GOLD CLOSED DOWN $6.10 TO $3009.40

SILVER CLOSED UP $0.04 TO $32.95

GOLD ACCESS CLOSED 3005.95

Silver ACCESS CLOSED: $32.96

WE HAVE NOW ENTERED OFFICIALLY OPTIONS EXPIRY WEEK:

Bitcoin morning price:$87,602 UP 3529 DOLLARS.

Bitcoin: afternoon price: $88,395 UP 4322 DOLLARS

Platinum price closing DOWN $4.25 TO $974.60

Palladium price; DWN $0.90 TO $956.50

END

*CANADIAN GOLD: $4304.95 DOWN 28.93 CDN dollars per oz( * NEW ALL TIME HIGH 4361.64- CDN DOLLARS PER OZ//MARCH 19 2025)

*BRITISH GOLD: 2326.94 DOWN 13.19 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING//2,343.17 BRITISH POUNDS/OZ) MARCH 19/2025

*EURO GOLD: 2,783.68 DOWN 9.64 Euros per oz //* (ALL TIME CLOSING HIGH: 2,819,78UROS PER OZ/FEB 24 //2025)

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END

EXCHANGE: COMEX

EXCHANGE: COMEX
CONTRACT: MARCH 2025 COMEX 100 GOLD FUTURES
SETTLEMENT: 3,018.200000000 USD
INTENT DATE: 03/21/2025 DELIVERY DATE: 03/25/2025
FIRM ORG FIRM NAME ISSUED STOPPED

118 H MACQUARIE FUT 43
132 C SG AMERICAS 1
167 C MAREX 1
323 C HSBC 300
363 H WELLS FARGO SEC 74
435 H SCOTIA CAPITAL 2
523 H INTERACTIVE BRO 1
624 H BOFA SECURITIES 74
661 C JP MORGAN 29
686 C STONEX FINANCIA 65 72
709 C BARCLAYS 62
737 C ADVANTAGE 1
905 C ADM 7

TOTAL: 366 366

JPMORGAN stopped 10/111 contracts

GOLD: NUMBER OF NOTICES FILED FOR MARCH/2024. CONTRACT: 366 NOTICES FOR 36,600 OZ 1.138 TONNES

total notices so far: 18,347 contracts for 1,834,700 Oz (57.066 tonnes)

FOR MARCH

XXXXXXXXXXXXXXXXXX

SILVER NOTICES: 106 NOTICE(S) FILED FOR 1.265 MILLION OZ/

total number of notices filed so far this month : 15,283 for 76.465 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 DOWN $6.10 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD:

MEGA HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 20.08 TONNES OF GOLD INTO THE GLD//

INVENTORY RESTS AT 930.51 TONNES

SLV/

WITH NO SILVER AROUND AND SILVER UP $.04 AT THE SLV: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.728 MILLION OZ FROM THE SLV//

CLOSING INVENTORY

CLOSING INVENTORY: 441.234 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI FELL BY A HUMONGOUS SIZED 1034 CONTRACTS TO 167,309 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 FRIDAY’S TRADING. WE HAD A FAIR LOSS OF 397 OI TOTAL CONTRACTS ON OUR TWO EXCHANGES WITH OUR LOSS IN PRICE//FRIDAY’S TRADING.. WE HAD HUGE LIQUIDATION OF T.A.S. CONTRACTS ON FRIDAY COMEX TRADING / AS THEY DESPERATELY TRIED TO CONTAIN SILVER’S PRICE RISE FOR THE PAST 4 WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $34.40 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY SUCCEEDED ON FRIDAY WITH SILVER’S LOSS IN PRICE. WE HAD A HUGE T.A.S. LIQUIDATION FRIDAY. BUT THIS WAS COUPLED WITH A SMALL T.A.S. ISSUANCE OF 282 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 59 CENTS AND A LEASE RATE OF 7.3%. WE HAD A HUGE 637 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR FAIR 313 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN MONDAY’S TRADING/ AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE. IN ESSENCE WE LOST A FAIR 397 CONTRACTS ON OUR TWO EXCHANGES WITH OUR STRONG LOSS IN PRICE DURING FRIDAY’S RAID. WE HAD CONSIDERABLE TAS LIQUIDATION THROUGHOUT FRIDAY’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 FRIDAY NIGHT/SATURDAY MORNING: A FAIR 313 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 FAIR LOSS IN OUR TWO EXCHANGES OF 397 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 637 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 0.495 MILLION OZ QUEUE JUMP TO WHICH WE ADD .350 EXCHANGE FOR RISK

INITIAL STANDING FOR MARCH ADVANCES TO 81.330 MILLION OZ

WE HAD:

/ HUMONGOUS COMEX OI LOSS+// A HUGE SIZED EFP ISSUANCE/ VI) FAIR SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 313 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 35 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 15 DAYS, total 10,291 contracts: OR 51.455 MILLION OZ (686 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 51.455 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: 51.455 MILLION OZ///

XXXXXXXXXXXXXXXXXXXXXXXXXXXX

RESULT: WE HAD A HUMONGOUS SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1034 CONTRACTS WITH OUR LOSS IN PRICE OF 45 CENTS IN SILVER PRICING AT THE COMEX// FRIDAY.,. THE CME NOTIFIED US THAT WE HAD A HUGE 637 CONTRACT EFP ISSUANCE CONTRACTS: 637 ISSUED FOR MAY AND 637 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 0.495 MILLION OZ QUEUE JUMP/

/NEW STANDING ADVANCES TO 81.180 MILLION OZ + .350 EX. FOR RISK//NEW TOTAL 81.330 MILLION OZ.

WE HAVE 1). A FAIR SIZED LOSS OF 397 OI CONTRACTS ON THE TWO EXCHANGES DESPITE OUR LOSS IN PRICE// 2.THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A SMALL 313 CONTRACTS TRYING DESPERATELY TO CONTAIN SILVER’S PRICE RISE,//CONSIDERABLE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE FRIDAY COMEX SESSION. HOWEVER THEY STILL NEED THESE ISSUANCES FOR REPLENISHMENT FOR FUTURE TRADING //3. SOME NET LONG SPECULATORS WERE BURNED ON FRIDAY 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 FRIDAY NIGHT (313 ) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE AND MOST LIKELY TODAY.

WE HAD 106 NOTICE(S) FILED TODAY FOR 0.530 million OZ

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST FELL BY A VERY STRONG SIZED 13,591 OI CONTRACTS TO 521,630 AND FURTHER FROM THE RECORD (SET JAN 24/2020) AT 799,105 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. (ALL TIME LOW OF 390,000 CONTRACTS.)

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED A HUGE SIZED 2490 CONTRACTS//

WE HAD A STRONG SIZED DECREASE IN COMEX OI (13,591 CONTRACTS) OCCURRED DESPITE OUR STRONG LOSS OF $20.50 IN PRICE FRIDAY. THE FRBNY SUPPLIED THE NECESSARY SHORT PAPER.. WE ALSO HAD A HUMONGOUS INITIAL STANDING IN GOLD TONNAGE FOR MARCH AT 31.757 TONNES FOLLOWED BY TODAY’S STRONG 9600 OZ QUEUE JUMP (0.2986 TONNES), ////NEW STANDING ADVANCES TO 58.0155 TONNES + .4655 TONNES EX FOR RISK/PRIOR = 58.482 TONNES

/NEW STANDING FOR MARCH; 58 TONNES + .4655 TONNES EX FOR RISK/PRIOR = 58.482 TONNES.

/ ALL OF THIS HAPPENED WITH OUR $20.50 LOSS IN PRICE WITH RESPECT TO FRIDAY’S COMEX ///. WE HAD A STRONG SIZED LOSS OF 11,866 OI CONTRACTS (31.91 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 1725 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 536,068

IN ESSENCE WE HAVE A STRONG SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 11,866 CONTRACTS WITH 13,591 CONTRACTS DECREASED AT THE COMEX// AND A FAIR SIZED 1725 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 11,866 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR SIZED AND CRIMINAL 1454 CONTRACTS ISSUED.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1725 CONTRACTS) ACCOMPANYING THE STRONG SIZED DECREASE IN COMEX OI OF 11,101 CONTRACTS/TOTAL LOSS FOR OUR THE TWO EXCHANGES: 11,809 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 0.2062 TONNES QUEUE JUMP. TO WHICH WE MUST ADD OUR NEW .4655 TONNES OF EX FOR RISK/PRIOR

//NEW STANDING ADVANCES TO 58.0155 TONNES + .4655 TONNES EX FOR RISK = 58.482 TONNES

//NEW STANDING MARCH: 58.482 TONNES

/ 3) HUGE T.A.S. LIQUIDATION TRYING TO LOWER GOLD’S PRICE FRI/RAID//DAY WITH SUCCESS IN REMOVING SOME NET SPECULATOR LONGS, AS WE HAD 1) $20.50 PRICE LOSS AND WE HAD 2) ZERO NET LONG SPECS BEING CLIPPED AS WE HAD A STRONG LOSS OF 11,866 CONTRACTS ON OUR TWO EXCHANGES (ALL DUE TO T.A.S. LIQUIDATION ) ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED FRIDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL AND THUS OUR HUGE TONNAGE STANDING FOR GOLD IN MARCH. ALL OF THE LOSS IN OI WAS DUE TO THE HUGE NUMBER OF T.A.S. LIQUIDATION FRIDAY//RAID.

4) STRONG SIZED COMEX OPEN INTEREST DECREASE 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///SMALL T.A.S. ISSUANCE: 313 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: 29,238 CONTRACTS OF 2,923,800 OZ OR 90.942 TONNES IN 15 TRADING DAY(S) AND THUS AVERAGING: 1949 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 15 TRADING DAY(S) IN TONNES 90.942 TONNES

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

THUS EFP TRANSFERS REPRESENTS 90.942 DIVIDED BY 3550 x 100% TONNES = 2.54% 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 90.942 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 1034 CONTRACTS OI TO 167,309 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 637 CONTRACTS

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

MAY 637 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 637 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 1034 CONTRACTS AND ADD TO THE 637 E.FP. ISSUED

WE OBTAIN A FAIR SIZED LOSS OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 362 CONTRACTS

THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTALS 1.985 MILLION OZ OCCURRED DESPITE OUR SMALL $0.45 LOSS 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 MONDAY MORNING//SUNDAY NIGHT

SHANGHAI CLOSED UP 5.20 PTS OR 0.15%

//Hang Seng CLOSED UP 215.84 PTS OR 0.91%

// Nikkei CLOSED DOWN 68.57 OR .18%//Australia’s all ordinaries CLOSED DOWN 0.01%

//Chinese yuan (ONSHORE) CLOSED DOWN TO 7.2529 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.2582/ Oil UP TO 68.82 dollars per barrel for WTI and BRENT UP TO 72.59 Stocks in Europe OPENED ALL GREEN

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

WEAKER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER

END

ASIA TRADING MONDAY MORNING/SUNDAY NIGHT

A)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/
OUTLINE

3 CHINA
OUTLINE

4/EUROPEAN AFFAIRS
OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE

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

7. OIL ISSUES
OUTLINE

8 EMERGING MARKET ISSUES
9. USA

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A VERY STRONG SIZED 13,591 CONTRACTS TO 521,630 WITH OUR HUGE LOSS IN PRICE OF $20.50 WITH RESPECT TO FRIDAY’S TRADING/. WE LOST CONSIDERABLE NET LONGS WITH THAT PRICE LOSS FOR GOLD. BUT AS YOU WILL SEE BELOW, OUR LOSS IN PRICE ALSO HAD A FAIR NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (1725 ).

THE CME ANNOUNCED FRIDAY 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:

THE BANK OF ENGLAND
THE FEDERAL RESERVE BANK OF NEW YORK

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

THUS IN TOTAL WE HAD A STRONG SIZED LOSS ON OUR TWO EXCHANGES OF 11,866 CONTRACTS WITH OUR LOSS IN PRICE. OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN ON FRIDAY NIGHT AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED RAID AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THE DAILY ATTACKS WITH THE CONTINUAL LIQUIDATION OF T.A.S. CONTRACTS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY FOR THE THOUGHTFULNESS. LONDON ANNOUNCED LATE (JAN 30) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES. DELIVERY OF GOLD CONTRACTS ARE NOW TAKING SEVERAL WEEKS. NO DEFAULT HAS BEEN INITIATED AS DEALERS ARE AFRAID OF LOSS OF THEIR JOBS. SO THIS FRAUD CONTINUES. THE LEASE RATES IN LONDON HAVE NOW REVERTED BACK TO 1% BUT GOLD IN LONDON IS STILL EXTREMELY SCARCE. WE CAN NOW SAFELY SAY THAT THERE IS A RUN ON A BANK AND THAT BANK IS THE BANK OF ENGLAND!!!

THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT THIS MONTH OF MARCH CONTINUES TO DISTORT OPEN INTEREST NUMBERS GREATLY AND IT SURELY WAS ON DISPLAY TODAY INCLUDING WITH OUR HUMONGOUS T.A.S. ISSUANCES AND HUGE T.A.S. LIQUIDATION// THROUGHOUT THIS PAST WEEK. THEY ISSUED LAST NIGHT A FAIR SIZED 1454 CONTRACTS. THE T.A.S. LIQUIDATION OF THESE T.AS. CONTRACTS IS WHY WE ARE HAVING A LOWER COMEX OPEN INTEREST GAINS AND LOSSES IN OI BUT THIS IS COUPLED WITH HUGE AMOUNTS OF GOLD STANDING FOR DELIVERY TO CONFUSE THE ISSUE!!!!! AND THIS WAS SURELY ON DISPLAY WITH FRIDAY TRADING.

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 215 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 1725 EFP CONTRACTS WERE ISSUED: : /APRIL 1725 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1725 CONTRACTS. THESE EFP;S CIRCLE AROUND LONDON ON A 13 DAY BASIS AND ARE NOW USED BY GLOBAL CENTRAL BANKS TO EXERCISE FOR PHYSICAL GOLD WITH THE OBLIGATION TO DELIVER BEING FORCED ONTO COMEX BANKS. THE GOLD GENERALLY DELIVERED COMES FROM LONDON BUT THEY ARE OUT!! THUS COMEX BECOMES THE MAJOR SOURCE FOR OUR CENTRAL BANKERS.

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A STRONG SIZED TOTAL OF 11,866 CONTRACTS IN THAT 1725 CONTRACT LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A VERY STRONG LOSS OF 13,591 COMEX CONTRACTS..AND THIS LOSS ON OUR TWO EXCHANGES HAPPENED WITH OUR LOSS IN PRICE OF $20.50 FOR FRIDAY/ COMEX. THE EXCHANGE FOR PHYSICALS WILL BE USED BY CENTRAL BANKS, TO EXERCISE FOR PHYSICAL GOLD AT THE COMEX AS MENTIONED ABOVE. ALL OF THE TOTAL LOSS IN OUR TWO EXCHANGES WAS DUE TO THE LIQUIDATION OF T.A.S. CONTRACTS.

T.A.S. ISSUANCE

AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS USUALLY DURING MID MONTH IN THE DELIVERY CYCLE), BUT NOW ON A DAILY BASIS, THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR FRIDAY NIGHT/SATURDAY MORNING WAS A FAIR SIZED 1454 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 WEDNESDAY MARCH 17 WE HAD 38,393 T.A.S. CONTRACT ISSUANCE WHICH IS THE HIGHEST ON RECORD!

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

STALLS THE ADVANCE IN PRICE
LOWERS THEIR ADVANCING DERIVATIVE LOSSES.

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

THROUGHOUT THE PAST SEVERAL WEEKS, THE BANKERS CONTINUE TO SELL OFF THE LONG SIDE OF THE SPREAD (T.A.S.) WHICH OF COURSE CONTINUES TO MANIPULATE THE PRICE OF GOLD SOUTHBOUND. (THEY KEEP THE SHORT SIDE OF THE CALENDAR/T.A.S. SPREAD WHICH WILL BE LIQUIDATED IN DAYS HENCE//. IT SEEMS THAT OUR CROOKS ORCHESTRATED, ON FEB 25, THEIR HUGE RAID TO LOWER THE PRICE OF GOLD TO MAKE THEIR COMEX BETS WHOLE ON OPTIONS EXPIRY WEEK AND THUS THE NEED FOR CONTINUAL STRONG T.A.S. ISSUANCE AND THEN LIQUIDATION. THIS WAS COUPLED WITH THE LIQUIDATION OF CALENDAR//MONTH END SPREADERS . THE USE OF OUR TWO SPREADER MECHANISMS WERE OF EXTREME IMPORTANCE TO OUR CROOKS IN LATE JANUARY OPTIONS EXPIRY TRADING AND AGAIN WITH FEBRUARY OPTION EXPIRY MONTH. HALF WAY THROUGH THE JANUARY COMEX MONTH, THE CROOKS ISSUED FIVE CONSECUTIVE 30,000+ CONTRACT ISSUANCE OF T.A.S KNOWING THAT THEY WERE GOING TO INITIATE HUGE RAIDS ON OUR METALS. THEN THEY ISSUED IN LATE FEB, ANOTHER 5 CONSECUTIVE 30,000+ 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 (58.482 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 : 58.0155 TONNES + .4665 TONNES EX FOR RISK = 58.482 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: 58.482 TONNES (INCLUDES .4665 TONNES EX FOR RISK)

COMEX GOLD TRADING/MARCH CONTRACT MONTH

THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY $20.50/)/AND WERE SUCCESSFUL IN KNOCKING OFF MANY APPRECIABLE NET SPECULATOR LONGS AS WE DID HAVE A STRONG SIZED LOSS IN OUR TWO EXCHANGES. BUT AS EXPLAINED ABOVE WE HAD HUGE T.A.S. SPREADER LIQUIDATION FRIDAY AS THEY WERE TRYING TO QUELL GOLD’S ATTEMPT AT FURTHER INCREASES ABOVE $3,000 AND STOP HUGE COMEX/OTC DERIVATIVE LOSSES FROM ALSO RISING AND THEY FAILED MISERABLY AS GOLD IS NOW DESPITE THE HUGE RAID WELL ABOVE THE $3,000 THRESHOLD AT $3008 PLUS.

FRIDAY NIGHT/MONDAY MORNING

THE CROOKS HOWEVER COULD NOT STOP CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL FRIDAY EVENING/FOR MONDAY 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: 58.0155 TONNES + .46556 TONNES EX FOR RISK = 58.482 TONNES

WE HAVE LOST A STRONG SIZED TOTAL OF 31.91 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 6600 OZ OR 0.2052 TONNES: NEW TOTAL STANDING 58.0155 TONNES TO WHICH WE ADD OUR .4665 TONNES OF EXCHANGE FOR RISK//NEW TOTAL: 58.482 TONNES

ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $3.05

WE HAD 2490 CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE AS WELL

NET LOSS ON THE TWO EXCHANGES 11,806 CONTRACTS OR 118,6601 0Z (31.91 TONNES)

confirmed volume FRIDAY 123,749.199 contracts: fair///

//speculators have left the gold arena

END

MARCH

// THE MARCH 2025 GOLD CONTRACT

MARCH 24

INITIAL

Gold	Ounces
Withdrawals from Dealers* Inventory in oz*	nil
Withdrawals from Customer* Inventory in oz*	0 .
Deposit to the Dealer* Inventory in oz*	1 ENTRIES dealer deposits: 1 i) dealer Manfra: 29,804.485 oz (927 kilobars) dealer deposits: 29,8094.485 oz or .927 tonnes
Deposits to the Customer* Inventory, in oz*	we have 2 customer deposits i) Into Brinks 379,381.800 oz (11800 kilobars ii) Into Ashai: 64,040.104 oz total weight: 443,421.904 oz or 13.792 tonnes total weight dealer and customer:14,719 tonnes
No of oz served (contracts) today	366 notice(s) 36600 OZ 1.138 TONNES
No of oz to be served (notices)	305 contracts 60500 OZ 0.9456 TONNES
Total monthly oz gold served (contracts) so far this month	18,347 notices 1,834,700 oz 57.066 TONNES
Total accumulative withdrawals of gold from the Dealers* inventory this month*	NIL oz
Total accumulative withdrawal of gold from the Customer* inventory this month*

dealer deposits: 1

i) dealer Manfra: 29,804.485 oz (927 kilobars)

dealer deposits: 29,8094.485 oz or .927 tonnes

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deposits customer

we have 2 customer deposits

i) Into Brinks 379,381.800 oz (11800 kilobars
ii) Into Ashai: 64,040.104 oz

total weight: 443,421.904 oz or 13.792 tonnes

total weight dealer and customer:14,719 tonnes

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withdrawals: 0

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adjustments: customer to dealer:

i)Brinks 123,749.199 oz

AMOUNT OF GOLD STANDING FOR MARCH

THE FRONT MONTH OF MARCH HAD A LOSS OF 45 CONTRACTS TO STAND AT 671. WE HAD 111 CONTRACTS SERVED ON FRIDAY SO WE GAINED 66 CONTRACTS FOR 6600 OZ (.2082 TONNES AS A PHYSICAL GOLD QUEUE JUMP. THIS IS CENTRAL BANKS LOOKING FOR BADLY NEEDED GOLD

APRIL HAD A LOSS OF 22,158 CONTRACTS DOWN TO 220,606 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 84 CONTRACTS UP TO 1379.

We had 366 contracts filed for today representing 36,600oz

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 366 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 29 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 (18,347 X 100 oz ) to which we add the difference between the open interest for the front month of MARCH (671 CONTRACTS) minus the number of notices served upon today (366 x 100 oz per contract) equals 1,865,200 OZ OR 58.0155 TONNES to which we add our .4665 tonnes exchange for risk//new total tonnage standing: 58.482 tonnes

thus the INITIAL standings for gold for the MARCH contract month: No of notices filed so far (18,347x 100 oz +we add the difference for front month of MARCH (671 OI} minus the number of notices served upon today (366 x 100 oz) which equals 1,865,200 OZ OR 58.0155 TONNES + .4665 ex for risk //new total 58.482 tonnes

TOTAL COMEX GOLD STANDING FOR MARCH.: 58.482 TONNES WHICH IS HUGE FOR THIS NON ACTIVE ACTIVE DELIVERY MONTH IN THE CALENDAR. FEBRUARY HAD THE HIGHEST DELIVERY FOR ANY MONTH AND MARCH IS FOLLOWING SUIT..

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

COMEX GOLD INVENTORIES/CLASSIFICATION

NEW PLEDGED GOLD:

241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES

204,937.290 OZ PLEDGED MANFRA 3.08 TONNES

83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes

265,999.054, oz JPM No 2

1,152,376.639 oz pledged Brinks/

Manfra: 33,758.550 oz

Delaware: 193.721 oz

International Delaware:: 11,188.542 oz

total pledged gold: 1,972, 118.482 oz 61.34 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 42,364,382.771.oz

TOTAL REGISTERED GOLD 20,995,704.282 or 653.05 tonnes

TOTAL OF ALL ELIGIBLE GOLD: 21,368,6768.489 OZ

REGISTERED GOLD THAT CAN BE SERVED UPON: 19,023,586oz (REG GOLD- PLEDGED GOLD)= 591.713tonnes //

END

SILVER/COMEX

// THE MARCH 2025 SILVER CONTRACT//INITIAL

MARCH 21

INITIAL

Silver	Ounces
Withdrawals from Dealers* Inventory*	NIL oz
Withdrawals from Customer Inventory	withdrawals 2 2 entries i) Out of Brinks 230,424.400 oz ii) Out of Delaware 11,146.228.06 oz total withdrawal 1,376,652.460 oz
Deposits to the Dealer* Inventory*	0 i) 0 entries total dealer 0 oz
Deposits to the Customer Inventory	2 entries i) Into Brinks 1,620,648.158 oz ii) Into JPMorgan: 18,20,322.900 oz total weight 3,440972.06 oz
No of oz served today (contracts)	106 CONTRACT(S) (0.530 MILLION OZ
No of oz to be served (notices)	950 contracts (4.75 MILLION oz)
Total monthly oz silver served (contracts)	15,293 Contracts (76.465 million oz)
Total accumulative withdrawal of silver from the Dealers* inventory this month*	NIL oz
Total accumulative withdrawal of silver from the Customer* inventory this month*

i) 0 entries

total dealer 0 oz

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

deposits customer side

2 entries

i) Into Brinks 1,620,648.158 oz

ii) Into JPMorgan: 18,20,322.900 oz

total weight 3,440972.06 oz

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

withdrawals 2

withdrawals 2
2 entries
i) Out of Brinks 230,424.400 oz
ii) Out of Delaware 11,146.228.06 oz

total withdrawal 1,376,652.460 oz

xxx

ADJUSTMENTs 1 entries//all customer to dealer:

a) Delaware 48,871.122 oz

JPMorgan has a total silver weight: 184.505million oz/460.161oz million or 40.10%

TOTAL REGISTERED SILVER: 156.588 MILLION OZ//.TOTAL REG + ELIGIBLE. 460.181Million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR MARCH

silver open interest data:

FRONT MONTH OF MARCH /2025 OI: 1049 OPEN INTEREST CONTRACTS FOR A LOSS OF 154 CONTRACTS.WE HAD 253 CONTRACTS SERVED ON FRIDAY SO WE GAINED 99 CONTRACTS OR 0.495 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 A GAIN OF 117 CONTRACTS TO STAND AT 2496

MAY SAW A LOSS OF 1635 CONTRACTS DOWN TO 125,316 CONTRACTS

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 106 or 0.530 MILLION oz

CONFIRMED volume; ON FRIDAY 59,601 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 15,293 X5,000 oz = 76.465 MILLION oz

to which we add the difference between the open interest for the front month of MAR (671) AND the number of notices served upon today (106 )x (5000 oz)

Thus the standings for silver for the MARCH 2025 contract month: (15,293) Notices served so far) x 5000 oz + OI for the front month of MAR(671) minus number of notices served upon today (106)x 5000 oz equals silver standing for the MARCH contract month equating to 81.180 MILLION OZ TO WHICH WE ADD .350 MILLION OZ EX FOR RISK//NEW TOTAL 81.330 MILLION OZ//

New total standing: 81.330 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/

GLD

MARCH 24 WITH GOLD DOWN $6.10 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 20.08 TONNES OF GOLD INTO THE GLD///INVENTORY RESTS AT 930.51 TONNES

MARCH 21 WITH GOLD DOWN $20.50 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 1.15 TONNES OF GOLD INTO THE GLD///INVENTORY RESTS AT 910.43 TONNES

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: 930.51 TONNES, TONIGHTS TOTAL

SILVER

MARCH 24 WITH SILVER UP $0.04 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.728 MILLION OZ FROM THE SLV// //INVENTORY AT SLV RESTS AT 441.234 MILLION

MARCH 21 WITH SILVER DOWN $0.45 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.092 MILLION OZ FROM THE SLV// //INVENTORY AT SLV RESTS AT 442.962 MILLION

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 441.234 MILLION OZ//

PHYSICAL GOLD/SILVER COMMENTARIES

1/ PETER SCHIFF/SCHIFF GOLD/MIKE MAHARRY

Alasdair Macleod..

MAGA and geopolitics

These two topics are driven by America’s determination to focus on domestic affairs and withdraw from international trade. It is undermining the dollar’s status in favour of gold.

Alasdair MacleodMar 23∙Paid

READ IN APP

The politics of returning production to America and of dealing with unfair foreign competition are popular with the masses. And Trump’s opponents lack a cohesive alternative, particularly since the mess that Trump inherited was down to them. However, his policies are certain to weaken the dollar and strengthen gold, an outcome markets are already beginning to anticipate.

Geopolitics

Very sensibly, Trump realises that he must extricate America from the Ukrainian conflict. Her involvement was a policy of the US deep state under Biden and his predecessors, including Trump himself. Cutting through the propaganda, the simple fact is that Russia is winning, and the machinations of Langley hoping to destabilise Putin’s Russia have failed.

Talks have now started between the only two parties which matter: Russia and America. America wants out, and Russia wants security — security that means consolidating and keeping the ethnically Russian eastern oblasts and Crimea along with NATO’s complete withdrawal. Russia will not tolerate American or European peacekeepers on Ukrainian soil.

Blindsided by their own virulent anti-Russian propaganda, the Europeans cannot grasp the realities of the situation. Nor can they afford to rearm themselves to replace US military assets. And as an overly bureaucratic and fractured organisation, the EU will never pose a serious threat to Russia, assuming that France doesn’t start throwing its nuclear toys out of her pram.

The fact of the matter is that Europe will have to make its peace with Russia, and trade between them can then resume to their mutual benefit — the more so if America delivers her trade tariff policies against the EU. The longer it takes the EU and UK to accept this reality, the more costly it will be for them.

Meanwhile, the problems of the Middle East will continue to plague Washington, which is subject to the strong influence of the Jewish lobby. Our best hope is to keep fingers crossed that it doesn’t escalate into a war against Iran.

The problems with tariffs

Beyond these two tribulations, there is the wider consideration of America’s future role in global affairs. She is still up against the two Asian hegemons, a partnership that embraces almost the entire Asian continent, post-colonial Africa, and some of Central and South America.

As a byproduct of earlier U.S. sanctions and trade tariffs against Russia and China, these geopolitical rivals have emerged even stronger. Russia’s missile technology delivers six variants at speeds up to Mach 10. And China’s commercial technology is now ahead of America’s. And having created new markets through BRICS and the Shanghai Cooperation Organisation, China is considerably less reliant on exports to U.S. markets than in the past.

This is the background to MAGA. Far from being protection against unfair foreign competition, tariffs are now policies shielding lethargic US businesses from competing against superior foreign products. In software, this was dramatically proved by DeepSeek’s AI. EV cars with superfast charging are killing Tesla, whose shares have fallen 40%. That is reason enough for Elon Musk to seek influence in the Trump camp. As for the best supercheap robotics, which are made in China and are necessary for producing the next generation of U.S. consumer goods, they won’t be available to U.S. manufacturers without paying punitive tariffs.

Tariffs are pure protectionism, encouraging domestic manufacturers to slide further behind in terms of global competitiveness. America will be the worse for it even without tariff retaliation from other nations.

But retaliation is inevitable. I hear tales of Canadians refusing to buy U.S. goods and Ottawa has imposed 25% tariffs on $29.8 billion of U.S. imports. Mexico is likely to go down the same route, and with the EU in Trump’s sights, we can be sure of the EU’s retaliatory action. China could hit back harder than just banning the export of rare earths, if it wants to play that game.

The economic consequences of a global tariff war at the top of a credit cycle will almost certainly be worse for both America and the global economy than the 1929-1939 Wall Street crash and subsequent depression. But let’s put that awful outcome aside and assume something slower evolves.

That slower evolution is a weakening dollar, because tariff wars lead to recessions and recessions lead to liquidation of foreign financial assets. U.S. investors and entities have very little foreign currency and portfolio exposure, while foreigners are overloaded with dollars. It is not that foreigners prefer other currencies; it is more a question of holding misplaced financial assets. And the dollar is already weakening.

