarray and resorting to communist revolutionary tactics. Meanwhile, the latest NBC News and CNN polls show the party has hit its lowest approval ratings on record: 27% and 29%, respectively.

END

GREG HUNTER