GOLD CLOSED UP $31.60 TO $3048.50
SILVER CLOSED UP 0.60 TO $34.24
GOLD ACCESS CLOSED 3057.50
Silver ACCESS CLOSED: $34.42
Bitcoin morning price:$86,934 DOWN 182 DOLLARS.
Bitcoin: afternoon price: $87,334 UP 400 DOLLARS
Platinum price closing UP $4.65 TO $983.25
Palladium price; UP $9.35 TO $977. 90
END
*CANADIAN GOLD: $4375.22 UP 55.61 CDN dollars per oz( * NEW ALL TIME HIGH 4375.22 CDN DOLLARS PER OZ//MARCH 27 2025)
*BRITISH GOLD: 2361.12 UP 14.73 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING//2,361.12 BRITISH POUNDS/OZ) MARCH 27/2025
*EURO GOLD: 2,832.86 UP 19.51 Euros per oz //* (ALL TIME CLOSING HIGH: 2,832.56 EUROS PER OZ/MARCH 27 //2025)
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END
EXCHANGE: COMEX
EXCHANGE: COMEX
CONTRACT: MARCH 2025 COMEX 100 GOLD FUTURES
SETTLEMENT: 3,020.900000000 USD
INTENT DATE: 03/26/2025 DELIVERY DATE: 03/28/2025
FIRM ORG FIRM NAME ISSUED STOPPED
132 C SG AMERICAS 1
167 C MAREX 1
363 H WELLS FARGO SEC 38
435 H SCOTIA CAPITAL 25
523 C INTERACTIVE BRO 13
624 C BOFA SECURITIES 43
624 H BOFA SECURITIES 1
686 C STONEX FINANCIA 2
709 C BARCLAYS 17
737 C ADVANTAGE 1
905 C ADM 16
TOTAL: 79 79
MONTH TO DATE: 18,877
JPMORGAN stopped 0/67 contracts
GOLD: NUMBER OF NOTICES FILED FOR MARCH/2024. CONTRACT: 79 NOTICES FOR 7900 OZ 0.2457 TONNES
total notices so far: 18,877 contracts for 1,887700 Oz (58.715 tonnes)
FOR MARCH
XXXXXXXXXXXXXXXXXX
SILVER NOTICES: 367 NOTICE(S) FILED FOR 1.835 MILLION OZ/
total number of notices filed so far this month : 15,947 for 79.735 million oz
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END
GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD UP $31.60 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD:
NO CHANGES IN GOLD INVENTORY AT THE GLD:
INVENTORY RESTS AT 929.36 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER UP $.60 AT THE SLV: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: //A MASSIVE WITHDRAWAL OF 6.369 MILLION OZ FROM THE SLV//
THIS I
CLOSING INVENTORY
CLOSING INVENTORY: 448.514 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY A HUGE SIZED 842 CONTRACTS TO 168,786 AND CONTINUING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS HUGE SIZED LOSS IN COMEX OI WAS ACCOMPLISHED DESPITE OUR SLIGHT GAIN OF $0,06 IN SILVER PRICING AT THE COMEX WITH RESPECT TO WEDNESDAY’S TRADING. WE HAD A TINY SIZED GAIN OF 13 TOTAL CONTRACTS ON OUR TWO EXCHANGES WITH OUR TINY GAIN IN PRICE//WEDNESDAY’S TRADING.. WE HAD HUGE LIQUIDATION OF T.A.S. CONTRACTS PLUS SOME MONTH END SPREADER LIQUIDATION ON WEDNESDAY COMEX TRADING / AS THEY DESPERATELY TRIED TO CONTAIN SILVER’S PRICE RISE FOR THE PAST 4 WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $34.40 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY FAILED HUGELY ON WEDNESDAY WITH SILVER’S GAIN IN PRICE. WE HAD A HUGE T.A.S. LIQUIDATION AND COMMENCEMENT OF MONTH END SPREADER LIQUIDATION WEDNESDAY. BUT THIS WAS COUPLED WITH A GOOD T.A.S. ISSUANCE OF 362 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 HUGE 855 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR GOOD 362 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 TINY 13 CONTRACTS ON OUR TWO EXCHANGES WITH OUR GAIN IN PRICE. WE HAD CONSIDERABLE TAS LIQUIDATION/MONTH END SPREADER LIQUIDATION THROUGHOUT WEDNESDAY’S COMEX TRADING SESSION WHICH ACCOUNTS FOR A HUGE PORTION IN THE NUMBERS OF OI ON OUR TWO EXCHANGES.
PLEASE NOTE THAT THE CROOKS NEED A HIGHER SILVER/GOLD T.A.S. TO CARRY ON THEIR CROOKED MANIPULATION ON A DAILY BASIS BUT DEMAND IS JUST TOO HIGH FOR THEM. THE HIGHER ISSUANCE OF T.A.S. IS NOW USED TO TEMPER OUR SILVER/GOLD PRICE RISE OR INITIATE A RAID AS WHAT HAPPENED SEVERAL TIMES LAST MONTH AND AGAIN WITH THIS WEEK’S TRADING ON SILVER AND NOW TODAY TRYING TO KEEP THE SILVER PRICE BELOW $34.00 . THE KEY PRICE TO WATCH IS $34.40. IF IT BREAKS THAT PRICE, THEN WE HEAD FOR $50.00 SILVER.
CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE. THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON WEDNESDAY NIGHT/THURSDAY MORNING: A GOOD 362 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 $0.06 AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SILVER LONGS FROM THEIR PERCH AS WE HAD A SMALL GAIN IN PRICE AND A GAIN IN OPEN INTEREST FROM OUR TWO EXCHANGES OF 13 CONTRACTS WE HAD HUGE LIQUIDATION OF T.A.S. CONTRACTS//MONTH END SPREADERS TRYING TO CONTAIN SILVER’S PRICE RISE AND THAT ACCOUNTS FOR ALL OF OUR OPEN INTEREST LOSS. 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 855 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 0.080 MILLION OZ EFP TRANSFER TO LONDON TO WHICH WE ADD .350 EXCHANGE FOR RISK
INITIAL STANDING FOR MARCH REDUCES TO 81.200 MILLION OZ
WE HAD:
/ HUGE COMEX OI LOSS+// A HUGE SIZED EFP ISSUANCE (855 CONTRACTS)/ VI) GOOD SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 362 CONTRACTS)/A 70 CONTRACT EX. FOR RISK FOR 350,000 OZ/SECOND WEEK OF MARCH
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: ADDED 56 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 19 DAYS, total 11,446 contracts: OR 57.230 MILLION OZ (602 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 57.230 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: 57.230 MILLION OZ///
XXXXXXXXXXXXXXXXXXXXXXXXXXXX
RESULT: WE HAD A HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 842 CONTRACTS DESPITE OUR GAIN IN PRICE OF 6 CENTS IN SILVER PRICING AT THE COMEX// WEDNESDAY.,. THE CME NOTIFIED US THAT WE HAD A HUGE 855 CONTRACT EFP ISSUANCE CONTRACTS: 855 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 0.080 MILLION OZ E.F.P. TRANSFER JUMP TO LONDON/
NEW STANDING REDUCES TO 80.850 MILLION OZ + .350 EX. FOR RISK//NEW TOTAL 81.200 MILLION OZ.
WE HAVE 1). A TINY SIZED GAIN OF 13 OI CONTRACTS ON THE TWO EXCHANGES WITH OUR GAIN IN PRICE// 2.THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A GOOD 362 CONTRACTS TRYING DESPERATELY TO CONTAIN SILVER’S PRICE RISE,//CONSIDERABLE FRONT END OF THE TAS CONTRACTS/MONTH END SPREADERS WERE LIQUIDATED DURING THE WEDNESDAY COMEX SESSION. HOWEVER THEY STILL NEED THESE ISSUANCES FOR REPLENISHMENT FOR FUTURE TRADING //3. ZERO NET LONG SPECULATORS WERE BURNED ON WEDNESDAY WITH OUR 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 WEDNESDAY NIGHT (362 ) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE AND MOST LIKELY TODAY.
WE HAD 367 NOTICE(S) FILED TODAY FOR 1.835 million OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST FELL BY A FAIR SIZED 3399 OI CONTRACTS TO 508,083 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 1997 CONTRACTS//
WE HAD A FAIR SIZED DECREASE IN COMEX OI (3399 CONTRACTS) OCCURRED WITH OUR STRONG LOSS OF $5.10 IN PRICE WEDNESDAY. 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 6900 OZ QUEUE JUMP (0.2145 TONNES), ////NEW STANDING ADVANCES TO 58.7185 TONNES + .4655 TONNES EX FOR RISK/PRIOR + .3110 EX FOR RISK MARCH 25 = 59.496 TONNES
/NEW STANDING FOR MARCH; 58.7185 TONNES + .7775 TONNES EX FOR RISK= 59.496 TONNES
/ ALL OF THIS HAPPENED WITH OUR $5.10 LOSS IN PRICE WITH RESPECT TO WEDNESDAY’S COMEX ///. WE HAD A SMALL SIZED LOSS OF 451 OI CONTRACTS (1.402 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 3850 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 510,080
IN ESSENCE WE HAVE A SMALL SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 451 CONTRACTS WITH 3399 CONTRACTS DECREASED AT THE COMEX// AND A STRONG SIZED 3850 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 451 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A STRONG SIZED AND CRIMINAL 3315 CONTRACTS ISSUED.
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (3850 CONTRACTS) ACCOMPANYING THE FAIR SIZED DECREASE IN COMEX OI OF 3399 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 451 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 0.2145 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 58.7185 TONNES + .4655 TONNES EX FOR RISK/PRIOR + .31104 EX FOR RISK MARCH 25 = 59.496 TONNES
//NEW STANDING MARCH: 59.496 TONNES
.
/ 3) HUGE T.A.S. LIQUIDATION + MONTH END SPREADERS TRYING TO LOWER GOLD’S PRICE TUESDAY WITH ZERO SUCCESS IN REMOVING NET SPECULATOR LONGS, AS WE HAD 1) $5.10 COMEX PRICE LOSS AND WE HAD 2) ZERO NET LONG SPECS BEING CLIPPED AS WE HAD A SMALL GAIN OF 451 CONTRACTS ON OUR TWO EXCHANGES (ALL DUE TO T.A.S. LIQUIDATION/MONTH END SPREADERS ) ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED WEDNESDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL AND THUS OUR HUGE TONNAGE STANDING FOR GOLD IN MARCH. ALL OF THE GAIN IN OI WAS DUE TO THE HUGE NUMBER OF T.A.S. LIQUIDATION/MONTH END SPREADER LIQUIDATION WEDNESDAY.
4) FAIR SIZED COMEX OPEN INTEREST DECREASE 5) STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///HUGE T.A.S. ISSUANCE: 3315 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: 37,485 CONTRACTS OF 3,748,500 OZ OR 116.59 TONNES IN 19 TRADING DAY(S) AND THUS AVERAGING: 1973 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 19 TRADING DAY(S) IN TONNES 116.59 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2024, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 116.59 DIVIDED BY 3550 x 100% TONNES = 3.28% 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 116.59 TONNES
SPREADING OPERATIONS
(/NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF APRIL. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER FELL BY A HUGE SIZED 842 CONTRACTS OI TO 168,730 AND FURTHER FROM THE COMEX HIGH RECORD //244,710( SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 7 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE 855 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAY 855 and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 855 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 898 CONTRACTS AND ADD TO THE 855 E.FP. ISSUED
WE OBTAIN A TINY SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 13 CONTRACTS
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTALS 0.065
MILLION OZ OCCURRED WITH OUR SMALL $0.06 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 THURSDAY MORNING//WEDNESDAY NIGHT
SHANGHAI CLOSED UP 5.05 PTS OR 0.15%
//Hang Seng CLOSED UP 95.48 PTS OR 0.41%
// Nikkei CLOSED DOWN 227.32 OR .60 %//Australia’s all ordinaries CLOSED DOWN 0.48%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 7.2651 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.2744/ Oil DOWN TO 69.48 dollars per barrel for WTI and BRENT UP TO 73.63 Stocks in Europe OPENED ALL RED.
ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING
WEAkER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER
END
END
ASIA TRADING THURSDAY MORNING/WEDNESDAY NIGHT
A)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 CHINA
OUTLINE
4/EUROPEAN AFFAIRS
OUTLINE
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE
6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE
7. OIL ISSUES
OUTLINE
8 EMERGING MARKET ISSUES
9. USA
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A FAIR SIZED 3399 CONTRACTS TO 508083 WITH OUR LOSS IN PRICE OF $5.10 WITH RESPECT TO WEDNESDAY’S TRADING/. WE LOST ZERO NET LONGS WITH THAT PRICE LOSS FOR GOLD. AND AS YOU WILL SEE BELOW, OUR LOSS IN PRICE ALSO HAD A STRONG NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (3850 ).
THE CME ANNOUNCED WEDNESDAY 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:
- THE BANK OF ENGLAND
- THE FEDERAL RESERVE BANK OF NEW YORK
THE COUNTERPARTY TO THE BANK OF ENGLAND’S EXCHANGE FOR RISK ARE BULLION BANKS THAT CANNOT VERIFY THAT THEIR GOLD IS UNENCUMBERED AND THUS THE BUYER, THE CENTRAL BANK OF ENGLAND, ASSUMES THE RISK OF THAT DELIVERY. THIS IS THE 4TH CONSECUTIVE ISSUANCE FOR EXCHANGE FOR RISK.
THUS IN TOTAL WE HAD A SMALL SIZED GAIN ON OUR TWO EXCHANGES OF 451 CONTRACTS DESPITE OUR LOSS IN PRICE. OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN ON WEDNESDAY 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 STRONG SIZED 3315 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 3850 EFP CONTRACTS WERE ISSUED: : /APRIL 3850 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 3850 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 SMALL SIZED TOTAL OF 451 CONTRACTS IN THAT 3850 CONTRACT LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A FAIR LOSS OF 3399 COMEX CONTRACTS..AND THIS GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR LOSS IN PRICE OF $5.10 FOR WEDNESDAY/ 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 WEDNESDAY NIGHT/THURSDAY MORNING WAS A STRONG SIZED 3315 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:
- STALLS THE ADVANCE IN PRICE
- LOWERS THEIR ADVANCING DERIVATIVE LOSSES.
MECHANICS OF T.A.S CONTRACTS/DECEMBER THROUGH MARCH.
THROUGHOUT THE PAST SEVERAL WEEKS, THE BANKERS CONTINUE TO SELL OFF THE LONG SIDE OF THE SPREAD (T.A.S.) WHICH OF COURSE CONTINUES TO MANIPULATE THE PRICE OF GOLD SOUTHBOUND. (THEY KEEP THE SHORT SIDE OF THE CALENDAR/T.A.S. SPREAD WHICH WILL BE LIQUIDATED IN DAYS HENCE//. IT SEEMS THAT OUR CROOKS ORCHESTRATED, ON FEB 25, THEIR HUGE RAID TO LOWER THE PRICE OF GOLD TO MAKE THEIR COMEX BETS WHOLE ON OPTIONS EXPIRY WEEK AND THUS THE NEED FOR CONTINUAL STRONG T.A.S. ISSUANCE AND THEN LIQUIDATION. THIS WAS COUPLED WITH THE LIQUIDATION OF CALENDAR//MONTH END SPREADERS . THE USE OF OUR TWO SPREADER MECHANISMS WERE OF EXTREME IMPORTANCE TO OUR CROOKS IN LATE JANUARY OPTIONS EXPIRY TRADING AND AGAIN WITH FEBRUARY OPTION EXPIRY MONTH. HALF WAY THROUGH THE JANUARY COMEX MONTH, THE CROOKS ISSUED FIVE CONSECUTIVE 30,000+ CONTRACT ISSUANCE OF T.A.S KNOWING THAT THEY WERE GOING TO INITIATE HUGE RAIDS ON OUR METALS. THEN THEY ISSUED IN LATE FEB, ANOTHER 5 CONSECUTIVE 30,000+ ISSUANCES. AND THEN, FOR THE FIRST TIME IN COMEX HISTORY WE WITNESSED THREE CONSECUTIVE MONTHS OF MEGA HUGE 30,000 + T.A.S CONTRACT ISSUANCES: JANUARY, FEB AND MARCH
STANDING FOR GOLD FOR THE PAST 4 PLUS YEARS:
// WE HAD A HUGE AMOUNT OF GOLD TONNAGE STANDING: MARCH (59.496 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 : 58.7185 TONNES + .7775 TONNES EX FOR RISK = 59.496 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: 59.496 TONNES (INCLUDES .7775 TONNES EX FOR RISK)
COMEX GOLD TRADING/MARCH CONTRACT MONTH
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY $5.10/)/BUT WERE UNSUCCESSFUL IN KNOCKING OFF ANY APPRECIABLE NET SPECULATOR LONGS AS WE DID HAVE A FAIR SIZED GAIN IN OUR TWO EXCHANGES. AND AS EXPLAINED ABOVE WE HAD HUGE T.A.S. SPREADER LIQUIDATION WEDNESDAY AS WELL AS COMMENCEMENT OF MONTH END SPREADER LIQUIDATION/ 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 3027 PLUS.
LAST NIGHT/THURSDAY MORNING
THE CROOKS HOWEVER COULD NOT STOP CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL WEDNESDAY EVENING/THURSDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD TO ARRIVE BY BOAT. IT IS NOW TAKING SEVERAL WEEKS TO DELIVER AND THUS THE REASON FOR THE HUGE LEASE RATE AT 10% (SCARCITY OF GOLD) THIS PAST MONTH.
EXCHANGE FOR RISK EXPLANATION/FEB THROUGH MARCH TRADING
EXCHANGE FOR RISK CONTRACTS/MONTH FOR FEBRUARY:
THE CME ANNOUNCED TO THE WORLD THAT ON FEB 4 THEY ISSUED 100 CONTRACTS OF EXCHANGE FOR RISK TO THE BANK OF ENGLAND.THEN A FEW NIGHTS AGO,FEB 4 THEY ISSUED THEIR SECOND CONSECUTIVE EXCHANGE FOR RISK OF 500 CONTRACTS FOR 50,000 OZ (1.555 TONNES OF GOLD. FEB 6 WAS THE THIRD ISSUANCE FOR A HUGE 2400 CONTRACTS, 240,000 OZ OR 7.465 TONNES. AND THEN FINALLY FRIDAY NIGHT, THE 4TH EXCHANGE FOR RISK WAS ISSUED REPRESENTED BY 2834 CONTRACTS OR 283400 OZ OR 8.8149 TONNES OF GOLD WITH THE OWNER OF THOSE CONTRACTS BEING THE BANK OF ENGLAND. THE BANK OF ENGLAND WANTS THEIR GOLD BACK. THIS NEW EXCHANGE FOR RISK WILL BE ADDED TO PREVIOUS EXCHANGE FOR RISK OF 9.3264 TONNES TO A NEW TOTAL EXCHANGE FOR RISK = 18.1413 TONNES. IN MID WEEK WE HAD ANOTHER .3114 TONNES OF EXCHANGE FOR RISK ISSUANCED//NEW TOTAL 18,4527 TONNES!..FINALLY THIS TOTAL 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: 58.7185 TONNES +3110 EX FOR RISK MARCH 26+ .46556 TONNES EX FOR RISK/PRIOR = 59.496 TONNES
WE HAVE GAINED A FAIR SIZED TOTAL OF 7.614 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 6900 OZ OR 0.2146 TONNES: NEW TOTAL STANDING 58.7185 TONNES TO WHICH WE ADD OUR .7775 TONNES OF EXCHANGE FOR RISK//NEW TOTAL: 59.496 TONNES
ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $5.10
WE HAD 1997 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 451 CONTRACTS OR 45100 0Z (1.402 TONNES)
confirmed volume WEDNESDAY 297, 001 contracts: fair///
//speculators have left the gold arena
END
MARCH
// THE MARCH 2025 GOLD CONTRACT
MARCH 27
INITIAL
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 0 entry . one entry i) Brinks enhanced:403.725 oz one London good delivery bar total withdrawal 403.725 oz |
| Deposit to the Dealer Inventory in oz | 1 ENTRY i) Into ASAHI dealer 64,140.648 oz (1995 kilobars) total weight in tonnes: 1.995 tonnes |
| Deposits to the Customer Inventory, in oz | we have 2 customer entries we have 2 customer deposits i) into JPMorgan customer acct 128,604.000 oz (4000 kilobars) ii) Malca: 39,735.190 oz (1236 kilobars) total customer weight: 168,339.190 oz or 5.236 tonness total weight dealer and customer; 7.231 tonnes xxxxxxxxxxxxxxxxI |
| No of oz served (contracts) today | 79 notice(s) 7900 OZ 0.2457 TONNES |
| No of oz to be served (notices) | 1 contracts 100 OZ 0.00311 TONNES |
| Total monthly oz gold served (contracts) so far this month | 18,877 notices 1,887,700 oz 58.715 TONNES |
| Total accumulative withdrawals of gold from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of gold from the Customer inventory this month |
dealer deposits:
dealer deposits: 1
1 ENTRY
i) Into ASAHI dealer 64,140.648 oz
(1995 kilobars)
total weight in tonnes: 1.995 tonnes
xxxxxxxxxxxxxxxxxxxxx
deposits customer
we have 2 customer deposits
i) into JPMorgan customer acct 128,604.000 oz
(4000 kilobars)
ii) Malca: 39,735.190 oz (1236 kilobars)
total customer weight: 168,339.190 oz
or 5.236 tonness
total weight dealer and customer; 7.231 tonnes
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
withdrawals: 1
i) Brinks enhanced:403.725 oz
one London good delivery bar
total withdrawal 403.725 oz
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adjustments: customer to dealer: 2 entries
i) Brinks: 284,536.350 oz
ii) Malca: 96,453.000 oz
total weight adjusted 380,989.35 oz or 11.85 tonnes
AMOUNT OF GOLD STANDING FOR MARCH
THE FRONT MONTH OF MARCH HAD A GAIN OF 2 CONTRACTS TO STAND AT 80. WE HAD 67 CONTRACTS SERVED ON WEDNESDAY SO WE GAINED 69 CONTRACTS FOR 6900 OZ (.2146 TONNES AS A PHYSICAL GOLD QUEUE JUMP. THIS IS CENTRAL BANKS LOOKING FOR BADLY NEEDED GOLD
APRIL HAD A LOSS OF 42,691 CONTRACTS DOWN TO 94,700 CONTRACTS AS THIS MONTH BECOMES THE FRONT MONTH. WE HAVE 2 MORE READING DAYS BEFORE FIRST DAY NOTICE, MONDAY MARCH 31.