Nowhere is that weakening more noticeable than against gold, so much so that it is taking other currencies down with it. Furthermore, as the US puts up the barriers to foreign trade while China and Russia continue to develop theirs without using dollars, the pace of its decline is likely to accelerate.

The attractions for everyone, foreign and American alike, to hedge out of the dollar-dependent fiat currency regime are beginning to be obvious to increasing numbers of investors. For now, they are less exposed to gold than at any time in history and similarly overexposed to dollars. It is from understanding factors such as these that fortunes are made.

Only in this instance, selling dollars for gold is a more important case of wealth protection.

2, EGON VON GREYERZ AND OTHER GOLD COMMENTARIES

JOHN RUBINO…

Recession Watch: Cratering Condos and Creeped-Out Consumers

John Rubino

Mar 24, 2025

2 2

Most of the following charts are from Wolf Street or the Kobeissi letter. Definitely follow those guys.

Cratering Condos

There’s no way to overstate how crazy US home prices have become. To take just one metric, the median US household income is $79,200, but it takes an annual income of $124,200 to buy the average American house. That’s a gap of $45,000, up from -$4,000 in 2020.

So it should come as no surprise that parts of the housing market — like condos — are rolling over.

Obviously, prices have to fall way more than this to get back to “affordable.” So the carnage is just beginning.

Creeped-Out Consumers

A growing number of Americans are carrying credit card balances and making the minimum payment — which is to say they’re paying 25% interest on growing loan balances.

The inevitable result is higher credit-card defaults.

This, in turn, leads consumers to view the economy as deteriorating.

Increasingly stressed homeowners are trying to tap their home equity to make ends meet, but are being rejected at a record rate.

And here come “pay as you go” loans for — get this — DoorDash food deliveries:

DoorDash Partners with Klarna to Offer US Customers Even More Convenience with Flexible Payments

New partnership gives customers more ways to pay for groceries, retail, meals and more

Mar 20, 2025

(DoorDash) – Klarna, the AI-powered payments and commerce network, and DoorDash, the premier local commerce platform, have partnered to offer Klarna’s flexible range of payment options to DoorDash customers. In the coming months, DoorDash customers will be able to enjoy Klarna’s seamless range of payment options when purchasing groceries, retail, and even DashPass Annual Plan – on DoorDash.com or through the DoorDash app.

When customers reach check-out, they’ll see Klarna as an additional payment option, giving them more freedom to choose how they want to pay. Options will include:

Pay in Full allows customers to pay for what they love right away using Klarna’s seamless payments experience.

Pay in 4 allows customers to pay in four equal interest-free installments

Pay Later allows customers to defer payments to a more convenient time, such as a date that aligns with their paycheck schedules

David Sykes, Chief Commercial Officer of Klarna said: “Our partnership with DoorDash marks an important milestone in Klarna’s expansion into everyday spending categories. By offering smarter, more flexible payment solutions for groceries, takeout, and retail essentials, we’re making convenience even more accessible for millions of Americans.”

Sudden Slowdown

The Atlanta Fed’s GDPNow real-time Q1 estimate of US growth has cratered to -2%, and other economists are starting to adjust their forecasts accordingly.

Subscribe to John Rubino’s Substack

3.. CHRIS POWELL AND DAILY GATA DISPATCHES

4. ANDREW MAGUIRE PODCAST

a must view…

Episode 215

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

6 CRYPTOCURRENCY NEWS

ASIA TRADING MONDAY MORNING SUNDAY NIGHT

SHANGHAI CLOSED UP 5.20 PTS OR 0.15%

//Hang Seng CLOSED UP 215.84 PTS OR 0.91%

// Nikkei CLOSED DOWN 68.57 OR .18%//Australia’s all ordinaries CLOSED DOWN 0.01%

//Chinese yuan (ONSHORE) CLOSED DOWN TO 7.2529 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.2582/ Oil UP TO 68.82 dollars per barrel for WTI and BRENT UP TO 72.59 Stocks in Europe OPENED ALL GREEN

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 /MONDAY MORNING.7:30 AM

ONSHORE YUAN: CLOSED DOWN AT 7.2529

OFFSHORE YUAN: DOWN TO 7.2582

SHANGHAI CLOSED CLOSED UP 5.20 PTS OR 0.15%

HANG SENG CLOSED CLOSED UP 215.84 PTS OR 0.91%

2. Nikkei closed DOWN 68.57 PTS OR .91%

3. Europe stocks SO FAR: ALL GREEN

USA dollar INDEX DOWN TO 103.60// EURO RISES TO 1.0843 DOWN 9 BASIS PT HEADING TO PARITY WITH USA

3b Japan 10 YR bond yield: RISES TO. +1.525//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 149.69…… JAPANESE YEN NOW FALLING AS WE HAVE NOW REACHED THE RE EMERGING OF THE YEN CARRY TRADE AGAIN AFTER DISASTROUS POLICY ISSUED BY UEDA

3c Nikkei now ABOVE 17,000

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

3e Gold UP /JAPANESE Yen DOOWN 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 UP TO +2.7890/Italian 10 Yr bond yield UP to 3.826 SPAIN 10 YR BOND YIELD UP TO 3.420

3i Greek 10 year bond yield UP TO 3.592

3j Gold at $3026.60 Silver at: 33.13 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40

3k USA vs Russian rouble;// Russian rouble UP 0 AND 46 /100 roubles/dollar; ROUBLE AT 84.03

3m oil into the 68 dollar handle for WTI and 72 handle for Brent/

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

JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 149.69 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.525 % 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 0.8811 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9553 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: 4.299 UP 5 BASIS PTS…

USA 30 YR BOND YIELD: 4.6344 UP 4 BASIS PTS/

USA 2 YR BOND YIELD: 3.994 UP 5 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 38.01…

10 YR UK BOND YIELD: 4.7665 UP 5 PTS

10 YR CANADA BOND YIELD: 3.074 UP 7 BASIS PTS

5 YR CANADA BOND YIELD: 2.721 UP 7 PTS.

2a New York OPENING REPORT

US Stock Futures Surge On Hopes Trump April 2 Tariffs Will Be “Targeted”

Monday, Mar 24, 2025 – 08:22 AM

US equity futures have extended gains throughout the European morning, with the Nasdaq 100 outperforming compared to when we first noted on Sunday night that a risk-on push has gripped markets last night, after a Bloomberg report that Trump’s April 2 tariff package may be more “targeted” than feared. The WSJ added that the admin will “likely omit a set of industry-specific tariffs while applying reciprocal levies on a targeted set of nations…Those sector-specific tariffs, however, are now not likely to be announced on April 2, said an administration official, who said the White House is still planning to unveil the reciprocal tariff action on that day.” That news was enough to send S&P futures 1.2% higher and Nasdaq futures 1.5% with all Mag 7 stocks higher this morning led by TSLA (+3.8%), META (+2.1%) and AMZN (+1.5%). Still, we are not fully in the clear because as Goldman Delta 1 trader Rich Privorotsky writes, “my presumption was that the opening salvo would have been maximalist, this seems a step back from that approach. Objectively positive if tariffs are smaller in magnitude/scope but the bigger issue is the perpetual uncertainty…seems that is not going away.” Bond yields were 3-5bps higher on the flight away from safety. Commodities are mostly lower this morning, with Aluminum and Copper being down 1.4% and 0.8%, respectively. This week, the key macro focus will be flash PMIs (today) and PCE (Friday), with investors anticipating major tariff announcement next Wednesday (April 2).

In premarket trading, Tesla led gains among the Mag 7 stocks (Alphabet +1.7%, Amazon +1.7%, Apple +0.9%, Microsoft +1%, Meta +2.7%, Nvidia +1.9% and Tesla +3.7%). Nvidia and Palantir rose amid news that Jack Ma’s Ant Group has developed AI techniques that could cut costs by 20%.

Cryptocurrency-exposed stocks advance as Bitcoin gains for a second straight session. Among shares gaining: Coinbase Global +4.4%, Riot Platforms +4.4%, Mara Holdings +4.6%
Azek (AZEK) jumps 19% after the Australian building-materials company James Hardie Industries agreed to buy the home-decking provider in a deal that valued the business at $8.75 billion in cash and stock.
FedEx (FDX) climbs nearly 1% after Jefferies turned bullish, confident in the parcel delivery company’s ability to continue to grow earnings regardless of top-line trends as it executes on its cost-cutting plans.
Lumentum Holdings (LITE) rises 4% after Raymond James upgraded the optical and photonic products company, saying that recent events from Nvidia and Corning suggest that concerns over co-packaged optics products are overblown.
Super Micro Computer (SMCI) falls about 1% as Goldman Sachs cuts its recommendation on the beleaguered chipmaker to sell amid AI server competition and margin pressures.
Viasat Inc. (VSAT) climbs 4% after Deutsche Bank upgraded the satellite communications company to buy, citing multiple paths for the company unlock value.

Investors are taking comfort from reports by both BBG and WSJ that President Donald Trump’s coming wave of tariffs is poised to be more targeted than the barrage he has occasionally threatened. The administration is not planning separate, sectoral-specific tariffs to be unveiled at the same event on April 2, officials said.

“This raises the possibility that some sectors and countries may fare better than others, helping explain market optimism,” said Daniel Murray, chief executive officer of EFG Asset Management in Zurich.

With much of Wall Street hitting peak bear in recent weeks, Morgan Stanley strategists were among those who see a turnaround on the horizon for US stocks. A dollar that’s down 3.8% from its January peak and signs of a bottoming out for Magnificent Seven earnings could attract flows back to the US, they told clients.

Elsewhere, investors were keeping an eye on Turkey where the arrest of Ekrem Imamoglu, President Recep Tayyip Erdogan’s main political rival, could spark nationwide protests. The lira fell 0.6% against the dollar, trading near record lows. Meanwhile, the dollar weakened and Treasury yields ticked higher (see more below).

Clues on the state of the US economy will come later from purchasing managers indexes. The US print is expected to show the economy remains in expansion mode.

European indexes were little changed. The Stoxx 600 rose 0.1% to 550.19 erasing earlier gains with health care, food and beverages and real estate sectors lagging, while tariff-sensitive miners outperformed. German software developer SAP SE took the spot as Europe’s most-valuable public company, unseating Danish weight-loss drug maker Novo Nordisk A/S, whose shares have declined 18% this year. Here are some of the biggest movers on Monday:

European mining stocks are the best performers as industrial metal prices climb on hopes US President Donald Trump’s next round of tariffs will be more targeted than previously suggested.
Saab gains as much as 6.5% as UBS upgrades the defense firm to buy, along with Thales, which rises as much as 3.8%.
S4 Capital rises as much as 15% after the advertising and marketing firm’s full-year results beat estimates, with the decline in like-for-like sales decelerating significantly in the final quarter.
Wood Group shares rise as much as 11%, before paring gains, after the engineering company agreed to extend the deadline by which Sidara must table a firm offer or walk away.
Deutsche Bank shares climb as much as 3.6% after RBC Capital Markets raised the price target on the German lender to match a street-high of €26.
EQT shares gain as much as 4.3% after the Swedish private equity firm was upgraded to buy from hold at ABG Sundal Collier.
RWE gains as much as 3.8% after activist investor Elliott Investment Management disclosed it has bought a sizable stake in the German utility company and called on management to increase and accelerate its share buyback program.
Wilhelmsen gains as much as 8.2% after the Norwegian shipping company announced strengthening its partnership with an established auto original equipment manufacturer and enters a 10-year contract extension.
Bayer shares drop as much as 8.9% in German trading after a jury in the US state of Georgia ordered the company to pay about $2.1 billion to a plaintiff who claimed its Roundup weedkiller caused cancer.
Kering shares fall as much as 3.8% as analysts cut their estimates ahead of the luxury firm’s first-quarter earnings due April 23, citing lack of momentum at key brand Gucci.
Hochtief shares drop as much as 4.6% after BofA Global Research downgraded the construction company, warning that the “tide could be turning” after a strong run.
Vodafone falls as much as 3.4% as BofA Global Research cuts its recommendation to neutral, citing a dilutive UK deal and competition in Germany.

Earlier in the session, Asian equities erased losses, boosted by surge in the region’s heavyweight markets of China and India. The MSCI Asia Pacific Index traded little changed after falling as much as 0.5%. Chinese technology firms gave the biggest boosts to benchmark, with Alibaba and Xiaomi among the top contributers. Mainland China and Hong Kong benchmarks rose, boosted by a rotation from small-cap stocks to their larger peers as concerns rise over earnings.
India’s NSE Nifty 50 Index was on pace to erase its loss for the year after rallying more than 1% amid early signs of a pickup in government spending and monetary easing. Japan’s Topix fell for the first time in eight sessions, after soft domestic economic data dented sentiment. Indonesia’s JCI Index recouped most of its losses after sliding to its lowest level since 2021 early in the session. Stock benchmarks also closed lower in Taiwan and South Korea. Despite the recovery, investors remain cautious ahead US reciprocal levies scheduled to go into effect next week, even after President Donald Trump indicated a more targeted approach than previously threatened.

In FX, the Bloomberg Dollar spot index fell 0.2%, while Treasury yields rose across the curve; as 10-year yield pushed 5bps higher to 4.29%. Havens JPY and CHF are the weakest performers in G-10 FX. The pound rose to session high after March PMIs indicated the UK economy showed signs of improvement. The euro stayed higher after business activity in the euro area reached its highest level in seven months as manufacturers recovered more than expected. The yen dropped as much as 0.4% to 149.85 after BOJ Deputy Governor Shinichi Uchida said on Monday that the bank will keep monitoring the economy and financial markets and raise interest rates if the bank’s economic outlook is realized. There’s a chance that “US tariff policy, which is scheduled for April 2, may be revised to a more flexible content,” says Hiroyuki Machida, director of Japan FX and commodities sales at Australia & New Zealand Banking Group in Tokyo.

In rates, US bonds underperformed gilts and bunds across the curve, with the 10-year Treasuries yield up more than 4 bps to 4.29%. Treasuries were pressured lower as US stock futures advanced after report that President Donald Trump’s coming wave of tariffs is poised to be more targeted. Intermediates lead losses on the day, steepening 2s10s spread which remains near top of Friday’s range. This week also includes duration risk through 2-, 5- and 7-year auctions starting Tuesday. Around $30 billion of corporate issuance is also expected. Treasury yields cheaper by 3bp to 4.5bp across the curve, with the 2s10s spread steeper by around 1bp on the day; US 10-year yields around 4.285% with bunds and gilts outperforming by 2bp and 6bp in the sector. Gilts notably outperform following earlier manufacturing PMI data, while Bank of England Governor Andrew Bailey will speak at 2 p.m. New York time on “growth in the UK economy.” Peripheral spreads tightened to Germany with 10y BTP/Bund narrowing ~2bps to 110bps

In commodities, spot gold is little changed at $3,023/oz. WTI trades within Friday’s range, adding 0.4% to trade around $68.53. Most base metals trade in the green; LME lead rises 2%, outperforming peers.

Looking at today’s calendar, the US data slate includes February Chicago Fed national activity index (8:30am) and March manufacturing PMI (9:45am); Fed speaker slate includes Bostic (1:45pm) and Barr (3:10pm). This Week: SPX implied move through 3/28 is 2.23%. Less catalysts to watch into next week; focus will be on Consumer Confidence (Tues), final 4Q GDP reading (Thurs), and PCE/U Mich data (Fri), as well as $183bn in Treasury supply across 2, 5, and 7-year notes.

Market Snapshot

S&P 500 futures up 1.2% to 5,783
STOXX Europe 600 up 0.3% to 551.48
MXAP up 0.1% to 189.22
MXAPJ up 0.6% to 591.91
Nikkei down 0.2% to 37,608.49
Topix down 0.5% to 2,790.88
Hang Seng Index up 0.9% to 23,905.56
Shanghai Composite up 0.2% to 3,370.03
Sensex up 1.4% to 77,985.57
Australia S&P/ASX 200 little changed at 7,936.89
Kospi down 0.4% to 2,632.07
German 10Y yield little changed at 2.77%
Euro up 0.2% to $1.0844
Brent Futures little changed at $72.11/bbl
Brent Futures little changed at $72.13/bbl
Gold spot up 0.1% to $3,025.66
US Dollar Index down 0.13% to 103.96

Top Overnight News

President Trump reportedly plans his tariff ‘Liberation Day’ with a more targeted push, according to Bloomberg citing officials, while it was noted that Trump will announce widespread reciprocal tariffs on nations or blocs but is set to exclude some and the administration is currently not planning separate, sectoral-specific tariffs to be unveiled at the same event as Trump had once signalled. Furthermore, WSJ also reported that the “White House Narrows April 2 Tariffs” and that tariffs on industrial sectors such as cars and microchips are no longer expected to be announced although major trading partners will still be hit with reciprocal tariffs. The news has been a relief for markets gripped by anxiety about an all-out tariff war.
Trump signed a memorandum aimed at preventing abuses of the legal system and federal courts and directed the Attorney General to seek sanctions against lawyers and law firms that engage in frivolous unreasonable and vexatious litigation against the US government or departments and agencies of the government.
US President Trump’s administration revoked temporary legal status for 530k Cubans, Haitians, Nicaraguans and Venezuelans in the US effective April 24th.
US Treasury is considering streamlining bank regulators, according to Semafor; Treasury is drafting recommendations on OCC and FDIC.
A US proposal to levy Chinese-built ships docking in America would spark a trade “apocalypse” and has the potential to be devastating for the US economy, maritime experts warned. A two-day USTR hearing in Washington starts today. BBG
Ant built AI models that cost 20% less using Chinese-made chips with results similar to those from Nvidia. BBG
China said it was ready for any “unexpected shocks” ahead of US President Donald Trump imposing higher tariffs on the world’s second-biggest economy. FT
The PBOC will inject 450 billion yuan ($62 billion) of liquidity into the market through one-year medium-term lending facility tomorrow. BBG
Japan’s services PMI sank in Mar, with manufacturing coming in at 48.3 (down from 49 in Feb) and services at 49.5 (down from 53.7 in Feb). RTRS
India’s equity rout is starting to worry its legion of retail investors. Inflows into domestic mutual funds have dropped about 30% from October’s record and the influx of new entrants has slowed to a two-year low. BBG
Eurozone flash PMIs for Mar are mixed, with decent performance on manufacturing (48.7, up from 47.6 in Feb and above the Street’s 48.2) but weakness in services (50.3, down from 50.6 in Feb and below the Street’s 51.1). BBG
The UK economy showed signs of improvement, with S&P Global’s purchasing managers’ index jumping to a six-month high of 52 in March. BBG
Turkish court formally arrested Istanbul Mayor Imamoglu after prosecutors asked the court to keep Imamoglu and four aides in jail pending their trial on terrorism and corruption charges. It was also reported that Turkey’s Central Bank Governor said in a meeting with bank executives that the central bank will do whatever is necessary within market rules, while the Capital Markets Board announced a ban on short selling on the Istanbul Stock Exchange until April 25th, eased the equity ratio requirement for credit capital markets transactions and removed the maximum limit for the total amount to be used for share buybacks of listed companies.

Tariffs/Trade

US President Trump reportedly plans his tariff ‘Liberation Day’ with a more targeted push, according to Bloomberg citing officials, while it was noted that Trump will announce widespread reciprocal tariffs on nations or blocs but is set to exclude some and the administration is currently not planning separate, sectoral-specific tariffs to be unveiled at the same event as Trump had once signalled. Furthermore, WSJ also reported that the “White House Narrows April 2 Tariffs” and that tariffs on industrial sectors such as cars and microchips are no longer expected to be announced although major trading partners will still be hit with reciprocal tariffs.
Canadian PM Carney said they aim to have free internal trade by Canada Day on July 1st and can increase GDP by CAD 150bln by reducing internal trade barriers between provinces, while he added they will allow businesses to defer corporate income tax payments and GST and HST remittance due to new US tariffs. Furthermore, PM Carney called for a general election on April 28th and proposed a middle-class tax cut to reduce the lowest tax bracket by 1%, as well as noted that Trump’s tariffs and threat actions create the most significant crisis of our lifetime and said Trump wants to break them so the US can own them.
China reportedly explores limiting exports to mollify US President Trump and may offer to curb the quantity of certain goods exported to the US, according to WSJ citing advisers to the Chinese government. Furthermore, it was also reported that Trump directed US federal agencies to assess the economic relationship between the US and China with the review due in early April.
China’s Foreign Minister Wang said China wants to pursue trade talks with other countries.
Malaysia is to crack down on NVIDIA (NVDA) chip flows under US pressure, while Malaysia’s Trade Minister said Washington suspects high-end semiconductors are making it to China despite trade controls, according to FT.

A more detailed look at global markets courtesy of Newsquawk

APAC stocks traded mixed in a rangebound fashion amid tariff and trade-related uncertainty, while weekend newflow was mostly centred around geopolitics although there were some reports that suggested the potential for a more focused approach by US President Trump regarding April 2nd ‘Liberation Day’ reciprocal tariffs. ASX 200 was little changed as strength in financials and consumer discretionary offset the underperformance in consumer staples and tech, while the latest flash PMI data from Australia accelerated. Nikkei 225 swung between gains and losses with price action indecisive amid a weaker currency and a deterioration in Japanese flash PMIs which all printed in contraction territory. Hang Seng and Shanghai Comp conformed to the lacklustre mood amid lingering frictions although Chinese Premier Li stated at a business forum it is necessary for countries to open up their markets in an increasingly fragmented world and that China was ready for any unexpected shocks, while the PBoC reiterated its pledge to cut rates and RRR at an appropriate time during its quarterly meeting on Friday.

Top Asian News

PBoC to conduct CNY 450bln of 1-year MLF operation on Tuesday. MLF operation to be carried out by adopting a fixed quantity, interest rate bidding, and multiple price bidding method.
Chinese Premier Li said at a business forum it is necessary for countries to open up their markets in an increasingly fragmented world and countries must work to resist risks and challenges from rising instability and uncertainty. Li also stated that China was ready for bigger than expected external shocks and will focus on combining policy intensification with stimulating market forces, as well as deepening reform of the economic system and will strive to open up chokepoints of the economic cycle.
US GOP Senator Daines met with Chinese Vice Premier He Lifeng on Saturday and noted that they are at a time when they have important issues to discuss between the two countries, while Senator Daines also met with Premier Li Qiang on Sunday in Beijing.
BoJ Governor Ueda said they cannot sell long-term JGB holdings immediately and have been gradually tapering long-term JGB holdings now. Ueda said the purpose of BoJ policy is to achieve stable prices and will not be disturbed by consideration for state finances, while he reiterated that the BoJ will adjust the degree of monetary easing if the 2% inflation target is likely to be achieved. Ueda said will not rule out the possibility of selling BoJ’s government bond holdings.
Japanese Finance Minister Kato said it is important for currencies to move in a stable manner reflecting fundamentals and they will take appropriate action against excessive moves.
South Korea’s Constitutional Court overturned the impeachment of Prime Minister Han, while Han stated he will address urgent issues of trade as a priority after being reinstated as the acting President.

STOXX 600 began the week on a firmer footing before trimming opening gains after a mixed APAC handover, which saw the Hang Seng close higher by almost 1% ahead of BYD earnings, the company holding a 2.8% weighting in the index, and other indices uneventful. Sentiment in Europe remains capped by ongoing geopolitics, with Russia-US talks in Ukraine ongoing in Riyadh, while Israel increases its offensive in Gaza and Lebanon. Sectors are mixed, after opening almost entirely in the green. Healthcare is the clear underperformer, led by losses in Bayer, which is down -7.4% at the time of writing. On the flip side, the best performing sector is Basic Resources, after JPMorgan gave a “Double Upgrade” to the Mining sector, which sees the likes of London-listed Antofagasta and Anglo American up 2.6% and 3.7% respectively.

Top European News

UK Chancellor Reeves ordered GBP 2bln of Whitehall cuts to help fix the nation’s finances, according to FT. It was separately reported that Reeves said the UK will cut 10,000 civil service jobs, according to Bloomberg. Furthermore, Reeves will stick to fiscal rules despite global turmoil which raises the prospect of belt-tightening measures in the budget update this week, according to Reuters.
ECB’s Cipollone said key elements strengthen the case for further interest rate cuts; “recent data suggests we might reach the inflation target sooner than expected”, via Expansion.
Czech Republic is to rescue Radio Free Europe after US President Trump’s funding cuts, according to FT.

Geopolitics: Middle East

“Israeli Channel 12 on government sources: The military operation will be expanded and what we have done so far has not pushed Hamas to any understandings towards reaching a deal”, according to Al Jazeera.
AP said Egypt has put forward a new proposal to try to put the ceasefire between Israel and Hamas back on track.
“There are positive indications about a new Egyptian proposal in the negotiations, but the gaps are still large”, according to Israel’s N12.
Israeli PM Netanyahu spoke with US Secretary of State Rubio and discussed regional developments including the release of hostages and resumption of fighting in Gaza.
Israel’s military said a projectile was launched from Yemen towards Israel which was intercepted and it conducted strikes on Rafah and Khan Younis, while Israel’s military also said the division that operated in Lebanon is preparing for Gaza activity.
Israel conducted an air strike which killed Hamas political leader Salah Al-Bardaweel in the southern Gaza Strip and targeted the surgery department at Gaza’s Nasser Hospital which killed Hamas political bureau member Ismail Baarhoum.
US peacekeepers said an escalation of the volatile situation at the Lebanon-Israel border could have serious consequences for the region, while it was reported that Israeli PM Netanyahu ordered strikes against dozens of targets in Lebanon in response to rocket fire although Hezbollah denied any link to rocket launches from southern Lebanon on Saturday.
White House National Security Adviser Waltz said the US took out key Houthi leadership during strikes in Yemen, as well as weapons factories and some drone facilities, while he added that the US is seeking full dismantlement of the Iranian nuclear program in a way the entire world can see.
US envoy Witkoff said Hamas is the aggressor here and had every opportunity to demilitarise and accept the bridging proposal but they elected not to. Witkoff also stated that their signal to Iran is let’s sit down and see if we can get to the right place through diplomacy, while he added that Iran cannot have a nuclear bomb which cannot and will not happen.
Iran’s Foreign Minister Araqchi said talks with the US are impossible unless Washington changes its pressure policy.
Iranian Foreign Ministry warned of the repercussions of the new Israeli escalation against Lebanon, according to Sky News Arabia.

Geopolitics: Ukraine

Negotiations between the delegations of the Russian Federation and the US last about two hours; “the parties do not plan to complete the meeting in the near future”, according to TASS.
Russia’s Kremlin said Saudi Arabia negotiations are underway on technical issues, there are many different aspects related to a settlement in Ukraine that need to be worked out. The Black Sea initiative is on the agenda in these talks. There is a common understanding with the US on the willingness to move towards a settlement
Russia’s Defence Ministry says Ukraine attempted to attack an oil pumping station in Russia’s Krasnodar region, according to IFAX; the station is out of operation for repairs.
Russia’s Kremlin, on energy strike moratorium, said they are monitoring the situation after attacks by Ukraine.
Ukraine and US delegations began talks in Saudi Arabia, while Ukrainian President Zelensky said the Ukrainian delegation is working in a completely constructive way and the conversation is quite useful. There were also comments from the Ukrainian Defence Minister that the agenda for talks included proposals to protect energy facilities and critical infrastructure.
White House National Security Adviser Waltz said the US is talking through a number of confidence-building measures to end the Russia-Ukraine war including the future of Ukrainian children taken into Russia.
US envoy Witkoff said the US expects a lot more progress on the Russia-Ukraine conflict and that Russian President Putin does not want to take all of Europe with the situation much more different than WW2.
White House is aiming for a Russia-Ukraine truce agreement by April 20th, according to Bloomberg.
Russia’s Kremlin said the Putin-Trump call was a step towards a face-to-face meeting and talks in Saudi Arabia will be as well. It was also reported that the Russian Defence Ministry said Russian forces took control of Sribne in eastern Ukraine, according to IFAX.

Geopolitics: Other

South Korea’s Foreign Minister said sanctions against North Korea must be carried out faithfully and that North Korea should not be rewarded for its wrongdoing in the course of the war in Ukraine.
Venezuela’s government said it will resume repatriation flights of migrants from the US beginning on March 23rd.

US Event Calendar

08:30: Feb. Chicago Fed Nat Activity Index, est. -0.17, prior -0.03
09:45: March S&P Global US Composite PMI, est. 51.3, prior 51.6
09:45: March S&P Global US Services PMI, est. 51.0, prior 51.0
09:45: March S&P Global US Manufacturing PM, est. 51.8, prior 52.7

DB’s Jim Reid concludes the overnight wrap

I hope you had a good weekend. I’m off to New York after sending this to print, assuming Heathrow is open. I thought I had a proud parenting moment to share this morning. Maisie entered a poetry competition across several schools a few weeks ago and on Friday we got a letter saying that her poem is going to be published in a book. I helped her with one line of it and I nodded with approval at the judge’s verdict. My suspicions were raised when the letter also said you could buy as many copies of the book as you wanted for relatives at £20 a pop. I then heard from other parents that unless the poem was truly awful or contained profanities then virtually all get published. Sounds like a great business model.

Talking of great publications, our German economics team have now updated their economic forecasts (link here) after the debt break reform passed its final legislative challenge in the Bundesrat on Friday. There remains a lot of uncertainty on the magnitude and timing of the fiscal expansion to come but they now expect real GDP growth to accelerate to 1.5% in 2026 and 2.0% in 2027 even as they lower 2025 two-tenths to 0.3%. A point we already stressed in the inaugural paper for the DBRI (see here) is that we would expect a deficit-fuelled growth spurt to fizzle out after 2027. While productivity-enhancing investments in defence and infrastructure could raise potential growth, it would take deep structural reforms to get German growth rates back to 2% sustainably. So the trillion-euro question is whether Germany will use the sugar rush recovery to implement much needed reforms or whether the stronger growth will actually make it feel less pressing and politically more difficult. My view is that we will probably see the positive growth impacts before we know if they will fail to do the reforms. So momentum still remains in the German risk trade for now in my opinion.

Looking to this week now, it will be the last full week before the April 2nd US tariff announcement. So expect lots of headlines on this. Indeed US equity futures are higher this morning on Friday’s story that tariffs will be more targeted than the worst fears.

