GOLD CLOSED DOWN $5.10 TO $3016.90

SILVER CLOSED UP 0.06 TO $33.64

 GOLD ACCESS CLOSED 3017.60

Silver ACCESS CLOSED: $33.56

Bitcoin morning price:$88206 DOWN 182 DOLLARS.

Bitcoin: afternoon price: $86,793 down 1595 DOLLARS

Platinum price closing DOWN $3.40 TO $978.60

Palladium price; UP $6.70 TO $968.55

END

*CANADIAN GOLD: $4309.00 DOWN 3.18 CDN dollars per oz( * NEW ALL TIME HIGH 4361.64- CDN DOLLARS PER OZ//MARCH 19 2025)

*BRITISH GOLD: 2341.20 UP 7.58 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING//2,343.17 BRITISH POUNDS/OZ) MARCH 19/2025

*EURO GOLD: 2,806.40 UP 6.19 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: 3,023.700000000 USD
INTENT DATE: 03/25/2025 DELIVERY DATE: 03/27/2025
FIRM ORG FIRM NAME ISSUED STOPPED

363 H WELLS FARGO SEC 59
435 H SCOTIA CAPITAL 3
523 C INTERACTIVE BRO 1
624 H BOFA SECURITIES 1
686 C STONEX FINANCIA 65 2
709 C BARCLAYS 1
737 C ADVANTAGE 1
905 C ADM 1

TOTAL: 67 67

JPMORGAN stopped 0/67 contracts

GOLD: NUMBER OF NOTICES FILED FOR MARCH/2024. CONTRACT: 67 NOTICES FOR 6,700 OZ  0.2083 TONNES

total notices so far: 18,978 contracts for 1,897,800 Oz (58.469 tonnes)

FOR MARCH

XXXXXXXXXXXXXXXXXX

SILVER NOTICES: 237 NOTICE(S) FILED FOR 1.185 MILLION OZ/

total number of notices filed so far this month : 15,580 for 77.900 million oz

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END

GLD/

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

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

WITH GOLD DOWN $5.10 INVESTORS SWITCHING TO SPROTT PHYSICAL  (PHYS) INSTEAD OF THE FRAUDULENT GLD:

SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 0.29 TONNES OF GOLD INTO THE THE GLD//

INVENTORY RESTS AT 929.36 TONNES

SLV/

WITH NO SILVER AROUND AND SILVER UP $.06 AT THE SLV: NO CHANGES IN SILVER INVENTORY AT 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 ROSE BY A HUMONGOUS SIZED 2554 CONTRACTS TO 169,628 AND CONTINUING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS HUGE SIZED GAIN IN COMEX OI WAS ACCOMPLISHED WITH OUR HUGE GAIN OF $0,63 IN SILVER PRICING AT THE COMEX WITH RESPECT TO TUESDAY’S TRADING. WE HAD A HUGE GAIN OF 2654 TOTAL CONTRACTS ON OUR TWO EXCHANGES WITH OUR STRONG GAIN IN PRICE//TUESDAY’S TRADING.. WE HAD HUGE LIQUIDATION OF T.A.S. CONTRACTS ON TUESDAY 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 HUGELY ON TUESDAY WITH SILVER’S STRONG GAIN IN PRICE.  WE HAD A HUGE T.A.S. LIQUIDATION TUESDAY. BUT THIS WAS COUPLED WITH A STRONG T.A.S. ISSUANCE OF 509 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 52 CENTS AND A LEASE RATE OF 7.3%. WE HAD A SMALL 100 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR STRONG 509 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN TODAY’S TRADING/ AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE. IN ESSENCE WE GAINED A HUGE 2654 CONTRACTS ON OUR TWO EXCHANGES WITH OUR STRONG GAIN IN PRICE. WE HAD CONSIDERABLE TAS LIQUIDATION THROUGHOUT TUESDAY’S COMEX TRADING SESSION WHICH ACCOUNTS FOR A HUGE PORTION IN THE GAIN OF OI ON OUR TWO EXCHANGES.

PLEASE NOTE THAT THE CROOKS NEED A HIGHER SILVER/GOLD T.A.S. TO CARRY ON THEIR CROOKED MANIPULATION ON A DAILY BASIS BUT DEMAND IS JUST TOO HIGH FOR THEM. THE HIGHER ISSUANCE OF T.A.S. IS NOW USED TO TEMPER OUR SILVER/GOLD PRICE RISE OR INITIATE A RAID AS WHAT HAPPENED SEVERAL TIMES LAST MONTH AND AGAIN WITH THIS WEEK’S TRADING ON SILVER AND NOW TODAY TRYING TO KEEP THE SILVER PRICE BELOW $34.00 . THE KEY PRICE TO WATCH IS $34.40. IF IT BREAKS THAT PRICE, THEN WE HEAD FOR $50.00 SILVER.

CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE.  THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS:  1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON TUESDAY NIGHT/WEDNESDAY MORNING: A STRONG 509 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  $0.63 AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SILVER LONGS FROM THEIR PERCH AS WE HAD A HUGE GAIN IN PRICE AND IN OPEN INTEREST FROM OUR TWO EXCHANGES OF 2654 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 GAIN. 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 100 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 0.065 MILLION OZ EFP TRANSFER TO LONDON TO WHICH WE ADD .350 EXCHANGE FOR RISK

INITIAL STANDING FOR MARCH REDUCES TO 81.280 MILLION OZ

WE HAD:

/ HUGE COMEX OI GAIN+// A SMALL SIZED  EFP ISSUANCE (100 CONTRACTS)/ VI)   STRONG SIZED NUMBER OF  T.A.S. CONTRACT ISSUANCE 509 CONTRACTS)/A 70 CONTRACT EX. FOR RISK FOR 350,000 OZ/SECOND WEEK OF MARCH

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED 316 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 18 DAYS, total 10,591 contracts:   OR 52.955 MILLION OZ  (588 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR:  52.955 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: 52.955 MILLION OZ///

XXXXXXXXXXXXXXXXXXXXXXXXXXXX

RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 2554 CONTRACTS WITH OUR GAIN IN PRICE OF 63 CENTS IN SILVER PRICING AT THE COMEX// TUESDAY.,.  THE CME NOTIFIED US THAT WE HAD A SMALL 100 CONTRACT EFP ISSUANCE  CONTRACTS: 100 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 0.065 MILLION OZ E.F.P. TRANSFER JUMP TO LONDON/

NEW STANDING REDUCES TO 80.930 MILLION OZ + .350 EX. FOR RISK//NEW TOTAL 81.280 MILLION OZ.

WE HAVE 1). A HUGE SIZED GAIN OF 2654 OI CONTRACTS ON THE TWO EXCHANGES WITH OUR GAIN IN  PRICE// 2.THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A STRONG 509 CONTRACTS TRYING DESPERATELY TO CONTAIN SILVER’S PRICE RISE,//CONSIDERABLE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE TUESDAY COMEX SESSION. HOWEVER THEY STILL NEED THESE ISSUANCES FOR REPLENISHMENT FOR FUTURE TRADING //3. ZERO NET LONG SPECULATORS WERE BURNED ON TUESDAY WITH OUR GAIN IN PRICE. ALSO 4. SOME OF OUR LONGS EXERCISED THEIR CONTRACTS AND TENDERED FOR PHYSICAL SILVER MUCH TO THE ANGER OF OUR BANKERS. SILVER IS NOT BASEL III COMPLIANT SO THE BANKERS CAN TAKE THEIR TIME WITH THE DELIVERY OF SILVER.

THE NEW TAS ISSUANCE TUESDAY NIGHT   (509 ) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE AND MOST LIKELY TODAY.

WE HAD  237 NOTICE(S) FILED TODAY FOR 1.185 million OZ

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A STRONG SIZED 4483 OI CONTRACTS  TO 511,482 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 1073 CONTRACTS//

WE HAD A STRONG SIZED INCREASE  IN COMEX OI (4483 CONTRACTS) OCCURRED WITH OUR STRONG GAIN OF $13.90 IN PRICE TUESDAY. THE FRBNY SUPPLIED THE NECESSARY SHORT PAPER.. WE ALSO HAD A HUMONGOUS INITIAL STANDING IN GOLD TONNAGE FOR MARCH AT 31.757 TONNES FOLLOWED BY TODAY’S STRONG 6500 OZ QUEUE JUMP (0.2021 TONNES), ////NEW STANDING ADVANCES TO 58.5030 TONNES + .4655 TONNES EX FOR RISK/PRIOR + .3110 EX FOR RISK MARCH 25 = 59.2805 TONNES

/NEW STANDING FOR MARCH; 58.5030 TONNES + .7775 TONNES EX FOR RISK= 59.2805 TONNES

/ ALL OF THIS HAPPENED WITH OUR $13.90 GAIN IN PRICE  WITH RESPECT TO TUESDAY’S COMEX ///. WE HAD A STRONG SIZED GAIN OF 7970 OI CONTRACTS (24.790 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 STRONG SIZED 3487 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 512,555

IN ESSENCE WE HAVE A STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 7970 CONTRACTS  WITH 4483 CONTRACTS INCREASED AT THE COMEX// AND A STRONG SIZED 3487 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 7970 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR SIZED AND CRIMINAL 1230 CONTRACTS ISSUED.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (3487 CONTRACTS) ACCOMPANYING THE STRONG SIZED INCREASE IN COMEX OI OF 4483 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 7970 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 0.2021 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 58.5030 TONNES + .4655 TONNES EX FOR RISK/PRIOR + .31104 EX FOR RISK MARCH 25 = 59.2805 TONNES 

//NEW STANDING MARCH: 59.2805 TONNES

.

 / 3) HUGE T.A.S. LIQUIDATION TRYING TO LOWER GOLD’S PRICE TUESDAY WITH ZERO SUCCESS IN REMOVING NET SPECULATOR LONGS, AS WE HAD 1)  $13.90  GAIN AND WE HAD 2) ZERO NET LONG SPECS BEING CLIPPED AS WE HAD A STRONG GAIN OF 7970 CONTRACTS ON OUR TWO EXCHANGES (ALL DUE TO T.A.S. LIQUIDATION ) ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED TUESDAY 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 TUESDAY.

  4) STRONG SIZED COMEX OPEN INTEREST INCREASE 5)  STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///FAIR T.A.S.  ISSUANCE: 1230 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: 33,635 CONTRACTS OF 3,363,500 OZ OR 104.62 TONNES IN 18 TRADING DAY(S) AND THUS AVERAGING: 1868 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  104.62 TONNES

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

THUS EFP TRANSFERS REPRESENTS  104.62 DIVIDED BY 3550 x 100% TONNES = 2.94% 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 104.62 TONNES

SPREADING OPERATIONS

(/NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS

SPREADING LIQUIDATION HAS NOW COMMENCED   AS WE HEAD TOWARDS THE  NEW  ACTIVE FRONT MONTH OF APRIL. WE ARE NOW INTO THE SPREADING OPERATION OF  GOLD

HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE  NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE  ACTIVE DELIVERY MONTH OF FEB., FOR  GOLD: AND MARCH FOR SILVER

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST  STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING  ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY.  THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END  OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”

WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS.  ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM.  IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.

The crooks also use the spread in the TAS  account  (trade at settlement).  They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle  of the  front delivery month cycle. They unload the sell side of the equation, two months down the road.  The crooks violate position limits as the OCC refuse to hear our complaints.

First, here is an outline of what will be discussed tonight:

1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER ROSE BY A HUGE SIZED 2554 CONTRACTS OI  TO 169,628 AND CLOSER TO THE COMEX HIGH RECORD //244,710( SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  7 YEARS AGO.  HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023

EFP ISSUANCE 100 CONTRACTS

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

MAY 100 and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 100 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE COMEX OI GAIN OF 2554 CONTRACTS AND ADD TO THE 100 E.FP. ISSUED

WE OBTAIN A HUGE SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 2654  CONTRACTS

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES  TOTALS 13.270

MILLION OZ OCCURRED WITH OUR HUGE $0.63 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  WEDNESDAY MORNING//TUESDAY  NIGHT

SHANGHAI CLOSED DOWN 1.28 PTS OR 0.04%

//Hang Seng CLOSED UP 139.07 PTS OR 0.60%

// Nikkei CLOSED UP 246.25 OR .65 %//Australia’s all ordinaries CLOSED UP 0.71%

//Chinese yuan (ONSHORE) CLOSED DOWN TO 7.2653 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.2762/ Oil UP TO 69.70 dollars per barrel for WTI and BRENT UP TO 73.60 Stocks in Europe OPENED ALL MOSTLY RED.

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

WEAkER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER

END

ASIA TRADING WEDNESDAY MORNING/TUESDAY  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

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

GOLD

 LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A STRONG SIZED 4483 CONTRACTS TO 511,482 WITH OUR GAIN IN PRICE OF $13.90 WITH RESPECT TO TUESDAY’S TRADING/. WE LOST ZERO NET LONGS WITH THAT PRICE GAIN FOR GOLD. AND AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD A STRONG NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (3487 ).

THE CME ANNOUNCED TUESDAY NIGHT, 0 EXCHANGE FOR RISK CONTRACTS FOR NIL OZ OR 0 TONNES. LAST THURSDAY WAS THE FIRST ISSUANCE FOR MARCH FOR .4665 TONNES.ON TUESDAY, MARCH 25 WE HAD OUR 2ND ISSUANCE OF 100 CONTRACTS FOR A TOTAL OF .3110 TONNES. THUS TOTAL NO. OF EXCHANGE FOR RISK ISSUANCE FOR THE MONTH OF MARCH 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:

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

THE COUNTERPARTY TO THE BANK OF ENGLAND’S EXCHANGE FOR RISK ARE BULLION BANKS THAT CANNOT VERIFY THAT THEIR GOLD IS UNENCUMBERED AND THUS THE BUYER, THE CENTRAL BANK OF ENGLAND, ASSUMES THE RISK OF THAT DELIVERY. THIS IS THE 4TH CONSECUTIVE ISSUANCE FOR EXCHANGE FOR RISK.

THUS IN TOTAL WE HAD A STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 7970 CONTRACTS WITH OUR GAIN 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 1230 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 YESTERDAY.

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 STRONG SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS A STRONG SIZED 3487 EFP CONTRACTS WERE ISSUED: :  /APRIL  3487 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 3487 CONTRACTS. THESE EFP;S CIRCLE AROUND LONDON ON A 13 DAY BASIS AND ARE NOW USED BY GLOBAL CENTRAL BANKS TO EXERCISE FOR PHYSICAL GOLD WITH THE OBLIGATION TO DELIVER BEING FORCED ONTO COMEX BANKS. THE GOLD GENERALLY DELIVERED COMES FROM LONDON BUT THEY ARE OUT!! THUS COMEX BECOMES THE MAJOR SOURCE FOR OUR CENTRAL BANKERS.

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A STRONG SIZED TOTAL OF 7970 CONTRACTS IN THAT 3487 CONTRACT LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A STRONG GAIN OF 4483 COMEX  CONTRACTS..AND THIS GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR GAIN IN PRICE OF $13.90 FOR TUESDAY/ COMEX. THE EXCHANGE FOR PHYSICALS WILL BE USED BY CENTRAL BANKS, TO EXERCISE FOR PHYSICAL GOLD AT THE COMEX AS MENTIONED  ABOVE. MUCH+ OF THE TOTAL GAIN IN OUR TWO EXCHANGES WAS DUE TO THE LIQUIDATION OF T.A.S. CONTRACTS.(GOVERNMENT)

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 TUESDAY NIGHT/WEDNESDAY MORNING WAS A FAIR SIZED 1230 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 MARCH 17, THE 38,393 T.A.S. CONTRACT ISSUANCE WAS THE HIGHEST ON RECORD!

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

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

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

THROUGHOUT THE PAST SEVERAL WEEKS, THE BANKERS CONTINUE TO SELL OFF THE LONG SIDE OF THE SPREAD (T.A.S.) WHICH  OF COURSE CONTINUES TO MANIPULATE THE PRICE OF GOLD SOUTHBOUND. (THEY KEEP THE SHORT SIDE OF THE CALENDAR/T.A.S. SPREAD WHICH WILL BE LIQUIDATED IN DAYS HENCE//. IT SEEMS THAT OUR CROOKS ORCHESTRATED, ON FEB 25, THEIR HUGE RAID TO LOWER THE PRICE OF GOLD TO MAKE THEIR COMEX BETS WHOLE ON OPTIONS EXPIRY WEEK AND THUS THE NEED FOR CONTINUAL STRONG T.A.S. ISSUANCE AND THEN LIQUIDATION. THIS WAS COUPLED WITH THE LIQUIDATION OF CALENDAR//MONTH END SPREADERS . THE USE OF OUR TWO SPREADER MECHANISMS WERE OF EXTREME IMPORTANCE TO OUR CROOKS IN LATE JANUARY OPTIONS EXPIRY TRADING AND AGAIN WITH FEBRUARY OPTION EXPIRY MONTH. HALF WAY THROUGH THE JANUARY COMEX MONTH, THE CROOKS ISSUED FIVE CONSECUTIVE 30,000+ CONTRACT ISSUANCE OF T.A.S KNOWING THAT THEY WERE GOING TO INITIATE HUGE RAIDS ON OUR METALS. THEN THEY ISSUED IN LATE FEB, ANOTHER 5 CONSECUTIVE 30,000+ ISSUANCES. 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 (59.2805 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 : 58.5030 TONNES + .7775 TONNES EX FOR RISK = 59.2805 TONNES  WHICH IS EXTREMELY HIGH FOR A NON DELIVERY MONTH.

HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 51 MONTHS OF 2021-2025:

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: 59.2805 TONNES (INCLUDES .7775 TONNES EX FOR RISK)

COMEX GOLD TRADING/MARCH CONTRACT MONTH

THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $13.90/)/AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY APPRECIABLE NET SPECULATOR LONGS AS WE DID HAVE A STRONG SIZED GAIN IN OUR TWO EXCHANGES. AND AS EXPLAINED ABOVE WE HAD HUGE T.A.S. SPREADER LIQUIDATION TUESDAY/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 3016 PLUS.

LAST NIGHT/WEDNESDAY 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 TUESDAY EVENING/WEDNESDAY 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 OUR NORMAL DELIVERY TOTAL.

NOW MARCH ISSUES IT’S SECOND EX FOR RISK:

TOTAL ISSUANCE OF EXCHANGE FOR RISK MARCH 25 TOTALS 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: 58.5030 TONNES +3110 EX FOR RISK TODAY+ .46556 TONNES EX FOR RISK = 59.2805 TONNES

WE HAVE GAINED A STRONG SIZED TOTAL OF 24.790 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 6500 OZ OR 0.2021 TONNES: NEW TOTAL STANDING 58.5030 TONNES TO WHICH WE ADD OUR .7775 TONNES OF EXCHANGE FOR RISK//NEW TOTAL: 59.2805 TONNES

ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $13.90

WE HAD 1073 CONTRACTS REMOVED TO THE  COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE AS WELL

NET GAIN ON THE TWO EXCHANGES 7970 CONTRACTS OR 797000 0Z (24.790 TONNES)

confirmed volume TUESDAY 274,164 contracts: fair///

//speculators have left the gold arena

END

MARCH

// THE MARCH 2025 GOLD CONTRACT

MARCH 26

INITIAL

dealer deposits:

dealer deposits: 0
0 ENTRY

weight .0.000 tonnes

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deposits customer

we have 3 customer deposits


i) into Brinks customer acct 167,217.351 oz (5201.00 kilobars)
ii) Into Malca: 163,552.137 oz (5087 kilobars_
iii) Into Manfra: 52,013.293 oz




total weight: 382,782.781 oz or 11.906 tonnes
total weight dealer and customer; 11.906 tonnes.

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withdrawals: 0

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adjustments: customer to dealer: 2 entries

i)ASAHI 128,081.636 oz

ii) Brinks: 357,358.305 oz

total weight adjusted 15.099 tonnes

AMOUNT OF GOLD STANDING FOR MARCH

THE FRONT MONTH OF MARCH HAD A LOSS OF 319 CONTRACTS TO STAND AT 78. WE HAD 384 CONTRACTS SERVED ON MONDAY SO WE GAINED 65 CONTRACTS FOR 6500 OZ (.2021 TONNES AS A PHYSICAL GOLD QUEUE JUMP. THIS IS CENTRAL BANKS LOOKING FOR BADLY NEEDED GOLD

APRIL HAD A LOSS OF 27,416 CONTRACTS DOWN TO 137,391 CONTRACTS AS THIS MONTH BECOMES THE FRONT MONTH. WE HAVE 3 MORE READING DAYS BEFORE FIRST DAY NOTICE, MONDAY MARCH 31.