APRIL WILL BE A DANDY DELIVERY MONTH!!! CERTAINLY OVER 100 TONNES OF GOLD
MAY GAINED 609 CONTRACTS UP TO 2627.
We had 79 contracts filed for today representing 7900 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 79 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
To calculate the INITIAL total number of gold ounces standing for MARCH /2025. contract month, we take the total number of notices filed so far for the month (18,877 X 100 oz ) to which we add the difference between the open interest for the front month of MARCH (80 CONTRACTS) minus the number of notices served upon today (79 x 100 oz per contract) equals 1,887,800 OZ OR 58.7185 TONNES to which we add our .7775 tonnes exchange for risk//new total tonnage standing: 59.496 tonnes
thus the INITIAL standings for gold for the MARCH contract month: No of notices filed so far (18,877 x 100 oz +we add the difference for front month of MARCH (80 OI} minus the number of notices served upon today (79 x 100 oz) which equals 1,887.800 OZ OR 58.7185 TONNES + .7775 ex for risk //new total 59.496 tonnes
TOTAL COMEX GOLD STANDING FOR MARCH.: 59.496 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 43,168.312.089 .oz
TOTAL REGISTERED GOLD 22,384.576.854 or 696.25 tonnes
TOTAL OF ALL ELIGIBLE GOLD: 20,783,735.235 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 20,412,458oz (REG GOLD- PLEDGED GOLD)= 634.913tonnes //
END
SILVER/COMEX
// THE MARCH 2025 SILVER CONTRACT//INITIAL
MARCH 27
INITIAL
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | withdrawals 1 Loomis 599,176.460 oz |
| Deposits to the Dealer Inventory | 1 entry i) Into Brinks dealer acct 312,701.477 oz total dealer 312,701.477 oz |
| Deposits to the Customer Inventory | 2 entries i) Into JPMorgan: 1,159.229.500 oz ii) Into Brinks: 422,028.180 oz total weight: 1,581,287.680 oz |
| No of oz served today (contracts) | 367 CONTRACT(S) (1.835 MILLION OZ |
| No of oz to be served (notices) | 223 contracts (1.115 MILLION oz) |
| Total monthly oz silver served (contracts) | 15,947 Contracts (79.735 million oz) |
| Total accumulative withdrawal of silver from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of silver from the Customer inventory this month |
1 entry
i) Into Brinks dealer acct 312,701.477 oz
total dealer 312,701.477 oz
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deposits customer side
2 entries
i) Into JPMorgan: 1,159.229.500 oz
ii) Into Brinks: 422,028.180 oz
total weight: 1,581,287.680 oz
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1 entries
withdrawals 1
Loomis
599,176.460 oz
ADJUSTMENTs 2 entries// customer to dealer:
Brinks: 1,837,732.870 oz
ii) Int. Delaware 491,701.20 oz
JPMorgan has a total silver weight: 188.595million oz/468.595oz million or 40.17%
TOTAL REGISTERED SILVER: 149.692 MILLION OZ//.TOTAL REG + ELIGIBLE. 468.447Million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR MARCH
silver open interest data:
FRONT MONTH OF MARCH /2025 OI: 590 OPEN INTEREST CONTRACTS FOR A LOSS OF 253 CONTRACTS.WE HAD 237 CONTRACTS SERVED ON WEDNESDAY SO WE LOST ANOTHER SMALL 16 CONTRACTS OR 0.0800 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 32 CONTRACTS TO STAND AT 2314. APRIL IS NOW THE NEW FRONT MONTH
MAY SAW A LOSS OF 1679 CONTRACTS DOWN TO 123,912 CONTRACTS
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 367 or 1.835 MILLION oz
CONFIRMED volume; ON WEDNESDAY 49,086 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 15,947 X5,000 oz = 79.735 MILLION oz
to which we add the difference between the open interest for the front month of MAR (590) AND the number of notices served upon today (367 )x (5000 oz)
Thus the standings for silver for the MARCH 2025 contract month: (15,947) Notices served so far) x 5000 oz + OI for the front month of MAR(590) minus number of notices served upon today (367)x 5000 oz equals silver standing for the MARCH contract month equating to 80.850 MILLION OZ TO WHICH WE ADD .350 MILLION OZ EX FOR RISK//NEW TOTAL 81.200 MILLION OZ//
New total standing: 81.200 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 UP $31.60 TODAY// NO CHANGES IN GOLD AT 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 $0.60 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV” A MASSIVE WITHDRAWAL OF 6.369 MILLION OZ FROM THE SLV//// //INVENTORY AT SLV RESTS AT 448.514 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 448.514 MILLION OZ//
PHYSICAL GOLD/SILVER COMMENTARIES
1/ PETER SCHIFF/SCHIFF GOLD/MIKE MAHARRY
silver fraud..
The Mechanics of Silver Price Suppression
Thursday, Mar 27, 2025 – 08:05 AM
Authored by Jesse Colombo via The Bubble Bubble Report,
Many precious metals investors have heard about silver manipulation or suspected it, but few fully understand how it works or can clearly explain it. Many also intuitively sense that silver’s price is artificially low and should be much higher but struggle to identify what—or who—is keeping it suppressed. I have committed myself to studying silver price manipulation, documenting the evidence, educating others, and exposing these practices to bring them to an end and ensure justice is served. In this article, I will explain in clear and accessible terms how silver’s price is systematically manipulated and suppressed.
Simply put, the goal of silver price manipulation is to keep silver’s price artificially low as well as prevent it from breaking above key technical levels that could trigger a full-blown bull market. According to consensus within the precious metals community, the primary culprits behind silver price manipulation are the bullion banks—the most influential players in the precious metals market. These include major financial institutions such as JPMorgan Chase, UBS, HSBC, and Goldman Sachs, several of which have been found guilty of manipulating precious metals markets—particularly gold and silver.
The LBMA’s office in the heart of the City of London. Source: lbma.org.uk.
Bullion banks are typically members of the London Bullion Market Association (LBMA), the leading authority overseeing the global over-the-counter (OTC) precious metals market. As LBMA members, these banks play a central role in the market by acting as market makers, facilitating large trades, managing vaulting and storage, and participating in price-setting mechanisms such as the daily London Gold and Silver Fix. This dominant position allows them to exert significant influence over silver prices, making manipulation not just possible, but systemic.
The most common, obvious, and widespread form of silver manipulation is price slams—also known as “tamps”—which almost exclusively take place during the New York COMEX trading session between 8:30 and 11 AM EST. As I’ll explain in greater detail shortly, these slams occur on a high percentage of mornings, but they become even more frequent and aggressive when silver is attempting to break above a key technical or psychological level.
When silver approaches a breakout point that could trigger a snowball effect of additional buying, bullion banks step in to drop the hammer, forcefully slamming the price back down below that level. This calculated suppression is designed to demoralize existing silver investors, discourage new participants, and ensure that silver’s price languishes, preventing momentum from building in its favor.
Silver’s price action over the past year serves as a textbook example of how silver tamping works. As the chart below illustrates, silver has repeatedly attempted to break above the $32–$33 resistance zone, only to be slammed back down each time—except for the current breakout attempt (the outcome of which remains uncertain).
Notably, these persistent price slams have kept silver stagnant, even as gold has surged by approximately $1,000 per ounce to $3,000—a powerful 50% bull market rally that, under normal conditions, would have pulled silver higher due to their historically strong price relationship. However, bullion banks have gone to extraordinary lengths to prevent silver from following its sibling, gold.
To see what one of these slams or tamps looks like on an intraday chart, let’s examine a particularly egregious example from Friday morning, February 14th. While the daily chart above provides a broader view of the price action, the intraday chart below captures exactly how it unfolded that morning. Bullion banks rely on the assumption that most people won’t scrutinize their tactics too closely—but that’s exactly what we’re going to do here.
Some of the most aggressive slams tend to occur on Friday mornings during the U.S. trading session. With the Asian and European markets closed, trading volume and liquidity are significantly lower, creating the perfect conditions for bullion banks to manipulate silver’s price with minimal resistance. This lack of market depth allows them to maximize their impact, giving them more “bang for their buck” when executing price suppression tactics.
As you can see from the 5-minute intraday chart, silver staged a powerful breakout, surging $1 per ounce (3%) during the Asian and European trading sessions. This rally pushed silver above the key $33 resistance level, which had acted as a ceiling for much of the past year, sparking excitement within the precious metals community as many believed silver was finally taking off.
However, around 9 AM New York time, as the U.S. trading session got underway, a massive flood of “paper” silver—in the form of futures contracts—was suddenly dumped onto the market. This deliberate maneuver drove silver back below the critical $33 level, halting the breakout in its tracks and demoralizing silver investors once again.
Note that the silver dumped onto the market was “paper” silver—futures contracts largely unbacked by physical metal. This is the primary way bullion banks artificially suppress silver’s price, keeping it well below where it should be based on true supply and demand for physical silver. What’s both infuriating and disheartening is that this manipulative pattern has persisted almost daily for decades, consistently driving prices downward—never upward.
The chart below shows another egregious example of the manipulation slam pattern, captured on the intraday silver futures chart from late October to early November. During this period, silver made a strong breakout attempt, reaching as high as $35 per ounce, only to be aggressively slammed lower nearly every morning between 8:30 AM and 11:00 AM EST. The heavy selling pressure during the U.S. trading session repeatedly drove silver’s price back down, putting the kibosh on the widely watched late October breakout attempt.
These manipulation slams almost exclusively occur in the morning and rarely at any other time of the trading day. To me, these are unmistakable fingerprints of bullion banks deliberately suppressing silver’s price. This is anything but an organic or natural market.
And sure enough, at the time of writing on March 19, 2025, silver has been slammed in all four of the last four trading sessions, proving that this manipulation pattern remains alive and well:
Interestingly, Gold Charts R Us—a leading provider of precious metals data—analyzed and averaged every silver futures trading session from 2007 to 2013. Their findings revealed a clear and consistent pattern: sharp price slams during the New York morning session, followed by recoveries in the afternoon and overnight as the Asian and European markets open. This exact pattern is clearly visible in the chart, and unfortunately, the same phenomenon continues in 2025.
Gold Charts R Us also provided statistical evidence through another model, demonstrating that for literally decades, silver has been consistently slammed during the New York morning trading sessions, only to recover later in the European and Asian sessions.
The black line on this chart represents the New York Intraday Silver Index, which tracks the theoretical price of silver if one were to buy at the New York open, hold throughout the trading day, and sell at the New York close. This index further illustrates how silver’s price is regularly pressured downward during U.S. market hours before rebounding in overseas sessions. Starting from a base of 100 in 1970, this index has been relentlessly eroded, plunging to just 8.19 by February 2025—a staggering decline of nearly 92%.
In stark contrast, the New York Overnight Silver Index, represented by the blue line on the chart, tracks the theoretical price of silver if one were to buy at the New York close in the afternoon and sell at the New York open the following morning. Starting from a base of 100 in 1970, this index has skyrocketed to over 20,000 by February 2025—an astonishing gain of 19,900%.
Gold Charts R Us also included the standard price of silver, represented by the red line on the chart, as a baseline for comparison. Since 1970, it has risen a little more than 16-fold, significantly outperforming the New York Intraday Silver Index but falling far short of the explosive gains seen in the New York Overnight Silver Index.
This is clear evidence that normal market forces are not at play. Instead, it points to blatant downward manipulation. Unfortunately, this suppression discourages both existing silver investors and potential newcomers, which is precisely the intended goal. By keeping silver artificially low, the manipulators aim to undermine assets that compete with the U.S. dollar, which itself is no longer backed by anything.
Silver slams, or tamps, have become so normalized and expected that the precious metals community even jokes about a mythical figure known as Mr. Slammy—a fictional character who appears each morning to manipulate the price of gold and silver by slamming them down.
Adding to the humor, there is even a parody account on X impersonating Mr. Slammy, playfully teasing and tormenting precious metals investors whenever gold and silver surge higher. When the metals inevitably get slammed back down, the account takes mock victory laps, celebrating the suppression.
The origin of the term “tamp” or “tamping down” in reference to intentionally slamming silver prices traces back to a statement made in 2021 by Rostin Behnam, who was then chairman of the Commodity Futures Trading Commission (CFTC). Behnam essentially admitted that silver was deliberately slammed by 10% on February 2, 2021, and, in an approving tone, stated that silver futures were able to “tamp down what could have been a much worse situation.”
That “situation” referred to growing fears of a silver shortage and a potential squeeze, which was on the verge of sending prices significantly higher. Instead of preventing market manipulation, as the CFTC is supposed to do, it essentially acknowledged it and gave it tacit approval—which is infuriating. This clearly shows that the agency is protecting the big banks rather than looking out for everyday investors and traders.
Another method bullion banks use to suppress silver prices, aside from flooding the market with massive quantities of paper silver almost daily, is spoofing. This tactic involves placing large sell orders on the futures limit order book to create an artificial price ceiling, reinforcing resistance at key levels.
This form of manipulation isn’t just theoretical. In 2023, two former JP Morgan precious metals traders, Michael Nowak and Gregg Smith, were convicted of price manipulation and spoofing as part of a broader market-rigging scheme, resulting in fines and prison sentences. Yet, despite these convictions, similar tactics continue to be used in one form or another.
As I’ve been explaining, one of the key factors keeping silver’s price suppressed over the past year has been the heavy short selling of COMEX silver futures by swap dealers—primarily the trading desks of bullion banks such as JP Morgan and UBS. In the process, these entities amassed a massive net short position of 42,116 futures contracts, equivalent to 211 million ounces of silver—or roughly a quarter of the world’s annual silver production. This staggering figure underscores the immense downward pressure being exerted on the silver market.
What’s even more astonishing is how much of this massive short position in silver futures is naked, meaning it isn’t backed by physical silver. Instead, it consists largely of “paper” silver being dumped onto the market to artificially suppress prices. However, once silver finally breaks out, it is likely trigger a wave of short covering, where the banks that bet against silver through naked short selling are forced to buy it back as prices rise to limit their losses.As the price climbs, these banks will become increasingly desperate to close their positions, further fueling the rally.
If the buying pressure is strong enough, it could even lead to a short squeeze, dramatically amplifying silver’s upward momentum. Given the sheer size of their short position, bullion banks stand to lose approximately $211 million for every $1 increase in silver’s price—a setup for a major price surge. Now, imagine what happens if silver climbs by $5, $10, $20, or more from this point.
The risk of an explosive silver short squeeze is further amplified by the astonishing ratio of 378 ounces of paper silver—including ETFs, futures, and other derivatives—for every single ounce of physical silver. This extreme imbalance highlights just how overleveraged the paper silver market has become.
In a violent short squeeze, holders of paper silver could be forced to scramble for the extremely scarce physical silver to fulfill their contractual obligations. This would likely cause the price of paper silver products to collapse, while physical silver prices could skyrocket to jaw-dropping levels, potentially reaching several hundred dollars per ounce.
What motivates bullion banks to suppress the price of silver? They do so on behalf of central banks, such as the Federal Reserve, which seek to maintain confidence in paper currencies like the U.S. dollar. A soaring silver price signals weakness in fiat money, raising doubts about its strength and stability. By keeping silver artificially low, bullion banks help preserve the illusion of a strong dollar.
This motivation becomes clear when considering that the U.S. money supply has surged by over 85,000% since 1920, drastically eroding the dollar’s purchasing power. As the dollar declines, the cost of living continues to rise, making a normal middle-class lifestyle increasingly out of reach for most Americans. In contrast, while paper currencies around the world have steadily lost value, silver has retained its purchasing power, serving as a hedge against inflation and currency devaluation.
While the supply of dollars has surged and continues to expand, silver has consistently preserved its purchasing power. The compelling chart below illustrates how the purchasing power of $1,000 in silver ounces has changed over time. In 1960, $1,000 could buy 1,087 ounces of silver, but today, it purchases only 29.74 ounces—a staggering 97% decline in the dollar’s purchasing power relative to silver. This means that the same amount of silver in 1960 could buy roughly the same quantity of goods and services then as it does today, whereas the dollar has lost significant value. That’s a powerful reason to consider storing wealth in physical silver.
Though silver is heavily manipulated and suppressed—possibly the most manipulated asset on the planet—I have strong hope that it will soon break free and thrive. I explained this in detail in a recent report, which I highly recommend reading for further insights, as I don’t have space to cover it fully in this already lengthy piece.
The key reasons for my optimism include the fact that silver has been in a supply deficit for the past five years, with demand consistently outpacing supply. Additionally, silver is extremely undervalued by nearly every measure. I see it as a beach ball being held underwater—it can’t stay suppressed much longer and is bound to pop back up with force.
Also, take a look at the chart below and notice how gold struggled from 2020 to early 2024 to break above the $2,000–$2,100 resistance zone, which acted as a price ceiling for much of that period. Despite multiple attempts, gold was repeatedly pushed back down. However, in March 2024, it finally broke out, igniting the powerful bull market we see today. I see striking parallels with silver’s $32–$33 resistance zone over the past year and believe that once silver manages to close above this level, it will soar just as gold did.
To summarize, silver is heavily manipulated and suppressed by bullion banks like JP Morgan and UBS, acting on behalf of central banks. The price of silver should be significantly higher than its current level. While this is infuriating from a moral standpoint, it also presents a once-in-a-lifetime opportunity for patient silver stackers to acquire the metal at artificially low prices before it breaks free from manipulation and soars—just as gold did one year ago.
At the same time, I am working tirelessly to understand, document, expose, and educate the broader public about silver price manipulation, with the goal of bringing it to an end and ensuring that justice is served. Please help me spread the word by sharing this report with anyone who may be interested.
Disclaimer: the information provided in The Bubble Bubble Report and related content is for informational and educational purposes only and should not be construed as investment, financial, or trading advice. Nothing in this publication constitutes a recommendation, solicitation, or offer to buy or sell any securities, commodities, or financial instruments.
All investments carry risk, and past performance is not indicative of future results. Readers should conduct their own research and consult with a qualified financial advisor before making any investment decisions. The author and publisher disclaim any liability for financial losses or damages incurred as a result of reliance on the information provided.
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
Goldman Weighs In On Accelerated Copper Import Tariff Timeline
by Tyler Durden
Thursday, Mar 27, 2025 – 06:55 AM
President Trump’s national security probe under Section 232 of the Trade Expansion Act of 1962, launched in February to review raw copper, refined copper, copper concentrates, copper alloys, scrap copper, and other copper derivatives imported into the U.S, directed the Commerce Department to deliver tariff recommendations to the White House within 270 days. That review process has likely been accelerated, as a new report suggests U.S. copper imports could be enacted in the near-term.
Sources told Bloomberg that the Trump administration is moving quickly with its review of copper import tariffs and will likely act well before the 270-day deadline, which was expected between September and November. The new timeline has now shifted to mid-May.
Commenting on the shortened timeline, Goldman’s Eoin Dinsmore, Aurelia Waltham, and others provided clients with a critical Q&A addressing physical market flows and pricing across various exchanges:
What is the impact on physical market flows?
Greater certainty on copper tariffs means COMEX is likely to trade at a higher premium to LME, but there is less time to ship metal to the U.S. Assuming tariffs are implemented in May, we think shipments to the U.S. will likely be fast tracked, with net imports in April potentially jumping 200kt[1] above the standard 60-70kt/month, albeit with upside risk. However, with the possibility of earlier tariff implementation, we now expect U.S. stocks to decline by 30-40kt/month from mid-to-late Q2 onwards. Thus, we avoid a stock glut in the U.S. in Q3 2025, when we expect global copper market tightness to be most pronounced.
What is the impact on the LME price?
We see stranded stocks at the low-end of our range – a 200kt increase in U.S. stocks, and a possible 60kt loss of refined production from lower U.S. exports of copper concentrates and scrap. But by Q3, when we forecast the bulk of the 2025 annual global deficit will occur, U.S. stocks should have started to normalize. Thus, the expected H2 crunch should be less pronounced, which reduces upside risk to our LME price forecast. We hold to our 3/6/12 Month LME price forecasts of $9,600/t, $10,000/t and $10,700/t, and flag near-term downside risk from the trade policy update on April 2nd.
Will COMEX now price the full 25% tariff over the LME?
Factoring in uncertainty on the tariff level and high U.S. inventories, we think an implied tariff of 20% should be the cap in the near-term. This has also been a level regularly cited as a good exit point in numerous client meetings.
Will Sep-Dec 2025 spreads tighten?
We close the trade recommendation to go long Sep-Dec 2025 timespreads. Despite Q3 2025 being the key point for global copper market tightness, the spread will no longer need to rise to a level to halt exports to the U.S. Based on our Q3 ex-US reported inventories forecast, the likely backwardation would be only $0-60/t, close to current levels.
The analysts see global copper markets shifting into a deficit in 2Q25.
U.S. copper inventories should begin declining after tariffs are enacted.
Analysts expect the COMEX and LME spread to be capped soon.
The Bloomberg report sent copper prices on Comex up 3% to a record $5.37 per pound. Meanwhile, the benchmark price on the London Metal Exchange fell 2% to $9,893 per ton, widening the gap between the two contracts to about $1,700 per ton
“The news today is this story of Copper tariffs coming sooner than possibly expected… LME/CMX arb at $1750-1800 in July (+$300 to start today) or 18% Tarrff expected,” Goldman analyst James McGeoch told clients earlier.
McGeoch offered some thoughts about today’s news and copper trading:
- The durability of this move is significantly greater than 2024. Balances are tight, there is a fundamental driver and a technical ampifier (that technical is also fundamental in that the U.S. is short metal, fundamentally they want to change that).
- As price traded back to $10k last night, the CMX premium now well above 15%, as it trades through record highs to 529 (+1.5%), traders (with vested interests) talk about price to $12k
- Remember that whilst metal is being stacked in the U.S., we had last week the China SRB suggest it was also looking to build stocks of critical minerals: cobalt, copper, nickel, and lithium link. So Apparent demand (at either end, U.S. and China) is amplifying the effect of real demand (electrification, Chinese fiscal put, German infra plan), and tightening the balances further
- Trading observation in discussion Monday – Positioning has not baked the above in. Regional contract differentiation leaves those with the global view on sideline (also too much idiosyncratic risk they lack edge to play). Point is the big rally lacks a big uptick in spec interest/positioning. The copper fwds have a lot to go, the incentives not in the curve and physical premiums doubled last week (first sign they are being impacted). The work now is dissecting physical location premiums and how the moves in inventory can impact near term demand. As we rally to $10k we may see some producing selling and as such spreads can remain bid.
- CTA’s are as long as I can recall, the GS model suggests close to $18bn (historical max 19.6bn). This is where all the length is. CFTC weekly data showed a fairly meh inc for managed money accts (CME +9 to 22k lots, LME +2 to 63k)
And we ask: What happens to global copper production with prices at record highs?