Outside of trade, inflation will take centre stage with the all-important US core PCE on Friday. Before that, UK and Australian inflation are out on Wednesday with flash French and Spanish CPI out on Friday, alongside Tokyo CPI. In terms of other highlights, today’s global flash PMIs will be interesting. US and Europe bounced last month but since then the tariff rhetoric has aggressively stepped-up, but on the other hand Germany has reversed decades of fiscal conservatism. So, it’ll be interesting to see how the surveys respond to those developments. Other notable US economic indicators due include the Conference Board’s consumer confidence index tomorrow following a slide in the University of Michigan gauges last week (we have the final reading for this on Friday). Talking of confidence tomorrow sees the latest German IFO so we’ll get another chance to see if the fiscal package has changed the outlook or whether the threat of tariffs dominate. The IFO is only decimals off the recent lows which were only weaker at the height of the GFC and briefly at the start of Covid. Wednesday then sees US Durable Goods and the latest Spring statement from the UK with the fiscal finances precariously balanced given the self-imposed fiscal rules. See our economists’ preview here. Thursday will see the final Q4 US GDP print and latest trade data which will both impact Q1 GDP trackers. The trade data may see an import surge ahead of likely increases in tariffs. Also of note will be the latest Congressional Budget Office Federal debt and statutory limit report as well as the long-term budget outlook (all the way to 2055) on Wednesday and Thursday, respectively.

With regards to central banks, highlights include the summary of opinions from the March BoJ meeting on Thursday. In Europe, the ECB will publish its consumer expectations survey on Friday, the same day as Norway’s central bank will decide on rates. In China, highlights include the 1-yr MLF rate fixings tomorrow as well as industrial profits for February on Thursday. Focus will also be on the annual China Development Forum ending today in Beijing. Many CEOs of blue-chip American and European corporates are attending.

The full day-by-day week ahead is at the end as usual but let’s preview the core US PCE on Friday. Personal income (+0.2% vs. +0.9%) and consumption (+0.3% vs. -0.2%) should normalise in opposite directions but the core PCE deflator (+0.37% vs. +0.28%) is likely to edge up and if we’re correct that will push the YoY rate up a tenth to 2.8%. The recent stronger-than-expected inflation readings have caused our economists to mark up their 2025 inflation forecasts. They now see Q4/Q4 core CPI and core PCE inflation at 3.0% and 2.7%, respectively.

Over the weekend the news flow intensified in Türkiye with key opposition leader, and Istanbul mayor, Ekrem Imamoglu being jailed on corruption charges after being detained by police last week. The fact that he wasn’t charged with terrorism means the news isn’t as extreme as it could have been as such a move would have led to the appointment of a trustee to the Istanbul Municipality, risking more protests and unrest. The Bloomberg TRL equity index fell -17.59% last week and the central bank hiked overnight lending rates by 200bps to 46%. Last night the regulator broadened a short-selling equity ban and relaxed company share buy-back rules to try to help stabilise markets. So one to watch this morning.

Asian equity markets are generally lower this morning with US equity futures the bigger movers on tariffs hopes. S&P (+0.66%) and Nasdaq (+0.79%) contracts are leading the way. Elsewhere the Shanghai Comp (-0.40%), KOSPI (-0.27%), Hang Seng (-0.12%) and the Nikkei (-0.07%) are slightly lower. Yields on 10yr USTs (+3.4bps) have climbed to 4.28%.

Early morning data showed that the Japanese au Jibun Bank manufacturing PMI fell to 48.3 in March from 49.0 in February, contracting for a ninth consecutive month. The decline was led by softer overseas demand for goods. At the same time, service activity shrank for the first time in 5 months, falling to 49.5 in March from 53.7 in the prior month. Following the data release, the Japanese yen (-0.34%) is drifting lower for the third successive day trading at 149.83 against the dollar.

Looking back at last week now, and a more positive market tone just about dominated with the S&P 500 (+0.51%) rising for the first time in five weeks. Earlier in Friday’s session, the index had been on course to post another weekly decline but recovered to close +0.08% higher on the day in part thanks to more sanguine comments from President Trump who said that “there’ll be flexibility” in the upcoming reciprocal tariff plans though he appeared to oppose any outright exemptions. Sectorally, rotation away from tech mega caps continued, with the Mag-7 down -0.63% on the week, though it did see a sizeable +1.41% jump on Friday.

In Europe, equities also saw modest gains with the Stoxx 600 +0.56% higher on the week, despite Friday’s -0.60% retreat. Southern Europe led the weekly gains with Italy’ FSTEMIB (+0.98%) and Spain’s IBEX (+2.65%) reaching their highest levels since 2007 and 2008 respectively. Germany’s DAX (-0.41% on the week due to a -0.47% fall on Friday) saw a modest decline for a second week running, though it is still +14.98% higher YTD.

Bond markets mostly posted steady gains, with 10yr Treasury yields falling -6.6bps to 4.25% (+0.9bps Friday), supported by Powell’s dovish undertones at the latest Fed meeting. Money markets ended the week pricing 70bps of Fed cuts by year end, up +5.6bps on the week. In Europe, bonds saw a similar rally with 10yr bund yields falling -11.0bps to 2.76% (-1.5bps Friday) even as the outgoing German parliament approved the constitutional amendment to loosen the debt brake.

Finally, commodities posted gains, with Brent crude oil seeing its largest rise in ten weeks (+2.24% to $72.16/bbl) amid increased supply uncertainty, while copper rose +4.48% to within 1% of its May 2024 record high. And gold again touched new record highs, up +1.27% to $3,022/oz

2 b European opening report

Treasuries weighed on and Equities soar as risk sentiment improves amid tariff reports over the weekend – Newsquawk US Market Open

Monday, Mar 24, 2025 – 06:30 AM

US President Trump reportedly plans his tariff ‘Liberation Day’ with a more targeted push, according to Bloomberg over the weekend.
STOXX 600 began the week on a firmer footing before trimming opening gains after a mixed APAC handover; EZ Flash PMIs were mixed and largely highlighted trade uncertainty.
DXY is lower after some choppy price action in early European trade. The macro narrative for the US has kicked the week off with a focus on the trade agenda.
USTs are lower amid the encouraging risk environment on account of weekend reporting over the Trump tariff agenda.
Crude prices are choppy. Benchmarks were lacklustre overnight amid the subdued risk appetite in Asia before trending higher in European hours; Precious and base metals hold mild upward biases.
Looking ahead, highlights include US Flash PMIs, Speakers including BoEʼs Bailey, RBAʼs Jones, Fedʼs Bostic & Barr.

SNAPSHOT

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TARIFFS/TRADE

US President Trump reportedly plans his tariff ‘Liberation Day’ with a more targeted push, according to Bloomberg citing officials, while it was noted that Trump will announce widespread reciprocal tariffs on nations or blocs but is set to exclude some and the administration is currently not planning separate, sectoral-specific tariffs to be unveiled at the same event as Trump had once signalled. Furthermore, WSJ also reported that the “White House Narrows April 2 Tariffs” and that tariffs on industrial sectors such as cars and microchips are no longer expected to be announced although major trading partners will still be hit with reciprocal tariffs.
Canadian PM Carney said they aim to have free internal trade by Canada Day on July 1st and can increase GDP by CAD 150bln by reducing internal trade barriers between provinces, while he added they will allow businesses to defer corporate income tax payments and GST and HST remittance due to new US tariffs. Furthermore, PM Carney called for a general election on April 28th and proposed a middle-class tax cut to reduce the lowest tax bracket by 1%, as well as noted that Trump’s tariffs and threat actions create the most significant crisis of our lifetime and said Trump wants to break them so the US can own them.
China reportedly explores limiting exports to mollify US President Trump and may offer to curb the quantity of certain goods exported to the US, according to WSJ citing advisers to the Chinese government. Furthermore, it was also reported that Trump directed US federal agencies to assess the economic relationship between the US and China with the review due in early April.
China’s Foreign Minister Wang said China wants to pursue trade talks with other countries.
Malaysia is to crack down on NVIDIA (NVDA) chip flows under US pressure, while Malaysia’s Trade Minister said Washington suspects high-end semiconductors are making it to China despite trade controls, according to FT.

EUROPEAN TRADE

EQUITIES

STOXX 600 began the week on a firmer footing before trimming opening gains after a mixed APAC handover, which saw the Hang Seng close higher by almost 1% ahead of BYD earnings, the company holding a 2.8% weighting in the index, and other indices uneventful.
Sentiment in Europe remains capped by ongoing geopolitics, with Russia-US talks in Ukraine ongoing in Riyadh, while Israel increases its offensive in Gaza and Lebanon.
Sectors are mixed, after opening almost entirely in the green. Healthcare is the clear underperformer, led by losses in Bayer, which is down -7.4% at the time of writing. On the flip side, the best performing sector is Basic Resources, after JPMorgan gave a “Double Upgrade” to the Mining sector, which sees the likes of London-listed Antofagasta and Anglo American up 2.6% and 3.7% respectively.
US equity futures are entirely in the green, each firmer by around 1%. This comes as risk sentiment improves amid the weekend’s tariff reports. Specifically, US President Trump has reportedly planned his “Liberation Day” with a more targeted push, set up to exclude some nations, or Blocs, according to Bloomberg. Looking ahead, the US day sees a fresh PMI release, and Fed speakers including Barr and Bostic. Of course, participants will also be looking for any response from the US Admin, after these Tariff related reports over the weekend.
Click for a detailed summary
Click for the sessions European pre-market equity newsflow
Click for the additional news

FX

DXY is lower after some choppy price action in early European trade. The macro narrative for the US has kicked the week off with a focus on the trade agenda. This follows weekend reporting that Trump is set to announce (April 2nd) widespread reciprocal tariffs on nations or blocs but is set to exclude some and the administration is currently not planning separate, sectoral-specific tariffs to be unveiled at the same event as Trump had once signalled. This would provide some relief for the market, albeit would ultimately lead to a deterioration in the global trade outlook. Today’s docket is light on data but with Fed’s Bostic and Barr due to speak. The main data highlight this week comes on Friday via monthly PCE metrics. DXY is currently tucked within Friday’s 103.75-104.22 range.
EUR saw some fleeting support in early European trade following French PMI metrics which saw all three key measures beat on expectations and improve from their priors. Thereafter, the German and Eurozone metrics showed a mixed trend whereby, manufacturing beat estimates and rose from the priors, and services unexpectedly fell with composite improving but not by as much as expected. The accompanying report noted, “while we should not be carried away by a single data point, it is noteworthy that manufacturers expanded their output for the first time since March 2023”. Elsewhere, EUR is likely benefitting from the mild positivity on the trade front (see USD section for details). EUR/USD is currently contained within Friday’s 1.0795-1.0861 range.
USD/JPY advanced from the APAC open to hit resistance just shy of the 150.00 handle with the early upside facilitated by the contraction across Japanese PMI data, while currency jawboning by officials was largely ignored. Furthermore, BoJ Governor Ueda remarked that the Bank cannot sell long-term JGB holdings immediately and has been gradually tapering long-term JGB holdings. Ueda reiterated that the BoJ will adjust the degree of monetary easing if the 2% inflation target is likely to be achieved. If 150 gives way, the 19th March high kicks in @ 150.14.
GBP is firmer vs. the USD and one of the better performers across the majors. GBP received some mild additional support following the latest PMI metrics which saw an improvement and beat expectations for the all-important services metrics and a disappointing outturn for services. Overall, this filtered through into a beat for the composite metric. The accompanying report noted that “The signal from the flash PMI is an economy eking out a modest expansion in March, consistent with quarterly GDP growth of just 0.1%, but with employment continuing to be cut thanks to concern over costs and the uncertain outlook”. Elsewhere, attention this week will be on Chancellor Reeve’s spring statement and UK CPI, both due to hit on Wednesday. Cable is currently tucked within Friday’s 1.2888-1.2970 range.
Antipodeans are mixed amid the indecisive risk tone and with AUD/USD kept afloat following the acceleration in Australia’s flash PMI data. AUD/USD is just about back above its 50DMA @ 0.6288 but has stopped shy of the 0.63 mark. If breached, Friday’s high sits @ 0.6305. NZD/USD is pretty much flat and off worst levels after slipping to its lowest level since 14th March overnight @ 0.5719.
PBoC set USD/CNY mid-point at 7.1780 vs exp. 7.2496 (Prev. 7.1760).
Barclays month-end rebalancing model indicates a strong dollar-buying signal by month-end against all majors Quarter-end rebalancing model using the same framework indicates a moderate dollar-buying signal against most majors, with a strong sign on EUR/USD. Overall, the signal shows a strong dollar-buying at the end of March.
Click for a detailed summary
Click for NY OpEx Details

FIXED INCOME

USTs are lower amid the encouraging risk environment on account of weekend reporting over the Trump tariff agenda. To recap, Trump is set to announce (April 2nd) widespread reciprocal tariffs on nations or blocs but is set to exclude some and the administration is currently not planning separate, sectoral-specific tariffs to be unveiled at the same event as Trump had once signalled. This would provide some relief for the market, albeit would ultimately lead to a deterioration in the global trade outlook.
Bunds are lower and tracking the price action seen across global peers. Focus in the Eurozone today has fallen on regional PMI metrics, whereby France kicked off proceedings with all three key measures beating on expectations and improving from their priors. Thereafter, the German and Eurozone metrics showed a mixed trend whereby, manufacturing beat estimates and rose from the priors, and services unexpectedly fell with composite improving but not by as much as expected. The accompanying report noted, “while we should not be carried away by a single data point, it is noteworthy that manufacturers expanded their output for the first time since March 2023”. Elsewhere, despite the recent fiscal reform package approved by the German Parliament, the Q2 German issuance forecast was unchanged from the December forecast.
Gilts are bucking the trend seen across major global peers following the notable selling seen on Friday in the wake of disappointing public spending data. Today’s session has seen the latest UK PMI metrics which saw an improvement and beat on expectations for the all-important services metrics and a disappointing outturn for services. Overall, this filtered through into a beat for the composite metric. The accompanying report noted that “The signal from the flash PMI is an economy eking out a modest expansion in March, consistent with quarterly GDP growth of just 0.1%, but with employment continuing to be cut thanks to concern over costs and the uncertain outlook”.
German Debt Agency Q2 issuance outlook: unchanged from December 2024 forecast.
Click for a detailed summary

COMMODITIES

Crude prices are choppy. Benchmarks were lacklustre overnight amid the subdued risk appetite in Asia before trending higher in European hours. Price action follows the deluge of geopolitical-related headlines over the weekend – including US-Ukraine talks and Israel strikes against Hamas and Hezbollah. On the Russia-Ukraine front, closed talks between US and Russian delegations in Riyadh commenced, with traders on the lookout for an alignment between Russia and Ukraine’s demands, albeit unlikely. During the talks, Russia reported Ukraine attempted to attack an oil pumping station in Russia’s Krasnodar. Russia’s Kremlin, on energy strike moratorium, said they are monitoring the situation after attacks by Ukraine. In the Middle East, recent reports via AP suggested Egypt has put forward a new proposal to try to put the ceasefire between Israel and Hamas back on track – reports which seemingly sparked some weakness in the complex – with Israel signalling positive but large gaps. Over the weekend, Israel carried out multiple air strikes on Lebanon after several rockets were fired from Lebanon into Israel. Iranian Foreign Ministry warned of the repercussions of the new Israeli escalation against Lebanon, according to Sky News Arabia In Europe, a mixed set of Flash PMIs offered little in terms of direction for the crude complex, although one key theme highlighted by the regional and EZ-wide release was tariff uncertainty. WTI May resides in a USD 67.95-68.60/bbl range while its Brent counterpart sits in a USD 71.80-72.45/bbl parameter.
Precious metals hold a mild upward bias as DXY trades flat/subdued and eyes remain on geopolitics, with Israel said to be expanding its operations in Gaza, although Egypt has put forth a renewed ceasefire proposal. Spot gold lacked firm direction overnight after last week’s pullback from record levels and as participants look ahead to a relatively busy calendar for US data this week, including the latest Core PCE prices on Friday. The yellow metal resides in a USD 3,013.99-3,030.80/oz parameter.
Copper futures remain afloat after the recent rally in prices, with the red metal eventually topping the psychological USD 10k level. 3M LME copper currently resides towards the upper end of a USD 10,035.00-9,909.67/t range.
JP Morgan double-upgrades European Mining Sector to Overweight from Underweight.
US President Trump told oil executives in a meeting during the prior week that he would consider efforts the administration might take to help oil firms fend off legal risks over climate issues, according to WSJ.
Click for a detailed summary

NOTABLE EUROPEAN DATA RECAP

French Flash PMIs: Manufacturing (Mar) 48.9 vs. Exp. 46.5 (Prev. 45.8); Services (Mar) 46.6 vs. Exp. 46.0 (Prev. 45.3); Composite (Mar) 47.0 (Prev. 45.1).
German Flash PMIs: Manufacturing (Mar) 48.3 vs. Exp. 47.3 (Prev. 46.5); Services (Mar) 50.2 vs. Exp. 51.5 (Prev. 51.1); Composite (Mar) 50.9 vs. Exp. 51.0 (Prev. 50.4)
EZ Flash PMIs: Manufacturing (Mar) 48.7 vs. Exp. 48.4 (Prev. 47.6); Services (Mar) 50.4 vs. Exp. 51.0 (Prev. 50.6); Composite (Mar) 50.4 vs. Exp. 50.5 (Prev. 50.2)
UK Flash PMIs: Services (Mar) 53.2 (Prev. 51.0); Manufacturing PMI (Mar) 44.6 (Prev. 46.9), Composite PMI (Mar) 52.0 (Prev. 50.5)

NOTABLE EUROPEAN HEADLINES

UK Chancellor Reeves ordered GBP 2bln of Whitehall cuts to help fix the nation’s finances, according to FT. It was separately reported that Reeves said the UK will cut 10,000 civil service jobs, according to Bloomberg. Furthermore, Reeves will stick to fiscal rules despite global turmoil which raises the prospect of belt-tightening measures in the budget update this week, according to Reuters.
ECB’s Cipollone said key elements strengthen the case for further interest rate cuts; “recent data suggests we might reach the inflation target sooner than expected”, via Expansion.
Czech Republic is to rescue Radio Free Europe after US President Trump’s funding cuts, according to FT.

NOTABLE US HEADLINES

US President Trump signed a memorandum aimed at preventing abuses of the legal system and federal courts and directed the Attorney General to seek sanctions against lawyers and law firms that engage in frivolous unreasonable and vexatious litigation against the US government or departments and agencies of the government.
US tax revenue could drop by 10% amid turmoil at the IRS from staff cuts and disruptions related to DOGE, according to Washington Post.
US President Trump’s administration revoked temporary legal status for 530k Cubans, Haitians, Nicaraguans and Venezuelans in the US effective April 24th.
US Treasury is considering streamlining bank regulators, according to Semafor; Treasury is drafting recommendations on OCC and FDIC.

GEOPOLITICS

MIDDLE EAST

“Israeli Channel 12 on government sources: The military operation will be expanded and what we have done so far has not pushed Hamas to any understandings towards reaching a deal”, according to Al Jazeera.
AP said Egypt has put forward a new proposal to try to put the ceasefire between Israel and Hamas back on track.
“There are positive indications about a new Egyptian proposal in the negotiations, but the gaps are still large”, according to Israel’s N12.
Israeli PM Netanyahu spoke with US Secretary of State Rubio and discussed regional developments including the release of hostages and resumption of fighting in Gaza.
Israel’s military said a projectile was launched from Yemen towards Israel which was intercepted and it conducted strikes on Rafah and Khan Younis, while Israel’s military also said the division that operated in Lebanon is preparing for Gaza activity.
Israel conducted an air strike which killed Hamas political leader Salah Al-Bardaweel in the southern Gaza Strip and targeted the surgery department at Gaza’s Nasser Hospital which killed Hamas political bureau member Ismail Baarhoum.
US peacekeepers said an escalation of the volatile situation at the Lebanon-Israel border could have serious consequences for the region, while it was reported that Israeli PM Netanyahu ordered strikes against dozens of targets in Lebanon in response to rocket fire although Hezbollah denied any link to rocket launches from southern Lebanon on Saturday.
White House National Security Adviser Waltz said the US took out key Houthi leadership during strikes in Yemen, as well as weapons factories and some drone facilities, while he added that the US is seeking full dismantlement of the Iranian nuclear program in a way the entire world can see.
US envoy Witkoff said Hamas is the aggressor here and had every opportunity to demilitarise and accept the bridging proposal but they elected not to. Witkoff also stated that their signal to Iran is let’s sit down and see if we can get to the right place through diplomacy, while he added that Iran cannot have a nuclear bomb which cannot and will not happen.
Iran’s Foreign Minister Araqchi said talks with the US are impossible unless Washington changes its pressure policy.
Iranian Foreign Ministry warned of the repercussions of the new Israeli escalation against Lebanon, according to Sky News Arabia.

RUSSIA-UKRAINE

Negotiations between the delegations of the Russian Federation and the US last about two hours; “the parties do not plan to complete the meeting in the near future”, according to TASS.
Russia’s Kremlin said Saudi Arabia negotiations are underway on technical issues, there are many different aspects related to a settlement in Ukraine that need to be worked out. The Black Sea initiative is on the agenda in these talks. There is a common understanding with the US on the willingness to move towards a settlement
Russia’s Defence Ministry says Ukraine attempted to attack an oil pumping station in Russia’s Krasnodar region, according to IFAX; the station is out of operation for repairs.
Russia’s Kremlin, on energy strike moratorium, said they are monitoring the situation after attacks by Ukraine.
Ukraine and US delegations began talks in Saudi Arabia, while Ukrainian President Zelensky said the Ukrainian delegation is working in a completely constructive way and the conversation is quite useful. There were also comments from the Ukrainian Defence Minister that the agenda for talks included proposals to protect energy facilities and critical infrastructure.
White House National Security Adviser Waltz said the US is talking through a number of confidence-building measures to end the Russia-Ukraine war including the future of Ukrainian children taken into Russia.
US envoy Witkoff said the US expects a lot more progress on the Russia-Ukraine conflict and that Russian President Putin does not want to take all of Europe with the situation much more different than WW2.
White House is aiming for a Russia-Ukraine truce agreement by April 20th, according to Bloomberg.
Russia’s Kremlin said the Putin-Trump call was a step towards a face-to-face meeting and talks in Saudi Arabia will be as well. It was also reported that the Russian Defence Ministry said Russian forces took control of Sribne in eastern Ukraine, according to IFAX.

OTHER

South Korea’s Foreign Minister said sanctions against North Korea must be carried out faithfully and that North Korea should not be rewarded for its wrongdoing in the course of the war in Ukraine.
Venezuela’s government said it will resume repatriation flights of migrants from the US beginning on March 23rd.

CRYPTO

Bitcoin ultimately gained after oscillating through the USD 86,000 level to levels north of USD 87,500.

APAC TRADE

APAC stocks traded mixed in a rangebound fashion amid tariff and trade-related uncertainty, while weekend newflow was mostly centred around geopolitics although there were some reports that suggested the potential for a more focused approach by US President Trump regarding April 2nd ‘Liberation Day’ reciprocal tariffs.
ASX 200 was little changed as strength in financials and consumer discretionary offset the underperformance in consumer staples and tech, while the latest flash PMI data from Australia accelerated.
Nikkei 225 swung between gains and losses with price action indecisive amid a weaker currency and a deterioration in Japanese flash PMIs which all printed in contraction territory.
Hang Seng and Shanghai Comp conformed to the lacklustre mood amid lingering frictions although Chinese Premier Li stated at a business forum it is necessary for countries to open up their markets in an increasingly fragmented world and that China was ready for any unexpected shocks, while the PBoC reiterated its pledge to cut rates and RRR at an appropriate time during its quarterly meeting on Friday.

NOTABLE ASIA-PAC HEADLINES

PBoC to conduct CNY 450bln of 1-year MLF operation on Tuesday. MLF operation to be carried out by adopting a fixed quantity, interest rate bidding, and multiple price bidding method.
Chinese Premier Li said at a business forum it is necessary for countries to open up their markets in an increasingly fragmented world and countries must work to resist risks and challenges from rising instability and uncertainty. Li also stated that China was ready for bigger than expected external shocks and will focus on combining policy intensification with stimulating market forces, as well as deepening reform of the economic system and will strive to open up chokepoints of the economic cycle.
US GOP Senator Daines met with Chinese Vice Premier He Lifeng on Saturday and noted that they are at a time when they have important issues to discuss between the two countries, while Senator Daines also met with Premier Li Qiang on Sunday in Beijing.
BoJ Governor Ueda said they cannot sell long-term JGB holdings immediately and have been gradually tapering long-term JGB holdings now. Ueda said the purpose of BoJ policy is to achieve stable prices and will not be disturbed by consideration for state finances, while he reiterated that the BoJ will adjust the degree of monetary easing if the 2% inflation target is likely to be achieved. Ueda said will not rule out the possibility of selling BoJ’s government bond holdings.
Japanese Finance Minister Kato said it is important for currencies to move in a stable manner reflecting fundamentals and they will take appropriate action against excessive moves.
South Korea’s Constitutional Court overturned the impeachment of Prime Minister Han, while Han stated he will address urgent issues of trade as a priority after being reinstated as the acting President.

DATA RECAP

Japanese JibunBK Manufacturing PMI Flash SA (Mar) 48.3 (Prev. 49.0)
Japanese JibunBK Services PMI Flash SA (Mar) 49.5 (Prev. 53.7)
Japanese JibunBK Composite PMI Flash SA (Mar) 48.5 (Prev. 52.0)
Australian Manufacturing PMI (Mar P) 52.6 (Prev. 50.4)
Australian Services PMI (Mar P) 51.2 (Prev. 50.8)
Australian Composite PMI (Mar P) 51.3 (Prev. 50.6)

GLOBAL NEWS

Turkish court formally arrested Istanbul Mayor Imamoglu after prosecutors asked the court to keep Imamoglu and four aides in jail pending their trial on terrorism and corruption charges. It was also reported that Turkey’s Central Bank Governor said in a meeting with bank executives that the central bank will do whatever is necessary within market rules, while the Capital Markets Board announced a ban on short selling on the Istanbul Stock Exchange until April 25th, eased the equity ratio requirement for credit capital markets transactions and removed the maximum limit for the total amount to be used for share buybacks of listed companies.

2c) Asian opening report

APAC stocks mixed amid trade uncertainty and the weekend’s geopolitical updates – Newsquawk Europe Market Open

Monday, Mar 24, 2025 – 02:31 AM

APAC stocks traded mixed and in a rangebound fashion amid trade-related uncertainty, while weekend newsflow was mostly centred around geopolitics.
US President Trump reportedly plans his tariff ‘Liberation Day’ with a more targeted push, according to Bloomberg.
European equity futures indicate a mildly positive cash market open with Euro Stoxx 50 futures up 0.3% after the cash market closed with losses of 0.5% on Friday.
USD is mixed vs peers, DXY is holding above 104, EUR/USD sits on a 1.08 handle, JPY is the marginal laggard across the majors.
Turkish court formally arrested Istanbul Mayor Imamoglu after prosecutors asked the court to keep Imamoglu and four aides in jail pending their trial on terrorism and corruption charges.
Russia-US talks in Saudi Arabia are to begin at 07:00GMT/03:00EDT, according to TASS citing an unnamed source.
Looking ahead, highlights include EZ, UK & US PMIs, Speakers including BoE’s Bailey, RBA’s Jones, Fed’s Bostic & Barr.

SNAPSHOT

Newsquawk in 3 steps:

1. Subscribe to the free premarket movers reports

2. Listen to this report in the market open podcast (available on Apple and Spotify)

3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days

US TRADE

EQUITIES

US stocks closed mixed on Friday on what was a choppy session amid quad witching but with outperformance in the Nasdaq as mega-cap stocks caught a bid in the final minutes of trade, while T-notes steepened with bonds fluctuating alongside the volatile risk environment.
SPX +0.08% at 5,668, NDX +0.39% at 19,754, DJI +0.08% at 41,985, RUT -0.56% at 2,057.
Click here for a detailed summary.

TARIFFS/TRADE

US President Trump reportedly plans his tariff ‘Liberation Day’ with a more targeted push, according to Bloomberg citing officials, while it was noted that Trump will announce widespread reciprocal tariffs on nations or blocs but is set to exclude some and the administration is currently not planning separate, sectoral-specific tariffs to be unveiled at the same event as Trump had once signalled. Furthermore, WSJ also reported that the “White House Narrows April 2 Tariffs” and that tariffs on industrial sectors such as cars and microchips are no longer expected to be announced although major trading partners will still be hit with reciprocal tariffs.
Canadian PM Carney said they aim to have free internal trade by Canada Day on July 1st and can increase GDP by CAD 150bln by reducing internal trade barriers between provinces, while he added they will allow businesses to defer corporate income tax payments and GST and HST remittance due to new US tariffs. Furthermore, PM Carney called for a general election on April 28th and proposed a middle-class tax cut to reduce the lowest tax bracket by 1%, as well as noted that Trump’s tariffs and threat actions create the most significant crisis of our lifetime and said Trump wants to break them so the US can own them.
China reportedly explores limiting exports to mollify US President Trump and may offer to curb the quantity of certain goods exported to the US, according to WSJ citing advisers to the Chinese government. Furthermore, it was also reported that Trump directed US federal agencies to assess the economic relationship between the US and China with the review due in early April.
China’s Foreign Minister Wang said China wants to pursue trade talks with other countries.
Malaysia is to crack down on NVIDIA (NVDA) chip flows under US pressure, while Malaysia’s Trade Minister said Washington suspects high-end semiconductors are making it to China despite trade controls, according to FT.

NOTABLE HEADLINES

US President Trump signed a memorandum aimed at preventing abuses of the legal system and federal courts and directed the Attorney General to seek sanctions against lawyers and law firms that engage in frivolous unreasonable and vexatious litigation against the US government or departments and agencies of the government.
US tax revenue could drop by 10% amid turmoil at the IRS from staff cuts and disruptions related to DOGE, according to Washington Post.
US President Trump’s administration revoked temporary legal status for 530k Cubans, Haitians, Nicaraguans and Venezuelans in the US effective April 24th.

APAC TRADE

EQUITIES

APAC stocks traded mixed in a rangebound fashion amid tariff and trade-related uncertainty, while weekend newsflow was mostly centred around geopolitics although there were some reports that suggested the potential for a more focused approach by US President Trump regarding April 2nd ‘Liberation Day’ reciprocal tariffs.
ASX 200 was little changed as strength in financials and consumer discretionary offset the underperformance in consumer staples and tech, while the latest flash PMI data from Australia accelerated.
Nikkei 225 swung between gains and losses with price action indecisive amid a weaker currency and a deterioration in Japanese flash PMIs which all printed in contraction territory.
Hang Seng and Shanghai Comp conformed to the lacklustre mood amid lingering frictions although Chinese Premier Li stated at a business forum it is necessary for countries to open up their markets in an increasingly fragmented world and that China was ready for any unexpected shocks, while the PBoC reiterated its pledge to cut rates and RRR at an appropriate time during its quarterly meeting on Friday.
US equity futures (ES +0.7%, NQ +0.8%) gained at the reopening with optimism spurred by the potential of a more targeted push by President Trump regarding April 2nd tariffs and could even exclude some countries.
European equity futures indicate a mildly positive cash market open with Euro Stoxx 50 futures up 0.3% after the cash market closed with losses of 0.5% on Friday.