APRIL WILL BE A DANDY DELIVERY MONTH!!!

MAY GAINED 254 CONTRACTS UP TO 2018.

We had 67 contracts filed for today representing 6700 oz  

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 67 contract(s) of which 0  notices were stopped (received) by  j.P. Morgan dealer and 0 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 (18,798 X 100 oz ) to which we add the difference between the open interest for the front month of  MARCH (78 CONTRACTS)  minus the number of notices served upon today  (67 x 100 oz per contract) equals  1,880,900 OZ  OR 58.503 TONNES to which we add our .7775 tonnes exchange for risk//new total tonnage standing: 59.2805 tonnes

thus the INITIAL standings for gold for the MARCH contract month:  No of notices filed so far (18,798 x 100 oz +we add the difference for front month of MARCH (78 OI} minus the number of notices served upon today (67 x 100 oz) which equals  1,880,900 OZ OR 58.3017 TONNES + .7775 ex for risk //new total 59.2805 tonnes

TOTAL COMEX GOLD STANDING FOR MARCH.: 59.2805 TONNES WHICH IS HUGE FOR THIS NON ACTIVE ACTIVE DELIVERY MONTH IN THE CALENDAR. FEBRUARY HAD THE HIGHEST DELIVERY FOR ANY MONTH AND MARCH IS FOLLOWING SUIT..

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COMEX GOLD INVENTORIES/CLASSIFICATION

NEW PLEDGED GOLD:

241,794.285 oz NOW PLEDGED /HSBC  5.94 TONNES

204,937.290 OZ PLEDGED  MANFRA 3.08 TONNES

83,657.582 PLEDGED JPMorgan no 1  1.690 tonnes

265,999.054, oz  JPM No 2 

1,152,376.639 oz pledged  Brinks/

Manfra:  33,758.550 oz

Delaware: 193.721 oz

International Delaware::  11,188.542 oz

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

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 42,936,235.651 .oz  

TOTAL REGISTERED GOLD 21,939,446.856 or 668,408 tonnes

TOTAL OF ALL ELIGIBLE GOLD: 20,996788.795 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 19,967,328oz (REG GOLD- PLEDGED GOLD)= 621.067tonnes //

END

SILVER/COMEX

// THE MARCH 2025  SILVER CONTRACT//INITIAL

MARCH 26

INITIAL

i)  1 entry

i) Into Brinks dealer acct 647,844.640 oz

total dealer 647,844.640 oz

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deposits customer side

6 entries

i) ASAHI 601,520.700 oz
ii) Into Brinks: 332,837.677 oz
iii) Into CNT 359,899.653 oz
iv) Into Delaware 19,313.000 oz
v) Into JPM 175,274.100 oz
vi) Into Loomis 300,434.800


total weight: 3,366,746.970 oz

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1 entries

withdrawals 1


brinks

396,304.100 oz

ADJUSTMENTs 3 entries// customer to dealer:

a)ASAHI 1,802,647.200 oz

ii) Brinks: 1903,341.260 oz

iii) Manfra: 549,764.388 oz

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: 187.635million oz/467.152oz million  or 40.16%

TOTAL REGISTERED SILVER: 147.100 MILLION OZ//.TOTAL REG + ELIGIBLE. 467.152Million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR MARCH

silver open interest data:

FRONT MONTH OF MARCH /2025 OI: 843 OPEN INTEREST CONTRACTS FOR A LOSS OF 63 CONTRACTS.WE HAD 50 CONTRACTS SERVED ON TUESDAY SO WE LOST A SMALL 13 CONTRACTS OR 0.0650 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 144 CONTRACTS TO STAND AT 2336

MAY SAW A GAIN OF 942 CONTRACTS UP TO 125,591 CONTRACTS

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 237 or 1.185 MILLION oz

CONFIRMED volume; ON TUESDAY 53,639 fair//

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 15,580 X5,000 oz = 77.900 MILLION oz 

to which we add the difference between the open interest for the front month of MAR (843) AND the number of notices served upon today (237 )x (5000 oz)

Thus the  standings for silver for the MARCH 2025 contract month:  (15,580) Notices served so far) x 5000 oz + OI for the front month of MAR(843) minus number of notices served upon today (237)x 5000 oz equals silver standing for the MARCH contract month equating to 80.930 MILLION OZ TO WHICH WE ADD .350 MILLION OZ EX FOR RISK//NEW TOTAL 81.280 MILLION OZ//

 New total standing:  81.280 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 147.100million 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 26  WITH GOLD DOWN $5.10 TODAY// SMALL CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 0.29 TONNES OF GOLD INTO THE GLD/ ///INVENTORY RESTS AT 929.36 TONNES

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: 929.36 TONNES, TONIGHTS TOTAL

SILVER

MARCH 26 WITH SILVER UP $0.06 /NO CHANGES IN SILVER INVENTORY AT THE SLV// //INVENTORY AT SLV RESTS AT 454.883 MILLION

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

2. Egon Von Greyerz et al

ALASDAIR MACLEOD….

3. C Powell and Gata dispatches

4. ANDREW MAGUIRE PODCAST

a must view…

Episode 215

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

“Something Exceptional Happening”: Copper Bull Forecasts New Record Highs On Most-Profitable Trade Ever

Tuesday, Mar 25, 2025 – 06:50 PM

In an exclusive interview, Kostas Bintas, Trafigura Group’s former co-head of metals and now with Mercuria Energy Group Ltd., told Bloomberg that President Trump’s tariff threat on copper could push prices to record highs and unleash unprecedented opportunities for trading profits. 

Bintas explained that massive copper inflows into the US are sending supplies lower elsewhere—most notably in top consumer China. As a result, the global market is showing signs of tightening, pushing Shanghai copper futures into their widest backwardation in over a year. Adding to the pressure, Mercuria forecasts that global demand will outstrip supply by 320,000 tons this year, and inventories ex-US will be significantly depleted. 

“We think there is something exceptional happening in the copper market,” Bintas said, adding, “Is it unreasonable to expect a copper price of $12,000 or $13,000? I’m struggling to put a number on it because this has never happened before.”

The shift of inventory to the US means the Chinese copper market will be left with low stocks… 

“China has been successful historically in rejecting high prices,” the trader said, warning, “This is the first time in recent history that another market is taking tons away from the Chinese market. That’s why it’s uncharted territory.”

Bintas runs a 40-person metals team at Mercuria and has been one of the most bullish voices in the space and called for a multiyear bull market after Covid on rising demand from all things electrification – i.e., ‘Powering Up America‘ theme and Next AI Trade. 

Former Goldman metals strategist Nick Snowdon, also at Mercuria and head of metals research at the commodity trading firm, forecasted about a year ago that average copper prices would average $15,000 a ton for 2025. 

Last week, Goldman’s Eoin Dinsmore, Lavinia Forcellese, and others provided clients with several key factors as to why they are “tactically cautious, structurally constructive” on copper:

We believe two key factors are driving the recent LME copper price strength:

1. Section 232 has lifted both the COMEX and the LME price. As the COMEX US price has increased to incorporate greater certainty on US copper tariffs, it has resulted in tighter London LME spreads and additional speculative length on the LME. While we hold to our 2025 market deficit forecast of 180kt, we think stockpiling in the US will make the world ex-US appear tighter, which may pull forward the rally we forecast for H2.
2. China sentiment has turned notably more positive. This is due to the government’s commitment to boost consumption, AI optimism, and lower than feared US tariffs on China. Positive China sentiment has been further bolstered by reports that China’s State Reserve Bureau (SRB) plans to add to its copper stockpiles in 2025. We see SRB copper purchases as defensive to address potential shortages rather than opportunistic (i.e. very price sensitive), and SRB buying would help offset any price-related demand pull-back in China. While our China economists see upside risk to their 2025 4.5% growth forecast, they argue that policymakers may ease off the gas after a decent Q1 real GDP print.
3. However, trade policy uncertainty leaves us tactically cautious. We see two-sided risks from the upcoming US trade policy update on April 2nd. While the delay to European retaliation is slightly positive, our economists expect additional product specific tariffs to be announced. Any focus on China or a hawkish line on reciprocal tariffs will be negative for copper prices. We are not anticipating a S232 copper update, as the deadline for public comments only ends on April 1st[1]. We think the front month COMEX-LME premium should drop if the trade update fails to signal a speedier than typical S232 tariff implementation.
4. We remain structurally bullish. Should the April 2nd policy announcements spare the market of negative sentiment surprises, we think the net LME tightening impact from the ongoing S232 copper investigation poses a net upside risk to our Q2-Q3 2025 $9,550/t-$9,883/t price forecast. For now, we also maintain our bullish $10,200/t Q4 2025 forecast, on the back of strong electrification demand, China stimulus offsetting the drag from tariffs, and slower mine supply growth.

US inflows of copper only suggest that Chinese buyers will face aggressive competition for the metal in global markets. 

The net bullish positions in LME copper have been elevated on the AI electrification trend since last May, while the latest tariff-driven fears push prices higher. 

6 CRYPTOCURRENCY NEWS

ASIA TRADING WEDNESDAY MORNING TUESDAY  NIGHT

SHANGHAI CLOSED DOWN 1.28 PTS OR 0.04%

//Hang Seng CLOSED UP 139.07 PTS OR 0.60%

// Nikkei CLOSED UP 246.25 OR .65 %//Australia’s all ordinaries CLOSED UP 0.71%

//Chinese yuan (ONSHORE) CLOSED DOWN TO 7.2653 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.2762/ Oil UP TO 69.70 dollars per barrel for WTI and BRENT UP TO 73.60 Stocks in Europe OPENED ALL MOSTLY RED.

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

WEAkER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER

END

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

ONSHORE YUAN:   CLOSED DOWN AT 7.2653

OFFSHORE YUAN: DOWN TO 7.2762

SHANGHAI CLOSED CLOSED DOWN 1.28 PTS OR 0.04%

HANG SENG CLOSED CLOSED UP 139.07 PTS OR 0.60%

2. Nikkei closed

3. Europe stocks   SO FAR:  ALL MOSTLY RED

USA dollar INDEX UP TO  103.88// EURO RISES TO 1.0797 UP 8 BASIS PT HEADING TO PARITY WITH USA

3b Japan 10 YR bond yield: RISES TO. +1.563//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 150.16…… 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 DOWN TO +2.7940/Italian 10 Yr bond yield DOWN to 3.896 SPAIN 10 YR BOND YIELD DOWN TO 3.418

3i Greek 10 year bond yield DOWN TO 3.599

3j Gold at $3027.75 Silver at: 33.77  1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40

3k USA vs Russian rouble;// Russian rouble UP 0 AND 59 /100  roubles/dollar; ROUBLE AT 84.04

3m oil into the 69 dollar handle for WTI and  73 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 150.16 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.563 % 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 0.8823 as the Swiss Franc is still rising against most currencies. Euro vs SF:   0.9537 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: 4.341 UP 3 BASIS PTS…

USA 30 YR BOND YIELD: 4.690 UP 4 BASIS PTS/

USA 2 YR BOND YIELD:  4.010 UP 3 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 38.01…

10 YR UK BOND YIELD: 4.7895 DOWN 1 PTS

10 YR CANADA BOND YIELD: 3.120 UP 4 BASIS PTS

5 YR CANADA BOND YIELD: 2.761 UP 2 PTS.

2a New York OPENING REPORT

Futures Rise As Tariff Uncertainty Grows Ahead Of “Liberation Day”

by Tyler Durden

Wednesday, Mar 26, 2025 – 08:24 AM

US equity futures are flat, reversing earlier losses while global markets were mixed (Europe down, Asia up) as investors awaited more clarity on US tariff plans and the economic outlook before Donald Trump’s April 2 “Liberation Day” deadline to impose a fresh reciprocal tariffs. As of 8:00am ET, S&P futures were up 0.1% following modest gains on the indexes on Tuesday, while Nasdaq futures were flat as Tesla and Nvidia shares edged lower, pressuring the Mag 7. Europe’s Stoxx 600 index dropped 0.5%. Bond yields are 1-3bp higher and USD is higher. Commodities are mostly higher led by oil and base metals. Copper futures in New York surged to a record high (up 1% now after easing off records) as traders priced in the possibility of hefty import tariffs that may come within several weeks. Headlines were mostly quiet since market close yesterday.  Today’s economic calendar includes Feb durable goods orders at 8:30am; Fed speaker slate includes Kashkari (10am) and Musalem (1:10pm).

In premarket trading, video game retailer GameStop jumped 14% after the struggling video-game retailer that became a favorite of retail traders during the meme stock frenzy said its board approved a plan to add Bitcoin as a treasury reserve asset. Tesla and Nvidia lead losses among the Magnificent Seven stock (Alphabet -0.4%, Amazon +0.2%, Apple +0.1%, Microsoft -0.1%, Meta +0.1%, Nvidia -1.4% and Tesla -1.2%). Dollar Tree (DLTR) rises 2% as the company will sell its Family Dollar chain for about $1 billion to Brigade Capital Management and Macellum Capital Management a decade after buying the business. Here are some other notable movers:

• Global-e Online (GLBE) rises 3% after Morgan Stanley upgraded the software firm to overweight, citing achievable growth targets.
• Humacyte (HUMA) slides 26% after the biotech firm offers 25 million shares at $2 apiece, a discount of around 30% to its previous close.
• Goldman Sachs (GS) rose 1% Tuesday for an 8th day, on its longest winning streak since November 2022.
• Playtika (PLTK) rises 7% following a double upgrade of the mobile-games company at BofA, removing the only negative analyst view on the stock.
• Summit Therapeutics (SMMT) rises 4% after Citi upgraded the biotech to buy on stronger conviction on the firm’s HARMONI-2 clinical trial.

The tariffs issue remains front and center for investors, who took comfort earlier this month from the Trump adminstration’s signal that the coming wave of levies may be less expansive and more targeted than originally feared. However, the president has since sown confusion by saying he didn’t want too many tariff exceptions, but he would “probably be more lenient than reciprocal.” All that has left investors struggling to work out how to position ahead of the April 2 deadline that Trump has dubbed “Liberation Day.”

“Uncertainty on the tariff front remains ridiculously high, leaving it incredibly tough for businesses or consumers to plan more than about a day into the future, and still making it nigh-on impossible for market participants to price risk,” said Michael Brown, a strategist at Pepperstone Group Ltd.

European stocks retreated on lingering jitters about US tariffs. UK mid-caps rise on an unexpected cooldown in inflation before a key budget statement from the government later in the day. The Stoxx 600 fell 0.6% to 549.21 with 366 members down, 223 up and 11 unchanged. In Britain, the FTSE 250 gauge of mid-sized stocks advanced about 0.5%, as data showing an unexpected inflation slowdown strengthened the case for the Bank of England to cut interest rates. Here are some of the biggest movers on Wednesday:

• Ocado shares rise as much as 16% as the firm gets a positive analyst rating from JPMorgan for the first time in over seven years, with the broker upgrading to overweight from neutral to reflect a “turning tide” in the digital grocery sector.
• Danieli shares gain as much as 11% after better-than-expected net cash results and FY targets confirmation for this year, analysts say, as the Italian metal-production company released 1H24/25 results on Tuesday after market close.
• ProSieben shares rise as much as 5.7% after Reuters reported that MFE had called a board meeting for Wednesday to review a possible bid for the company.
• TotalEnergies shares rise as much as 1.1% after being upgraded by analysts at Citi, who say the oil giant will increase cashflow at a much faster pace than key European peers over the coming years.
• Avon rises as much as 9.2%, the most in over four months, after the maker of helmets and respirators raised its revenue growth and margin guidance for this year, as the firm announced new orders and contracts from European nations and a ramp-up of volumes for deliveries in the US.
• Mips shares gain as much as 5.4%, the most since February, after the Swedish helmet technology firm was upgraded to buy from hold at SEB, citing an attractive risk/reward after a 30% share price drop since August.
• Evoke shares sink as much as 19%, the most since July 2023. Though the William-Hill owner reported in-line results for fiscal year 2024, a soft start to 1Q25 is likely to raise concerns on whether the gambling operator can meet its guidance for 2025, JPMorgan notes.
• Vistry shares drop as much as 11%, the biggest drop since December, after analysts warned of weak current trading and low visibility on the homebuilder’s 2025 financial results.
• CD Projekt shares fall as much as 13%, the steepest drop since March 2021, after the video-games maker said its Witcher 4 game won’t be released before 2027, overshadowing strong 4Q earnings and news of a cooperation pact with US peer Scopely.
• Wetherspoon slides as much as 4.7% after Deutsche Bank assigns the only sell rating on the pub operator, downgrading from neutral based on the impact of changes related to the UK Government’s budget.

Earlier in the session, Asian equities rose, heading for their first advance in four days, helped by gains in Chinese technology heavyweights and a rally in Indonesia’s market. The MSCI Asia Pacific Index climbed as much as 0.5%. Nintendo Co. was among the biggest contributors after Goldman Sachs reinstated coverage of the Japanese games maker with a buy rating. Samsung Electronics, Alibaba and Tencent were among other major stocks buoying the regional benchmark. The Jakarta Composite Index jumped 4%, the most in the region, after several state-owned banks increased their dividend payouts. Stocks in Australia closed higher after the government unveiled tax cuts and other sweeteners in a pre-election budget. Chinese equities listed in Hong Kong also gained. Morgan Stanley strategists raised their targets for the nation’s equities for the second time in a little more than a month, citing upside for valuations amid an improving outlook for earnings. A gauge of Chinese tech shares in Hong Kong rebounded after falling to the brink of a technical correction in the previous session.

In FX, the dollar is little changed, supported on the view that the US would limit exceptions to the next tranche of tariffs expected next week. The Bloomberg Dollar Spot Index rose 0.1% before paring gains during the European session; it is on track to gain for the five of the last six days. 

• USD/JPY gained as much as 0.5% to 150.62 as Bank of Japan Governor Kazuo Ueda indicated he aims to keep his options open ahead of the bank’s next policy meeting, adding to the view that Japan’s yield discount to the US will remain wide
• GBP/USD fell 0.5% to the day’s low 1.2886 after data showed an unexpected slowdown in UK CPI; traders await the country’s fiscal statement later in the day

In rates, treasuries edged lower as investors await speeches by Federal Reserve officials later in the day for more steer into the US interest rate outlook. Treasury yields are 1bp-3bp cheaper across a slightly steeper curve, with 5s30s spread around 1bp wider on the day; 10-year, 3bp higher near 4.35%, trails bunds and gilts in the sector by 2bp and 5bp.
Gilts outperform, led by front-end tenors as swaps price in additional easing by Bank of England after UK February CPI data rose less than estimated. UK 2-year yields are more than 5bp lower on the day after the inflation data, steepening the gilts curve. Treasury auction cycle continues with $70 billion 5-year note sale at 1pm New York time, following good demand for 2-year notes on Tuesday. It concludes with $44 billion 7-year note auction Thursday

In commodities, copper futures in New York surged to a record high as traders priced in the possibility of hefty import tariffs that may come within several weeks.  WTI oil edged higher after an industry report signaled a large decline in US crude stockpiles, while the market weighed the prospect of a Russia-Ukraine ceasefire in the Black Sea. Gold extended gains, rising 0.6% to $3,027.

Looking to the day ahead now, data releases include the preliminary durable goods orders for February. Meanwhile from central banks, we’ll hear from the Fed’s Kashkari and Musalem, along with the ECB’s Villeroy and Cipollone.

