GOLD CLOSED UP $13.90 TO $3022.00
SILVER CLOSED UP 0.63 TO $33.58
GOLD ACCESS CLOSED 3019.60
Silver ACCESS CLOSED: $33.66
Bitcoin morning price:$87,339 up 3326 DOLLARS.
Bitcoin: afternoon price: $88338 UP 1410 DOLLARS
Platinum price closing UP $7.40 TO $982,00
Palladium price; UP $5.05 TO $961.85
END
*CANADIAN GOLD: $4312.01 UP 3.18 CDN dollars per oz( * NEW ALL TIME HIGH 4361.64- CDN DOLLARS PER OZ//MARCH 19 2025)
*BRITISH GOLD: 2333.35 UP 4.32 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING//2,343.17 BRITISH POUNDS/OZ) MARCH 19/2025
*EURO GOLD: 2,798.34 UP 12.34 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: 3,013.100000000 USD
INTENT DATE: 03/24/2025 DELIVERY DATE: 03/26/2025
FIRM ORG FIRM NAME ISSUED STOPPED
132 C SG AMERICAS 1
323 C HSBC 286
363 H WELLS FARGO SEC 59
435 H SCOTIA CAPITAL 112
523 H INTERACTIVE BRO 2
624 H BOFA SECURITIES 60
661 C JP MORGAN 25
686 C STONEX FINANCIA 72 65
709 C BARCLAYS 55
880 H CITIGROUP 26
905 C ADM 5
TOTAL: 384 384
JPMORGAN stopped 25/384 contracts
GOLD: NUMBER OF NOTICES FILED FOR MARCH/2024. CONTRACT: 384 NOTICES FOR 38,400 OZ 1.194 TONNES
total notices so far: 18,731 contracts for 1,873,100 Oz (58.261 tonnes)
FOR MARCH
XXXXXXXXXXXXXXXXXX
SILVER NOTICES: 50 NOTICE(S) FILED FOR 0.250 MILLION OZ/
total number of notices filed so far this month : 15,343 for 76.715 million oz
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END
GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD UP $13.90 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD:
HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.44 TONNES OF GOLD OUT OF THE GLD//
INVENTORY RESTS AT 929.07 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER UP $.63 AT THE SLV: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A MASSIVE DEPOSIT OF 13.249 MILLION OZ INTO THE SLV//
THIS IS A MASSIVE FRAUD
CLOSING INVENTORY
CLOSING INVENTORY: 454.883 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY A SMALL SIZED 235 CONTRACTS TO 167,074 AND STALLING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS SMALL SIZED LOSS IN COMEX OI WAS ACCOMPLISHED DESPITE OUR TINY GAIN OF $0,04 IN SILVER PRICING AT THE COMEX WITH RESPECT TO MONDAY’S TRADING. WE HAD A SMALL LOSS OF 118 TOTAL CONTRACTS ON OUR TWO EXCHANGES DESPITE OUR SMALL GAIN IN PRICE//THURSDAY’S TRADING.. WE HAD HUGE LIQUIDATION OF T.A.S. CONTRACTS ON MONDAY COMEX TRADING / AS THEY DESPERATELY TRIED TO CONTAIN SILVER’S PRICE RISE FOR THE PAST 4 WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $34.40 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY FAILED SLIGHTLY ON MONDAY WITH SILVER’S SMALL GAIN IN PRICE. WE HAD A HUGE T.A.S. LIQUIDATION MONDAY. BUT THIS WAS COUPLED WITH A SMALL T.A.S. ISSUANCE OF 310 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 SMALL 200 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR FAIR 310 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN TODAY’S TRADING/ AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE. IN ESSENCE WE LOST A TINY 35 CONTRACTS ON OUR TWO EXCHANGES WITH OUR SMALL GAIN IN PRICE. WE HAD CONSIDERABLE TAS LIQUIDATION THROUGHOUT MONDAY’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 MONDAY NIGHT/TUESDAY MORNING: A FAIR 310 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT NOW SEEMS THAT THE OCC HAS ORDERED THE BANKS TO REDUCE ITS NEW LEVEL OF 1 TRILLION DOLLARS IN GOLD/SILVER DERIVATIVES
WE HAVE IN THE PAST YEAR SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023// OUR BANKERS WITH THE HELP OF SPECULATORS AND HIGH FREQUENCY TRADERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.04 AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SILVER LONGS FROM THEIR PERCH AS DESPITE HAVING A SMALL LOSS IN OUR TWO EXCHANGES OF 35 CONTRACTS WE HAD HUGE LIQUIDATION OF T.A.S. CONTRACTS TRYING TO CONTAIN SILVER’S PRICE RISE AND THAT ACCOUNTS FOR MOST 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 200 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 0.185 MILLION OZ EFP TRANSFER TO LONDON TO WHICH WE ADD .350 EXCHANGE FOR RISK
INITIAL STANDING FOR MARCH ADVANCES TO 81.345 MILLION OZ
WE HAD:
/ FAIR COMEX OI LOSS+// A SMALL SIZED EFP ISSUANCE/ VI) FAIR SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 310 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: ADDED 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 17 DAYS, total 10,491 contracts: OR 52.455 MILLION OZ (617 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 52.455 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: 52.455 MILLION OZ///
XXXXXXXXXXXXXXXXXXXXXXXXXXXX
RESULT: WE HAD A SMALL SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 235 CONTRACTS DESPITE OUR GAIN IN PRICE OF 4 CENTS IN SILVER PRICING AT THE COMEX// MONDAY.,. THE CME NOTIFIED US THAT WE HAD A SMALL 200 CONTRACT EFP ISSUANCE CONTRACTS: 200 ISSUED FOR MAY AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH EXITED OUT OF THE SILVER COMEX TO LONDON AS FORWARDS. WE HAVE A GOOD INITIAL SILVER OZ STANDING FOR MARCH OF 78.455 MILLION OZ ON FIRST DAY NOTICE, FOLLOWED BY TODAY’S 0.185 MILLION OZ E.F.P. TRANSFER JUMP TO LONDON/
NEW STANDING REDUCES TO 80.995 MILLION OZ + .350 EX. FOR RISK//NEW TOTAL 81.345 MILLION OZ.
WE HAVE 1). A SMALL SIZED LOSS OF 35 OI CONTRACTS ON THE TWO EXCHANGES DESPITE OUR LOSS IN PRICE// 2.THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A FAIR 310 CONTRACTS TRYING DESPERATELY TO CONTAIN SILVER’S PRICE RISE,//CONSIDERABLE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE MONDAY 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 MONDAY NIGHT (310 ) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE AND MOST LIKELY TODAY.
WE HAD 50 NOTICE(S) FILED TODAY FOR 0.250 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 12,141 OI CONTRACTS TO 506,999 AND CLOSER TO THE RECORD (SET JAN 24/2020) AT 799,105 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. (ALL TIME LOW OF 390,000 CONTRACTS.)
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED A LARGE SIZED 644 CONTRACTS//
WE HAD A STRONG SIZED DECREASE IN COMEX OI (12,141 CONTRACTS) OCCURRED WITH OUR STRONG LOSS OF $6.10 IN PRICE MONDAY. 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 9200 OZ QUEUE JUMP (0.2861 TONNES), ////NEW STANDING ADVANCES TO 58.3017 TONNES + .4655 TONNES EX FOR RISK/PRIOR + .3110 EX FOR RISK TODAY = 59.0792 TONNES
/NEW STANDING FOR MARCH; 58.3017 TONNES + .7775 TONNES EX FOR RISK= 59.0792 TONNES
/ ALL OF THIS HAPPENED WITH OUR $6.10 LOSS IN PRICE WITH RESPECT TO MONDAY’S COMEX ///. WE HAD A STRONG SIZED LOSS OF 11,261 OI CONTRACTS (35.026 PAPER TONNES) ON OUR TWO EXCHANGES, WITH MANY LONGS, REMAINING AT THE END OF THE DAY, TENDERING FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE, MUCH TO THE ANGER AND HORROR EXHIBITED BY OUR MAJOR BANKER, THE FEDERAL RESERVE BANK OF NEW YORK. THE HORROR INTENSIFIED ONCE LONDON STARTED TO TRADE LAST WEEK, AND THROUGHOUT THE WEEK WITH MAJOR TENDERING FOR PHYSICAL VIA THE EXCHANGE FOR PHYSICAL ROUTE! THE RESULT: A MASSIVE AMOUNT OF GOLD STANDING FOR DELIVERY FOR THE FRONT MARCH CONTRACT MONTH. CENTRAL BANKERS ARE NOW WAITING PATIENTLY FOR THEIR DELIVERY OF GOLD VIA SLOW MOVING SHIPS.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED 880 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 11,261 CONTRACTS WITH 12,141 CONTRACTS DECREASED AT THE COMEX// AND A SMALL SIZED 880 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 11,261 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR SIZED AND CRIMINAL 1394 CONTRACTS ISSUED.
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (880 CONTRACTS) ACCOMPANYING THE STRONG SIZED DECREASE IN COMEX OI OF 12,141 CONTRACTS/TOTAL LOSS FOR OUR THE TWO EXCHANGES: 11,261 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 0.2861 TONNES QUEUE JUMP. TO WHICH WE MUST ADD OUR NEW .7775 TONNES OF EX FOR RISK ON OUR TWO OCCASION ISSUANCES.
//NEW STANDING ADVANCES TO 58.3017 TONNES + .4655 TONNES EX FOR RISK/PRIOR + .31104 EX FOR RISK TODAY = 59.0792 TONNES
//NEW STANDING MARCH: 59.0792 TONNES
.
/ 3) HUGE T.A.S. LIQUIDATION TRYING TO LOWER GOLD’S PRICE MONDAY WITH SOME SUCCESS IN REMOVING NET SPECULATOR LONGS, AS WE HAD 1) $6.10 LOSS GAIN AND WE HAD 2) SOME NET LONG SPECS BEING CLIPPED AS WE HAD A STRONG LOSS OF 11,261 CONTRACTS ON OUR TWO EXCHANGES (ALL DUE TO T.A.S. LIQUIDATION ) ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED MONDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL AND THUS OUR HUGE TONNAGE STANDING FOR GOLD IN MARCH. ALL OF THE GAIN IN OI WAS DUE TO THE HUGE NUMBER OF T.A.S. LIQUIDATION MONDAY.
4) VERY STRONG SIZED COMEX OPEN INTEREST DECREASE 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///FAIR T.A.S. ISSUANCE: 1394 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: 30,148 CONTRACTS OF 3,014,800 OZ OR 93.67 TONNES IN 17 TRADING DAY(S) AND THUS AVERAGING: 1773 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 17 TRADING DAY(S) IN TONNES 93.67 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2024, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 93.67 DIVIDED BY 3550 x 100% TONNES = 2.63% 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 93.67 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 SMALL SIZED 235 CONTRACTS OI TO 167,074 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 1025 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAY 200 and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 200 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 318 CONTRACTS AND ADD TO THE 200 E.FP. ISSUED
WE OBTAIN A SMALL SIZED LOSS OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 35 CONTRACTS
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTALS 0.590
MILLION OZ OCCURRED DESPITE OUR SMALL $0.04 GAIN IN PRICE
OUTLINE FOR TODAY’S COMMENTARY
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
b, ) Gold/silver trading overnight Europe,//GOLD COMMENTARIES
(Peter Schiff)
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS TUESDAY MORNING//MONDAY NIGHT
SHANGHAI CLOSED DOWN 0.05 PTS OR 0.00%
//Hang Seng CLOSED DOWN 561.31 PTS OR 2.35%
// Nikkei CLOSED UIP 172.05 OR .46 %//Australia’s all ordinaries CLOSED UP 0.11%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 7.2595 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.2613/ Oil UP TO 6944 dollars per barrel for WTI and BRENT UP TO 73.40 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 TUESDAY MORNING/MONDAY 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 12,141 CONTRACTS TO 506,999 WITH OUR LOSS IN PRICE OF $6.10 WITH RESPECT TO MONDAY’S TRADING/. WE LOST SOME NET LONGS WITH THAT PRICE LOSS FOR GOLD. AND AS YOU WILL SEE BELOW, OUR LOSS IN PRICE ALSO HAD A SMALL NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (800 ).
THE CME ANNOUNCED MONDAY NIGHT, 100 EXCHANGE FOR RISK CONTRACTS FOR 10,000 OZ OR .3110 TONNES. LAST THURSDAY WAS THE FIRST ISSUANCE FOR MARCH FOR .4665 TONNES. THUS TOTAL NO OF EXCHANGE FOR RISK ISSUANCE EQUALS: 7775 TONNES OF GOLD WHICH WILL BE ADDED TO OUR DELIVERY TOTALS.
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. THIS IS THE 4TH CONSECUTIVE ISSUANCE FOR EXCHANGE FOR RISK.
THUS IN TOTAL WE HAD A STRONG SIZED LOSS ON OUR TWO EXCHANGES OF 11,261 CONTRACTS WITH OUR LOSS IN PRICE. OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN ON MONDAY NIGHT AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED RAID AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THE DAILY ATTACKS WITH THE CONTINUAL LIQUIDATION OF T.A.S. CONTRACTS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY FOR THE THOUGHTFULNESS. LONDON ANNOUNCED LATE (JAN 30) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES. DELIVERY OF GOLD CONTRACTS ARE NOW TAKING SEVERAL WEEKS. NO DEFAULT HAS BEEN INITIATED AS DEALERS ARE AFRAID OF LOSS OF THEIR JOBS. SO THIS FRAUD CONTINUES. THE LEASE RATES IN LONDON HAVE NOW REVERTED BACK TO 1% BUT GOLD IN LONDON IS STILL EXTREMELY SCARCE. WE CAN NOW SAFELY SAY THAT THERE IS A RUN ON A BANK AND THAT BANK IS THE BANK OF ENGLAND!!!
THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT THIS MONTH OF MARCH CONTINUES TO DISTORT OPEN INTEREST NUMBERS GREATLY AND IT SURELY WAS ON DISPLAY TODAY INCLUDING WITH OUR HUMONGOUS T.A.S. ISSUANCES AND HUGE T.A.S. LIQUIDATION// THROUGHOUT THE WEEK. THEY ISSUED LAST NIGHT A FAIR SIZED 1394 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 THURSDAY.
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 SMALL SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS A SMALL SIZED 880 EFP CONTRACTS WERE ISSUED: : /APRIL 880 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 880 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 11,261 CONTRACTS IN THAT 880 CONTRACT LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A FAIR LOSS OF 12,261 COMEX CONTRACTS..AND THIS LOSS ON OUR TWO EXCHANGES HAPPENED WITH OUR LOSS IN PRICE OF $6.10 FOR MONDAY/ 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 MONDAY NIGHT/TUESDAY MORNING WAS A FAIR SIZED 1394 CONTRACTS, AS AGAIN, ALL OF THE TRADING AND SUPPLY OF CONTRACTS HAVE BEEN ORCHESTRATED BY GOVERNMENT (FEDERAL RESERVE BANK OF NEW YORK). AS PER THEIR MEGA 5 DAY ISSUANCE OF T.A.S OVER 4 WEEKS AGO AND AGAIN LAST WEEK,, THE FED HAS BEEN EXPERIMENTING WITH EINSTEIN’S DEFINITION OF INSANITY….TRYING TO DO THE SAME THING OVER AND OVER AGAIN HOPING FOR A DIFFERENT RESULT. HIS DEFINITION STILL STANDS.. THE CROOKS ACCOMPLISHED LITTLE AS FEW LEFT OUR GOLD METAL ARENA. DURING OPTIONS EXPIRY WEEK, A HUGE RAID WAS ORDERED BY THE FED WITH END OF THE MONTH TRADING ( FEB 25 THROUGH FEB 28) AS THE GOLD PRICE GOT HAMMERED A BIT WITH ONLY THE PAPER PRICE OF GOLD LOWERING! . AND NOW ,THIS MONTH, WE HAD+ ANOTHER 5 DAY MEGA ISSUANCE BUT CORRESPONDING MEGA RAIDS FAILED TO MATERIALIZE. I WOULD LIKE TO POINT OUT THAT LAST WEDNESDAY’S 38,393 T.A.S. CONTRACT ISSUANCE IS THE HIGHEST ON RECORD!
THE RAIDS ON OPTIONS EXPIRY DOES TWO IMPORTANT THINGS FOR OUR CROOKS:
- 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. AND THEN, FOR THE FIRST TIME IN COMEX HISTORY WE WITNESSED THREE CONSECUTIVE MONTHS OF MEGA HUGE 30,000 + 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 (59.0792 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 : 58.3017 TONNES + .7775 TONNES EX FOR RISK = 59.0792 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: 59.0792 TONNES (INCLUDES .7775 TONNES EX FOR RISK)
COMEX GOLD TRADING/MARCH CONTRACT MONTH
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY $6.10/)/AND WERE SUCCESSFUL IN KNOCKING OFF CONSIDERABLE APPRECIABLE NET SPECULATOR LONGS AS WE DID HAVE A STRONG SIZED LOSS IN OUR TWO EXCHANGES. AND AS EXPLAINED ABOVE WE HAD HUGE T.A.S. SPREADER LIQUIDATION MONDAY/NIGHT 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 WELL ABOVE THE $3,000 THRESHOLD AT 3013 PLUS.
LAST NIGHT/TUESDAY 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 MONDAY EVENING/TUESDAY 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 WAS ADDED TO OUR REGULAR DELIVERIES THROUGH THE MONTH.
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 WAS ADDED TO TODAY’S NORMAL DELIVERY TOTAL.
NOW MARCH ISSUES IT’S SECOND EX FOR RISK:
TOTAL ISSUANCE OF EXCHANGE FOR RISK TODAY EQUALS 100 CONTRACTS FOR .3110 TONNES OF GOLD. PRIOR ISSUANCE: .4665 TONNES. THUS TOTAL EXCHANGE FOR RISK FOR MARCH SO FAR: .7775 TONNES OF GOLD. MARCH BECOMES THE 4TH CONSECUTIVE MONTH FOR EXCHANGE FOR RISK ISSUANCE.
STANDING NOW FOR MARCH:
MARCH: 58.3017 TONNES +3110 EX FOR RISK TODAY+ .46556 TONNES EX FOR RISK = 59.0792 TONNES
WE HAVE LOST A STRONG SIZED TOTAL OF 35.026 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 9200 OZ OR 0.2861 TONNES: NEW TOTAL STANDING 58.3017 TONNES TO WHICH WE ADD OUR .7775 TONNES OF EXCHANGE FOR RISK//NEW TOTAL: 59.0792 TONNES
ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $6.10
WE HAD 644 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 11,261 CONTRACTS OR 1,126,100 0Z (35,026 TONNES)
confirmed volume MONDAY 307,601 contracts: fair///
//speculators have left the gold arena
END
MARCH
// THE MARCH 2025 GOLD CONTRACT
MARCH 25
INITIAL
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 0 entry withdrawals: 0 . |
| Deposit to the Dealer Inventory in oz | 1 ENTRY i) Manfra: 28,315.099 oz weight .8807 tonnes |
| Deposits to the Customer Inventory, in oz | we have 2 customer entries we have 2 customer deposits i) Into JPMorgan customer; 64,302.000 oz (2,000 klilobars) iii) Into Malca 96,453.000 oz (5000 kilobars) total weight: 160.755.000 oz (7.000 tonnes) total weight dealer and customer; 7.8807 tonnes xxxxxxxxxxxxxxxxI |
| No of oz served (contracts) today | 384 notice(s) 38400 OZ 1.194 TONNES |
| No of oz to be served (notices) | 13 contracts 1300 OZ 0.0404 TONNES |
| Total monthly oz gold served (contracts) so far this month | 18,731 notices 1,873,100 oz 58.261 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:
dealer deposits: 1
1 ENTRY
i) Manfra: 28,315.099 oz
weight .8807 tonnes
xxxxxxxxxxxxxxxxxxxxx
deposits customer
we have 2 customer deposits
i) Into JPMorgan customer; 64,302.000 oz (2,000 klilobars)
iii) Into Malca 96,453.000 oz (5000 kilobars)
total weight: 160.755.000 oz (7.000 tonnes)
total weight dealer and customer; 7.8807 tonnes
xxxxxxxxxxxxxxxxI
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
withdrawals: 0
xxxxxxxxxxxxxxxxxx
adjustments: customer to dealer: 2 entries
i)Brinks 321,477.849 oz
ii) Malca: 108,509.621 oz oz
AMOUNT OF GOLD STANDING FOR MARCH
THE FRONT MONTH OF MARCH HAD A LOSS OF 274 CONTRACTS TO STAND AT 397. WE HAD 366 CONTRACTS SERVED ON MONDAY SO WE GAINED 92 CONTRACTS FOR 9200 OZ (.2861 TONNES AS A PHYSICAL GOLD QUEUE JUMP. THIS IS CENTRAL BANKS LOOKING FOR BADLY NEEDED GOLD
APRIL HAD A LOSS OF 55,799 CONTRACTS DOWN TO 164,807 CONTRACTS AS THIS MONTH BECOMES THE FRONT MONTH. WE HAVE 4 MORE READING DAYS BEFORE FIRST DAY NOTICE, MONDAY MARCH 31.
MAY GAINED 385 CONTRACTS UP TO 1764.