FX

DXY was contained and initially softened after reports over the weekend regarding a potentially more targeted approach regarding April 2nd tariffs, although newsflow from the US was otherwise very quiet with participants looking ahead to this week’s slew of releases including the Fed’s preferred inflation gauge scheduled for Friday.
EUR/USD eked mild gains following last Friday’s rebound from a brief dip below the 1.0800 handle.
GBP/USD was rangebound after just about retaining the 1.2900 status ahead of comments from BoE Governor Bailey later and with Chancellor Reeves to deliver the Spring Statement mid-week, while it was also reported that the civil service is to cut 10,000 jobs as the Labour government seeks GBP 2bln in Whitehall cost cuts.
USD/JPY advanced from the open to hit resistance just shy of the 150.00 handle with the early upside facilitated by the contraction across Japanese PMI data, while currency jawboning by officials was largely ignored.
Antipodeans were mixed amid the indecisive risk tone and with AUD/USD just about kept afloat following the acceleration in Australia’s flash PMI data.
PBoC set USD/CNY mid-point at 7.1780 vs exp. 7.2496 (Prev. 7.1760).

FIXED INCOME

10yr UST futures trickled beneath the 111.00 level after Friday’s reversal and with early headwinds after reports that President Trump’s April 2nd tariffs could be more targeted than the barrage he previously threatened.
Bund futures took a breather from last week’s gains amid quiet news flow from the bloc ahead of PMIs.
10yr JGB futures were lacklustre despite the deterioration across Japan’s flash PMI data, while there were several comments from BoJ officials including Governor Ueda who reiterated the familiar rhetoric regarding adjusting the degree of monetary easing if the 2% inflation target is likely to be achieved.

COMMODITIES

Crude futures were lacklustre amid the subdued risk appetite in Asia and following the deluge of geopolitical-related headlines over the weekend including US-Ukraine talks and Israel strikes against Hamas and Hezbollah.
US President Trump told oil executives in a meeting during the prior week that he would consider efforts the administration might take to help oil firms fend off legal risks over climate issues, according to WSJ.
Spot gold lacked firm direction after last week’s pullback from record levels and as participants look ahead to a relatively busy calendar for US data this week including the latest Core PCE prices on Friday.
Copper futures remained afloat after the recent rally in prices but with the upside capped after failing to sustain the psychological USD 10k level and amid the uninspired mood in Asia-Pac.

CRYPTO

Bitcoin prices were choppy but ultimately gained after oscillating through the USD 86,000 level.

GLOBAL NEWS

Turkish court formally arrested Istanbul Mayor Imamoglu after prosecutors asked the court to keep Imamoglu and four aides in jail pending their trial on terrorism and corruption charges. It was also reported that Turkey’s Central Bank Governor said in a meeting with bank executives that the central bank will do whatever is necessary within market rules, while the Capital Markets Board announced a ban on short selling on the Istanbul Stock Exchange until April 25th, eased the equity ratio requirement for credit capital markets transactions and removed the maximum limit for the total amount to be used for share buybacks of listed companies.

NOTABLE ASIA-PAC HEADLINES

Chinese Premier Li said at a business forum it is necessary for countries to open up their markets in an increasingly fragmented world and countries must work to resist risks and challenges from rising instability and uncertainty. Li also stated that China was ready for bigger than expected external shocks and will focus on combining policy intensification with stimulating market forces, as well as deepen reform of the economic system and will strive to open up chokepoints of the economic cycle.
US GOP Senator Daines met with Chinese Vice Premier He Lifeng on Saturday and noted that they are at a time when they have important issues to discuss between the two countries, while Senator Daines also met with Premier Li Qiang on Sunday in Beijing.
BoJ Governor Ueda said they cannot sell long-term JGB holdings immediately and have been gradually tapering long-term JGB holdings now. Ueda said the purpose of BoJ policy is to achieve stable prices and will not be disturbed by consideration for state finances, while he reiterated that the BoJ will adjust the degree of monetary easing if the 2% inflation target is likely to be achieved.
Japanese Finance Minister Kato said it is important for currencies to move in a stable manner reflecting fundamentals and they will take appropriate action against excessive moves.
South Korea’s Constitutional Court overturned the impeachment of Prime Minister Han, while Han stated he will address urgent issues of trade as a priority after being reinstated as the acting President.

DATA RECAP

Japanese JibunBK Manufacturing PMI Flash SA (Mar) 48.3 (Prev. 49.0)
Japanese JibunBK Services PMI Flash SA (Mar) 49.5 (Prev. 53.7)
Japanese JibunBK Composite PMI Flash SA (Mar) 48.5 (Prev. 52.0)
Australian Manufacturing PMI (Mar P) 52.6 (Prev. 50.4)
Australian Services PMI (Mar P) 51.2 (Prev. 50.8)
Australian Composite PMI (Mar P) 51.3 (Prev. 50.6)

GEOPOLITICAL

MIDDLE EAST

Israeli PM Netanyahu spoke with US Secretary of State Rubio and discussed regional developments including the release of hostages and resumption of fighting in Gaza.
Israel’s military said a projectile was launched from Yemen towards Israel which was intercepted and it conducted strikes on Rafah and Khan Younis, while Israel’s military also said the division that operated in Lebanon is preparing for Gaza activity.
Israel conducted an air strike which killed Hamas political leader Salah Al-Bardaweel in the southern Gaza Strip and targeted the surgery department at Gaza’s Nasser Hospital which killed Hamas political bureau member Ismail Baarhoum.
US peacekeepers said an escalation of the volatile situation at the Lebanon-Israel border could have serious consequences for the region, while it was reported that Israeli PM Netanyahu ordered strikes against dozens of targets in Lebanon in response to rocket fire although Hezbollah denied any link to rocket launches from southern Lebanon on Saturday.
White House National Security Adviser Waltz said the US took out key Houthi leadership during strikes in Yemen, as well as weapons factories and some drone facilities, while he added that the US is seeking full dismantlement of the Iranian nuclear program in a way the entire world can see.
US envoy Witkoff said Hamas is the aggressor here and had every opportunity to demilitarise and accept the bridging proposal but they elected not to. Witkoff also stated that their signal to Iran is let’s sit down and see if we can get to the right place through diplomacy, while he added that Iran cannot have a nuclear bomb which cannot and will not happen.
Iran’s Foreign Minister Araqchi said talks with the US are impossible unless Washington changes its pressure policy.

RUSSIA-UKRAINE

Ukraine and US delegations began talks in Saudi Arabia, while Ukrainian President Zelensky said the Ukrainian delegation is working in a completely constructive way and the conversation is quite useful. There were also comments from the Ukrainian Defence Minister that the agenda for talks included proposals to protect energy facilities and critical infrastructure.
Russia-US talks in Saudi Arabia are to begin at 07:00GMT/03:00EDT, according to TASS citing an unnamed source.
White House National Security Adviser Waltz said the US is talking through a number of confidence-building measures to end the Russia-Ukraine war including the future of Ukrainian children taken into Russia.
US envoy Witkoff said the US expects a lot more progress on the Russia-Ukraine conflict and that Russian President Putin does not want to take all of Europe with the situation much more different than WW2.
White House is aiming for a Russia-Ukraine truce agreement by April 20th, according to Bloomberg.
Russia’s Kremlin said the Putin-Trump call was a step towards a face-to-face meeting and talks in Saudi Arabia will be as well. It was also reported that the Russian Defence Ministry said Russian forces took control of Sribne in eastern Ukraine, according to IFAX.

OTHER

South Korea’s Foreign Minister said sanctions against North Korea must be carried out faithfully and that North Korea should not be rewarded for its wrongdoing in the course of the war in Ukraine.
Venezuela’s government said it will resume repatriation flights of migrants from the US beginning on March 23rd.

EU/UK

NOTABLE HEADLINES

UK Chancellor Reeves ordered GBP 2bln of Whitehall cuts to help fix the nation’s finances, according to FT. It was separately reported that Reeves said the UK will cut 10,000 civil service jobs, according to Bloomberg. Furthermore, Reeves will stick to fiscal rules despite global turmoil which raises the prospect of belt-tightening measures in the budget update this week, according to Reuters.
UK Chancellor Reeves confirmed that the government is exploring potential adjustments to its digital services tax (DST) to avert further tariffs from the US, according to CityAM.
Czech Republic is to rescue Radio Free Europe after US President Trump’s funding cuts, according to FT.

3 .ASIA

3A NORTH KOREA/SOUTH KOREA

3BJAPAN

3C. CHINA/

4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS

GERMANY

Outrage After German Intel Chief Says Ukraine War Should Keep Going For Another 5 Years

Saturday, Mar 22, 2025 – 09:20 AM

Via Remix News,

The Ukraine war has already cost hundreds of thousands of lives, but Germany’s top intelligence chief is predicting far more carnage, and Ukraine’s opposition is reacting with outrage.

Bruno Kahl, the head of the Federal Intelligence Service (BND) made the comments in an interview, saying:

“If a war in Ukraine comes to a standstill earlier than (2029 or 2030), then all the means (of Russia) – both the technical and the material – are able much earlier to provide a threat against Europe.”

In Ukraine, this portion of the interview has been met with sharp backlash.

German newspaper Berliner Zeitung now asks:

“Will the war be waged on the backs of the Ukraine?”

Perhaps a ridiculous question concerning it has already been waged on their backs for the last three years.

The paper further writes:

“In Ukraine, that passage is causing excitement. The reading in Kyiv: The German intelligence chief publicly declares that the Ukraine war should not end before 2029. Otherwise, Russia could use its resources faster to pose a threat to Europe.”

🇭🇺🇺🇦 PM Orbán: Europe’s wars lead to fewer White Christian Europeans and more migrants

Hungary's leader says the war in Ukraine is a demographic disaster, just like WWI and WWII were for Hungary. Now, migrants will be being used to fill the missing gaps. pic.twitter.com/IEwMOcJmxv
— Remix News & Views (@RMXnews) May 28, 2024

In other words, a peace deal would not benefit Europe if it happens before the next five years. Instead, the German chief hints that it is in Europe’s interest to continue sending waves of Ukrainian men to die at the front.

The former prime minister of Ukraine, who still remains one of the most powerful voices in the country, Yulia Tymoshenko, reacted to Kahl’s statements. On her Facebook page, she wrote that “something slipped” out of Kahl’s mouth that Ukrainians “did not want to admit” to themselves.

“Did someone decide to pay for the exhaustion of Russia in the name of security in Europe with the existence of Ukraine and the lives of hundreds of thousands of Ukrainians? I never thought that it would be discussed so officially and openly,” she wrote. She then called for Zelensky to immediately end the war and sign a peace agreement.

As chairman of the opposition Fatherland Association, Tymoshenko complained that even the closest allies of Ukraine primarily pursue their own interests. She is calling on the Ukrainian parliament to address Kahl’s statement.

Oleksij Hontscharenko, from the European Solidarity Group, also made a similar statement on Telegram:

“Not in five or ten years. Let’s end it. To rebuild the economy and expand the army. It is important to preserve our country now, We don’t have to save anyone. We have to save ourselves.”

Ukrainian political scientist Anatoliy Oktysjuk said that Kahl’s statements only confirm what he has been saying for some time.

“Of course, peace negotiations and an end to our war are unfavorable for Europe. Should the Ukrainians struggle as long as possible so that it remains calm in Europe?”

On social media, Oktysjuk wrote that Kahl is only now honestly admitting what Oktysjuk had been talking about for the past two years.

There is growing unease in Ukraine about the humanitarian toll the war is taking on the Ukrainian population, which is seeing the worst demographic development in the entire world due to its high death rate, low birth rate, and a huge wave of emigration. In short, Ukrainians are increasingly fighting for a land that may not exist when the war is over. Already there are calls from business leaders in Ukraine to import Third World migrants to replace the men who have been lost.

Tymoshenko has become more outspoken in the media in recent months and has taken to sniping at Zelensky. Zelensky, however, has nothing to fear, as elections have been suspended in Ukraine as long as the war continues.

Read more here…

END

GERMANY

Germany Seizes Oil Tanker Belonging To Russia’s Shadow Fleet

Saturday, Mar 22, 2025 – 11:40 AM

By Tsvetana Paraskova of OilPrice.com

Germany has seized an oil tanker of the Russian shadow fleet that was found adrift in the Baltic Sea in January, German magazine Spiegel reported on Friday, quoting security sources.

The tanker, Eventin, was traveling under the flag of Panama when German authorities said in January that the vessel, belonging to the Russian shadow fleet, was stuck in German waters in the Baltic Sea.

The tanker had lost power and steering and was found adrift in the sea, north of the German island of Rügen.

Germany secured the vessel and blamed Russia for the use of a shadow fleet of tankers.

“Russia is endangering our European security not only with its illegal war of aggression against Ukraine, but also with severed cables, displaced border buoys, disinformation campaigns, GPS jammers and, as we have seen, dilapidated oil tankers,” German Foreign Minister Annalena Baerbock said at the time.

Two months after the incident was reported, Germany has now seized the tanker along with its cargo of about 100,000 tons of crude oil, Spiegel reports. The ship and the cargo, which is worth about $43 million (40 million euros), are now the property of Germany.

The tanker’s original route was to ship the oil from the Russian port of Ust-Luga through the Baltic Sea to Port Said in Egypt.

When found adrift in German waters, the tanker was towed to the waters off Sassnitz, due to an imminent danger of oil spill from the decrepit vessel. German coast guard and federal police have been monitoring the tanker since then, Spiegel reports.

Eventin was included in the latest EU sanctions against Russia at the end of February. The EU’s 16^th sanctions package against Russia targeted 74 additional vessels, bringing the total number of sanctioned vessels to 153.

“These vessels are part of the shadow fleet or contributed to Russia’s energy revenues,” the EU said.

GERMANY//SUNDAY

The Führer Of Germany: Friedrich Merz In A War & Spending Frenzy

by Tyler Durden

Sunday, Mar 23, 2025 – 07:00 AM

Authored by Peter Hanseler via voicefromrussia.ch,

After more than 80 years, Germany once again has a Führer who is in no way inferior to the old one in terms of mendacity and megalomania while spending sums that are unimaginable for most people. We do the math while our optimism withers.

Introduction

Yesterday I read the following lines on the Internet – unfortunately without an author’s reference: This has never happened before: a man who has not even been elected chancellor yet negotiates the biggest borrowing in the history of the Federal Republic of Germany with parties that lost the election, in a Bundestag that has long since been dissolved.

If you had described Friedrich Merz’s current behavior to a German 10 years ago, you would have been declared insane and put in a clinic without raising a fuss.

Friedrich Merz, who refuses to form a coalition with the AFD because he accuses them of right-wing extremism, is preparing Germany for war against Russia. The AFD wants peace with Russia, Russia seeks peace, the Americans want peace and Merz opposes all those who seek peace.

This week the Handelsblatt reported that up to 1.7 trillion could be spent. This article will prove that this plan is madness, simply by putting this astronomical figure into perspective for regular people.

How much is a trillion seconds?

I maintain that very few people are able to categorize the size of this number.

Let’s give it a try:

How much time elapses in one million seconds? – Correct, 11.57 days.

How much time elapses in a trillion seconds? – You will be wrong if you say a few years. It is exactly 31,709 years. That is indeed a long time ago. The earth was populated by sabre-toothed tigers and woolly mammoths, the last ice age took place. Rome was only founded a good 28,000 years afterwards.

I assume that all readers are somewhat overwhelmed that a trillion is as much as it is.

1.7 trillion in money

Germany’s current debt at federal level

As at June 30, Germany’s federal debt amounted to 1.621 trillion – or 1,621 billion euros. This corresponds to a national debt to gross domestic product ratio of 62.4%.

1.7 trillion is a hundred times more than all DAX companies together earned in 2023.

Friedrich Merz will double this debt. This would lead to a debt ratio of 125% – which would put the country in the neighborhood of Greece (158%).

Additional interest burden

The additional interest burden for the 1.7 trillion euros will amount to 47.6 billion euros per year if the current interest rate of the 10-year German government bond of 2.8% is used for the calculation.

The cumulative profit of Volkswagen, Mercedes-Benz and BMW amounted to 29.2 billion euros in 2024. The German automotive giants would therefore not even be able to pay the interest on this madness if they were to send all their profits to Berlin.

No chance of ever repaying this debt

In 2024, Germany collected income taxes amounting to 181.95 billion euros at federal level. This means that for nearly 10 years, 100% of total income taxes would have to be spent on the repayment of 1,700 billion euros.

Conclusion

Without even mentioning that Friedrich Merz’s actions are more than legally questionable, it is already clear from the figure of 1.7 trillion euros that he has lost his mind. This debt bonanza will drive the former world export champion and the former jewel of industry to the wall financially.

For many years, the German political elite has been railing against Russia, the country to which it owed the cheap energy that allowed Germany to become the industrial jewel of the world in the first place. Russia forgave the Germans, who had 27 million Russians on their conscience; the Russians have not forgotten these atrocities, but the Germans, or rather the German leadership, have, because what the German people think, choose or want is once again a thing of the past in Germania. Germany then turned imperiously against China, the current industrial jewel that, unlike the Germans, has not slept through the major trends. Last but not least, the German leadership is salivating against the US, the colonial master of the Germans, which has made a political U-turn and is now seeking peace with Russia. It is therefore by no means inappropriate to describe Friedrich Merz’s behavior as megalomania.

Ms. Baerbock, who made Germany a laughing stock on the international stage during her time as foreign minister, is cuddling up to the new Syrian government, which is made up of terrorists. For about two weeks now, civilians have been slaughtered in Syria, women and children have had their heads cut off, obviously a necessity on the road to democracy. Ms. Baerbock seems to agree with this. Incidentally, I do not recommend our readers to watch videos of these goings-on, thousands of which are posted on social media; they are nightmares that will deprive you of sleep. Ms. Baerbock is transferring 300 million euros to these very gentlemen. Ms. Baerbock, who will soon no longer have a job, seems to have special talents. She is to become the new President of the UN General Assembly.

The talented Ms. Baerbock – it cannot be due to education, intellect or manners

As a geopolitical analyst, you should always remain an optimist at heart, otherwise you will burn out completely. However, I find it increasingly difficult to carry a spark of hope for Germany: legally, geopolitically, in terms of freedom and emotionally.

* * *

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

END

5 RUSSIAN AND MIDDLE EASTERN AFFAIRS

ISRAEL HAMAS///

Danny Danon to UN: Hamas can either negotiate or watch its leadership fall

Israel’s Envoy to the UN Danny Danon stressed that comparisons between Palestinian security prisoners and hostages held by Hamas were fundamentally inaccurate and offensive.

By REUTERS, JERUSALEM POST STAFFMARCH 21, 2025 18:59Updated: MARCH 21, 2025 23:54

Israel's Ambassador Danny Danon addresses the UN Security Council meeting on the situation in Gaza, at U.N. headquarters in New York City, U.S., November 18, 2024. (photo credit: REUTERS/BRENDAN MCDERMID) — Israel’s Ambassador Danny Danon addresses the UN Security Council meeting on the situation in Gaza, at U.N. headquarters in New York City, U.S., November 18, 2024.(photo credit: REUTERS/BRENDAN MCDERMID)

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fbreaking-news%2Farticle-847066&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20250225_eab6a653f4759423d63a849fb76f9f0d4185dca4&useBunnyCDN=0&themeId=140&unitType=tts-player

Israel’s Envoy to the UN Danny Danon told the United Nations Security Council (UNSC) on Friday that Hamas can either come back and negotiate the hostage and ceasefire deal or wait and watch its leadership fall “one by one.”

“Hamas has a choice,” Danon said. “They can come back to the table and negotiate, or they can wait and watch their leadership fall, one by one. We will not stop until our people come home, all of them.”

Condemnations of the United Nations members’ stances on the conflict

Danon continued by condemning stances taken by members of the UNSC – noting that they had compared the plight of hostages abducted on October 7 by invading terrorists to Palestinian prisoners arrested and held in Israel.

“Let me be clear, Israeli hostages are innocent men, women and children abducted for no reason other than being Israeli or being in Israel on October 7,” he began. “They are being starved, tortured, and hidden away in Hamas’s underground dungeons. In contrast, Palestinians who have been arrested by Israel are terrorists, many with blood on their hands. They have committed the most heinous acts of terror.”

“For the sake of freeing our hostages, we found ourselves in an impossible position having to release many of these prisoners, many among them murderers serving life sentences for killing Israelis or Palestinians. Just because we were forced to exchange murderers for innocents does not mean there is any point of comparison,” he stressed, in reference to previous ceasefire-hostage deal agreements.

A Hamas propaganda stage in Rafah ahead of the hostage release, February 22, 2025. (credit: Screenshot/Telegram, SECTION 27A COPYRIGHT ACT)

“Anyone who attempts to draw such an equation is intentionally promoting Hamas propaganda,” Danon accused, stressing that prisoners were cared for by the state and had rights unafforded to those abducted by Hamas. “The Palestinian prisoners are fed, clothed, and protected. They have access to legal counsel, at the benefit of our robust and independent judiciary that will review their cases without bias. To compare them to hostages is not only an insult to the victims, it is plain moral bankruptcy. We have unfortunately come to expect such bankruptcy from some at this table.

Israel’s return to war

Danon also assured the UN that the decision to return to war in Gaza was not one “made lightly” but that it was “forced upon us by Hamas.”

Elaborating on this, he added that “after weeks of negotiations, after offering to expand the ceasefire in good faith, Hamas refused to release our hostages and continued to stall negotiations. They knew it’s Ramadan, they knew Passover is coming, but they decided to reject all offers.

“The world watched as Hamas spat in our face, in the face of the Israeli people waiting for the return of their loved ones. The world watched as Hamas rejected every opportunity to return 59 innocent men, women and children home. Israel had no choice but to act.”

END

iSRAEL HAMAS///SUNDAY

IDF strikes Hamas leadership as it expands invasion to Rafah in South, Beit Hanoun in North

Zamir appoints external investigators to review findings of Oct. 7 probes • Hamas claims Israeli airstrike kills its political leader in Gaza

By JERUSALEM POST STAFF

IDF troops operate in the Gaza Strip. March 23, 2025. (photo credit: IDF SPOKESPERSON'S UNIT) — IDF troops operate in the Gaza Strip. March 23, 2025.(photo credit: IDF SPOKESPERSON’S UNIT)

IDF eliminates senior Hamas political bureau member Salah Bardawil

“This elimination further degrades Hamas’ military and government capabilities,” the military noted.

By JERUSALEM POST STAFFMARCH 23, 2025 16:43Updated: MARCH 23, 202

IDF eliminates Salah Bardawil, head of Hamas's planning and development office, in Gaza, March 23, 2025. (photo credit: IDF SPOKESPERSON'S UNIT) — IDF eliminates Salah Bardawil, head of Hamas’s planning and development office, in Gaza, March 23, 2025.(photo credit: IDF SPOKESPERSON’S UNIT)

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fisrael-news%2Farticle-847262&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20250225_eab6a653f4759423d63a849fb76f9f0d4185dca4&useBunnyCDN=0&themeId=140&unitType=tts-player

The IDF and Shin Bet (Israel Security Agency) eliminated Salah Bardawil, a senior terrorist in Hamas’s political bureau in a strike overnight in the southern Gaza Strip, the military said on Sunday.

Bardawil headed the terror group’s planning and development office, the IDF noted, adding that in the framework of his role, the terrorist led Hamas’s strategic and military planning in the Gaza Strip.

“This elimination further degrades Hamas’ military and government capabilities,” the military noted. Top ArticlesRead More

IDFs social media ban is way overdue

IDF operation in southern Gaza

Overnight, reports emerged of an IDF strike in which Bardawil had been killed in a Khan Yunis strike.

IDF troops operate in the Gaza Strip. March 23, 2025. (credit: IDF SPOKESPERSON'S UNIT) — IDF troops operate in the Gaza Strip. March 23, 2025. (credit: IDF SPOKESPERSON’S UNIT)

On Sunday, the IDF expanded its operations in the southern Gaza Strip, instructing Gazans to evacuate Tel Sultan in Rafah.

Last week, the military invaded northern Gaza, central Gaza, Khan Yunis, and Rafah.

Yonah Jeremy Bob contributed to this report.

ISRAEL HAMAS///SUNDAY

IDF targets terrorist within Khan Yunis hospital

The IDF has significantly expanded its ground operations within the Gaza strip since March 18.

By JERUSALEM POST STAFFMARCH 23, 2025 21:39Updated: MARCH 23

Hamas terrorists seen in Khan Yunis, February 20, 2025 (photo credit: ABED RAHIM KHATIB/FLASH90) — Hamas terrorists seen in Khan Yunis, February 20, 2025(photo credit: ABED RAHIM KHATIB/FLASH90)

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fbreaking-news%2Farticle-847302&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20250225_eab6a653f4759423d63a849fb76f9f0d4185dca4&useBunnyCDN=0&themeId=140&unitType=tts-player

The IDF and Shin Bet (Israel Security Agency) struck a key Hamas terrorist who was operating within the Nasser Hospital in Khan Yunis, Gaza, they announced in a joint statement on Sunday.

The strike was conducted following an intelligence-gathering process and with precise munitions, according to the joint statement.

The military reportedly targeted Ismail Barhoum, a member of Hamas’s political bureau in Gaza and head of the organization’s finances, according to Israeli media. Top ArticlesRead More

Women’s leadership: Key to addressing Israel’s crises

IDF’s renewed Gaza operations

The IDF renewed hostilities with Hamas on March 18, significantly expanding its invasion of Gaza, ordering an evacuation of Palestinian civilians of Tel Sultan, and moving to reoccupy a second major area within one of Gaza’s four main sectors.

Only hours later, the IDF announced that it was adding a third division, Division 36, into the Gaza invasion to join the thrust along with Division 252 in central Gaza and Division 143 in Rafah, as well as the Golani Brigade and Tank Brigade 188.

Compound inside Nasser Hospital in Khan Yunis the IDF struck, March 23, 2025. (credit: IDF SPOKESPERSON'S UNIT) — Compound inside Nasser Hospital in Khan Yunis the IDF struck, March 23, 2025. (credit: IDF SPOKESPERSON’S UNIT)

Last week, the IDF had only invaded one area in each of Gaza’s four major quarters: northern Gaza, central Gaza, Khan Yunis, and Rafah, putting pressure on Hamas but far from a full-scale invasion of large portions of the Strip.

Yonah Jeremy Bob contributed to this report.

END

HEZBOLLAH

IDF strikes in south Lebanon after intercepting three rockets above Metulla

“We will not tolerate attacks on Galilee communities from Lebanon. Our commitment to their security stands firm—that is exactly what will be,” Katz said.

By JERUSALEM POST STAFFMARCH 22, 2025 07:59Updated: MARCH 22, 2025 12:44

AN ISRAELI M109 howitzer fires artillery shells. (photo credit: IDF SPOKESPERSON'S UNIT) — AN ISRAELI M109 howitzer fires artillery shells.(photo credit: IDF SPOKESPERSON’S UNIT)

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fbreaking-news%2Farticle-847101&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20250225_eab6a653f4759423d63a849fb76f9f0d4185dca4&useBunnyCDN=0&themeId=140&unitType=tts-player

Defense Minister Israel Katz warned that Israel will respond to three rockets that were fired from Lebanon on Saturday morning.

“We will not tolerate attacks on Galilee communities from Lebanon. Our commitment to their security stands firm—that is exactly what will be,” Katz said.

“Metulla and Beirut will be treated the same. The Lebanese government is fully responsible for any fire originating from its territory. I have instructed the IDF to respond accordingly.”

His statements came after the IDF intercepted three rockets from Lebanon.

Sirens were activated in Metulla in Israel’s North as a result of the launches.

IDF soldiers operate in the northern Gaza Strip, March 20, 2025 (credit: IDF SPOKESPERSON'S UNIT) — IDF soldiers operate in the northern Gaza Strip, March 20, 2025 (credit: IDF SPOKESPERSON’S UNIT)

Lebanon warns of resuming war

Following Katz’s statements, IDF Chief of Staff, Lt.-Gen. Eyal Zamir held a situational assessment. Afterward, the military noted that the IDF would respond severely to the morning’s attack and that the State of Lebanon bears responsibility for upholding the agreement.

Lebanon’s prime minister Nawaf Salam warned on Saturday of the potential renewal of military operations in the south of the country.

“All security and military measures must be taken to show that Lebanon decides on matters of war and peace,” Salam said in a statement after Israel struck towns in southern Lebanon in response to a cross-border rocket launch.

Israel’s Army Radio said the military was returning artillery fire. Lebanon’s state news agency said Israeli artillery hit two towns in southern Lebanon and airstrikes hit three other towns closer to the border.

Hezbollah-owned news outlet Al Manar reported that the IDF conducted airstrikes in Yahmar al-Shaqif, Arnoun, Kfar Tibnit, Markaba, Khiyam, and Houla.

The outlet also claimed that the military fired on Houla, Markab, and Kfar Kila with machine guns. Air raid sirens sounded at UNIFIL bases in air raid sirens sounded at UNIFIL bases in Deir Siryan and Adshit al-Qusayr.

UN peacekeepers told Reuters that the escalation of the situation on the border could have “serious consequences for the region.”

The IDF also added that there are no changes in the Home Front Command security guidelines.

No injuries have been reported at this time.

This is a developing story.

END

ISRAEL HEZBOLLAH./LEBANON/SATURDAY

IDF strikes dozens of Hezbollah launchers after rocket fire into northern Israel

Hezbollah denied any involvement regarding the rockets that were launched.

By JERUSALEM POST STAFFMARCH 22, 2025 07:59Updated: MARCH 22, 2025 17:47

The IDF struck dozens of Hezbollah rocket launchers and a command center from which unidentified terrorists were operating in southern Lebanon on Saturday morning.

The strikes come in response to a rocket fire launched towards Metulla in what the IDF called “a blatant violation of the understanding between Israel and Lebanon, and a direct threat to the citizens of the State of Israel,” noting “The State of Lebanon bears responsibility for upholding the agreement.”

Earlier on Saturday, Defense Minister Israel Katz warned that Israel would respond to three rockets that were fired from Lebanon. “We will not tolerate attacks on Galilee communities from Lebanon. Our commitment to their security stands firm—that is exactly what will be,” Katz said.

“Metulla and Beirut will be treated the same. The Lebanese government is fully responsible for any fire originating from its territory. I have instructed the IDF to respond accordingly.”

Sirens were activated in Metulla in Israel’s North as a result of the launches.

Hours after the strikes, the IDF later said that “at this stage, it is not possible to verify the identity of the organization that fired [the rockets],” according to Ynet.

Lebanon warns of resuming war

Lebanon’s Prime Minister, Nawaf Salam, warned on Saturday of the potential renewal of military operations in the south of the country.