Market Snapshot

• S&P 500 futures little changed at 5,822.50
• STOXX Europe 600 down 0.2% to 551.61
• MXAP up 0.4% to 189.10
• MXAPJ up 0.4% to 590.15
• Nikkei up 0.7% to 38,027.29
• Topix up 0.5% to 2,812.89
• Hang Seng Index up 0.6% to 23,483.32
• Shanghai Composite little changed at 3,368.70
• Sensex down 0.7% to 77,508.02
• Australia S&P/ASX 200 up 0.7% to 7,998.97
• Kospi up 1.1% to 2,643.94
• German 10Y yield little changed at 2.78%
• Euro little changed at $1.0792
• Brent Futures up 0.4% to $73.29/bbl
• Gold spot up 0.3% to $3,027.85
• US Dollar Index little changed at 104.27

Top Overnight News

• GOP leaders said they’re getting close to agreeing on a plan to pass an extension of Trump’s 2017 tax cuts and an increase to the debt ceiling. The CBO will today release its estimate for when the debt ceiling will be reached. BBG
• Trump’s copper tariffs could arrive within the next several weeks, earlier than initially anticipated. BBG
• Fed’s Goolsbee (2025 voter) said it may take longer than anticipated for the next cut to come because of economic uncertainty and ‘wait and see’ is the correct approach when facing uncertainty. Goolsbee also commented that market angst over inflation would be a red flag and believes borrowing costs will be a fair bit lower in 12–18 months, while he noted that if investor expectations begin to converge with those of American households, the Fed would need to act: FT
• China economic optimism rises, and the Street has raised their growth forecasts on back of stimulus, although tariffs loom as a risk. WSJ
• China wields significant policy room to stimulate its economy this year while some reform was needed to boost consumption, Huang Yiping, an advisor to China’s central bank and a professor at Peking University, said on Wednesday. China has unveiled fresh fiscal measures, including a rise in its annual budget deficit, to help hit an economic growth target of around 5% this year, which analysts have described as ambitious. The central bank has pledged to cut interest rates and pump more money into the economy at an appropriate time. RTRS
• The Bank of Japan may consider monetary tightening if a surge in food prices causes broader and stronger inflation, the central bank governor said Wednesday, adding fuel to expectations for a near-term rate hike. WSJ
• UK CPI cools by more than expected in Feb on headline (+2.8% vs. the Street +3% and vs. +3% in Jan) and core (+3.5% vs. the Street +3.6% and vs. +3.7% in Jan) while services held steady at +5% (vs. the Street +4.9% and vs. +5% in Jan). WSJ
• Australia’s CPI in Feb ticks down to +2.4% (vs. the Street +2.5%), helped by a fall in electricity prices, while the continued easing in home building costs and rents supported fueling expectations for further RBA rate cuts. RTRS
• Signs that investors in the US bond market are baking in higher inflation would be a “major red flag” that could upend policymakers’ plans to cut interest rates, Goolsbee warned. He added that the Fed is no longer on the “golden path,” and that the rate cuts will take longer than expected. “If you start seeing market-based long-run inflation expectations start behaving the way these surveys have done in the last two months, I would view that as a major red flag area of concern,” said Goolsbee. FT
• Canada and India are taking steps to cool diplomatic tensions, including considering sending back envoys after tit-for-tat expulsions last year, people familiar said. The two nations are looking to strengthen trade ties to counter US tariff threats. BBG

A more detailed look at global markets courtesy of Newsquawk

APAC stocks traded with a mostly positive bias after the somewhat mixed performance stateside where the focus centred on tariffs, data and geopolitics including reports that Ukraine and Russia agreed with the US on a maritime ceasefire. ASX 200 was led higher by gains in the mining, resources and financial sectors in the aftermath of the recent budget announcement, while participants also digested softer-than-expected monthly inflation from Australia. Nikkei 225 reclaimed the 38,000 level with upside supported by a weaker currency and after slightly softer Services PPI data. Hang Seng and Shanghai Comp eked slight gains but with upside capped amid ongoing tariff uncertainty with a Chinese delegation to meet with the US Commerce Secretary and the USTR today to negotiate over tariffs in which they will also discuss fentanyl and trade barriers among other issues, while a PBoC adviser warned at the Boao Forum that changes in the global environment will be challenging for China and China must boost domestic demand, especially consumption.

Top Asian News

• PBoC adviser said at the Boao Forum that changes in the global environment will be challenging for China and China must boost domestic demand, especially consumption, while it added that there is still very big macro policy space for supporting China’s economy and reform measures alongside recent policy steps are needed to support consumption.
• BoJ Governor Ueda said cost-push factors are likely to gradually dissipate but also noted that underlying inflation is likely to gradually converge towards the 2% target even when the temporary boost from food inflation disappears. Ueda said the BoJ will make a judgment call by looking at various indicators to determine whether underlying inflation has hit the target and underlying inflation is close to but has yet to move into the narrow band defined as sufficient achievement of the 2% price target. Furthermore, Ueda said the BoJ remains vigilant to the possibility that underlying inflation may accelerate faster than projected and expects to keep raising interest rates if the economy and prices move in line with forecasts in the quarterly outlook report but later commented that if price risks overshoot expectations, they will take stronger steps to adjust the degree of monetary support.
• BoJ’s Koeda says the Bank’s mandate is to contribute to a healthy economy, various indicators show Japan’s underlying inflation moving towards a sustainable achievement of BoJ’s 2%.

Despite a steady and firmer open European bourses now find themselves mostly in the red, Stoxx 600 -0.6%. Selling pressure picked up after the cash open with no obvious catalyst for the price action at the time. Sectors began mixed but now have a negative bias with Health Care, Chemicals and Autos bottom of the pile; the latter seemingly hit on remarks from Trump about Europeans “freeloading”, reports of copper tariffs and pressure in Porsche SE on an Volkswagen impairment.

Top European News

• ECB’s Villeroy says in the short-term, US President Trump’s “lose-lose” strategy is harming the US as the Fed’s downgrade of its forecast show. A 25pp increase in US tariffs in Q2 would have a limited impact on European inflation, but could reduce EZ GDP by 0.3pp in a year

FX

• DXY is currently flat but with modestly diverging fortunes against peers, greenback softer vs. cyclicals and firmer vs. havens despite the pullback in European stocks seen since the cash open. Comfortably above 104.00 but at the lower-end of a 104.18-38 band.
• EUR attempting to get back above the 1.08 mark and while it has tested the figure it is yet to convincingly breach it. Upside which comes despite the rhetoric from Trump and with incremental drivers light since the Ifo.
• Cable the G10 laggard after cooler-than-expected inflation data this morning and ahead of the Spring Statement which commences from 12:30GMT. Cable back above 1.29 but only modestly so after slipping as low as 1.2887 early doors.
• USD/JPY rebounded overnight from the prior day’s trough and reclaimed the 150.00 handle with tailwinds amid the constructive APAC risk tone and following the softer Services PPI data from Japan; got to a 150.63 peak but has since pulled back towards the mentioned figure.
• AUD was hit on soft domestic inflation data overnight which saw a 0.6279 low in AUD/USD print but it has since recovered back above the mark and to a high some 30 pips above.
• PBoC set USD/CNY mid-point at 7.1754 vs exp. 7.2559 (Prev. 7.1788).
• Riksbank Minutes (March): Thedeen says “…we have some scope to see through upturns in inflation if we judge that they are temporary”.

Fixed Income

• Gilts gapped higher by 33 ticks at the open after an almost entirely cooler-than-expected inflation series. A series which has sparked a modest dovish move in BoE pricing, though the overall narrative hasn’t shifted.
• Got to as high as 91.58 though this proved short lived as we approach the Spring Statement from 12:30GMT where Reeves is expected to try and raise/save GBP 17bln, to plug the fiscal hole she finds herself in and then to provide headroom of just under the GBP 9.9bln she had in October; full preview available.
• Bunds modestly firmer after picking up early doors on the above. Thereafter, hit a 128.36 session high which is a tick above Tuesday’s best. Specifics light into supply which was strong but sparked no reaction in the benchmark. Leaving it marginally in the green around 128.20.
• USTs in the red but only modestly so with action relatively steady in the European morning as we await updates to numerous catalysts in addition to Fed speak, data and supply with 70bln of 5yr Notes due and following the 2yr tap on Tuesday which was strong when compared to recent averages though not quite as well received as the outing in February.

Commodities

• Crude continues to inch higher and is at highs of USD 69.54/bbl and USD 73.57/bbl respectively for WTI and Brent but remains within Tuesday’s parameters. Upside driven by the private inventory report, absence of sanctions removal on oil tankers and Yemeni forces targeting the USS Truman.
• Dutch TTF in the red with Ukraine-Russia geopols in focus and the most recent language from the Kremlin being that talks are continuing with the US and they are satisfied with the dialogue. There have been reports of drone strikes on/from both sides, with the Kremlin continuing to state that they will only comply with the Black Sea truce once specific sanctions are lifted.
• Gold indecisive and flat on the session, around the mid-point of a USD 3013-3032/oz band. Copper was bid overnight after futures hit a record high in Tuesday’s session which followed through into 3M LME and lifted it above the USD 10k mark on latest tariff reports; since, the metal has pulled back and is in the red as we await further updates.
• Goldman Sachs maintains its 3-, 6- and 12-month copper price forecasts at USD 9,600, USD 10,000 and USD 10,700, respectively.
• US Private Energy Inventories (bbls): Crude -4.6mln (exp -2.6mln), Distillate -1.3mln (exp. -2.2mln), Gasoline -3.3mln (exp. -2.2mln), Cushing -0.6mln.
• TotalEnergies (TTE FP) CEO says he would not be surprised if two of the Nord Stream gas pipelines came back.
• Reliance has paused purchases of Venezuelan crude following US President Trump’s 25% tariff, according to Bloomberg.

Geopolitics: Middle East

• Two Israeli raids were reported on the northeastern areas of Gaza City, according to Al Jazeera.
• Houthi military spokesman said they targeted Israeli military sites in the Jaffa area with a number of drones and targeted US aircraft carrier Harry Truman.

Geopolitics: Ukraine

• Russia’s Foreign Minister Lavrov said the Black Sea deal is aimed at Russia making legitimate profit in fair competition and ensuring food safety in Africa and elsewhere. Lavrov also commented that Russia and the US are discussing other things than Ukraine in their talks, according to TASS.
• Russian drone attacks caused major destruction in the central Ukrainian city of Kryvyi Rih, according to the local military administration. It was also reported that emergency power cuts were implemented in Ukraine’s Mykolaiv port following reported drone attacks, according to the mayor.
• Russia’s Kremlin says the order on moratorium on energy strikes is still in force and Russia are compliant; are continuing contacts with the US, satisfied with the dialogue. Black sea initiative will be activated after a number of conditions are met.

US Event Calendar

• 07:00: March MBA Mortgage Applications , prior -6.2%
• 08:30: Feb. Durable Goods Orders, est. -1.0%, prior 3.2%
  • Feb. Durables-Less Transportation, est. 0.2%, prior 0%
  • Feb. Cap Goods Ship Nondef Ex Air, est. 0.2%, prior -0.3%
  • Feb. Cap Goods Orders Nondef Ex Air, est. 0.2%, prior 0.8%

Central Banks

• 10:00: Fed’s Kashkari Hosts Fed Listens, conversation
• 13:10: Fed’s Musalem Speaks on Economy, Monetary Policy

DB’s Jim Reid concludes the overnight wrap

Markets put in a decent performance yesterday, with the S&P 500 (+0.16%) posting a third consecutive advance for the first time since early February. The moves came despite several obstacles, including an unexpectedly large drop in the US Conference Board’s consumer confidence indicator. But ultimately investors shrugged that off, as there were still no signs that this recent survey weakness was being reflected in the hard data. Moreover, the rally got further support thanks to hopes that next week’s reciprocal tariffs wouldn’t be as bad as previously feared. So that helped to lift sentiment around the US outlook, with signs of market stress continuing to ease after the S&P 500’s correction. Indeed, the VIX index of volatility fell to its lowest level in over a month yesterday, at 17.15pts.

That story had looked quite different around the US open, when the Conference Board’s indicator was released. It showed an unexpectedly large drop in consumer confidence to 92.9 in March (vs. 94.0 expected), leaving it at its lowest level since January 2021, back when the economy was still emerging from the pandemic. Moreover, the expectations measure fell to a 12-year low of just 65.2. So that took it beneath its 2022-lows, when the Fed were still hiking rates aggressively and CPI inflation was running above 8%. But despite the negative headlines, investors were reassured by the fact that the labour market measures were still holding up. For instance, the differential between those saying jobs were plentiful versus hard to get actually moved up slightly in March, to a net +17.9%. On top of that, investors also recognised that we still hadn’t seen this deterioration echoed in the hard data yet. So they’re still waiting for more evidence before they’re willing to price a more significant economic downturn.

That more positive tone led to a fresh pickup for US equities, with the Magnificent 7 (+1.23%) leading the way once again. That group are now up +6.21% over the last three sessions, making it their best 3-day performance since the news of Trump’s election victory in early November. However, the broader equity performance was more subdued, and even though the S&P 500 advanced (+0.16%), the equal-weighted version of the index was down -0.27% and the small cap Russell 2000 (-0.66%) lost ground after its Monday surge.

Equities also got support from a fresh drop in Treasury yields, with the 10yr yield coming off a one-month high of 4.37% intraday, before closing down -2.3bps at 4.31%. Near term market expectations for the Fed were little changed, but a modest decline in 2026 pricing helped 2yr yields post a similar -2.0bps decline to 4.02%. Otherwise, we didn’t hear from many Fed speakers, but Governor Kugler sounded a patient note, saying that “FOMC policy is well positioned”, and that they could keep policy on hold “at the current rate for some time”. Meanwhile, Chicago Fed President Goolsbee said in an FT interview that the Fed wasn’t on the “golden path” of 2023-24, and that “there’s a lot of dust in the air”. 

Nevertheless, he still said he thought borrowing costs would be “a fair bit lower” in 12-18 months time. Overnight, 10yr Treasury yields have reversed course again, moving up +2.1bps to 4.33%.

Over in Europe, there was an even stronger risk-on tone yesterday, with the STOXX 600 (+0.67%) recovering after three consecutive declines. That got a boost from the Ifo’s latest business climate indicator in Germany, which moved up to an 8-month high of 86.7 in March, in line with expectations. However, sovereign bonds sold off, in contrast to their US counterparts, after some hawkish comments from several ECB officials. They cast doubt on the prospect of another rate cut at the April meeting, with Croatia’s Vujcic saying that he saw the next meeting “as a completely open question.” Separately, Slovakia’s Kazimir said that he was “open to discussing either further interest-rate cuts or holding steady”, while France’s Villeroy noted that “the easing cycle is neither finished nor automatic”. So all that contributed to a rise in yields, with those on 10yr bunds (+2.7bps), OATs (+2.3bps) and BTPs (+2.1bps) all moving higher.

Elsewhere, there was a clear market reaction after the US said yesterday that Russia and Ukraine had agreed to a ceasefire in the Black Sea, as well as on the previously signalled 30-day halt to strikes against energy infrastructure. President Zelenskiy said Ukraine would implement this partial ceasefire immediately. Oil prices fell back in response, as the news eased fears about supply disruptions, with Brent trading crude falling by about 1% following the headlines to trade -0.7% lower intra-day. However, it rose back to close +0.03% on the day at $73.02/bbl, perhaps reflecting some inconsistency in the signals from the different sides. Notably, the Kremlin said the maritime ceasefire was conditional on the lifting of sanctions against Russian banks and companies involved in agricultural trade, a detail that was absent from the US statement. Still, there was a positive reaction among Ukraine’s dollar bonds, with the 10yr yield down -22.5bps on the day. And given the Black Sea’s importance for grain shipments, wheat (-0.82%) and corn (-1.29%) futures also fell back.

Overnight in Asia, markets have continued their strong performance, with decent gains for the Nikkei (+1.13%) and the KOSPI (+1.14%). Meanwhile in Australia, the S&P/ASX 200 (+0.71%) is also higher, which comes after the February CPI print was a bit softer than expected, falling to +2.4% (vs. +2.5% expected). However, there’s been a weaker performance in mainland China, where the CSI 300 (-0.19%) has lost ground this morning, and the Shanghai Comp (+0.06%) has only seen a modest increase. Looking forward, European equity futures are broadly positive, with those on the DAX up +0.22%, but US futures are very slightly lower, with those on the S&P 500 down -0.01%.

In terms of today, one of the main highlights will be the UK Government’s Spring Statement. That includes a new set of forecasts from the Office for Budget Responsibility, who are the UK’s independent fiscal watchdog, and they judge if the government are on track to meet their fiscal rules. However, because the economy has been weaker than the OBR set out last autumn, and gilt yields have also moved higher, our UK economist thinks that will remove the fiscal headroom set out at the time of the budget. In his preview for today’s event (link here), he expects fiscal consolidation near £14.5bn, comprising of welfare savings, departmental efficiency savings, and NHS reforms. And from a market perspective, he says the focus is likely to be on the size and composition of the 2025/26 gilt remit, how much fiscal headroom the government now has, and the credibility of any medium-term fiscal consolidation.

To the day ahead now, and here in the UK, Chancellor Rachel Reeves will deliver the spring statement, and there’s the CPI report for February as well. In the US, data releases include the preliminary durable goods orders for February. Meanwhile from central banks, we’ll hear from the Fed’s Kashkari and Musalem, along with the ECB’s Villeroy and Cipollone.

2B) Europe opening report

US futures modestly lower amid tariff reports, GBP lags & EUR/USD attempts to reclaim 1.08 – Newsquawk US Market Open

Wednesday, Mar 26, 2025 – 06:40 AM

• Tariffs in focus amid reports that Trump could implement copper tariffs in weeks, elsewhere reports that Canada could find some reprieve
• European bourses opened firmer but have since slumped, US futures are in the red but only modestly so
• GBP lags after UK CPI, EUR/USD attempts to reclaim 1.08, USD/JPY rebounded overnight but is off highs
• Gilts gapped higher on data and extended but have retreated to opening levels into the Spring Statement, USTs softer while Bunds are firmer but only modestly so
• Crude continues to inch higher with a handful of factors underpinning, TTF slips as talks continue, Copper soared on tariff updates but has since pulled back
• Looking ahead, highlights include US Durable Goods, BoC Minutes, UK Spring Statement, Speakers include Fed’s Musalem, Kashkari & ECB’s Cipollone, Supply from the US
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TARIFFS/TRADE

• US President Trump may implement copper tariffs within weeks, according to Bloomberg. It was separately reported that Trump may impose escalating tariff levels but Canada could be on the lower end, according to the Toronto Star citing sources.
• Mexico’s Economy Minister Ebrard is to visit Washington for trade talks today.