Now that tariffs are likely to be imposed sooner, importers will have significantly less time to rush copper shipments into the U.S.
6 CRYPTOCURRENCY NEWS
ASIA TRADING THURSDAY MORNING WEDNESDAY NIGHT
SHANGHAI CLOSED UP 5.05 PTS OR 0.15%
//Hang Seng CLOSED UP 95.48 PTS OR 0.41%
// Nikkei CLOSED DOWN 227.32 OR .60 %//Australia’s all ordinaries CLOSED DOWN 0.48%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 7.2651 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.2744/ Oil DOWN TO 69.48 dollars per barrel for WTI and BRENT UP TO 73.63 Stocks in Europe OPENED ALL RED.
ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING
WEAkER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER
END
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS /THURSDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN AT 7.2651
OFFSHORE YUAN: DOWN TO 7.2744
SHANGHAI CLOSED CLOSED UP 5.05 PTS OR 0.15%
HANG SENG CLOSED CLOSED UP 95.48 PTS OR 0.41%
2. Nikkei closed DOWN 227.32 PTS OR .60%
3. Europe stocks SO FAR: ALL RED
USA dollar INDEX UP TO 104.01// EURO RISES TO 1.0787 UP 46 BASIS PT HEADING TO PARITY WITH USA
3b Japan 10 YR bond yield: RISES TO. +1.566//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 150.94…… 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 DOWN for WTI and DOWN 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 +2.7800/Italian 10 Yr bond yield DOWN to 3.887 SPAIN 10 YR BOND YIELD DOWN TO 3.404
3i Greek 10 year bond yield DOWN TO 3.598
3j Gold at $3054.30 Silver at: 34.07 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 6 /100 roubles/dollar; ROUBLE AT 84.13
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 150.94 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.566 % 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: 4.390 UP 5 BASIS PTS…
USA 30 YR BOND YIELD: 4.747 UP 6 BASIS PTS/
USA 2 YR BOND YIELD: 4.027 UP 2 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 38.01…
10 YR UK BOND YIELD: 4.8520 UP 4 PTS
10 YR CANADA BOND YIELD: 3.168 UP 4 BASIS PTS
5 YR CANADA BOND YIELD: 2.794 UP 2 PTS.
2a New York OPENING REPORT
2b) European opening report
European bourses hit on auto tariff rhetoric, DXY mixed vs peers while EGBs & USTs diverge – Newsquawk US Market Open
Thursday, Mar 27, 2025 – 06:18 AM
- The US is to impose 25% tariffs on all cars made outside of the US effective on April 2nd
- Trump reiterated that reciprocal tariffs are also set for next week but stated they will be lenient
- Updates which weigh on European equities with Auto names lagging, US futures mixed/firmer
- DXY mixed with GBP outperforming in an attempted recovery from Wednesday’s action while JPY lags
- EGBs and USTs diverge as they focus on growth and inflationary implications of the latest rhetoric respectively
- Crude benchmarks lower, TTF choppy, XAU gains and base metals slip
- Looking ahead, highlights include US GDP & PCE Final (Q4), Jobless Claims, Japanese Tokyo CPI, Banxico Policy Announcement, Speakers including BoEʼs Dhingra, Fedʼs Collins & Barkin, ECBʼs Schnabel, de Guindos & Lagarde, Supply from the US
- Click for the Newsquawk Week Ahead.
Newsquawk in 3 steps:
1. Subscribe to the free premarket movers reports
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TARIFFS/TRADE
- US President Trump announced the US is to impose 25% tariffs on all cars not made in the US, while he said they will be doing tariffs on pharmaceuticals and tariffs on lumber. Trump stated auto tariffs are going into effect on April 2nd and will start being collected on April 3rd, as well as noted that he will have a news conference on April 2nd which is the real Liberation Day. Furthermore, reciprocal tariffs on April 2nd will be on all tariffs but they will be lenient and in many cases, the tariffs will be less than the tariff charged on the US.
- US President Trump said there will be some form of a deal on TikTok and if the deal is not finished, it will be extended. Trump said there are numerous ways to buy TikTok and there is a lot of interest in TikTok, while he added that China has to play a role and he may give China a little reduction in tariffs to get it done.
- Thereafter, China rejects Trump’s offer of tariff waivers in exchange for TikTok deal, according to AFP
- US President Trump posted on Truth “If the European Union works with Canada in order to do economic harm to the USA, large scale Tariffs, far larger than currently planned, will be placed on them both in order to protect the best friend that each of those two countries has ever had!”
- White House official said Commerce Secretary Lutnick informed President Trump that national security concerns raised in the earlier autos probe remain and may have escalated. The official stated the 25% tariff applies to autos and auto parts, in addition to any other duties or fees, while the new 25% tariff will be added to the existing 25% tariff on light trucks and cars coming to the US under USMCA will be tariffed according to their foreign part content. Furthermore, the official stated that tariffs take effect after midnight on April 3rd and it was also reported that Trump’s autos proclamation provides a one-month tariff exemption for auto parts imports until May 3rd.
- Canadian PM Carney said Trump’s tariff announcement is a direct attack on Canadian workers and they will defend their country, while he will convene a high-level meeting on Thursday to discuss trade options and noted that tariffs will hurt Canada but the country will emerge stronger. Furthermore, he said if retaliatory tariffs are appropriate, Canada will take steps in its own interest and that Ottawa will react soon in which it can introduce retaliatory tariffs, while he is sure he will speak to Trump soon.
- Ontario’s Premier said he spoke to PM Carney and they agreed Canada needs to stand firm, strong and united, while he fully supports the government preparing retaliatory tariffs to show that Canada will never back down.
- Unifor said regarding US auto tariffs that President Trump fails to understand the chaos and damages tariffs will inflict on workers and consumers in both Canada and the US.
- Mexico’s Foreign Minister held a call with US Deputy Secretary of State Landau in which they talked about security, migration and commerce, while they agreed to exchange information regularly and to schedule a face-to-face meeting in the near future, according to Mexico’s Exterior Ministry
- European Commission President Von der Leyen said she deeply regrets the US decision to impose tariffs on European automotive exports, while the European Commission will assess the announcement along with other measures the US is expected to unveil in the coming days and the EU will continue to seek negotiated solutions while safeguarding its economic interests.
- Japanese PM Ishiba said various options are on the table for consideration regarding US auto tariffs and need to think about the appropriate response. Ishiba added that Japan is making the largest investment in the US and questions whether it makes sense to apply higher auto tariffs equally to all countries, which is a point it has made and will continue to make to the US.
- China’s ambassador to the US said using fentanyl as an excuse to raise taxes for no reason will only turn another point of cooperation into a point of friction, while the ambassador added that the development of China-US relations has reached a new and important juncture and hopes the US will work with China in the same direction.
EUROPEAN TRADE
EQUITIES
- European bourses were primed for a softer open with losses accelerating modestly thereafter given the latest US tariff rhetoric, Euro Stoxx 50 -0.5%. Auto names lag given the focus of Trump’s commentary with marked pressure in names across the board though they are off lows.
- Stateside, futures are more mixed despite the European pressure; ES U/C, RTY +0.2%. Price action so far fairly tentative as we await updates on the tariff narrative, though futures have managed to make their way off overnight lows.
- H3C says NVIDIA (NVDA) H20 chip stocks are nearly depleted, new shipments are due Mid April, according to a client notice; H3C will distribute the chips based on profit margins.
- Microsoft (MSFT) mulls developing own high-end generative AI, according to Nikkei citing Microsoft CEO Nadella; CEO added that having its proprietary platform will make it easier to provide services optimised for its business software.
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
- Click for a detailed summary
FX
- DXY in the red after gaining on Wednesday, currently posting a slightly mixed performance against peers. DXY pivoting the 104.50 mark and awaiting tariff developments alongside a handful of other drivers.
- EUR is modestly firmer but off a 1.0787 high against the USD, yet to make its way back onto a 1.08 handle and approach yesterday’s peak @ 1.0803. To the downside, attention is on the 200DMA @ 1.0729.
- Cable is back above the 1.29 handle with the recovery from Wednesday’s pressure a tentative one and we are still shy of that session’s 1.2949 peak. Specifics light thus far, with commentary very much just digesting the statement and tariff implications.
- USD/JPY has extended on yesterday’s upside with JPY the worst performer across the majors. Fresh macro drivers for Japan are light as markets look ahead to Tokyo CPI overnight. Finds itself at a 150.96 peak.
- NOK picked up on the Norges Bank announcement (details below), with EUR/NOK knee jerking to a 11.3374 low before then paring modestly.
- Antipodeans attempting to recoup lost ground and take advantage of USD downside, of note is the suggestion that Trump could give China some tariff relief for a TikTok deal.
- Norges Bank maintains its Key Policy Rate at 4.50% as expected; current assessment of the outlook implies that the policy rate will most likely be reduced in the course of 2025; Q4-2025 Repo Path 4.21% (prev. 3.80%).
- PBoC set USD/CNY mid-point at 7.1763 vs exp. 7.2728 (Prev. 7.1754).
- Click for a detailed summary
- Click for NY OpEx Details
FIXED INCOME
- Modest divergence between EGBs and USTs with Bunds firmer and yields lower given the growth implications of the latest tariff commentary, though Bunds have faded from early 128.69 peaks and are at session lows some 40 ticks below but still just in the green.
- USTs meanwhile find themselves in the red, with yields picking up on the global and US inflationary implications of such action, as such yields are firmer with the curve steepening ahead of data and 7yr supply; a sale which follows a robust 2yr and more a tepid 5yr outing earlier in the week.
- Gilts in the red despite opening with very modest gains. Pressure which comes given the inflationary implications of the above and despite officials in the UK stressing that they do not plan to retaliate to US action and are seeking favourable deals. Thus far, at a 90.55 trough, below Wednesday’s 90.75 low which printed during the statement.
- Reuters calculations suggest China stepped up fiscal support and accelerated bond issuance to the highest on record in Q1 2025, issuing a total of CNY 3.28tln.
- Click for a detailed summary
COMMODITIES
- Crude benchmarks are both in the red with sentiment feeling heavy amid the US administration’s ongoing tariff rhetoric. Otherwise, rhetoric has been light but prices found somewhat of a floor around the time that Russia’s Deputy Foreign Minister said that given the current circumstances, it is impossible that Russia will make any concessions on strategic stability, and there is no concrete agreement on the Black Sea deal.
- WTI May resides in a USD 69.22-69.96/bbl range while its Brent counterpart trades in a USD 73.35-73.97/bbl.
- Dutch TTF shifts between modest gains and losses in early European hours, with complex-specific newsflow light this morning but with traders cognizant of the heating season coming to an end, with stockpiling season ahead.
- Precious metals are mostly firmer with gold gaining on haven flows and most recently extending above the USD 3050/oz mark, a much which occurred without a fresh fundamental driver and may be more technically driven.
- Base metals hit on the risk tone and tariff commentary. 3M LME copper current resides in a USD 9,828.80-9,997.75/t range at the time of writing.
- Click for a detailed summary
NOTABLE DATA RECAP
- EU Money-M3 Annual Growth (Feb) 4.0% vs. Exp. 3.8% (Prev. 3.6%)
- EU Loans to Non-Fin (Feb) 2.2% (Prev. 2.0%); Households (Feb) 1.5% (Prev. 1.3%)
NOTABLE EUROPEAN HEADLINES
- ECB’s Kazaks says we can probably keep cutting rates if the baseline holds, adds uncertainty is really high and geopolitics is the main cause.
- ECB’s Wunsch says the ECB is facing a difficult balancing act as tariffs would be bad for the economy and inflationary, via CNBC; a pause should be on the table in April. Unclear what the impact of the recent German fiscal announcement will be. Inflation risks might be on the upside.
- ECB’s Villeroy says France needs to bring the deficit back to the 3% mark Earlier: French 2024 budget deficit at 5.8% of GDP vs gov’t exp. 6.0% (5.4% in 2023), via INSEE.
- UK Chancellor says UK is in “intense negotiations” with the US on all tariffs and “working on” exempting the UK because “we don’t run a surplus”, via BBC.
NOTABLE US HEADLINES
- US President Trump announces the appointment of Brandon Beach as the next Treasurer of the United States.
- US President Trump effectively cut 10% of funding for the Commerce Department’s Bureau of Industry and Security which is the key agency in the US-China tech race, according to Bloomberg.
GEOPOLITICS
MIDDLE EAST
- US President Trump said US attacks on Houthis will continue for a long time.
- Hamas spokesperson Abdel Latif al-Qanoua was killed in an Israeli airstrike on northern Gaza, according to Hamas media cited by Reuters. In relevant news, Lebanese media reported an Israeli march targeted a car on a road in Tyre in southern Lebanon, according to Sky News Arabia.
- “US official to Al-Arabiya: The Pentagon is considering plans to deploy additional forces in the Middle East“, according to Al Arabiya.
OTHER
- Russia’s Foreign Ministry says recent Russia-US contacts are at the beginning of a long and difficult process of restoring relations, according to RIA.
- Russian Deputy Foreign Minister says given the current circumstances, it is impossible that Russia will make any concessions on strategic stability, via Tass; no concrete agreement on Black Sea deal.
- European Council President Costa says EU must keep the pressure on Russia via sanctions and he will convey this message in today’s leaders’ meeting on Ukraine.
RUSSIA-UKRAINE-US
North Korean leader Kim supervised tests of kamikaze drones and the nation was presumed to send at least 3,000 more troops to Russia, according to Yonhap.
CRYPTO
- Firmer, with Bitcoin above the USD 87k mark but off best levels in a USD 86.61-87.77k band.
APAC TRADE
- APAC stocks were ultimately mixed with cautiousness seen after Trump’s latest tariff salvo in which he announced the US is to impose 25% tariffs on all cars made outside of the US effective on April 2nd and reiterated that reciprocal tariffs are also set for next week but stated they will be lenient, and in many cases, tariffs will be less than the tariffs charged on the US.
- ASX 200 declined with the index dragged lower by underperformance in tech, real estate and financials but with further downside stemmed by resilience in utilities and the commodity-related sectors.
- Nikkei 225 slipped back beneath the 38,000 level with automakers among the worst hit following Trump’s 25% auto tariff announcement.
- Hang Seng and Shanghai Comp kept afloat with outperformance in Hong Kong amid a slew of earnings releases and after US President Trump also suggested he may give China a little reduction in tariffs to get a TikTok deal done, while China’s Vice Premier vowed to push forward reforms to help high-quality economic growth in a speech at the Boao Forum.
NOTABLE ASIA-PAC HEADLINES
- China’s Vice Premier Ding Xuexiang said at the Boao Forum that there is a significant rise in uncertainties in the world and that China will resolutely oppose protectionism, as well as promote globalisation and safeguard free trade. Ding said China’s economy has had a good start this year and the improving trend in China’s economy has become more consolidated, while he is confident in China achieving its growth target and contributing to Asia and world growth. Furthermore, he said they will push forward key reforms to help high-quality economic growth, promote the development of private firms and make greater efforts to promote the healthy development of the property and stock market.
- Chinese FX Regulator Deputy Head says will resolutely prevent overshooting risks in CNY exchange rates; will keep CNY exchange rate basically stable.
DATA RECAP
- Chinese Industrial Profits YTD (Feb) -0.3% (Prev. -3.3%)
2c) Asian opening report
European futures lower as US imposes 25% tariffs on autos, effective 2nd April – Newsquawk Europe Market Open
Thursday, Mar 27, 2025 – 02:28 AM
- APAC stocks were ultimately mixed with cautiousness seen after Trump’s latest tariff salvo
- The US is to impose 25% tariffs on all cars made outside of the US effective on April 2nd
- Trump reiterated that reciprocal tariffs are also set for next week but stated they will be lenient
- European equity futures indicate a lower cash market open with Euro Stoxx 50 future down 0.5% after the cash market closed with losses of 1.2% on Wednesday
- DXY lower after yesterday’s session of gains, EUR is firmer despite Trump tariff plans, GBP is attempting to nurse recent losses
- Ukraine and the US discussed a halt of strikes on civilian facilities, but the US did not get support on this from Russia
- Looking ahead, highlights include US GDP & PCE Final (Q4), Jobless Claims, Japanese Tokyo CPI, Norges Bank & Banxico Policy Announcements, BoJ SOO, BoE’s Dhingra, Riksbank’s Bremen, Fed’s Collins & Barkin, ECB’s Schnabel, de Guindos & Lagarde, Norges Bank’s Bache, Supply from UK & US
SNAPSHOT
Newsquawk in 3 steps:
1. Subscribe to the free premarket movers reports
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 day
US TRADE
EQUITIES
- US stocks closed notably in the red and were hit by risk-off trade due to a combination of factors including Trump tariff developments and with an FT article noting that Chinese energy efficiency rules could hit Nvidia (NVDA) sales. As such, Technology was the clear laggard among sectors with mega-cap names Communication Services and Consumer Discretionary the next worst performers.
- SPX -1.12% at 5,712, NDX -1.83% at 19,917, DJI -0.31% at 42,455, RUT -1.03% at 2,074.
- Click here for a detailed summary.
TARIFFS/TRADE
- US President Trump announced the US is to impose 25% tariffs on all cars not made in the US, while he said they will be doing tariffs on pharmaceuticals and tariffs on lumber. Trump stated auto tariffs are going into effect on April 2nd and will start being collected on April 3rd, as well as noted that he will have a news conference on April 2nd which is the real Liberation Day. Furthermore, reciprocal tariffs on April 2nd will be on all tariffs but they will be lenient and in many cases, the tariffs will be less than the tariff charged on the US.
- US President Trump said there will be some form of a deal on TikTok and if the deal is not finished, it will be extended. Trump said there are numerous ways to buy TikTok and there is a lot of interest in TikTok, while he added that China has to play a role and he may give China a little reduction in tariffs to get it done.
- US President Trump posted on Truth “If the European Union works with Canada in order to do economic harm to the USA, large scale Tariffs, far larger than currently planned, will be placed on them both in order to protect the best friend that each of those two countries has ever had!”
- White House official said Commerce Secretary Lutnick informed President Trump that national security concerns raised in the earlier autos probe remain and may have escalated. The official stated the 25% tariff applies to autos and auto parts, in addition to any other duties or fees, while the new 25% tariff will be added to the existing 25% tariff on light trucks and cars coming to the US under USMCA will be tariffed according to their foreign part content. Furthermore, the official stated that tariffs take effect after midnight on April 3rd and it was also reported that Trump’s autos proclamation provides a one-month tariff exemption for auto parts imports until May 3rd.
- Canadian PM Carney said Trump’s tariff announcement is a direct attack on Canadian workers and they will defend their country, while he will convene a high-level meeting on Thursday to discuss trade options and noted that tariffs will hurt Canada but the country will emerge stronger. Furthermore, he said if retaliatory tariffs are appropriate, Canada will take steps in its own interest and that Ottawa will react soon in which it can introduce retaliatory tariffs, while he is sure he will speak to Trump soon.
- Ontario’s Premier said he spoke to PM Carney and they agreed Canada needs to stand firm, strong and united, while he fully supports the government preparing retaliatory tariffs to show that Canada will never back down.
- Unifor said regarding US auto tariffs that President Trump fails to understand the chaos and damages tariffs will inflict on workers and consumers in both Canada and the US.
- Mexico’s Foreign Minister held a call with US Deputy Secretary of State Landau in which they talked about security, migration and commerce, while they agreed to exchange information regularly and to schedule a face-to-face meeting in the near future, according to Mexico’s Exterior Ministry
- European Commission President Von der Leyen said she deeply regrets the US decision to impose tariffs on European automotive exports, while the European Commission will assess the announcement along with other measures the US is expected to unveil in the coming days and the EU will continue to seek negotiated solutions while safeguarding its economic interests.
- EU’s top trade negotiator Sefcovic expects US President Trump to hit the bloc with tariffs of about 20% next week, while it was reported that a White House official said “no final decisions have been made” on what the reciprocal tariff rates will be for US trading partners, according to FT.
- EU expects US President Trump to set a flat, double-digit tariff on April 2nd and it was suggested that the tariff rate applied to the EU could be as high as 20% or 25%, according to Politico citing two diplomats.
- Japanese PM Ishiba said various options are on the table for consideration regarding US auto tariffs and need to think about the appropriate response. Ishiba added that Japan is making the largest investment in the US and questions whether it makes sense to apply higher auto tariffs equally to all countries, which is a point it has made and will continue to make to the US.
- China’s ambassador to the US said using fentanyl as an excuse to raise taxes for no reason will only turn another point of cooperation into a point of friction, while the ambassador added that the development of China-US relations has reached a new and important juncture and hopes the US will work with China in the same direction.
NOTABLE HEADLINES
- Fed’s Musalem (2025 voter) said risks that inflation will stall above 2% or move higher in the near term appear to have increased and patience with current policy is appropriate as the Fed gathers evidence inflation is returning to the target. Musalem said he is wary of assuming all tariff-related price increases will be temporary as second-round effects could be more persistent, while he added that if the labour market remains strong and second-round tariff effects become apparent, the Fed may need to keep rates higher for longer or consider more restrictive policy. Musalem also commented that the labour market is at or close to full employment and it is appropriate for policy to remain where it is given inflation is above target.
- US President Trump announces the appointment of Brandon Beach as the next Treasurer of the United States.
- US President Trump effectively cut 10% of funding for the Commerce Department’s Bureau of Industry and Security which is the key agency in the US-China tech race, according to Bloomberg.
APAC TRADE
EQUITIES
- APAC stocks were ultimately mixed with cautiousness seen after Trump’s latest tariff salvo in which he announced the US is to impose 25% tariffs on all cars made outside of the US effective on April 2nd and reiterated that reciprocal tariffs are also set for next week but stated they will be lenient, and in many cases, tariffs will be less than the tariffs charged on the US.
- ASX 200 declined with the index dragged lower by underperformance in tech, real estate and financials but with further downside stemmed by resilience in utilities and the commodity-related sectors.
- Nikkei 225 slipped back beneath the 38,000 level with automakers among the worst hit following Trump’s 25% auto tariff announcement.
- Hang Seng and Shanghai Comp kept afloat with outperformance in Hong Kong amid a slew of earnings releases and after US President Trump also suggested he may give China a little reduction in tariffs to get a TikTok deal done, while China’s Vice Premier vowed to push forward reforms to help high-quality economic growth in a speech at the Boao Forum.
- US equity futures (ES +0.1%, NQ U/C) partially rebounded from the prior day’s selling but with the recovery limited amid tariff concerns.
- European equity futures indicate a lower cash market open with Euro Stoxx 50 future down 0.5% after the cash market closed with losses of 1.2% on Wednesday.
FX
- DXY gradually softened overnight in a reversal of the prior day’s advances which had been spurred by tariff-related headlines, stronger-than-expected Durable Goods data and the downbeat risk tone.