The Lebanese Army updated that it had discovered the launchers used in the attack and dismantled them. The army later told Al Jazeera, “There are no clear signs of the entity responsible for launching the rockets,” and that they were investigating the origins of the strike.

https://x.com/LebarmyOfficial/status/1903387510874542401?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1903387510874542401%7Ctwgr%5E43d5f7d30c3bdd57083420fd3e22c35fa56eea7b%7Ctwcon%5Es1_&ref_url=https%3A%2F%2

Lebanese media reported that two people were killed and eight were wounded in Touline.

Hezbollah-owned news outlet Al Manar reported that the IDF conducted airstrikes in Yahmar al-Shaqif, Arnoun, Kfar Tibnit, Markaba, Khiyam, and Houla.

The outlet also claimed that the military fired on Houla, Markab, and Kfar Kila with machine guns. Air raid sirens sounded at UNIFIL bases, and air raid sirens sounded at United Nations Interim Forces in Lebanon (UNIFIL) bases in Deir Siryan and Adshit al-Qusayr.

Hezbollah also did not take responsibility for the launches, with a source telling Al Jazeera, “When we carry out an operation against the Israeli occupation forces, we announce it officially.”

“Hezbollah denies any involvement in the rocket fire from southern Lebanon into the occupied Palestinian territories, stressing that the Israeli enemy’s allegations are merely pretexts for its continued attacks on Lebanon, which have not ceased since the ceasefire was announced. Hezbollah reiterates its commitment to the ceasefire agreement and stands behind the Lebanese state in addressing this dangerous Zionist escalation against Lebanon,” the terror group said.

UN peacekeepers told Reuters that the escalation of the situation on the border could have “serious consequences for the region.”

“We strongly urge all parties to avoid jeopardizing the progress made, especially when civilian lives and the fragile stability observed in recent months is at risk,” the UNIFIL statement read.

The organization ended its statement by encouraging “both sides to uphold their commitments.”

UNIFIL troops remain in position, the organization’s statement read.

The IDF also added that there are no changes in the Home Front Command security guidelines.

No injuries have been reported at this time.

This is a developing story.

Reuters contributed to this report.

END

ISRAEL/HEZBOLLAH/SUNDAY

OPINION

Israel’s new doctrine: Crushing Hezbollah, not just deterring – analysis

Israel’s new doctrine in Lebanon: Provoke us, and the consequences will be severe • After months of strikes, Hezbollah is silent, fearing retaliation

By YONAH JEREMY BOBMARCH 23, 2025 18:23Updated: MARCH 23, 2025 19:5

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Israel and the IDF have a new security doctrine in Lebanon: It is called keeping Hezbollah crushed.

Not deterred, but crushed.

What is actually the smaller piece, if still important, is what just happened over the weekend.

Some small cell of terrorists, so far it seems from sources who are themselves not 100% certain that it was very likely a Palestinian terror group and not Hezbollah itself, tried to fire six rockets at Metulla.

Three fell within Lebanon and three were shot down by Israel’s air defenses.

HEZBOLLAH MEMBERS hold flags during a rally marking the annual Hezbollah Martyrs’ Day, in Beirut’s southern suburbs, last month (credit: AZIZ TAHER/REUTERS)

Not a single Israeli was hurt and not a single structure was hit.

Pre-October 7 Israel would have highlighted that Hezbollah was not involved, that no one was hurt, and would have threatened Hezbollah that if they did not keep a lid on the rockets, there could be trouble in the future.

But there would have been either no military response or at most very proportionate counter-fire on the areas which attacked Israel.

Under the new post-October 7 doctrine for Lebanon, Israel not only counter-fired at the source of the attack, but also engaged in multiple rounds of dozens of airstrikes on Hezbollah targets across Lebanon.

The message: anytime you fire a few measly rockets on Israel and hit nothing, you will pay 10-20 fold with attacks that will actually hurt.

So that piece of crushing, and not just deterring Hezbollah (deterring would have been a slightly disproportionate response), is important, but again is only a small piece of Israel’s strategy and tactics.

The larger piece is that after vanquishing Hezbollah’s leadership, including its chief Hassan Nasrallah, killing 3,851 Hezbollah of its broader fighters, and wounding 9,000 of its fighters during the war, Israel has killed over 100 Hezbollah fighters since the November 27 ceasefire.

The IDF has attacked over 120 Hezbollah assets since the ceasefire.

While many of these attacks were lower rank and file fighters in southern Lebanon, a bunch of them were senior Lebanese officials deep into Lebanon, including in Baalbek, 100 kilometers in.

At times the IDF has struck Iranian-sponsored convoys trying to smuggle weapons from Syria to Lebanon, at times it has forcibly turned back Iranian aircraft with supplies, and at times the navy has turned back ships at sea.

Although the IDF was supposed to withdraw from all of southern Lebanon on January 26, it obtained two delays of that deadline and did not actually withdraw until February 18.

On February 18, the Middle East appeared to transform overnight when the IDF withdrew after four-and-a-half months, but it still left several hundred soldiers at five outposts a few hundred meters from the border.

They remain there to this day and all indications from the IDF are that they are due to remain there for the foreseeable months and maybe much longer.

What all of this means is that four months after a nominal ceasefire between Israel and Hezbollah, Jerusalem has continued to pulverize the terror group right and left, anytime it has shown its face in public or in a sensitive area, let alone in southern Lebanon.

Israeli tanks are seen near the Israeli border with Lebanon, in northern Israel, March 23, 2025 (credit: IDF SPOKESPERSON'S UNIT) — Israeli tanks are seen near the Israeli border with Lebanon, in northern Israel, March 23, 2025 (credit: IDF SPOKESPERSON’S UNIT)

The new policy

But what if Israel would kill a Hezbollah fighter and this could lead the group to fire rockets against in large numbers on Israel?

The new policy is: we dare you to try, and if you do, we will start leveling Beirut again and kill the second replacement for Nasrallah (the first replacement was already killed during the war) and further decimate Hezbollah.

In other words, Hezbollah has taken hit after hit and not responded. It knows that if it would respond, the contest would be unfair by multiple levels of magnitude.

Old Israeli deterrence would be slightly disproportionate about Hezbollah violating the quiet between the sides and would almost never dare to proactively go after Hezbollah for war preparations in Lebanon that fell short of an actual attack.

Crushing Hezbollah continuously means making sure to strike it to remind it that Israel no longer turns the other cheek and that any provocation will immediately lead to a much worse situation for it.

It also means keeping several hundred soldiers in Lebanese territory who were not there before Hezbollah screwed up and dived into a war that had nothing to do with it.

These outposts both are a front deeper into Lebanese territory to stop an invasion before it can get to Israeli villages and a glaring reminder that adventurism against Israel now could come with long-term strategic prices.

There may be some point when Israeli attention and persistence with Hezbollah fails.

But four months after the ceasefire, when Israel bombed dozens of targets in Lebanon twice because of three measly rockets which hit nothing and may not even have been fired by Hezbollah, Hezbollah did not make a sound and is just praying that Jerusalem stops the retaliation there.

HOUTHIS/SATURDAY

IAF intercepts Houthi missile that triggered sirens in Jerusalem, surrounding areas

This is the third time this week that the Houthis had targeted the Jerusalem area after a two month pause.

By JERUSALEM POST STAFFMARCH 21, 2025 22:36Updated: MARCH 22, 2025

Sirens sound across Israel following Houthi missile. (photo credit: screenshot) — Sirens sound across Israel following Houthi missile.(photo credit: screenshot)

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Red alert sirens sounded across Israel from Jerusalem to Tel Aviv’s surrounding suburbs due to a ballistic missile that was fired from Yemen Friday night.

According to a Magen David Adom (MDA) statement, there were no injuries that were reported.

The missile was intercepted by the IAF before it crossed into Israeli territory. However, fragments of an interception of a Houthi missile reportedly fell in the town of Dhahiriya near Hebron, according to Army Radio citing Palestinian reports.

דיווחים פלסטינים: שברי יירוט של הטיל החות'י נפלו בעיירה דהריה ליד חברון@Doron_Kadosh pic.twitter.com/l4t8T7PXQY
— גלצ (@GLZRadio) March 21, 2025

Ben-Gurion Airport has grounded all flights and has closed for landings.

This is the third time this week that the Houthis had targeted the Jerusalem area after a two month pause.

Footage released by Houthi Military Media says to show a launch of missile, which the Houthis say they fired at Israel, at an unknown location in this screen grab obtained from a handout video released on December 19, 2024. (credit: HOUTHI MILITARY MEDIA/via REUTERS)

Thirteen people were hurt on their way to protected rooms after the Houthis fired a missile on Thursday, and three others suffered panic attacks, MDA reported.

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US attacked Yemen

On Wednesday night, the United States struck targets in Sanaa, Yemen’s capital, Beirut-based and Houthi-owned Al-Masirah TV channel reported. It was the fifth consecutive day of US attacks against Yemen.

The Houthis said they had targeted Ben-Gurion Airport with a “Palestine 2” hypersonic ballistic missile.

END

HOUTHIS/SATURDAY

Houthis declare Ben-Gurion Airport ‘no longer safe’ after renewed Gaza fighting

The Houthis announced an aerial blockade on Ben-Gurion Airport and threatened any airlines that fly to Israel.

By JERUSALEM POST STAFFMARCH 22, 2025 11:05Updated: MARCH 22, 2025 11:51

(Illustrative) Houthi spokesperson Yahya Saree over a backdrop of Ben-Gurion International Airport. (photo credit: Canva Pro, REUTERS, SCREENSHOT/X) — (Illustrative) Houthi spokesperson Yahya Saree over a backdrop of Ben-Gurion International Airport.(photo credit: Canva Pro, REUTERS, SCREENSHOT/X)

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Yemen’s Houthis announced a blockade on Ben-Gurion Airport and warned major airlines from flying to Israel, the terror organization said in a Saturday morning statement.

“After the success of our Yemeni Armed Forces in cutting off Israeli shipping in the Red Sea, a blockade is imposed on Ben-Gurion Airport in occupied Palestine,” the Houthis wrote in a statement on X/Twitter.

The Houthis warned Lufthansa, Turkish Airlines, Air France, British Airways, United Airlines, and easyJet from flying to Israel for “everyone’s safety.”Top ArticlesRead More

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Hub

Houthis target Ben-Gurion Airport

The organization wrote that any other airlines flying to Ben-Gurion Airport would also be targeted.

“Please take the decision of the Yemeni Armed Forces seriously, as Ben-Gurion Airport is no longer safe until the aggression on Gaza stops,” the statement read.

The announcement comes after the Yemeni terrorist organization fired multiple ballistic missiles towards Israel in the past week.

The terror organization targeted Jerusalem with missiles for the third time in two months on Friday.

END

USA/HOUTHIS/ISRAEL/SATURDAY

US to send second aircraft carrier to Middle East to combat Houthis- report

Hegseth’s decision comes as the US’s strikes on the Houthi terrorist organization in the region have been intensifying.

By JERUSALEM POST STAFFMARCH 22, 2025 10:51Updated: MARCH 22, 2025 11:21

A military plane lands onboard aircraft carrier USS Harry S. Truman, in the Adriatic Sea, February 2, 2022. The Truman strike group is operating under NATO command and control along with several other NATO allies for coordinated maritime manoeuvres, anti-submarine warfare training and long-range tr (photo credit: REUTERS/YARA NARDI) — A military plane lands onboard aircraft carrier USS Harry S. Truman, in the Adriatic Sea, February 2, 2022. The Truman strike group is operating under NATO command and control along with several other NATO allies for coordinated maritime manoeuvres, anti-submarine warfare training and long-range tr(photo credit: REUTERS/YARA NARDI)

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US Defense Secretary Pete Hegseth will send a second aircraft carrier to accompany the USS Harry S. Truman in the Middle East region, according to reports by the Associated Press and Politico, citing US officials.

The second carrier in question will reportedly be the USS Carl Vinson, which had been based in the Pacific Ocean, the report said.

The Associated Press cited the official saying the defense secretary ordered the USS Harry S. Truman to be in the Middle East for at least one more month, as it was initially supposed to return to Virginia at the end of this month. The report also said the Vinson was expected to arrive in the region next month.

Hegseth’s decision comes as the US’s strikes on the Houthi terrorist organization in the region have been increasing. A few hours after the Press report, the Houthis fired a ballistic missile toward Israel but was intercepted by the IAF before it crossed into Israeli territory.

The ballistic missile caused red alert sirens to sound all across Israel, from Jerusalem to the surrounding suburbs of Tel Aviv.

Carrier Air Wing 1 (CVW-1) conducts routine flight operations from the Nimitz-class aircraft carrier USS Harry S. Truman (CVN-75) in the U.S. Central Command's area of responsibility, in this handout picture released February 1, 2025. (credit: US Africa Command (AFRICOM) Public Affairs/Handout via REUTERS) — Carrier Air Wing 1 (CVW-1) conducts routine flight operations from the Nimitz-class aircraft carrier USS Harry S. Truman (CVN-75) in the U.S. Central Command’s area of responsibility, in this handout picture released February 1, 2025. (credit: US Africa Command (AFRICOM) Public Affairs/Handout via REUTERS)

The Vinson moving to accompany the USS Truman would be the second time that two carrier ships would be stationed in the Middle East in the past half-year, the report notes. Before moving toward the Middle East, it was conducting exercises with South Korean and Japanese forces, according to the report.

Statements directly against the Houthis, Iran

Hegseth said earlier this week, “The minute the Houthis say, ‘We’ll stop shooting at your ships [and] we’ll stop shooting at your drones,’ this campaign will end, but until then, it will be unrelenting,” and added that the airstrikes are to get the Islamic Republic of Iran’s attention, according to a Monday update by The US Department of Defense.

US President Donald Trump said on Wednesday that Iran must immediately stop sending military supplies to the Houthis and let the Yemeni group “fight it out themselves.”

Iran’s Supreme Leader Ali Khamenei responded two days later that Tehran has no proxies in the region and that the groups it backs act independently.

Reuters contributed to this report.

END

USA/HOUTHIS/SUNDAY

US strikes in Yemen took out key Houthi leaders, Mike Waltz says

US strikes in Yemen take out key Houthi leaders as the group escalates threats, including a blockade on Ben-Gurion Airport and missile attacks on Israel.

By REUTERS, JERUSALEM POST STAFFMARCH 23, 2025 16:39Updated: MARCH 23, 2025 19:50

Houthi military spokesman, Yahya Sarea, looks on during a rally to show support to Palestinians in the Gaza Strip and Lebanon's Hezbollah, in Sanaa, Yemen September 27, 2024. (photo credit: KHALED ABDULLAH/REUTERS) — Houthi military spokesman, Yahya Sarea, looks on during a rally to show support to Palestinians in the Gaza Strip and Lebanon’s Hezbollah, in Sanaa, Yemen September 27, 2024.(photo credit: KHALED ABDULLAH/REUTERS)

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A US military campaign of strikes in Yemen launched just over a week ago has so far taken out key Houthi leadership, including the group’s top missile specialist, White House National Security Advisor Mike Waltz said on Sunday.

The US military has so far released few details about the operations, launched after Houthi threats to renew its attacks on Red Sea shipping over the war in Gaza.

“We’ve hit their headquarters, we’ve hit communications nodes, weapons factories, and even some of their over-the-water drone production facilities,” Waltz told CBS News.Top ArticlesRead More

Waltz did not identify the slain missile specialist and gave no details on the other leaders who have been killed.

A Houthi follower wears a vest portraying the Houthi leader Abdul-Malik al-Houthi during a parade held as part of a 'popular army' mobilization campaign by the movement, in Sanaa, Yemen February 7, 2024. (credit: REUTERS/KHALED ABDULLAH) — A Houthi follower wears a vest portraying the Houthi leader Abdul-Malik al-Houthi during a parade held as part of a ‘popular army’ mobilization campaign by the movement, in Sanaa, Yemen February 7, 2024. (credit: REUTERS/KHALED ABDULLAH)

Ongoing Houthi terror

Rocket sirens activated across Israel, including in areas near Jerusalem, due to a ballistic missile launched from Yemen, the IDF announced on Sunday.

The missile was intercepted successfully before entering Israeli airspace.

US Defense Secretary Pete Hegseth will send a second aircraft carrier to accompany the USS Harry S. Truman in the Middle East region, according to reports on Saturday by the Associated Press and Politico, citing US officials.

The second carrier in question will reportedly be the USS Carl Vinson, which had been based in the Pacific Ocean, the report said.

The Houthis announced a blockade on Ben-Gurion Airport and warned major airlines against flying to Israel on Saturday.

“After the success of our Yemeni Armed Forces in cutting off Israeli shipping in the Red Sea, a blockade is imposed on Ben-Gurion Airport in occupied Palestine,” the terror group said on X/Twitter.

SYRIA/SATURDAY

WATCH: IDF strikes military targets in Palmyra, Tiyas Air Base in central Syria

The IDF said that these targets still had strategic military capabilities at the time of the attack.

By JERUSALEM POST STAFFMARCH 22, 2025 00:08Updated: MARCH 22, 2025 01:33

https://player.jpost.com/public/player.html?player=jpost&media=3869697&url=https://www.jpost.com/breaking-news/article-847088The IDF struck military targets in the city of Palmyra and at the Tiyas Air Base in central Syria on March 22, 2025 (credit: IDF Spokesperson’s Unit)

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The IDF struck military targets in the city of Palmyra and the Tiyas Air Base in central Syria on Friday night, the military announced.

The IDF said that these targets still had strategic military capabilities at the time of the attack.

The Tiyas Air Base, which is also known as the T-4 Air Base, and Palmyra is located in Syria’s Homs Governorate.

Two personnel from the new Syrian government’s security forces were wounded in the strikes, according to Army Radio citing Syrian media.

Previous strikes on targets in Syria

Friday’s latest wave of strikes comes four days after the IDF targeted former Syrian army outposts in the central Homs province on Tuesday, which were in the villages of Shinshar and Shamsin.

Blasts from IDF strikes in Syria, February 26, 2025. (credit: SCREENSHOT/X)

The day before the strikes in the Homs province, Israeli forces targeted military infrastructure in the province of Daraa that contained weapons and military equipment from the Assad regime.

Last week, 22 IAF jets dropped over 60 bombs across targets, also in southern Syria, which included striking radars and detection equipment used to assess aerial intelligence, headquarters, and military sites that contained weapons belonging to the former Syrian regime.

Defense Minister Israel Katz had told the Post last week that the presence of Israeli forces on Mount Hermon “protects Israel from a range of Syrian, Hamas, and Iranian threats.

“There are a series of threats. This regime is a jihadist regime. It put on a mask, but then it removed its mask,” he added.

In early December, Syrian President Ahmed al-Sharaa toppled the Assad regime, to which Israel then quickly seized a buffer zone in southern Syria as Sharaa was taking power.

Yonah Jeremy Bob and Reuters contributed to this report.

IRAN/ USA//SATURDAY

Trump’s offer of talks with Iran aims to avoid military action, US envoy says

Trump pushes for a new nuclear deal with Iran to avoid military action, but Khamenei rejects talks, calling it a deception as US sanctions pressure Tehran.

By REUTERSMARCH 23, 2025 18:48

An Iranian woman walks past an anti-Israel banner with a picture of Iranian missiles on a street in Tehran, Iran April 19, 2024. (photo credit: MAJID ASGARIPOUR/WANA (WEST ASIA NEWS AGENCY) VIA REUTERS) — An Iranian woman walks past an anti-Israel banner with a picture of Iranian missiles on a street in Tehran, Iran April 19, 2024.(photo credit: MAJID ASGARIPOUR/WANA (WEST ASIA NEWS AGENCY) VIA REUTERS)

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US President Donald Trump‘s outreach to Iran’s top authority, Supreme Leader Ayatollah Ali Khamenei, on a possible new nuclear deal is an effort to avoid military action, US special envoy Steve Witkoff said on Sunday.

“We don’t need to solve everything militarily,” Witkoff told Fox News.

“Our signal to Iran is let’s sit down and see if we can, through dialog, through diplomacy, get to the right place. If we can, we are prepared to do that. And if we can’t, the alternative is not a great alternative.”

IDF’s social media ban is way overdue

Trump said earlier this month that he had sent a letter to Khamenei, warning that “there are two ways Iran can be handled: militarily, or you make a deal.”

Khamenei rejected the US offer for talks as “a deception,” saying negotiating with the Trump administration would “tighten the knot of sanctions and increase pressure on Iran.”

Iranian Foreign Minister Abbas Araghchi speaks during a joint press conference with Russia's Foreign Minister Sergei Lavrov in Tehran, Iran, February 25, 2025. (credit: MAJID ASGARIPOUR/WANA (WEST ASIA NEWS AGENCY) VIA REUTERS) — Iranian Foreign Minister Abbas Araghchi speaks during a joint press conference with Russia’s Foreign Minister Sergei Lavrov in Tehran, Iran, February 25, 2025. (credit: MAJID ASGARIPOUR/WANA (WEST ASIA NEWS AGENCY) VIA REUTERS)

However, Iran’s foreign minister, Abbas Araghchi, said on Thursday that Tehran would soon reply to both the letter’s “threats and opportunities.” He cautioned on Sunday that talks with the US are impossible unless Washington changes its pressure policy.

Speaking separately on CBS News, the White House’s national security advisor, Mike Waltz, said the US sought “full dismantlement” of Iran’s nuclear program.

“Iran has to give up its program in a way that the entire world can see,” he said.

“As President Trump has said, this is coming to a head. All options are on the table and it is time for Iran to walk away completely from its desire to have a nuclear weapon.”

Tehran has long said the program is only for peaceful purposes.

IAEA Chief Rafael Grossi comments

UN nuclear watchdog chief Rafael Grossi said last month that time is running out for a deal to rein in Iran’s nuclear program as Tehran continues to accelerate its enrichment of uranium to near weapons grade.

While leaving the door open for a nuclear pact with Tehran, Trump has reinstated the “maximum pressure” campaign he applied in his first term as president, including efforts to drive the country’s oil exports to zero.

The US has issued four rounds of sanctions on Iran’s oil sales since Trump’s return to the White House on January 20.

END

ISRAEL//MONDAY

Israeli murdered, IDF soldier wounded in bus stop terror attack in North

Israeli media later named the terrorist as Karem Jabarin, 25, from the village of Ma’ale Iron in northern Israel.

By MATHILDA HELLER, JERUSALEM POST STAFFMARCH 24, 2025 09:55Updated: MARCH 24, 2025 14:59

Israeli security forces at the scene of a terror attack near Yokne’am, March 24, 2025 (photo credit: David Cohen/Flash90) — Israeli security forces at the scene of a terror attack near Yokne’am, March 24, 2025(photo credit: David Cohen/Flash90)

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An 85-year-old Israeli man was killed, and a 20-year-old soldier was wounded in a terror ramming, stabbing, and shooting attack that occurred near HaTishbi Junction on Route 66 on Monday, police and Israel’s emergency response service Magen David Adom (MDA) reported.

MDA paramedics initially provided medical treatment to Moshe ‘Musa’ Horn, 85, from Kibbutz Hazorea; however, he was pronounced dead at the scene. His 51-year-old son was with him in the vehicle and, according to the Israeli media, attempted to thwart the terrorist with his own personal weapon.

Moshe Horn, 85, who was killed by an Arab-Israel terrorist on 24 March 2025 (credit: Kibbutz Hazorea)

The military later said the wounded 20-year-old man was an IDF soldier and that he was evacuated to Rambam Medical Center in Haifa in serious condition.

Israel Police Commissioner Daniel Levi said the terrorist, an Israeli Arab, accelerated and rammed his vehicle into pedestrians at a bus stop, after which he exited the car with a knife and stabbed a soldier who was at the stop. The terrorist then took the soldier’s weapon and opened fire on civilians and vehicles.

“We are in the midst of the month of Ramadan and are deployed together with all security forces in all sectors in order to maintain the safety of the residents of the State of Israel,” Levi added.

Israeli security forces at the scene of a terror attack near Yokne’am, March 24, 2025 (credit: David Cohen/Flash90)

The terrorist was thwarted by police. According to Israeli media, police officers were passing by the scene on their way to unit training when they noticed a terrorist armed with a weapon firing at civilians.

המחבל רץ חמוש ויורה בנוסעים – ומנוטרל | תיעוד הפיגוע סמוך ליקנעם עילית@ItayBlumental
(צילום: שימוש לפי סעיף 27 א') https://t.co/9ObwcGcIz0 pic.twitter.com/jTKSZc5mXi
— כאן חדשות (@kann_news) March 24, 2025

Israeli media later named the terrorist as Karem Jabarin, 25, from Ma’ale Iron in northern Israel.

Paramedics arrive at the scene

MDA paramedic Ofer Vinik recounted what he saw upon arrival at the scene. “We arrived at the location and saw a male around 70 years old and a male around 20 near the bus stop, both suffering from penetrating wounds. We performed medical examinations on the 70-year-old male, but he had no pulse and was not breathing, and unfortunately, we had to pronounce him dead at the scene.

“Additional MDA teams provided medical treatment to the 20-year-old, who was conscious, and urgently evacuated him in an MDA mobile intensive care unit to the hospital in a serious and unstable condition.”

The Border police officer who thwarted the terrorist told KAN’s Reshet B: “Anyone who wasn’t there at the time cannot understand what I experienced at that moment. I was sitting in a car, a civilian said there was a terrorist in the area. We got out and eliminated the terrorist, we prevented a major attack.”

Palestinian Islamic Jihad claimed responsibility for the attack in a statement to its Telegram on Monday.

Moshe Horn

According to a statement from the kibbutz, Horn was a father of four and grandfather of ten and “one of the pillars of Kibbutz Hazorea.”

“My heart aches for the Horn family and the entire Kibbutz Hazorea community,” President Isaac Herzog wrote in a post on X/Twitter following the attack.

המחבל רץ חמוש ויורה בנוסעים – ומנוטרל | תיעוד הפיגוע סמוך ליקנעם עילית@ItayBlumental
(צילום: שימוש לפי סעיף 27 א') https://t.co/9ObwcGcIz0 pic.twitter.com/jTKSZc5mXi
— כאן חדשות (@kann_news) March 24, 2025

“In this difficult time, I extend my support to his son, who was with him during these horrific moments, send my heartfelt condolences to his family, and wish a full recovery to the soldier injured in this despicable attack.”

EGYPT/HAMAS/ISRAEL/MONDAY

Egypt makes new proposal to restore Gaza ceasefire deal, sources say

Both the US and Hamas agreed to the proposal, the security sources said, but Israel had not yet responded.

By REUTERSMARCH 24, 2025 12:26Updated: MARCH 24, 2025 13:0

Hamas terrorists shake hands with child as they stand guard as people gather on the day of the handover of hostages, February 22, 2025. (photo credit: REUTERS/Ramadan Abed) — Hamas terrorists shake hands with child as they stand guard as people gather on the day of the handover of hostages, February 22, 2025.(photo credit: REUTERS/Ramadan Abed)

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Egypt made a new proposal last week aimed at restoring the Gaza ceasefire deal, security sources told Reuters on Monday.

The proposal follows an escalation in violence after Israel resumed air and ground operations against Hamas last Tuesday, effectively ending a two-month period of relative calm.

The Egyptian plan suggests Hamas release five Israeli hostages each week, with Israel implementing the second phase of the ceasefire after the first week, the sources said.

Both the US and Hamas agreed to the proposal, the security sources said, but Israel had not yet responded.

The sources said Egypt’s proposal also includes a timeline for the release of all hostages in exchange for a timeline for Israel’s full withdrawal from Gaza, backed by US guarantees.

An illustration US President Donald Trump and the Gaza Strip (credit: REUTERS, SHUTTERSTOCK)

Hamas terrorists accuse Israel of breaching ceasefire

Hamas has accused Israel of breaking the terms of the January ceasefire agreement but has said it is still willing to negotiate a ceasefire and was studying proposals from US President Donald Trump’s special envoy, Steve Witkoff.

END

ISRAEL HAMAS/MONDAY

With the IDF’s rapid advance into Gaza, Hamas may be facing a real challenge – analysis

Arabic media, whether pro-Hamas or not, see the IDF’s rapid advance as a game changer.

By SETH J. FRANTZMANMARCH 24, 2

IDF Chief of Staff Eyal Zamir visits Rafah in the southern Gaza Strip. March 18, 2025. (photo credit: IDF SPOKESPERSON'S UNIT) — IDF Chief of Staff Eyal Zamir visits Rafah in the southern Gaza Strip. March 18, 2025.(photo credit: IDF SPOKESPERSON’S UNIT)

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fisrael-news%2Farticle-847391&unitId=2900003088&userId=0825748c-83eb-4fa6-9d99-5d5781551d74&isLegacyBrowser=false&isPartitioningSupport=1&version=20250225_eab6a653f4759423d63a849fb76f9f0d4185dca4&useBunnyCDN=0&themeId=140&unitType=tts-player

Hamas may be concerned as it sees the IDF advancing in Gaza and appears to so far have very little to confront the advance. The IDF has begun a multi-pronged ground offensive in Gaza since March 19 that has seen forces from several units penetrate into areas of northern Gaza, the Netzarim corridor south of Gaza city and also areas of southern Gaza.

The hints of Hamas concern can be seen in the scramble by Cairo to try to broker some kind of deal; and also reports in Arabic media.

The pro-Hezbollah Lebanese Al-Akhbar, for instance, has written about a new “assassination” policy by Israel. This comes after the high profile strikes on several Hamas political leaders in Gaza. In addition several key Hamas terrorist leaders of units in the area of Shejaiya were killed.

Al-Akhbar says “over the past two days, the situation on the ground in the Gaza Strip has shifted from the framework of the air operation and military pressure on Hamas to the return of full-scale warfare, coinciding with an assassination campaign targeting a number of the movement’s leaders.”

An Israeli tank manoeuvres on the Israeli side of the border between Israel and Gaza (credit: REUTERS)

The report says that the IDF has moved its 36th Armored Division to the border of Gaza. It also reports “the advance of military vehicles from the northwestern border of the Strip, adjacent to the city of Beit Lahia, the northeastern axis adjacent to the city of Beit Hanoun, and the eastern areas of the Jabalia camp. In central Gaza, the enemy expanded its control over the Netzarim axis, the Mughraqa area, and the southern areas of the Zeitoun neighborhood.”

Hamas’s challenges

The article goes on to list a number of IDF advances and defeats for Hamas. This is in contrast to last year when these types of articles would shift between details of killing of civilians in Gaza, to Hamas “successes” against the IDF. The most they can now point to is the Houthis claiming they might support Hezbollah. Not exactly good news for Hamas, since Hamas can’t seem to hold onto any areas as its men retreat.

Al-Ain media, which is based in the UAE and is not pro-Hamas, has also reported on the IDF moving the 36th Division to the Gaza border. Clearly these Arabic media, whether pro-Hamas or not, both see the IDF’s rapid advance as a game changer.