EUROPEAN TRADE

EQUITIES

• Despite a steady and firmer open European bourses now find themselves mostly in the red, Stoxx 600 -0.6%. Selling pressure picked up after the cash open with no obvious catalyst for the price action at the time.
• Sectors began mixed but now have a negative bias with Health Care, Chemicals and Autos bottom of the pile; the latter seemingly hit on remarks from Trump about Europeans “freeloading”, reports of copper tariffs and pressure in Porsche SE on an Volkswagen impairment.
• Stateside, futures are in the red but only modestly so with the start to the day a broadly contained one. Modest action occurring alongside that seen in European bourses, but to a much lesser extent with the range for the ES (-0.1%) only around 20 points thus far.
• In specifics, China energy efficiency rules could hit NVIDIA (-0.7%); Apple (+0.1%) is expected to adopt TSM‘s (-1.0%) 2nm tech; Qualcomm (-0.1%) initiates antitrust campaign against ARM (-0.3%); Google (+0.3%) partners with Hon Hai on cloud; GameStop (+12.5%) approves BTC buying.
• Click for the sessions European pre-market equity newsflow
• Click for the additional news
• Click for a detailed summary

FX

• DXY is currently flat but with modestly diverging fortunes against peers, greenback softer vs. cyclicals and firmer vs. havens despite the pullback in European stocks seen since the cash open. Comfortably above 104.00 but at the lower-end of a 104.18-38 band.
• EUR attempting to get back above the 1.08 mark and while it has tested the figure it is yet to convincingly breach it. Upside which comes despite the rhetoric from Trump and with incremental drivers light since the Ifo.
• Cable the G10 laggard after cooler-than-expected inflation data this morning and ahead of the Spring Statement which commences from 12:30GMT. Cable back above 1.29 but only modestly so after slipping as low as 1.2887 early doors.
• USD/JPY rebounded overnight from the prior day’s trough and reclaimed the 150.00 handle with tailwinds amid the constructive APAC risk tone and following the softer Services PPI data from Japan; got to a 150.63 peak but has since pulled back towards the mentioned figure.
• AUD was hit on soft domestic inflation data overnight which saw a 0.6279 low in AUD/USD print but it has since recovered back above the mark and to a high some 30 pips above.
• PBoC set USD/CNY mid-point at 7.1754 vs exp. 7.2559 (Prev. 7.1788).
• Riksbank Minutes (March): Thedeen says “…we have some scope to see through upturns in inflation if we judge that they are temporary”.
• Click for a detailed summary
• Click for NY OpEx Details

FIXED INCOME

• Gilts gapped higher by 33 ticks at the open after an almost entirely cooler-than-expected inflation series. A series which has sparked a modest dovish move in BoE pricing, though the overall narrative hasn’t shifted.
• Got to as high as 91.58 though this proved short lived as we approach the Spring Statement from 12:30GMT where Reeves is expected to try and raise/save GBP 17bln, to plug the fiscal hole she finds herself in and then to provide headroom of just under the GBP 9.9bln she had in October; full preview available.
• Bunds modestly firmer after picking up early doors on the above. Thereafter, hit a 128.36 session high which is a tick above Tuesday’s best. Specifics light into supply which was strong but sparked no reaction in the benchmark. Leaving it marginally in the green around 128.20.
• USTs in the red but only modestly so with action relatively steady in the European morning as we await updates to numerous catalysts in addition to Fed speak, data and supply with 70bln of 5yr Notes due and following the 2yr tap on Tuesday which was strong when compared to recent averages though not quite as well received as the outing in February.
• Click for a detailed summary

COMMODITIES

• Crude continues to inch higher and is at highs of USD 69.54/bbl and USD 73.57/bbl respectively for WTI and Brent but remains within Tuesday’s parameters. Upside driven by the private inventory report, absence of sanctions removal on oil tankers and Yemeni forces targeting the USS Truman.
• Dutch TTF in the red with Ukraine-Russia geopols in focus and the most recent language from the Kremlin being that talks are continuing with the US and they are satisfied with the dialogue. There have been reports of drone strikes on/from both sides, with the Kremlin continuing to state that they will only comply with the Black Sea truce once specific sanctions are lifted.
• Gold indecisive and flat on the session, around the mid-point of a USD 3013-3032/oz band. Copper was bid overnight after futures hit a record high in Tuesday’s session which followed through into 3M LME and lifted it above the USD 10k mark on latest tariff reports; since, the metal has pulled back and is in the red as we await further updates.
• Goldman Sachs maintains its 3-, 6- and 12-month copper price forecasts at USD 9,600, USD 10,000 and USD 10,700, respectively.
• US Private Energy Inventories (bbls): Crude -4.6mln (exp -2.6mln), Distillate -1.3mln (exp. -2.2mln), Gasoline -3.3mln (exp. -2.2mln), Cushing -0.6mln.
• TotalEnergies (TTE FP) CEO says he would not be surprised if two of the Nord Stream gas pipelines came back.
• Reliance has paused purchases of Venezuelan crude following US President Trump’s 25% tariff, according to Bloomberg.
• Click for a detailed summary

NOTABLE DATA RECAP

• UK CPI YY (Feb) 2.8% vs. Exp. 2.9% (Prev. 3.0%); Core CPI YY (Feb) 3.5% vs. Exp. 3.6% (Prev. 3.7%); Services YY (Feb) 5.0% vs. Exp. 4.9% (Prev. 5.0%)
• French Consumer Confidence (Mar) 92.0 vs. Exp. 94.0 (Prev. 93.0)

NOTABLE EUROPEAN HEADLINES

• ECB’s Villeroy says in the short-term, US President Trump’s “lose-lose” strategy is harming the US as the Fed’s downgrade of its forecast show. A 25pp increase in US tariffs in Q2 would have a limited impact on European inflation, but could reduce EZ GDP by 0.3pp in a year

NOTABLE US HEADLINES

• Fed’s Goolsbee (2025 voter) said it may take longer than anticipated for the next cut to come because of economic uncertainty and ‘wait and see’ is the correct approach when facing uncertainty, according to FT. Goolsbee also commented that market angst over inflation would be a red flag and believes borrowing costs will be a fair bit lower in 12–18 months, while he noted that if investor expectations begin to converge with those of American households, the Fed would need to act.

GEOPOLITICS

MIDDLE EAST

• Two Israeli raids were reported on the northeastern areas of Gaza City, according to Al Jazeera.
• Houthi military spokesman said they targeted Israeli military sites in the Jaffa area with a number of drones and targeted US aircraft carrier Harry Truman.

RUSSIA-UKRAINE

• Russia’s Foreign Minister Lavrov said the Black Sea deal is aimed at Russia making legitimate profit in fair competition and ensuring food safety in Africa and elsewhere. Lavrov also commented that Russia and the US are discussing other things than Ukraine in their talks, according to TASS.
• Russian drone attacks caused major destruction in the central Ukrainian city of Kryvyi Rih, according to the local military administration. It was also reported that emergency power cuts were implemented in Ukraine’s Mykolaiv port following reported drone attacks, according to the mayor.
• Russia’s Kremlin says the order on moratorium on energy strikes is still in force and Russia are compliant; are continuing contacts with the US, satisfied with the dialogue. Black sea initiative will be activated after a number of conditions are met.

CRYPTO

• Firmer on the session with specifics thus far a touch light aside from the GameStop related updates. Bitcoin is at the upper-end of a USD 87.09-88.30k band.

APAC TRADE

• APAC stocks traded with a mostly positive bias after the somewhat mixed performance stateside where the focus centred on tariffs, data and geopolitics including reports that Ukraine and Russia agreed with the US on a maritime ceasefire.
• ASX 200 was led higher by gains in the mining, resources and financial sectors in the aftermath of the recent budget announcement, while participants also digested softer-than-expected monthly inflation from Australia.
• Nikkei 225 reclaimed the 38,000 level with upside supported by a weaker currency and after slightly softer Services PPI data.
• Hang Seng and Shanghai Comp eked slight gains but with upside capped amid ongoing tariff uncertainty with a Chinese delegation to meet with the US Commerce Secretary and the USTR today to negotiate over tariffs in which they will also discuss fentanyl and trade barriers among other issues, while a PBoC adviser warned at the Boao Forum that changes in the global environment will be challenging for China and China must boost domestic demand, especially consumption.

NOTABLE ASIA-PAC HEADLINES

• PBoC adviser said at the Boao Forum that changes in the global environment will be challenging for China and China must boost domestic demand, especially consumption, while it added that there is still very big macro policy space for supporting China’s economy and reform measures alongside recent policy steps are needed to support consumption.
• BoJ Governor Ueda said cost-push factors are likely to gradually dissipate but also noted that underlying inflation is likely to gradually converge towards the 2% target even when the temporary boost from food inflation disappears. Ueda said the BoJ will make a judgment call by looking at various indicators to determine whether underlying inflation has hit the target and underlying inflation is close to but has yet to move into the narrow band defined as sufficient achievement of the 2% price target. Furthermore, Ueda said the BoJ remains vigilant to the possibility that underlying inflation may accelerate faster than projected and expects to keep raising interest rates if the economy and prices move in line with forecasts in the quarterly outlook report but later commented that if price risks overshoot expectations, they will take stronger steps to adjust the degree of monetary support.
• BoJ’s Koeda says the Bank’s mandate is to contribute to a healthy economy, various indicators show Japan’s underlying inflation moving towards a sustainable achievement of BoJ’s 2%.

DATA RECAP

• Japanese Services PPI (Feb) 3.00% (Prev. 3.10%)
• Australian Weighted CPI YY (Feb) 2.4% vs. Exp. 2.5% (Prev. 2.5%)
• Australian CPI Annual Trimmed Mean YY (Feb) 2.70% (Prev. 2.80%)

2c) Asian opening report

APAC stocks traded mostly firmer but were capped amid trade commentary – Newsquawk Europe Market Open

Wednesday, Mar 26, 2025 – 02:31 AM

• US President Trump said he has April 2nd tariffs set. Separately, reports that copper tariffs could be implemented in weeks.
• US stocks were mixed, European futures point to a mildly positive open. APAC trade mostly firmer but capped.
• DXY posts marginal gains, EUR/USD sub-1.08, USD/JPY gradually rebounded while AUD briefly slipped on CPI.
• USTs continue to pull back from Tuesday’s best, Bunds subdued but off post-Ifo lows.
• Crude mildly underpinned, copper jumped on the tariff reports but is off best, XAU range bound.
• Looking ahead, highlights include UK CPI, US Durable Goods, BoC & Riksbank Minutes, UK Spring Statement, Speakers including Fed’s Musalem, Kashkari & ECB’s Cipollone from Italy, Germany & US, Earnings from Porsche SE & Dollar Tree.
• Click for the Newsquawk Week Ahead.

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US TRADE

EQUITIES

• US stocks traded mixed with outperformance in the Nasdaq 100 and the small-cap Russell 2000 was the laggard, while both SPX and DJIA were relatively flat with participants lacking firm conviction as incoming tariffs remain in the spotlight and as participants also digested several data releases including weaker-than-expected US Consumer Confidence and a disappointing Richmond Fed Index. On the geopolitical front, Russia and Ukraine have both agreed on a Black Sea ceasefire with the US and Russia to work together on measures banning strikes on energy infrastructure in Russia and Ukraine.
• SPX +0.16% at 5,777, NDX +0.53% at 20,288, DJI +0.01% at 42,588, RUT -0.66% at 2,095.
• Click here for a detailed summary.

TARIFFS/TRADE

• US President Trump said he has April 2nd tariffs set and that he has been fair to countries that abused the US for many decades, while he added that tariffs will create more jobs. Trump also reiterated that he thinks Europeans have been freeloading and the EU has been absolutely terrible to the US on trade but noted Mexico and Canada have stepped it up a lot.
• US President Trump may implement copper tariffs within weeks, according to Bloomberg. It was separately reported that Trump may impose escalating tariff levels but Canada could be on the lower end, according to the Toronto Star citing sources.
• Mexico’s Economy Minister Ebrard is to visit Washington for trade talks today.
• Chinese delegation will meet with the US Commerce Secretary and USTR on Wednesday to negotiate over tariffs, while the meeting will discuss tariffs, fentanyl and trade barriers among other issues, according to FBN’s Lawrence citing a source.

NOTABLE HEADLINES

• Fed’s Goolsbee (2025 voter) said it may take longer than anticipated for the next cut to come because of economic uncertainty and ‘wait and see’ is the correct approach when facing uncertainty, according to FT. Goolsbee also commented that market angst over inflation would be a red flag and believes borrowing costs will be a fair bit lower in 12–18 months, while he noted that if investor expectations begin to converge with those of American households, the Fed would need to act.
• US President Trump said another business announcement is coming on Wednesday.
• US President Trump reiterated he would like to see interest rates come down and said prices on gasoline, eggs and groceries are down, while it was separately reported that President Trump seeks a debt limit increase in the tax bill, according to Politico.

APAC TRADE

EQUITIES

• APAC stocks traded with a mostly positive bias after the somewhat mixed performance stateside where the focus centred on tariffs, data and geopolitics including reports that Ukraine and Russia agreed with the US on a maritime ceasefire.
• ASX 200 was led higher by gains in the mining, resources and financial sectors in the aftermath of the recent budget announcement, while participants also digested softer-than-expected monthly inflation from Australia.
• Nikkei 225 reclaimed the 38,000 level with upside supported by a weaker currency and after slightly softer Services PPI data.
• Hang Seng and Shanghai Comp eked slight gains but with upside capped amid ongoing tariff uncertainty with a Chinese delegation to meet with the US Commerce Secretary and the USTR today to negotiate over tariffs in which they will also discuss fentanyl and trade barriers among other issues, while a PBoC adviser warned at the Boao Forum that changes in the global environment will be challenging for China and China must boost domestic demand, especially consumption.
• US equity futures were rangebound following the prior day’s mixed price action and small-cap underperformance.
• European equity futures indicate a mildly positive cash market open with Euro Stoxx 50 futures up 0.1% after the cash market closed with gains of 1.1% on Tuesday.

FX

• DXY eked slight gains after rebounding yesterday from a brief dip beneath the 104.00 level despite weak US Consumer Confidence data, while President Trump reaffirmed he has April 2nd tariffs set and reiterated criticism against the EU regarding trade.
• EUR/USD languished beneath the 1.0800 level following recent indecision and oscillations through the aforementioned focal point in which the single currency ultimately faded an early boost from German Ifo data, while there were comments from ECB officials including Villeroy who noted there is still scope for further policy easing with the pace and extent up for debate.
• GBP/USD traded rangebound amid the quiet mood across the FX space and ahead of UK inflation and the Spring Statement.
• USD/JPY gradually rebounded from the prior day’s trough and reclaimed the 150.00 handle with tailwinds amid the constructive risk tone and following the softer Services PPI data from Japan.
• Antipodeans kept afloat after recovering from an initial dip seen in reaction to the softer-than-expected Australian CPI.
• PBoC set USD/CNY mid-point at 7.1754 vs exp. 7.2559 (Prev. 7.1788).

FIXED INCOME

• 10yr UST futures continued its pullback from yesterday’s peak after bull steepening on soft consumer data, while attention stateside turns to durable goods, Fed comments and looming supply.
• Bund futures lacked demand and retested the 128.00 level to the downside but were off the prior day’s lows that were seen in the aftermath of the stronger-than-expected German Ifo data.
• 10yr JGB futures tracked the losses in peers and with prices also not helped by a slew of mixed comments from BoJ Governor Ueda who reiterated that the BoJ expects to keep raising interest rates if the economy and prices move in line with forecasts.

COMMODITIES

• Crude futures were mildly underpinned amid the positive risk tone and after the mostly bullish private sector inventory data which showed wider-than-expected drawdowns in headline crude and gasoline inventories.
• US Private Energy Inventories (bbls): Crude -4.6mln (exp -2.6mln), Distillate -1.3mln (exp. -2.2mln), Gasoline -3.3mln (exp. -2.2mln), Cushing -0.6mln.
• Oil loadings slow down at Venezuela’s ports following US tariffs and wind down of Chevron’s license, according to shipping data and a document cited by Reuters.
• Spot gold lacked direction with price action contained amid the absence of pertinent catalysts and lack of haven demand.
• Copper futures extended on yesterday’s advances and briefly surged following reports that US President Trump may implement copper tariffs within weeks which saw prices rise by as much as 3% intraday before paring the majority of the gains.

CRYPTO

• Bitcoin traded indecisively and swung between gains and losses in a relatively rangebound fashion.

NOTABLE ASIA-PAC HEADLINES

• PBoC adviser said at the Boao Forum that changes in the global environment will be challenging for China and China must boost domestic demand, especially consumption, while it added that there is still very big macro policy space for supporting China’s economy and reform measures alongside recent policy steps are needed to support consumption.
• BoJ Governor Ueda said cost-push factors are likely to gradually dissipate but also noted that underlying inflation is likely to gradually converge towards the 2% target even when the temporary boost from food inflation disappears. Ueda said the BoJ will make a judgment call by looking at various indicators to determine whether underlying inflation has hit the target and underlying inflation is close to but has yet to move into the narrow band defined as sufficient achievement of the 2% price target. Furthermore, Ueda said the BoJ remains vigilant to the possibility that underlying inflation may accelerate faster than projected and expects to keep raising interest rates if the economy and prices move in line with forecasts in the quarterly outlook report but later commented that if price risks overshoot expectations, they will take stronger steps to adjust the degree of monetary support.

DATA RECAP

• Japanese Services PPI (Feb) 3.00% (Prev. 3.10%)
• Australian Weighted CPI YY (Feb) 2.4% vs. Exp. 2.5% (Prev. 2.5%)
• Australian CPI Annual Trimmed Mean YY (Feb) 2.70% (Prev. 2.80%)

GEOPOLITICS

MIDDLE EAST

• Two Israeli raids were reported on the northeastern areas of Gaza City, according to Al Jazeera.
• Houthi military spokesman said they targeted Israeli military sites in the Jaffa area with a number of drones and targeted US aircraft carrier Harry Truman.

RUSSIA-UKRAINE

• US President Trump said they’ve made a lot of progress on Ukraine and are in deep discussions with Russia/Ukraine, while he added it is going well and that Russia and Ukraine will get together on a maritime ceasefire. Trump also said that other countries are involved in the process of monitoring the ceasefire and he will look into Russian requests for sanctions relief. Trump separately commented that he thinks Russia wants to see an end to the war but could be dragging its feet.
• Ukrainian President Zelensky said Russia has already started to engage in manipulation, even today, and the Kremlin is lying when it said the Black Sea ceasefire depends on sanctions. Zelensky added Ukraine will do everything to make agreements work and Russians must understand that if they launch strikes, there will be a strong response.
• Ukraine’s Defence Minister Umerov said Ukraine and US talks in Riyadh were successful and that Ukraine is ready for a new meeting to work out truce details.
• Russia’s Kremlin published a list of Russian and Ukrainian facilities subject to a temporary moratorium on strikes on energy systems, while the list includes oil refineries, oil and gas pipelines, and nuclear plants. Kremlin stated the temporary moratorium is valid for 30 days beginning March 18th which may be extended by mutual agreement and in the event of breach by one party, the other party may consider itself free from obligation to comply with it.
• Russia’s Foreign Minister Lavrov said the Black Sea deal is aimed at Russia making legitimate profit in fair competition and ensuring food safety in Africa and elsewhere. Lavrov also commented that Russia and the US are discussing other things than Ukraine in their talks, according to TASS.
• Russia said the Zaporizhzhia nuclear plant is a Russian nuclear facility and that transferring control over it to Ukraine or any other country is impossible, according to TASS citing the Foreign Minister.
• Russian drone attacks caused major destruction in the central Ukrainian city of Kryvyi Rih, according to the local military administration. It was also reported that emergency power cuts were implemented in Ukraine’s Mykolaiv port following reported drone attacks, according to the mayor.

OTHER

• US Secretary of Defense Hegseth said they will work with allies to deter Communist China in the Indo-Pacific region, while he added they are rebuilding armed forces by developing the military manufacturing sector and will enhance the capabilities of allies as well. Hegseth also stated their mission is to stop wars, but if they occur, they will work to destroy their enemies, according to Al Jazeera
• US Secretary of State Rubio will meet with heads of state from Barbados, Trinidad and Tobago, and Haiti during his visit to Jamaica, while it was stated that shipping lanes through Jamaica are key to security and the US wants to ensure Guyana has the necessary security amid its territorial dispute with Venezuela. Furthermore, it was stated that Guyana and Suriname surpassing Venezuela’s oil production is seen as a huge opportunity and a top priority, while Guyana oil developments will be a major topic of discussion.

EU/UK

NOTABLE HEADLINES

• ECB’s Villeroy said there is still scope for further policy easing with the pace and extent up for debate and market bets on a 2% deposit rate by the end of summer is a possible scenario. Villeroy added that fresh budget spending on defence and infrastructure are not necessarily inflationary and the disinflation trend in Europe is solid.

3 .ASIA

3A NORTH KOREA/SOUTH KOREA

3BJAPAN

3C. CHINA/VENEZUELA

China’s Purchases Stall After Trump’s Tariff Threat On Buyers Of Venezuelan Oil

Wednesday, Mar 26, 2025 – 04:15 AM

By Charles Kennedy of OilPrice.com

China, the biggest buyer of oil from Venezuela, saw trade with Venezuela stall on Tuesday after U.S. President Donald Trump threatened on Monday 25% tariffs on the goods of any country buying Venezuelan oil.

Traders and refiners in China were caught off guard by Monday’s executive order and are waiting to see whether Beijing will have some direction on the matter, trading sources told Reuters.

China is the biggest buyer of Venezuelan oil and is estimated to be importing via various – often opaque – channels about 500,000 barrels per day (bpd) of crude oil and fuel from Venezuela. A large share of the cargo is being rebranded as coming from Malaysia after trans-shipments in Asian waters.

Some Chinese buyers are now refraining from touching Venezuelan oil amid the latest uncertainty from the U.S. sanctions and trade policy.

“The worst thing in the oil market is uncertainty. We won’t dare touch the oil for now,” a senior executive at a regular Chinese trader of Venezuelan oil told Reuters.

On Monday, President Trump said in an executive order that “On or after April 2, 2025, a tariff of 25 percent may be imposed on all goods imported into the United States from any country that imports Venezuelan oil, whether directly from Venezuela or indirectly through third parties.”

The duties imposed by the order will be on top of all other tariffs currently in place.

The U.S. has a 20% tariff on Chinese imports.

“Any country that allows its companies to produce, extract, or export from Venezuela will be subject to new tariffs, and any companies will be subject to sanctions,” U.S. Secretary of State Marco Rubio said in comments on the executive order.