We had 384 contracts filed for today representing 38,400oz
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 384 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 25 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
T o 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 (18,731 X 100 oz ) to which we add the difference between the open interest for the front month of MARCH (397 CONTRACTS) minus the number of notices served upon today (384 x 100 oz per contract) equals 1,874,400 OZ OR 58.3017 TONNES to which we add our .7775 tonnes exchange for risk//new total tonnage standing: 59.0792 tonnes
thus the INITIAL standings for gold for the MARCH contract month: No of notices filed so far (18,731x 100 oz +we add the difference for front month of MARCH (397 OI} minus the number of notices served upon today (384 x 100 oz) which equals 1,874,400 OZ OR 58.3017 TONNES + .7775 ex for risk //new total 59.0792 tonnes
TOTAL COMEX GOLD STANDING FOR MARCH.: 59.0792 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 42,533,452.870 .oz
TOTAL REGISTERED GOLD 21,454,006.855 or 667.309 tonnes
TOTAL OF ALL ELIGIBLE GOLD: 21,099,446.015 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 19,481888oz (REG GOLD- PLEDGED GOLD)= 605.96tonnes //
END
SILVER/COMEX
// THE MARCH 2025 SILVER CONTRACT//INITIAL
MARCH 25
INITIAL
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | withdrawals 1 Loomis: 80,754.940 oz |
| Deposits to the Dealer Inventory | 0 i) 0 entries total dealer 0 oz |
| Deposits to the Customer Inventory | 5 entries i) Into CNT 1,199,531.397 oz ii) Into Delaware 441,701.200 oz iii) Into JPMorgan; 1,177,971.300 oz iv) Into Loomis 322,725.100 oz v) Into Manfra 321,872.912 oz total weight: 3,463.801.709 oz |
| No of oz served today (contracts) | 50 CONTRACT(S) (0.250 MILLION OZ |
| No of oz to be served (notices) | 856 contracts (4.280 MILLION oz) |
| Total monthly oz silver served (contracts) | 15,343 Contracts (76.715 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
5 entries
i) Into CNT 1,199,531.397 oz
ii) Into Delaware 441,701.200 oz
iii) Into JPMorgan; 1,177,971.300 oz
iv) Into Loomis 322,725.100 oz
v) Into Manfra 321,872.912 oz
total weight: 3,463.801.709 oz
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
withdrawals 1
1 entries
i) Out of Loomis: 80,754.940 oz
total withdrawal 80,754.940 oz
ADJUSTMENTs 8 entries//7 customer to dealer:
a) Brinks 2,174,438.043 oz
b) Out of CNT 1125,604.400 oz
c) Out of Delaware: 145,107.902 oz
d) Out of HSBC 4940.300 oz
e) Out of JPMorgan: 9,449,376.730
f) Out of Malca 2,261,534.4 oz
g) Out of Manfra 3,381,171.856
h) customer to dealer Asahi 15,011.650 oz
total adjustment net out of dealer to customer 13.527 million oz/
JPMorgan has a total silver weight: 185.683million oz/463.574oz million or 39.91%
TOTAL REGISTERED SILVER: 143.061 MILLION OZ//.TOTAL REG + ELIGIBLE. 463.534Million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR MARCH
silver open interest data:
FRONT MONTH OF MARCH /2025 OI: 906 OPEN INTEREST CONTRACTS FOR A LOSS OF 143 CONTRACTS.WE HAD 106 CONTRACTS SERVED ON MONDAY SO WE LOST A SMALL 37 CONTRACTS OR 0.185 MILLION OZ UNDERWENT AN EFP TRANSFER TO LONDON LOOKING FOR METAL OVER ON THE LONDON 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 LOSS OF 16 CONTRACTS TO STAND AT 2480
MAY SAW A LOSS OF 677 CONTRACTS DOWN TO 124,649 CONTRACTS
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 50 or 0.250 MILLION oz
CONFIRMED volume; ON MONDAY 36,226 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 15,343 X5,000 oz = 76.715 MILLION oz
to which we add the difference between the open interest for the front month of MAR (906) AND the number of notices served upon today (50 )x (5000 oz)
Thus the standings for silver for the MARCH 2025 contract month: (15,343) Notices served so far) x 5000 oz + OI for the front month of MAR(906) minus number of notices served upon today (50)x 5000 oz equals silver standing for the MARCH contract month equating to 80.995 MILLION OZ TO WHICH WE ADD .350 MILLION OZ EX FOR RISK//NEW TOTAL 81.345 MILLION OZ//(CME TOTALS CORRECTED FOR TUESDAY)
New total standing: 81.345 million oz which is huge for this very active delivery month of March.
We must also keep in mind that there is considerable silver standing in London coming from our longs in New York that underwent EFP transfers.
There are 151.518million oz of registered silver.
The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price on that day at $18.42. The previous record was 224,540 contracts with the price at that time of $20.44.
Now that we have surpassed $28.40 the next big line in the sand for silver is $34.76. After that the moon
0 the next big line in the sand for silver is $34.76. After that the moon
END
BOTH GLD AND SLV ARE MASSIVE FRAUDS!
GLD AND SLV INVENTORY LEVELS/
MARCH 25 WITH GOLD UP $13.90 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 1.44 TONNES OF GOLD FROM THE GLD/ ///INVENTORY RESTS AT 929.07 TONNES
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: 92907 TONNES, TONIGHTS TOTAL
SILVER
MARCH 25 WITH SILVER UP $0.63 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A MASSIVE DEPOSIT OF 13.649 MILLION OZ INTO THE SLV// //INVENTORY AT SLV RESTS AT 454.883 MILLION
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 454.883 MILLION OZ//
PHYSICAL GOLD/SILVER COMMENTARIES
1/ PETER SCHIFF/SCHIFF GOLD/MIKE MAHARRY
Alasdair Macleod..
2. Egon Von Greyerz et al
ALASDAIR MACLEOD….
Gold’s open interest on Comex declines
Preliminary open interest on Comex fell a further 11,497 contracts yesterday, yet the price has held up above $3000 ahead of tomorrow’s option expiry. What does this mean?
| Alasdair MacleodMar 25∙Paid |
Despite gold remaining close to all-time highs, the chart above shows Open Interest falling when reasonably it should be somewhat higher to reflect current bull market conditions. The next chart, which includes the price shows how the price tends to march on regardless of Open Interest on Comex:
The underlying point is that Comex speculators have yet to take a bullish stance. Yet the price is running away.
If it’s not the speculators buying, then it must be a squeeze on the shorts. But normally, in the last week of contract expiry, acting in unison the shorts succeed in marking prices lower, triggering long stops, and making call options expire worthless. We have seen this reflected in the modest price decline since last Thursday’s high. But so far, that decline has been trifling considering the decline in Open Interest.
There may be a final attempt to get gold under $3000 before April options last day trading tomorrow. There are 6,592 option contracts at that exercise price to be made worthless, and a further 3,200+ on exercise prices down to $2975.
Interestingly, the general lack of interest in the futures is also reflected in low option turnover, as the next chart shows:
To summarise, despite the spectacular rise in the gold price in recent months, the undertone remains remarkably firm. Therefore, any dip below $3000 represents an opportunity to buy the June contract before the rest of the investment universe wakes up to the consequences of a continuing bear squeeze in gold futures markets.
3. C Powell and Gata dispatches”
Interviewed by Mike Maharrey, G. Edward Griffin exposes the Federal Reserve
Submitted by admin on Sun, 2025-03-23 19:21 Section: Daily Dispatches
By Mike Maharrey
Money Metals Exchange, Eagle, Idaho
Friday, March 21, 2025
In a riveting and candid conversation on the Money Metals Podcast, host Mike Maharrey sat down with G. Edward Griffin, the prolific author best known for “The Creature from Jekyll Island,” a book that has shaped modern understandings of the Federal Reserve and its shadowy origins.
From secretive meetings among powerful bankers to the implications of programmable digital currencies, Griffin offered insights from decades of research, revealing a system he calls “a legal cartel” and “a criminal organization.
Griffin explained that the Federal Reserve is not a government agency, as most Americans believe, but a private banking cartel formed under the Federal Reserve Act of 1913. It was designed to appear governmental — complete with a name implying federal oversight — but, in practice, is independent from Congress and operates in the interest of its member banks.
The Fed’s inception was cloaked in secrecy. Griffin recounted how, in 1910, powerful bankers including Paul Warburg, and Sen. Nelson Aldrich boarded a private railcar under strict secrecy protocols and traveled to Jekyll Island, Georgia.
There, at a private resort owned by some of the richest industrialists of the era, they drafted what would become the blueprint for the Federal Reserve System. …
… For the remainder of the report and the podcast:
end
Robert Lambourne: After hedge funds and Treasury’s dealers, who’s left to buy U.S. debt?
Submitted by admin on Sat, 2025-03-22 14:34 Section: Daily Dispatches
By Robert Lambourne
Saturday, March 22, 2025
The U.S. Treasuries market today is evoking a maxed-out credit card.
The end of “quantitative tightening” by the Federal Reserve seems imminent, apparently to be rapidly replaced by another round of “quantitative easing.”
Hedge funds have continued to be buyers of Treasuries and apparently have been incentivized to hold them. In particular as we covered in late 2023, some of these funds have been able to set up profitable and essentially risk-free basis trades by simultaneously holding Treasury bonds and a short position in Treasury futures to offset their exposure.
Both the Bank for International Settlements and the International Monetary Fund have issued reports on these hedge fund holdings, long and short, and the basis trades.
Given the current chaos in U.S. capital markets, it seems hard to expect overseas investors to hold U.S. Treasuries other than short-term ones.
That hedge funds were recently reported by the International Monetary Fund to be holding 11% of Treasuries highlights how important hedge funds have become as investors. This raises suspicion that the hedge funds have been offered incentives to buy Treasuries and that they may be the buyers of last resort apart from the Federal Reserve.
Understanding this situation is important for investors in gold since it seems that a tipping point is near. Either the U.S. federal government debt is funded by way of “quantitative easing” or some sort of gold price reset is engineered to enable enough repayment of debt to return it to a more normal level.
Either course seems likely to result in much higher gold prices, and it is possible that prices could rise far higher than ordinarily might seem plausible. Years of official gold price suppression policy are behind this.
… Hedge fund buying in 2022 as QT commenced …
A GATA dispatch on October 22, 2023 –
— considered whether the commencement of QT in June 2022 was driven by hedge funds using a basis trade whereby they acquired not only Treasuries but also equivalent short positions in them.
This chart –
— is from that dispatch and tracked on a weekly basis the level of net short positions in U.S. Treasury futures (in blue) and the decline in the holdings of U.S. Treasuries held by the Federal Reserve from the peak holding on June 8, 2022 — $5,771.4 billion (in green). The starting date for both lines is the week commencing March 20, 2022, when the Fed’s assets were reported to be at the highest in total, at $9,012 billion on March 23, 2022.
Visually there appears to be a strong correlation between the two and suggests that hedge fund involvement was important to allow QT to proceed smoothly.
The dispatch concludes:
“The possibility that U.S. monetary authorities have tacitly engineered and supported a policy of encouraging what regulators, including the Fed itself, consider to be a risky trade, with hedge funds holding highly leveraged short positions in Treasury futures, is perhaps a reason to query whether U.S. Treasury bonds represent the safest investment category globally. The answer perhaps depends on whether the chart reveals a strange coincidence or is a sign of an effort to ease the passage of QT.”
Another GATA dispatch on this topic was issued on December 23, 2023:
This dispatch considers the substantial profits made by the hedge funds as a reward for assisting QT and concludes:
“If, as seems very possible, the fantastic profits made by the hedge funds involved in the basis trade arose largely from explicit or tacit cooperation with the Federal Reserve or the Treasury Department or both to get QT done, the U.S. financial system and the government agencies running it would be rigging markets and corrupt and deceptive in still another way.”
… More recent updates from the IMF on hedge fund buying of Treasuries …
The IMF Global Financial Stability report from April 2024 notes that hedge funds held more than 7% of outstanding Treasuries and that leveraged fund positions had been increased.
Two charts from the IMF report highlight the importance of hedge fund buying of Treasuries from Q3 2022 to Q4 2023, with hedge funds buying accounting for more than the total sales by the Federal Reserve —
— and hedge fund ownership of the Treasuries market exceeding 7%:
The topic of basis trades was clearly of interest to the IMF, and its report notes that “Federal Reserve Board staff, using proprietary data sets, find that the volume of the basis trade is likely significantly lower than that implied by leveraged funds’ Treasury futures positions alone, and estimate that hedge funds have increased basis trade activities by at least $317 billion since Q1 2022.”
This appears to be a tepid point and it seems clear that hedge funds very much became the major buyer of Treasuries when QT was underway. So the suspicion remains that hedge funds were prepared to undertake these purchases because of the opportunity to engage in a profitable basis trade. Whether this trade was created for them remains an open question.
The next edition of the IMF Global Financial Report, issued in October 2024, has the following chart:
It highlights that hedge funds had risen to holding 11% of the Treasuries market and furthermore that primary dealers in Treasury securities were also holding a further 5% of the market. Hence, approximately one sixth of the Treasury securities that have been issued are owned by these two groups.
… Outlook for the Treasuries market …
This reliance on hedge funds and primary dealers seems to imply that the Fed and the Treasury Department have run out of new investor groups to buy Treasuries.
It is hard to envisage any increase in purchases by foreign investors, especially given the alarm over tariffs and the recently published document from the White House on inward investment –
— which makes clear that investment from China is not welcome.
In this context last week’s Federal Reserve meeting indicates that changes are coming. This report from Reuters sets out that QT seems to be shutting down and that QE, as far as the Treasuries market is concerned, may be about to restart:
Hence it seems that there is now a general recognition in the Fed and the Treasury Department that the only way to increase federal government borrowing henceforth is for the Fed to buy bonds.
So the time may have arrived for the authorities to consider whether a gold price reset is a better way forward.
For gold investors it seems that whatever path is chosen, gold is likely to rise in price.
The risks of gold confiscation need to be considered, along with whether there are multiple claims on gold held in exchange-traded funds and other funds. These risks argue for a cautious approach to investment in gold, with a clear preference for holding actual metal.
Also needing to be considered is the possibility that China — which appears to be in a depression, weighed down by high debt, especially in the property sector — may decide to reset the gold price. China might act without warning as a counter to what its leadership sees as hostile acts from abroad.
—-
Robert Lambourne is a retired business executive in the United Kingdom who consults for GATA about the involvement of the Bank for International Settlements in the gold market and about U.S. government debt.
* * *
* * *
4. ANDREW MAGUIRE PODCAST
a must view…
Episode 215
5B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT/COMMODITIES: COMMODITY//ORANGE JUICE
First Eggs, Now Orange Prices Crash Most In Half Century
Monday, Mar 24, 2025 – 08:30 PM
Prices for some of the most common breakfast staples have fallen over the past month. While attention has primarily focused on President Trump’s countermeasures — which have helped arrest the rise in egg prices and send them tumbling in recent weeks — orange juice prices are now on track to post their sharpest quarterly decline in over 50 years.
Bloomberg data shows that if losses of 45% persist through the end of the month, the first quarter would mark the largest quarterly decline since the second quarter of 1967.
Prices have been halved from $5 a pound in mid-December to around $2.50.
As we previously mentioned in December, prices hovered over $5 on production figures in Florida, sliding to 1930 levels. There are shifting consumer behavior trends of falling demand for the sugary citrus drink usually paired with eggs and bacon.
Data from Nielsen and the Florida Department of Citrus show a 7% drop in juice volumes sold this season through February. The latest drop adds to the ongoing trend of shifting consumer habits, with orange juice consumption halved since the DotCom peak.
In addition to plunging OJ prices, egg prices have been more than halved in just a few weeks after President Trump announced a plan to offset a loss of domestic production following Biden-Harris’ reckless culling of 150 million egg-laying hens.
Breakfast is about to become cheaper in the weeks ahead.
6 CRYPTOCURRENCY NEWS
ASIA TRADING TUESDAY MORNING MONDAY NIGHT
SHANGHAI CLOSED DOWN 0.05 PTS OR 0.00%
//Hang Seng CLOSED DOWN 561.31 PTS OR 2.35%
// Nikkei CLOSED UIP 172.05 OR .46 %//Australia’s all ordinaries CLOSED UP 0.11%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 7.2595 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.2613/ Oil UP TO 6944 dollars per barrel for WTI and BRENT UP TO 73.40 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
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS /TYUESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN AT 7.2595
OFFSHORE YUAN: DOWN TO 7.2616
SHANGHAI CLOSED CLOSED DOWN 0.05 PTS OR 0.00%
HANG SENG CLOSED CLOSED DOWN 561.31 PTS OR 2.35%
2. Nikkei closed
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX DOWN TO 103.72// EURO RISES TO 1.0823 UP 26 BASIS PT HEADING TO PARITY WITH USA
3b Japan 10 YR bond yield: RISES TO. +1.558//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 150.10…… JAPANESE YEN NOW FALLING AS WE HAVE NOW REACHED THE RE EMERGING OF THE YEN CARRY TRADE AGAIN AFTER DISASTROUS POLICY ISSUED BY UEDA
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: 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 +2.8285/Italian 10 Yr bond yield UP to 3.920 SPAIN 10 YR BOND YIELD UP TO 3.424
3i Greek 10 year bond yield UP TO 3.620
3j Gold at $3023.00 Silver at: 33.47 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 50 /100 roubles/dollar; ROUBLE AT 84.37
3m oil into the 69 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 150.10 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.558 % 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 0.8817 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9547 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: 4.358 UP 3 BASIS PTS…
USA 30 YR BOND YIELD: 4.6960 UP 4 BASIS PTS/
USA 2 YR BOND YIELD: 4.043 UP 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 37.99…
10 YR UK BOND YIELD: 4.7990 UP 8 PTS
10 YR CANADA BOND YIELD: 3.097 UP 3 BASIS PTS
5 YR CANADA BOND YIELD: 2.729 UP 2 PTS.
2a New York OPENING REPORT
Futures Rise As Global Markets Extend Monday’s Torrid Rally
Tuesday, Mar 25, 2025 – 08:21 AM
US equity futs are little changed, erasing a modest loss earlier in the session when investors took some profits from yesterday’s torrid rally which pushed the S&P 1.8% higher. As of 8:00am ET, S&P and Nasdaq futures are both up 0.2%, with Mag 7 stocks all higher pre-market, led by TSLA (+1.4%). European stocks gained as the Estoxx 50 rises 1.1% led by energy and financials, although Asian stocks dropped for a third straight day of losses, driven by Chinese tech shares trading in Hong Kong slid 2.6%, weighed down by a drop in Xiaomi after its $5.5 billion share sale. Investors were also rattled by Trump’s new threat of “secondary tariffs” on countries that buy oil from Venezuela. Bond yields are 1-3bp higher. Commodities are mostly higher led by precious metals (silver) and oil. WTI crude oil futures add about 0.5% to Monday’s 1.2% gain. Today, we will receive consumer confidence at 10am ET (est 94.0 survey vs. 98.3 prior).
In premarket trading, Tesla whipsawed, first sliding as data showed fresh sales declines in Europe, only to rebound 1.4% higher making it the top gainer among the Mag7 stocks (Alphabet +0.3%, Amazon +0.1%, Apple +0.05%, Microsoft +0.1%, Meta +0.5%, Nvidia -0.4% and Tesla +1.4%). Ally Financial declines 2% after BTIG downgraded the auto-lender to sell, projecting that the company won’t meet its net interest margin and return on equity targets in the near term due to macroeconomic headwinds and increased competition. Carvana rises 4% after Morgan Stanley raised the used-car retailer to overweight, saying the pullback in shares creates an attractive entry point for the used-car retailer. Here are some other notable premarket movers:
- Cloudflare (NET) climbs 6% as BofA double-upgrades the software company to buy on improving fundamentals, saying it’s set to be an “AI winner.”
- Faraday Future (FFAI) climbs 13% after the mobility ecosystem company secured $41m in new cash financing commitments.
- KB Home (KBH) falls 9% after the homebuilder cut its fiscal 2025 revenue guidance amid a soft start to the spring selling season.
- McCormick (MKC) slips 3% as the maker of spices posted 1Q profit that missed expectations.
- Mobileye Global (MBLY) gains 9% after Volkswagen Group said it is working with the maker of software and hardware technologies for automobiles to enhance driver assistance in future MQB vehicles.
- Oklo (OKLO) slides 7% after the nuclear fission reactors firm reported disappointing quarterly results.
- Smithfield Foods Inc. (SFD) rises 3% after the world’s largest pork producer said it expects 2025 sales growth in the “low-to-mid-single-digit percent range”.
- Trump Media (DJT) jumps 7% after signing a non-binding agreement to partner with Crypto.com for a series of ETFs through its Truth.Fi brand.
- UniFirst (UNF) drops 10% after Cintas (CTAS) terminated discussions to acquire the workplace uniform rental company.
Markets have been unnerved by a fresh tariff salvo from Trump, who threatened a 25% levy on any nation purchasing crude from Venezuela. Brent crude rose 0.5%, adding to Monday’s gain. Trump also said he will announce tariffs on automobile imports in the coming days — and indicated nations will receive breaks from next week’s “reciprocal” tariffs, further adding to confusion about the plan for sweeping levies to kick in on April 2.
“Between now and the 2nd of April, it’s just a phase of wait and see,” said Michael Nizard, head of multi-asset at Edmond de Rothschild Asset Management. “If Trump is doing exactly what he’s saying in terms of reciprocal tariffs, it should be negative both for Wall Street and Main Street.”