Hamas is melting away. It is not standing and fighting. It doesn’t seem to have many weapons or booby-traps in its arsenal. That could change. However, Hamas has also not been able to fire many rockets. It appears that it is facing a real challenge. This means it may be scrambling to get a ceasefire.

END

Hamas publishes propaganda clip featuring hostages Elkana Bohbot and Yosef-Haim Ohana

By Nurit Yohanan

People walk in the Carmel Market in Tel Aviv, on September 27, 2024, next to the market stand belonging to Elkana Bohbot, who was kidnapped from the Nova festival. (AP /Ohad Zwigenberg)

Hamas publishes a propaganda video showing a sign of life from Israeli hostages Elkana Bohbot and Yosef-Haim Ohana, who were both kidnapped from the Nova festival on October 7 and are still being held in Gaza.

Hamas has previously issued similar videos of hostages it is holding, in what Israel says is deplorable psychological warfare.

The Hostage Families Forum asks that Israeli media not publish the video or stills from the clip until the family approves them.

end

IDF says it destroyed more than 100 pickup trucks in Gaza used by Hamas

By Emanuel Fabian

A Toyota pickup truck ablaze in Gaza after an IDF raid, March 24, 2025. (X, used in accordance with clause 27a of the copyright law)

The IDF says it destroyed over 100 pickup trucks used by Hamas terrorists in airstrikes across the Gaza Strip today.

The trucks were used by Hamas in its October 7, 2023, terror onslaught in southern Israel, as well as for other operations in Gaza, including to transfer weapons, the army says.

Armed Hamas gunmen were also seen parading in the vehicles during recent hostage release propaganda ceremonies.

The airstrikes targeting the pickup trucks were carried out in all areas of Gaza. One strike hit a building where several pickup trucks were being stored, the military adds.

https://customer-b1ezbl4fz7l5vj5n.cloudflarestream.com/4e50cc43b6e86a3bf4de27986e0555e0/iframe

https://www.timesofisrael.com/liveblog-march-24-2025/

This video released by the IDF on March 24, 2025, shows strikes on Hamas pickup trucks in the Gaza Strip. (Israel Defense Forces)

RUSSIAN VS UKRAINE

Waltz Reveals Topics Of US-Russia Meeting As It Kicks Off In Riyadh

Monday, Mar 24, 2025 – 08:40 AM

Trump’s national security adviser Mike Walz has previewed what will be a main topic of discussion for Monday’s next round of talks with Russia in Saudi Arabia. At this point the talks between the US and Ukrainian delegations have concluded (as of Sunday night), and up next is the separate meeting with the Russians, which has begun Monday.

“We’re moving closer and we’re closer to peace than we ever have been,” Walz told CBS’ Face the Nation. “And now we have technical teams, actually, with Ukrainians and Russians at the same facility, conducting proximity talks.”

That’s when he revealed a major new focus of negotiations for the Monday talks. “We now going to talk about a Black Sea maritime ceasefire so that both sides can move grain fuel and start conducting trade again in the Black Sea,” Walz described.

Reaching a lasting ceasefire deal would allow both warring countries to “move grain, fuel, and start conducting trade” in the sea again, he said.

Also high on the agenda will be discussions of the front line, the issue of territories, and the achievement and maintenance of sustainable peace. “We’ll talk the line of control… details of verification mechanisms, peace keeping, you know, freezing the lines where they are,” Walz noted.

The issue of “broader and permanent peace” and “security guarantees” are also on the table as the diplomatic engagements proceed.

As the talks in Riyadh have reportedly begun Monday, the Russian ruble has continued to strengthen on to the expectation of a peace deal, by 09:30 GMT gaining over 1% against the US dollar in the over-the-counter market.

Meanwhile, Ukraine’s president Volodymyr Zelensky has condemned the continued aerial attacks on Ukraine. Overnight Ukraine’s military says it shot down nearly 60 inbound Russian drones. Both sides say they’ve agreed to a US-brokered pause on attacks against energy infrastructure – both other attacks have persisted.

Zelensky called on allies put more pressure on Russia “to stop this terror”. He said in a fresh televised statement that “since March 11, a proposal for an unconditional ceasefire has been on the table, and these attacks could have already stopped. But it is Russia that continues all this.”

“Our team is working in a fully constructive manner, and the discussion is quite useful. The work of the delegations continues,” Zelensky said in reference to the Sunday Riyadh meeting with the US delegation.

“But no matter what we’re discussing with our partners right now, Putin must be pushed to issue a real order to stop the strikes, because the one who brought this war must be the one to take it back,” he added.

* * *

Al Jazeera has the following brief backgrounder on the national security officials leading the Russian delegation for Monday’s meeting with the US in Riyadh:

Sergei Beseda

The 70-year-old is an adviser to FSB chief Alexander Bortnikov.

From 2009 to last year, he was heading the FSB’s 5th service, which runs agents in former Soviet countries. Some experts believe he was closely involved in intelligence preparations for Russia’s full-scale invasion of Ukraine in 2022.

According to Reuters, Beseda’s position appeared precarious after Ukraine fought back much more strongly than expected and Russia’s initial assault on Kyiv was beaten back, but he remained in his post.

Ex-US Ambassador John Sullivan wrote in his memoir that Beseda also took part in negotiations with the US in 2021 on exchanging prisoners held in each other’s prisons.

Grigory Karasin

The 75-year-old is a former long-serving diplomat whose past posts include deputy foreign minister and ambassador to the UK.

He is now a member of the Federation Council, the upper house of Russia’s parliament, and chairs its international affairs committee.
Both he and Beseda have been placed under Western sanctions.

* * *

Below are more developing Monday geopolitical headlines via Newsquawk:

Middle East

“Israeli Channel 12 on government sources: The military operation will be expanded and what we have done so far has not pushed Hamas to any understandings towards reaching a deal”, according to Al Jazeera.
AP said Egypt has put forward a new proposal to try to put the ceasefire between Israel and Hamas back on track.
“There are positive indications about a new Egyptian proposal in the negotiations, but the gaps are still large”, according to Israel’s N12.
Israeli PM Netanyahu spoke with US Secretary of State Rubio and discussed regional developments including the release of hostages and resumption of fighting in Gaza.
Israel’s military said a projectile was launched from Yemen towards Israel which was intercepted and it conducted strikes on Rafah and Khan Younis, while Israel’s military also said the division that operated in Lebanon is preparing for Gaza activity.
Israel conducted an air strike which killed Hamas political leader Salah Al-Bardaweel in the southern Gaza Strip and targeted the surgery department at Gaza’s Nasser Hospital which killed Hamas political bureau member Ismail Baarhoum.
US peacekeepers said an escalation of the volatile situation at the Lebanon-Israel border could have serious consequences for the region, while it was reported that Israeli PM Netanyahu ordered strikes against dozens of targets in Lebanon in response to rocket fire although Hezbollah denied any link to rocket launches from southern Lebanon on Saturday.
White House National Security Adviser Waltz said the US took out key Houthi leadership during strikes in Yemen, as well as weapons factories and some drone facilities, while he added that the US is seeking full dismantlement of the Iranian nuclear program in a way the entire world can see.
US envoy Witkoff said Hamas is the aggressor here and had every opportunity to demilitarise and accept the bridging proposal but they elected not to. Witkoff also stated that their signal to Iran is let’s sit down and see if we can get to the right place through diplomacy, while he added that Iran cannot have a nuclear bomb which cannot and will not happen.
Iran’s Foreign Minister Araqchi said talks with the US are impossible unless Washington changes its pressure policy.
Iranian Foreign Ministry warned of the repercussions of the new Israeli escalation against Lebanon, according to Sky News Arabia.

Ukraine

Negotiations between the delegations of the Russian Federation and the US last about two hours; “the parties do not plan to complete the meeting in the near future”, according to TASS.
Russia’s Kremlin said Saudi Arabia negotiations are underway on technical issues, there are many different aspects related to a settlement in Ukraine that need to be worked out. The Black Sea initiative is on the agenda in these talks. There is a common understanding with the US on the willingness to move towards a settlement
Russia’s Defence Ministry says Ukraine attempted to attack an oil pumping station in Russia’s Krasnodar region, according to IFAX; the station is out of operation for repairs.
Russia’s Kremlin, on energy strike moratorium, said they are monitoring the situation after attacks by Ukraine.
Ukraine and US delegations began talks in Saudi Arabia, while Ukrainian President Zelensky said the Ukrainian delegation is working in a completely constructive way and the conversation is quite useful. There were also comments from the Ukrainian Defence Minister that the agenda for talks included proposals to protect energy facilities and critical infrastructure.
White House National Security Adviser Waltz said the US is talking through a number of confidence-building measures to end the Russia-Ukraine war including the future of Ukrainian children taken into Russia.
US envoy Witkoff said the US expects a lot more progress on the Russia-Ukraine conflict and that Russian President Putin does not want to take all of Europe with the situation much more different than WW2.
White House is aiming for a Russia-Ukraine truce agreement by April 20th, according to Bloomberg.
Russia’s Kremlin said the Putin-Trump call was a step towards a face-to-face meeting and talks in Saudi Arabia will be as well. It was also reported that the Russian Defence Ministry said Russian forces took control of Sribne in eastern Ukraine, according to IFAX.

Other

South Korea’s Foreign Minister said sanctions against North Korea must be carried out faithfully and that North Korea should not be rewarded for its wrongdoing in the course of the war in Ukraine.
Venezuela’s government said it will resume repatriation flights of migrants from the US beginning on March 23rd.

GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUES

MARK CRISPIN MILLER

Downhill racers: The toll of “vaccination” among cross-country skiers

DR PAUL ALEXANDER

Downhill racers: The toll of “vaccination” among cross-country skiers

Among the best-trained athletes in the world, these skiers—and there are no doubt others—have been variously sickened by the COVID bioweapon

Mark Crispin Miller

An overview from Terje M. in Australia, a member of our research team, commenting on this piece, which we posted on 3/18:

Illness at the Nordic Ski World Championships: concern for the Italian Elia Barp

March 2, 2025

Link

For those that follow that sport, the Italian Elia Barp wasn’t the only one; the cross-country skiers are constantly sick.

Just off the top of my head, from the Ski World Championships earlier in March: Finnish Iivo Niskanen (flu), Norwegian coach Sjur Ole Svarstad (“sick”), Norwegian King Harald (age 88 but big ski fan, sick), Tiril Udnes Weng (Streptococcus), Jarl Magnus Riiber (Crohn’s disease), Johannes Høsflot Klæbo (“sick”), Astrid Øyre Slind (tummy problems), Simen Hegstad Krüger (heart arrhythmia); Swedish Linn Svahn (concussion), Calle Halfvarsson (“sick”), Emma Ribom (heart problems, unusually high pulse),

The Alpine (downhill) skiers are breaking their legs, twisting their ankles, falling badly etc.

This is a very conspicuous trend since 2021. 2022 was a horror year. These athletes are among the best trained in the world, and now have the health of old geezers.

Upgrade to paid

Ivo Niskanen

Sjur Ole Svarstad

King Harald of Norway

Tiril Udnes Weng

Jarl Magnus Riiber

Johannes Høsflot Klæbo

Astrid Øyre Slind

Simen Hegstad Krüger

Linn Svahn

Calle Halfvarsson

Emma Ribom

SCOTUS, Chief Justice John Roberts; what will SCOTUS do? Will it adjudicate as constitutionalists or as activists? Trump responds to Judge Boasberg’s updated request on Social accusing Boasberg of

playing games, grandstanding as Boasberg makes new demands of Trump world as to the deportation flights (see below); what is the intent of Boasberg? Can a judge effectively tie the hands of a POTUS?

Dr. Paul AlexanderMar 21

READ IN APP

Are all of these cases going to SCOTUS? Do we already have conflicted SCOTUS Justices who must recuse? Is the Trump Justice Department preparing the submissions with enough high quality, comprehensive, and bullet-proof so that it constrains the judges from ruling against Trump? I do not think so. They are behaving now like keystone ‘mall’ lawyers. Do they know what they are doing such that all the EOs are being struck down? Is this mass subversion from within the house? They did Trump this in term one. What recourse does Trump have? Are these people setting Trump to make mistakes?

‘Judge James Boasberg is doing everything in his power to usurp the Power of the Presidency. He is a local, unknown Judge, a Grandstander, looking for publicity, and it cannot be for any other reason, because his “Rulings” are so ridiculous, and inept. SAVE AMERICA!’

Alexander News Network (ANN): Trump’s War 2.0 for America is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.

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‘Boasberg then made new insane demands and ordered the Trump Administration to disclose more information about the deportation flights:

1. By March 21, 2025, at 10:00 a.m., Defendants shall submit a sworn declaration by a person with direct involvement in the Cabinet-level discussions regarding invocation of the state-secrets privilege;

2. By March 25, 2025, Defendants shall submit a declaration indicating whether or not the Government is invoking the privilege;

3. By March 25, 2025, Defendants shall file a brief showing cause why they did not violate the Court’s Temporary Restraining Orders by failing to return class members removed from the United States on the two earliest planes that departed on March 15, 2025; and

4. Plaintiffs may file any response to such brief by March 31, 2025

___

You must not wait for another catastrophic crisis (at times manufactured but we are prevented from making our own basic personal decisions or accessing needed drugs and response tools) to catch you off-guard. We must take charge and be prepared today so that we can enjoy peace of mind tomorrow.

Enter the Wellness Company as a solution and a willing participant in the health care conversation. From telemedicine, prescriptions, memberships, and supplements, TWC is leading America with alternative choices to the traditional health care model.

SLAY NEWS

The latest reports from Slay NewsJapanese Scientists Warn Covid ‘Boosters’ Trigger ‘Severe’ Kidney Failure Renowned scientists in Japan have warned that repeated injections of Covid mRNA “vaccines” trigger “severe” kidney failure.READ MORE NOAA Urges Crackdown on Home Cooking Due to ‘Ozone Production’The U.S. National Oceanic and Atmospheric Administration (NOAA) is urging a crackdown on home cooking over claims that cooked food is causing too much “ozone production.”READ MORE ‘Perfectly Fit and Healthy’ Dad Dies Suddenly at 32 While ‘Laughing with Friends at Work’A 32-year-old father of two has tragically died suddenly after suffering a massive cardiac arrest while “laughing” with his work colleagues.READ MORE Trump Makes Surprising Prediction About Son Barron’s Future President Donald Trump made a surprising prediction about the future career of his youngest son Barron.READ MORE Former Democrat Senator Melts Down, Claims Trump’s Deportations Threaten America’s ‘Peace and Prosperity’Former Democrat Sen. Claire McCaskill (D-MN) appeared on MSNBC and made wild claims while arguing against President Donald Trump’s efforts to secure the border.READ MORE Capitol Police Arrested Gunman Before Trump’s Speech to Congress U.S. Capitol Police arrested a gunman just hours before President Donald Trump gave a speech to a joint session of Congress, according to reports.READ MORE Trump Official Who Gutted USAID Puts DOGE in Charge of Agency The official in President Donald Trump’s administration who oversaw massive cuts to the U.S. Agency for International Development (USAID) has just stepped down from his role at the agency.READ MORE MTG Calls for Covid ‘Vaccine’ Ban Over ‘Permanent Harm and Deaths’Republican Rep. Marjorie Taylor Greene (R-GA) has called for Covid mRNA “vaccines” to be banned in the United States for “causing permanent harm and deaths.”READ MORE Trump Hammers ‘Absolutely Terrible’ Fox News Reporter: ‘Should Be Working for CNN’President Donald Trump has blasted Fox News’s Senior White House Correspondent Jacqui Heinrich over her “absolutely terrible” reporting.READ MORE Democrat Rep Jasmine Crockett Calls on Leftists to ‘Take Down’ Elon Musk for ‘My Birthday’Democrat Rep. Jasmine Crockett (D-TX) has called on violent mobs of leftists to “take down” Elon Musk and his electric vehicle company Tesla.READ MORE Male Boxer Imane Khelif Dares Trump to Stop Him Fighting Women at 2028 Olympics in Los Angeles Algerian male boxer Imane Khelif has warned that he plans to fight against women during the 2028 Olympic Games in Los Angeles and insists that he won’t let President Donald Trump “intimidate” him.READ MORE Elon Musk Slams Jimmy Kimmel for Celebrating Tesla Attacks: ‘Such an Unfunny Jerk’Late-night TV host Jimmy Kimmel has provoked a backlash after he appeared to celebrate the recent against Tesla dealerships and privately owned vehicles.READ MORE AG Pam Bondi Announces Arrests of Domestic Terrorists Behind Tesla Attacks Attorney General Pam Bondi has just announced multiple arrests of individuals responsible for domestic terrorist attacks against Tesla property and vehicles.READ MORE VIEW MORE

NEWS ADDICTS

———- Forwarded message ———
From: News Addicts <mail@newsaddicts.com>
Date: Sun, Mar 23, 2025 at 9:59 AM
Subject: Watch: Trump Meets College Wrestling Champs with Star-Studded Entourage as Crowd Goes Wild
To: Milan Sabioncello <sabioncello@gmail.com>

LATEST REPORTS FOR NEWS JUNKIESWatch: Trump Meets College Wrestling Champs with Star-Studded Entourage as Crowd Goes Wild President Donald Trump attended the final rounds of the 2024-25 NCAA wrestling championships in Philadelphia on Saturday.Trump walked into the Wells Fargo Center and was greeted by a raucous crowd from the wrestling fans, who cheered “USA! USA!” amid the president’s presence. A few fans booed when Trump walked in.Breaking: President Trump arrives at the NCAA Wrestling match to the …READ THE FULL REPORT Nike Sees Sales Slump After Being Left with Warehouses Full of Clothes and Shoes No One Wants Nike is still struggling.The iconic shoe company just reported a shocking sales collapse that has fans worried about the store’s future.It’s a bleak update in a saga that has seen arguably America’s most legendary athletic fashion brand struggle to put popular products on its shelves.‘To me it seems that the only thing Nike has going for them is brand image …READ THE FULL REPORT Pentagon Announces Leak Investigation That Will Include Polygraphs The hunt is on for Pentagon leakers who shipped the media doses of Fake News.Citing sources it did not name, The New York Times reported Thursday that Elon Musk was scheduled to receive a Friday briefing on America’s plans for a conflict with China, stressing the unprecedented nature of allowing a civilian who did business with China access to top-secret …READ THE FULL REPORT Illegal Immigrant Released by Biden Charged with Capital Murder of Mother of 5 President Trump has kept his campaign promise to seal the border and deport illegal aliens, but four years of the Biden regime has created a very dangerous environment for US Citizens.Bill Melugin reported that David Hector Rivas-Sagastume, a 21-year-old illegal alien from Honduras, has been charged with the capital murder of a mother of five in Cobb County, Georgia. He …READ THE FULL REPORT Wisconsin Man Says He Doesn’t Regret Voting Trump After ICE Arrests His Peruvian Wife A Wisconsin man is standing by his vote for Donald Trump, even after U.S. Immigration and Customs Enforcement (ICE) detained his Peruvian wife as the couple returned home from their long-overdue honeymoon.Bradley Bartell, a lifelong Wisconsin resident and Trump supporter, watched in disbelief as federal agents took his wife, Camila Muñoz, into custody at a U.S. airport following their trip …READ THE FULL REPORT

EVOL NEWS

MORE NEWS

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

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

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

CANADA/

Replacing Cash With Digital Dollar Would Pose A Grave Threat To Our Rights and Freedoms

by Tyler Durden

Sunday, Mar 23, 2025 – 12:50 PM

Authored by John Carpay via The Epoch Times (emphasis ours),

The Bank of Canada has made no secret of its efforts to explore a Central Bank Digital Currency (CBDC), a “digital dollar” issued and controlled by the central bank. The Bank of Canada is not alone. To date, 134 countries and currency unions have explored a CBDC, and 66 countries are already in advanced stages of implementation.

In 2023, cash accounted for a mere 11 percent of total payments made by Canadians. Consumers increasingly tap their credit and debit cards at checkouts, send e-transfers, or use online banking to pay bills, make investments, and donate to charities. For many Canadians, metal coins function less like a currency and more like a locker or shopping cart token; paper bills are for birthday cards, not for “serious” transactions. New legislation in Quebec empowers law enforcement to presume that cash sums of $2,000 or more are the proceeds of unlawful activity.

While most consumers seem to appreciate the convenience of an increasingly digital economy, a CBDC is a radical change from using credit cards and online banking apps. A CBDC would likely lead to a cashless economy, in which all financial transactions can be monitored and controlled by government. A cashless economy would create severe hardship for people who are homeless, technologically illiterate, or without ready access to the internet.

For Canadians who look after their finances electronically, cash remains essential to protect their rights and freedoms, including their privacy, security, and autonomy. In a cashless economy, all transactions are digital, subject to surveillance, and ultimately subject to government control. CBDC opens the door for governments to reward or penalize Canadians for their personal choices on how to live, where to go, and what to do with their own money.

Governments can use CBDC to restrict when, where, and what people are allowed to buy, leading to a level of control resembling communist China’s notorious “social credit” system. China uses “social credit” to reward citizens who support the Communist Party and its rules and policies. Those who criticize the Party can find themselves unable to board a train, plane, or subway, denied a bank loan, or prevented from enrolling their children in the best schools and universities.

Cash means privacy and confidentiality.

If I use cash to pay for gas for my car, then no bank, credit card company, or government will know that I was (for example) at the Shell station on Southland Drive in Calgary at 8:45 a.m. on Monday, March 10, 2025. Nor will anyone know how much I spent on gas that morning (other than the gas station’s staff, who likely won’t know my name). If, three hours later, I use cash to pay for a meal at a restaurant in Edmonton, no corporation or government will know that I travelled from Calgary to Edmonton that morning. I don’t have to be doing anything sinister or illegal in Edmonton to care about my privacy. Why should I be subjected to surveillance simply because I exist?

If a CBDC is imposed and the economy goes cashless, government will know, at all times, about every purchase, sale, investment and donation made by every Canadian. A government, once armed with this knowledge, can exercise stringent and detailed control over many aspects of the life of a citizen.

Many Canadians don’t care about their privacy being violated when banks and credit card companies acquire vast amounts of information about the habits, movements, and preferences of consumers. However, governments are radically different from private corporations. By definition and by their very nature, governments exercise coercive power over citizens. Using coercive power is good when governments enforce Criminal Code prohibitions against murder, theft, and terrorism. However, governments can also use their coercive power to violate human rights, civil liberties, and constitutional freedoms, always on the basis of some nice-sounding pretext. Power corrupts, and absolute power corrupts absolutely, hence our constitution is intended to protect citizens from tyranny.

Some argue that we will never see communist Chinese “social credit” in Canada. But it already happened here in February 2022, when the federal government froze the bank accounts of hundreds of Canadians who had not broken any law or committed any crime. These Canadian citizens were punished by the state for having donated money to a peaceful protest movement that was hated by the prime minister of the day. They had no opportunity to challenge, dispute, or appeal the severe penalty which government imposed on them without warning.

Cash alone made it possible for these victimized Canadians to buy groceries, pay their heating bills in winter, and secure other necessities. If Canada’s economy had been cashless in February 2022, the government’s freezing of bank accounts would have inflicted far more harm.

When governments made the new COVID vaccine mandatory in 2021, imposing the penalty of second-class citizenship for non-compliance, governments used QR codes to turn personal, private medical records into quasi-public documents that needed to be shown to complete strangers working at restaurants, gyms, and movie theatres. With this track record of violating the privacy of citizens, why would governments hesitate to control what Canadians spend their money on?

In theory, a CBDC can exist without governments violating human rights and constitutional freedoms. In theory, a CBDC could be designed without programmable restrictions, just like cash is printed without such restrictions. (After all, paper bills don’t spontaneously combust when exchanged for the “wrong” kinds of things.) Likewise, a CBDC could be designed to maximize the privacy and anonymity of users. But in practice, what government (or what politician or bureaucrat) would resist the temptation to use a CBDC as a tool to control citizens? If cash is outlawed and replaced with a CBDC, the government has a powerful tool to exercise ultimate—and very intimate—control over the life of every Canadian.

A digital dollar provides politicians, bureaucrats, and bankers with intimate access to our inner lives. Therefore, a CBDC poses a grave threat to Charter rights and freedoms. It’s up to Canadians to make CBDC an issue in the coming election. Voters should urge their MPs and their provincial representatives to pass laws that protect cash and the right to use it.

John Carpay, B.A., LL.B. is President of the Justice Centre for Constitutional Freedoms, which has released a new report that explains CBDC’s potential impact on Canadians’ rights and freedoms, including privacy, autonomy, security, equality, and access.

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

END

CANADA

Canadian Liberal Party Suddenly Surges Amid Tariff Tiff As Snap Election Called For April

by Tyler Durden

Sunday, Mar 23, 2025 – 07:15 PM

Just nine days after becoming Canada’s prime minister, former Goldman Sachs banker Mark Carney called an election Sunday for April 28, plunging the nation into a short but high-stakes campaign overshadowed by an escalating trade war with the United States and incendiary rhetoric from former President Donald Trump.

The election call marks the dramatic culmination of recent upheavals in Canadian politics, characterized by a rapid surge in national pride and unity amid Trump’s threats to absorb Canada as the “51st state.” These provocative comments, coupled with punishing U.S. tariffs, have reshaped the electoral landscape, breathing new life into Carney’s governing Liberal Party and eroding what was once a comfortable Conservative lead.

Until recently, Conservative leader Pierre Poilievre appeared poised to coast into power, capitalizing on widespread discontent over housing shortages and the rising cost of living, issues he deftly pinned on the outgoing prime minister, Justin Trudeau. But as Trump’s aggressive stance intensified, a wave of Canadian nationalism has swept across the electorate, bolstering support for Carney’s Liberals at precisely the right moment.

According to pollster David Coletto of Abacus Data, the Conservatives maintain a narrow lead nationally – but among voters for whom Trump’s aggressive posture is paramount, Liberals lead by almost 30 points, Bloomberg reports.

Carney, the former governor of the Bank of Canada and the Bank of England, has sought to position himself as a steady financial hand capable of navigating this turbulent period. Within days of taking office, he distanced himself from several key Trudeau-era policies, including a consumer carbon tax and a planned capital gains tax increase. Carney also swiftly sought stronger defense and economic ties with European allies, signaling a pivot away from reliance on an increasingly unpredictable American partner.

Carney has said Trump’s 51st state rhetoric “will have to stop before we sit down and have a conversation about our broader partnership” with the US.

Both Carney and Poilievre say they’d be better at negotiating with Trump, and have talked about diversifying Canada’s trade relationships while dissolving internal barriers to trade. No party has published a full policy platform yet. -Bloomberg

Poilievre, meanwhile, launched his campaign in Gatineau, Quebec, denouncing Carney and Trudeau as elites disconnected from ordinary Canadians. He accused them of leaving the Canadian economy vulnerable to American pressure through mismanagement and excessive spending.

“After the lost Liberal decade, the question is whether Canadians can afford a fourth Liberal term,” Poilievre declared. He pledged a streamlined government, deregulation, and robust support for Canada’s oil and gas sectors.

“I know a lot of people are worried, angry and anxious, and with good reason as a result of the president’s unacceptable threats against our country,” he continued. “I share your anger and I share the worry for our future. But I also draw great resolve in knowing that we can transform the anxiety and anger into action.”

Yet, the shifting political narrative has complicated Poilievre’s pitch. In French-speaking Quebec, historically inclined toward sovereignty movements, support for separatist Bloc Québécois is waning as voters unify around a national cause. Conversely, Alberta Premier Danielle Smith has demanded substantial concessions from Ottawa to bolster her province’s energy sector, threatening a national unity crisis unless swift action is taken.

Jagmeet Singh’s New Democratic Party, traditionally a strong advocate for working-class voters and an ally in propping up Trudeau’s government, has seen its support dwindle. Many of its voters appear to be moving toward the Liberals, seeking to consolidate opposition to Trump’s bellicose threats.

With no full policy platforms yet unveiled by any party, Canadians are preparing for an election centered around identity, sovereignty, and economic survival. Once firmly on the defensive, Mark Carney now finds himself on the brink of a historic opportunity—turning Canadian anxiety into political momentum, reshaping the country’s future amid unprecedented external threats.

EDND

VENEZUELA

Maduro Bends The Knee: Venezuela Agrees To Resume US Deportation Flights Of Illegal Immigrants

Sunday, Mar 23, 2025 – 06:40 PM

Authored by Melanie Sun via The Epoch Times,

Venezuela has said it will once again accept U.S. repatriation flights carrying its nationals deported for illegally entering the United States.

Venezuelan leader Nicolás Maduro announced that a deal had been reached in a televised address on Saturday.

“Tomorrow, thanks to the government’s perseverance, we’ll resume flights to continue rescuing and freeing migrants from prisons in the United States,” Maduro said.

Venezuela’s Parliament President and chief negotiator with the United States, Jorge Rodriguez, said in a statement on social media, “We have agreed with the U.S. government to resume the repatriation of Venezuelan migrants with an initial flight tomorrow, Sunday.”

This will prevent illegal immigrants who are Venezuelan nationals from being deported to detention centers in El Salvador, as well as guarantee “the return of our compatriots to their nation with the safeguard of their Human Rights,” he said, referring to Venezuelan gang members currently detained in El Salvador.

“Migrating isn’t a crime, and we won’t rest until everyone who wants to return is back and we rescue our kidnapped brothers in El Salvador,” Rodriguez added.

The Epoch Times has contacted the White House for comment.

U.S. Secretary of State Marco Rubio threatened on March 18 further harsh sanctions after Maduro on March 8 suspended taking in repatriation flights in response to the U.S. Treasury Department’s withdrawal of Chevron’s license to participate in Venezuela’s oil

A diplomatic spat erupted, with the United States threatening to send criminal illegal immigrants from Venezuela to El Salvador for detention if Caracas would not accept them.

Some 350 Venezuelan nationals had already been deported back home as part of Trump’s rapid deportation program that prioritizes removing illegal immigrants who are violent criminals or terrorists. Among them were some 180 alleged to be Tren de Aragua members who spent up to 16 days at the U.S. naval base in Guantanamo Bay, Cuba.

Tren de Aragua originated in a Venezuelan prison. Members have accompanied an exodus of millions of economic immigrants and political refugees from Venezuela seeking better living conditions after their nation’s democracy and economy came undone last decade.

In February, President Donald Trump had already designated Tren de Aragua, alongside the transnational organization Mara Salvatrucha (MS-13) and several drug cartels, as terrorist organizations that “threaten the security of United States nationals or the national security, foreign policy, or economy of the United States.”

As Maduro’s freeze continued, the Trump administration on March 15 invoked the 1798 Alien Enemies Act that allows a president to detain and deport noncitizens of hostile nations without the necessity of a judicial hearing. The Act is applicable to wartime or when there is a “predatory incursion,” or attempt or threat to invade U.S. territory. The White House said that Tren de Aragua was an invading force, and that it would act to deport gang members.