China appeared to dismiss the latest U.S. trade move.

Asked by a Reuters reporter at the regular press conference on Tuesday whether China would stop its oil purchases from Venezuela to comply with the order, Chinese Foreign Ministry Spokesperson Guo Jiakun said “The U.S. has long abused illegal unilateral sanctions and “long-arm jurisdiction,” and grossly interfered in the internal affairs of other countries. China firmly opposes such actions.”

“Trade wars and tariff wars have no winners. Imposing additional tariffs will only inflict greater losses on American businesses and consumer,” Guo added.

4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS

EU/USA/META

EU Could Slap Meta With €1 Billion Fine, Trump Vows To Retaliate

by Tyler Durden

Wednesday, Mar 26, 2025 – 03:30 AM

Via Remix News,

The European Union could fine Mark Zuckerberg’s Meta (Facebook, Instagram) €1 billion or more for violating antitrust rules, in response to President Donald Trump’s sanctions against EU companies.

The European Commission (EC), the EU’s antitrust watchdog, is expected to conclude that Meta does not comply with the Digital Markets Act, sources close to the situation said.

The EU’s Digital Markets Act (DMA) comes into force in 2023 and applies strict competition rules to Meta and six other internet moguls. The regulator’s focus is on data processing and business activity.

According to Post sources, the fines could be in the hundreds of millions of dollars at the minimum and as high as $1 billion after the EC’s decision. The EU investigation into the parent company of Facebook and Instagram is expected to be concluded this week, with the commission’s enforcement measures to be announced immediately, the people said.

According to the sources, EU officials are expected to call on Meta to comply with the rules and inform the company of what changes it needs to make to comply.

In addition, Apple is also in the EU commission’s crosshairs and could be fined this week or next week. Interestingly, earlier this month, Reuters reported that Apple and Meta were likely to get away with “modest fines” for violating the DMA. Theresa Ribera, the EU’s antitrust chief, had previously said that a decision on enforcement actions against both companies would be made in March. Now, that view appears to have changed.

In addition to Meta and Apple, the companies considered “gatekeepers” under the DMA include Google’s Alphabet, Amazon, Booking.com, TikTok’s ByteDance and Microsoft. These are the so-called Big Tech companies.

EU regulators and other supporters say the law prevents tech giants from using anti-competitive behavior, such as abusing their market power, to squeeze out smaller rivals.

The law allows Big Tech companies to be fined up to 10 percent of their global revenue for repeated violations, with the penalty going up to 20 percent of revenue.

The EU launched an investigation into Meta in June last year over its “pay or opt-in” model that restricted customers. In practice, this meant that users either paid to opt out of ads on Instagram and Facebook or were given them without asking. The problem was that those who didn’t pay also agreed to Meta using their data to target ads.

The EU commission said the company had failed to offer a third option. Meta argued that the EU commission had consistently used conditions to comply with the rule that went beyond the law.

In June of last year, Apple became the first company to be charged with violating the DMA, allegedly for preventing rival app developers from easily diverting customers to services outside the App Store. The EU last week again warned Apple that it must open up its iPhone operating system to app developers, just as it has done with Android. The problem with Google’s Alphabet is that it treats its in-house (i.e., its own) services “more favorably.”

Amidst sharp criticism from big tech, the law has increasingly drawn the ire of President Trump, who has vowed to impose retaliatory tariffs to level the playing field. Trump issued a memo last month warning that his administration would consider countermeasures.

President Trump will not allow foreign governments to siphon off America’s tax base for their own benefit, the White House said at the time.

House Judiciary Committee Chairman Jim Jordan has specifically asked EU officials for information on how the bloc plans to enforce the Digital Markets Act. Jordan noted that six of the seven “gatekeepers” covered by the law are American-owned.

“These heavy fines appear to have two purposes: to force businesses to follow European standards and to tax American companies in Europe,” Jordan said in his letter.

Read more here…

END

5 RUSSIAN AND MIDDLE EASTERN AFFAIRS

ISRAEL HAMAS///

IDF kills top Hamas officials in renewed Gaza fighting

The ‘Post’ learned that the military has entered a full kilometer into Gaza in areas including Beit Lahia, parts of Khan Yunis, and Jabaliya.

By YONAH JEREMY BOB, JAMES GENN, JERUSALEM POST STAFFMARCH 25, 2025 19:07Updated: MARCH 25, 2025 22:07

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fisrael-news%2Farticle-847578&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20250324_b7549a9bf35606662e38c3562fc3ac3696099334&useBunnyCDN=0&themeId=140&unitType=tts-player

Since fighting in Gaza was renewed at the beginning of last week, the IDF has killed 150 terrorists, including 10 top Hamas officials, the Jerusalem Post learned Tuesday.

Additionally, the military has targeted 420 terror infrastructure sites, including buildings, tunnels, and vehicles.

In certain areas, the military has entered a full kilometer into Gaza, such as around the Nitzanim Corridor in central Gaza.Top ArticlesRead More

Also, the IDF has aggressively attacked and evacuated areas from which terrorists have fired rockets.

In addition to central Gaza, Beit Lahia, Beit Hanoun, parts of Khan Yunis, Shaboura, and Tel Sultan, the IDF has been evacuating and moving into Jabaliya.

Katz attempted intervention in military probe

IDF sources were still not ready to give an accounting of the full Palestinian death toll following Hamas reports that over 700 Palestinians have been killed. 

IDF Chief of Staff Lt.-Gen. Eyal Zamir and Shin Bet Director Ronen Bar collaborated daily on all Gaza operations, a significant fact given that the government has fired Bar, and he is only still in office due to a High Court of Justice freeze order through an impending hearing on April 8.

On Tuesday night, Defense Minister Israel Katz sent out a photo of him meeting with Zamir to show that the two still have productive working relations despite their spat on Monday night.

On Monday night, Katz tried to intervene regarding Zamir and the IDF Military Advocate General Maj. Gen. Yifat Tomer Yerushalmi’s handling of a probe into Brig. Gen. (res.) Oren Solomon over his handling of classified information and the October 7 probe into the Gaza Division.

Zamir publicly rejected his intervention, leading Katz to back down.  

IDF confirmed Al Jazeera journalist Shabat was a Hamas terrorist

Separately on Tuesday, the IDF confirmed that Al Jazeera journalist Hossam Shabat, who was killed on Monday by Israeli forces, was a Hamas terrorist.

The IDF and Shin Bet eliminated Shabat on Monday, stating that he was a sniper from Hamas’s Beit Hanoun Battalion and “cynically posed as an Al Jazeera journalist.”

The military claimed that in October 2024, the IDF and Shin Bet exposed Shabat’s ties with Hamas and the terror group’s military wing, al-Qassam Brigades, by revealing internal Hamas documents that proved that he had participated in military training in 2019.

During the Israel-Hamas war, Shabat carried out terror attacks against IDF troops and Israeli civilians, the military claimed.

At the time of writing, Shabat had 580,000 followers on Instagram, where he frequently posted images of himself in a press vest and described himself in Hebrew as a journalist.

He also has 171,200 followers on X/Twitter, where his “team” posted a memorial after his death.

Global reporter networks condemned IDF’s killing of Shabat and rejected Israel’s narrative that he was a dual-hat journalist-terrorist.

Also, on Tuesday, the UN, after it conducted its own probe, rejected the IDF’s narrative that its workers who were killed last week, were not killed by IDF active fire.

Last week, sources told the Post that there had been no active fire and that, most likely, the UN deaths occurred as they were trying to clear landmines.

The Post consulted with sources again on Tuesday which stuck to the position that the IDF had not conducted any active fire in the area at the time of the incident, but said that it was possible that the incident occurred when the UN officials tried to move an unexploded IDF ordinance which had been in the area for some time.

END

ISRAEL HAMAS

Finish line in sight: Israel is about to achieve total victory against Hamas – opinion

Israel is on the last leg of a long marathon and stands on the precipice of a decisive victory over its adversaries

By DANIEL M. ROSENMARCH 26, 2025 02:26

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fopinion%2Farticle-847532&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20250324_b76bc6ba82624508b4f5371831a0a8e77eb96e47&useBunnyCDN=0&themeId=140&unitType=tts-player

Israel stands on the precipice of a decisive victory over its adversaries. As the military campaign in Gaza resumes, Hamas finds itself with almost no options and even fewer allies. Its infrastructure is decimated and its argument that the war with Israel was over has been unraveled.

Meanwhile, the Houthis are preoccupied with their own battles against US forces. Hezbollah finds itself deeply wounded and withdrawn from southern Lebanon and Syria and unable to help Hamas. Similarly, Iran is in no position to help or support Hamas at this time.

Israel, undeterred, continues its operations in Gaza, while Hamas struggles to assert any meaningful control. This decisive shift is further reinforced by a looming geopolitical earthquake: the Saudi-Israel-US normalization deal.The Arab world is realigning, and Hamas – along with Iran and its proxies – can see the writing on the wall. Adding to this, in a stunning reversal, Cairo has agreed to allow up to half a million Palestinians to “temporarily” resettle in the Sinai.

This is more than just a policy shift. It is an admission that Gaza, as it once was, is no longer viable. This is no small concession.

At the core of this shift is the simple fact that as long as Hamas refuses to surrender hostages and relinquish control, no meaningful reconstruction in Gaza can take place. Israel has shown no indication that it will cease military operations while Hamas has shown no willingness to de-arm, evacuate, or return all the hostages.

Meanwhile, reports indicate that Somaliland has agreed to take in Palestinian refugees, further eliminating the argument that Gaza cannot be emptied of its terrorist rulers. Slowly but surely, the pieces are falling into place for a long-term solution that neutralizes Hamas once and for all.

With the newly appointed IDF chief of staff, Eyal Zamir, Israel is poised to complete its mission.

Total victory is within reach

Paradoxically, the primary opposition to Israel’s march toward victory comes from within the country itself. Elements of the Israeli Left, segments of the retired military establishment, and certain political factions continue to resist the full realization of this military and strategic objective.

However, the return of 198 out of 250 hostages is a testament to the effectiveness of Israel’s operations and its willingness to engage in “deals” with its barbaric enemies to secure its people.

It is important for the whole society to recognize that the status quo of partial victories where reservists are required to return to the same positions every four to six years is untenable and is not fair to them or to Israeli society at large.

The broader strategic landscape only reinforces this total victory. The Trump administration’s unflinching support for Israel – its direct action against the Houthis in Yemen, its maximum pressure campaign on Iran, and its willingness to “open the gates of hell” on Hamas – has provided Israel with a perfect window to complete what it started.

It is no coincidence that Defense Minister Israel Katz has recently reiterated the message: If Hamas does not return every last hostage: “The gates of hell will open.”

It is now clearer than ever that Hamas’s October 7 attack was not just an act of terror – it was an act of desperation. Hamas saw normalization between Israel and Saudi Arabia coming and recognized it as the final nail in the coffin of the so-called “Arab-Israeli conflict.”

They understood what that meant for their prospects of realizing their dreams of destroying Israel; their brutal assault was a last-ditch effort akin to a Hail Mary pass in American football to stop it.

As events continue to unfold, Israel’s position continues to reveal itself. The world is witnessing the final unraveling of Hamas, the crumbling of Iran’s regional proxies, and the emergence of a new Middle East order. Israel is winning decisively.

The question that remains is whether Israeli society can realize this or will it allow for internal discord to squander what could be a defining victory. Israel is on the last leg of a long marathon and it needs to be patient to realize that the finish line is right around the corner.

The writer is co-chair of a new organization leading the effort to combat antisemitism on social media. drosen@emissary4all.org

ISRAEL HAMAS/USA

US intelligence: Hamas continues to pose security threat, situation to remain volatile

The US believes “even in degraded form, Hamas continues to pose a threat to Israeli security.”

By MATHILDA HELLERMARCH 26, 2025 08:20Updated: MARCH 26, 2025 09:45

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The US predicts that the situation in Gaza, as well as the dynamics between Israel-Hezbollah and Israel-Iran, will remain volatile, according to the Annual Threat Assessment of the US Intelligence Community, published on Tuesday.

The 31-page report dedicates sections to threats from Iran and Islamist terror, as well other threats such as Russia, China and North Korea.

According to the threat assessment relating to the Israel-Hamas War, the US believes “even in degraded form, Hamas continues to pose a threat to Israeli security.”

“The group retains thousands of fighters and much of its underground infrastructure, and probably has used the ceasefire to reinforce and resupply its military and munitions stock so that it can fight again.”

The report notes that Hamas has the ability to resume “low-level guerilla resistance and to remain the dominant political action in Gaza for the foreseeable future.”

The assessment states that there are “low expectations on all sides that a ceasefire will endure,” adding that “the absence of a credible postfighting political and reconstruction plan portend years of instability.”

Israeli-Palestinian conflict

Interestingly, the report notes a decline in support for Hamas among Gazan civilians but a consistently high level of support among Palestinians in the West Bank, especially relative to the Palestinian Authority (PA).

“The long-term Israeli-Palestinian relationship also hinges on the trajectory of an increasingly unstable WestBank,” the report continues. “The PA’s weak and declining ability to provide security and other services in the West Bank, Israeli operations in the West Bank, violence from Israeli settlers and Palestinian militant groups including Hamas, and a potential leadership transition in the PA are likely to exacerbate governance challenges in Ramallah.”

The future of the Israeli-Palestinian conflict hinges significantly on how Israel deals with post-conflict Gaza, the report continues.

Threat from Iran, proxies

Iran also poses a significant threat, the report states, adding that the impact of the Islamic Republic is felt in the US and not just in Israel and the Middle East.

“During the Gaza conflict, Iran encouraged and enabled its various proxies and partners to conduct strikes against Israeli and at times US forces and interests in the region.”

Part of the threat comes from Tehran’s attempts to “leverage its robust missile capability and expanded nuclear program, and its diplomatic outreach to regional states and US rivals to bolster its regional influence and ensure regime survival.”

In terms of weapons, the US intelligence report specifies Iran’s bolstering of the lethality and precision of itsdomestically produced missile and UAV systems as a threat, and adds that Tehran “has the largest stockpiles of these systems in the region.”

While the report stresses the US’s stance that “Iran is not building a nuclear weapon,” it does note that “Khamenei remains the final decision-maker over Iran’s nuclear program, to include any decision to develop nuclear weapons.”

It adds that Iran very likely aims to continue developing chemical and biological agents for offensive purposes.

“Iranian military scientists have researched chemicals that have a wide range of sedation, dissociation, and amnesticincapacitating effects, and can also be lethal.” 

Other sources of threat are direct targeting of individuals by the US regime, and “unconventional warfare operations” such as the disruption of shipping traffic through the Strait of Hormuz via the use of small boats and submarines.”

However, the report raises the question of whether a “degraded Hezbollah, the demise of the Assad regime in Syria, and Iran’s failure to deter Israel have led leaders in Tehran to raise fundamental questions regarding Iran’s approach.”

Nevertheless, the report assesses that Iran’s proxies remain a threat and that Supreme Leader Ali Khamenei continues “to desire to avoid embroiling Iran in an expanded, direct conflict with the United States and its allies.”

The assessment notes the role of the Houthis, Iraqi Shia militias, and Hezbollah in inflaming regional tensions.

“The Houthis have emerged as the most aggressive actor, attacking commercial shipping in the Red Sea and Indian Ocean, US and European forces, and Israel. Iraqi Shia militias continue to try to compel a US withdrawal from Iraq through political pressure on the Iraqi government and attacks on US forces in Iraq and Syria.”

“Further fighting between Hezbollah and Israel would threaten Lebanon’s fragile stability and any political progress begun by the election of a president in January after years of trying. A resumption of protracted Israeli operations in Lebanon could trigger a sharp rise in sectarian tension, undermine Lebanese security forces, and dramatically worsen humanitarian conditions.”

The assessment notes that, while weakened, Hezbollah “maintains the capability to target US persons and interests in the region, worldwide, and—to a lesser extent—in the United States.”

Iranian cyber threat

“Iran’s growing expertise and willingness to conduct aggressive cyber operations also make it a major threat to the security of US and allied and partner networks and data,” the report continues.

“Guidance from Iranian leaders has incentivized cyber actors to become more aggressive in developing capabilities to conduct cyber attacks.”

The report gives the example of a June 2024 cyber attack by the IRGC on an email account associated with an individual with informal ties to then-former President Trump’s campaign. “That account to send a targetedspear-phishing email to individuals inside the campaign itself. The IRGC subsequently tried to manipulate US journalists into leaking information illicitly acquired from the campaign.”

The new Syrian regime

Regarding Syria, the report says that “The fall of President Bashar al-Assad’s regime at the hands of opposition forces led by Hay’at Tahrir al-Sham (HTS)—a group formerly associated with al-Qa‘ida—has created conditions for extended instability in Syria and could contribute to a resurgence of ISIS and other Islamist terror groups.”

The US intelligence stance is that governing Syria will remain “a daunting challenge amid the country’s economic problems, humanitarian needs driven in part by millions of internally displaced Syrians, rampant insecurity, as well as ethnic, sectarian, and religious cleavages.”

It also mentioned the use of violence and extrajudicial killings against Alawites and Christians since the start of March 2025, which have resulted in over 1000 deaths. It noted that, while HTS claims to want to cooperate with Syria’s array of ethnosectarian groups, many of these groups remain skeptical of HTS’s intentions, especially considering the leader’s past al-Qa‘ida association.

The report also highlights Israel’s view on the regime change in Syria, stating that Israeli government officials remain skeptical of HTS claims and intentions, “expressing concern that historical HTS objectives against Israel persist.”

Al-Qaeda

The report stresses that Al-Qaeda maintains its intent to target the United States and US citizens across its global affiliates.

Interestingly, the report mentions how the leaders of al-Qaeda, some of whom are based in Iran, “have tried to exploit anti-Israeli sentiment over the war in Gaza to unite Muslims and encourage attacks against Israel and the United States.”

“Al-Qaeda’s media apparatus issued statements from leaders and the group’s affiliates supporting Hamas and encouraging attacks against Israeli and US targets.”

The assessment also mentioned how al-Qaeda in the Arabian Peninsula (AQAP) relaunched its Inspire guide with videos and tweets that encouraged attacks against Jewish targets, the United States, and Europe. “Inspire provided instructions for making bombs and placing explosive devices on civilian airliners and gave religious, ideological,historical, and moral justification for such attacks.

Additionally, despite claims that al-Qaeda’s Syrian affiliate, Hurras al-Din, was disbanded by Tehran, US intelligence deemed that Hurras al-Din members were actually advised not to disarm and instead to “prepare for a future conflict, noting their continued fight against the Jews and their supporters.”

A lot of the threat posed by al-Qaeda and its offshoots is felt on US soil.

“Most of these groups generally have targeted local governments in recent years, while Lebanese Hezbollah has continued to pursue limited targeting of primarily Israeli and Jewish individuals in and outside of the Middle East.”

end

ISRAEL/HAMAS/HOSTAGES

Netanyahu: IDF will ‘seize territory’ in Gaza if hostages not released

The comments came during the “40 Signatures Debate,” which is the Israeli version of the British “Prime Minister’s Questions”.

By ELIAV BREUERMARCH 26, 2025 12:21Updated: MARCH 26, 2025 14:07

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The pressure the IDF will exert will be “more and more powerful,” and will include “seizing territory” and “doing other things” in Gaza if Hamas does not return Israeli hostages, Prime Minister Benjamin Netanyahu said in the Knesset plenum on Wednesday. The prime minister did not elaborate further.

Netanyahu’s comments came during a debate known as the “40 Signatures Debate,” which is the Israeli version of the British “Prime Minister’s Questions”. The debate included a series of short speeches in the prime minister’s presence, after which the prime minister and opposition leader gave concluding speeches.

In his speech, Netanyahu repeated conspiracy theories about a “deep state.”

“Democracy is not in danger; the bureaucracy is in danger, the deep state is in danger,” the prime minister said. “When I say ‘bureaucracy,’ I mean a small group of officials struggling to maintain the levers of power in the country.”

“Democracy is, first and foremost, the rule of the people. It is not the rule of officials, not the rule of former leaders, and not the rule of media outlets. In a democracy, the people are sovereign, and they demand that their vote in the ballot box be reflected in policy. This does not mean the government has unlimited power. We do not have a tyrannical rule, but it is impossible to expect the government to have negligible power,” Netanyahu said.