Investors also remain unclear on how tariffs might impact inflation and economic growth, with most recent data hinting at softer economic momentum alongside still-elevated price pressures. While swaps still price the Federal Reserve to cut rates twice this year, Atlanta Fed chief Raphael Bostic said Tuesday he sees just one 25 basis-point reduction, due to “very bumpy” inflation.
Meanwhile, Turkish markets continued to stabilize after a rout fuelled by the arrest of a key opposition leader. Stocks rose as much as 5.5% and the lira currency was steady, after a series of emergency measures helped calm markets. Top economic officials are due to speak with foreign investors later on Tuesday.
Investors will now watch out for US consumer confidence data which is expected to have eased slightly in March from the previous month.
The oil price rise fueled a rally in the shares of European oil majors including Shell Plc, BP Plc and TotalEnergies SE, lifting the Stoxx 600 index by 0.8%, and ending three straight sessions of losses as investors focus on the potential for a global trade war ahead of a US tariff deadline next week. Energy and insurance sectors lead gains while retail falls. Here are some of the biggest movers on Tuesday:
- Shell shares climb as much as 2.2% in London after the oil giant said it would boost investor returns through the end of this decade and strengthen its global leading position as an LNG trader.
- Morgan Sindall shares jump as much as 10% after the construction firm said that it expects 2025 results to be slightly ahead of market expectations thanks to an acceleration in trading momentum at its Fit Out division.
- Medacta shares gain as much as 6.8% as the Swiss medical-implant firm’s guidance offers scope for performance to exceed expectations, according to Stifel.
- Johnson Matthey shares drop as much as 4.1% after BofA Global Research cut its recommendation on the chemicals firm to neutral, saying its Clean Air business could be disrupted by the impact of tariffs on North American auto and truck production.
- Baloise shares rise as much as 7.5%, to a new record high, after the Swiss insurer reported FY24 results. Analysts praised the better-than-expected profit and the initiation of a CHF100 million buyback program.
- Warehouse REIT shares rise as much as 5.9% after funds managed by Blackstone made a final proposal to buy the UK industrial landlord.
- Bellway shares rise as much as 4.1% after delivering reassuring interim results and reiterating its full year guidance.
- Gamma’s shares climbed as much as 5.3% after the communication service provider published positive results with a reassuring outlook and announced a buyback program.
- Kuehne+Nagel falls as much as 4.7% after the Swiss freight company presented 2025 targets that underwhelmed investors.
- Hermes shares slip as much as 0.9% as Oddo analysts trim their price target on the luxury goods maker on expectation that growth in the first quarter is set to be modest. Oddo also cuts its target for LVMH.
- Kingfisher shares fall as much as 13% after the British home improvement firm reported a disappointing 2026 outlook, analysts note, with its French and Polish businesses weighing particularly.
Earlier in the session, Asian equities are heading for a third straight day of losses, driven by selloff in Hong Kong as investors remain cautious about forthcoming US tariffs on China. The MSCI Asia Pacific Index declined as much as 0.4%, reversing a gain of 0.5%. Chinese internet stocks Alibaba and Tencent were among the biggest drags. Taiwan’s tech-heavy market tracked gains in US peers, while Japan’s gauges closed higher amid optimism over possible breaks from President Donald Trump’s levies. An index of Chinese shares trading in Hong Kong slid 2.6%, weighed down by a drop in Xiaomi after its $5.5 billion share sale. Investors were also rattled by Trump’s new threat of “secondary tariffs” on countries that buy oil from Venezuela. Investors in Chinese stocks are cautious ahead of the April 2 tariff announcement, said Gary Tan, a fund manager at Allspring Global Investments. “Chinese companies during their post 2024 results conference calls mostly guided cautiously on the growth outlook for this year. Both factors probably drove some near term profit-taking.” Elsewhere, Australian stocks rose ahead of the nation’s annual budget announcement later. Stock benchmarks also advanced in Singapore, New Zealand and Malaysia, while Philippine equities dropped. Indian stocks were little changed after Monday’s rally.
In FX, the Bloomberg Dollar Spot Index dropped 0.2% as investors also seek more clarity on “secondary tariffs” US President Donald Trump has threatened to impose on countries that buy oil from Venezuela. CHF and NZD are the weakest performers in G-10 FX, SEK and AUD outperform. The Australian dollar rises 0.2% versus the greenback after the government unveiled an unexpected tax cut and an extension of energy rebates. “Markets have not priced enough bad news for the world economy from the upcoming tariff announcements,” Kristina Clifton of Commonwealth Bank wrote in a note. “Bad news for the US and global economies can ultimately support USD because of its safe haven status”
In rates, treasuries are lower for the third straight day, extending Monday’s aggressive selloff as US stock futures trade steady and European equities advance. Treasury yields are 1bp-3bp cheaper across maturities with the curve steeper; 10-year at around 4.36% outperforms Germany’s, cheaper by an additional 3bps. Fed rate-cut pricing continues to fade, with around 58bp of easing priced in by December vs 60bp at Friday’s close. Auction cycle begins with $69 billion 2-year note sale, and corporate new-issue slate has begun to build following Monday’s nearly $25b haul. The 2-year note auction at 1pm New York time has WI yield near 4.03%, about 14bp richer than February’s, which stopped through by 1.1bp, a strong result. The IG dollar new-issue slate includes a four-part offering from LG Energy; 16 companies priced a combined $24.2 billion across 30 tranches Monday.
In commodities, WTI futures reversed an earlier drop and rose 0.7% higher to trade near $69.60. Most base metals trade in the green. Spot gold rises roughly $12 to near $3,023/oz. Bitcoin trims loss.
Looking at today’s calendar, US data slate includes March Philadelphia Fed non-manufacturing activity (8:30am), January FHFA house price index and S&P CoreLogic home prices (9am), February new home sales, March consumer confidence and Richmond Fed manufacturing index (10am). Fed speaker slate includes Kugler (8:40am) and Williams (9:05am)
Market Snapshot
- S&P 500 futures down 0.2% to 5,804.00
- STOXX Europe 600 up 0.3% to 550.77
- MXAP down 0.3% to 188.08
- MXAPJ down 0.6% to 587.85
- Nikkei up 0.5% to 37,780.54
- Topix up 0.2% to 2,797.52
- Hang Seng Index down 2.3% to 23,344.25
- Shanghai Composite little changed at 3,369.98
- Sensex up 0.2% to 78,123.61
- Australia S&P/ASX 200 little changed at 7,942.46
- Kospi down 0.6% to 2,615.81
- German 10Y yield little changed at 2.80%
- Euro down 0.1% to $1.0788
- Brent Futures up 0.4% to $73.26/bbl
- Gold spot up 0.3% to $3,019.04
- US Dollar Index up 0.11% to 104.38
Top Overnight News
- A Trump administration proposal to impose stiff levies on Chinese-made ships entering US ports is sowing panic in the country’s agriculture industry, with farmers saying the added cost threatens to upend exports of wheat, corn, and soybeans. The US Trade Representative has recommended imposing fees of up to $1.5mm per prot call on ships built in China or operated by companies with Chinese-built vessels, and hearings on the matter are scheduled for this week. FT
- Treasury Secretary Bessent said interest rates are going to keep declining as energy costs decline and noted that laid-off workers can go into the private sector.
- Ukraine unconditionally supports the idea of a full ceasefire with Russia, Kyiv’s Ambassador to the US Oksana Markarova said. BBG
- Tech chiefs and senior foreign officials are urging the Trump administration to reconsider its AI diffusion rule that limits AI chip exports before the deadline for compliance arrives in less than two months. BBG
- Ifo’s German business optimism gauge rose more than expected, to the highest level since June 2024, as the government readied hundreds of billions of euros of spending. BBG
- Chinese technology stocks fell from a three-year high to the brink of a correction in just five sessions, fueled by a lack of positive surprise in earnings & cooling sentiment. The Hang Seng Tech Index dropped 3.8% on Tuesday, extending its slide from a March 18 high to nearly 10%. BBG
- China could broaden its consumer services stimulus plan to include services (such as travel and tourism) in addition to goods if the economy stays sluggish. FT
- India is open to cutting tariffs on more than half of U.S. imports worth $23 billion in the first phase of a trade deal the two nations are negotiating, two government sources said, the biggest cut in years, aimed at fending off reciprocal tariffs. RTRS
- Alibaba’s Joe Tsai warned of a potential bubble in datacenter construction, arguing that the buildout pace may outstrip initial demand for AI services. Tsai singled out US spending in particular. BBG
- Tesla shares reversed premarket losses even as its European car sales plummeted 40% in February, marking the 10th drop in the past year. The figures contrast with a 31% rise in industrywide EV registrations. BBG
Tariffs/Trade
- US President Trump signed an order imposing sanctions on countries importing Venezuelan oil and said tariffs for doing business with Venezuela will be on top of existing tariffs but added that not all tariffs will be included on April 2nd.
- India proposed to remove the 6% tariff imposed on online advertisement services offered by companies such as Google (GOOG) and Meta (META), widely known as the Google tax from April 1st, which is a day before Trump’s reciprocal tariffs take effect.
- Subsequently, India is reportedly open to cutting tariffs on over half of US imports, worth USD 23bln, via Reuters citing sources; open to cutting tariffs to as low as 0 from a 5-30% range on 55% of US imports. Estimates a hit to USD 66bln worth of exports to the US from reciprocal tariffs. In return for tariff cuts, seeking relief from reciprocal tariffs.
- South Korea’s Acting President Han said their mission is to secure national interest in a trade war and will do everything to weather the tariff storm triggered by the US, while it was also reported that South Korea is to launch a special probe on ‘made in Korea’ violations ahead of US tariffs.
- German Agriculture Ministry said Britain removed import restrictions on German animals and animal products imposed after the foot-and-mouth disease case.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks trade mixed after the early momentum from the tariff-related optimism on Wall St wore thin. ASX 200 advanced at the open but then gave back most of its gains after stalling near the 8,000 level and as participants await Treasurer Chalmers’s pre-election budget which is expected to return to a deficit. Nikkei 225 rallied at the start of trade and briefly climbed above the 38,000 level but has since pulled back from intraday highs with recent currency moves influencing price action. Hang Seng and Shanghai Comp were pressured with notable underperformance in Hong Kong as tech and auto names lost traction amid recent earnings releases and tariff risk, while there was a lack of details so far regarding the PBoC’s MLF operation after the central bank recently unveiled a new method for how MLF operations will be conducted whereby banks will be able to bid for different prices on its one-year loans.
Top Asian News
- China is considering including services in the multi-billion dollar subsidy program to stimulate consumption, according to FT.
- BoJ January Meeting Minutes stated most members expressed the recognition that the likelihood of realising the outlook had been rising and some members shared the recognition that real interest rates were expected to remain significantly negative even after the rate hike. The minutes stated that a member expressed the view that if underlying inflation increased, the BoJ would need to raise the policy interest rate accordingly in a gradual manner and a member continued that it would be necessary for the BoJ to adjust the degree of monetary accommodation from the viewpoint of avoiding the yen’s depreciation and the overheating of financial activities. Furthermore, a member said the BoJ should be extremely careful about suggesting the pace of policy interest rate hikes and the terminal policy rate and a member said it would be desirable for the BoJ to bear in mind that the policy interest rate should be at around 1% in the second half of fiscal 2025.
- BoJ Governor Ueda said they still need some time to consider what to do with the BoJ’s ETF holdings and must think about valuation and market rout risks when offloading its ETF holdings. Ueda added that the BoJ’s JGB holdings would continue to have a stock effect since the reduction pace is extremely slow and the massive JGB holdings have a stock effect that would slightly lower long-term yields.
European bourses defied the lead from futures and began the session on a firmer footing, Stoxx 600 +0.4%; no significant/fresh driver for the move with it seemingly an extension of Monday’s US action. Sectors mostly in the green, Energy leads given benchmarks and with Shell (+2.0%) assisting. Retail lags, weighed on by Kingfisher (-11%) after weak results.
Top European News
- UK Chancellor Reeves is to publish the forecast from the OBR which is to roughly halve the UK’s expected growth in 2025 from 2% to about 1%, while her GBP 9.9bln of headroom against her fiscal rule has been wiped out, leaving her about GBP 4bln in the red. Furthermore, Reeves’s statement is expected to have more than GBP 5bln of extra cuts to UK public spending and she will claim that Britain is “uniquely positioned” to pursue favourable trading relations with the US and EU, according to FT.
- ECB’s Muller says rates are not restricting the economy or investments; tariffs are likely to mean faster inflation in the short term; any further cuts will be tariff dependent.
- ECB’s Kazimir says “services inflation is key”, open to discuss rate cut or pause in April; already in the zone of the neutral rate.
FX
- Relatively steady trade for the first part of the European morning but as we approach the US session slightly more pressured has emerged in the USD with the Index at a 104.15 trough. Overall, a session of slightly choppy FX action with moves turning around and extending in recent trade with no clear/overt fresh fundamental driving.
- EUR benefitting from the above move, no specific/fresh driver behind it. Prior to this, the index got back towards the 1.08 mark on the latest Ifo metrics which improved from the prior. Most recently, the USD action has lifted the single currency to a fresh 1.0816 session high.
- USD/JPY initially extended on the prior session’s advances, but failed to breach the 151.00 mark and has been easing back since. Currently finds itself at a 150.32 low.
- Again, GBP was steady for the first part of the session but Cable picked up further from the 1.29 handle and is at a 1.2944 high, benefitting from USD moves. Specifics focussed entirely on Wednesday’s Spring Statement.
- AUD saw little follow through from the pre-election budget announcement. Benefitting from the above moves and is just above the 0.63 mark in recent trade. Kiwi in the green, but not faring quite as well so far.
- PBoC set USD/CNY mid-point at 7.1788 vs exp. 7.2630 (Prev. 7.1780).
Fixed Income
- Benchmarks lower across the board. Bunds weighed on by the latest Ifo metrics with expectations and conditions printing above consensus while climate was in-line. A move which added to the bearish bias in fixed income and sent Bunds below the 128.00 mark around 10-minutes after the print. Currently just off a 127.84 base.
- USTs in-fitting, in a continuation of the sizable moves from Monday, which sent USTs to a 110-15+ base, a low that has since been taken out to a 110-11+ WTD trough.
- Gilts weighed on by the above and also as we count down to the Spring Statement. Fresh reporting ahead of this that the OBR’s growth forecast will be essentially cut in half from the 2% level outlined in the autumn. At a 91.05 base, lowest since March 6th when 90.71 printed.
Crude
- Crude complex remains supported after Monday’s buying, which saw WTI and Brent settle around USD 0.80/bbl higher after numerous catalysts aided the benchmarks. The latter, settling at the highest since late February.
- US remarks around Venezuela and tariffs in focus while we await an update on the geopolitical front.
- On this, Dutch TTF is modestly lower, owing to the “constructive” talks in Riyadh, which US and Ukrainian teams are set to be extending.
- Spot Gold has recouped some losses from overnight and is at a fresh session high of USD 3023/oz, seemingly benefiting from the initially tepid USD and US risk tone.
Geopolitics: Ukraine
- Ukraine delegation in Saudi Arabia will meet with the US team on Tuesday, according to a Ukrainian broadcaster Suspilne citing an unnamed source in the Ukrainian delegation.
- White House source says talks facilitated by the Trump administration’s technical teams in Riyadh are going extremely well, and we expect to have a positive announcement in the near future.
- Russia and US talks in Saudi Arabia were not simple but were useful, while their talks will continue with participation of international community including the UN, according to TASS.
- Ukraine and US teams are said to be holding further Russia-Ukraine talks in Riyadh, according to Bloomberg.
- Russia’s Kremlin says there are no plans for a Russian President Putin-US President Trump call yet but it can be organised; the content of the talks will not be disclosed in public.
Geopolitics: Middle East
- Israeli military says it struck targets at Syrian military bases.
- Houthi military spokesman says they targeted US naval vessels in the Red Sea and Israel’s Ben Gurion Airport, according to Al Jazeera and Sky News Arabia.
US Event Calendar
- 08:30: March Philadelphia Fed Non-Manufactu, prior -13.1
- 09:00: Jan. S&P Case-Shiller 20 City MoM SA, est. 0.40%, prior 0.52%
- Jan. S&P Case-Shiller Composite-20 YoY, est. 4.80%, prior 4.48%
- 09:00: Jan. FHFA House Price Index MoM, est. 0.3%, prior 0.4%
- 10:00: March Conf. Board Consumer Confidenc, est. 94.0, prior 98.3
- March Conf. Board Expectations, prior 72.9
- March Conf. Board Present Situation, prior 136.5
- 10:00: March Richmond Fed Index, est. 1, prior 6
- 10:00: Feb. New Home Sales, est. 680,000, prior 657,000
- Feb. New Home Sales MoM, est. 3.5%, prior -10.5%
DB’s Jim Reid concludes the overnight wrap
Good morning from New York, where Friday’s headlines that next week’s reciprocal tariffs are set to be more targeted than previously expected, have continued to help the recent US outperformance. My theory is that US stocks now underperform most when the tariff threat is the highest, because if you believe returns to capital have been greatest under global free trade, then the larger the threat to that, the larger the impact on the ultimate beneficiary of capitalism in recent years, namely US stocks. See my CoTD from two weeks ago here for more on this theory.
Friday’s news meant US futures were already pointing towards a solid start yesterday, but markets then got a fresh burst of support after the March flash PMIs were much stronger than expected, which collectively led to a pushback against the weaker US growth/recession narrative that’s developed over recent weeks. In turn, that meant US assets did very well, with the Magnificent 7 (+3.46%) posting its biggest gain in over two months, which in turn saw the S&P 500 (+1.76%) move further away from correction territory, having now risen +4.46% since its low on March 13. Moreover, the gains were broad-based, with the small-cap Russell 2000 (+2.55%) seeing its best day of 2025 so far. US equities continued to close the gap with their European counterparts, with the S&P 500 outpacing the STOXX 600 (-0.13%) for a fourth consecutive session, even if it’s still lagging well behind for the year as a whole.
Trump did say yesterday that he planned to proceed with auto tariffs “fairly soon, over the next few days” as well as those on pharmaceuticals at “some point in the not too distant future”, but any negative read across from this was offset by him saying that “I may give a lot of countries breaks” on reciprocal tariffs. We also heard from Stephen Miran, the new chair of the Council of Economic Advisers, who didn’t think there would be “material short-term pain from the tariffs”, while downplaying near-term prospects for a so called ‘Mar-a-Lago Accord’, saying that tariffs are “the sole focus right now”. In a note yesterday (link here), Peter Sidorov on my team discusses why we view such a new currency accord as unlikely and also considers the market implications were it to be pursued. The dollar index (+0.17%) moved higher for a fourth consecutive session yesterday, rising to its highest level since March 5, the day after tariffs against Canada and Mexico came into force.
But with most of the tariff stories having already come over the weekend, yesterday’s incremental news was really those flash PMIs for March, which offered an initial indication about how the global economy rounded out Q1. The numbers from the US were notably better than expected, with the composite PMI up to 53.5 (vs. 50.9 expected), which ended the monthly declines seen in January and February. Obviously the PMIs are based on a survey rather than hard data, but they are better than most surveys at capturing actual activity rather than sentiment, so the unexpected rise added to the sense that recent data simply wasn’t consistent with a recession. Indeed, all the hard data has generally been in a good place, with payrolls, retail sales and industrial production all growing in February. So that helped support a further easing in market stress, with the VIX index of volatility down -1.80pts to a one-month low of 17.48pts, whilst HY spreads (-15bps) reached their tightest in over two weeks, at 302bps.
Nevertheless, even as the output figures were decent, there were also some fresh warning signs on the inflation side. For instance, in the composite PMI, the input prices index was up to 60.9, the highest since April 2023. So that pointed to the tariffs filtering through into prices, which will be a concern for the Fed given inflation is still lingering above target. Indeed, the combination of the growth and inflation numbers meant investors dialled back their expectations for Fed easing this year, with the amount of rate cuts futures are pricing in by the December meeting down -8.6bps on the day to 62bps, although still more than the 55bps priced in just before the FOMC decision last Wednesday. This repricing was also helped by hawkish-leaning comments by Atlanta Fed President Bostic, who said he now only saw one rate cut, rather than two, likely this year as tariffs impeded disinflation. In turn, Treasury yields saw a fresh rise across the curve, with the 10yr yield (+8.9bps) up to a one-month high of 4.33%. Overnight, that move has only been pared back slightly, with the 10yr yield down -1.0bps to 4.32%.
Whilst US assets were recovering, the other tariff news we got was President Trump saying he’d place a 25% tariff on any country that purchased oil or gas from Venezuela. In response, the prospect of tighter supplies meant oil prices moved up to their highs of the day, with Brent crude (+1.16%) rising to $73.00/bbl, its highest closing level so far this month.
Over in Europe, there was quite a different tone yesterday. That came as the flash PMIs were generally a bit weaker than expected, even though they did improve for the most part. That took out some of the momentum from European risk assets, with the STOXX 600 (-0.13%) losing ground for a third consecutive session. And that was echoed across the continent, with the DAX (-0.17%), the CAC 40 (-0.26%) and the FTSE 100 (-0.10%) all seeing modest declines.