Around 250 Venezuelan illegal immigrants said to be linked with Tren de Aragua were then deported to a high-security prison in El Salvador.

Venezuela’s interior minister has denied that the deportees were members of Tren de Aragua.

Their families and lawyers say they have not been able to reach them, and have demanded Maduro secure their return to Venezuela. They argue that the Trump administration has not provided evidence that the deportees committed any crime in the United States. The Trump administration said it has the right to deport illegal immigrants, and has been prioritizing criminals and others found in their vicinity.

Maduro, in his televised address, said he held El Salvador President Nayib Bukele responsible for imprisoning his nationals, repeating that they hadn’t committed crimes in the United States or El Salvador.

“You have to guarantee their health and sooner rather than later, you have to free them and hand them over,” he told Bukele.

Court Challenge

A federal judge in the District of Columbia had issued an order temporarily barring the deportation of five Venezuelans but the administration said flights were already in the air by the time of the ruling.

The planes landed in El Salvador and Bukele posted on social media that the intervention came “too late.”

The White House has faced allegations of defying the judge’s order, which it refutes.

Judge James Boesberg has ordered the Trump administration to submit more information on its officials’ claims that they did not violate his order temporarily blocking the expulsions in a March 25 hearing.

END

VENEZUELA//USA ET AL

this should get interesting!!

Trump: Any Country Buying Venezuelan Oil Slapped With 25% Tariff

Monday, Mar 24, 2025 – 10:55 AM

President Donald Trump is imposing a 25% ‘Secondary’ tariff on Venezuela, and a 25% tariff on “any Country that purchases Oil and/or Gas from Venezuela,” payable to the United States “on any Trade they do with our Country.”

Trump cited “the fact that Venezuela has purposefully and deceitfully sent to the United States, undercover, tens of thousands of high level, and other, criminals, many of whom are murderers and people of a very violent nature,” in his 25% tariff on Venezuela, and says the additional 25% tariff punishing anyone buying oil or gas will begin on April 2nd.

Needless to say, the news sent oil immediately higher in Monday trade.

The move would particularly affect China, which has been a major purchaser of Venezuelan crude – and it’s unclear i) if China will agree to be impacted by unilateral tariffs and ii) how the US would enforce them against China.

Venezuelan crude exports had risen to a five-year high in February before the Trump administration said it was forcing Chevron to wind down its operations by April 3. Chevron had sought more time to conclude operations with Venezuela’s state-owned Petroleos de Venezuela. In canceling the deal, Trump announced in a post on Truth Social that he was “reversing the concessions” of the “oil transaction agreement, dated November 26, 2022.”

These were concessions enacted by his Democratic predecessor Joe Biden, which had allowed Chevron Corp – active in the Latin American country for a century – to produce and sell oil in Venezuela despite sanctions.

The news comes one day after Venezuela agreed to resume accepting US deportations of illegal immigrants, and is sure to escalate tensions with the Maduro government as Trump seeks to crack down on the Venezuelan gang, Tren de Aragua.

In February, Trump ordered the termination of a key oil deal with Venezuela,

What’s going on here?

https://x.com/zerohedge/status/1904182807041110274?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1904182807041110274%7Ctwgr%5E2682d9f02281d078d03db9e260790a86f89dde95%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.zerohedge.com%2Fenergy%2Ftrump-any-country-buying-venezuelan-oil-gets-25-tariff

* * *

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

EURO/USA: 1.0843 UP 34 BASIS POINTS

USA/ YEN 149.59 UP 0.472 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 1.2954 UP 0.0049 OR 48 BASIS PTS

USA/CAN DOLLAR: 1.4317 DOWN 0.0009 (CDN DOLLAR UP 9 BASIS PTS)

Last night Shanghai COMPOSITE CLOSED UP 5.20 PTS OR 0.15%

Hang Seng CLOSED UP 215.84 PTS OR 0.91%

AUSTRALIA CLOSED DOWN 0.01%

// EUROPEAN BOURSE: ALL GREEN

Trading from Europe and ASIA

I) EUROPEAN BOURSES: ALL GREEN

2/ CHINESE BOURSES / :Hang SENG CLOSED UP 215.84 PTS OR 0.71%

/SHANGHAI CLOSED UP 5.20 PTS OR 0.15%

AUSTRALIA BOURSE CLOSED DOWN 0.01%

(Nikkei (Japan) CLOSED DOWN 68.57 PTS OR 0.18%

INDIA’S SENSEX IN THE GREEN

Gold very early morning trading: 3026.60

silver:$33.13

USA dollar index early MONDAY morning: 103.60 DOWN 15 BASIS POINTS FROM FRIDAY’s CLOSE.

MONDAY MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing MONDAY NUMBERS 1: 30 AM

Portuguese 10 year bond yield: 3.287 % UP 1 in basis point(s) yield

JAPANESE BOND YIELD: +1.523% UP 2 FULL POINTS AND 40/100 BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.409 UP 1 in basis points yield

ITALIAN 10 YR BOND YIELD 3.821 UP 1 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.7760 UP 2 BASIS PTS

IMPORTANT CURRENCY CLOSES : MID DAY MONDAY

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

Euro/USA 1.0823 UP. 0015 OR 15 basis points

USA/Japan: 149.78 UP 0.552 OR YEN IS DOWN 55 BASIS PTS//

Great Britain 10 YR RATE 4.7610 UP 4 BASIS POINTS //

Canadian dollar DOWN .0012 OR 12 BASIS pts to 1.4335

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The USA/Yuan DOWN T0 7.2536, CNY ON SHORE ..CHINA MUST DEVALUE TO GOLD

THE USA/YUAN OFFSHORE DOWN TO 7.2611:

TURKISH LIRA: 38.01 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//

the 10 yr Japanese bond yield at +1.523

Your closing 10 yr US bond yield UP 4 in basis points from FRIDAY at 4.296% //trading well ABOVE the resistance level of 2.27-2.32%)

USA 30 yr bond yield 4.530 UP 3 in basis points /11:00 AM

USA 2 YR BOND YIELD: 3.992 UP 4 BASIS PTS.

GOLD AT 11;00 AM 3026.40

SILVER AT 11;00: 33.10

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

London: CLOSED DOWN 8.78pts or 0.10%

GERMAN DAX: DOWN 39.02PTS OR 0.17%

Paris CAC CLOSED DOWN 20.92 or 0.26%

Spain IBEX CLOSED DOWN 26.90PTS OR 0.20%

Italian MIB: CLOSED DOWN 62.90 PTS OR 0.16%

WTI Oil price 6835 11 EST/

Brent Oil: 72.23 11:00 EST

USA /RUSSIAN ROUBLE /// AT: 84.15 ROUBLE UP 0 AND 34/ 100

GERMAN 10 YR BOND YIELD; +2.7760 UP 3 BASIS PTS.

UK 10 YR YIELD: 4.7610 UP 4 BASIS POINTS

CDN 10 YEAR RATE: 3.040 UP 4 BASIS PTS.

CDN 5 YEAR RATE: 2.694 UP BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA 1.0804 DOWN 0.0004 OR 4 BASIS POINTS//HEADING TO PARITY WITH THE DOLLAR

British Pound: 1.2924 DOWN .0019 OR 19 basis pts/HEADING FOR PARITY /USA

BRITISH 10 YR GILT BOND YIELD: 4.7715 UP 5 BASIS PTS//

JAPAN 10 YR YIELD: 1.525

USA dollar vs Japanese Yen: 150.56 UP 1.346 BASIS PTS// HEADING FOR 160 TO THE DOLLAR

USA dollar vs Canadian dollar: 1.4318 DOWN 25 BASIS PTS CDN DOLLAR UP 25 BASIS PTS

West Texas intermediate oil: 69.22

Brent OIL: 73.07

USA 10 yr bond yield UP 8 BASIS pts to 4.332

USA 30 yr bond yield UP 6 BASIS PTS to 4.651%

USA 2 YR BOND: UP 9 PTS AT 4.037

CDN 10 YR RATE 3.077 UP 5 BASIS PTS

CDN 5 YEAR RATE: 2.716 UP 4 BASIS PTS

USA dollar index: 103.95 UP 21 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 37.99 GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE: 83.87 UP 0 AND 63/100 roubles

GOLD 3005.25 (3:30 PM)

SILVER: 32.97 (3:30 PM)

DOW JONES INDUSTRIAL AVERAGE: UP 597.41 OR 1.42%

NASDAQ 100 UP 426.48 PTS OR 2.13%

VOLATILITY INDEX: 17.638DOWN 1.60 PTS OR 8.30%

GLD: $ 277.25 DOWN 1.24 PTS OR 0.45%

SLV/ $28.96 DOWN 0.06 PTS OR OR 0.20%

TORONTO STOCK INDEX// TSX INDEX: CLOSED UP 315.90 OR .127%

end

TRADING today ZEROHEDGE/

ZEROHEDGE/HEADLINE CLOSING MARKETS/ZEROHEDGE

Trump Tariff Roulette Sparks Surge in Stocks, Crypto, & Crude; Bonds & Bullion Sold

USA DATA

Services PMI Soars In March, Manufacturing Tumbles Into Contraction As Inflation Fears Rise

by Tyler Durden

Monday, Mar 24, 2025 – 09:54 AM

The morning started off on the bright side with stocks higher (Trump de-escalating tariffs), and then The Chicago Fed National Activity Index (CFNAI) surged +0.18 in February (dramatically better than the -0.17 decline expected). This surge was driven by a big move in ‘Production and Income’…

47 of the 85 monthly individual indicators made positive contributions, while 38 indicators affected the index negatively.

But all eyes were on S&P Global’s preliminary March data for any signs of a rebound after December and January’s plunge in Services.

The good news is that there was a bounce in Services from 51.0 to 54.3 (well above the 51.0 exp) – the 26th consecutive month above 50.

The bad news is that there was a sudden plunge in Manufacturing PMI into contraction (from 52.7 to 49.8 – below 50)…

Source: Bloomberg

Commenting on the flash PMI data, Chris Williamson, Chief Business Economist at S&P Global Market Intelligence said:

“A welcome upturn in service sector activity in March has helped propel stronger economic growth at the end of the first quarter. However, the survey data are indicative of the economy growing at an annualized 1.9% rate in March and just 1.5% over the quarter as a whole, pointing to a slowing of GDP growth compared to the end of 2024.

A little different from the 2% plus contraction in the economy that The Atlanta Fed model believes.

“Near-term risks also seem tilted to the downside. Growth is concentrated in the service sector as manufacturing fell back into decline after the frontrunning of tariffs had temporarily boosted factory output in the first two months of the year. Similarly, some of the March upturn in services was reportedly due to business picking up after adverse weather conditions had dampened activity across many states in January and February, which could prove a temporary bounce.

“Business confidence in the outlook has also darkened, souring further from the buoyant mood seen at the start of the year to one of the gloomiest readings seen over the past three years, largely caused by growing worries over negative impacts from recent policy initiatives from the new administration. Most widely cited were concerns about the impact of Federal spending cuts and tariffs.

“A key concern over tariffs is the impact on inflation, with the March survey indicating a further sharp rise in costs as suppliers pass tariff-related price hikes on to US companies. Firms’ costs are now rising at the steepest rate for nearly two years, with factories increasingly passing these higher costs onto customers. Thankfully, from the Federal Reserve’s perspective, services inflation remains relatively subdued, but this reflects the need to keep prices low amid weak demand, which will harm profits.”

For now, the market is watching the surge in Services (bond yields up) and ignoring the Manufacturing side of the economy.

END

USA ECONOMIC NEWS

Devaluing The US Dollar: How To Make America Poorer Again

Monday, Mar 24, 2025 – 01:10 PM

Authored by Daniel Lacalle,

In recent days, we have read numerous articles about a possible agreement between the US administration and its main trading partners to devalue the US dollar. It has been named “The Mar-A-Lago Accord”, a concept inspired by the Plaza Accord of 1985, which aimed to devalue the US dollar to address trade imbalances. That plan failed.

The objective, according to the financial media, would be to weaken the US dollar, boost US export competitiveness, and rebalance global trade. Another proposal involves restructuring US debt by swapping existing obligations for longer-term bonds, such as 100-year Treasury bonds, to ease fiscal pressures. However, this would be a dangerous and potentially counterproductive idea.

The Mar-A-Lago Accord concept starts from two wrong premises, which are to believe that US exports are not large enough due to a strong currency and that debt is too high because of a robust US dollar. Both are simply incorrect.

US exports are relatively low compared to other nations, at 11% of GDP, compared to 42% for Germany, 29% for the UK, or 21% for Japan, for example. However, the main reasons for the US’s relatively small exports have nothing to do with the currency. The United States is an enormous market, and domestic businesses do not need to export to strengthen their earnings and sales. It is also rich in natural resources, which makes it relatively self-sufficient, reducing the need for imports and, by extension, limiting the incentive to export. The United States is the largest oil and gas producer in the world, and the estimated value of its natural resources is approximately $45 trillion. Furthermore, with 331 million people in 2023, consumer spending accounts for approximately 70% of the U.S. GDP.

The United States is one of the largest markets in the world, but more importantly, it is the richest. Median individual consumer spending is much higher than in countries like China or India, and the top third of the income distribution accounts for about 56% of spending. At $5 trillion in 2024, it is the largest retail market in the world. Furthermore, the United States economy is mostly a services economy. Services, including professional and business services, are more difficult to export, and the size and wealth of the domestic market make it unnecessary to sell abroad in most cases.

Manufacturing in the United States is not small, at 10% of GDP, due to a strong domestic currency but due to the burdens imposed by regulation on industries. Furthermore, artificially lowering costs with a weaker currency is a losing formula, as there is always someone else willing to destroy their currency faster.

US manufacturing cannot compete abroad by destroying the purchasing power of the currency. It means immediate poverty for Americans. It must compete on value-added products, as the technology and other sectors have proven.

Swapping existing short-term debt for long-term bonds is also a terrible idea because it would create the incentive for the government to increase borrowing and not address its structural spending problem. Restructuring debt by forcing an artificial depreciation of the US dollar would also scare bond investors, who would rightly fear that other administrations would resort to the same trick in the future. Why would you buy a 100-year bond from a nation that may devalue its currency regularly every time those debt challenges come back? This proposal is not a tool to keep the US dollar as the world reserve currency but a guarantee of losing its global status.

None of the United States’ export and debt challenges would improve with a devaluation of the US dollar, and a crucial one would deteriorate: inflation.

The United States already suffers elevated inflation due to the wrong fiscal and monetary policies. The cumulative inflation of 24% suffered by Americans in the past four years came precisely from the interventionist measures on the quantity and price of money, bloating government spending and debt, which led to a decades-high record money supply growth and, with it, the current inflationary pressures. With a devaluation, prices would immediately rise in US dollars, and the purchasing power of salaries would decline.

Devaluation does not improve productivity or industrial added value, so any decline in costs would translate to the impoverishment of American workers and savers.

Devaluing is a de facto default and the manifestation of the insolvency of a nation.

You cannot expect to devalue the currency while simultaneously controlling inflation and debt. Devaluation makes the government abandon the necessary adjustment to its spending habits, and the debt sustainability problem resurfaces in a short period of time. Real wages suffer, real consumption weakens, the entire economy is made artificially poorer in US dollars as inflation rises, and only crony sectors and the government benefit because they can perpetuate their inefficiencies and imbalances in an increasingly worthless currency.

Devaluing is not a solution to indebtedness. It incentivises more borrowing in a government that is already addicted to spending. Furthermore, it worsens the crowding-out effect, as government debt displaces private sector credit, which becomes more expensive as the currency weakens and inflation rises.

If devaluing the currency was a real measure of competitiveness, Argentina and Venezuela would be the most competitive nations on the planet.

Devaluing zombifies a few uncompetitive crony sectors and a fiscally irresponsible government at the expense of making everyone else poorer.

A strong US dollar reduces inflationary pressures and keeps interest rates low. Both effects are positive for savers, workers, and families as the private economy strengthens and real wages improve. A strong US dollar is also positive for the government and companies. Capital and foreign direct investment flow to the US, and corporations and government borrowing costs are kept low by rising demand. Corporations can also make international acquisitions at a cheaper cost, both in lower rates and currency adjustments.

A sound monetary policy and a strong currency are also essential to keep the world reserve currency status. If a small proportion of the US economic sectors suffer from a strong dollar, it is a price worth paying in exchange for being the world’s richest nation, with the most-used currency, a reserve of value, and a worthy investment for the rest of the world.

The greatest mistake that can be made by the Trump administration is to follow beggar-thy-neighbour devaluation policies to disguise a structural government imbalance.

Devaluation is not a tool for exports. It is a tool for cronyism and always ends with the demise of the currency as a valuable reserve.

The United States problems are complex and there is no easy fix. It needs to address its excessive regulation and taxation that burden manufacturers, but it also needs to curb government spending and the endless monetary easing that erodes the purchasing power of salaries and makes families and small businesses suffer.

If the current administration works to defend American jobs, workers’ wages, and families, a strong US dollar is proof that it is achieving its goals.

A strong economy does not need a weak currency.

VICTOR DAVIS HANSON//OR TUCKER CARLSON

TUCKER CARLSON…

Witkoff To Tucker: The ‘Elephant In The Room’ Which Will Decide Peace In Ukraine

Saturday, Mar 22, 2025 – 09:35 PM

Tucker Carlson has just released a wide-ranging new interview with Trump’s Special Envoy to the Middle East Steve Witkoff, who has also been deeply involved in efforts for the peaceful settlement of the Ukraine war.

Witkoff has been active in the Saudi hosted talks between the US and Russia, as well as between the US and Ukraine, with more rounds of talks set for Monday. Perhaps the most interesting part of the interview came when Witkoff addressed the key, central issue to achieving the end of the war.

The US top envoy described the question of the fate of the annexed territories in Ukraine’s east as “an elephant in the room” that “no one wants to talk about.”

“They’re Russian-speaking. There have been referendums where the overwhelming majority of the people have indicated that they want to be under Russian rule,” Witkoff told Carlson.

Witkoff admitted that militarily and politically, Moscow now exercises full control over the bulk of these territories, as Ukraine forces continue to be steadily retreating from their remaining holdouts in Donetsk.

Putin had first described in February 2022 that the people of Donetsk, Luhansk, Kherson and Zaporizhia regions are “our citizens forever” – and soon after a series of referendums resulted in their absorption into the Russian Federation.

Witkoff in the interview actually struggled to identify or say the names of the territories, which he numbered at five – noting that Crimea remains hotly disputed as well.

“When that gets settled… this has always been the issue” – Witkoff continued, describing that this is the question likely to finally resolve the war. He asked, “Will the world acknowledge that those are Russian territories?”

But that’s when he noted that there are serious domestic issued in Ukraine which would make such a significant territorial concession very difficult. “Can Zelensky survive politically if he acknowledges this?” Witkoff questioned.

Watch the clip below:

Witkoff To Tucker: The ‘Elephant In The Room’ Which Will Decide Peace In Ukraine

Saturday, Mar 22, 2025 – 09:35 PM

The US top envoy described the question of the fate of the annexed territories in Ukraine’s east as “an elephant in the room” that “no one wants to talk about.”

“They’re Russian-speaking. There have been referendums where the overwhelming majority of the people have indicated that they want to be under Russian rule,” Witkoff told Carlson.

Witkoff in the interview actually struggled to identify or say the names of the territories, which he numbered at five – noting that Crimea remains hotly disputed as well.

Watch the clip below:

https://www.zerohedge.com/geopolitical/trump-envoy-names-elephant-room-which-will-decide-peace-ukraine

Trump officials, behind closed doors at least, have probably fully admitted that Ukraine is never getting these territories back. There have been reports that the White House is recently pressuring Kiev to be open to territorial concessions.

Zelensky has of course remained resistant to this, but how long can he hold out?

* * *

Watch the full Tucker interview below…

Steve Witkoff has no background in diplomacy but has turned out to be the most effective American diplomat in a generation. Here’s how he’s trying to resolve the conflicts in Gaza and Ukraine.

(0:00) What Witkoff Has Learned as Trump’s Global Negotiator
(4:10) Negotiating With… pic.twitter.com/7AUh4gvwke
— Tucker Carlson (@TuckerCarlson) March 21, 2025

Zelensky has of course remained resistant to this, but how long can he hold out?

* * *

USA/ANTISEMITISM//HAMAS// REPORT

KINGNEWS

The King Report March 24, 2025 Issue 7456

Independent View of the News

March options and futures expired on Friday. Futures expired on the NYSE opening.

ESMs traded in a 17-handle, mostly positive, range until they broke lower after 1:00 ET. ESHs sank, with two modest contra-rallies, until they hit 5684.50 at 4:512 ET. After a bounce to 5705.00 at 6:15 ET, ESMs traded sideways until they broke down near 8:25 ET. ESMs sank to 5651.25 at 9:27 ET.

Traders then aggressively bought ESMs, which then vacillated wildly until they spiked to 5691.00 at 10:58 ET. Trader liquidation knocked ESMs down to 5679.75 at 12:01 ET. ESMs then went vertical to 5700.00 at 12:22 ET. ESMs then plodded higher on buying for the expected late ESM manipulation.

After hitting a NYSE session high of 5711.00 (-0.25 points for the day) at 13:53 ET, ESMs stair-stepped lower. After falling to 5688.25 at 15:21, ESMs went inert as traders wait for the illegal manipulation. It commenced at 15:49 ET; ESMs were forced to 5722.25 at 16:00 ET.

@zerohedge: 0DTE trading hits a new record high: 55% of all option volume https://t.co/KB5qviz16Q
     and small lot 0DTE trading is also a record high https://x.com/zerohedge/status/1902912553006608567

Bucket shops, once outlawed, are effectively operating again.

@bespokeinvest: A 30 bps rally in the last 15 minutes of trading powered the S&P to its fourth Friday gain in a row.  But…the S&P 500 is down 5.79% during this four-week Friday win streak.   That’s the worst overall performance during a four-Friday win streak since at least 1952.

What Ceasefire: European Gas Prices Jump After Ukraine Blows Up Key Gas Pumping Station in Russia in “Act of Terrorism”
https://www.zerohedge.com/markets/what-ceasefire-european-gas-prices-jump-after-ukraine-blows-key-gas-pumping-station-russia

@ABC: A Southwest Airlines flight almost took off from a taxiway — rather than a runway — at Orlando International Airport on Thursday before an air traffic controller stopped the plane, officials said. (Who was the pilot?) https://abcnews.link/wwKXbt6

Positive aspects of previous session
An illegal manipulation to squeeze expiring March calls goosed ESMs during midday & near the close.

Negative aspects of previous session
Fangs and rallied only modestly. USMs were -10/32 at the NYSE close

Ambiguous aspects of previous session
Is the US Constitutional crisis a factor in the markets?

First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: Up

Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5647.12
Previous session S&P 500 Index High/Low: 5670.84; 5603.10

Trump regarding violence against Tesla: “You didn’t have anything like that on Jan. 6.”

@realDonaldTrump: People that get caught sabotaging Teslas will stand a very good chance of going to jail for up to twenty years, and that includes the funders. WE ARE LOOKING FOR YOU!!

Tesla vehicles, dealerships targeted with arson, gunfire and vandalism in at least 9 states: FBI https://t.co/JWHexndJIV

ELON MUSK: “The only company with all the ingredients for making intelligent human robots at scale is Tesla. My prediction is that Optimus will be the biggest product of all time by far. Nothing will even be close. I think it will be 10x bigger than the next biggest product ever made.”
https://x.com/AutismCapital/status/1902914522459017375

Musk stated that ultimately 90% of US energy would be solar panels generating electricity.

EU Leaders Fail to Agree on €5 Billion Ukraine Aid After Clashes
EU leaders also sparred over the failure so far to put forward a senior figure as part of a bid to gain entry into the process and represent the 27-member bloc…
https://www.yahoo.com/news/eu-ukraine-talks-spark-fresh-192040874.html

@MdBreathe: Pfizer’s post-marketing surveillance analysis showed a miscarriage rate of 81%, a 5-fold increase in stillbirths, an 8-fold increase in neonatal deaths, and a 13% incidence of breastfeeding complications in newborns whose mothers received the COVID shots
https://publichealthpolicyjournal.com/are-covid-19-vaccines-in-pregnancy-as-safe-and-effective-as-the-medical-industrial-complex-claim-part-i/

@overton_news: DOGE insider Sam Corcos, special adviser to the U.S. Treasury Department, just unloaded a jaw-dropping exposé on the IRS and Treasury’s chaotic operations…
1]. IRS’ Massive IT Dept. Outstrips Midsize Banks by 175x Budget and 40x Staff
    “A typical midsize bank will have somewhere between 1 and 200 people in IT and they have an operations and maintenance budget in like the $20 million a year range. We have 8,000 people in IT, and our operations and maintenance budget is $3.5 billion a year… the IRS processes about the same number of transactions as a mid-size bank…
   2]. Contractors Eat Up 80% of IRS’ Massive Operations Budget…
   3]. IRS’ Modernization Is a $3.7 Billion Money Pit…
   4]. Ghost Contracts Bleed Millions with No Accountability
https://x.com/overton_news/status/1902908276662210592

America First Legal Exposes Censorship Scheme by USAID and Global Engagement Center, Working with UK Government and Media Firms, to Use AI Censorship Tools
    The GEC and USAID coordinated efforts to censor “COVID-19 misinformation” and counter “COVID-19 propaganda.”
    The GEC collaborated with officials in the British Foreign, Commonwealth, and Development Office on disinformation efforts.
    The GEC coordinated with private media censorship firms, including Poynter and NewsGuard, which provided samples of its Misinformation Fingerprints artificial intelligence (AI) tool, designed to identify and rate websites based on their perceived “misinformation.”
https://aflegal.org/america-first-legal-exposes-censorship-scheme-by-usaid-and-global-engagement-center-working-with-uk-government-and-media-firms-to-use-ai-censorship-tools/

NBC: The Bidens want back in – With the Democratic Party struggling to find a new direction, former President Joe Biden and former first lady Jill Biden have offered to jump in and help with fundraising and rebuilding… So far, Biden’s overture seems to have fallen flat… (Why does this reveal about Jill?)
https://www.nbcnews.com/politics/joe-biden/bidens-want-back-in-rcna196956

Some pundits believe that Jill Biden is testing the waters to see if The Big Guy can make a Trump-style comeback and run for president in 2028. Then, Joe would be closer to 90 than 80 years of age.

Biden aides, more Democrats pile on ex-prez’s offer to boost party fundraising after 2024 disaster: ‘This is an SNL skit’ – “The Bidens (has to be Jill) are still living in an alternative universe that revolves only around them,”…  https://nypost.com/2025/03/21/us-news/biden-aides-other-democrats-pile-on-ex-prezs-offer-to-boost-party-fundraising-after-2024-disaster-this-is-an-snl-skit/

The Babylon Bee Editorial Board Strongly Encourages Joe Biden to Get Back into Politics https://buff.ly/gKmZpNF

@BLaw: Amy Coney Barrett will detail her daily life as a US Supreme Court justice and how she deals with “media scrutiny” in a memoir debuting in September. (Highly inappropriate and egotistical!)

@bungarsargon: There’s such irony in AOC and Bernie’s anti-oligarch performance art tour. For every billionaire who backed Trump, Kamala Harris had 2. 65% of rich Americans are Democrats. 75% of hedge fund managers—you guessed it!—Democrats! Every accusation from the Democrats is a confession.  https://x.com/bungarsargon/status/1902913113277575242

Jessica Aber, US attorney found dead at 43, was in charge of high-profile cases targeting CIA leaks, Russian fraud https://trib.al/xVWSUSw

WSJ: White House Narrows April 2 Tariffs – Tariffs on industrial sectors like cars and microchips are no longer expected to be announced on that date, though major trading partners will still be hit with so-called reciprocal tariffs https://www.wsj.com/politics/policy/trump-tariff-reciprocal-deadline-industrial-delay-97508838

Today – ESMs are +38.00; NQMs are +167.50; and USMs are -7/32 at 20:10 ET on the above WSJ tariff story and because traders are rationally exuberant over the propensity for stocks to rally on Monday and after a large expiration. Gold is +9.70.

Expected economic data: Feb Chicago Fed National Activity Index -0.14; March S&P Global US Mfg. PMI 51.8, Services PMI 51.2; Atlanta Fed Pres Bostic 13:45 ET, Fed Gov. Barr 15:10 ET

S&P Index 50-day MA: 5917; 100-day MA: 5934; 150-day MA: 5848; 200-day MA: 5750
DJIA 50-day MA: 43,411; 100-day MA: 43,426; 150-day MA: 42,876; 200-day MA: 42,043
(Green is positive slope; Red is negative slope)

S&P 500 Index (5667.56 close) – BBG trading model Trender and MACD for key time frames
Monthly: Trender and MACD are positive – a close below 5447.29 triggers a sell signal
Weekly: Trender and MACD are negative – a close above 6033.80 triggers a buy signal
Daily: Trender is negative; MACD is positive – a close above 5763.89 triggers a buy signal
Hourly: Trender is positive; MACD is negative – a close below 5615.06 triggers a sell signal

@SpeakerJohnson: In his desperation, Chuck Schumer has now crossed a serious red line by telling PBS he is organizing and encouraging radical activists to “go after” Republican members of Congress and “force them to either change their votes or face the consequences!” His recruits are now crashing and disrupting private gatherings and even local school events, screaming profanities, and physically assaulting people. The madness must stop before someone gets hurt!

@julie_kelly2: The president just ordered an investigation into law firms that break the law and federal rules to bring frivolous lawsuits. “Lawyers and law firms that engage in actions that violate the laws of the United States or rules governing attorney conduct must be efficiently and effectively held accountable. Accountability is especially important when misconduct by lawyers and law firms threatens our national security, homeland security, public safety, or election integrity.”
    Trump asked AG Bondi to “review conduct by attorneys or their law firms in litigation against the Federal Government” over the past eight years.
   “I further direct the Attorney General to take all appropriate action to refer for disciplinary action any attorney whose conduct in Federal court or before any component of the Federal Government appears to violate professional conduct rules.”