Opposition leader MK Yair Lapid dedicated his speech to attacking the 2025 national budget, which passed into law on Tuesday. Lapid said to Netanyahu, “You carried out yesterday the greatest theft in the history of the country. You exploit the Israeli middle class, squeeze it, all for one purpose: to survive politically.”

High levels of crime in the Arab sector

The official topic of Wednesday’s debate was the high levels of crime in the Arab sector, and opposition MKs blasted the prime minister for the high crime levels.

Hadash-Ta’al chairman MK Ayman Odeh opened the discussion by presenting a series of statistics. Odeh, quoting the Taub Center for Social Policy Studies in Israel, said that since Netanyahu took office, there were 14 times more homicides in the Arab sector than the Jewish state.

Until 2008, the ratio was 3:1. Just 14.8% of homicides in the Arab sector have been solved, compared to approximately 70% in the Jewish sector, and even those were “usually when the perpetrator turned himself in,” Odeh said.

Odeh noted that the annual number of homicides had risen by 230% in five years, and 58 people have been killed since the beginning of 2025.  Arab citizens were 18% of the population but suffered 80% of violent crime.

According to Odeh, this was not a matter of fate but a matter of policy, and the fact that the prime minister appointed Otzma Yehudit chairman MK Itamar Ben-Gvir, who Odeh called a “racist and fascist”, to the position of National Security Minister proved this.

Odeh added that the fact that homicide rates were lower in the Palestinian Authority and Jordan showed that the problem was not a “cultural problem” but a result of failed policy.

Ra’am chairman MK Mansour Abbas said that a worker in the National Security Minister had told him that Ben-Gvir chuckled when homicide numbers in the Arab sector were brought to him. Abbas did not provide proof of this claim.

During the debate, families of hostages and victims of the October 7 held up signs saying, “If we have returned to October 6, return my child

END

ISRAEL/HAMAS

IDF orders broad northern Gaza evacuation following rocket fire

In addition to central Gaza and northern Gaza, the IDF has also evacuated Palestinian civilians and then attacked in parts of Khan Yunis, Shaboura, and Tel Sultan. 

By YONAH JEREMY BOBMARCH 26, 2025 13:59

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The IDF on Wednesday afternoon ordered a broad evacuation of Palestinians from northern Gaza, including portions of Zeitoun, Rimal, Tel-al-awa and other areas.

Adding these evacuations to earlier evacuations from Beit Lahiya, Beit Hanoun, and Jabalia, most of the northern Gaza areas which are important to Hamas, other than the downtown part of Gaza City itself, Shejaiya, and Shaati, have now been evacuated.

The IDF said that rockets fired earlier Wednesday from those areas had been responsible for an unidentified impact near Zimrat in the Gaza Corridor.

Rocket fire from Gaza earlier Wednesday was not successful in terms of killing anyone, but one of the two rockets fired did get through. Gazan terror groups have now shown the capability to continually fire two to three rockets at a time several times since last week. Palestinian Islamic Jihad claimed the attack.

Since fighting in Gaza was renewed at the beginning of last week, the IDF has killed 150 terrorists, including 10 top Hamas officials, the Jerusalem Post learned Tuesday.

Additionally, the military has targeted 420 terror infrastructure sites, including buildings, tunnels, and vehicles.

In certain areas, the military has entered a full kilometer into Gaza, such as around the Nitzanim Corridor in central Gaza.

IDF evacuations

Also, the IDF has aggressively attacked and evacuated areas from which terrorists have fired rockets.

In addition to central Gaza and northern Gaza, the IDF has also evacuated Palestinian civilians and then attacked in parts of Khan Yunis, Shaboura, and Tel Sultan. 

IDF sources were still not ready to give an accounting of the full Palestinian death toll following Hamas reports that over 700 Palestinians have been killed. 

Also, earlier this week Hamas claimed that the total Palestinian death toll from the war crossed 50,000. Israel has said at least 20,000 were Hamas terrorists and has disputed aspects of the numbers, while acknowledging a large number of civilians have been unintentionally caught up in the war as part of Hamas’s systematic human shields strategy.

END

Katz warns Gazans: Remove Hamas, release hostages or war will continue

This followed a protest dubbed “Intifada of the North,” which took place in Beit Lahiya, and saw hundreds of participants, shouting “Hamas out!”

By OHAD MERLIN, JERUSALEM POST STAFFMARCH 25, 2025 19:06Updated: MARCH 26, 2025 18:05

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Israel Defense Minister Israel Katz addressed the residents of the Gaza Strip in a statement on Wednesday afternoon, warning that demanding the removal of Hamas and release of all hostages is the only way to stop the war.

“The IDF will soon operate forcefully in additional areas in Gaza and you will be required to evacuate and lose more and more territory. The plans are already ready and approved,” Katz warned.

“Learn from the residents of Beit Lahiya: Demand the removal of Hamas from Gaza and the immediate release of all Israeli hostages – this is the only way to stop the war,” he added.

He also repeated his claim that “the first Sinwar destroyed Gaza, and the second Sinwar is ready to burn half of Gaza with his own hands just to try and maintain his corrupt rule alongside his fellow Hamas murderers and rapists,” adding that Hamas leadership sits “safely with their families in tunnels or luxury hotels, with billions in foreign bank accounts—while using you as hostages.”

This followed 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.https://www.instagram.com/reel/DHqgRMeo82L/embed/captioned/?cr=1&v=14&wp=540&rd=https%3A%2F%2Fwww.jpost.com&rp=%2Fmiddle-east%2Farticle-847577#%7B%22ci%22%3A0%2C%22os%22%3A441.89999997615814%2C%22ls%22%3A91%2C%22le%22%3A314.69999998807907%7D

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.

“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.

ISRAEL/HEZBOLLAH

IDF kills top Hamas officials in renewed Gaza fighting

The ‘Post’ learned that the military has entered a full kilometer into Gaza in areas including Beit Lahia, parts of Khan Yunis, and Jabaliya.

By YONAH JEREMY BOB, JAMES GENN, JERUSALEM POST STAFFMARCH 25, 2025 19:07Updated: MARCH 25, 2025 22:07

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Since fighting in Gaza was renewed at the beginning of last week, the IDF has killed 150 terrorists, including 10 top Hamas officials, the Jerusalem Post learned Tuesday.

Additionally, the military has targeted 420 terror infrastructure sites, including buildings, tunnels, and vehicles.

In certain areas, the military has entered a full kilometer into Gaza, such as around the Nitzanim Corridor in central Gaza.

Also, the IDF has aggressively attacked and evacuated areas from which terrorists have fired rockets.

In addition to central Gaza, Beit Lahia, Beit Hanoun, parts of Khan Yunis, Shaboura, and Tel Sultan, the IDF has been evacuating and moving into Jabaliya.

Katz attempted intervention in military probe

IDF sources were still not ready to give an accounting of the full Palestinian death toll following Hamas reports that over 700 Palestinians have been killed. 

IDF Chief of Staff Lt.-Gen. Eyal Zamir and Shin Bet Director Ronen Bar collaborated daily on all Gaza operations, a significant fact given that the government has fired Bar, and he is only still in office due to a High Court of Justice freeze order through an impending hearing on April 8.

On Tuesday night, Defense Minister Israel Katz sent out a photo of him meeting with Zamir to show that the two still have productive working relations despite their spat on Monday night.

On Monday night, Katz tried to intervene regarding Zamir and the IDF Military Advocate General Maj. Gen. Yifat Tomer Yerushalmi’s handling of a probe into Brig. Gen. (res.) Oren Solomon over his handling of classified information and the October 7 probe into the Gaza Division.

Zamir publicly rejected his intervention, leading Katz to back down.  

IDF confirmed Al Jazeera journalist Shabat was a Hamas terrorist

Separately on Tuesday, the IDF confirmed that Al Jazeera journalist Hossam Shabat, who was killed on Monday by Israeli forces, was a Hamas terrorist.

The IDF and Shin Bet eliminated Shabat on Monday, stating that he was a sniper from Hamas’s Beit Hanoun Battalion and “cynically posed as an Al Jazeera journalist.”

The military claimed that in October 2024, the IDF and Shin Bet exposed Shabat’s ties with Hamas and the terror group’s military wing, al-Qassam Brigades, by revealing internal Hamas documents that proved that he had participated in military training in 2019.

During the Israel-Hamas war, Shabat carried out terror attacks against IDF troops and Israeli civilians, the military claimed.

At the time of writing, Shabat had 580,000 followers on Instagram, where he frequently posted images of himself in a press vest and described himself in Hebrew as a journalist.

He also has 171,200 followers on X/Twitter, where his “team” posted a memorial after his death.

SYRIA

US Issues Demands To Jolani In Exchange For Syrian Sanctions Relief

Tuesday, Mar 25, 2025 – 11:00 PM

On Tuesday Reuters is reporting one of the first high-level meeting between US government representatives and the post-Assad government in Syria.

Jolani’s (al-Sharaa) Hayat Tahrir al-Sham (HTS) is still officially a US-designated terror group, but its Foreign Minister Asaad al-Shiban met with US Deputy Assistant Secretary for the Levant and Syria Natasha Franceschi on the sidelines of a March 18 European donors conference in Brussels on March 18.

This was reportedly for the US side to convey a list of demands, vowing that in return the HTS Syrian regime could receive sanctions relief.

The far-reaching sanctions in question had targeted the Assad government, but for years has unleashed broader suffering among the Syrian population – including lack of electricity, fuel shortages, limited medicines, and runaway inflation.

Interestingly one of the key demands is for the destruction of any remaining chemical weapons stores. Since Assad’s ouster on December 8, Israel has bombed the country repeatedly, targeting former army bases as well as known chemical weapons production sites.

The US is also reportedly demanding that foreign fighters not be installed in top government posts – though this has already happened. Self-declared President Sharaa (Jolani) himself is a former ISIS and AQ operative.

According to more details of the US list via Al Jazeera:

Syria has already appointed some foreign ex-rebels, including Uyghurs, a Jordanian and a Turk, to its defence ministry — a move that alarmed foreign governments.

Washington also asked Syria to appoint a liaison to assist US efforts to find Austin Tice, the US journalist who went missing in Syria more than a decade ago, according to the two US officials and both sources in Washington.

In return for fulfilling all the demands, Washington would provide some sanctions relief, all six sources said. The sources did not specify what relief would be offered, and said Washington did not provide a specific timeline for the conditions to be fulfilled.

Another question which remains will be the fate of Syria’s oil and gas fields in the northeast. Currently they are under US military occupation, and historically have provided enough energy to satisfy Syria’s domestic needs. 

The Syrian Kurds have just struck a deal for integration into Syrian state institutions. This means the US-backed Syrian Democratic Forces (SDF) will have closer cooperation with Damascus, possibly eventually handing over the oil fields.

IRAN

RUSSIA VS UKRAINE

big problems! Ukraine despite the ceasefire is hitting Russian energy sites

(zerohedge)

Ukraine Still Hitting Russian Energy Sites, Kremlin Says, As Naval Ceasefire Not Yet Implement

Wednesday, Mar 26, 2025 – 09:10 AM

It has been less than 24 hours since an expanded Ukrainian ‘partial ceasefire’ was announced to include not just a 30-day halt in attacking energy infrastructure, but a pause in attacks in the Black Sea, and already there are accusations that the deal has been broken once again.

Russia has said the naval ceasefire would only come into force after Washington lifts sanctions against its food and fertilizer trade. The energy and Black Sea ceasefires were announced Tuesday, having been agreed to in separate meetings between both waring countries and the US in Saudi-hosted talks.

The Russian Defense Ministry has said that overnight there were several new attacks targeting Russia’s energy infrastructure, including UAVs sent against the Glebovskoye underground gas storage facility in Crimea.

The ministry also cited the loss of power for some 4,000 people in Kursk region after a Ukrainian drone struck an energy facility.

These ongoing attacks are happening, the ministry said Wednesday, “despite a public statement by Zelensky about accepting the Russian-American agreements reached in Riyadh on March 24 to stop attacks on civilian energy facilities.”

“By continuing to deliver damage to Russia’s civilian energy infrastructure, the Kiev regime is, in fact, doing everything to disrupt the Russian-American agreements on implementing step-by-step measures to resolve the Ukrainian conflict,” the statement read.

Ukraine is also in turn accusing Russia of violating the Riyadh deals, and of not being serious about achieving peace:

Ukrainian President Volodymyr Zelenskiy called on the United States on Wednesday to further sanction Moscow, which he said was clearly not pursuing a “real peace” after a night of Russian drone attacks that caused damage in several places.

He singled out strikes on his hometown of Kryvyi Rih and the northern region of Sumy, as questions swirled over basic details of two ceasefire agreements that were announced by the United States on Tuesday after talks in Saudi Arabia.

As for the new Black Sea initiative, there is already severe disagreement with Ukraine concerning its scope and implementation.

“In accordance with the agreement between the presidents of Russia and the United States, both sides have committed to implementing the Black Sea initiative,” a Kremlin statement said, affirming the US-backed agreement. “This initiative includes guaranteeing safe navigation in the Black Sea, refraining from the use of force, and prohibiting the use of commercial vessels for military purposes, while establishing appropriate control measures through inspections of such vessels.”

Ukraine has already accused Moscow of “lying” about the terms of the agreement:

• The Ukrainian defence ministry then said the movement of Russian warships outside the “eastern part of the Black Sea” would be treated as a violation of the agreement
• President Zelensky called the deal a “step in the right direction” but that it was “too early” to say whether it would work
• Ukrainian Defence Minister Rustem Umerov – who took part in the Riyadh talks with the US – said “technical consultations” were needed “as soon as possible to agree on all the details and technical aspects of the implementation, monitoring and control of the arrangements”
• And Russia said certain sanctions must be lifted from banks, food producers and exporters before the ceasefire could come into effect

“The Kremlin is lying again, claiming that the Black Sea ceasefire supposedly depends on sanctions and that the energy ceasefire supposedly began on 18 March. Moscow always lies,” President Zelensky said Tuesday night. He continued, “It depends on the world and on all those who really need peace whether Russia will be allowed to lie again.”

So it seems there are still some significant hurdles to be overcome before the Black Sea naval ceasefire takes effect and is implemented, not the least of which is Moscow’s demand that its banks involved in international trade in food and fertilizers be fully reconnected to the SWIFT payment system.

END

ROBERT H; TO US:

Hal Turner Radio Show – Budanov Told Ukraine President Blow-Up All Nuclear Power Plants If Ukraine Loses War

These people are nuts! They will kill millions and not just in Ukraine. And this would devastate Western Europe with Eastern Europe taking the brunt of fallout.
Why this is not considered terrorism is a mystery?
And this is what Europe wants to defend?

https://halturnerradioshow.com/index.php/news-selections/world-news/budanov-told-ukraine-president-blow-up-all-nuclear-power-plants-if-ukraine-loses-war

END

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

MARK CRISPIN MILLER

In memory of those who “died suddenly” in the United States and worldwide March 17-24, 2025

IN memory of those who “died suddenly” in the United States and worldwide March 17-24, 2025

George Foreman; actors Jan Schwieterman (52), Mark Dobies, Wings Hauser, George Bell; footballers Kenneth Sims, Derrick Gaffney; celeb hairstylist Braydon Nelson (37); bassist Toby Hurt; & more

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

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

UNITED STATES (199)

Legendary Boxer George Foreman Passes Away

March 22, 2025

Boxing legend George Foreman has passed away at the age of 76. The former heavyweight champion died peacefully on March 21, 2025, surrounded by his family, according to a statement posted on his official Instagram account. Foreman, widely regarded as one of the greatest heavyweight boxers of all time, leaves behind a legacy not only in the ring but also as a father and family man.

Researcher’s Note – Heavyweight Champ George Foreman Rolls Up His Sleeve To Get the COVID-19 Vaccine [sic] in Texas: "Foreman teamed up with UT Health for the vaccination [sic] to help ease the minds of people of color, who are at a higher risk of getting COVID, and encourage them to get the shots": Link

No cause of death reported.

Link

Upgrade to paid

This update to our report on David Lynch contradicts claims that the director died of emphysema:

Naomi Watts and Laura Dern Were Ready to Work with David Lynch Again Two Months Before His Death: ‘He Was Not, in Any Way, Done’

March 20, 2025

According to Naomi Watts, late auteur David Lynch was far from finished making films prior to his unexpected passing in January 2025. Watts told the Los Angeles Times that she and fellow Lynch staple Laura Dern were ready to collaborate again with the director in late November 2024. “We had a beautiful lunch at his house,” Watts said of herself, Lynch, and Dern. “I knew he’d been unwell but he was in great spirits. He wanted to go back to work — Laura and I were like, ‘You can do it! You could work from the trailer.’ He was not, in any way, done. I could see the creative spirit alive in him.”

Link

Jan Schwieterman, Best Known for Starring in Good Burger, Dies at 52 After Cancer Diagnosis

March 21, 2025

Actor Jan Patrick “J.P.” Schwieterman, best known for starring in Nickelodeon’s Good Burger, has died at the age of 52. Jan died at Mercy Hospital in Washington, Mo., on February 28, according to his obituary. His brother, Chad Schwieterman, also confirmed the news in a Facebook post, sharing that the actor died after being diagnosed with stage 4 cancer.

Link

Mark Dobies, ‘Guiding Light’ & ‘One Life to Live’ Actor, Dies at 65

March 20, 2025

Veteran soap actor Mark Dobies, who played Dr. Noah Chase on Guiding Light and Daniel Colson on One Life to Live, has died. He was 65. According to a local New Jersey obituary, Dobies passed away on Tuesday, March 11. A cause of death has not been revealed at this time.

Link

Wings Hauser dead at 78: Vice Squad and The Young and the Restless actor passes away as wife pays tribute

March 20, 2025

The father of Yellowstone actor Cole Hauser has died aged 78. Prolific character actor Wings Hauser passed away over the weekend in the arms of his fourth wife Cali Lili Hauser. He died from natural causes.

No cause of death reported.

Link

America’s tallest man and former actor George Bell dies aged 67

March 20, 2025

America’s tallest man George Bell known as a “gentle giant” has died at his family home in North Carolina aged 67 according to cops. Bell was a 7-foot, 8-inch former Virginia law officer and actor who played roles in “American Horror Story” and AMC’s “Freakshow.” On Wednesday, March 19, Bell’s former co-workers said he was a beloved former Norfolk Sheriff’s deputy known for his “kind and fun-loving personality” after learning of his passing. As of Thursday afternoon, the cause of Bell’s death was not immediately clear.

Link

Former Patriots No. 1 overall pick Kenneth Sims dead at 65

March 21, 2025

Former New England Patriots No. 1 overall pick Kenneth Sims died on Friday at the age of 65. Sims had been battling illness and died in his sleep, per 247sports.

No cause of death reported.

Link

Derrick Gaffney, former NFL pro from Jax, dies at 69

March 19, 2025

Former New York Jets wide receiver Derrick Gaffney — the brother of former Jacksonville City Council members Don and Reggie Gaffney Sr. — has died at age 69.

No cause of death reported.

Link

Yet another celebrity hairstylist “died suddenly”:

Braydon Nelson, Celebrity and Editorial Hairstylist, Dies at 37

March 18, 2025

New York, NY – Braydon Nelson, an editorial hairstylist, died Thursday at the age of 37. The cause of death is not yet known. Nelson, who assisted celebrity hairstylist Garren earlier in his career and went on to create his own stand-alone career, was in the early stages of launching a hair accessories brand and had styled for Vogue, Flaunt and Esquire. Shad characterized his brother as originally a small-town farm boy from Canada who “was destined to end up exactly where he was,” adding that his passion for hair had been lifelong.

No cause of death reported.

Link

Camilla Row, Wife of Hallmark Star Brennan Elliott, Dies from Gastric Cancer: ‘I Know You Are Dancing in Heaven’

March 22, 2025

Camilla Row, the wife of Hallmark star Brennan Elliott and a clinical psychologist, has died, the actor confirmed. The Strong Medicine and UnREAL star, 49, shared a candid Instagram post on Saturday, March 22, in which he announced that Row had died at around 5:30 a.m. that same day. “She suffered immeasurably trying to survive and live with #stage4gastriccancer.” Row was raised in California’s Orange County. A clinical psychologist, she married Elliott in September 2011. Brennan first revealed in April 2022 that Row had been diagnosed with stage 4 gastric cancer.

No age reported.