- EUR/USD rebounded from the prior day’s trough despite the latest US tariff announcement and expectations for more tariff pain next week on ‘Liberation Day’ with EU trade chief Sefcovic anticipating US President Trump to hit the bloc with tariffs of about 20%. However, President Trump also suggested during his tariff announcement that people will be pleasantly surprised about reciprocal tariffs and that he will be much more lenient on tariffs on April 2nd.
- GBP/USD nursed losses after retreating yesterday on soft CPI data and Chancellor Reeves’s Spring Statement.
- USD/JPY pulled back after the prior day’s choppy performance and amid the underperformance in Tokyo stocks.
- Antipodeans recouped lost ground as the major currencies took advantage of the reversal in the greenback.
- PBoC set USD/CNY mid-point at 7.1763 vs exp. 7.2728 (Prev. 7.1754).
- BoC Minutes stated that ahead of the announcement, the BoC was generally assigning less weight to downside risks to inflation and generally agreed new data had shifted the balance, with somewhat less risk of lower inflation outcomes. Minutes stated they would probably have left rates unchanged at 3% had there not been a tariff threat and increased uncertainty but decided a 25bps cut would provide some help to Canadians to manage the uncertainty related to tariffs. The Minutes also revealed that some governing council members suggested keeping the rate unchanged until there was more clarity on the effects of tariffs and other members felt the threat of tariffs and uncertainty had changed the outlook enough to warrant a cut.
FIXED INCOME
- 10yr UST futures struggled for direction after yesterday’s choppy performance amid strong durable goods data and the downbeat risk tone, while participants now await incoming supply including a 7-year note auction.
- Bund futures were underpinned amid tariff concerns after the EU’s top trade negotiator Sefcovic said he expects US President Trump to hit the bloc with tariffs of about 20% next week, while EU’s Von der Leyen voiced deep regret regarding the US decision to impose tariffs on autos.
- 10yr JGB futures were ultimately little changed in the absence of any tier-1 data releases and with only brief support seen after a mixed 40yr JGB auction which resulted in a higher bid-to-cover but a lower price at the highest accepted yield.
COMMODITIES
- Crude futures traded sideways amid cautiousness following the latest Trump tariff announcement.
- US DoE considering cutting funding to four of seven US hydrogen hubs, according to Reuters sources.
- Spot gold gradually edged higher and topped this week’s peak on the back of a softer dollar.
- Copper futures initially trickled lower with demand hampered amid the mostly negative risk appetite in the region, but then recovered amid the resilience in its largest buyer, China.
CRYPTO
- Bitcoin steadily gained overnight after prices bounced back above the USD 87,000 level.
NOTABLE ASIA-PAC HEADLINES
- China’s Vice Premier Ding Xuexiang said at the Boao Forum that there is a significant rise in uncertainties in the world and that China will resolutely oppose protectionism, as well as promote globalisation and safeguard free trade. Ding said China’s economy has had a good start this year and the improving trend in China’s economy has become more consolidated, while he is confident in China achieving its growth target and contributing to Asia and world growth. Furthermore, he said they will push forward key reforms to help high-quality economic growth, promote the development of private firms and make greater efforts to promote the healthy development of the property and stock market.
DATA RECAP
- Chinese Industrial Profits YTD (Feb) -0.3% (Prev. -3.3%)
GEOPOLITICS
MIDDLE EAST
- US President Trump said US attacks on Houthis will continue for a long time.
- Hamas spokesperson Abdel Latif al-Qanoua was killed in an Israeli airstrike on northern Gaza, according to Hamas media cited by Reuters. In relevant news, Lebanese media reported an Israeli march targeted a car on a road in Tyre in southern Lebanon, according to Sky News Arabia.
RUSSIA-UKRAINE
- Ukrainian President Zelensky said he expects the US to ensure the ceasefire is without conditions despite Russian claims, while he added that sanctions against Russia should remain in place. Zelensky also stated that Ukraine and the US discussed a halt of strikes on civilian facilities, but the US did not get support on this from Russia. It was separately reported that Zelensky said they will never give up their lands to Russia, according to a journalist via X.
- US Secretary of State Rubio said the agreement with Russia and Ukraine is one in principle and the Russians detailed a number of conditions afterwards which the US is going to evaluate. Rubio added that after they evaluate and understand their position, they’ll present it to the President.
- US Treasury Secretary Bessent said President Trump would not hesitate to raise sanctions on Russia if it gives him a negotiating advantage, according to a Fox News interview.
- French President Macron said Russia is reinterpreting what was agreed in ceasefire talks and France is to provide military support to Ukraine of EUR 2bln. Macron also stated they want to mobilise partners on Thursday to increase military support to Ukraine.
- NATO Secretary General Rutte said there will be no normalisation of relations with Russia even after the war in Ukraine is over.
OTHER
- North Korean leader Kim supervised tests of kamikaze drones and the nation was presumed to send at least 3,000 more troops to Russia, according to Yonhap.
EU/UK
NOTABLE HEADLINES
- UK Chancellor Reeves defended the digital services tax and said they believe that companies should pay tax in the countries in which they operate, which is why they introduced the digital services tax in the first place, and their views on that have not changed”.
- UK DMO CEO said a reduction in long-dated Gilt issuance in 2025/26 represents an “important shift” and the shift to shorter-dated Gilts reflects “cost and risk for the exchequer”.
- ECB’s Centeno said there is no reason to deviate from the interest rate path incorporated in projections, while a weak economy and neutral rate estimates argue for more cuts and he does not see any reason for an April pause. Centeno added that neutral rates might not be enough to sustain inflation at 2% and would like to see rates closer to 2% sooner rather than later.
- ECB’s Kazaks says we can probably keep cutting rates if the baseline holds, adds uncertainty is really high and geopolitics is the main cause.
3 .ASIA
3A NORTH KOREA/SOUTH KOREA
3BJAPAN
Japanese Carmakers Face Catastrophic Profit Hit From Trump’s Auto Tariffs
Thursday, Mar 27, 2025 – 12:12 AM
As the fallout from Trump’s tariff plans comes into relief, a harsh truth is emerging for the automotive industry: there are lots of losers and not many winners. But foreign automakers, those without US facilities, will be hit especially hard.
As Bloomberg notes, from South Korea’s Hyundai to Germany’s Volkswagen, and to a lesser extent America’s own General Motors, many of the world’s most prominent carmakers will soon face higher costs from Trump’s new levies on auto imports and key components. That’s because about 46% of all new cars sold in the US are imported.
“There are very few winners,” Sam Fiorani, vice president of global vehicle forecasting for AutoForecast Solutions, said in a phone interview. “Consumers will be losers because they will have reduced choice and higher prices.”
One notable winner in the tariff chaos is Elon Musk. His Tesla, which has large factories in California and Texas, churns out all the electric vehicles it sells in the US, although as Elon noted late on Wednesday, the company will also not remain unscathed.
Important to note that Tesla is NOT unscathed here. The tariff impact on Tesla is still significant.— Elon Musk (@elonmusk) March 27, 2025
Ford could also face a less-severe impact than some rivals, with about 80% of the cars it sells in the US being built domestically.
Others will be less lucky: starting April 2, the new 25% tariffs will apply to all imported passenger vehicles and light trucks, as well as key parts like engines, transmissions.
Not surprisingly, the tariffs give automakers that heavily source parts in the US an edge, and Trump also allowed an exemption: the new levies will only apply to the non-US share of vehicles and parts imported under a free-trade agreement with Canada and Mexico. That may soften the blow for vehicles whose supply lines zig-zag across the continent.
Tariffs on parts from Canada and Mexico that comply with the trade deal also won’t take effect until the US sets up a process to collect those levies. The US neighbors could use that window to try to stave off full implementation, even if it’s a long shot.
And while NAFTA, pardon USMCA, nations will do everything in their power to be loopholed out, foreign brands heavily reliant on imported vehicles are fresh out of luck. South Korea’s auto giant Hyundai risks being among the hardest hit: although the carmaker and its affiliate Kia have plants in Alabama and Georgia, and just yesterday announced a $21 billion US expansion plan, it imported more than a million vehicles to the US last year, accounting for more than half of its sales in the country, according to figures from Global Data.
Hyundai “remains committed to the long-term growth of the US automotive industry through localized production and innovation,” the company said in a statement, noting it employs 570,000 people in the US. Unfortunately, according to Trump, it should employ many more, and if the company – which imports almost 60% of the cars it sells in the US – wishes to avoid tariffs, it will have to not only hire more American workers, but build many more US plants. Oh, and this is just the beginning: once the reciprocal tariffs kick in next week, South Korean exporters will find themselves in a world of pain.
What about Japan? Let’s take a closer look at the country which historically has been the biggest global auto maker, and which produces 1.3 million (and another 0.4 million tolled in Mexico) of the 16 million annual car sales (Toyota 0.6mn, Subaru 0.3mn, Nissan 0.2mn, Mazda 0.2mn, MMC 0.1mn, Honda 0.01mn). For Japan, autos account for >30% of Japan’s exports to the US, which imports about 46% of all autos sold each year.
Based on an average sales price of US$45,000, the value of imports would exceed US$330 billion, and US import tariffs could have a major impact on sales prices and auto demand. All else equal, they would raise about $100 billion in annual tax revenues. But all else will certainly not be equal, especially once exporting nations slide into recession, and their export industries are crippled.
In an analysis published three weeks ago (report available to pro subs), Goldman looked at one scenario where Japanese cars are hit with 25% tariffs, along with imports from Mexico and Canada. The results were dire. According to Goldman analyst Kota Yuzawa, the potential impact on Japanese auto companies’ operating profit – assuming a tariff of 25% on Japan in line with that imposed on imports from Canada and Mexico – is shown below. In this scenario Goldman assumes that sales volumes decline as a result of price hikes made by each company in order to offset the negative impact of tariffs (volume decline of 8-26% based on a 25% price hike for Canada/Mexico/Japan-made vehicles). In that scenario the profit hit will be anywhere between 6% for Toyota to 59% for Mazda.
In terms of exposure, Yuzawa calculates that production volume in US is largest for Subaru (39%), Honda (27%), Toyota (13%), Nissan (13%), Mazda (7%).
In another, far more draconian scenario, Japanese automakers are unable or simply refuse to hike prices to offset volume declines. The consequences are catastrophic and result in the following hit to operating profits: Toyota -¥570 bn, Honda -¥350 bn, Nissan -¥130 bn, and Mazda -¥60 bn. The implied impact on Goldman’s FY3/26 operating profit forecasts would be as follows: Toyota -11%, Honda -23%, Nissan -66%, and Mazda -34%, with Nissan and Mazda seeing relatively large impacts given their larger export mix from Canada/Mexico.
That’s just the start: in addition to the direct potential impact on finished vehicle exports described above, parts makers also have supply chains spanning multiple countries. Indeed, Toyota-affiliated companies that announced 3Q (October-December) results on January 31 referred to tariff risks. Denso’s sales from Mexico/Canada operations to the US total about ¥220 bn, while Aisin’s are about ¥60 bn. If a 25% tariff were also imposed on parts, Goldman warns forecasts potential profit declines of ¥55 bn/¥15 bn at Denso/Aisin. Toyota Boshoku did not disclose figures but noted a large potential impact, as much of its seat sewing is conducted in Mexico. Parts makers are working to pass on higher costs to automakers. Denso’s management expressed hope that tariff impact would be mitigated to some extent by the possibility of US corporate tax cuts and a weaker Mexican peso.
Ultimately, Goldman’s Yuzawa expects price increases to spread across the US auto industry, and after several years of pain, tariffed exports will find some parity with domestic producers: “Automobiles are essential goods, however, and in the longer term we expect demand for them to recover and the negative impact of tariffs on volume to gradually diminish as production of US-made models and procurement of US-made parts increases. In addition, the used car market is also robust. Higher new car prices are likely to lead to higher used car prices, which could also boost vehicle purchasing power through higher residual values. Our economists estimate price elasticity of demand at 1.2-1.5 in the short term and 0.2 in the medium term, and we use the midpoint of 1.35 in our scenario analysis in this report.”
The problem is what happens until the equilibrium point is reached over several years, and how painful will the looming Japanese recession be, because make no mistake: Japan is now almost certainly facing a recession: Takahide Kiuchi, executive economist at Nomura Research Institute (NRI), expects an 25% increase in U.S. auto tariffs to push down Japan’s GDP by at least 0.2%.
“The Trump tariff has the potential to immediately push Japan’s economy into deterioration,” he said.
But what is worst of all for Japan is that the so-called virtuous wage-price cycle in which the perenially deflating nation managed to find itself, is now also doomed. That’s because the auto industry has been the driver of recent wage hikes according to Reuters, as automakers distribute the huge profits they reaped overseas to their employees. Starting April 2, kiss those profits goodbye… and if Japanese automakers want to avoid plummeting stock prices, or worse, bankruptcy, what they will immediately do is announce that any future wage increases have been put on hold and, just as likely, are about to hit reverse.
Not surprisingly, Japan’s government has expressed serious concern over the potential fallout from newly announced US tariffs, warning of risks to both bilateral economic ties and global trade stability.
Chief Cabinet Secretary Yoshimasa Hayashi said on Thursday that Tokyo is closely monitoring the situation following Trump’s announcement of additional tariffs. Speaking at a press briefing, Hayashi cautioned that the broad-based nature of the U.S. trade measures could have far-reaching consequences.
“We believe that the current measures and other broad-based trade restrictions by the U.S. government could have a significant impact on the economic relationship between Japan and the U.S., as well as on the global economy and the multilateral trading system,” he said.
If only there was anything Japan could do to retaliate.
As forexlive notes, one thing Hayashi didn’t mention was that the new tariffs are likely to trim back the prospect of a May rate hike from the Bank of Japan, echoing what we said, namely that “these new tariffs will hit Japan’s auto industry hard, and thus economic data.”
More in the full Goldman note “Scenario analysis on US tariffs on Mexico/Canada for Japanese automakers” available to pro subs.
3C. CHINA/
4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
Europe Rules Out Easing Of Russian Sanctions, Killing Ceasefire Hopes
Thursday, Mar 27, 2025 – 10:15 AM
French President Emmanuel Macron is hosting nations in Paris who make up a ‘coalition of the willing’ in their continued support to Ukraine, and on Thursday he has announced that sanctions on Russia will not be lifted, as unanimously agreed to among participants.
The twenty-seven heads of mostly European states and governments represented there further agreed there will be no easing of sanctions in exchange for a Black Sea ceasefire.
A new Black Sea peace initiative was unveiled by Washington at the Riyadh talks, and agreed to by both warring parties as of Wednesday, and would see Russian food and agricultural sanctions lifted, as well as the reconnection of Russian agricultural banks to the international Swift payment system.
The Wall Street Journal’s Yaroslav Trofimov points out that “The lifting of sanctions on banking, as demanded by Russia, cannot be done without European say so. Now what?”
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 first announced Tuesday.
There was already severe disagreement with Ukraine concerning its scope and implementation, but Moscow said it was willing to play ball. “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 had announced, 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.”
But Ukraine on the same day had already accused Moscow of “lying” about the terms of the agreement: The Ukrainian defense ministry said the movement of Russian warships outside the “eastern part of the Black Sea” would be treated as a violation of the agreement, according to regional media.
Thus it seems both Kiev and Europe are setting up the Trump-backed partial ceasefire to fail before it even gets off the ground.
As for Macron, he said Thursday that while he welcomes the role of Presdient Trump in overseeing the peace talks, the stance of the ‘coalition of the willing’ remains clear. “fundamentally, to win peace, and to do this, we must place Ukraine in the best possible position to negotiate and ensure that the peace that will be negotiated will be solid and lasting,” he said.
He charged that it remains Russia who is unwilling to abide by terms of the proposed ceasefires, and has been adding unacceptable conditions. The UK’s Starmer too said in Paris that “There was absolute clarity that Russia is trying to delay [peace], is playing games, and we have to be absolutely clear about that.”
The British prime minister also hailed “complete clarity that now is not the time for lifting of sanctions.” He went so far to say “Quite the contrary, what we discussed is how we can increase sanctions to support the US initiative, to bring Russia to the table through further pressure from this group of countries.”
“What came out was strong from the meeting was so many countries standing, as they’ve stood for over three years now, with Ukraine in this crucial moment for as long as it takes for” he said. This certainly pushes peace back further on the horizon – but at this point Moscow is probably OK with that, as its forces gobble up more territory. The longer this drags on, the worse the ground reality gets for the Ukrainian side.
5 RUSSIAN AND MIDDLE EASTERN AFFAIRS
ISRAEL HAMAS///
Three major Hamaz spokespeople killed in Israeli strikes on Northern Gaza:
10 Barhoum, al Bardaweel and finally al Qanoa. They are going after their leaders.
(jerusalemPost)
Hamas claims spokesperson killed in Israeli strike on northern Gaza
Earlier this week, Israel killed Ismail Barhoum, a member of Hamas’ political office, and Salah al-Bardaweel, another senior leader.
By JERUSALEM POST STAFFMARCH 27, 2025 01:44Updated: MARCH 27, 2025 02:23
Hamas spokesman Abdel Latif al-Qanou was allegedly killed in an Israeli airstrike on northern Gaza, Hamas-affiliated news agency Shehab reported on Wednesday night.
Al-Qanoa was one of Hamas’s most prominent spokesmen in Gaza, and while he avoided media appearances during the months of fighting, he gave multiple interviews to Arab news channels after the ceasefire.
Al-Qanoua was killed when his tent was targeted in Jabaliya, the Hamas-run Al-Aqsa television reported. The same strike wounded several people, medical sources said.
Earlier this week, Israel killed Ismail Barhoum, a member of Hamas’ political office, and Salah al-Bardaweel, another senior leader.
Both Bardaweel and Barhoum were members of the 20-member Hamas decision-making body, the political office, 11 of whom have been killed since the start of the war in late 2023, according to Hamas sources.
The IDF has yet to comment on the alleged elimination.
Increased IDF pressure in the Gaza Strip
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.
In certain areas, the military has entered a full kilometer into Gaza, such as around the Nitzanim Corridor in central Gaza.
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.
Yonah Jeremy Bob and Reuters contributed to this report.
END
ISRAEL/HAMAS
Anti-Hamas protests show serious shift in attitude in Gaza
The fact that protests against Hamas continued today and even expanded is “an indication that there is a shift in the public’s attitude toward Hamas.”
By AMICHAI STEIN, REUTERSMARCH 26, 2025 21:54Updated: MARCH 26, 2025 22:47
Hundreds of Palestinians protested in northern Gaza on Tuesday to demand an end to war, chanting “Hamas out,” social media posts showed, in a second day of rare public show of opposition to the terror group.
The fact that protests against Hamas continued today and even expanded is “an indication that there is a shift in the public’s attitude toward Hamas,” an Israeli source said. Additionally, officials say the fact that protests have been ongoing for 48 hours shows they are indeed authentic.
The protests themselves, according to Israeli officials, began spontaneously. It is believed that the families from Beit Lahiya, whose relatives were hit by Israeli airstrikes, were the ones who started them.
However, in the last 24 hours, protests against Hamas have intensified in Gaza, including in Gaza City. The demonstrators are calling for action against Hamas and its leaders. In the Nuseirat neighborhood, where the IDF has not operated and the buildings remain relatively intact, a demonstration also took place.
Prime Minister Benjamin Netanyahu convened a meeting on Wednesday evening with senior security officials and Defense Minister Israel Katz on the matter. Katz warned earlier, “Soon, the IDF will operate with greater force in other areas of Gaza, and you will be required to evacuate, losing more and more territory. The plans are already prepared and approved. 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 end the war.”
In Israel, it is believed that the reason for the protest’s eruption is that the residents of Gaza realize the war will soon resume, while there is also concern over the cessation of aid, the displacement of the population due to IDF operations, and the lack of a solution or reconstruction for Gaza.
What could derail the protests?
What could derail the protests? It is believed that if Hamas manages to paint the unrest as having been orchestrated by the Palestinian Authority or Israel, it will portray the demonstrations as inauthentic.
Israel will continue its operations in Gaza in the coming days but will attempt to avoid harming civilians uninvolved in the fighting in order to prevent shifting public anger from Hamas to Israel.
At this stage, Hamas is trying to suppress the protests using non-violent means. However, as mentioned, in the coming days we will know whether this marks a dramatic shift or if Hamas has managed to bypass this obstacle as well.
“Out, out, out, Hamas get out,” chanted Gazan protesters in one of the posts published on X, apparently from the Beit Lahiya region of Gaza, on Tuesday. It showed people marching down a dusty street between war-damaged buildings.
“It was a spontaneous rally against the war because people are tired and they have no place to go,” said one witness, who spoke on condition that his name not be used for fear of retribution.
“Many chanted slogans against Hamas, not all people but many, saying ‘Out Hamas.’ People are exhausted and no one should blame them,” he said.
The posts began circulating widely late on Tuesday. Reuters was able to confirm the location of the video by buildings, utility poles and road layout that matches satellite imagery of the area. Reuters was not able to independently verify the date of the video. However, several videos and photographs shared on social media showed protests in the area on March 25.
Social media activists circulated a video they said was of a protest by hundreds of people in Shejaia, a suburb of Gaza City, on Wednesday calling for the dismissal of Hamas, indicating the anti-Hamas protests may be spreading. Reuters could not verify the authenticity of the video.
Senior Hamas official Basem Naim said people had the right to protest at the suffering inflicted by the war but he denounced what he said were “suspicious political agendas” exploiting the situation.
“Where are they from, what is happening in the West Bank?” he said. “Why don’t they protest against the aggression there or allow people to take to the streets to denounce this aggression?”
The comments, reflecting tensions among Palestinian factions over the future of Gaza, came several hours after the rival Fatah movement called on Hamas to “respond to the call of the Palestinian people in the Gaza Strip.”
end
ISRAEL HAMAS/WEST BANK
IDF kills two terrorists, arrests dozens, seizes weapons amid ongoing West Bank op.
The IDF conducted widespread counter-terror operations across the West Bank over the past week as part of a clamp down on terror infrastructure in the region.
By JERUSALEM POST STAFFMARCH 27, 2025 17:28
The IDF eliminated two terrorists, apprehended approximately 80 wanted suspects, and confiscated dozens of weapons, including explosive devices, munitions, and additional combat equipment, over the past week, the military announced on Thursday.
Additionally, IDF soldiers apprehended three terrorists who had hurled rocks at Highway 60 from Silwad, the military added.
Security forces operated in Balata, where they apprehended a number of wanted suspects.