On Friday night, Trump revoked the security clearance of: “Antony Blinken, Jacob Sullivan, Lisa Monaco. Mark Zaid. Norman Eisen. Letitia James, Alvin Bragg. Andrew Weissmann, Hillary Clinton, Elizabeth Cheney. Kamala Harris. Adam Kinzinger. Fiona Hill, Alexander Vindman, Joseph R. Biden Jr., and any other member of Joseph R. Biden Jr.’s family.” https://x.com/GuntherEagleman/status/1903267841014476830

Trump shared a photo showing Judge James Boasberg standing alongside Douglas Emhoff, the husband of Vice President Kamala Harris. (“Such a conflict of interest!”) https://t.co/XPMudLPey2

@WesternLensman: Bondi rips Judge Boasberg: “This is an out-of-control judge… trying to control our entire foreign policy, and he cannot do it… There are 261 reasons why Americans are safer today, and that’s because those people are now in an El Salvador prison.”
https://x.com/WesternLensman/status/1903813898496577906

@mrddmia: Why doesn’t DC Obama Circuit Judge Nina Pillard recuse from cases against the Trump administration? Her husband explains he joined the ACLU for the purpose of bringing lawsuits against the Trump administration. https://t.co/IQBdIHqxtA

Justice Departments accuses judge overseeing Perkins Coie case of bias against Trump, urges recusal – The DOJ lawyers asked U.S. District Judge Beryl Howell to recuse herself from the case over the appearance of partiality, citing the current lawsuit…
https://justthenews.com/government/courts-law/justice-departments-accuses-judge-overseeing-perkins-coie-case-bias-against

@nataliegwinters: The federal Judge (Beryl Howell) who blocked President Trump from firing bureaucrats and stripping Perkins Coie’s security clearances is on tape going on a crazy tirade against Trump. She melts down about the rise of “authoritarianism” and the “big lie.”
https://x.com/nataliegwinters/status/1900552313472725331
    She was also a former Director and Treasurer at the Center for Democracy and Technology, funded by Soros’s Open Society Foundation.  https://x.com/nataliegwinters/status/1900552313472725331

(Biden) Federal judge blocks ‘abolish ICE’ activist and illegal immigrant from being deported
https://www.foxnews.com/politics/federal-judge-blocks-abolish-ice-activist-illegal-immigrant-from-being-deported

Harvard Law’s @Vermeullarmine: One note on the impeachment-of-judges debate: Whatever one thinks of the issue, it is plainly wrong, indeed egregiously wrong, to say that the case for impeachment rests on “mere dislike of the results the judges have reached” or some such. The case for impeachment is that the judges have abused their powers. That is an entirely different type of claim.
     American public law in general is somewhat underdeveloped as to the legal concept or category of “abuse of office” or “abuse of rights,” but impeachment is actually one area where that category is better-developed.
     I very much disagree with those who point out that no bill of impeachment can surmount the 2/3 threshold for Senate conviction (which is correct), but then conclude that impeachment is pointless (an incorrect conclusion). An old chess maxim holds that “the threat is stronger than its execution.” FDR’s court-packing plan failed, but it is at least plausible to think that the specter of court-packing induced a change in judicial behavior. N.B. this is not necessarily a normative argument for impeachment, but a rebuttal to the argument that it is an ineffective mechanism.

Rep. Jim Jordan, R-Ohio, chairman of the House Judiciary Committee, said he would be holding hearings as early as next week on recent judicial rulings against actions undertaken by the Trump administration… https://www.dailysignal.com/2025/03/21/house-judiciary-committee-hold-hearings-rulings-halting-trump-administration-actions/

@Jim_Jordan: Democrats think pro-life Catholics and parents speaking up at school board meetings are domestic terrorists. Then go out and burn Teslas because they don’t like @elonmusk.

Trump is fighting a cartel of vile, corrupt and far-left judges trying to kill his campaign promises
https://nypost.com/2025/03/19/opinion/trump-fighting-cartel-of-far-left-judges-trying-to-kill-campaign-promises/

Def Sec @PeteHegseth: Since “Judge” Reyes is now a top military planner, she/they can report to Fort Benning at 0600 to instruct our Army Rangers on how to execute High Value Target Raids…after that, Commander Reyes can dispatch to Fort Bragg to train our Green Berets on counterinsurgency warfare. (It’s time to mock and ridicule leftist judges, which debases them and their status.)

Ex-Clinton advisor & pollster @Mark_Penn: Chief Justice Roberts should worry less about impeachment charges going nowhere and more about district judges who have been forum shopped and are massively overstepping their role.
    This latest ruling to ban DOGE from reviewing Social Security information to find fraud is nonsense. The government can and should review all its data for possible fraud — this is not a search warrant — this is data in its possession that modern data analysis can analyze effectively. And the department routinely hires consultants who have access to this information. Rather than demanding privacy safeguards, which might have made sense, the judge barred all review of social security data to hunt down fraud. It’s time for Roberts to step in here and put some guardrails on what these lone judges can do as they.

@BillMelugin_ on Thursday night: DOJ declined to answer Judge Boasberg’s questions today, citing the state secrets doctrine and alleging judicial overreach. Now the judge wants a sworn declaration from the Trump admin by tomorrow morning, answering why they are invoking state secrets privilege.

WH Deputy COS @StephenM: Under what theory of the constitution does a single Marxist judge in San Francisco have the same executive power as the Commander-in-Chief elected by the whole nation to lead the executive branch? No such theory exists. It is merely naked judicial tyranny.

@seanmdav: If John Roberts thought his little media op earlier this week would end criticism of his fiddling while the judiciary burns the rule of law, he was wrong

Politico: It’s not just impeachments. Republicans are eyeing other ways to rein in federal judges.
“Activist judges, particularly in D.C., think that they are the Trump resistance — the Trump political resistance,” said Mike Davis, a close Trump ally who runs an outside judicial advocacy group. “What they are doing is lawless and dangerous, and it must be stopped.”
    Other options House GOP hard-liners have been discussing include cutting off funding for the federal district court in Washington and other lower courts, and even breaking up the existing system of district and circuit courts… Republicans could still bring the impeachment effort to the House floor under special fast-track rules, where it would likely be referred to the Judiciary Committee… There is, however, a particular interest in restricting the authority of federal district judges to hand down nationwide injunctions…
    Any changes would be subject to the 60-vote filibuster in the Senate — meaning Democrats could block it — though Davis speculated that the legislation could be part of a broader package of court reforms, including some that the Democrats have championed in the past…
https://www.politico.com/news/2025/03/21/congress-judges-gop-impeachments-injunctions-026855

@RepAndyBiggsAZ: Federal judges do not have guaranteed lifetime appointments. Article III, Section 1 of the Constitution says that judges hold their offices during good behavior.  Abusing judicial authority for political gain is gross misconduct—these rogue judges must be held to account.

The DOJ needs to investigate judges and their coterie for corruption, conspiracy, sedition, and RICO violations. Then prosecute and convict the guilty. That is how you stop the nonsense. Just like with Jan. 6 defendants, use the process to punish and procure plea deals.

@C_3C_3: Watching the way the DC Judges are acting towards President Trump you know the January 6th defendants had no chance… The DC courts are evil.

@toddstarnes: The White House is calling on Dem @RepJasmine to tamp down the “dangerous rhetoric.” Last night Crockett called on people to take down Elon Musk.
    “Had a white Republican said this about a black business owner she would have been out there calling for this person’s execution because she would have seen it as racist,” WH spokesman Harrison Fields said on my podcast today.
    “Jasmine Crockett is not a serious person. “I don’t know how she managed to hoodwink enough people to vote her in to office...We need people like Jasmine Crockett out of our political discourse because it’s not helpful it’s dangerous and she has to tamp down her rhetoric. And I would call on Hakeem Jeffries to get his caucus in order, because the rhetoric of her and others is very dangerous.”

@ThomasMHern: Ex- Dem Rep. Jamaal Bowman just called Elon Musk an “incompetent thief” and “Nazi” on CNN. https://x.com/ThomasMHern/status/1902920132437086297
     @elonmusk: I’ve had enough. Lawsuit inbound.

@HansMahn>https://t.co/ggC2UBc4MH

NYT: Musk to get access to top-secret US plan for potential war with China

Asst Def Sec @SeanParnellATSD: This is 100% Fake News. Just brazenly & maliciously wrong.
https://x.com/SeanParnellATSD/status/1902899998792016137

@realDonaldTrump: The Fake News is at it again, this time the Failing New York Times. They said, incorrectly, that Elon Musk is going to the Pentagon tomorrow to be briefed on any potential “war with China.” How ridiculous?” China will not even be mentioned or discussed. How disgraceful it is that the discredited media can make up such lies. Anyway, the story is completely untrue!!!

Def Sec Hegseth: “The NYT story was meant to undermine any type of relationship Elon Musk has with the Pentagon…”

@elonmusk: The New York Times is pure propaganda. Also, I look forward to the prosecutions of those at the Pentagon who are leaking maliciously false information to NYT. They will be found.

Ex-DoD/NSA official @EzraACohen: The lead author of the false NY Times story re a briefing for Elon Musk on PRC contingency plans is Eric Schmitt. Based on my experience, he is heavily sourced within the Joint Staff and often publishes false information on their behalf. The framing of the story and the content of the article also points to the JS as the source — perhaps to protect corrupt JS interests that are in the reform crosshairs. Need to finish JS house cleaning and dramatically reduce numbers.

Meet the pro-CCP Marxist revolutionary group behind the Mahmoud Khalil protests
The People’s Forum helped organize the encampments on Columbia University’s campus. Now the well-funded pro-CCP Marxist group is organizing the protests to free Mahmoud Khalil.
https://justthenews.com/nation/extremism/meet-pro-ccp-marxist-revolutionary-group-behind-mahmoud-khalil-protests

Dems are on the wrong side of every major issue, and they cannot conceive any new issues. So, all they have is deceit, fear mongering, venom, and violence.

@VigilantFox: Tim Walz says Trump’s plan to dismantle the Department of Education could take America back to an era of racial segregation.  https://x.com/VigilantFox/status/1902926627199131654

Dem @SenatorWarnock: DOGE closed 5 social security offices in GA a couple weeks ago. Now, they’re telling Georgia seniors they can’t use the phone to claim benefits either. Let’s call this what it is: An intentional attempt to stop folks from claiming benefits they’ve EARNED. I will fight this.
    @DOGE: This post is inaccurate. @SocialSecurity is not closing any field sites in Georgia or elsewhere. The confusion likely arises from the closure of 5 permanent remote hearing sites (PRSs)—single rooms within field sites used for hearings. Since most hearings are now virtual, these PRSs are unnecessary. Field sites remain open, and Social Security has no plans to close any public-facing sites nationwide. (You’d think a reverend like Sen. Warnock would not lie for political purposes!)

@unlimited_ls: Kennedy Center FIRES employee after WILD 35-minute N*KED RANT against Elon Musk and Trump – “Hundreds of thousands, if not millions, of people are dead, dying, or doomed because of this man… Hostile government takeover that’s systematically targeting the livelihood and liberty of poor people, queer people, black/brown people, people of color, immigrants, Muslims, victims in war-torn countries, ethnic cleansing, women? And gosh, when I put it that way it seems obvious. F**k Donald Trump and the Kennedy Center!”
https://x.com/unlimited_ls/status/1903071264635273217

@ImMeme0: Unhinged NYC woman loses it on a man in a MAGA hat—then karma knocks her down, literally.  https://x.com/ImMeme0/status/1903084027705192498

@DailyMail: Wayne Gretzky statue smeared with feces amid Canadian hockey legend’s friendship with Donald Trump… outside Rogers Center, where the Edmonton Oilers play their home games…

@libsoftiktok: Democrats in Colorado forced a Rep to cover a sticker on his laptop which said “Shall not be infringed-2A” because it’s considered “offensive.” https://t.co/yl3qf1ZRiP

Pam Bondi warns Rep. Jasmine Crockett to ‘tread carefully’ over call for Elon Musk to be ‘taken down’  https://www.foxnews.com/media/pam-bondi-warns-rep-jasmine-crockett-tread-carefully-call-elon-musk-taken-down

Social media reveals that the well-known US mental health crisis is far worse and more pervasive than thought. Thanks to TDS, media/politicians’ incitement, and other factors, particularly drugs, the Loony Left is getting more unhinged and more violent. Dems and their media stooges advocating that ‘Trump should be stopped, canceled, imprisoned, or worse by ANY MEANS’ for almost a decade are culpable.

@StephenM: A growing portion of the hard left has been violently radicalized. The left must never be returned to a position of national power.

Angry Bernie Sanders nearly storms off ABC News set when asked if he’d like to see AOC join Senate: ‘You wanna do nonsense, do nonsense’ https://t.co/GmHlKMlDN9

@AlphaNewsMN: Tim Walz is holding a “community townhall” in Rochester (Saturday) hosted by the Minnesota DFL. The location of the event is private. (To have a hand-picked, friendly audience)
https://x.com/AlphaNewsMN/status/1903111028998619163

@TheInsiderPaper: AOC: “We need a Democratic Party that FARTS, FIGHTS harder”. (Not AI!)
https://x.com/TheInsiderPaper/status/1903540541213855951

@EndWokeness: Joy Reid predicts that America will go to war with Canada and lose https://t.co/ACyHoW8mh1

@SpeakerJohnson: Quinnipiac’s annual polling shows that, for the first time in the poll’s history, Congressional Democrats are now underwater with their own voters in approval ratings…. while Congressional Republicans are nearing an all-time high. https://t.co/qNyAOzTx2Y

GPS DATA EXPOSES ASTROTURFING AT DENVER BERNIE-AOC RALLY
A whopping 84% of those devices had shown up at nine or more other protests, including Antifa/BLM events, pro-Hamas and pro-Palestinian demonstrations, and Kamala Harris campaign stops… the majority were tied to activist networks like Disruption Project, Indivisible, Democratic Socialists of America, Rise & Resist, and Troublemakers—all reportedly funded by ActBlue and some receiving backing via USAID… https://x.com/MarioNawfal/status/1903936132494024726
    @elonmusk: The Dems just move around the same group of paid “protesters.”

GOP Rep. @realannapaulina: This document confirms the CIA rejected the lone gun theory in the weeks after the JFK assassination. It’s called the Donald Heath memo.
https://x.com/realannapaulina/status/1902931686804894166

NCAA wrestling champions shake hands with Trump after winning title bouts https://t.co/o1B6L1m2PD

@mirandadevine: The Vatican told its honest former auditor-general, Libero Milone — who worked with the late Cardinal George Pell to uncover hundreds of millions of euros of fraud — to drop evidence of “immoral and indecent” misconduct by high-ranking Vatican officials from his lawsuit because it could damage their “good name”. Shocking story of Vatican corruption — and Cardinal Pell’s untimely death has never been adequately explained.  https://x.com/mirandadevine/status/1902795044978827343

Babylon Bee 11/23/24: Democrats Warn Abolishing Department of Education Could Result in Kids Being Too Smart To Vote For Democrats   https://babylonbee.com/news/democrats-warn-abolishing-department-of-education-could-result-in-kids-being-too-smart-to-vote-for-democrats

HOW THE NEW YORK TIMES IS KILLING AMERICA – John Kass
I’d often discuss this rule with my political sources, elected officials, cops, city workers and others:  Lie to me just once, just once, and I’ll burn you to the ground… It was necessary because an honest reporter can’t let such things go…
    The New York Times has never been held accountable. It leverages corporate media but has never taken responsibility for misinformation and malfeasance. The newspaper’s lies have been rewarded with dominant market position and those Pulitzer Prizes based on lies were wrapped adulation based on fear.
    All the lies have now metastasized. The cancer from the leftist agenda attacks the bones of the nation, our spiritual and civic infrastructure. The left’s extreme excesses during COVID are causing Americans to not trust public health officials during the next pandemic, with deadly results. Apply the same citizen suspicion to the criminal justice system and the law, trace the curve and understand it leads to civic death… The New York Times is as lost in its Acela Corridor provincialism as any isolated shepherd boy in the most remote valley of Kurdistan. It hates the America that most of us love and so many died for… https://johnkassnews.com/how-ny-times-and-jacobin-friends-killed-america/

SWAMP STORIES FOR YOU TONIGHT

“Troubling Discrepancies”: NY AG Letitia James – Who Went After Trump For Real-Estate – May Have Fudged Her Own Building Permits

Friday, Mar 21, 2025 – 05:00 PM

Authored by Sam Antar via White Collar Fraud,

New York Attorney General Letitia James has made a name for herself prosecuting landlords and real estate fraudsters. Yet our investigation reveals troubling discrepancies in her own property filings—irregularities that would likely result in stiff penalties for most New Yorkers.

Documents from the NYC Department of Buildings show a pattern of inconsistencies about a Brooklyn property James owns—inconsistencies that mysteriously received special treatment when reported.

The Discrepancy: Official Records vs. James’ Filings

Note: Links to NYC Department of Buildings records may load slowly due to system capacity limitations. Please be patient as they connect to the city’s database.

At the heart of the issue is a contradiction between what the city officially permits and what James’ filings claim.

The Certificate of Occupancy for 296 Lafayette Avenue in Brooklyn—issued January 26, 2001—clearly states the property is a five-family dwelling regulated under NYC housing laws. James purchased this property on February 14, 2001, just two weeks after this Certificate of Occupancy was issued. This official classification has been on the books for more than two decades.

Yet James repeatedly filed permit applications identifying the same property as a four-family dwelling—a classification subject to different regulatory requirements under New York City building codes. Under NYC building code classifications, her property with five units would be classified as C2 (which applies to buildings with 5+ units), while her filings list it as C3 (which applies to 3-4 unit buildings). This fundamental contradiction between the long-established Certificate of Occupancy and her permit applications raises serious questions about regulatory compliance.

Multiple Discrepant Filings Show Pattern, Not Mistake

This wasn’t a one-time error. We uncovered multiple DOB permit applications containing identical discrepancies:

July 2020 Application (Job #340743146): Documents show “Dwelling Units: Existing: 4” despite the Certificate of Occupancy listing five units for the past 19 years.
September 2020 Application (Job #340768510): Another filing repeats the same inconsistent information.

The permit application details are explicit, stating: “Total Number of Dwelling Units at Location: 4” for a property documented in the Certificate of Occupancy as a five-unit building since 2001.

This discrepancy goes far beyond a simple administrative error. As noted in my previous post, mortgage documents signed by Letitia James repeatedly characterize the property as a four-unit building—a critical representation that directly contradicts the official Certificate of Occupancy, which clearly designates the structure as a five-family dwelling. This inconsistency carries significant legal and financial implications, potentially allowing James to secure more favorable lending terms or avoid stricter regulatory requirements that apply to larger multi-unit properties.

The applications to the Department of Buildings were submitted through the city’s professional certification program, under which the architect affirmed:

“I HEREBY STATE THAT I HAVE EXERCISED A PROFESSIONAL STANDARD OF CARE IN CERTIFYING THAT THE FILED APPLICATION IS COMPLETE AND IN ACCORDANCE WITH APPLICABLE LAWS… I FURTHER REALIZE THAT ANY MISREPRESENTATION OR FALSIFICATION OF FACTS MADE KNOWINGLY OR NEGLIGENTLY BY ME, MY AGENTS OR EMPLOYEES, OR BY OTHERS WITH MY KNOWLEDGE, WILL RENDER ME LIABLE FOR LEGAL AND DISCIPLINARY ACTION…”

This sworn certification underscores the seriousness of the discrepancy. It was not merely a clerical oversight, but a representation made within a process where legal and professional accountability is explicitly defined—yet seemingly unenforced in this case.

Why It Matters: Critical Regulatory Differences

The implications of this discrepancy go far beyond paperwork—it affects compliance with safety and occupancy laws that vary based on unit count. According to the NYC Administrative Code, buildings with different unit counts face materially different regulatory requirements, particularly in safety standards. The NYC Building Code mandates different fire protection protocols based on dwelling unit count, affecting everything from required safety systems to inspection frequency.

The difference between a four-unit and five-unit building is particularly significant, as five units triggers additional regulatory oversight. By listing a five-unit building as having only four units, these applications potentially circumvented proper regulatory review—an action that, if done knowingly, may constitute a violation of state and city law.

The Case of the Missing Unit

This pattern raises a disturbing question: What happened to the fifth unit? If the Certificate of Occupancy legally certifies five units since 2001 but James’ filings consistently reference only four, we face a straightforward logical conclusion: either the property currently has five units and the filings contain false information, or the property has four units and an unauthorized conversion has occurred. In the latter case, for ordinary property owners, such unauthorized alterations trigger immediate investigations, stop-work orders, and significant penalties. The NYC Department of Buildings routinely issues violations for exactly this type of undocumented change to a building’s legal occupancy configuration.

Legal Framework: False Statements in Building Documents

These discrepancies potentially implicate several New York laws:

NYC Administrative Code §28-211.1: This section explicitly prohibits “false statements in certificates, forms, written statements, applications, reports or certificates of correction” related to building permits and compliance documents.
NY Penal Law §175.30: This statute defines the offense of “Offering a false instrument for filing in the second degree” as “knowing that a written instrument contains a false statement or false information, [when one] offers or presents it to a public office or public servant with the knowledge or belief that it will be filed with, registered or recorded in or otherwise become a part of the records of such public office or public servant.” This offense is classified as a Class A misdemeanor.
NY Penal Law §175.35: This elevates the offense to a Class E felony when done “with intent to defraud the state or any political subdivision, public authority or public benefit corporation of the state.”

Building code compliance is not discretionary. The NYC Administrative Code §28-202.1 establishes a framework for enforcement through both civil and criminal penalties for violations, stating “violations of this code, the 1968 building code, the zoning resolution or other laws or rules enforced by the department shall be punishable by civil penalties.”

A Double Standard in Action: DOB’s Puzzling Response

Perhaps most revealing is how the city’s Department of Buildings responded when the discrepancy was brought to its attention.

The most troubling aspect emerged when a complaint was filed about this discrepancy. The DOB’s response was surprisingly dismissive:

“MINOR ERROR, C/O 3P0010437 LIST 5 FAMILY BLDG.”

The original complaint was quite specific, stating:

“THERE IS A DISCREPANCY BETWEEN BUILDNG PERMIT APPLICATIONS AND THE CERTIFICATE OF OCCUPANCY – APPLICATIONS LIST THE BUILDING AS A 4 FAMILY BUT C OF O INDICATES A 5 FAMILY DWELLING. PERMIT APPLICATIONS SIGNED BY LETITIA JAMES APPEAR TO CONTAIN FALSE INFORMATION.”

Yet instead of typical enforcement action, the agency simply labeled it a “minor error”—not even disputing the factual claim, just minimizing its significance despite the discrepancy persisting for nearly two decades.

One Rule for James, Another for Everyone Else

This lenient treatment stands in stark contrast to how the DOB typically handles similar inconsistencies. Consider this example:

In a case argued by housing attorney Jesse Gribben, when tenants discovered their building contained more units than listed on its Certificate of Occupancy, the DOB required “the presence of 24/7 fire guards as a condition of continued occupancy.” The courts supported tenants who organized a rent strike over the violation.

Under the NYC Administrative Code §28-213.1, “in addition to any penalties otherwise authorized by law pursuant to article 202 and the rules of the department, whenever any work for which a permit is required pursuant to this code has been performed without a permit, a penalty shall be imposed by the department.” For ordinary property owners, such violations can result in significant fines and mandatory remediation requirements.

Questions That Deserve Answers

Our investigation raises several troubling questions:

Why were James’ applications approved despite containing information that contradicts the Certificate of Occupancy that has been in place since 2001?
Why did DOB dismiss as “minor” what would typically trigger enforcement actions for ordinary property owners?
Is there a reasonable explanation for this apparent differential treatment?
Given the building is legally certified for five units for over 20 years but consistently described as having only four, has an unauthorized unit conversion occurred without proper permits or inspections? This would constitute a serious violation that typically results in immediate enforcement action for non-public officials.

As the state’s chief legal officer, James has a duty to explain these irregularities. If regulatory enforcement varies based on power or position, the public is owed not just answers—but accountability.

We’ll continue monitoring this situation. Stay tuned for updates.

end

and then this

re: jasmine Crockett!!

“Tread Carefully”: Pam Bondi Issues Warning To Unhinged Rep. Jasmine Crockett Over Musk “Takedown”

10 PM

We certainly did not have a member of Congress conspiring with radical far-left NGOs to sabotage the most made-in-America car company and critical to retirement and pension funds for millions of Americans on our 2025 bingo card.

But here we are, and far-left Congresswoman Jasmine Crockett (D-TX) joined a “Tesla Takedown” teleconference last week, laughing and rooting for Tesla and Elon Musk’s demise. Other revolutionaries on the call described how they wanted to “kill the Tesla brand” and “drive down the stock price” to push Tesla “into a death spiral.”

Now Attorney General Pam Bondi is getting involved, warning Crockett to “tread very carefully” following her support for the Tesla Takedown.

“She is an elected public official, so she needs to tread very carefully because nothing will happen to Elon Musk, and we’re going to fight to protect all of the Tesla owners throughout this country,” Bondi said on Fox’s “Sunday Morning Futures.”

'TREAD VERY CAREFULLY': @AGPamBondi warned @RepJasmine (D-TX) after the Democrat threatened @elonmusk during a nationwide call with the Tesla Takedown movement, suggesting Musk should be "taken down." https://t.co/Qp9jxtgium pic.twitter.com/SycJ9bmWfu
— Fox News (@FoxNews) March 24, 2025

Bondi’s warning to the unhinged Democrat comes days after her appearance on the Tesla Takedown teleconference:

EXCLUSIVE VIDEO:

Tonight, Radical Democrat Congresswoman @JasmineForUS Jasmine Crockett spoke on a CALL TO ACTION call organized by the @Tesla Takedown organizers who have been vandalizing and attacking @elonmusk’s Tesla Showrooms and charging stations across the country and all… pic.twitter.com/eqbPsseIhJ
— Laura Loomer (@LauraLoomer) March 20, 2025

Crockett’s alliance with Tesla Takedown is alarming, considering the Soros-funded non-profit Indivisible is preparing a multi-city assault on Tesla service locations nationwide by the end of the month.

There have been far-left terrorist attacks on Tesla service centers, showrooms, Supercharging networks, and vehicles that paint the Democratic Party as in disarray and resorting to communist revolutionary tactics.

DEVELOPING: Video provided to the Review-Journal shows several @Tesla vehicles engulfed in flames after Las Vegas police say they were set on fire by an individual early Tuesday morning.
UPDATES→ https://t.co/sZQr9j1E5A pic.twitter.com/uXeLsdpTVl
— Las Vegas Review-Journal (@reviewjournal) March 18, 2025

Polling data for the party has collapsed, while the latest ploy by the party to improve optics was entirely disproven to be “inorganic” by GPS data.

'Inorganic' – GPS Data Reveals Bernie Sanders, AOC Anti-Oligarchy Rally Was Full Of Serial Protesters https://t.co/TawQtLBvEe
— zerohedge (@zerohedge) March 23, 2025

The American people are finally getting to see the real Democratic Party—filled with hate and violence as its revolutionaries attack Tesla, all because the owner, Elon Musk, is uncovering massive fraud and waste by the Deep State.

Remember when Democrats wanted to defund everything after George Floyd? Yet suddenly, now they don’t.

Bondi ended with: “Domestic terrorism is going to come to a stop in this country.”

Wonder who Crockett is friends with…

end

endGREG HUNTER INTERVIEWING ED DOWD”

DOGE Reveals Mind Shocking Fraud Propping Up Economy – Ed Dowd

By Greg Hunter On March 22, 2025 In Market Analysis57 Comments

By Greg Hunter’s USAWatchdog.com (Saturday Night Post)

Former Wall Street money manager and financial analyst Ed Dowd of PhinanceTechnologies.com is back with an update of a report on “Danger of Deep Worldwide Recession in 2025.” It was not just heavy government spending on illegal immigration, but “mind shocking” fraud that has been revealed with DOGE (Department of Government Efficiency). Investigators have uncovered $115 billion so far with many hundreds of billions more to be exposed. Dowd says, “Both sides of the aisle are probably going to have problems. The DOGE revelations are mind shocking. The clear way in which the government was spending money through NGOs (non-governmental organizations) and people taking kickbacks and profits along the way is going to come out. There may have been theft along the way. What business does Stacy Abrams have getting $2 billion for an NGO? This doesn’t make any sense. It’s going to be shocking, even shocking to me. I knew there was rot in the system, but the mind blowing way the NGOs were used to facilitate the illegal immigration just blows my mind. The 10 million plus illegals that came in over the last four years, you just don’t wake up one day in Central America and say I am going to the Darien Gap, and go to the Mexican border and then meander my way into the interior of the US without a tremendous amount of aid along the way. NGOs facilitated that and probably took their cut. What was the all-in economic cost of the goodies they got once they got here? Plus, the NGOs spent and what the government spent themselves to facilitate this, it’s not hard to imagine $50,000 to $100,000 all-in cost per illegal. . . . This is the all-in cost up and down the entire economic food chain. . . . It was anywhere between $500 billion to $1.5 trillion depending on the illegals. It was an illegal project funded purposely, and it was very logistical. It was not something that just happened overnight.”

The result, says Dowd, was the US economy was propped up when it should have already tanked. Now, all this spending on this illegal invasion is going away. Dowd says, “When we wrote our report, we were surprised on how fast DOGE would get to work. . . . This is why our thesis is playing out a little quicker than we thought. . . . The housing market was on fragile ground the last year or so. It was held up by illegal immigrants supporting rent prices. So, as that unwinds, we think there will be a mini 2008–2009 housing issue. Housing prices are going to come down, and that is a big driver of consumption in the economy. That needs to happen because home affordability is off the charts.”

Dowd also see a recession coming as the government downsizes, illegal alien funding gets cut and illegals continue to self-deport. Dowd says, “Consumer confidence has taken a nosedive recently, and you can see why. There are 10 million to 15 million illegal immigrants worried about their gravy train coming to an end. So, they may be holding back on their spending. There are millions of government employees worried about their jobs. Then, you have the NGO networks that employ about 6 million people. So, you have about 20 million to 25 million people that are in the workforce . . . worried about where their money is going to come from, and that can cause consumer spending to slow down.”

There is good news with the spending cuts, according to Dowd, and that will come in the form of lower interest rates in the bond market. Dowd still likes gold as a core asset and does not see Trump tariffs as inflationary. Dowd says the problems with tariffs are “overblown” and are a negotiation tool to get fair trade for America around the world. Dowd sees “deflation” and possibly a short but “deep recession” coming before inflation. A possible black swan event is an intensified war in Ukraine and no peace deal along with the EU getting deeply involved in a war with Russia. This could be a plus for the US if it stays out of the conflict. Dowd says, “There seems to be war drums beating in Europe, and capital will flee to the US. Martin Armstrong says all the gold movement coming to the US is because of a coming war, and of all the theories on this, that makes the most sense to me. I am not predicting war, but that is a geopolitical risk out there. That is one of those ‘black swan’ events. Another ‘black swan’ event is a Bank of Japan currency crisis and, also, something going on with Iran and the Middle East. . . . Black swan events add to the risk, and those are hard to predict.”

There is much more in the 50-minute interview.

Join Greg Hunter of USAWatchdog.com as he goes One-on-One with money manager and investment expert Ed Dowd, as he talks about massive crime and fraud that President Trump will stop and give way to a “Danger of Deep Worldwide Recession in 2025” for 3.22.25.

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