In terms of the PMI numbers themselves, the aggregate Euro Area composite PMI came in at 50.4 (vs. 50.7 expected). On the bright side, that was actually a 7-month high, but it was still barely above the 50-mark that separates expansion from contraction, so it was hard for investors to get too excited by that. At the country level, Germany’s composite PMI moved up to a 10-month high of 50.9 (vs. 51.1 expected), but France’s remained in contractionary territory at 47.0 (vs. 46.1 expected). Interestingly, the UK saw a decent outperformance ahead of this week’s Spring Statement, with the composite PMI up to a 6-month high of 52.0 (vs. 50.5 expected). And with the PMIs in hand, sovereign bond yields were broadly steady across the continent, with yields on 10yr bunds (+0.6bps), OATs (-0.3bps) and BTPs (-0.6bps) seeing little change.
Overnight in Asia, equities haven’t kept up their momentum from the US session. The Hang Seng (-2.18%) has been the worst performer of the major indices, and the Hang Seng Tech index (-3.67%) has seen even bigger losses, which is the reverse of what happened in the US where the Mag 7 helped lift the broader market. Otherwise, several other indices have lost ground, including the CSI 300 (-0.20%) and the Shanghai Comp (-0.11%), whilst the KOSPI is down -0.64%. However, the losses haven’t been universal, and there have been advances for Japan’s Nikkei (+0.41%) and Australia’s S&P/ASX 200 (+0.07%) this morning. Looking forward however, US and European equity futures are pointing lower, with those on the S&P 500 (-0.15%) and the DAX (-0.23%) both down this morning.
To the day ahead now, and data releases include the German Ifo business climate indicator for March, and in the US there’s the Conference Board’s consumer confidence indicator for March, and new home sales for February. From central banks, we’ll hear from the Fed’s Kugler and Williams, along with the ECB’s Kazimir, Muller, Holzmann, Vujcic and Nagel.
2b/ European opening report
European bourses positive despite lower US futures, DXY veers lower and Crude climbs on Venezuelan tariffs – Newsquawk US Market Open
Tuesday, Mar 25, 2025 – 06:05 AM
- US President Trump sanctioned Venezuelan oil. Elsewhere, India has proposed the removal/reduction of tariffs
- European bourses defied the lead from futures and opened in the green, US futures in the red but only modestly so and hold onto the bulk of Monday’s gains
- DXY steady throughout the morning but most recently at a session low to the benefit of peers across the board, EUR also aided by Ifo
- Fixed benchmarks in the red, weighed on by Ifo and supply; USTs await Fed speak
- Crude bid in an extension of Monday’s action, TTF softer on Ukraine updates while Gold has inched to fresh highs
- Looking ahead, highlights include US Richmond Fed Index, Consumer Confidence, Japanese Services PPI, Speakers including Fedʼs Williams & Kugler, Supply from the US
- Click for the Newsquawk Week Ahead.
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TARIFFS/TRADE
- US President Trump signed an order imposing sanctions on countries importing Venezuelan oil and said tariffs for doing business with Venezuela will be on top of existing tariffs but added that not all tariffs will be included on April 2nd.
- India proposed to remove the 6% tariff imposed on online advertisement services offered by companies such as Google (GOOG) and Meta (META), widely known as the Google tax from April 1st, which is a day before Trump’s reciprocal tariffs take effect.
- Subsequently, India is reportedly open to cutting tariffs on over half of US imports, worth USD 23bln, via Reuters citing sources; open to cutting tariffs to as low as 0 from a 5-30% range on 55% of US imports. Estimates a hit to USD 66bln worth of exports to the US from reciprocal tariffs. In return for tariff cuts, seeking relief from reciprocal tariffs.
- South Korea’s Acting President Han said their mission is to secure national interest in a trade war and will do everything to weather the tariff storm triggered by the US, while it was also reported that South Korea is to launch a special probe on ‘made in Korea’ violations ahead of US tariffs.
- German Agriculture Ministry said Britain removed import restrictions on German animals and animal products imposed after the foot-and-mouth disease case.
EUROPEAN TRADE
EQUITIES
- European bourses defied the lead from futures and began the session on a firmer footing, Stoxx 600 +0.4%; no significant/fresh driver for the move with it seemingly an extension of Monday’s US action.
- Sectors mostly in the green, Energy leads given benchmarks and with Shell (+2.0%) assisting. Retail lags, weighed on by Kingfisher (-11%) after weak results.
- Stateside, futures are modestly in the red but with the benchmarks at the top-end of yesterday’s parameters and as such holding onto the bulk of Monday’s gains; ES -0.2%.
- In specifics, EU is to fine Meta (-0.1%) EUR 1bln; Alibaba (-2.2%) Chair warns on AI data centres; Tesla’s (-0.7%) Europe sales plummet; Boeing (U/C) seeks to withdraw 737 Max guilty plea; KBH (-7.7%) drops after earnings & guidance; CCI (-1.2%) fires its CEO.
- Foreign Leaders and Tech CEOs are reportedly urging the US Administration to rethink AI chip curbs, according to Bloomberg.
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
- Click for a detailed summary
FX
- Relatively steady trade for the first part of the European morning but as we approach the US session slightly more pressured has emerged in the USD with the Index at a 104.15 trough. Overall, a session of slightly choppy FX action with moves turning around and extending in recent trade with no clear/overt fresh fundamental driving.
- EUR benefitting from the above move, no specific/fresh driver behind it. Prior to this, the index got back towards the 1.08 mark on the latest Ifo metrics which improved from the prior. Most recently, the USD action has lifted the single currency to a fresh 1.0816 session high.
- USD/JPY initially extended on the prior session’s advances, but failed to breach the 151.00 mark and has been easing back since. Currently finds itself at a 150.32 low.
- Again, GBP was steady for the first part of the session but Cable picked up further from the 1.29 handle and is at a 1.2944 high, benefitting from USD moves. Specifics focussed entirely on Wednesday’s Spring Statement.
- AUD saw little follow through from the pre-election budget announcement. Benefitting from the above moves and is just above the 0.63 mark in recent trade. Kiwi in the green, but not faring quite as well so far.
- PBoC set USD/CNY mid-point at 7.1788 vs exp. 7.2630 (Prev. 7.1780).
- Click for a detailed summary
- Click for NY OpEx Details
FIXED INCOME
- Benchmarks lower across the board. Bunds weighed on by the latest Ifo metrics with expectations and conditions printing above consensus while climate was in-line. A move which added to the bearish bias in fixed income and sent Bunds below the 128.00 mark around 10-minutes after the print. Currently just off a 127.84 base.
- USTs in-fitting, in a continuation of the sizable moves from Monday, which sent USTs to a 110-15+ base, a low that has since been taken out to a 110-11+ WTD trough.
- Gilts weighed on by the above and also as we count down to the Spring Statement. Fresh reporting ahead of this that the OBR’s growth forecast will be essentially cut in half from the 2% level outlined in the autumn. At a 91.05 base, lowest since March 6th when 90.71 printed.
- Click for a detailed summary
COMMODITIES
- Crude complex remains supported after Monday’s buying, which saw WTI and Brent settle around USD 0.80/bbl higher after numerous catalysts aided the benchmarks. The latter, settling at the highest since late February.
- US remarks around Venezuela and tariffs in focus while we await an update on the geopolitical front.
- On this, Dutch TTF is modestly lower, owing to the “constructive” talks in Riyadh, which US and Ukrainian teams are set to be extending.
- Spot Gold has recouped some losses from overnight and is at a fresh session high of USD 3023/oz, seemingly benefiting from the initially tepid USD and US risk tone.
- Click for a detailed summary
NOTABLE DATA RECAP
- German Ifo Expectations New (Mar) 87.7 vs. Exp. 87.5 (Prev. 85.4); Ifo Current Conditions New (Mar) 85.7 vs. Exp. 85.5 (Prev. 85.0); Ifo Business Climate New (Mar) 86.7 vs. Exp. 86.7 (Prev. 85.2)
NOTABLE EUROPEAN HEADLINES
- UK Chancellor Reeves is to publish the forecast from the OBR which is to roughly halve the UK’s expected growth in 2025 from 2% to about 1%, while her GBP 9.9bln of headroom against her fiscal rule has been wiped out, leaving her about GBP 4bln in the red. Furthermore, Reeves’s statement is expected to have more than GBP 5bln of extra cuts to UK public spending and she will claim that Britain is “uniquely positioned” to pursue favourable trading relations with the US and EU, according to FT.
- ECB’s Muller says rates are not restricting the economy or investments; tariffs are likely to mean faster inflation in the short term; any further cuts will be tariff dependent.
- ECB’s Kazimir says “services inflation is key”, open to discuss rate cut or pause in April; already in the zone of the neutral rate.
NOTABLE US HEADLINES
- US Treasury Secretary Bessent said interest rates are going to keep declining as energy costs decline and noted that laid-off workers can go into the private sector.
GEOPOLITICS
UKRAINE
- Ukraine delegation in Saudi Arabia will meet with the US team on Tuesday, according to a Ukrainian broadcaster Suspilne citing an unnamed source in the Ukrainian delegation.
- White House source says talks facilitated by the Trump administration’s technical teams in Riyadh are going extremely well, and we expect to have a positive announcement in the near future.
- Russia and US talks in Saudi Arabia were not simple but were useful, while their talks will continue with participation of international community including the UN, according to TASS.
- Ukraine and US teams are said to be holding further Russia-Ukraine talks in Riyadh, according to Bloomberg.
- Russia’s Kremlin says there are no plans for a Russian President Putin-US President Trump call yet but it can be organised; the content of the talks will not be disclosed in public.
MIDDLE EAST
- Israeli military says it struck targets at Syrian military bases.
- Houthi military spokesman says they targeted US naval vessels in the Red Sea and Israel’s Ben Gurion Airport, according to Al Jazeera and Sky News Arabia.
CRYPTO
- In the red, but Bitcoin has managed to make its way back above the USD 87k mark after slipping to as low as USD 86.3k earlier in the session.
APAC TRADE
- APAC stocks trade mixed after the early momentum from the tariff-related optimism on Wall St wore thin.
- ASX 200 advanced at the open but then gave back most of its gains after stalling near the 8,000 level and as participants await Treasurer Chalmers’s pre-election budget which is expected to return to a deficit.
- Nikkei 225 rallied at the start of trade and briefly climbed above the 38,000 level but has since pulled back from intraday highs with recent currency moves influencing price action.
- Hang Seng and Shanghai Comp were pressured with notable underperformance in Hong Kong as tech and auto names lost traction amid recent earnings releases and tariff risk, while there was a lack of details so far regarding the PBoC’s MLF operation after the central bank recently unveiled a new method for how MLF operations will be conducted whereby banks will be able to bid for different prices on its one-year loans.
NOTABLE ASIA-PAC HEADLINES
- China is considering including services in the multi-billion dollar subsidy program to stimulate consumption, according to FT.
- BoJ January Meeting Minutes stated most members expressed the recognition that the likelihood of realising the outlook had been rising and some members shared the recognition that real interest rates were expected to remain significantly negative even after the rate hike. The minutes stated that a member expressed the view that if underlying inflation increased, the BoJ would need to raise the policy interest rate accordingly in a gradual manner and a member continued that it would be necessary for the BoJ to adjust the degree of monetary accommodation from the viewpoint of avoiding the yen’s depreciation and the overheating of financial activities. Furthermore, a member said the BoJ should be extremely careful about suggesting the pace of policy interest rate hikes and the terminal policy rate and a member said it would be desirable for the BoJ to bear in mind that the policy interest rate should be at around 1% in the second half of fiscal 2025.
- BoJ Governor Ueda said they still need some time to consider what to do with the BoJ’s ETF holdings and must think about valuation and market rout risks when offloading its ETF holdings. Ueda added that the BoJ’s JGB holdings would continue to have a stock effect since the reduction pace is extremely slow and the massive JGB holdings have a stock effect that would slightly lower long-term yields.
AUSTRALIAN BUDGET
- Sees 2024-25 budget deficit at AUD 27.6bln; 2025-26 budget deficit AUD 42.1bln vs. Exp. AUD 40bln.
- 2024/25 inflation seen at 2.5%, 2025/26 seen at 3% and 2.5% through 2027/28.
- 2024/25 GDP seen at 1.5%, 2025/26 seen at 2.25% and 2.5% 2026/27.
- 2024/25 Unemployment seen at 4.25% and staying there through 2027/28.
- New tax cuts that will cost AUD 17.1bln over 5 years.
2c) Asian opening report
APAC stocks traded mixed after the early momentum from tariff-related optimism on Wall St wore thin – Newsquawk Europe Market Open
Tuesday, Mar 25, 2025 – 02:07 AM
- APAC stocks trade mixed after the early momentum from tariff-related optimism on Wall St wore thin.
- US President Trump will announce additional tariffs over the next few days on autos, lumber and chips; may give “a lot” of countries breaks on tariffs.
- European equity futures indicate a lower cash market open with Euro Stoxx 50 future down 0.3% after the cash market finished with losses of 0.2% on Monday.
- FX markets are broadly steady with the DXY flat, EUR/USD lingers around the 1.08 mark, JPY marginally outperforms.
- The UK’s OBR forecast is to roughly halve the UK’s expected growth in 2025 from 2% to about 1%, FT.
- Looking ahead, highlights include German Ifo, US Richmond Fed Index, Consumer Confidence, Japanese Services PPI, Speakers including Fed’s Williams & Kugler, Supply from Netherlands, UK, Germany & US.
SNAPSHOT
Newsquawk in 3 steps:
1. Subscribe to the free premarket movers reports
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US TRADE
EQUITIES
- US stocks rallied on Monday following reports that US President Trump’s April 2nd tariffs may be more targeted and exclude sector-specific tariffs, while a strong S&P Global Services PMI also supported the risk tone. However, Trump later stated he would be announcing tariffs on autos, lumber and chips over the next few days but may give a lot of countries breaks on tariffs, which helped add to the equity bid. As such, stocks closed around highs and all sectors were in the green with notable outperformance in Consumer Discretionary thanks to near 11% gains in Tesla (TSLA) and 3.6% gains in Amazon (AMZN).
- SPX +1.76% at 5,768, NDX +2.16% at 20,180, DJI +1.42% at 42,583, RUT +2.55% at 2,109.
- Click here for a detailed summary.
TARIFFS/TRADE
- US President Trump will announce additional tariffs over the next few days on autos, lumber and chips although he may give “a lot” of countries breaks on tariffs.
- US President Trump signed an order imposing sanctions on countries importing Venezuelan oil and said tariffs for doing business with Venezuela will be on top of existing tariffs but added that not all tariffs will be included on April 2nd.
- White House official confirmed that the new 25% tariffs on countries that do business with Venezuela will be on top of other tariffs, meaning China tariffs will go to 45% on April 2nd, according to CNBC.
- UK is working on options to soften the impact of its digital services tax on US technology companies to help secure a tariffs deal with the White House and is open to a range of possibilities, according to FT.
- India proposed to remove the 6% tariff imposed on online advertisement services offered by companies such as Google (GOOG) and Meta (META), widely known as the Google tax from April 1st, which is a day before Trump’s reciprocal tariffs take effect.
- South Korea’s Acting President Han said their mission is to secure national interest in a trade war and will do everything to weather the tariff storm triggered by the US, while it was also reported that South Korea is to launch a special probe on ‘made in Korea’ violations ahead of US tariffs.
- WTO said Canada initiated a WTO dispute complaint regarding Chinese duties on agricultural and fishery products.
- German Agriculture Ministry said Britain removed import restrictions on German animals and animal products imposed after the foot-and-mouth disease case.
NOTABLE HEADLINES
- Fed’s Barr (Voter) said interest rates are still high for businesses overall while lending standards became tight in the pandemic and remain so.
- Fed’s Bostic (2027 voter) said there’s a lot of uncertainty about the economy and forecasting is more challenging than in the past, while he added that business leaders, policymakers or consumers do not know where the economy is heading. Bostic noted he does not see inflation returning to target until some time in 2027 and his dot plot moved to one rate cut this year (prev. 2), according to Bloomberg.
- US President Trump hopes the Fed lowers interest rates and said energy prices are coming down, while he was very concerned about the economy six months ago and said they inherited a very bad situation.
- US President Trump said money is pouring in and they want to keep it that way, while he announced that Hyundai is to make a USD 5.5bln investment in a Louisiana steel plant which will create more than 1400 jobs and Hyundai will not pay have to any tariffs. Furthermore, it was stated that the Hyundai Steel (004020 KS) plant is part of a USD 21bln investment in the US and Hyundai Motor (005380 KS) is opening a Georgia plant this week in which production will exceed 1mln units per year.
- US Treasury Secretary Bessent said interest rates are going to keep declining as energy costs decline and noted that laid-off workers can go into the private sector.
- US Senate Minority Leader Schumer said he will summon his caucus this week for a crash course on how to oppose Republican budget reconciliation plans, according to Axios.
APAC TRADE
EQUITIES
- APAC stocks trade mixed after the early momentum from the tariff-related optimism on Wall St wore thin.
- ASX 200 advanced at the open but then gave back most of its gains after stalling near the 8,000 level and as participants await Treasurer Chalmers’s pre-election budget which is expected to return to a deficit.
- Nikkei 225 rallied at the start of trade and briefly climbed above the 38,000 level but has since pulled back from intraday highs with recent currency moves influencing price action.
- Hang Seng and Shanghai Comp were pressured with notable underperformance in Hong Kong as tech and auto names lost traction amid recent earnings releases and tariff risk, while there was a lack of details so far regarding the PBoC’s MLF operation after the central bank recently unveiled a new method for how MLF operations will be conducted whereby banks will be able to bid for different prices on its one-year loans.
- US equity futures (ES -0.1%, NQ -0.2%) took a breather after yesterday’s predominantly one-way upward momentum.
- European equity futures indicate a lower cash market open with Euro Stoxx 50 futures down 0.3% after the cash market finished with losses of 0.2% on Monday.
FX
- DXY traded uneventfully after strengthening the prior day on the back of a surprise surge in Services PMI data which more than offset the manufacturing slump into contractionary territory. There was a recent slew of tariff-related headlines including reports that US President Trump is to announce additional tariffs on autos, lumber and chips but may give some countries breaks on tariffs, while he announced a secondary tariff on Venezuela in which any country that buys oil or gas from Venezuela will be forced to pay a 25% tariff on top of other tariffs.
- EUR/USD languished around the 1.0800 level after failing to sustain yesterday’s initial gains, as the dollar ultimately strengthened and amid the tariff threat overhang, while the recent EZ PMI data releases were mixed.
- GBP/USD lacked direction following the recent price swings and after comments from BoE Governor Bailey provided very little to shift the dial as participants await the Spring Statement and CPI data scheduled mid-week.
- USD/JPY initially extended on the prior day’s notable advances which were facilitated by the recent dollar strength, firmer US yields and the heightened risk appetite, although the pair has since eased back from recent highs after hitting resistance just shy of the 151.00 level.
- Antipodeans conformed to the uneventful picture across the FX space in the absence of any pertinent data releases and as the risk appetite in Asia gradually waned.
- PBoC set USD/CNY mid-point at 7.1788 vs exp. 7.2630 (Prev. 7.1780).
FIXED INCOME
- 10yr UST futures looked for some reprieve after treasuries were sold across the curve yesterday on tax revenue and tariff reports, while a strong services PMI accelerated the selling ahead of supply.
- Bund futures were rangebound after the prior day’s indecisive performance and with participants awaiting German Ifo data, as well as the looming Bobl and Bund issuances.
- 10yr JGB futures tracked the recent losses in major counterparts with demand also hampered amid an enhanced liquidity auction from Japan, while the BoJ Minutes from the January meeting were met with little fanfare given the stale nature of the release.
COMMODITIES
- Crude futures took a breather after advancing yesterday on the broader risk appetite and heightened geopolitical tensions despite several oil-bearish headlines.
- US jet fuel imports are set to hit a two-year high in March after Nigeria’s Dangote refinery pushed barrels to North America, which should lower prices of the aviation fuel in the peak summer.
- US issued a Venezuela-related general license which authorises a wind-down of certain transactions related to Chevron (CVX) corporation’s joint ventures in Venezuela through to May 27th.
- Spot gold was indecisive after a recent pullback but retained the psychological USD 3,000/oz status.
- Copper futures eked marginal gains but with the upside capped following the prior day’s reversal and as risk appetite in the Asia-Pac region moderated.
CRYPTO
- Bitcoin gradually retreated to beneath the USD 87,000 level as risk appetite waned.
NOTABLE ASIA-PAC HEADLINES
- China is considering including services in the multi-billion dollar subsidy program to stimulate consumption, according to FT.
- BoJ January Meeting Minutes stated most members expressed the recognition that the likelihood of realising the outlook had been rising and some members shared the recognition that real interest rates were expected to remain significantly negative even after the rate hike. The minutes stated that a member expressed the view that if underlying inflation increased, the BoJ would need to raise the policy interest rate accordingly in a gradual manner and a member continued that it would be necessary for the BoJ to adjust the degree of monetary accommodation from the viewpoint of avoiding the yen’s depreciation and the overheating of financial activities. Furthermore, a member said the BoJ should be extremely careful about suggesting the pace of policy interest rate hikes and the terminal policy rate and a member said it would be desirable for the BoJ to bear in mind that the policy interest rate should be at around 1% in the second half of fiscal 2025.
- BoJ Governor Ueda said they still need some time to consider what to do with the BoJ’s ETF holdings and must think about valuation and market rout risks when offloading its ETF holdings. Ueda added that the BoJ’s JGB holdings would continue to have a stock effect since the reduction pace is extremely slow and the massive JGB holdings have a stock effect that would slightly lower long-term yields.