ISRAEL
Israel ‘On The Brink Of Civil War’ As Judicial Overhaul Bill Progresses
Wednesday, Mar 26, 2025 – 09:20 PM
Several ultra-controversial issues have come to a head in Israel this week, sparking more huge protests outside the country’s Knesset and in various locations.
Israel’s Blue and White party leader Benny Gantz is warning alongside former Israeli army Chief of Staff Gadi Eisenkot, and former Prime Minister Ehud Olmert that Israel is on the brink of civil war.
The mounting crisis was sparked by Prime Minister Benjamin Netanyahu’s dismissing Shin Bet chief Ronen Bar. “It’s true that there are many security challenges from abroad, but Israel’s security is at risk because of the internal division,” Gantz said at the start of the week.
There are moves to also dismiss Attorney General Gali Baharav-Miara by Netanyahu after a ‘no confidence’ vote by the cabinet. This has outraged opposition parties and much of the population.
Alongside this, the deeply divisive judicial appointments bill will soon be voted on:
National Unity chair Benny Gantz met earlier today with Justice Minister Yariv Levin in a last-ditch attempt to convince him to abandon a highly controversial piece of legislation that will greatly increase political control over the judicial appointments process.
The meeting was held ahead of the final two readings in the Knesset plenum needed for the legislation’s passage.
During the meeting, Gantz told Levin that he would be making a “mistake” by bringing the legislation for final votes, Channel 12 reports, while Ynet says he warned Levin that Israel is on “the brink of a civil war.”
Gantz is pleading for Netanyahu to halt the legislation from progressing. “I’m appealing to you as someone who bears the responsibility of acting on behalf of all citizens of this country,” he wrote to in a letter to the prime minister.
“Our society is wounded and bleeding, divided in a way we have not seen since October 6 [2023],” Gantz said. “Fifty-nine of our brothers and sisters are still captive in Gaza, and our soldiers, from all political factions, are fighting on multiple fronts.”
As a reminder, Netanyahu and his allies say the plan will restore a balance between the judicial and executive branches and rein in what they see as an interventionist court with liberal sympathies. But critics say the constellation of laws will remove the checks and balances in Israel’s democratic system and concentrate power in the hands of the governing coalition.
Amid all of this, families of kidnap victims are still leading protests demanding that a ceasefire and hostage exchange deal with Hamas get back on track.
But the Israeli military looks to escalate, with reports it is in the preparation stage for annexing parts of the Gaza Strip. The IDF is also staging war drills in the north, preparing for possibly more clashes with Hezbollah. If the judicial overhaul bill passes, demonstrations in the streets will likely explode to historic proportions.
END
ISRAEL HEZBOLLAH
IDF strikes Hezbollah terrorists in southern Lebanon
By JERUSALEM POST STAFFMARCH 27, 2025 09:03
The IDF struck several Hezbollah terrorists who were transferring weapons in the Yohmor area of southern Lebanon, the military said on Thursday morning.
IDF says it struck Hezbollah operatives moving weapons in Lebanon
By Emanuel Fabian FollowToday, 9:07 am
The IDF says it carried out an airstrike earlier today in southern Lebanon, targeting a group of Hezbollah operatives who were identified moving weapons around in the Yohmor area.
Lebanese media reports casualties in the strike.
It comes after a separate strike on a car last night in the town of Maaroub, which according to Lebanese media, killed one. The IDF has not yet commented on that strike.
END
IDF says overnight drone strike in southern Lebanon killed senior Hezbollah commander
The IDF confirms carrying out a drone strike last night in the Tyre District of southern Lebanon, killing a senior Hezbollah commander.
According to the IDF, the strike in the village of Derdghaiya, adjacent to Maaroub, killed Ahmed Adnan Bajija, a battalion commander in Hezbollah’s elite Radwan force.
The military says the commander was involved in directing numerous attacks on Israel and IDF troops during the war and that in recent months, amid the ceasefire, he “continued to engage in advancing terror attacks against the Israeli home front.”
The IDF publishes footage of the strike.
END
then again;
Sirens sound in Jerusalem, central Israel after missiles launched from Yemen
Israel’s emergency response service, Magen David Adom said it had not received reports of injuries.
By JERUSALEM POST STAFFMARCH 27, 2025 13:15Updated: MARCH 27, 2025 14:47
The IDF intercepted two ballistic missiles that were launched from Yemen before they crossed into Israeli territory, the military said on Thursday.
Starting at 1:09 p.m., rocket sirens sounded across central Israel, including Jerusalem and Tel Aviv.
Israel’s emergency response service, Magen David Adom (MDA), said it had not received reports of injuries, apart from people suffering from anxiety.
The police said it was conducting searches in order to locate areas in which impacts may have been identified.
Army Radio reported that fragments of an interceptor had been located near Hebron in the West Bank.
The Houthi spokesperson said the terror group had targeted Ben-Gurion Airport with a ballistic missile.
Houthis reaffirm attacks against Israel
The US has recently carried out widespread attacks against the Iran-backed, Yemen-based terror group. Despite the strikes, the Houthis said earlier this week that they believed their arsenal of ballistic missiles is largely intact, affirming they would continue their attacks on the Jewish State.
Seth J. Frantzman contributed to this report.
IRAN
Iran unveils another ‘missile city’ as tensions mount with US
The facility allegedly holds Kheibar Shekan (900-mile range), Haj Qassem (850-mile range), Ghadr H, (1,240-mile range), Sejjil (1,550-mile range), and Emad (1,050-mile range) missiles.
By DANIELLE GREYMAN-KENNARDMARCH 27, 2025 01:51
Tehran released new footage of a missile city, claiming it to be “one of the hundreds of missile cities” operated by the Islamic Revolutionary Guard Corps, on Tuesday, the semi-state official Tasnim news agency unveiled.
This is the third facility of its kind to be revealed in under a month.
Major General Mohammad Bagheri, Chief of Staff of the Armed Forces, and Brigadier General Amir Ali Hajizadeh, commander of the IRGC Aerospace Forces were filmed traveling through the facility lined with hundreds of missiles.
Kheibar Shekan (900-mile range), Haj Qassem (850-mile range), Ghadr H, (1,240-mile range), Sejjil (1,550-mile range), and Emad (1,050-mile range) missiles, as well as Paveh cruise missiles, are reported to be held in the city.
https://www.jpost.com/middle-east/iran-news/article-847762
The footage also revealed Bagheri stepping on an Israeli flag placed on the ground of the facility.
“Iran’s iron fist is far stronger than before. 10 times stronger than True Promise I,” Bagheri claimed. “All the [defensive] dimensions that are required for generating a [military] capability that is 10 times [stronger than] the one deployed during Operation True Promise II, has been created…The enemy will definitely fall behind in this balance of power.”
‘True Promise II” references Iran’s April attack on Israel.
Tehran’s tensions with the US
The facility’s “unveiling comes amid escalating threats and blatant warmongering from the Donald Trump administration and the Israeli regime, prompting Iran to showcase its military preparedness to defend the homeland,” according to Iranian state media Press TV.
Tehran’s latest reveal came after US President Donald Trump issued an ultimatum: Accept a nuclear deal in the next two months or face consequences.
The US has also increased strikes against Iran-backed Houthi terrorists in the region.
END
Syria
US Intel Report Blasts Jolani’s Forces For ‘Violence, Instability’ In Syria
by Tyler Durden
Thursday, Mar 27, 2025 – 05:00 AM
The US Department of National Intelligence acknowledged in its Annual Threat Assessment of 2025 that Syrian government forces were responsible for the massacres committed against minorities on Syria’s coast earlier this month.
“The fall of president Bashar al-Assad’s regime at the hands of opposition forces led by Hayat Tahrir al-Sham (HTS) – a group formerly associated with Al-Qaeda – has created conditions for extended instability in Syria and could contribute to a resurgence of ISIS and other Islamist terror groups,” the report noted, adding that “HTS-led interim government forces, along with elements of Hurras al-Din and other jihadist groups, engaged in violence and extrajudicial killings in northwestern Syria in early March 2025 primarily targeting religious minorities that resulted in the death of more than 1,000 people, including Alawite and Christian civilians.”
The report went on to say that “some remaining jihadist groups refuse to merge into the HTS Ministry of Defense, and ISIS has already signaled opposition to HTS’s call for democracy and is plotting attacks to undermine its governance.”
It also highlights that Syrian transitional president Ahmad al-Sharaa, who headed HTS and its precursor group the Nusra Front, “claims to be willing to work with Syria’s array of ethno-sectarian groups to develop an inclusive governance model.” Yet, these groups are skeptical of his intentions, therefore “protracted negotiations could devolve into violence.”
The massacres took place in early March in Syria’s coastal cities and surrounding towns and villages after an armed uprising launched by militants affiliated with Syria’s former army.
During a widescale security operation to quell the uprising, the Syrian Military Operations Department – consisting of numerous extremist factions who have been incorporated into the country’s new army – carried out a massive campaign of executions.
Militants went door to door killing civilians, including women and children. According to the Syrian Observatory for Human Rights (SOHR), at least 1,500 people were killed, most of them Alawites.
Syrian authorities pledged to open an investigation into the massacres. Extrajudicial killings carried out by government forces have continued, however.
SOHR reported last week that 72 people were killed in a period of 24 hours by “armed groups affiliated with the General Security and Syrian military factions” in several areas of Syria. Three European envoys warned Syrian authorities during a meeting in Damascus earlier this month that international support for the country would depend on the government “cracking down” on extremist elements, according to Reuters.
“The abuses that have taken place in recent days are truly intolerable, and those responsible must be identified and condemned. There is no blank check for the new authorities,” a French Foreign Ministry spokesman told the outlet when asked about the message delivered by the European envoys in Damascus.
“We asked for accountability. The punishment should go on those who committed the massacres. The security forces need to be cleaned up,” one of the envoys was cited as saying.
Syria’s security and military forces are dominated by members of HTS (formerly Al-Qaeda’s branch in Syria) and fighters from what was known as the Syrian National Army (SNA) – a Turkish proxy formed in 2017.
The SNA groups, which were incorporated into the Syrian army and security apparatus, are known to have scores of ex-ISIS fighters and commanders within their ranks.
After the fall of former Syrian president Bashar al-Assad’s government last year, the US swiftly removed a $10 million bounty on Sharaa, who was previously a member of the Islamic State of Iraq (ISI), the group which turned into ISIS.
END
Houthis
IDF shoots down 2 Houthi missiles after sirens sound across central Israel, Jerusalem
Petitions filed to High Court against law overhauling judicial selection process * Hamas, in 1st response to protests, claims they are against Israel, not itself
By ToI StaffToday, 1:39 aM
Houthi supporters chant slogans during an anti-US and anti-Israel rally in Sanaa, Yemen, March 17, 2025. (AP/Osamah Abdulrahman)
IDF says it successfully intercepted 2 Houthi missiles from Yemen
Two ballistic missiles launched at Israel by the Iran-backed Houthis in Yemen were successfully intercepted by air defenses, the military says.
The IDF says the missiles were shot down before crossing the country’s borders.
There are no immediate reports of injuries or damage in the attack.
Sirens sounded across central Israel, in Jerusalem and numerous surrounding towns, as well as in several West Bank settlements.
It marks at least the seventh Houthi attack on Israel since March 18, when the IDF resumed its offensive against Hamas in the Gaza Strip.
Russia vs Ukraine
GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUES
North Carolina Supreme Court Rules That Family Can Sue Over COVID-19 Vaccination Without Consent
Wednesday, Mar 26, 2025 – 06:25 PM
Authored by Zachary Stieber via The Epoch Times (emphasis ours),
A federal law granting broad immunity to vaccine administrators and others does not preempt charges that a mother’s constitutional rights were violated when her son was given a COVID-19 vaccine without her consent, the North Carolina Supreme Court has ruled.
Emily Happel and her teenage son can proceed with a lawsuit against their local school board and a medical organization, according to the March 21 ruling. Happel’s son, Tanner Smith, who was 14 at the time, was given a COVID-19 vaccine in 2021 even though administrators did not obtain parental consent.
Lower courts found that a federal law, called the Public Readiness and Emergency Preparedness Act (PREP Act), preempted claims brought by Happel and Tanner. However, North Carolina Supreme Court Chief Justice Paul Newby wrote for the majority that the law only provides immunity in situations typically involving tort law, such as serious injury, and not constitutional violations.
The PREP Act, signed in 2005, is triggered when the federal government issues a declaration during a health emergency, which it did during the COVID-19 pandemic. The act says that under a declaration, covered people such as vaccine administrators are protected from “all claims for loss,” with few exceptions.
Courts have generally found that the immunization preempts a range of state-level claims, while the top court in North Carolina concluded that it does not shield people who violated constitutional rights.
“The literalist interpretation defendants urge us to adopt today defies even the broad scope of the statutory text. Under this view, Congress gave carte blanche to any willful misconduct related to the administration of a covered countermeasure, including the State’s deliberate violation of fundamental constitutional rights, so long as it fell short of causing ‘death or serious physical injury,’” Newby said.
That interpretation, he said, would let a covered person vaccinate an unconscious patient or a nurse at a public school to intentionally exaggerate the benefits of a treatment. “The fundamental and paramount constitutional rights to bodily integrity and parental control would be discarded without second thought,” Newby wrote. “That simply cannot be what Congress intended.”
Definition of ‘Loss’ Under PREP Act
Congress, in the PREP Act, provided immunity to “all claims for loss.” Happel argued that her claims did not meet the definition of loss, which Congress detailed to include death and loss of property. The examples listed in the law are all associated with tort law, the North Carolina Supreme Court majority said.
“Because ordinary tort loss is distinct from constitutional loss, the tort-based examples included in the PREP Act suggest that Congress did not intend for the immunity to block state constitutional claims,” Newby said.
Workers with the Old North State Medical Society vaccinated Tanner, despite his refusal and a lack of consent from his parents, at a clinic promoted by the Guilford County Board of Education. The defendants had argued the conduct was immunized by the PREP Act, citing other cases in which courts concluded similar conduct was shielded by the federal law.
North Carolina Supreme Court justices said the rulings did not persuade them because they either did not deal with constitutional claims or did not separate alleged constitutional violations from other state law claims.
The new decision overturns rulings by a trial court, which sided with the defendants in 2023, and a state appeals court, which upheld that ruling the following year.
The appeals court said that it was “constrained to conclude the PREP Act preempts the protections” provided by state law.
The North Carolina Supreme Court remanded the case back to the appeals court, instructing it to decide on constitutional issues raised by the parties.
The state’s top court did affirm the lower court’s dismissal of battery claims brought by Happel and her son.
In a concurring opinion, Justice Philip Berger Jr., joined by Justice Tamara Barringer, said that the PREP Act immunity may appear limitless but “it is difficult to concede that the PREP Act confers immunity for outright wrongful acts.”
Dissenting Opinion
In a dissenting opinion, Justice Allison Riggs, joined by Justice Anita Earls, pointed out that the PREP Act says “the sole exception to the immunity from suit and liability” is “death or serious injury caused by willful misconduct.”
“It is not possible to square the majority’s reading with the purposes of the PREP Act and the almost uniformly broad language used to effectuate it,” Riggs said. She added later, “I would hold any constitutional claims raised by plaintiffs to be preempted by the PREP Act, rendering the defendants immune from suit.”
Riggs also wrote that the immunity only applies to civil suits and liability, not criminal charges or discipline from licensing bodies.
Parents Rights Implications
A lawyer for Old North State Medical Society declined to comment. The Guilford County Board of Education and one of its attorneys did not return inquiries by publication time.
Steven Walker, an attorney representing Happel and her son, told The Epoch Times in an email: “We are very pleased with the Court’s ruling. While we would have, of course, loved to see the battery claim reinstated as well, we believe that the Court decision was very favorable in the main on the case and have no real complaints.
“I believe the case is important even outside the issue of the PREP Act in that the Court gave its clearest explanation to date concerning the rights of parents to make medical decisions for their children under the North Carolina constitution,” Walker said.
“The PREP Act has a purpose, and that purpose is to provide immunity protections in situations when it might be difficult to determine the safety of a countermeasure during a time of crisis. It was never intended to allow the government to trample on the clear constitutional rights of its citizens.”
end
ROBERT h
Liz Churchill on X: “Dr. Fauci and Bill Gates injected the World with Cancer. “These were not vaccines…and this is one of the reasons we’re seeing this horrendous rise in turbo cancers. I’m terrified about what they have done to our children…” -Oncologist Dr. Dalgleish https://t.co/9SLgQ6p
 |
MARK CRISPIN MILLER
DR PAUL ALEXANDER
Fwd: 4 US soldiers have been confirmed dead after they went missing during military training exercises. NATO Secretary …
US soldiers have been confirmed dead after they went missing during military training exercises. NATO Secretary General Mark Rutte made the announcement while in Poland. They died in Lithuania; why?
NATO Secretary General Mark Rutte on Wednesday confirmed that four US soldiers who had gone missing during military drills had been found dead.
| Dr. Paul AlexanderMar 27 |
END
SLAY NEWS
———- Forwarded message ———
From: Slay News <mail@slaynews.com>
Date: Wed, Mar 26, 2025 at 3:26 PM
| The latest reports from Slay NewsData Expert Confirms mRNA ‘Vaccines’ Caused All-Cause Deaths to SkyrocketA world-renowned data expert has warned that Covid mRNA “vaccines” were “far deadlier than the disease” after uncovering evidence that the injections caused skyrocketing all-cause mortality rates.READ MORESurging Numbers of Dutch Citizens Euthanized by Government for Mental Illness, Including MinorsThe Netherlands has recorded a startling spike in the number of citizens being euthanized by the Dutch government for mental health conditions such as dementia, depression, and autism.READ MORE‘Married with Children’ Star Cindyana Santangelo Dies Suddenly at 58Actress Cindyana Santangelo has tragically died suddenly, the Los Angeles County Sheriff’s Department has revealed.READ MOREFederal Judge Blocks DOGE’s Data-Sharing MoveA Joe Biden-appointed federal judge has blocked President Donald Trump’s Department of Government Efficiency (DOGE) from accessing data from three federal agencies.READ MOREFBI Chief Kash Patel Slams CNN’s ‘Fake News’ Report About ‘Major Cutback’ of ATF AgentsFBI Director Kash Patel has dispelled the CNN-created “fake news” report about a “major cutback” of agents at the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF).READ MOREDHS Chief Kristi Noem: ‘We’re Going to Eliminate FEMA’Department of Homeland Security (DHS) Secretary Kristi Noem announced that the Federal Emergency Management Agency (FEMA) will be eliminated.READ MOREObama’s USAID Scheme Exposed: Taxpayer Funds Used to Provoke Unrest with ‘Rent-a-Riots’Details have emerged of a scheme run by former President Barack Obama’s administration that funneled taxpayer money through the United States Agency for International Development (USAID) to fund civil unrest.READ MORETrump Gives Ultimatum to Egypt for Accepting Refugees from GazaPresident Donald Trump’s administration has given an ultimatum to Egypt, warning the nation that it faces losing billions of dollars in U.S. aid if the government refuses to take in refugees from Gaza.READ MORENASA Credits Trump for Rescuing Stranded Astronauts: ‘It Would Not Have Happened Without His Intervention’The National Aeronautics and Space Administration (NASA) has revealed that the recent mission to rescue two astronauts stranded in space “would not have happened with President Trump’s intervention.”READ MORETrump Admin Ends Public Housing Access for Illegal Aliens: ‘The Gravy Train Is Over’President Donald Trump’s administration has cracked down on illegal aliens having access to taxpayer-funded public housing.READ MORETrump Signs Major Executive Order to Crack Down on Voter Fraud, End ‘Fake Elections’President Donald Trump has just signed a major executive order to crack down on “fake elections” by restoring voter integrity.READ MOREDemocrat Jasmine Crockett Mocks Greg Abbott’s Disability: ‘Governor Hot Wheels’Radical Democrat Rep. Jasmine Crockett (D-TX) has provoked yet another backlash after she mocked Texas Governor Greg Abbott’s disability.READ MOREOver 200 ‘Egregious Criminal Alien Offenders’ Arrested During ‘Sanctuary City’ ICE RaidU.S. Immigration and Customs Enforcement (ICE) has just announced the huge success of a massive operation targeting “egregious criminal alien offenders” in a so-called “sanctuary city.”READ MORE |
NEWS ADDICTS
EVOL NEWS
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
7.OIL AND NATURAL GAS ISSUES/GLOBAL/ENERGY/
TotalEnergies CEO Not Ruling Out Return Of Nord Stream Gas Pipelines
Thursday, Mar 27, 2025 – 03:30 AM
By Charles Kennedy of OilPrice.com,
The mothballed Nord Stream gas pipelines from Russia to Germany may return to service at some point as Europe’s industry would need some Russian gas to stay competitive, TotalEnergies’ chief executive Patrick Pouyanne said on Wednesday.
“I would not be surprised if two out of the four (came) back to stream, not four out of the four,” Patrick Pouyanne said at an industry event in Germany’s capital city, Berlin, as carried by Reuters.
“There is no way to be competitive against Russian gas with LNG coming from wherever it is,” the executive added.
Gas leaks in Nord Stream 1 and 2 pipelines in the Baltic Sea were discovered at the end of September 2022.
Nord Stream 2 was never put into operation after Germany axed the certification process following the Russian invasion of Ukraine. Russia, for its part, shut down Nord Stream 1 indefinitely in early September of 2022, claiming an inability to repair gas turbines because of the Western sanctions.
But speculation has intensified in recent weeks that a revival of the pipelines could be a part of a deal for the end of the war in Ukraine.
Earlier this month, Germany’s outgoing economy and energy minister Robert Habeck said that ideas to resurrect the Nord Stream gas pipelines from Russia to Germany are the “wrong direction of discussion”.
“The Ukrainians are still under the aggression of Russia. So I think talking about the potential of Nord Stream 2 or Nord Stream 1, if it’s going to be repaired, is completely the wrong direction of discussion,” Habeck said.
In response to reports about a resurrection of the pipelines, Germany’s Economy Ministry early this month said that it is neither willing nor planning to discuss a restart to the pipeline.
Estonia’s Foreign Minister Margus Tsahkna, for his part, said, “The right place for Nord Stream 2 is at the bottom of the sea, in pieces, not on the EU’s energy market.”
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES/
CANADA/CHINA ET AL
Trump Threatens Tariff Blitz On EU, Canada If They Work Against US
Thursday, Mar 27, 2025 – 07:13 AM
Update (Thursday):
Apparently, sleep is for the weak. Around 0200 ET, President Trump fired off a Truth Social post, floating the idea that Europe and Canada could be hit with additional tariffs if they plotted against the US.
“If the European Union works with Canada in order to do economic harm to the USA, large-scale Tariffs, far larger than currently planned, will be placed on them both in order to protect the best friend that each of those two countries has ever had!” Trump wrote on his social media platform.