Link

Marty Callner, Director of Iconic Music Videos, Concert Specials and Stand-Up Shows, Dies at 78

March 19, 2025

Marty Callner, the 12-time Emmy nominee who created HBO’s Hard Knocks and directed and/or produced music videos and TV specials featuring the likes of Cher, Garth Brooks, Robin Williams, Jerry Seinfeld and Chris Rock, has died. He was 78. Callner died Monday at his home in Malibu [CA], his rep Gail Parenteau announced. His son Jazz said it was from natural causes.

No cause of death reported.

Link

Truckstop Dickpill bassist Toby Hurt has passed away

March 18, 2025

Following the release of the group’s latest single “18 Wheeler Drug Dealer” which features Sanguisugabogg frontman Devin Swank, it would seem Truckstop Dickpill’s bassist Toby Hurt has unexpectedly passed away. No further information is available at this time, the news was confirmed by the band’s socials.

No age or cause of death reported.

Link

Investigators Lean On New Cause of Death For YouTuber P2istheName

March 18, 2025

The online community is deeply saddened by the sudden and unexpected death of Philip Enewally, who was widely known by his YouTube username, P2istheName. Authorities are currently looking into the details surrounding his passing, but at this time, they do not believe that any criminal activity was involved. The authorities are treating the 26-year-old’s sudden death as natural causes. This comes after a thorough investigation. According to law enforcement sources, Enewally collapsed outside his apartment building in Los Angeles on the afternoon of Friday, March 15. Witnesses said they saw him lying on the ground near the mailboxes, which led the property manager to call 911 for help. Emergency medical teams arrived quickly, but despite their attempts to save him, Enewally was declared dead at the location where he was found. Police have stated that “there were no immediate signs of drugs or alcohol” at the scene, which has led investigators to consider the incident as likely due to natural causes, at least for now. The Los Angeles County Coroner has completed an autopsy, but they are still waiting for the results of toxicology tests, which may provide more information about what caused his death.

Link

Nebraska Poker Player Jeff Banghart Passes Away from Brain Cancer at Age 63

March 24, 2025

Jeff Banghart, a poker player from Nebraska well-known in Midwestern poker circles, passed away last Thursday after a two-year battle with brain cancer. He was 63. “Jeff died on Thursday,” his friend Tim Carman shared. “I’m sad beyond words – and my own comprehension. Sad for his child

DR PAUL ALEXANDER

Fwd: BREAKING! Trump wins against hard left 9th circuit court BOOM! 9th Circuit has stayed a judge’s order in matter to…..

Trump wins against hard left 9th circuit court BOOM! 9th Circuit has stayed a judge’s order in matter to get Trump to restart refugee admissions; still must process those prior to Jan 20th

but admissions can be paused as per Trump’s EO; Biden judge said Trump had to take refugees but 9th circuit (stunning) says NO! Great WIN! Case: 25-1313, 03/25/2025, DktEntry: 28.1, Page 1 of 2

This was a 3-judge panel from the 9th Circuit Court of Appeals that blocked (stayed) the order by a district court judge in Seattle forcing Trump to restart the refugee admissions, big victory!

___

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

SLAY NEWS:

NEWS ADDICTS

———- Forwarded message ———
From: Newswize <mail@newswize.com>
Date: Wed, Mar 26, 2025 at 08:49

LATEST NEWSDutch Government Admits Covid ‘Vaccine’ Is a ‘Bioweapon’The Dutch government has admitted that the pandemic was a “military operation” that was designed to unleash Covid mRNA “vaccines” onto the public as a “bioweapon” designed to depopulate the masses.READ MORETrump orders FBI to declassify documents from ‘Crossfire Hurricane’President Donald Trump has issued an executive order directing the FBI to immediately declassify all remaining documents related to the Crossfire Hurricane investigation, the controversial probe that examined whether Trump’s 2016 campaign colluded with Russia to interfere in the presidential election. The decision marks a significant moment in a years-long battle over transparency regarding the origins and conduct of the …READ MORETrump reveals who was behind Signal group text leakPresident Donald Trump confirmed that the responsible for the Signal group chat leak was a staffer from National Security Advisor Mike Waltz’s office who added The Atlantic’s editor-in-chief, Jeffrey Goldberg, to a group chat where senior officials were discussing an upcoming strike on Houthi rebels in Yemen. “It was one of Michael’s people on the phone. A staffer had his …READ MORE

———- Forwarded message ———

EVOL NEWS

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

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

8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES/

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

EURO/USA: 1.0797 UP 8 BASIS POINTS

USA/ YEN 150.16 UP 0.213 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 1.2909 DOWN 0.0035 OR 35 BASIS PTS

USA/CAN DOLLAR:  1.4251 DOWN 0.0022 (CDN DOLLAR UP 22 BASIS PTS)

 Last night Shanghai COMPOSITE CLOSED DOWN 1.28 PTS OR 0.04%

 Hang Seng CLOSED UP 139.07 PTS OR 0.60%

AUSTRALIA CLOSED UP 0.71%

 // EUROPEAN BOURSE:     ALL MOSTLY RED EXCEPT LONDON

Trading from Europe and ASIA

I) EUROPEAN BOURSES:  ALL MOSTLY RED EXCEPT LONDON

2/ CHINESE BOURSES / :Hang SENG CLOSED UP 139.07 PTS OR 0.60%

/SHANGHAI CLOSED DOWN 1.28 PTS OR 0.04%

AUSTRALIA BOURSE CLOSED UP 0.71%

(Nikkei (Japan) CLOSED UP 246.25 PTS OR 0.65%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 3029.75

silver:$33.77

USA dollar index early WEDNESDAY  morning: 103.88 UP 5 BASIS POINTS FROM  TUESDAY’s CLOSE.

WEDNESDAY  MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing WEDNESDAY NUMBERS 1: 30 AM

Portuguese 10 year bond yield: 3.292 % DOWN 3 in basis point(s) yield

JAPANESE BOND YIELD: +1.563% UP 0 FULL POINTS AND 0/100  BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.411 DOWN 3 in basis points yield

ITALIAN 10 YR BOND YIELD 3.888 DOWN 4 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.789 DOWN 4 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 1.0776 DOWN .0013 OR 13 basis points

USA/Japan: 150.56 UP 0.580 OR YEN IS DOWN 58 BASIS PTS//

Great Britain 10 YR RATE 4.7650 DOWN 3 BASIS POINTS //

Canadian dollar UP .0023 OR 23 BASIS pts  to 1.4250

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan UP T0 7.2656,  CNY ON SHORE ..CHINA MUST DEVALUE TO GOLD  

THE USA/YUAN OFFSHORE UP TO 7.2759:    

TURKISH LIRA:  38.01 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 5 in basis points from WEDNESDAY at  4.356% //trading well ABOVE the resistance level of 2.27-2.32%)

 USA 30 yr bond yield  4.699 UP 2 in basis points  /11:00 AM

USA 2 YR BOND YIELD: 4.019 UP 1 BASIS PTS.

GOLD AT 11;00 AM 3022.00

SILVER AT 11;00: 33.76

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

London: CLOSED

GERMAN DAX: DOWN 270.76PTS OR 1.17%

Paris CAC CLOSED DOWN 51.25 or 0.63%

Spain IBEX CLOSED DOWN 52.10 PTS OR 0.39%

Italian MIB: CLOSED DOWN 326.85 PTS OR 0.83%

WTI Oil price  69.73 11 EST/

Brent Oil:  73.82 11:00 EST

USA /RUSSIAN ROUBLE ///   AT:  84.17 ROUBLE UP 0 AND  45/ 100      

GERMAN 10 YR BOND YIELD; +2.7890 DOWN 3 BASIS PTS.

UK 10 YR YIELD: 4.7620 DOWN 3 BASIS POINTS

CDN 10 YEAR RATE: 3.137 UP 6 BASIS PTS.

CDN 5 YEAR RATE: 2.774 UP 3 BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA 1.0751 DOWN 0.0038 OR 38 BASIS POINTS//HEADING TO PARITY WITH THE DOLLAR

British Pound: 1.2887 DOWN .0058 OR 58 basis pts/HEADING FOR PARITY /USA

BRITISH 10 YR GILT BOND YIELD:  4.7695 DOWN 5 BASIS PTS//

JAPAN 10 YR YIELD: 1.564

USA dollar vs Japanese Yen: 160.53 UP 0.598 BASIS PTS// HEADING FOR 160 TO THE DOLLAR

USA dollar vs Canadian dollar: 1.4288 UP 15 BASIS PTS CDN DOLLAR DOWN 15 BASIS PTS

West Texas intermediate oil: 69;71

Brent OIL:  73.83

USA 10 yr bond yield UP 4 BASIS pts to 4.346

USA 30 yr bond yield UP 4 BASIS PTS to 4.692%

USA 2 YR BOND: DOWN 0 PTS AT  4.015%

CDN 10 YR RATE 3.141 UP 6 BASIS PTS

CDN 5 YEAR RATE: 2.782 UP 4 BASIS PTS

USA dollar index: 104.24 UP 41 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 37..99 GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE:  84.07 UP 0 AND  55/100 roubles

GOLD  3017.00 (3:30 PM)

SILVER: 33.56 (3:30 PM)

DOW JONES INDUSTRIAL AVERAGE: DOWN 132.71 OR 0.31%

NASDAQ 100 DOWN 370.83 PTS OR 1.83%

VOLATILITY INDEX: 18.34 UP 1.19 PTS OR 6.94%

GLD: $ 278.24 DOWN .23 PTS OR 0.083%

SLV/ $30.53 DOWN 0.05 PTS OR OR 0.16%

TORONTO STOCK INDEX// TSX INDEX: CLOSED DOWN 181.94 OR 0.72%

end

TRADING today ZEROHEDGE/

ZEROHEDGE/HEADLINE CLOSING MARKETS/ZEROHEDGE

‘AI Bubble’ Fears Wreck Tech As Tariff Talk Lifts The Dollar

USA DATA

durable goods at records high!

(zerohedge)

Recession Canceled… Again: US Durable Goods Orders Back Near Record-Highs In February

Wednesday, Mar 26, 2025 – 08:42 AM

After the surprising 3.2% MoM surge in January, US durable goods orders were expected to slide in preliminary February data. However, in yet another recession-imminent-narrative crushing ‘hard’ data point, orders rose 0.9% MoM (-1.0% exp) and January was revised up from +3.2% MoM to +3.3% MoM…

Source: Bloomberg

The Commerce Department’s durable goods report showed commercial aircraft bookings, which are volatile from month to month, dropped 5% after nearly doubling in January. Boeing Co. reported 13 orders in February, down from 36 a month earlier.

Even more notably, core durable goods orders surged 0.7% MoM – the biggest MoM jump since March 2022…

Source: Bloomberg

This pushed the total durable goods orders back up near record highs…

Source: Bloomberg

Finally, Core capital goods shipments, a figure that is used to help calculate equipment investment in the government’s gross domestic product report, rose 0.9%, the most in a year.

Not exactly recessionary signaling. Of course, the first excuse out of every talking heads’ mouth will be “well it’s front-running Trump’s tariffs… and won’t be sustainable” – we shall see (and why didn’t the forecasting analysts see that coming?).

The partisan ‘soft’ data to non-partisan ‘hard’ data decoupling continues to grow.

USA ECONOMIC NEWS

Stocks, Bond Yields Sink On Reports Of Imminent Trump Auto Tariffs

Wednesday, Mar 26, 2025 – 12:07 PM

Following President Trump’s comments earlier in the week that he would detail the scale of auto levies in the coming days, Bloomberg reports that – citing the usual people familiar with the matter – the Trump administration is readying an announcement on auto tariffs as soon as today.

Bloomberg adds that the people shared the timing of the expected announcement on condition of anonymity, to discuss plans not yet made public. 

One of the people, though, cautioned that the president’s plans could still shift.

This is a move that would escalate Trump’s fight with global trading partners ahead of a broader tariff push next week.

The broad market was already lower but accelerated on the report…

Treasury yields also sank…

The president has said the levies will help spur growth in the domestic auto sector and force companies to move more production to the US.

The move risks disrupting operations for North American automakers, who rely on highly integrated chains across the US, Mexico and Canada; and Ford and GM shares are falling on the report.

Minutes after Bloomberg’s report, the following headlines hit: 

• *GM CEO MARY BARRA TO MEET TRUMP ADMIN. OVER TARIFFS: FREE PRESS
• *FORD CHAIR BILL FORD TO MEET TRUMP ADMIN THIS WEEK: FREE PRESS

The level and scope of the auto tariffs are not clear, including what, if any, exemptions would be included or considered. It’s also unclear if the tariffs would go into effect immediately or over time.

END

Trump Tackles Election Integrity With Sweeping Executive Order; Will Punish States That Don’t Comply

Tuesday, Mar 25, 2025 – 03:30 PM

On Tuesday, President Trump signed a sweeping executive order aimed at election security.

The order will cut federal funding for states that refuse to take steps to secure their elections, tasks the Department of Homeland Security with ensuring that illegal immigrants are not voting, adds a citizenship question on the federal voting form for the first time.

It also orders the Justice Department to vigorously pursue election crimes – particularly in states that are out of compliance with federal law on election security, and seeks to ensure compliance with national election day rules.

The order also calls for the prosecution of foreign interference in US elections (like paying a British spook to produce a fabricated hoax against a candidate – which nothing is ever done about, even now?).

Watch:

Are sanctuary cities next?

*END

RFK Jr. Is Pushing Big Pharma Ad Ban – And Corporate Media Is Panicking

by Tyler Durden

Wednesday, Mar 26, 2025 – 03:40 PM

Authored by Kyle Becker via relentless,

Robert F. Kennedy Jr., Donald Trump’s Health and Human Services Secretary, is pushing a plan to ban pharmaceutical ads from television. He’s right to push for it—and not just because the U.S. is one of only two countries on earth that allows such advertising (the other being New Zealand).

America’s health system isn’t just flawed; it’s harming public health, distorting journalism, and fueling Big Pharma’s malignant influence over our daily lives.

Let’s start with the obvious: TV drug ads aren’t designed to inform—they’re designed to manipulate. The formula is always the same. Cue soft lighting and sappy piano music. A sad, listless person pops a pill and suddenly life is vibrant again. They’re running through fields, laughing with family, walking dogs across idyllic bridges.

Then, in a breathless voiceover, the side effects come tumbling out like a legal disclaimer roulette wheel—stroke, heart failure, suicidal thoughts. The goal? Make viewers want a drug before they even talk to their doctor. It’s emotional coercion dressed up as health education.

This completely inverts how medicine is supposed to work. Health care decisions should be made inside the exam room, not in a 60-second marketing spot. Patients should go to their doctors with symptoms, and those doctors—armed with clinical training and knowledge of the patient’s full health profile—should decide whether a drug is even necessary.

Many issues could be better addressed through lifestyle changes, diet, supplements, or preventative care. But instead, America has normalized a pill-for-everything culture, supercharged by the fact that doctors are often nudged by patients demanding whatever drug they saw advertised last night during a commercial break.

This isn’t just bad medicine—it’s dangerous. And it’s no accident.

Big Pharma isn’t spending billions on advertising because it cares about your health. It’s doing it because the return on investment is enormous. Studies estimate the ROI on direct-to-consumer (DTC) drug ads ranges from 100% to 500%, depending on the drug. In 2025 alone, pharmaceutical companies are projected to spend over $5 billion on national linear TV ads, according to iSpot.tv. That number balloons even higher when you include digital and streaming. Just a handful of blockbuster drugs—like Skyrizi, Jardiance, and Ozempic—are burning through tens of millions in TV ads every month.

This revenue isn’t just padding Big Pharma’s pockets—it’s quietly buying influence in the media. Nearly 31% of ad minutes on major nightly news broadcasts in 2024 came from pharmaceutical brands. That means a huge portion of media budgets depend on the very companies they should be holding accountable. And surprise, surprise: when Big Pharma misleads the public, many news outlets are either silent or hesitant to report critically. The financial conflict of interest is baked in.

We saw the worst-case version of this during the COVID-19 pandemic. The novel mRNA shots—rushed to market under emergency use—were sold to the public as miracle solutions. Government officials and media outlets claimed these vaccines would “stop infection,” “prevent death entirely,” and “end the pandemic.” Younger, healthy individuals were told they needed them for everyone’s safety, despite already low statistical risk. None of these claims held up. As the data evolved, we learned the vaccines offered some reduction in severe disease, but not sterilizing immunity. Yet the media rarely corrected course.

Why would they? Pharma ads were paying the bills. Meanwhile, federal workers were mandated—and many private sector employees coerced—into getting injections under false pretenses. Billions of dollars flowed to Big Pharma. The American public was misled.

This pattern of deception is not new. Pfizer alone has paid billions in legal penalties over the years for unethical marketing, off-label promotion, and other violations. The most infamous: a $2.3 billion settlement in 2009—the largest health care fraud settlement in U.S. history at the time. Yet companies like Pfizer, AbbVie, and Johnson & Johnson still enjoy a polished image on TV, thanks in part to relentless ad spending and regulatory leniency.

RFK Jr.’s plan, while legally uphill, is not without precedent. In 1970, President Nixon signed the Public Health Cigarette Smoking Act, which banned tobacco ads from TV and radio. Cigarettes were legal, yet too dangerous to promote on air. The same principle should apply here. Just because a drug is FDA-approved doesn’t mean it should be marketed like soda. Approval doesn’t equal infallibility—just ask anyone who took Vioxx or OxyContin.

Critics, including the Wall Street Journal, have framed RFK’s proposal as a personal vendetta. That’s both lazy and misleading. In reality, there’s wide bipartisan and public support for reining in pharma ads. The American Medical Association called for a ban back in 2015. A STAT/Harvard poll found that 57% of Americans support banning TV drug ads. Even hosts on CNBC—hardly anti-business—agreed the ads are unnecessary. “Don’t you think doctors should prescribe it if you need it?” asked Joe Kernen. Exactly.

The pharmaceutical industry’s defenders like to invoke the First Amendment, claiming that banning ads would be unconstitutional. But commercial speech does not enjoy absolute protection. Under the Central Hudson test, the government can regulate ads if it has a substantial interest, the regulation directly advances that interest, and the restriction is narrowly tailored. Protecting public health from misleading pharmaceutical marketing clears all three hurdles. Even if a full ban doesn’t survive, tighter restrictions—like banning ads for certain drug classes, or requiring full price transparency—could pass muster.

More importantly, even the threat of a ban could pressure drugmakers to change course voluntarily. They did it before in 2008, when criticism led to updated self-regulatory guidelines. If Kennedy’s push forces them to rethink their practices, that alone is a win.

Pharma companies will no doubt fight this tooth and nail. But that’s not a reason to back down—it’s a reason to press harder. We’ve allowed an industry with an immense profit motive to shape our health decisions for too long. The result? A country drowning in prescriptions, mired in chronic disease, and confused about who to trust.