GEOPOLITICS
MIDDLE EAST
- Israeli military said sirens sounded in several areas in Israel after a projectile was launched from Yemen although the missile was intercepted prior to crossing into Israeli territory. Israel’s military separately announced it struck targets at Syrian military bases.
- Israeli military said forces operating in Rafah fired at a building that belonged to the Red Cross as a result of incorrect identification.
- Houthi military spokesman said the group targeted US naval vessels in the Red Sea and Israel’s Ben Gurion Airport.
RUSSIA-UKRAINE
- US President Trump said they made a deal on rare earths which is to be signed shortly and are talking about territory and power plant ownership.
- Ukraine’s delegation in Saudi Arabia will meet with the US team on Tuesday, while it was separately reported that a White House source said talks facilitated by the Trump administration’s technical teams in Riyadh are going extremely well, and they expect to have a positive announcement in the near future.
- US Secretary of State Rubio said the Russia war has to end through negotiation.
OTHER
- Taiwan ordered three mainland Chinese to leave for promoting a military takeover, according to SCMP.
EU/UK
NOTABLE HEADLINES
- BoE Governor Bailey said they face a challenge to raise the potential growth rate of the economy and there are strong headwinds, while he added they must facilitate the growth of AI as the most likely general-purpose technology which can move the needle on growth in the economy. Bailey also said they are seeing businesses delay investment due to uncertainty and that consumption is not climbing with real incomes, as well as noted that businesses are currently keeping all options open on how to respond to national insurance rise.
- UK Chancellor Reeves is to publish the forecast from the OBR which is to roughly halve the UK’s expected growth in 2025 from 2% to about 1%, while her GBP 9.9bln of headroom against her fiscal rule has been wiped out, leaving her about GBP 4bln in the red. Furthermore, Reeves’s statement is expected to have more than GBP 5bln of extra cuts to UK public spending and she will claim that Britain is “uniquely positioned” to pursue favourable trading relations with the US and EU, according to FT.
- ECB’s Escriva said the current environment is extremely uncertain and downside risks are outweighing upside risks at the moment but noted that more disruptive economic scenarios aren’t materialising.
3 .ASIA
3A NORTH KOREA/SOUTH KOREA
3BJAPAN
3C. CHINA/
Becoming dangerous!
Chinese Tech Stocks Plunge From 3 Year High To Correction In Just 5 Days
Tuesday, Mar 25, 2025 – 09:58 AM
For those whose heads are still spinning from the furious speed of the recent plunge of the S&P into correction, here’s round two: overnight Chinese tech stocks extended their recent drop, and fell from a three-year high to the brink of a correction in just five sessions, fueled by a lack of positive surprise in earnings and rapidly cooling sentiment. The Hang Seng Tech Index dropped 3.8% on Tuesday, extending its slide from a March 18 high to nearly 10%. And if one goes back to the March 6 high, the Index is already in a 10% correction. The broader MSCI Asia Pacific Index declined as much as 0.4%, reversing a gain of 0.5%, dragged down by Chinese internet stocks Alibaba and Tencent who were among the biggest drags.
Xiaomi, which raised $5.5 billion in an upsized placement on Monday, tumbled 6.3%. The sale follows BYD’s $5.6 billion offering earlier this month. While the funding may benefit the companies over the longer term, shares are under immediate pressure due to increased supply and as they were sold at discount, analysts said.
Elsewhere, Alibaba fell nearly 4% following its chairman’s warning on a potential bubble forming in AI datacenter construction. While Alibaba has been investing heavily in artificial intelligence, chairman Joe Tsai said he was “astounded by the type of numbers that’s being thrown around” in the United States.
“People are talking about $500 billion, several hundred billion dollars. I don’t think that’s entirely necessary. I think in a way, people are investing ahead of the demand that they’re seeing today.” He said he thought it was worrying when people began to talk about building data centers on spec, adding that he was seeing “the beginning of some kind of bubble.”
Tsai’s comment chilled a world-beating rally in Chinese tech stocks which has rapidly reversed as the initial shock-and-awe from DeepSeek’s AI model wanes, with investors demanding more real-life applications – and actual results – before bidding up shares further. While the nation’s tech earnings mostly topped estimates or came in line in the just-concluded reporting season, such expectations were already baked in.
Earnings have been good so far, but they weren’t enough to bring “positive surprise,” said Steven Leung, an executive director at UOB Kay Hian Hong Kong Ltd. “Xiaomi’s upsized share placement has weighed on market sentiment today with some investors worrying about such offering creating pressure on market liquidity.”
Sentiment was further hurt by a Goldman report slashing its forecast for AI Servers “due to the combined reasons of product transitioning and uncertainties of demand and supply.” The bank now expects 19k/ 57k of rack-level AI servers (in 144-GPU equivalent) for 2025/ 26E, down from previously 31k / 66k in 2025/ 26E. Accordingly, the bank also revised down the target price of Quanta, Hon Hai, FII, Wistron, AVC, Auras, by 7%~21% (more in the full Goldman report available to pro subs).
Tuesday’s retreat bucks gains across most of Asia following signals from US President Donald Trump that the sector-specific and reciprocal tariffs expected on April 2 may be less daunting than feared. The Hang Seng China Enterprises Index fell 2.7%.
Yet even with the week’s slide, the Hang Seng Tech gauge remains up more than 23% for the year, vastly outperforming US stocks. Investors have rushed to re-evaluate Chinese tech stocks since the rise of DeepSeek in January, with President Xi Jinping’s embrace of major business leaders also accelerating stock gains.
That said, any further selloff will worry investors, and may potentially undermine a growing narrative that Chinese markets can become an alternative investment ground as investors reassess US exceptionalism.
Another big decliner on Tuesday was Sunny Optical Technology Group, which plunged 10% after the company cautioned against a capacity glut. All 30 members of the Hang Seng Tech gauge ended in the red.
“Alibaba’s caution around a potential bubble in AI data center buildouts has added pressure, hinting that the red-hot AI theme may face a short-term bump,” said Charu Chanana, chief investment strategist at Saxo Markets.
4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
NATO
important read!
7 Actions That NATO Countries Are Taking Which Indicate That Something Really Big Is Coming
Tuesday, Mar 25, 2025 – 05:00 AM
Authored by Michael Snyder via The Economic Collapse blog,
If peace is on the way, why are they feverishly preparing for World War III? It appears to me that NATO countries are convinced that something really big is coming. Is there something that they know that they aren’t telling the rest of us? As I discussed yesterday, things in the Middle East are really heating up, and the conflict in Ukraine has reached a very dangerous stage. If negotiations with Russia fail, both sides are likely to significantly escalate matters in a desperate attempt to win the war, and the Russians could come to the conclusion that a final showdown with NATO has begun. We do not want the Russians to view the conflict in Ukraine in those terms, because they are already extremely paranoid and it wouldn’t take much to push them over the edge. Unfortunately, NATO countries continue to do things that will raise tensions instead of easing them.
The following are 7 actions that NATO countries are taking which indicate that something really big is coming…
#1 France is getting ready to distribute a 20 page survival manual that instructs citizens what to do if a full-blown war erupts…
France is the latest country set to issue an invasion survival how-to guide for its citizens.
The 20-page booklet will give advice to French civilians on how to defend the republic in the face of an invasion by signing up to reserve units or local defence efforts.
It will also have tips on how to create a survival kit with essentials including six litres of water, canned food, batteries, and basic medical supplies.
#2 The French government is also telling their citizens to leave Iran “immediately”…
French authorities on Thursday requested its citizens to immediately leave the territory of Iran.
The French Foreign Ministry has issued a warning to its citizens amid the release of one of its nationals who had been imprisoned in Iran for over 880 days.
#3 It is being reported that military planners in the UK have ordered special forces units to get ready to be sent to Ukraine…
Special Forces units were told to prepare for mobilisation to Ukraine by military planners tasked with readying forces by the Cabinet Office, according to two military sources with knowledge of the directive.
The command centre for UK military planning, the Permanent Joint Headquarters (PJHQ), was sent directives last week to begin the process for the deployment of personnel and resources.
The orders, which also applied to Special Forces reservists, put personnel on standby in order to ensure military equipment is in working order before receiving a notice to mobilise to Ukraine.
#4 Turkey has announced that it would also be willing to deploy troops to Ukraine “if needed”…
Turkey would be ready to deploy troops to Ukraine as part of a broader peacekeeping mission if needed, a Turkish defence ministry source said on Thursday.
“The issue of contributing to a mission … will be evaluated with all relevant parties if deemed necessary for the establishment of regional stability and peace,” the source said.
The Russians have already stated that they will never accept NATO troops on Ukrainian soil under any circumstances.
So why are these nations preparing to send troops anyway?
#5 Poland is preparing for a showdown with Russia by “conscripting every adult male for military training”…
Warsaw is preparing to face down any invasion by Vladimir Putin by conscripting every adult male for military training.
But the Eastern European nation also wants nukes and President Andrzej Duda has now said the US could send some of its arsenal to his country.
#6 The Baltic states are jointly constructing a massive defense line that includes six hundred bunkers, tank ditches, dragon’s teeth and rocket systems…
The Baltics are building a joint defence line on their border with Russia that will have some six-hundred bunkers across each border.
It will also include tank ditches, forests, dragon’s teeth, hedgehogs, and rocket systems.
Poland and the Baltics have also withdrawn an international treaty banning anti-personnel landmines as they prepare to stop an advancing Russian army in its tracks.
#7 In a letter that was delivered to the Iranians, Donald Trump has given Iran only two months to reach a peace agreement…
President Donald Trump has given Iran a two-month deadline to reach a new nuclear agreement, according to a report by Axios.
A letter sent earlier this month to Supreme Leader Ayatollah Ali Khamenei warned of consequences if Tehran continued its nuclear program while also offering renewed talks. The message, described as uncompromising, made clear that prolonged negotiations were not an option.
According to Axios, it “isn’t clear whether the two-month clock begins from the time the letter was delivered or from when negotiations start”.
Since the Iranians have already said that there will be no negotiations, I would assume that the clock started when the letter was delivered.
So the good news is that the bombing of Iran will probably not happen next month.
But if Trump is serious, there is a very good chance that it could happen before the midpoint of this year.
Meanwhile, the Ukrainians just conducted an absolutely massive drone strike on a Russian strategic bomber airfield that is located hundreds of miles from the front lines…
Ukrainian forces backed by Western munitions and technology struck a major Russian strategic bomber airfield on Thursday with drones, 435 miles from the Ukrainian front lines.
The strike ignited a massive explosion and sent a huge blast of fire into the air at Engels-2 airbase in Russia.
Videos posted by Reuters showed a huge blast spreading out from the airfield and wrecking nearby cottages.
Russia reportedly called this the largest drone attack ever.
The Ukrainians keep trying to provoke the Russians into doing something really dramatic.
One of these days, the Ukrainians might just succeed.
The Russians are fed up with the government in Kyiv. If negotiations with Trump fail, I expect the Russians to bring down the hammer.
We really are right on the verge of an apocalyptic conflict with Russia, and we really are right on the verge of an apocalyptic conflict in the Middle East.
The final exit ramps for both of these conflicts are rapidly approaching, and so let us hope that global leaders make very wise decisions in the months ahead.
end
Tesla// Europe
EU Tesla Sales Plunge 40% YoY In February, But Ark’s Cathie Wood Remains Bullish
by Tyler Durden
Tuesday, Mar 25, 2025 – 09:40 AM
Tesla faces mounting headwinds in Europe, with sales declining for the 10th time over the past 12 months. The slump is driven by an aging vehicle lineup, intensifying competition, and growing backlash over Elon Musk’s increasingly active role in European politics to save the imploding continent from radical leftists in Brussels.
According to the European Automobile Manufacturers’ Association (ACEA), Tesla’s sales in Europe fell for the second straight month in February, with 16,888 vehicles sold—down 40% from the same month last year.
ACEA showed that Tesla’s sales tumbled in the first two months of the year, negatively diverging from the 31% surge in industry-wide EV registrations.
Tesla’s shrinking market share comes after Musk’s brief foray into European politics, where he publicly supported the Alternative für Deutschland (AfD) ahead of last month’s election that saw historic support for the party. US Vice President JD Vance also endorsed AfD during the election campaign. Musk described AfD as the “best hope for the future” in Germany.
Overall, ACEA data showed a slowdown in new vehicle sales, which fell 3.1% last month as mounting economic uncertainty led consumers to hold off on big-ticket items.
Tesla and EU carmakers face a challenging year as the continent’s auto industry remains in a deep downturn. At the same time, US tariff threats and rising competition from Chinese automaker BYD further complicate the auto industry’s outlook for the region.
Ex-Europe, Tesla sales in China—excluding exports—fell 87% in February compared to the same month last year, marking its lowest monthly sales since August 2022.
At the beginning of March, Goldman analysts Mark Delaney, Will Bryant, and others told clients about their decision to revise down 1Q25 delivery estimates due to softening in key markets, including China, Europe, and the US:
Deliveries tracking softer in 1Q, we believe in part on the Model Y transition and partly due to weaker demand Tesla delivery data for January and February in key regions has been soft, which we believe is partly due to the Model Y changeover and partly due to somewhat weaker underlying demand than we had expected (as we think growth has also been slower than we had previously estimated for Model 3 and Cybertruck per delivery data, consumer surveys, incentives that Tesla has been utilizing, and the competitive landscape). We expect shipments to be stronger in the month of March driven by the refreshed Model Y ramp. Overall, we now expect deliveries of 375K in 1Q25, down from our prior 399K view and well below Visible Alpha consensus at 426K.
Delaney and Bryant provided more color on the slowdown on a regional basis:
- USA – Through February, deliveries are tracking flattish yoy per Wards and Motor Intelligence (with Wards showing a slight decline and Motor Intelligence reporting slight growth) but down meaningfully qoq as 1Q24 was impacted by the Model 3 transition;
- Europe – European registration data for January shows a >40% yoy decline, and registration data from daily reporting countries (i.e. UK, Spain, Netherlands, Denmark, Sweden, Norway) indicates a mid to high 20% decline through February (although we note that this daily reporting data does not include Germany, which has been a larger source of weakness for the more complete January data);
- China – CPCA data in January and registration data through February indicates a mid single digit decline in China retail sales yoy QTD, but assuming a stronger March as production of the new Model Y ramps, we think China could end up being more flattish yoy for 1Q25 overall.
Sales are slowing.
Slowing demand and Tesla backlash in the US and Europe have fueled a halving in shares. In the last week, shares have stabilized and reversed.
Meanwhile …
And this.
Tesla reports 1Q25 earnings on April 22.
5 RUSSIAN AND MIDDLE EASTERN AFFAIRS
ISRAEL HAMAS///
Latest in the fighting!
IDF encircles Tel Sultan in new Gaza ground operations
The IDF announced that it killed 20 Hamas fighters; 2 rockets fired by Hamas were shot down.
By YONAH JEREMY BOBMARCH 24, 2025 17:19Updated: MARCH 24, 2025 22:49
IDF Brigade 14 of the Gaza Division encircled Tel Sultan in Rafah over a period of four hours, the military announced Monday night.
Following the maneuver to surround the area, the IDF killed 20 Hamas fighters, arrested 30 others for questioning, and took over a recently organized Hamas command center.
One of those arrested was involved in Hamas’s October 7 invasion of southern Israel.
In addition, some of the Gaza Division forces maneuvered into eastern portions of Khan Yunis.
Also on Monday evening, Hamas fired two rockets from Gaza toward Israeli Gaza Corridor towns.
Both were shot down in Israeli airspace. There were no reports of injuries.
Pickup trucks destroyed
Earlier Monday, the IDF noted that it had destroyed over 100 Hamas pickup trucks in Gaza.
The IDF emphasized that these kinds of pick up trucks were a major aspect of Hamas’s invasion of Israel on October 7.
Despite the IDF’s explanation, it was unclear how destroying pickup trucks would create more powerful pressure to get the terror group to break in the standoff between the sides over further hostage deal and ceasefire developments.
Large portions of Gaza have already been destroyed by the IDF during the approximately 18-month war, far exceeding the targeting of the pickup trucks.
There was no additional news of how the IDF has progressed with the various forces that it also has in northern Gaza and central Gaza.
Separately on Monday, Hamas’s Health Ministry claimed that 50,000 Palestinians have been killed since the start of the war.
Around the time of the ceasefire on January 19, Israel had said it had killed around 20,000 Hamas terrorists.
Israel has also accused Hamas of exaggerations, though it has not denied that due to Hamas’s mass human shields strategy, large numbers of civilians have been mistakenly killed over the course of the war.
Hamas has said that more than 700 have been killed since renewed hostilities on March 18.
The IDF has contested these numbers somewhat, but not provided alternate numbers to date.
Jerusalem Post Staff contributed to this report.
end
ISRAEL HAMAS///
Israel to attack the northern areas of Gaza
(JerusalemPost)
IDF gives ‘final warning’ for Gazans in Beit Hanoun after rockets launched at Israel
By JERUSALEM POST STAFFMARCH 24, 2025 21:33Updated: MARCH 24, 2025 21:34
IDF Spokesperson in Arabic, Col. Avichay Adraee, issued a warning for residents in the Beit Hanoun areas of the Gaza Strip on Monday evening.
“To all residents of the Gaza Strip who are in the Beit Lahia and Beit Hanoun areas – this is an early and final warning before an attack,” he said. “The terrorist organizations are once again launching rockets from areas populated by civilians. This area has been warned several times in the past. For your safety, you must immediately move west to the absorption centers known to you.”
The warning came after two rockets were launched from Gaza before being intercepted by the IDF.
END
ISRAEL HAMAS///
Hamas Commander Known As ‘Prime Minister Of Gaza’ Killed In Hospital Strike
Monday, Mar 24, 2025 – 07:40 PM
Amid its ongoing air and ground campaign in Gaza, renewed after the collapse of the ceasefire with Hamas earlier this month, Israel has conducted a string of assassinations of Hamas top leadership.
Hamas commander Ismail Barhoum was widely dubbed the ‘Prime Minister of Gaza’ and was killed Sunday night amid expanded airstrikes across the Strip. Israel’s military (IDF) said a ‘precision strike’ took him out at Nasser Hospital in southern Gaza’s Khan Younis.
An Israeli statement called him “key Hamas terrorist” – and the Palestinian group has since confirmed his death.
At the time of the strike on the hospital wing, Barhoum had been undergoing treatment for injuries sustained in a previous airstrike.
Israeli media had tallied that since last Tuesday, he’s the fourth member of Hamas’s political bureau to have been killed. Prime Minister Netanyahu has vowed to wipe out Hamas, and ensure it can never control Gaza again.
According to the Times of Israel, “Out of the 20 members of Hamas’s political bureau elected in 2021, 11 have been assassinated during the war in Gaza. Seven are either certain or highly likely to be outside the Gaza Strip.”
The war which has been going on since the Hamas terror attack of Oct.7, 2023 has claimed hundreds of thousands of lives. Gaza sources have announced a grim milestone on Monday:
More than 50,000 Palestinians have been killed in Gaza since Israel’s war with Hamas began, the territory’s health ministry said Sunday, a grim milestone for a war with no end in sight as Israel resumes fighting and warns of even tougher days ahead.
The ministry on Sunday reported 41 more deaths in the past 24 hours, bringing the toll to 50,021.
Authorities in Gaza do not distinguish between civilians and Hamas fighters when reporting casualty figures, but the health ministry and the United Nations say the majority of deaths are women and children. And the true toll could be much higher, with many thousands believed to still be under the rubble.
These figures have been greatly disputed, especially in Israeli and American media. Israel has in the recent past said that some 17-20,000 among the total dead were Hamas fighters.
The White House earlier this month said it was notified in advance that the IDF would renew the Gaza bombing campaign. And on the question of the enclave’s future, US National Security Council spokesman Brian Hughes has said: “Gaza is currently uninhabitable and residents cannot humanely live in a territory covered in debris and unexploded ordinance.”
But it remains unclear whether President Trump will ultimately stick by his plan to expel Palestinians from Gaza. Regardless, it seems Israel is already trying to pursue this.
end
HOUTHISUSA
USA continues to pound Houthis
(zerohedge)
Houthis Say New US Airstrikes Obliterated Residential Neighborhood
Tuesday, Mar 25, 2025 – 04:15 AM
At this point the Pentagon has engaged in over a week of ‘continuous’ operations in Yemen, and Monday has seen US airstrikes pound Houthi sites across the country once again. The Houthis are now reporting that American strikes have hit a residential neighborhood, resulting in casualties.
“The rebel-controlled SABA news agency reported, citing health officials, that the US-attributed strike on a residential neighborhood in western Sanaa killed one and injured 13, including three children,” says regional media.
The person killed was reportedly a senior Houthi official. Israeli media observes that “Footage released by the rebels showed the rubble of a collapsed building and pools of blood staining the gray dust covering the ground.”
“A building next to the collapsed structure still stood, suggesting American forces likely used a lower-yield warhead in the strike,” the report continues.
The prior day, Sunday, saw the Houthis launch another ballistic missile at Israel, with the Israel Defense Forces saying it intercepted the inbound projectile. However, the IDF said the threat still caused “millions” of Israeli citizens to have to take shelter as warning sirens sounded.