The euro pared a small gain, and the Canadian dollar fell following Trump’s social media post.
On Wednesday, Trump signed an order imposing a 25% tariff on all auto imports—a move he believes could reverse decades of disastrous industrial policy that have hollowed out the core of the country. The order takes effect next week, in addition to the ‘reciprocal tariffs’ set for April 2.
Bloomberg reported earlier that the EU is preparing countermeasures. France has asked the European Commission to consider using the anti-coercion instrument to strike back against Trump’s escalating trade war.
In the Oval Office on Wednesday, Trump told reporters that reciprocal levies would be lower than expected: “We’re going to make it all countries, and we’re going to make it very lenient. I think people are going to be very surprised. It’ll be, in many cases, less than the tariff that they’ve been charging us for decades.”
Also, in currency markets, the offshore yuan strengthened for the first time in eight days after Trump said he might consider lowering some of the tariff rates imposed on China.
Goldman analysts Sean Low and Peter Sheren provided clients earlier with their chart of the day, focusing on which countries most US auto imports come from…
We noted overnight (read here) that Japanese carmakers are among those facing the most devastating impact of Trump’s auto tariffs.
Goldman analyst Low provided a summary of the turmoil in JPN markets, especially pressure on the country’s auto sector:
Nikkei 225 -0.6%, snapping a 2-day rally, with automakers leading the decline after Trump’s tariff announced. Carmakers saw steep losses with Toyota 7203 JP -2%, Honda 7269 JP -2.5%, Subaru 7270 JP -5%, & Mazda 7261 JP -6%. Meanwhile, PM Shigeru Ishiba warned that Japan will not rule out countermeasures against Trump’s auto tariffs. Tech stocks retreated as tech-led selloff in US Investors continued to weigh the BoJ’s policy outlook after Governor Ueda told parliament that interest rate hikes would continue if economic projections held.
Increased trade tensions sent USD/JPY to 150.95, the highest since March 3.
The new, incoming tariffs place a massive burden on auto companies that have complex global supply chains.
Goldman analysts Chloe Garber, Jonathan Hurvitz, and Matthew Kaplan pointed out:
Tesla and Rivian make all their cars for the US market domestically, and we estimate per IHS/S&P Global Mobility data and media reports that Ford sources about 80% of its US vehicles domestically and GM is at roughly ~60-70% (note that both GM and Ford export some vehicles as well that are made in the United States).
There are some scenarios where the US OEMs can fully offset tariffs (or perhaps be net beneficiaries) through a combination of factors (adjusting supply chains, production, and pricing) but also scenarios where OEMs see material negative EPS revisions.
Back in the US, Tesla appears to be the big winner as the most made-up American car company…
However, Tesla’s Elon Musk noted: “Important to note that Tesla is NOT unscathed here. The tariff impact on Tesla is still significant.”
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS THURSDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.0787 UP 6 BASIS POINTS
USA/ YEN 150.94 UP 0.466 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 1.2938 UP 0.0052 OR 52 BASIS PTS
USA/CAN DOLLAR: 1.4278 DOWN 0.0018 (CDN DOLLAR UP 18 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED UP 5.05 PTS OR 0.15%
Hang Seng CLOSED UP 95.48 PTS OR 0.41%
AUSTRALIA CLOSED DOWN 0.48%
// EUROPEAN BOURSE: ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL RED
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 95.48 PTS OR 0.41%
/SHANGHAI CLOSED UP 5.50 PTS OR 0.15%
AUSTRALIA BOURSE CLOSED DOWN .48%
(Nikkei (Japan) CLOSED DOWN 227.34 PTS OR 0.60%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 3054.30
silver:$34.07
USA dollar index early THURSDAY morning: 104.01 DOWN 19 BASIS POINTS FROM WEDNESDAY’s CLOSE.
THURSDAY MORNING NUMBERS ENDS
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And now your closing THURSDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 3.266 % DOWN 4 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: 3.383 DOWN 3 in basis points yield
ITALIAN 10 YR BOND YIELD 3.867 DOWN 3 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.7595 DOWN 3 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY THURSDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.0785 UP .0044 OR 44 basis points
USA/Japan: 150.64 UP 0.179 OR YEN IS DOWN 18 BASIS PTS//
Great Britain 10 YR RATE 4.8430 UP 11 BASIS POINTS //
Canadian dollar DOWN .0032 OR 32 BASIS pts to 1.4326
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The USA/Yuan DOWN T0 7.2673, CNY ON SHORE ..CHINA MUST DEVALUE TO GOLD
THE USA/YUAN OFFSHORE DOWN TO 7.2758:
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 2 in basis points from WEDNESDAY at 4.361% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.726 UP 3 in basis points /11:00 AM
USA 2 YR BOND YIELD: 3.984 DOWN 2 BASIS PTS.
GOLD AT 11;00 AM 3036.00
SILVER AT 11;00: 33.75
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: THURSDAY CLOSING TIME 11:00 AM//
London: CLOSED DOWN 23.47 PTS OR 0.27%
GERMAN DAX: DOWN160.29 PTS OR 0.70%
Paris CAC CLOSED DOWN 70.57 or 0.51%
Spain IBEX CLOSED DOWN 9.60 PTS OR 0.07%
Italian MIB: CLOSED UP 40.76 PTS OR 0.10%
WTI Oil price 69.58 11 EST/
Brent Oil: 73.30 11:00 EST
USA /RUSSIAN ROUBLE /// AT: 84.07 ROUBLE DOWN 0 AND 28/ 100
GERMAN 10 YR BOND YIELD; +2.7595 DOWN 3 BASIS PTS.
UK 10 YR YIELD: 4.8430 UP 11 BASIS POINTS
CDN 10 YEAR RATE: 3.116 DOWN 2 BASIS PTS.
CDN 5 YEAR RATE: 2.743 DOWN 4 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.0798 UP 0.0057 OR 57 BASIS POINTS//HEADING TO PARITY WITH THE DOLLAR
British Pound: 1.2955 UP .0078 OR 78 basis pts/HEADING FOR PARITY /USA
BRITISH 10 YR GILT BOND YIELD: 4.8425 UP 8 BASIS PTS//
JAPAN 10 YR YIELD: 1.567
USA dollar vs Japanese Yen: 151.12 UP 0.641 BASIS PTS// HEADING FOR 160 TO THE DOLLAR
USA dollar vs Canadian dollar: 1.4308 UP 12 BASIS PTS CDN DOLLAR DOWN 12 BASIS PTS
West Texas intermediate oil: 69;88
Brent OIL: 73.98
USA 10 yr bond yield UP 3 BASIS pts to 4.368
USA 30 yr bond yield UP 4 BASIS PTS to 4.731%
USA 2 YR BOND: DOWN 3 PTS AT 3.938%
CDN 10 YR RATE 3.110 DOWN 4 BASIS PTS
CDN 5 YEAR RATE: 2.734 DOWN 5 BASIS PTS
USA dollar index: 103.94 DOWN 27 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 38.01 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 84.50 DOWN 0 AND 45/100 roubles
GOLD 3057.00 (3:30 PM)
SILVER: 34.41 (3:30 PM)
DOW JONES INDUSTRIAL AVERAGE: DOWN 155.09 OR 0.37%
NASDAQ 100 DOWN 118.37 PTS OR 0.59%
VOLATILITY INDEX: 18.56 UP 0.20 PTS OR 1.25%
GLD: $ 281.97 UP 3.73 PTS OR 1.34%
SLV/ $31.32 UP 0.79 PTS OR OR 2.59%
TORONTO STOCK INDEX// TSX INDEX: CLOSED UP 4.38 OR 0.02%
end
TRADING today ZEROHEDGE/
ZEROHEDGE/HEADLINE CLOSING MARKETS/ZEROHEDGE
‘
Yield Curve Hits Steepest In 3 Years As Gold Rips To New Record High
USA DATA
Final, And Completely Meaningless, Q4 GDP Print Revised Fractionally Higher
Thursday, Mar 27, 2025 – 08:55 AM
While it is as stale as 3 month old milk, and therefor completely useless especially ahead of tomorrow’s personal income/core PCE report, moments ago the BLS reported its 2nd revision to Q4 GDP which was revised up to 2.4% compared to the second est. of 2.3%, and above the median consensus of 2.3% (+2.2% to +2.6%) from 55 economists. The final Q4 print was down from 3.1% in Q3. The increase, however, wasn’t due to stronger consumption (this declined from 4.2% to 4.0%, below the 4.2% estimate) but mostly due to trade and downward revised imports. Additionally, inflation prints were more muted, with 4Q GDP price index rising 2.3% vs second est. of +2.4%, and the 4Q core PCE q/q rising 2.6%, also below the second est. of +2.7%.
According to the BEA, the increase in real GDP in the fourth quarter primarily reflected increases in consumer spending and government spending that were partly offset by a decrease in investment. Imports, which are a subtraction in the calculation of GDP, decreased.
As shown in the chart below, GDP was revised up 0.1% point from the second estimate, primarily reflecting a downward revision to imports.
Specifically, here is the breakdown of the 2.4% print by component:
- Personal Consumption: 2.70%
- Fixed Investment: -0.2%
- Change in private inventories: -0.84%
- Exports: -0.01%
- Imports: 0.27%
- Government consumption: 0.52%
For a grand total of 2.440%
Compared to the third quarter, the deceleration in real GDP in the fourth quarter primarily reflected downturns in investment and exports that were partly offset by an acceleration in consumer spending. Imports turned down.
From an industry perspective, the increase in real GDP reflected an increase of 2.3 percent in real value added for private goods-producing industries, an increase of 2.4 percent for private services-producing industries, and an increase of 2.7 percent for government.
Real gross output increased 1.7 percent in the fourth quarter, reflecting an increase of 0.3 percent for private goods-producing industries, an increase of 2.0 percent for private services-producing industries, and an increase of 3.1 percent for government.
The price index for gross domestic purchases increased 2.2 percent in the fourth quarter, revised down 0.1 percentage point from the previous estimate. The personal consumption expenditures (PCE) price index increased 2.4 percent, the same as previously estimated. Excluding food and energy prices, the PCE price index increased 2.6 percent, revised down 0.1 percentage point from the previous estimate.
Bottom line: this was just another meaningless print, not just because it is beyond stale now – when the entire market looks ahead to the consequences of trade war – but also because a much more updated version of the core PCE data will come in exactly 24 hours.
END
US Pending Home Sales Limp Higher In February Off Record Lows
Thursday, Mar 27, 2025 – 10:06 AM
After two straight months of sizable declines, US pending home sales were expected to rise modestly (+1.0% MoM) in February and they were right as sales rose 2.0% MoM. However, that was not enough to spring sales off record lows as pending home sales dropped 7.2% YoY…
Source: Bloomberg
Contract signings on existing US homes rose 2% to 72 in February, after a storm-battered January that crippled house-hunting, dragging NAR’s Pending Home Sales index barely off record lows…
“Despite the modest monthly increase, contract signings remain well below normal historical levels,” NAR Chief Economist Lawrence Yun said in a prepared statement.
Source: Bloomberg
Pending sales climbed 6.2% in the South, the US’s biggest home-selling region, following a 9.2% decline a month earlier.
The Midwest registered a more modest increase, while pending sales in the West and Northeast fell.
Heavy snowfall especially in the South likely delayed homebuying, pushing deals that would’ve been struck a month earlier into February.
However, sales won’t improve meaningfully until mortgage rates fall back to 5% or lower, according to a 2025 housing outlook from JPMorgan and the Mortgage Bankers Association sees rates staying above 6% at least through next year.
The contract rate on a 30-year fixed mortgage stood at 6.71% in the week ended March 21, according to MBA.
Finally, bear in mind that pending-homes sales tend to be a leading indicator for previously owned homes, as houses typically go under contract a month or two before they’re sold.
END
USA ECONOMIC NEWS
it begins! A 25% tariff on all foreign made cars (not made in the uSA). Looks like 23 nations are quite angry!
(zerohedge)
President Trump Unleashes 25% Tariffs On Foreign-Made Auto Imports
Wednesday, Mar 26, 2025 – 05:15 PM
Update (1600ET): President Trump has announced a 25% tariff on all cars not made in the US.
“This will continue to spur growth,” Trump told reporters.
Trump confirmed that these new tariffs are in addition to existing tariffs and are expected to result in $100 billion in revenues.
To underscore his seriousness, Trump said, “This is permanent.”
In addition to the tariffs, Trump discussed his plan to allow Americans to deduct interest payments on cars that are made in America.
If the car is built in the US, there will be no tariffs.
“We are going to charge countries for doing business in our country and taking our jobs, taking our wealth, taking a lot of things that they have been taking over the years.”
GM and Ford shares are tumbling further on the news…
European and Canadian officials have already thrown their teddy-bears out of the stroller.
Ontario Premier Doug Ford (who folded like broken deckchair on his last threat to hike electricity costs to Americans), warned that:
…he’ll “encourage Carney to target US automobiles… and will inflict as much trade pain as possible.”
Canadian PM Mark Carney commented that US tariffs are a “direct attack” on Canadian auto workers, adding that the Trump tariffs “will hurt us.”
“We will defend our workers, our companies, and our country.”
European Commission Chief Ursula von der Leyen immediately posted her disappointment on X:
I deeply regret the US decision to impose tariffs on European automotive exports.
The automotive industry is a driver of innovation, competitiveness, and high quality jobs, through deeply integrated supply chains on both sides of the Atlantic.
As I have said before, tariffs are taxes – bad for businesses, worse for consumers equally in the US and the European Union.
We will now assess this announcement, together with other measures the US is envisaging in the next days.
The EU will continue to seek negotiated solutions, while safeguarding its economic interests.
As a major trading power and a strong community of 27 Member States, we will jointly protect our workers, businesses and consumers across our European Union.
“Our automobile industry will flourish like it’s never flourished before,” Trump commented, seemingly unflapped by the possibility of retaliation.
There’s a lot of nations to upset…
The auto tariffs are part of a broader reshaping of global relations by Trump, who plans to impose what he calls “reciprocal” taxes on April 2 that would match the tariffs, sales taxes charged by other nations.
* * *
Update (1315ET): White House Press Secretary Karoline Leavitt just confirmed that President Trump will hold a press conference at 4pmET today to announce auto tariffs.
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, and whether they would hit finished vehicles or also auto parts.
* * *
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
“Reducing Bureaucratic Sprawl”: RFK Jr. Cuts 10,000 Jobs From Health & Human Services Department
Thursday, Mar 27, 2025 – 12:45 PM
Update: Moments ago, the Department of Health and Human Services released its plan to “save taxpayers $1.8 billion per year through a reduction in workforce of about 10,000 full-time employees as part of this latest transformation.”
HHS will “streamline the functions of the Department. Currently, the 28 divisions of the HHS contain many redundant units. The restructuring plan will consolidate them into 15 new divisions, including a new Administration for a Healthy America, or AHA, and will centralize core functions such as Human Resources, Information Technology, Procurement, External Affairs, and Policy. Regional offices will be reduced from 10 to 5,” the agency wrote in the press release.
The overhaul is focused on HHS’s new priority: Ending America’s epidemic of chronic illness by focusing on safe, wholesome food, clean water, and the elimination of environmental toxins.
HHS Secretary Robert F. Kennedy stated, “We aren’t just reducing bureaucratic sprawl. We are realigning the organization with its core mission and our new priorities in reversing the chronic disease epidemic,” adding, “This Department will do more – a lot more – at a lower cost to the taxpayer.”
* * *
The Wall Street Journal has obtained documents indicating that Health and Human Services Secretary Robert F. Kennedy Jr. is preparing to announce large job cuts to overhaul the nation’s health agencies. The plan builds on broader cuts by the Trump administration and Elon Musk’s DOGE to reduce the size of the bloated federal government that has plundered taxpayer monies for far too long.
Kennedy plans to cut as many as 10,000 employees from the department, adding to the 10,000 who have already left through voluntary severance offers since President Trump took office.
Documents reviewed by WSJ indicate that, when combined with voluntary departures, the planned cuts would reduce the department’s workforce by 25%—bringing it down to 62,000 federal health employees. The plan would also halve the number of regional offices from 10 to 5.
WSJ provided more color on the cuts:
As part of the 10,000 workers to be let go, the Trump administration plans to cut: 3,500 full-time employees from the Food and Drug Administration—or about 19% of the agency’s workforce 2,400 employees from the Centers for Disease Control and Prevention—or about 18% of its workforce 1,200 employees from the National Institutes of Health—or about 6% of its workforce 300 employees from the Centers for Medicare and Medicaid Services—or about 4% of its workforce.
More broadly, the Trump administration’s cuts to the bloated federal government and unelected bureaucracy—often called the ‘shadow government‘—are beginning to filter through the jobs data (first here) with continuing jobless claims in Washington, D.C, now at their highest level since 2021 (now here).
Jobless claims continue to rise across Virginia, DC, and Maryland – an area also known as “Deep Tristate” – where federal workers live and play with free money from taxpayers… Now the party is over:
In addition to a softening labor market across the Deep Tristate, the D.C. housing market is being flooded with inventory (more MLS data here).
Kennedy’s HHS cuts, set to be announced later today, add to the mounting headwinds for the Deep Tristate, as cracks emerge in both the labor and housing markets.
end
Scarry! but I think the silver shorts will crash the system before this will!
Fed Urged To Bail Out Hedge Funds During Next Market Crash: Trillions In Basis Trades At Risk
Thursday, Mar 27, 2025 – 02:40 PM
Back in September 2019, when the Fed’s aggressive tightening led to a sudden, catastrophic “repocalypse” when the lack of liquidity pushed overnight rates orders of magnitude higher and crushed levered Treasury cash-swap pair trades reliant on ultra-cheap funding (also known as basis trades ) there was a brief period of time when the world’s largest multri-strat hedge funds such as Citadel, Millennium and Balyasny, who are exposed to hundreds of billions in basis trades, were on the verge of collapse. We described this in Dec 2019 in “The Fed Was Suddenly Facing Multiple LTCMs.”
Several months later, when the same hedge funds were hammered by the double whammy of the covid crash, things hit a breaking point and had it not been for the Fed stepping in with unlimited multi-trillion repo operations and unleashing a massive $100BN+ monthly QE, the financial system would surely collapsed, as not just we but later Bloomberg also admitted. We discussed this in “Fed Bailed Out Hedge Funds Facing Basis Trade Disaster” where we reminded readers that “hedge funds such as Millennium, Citadel and Point 72 are not only active in the repo market, they are also the most heavily leveraged multi-strat funds in the world, taking something like $20-$30 billion in net AUM and levering it up to $200 billion. They achieve said leverage using repo.“
We also quoted Morgan Creek CEO Mark Yusko who (correctly) said that “too big to fail is back, and this time it’s not the banks, it’s levered financial institutions.” Yusko, who may have forgotten that the original Fed bailout was not of a bank but of an extremely levered hedge fund (LTCM), said he supported the Fed’s stepping in, but added that hedge fund firms have gotten too big by borrowing too much. “It’s a bailout,” Yusko said, repeating what we said in December.
It was a bailout, yet one which took place under the cover of the covid crash, when both the Treasury and the Fed jointly injected tens of trillions into the financial system and economy (the rest of the world joined too, in case anyone has forgotten what sparked the biggest inflation in 50 years), and without which the largest US hedge funds would no longer exist.
Unfortunately in the nearly six years since the first basis trade implosion… nothing has changed. This too we documented over time, with several notable timeline highlights below:
And much more…
We bring up all of this because it’s almost time for the Fed’s next hedge fund bailout.
Bloomberg reports that a panel of financial experts advised the Fed to set up an emergency program that would close out highly leveraged hedge-fund trades “in the event of a crisis in the $29 trillion US Treasuries market.”
According to the experts, a vicious unwinding of the roughly $1 trillion in hedge fund arbitrage bets would not only hamper the Treasuries market, but others as well, “requiring Fed intervention to assure financial stability.” When the US central bank did that in March 2020, during the initial Covid crisis, it engaged in massive outright purchases of Treasury securities, to the tune of about $1.6 trillion over several weeks.
So, the thinking goes, since the Fed is powerless to regulate several multibillionaire hedge fund managers and rein them in, the next obvious action is to prepare trillions in taxpayer funds for another massive bailout enema, and leave them on the hook for trillions in capital just so the billionaires can keep on billionaireing.
For those asking who is behind these basis trades, we share our updated chart of hedge fund leverage among the 6 largest multi-strat funds, all of whom are known to aggressively participate in basis trades. As seen below, the regulatory capital of just the “Big 6” multistrats – Millennium, Citadel, Balyasny, Poin72, ExodusPoint and Lighthouse – is a record $1.5 trillion, an increase of $300 billion from the previous year.
What is far more scary is that the average regulatory leverage, or the ratio of regulatory assets (i.e., levered exposure) to assets under management (or actual, tangible capital), has increased to a record 7.8x from 6.3x a year ago!
And for those wondering why a blow up in the $1 trillion basis trade would almost certainly require a Fed bailout, it’s because the inherent leverage in going long cash and shorting futures is anywhere between 20x, according to the Treasury Borrowing Advisory Committee…
… and a stunning 56x, according to the Federal Reserve itself.
It is against this background that plans for the next hedge fund bailout are already swirling. Bloomberg reports that one proposed intervention would be via hedged bond purchases, according to a Brookings Institution paper by Anil Kashyap at the University of Chicago, Harvard University’s Jeremy Stein — a former Fed governor, Harvard Business School’s Jonathan Wallen and Columbia University’s Joshua Younger.
“If the Fed is tempted to buy again, we’d rather they do that on a hedged basis,” Stein told reporters in a briefing on the paper, which was released late Wednesday. This approach “can be a valuable addition to the policy toolkit” at the Fed, the authors wrote in the paper.
Echoing what ZeroHedge readers have known for over a decade, Bloomberg documents that the key source of risk to address is the so-called basis trade, where hedge funds seek to profit from tiny price gaps between Treasuries and derivatives known as futures. Kashyap also echoed what we have been saying for years, that the basis trade “is a pretty concentrated trade,” involving perhaps 10 hedge funds or fewer.
If hedge funds need to unwind their basis pair trade positions quickly, similar to what they did in Sept 2019 and March 2020 when the move itself crippled the entire bond market, the danger is that bond dealers will not be able to handle the enormous sudden volume of transactions. And consider this: when the Fed had to intervene in 2020, the basis trade was roughly $500 billion in total — less half today’s figure.
“To relieve the stress on dealers, it would be sufficient for the Fed to take the other side of this unwind – purchasing Treasury securities, and fully hedging this purchase with an offsetting sale of futures,” the authors wrote.