Enough is enough. RFK Jr.’s proposal to kick drug ads off TV isn’t radical—it’s responsible. And it’s long overdue.

~~~ KB

END

Pro-Kamala Harris Tech Titan Admits Democrats Destroyed California

Wednesday, Mar 26, 2025 – 06:55 AM

California’s decline has grown so stark that even steadfast Democratic allies can no longer deny the truth: the state’s extreme left-wing policies have plunged it into chaos.

Aaron Levie, founder and CEO of Box, has joined the chorus of voices condemning the Democratic Party’s mismanagement of California, asserting that the party’s entire political apparatus demands a complete overhaul. Levie, who endorsed Vice President Kamala Harris in the 2024 presidential election, made the pointed remarks during an interview with co-founder and former Lattice CEO, Jack Altman.

“We live in California. It should be like the greatest place on Earth on every dimension. How do you beat this weather? You’ve completely created the atmosphere of every major tech company,” Levie explained. You have Stanford, Berkeley, Caltech. You have institutions and all the venture capital. You’re sitting on this incredible asset and then literally you can’t make it affordable to live here. That’s just insane.”

“That’s totally insane and that is 100% due to the bureaucracy of our state. That’s basically a Democrat problem,” the Box CEO added. “Democrats can’t out message that with their policy views because their policy views are in many cases just the wrong policy views. You actually just have to build and you have to create an environment where you can build things.”

Levie concluded his critique by urging a “reset” for the Democrats.

California’s affordability crisis has reached a critical juncture, with soaring housing costs, stagnant wages, and rising living expenses pushing many residents to the brink.

In major cities like Los Angeles and San Francisco, median home prices have skyrocketed beyond $1 million—Redfin reports $1.35 million in San Francisco and $1.05 million in Los Angeles as of February 2025—far outpacing the national average of $371,200 according to Zillow, while rents consume a disproportionate share of income for working families, with the California Budget and Policy Center noting over 50% of renters spend more than 30% of their income on housing.

Coupled with high taxes (the Tax Foundation pegs California’s tax burden at 11.5% of income in 2025), steep utility rates (CPUC data shows electricity at 30 cents per kWh), and grocery prices outstripping inflation (a USDA report cites a 19% rise since 2020), the state has become a challenging place for all but the wealthiest to thrive.

This economic squeeze has fueled an exodus of middle- and low-income households—the U.S. Census Bureau recorded a net loss of 500,000 residents from 2020–2024—exacerbating labor shortages and straining local economies, as the Public Policy Institute of California highlights in its 2025 labor market analysis.

Levie’s sober talk about the Democrats aligns with growing voter dissatisfaction, as many within the party are unhappy with it’s direction since President Donald Trump’s reelection to the White House.

A plurality of voters (40%) believe the Democratic Party has no clear strategy for countering Trump, according to a survey by the liberal firm Blueprint, first reported by POLITICO. Another 24% said the party does have an ineffective plan.

If only Californians could convince their governor-turned-podcaster Gavin Newsom to do something about it. 

END

Regarding New JFK Disclosures, State Department Refuses To Acknowledge Israel’s Nukes

by Tyler Durden

Wednesday, Mar 26, 2025 – 05:45 AM

Authored by Sam Husseini via Substack,

Many thanks to Decensored News for this video of my questioning State Department spokesperson Tammy Bruce yesterday, transcript below. Also just posted on X.

This leads to many questions including: Was JFK killed, at least in part, over Israel’s nukes? If so, is the US government’s refusal to acknowledge Israel’s nuclear weapons effectively a continuation of the assassination plot?

Is Trump about America First? Or Israel First?

Doesn’t the pattern of imperial Israel getting its way regarding US government policy give additional evidence to the Israel aspect of the Kennedy assassinations?

See relevant pieces below.

Transcript:

BRUCE: And in the back, did I hear JFK? Because, interestingly, no one – we haven’t brought that up yet, so let’s give that a try here.

HUSSEINI: Here? Thank you.

BRUCE: Who was – who was – yeah.

HUSSEINI: Yeah.

BRUCE: JFK – so who keeps saying JFK?

HUSSEINI: Excellent, thank you.

BRUCE: In the back? All right, let’s do it.

HUSSEINI: JFK assassination’s obviously back in the news, and Jefferson Morley of JFK Facts was on Bill O’Reilly’s show analyzing some of the documents the Trump Administration has released. One of the revelations that he discussed was the fact that James Angleton, the CIA counterintelligence chief, had relied on Israelis as part of his intelligence-gathering operations, which included monitoring Oswald prior to the assassination.

As you may be aware, JFK in the summer of 1963 was deeply concerned with Israel acquiring nuclear weapons. He had sent a series of letters to Ben Gurion, Israel’s founding prime minister, demanding that Israel allow inspectors. Ben Gurion resigned just when he was pressed on the issue by JFK. [JFK actually wrote the US’s “commitment to and support of Israel could be seriously jeopardized.”]

BRUCE: All right, here – I’ve got something I can say to this. Do you want me to – do you want me to say something?

HUSSEINI: Yeah, yeah, I do – I do. I do. I’ve got a question for you.

BRUCE: All right.

HUSSEINI: Israel continued stalling inspections —

BRUCE: All right.

HUSSEINI: — and JFK was, of course, assassinated in November. Every president since has adopted Israel’s policy of refusing to acknowledge the existence of Israel’s nuclear arsenal. My question to you is: Will this administration finally do so?

BRUCE: Boy, that was – we went from JFK from – and then to now Israel’s nuclear arsenal.

HUSSEINI: Will you acknowledge Israel has nuclear weapons? [I wish I said “So you acknowledge that Israel has a nuclear weapons arsenal?”]

BRUCE: No, I – I understand. I understand. What I – here’s what I will tell you about the JFK files, is —

HUSSEINI: I’m not asking about the JFK files.

BRUCE: There’s about 80 – excuse me, sir, I —

HUSSEINI: Please.

BRUCE: Thank you. About 80,000 pages of unredacted records related to the Kennedy assassination are currently being released – and I think they’ve finished at this point – by order of President Trump. We know that also, as I’ve been asked before, if there was any other material anywhere, this is it. This is all the material. It’s out and, again, unredacted. And so that’s good news. For my generation this is also good news. Certainly as you grow up with that kind of a dynamic that happened in this country, and now of course we’re happily – we happily can say that Robert F. Kennedy, Jr., is contributing to the nature of our nation and making a difference as well.

As far as the speculation and conspiracy theories about what was happening regarding that assassination and in the decades that followed, I have no comment for you, and nor am I going to speculate or comment on that.

HUSSEINI: So you will not acknowledge that Israel has nuclear weapons?

BRUCE: But I appreciate you being here and asking in that regard.

At the end, yes, sir, go ahead, please. Thank you.

HUSSEINI: No straight talk on Israel?

QUESTION: Thank you so much. On Bangladesh.

HUSSEINI: America First?!

BRUCE: Please – please. Let’s keep going. You’re —

Relevant pieces —

• The Ostrich Caucus
• Israel and the Kennedy Assassinations
• Is Israel the Deep State?
• State Dept: Israel in Charge of When We’ll Enforce US Bans on Foreign Aid Over Its Nuclear Weapons Program

Read the rest here…

END

VICTOR DAVIS HANSON

USA/ANTISEMITISM//HAMAS// REPORT

KINGNEWS

SWAMP STORIES

New Dirt On Judge Boasberg Raises More Questions

Tuesday, Mar 25, 2025 – 01:00 PM

Authored by Matt Margolis via PJMedia.com,

The district court judge who recently blocked President Donald Trump’s efforts to deport illegal alien gang members attended a suspiciously partisan legal conference just months before his ruling, according to a judicial ethics report.

Judge James Boasberg, who serves on the D.C. District Court, participated in what appears to be nothing more than a Democrat strategy session masquerading as a legal conference in Sun Valley, Idaho. 

The conference’s agenda items, “Judges in a Democracy” and “State of Democracy,” sound eerily similar to the Democrats’ tiresome 2024 campaign rhetoric about “saving democracy” — which, of course, has become the justification for their using the courts to obstruct Trump’s agenda.

“Called a ‘Privately Funded Seminar Disclosure Report,” the document discloses that Boasberg was in attendance but offers no details of whether Boasberg was paid for his attendance or travel, or what the remuneration was,’ reports Just the News. 

The outlet was “alerted to the conference and to Boasberg’s attendance by a retired Democrat-appointed judge, who was concerned the July 2024 conference’s focus on judges’ role in a democracy was too close to a political party’s theme for comfort.”

Overseen by the Administrative Office of the U.S. Courts, the ethical rules governing federal judges require that a private entity who “issues an invitation to a federal judge to attend an educational program as a speaker, panelist, or attendee and offers to pay for or reimburse that judge, in excess of $480, must disclose financial and programmatic information.” The rules do not require a specific accounting for each judge, or even how much was paid to judges at all.

[…]

It is possible that his “payment” was merely reimbursement for expenses, but Boasberg did not respond to a request for comment from Just the News.

The entire arrangement reeks of the same swamp politics that President Trump has been fighting since day one.

Is it any surprise that after rubbing elbows with fellow liberals at this partisan powwow, Judge Boasberg decided to obstruct Trump’s efforts to remove dangerous gang members from our streets? This is exactly why Americans have lost faith in our judicial system — unelected judges attending partisan conferences, then making decisions based on partisan biases, not constitutionality.

The conference was part of the Rodel Institute’s Judicial Fellowship, and each attending judge, including Boasberg, was a first-year fellow, according to the institute’s website. Notably, Rodel receives funding from the same foundations that frequently bankroll anti-Trump organizations, programs, and publications. Additionally, the institute’s faculty advisors — twenty in total — are overwhelmingly outspoken Trump critics or those who have opposed his policies. 

The Rodel Institute’s Board of Directors is stacked with Trump critics, including Ian Solomon. Co-founders Bill and Don Budinger have deep ties to Democratic organizations and candidates, with Don opposing Arizona’s immigration enforcement efforts and backing Democratic Senate candidates. Former Montana Gov. Steve Bullock was under consideration for Kamala Harris’s Cabinet, while former Arizona legislator Heather Carter abandoned the GOP and endorsed Democrats like Katie Hobbs. Jamie Woodson co-chaired a report lamenting “political disinformation” in 2016, and former Washington Attorney General Rob McKenna has openly attacked Trump, calling him a “demagogue” and dismissing his legal arguments as “flimsy.”

Maybe next time, Judge Boasberg can hold his strategy sessions somewhere less obvious than a millionaire’s playground. But then again, the left has never been particularly good at hiding its contempt for Trump or the rule of law. 

*  *  *

END

Pound Sand: Trump Admin Invokes ‘State Secrets Privilege’ To Block Release Of Deportation Information To Judge

Tuesday, Mar 25, 2025 – 09:45 PM

Authored by Emel Akan via The Epoch Times (emphasis ours),

WASHINGTON—The Trump administration on March 24 invoked the “state secrets privilege,” a move that could lead to the dismissal of the case against the government regarding the deportation of Venezuelan illegal immigrants to El Salvador.

The “state secrets privilege” is a legal doctrine developed by the Supreme Court to protect sensitive national security information from disclosure in civil litigation. Key cases, such as Totten v. United States (1876) and Reynolds v. United States (1953), established its application, allowing the government to withhold information in litigation if its disclosure would pose a national security risk.

By using this privilege, the Trump administration won’t have to provide information about deportees. Hence, the case against the government might be dismissed.

The government’s court filing stated, “The Executive Branch hereby notifies the Court that no further information will be provided in response to the Court’s March 18, 2025, Minute Order based on the state secrets privilege and the concurrently filed declarations of the Secretary of State and the Secretary of Homeland Security.”

While courts must review claims of privilege, they avoid excessive scrutiny to prevent revealing classified information. Recent cases such as United States v. Zubaydah (2021) and Federal Bureau of Investigation v. Fazaga (2021) have further defined the scope of this privilege.

The government has used the privilege in a variety of cases, including those involving surveillance, government contracts, and national security threats.

The move comes after U.S. District Judge James Boasberg began weighing whether the government violated his order to turn around planes deporting illegal immigrants alleged to be gang members.

Boasberg asked for details about when the planes landed and who was on board. However, the Trump administration has said that giving that information would harm “diplomatic and national security concerns.”

On March 24, a three-judge panel from the U.S. Court of Appeals for the District of Columbia Circuit heard arguments on whether to stop Boasberg’s order blocking the Trump administration from deporting alleged members of a Venezuelan gang under the Alien Enemies Act.

U.S. Circuit Judge Patricia Millett seemed skeptical of the administration’s position. U.S. Circuit Judge Justin Walker, meanwhile, asked multiple questions of both sides and seemed sympathetic to the administration’s arguments.

At one point, Millett told Justice Department attorney Drew Ensign that “Nazis got better treatment” under the Alien Enemies Act than the way the administration treated suspected members of Tren de Aragua. The U.S. Department of State designated the Venezuelan gang and several other foreign gangs and cartels as foreign terrorist organizations in February.

The administration transferred hundreds of Venezuelan illegal immigrants to El Salvador—invoking the Alien Enemies Act for the first time since World War II—shortly before Boasberg issued the written order that blocked such deportations.

Sam Dorman and The Associated Press contributed to this report.

END

The ‘Real’ Epstein Files Are Coming – Here’s What To Know…

Tuesday, Mar 25, 2025 – 03:20 PM

Authored by Matt Margolis via PJMedia.com,

The Trump administration is proving once again that promises made are promises kept. After successfully releasing over 80,000 pages of files connected to the assassination of John F. Kennedy on March 18, the focus has now shifted to perhaps what should be an even more explosive collection of documents—the Jeffrey Epstein files.

As you know, there was a huge document dump of files related to the Jeffrey Epstein case last month that was, to say the least, underwhelming. Part of the problem, it turns out, was that rogue officials out of the Southern District of New York office had withheld documents from the Department of Justice.

So, where’s the good stuff? Well, according to a report from Vanity Fair, it should be coming soon.

It’s the FBI’s flagship field office, with more than a thousand agents and another thousand or so civilian employees. And right now, multiple sources with knowledge of the matter say that one priority at the bureau’s New York field office is taking precedence over all others: the review and redaction of sensitive information in the Jeffrey Epstein case files, to prepare for possible publication.

“It’s literally all hands on deck,” one source familiar with the matter tells me, adding that dozens and dozens of agents are working around the clock on the case, instead of on their regular duties. “I even saw an agent walking in with a pillow,” the source added.

Attorney General Pam Bondi, appearing on Maria Bartiromo’s “Sunday Morning Futures,” spoke about this massive undertaking. Bartiromo pressed Bondi about the release of files related to Jeffrey Epstein. Acknowledging the complexity of handling such sensitive material, Bartiromo noted, “I recognize that when you’re dealing with children, it takes much more time. You’ve got to ensure that what you’re sending out publicly is not revealing any personal information.” She then asked Bondi whether more details would be forthcoming.

Bondi confirmed that updates were on the horizon, stating, “You’re absolutely right, Maria. You know, tens of thousands of pages of documents and hundreds and hundreds of victims, um, of Jeffrey Epstein.” 

Bartiromo reacted with a stunned “Wow.”

Bondi assured viewers that federal authorities were making progress. “The FBI, they have been working round the clock at my directive, at [FBI Director] Kash Patel’s directive,” she said, adding that FBI Deputy Director Dan Bongino is also involved. “Dan Bongino’s there, who is a great asset for all of us at the FBI as well.”

Bondi reiterated the need to safeguard victims while ensuring transparency. “We have to protect their identity, their personal information, to make sure they’re safe,” she said. “But other than that, we are releasing all of these documents as soon as we can get them redacted to protect the victims of… of, of all of these horrific crimes he has committed.”

Bartiromo responded, “Understood.”

Rest assured, transparency is coming, everyone. 

END

Sleazy Dem Rep. Crockett Scrambles To Explain ‘Hot Wheels’ Slur Against Gov. Abbott…And Fails

Wednesday, Mar 26, 2025 – 08:50 AM

Update (0830ET): Just when sleazy Democratic Congresswoman Jasmine Crockett thought she had ‘gaslit’ the world into believing she was not referring to Texas Governor’s wheelchair-bound life with her ‘hot wheels’ denigration, claiming she was referring to his ‘busing policy’ which began in 2022, FreeBeacon.com reports that Crockett “liked” Facebook comments referring to wheelchair-bound Texas governor Greg Abbott as “hot wheels” in 2021 – a year before he started busing migrants to Democratic cities

“Hot wheels something else,” reads a June 2021 Facebook comment that Crockett “liked” on the platform. The comment was a reply to a Crockett post about Abbott.

That same month, Crockett reacted with a heart emoji to a comment that said, referring to Abbott, “When I say I sick of hot wheels….I am SICK OF HIM.”

A month later in July 2021, Crockett reacted with a positive emoji to a commenter who urged her to “Keep making Gov Hot Wheels Mad.”

Abbott became paralyzed from the waist down after suffering an accident during law school. While on a run in 1984, an oak tree snapped and fell on him, breaking his back and injuring internal organs.

Is it all an act?

Stay classy, San Diego!

*  *  *

As Luis Cornelio detailed earlier via Headline USA, Rep. Jasmine Crockett, D-Texas, is not slowing down after derisively referring to Gov. Greg Abbott as “Gov. Hot Wheels”—a mocking reference to Abbott’s use of a wheelchair. 

Abbott has been paralyzed from the waist down since 1984 when a large oak tree fell on his back while jogging. He was 26 and a recent law school graduate at the time. 

Crockett made the offensive remarks during her speech at a Human Rights Campaign dinner in Los Angeles on Friday.

“Y’all know we got Governor Hot Wheels down there. Come on now—and the only thing hot about him is that he is a hot ass mess, honey,” Crockett said in her distinctive voice. 

Despite mounting criticism, Crockett doubled down on her comment, claiming her “Hot Wheels” reference was a jab at Abbott’s use of buses to transport illegal immigrants into sanctuary jurisdictions in 2022. 

“I wasn’t thinking about the governor’s condition – I was thinking about the planes, trains, and automobiles he used to transfer migrants into communities led by Black mayors, deliberately stoking tension and fear among the most vulnerable,” Crockett wrote on X Tuesday, days after making the remarks. 

“Literally, the next line I said was that he was a ‘Hot A** Mess,’ referencing his terrible policies. At no point did I mention or allude to his condition,” she added.  

Crockett also aimed at Republicans, including President Donald Trump, whom she misleadingly described as “a man known for racially insensitive nicknames and mocking those with disabilities.” 

She dismissed the criticism as “yet another distraction,” adding: “Instead of obsessing over and hanging on to my every word, maybe my political foes should focus on doing the work of the people who elected us to improve their lives.” 

Crockett’s remarks drew the condemnation of Rep. Andy Weber, R-Texas, who introduced a resolution to formally censure her comments. 

“The story of our great governor of Texas is one of unwavering resilience and perseverance,” Weber told Fox News. “Meanwhile, the actions of Jasmine Crockett – stooping to vile levels of discrimination and despicable political attacks – are nothing short of reprehensible.”

END

GREG HUNTER INTERVIEWING JOHN RUBINO

US Government is a Big Money Laundering Operation – John Rubino

By Greg Hunter On March 25, 2025 In Market AnalysisNo Comments

By Greg Hunter’s USAWatchdog.com

Analyst and financial writer John Rubino warned last October that “Chaos is Coming.”  With exploding Tesla dealerships, mass deportations of violent gangs, DOGE uncovering massive fraud and waste, and an out-of-control Leftist judiciary trying to stop President Trump at every turn, you could say chaos is here.  Rubino contends it’s not going away anytime soon as government grifters are going to try to keep the cash flowing.   Now, AG Pam Bondi says her office is going after the fraudsters ripping off America. Rubino explains, “We are finding out that the federal government is a big money laundering operation.  There are so many different ways and so many different avenues that take cash from taxpayers or newly created cash . . . and it basically funnels it to political operatives, political class and the ‘expert’ class all around the world. . . . We have created this class of people who are effectively grifters . . . because they don’t do anything worthwhile at all.  Do you think that think-tanks produce anything of value, or lobbyists or Washington law firms or regulators?  The regulator is basically on a long job interview for the company you are regulating.  You prove you are a team player and then Pfizer hires you for 10 times your FDA salary.  So, everywhere you look it’s a form of money laundering.”

So, now interest payments are spiraling to infinity with massive amounts of debt and currency creation.  Rubino says, “We have hit the death spiral point for the dollar and the other big fiat currencies, which means the cost to maintain this debt starts to spiral out of control and people lose faith in the currency or the currency collapses or you have a currency reset.  What is really interesting about the Trump Administration is it contains a lot of gold bugs. . . . There is a decent chance of instead of having this gigantic collapse because the dollar is basically evaporating, that this government will be smart enough to do the monetary reset.  Go back to a gold standard . . . go back to some sort of commodity base standard where we peg the dollar to something that is real and cannot be created in infinite quantities on a printing press.  It could be we do that without insane amounts of pain and stress, but it would still be painful.  Anybody who has dollars will watch those dollars be devalued dramatically.”

In this scenario, the dollar sinks in value.  What happens to gold?  Rubino says, “Everybody who runs the numbers says gold has to be $10,000 per ounce at a minimum and maybe much higher.  Gold has to go way up in price in a currency reset. . . . So, your gold becomes much more valuable, and your silver gets pulled along by gold and goes up by some multiple of gold’s percentage gains.  If gold goes up three times, silver will go up five to ten times.”

Rubino thinks Europe is headed for war with Russia or civil war.  Either way, the Euro will not survive.  Rubino says the domestic violence will continue here in America but thinks the Deep State won’t stop President Trump’s agenda.  Rubino also says everybody should concentrate on owning real things such as farm land, gold, silver and a good vehicle.  Rubino also says some emergency food and a garden are good ideas too.

There is much more in the 58-minute interview.

Join Greg Hunter as he goes One-on-One with financial writer John Rubino of the popular site called Rubino.Substack.com for 3.25.25.