“Following the alerts that were activated a short time ago in several areas of the country, the Air Force intercepted one missile launched from Yemen. The missile was intercepted before it crossed into the country’s territory,” the IDF said in a Hebrew social media post.
Air traffic at Israel’s busy international Ben Gurion airport was briefly shut down due to the missile threat. This marked nearly a half-dozen Houthi missile attacks directly on Israel since the collapse of the ceasefire with Hamas.
A Saturday missile out of Yemen had disintegrated as it traveled over Saudi airspace. Such attacks could soon become daily, and the Houthis have vowed not to back down even amid the renewed American attacks.
National Security Advisor Mike Waltz described in a Sunday media interview that 75% of US-flagged shipping has been forced to take the far-longer route around the southern coast of Africa due to the ongoing Houthi attacks in the Red Sea area, as opposed to the normal Suez Canal route.
US Central Command (CENTCOM) has indicated on social media that its anti-Houthi operations are taking place “24/7″…
This has remained true of the majority of global shipping in general – and Egypt’s revenues from the Suez have continued to crater.
The situation will likely continue and even escalate, given that last week a Houthi military statement said: “We are confronting US aggression by targeting its aircraft carrier, warships, and naval vessels, with greater escalation options if it persists.”
END
GAZA/HAMAS
Hundreds of Gazans march in rare anti-Hamas protest
Dubbed “Intifada of the North,” the protest, which took place in Beit Lahya, saw hundreds of participants, some carrying white flags, shouting “Hamas out!”
By OHAD MERLINMARCH 25, 2025 19:06Updated: MARCH 25, 2025 20:51
In a rare event in the Hamas-controlled Gaza Strip, hundreds of Gazan citizens marched in the northern town of Beit Lahiya carrying white flags, calling to end the Hamas rule, and even calling to hand over the Israeli hostages.
The protests took place in front of the Indonesian Hospital in the northern part of the Gaza Strip. One protester who filmed the events questioned where Qatari Al Jazeera and its Gaza correspondent Anas al-Sharif are, implicitly referring to the channel’s no criticism of Hamas policy.
Women’s leadership: Key to addressing Israel’s crises
“The people are demanding the press to cover these events!” he said. “People are demanding freedom, they’re demanding a halt to the hostilities against Gaza, they’re demanding peace and an end to this war.” One of them said, “The press entered the hospital so as to not document this event.”
Slogans shouted in the protest included “Out out out! Hamas out!” and “Where is the press?” and “We want to live!” Signs held by protesters included slogans such as “We refuse to be the ones who die” and “Stop the war.”
Another video showed hundreds of marchers walking in the streets of Beit Lahiya, with the cameraman saying: “Large crowds are protesting now against the rule of Hamas. The situation in Gaza is catastrophic. The people here are calling to free the prisoners so we can remain alive,” possibly referring to the remaining Israeli hostages.
“Hamas is demanding our people to remain steadfast. But how can we remain steadfast when we’re dying and bleeding? Hamas must stop what is happening in Gaza… We’re sending a message to the entire world: We reject the rule of Hamas.”
‘We will be the ones who decide who is in control’
One speaker at the protest proclaimed: “Our message now is that we are a people of peace. We demand a secure peace for this town, and not to live under the steel and fire here. We will be the ones who decide who is in control in this town. We live under harsh conditions, so everyone must stand up to any foreign actors who want to destroy the destiny of this nation… We say: yes to peace, no to the tyrant rule which threatens the destiny of our people.”
Another video saw the cameraman commenting, “Rivers of people are marching to end the rule of Hamas and stop the war on Gaza.”
Though extremely rare, this is not the first time an anti-Hamas protest takes place in the Hamas-controlled Gaza Strip since the war began, as January 2024 saw what appeared to have been smaller and more sporadic events.
Likewise, some of these slogans are reminiscent of the “Bidna N’eesh” (“We Want to Live”) movement, which led similar protests in 2020 and 2023, and which some suspected to have been coordinated by Hamas’s rival faction, Fatah. In all cases so far, Hamas acted quickly and brutally to suppress these demonstrations.
END
EGYPT
nobody wants Hamas people
(JerusalemPost)
Egypt to expel released Hamas prisoners if no ceasefire is agreed upon – report
The prisoners in question were freed as part of the last hostage exchange and are temporarily residing in Egypt, as no other country has agreed to receive them.
By BARAK RAVIDMARCH 24, 2025 20:05Updated: MARCH 24, 2025 22:42
Egypt has threatened to expel recently released Hamas prisoners from its territory if the terrorist organization fails to show flexibility and agree to a revised hostage deal that would extend the current ceasefire in Gaza, a senior Israeli official said.
The prisoners in question were freed as part of the last hostage exchange and are temporarily residing in Egypt, as no other country has agreed to receive them.
Why does it matter?
The reported threat is part of mounting pressure exerted by top Egyptian intelligence officials on Hamas to accept an updated deal that could lead to the release of more hostages and a prolonged truce.Top ArticlesRead More
Behind the scenes
According to the Israeli official, the Egyptian pressure follows sharp messages conveyed by US White House envoy Steve Witkoff to Egyptian intelligence chief Gen. Hassan Rasahd. Witkoff reportedly expressed Washington’s disappointment that, despite earlier assurances, Egypt has thus far failed to persuade Hamas to release additional hostages, including Israeli-American dual national Idan Alexander.
The official added that Egypt has not yet formally presented the updated proposal to Israel, as discussions between Egyptian mediators and Hamas are ongoing.
The proposal is said to closely resemble the one previously presented by Witkoff during talks in Doha two weeks ago. It includes the release of five living hostages – among them Alexander – in exchange for a 50-day ceasefire and the release of Palestinian security prisoners.
Like the earlier US proposal, the Egyptian plan was reportedly calls for the resumption of humanitarian aid to Gaza, the reopening of the Netzarim corridor for Palestinian movement, and the withdrawal of IDF ground forces that have been operating in the Strip since the resumption of hostilities.
A new component in the Egyptian proposal would include initial discussions on a long-term ceasefire and the framework for a second phase of the agreement. However, a final and detailed outline for this component has yet to be formulated.
“The Egyptians took all the pressure they received from the US and passed it on to Hamas – and it may have made an impacts, the senior Israeli official said.
A source familiar with the negotiations said senior Hamas leadership is expected to convene in the coming days to discuss the updated proposal and determine how to respond.
END
IRAN/USA
White House Demands Iran Give Up Entire Nuclear Program, Including Civilian Enrichment
Tuesday, Mar 25, 2025 – 02:00 AM
Authored by Jason Ditz via AntiWar.com,
While continuing to closely tie the recent US attacks on the Houthis in Yemen to Iran, National Security Adviser Mike Waltz confirmed that the Trump Administration is demanding “full dismantlement” of Iran’s nuclear program, including its capacity to enrich uranium for civilian use.
Waltz made the comments on CBS’ Face the Nation, and when asked what full dismantlement meant and to clarify the distinction between it and the verification deal the US had with Iran before President Trump pulled out of it in 2018, he made it clear this is far broader, covering everything, including enrichment, “weaponization,” and strategic missile programs.
Iran’s enrichment program, which is under IAEA monitoring, has no military component in the first place. Enrichment was purely for making fuel rods for the Bushehr nuclear power plant along Iran’s coast and for making somewhat higher enriched fuel for its medical isotope reactor. Iran has a long history of having a substantial nuclear medicine program, and supplied its own isotopes for that.
The long-abandoned nuclear deal was meant to give Iran a design to produce isotopes without 20% enriched uranium through a heavy-water reactor. Like most of the promises to Iran under the deal this was never honored, and Iran is left with the old research reactor. Higher levels of enrichment were also done to try to encourage new negotiations, though Iran promised the IAEA that they would not go above 60% levels, and weapons-grade uranium is a minimum of 90%.
Waltz’ new demand is not that Iran goes back down to 20% or anything, it’s to stop enrichment entirely. It’s unclear in the context if Iran is even allowed to keep it’s power plant, though without the ability to enrich uranium to make their own fuel, it would be effectively useless in fairly short order.
Beyond that, Waltz demanded Iran scrap its “weaponization” program, which will be a challenge because Iran does not have one, and US intelligence assessments have repeatedly said Iran hasn’t decided to try to make such a weapon though such assessments never seem to inform the content of US demands.
He also demanded Iran get rid of its entire strategic missile program, which since they haven’t even attempted to create nuclear warheads would exclusively impact conventional weapons in Iran’s arsenal. Though presented as something to do with nuclear dismantlement, it is effectively unrelated in the case of these missiles.
Waltz confirmed that the US had received multiple responses from Iran regarding the demands, which were initially submitted through a letter. He declined to discuss what the responses were in any way, but said there was an ongoing “back and forth” and that “all options are on the table.” He further vowed Iran would face consequences if they didn’t submit to the demands.
The latest US demands are by far the furthest they’ve gone in demands for nuclear concessions from Iran, but they once again appear founded in the same false narrative that the program has a military component, even though US intelligence has consistently confirmed it does not.
The refusal to disclose what Iran’s response to the demands has been so far is likely based in part on avoiding talking about how Iran doubtless reiterated that they don’t have such a program to give up. Iranian Supreme Leader Ayatollah Ali Khamenei has publicly responded in part, by rejecting the idea of direct talks with President Trump on the matter.
Khamanei has previously expressed openness to direct talks with the US, but since Trump was the one who tore up the previous nuclear deal, he has said that there is no value in talking with a party they can’t count on to fulfill their commitments.
Russia issued a statement on Friday which appears to reject the basis of the US demands, saying Iran has every right to have a peaceful nuclear program for civilian purposes. Western European nations have previously given lip-service to past US demands to restrict Iran, but it is unclear if even they will go along with the idea that Iran isn’t allowed to enrich uranium to civilian levels. Beyond Israel, the Trump Administration might be alone given the severity of this latest demand.
END
RUSSIA VS UKRAINE
Europe will not let Ukraine stop!! they keep hitting energy sites!
(zerohedge)
Russia Says Ukraine Continually Striking Energy Sites In Violation Of Trump Agreement
Tuesday, Mar 25, 2025 – 10:20 AM
Russia has charged that Ukraine has continued deliberate strikes on Russian energy facilities, in violation of the 30-day agreement both warring sides made with President Trump last week, to temporarily halt such attacks.
“Ukraine continues to attack Russian civilian infrastructure, proving that Kiev does not actually want peace,” Russian Foreign Ministry spokeswoman Maria Zakharova has charged.
Both Russian and Ukrainian leaders agreed in separate phone calls with Trump days ago to halt such assaults on energy infrastructure. But the Russian Defense Ministry has since said multiple waves of drones strikes have targeted oil and gas facilities.
Russian sources have identified that among the locations hit was the Kropotkinskaya oil pumping station in Russia’s Krasnodar Region. It was struck in the early hours of Monday.
“The station is operated by the Caspian Pipeline Consortium (CPC), which works with US energy giants such as Mobil and Chevron,” Russian media details. “Russian air defense systems intercepted a Ukrainian attack UAV some 7km from the facility, with fragments falling in the area of a railway station, according to the Defense Ministry.”
In its latest Tuesday update, the defense ministry said, “Against the backdrop of Russian-US expert-level talks on the topic of settling the conflict in Ukraine that took place in Riyadh on March 24, the Kiev regime continued to deliberately strike Russian peaceful energy infrastructure facilities using UAVs.”
The military issued a list of the latest sites impacted as follows:
- On March 24, the Kiev regime carried out a drone strike against Rosseti Kuban energy facilities in Krasnodar region, disrupting the “Rostov NPP – Tikhoretsk” power line.
- In the Lugansk People’s Republic, Ukrainian forces attacked the “Svatovo” gas distribution station with drones.
- In Crimea, air defenses intercepted a UAV targeting equipment at Glebovskoye underground gas storage facility.
The ministry said additionally, “Zelensky’s continued attacks on Russian energy infrastructure demonstrate his unreliability as a negotiating partner and lack of control over military operations.”
The day prior, two drones strikes were also reported on Valuika gas distribution station Belgorod Region in the early morning hours, which damaged equipment.
Both sides have been busy accusing the other of breaking the terms of the energy ‘partial ceasefire’. Russian Foreign Minister Sergey Lavrov has also said the West is giving Ukraine false hope, also through continued arms shipments and supplies.
“Without them [Western states], Ukraine would have been defeated long ago … But you see, both London and Paris are pumping Ukraine with weapons,” Lavrov said Tuesday.
But Russia has been raining down missiles on Ukrainian cities as well. A particularly devastating missile attack on Monday damaged a school and a hospital in Ukraine’s northeastern city of Sumy,
The strike reportedly wounded at least 74 people, including 13 children, and multiple high-rise residential buildings were also damaged. Much of the population was seeking refuge in bomb shelters during the attack.
Scarry!
Russia Initiates Drills Involving Yars Nuke-Capable ICBMs
by Tyler Durden
Tuesday, Mar 25, 2025 – 02:45 AM
The Russian defense ministry announced Monday its armed forces have begun planned exercises involving the deployment of Yars intercontinental ballistic missiles, RIA news agency is reporting.
Yars ICBM regiments in the Sverdlovsk and Altai regions are being deployed to field positions during command-staff exercises. The Yars can be transported on trucks or positioned in silos.
State media on Monday featured a photograph of one of the missiles being transported in its mobile form, but has given few other details on the drills or their scope.
Russia has over the course of the 3+ year long Ukraine war held several tactical nuclear exercises, while threats and counter-threats continue to fly amid growing Western involvement.
The current ICBM drills are a continued demonstration of Russia’s strategic capabilities, and muscle-flexing aimed at the Western allies.
It seems Moscow began increasing the readiness of its tactical forces especially last year. That’s when Biden issued the greenlight for Ukraine to conduct long-range strikes inside Russia using Western weapons. Putin at the time decried that this risks making Ukraine a ‘global war’.
For example, President Putin said last November, “The use of such weapons by the enemy cannot affect the course of the situation in the Special Military Operation zone.” He also said it was a big mistake for the US to pull out of the the Intermediate-Range Nuclear Forces (INF) Treaty in 2019.
Putin has also long highlighted that Kiev is now in possession of US F-16s, and that of course NATO F-16s are capable of carry tactical nuclear weapons. Thus Russia has previously said it will have no choice but to assume each F-16 could be armed with nukes, highlighting how dangerous the situation is becoming.
GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUES
MARK CRISPIN MILLER
The toll of “vaccination” inside “General Hospital”
Further indications of the global toll of COVID “vaccination,” based on the reports collected by our worldwide team of researchers.
To help support our work: https://www.givesendgo.com/newsfromunderground
On the air since April 1, 1963 (with a hiatus during lockdown), Disney/ABC’s “General Hospital” is among the most successful soaps in radio/TV history, with an audience of nearly 2 million viewers: a multitude devoted to its story (such as it is), and therefore willing to sit through all its commercials—by now comprising 24 minutes per hour, or 40% of the whole spectacle. (Hence my parenthetical “such as it is.”) Those blatant ads (some of them minutes long) are now quietly augmented by much product placement all throughoutthe show, so that viewers may get the message without knowing it (although its fans appear to be aware of it, as they discuss such crafty moves on “social media”).
So what does “General Hospital” thus, overtly and covertly, pitch to us? Although it’s no more realistic than any other TV show set in a hospital—especially since, under COVID, hospitals have been incentivized to serve as killing grounds—in one way, “General Hospital” is comparable to many hospitals in (can this really be?) reality, since it too trades in products that make people sick, or sicker. Just as hospitals serve their patients greasy non-organic food chock-full of additives, “General Hospital” advertises KFC and other toxic snacks; and just as hospitals ply their inmates with Big Pharma’s wares, eschewing common remedies that yield little or no profit, that murderous cartel provides more advertising revenue for “General Hospital” than any other sponsors—over 60%, according to some estimates, which means that each episode includes over 14 minutes of advertising, or a whole quarter of each episode.
And then there’s the “vaccine,” which “General Hospital” promoted just as avidly as most other hospitals, both fictional and real, and TV overall. Here’s what ChatGPT has to say:
Yes, COVID-19 vaccination [sic] was promoted on General Hospital in various ways. The show, like many other TV series, incorporated public health messaging related to the pandemic [sic], including COVID-19 vaccines [sic].
In some episodes, characters were shown receiving the vaccine [sic] or discussing its importance as part of the storyline. These instances were part of the broader effort to educate [sic] the public about the vaccine [sic] and encourage people to get vaccinated [sic].
While General Hospital didn’t feature direct product placements for COVID vaccines [sic] (such as specific brand names like Pfizer or Moderna), the general promotion of vaccinations [sic] and adherence to public health guidelines was part of the narrative in several episodes during and after the height of the pandemic [sic].
Additionally, General Hospital has a long history of addressing public health issues [sic] within its storyline, so it wasn’t surprising that they would include COVID-19 vaccinations as part of their messaging during such a critical time.
What this brief survey doesn’t mention is Big Pharma’s power to dictate plot points in the show, just as the DoD, CIA and FBI have long done with countless movies and TV shows. This troubling influence (imagine how the New York Times or NPR would holler if it were the KGB dictating scripts of Russian TV dramas) made some headlines in 2017:
Vox:
Big pharma’s newest marketing tactic: infiltrating soap operas like General Hospital
May 18, 2017
The General Hospital character Anna Devane (played by Finola Hughes) has been diagnosed with an extremely rare condition Polycythemia vera (PV) on the show. The awareness campaign was backed by Incyte, the maker of a PV drug.
Wired:
The Tricky Ethics of Big Pharma Soft-Selling on Soap Operas
May 24, 2017
Medical professionals have raised concerns about whether General Hospital’s plotline blurred the lines between disease awareness and advertisement.
While ChatGPT is very good at accurate surveys of received opinion, it tends to skirt those facts that “our free press” also avoids. And so, as to the probable “adverse events” whereby (many) cast members have “died suddenly” or fallen gravely ill, ChatGPT can’t seem to find anything about it; so (as usual) it’a left to us to tell the tale.
Nonfatal:
General Hospital’s John J. York Emotionally Talks Returning to Soap After Cancer Battle
June 18, 2024
General Hospital star John J. York became emotional while discussing his battle with cancer and the overwhelming support he has received from fans while joining bone marrow donor registries. The 65-year-old soap opera actor was diagnosed with two types of blood and bone marrow cancer, myelodysplastic syndrome and smoldering multiple myeloma, in 2022 after a routine checkup. His treatment required bone marrow transplants to fight the disease. Appearing on Good Morning, York teared up when describing how many people signed up to donate bone marrow after he made his diagnosis public.
‘General Hospital’ Max Gail’s Wife Diagnosed With Cancer
April 19, 2024
General Hospital alum Max Gail’s wife has sadly been diagnosed with breast cancer. This all comes while she is caring for her husband while he is undergoing a mystery procedure.
The mother of General Hospital’s Joey and Jay Clay has been diagnosed with a rare disorder
February 21, 2024
Lana Clay is the mother of Joey and Jay Clay the adorable twins who portray Ace Cassadine on General Hospital. Soap Hub says Lana recently shared a health update on X related to being diagnosed with the rare adrenal deficiency disorder Addison’s disease. Soap Hub reported earlier that Mark Clay revealed that his wife spent time in the ICU because of sepsis and very low blood pressure. Lana is now at home and posted this message on X.
Fatal:
Actor David Gail, Best Known for Beverly Hills, 90210 and Port Charles, Dead at 58
January 21, 2024
Tampa, Florida – David Gail, the actor who played Dr. Joe Scanlon in more than 200 episodes of the General Hospital spinoff Port Charles, has died at the age of 58. Gail’s credits also include playing Stuart Carson, the fiancé of Shannen Doherty’s Brenda Walsh in Beverly Hills, 90210, and Dean Collins in the WB drama Savannah.Gail’s sister, Katie Colmenares, announced the news of his death on Instagram Friday, remembering her brother as both her “wingman” and “best friend.” A cause of death for Gail has not been shared as of Sunday.
‘General Hospital’ Actress Robyn Bernard Found Dead in Open Field
March 13, 2024
San Jacinto, CA – Actress Robyn Bernard, who appeared in 145 episodes of the soap opera General Hospital in the 1980s, was found dead in a field behind a business in San Jacinto, California, the Riverside County Sheriff’s Department reported. No cause of death has been established for Bernard, 64, who retired from show business more than two decades ago.
Billy Miller, Emmy-Winning Soap Opera Actor, Dead at 43
September 17, 2023
Very sad and extremely shocking news today out of the television universe: Billy Miller, a three-time Daytime Emmy winning soap opera actor — best known for his roles on The Young and the Restless and General Hospital — has passed away. He was 43 years old. Miller’s passing was also confirmed by The Belmont, one of the restaurant in which he was a part-owner in Los Angeles. No cause of death has been announced at this time. A native of Oklahoma, Miller was two days away from his birthday at the time of his death. The actor rose to small screen fame as the character of Richie Novak on All My Children’s Richie Novack, a role he took on from 2007-2008. From there, Miller went to The Young and the Restless and took over the role of Billy Abbott., staying with this top-rated drama from 2008-2014. During his six years on the latter program, Miller won three Daytime Emmys (two for Outstanding Supporting Actor and one for Outstanding Lead Actor).