Ironically, the paper recognized that “bailing out hedge funds” – similar to what the Fed did after LTCM, after the Sep 2019 repocalypse and again in the depths of the covid crash, would raise questions, including moral hazard, where the existence of the facility could potentially encourage hedge funds to take on even more risk.
“The basis of comparison shouldn’t be ‘no moral hazard,’” Stein said. That’s because the 2020 example of outright purchases is already part of the Fed’s record. Simple purchases of Treasuries involve their own costs. They remove “duration” from the Treasuries market, because the Fed is buying securities maturing over time and creating bank reserves, which carry an overnight interest rate. That can blur the line between financial-stability operations and monetary policy, the authors highlighted.
The cost of massive Fed Treasuries purchases is also seen in the diminished remittances from the US central bank to the Treasury, they noted. Amusingly, the US central bank is still unwinding its bond purchases, known as quantitative easing, from the 2020-2022 period… when it last bailed out the billionaire multi-strat hedge funds!
“Purchases are an inelegant way to proceed,” Kashyap said on the reporter call Tuesday. “Buying looks a lot like QE and probably influences term premia,” he said, referring to the extra yield investors demand for longer-term securities versus just rolling over short-term ones. Another advantage is that it’s basically self-liquidating — removing questions about the timing of future bond sales or a new quantitative tightening regimen. It also protects the Fed from taking on interest-rate risk.
He is right, and yet when the next crash happens (one of those not if but when things), QE is precisely what the Fed will use again, because it is a known and effective way of bailing out the entire financial sector. On the other hand, trying to convince markets that some sterilized, “hedged” trade will have the same firepower as stocks are puking 10% per day, is a shortcut to the financial apocalypse.
The authors were so enamored in their thought experiment of bailing out hedge funds without someone bailing out hedge funds, they argued that a basis purchase facility wouldn’t be “that far afield from current open market operations.” The Fed already engages in repo transactions, either through standing facilities or open market operations. Because basis trades involve a spot purchase and future sale, they are “conceptually very similar” to repo transactions — the only difference being different counterparties for the purchase and sale, according to the paper.
Right… the only difference is that repo operations are used by everyone in the market, directly and indirectly, while basis trades only serve to pick the proverbial penny in front of steamrollers, and the only ones profiting from this are “less than 10 hedge funds.” Might as well put all taxpayers on the hook for when this trade eventually blows up, why not/
The legality of such a new facility “is an important question but beyond the scope of this discussion,” the authors wrote.
Policymakers in recent years have put forward suggestions to improve Treasury market functioning, ranging from adjusting bank regulations that impair dealer capacity, the creation of a Standing Repo Facility where the Fed could lend directly to hedge funds and imposing minimum margin requirements for repo-financed Treasury purchases. A mandate for central clearing for Treasuries and repo is set to take effect Dec. 31, 2026.
“Hedge funds are in a very aggressive position, where a relatively small move in the basis could push them out,” Stein said. “It doesn’t look like the dealers are super well positioned to handle this.”
Here, for once, the paper authors are spot on for one simple reason: we said all of this more than a year ago…
Trump Vows To Probe Ashli Babbitt Homicide, Consider Comp Fund For Pardoned J6ers
Wednesday, Mar 26, 2025 – 04:40 PM
President Trump on Tuesday vowed that he would bring new scrutiny to the Department of Justice’s handling of the killing of Ashli Babbitt by a Capitol police officer during the Jan 6, 2021 riot, and to explore the possibility of a compensation fund for the 1,500 Capitol riot defendants he pardoned.
Trump’s promises came in a Roosevelt Room interview with Newsmax’s Greg Kelly. When Kelly asked Trump about the DOJ continuing to mount a defense against a $30 million wrongful death claim filed by Babbitt’s husband, Trump said he wasn’t aware of it but would look into the matter:
“Well, I’ll look into that. I mean, you’re just telling me that for the first time, I haven’t heard that. I’m a big fan of Ashli Babbitt. And Ashli Babbitt was a really good person who was a big MAGA fan, Trump fan. And she was innocently standing there; they even say trying to sort of hold back the crowd. And a man did something to her that was unthinkable when he shot her. And I think it’s a disgrace. I’m going to look into that. I did not know that.”
Babbitt was shot and killed by US Capitol Police (USCP) Lieutenant Michael Byrd as she attempted to climb through a broken window that was part of an interior doorway close to the House chamber. Though the unarmed, 5’2″, 115-pound Babbitt posed no imminent threat of inflicting death or serious injury as she awkwardly navigated the narrow space — with a furniture barricade still ahead of her — Boyd opted against using any type of nonlethal force, and instead shot her from an ambush position, killing her with a bullet that perforated her trachea and lung.
While it’s been little-publicized by major media or leftists who screech that Babbitt “got what she deserved,” Byrd had some serious disciplinary issues before Jan. 6, with some of the incidents involving the irresponsible handling and even firing of his weapon.
Despite the damning facts of the case, leftists in and out of media have treated Byrd as a hero for fending off a nonexistent “insurrection.” He was not only officially cleared of wrongdoing, but promoted to the rank of captain in 2023. In Tuesday’s interview, Kelly also asked Trump how he felt about Byrd still being on duty, with a pay raise and higher rank. The president replied:
“I think it’s a disgrace. I’m going to take a look at it. I’m going to look at that, too. His reputation was … I won’t even say; let’s find out about his reputation. We’re going to find out. But I watched that and I saw that. And by the way, she was killed, but nobody else was killed.”
Noting that the 1,500 Jan 6 defendants pardoned by Trump had “lost opportunity, lost income,” Kelly asked Trump if there was any plan in the works to compensate Jan 6ers for their excessively harsh treatment. “There’s talk about that,” said Trump. “A lot of the people that are in the government now talk about it, because a lot of the people in government really like that group of people. They were patriots as far as I was concerned…they were treated very unfairly.”
Given how the left went bonkers over Trump’s pardons, the reaction to a reparations package for Jan 6ers would be a sight to behold.
VICTOR DAVIS HANSON
USA/ANTISEMITISM//HAMAS// REPORT
KINGNEWS
| The King Report March 27, 2025 Issue 7459 | Independent View of the News |
| Bank of Japan Governor Ueda appeared before Japan’s parliament on Wednesday. Here’s what he said:Will keep raising rates if economy and prices stay in line with BoJ projectionsFood Inflation Could Lead to BOJ Rate HikeUncertainty surrounding economic outlook remains highUncertainty over trade policies have added uncertaintyMust be vigilant to how overseas uncertainties affect consumer confidenceExpects underlying inflation to accelerate gradually, getting near 2%Cost-push inflation factors likely to gradually dissipateClosely watching mortgage rates and forexIf price risks overshoot our expectations, we will take stronger steps to adjust monetary supportJapan’s economy is in state of inflation, when judging from recent movements in CPIKey factor if wage hikes of around 3% are sustained, whether solid outcome so far in this year’s wage talks broadensWatching if wage gains boost service prices, heighten medium & long-term inflation expectations Nvidia stock tumbles on a report the chip titan could face tighter regulation in China – BBG @DowdEdward: Nvidia’s last quarterly report showed accounts receivable DSOs (days sales outstanding) ballooning to 53 days from prior pattern of 35-40 when things were accelerating. They stretched to make the quarter. So yes, the bubble popping is in process. We saw the same thing for hot software stocks during the Dotcom bubble. The balance sheet showed stress first then eventually the income statement. Capex from their customers is going the wrong direction now. NVDA top line miss incoming this quarter or next. In early NYSE trading, the DJIA rallied smartly; the DJTA rallied modestly; Fangs and Nasdaq declined sharply due to Nvidia (-6.6% at 13:38 ET); and USMs declined as much as 25/32 (11:22 ET). The DJIA peaked at +234.33 near 9:45 ET. After trading in a sideways coil, it broke lower at 11:12 ET and turned negative at 11:52 ET on reports that Trump would announce auto tariffs after the close. ESMs traded sideways and modestly positive from the Nikkei until they broke down at 22:33 ET due to BoJ chief Ueda’s hawkish remarks. ESMs eased lower until they hit 5813.75 at 5:57 ET. A plodding rally on buying for the NYSE opening (and Pump & Dump) took ESMs to 5834.50 at 9:38 ET. The dump commenced early; ESMs then tumbled to 5750.50 at 13:36 ET on DJT auto tariff fright. After a bounce to 5766.00 at 14:28 ET, ESMs sank to 5743.00 at 14:58 ET. The last-hour illegal manipulation took ESMs to 5767.25 at 15:51 ET. ESMs retreated to 5756.00 at the NYSE close. Positive aspects of previous session The DJIA and DJTA rallied early. Negative aspects of previous session USMs sank as much as 25/32. Fangs and Nasdaq (at low -2.38%) declined sharply; the DJIA sank after a strong early rally. Ambiguous aspects of previous session Are stocks commencing a new down leg? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: Up Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5730.08 Previous session S&P 500 Index High/Low: 5783.62; 5694.41 @julie_kelly2: In a 2-1 decision, DC appellate court panel denies Trump adm emergency motion to put on hold Boasberg’s order halting removal of Venezuelan illegals suspected of being members of TdA (Bush and Obama judges voted against DJT judge, on to the SCOTUS!) DC Appeals Court: “There is neither jurisdiction nor reason for this court to interfere at this very preliminary stage or to allow the government to singlehandedly moot the plaintiffs’ claims by immediately removing them beyond the reach of their lawyers or the court.”. A Third of All DC District Judges Were Not Born in United States – All five foreign-born judges of the D.C. court managed to get their fingerprints on controversial Trump cases… https://thefederalist.com/2025/03/25/a-third-of-all-dc-district-judges-were-not-born-in-united-states/ Reuters: Vietnam will cut tariffs on U.S. products, including LNG and cars GameStop soared as much as 17.32% during NYSE trading after its board allowed the meme stock to use Bitcoin as a reserve asset. GME lost all that gain and then some in after-hour trading after GME proposed a private offering of $1.3B of convertible securities. Does this warrant an SEC investigation? Trump Announces 25% Auto Tariffs on All Cars Not Made in US – BBG 17:18 ET Trump: Will Do Pharma Tariffs – BBG 17:24 ET Trump Reiterates April 2 ‘Liberation Day’ – BBG 17:21 ET Trump: Will Lead to Construction of a Lot of Auto Plants – BBG 17:26 ET Trump: Working on Deducting Interest Payment on Cars – BBG 17:27 ET Trump: Auto Tariffs in Effect April 2, Collecting from April 3 – BBG 17:34 ET Trump Suggests He Could Give China Tariff Reduction over TikTok – BBG 17:43 ET US appears to be significantly increasing its military presence in the Middle East (To strike Iran?) The US has extended the deployment of the USS Harry S Truman carrier strike group in the Red Sea, while another is heading to the Middle East. At least five B-2 stealth bombers have also been deployed to Diego Garcia, a British military base used by the US in the Indian Ocean… (A reason for stocks’ drop?) https://news.sky.com/story/us-appears-to-be-significantly-increasing-its-military-presence-in-the-middle-east-13336089 Today – Yesterday we opined, “The stock market is at an inflection point. The need and desire to manipulate stuff higher to game Q1 performance is the trading positive. Fundamental negatives include recent economic data, the imposition of tariffs on April 2, and the US judicial crisis. Technically, stocks are no longer oversold on a short-term basis and the S&P 500 Index is hovering near 200-day moving averages. The DJIA is the strongest index due to DJT’s industrial policies. The NY Fang+ Index is above its 200-DMA because Fangs are over-owned, and holders need to mark up stocks. On Wednesday, the NY Fang+ Index closed 2 points above its 200-DMA (12091.84); Nasdaq closed 655 points below its 200-DMA (18455); and the D&P 500 closed 44 points below its 200 DMA (5756). On Monday and Tuesday, the S&P 500 Index closed 15 and 12 points above its 200 DMA. Yesterday, in technical parlance, ‘the market rejected the S&P 500 Index being above its 200 DMA. GM plunged as much as 10% in after-hour trading; Ford sank as much as 5%. US auto part suppliers are up sharply. A beaucoup amount of GM and Ford’s parts and autos are foreign made. In Tuesday night trading, ESMs opened -29.50 and NQMs hit -112.50 on DJT’s tariffs. Someone manipulated ESMs to -9.00 and NQMs to -43.00 at 20:10 ET. If someone does NOT stop a significant stock market decline, momentum and technical selling should accelerate. It appears ‘they’ realize this and are using the thin overnight market to boost ESMs and NQMs. Expected economic data: Q4 GDP 2.3%, Consumption 4.2%, GDP Price Index 2.4%, Core PCE Price Index 2.7%; Feb Advance Goods Trade Balance -$138.0B; Feb Wholesale Inventories 0.7% m/m, Retail Inventories 0.4% m/m; Initial Jobless Claims 225k, Continuing Claims 1.885m; Feb Pending Home Sales 1.0% m/m; March KC Fed Mfg. Activity -5 S&P Index 50-day MA: 5910; 100-day MA: 5932; 150-day MA: 5852; 200-day MA: 5756 DJIA 50-day MA: 43,426; 100-day MA: 43,435; 150-day MA: 42,913; 200-day MA: 42,097 (Green is positive slope; Red is negative slope) S&P 500 Index (5712.12 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender and MACD are positive – a close below 5447.29 triggers a sell signal Weekly: Trender and MACD are negative – a close above 6033.80 triggers a buy signal Daily: Trender and MACD are positive – a close below 5563.55 triggers a sell signal Hourly: Trender and MACD are negative – a close above 5746.43 triggers a buy signal @Shawn_Farash: Full Signal text chain has been released. There’s nothing in it but the pros and cons of striking now vs waiting a month. It’s not war plans. It’s not classified info. It’s a conversation, and nice to see cabinet members and staffers hashing out the best way to move forward. I also love that JD Vance can NOT stand Europe. https://x.com/Shawn_Farash/status/1904876980496970010/photo/1 The Atlantic admits the Signal chat info that it published is NOT classified. If it were classified, JAIL! 18 U.S. Code § 798 – Disclosure of classified information. Shall be fined under this title or imprisoned not more than ten years, or both. @TrumpWarRoom: WH @PressSec: “[Jeffrey Goldberg] is an anti-Trump hater, he is a registered Democrat. Goldberg’s wife is also a registered Democrat and a big Democrat donor who used to work under who? Hillary Clinton. This is the same Jeffrey Goldberg who infamously lied about weapons of mass distraction to get us into the Iraq war.” @EricLDaugh: CIA DIRECTOR RATCLIFFE: “Yesterday I spent 4 HOURS answering questions from senators as a result of that article intimating that I transmitted classified information. Those messages were revealed today – I did NOT transmit classified information.” “The reporter, who I don’t know, intentionally intended it to indicate that. That reporter also indicated I released the name of an undercover CIA operative… in fact, I released the name of my CHIEF OF STAFF, who is not operating undercover. That was deliberately false and MISLEADING.” “The mission was a remarkable success – because that’s what did happen, not what COULD have happened.” https://x.com/EricLDaugh/status/1904912630562578461 @ByronYork: At House Intel hearing, Democratic Rep. Himes goes in for the attack on FBI Director Patel over the Signal text chain. Patel has to remind Himes that he, Patel, was not on the text. Oops. You weren’t? Himes asks. I wasn’t, Patel answers. Def Sec @PeteHegseth: The Atlantic released the so-called “war plans” and those “plans” include: No names. No targets. No locations. No units. No routes. No sources. No methods. And no classified information… This only proves one thing: Jeff Goldberg has never seen a war plan or an “attack plan” (as he now calls it). Not even close. As I type this, my team and I are traveling the INDOPACOM region, meeting w/ Commanders (the guys who make REAL “war plans”) and talking to troops. We will continue to do our job, while the media does what it does best: peddle hoaxes. “We are not going to be lectured about national security and American troops by Democrats and the mainstream media who turned the other cheek when the Biden administration, because of their incompetence, left 13 service members dead in Afghanistan.” – WH Press Sec. Karoline Leavitt https://x.com/FoxNews/status/1904959116440645705 Ex-Clinton advisor & pollster @Mark_Penn: You think that Jeffrey Goldberg got added to a high-level national security conversation by chance?… The chance that this was done by an operative looking to embarrass the administration is about 90 per cent. The chance someone added him because they were looking for another Jeffrey is about 10 per cent. This was a security breach but most likely one by a partisan trying to undermine the administration than by the participants on the chain… the odds it was an innocent mistake are low and deliberate act are high. Of course, though, I’m waiting for the final answer. @BuzzPatterson: Looks like Alex Wong (Waltz deputy) is the culprit. (Waltz post shows Wong in charge of putting Signal group together) https://x.com/BuzzPatterson/status/1904967803754676474/photo/1 @LauraLoomer: EXCLUSIVE – Alex Wong, the Chinese Deputy National Security Advisor appointed by President Trump, who is at the center of the Signalgate scandal, is married to U.S. Attorney Candice Chiu Wong, a Chinese Woman who was one of the key attorneys involved in PROSECUTING J6ers… Candice Chiu Wong served as a Law Clerk to Obama-appointed US Supreme Court Justice Sonia M. Sotomayor!… Alex Wong worked for Covington & Burling @CovingtonLLP, which is one of the law firms that President recently stripped of its security clearance and terminated all of their government contracts… Why do we have a CHINESE Deputy National Security advisor who is married to a CHINESE US ATTORNEY who worked under Obama and Biden, and who helped prosecute J6ers after the stolen 2020 election?… https://x.com/LauraLoomer/status/1904904102917570900 Deputy National Security advisor Alex Wong’s father in law had direct ties to the CCP… & the People’s Liberation Army of China via his 23 year long career with AsiaSat, the leading Satellite solutions provider in Asia… I have been told by sources that (GOP) @SenTomCotton is the individual who helped Alex Wong ascend the ladder in Trump world. Why didn’t Senator Tom Cotton do any vetting if he’s such a China Hawk?… https://x.com/LauraLoomer/status/1904980183805055083 Additionally, Alex Wong served as the foreign and legal policy director for the Mitt Romney presidential campaign in 2012… I want to meet the genius who said, “Hey guys Let’s have President Trump select a Chinese Deputy National Security Advisor whose wife clerked for Democrat SCOTUS justices & whose Chinese wife helped lock up J6ers.”… The Atlantic sat on the Signal chat story for over a week. It published the first story just before US intel chiefs were scheduled to give the Senate Select Intel Com a “Intelligence assessment.” Dems used the forum to pound Trump and his intel chiefs. The Atlantic published a 2nd story yesterday, hours ahead of US intel chiefs’ appearance before the House Select Intel Com. PS – VP Vance looks presidential! @IngrahamAngle: Mike Waltz on the Signal chat leak: “I just talked to @elonmusk… we’ve got the best technical minds looking at how this happened. I don’t know this guy—he’s the bottom scum of journalists.” https://x.com/IngrahamAngle/status/1904684543275081779 @paulsperry_: Kamala’s BFF and billionaire Democrat backer Laurene Powell Jobs, who pumped millions into her 2024 campaign, owns “The Atlantic” magazine and employs Jeffrey Goldberg Though Waltz insists, “I wasn’t talking to [Goldberg],” a US intel official told me Waltz was a source for Goldberg while on HPSCI (House Permanent Select Com on Intelligence) . “There’s no need for an investigation to figure out how he was added to the chat. Goldberg was in his address book b/c he’s been talking to him.“ (If true, Waltz should go, or ‘they’ set up Goldberg.) FEC records for Michael G. Waltz, Trump’s national security adviser who “accidentally” leaked to The Atlantic, show he’s contributed $8,150 to NeverTrumpers and zero $0 to Trump: Mitt Romney … $5,000, John McCain … $450, Jeb Bush … $2,700, Donald Trump … $0 @greg_price11: Rep. Jimmy Gomez (D-CA): Was Pete Hegseth drunk while planning the Houthi attack? We need to know if his performance is compromised. Director Ratcliffe: Was his performance compromised because of a successful strike to make Americans safer??? https://x.com/greg_price11/status/1904928722769096727 @WesternLensman: CNBC’s Joe Kernen reminds a hyperventilating Mark Warner of the Biden admin record: “You remember the Biden administration started with the biggest F up in history with Afghanistan and 13 dead Americans. Let’s not get too sanctimonious and high and mighty about screwing up.” Warner: “You’re not going to just throw that in…” Kernan: “I just did.” https://x.com/WesternLensman/status/1904892744092574037 @FoxNews: Axios journalist says most voters not focused on Trump admin’s group chat leak, more concerned with economy @BreannaMorello: Judge James Boasberg has recently been assigned to preside over the lawsuit concerning the Signal chat that includes Pete Hegseth, Mike Waltz, and other security officials. This comes as Trump’s DOJ tries to block Boasberg from getting information regarding deportation flights. The system is rigged. https://x.com/BreannaMorello/status/1904888320783454574 @bennyjohnson: GOP Rep. Jim Jordan Says it’s all been planned and it’s No Surprise Rogue Judge Boasberg was assigned to The Signal Messages Lawsuit: “Supposed to be random. He could recuse himself from the case if there’s a bias… he won’t… There’s a history… They had lawsuit read to go…” https://x.com/bennyjohnson/status/1904962224151523598 @WashTimes: A federal judge issued a temporary restraining order Tuesday protecting Radio Free Europe/Radio Liberty from being shut down by President Trump, saying the government was too hasty in its attempt to shutter the outlet. (What law prohibits being’ too hasty?’) @MarinaMedvin: NATO confirms that 4 US soldiers died (Drowned) in a training accident in Lithuania. The details surrounding their death are still under investigation. Dem Rep. Jasmine Crockett Liked Posts Calling Abbott ‘Hot Wheels’ in 2021, Undercutting Her Explanation for Deriding Wheelchair-Bound Governor. https://freebeacon.com/democrats/jasmine-crockett-liked-posts-calling-abbott-hot-wheels-in-2021-undercutting-her-explanation-for-deriding-wheelchair-bound-governor/ @VigilantFox: Greg Abbott delivers the PERFECT response after Rep. Jasmine Crockett mocked his disability and called him “Governor Hot Wheels.” “It’s another day and another disaster by the Democrats. The reality is they have no vision, no policy. They have nothing to sell but hate. And Americans are not buying it…” https://t.co/5O89hf7MX0 Dem Rep. Maxine Waters floats deporting Melania Trump in anti-DOGE diatribe (unhinged hate!) https://www.foxnews.com/politics/maxine-waters-floats-deporting-melania-trump-anti-doge-diatribe @LeadingReport: Americans’ approval of the Democratic Party is currently at 26% (per) Rasmussen. NY Post: President Trump is considering financial compensation for pardoned defendants prosecuted in connection with the Jan. 6, 2021, Capitol riot — and promised he would “look into” the death of Ashli Babbitt, who was shot by a Capitol Police officer in the chaos of that day… https://nypost.com/2025/03/26/us-news/trump-weighs-compensation-for-jan-6-rioters-vows-to-look-into-ashli-babbitts-death/ @GOPoversight: Old tweets come back to haunt NPR CEO (Maher)… GOP Rep. GILL: Do you believe that America is addicted to white supremacy? MAHER: I believe that I tweeted that and, as I’ve said earlier, I believe much of my thinking has evolved over the last half decade and has evolved… GILL: Do you believe that America believes in black plunder and white democracy? MAHER: I don’t believe that sir. GILL: You tweeted that in reference to a book you were reading at the time, apparently ‘The Case for Reparations.’ MAHER: I don’t think I’ve ever read that book, sir. GILL: You tweeted about it. You said you took a day off to fully read ‘The Case for Reparations.’ You posted that on Twitter in January of 2020… GILL: Do you believe that white people inherently feel superior to other races? MAHER: I do not. GILL: You tweeted something to that effect. You said: ‘I grew up feeling superior (hah, how white of me)’ Why did you tweet that? https://x.com/GOPoversight/status/1904946972488049062 Things Aren’t Looking Good for Democrats Trump’s common-sense America First agenda caused Democrats to lose their collective minds, so they settled on the absurd policy of viciously attacking whatever the president did, no matter what… Trump Derangement Syndrome has mutated into something far more debilitating. This time around, Democrats have decided to adopt the unpopular position of every “80-20” public policy issue that comes down the pike, purely out of hatred for President Trump… defending the failed status quo in a country that is thirsty for reform is a recipe for disaster. But that’s the strategy the Democrat Party under the leadership of Sen. Chuck Schumer has settled on… https://dailycaller.com/2025/03/26/opinion-things-arent-looking-good-for-the-democrats-david-bossie/ An Illinois school district (Dolton), where just 7% of kids are proficient in math, rewards superintendent with $480K salary https://wirepoints.org/an-illinois-school-district-where-just-7-of-kids-are-proficient-in-math-rewards-superintendent-with-480k-salary-wirepoints/ CWB Chicago: He fatally shot his girlfriend while on bail for a felony gun possession charge. His sentence for killing her? Five years. (‘Tis why Chicago is the murder capital) https://t.co/U5gbUkFqVE “A stupid man’s report of what a clever man says is never accurate, because he unconsciously translates what he hears into something that he can understand.” — Bertrand Russell | |
SWAMP STORIES
Jails Have Become “Fentanyl Free-For-Alls” Thanks To Dem Bill That Banned Strip Searches
by Tyler Durden
Wednesday, Mar 26, 2025 – 10:10 PM
Washington’s soft-touch jail policies have turned facilities into fentanyl hotspots, thanks to rules that make it harder to properly search inmates, according to Jason Rantz at 770 KTTH.