Doug Sheehan, Star of General Hospital and Knots Landing, Dead at 75
July 8, 2024
Big Horn, Wyo. – Fans of both daytime and primetime soaps suffered a blow this week as news spread that Doug Sheehan, best known for his stints on General Hospital and Knots Landing, passed away. While a cause of death was not released, a notice from the Kane Funeral home shared that the 75-year-old died with his wife by his side on June 29th. While the handsome actor appeared on shows as diverse as Diagnosis Murder and Sabrina the Teenage Witch, it was his role as good-guy Joe Kelly on General Hospital which first brought him to the attention of many fans.
Ron Hale, soap actor from ‘Ryan’s Hope’ and ‘General Hospital,’ dies at 78
October 3, 2024
Ron Hale, a soap opera star who played Mike Corbin on “General Hospital” and Dr. Rodger Coleridge on “Ryan’s Hope,” has died. He was 78. The actor died in St. George, S.C., on Aug. 27, according to South Carolina-based Bryant Funeral Home. His cause of death was not disclosed. His niece Lori Brown said he died unexpectedly at his home, according to Soap Opera Network.
‘Seinfeld’ actor John Capodice dies
January 2, 2025
An actor known for his roles in “Ace Ventura: Pet Detective,” “General Hospital” and “Seinfeld” has died. John Capodice was 83 years old. Capodice’s death was announced on the Pizzi Funeral Home’s website , according to Deadline. His death notice said he died on Dec. 30 but his cause of death was not listed.
General Hospital’s Leslie Charleson hospitalized after horror fall just days before death
January 13, 2025
Leslie Charleson was rushed to hospital last week after suffering a horror fall. The General Hospital actress, who played Monica Quartermaine on the soap, has died at the age of 79. Her cause of death is yet to be revealed, but Leslie had been struggling with a number of illnesses in recent years. The TV star suffered several falls which prevented her from being able to get around. Leslie needed to use a walker to help with her mobility following the falls. She was even rushed to hospital just one week before her death after a fall.
N’Neka Garland, ‘General Hospital’ Producer, Dies at 49
March 30, 2023
N’Neka Garland, an Emmy-winning producer on General Hospital who spent the past 22 years with the venerable ABC soap opera, has died. She was 49. Garland suffered a heart attack at her home in Sherman Oaks and died Monday at Providence Saint Joseph Medical Center in Burbank, her friend Cori Murray told The Hollywood Reporter. Garland, whose late half-brother was rap legend Tupac Shakur, served as coordinating producer on General Hospital since 2018 and then producer since 2021. She shared Daytime Emmy nominations for outstanding drama series in 2019, ’20 and ’21, winning two years ago.
‘General Hospital’ star Jacklyn Zeman, aka Bobbie Spencer, dies at 70 after cancer battle
May 11, 2023
Jacklyn Zeman, who played Bobbie Spencer for 45 years on ABC’s “General Hospital,” has died at 70. Zeman died after a short battle with cancer, her family confirmed Wednesday. News of her death was first announced by the show’s executive producer, Frank Valentini.
If you like “News from Underground” (or hate it, but get something out of it), please read this post.
DR PAUL ALEXANDER
Fwd: Secretary of Defense Pete Hegseth MUST be fired POTUS Trump, now! This is devastating & what I reported today base…
Secretary of Defense Pete Hegseth MUST be fired POTUS Trump, now! This is devastating & what I reported today based on The Atlantic reporting; FIRE Him, it is unacceptable, do NOT tell us about the
success of the Houthi bombing, we are not idiots, we had damn pilots who could have been shot down, taken hostage like Mogadishu, dragged through streets of Yemen, mutilated, we were LUCKY,
| Dr. Paul AlexanderMar 25 |
Hegseth must be fired, and I ask key questions: is this a crime? SLOPPY LEAK OF WAR PLANS STUNS WASHINGTON
IS IT A CRIME?
Let me ask some key questions:
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.
1)how could all of the idiots on that call, maybe 10 or so, who are senior NOT know that it was classified and could not being operated as it was
2)This information had to ONLY be spoken of in a sensitive compartmented information facility (SCIF)…and these morons know this
3)how could these idiots use SIGNAL?
4)Hegseth laid out details on targeting, the mission, battle plans, strikes etc.
5)we have 40,000 soldiers in harm’s way, he must be fired
6)more of them must be fired
7)what else has Hegseth and these buffoons in the administration used SIGNAL to have such high-level talks on?
8)how will congress respond to this? the FBI must take lead to investigate for top secret information was mishandled here by Hegseth
9)how could Chief of Staff Wiles be on that call and not know it was classified…
10)what would have happened if the enemy got a tip off, and waited and shot down 10 planes and killed the pilots?
11)POTUS Trump, this has violated many situations, laws, espionage act etc. and let us see how you handle this for it seems all the idiots on that call either 1)do not know how to handle classified information and 2)either know but do not care…it seems they did not care…and it is here you must act and fire many…
12)Musk made a joke of this in hitting The Atlantic, you must sanction Musk for that…this shows me Musk too is a child, and it is a game. All of this is a game to these people.
13)This shows me what we were saying, the administration is not based on merit now, this is FOX News game show IMO, I am listening and reading and many across USA are outraged…there is this contention your administration is a clown car and not based on merit…so you must act, to fix that…this one screw up cannot be talked away….people must be fired so that the nation knows this type of error is unacceptable…this recklessness…it is dangerous. It cannot happen again. People could die due to these types of unacceptable actions.
This is not a game. Soldiers could have died. This is very very bad!
Over to you Sir! You are the lead.
Had the information, the battle plans gotten into the wrong hands, all our fighter pilots and soldiers could have died.
Several people must be fired over this!
Alexander News Network (ANN): Trump’s War 2.0 for America is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
SLAY NEWS
NEWS ADDICTS
| LATEST NEWS |
| US Post Office General DeJoy resigns from roleUS Post office General Louis DeJoy stepped down from his role on Monday, marking the end of his nearly five-year tenure as the head of the United States Postal Service (USPS). His resignation comes just two weeks after agreeing to work with Elon Musk’s Department of Government Efficiency (DOGE) on restructuring the USPS budget. The USPS Board of Governors confirmed …READ MORE |
| Trump nominates Susan Monarez for CDC director, elevating from acting rolePresident Donald Trump has selected Susan Monarez as director to lead the Centers for Disease Control and Prevention (CDC), making permanent her current role as acting director. Monarez, who has been serving as the agency’s interim leader since January, will replace Dr. David Weldon, whose nomination was withdrawn earlier this month due to concerns that he lacked sufficient support in …READ MORE |
| Hyundai to announce $20 billion investment into USSouth Korea’s Hyundai Motor Group is set to announce a $20 billion investment in the United States at the White House on Monday, according to a U.S. official. The investment will reportedly include a $5 billion steel plant in Louisiana and will be unveiled by President Donald Trump, Hyundai Chairman Euisun Chung, and Louisiana Governor Jeff Landry, CNBC reported. The …READ MORE |
EVOL NEWS
| Japan Declares State of Emergency as Deaths Skyrocket Among mRNA-Vaccinated Children – EVOLREAD MORE… |
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
7.OIL AND NATURAL GAS ISSUES/GLOBAL/ENERGY/
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//
ROBERT H
IMPORTANT!!
CANADA
BREAKING: Alberta’s Premier Gives Ultimatum To Canadian Leaders-Declaration Of Independence? 51st State? – CDM – Human Reporters • Not Machines
Is this the 1st Province to bail ?
The truth is that Alberta can leave and Smith has the guts and knowledge to do it. Every Province can leave .. check out the movie at the Myth of Canada.. so is a wonder that Carney is issuing Canadian debt in USD? The Canadian dollar will sink if he gets in and that is a reality.
Without an Alberta gravy train to pull on the rest of Canada will not be the same.
As it is if Alberta goes so will Saskatchewan.
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS TUESDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.0823 UP 02 BASIS POINTS
USA/ YEN 150.10 DOWN 671 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 1.2953 UP 0.0030 OR 30 BASIS PTS
USA/CAN DOLLAR: 1.4284 DOWN 0.0032 (CDN DOLLAR UP 32 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED DOWN 0.05 PTS OR 0.00%
Hang Seng CLOSED DOWN 561.31 PTS OR 2.35%
AUSTRALIA CLOSED UP 0.11%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 561.31 PTS OR 2.35%
/SHANGHAI CLOSED DOWN 0.05 PTS OR 0.00%
AUSTRALIA BOURSE CLOSED UP 0.11%
(Nikkei (Japan) CLOSED UP 172.05 PTS OR 0.56%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 3026.00
silver:$33.55
USA dollar index early TUESDAY morning: 103.72 DOWN 22 BASIS POINTS FROM MONDAY’s CLOSE.
TUESDAY MORNING NUMBERS ENDS
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And now your closing TUESDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 3.325 % UP 5 in basis point(s) yield
JAPANESE BOND YIELD: +1.563% UP 6 FULL POINTS AND 0/100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.445 UP 4 in basis points yield
ITALIAN 10 YR BOND YIELD 3.920 UP 9 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.825 UP 5 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY TUESDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.0825 UP .0023 OR 23 basis points
USA/Japan: 149.83 DOWN 0.951 OR YEN IS UP 95 BASIS PTS//
Great Britain 10 YR RATE 4.7915 UP 7 BASIS POINTS //
Canadian dollar UP .0035 OR 35 BASIS pts to 1.4282
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan UP T0 7.2582, CNY ON SHORE ..CHINA MUST DEVALUE TO GOLD
THE USA/YUAN OFFSHORE UP TO 7.2631:
TURKISH LIRA: 37.98 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
the 10 yr Japanese bond yield at +1.563
Your closing 10 yr US bond yield UP 0 in basis points from WEDNESDAY at 4.333% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.676 UP 2 in basis points /11:00 AM
USA 2 YR BOND YIELD: 4.028 DOWN 1 BASIS PTS.
GOLD AT 11;00 AM 3028.95
SILVER AT 11;00: 33.72
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: TUESDAY CLOSING TIME 11:00 AM//
London: CLOSED UP 25.79pts or 0.30%
GERMAN DAX: UP 257.17PTS OR 1.13%
Paris CAC CLOSED UP 51.25 or 0.63%
Spain IBEX CLOSED UP 86.26PTS OR 1.08%
Italian MIB: CLOSED UP 161.00 PTS OR 1.21%
WTI Oil price 69.51 11 EST/
Brent Oil: 73.52 11:00 EST
USA /RUSSIAN ROUBLE /// AT: 84.52 ROUBLE DOWN 0 AND 65/ 100
GERMAN 10 YR BOND YIELD; +2.8230 UP 5 BASIS PTS.
UK 10 YR YIELD: 4.7915 UP 7 BASIS POINTS
CDN 10 YEAR RATE: 3.088 UP 2 BASIS PTS.
CDN 5 YEAR RATE: 2.724 UP 1 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.0796 DOWN 0.0006 OR 6 BASIS POINTS//HEADING TO PARITY WITH THE DOLLAR
British Pound: 1.2945 UP .0022 OR 22 basis pts/HEADING FOR PARITY /USA
BRITISH 10 YR GILT BOND YIELD: 4.8125 UP 6 BASIS PTS//
JAPAN 10 YR YIELD: 1.557
USA dollar vs Japanese Yen: 149.93 DOWN 0.852 BASIS PTS// HEADING FOR 160 TO THE DOLLAR
USA dollar vs Canadian dollar: 1.4283 DOWN 33 BASIS PTS CDN DOLLAR UP 33 BASIS PTS
West Texas intermediate oil: 69;16
Brent OIL: 73.09
USA 10 yr bond yield DOWN 2 BASIS pts to 4314
USA 30 yr bond yield UP 0 BASIS PTS to 4.658%
USA 2 YR BOND: DOWN 2 PTS AT 4.015%
CDN 10 YR RATE 3.087 UP 2 BASIS PTS
CDN 5 YEAR RATE: 2.738 UP 2 BASIS PTS
USA dollar index: 103.84 DOWN 10 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 37.99 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 84.62 DOWN 0 AND 75/100 roubles
GOLD 3019.45 (3:30 PM)
SILVER: 33.63 (3:30 PM)
DOW JONES INDUSTRIAL AVERAGE: UP 4.18 OR 0.01%
NASDAQ 100 UP 107.38 PTS OR 0.53%
VOLATILITY INDEX: 17.08 DOWN 0.40 PTS OR 2.29%
GLD: $ 278.47 UP 1.22 PTS OR 0.44%
SLV/ $30.58 UP 0.62 PTS OR OR 2.07%
TORONTO STOCK INDEX// TSX INDEX: CLOSED UP 22.76 OR 0.09%
end
TRADING today ZEROHEDGE/
ZEROHEDGE/HEADLINE CLOSING MARKETS/ZEROHEDGE
Valuations, Flows, and Seasonality All Say One Thing: Buy US, Fade Europe
USA DATA
Philly Fed Services Survey Crashes To Weakest Since COVID
Tuesday, Mar 25, 2025 – 08:41 AM
Continuing the trend of ‘soft’ data deterioration…
The Philly Fed Services Sector survey Current Activity collapsed from -13.1 to -32.5 – its weakest since May 2020. And at the same time, Future Activity plunged even more…
The diffusion index for future activity at the firm level fell 34 points to -19.8, its fourth consecutive decline and first negative reading since April 2020. Almost 46 percent of the firms expect decreases in future activity at their firms, 26 percent expect increases, and 23 percent expect no change. The future regional activity index fell from -1.1 to -24.0.
The indexes for general activity, new orders, and sales/revenues remained negative, with the former two declining further. Both price indexes rose and indicate overall increases in prices.
The full-time employment index fell 10 points to -7.5, its first negative reading since August.
It looks like the post-election honeymoon is over (in the soft data)… even if the hard data keeps improving.
end
US Home Prices Hit A New Record High In January… Except In Tampa
Tuesday, Mar 25, 2025 – 09:11 AM
After accelerating for the last three months (MoM), S&P CoreLogic Case-Shiller data shows home prices rose at a slightly lower pace in January (the latest data released today), up 0.46% MoM (from +0.54% MoM in Dec). This was slightly faster than expected (+0.4% exp) and raised the YoY price gain to +4.67%…
Source: Bloomberg
On a seasonally-adjusted basis, home prices hit yet another record high (as Tampa prices decline)…
Spot the odd one out…
Arguably, (lagged) mortgage rates dipped during that period (positive short-term for the highly smoothed and lagged Case Shiller series), but as is clear, things do not end well…
Source: Bloomberg
However, home price appreciation does seem to track very closely with bank reserves at The Fed (6mo lag), which implies prices are going to re-accelerate once again…
Source: Bloomberg
So 100bps of rate-cuts prompted a re-acceleration in home prices…Well played Fed!!
end
Conference Board Consumer Expectations Plunge To 12 Year Lows; Inflation Expectations Rise
by Tyler Durden
Tuesday, Mar 25, 2025 – 10:12 AM
Another day, another sentiment measure disappoints…
The Conference Board Consumer Confidence headline print fell from 100.1 (upwardly revised) to 92.9 (below 94.0 exp). Under the hood, it was not pretty with the measure of expectations for the next six months dropped nearly 10 points to 65.2, the lowest in 12 years, while a gauge of present conditions declined more modestly.
Source: Bloomberg
“Consumer confidence declined for a fourth consecutive month in March, falling below the relatively narrow range that had prevailed since 2022,” said Stephanie Guichard, Senior Economist, Global Indicators at The Conference Board.
“Of the Index’s five components, only consumers’ assessment of present labor market conditions improved, albeit slightly. Views of current business conditions weakened to close to neutral. Consumers’ expectations were especially gloomy, with pessimism about future business conditions deepening and confidence about future employment prospects falling to a 12-year low.
Meanwhile, consumers’ optimism about future income—which had held up quite strongly in the past few months—largely vanished, suggesting worries about the economy and labor market have started to spread into consumers’ assessments of their personal situations.”
Labor market conditions stabilized very modestly from their very recent downtrend…
Source: Bloomberg
Likely in response to recent market volatility, consumers turned negative about the stock market for the first time since the end of 2023.
In March, only 37.4% expected stock prices to rise over the year ahead – down nearly 10 percentage points from February and 20 percentage points from the high reached in November 2024. On the flip side, 44.5% expected stock prices to decline (up 11 ppts from February and over 22 ppts more than November 2024).
Meanwhile, average 12-month inflation expectations rose again – from 5.8% in February to 6.2% in March – as consumers remained concerned about high prices for key household staples like eggs and the impact of tariffs… still jumping less than the chaos monkeys at UMich…
Finally, we noted that March’s fall in confidence was driven by consumers over 55 years old and, to a lesser extent, those between 35 and 55 years old. By contrast, confidence rose slightly among consumers under 35, as an uptick in their assessments of the present situation more than offset gloomier expectations. The decline was also broad-based across income groups, with the only exception being households earning more than $125,000 a year.
USA ECONOMIC NEWS
the best description of this is “economic nationalism!”
Trump Eyes Two-Stage Tariffs On April 2 To ‘Strengthen Legal Framework’: Report
Tuesday, Mar 25, 2025 – 10:40 AM
As April 2nd, or “Liberation Day” approaches – the day President Donald Trump is set to roll out a global tariff regime, the Financial Times reports that Trump is considering ‘a two-step approach,’ by which the president’s new tariff regime would be split into two stages; emergency tariffs now to raise money for planned tax cuts, and more tariffs after his administration has completed probes into trading partners to provide a more robust legal framework to deploy “reciprocal” tariffs (we charge them the same percentage they’re charging us).
The dual-track strategy is poised for a high-profile unveiling on April 2, a date Trump has branded “Liberation Day,” spurring a flurry of diplomatic activity as allies seek exemptions.
Among proposals his team has been discussing is a plan to launch so-called Section 301 investigations into trading partners, while simultaneously using rarely invoked emergency powers to apply immediate tariffs in the interim. -FT
Speaking Monday, Trump vowed “substantial” tariffs on U.S. trading partners, though he also suggested the possibility of selective leniency. “They’ve charged us so much that I’m embarrassed to charge them what they’ve charged us,” Trump said – hours after announcing new tariffs on buyers of Venezuelan oil, including China. “But it’ll be substantial.”
According to the Financial Times, officials close to the matter say the administration is eyeing an immediate deployment of tariffs using emergency authorities such as the International Emergency Economic Powers Act (IEEPA), or Section 338 of the Tariff Act of 1930 – a provision that permits duties of up to 50% on foreign goods on trading partners.
One more obscure route, now considered a long shot, involves Section 122 of the 1974 Act, which permits temporary tariffs of up to 15% for 150 days – a stopgap measure that may not deliver the revenue or optics the former president is seeking.
Lawyers and people familiar with the plans also told FT that Trump could immediately slap tariffs on vehicle imports on April 2, reviving a national security study into the global auto industry from his first term.
On Monday, Trump said tariffs on cars could be announced “over the next few days.”
The debate within the Trump team has at times split along functional lines.
The two main points of contact have also differed in their approaches, say people familiar with the discussions. While commerce secretary Howard Lutnick has served as the administration’s chief negotiator, he has lambasted trading partners over their trade surpluses and tax policies, before demanding “a deal”.
US trade representative Jamieson Greer, a lawyer who previously worked for Trump’s first-term trade chief Bob Lighthizer, has increasingly asserted himself as the legal planner, seeking to create a durable blueprint for the president’s drive to reorder global trade. -FT
Greer has notably advocated for launching investigations into trading partners before applying tariffs, according to people familiar with his thinking. This would rely on tested trade law, but could delay tariffs by up to six months.
White House spokesperson Kush Desai said the final details of the reciprocal tariff plan remain under wraps, but emphasized internal alignment on the broader goal: “Although the final reciprocal tariff plan for April 2 has yet to be unveiled by President Trump, every member of the Trump administration is aligned on finally leveling the playing field for American industries and workers.”
Foreign governments are responding with urgency. The U.K. is weighing revisions to its digital services tax targeting U.S. tech firms, while the European Union has dispatched Trade Commissioner Maroš Šefčovič for emergency talks with Lutnick and Greer.
Any plan unveiled on April 2 is expected to be a refinement of Trump’s original campaign promise to apply universal tariffs to all U.S. imports – a proposal that has morphed over time but remains rooted in economic nationalism.
end
Trump Stands By Waltz, Hegseth As Dems Gun For Their Jobs After Signal Leak
Tuesday, Mar 25, 2025 – 11:20 AM
Congressional Democrats are trying to turn the Jeffrey Goldberg Signal chat revelations in The Atlantic into a major national scandal, and are gunning for the jobs of Trump’s national security adviser Mike Waltz and Defense Secretary Pete Hegseth.
“Nobody was texting war plans, and that’s all I have to say about that,” Hegseth told reporters within hours after the controversy was unleashed Monday. This was as the National Security Council issued an initial statement saying the message thread “appears to be authentic.” Meanwhile…
DEMOCRAT WARNER ASKS INTELLIGENCE AGENCY HEADS TO RELEASE ENTIRE SIGNAL CHAT IF IT IS NOT CLASSIFIED, AS THEY ASSERT
Goldberg, who says he was inadvertently added to the group, apparently by Waltz, described that he was shocked to see ‘war plans’ discussed in real time, regarding Yemen operations.
But Hegseth has rejected the claims that highly sensitive and classified war plans were being discussed. “You’re talking about a deceitful and highly discredited so-called ‘journalist’ who’s made a profession of peddling hoaxes time and time again,” Hegseth said further.
Goldberg later in a MSNBC interview pushed back, saying that “precise details” of the attack on the Houthis were shared in the chat, and viewed by him.