Rantz writes this week that Thurston County Sheriff Derek Sanders recently sounded the alarm after two overdoses at his jail tied to drugs smuggled in body fat.
“Once the drugs made their way in, a different inmate consumed the drugs and overdosed,” Sanders said. “Life-saving efforts from jail staff prevented the overdose from being fatal.”
Days later, it happened again—this time, fentanyl was found under an inmate’s breast.
“A Corrections Sergeant observed an inmate acting oddly and immediately called for medical,” Sanders reported. “CPR was performed for 10 minutes… Narcan deployment… The inmate will be booked on new felony charges.”
In his piece, Rantz writes that that It shouldn’t be this easy for an obese inmate to sneak drugs into jail—but thanks to misguided policies, it is.
This stems from 2SSB 5695, a 2022 Democratic bill—ironically also backed by Republicans—that banned “dehumanizing” strip searches and mandated body scanners. But the Department of Health, tasked with setting scanner rules, imposed such weak radiation limits under WAC 246-230-040 that scanners can’t detect drugs hidden in body fat.
“The new rules under WAC 246-230-040, implemented in January 2025, force scanners to use laughably low radiation levels to appease activists screaming about ‘ALARA’ (As Low As Reasonably Achievable) principles,” wrote Sheriff Sanders.
Lawmakers say the new rules protect inmates from radiation—but that claim doesn’t hold up.
The previous scan dose—2.00 µSv—was already safer than a dental X-ray. Sheriff Sanders pointed out it would take 1,000 scans to hit the annual limit. “Strip searches cannot be conducted on every inmate who is booked… but its [the scanner’s] effectiveness isn’t nearly what it was post-law change,” he wrote.
Strip searches were unpleasant but worked. Lawmakers scrapped them without ensuring the scanners could actually do the job. And the same Department of Health that insisted COVID vaccines stopped transmission isn’t exactly a reliable authority on radiation safety.
END
“The Country’s Largest COVID Fraud”: Somali Immigrants Allegedly Stole $250 Million From Child Nutrition Program
Wednesday, Mar 26, 2025 – 08:30 PM
Nearly all of the 70 people charged in a massive $250 million fraud case targeting federal child nutrition programs in Minnesota are Somali immigrants, according to the Washington Free Beacon.
Between March 2020 and January 2022, they allegedly stole funds meant for feeding children, funneled through a nonprofit called Feeding Our Future. So far, 37 have pleaded guilty, and 7 have been convicted; the rest await trial.
The scam involved fake meal counts, rosters, and invoices submitted to the Minnesota Department of Education. “Feeding Our Future” acted as a sponsor for daycares and other sites, making it easy to file false claims during the COVID-era program expansion.
Minnesota, home to about 100,000 Somali immigrants—mostly in the Twin Cities—has long attracted refugees with “some of America’s most generous welfare and charity programs,” according to journalist Kelly Riddell. She also quoted professor Ahamed Samatar, who said, “Minnesota is exceptional in so many ways but it’s the closest thing in the United States to a true social democratic state.”
The FBI’s Minneapolis office has also dealt with terror-related concerns in the community, which has seen recruitment by ISIS and al-Shabab.
Between 2020 and 2022, Aimee Bock and a group of mostly Somali immigrants stole $250 million in federal nutrition funds through a scheme centered on the nonprofit Feeding Our Future. The group submitted fake meal counts and rosters to the Minnesota Department of Education (MDE), which had loosened oversight under COVID “waivers.” In 2021 alone, Feeding Our Future funneled nearly $200 million to sham sites and vendors.
The Washington Free Beacon says that despite red flags, MDE backed off after accusations of racism. But in April 2021, a whistleblower tipped off the FBI. Surveillance footage later revealed empty food sites that supposedly fed thousands daily. The scheme collapsed in January 2022 when federal agents conducted Minnesota’s largest-ever fraud raid.
Bock, Feeding Our Future’s founder, certified inflated claims from over 250 sites. Though she pocketed $1.9 million, many of her co-conspirators spent millions on luxury items and properties across the U.S., Turkey, and Kenya. “The fraud in this case is gross, disgusting, and despicable,” the report states.
Bock’s fake nonprofit included a board of unaware bartenders and a small-engine mechanic. “Yeah, big shoes,” one deadpanned in court when shown his name atop an organizational chart. The fraud ran so deep that 21 sites on a 1.8-mile stretch of Minneapolis’s Lake Street claimed to serve as many children as the city’s public schools.
Bock and accomplice Salim Said—whose restaurant, Safari, jumped from $600,000 annual revenue to “serving” 5,000 kids daily—were convicted on all 28 counts in just five hours. Said alone claimed over 3.9 million meals and took in $5.5 million.
Though most Somali defendants eagerly joined in, one voice stood out: Abdihakim Osman Nur, who once exposed Rep. Ilhan Omar’s fraudulent marriage, condemned the lavish corruption on Facebook. He posted a video describing gold trays gifted at a Feeding Our Future staffer’s wedding: “We cannot close our eyes to such corruption… when we only have a few bad apples.”
Yet state officials stayed silent. Gov. Tim Walz later claimed, “we caught it very early,” but ignored follow-up questions. Attorney General Keith Ellison, who once said, “I know a scam when I see one,” also declined to comment.
At the post-trial press conference, Assistant U.S. Attorney Joe Thompson rightly called the case “the shame of Minnesota.” The prosecutors who brought it down, he added, are “the pride of Minnesota.
END
Anti-Trump Judge Boasberg Assigned To Lefty Lawfare Group’s ‘SignalGate’ Suit
Wednesday, Mar 26, 2025 – 08:05 PM
Authored by Debra Heine via American Greatness,
The activist federal judge who tried to thwart the Trump administration’s deportation flights to El Salvador earlier this month has been assigned to a left-wing lawfare group’s lawsuit related to the “SignalGate” nontroversy.
Embattled U.S. District Judge James Boasberg will handle the lawfare case alleging that Defense Secretary Pete Hegseth and other Trump officials violated record retention laws.
Specifically, the lawsuit alleges that the officials’ use of an encrypted app that allows messages about government business to be erased is a violation of the Federal Records Act.
But as CIA Director John Ratcliffe explained in his testimony before the Senate Intelligence Committee Tuesday, the use of Signal among intelligence officials is permissible, routine, and precedes the current administration.
Jeffrey Goldberg, editor-in-chief of The Atlantic, was somehow included in a Signal group chat discussing plans about a forthcoming attack on Houthis in Yemen. Goldberg publicized the chat in the Atlantic on Monday, withholding details purportedly over national security concerns.
After multiple Trump officials denied that any “classified materials” or “war plans” were discussed, the Atlantic on Wednesday published the entire group chat, showing that Secretary of Defense, Pete Hegseth had posted the “exact times American aircraft were taking off for Yemen” 31 minutes before the first warplanes launched.
Hegseth hit back with a statement on X, Wednesday, saying:
“So, let me get this straight. The Atlantic released the so-called “war plans” and those ‘plans’ include: No names. No targets. No locations. No units. No routes. No sources. No methods. And no classified information. Those are some really shitty war plans. This only proves one thing: Jeff Goldberg has never seen a war plan or an “attack plan” (as he now calls it). Not even close.”
The Defense Sec added:
“As I type this, my team and I are traveling the INDOPACOM region, meeting w/ Commanders (the guys who make REAL “war plans”) and talking to troops. We will continue to do our job, while the media does what it does best: peddle hoaxes.”
The lawsuit against Hegseth, Director of National Intelligence Tulsi Gabbard, CIA Director John Ratcliffe, Secretary of State Marco Rubio, and Secretary of the Treasury Scott Bessent was brought by the activist litigation group “American Oversight.”
Although frequently referred to as a “nonpartisan watchdog group” in the media, American Oversight was launched in March 2017 specifically to conduct lawfare against President Trump during his first term in office, according to Influence Watch.
The group formed shortly after a now infamous confab took place at a Florida resort, where more than 100 “liberal mega-donors” met to hear Media Matters founder and Clinton-aligned operative David Brock proposed a lawfare operation to produce a “steady stream of open records requests” and lawsuits against Trump with the ultimate goal of defeating him in 2020 or “through impeachment.”
AO claims to be “the top Freedom of Information Act litigator investigating the Trump administration,” with more than 1000 open records requests filed in 2018 – an average of four requests made every business day. In addition, it reports 56 lawsuits filed during the year (more than one per week). The website also provides searchable databases for both the open records documents and the overall investigations to which those documents pertain.
President Trump clashed with Boasberg last week over the judge’s decision to stop flights deporting alleged Venezuelan gang members to El Salvador under the Alien Enemies Act.
Of those deported, 101 were TdA Venezuelans, 21 were Salvadoran MS-13 gang members, and two were MS-13 ringleaders and “special cases” for El Salvador, according to Fox News. Their offenses reportedly include “kidnapping, sexual abuse of a child, aggravated assault, prostitution, robbery and aggravated assault of a police officer.”
Judge Boasberg, an Obama appointee and key Russia hoax player, ordered an immediate stop to the deportations so he could have more time to consider whether Trump’s use of the Alien Enemies Act was legal. Incredibly, the judge ordered planes that were already in the air to turn back to the United States.
The next morning, El Salvador President Nayib Bukele posted on X, “Oopsie … Too late,” with a laughing emoji.
The Trump administration’s refusal to comply with the judge’s order prompted a sharp response by Boasberg, who demanded answers. The matter is now being played out in the courts.
On Truth Social, Trump called for Boasberg’s impeachment, calling him a “Radical Left Lunatic of a Judge, a troublemaker and agitator who was sadly appointed by Barack Hussein Obama.”
“This judge, like many of the Crooked Judges’ I am forced to appear before, should be IMPEACHED!!!” Trump wrote on March 18.
Trump’s outburst prompted a rare rebuke from Chief Justice of the Supreme Court John Roberts, who stated, “impeachment is not an appropriate response to disagreement concerning a judicial decision.”
END
What planet is this guy on?
Rep. Goldman: The FBI Investigation Of Tesla Attacks Is “Political Weaponization”
by Tyler Durden
Thursday, Mar 27, 2025 – 12:25 PM
For many of us who were long active in Democratic politics, it is becoming increasingly difficult to recognize the party as a new generation of foul-mouthed, censorship-supporting, mob-enabling leaders take over.
That sense returned this week when Rep. Daniel Goldman (D-NY) claimed that the FBI investigating attacks on Tesla cars and facilities is nothing but “lawfare” and “political weaponization.”
Goldman’s latest controversy captures how Democrats have now entirely cut the cords of decency and moderation that once tethered their party to the mainstream of our society.
Democratic leaders have been fueling the attacks on Musk and his companies, even putting national security interests aside to seek to punish him.
Goldman (and other Democrats) have previously pushed back on criticism of Antifa and left-wing attacks. However, Goldman’s criticism of the FBI task force on these widespread attacks is otherworldly.
Goldman this week declared:
“This is the political weaponization of the DOJ. Trump uses his official authority to defend his benefactor Elon Musk. The FBI then creates a task force to use our law enforcement to ‘crack down’ [sic] on adversaries of Musk’s [sic]. Where are the Republicans so opposed to ‘lawfare’?”
There are have widespread attacks on Tesla charging stations, vehicles, and dealerships, including multiple arson attacks.
It is clearly political violence orchestrated against an American company and American property owners, including individual citizens, to push consumers away from buying Musk products and associations.
That sounds a lot like the definition of terrorism. The Justice Department defines domestic terrorism as “Violent, criminal acts committed by individuals and/or groups to further ideological goals stemming from domestic influences, such as those of a political, religious, social, racial, or environmental nature.”
I have long criticized the expansion of terrorism definitions. However, this fits even the narrowest definitions. It is political violence designed to intimidate and harm those with opposing political views.
The fact that they are lone wolves like Daniel Clarke-Pounder, 24, who set himself on fire after throwing Molotov cocktails, does not change that criminal intent.
The Democrats have long been accused of belittling or dismissing the seriousness of such crimes. That was the case with Molotov-cocktail throwing lawyers in New York who were given relatively light sentences under the Biden Administration.
It is also evident in the reaction to the recent attack on a conservative in the New York subway. There is a sense of license among some on the left in carrying out attacks on those on the right.
This is how rage rhetoric of leaders like Goldman can fuel violent rage in the most unhinged elements of their party. As I previously wrote:
“What few today want to admit is that they like it. They like the freedom that it affords, the ability to hate and harass without a sense of responsibility. It is evident all around us as people engage in language and conduct that they repudiate in others. We have become a nation of rage addicts; flailing against anyone or anything that stands in opposition to our own truths.”
Once released by the rage from the confines of reason and civility, it is easy to dismiss the investigation of political violence as “political weaponization.” In attacking the FBI investigation, Goldman is the very voice of an age of rage.
END
Homeland Security Secretary Confirms Plans To Eliminate FEMA
Wednesday, Mar 26, 2025 – 07:15 PM
Authored by Jack Phillips via The Epoch Times,
Department of Homeland Security (DHS) Secretary Kristi Noem said during a Cabinet meeting this week that she would eliminate the Federal Emergency Management Agency (FEMA).
While providing a report on the border and Coast Guard operations, Noem said, “We’re going to eliminate FEMA.”
She didn’t provide more details.
“That’s great. Great job,” President Donald Trump said in response to Noem’s remarks during the meeting.
Earlier this year, Trump suggested in public remarks that he may dissolve the emergency management agency—or at least overhaul it.
“I’ll also be signing an executive order to begin the process of fundamentally reforming and overhauling FEMA, or maybe getting rid of FEMA. I think, frankly, FEMA’s not good,” Trump said in January.
He mentioned it again when he visited the aftermath of wildfires in Los Angeles in January, saying:
“I say you don’t need FEMA, you need a good state government. FEMA is a very expensive, in my opinion, mostly failed situation.”
After Trump said he wanted to overhaul or scrap FEMA, the agency’s acting head, Cameron Hamilton, wrote to staff and assured them that “FEMA is a critical agency which performs an essential mission in support of our national security.” Hamilton is a former Navy SEAL whom Trump appointed to temporarily lead the agency.
On March 19, Trump signed an order that seeks to hand over responsibility to state and local governments to deal with natural disasters or cyberattacks.
“Federal policy must rightly recognize that preparedness is most effectively owned and managed at the state, local, and even individual levels, supported by a competent, accessible, and efficient federal government,” the order said.
“Citizens are the immediate beneficiaries of sound local decisions and investments designed to address risks, including cyberattacks, wildfires, hurricanes, and space weather.”
This order is designed to provide more power to “state, local, and individual” preparation efforts and will bring “common sense into infrastructure prioritization and strategic investments through risk-informed decisions that make our infrastructure, communities, and economy resilient to global and dynamic threats and hazards.”
FEMA has a workforce of 20,000 staffers that can increase to more than 50,000 active members during disasters, according to the agency website. The agency was officially created in 1979 and was placed under DHS in 2004.
Aside from FEMA, federal agencies have fired nearly 25,000 newer workers, officials said in court filings last week.
Eighteen agencies, including the Department of Agriculture, started terminating workers after Trump took office, and the Office of Personnel Management directed officials to fire probationary workers who were not critical to agency missions. Many did not disclose the number of workers who were terminated.
The Epoch Times contacted DHS for comment on March 26.
END
“How White Of Me”: NPR CEO Can’t Remember Posting All Sorts Of Racist Crap, Claims No Bias At Network
Wednesday, Mar 26, 2025 – 06:50 PM
Got a few minutes?
Today’s entertaining exchange comes from NPR CEO Karoline Maher, who claimed that the network is unbiased, and somehow couldn’t remember a series of anti-white posts she made on social media when questioned by Rep. Brandon Gill (R-TX) during a a House DOGE (Delivering on Government Efficiency) subcommittee hearing titled: “Anti-American Airwaves: Holding the Heads of NPR and PBS Accountable.”
REP. BRANDON GILL: OK. Do you believe that white people inherently feel superior to other races?
KAROLINE MAHER, NPR: I do not.
REP. BRANDON GILL: You don’t? You tweeted something to that effect. You said, “I grew up feeling superior—ha, how white of me.” Why did you tweet that?
KAROLINE MAHER, NPR: I think I was probably on what it was to be—to grow up in an environment where I had lots of advantages.
REP. BRANDON GILL: It sounds like you’re saying that white people feel superior.
Watch:
Shortly before this exchange, Rep. Pat Fallon (R-TX) also laid into Maher, slamming the network over the Russia collusion hoax, interviewing Adam Schiff (D-CA), their use of “far-right” to describe conservatives vs. “far-left,” and more.
Watch:
end
Judge Declines Trump Admin Request That She Recuse Herself From Perkins Coie Case
Thursday, Mar 27, 2025 – 02:25 PM
Authored by Katabella Roberts via The Epoch Times,
A federal judge has declined a request by the Trump administration that she remove herself from overseeing a lawsuit challenging an executive action targeting Perkins Coie LLP, accusing the Justice Department of attacking her character in an effort to undermine the integrity of the judicial system.
U.S. District Judge Beryl Howell wrote in a March 26 ruling that a Trump administration filing seeking her recusal was “rife with innuendo” and that none of the claims it put forward “come close to meeting the standard for disqualification.”
“Though this adage is commonplace, and the tactic overused, it is called to mind by defendants’ pending motion to disqualify this Court: ‘When you can’t attack the message, attack the messenger,’” U.S. District Judge Beryl Howell wrote in a March 26 ruling.
President Donald Trump’s action issued on March 6 prevents law firm Perkins Coie from doing business with federal contractors and blocks its lawyers from accessing government officials.
Additionally, it suspends any active security clearances held by individuals at the firm, pending a review of whether such clearances are consistent with the national interest.
Perkins Coie was hired by Hillary Clinton’s presidential campaign and the Democratic National Committee in 2016.
According to the presidential action issued by Trump, the law firm has engaged in “dishonest and dangerous activity” that has affected the United States “for decades.”
The firm sued the administration over the order in federal court in Washington on March 11, alleging Trump’s actions violated its rights under the U.S. Constitution.
Roughly a week after Trump’s executive action was first issued, Howell temporarily blocked the administration from enforcing much of it, finding the law firm was likely to win its lawsuit.
Last week, the Department of Justice (DOJ) asked for the case to be moved to another judge in Washington’s federal court, citing Howell’s public comments about the president and her connection with key aspects of the case.
“This Court has not kept its disdain for President Trump secret,” Chad Mizelle, acting associate attorney general at the DOJ, wrote in a motion seeking her disqualification.
“It has voiced its thoughts loudly—both inside and outside the courtroom.”
Speaking inside the court, Mizelle also pointed to now-former special counsel Jack Smith’s prosecution of Trump, during which he said that Howell found “reason to believe that the former President would ‘flee from prosecution.’”
The judge also “pierced attorney-client privilege, ordering President Trump’s attorney to testify before a D.C. grand jury” investigating his alleged retention of classified documents in the South Florida case, he said.
Mizelle added that Howell also previously rejected Trump’s view that the indictments against individuals involved in the Jan. 6, 2021, breach of the U.S. Capitol were a “national injustice” and called his supporters “sore losers.”
In her 21-page ruling, Howell wrote that when the DOJ “engages in this rhetorical strategy of ad hominem attack, the stakes become much larger than only the reputation of the targeted federal judge.”
“This strategy is designed to impugn the integrity of the federal judicial system and blame any loss on the decision-maker rather than fallacies in the substantive legal arguments presented,” she added.
The judge said she welcomed the Trump administration’s opportunity “to set the record straight, because facts matter.”
“Every litigating party deserves a fair and impartial hearing to determine both what the material facts are and how the law best applies to those facts,” she wrote.
“That fundamental promise, however, does not entitle any party—not even those with the power and prestige of the President of the United States or a federal agency—to demand adherence to their own version of the facts and preferred legal outcome.”
“The clear absence of any legitimate basis for disqualification requires denial” of the DOJ’s request that she recuse herself from the case, the judge said.
Howell is set to decide in the coming weeks whether to extend her block on Trump’s order against Perkins Coie.
The Epoch Times has reached out to Perkins Coie for comment.
GREG HUNTER
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