“He can say that it wasn’t a war plan, but it was a minute-by-minute accounting of what was about to happen, organized by CENTCOM… and [shared] with a bunch of civilian leaders,” Goldberg said.
President Trump is meanwhile standing by his national security team, even as Goldberg has claimed to CNN of Hegseth, “He was texting attack plans.”
On Waltz, Trump told NBC’s Garrett Haake, “Michael Waltz has learned a lesson, and he’s a good man.” Trump described that it was one of Waltz’s aides who added Goldberg’s number to the chat.
“It was the only glitch in two months, and it turned out not to be a serious one,” he said.
Democratic Rep. Seth Moulton of Massachusetts is one among many who disagree. “There is no world in which this information should have been shared in non-secure channels,” he said in a written statement. “Hegseth is in so far over his head that he is a danger to this country and our men and women in uniform.”
Press secretary Karoline Leavitt on Tuesday also pushed back, saying these weren’t war plans. She said the White House is “looking into how Goldberg’s number was inadvertently added to the thread.”
She further described that the White House Counsel’s Office has “provided guidance on a number of different platforms for President Trump’s top officials to communicate as safely and efficiently as possible.”
She called Goldberg “well-known for his sensationalist spin” and said, “Thanks to the strong and decisive leadership of President Trump, and everyone in the group, the Houthi strikes were successful and effective.” She then said, “Terrorists were killed and that’s what matters most to President Trump.”
* * *
Sean Davis of The Federalist highlights another significant issue: ‘they now know who Waltz talks to when nobody is looking’…
“Hegseth should’ve known.” What nonsense. If you can’t trust the president’s top national security adviser to initiate a conversation without secretly including dishonest and corrupt hoax-peddling journos, that is a problem that begins and ends with the national security adviser.
Signal only shows names now, not numbers. And each user determines how his own name shows up, which means if you are invited into a chat after others have been added—and one of those people is not accurately showing their name—you would have no way of knowing a previously added person was a mole.
Similarly, if a trusted friend or colleague called you to speak with you but secretly had another person on the line, or met with you in person while his phone or other device was recording or relaying the conversation to another party, you wouldn’t blame the person who was being spied on. That would be insane. You would obviously place the entirety of the blame on the individual whose incompetence or corruption or malice was the sole cause of the breach of trust and security.
Trump may still trust Waltz, but I guarantee you very few others who have to work with Waltz trust him right now, and for good reason. Even in direct personal conversations in SCIFs or the White House, I guarantee top officials will be far less open with their views given that they now know who Waltz talks to when nobody is looking. And that is a huge liability for Trump, and the country.
VICTOR DAVIS HANSON
USA/ANTISEMITISM//HAMAS// REPORT
KINGNEWS
| The King Report March 25, 2025 Issue 7457 | Independent View of the News |
| As noted in our Monday missive, the WSJ report that Team Trump would lessen and be selective in applying tariffs on April 2, supercharged ESMs and NQMs on Sunday night. After surging when they opened on Sunday night, ESMs traded in a tight 6-handle range from 19:55 ET until they broke higher at 2:38 ET. ESHs hit 5780.50 at 5:12 ET. After a short respite, ESMs rallied to 5790.00 at 9:10 ET. After a sudden drop to 5776.00 at the 9:30 ET NYSE opening, ESMs went vertical, to 5804.50 at 9:55 ET. ESMs then inexorably stair-stepped to a daily high of 5819.25 at 12:05 ET. After an A-B-C corrective decline to 5795.00 at 14:32 ET, ESMs jumped high on this: Reuters: President Donald Trump said on Monday that he may give a “lot of countries” breaks on tariffs and that he plans to announce more tariffs on automobiles in the next few days. “We’ll be announcing some additional tariffs over the next few days, having to do with automobiles, cars, and having also to do with lumber down the road – lumber and chips,” Trump said during a press conference announcing Hyundai’s plan to build a plant in Louisiana… It’s as if someone on Team DJT alerted DJT that the end of Q1 was nigh and stocks needed a boost. ESMs rallied to the daily high of 5825.50 at 15:55 ET and then eased to 5813.50 at 16:00 ET. The Chicago Fed National Activity Index jumped to 0.18 in February from -0.08. -0.17 was consensus. The S&P Global US Manufacturing PMI fell to 49.8 in March from 52.7; 51.7 was expected. However, the S&P Global US Services PMI jumped to 54.3 in March from 51.0, which was consensus. The Composite PMI increased to 53.5 from 51.6; 50.9 was consensus. @RealEJAntoni: This is still hilarious that so many indicators point to a recession having started in ’22 but the gov’t wouldn’t acknowledge it; never before have standards of living declined so much w/o a recession… (Team Obama-Biden and Yellen rigged the economy via massive government spending.) https://x.com/RealEJAntoni/status/1904196182496235943 One of the biggest doves on the Fed is now hawkish. We all know why! @LiveSquawk: Fed’s Bostic: A Lot of Uncertainty on Economy – BBG TV – Won’t Reach 2% Inflation Until Early 2027 – Previously Saw 2 Rate Cuts This Year, Now Sees Only 1 Cut – Inflation Expected to Be ‘Very Bumpy’ South Korean auto giant Hyundai announced it would invest $20 billion in the US – because Venezuela has sent thousands of criminals and gangs, notably Tren de Aragua, to the US. Rolls-Royce explores shifting engine-making to US to counter Trump tariffs https://finance.yahoo.com/news/rolls-royce-explores-shifting-engine-070000040.html @joma_gc: In the past 24 hours Hyundai, Rolls Royce, and J&J have all announced multibillion dollar expansion projects in the U.S. to avoid tariffs. The Wall Street Journal editorial board and X economists are seething right now. Trump posted a Fox News review of new US investments announced by global corporations. https://x.com/GuntherEagleman/status/1904183482722472059/photo/1 @DC_Draino: Remember when Obama mocked Trump for wanting to bring back manufacturing jobs? “Some of those jobs are not coming back…what magic wand do you have?” Turns out Trump does have a magic wand to bring $3 Trillion in jobs to America. It’s called a tariff. https://x.com/DC_Draino/status/1904196520590610699 Trump announced that any country that purchases Venezuelan oil will face a 25% US tariff. https://x.com/TrumpDailyPosts/status/1904182703605297325 Positive aspects of previous session Stocks soared on US tariff relief reports plus the Monday and Post-Expiry Rallies. Negative aspects of previous session USMs declined sharply. Ambiguous aspects of previous session The US judicial crisis is about to attain critical mass. First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Up Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5753.60 Previous session S&P 500 Index High/Low: 5775.14; 5718.08 @RFKJr_Official: I’m thrilled to announce that we’re ending pharmaceutical ads in television. America is corrupted by Big Pharma. For years, they’ve pushed drugs like candy… Big Pharma, through drug ads, are also a huge source of income for mainstream media… Soros and USAID aren’t the only ones who use the mainstream media to perpetuate propaganda. @bennyjohnson: Elon Musk, while wearing a “Trump was right about everything” hat says DOGE uncovered $330 million in SBA loans to children under 11 years old: “The youngest was a 9 month year old, who received a $100,000 loan.” https://x.com/bennyjohnson/status/1904225958858457588 @TrumpWarRoom: Attorney General @PamBondi announces the DOJ will prosecute fraud that @DOGE uncovers & bring back the death penalty for violent criminals. https://x.com/TrumpWarRoom/status/1904229429947027488 @CRRJA5: The US State Department has DENIED Anthony Fauci’s passport renewal application: “… While officials claim the rejection is purely bureaucratic, insiders suggest the decision is part of a broader effort to ensure accountability for Fauci’s past actions.” @WallStreetApes: Bill Maher says it’s over for the Democrat Party. So many people are fleeing Blue States they’re about to lose Congressional seats. “This looks like game over.” Losing Congressional Seats: California is projected to lose 3 seats, New York 2 seats. Minnesota 1 seat, Oregon 1 seat. Rhode Island 1 seat, Illinois 1 seat Gaining Congressional Seats: Texas, Florida, Idaho, Utah “This looks like game over. The reason why people are voting with their feet is a lot of what your book is about. Taxes and regulation” “People are leaving these kind of states for places where they’re not feeling the heavy breath of government on them. It’s not that hard for Democrats to understand this, but they seem to be incapable of doing anything about it.” Axios: Behind the Curtain: Dems’ dark, deep hole Top Democrats tell us their party is in its deepest hole in nearly 50 years — and they fear things could actually get worse: The party has its lowest favorability ever. No popular national leader to help improve it. Insufficient numbers to stop most legislation in Congress. A durable minority on the Supreme Court. Dwindling influence over the media ecosystem, with right-leaning podcasters and social media accounts ascendant. Young voters are growing dramatically more conservative. A bad 2026 map for Senate races. Democratic Senate retirements could make it harder for the party to flip the House, with members tempted by statewide races. There are only three House Republicans in districts former Vice President Harris won in 2024, a dim sign for a Democratic surge. There were 23 eight years ago in seats Hillary Clinton won. And, thanks to the number of people fleeing blue states, the math for a Dem to win the presidency will just get harder in 2030… https://www.axios.com/2025/03/24/democrats-popularity-crisis-trump-elections @greg_price11 (The new face of the Dem Party, who is on the media virtually every day, Dem Rep.) Jasmine Crocket says that Republicans need to be “punched” and that Ted Cruz “has to be knocked over the head, like, hard.” https://x.com/greg_price11/status/1904202362677240117 The media has allowed, even enabled, Dems to advocate violence for years. But the political pendulum that swung to an extremely left position for the past two decades is now swinging the other way. @nicksorto: INCENDIARY DEVICES have been found at a Tesla Showroom in Austin, per PD. Yet ANOTHER attempted terrorist attack that was luckily thwarted by bomb squad before innocent victims were kiIIed. This is the DIRECT RESULT of the violent rhetoric from the left. Time to hold Democrat “leaders” accountable. @nicksortor: PRESIDENT TRUMP: “Elon is a patriot! He’s never asked me for a THING.” “If Elon wasn’t doing DOGE, he wouldn’t be having these difficulties.” “These terrorists are going to suffer grave consequences! And those financing it are in big trouble.” https://x.com/nicksortor/status/1904235669788168670 Today – Bulls will try to extend the big rally from Monday. The key will be the presence of absence of organic buyers. Due to last week’s action and the explosive rally on Monday, stocks are overbought on a short-term basis. The S&P 500 Index closed (5767.57) above its 200 DMA (5752.30). Bulls must keep the index above this metric or selling will appear. The S&P 500 Index has rallied from 5504.65 on March 13 to 5775.24 yesterday, a 5% rally. Ergo, traders have spent a lot of buying power, and beaucoup short covering has occurred. It’s up to the big guys now! ESMs are -5.00; NQMs are -23.50; and USMs are -1/32 at 20:50 ET. Expected economic data: Jan FHFA House Price Index 0.3% m/m; Jan S&P CoreLogic 20-city house prices +0.4% m/m & 4.55% y/y; Feb New Home Sales 680k; March Conference Board Consumer Confidence 93.6; Richmond Fed Mfg. Index 0; Fed Gov Kugler 8:40 ET, NY Fed Pres Williams 9:05 ET S&P Index 50-day MA: 5914; 100-day MA: 5933; 150-day MA: 5850; 200-day MA: 5752 DJIA 50-day MA: 43,410; 100-day MA: 43,431; 150-day MA: 42,889; 200-day MA: 42,062 (Green is positive slope; Red is negative slope) S&P 500 Index (5767.57 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 and MACD are positive – a close below 5539.77 triggers a sell signal Hourly: Trender and MACD are positive – a close below 5682.53 triggers a sell signal @baldwin_daniel_: AG Bondi has invoked the state secrets privilege and informs Judge Boasberg it will not disclose any more information on Tren de Aragua deportation flights. Bondi emphasizes the heart of the case: “This is a case about the President’s plenary authority… Further intrusions on the Executive Branch would present dangerous and wholly unwarranted separation-of-powers harms with respect to diplomatic and national security concerns that the Court lacks competence to address…” https://x.com/baldwin_daniel_/status/1904321155143553309 Judge who blocked Trump deportations took junket to event with anti-Trump speakers, sponsor U.S. District Court Judge James Boasberg attended a privately-funded legal conference in Idaho that featured sponsors and speakers who have expressed clear anti-Trump sentiments — particularly on immigration… https://justthenews.com/accountability/political-ethics/hldjudge-who-blocked-trump-deportations-took-junket-event-anti @realDonaldTrump in response to above story: This Judge is almost as conflicted (actually, not even close!) as the Judge whose daughter made Millions of Dollars representing Biden/Harris against me, while her father presided over a Fake Case against me, and refused to RECUSE himself. He should be disbarred! Crooked Alvin Bragg was the D.A. in the case. They put me under a GAG ORDER so that I could not talk about it. Miscarriage of Justice!!! @fedjudges: Do we know why the Alien Enemies case wasn’t assigned to Judge Contreras? It was filed on Saturday, 3/15. (Boasberg was NOT on call but got the case! Contreras was on call! Hmmm!) https://x.com/fedjudges/status/1903272560025817369 @julie_kelly2: Stunning hubris by Jeb Boasberg. His latest order recounts the rushed timeline to expedite ACLU lawsuit against Trump’s Alien Enemies Act proclamation on March 15. He again insists–he has in open court as well–the Trump adm should have HALTED Venezuelan terror deportation flights because he had scheduled a 5pm hearing for Saturday night and the adm SHOULD HAVE KNOWN he would enter (another) temp restraining order. He really thinks he is king. https://x.com/julie_kelly2/status/1904181251138793884 Jeb Boasberg apparently lies awake at night traumatized by what could be happening to Venezuelan gang bangers in El Salvador prison. Bet he didn’t lose sleep over sending 55 Trump supporters to federal prisons even for minor involvement in Jan 6. https://x.com/julie_kelly2/status/1904186632674140355 @mrddmia: Here is the fatal flaw with DC Obama Judge Jeb Boasberg’s order: Even if these designated foreign terrorists are entitled to individual court review before their deportation, which is disputed, the DC court is not the proper court. Judge Boasberg did not, and does not, have the power to do what he is purporting to do. For this reason alone, everything he is doing is lawless. But it is much worse; it is also dangerous. Judge Boasberg ran to his courtroom to hold a Saturday hearing, even though he was not even serving as the emergency judge that weekend. (How did he get this case?) He publicly exposed an ongoing U.S. military, intelligence, and law-enforcement operation with an American ally dealing with the most vicious terrorists (Tren de Aragua) and international gang member (MS13) in the Western Hemisphere. That public exposure put American and allied lives in grave danger… Judge Boasberg says he has a security clearance, but he definitely does not have the need to know. And allowing judges to meddle in military operations like this is dangerous and unacceptable…. The President has a constitutional duty, as the chief executive officer and commander-in-chief, to conduct international affairs, repeal foreign invasion, and protect American lives. The President has a constitutional duty to ignore any clearly unlawful court order that imminently endangers American lives, like Judge Boasberg’s orders… Dear President Trump: Please revoke Judge Boasberg’s security clearance. He has demonstrated he cannot be trusted with keeping secrets… The DoJ should investigate why Boasberg took the ACLU lawsuit on March 15 instead of Contreras. Was there a conspiracy to get Boasberg to hear the complaint? @RepAndyBiggsAZ: Federal judges may only hold their seats during good behavior. (Per Constitution) Pushing a political agenda from the bench does not constitute good behavior. @Aku_700: Elon said it was ” interesting ” that Judge Boasberg earns $247K annually, yet lives in a $2.4M dollar house in one of the wealthiest neighborhoods in (DC). His wife and daughter are linked to Soros through NGO’s funded by USAID. https://x.com/Aku_700/status/1904175694990753802 @amuse: LAWFARE: Another Biden judge has ordered Trump not to allow ANY federal employee assigned to eliminate fraud, waste, and abuse from access Department of Education computer systems. The stated reason, without evidence, being that federal employees looking for waste might disclose personal information of DOE employees. https://x.com/amuse/status/1904170369197437210 @EricLDaugh: Congressman Jim Jordan announces the House Judiciary Committee will hold a hearing to grill Judge Boasberg next week over his activist injunctions and political history. “We’re gonna have hearing on all of that. Judge Boasberg – it starts to look like it’s totally political.” “You got this judge making this crazy decision – ‘turn the plane around, bring the bad guys back to America.'” – @Jim_Jordan Jordan says Sen. @ChuckGrassley may also hold hearings. @nicksortor: A federal judge is FORCING Texas A&M University to host a drag show on their campus, even after the board attempted to block it in accordance with a Trump Order. https://x.com/nicksortor/status/1904200477245382787/photo/2 Trump administration requests Supreme Court halt order from judge to rehire federal workers https://justthenews.com/government/courts-law/trump-administration-requests-supreme-court-halt-order-judge-rehire-federal DoJ COS @ChadMizelle47: DOJ just took to the Supreme Court a single district judge’s order forcing the reinstatement of 16,000 probationary employees. From our brief: “This is no way to run a government. This Court should stop the ongoing assault on the constitutional structure before further damage is wrought.” https://www.justice.gov/d9/2025-03/afge_v_opm_application_final_0.pdf The Agony of John Roberts – He is an institutionalist who has always wanted to protect the judiciary branch…But the very actions he has chosen to take – or not to take – in response to the current crisis of out-of-control subordinate courts are guaranteeing that it will fall. Article III of our Constitution provides for the judicial branch, but it does not expressly provide the judiciary with any powers other than those it earns in the eyes of the other two branches. It cannot self-enforce its decrees… the Constitution does not specify its checks and balances over the court. That power is implied, and the implied power is for the executive – who runs the machinery of the federal government… This implied power of defiance is as much a check and balance as any enumerated one, and without it, you would have an unchecked judiciary with hundreds of district court judges presuming to micromanage the legitimate actions of the executive branch… John Roberts wants the normal appellate procedures to apply… And the answer here is not the appellate process because the appellate process is long, drawn out, and deliberate. The goal of this campaign is to use that delay to effectively strip Donald Trump of the ability to govern… The Supreme Court only takes 50 or so cases a year. With over 100 lawsuits against the Trump administration as part of this lawfare campaign, that workload no longer works… At some point, unless Robert puts a stop to this misconduct, Trump will simply refuse to obey. And when he does, he will ensure it is over some utterly outrageous order where he is acting both at the height of his Article II powers… and at the height of his political power… He will resist from strength, while the judiciary fulminates impotently from weakness… John Roberts better understands that if it comes to obeying the courts or neutering the executive branch and defying the will of the people… the courts are going to lose. They don’t have any cops. They don’t have any Army divisions. All they have is their respect, and John Roberts’s underlings are busy squandering it… https://townhall.com/columnists/kurtschlichter/2025/03/24/the-agony-of-john-roberts-n2654296 @pepesgrandma: Remember back when Amy Cohen Barrett’s child was doxed and threatened? They put a photo of her kids’ school online. Amy Cohen Barrett has never been the same. Has she gone wrong in the head after, or is she being blackmailed using her child? @mrddmia: Democrat lawyers at Democrat law firms illegally conspired with Democrat government officials to violate the constitutional rights of President Trump, his top aides, and his supporters. Conspiracy against rights, 18 U.S.C. § 241, is a very serious federal civil-rights felony. (DJT ordered AG Bondi to investigate them. Now ‘they’ can pay legal bills from their own pockets!) @ChadPergram: House Progressive Caucus Chair Casar on Fox: I made it really clear that we need to separate the Democratic Party from billionaire interests and fight for working people. Right now, I see a Republican Party that is unfortunately really dominated by those billionaire interests right now, where you have Elon Musk calling Social Security a Ponzi scheme, saying that they’ll eliminate billions of dollars from Social Security. (Dem billionaires outnumber GOP billionaires by about 2-1.) @realDonaldTrump: The Failing New York Times insists on using Liddle’ Peter Baker, a really bad writer and Obama biographer and sycophant, to write many of the long and boring Fake News hit pieces against me. The only two people with less talent than Peter are his “wife,” the lovely Susan Glasser, and, of course, Maggot Hagerman, who may be the least talented writer in the entire stable of New York Times’ MEDIOCRITY! There’s something really wrong with these people, and their SICK, TRUMP DERANGED EDITORS. They did everything within their power to help rig the Election against me. How did that work out??? MAKE AMERICA GREAT AGAIN!!! JFK advisor reveals US Navy secretly shot and retrieved ‘orb’ UFO during 1962 missile test The missile was equipped with what Pippa described as ‘an X-ray machine in the nosecone’, designed to use radiation to disable an incoming enemy nuclear missile. But the test missile’s intense X-ray burst appeared to disable the UFO too… She claims it was this incident that spurred JFK’s historic de-escalation talks with Soviet Union leader Nikita Khrushchev… https://www.dailymail.co.uk/news/article-14524339/JFK-advisor-reveals-US-Navy-secretly-shot-retrieved-orb-UFO-1962-missile-test.html Chicago reigns as USA ‘homicide capital’ for 13th straight year… with 573 murders… Chicago also claimed the top spot for the highest murder rate per capita among big cities at 21.5 per 100,000 population. That’s three times the level of Los Angeles and nearly five times that of New York City… “It means we have a real problem and we’re sick… Until we get serious, this murder problem is going to be a drag on the city in terms of attracting people, attracting businesses and, worse, it’s going to keep chasing people away and chasing businesses away. It’s something we have to get our hands around.” https://t.co/A3SKGFejSA | |
SWAMP STORIES
GREG HUNTER
harveyorganblog.com 
