GOLD: NUMBER OF NOTICES FILED FOR FEBRUARY/2026: 639 CONTRACTs NOTICES FOR 63,900 OZ or 1.9875 TONNES
total notices so far: 28,159 contracts for 2,815,900 OR 87.5863 tonnes)
SILVER NOTICES: 251 NOTICE(S) FILED FOR 1.255 MILLION OZ OZ/
total number of notices filed so far this month : 2765 CONTRACTS (NOTICES) for 13.325 million oz
JULY: 50.925 MILLION OZ (QUITE SMALL)
AUGUST: 59.455 MILLION OZ (QUITE SMALL)
SEPT. 50.510 MILLION OZ.(QUITE SMALL)
OCT; 82.020 MILLION OZ (WILL BE STRONG THIS MONTH)/ OCC WANTS TO REIN IN THESE ISSUANCES!
NOVEMBER: 36.425 MILLION OZ
DEC: 45.765 MILLION OZ
JANUARY 2026: 134.270 MILLION OZ (WILL BE A VERY STRONG MONTH FOR EXCHANGE FOR PHYSICAL!)
FEB : 13.645 MILLION OZ
AND JULY: 46.720 MILLION OZ//
AUGUST: 4.70 MILLION OZ INITIAL STANDING PLUS TODAY;S 5,000 OZ QUEUE JUMP //NEW STANDING ADVANCES TO 10.960 MILLION OZ
SEPTEMBER: 68.040 MILLION OZ NORMAL DELIVERY(INCLUDES ALL QUEUE JUMPING AND EXCHANGE FOR PHYSICAL TRANSFERS) PLUS 3.0 MILLION OZ EX FOR RISK = 71.040 MILLION OZ. (THIS IS THE FIRST AND ONLY ISSUANCE OF EXCHANGE FOR RISK FOR SILVER SINCE MAY.)
OCTOBER: 39.565 MILLION OZ OF NORMAL DELIVERY INCLUDES ALL QUEUE JUMPING
PLUS
2.110 MILLION OZ EXCHANGE FOR RISK//TOTAL OZ STANDING IN OCT ADVANCES TO 41.675 MILLION OZ
NOVEMBER: INITIAL STANDING AT 11.575 MILLION OZ FOLLOWED BY TODAY’S 195,000 OZ QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 9.155 MILLION OZ//STANDING ADVANCES TO 19.670 MILLION OZ/
DECEMBER: INITIAL AMOUNT STANDING FOR DELIVERY: 49.33 MILLION OZ// FOLLOWED BY ANOTHER STRONG 835,000OZ QUEUE JUMP+ DEC. FIRST EXCHANGE FOR RISK 0F .850 MILLION OZ + LAST WEEK.S 495,000 OZ EXCHANGE FOR RISK AND THEN A 3RD ISSUANCE IF 1.00MILLION OZ THEN FINALLY DEC 249ISSUANCE OF 1.35 MILLION OZ EXCHANGE FOR RISK//NEW TOTAL EX FOR RIS IS 3.685 MILLION OZ // STANDING ADVANCES TO 68.415 MILLION OZ//
JANUARY: INITIAL STANDING 22.915 MILLION OZ FOLLOWED BY TODAY’S 1.185 MILLION OZ QUEUE JUMP//NORMAL STANDING ADVANCES TO 49.445 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK OF 0.100 MILLLION OZ//NEW STANDING ADVANCES TO 49.545 MILLION OZ
FEB: 13.399 MILLION OZ IS OUR INITIAL STANDING FOR SILVER! TO WHICH WE ADD OUR 2ND QUEUE JUMP OF 0.840 MILLION OZ//NEW STANDING ADVANCES TO 16.400 MILLION OZ
- MAY: SUMMARY FOR MAY TONNES WHICH STOOD FOR DELIVERY:
4. AUGUST: 60.547 TONNES OF INITIAL GOLD FIRST DAY NOTICE FOLLOWED BY THE NET MONTH’S QUEUE JUMP OF 47.2312 TONNES TO WHICH WE ADD THE FOLLOWING EXCHANGE FOR RISK ISSUANCE RECEIVED FOR THE MONTH: 5.4432 TONNES EX FOR RISK/AUG 7 , AUG 11: 2.413 TONNES EX FOR RISK AND AUG. 12 OF 2.637 TONNES EX FOR RISK//AUG 25: 9.107 TONNES , AUGUST 26: 9.1010 TONNES AND NOW AUGUST 27: 9.0699 TONNES//NEW STANDING ADVANCES TO 107.5117 TONNES OF GOLD NORMAL STANDING (INCLUDES ALL MONTHLY QUEUE JUMPS/EX FOR PHYSICAL TRANSFERS//) +44.696 TONNES EX.FOR RISK = 152.208 TONNES
5.SEPT: INITIAL 8.093 TONNES OF GOLD PLUS TODAY’S QUEUE JUMP OF 0.4883 TONNES PLUS 2.2827 TONNES OF EXCHANGE FOR RISK TODAY//NEW TOTAL EX. FOR RISK/MONTH = 22.923//NEW TOTAL STANDING FOR GOLD SEPT ADVANCES TO = 48.801 TONNES!!
6.OCTOBER: 90.012 TONNES OF INITIAL GOLD STANDING WITH TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS DURING OCT OF 76.1656 TONNES
THEN WE MUST ADD OUR 14.553 TONNES OF OUR ISSUANCE OF EXCHANGE FOR RISK/6 OCCASIONS//NEW TOTAL OF GOLD STANDING ADVANCES TO 197.5141 TONNES OF GOLD.
7.NOVEMBER BEGINS WITH 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY TODAY’S QUEUE JUMP OF 2.323 TONNES FOLLOWED BY ALL PREVIOUS QUEUE JUMPS IN OF OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE OF 4.5596 TONNES//NEW STANDING ADVANCES TO 43.9716 TONNES OF GOLD.
8. DECEMBER BEGINS WITH INITIAL STANDING OF 83.813 TONNES OF GOLD FOLLOWED BY TODAY’S 0.0TONNE QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF: 37.163 TONNES//NEW STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR 4 EXCHANGE FOR RISK FOR DECEMBER OF 6.587 TONNES/NEW STANDING ADVANCES TO 121.977 TONNES
9. JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR QUEUE JUMP OF 0.000 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
FEB; INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 93.567 (CME CORRECTED) TONNES OF GOLD TO WHICH WE ADD OUR SECOND QUEUE JUMP OF 4.099 TONNES TO OUR FIRST HUGE QUEUE JUMP OF 5.7260 TONNES/ NEW QUEUE JUMP TOTAL: 9.805 TONNES//NEW STANDING ADVANCES TO 103.393 TONNES
FINAL STANDING FOR GOLD, JANUARY CONTRACT AT 59.2108 TONNES OF GOLD
AND NOW FEBRUARY: INITIAL STANDING FOR GOLD: 103.393 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 130.84 TONNES//QUITE SMALL THIS MONTH.
APRIL; 208.57 TONNES. STRONG THIS MONTH
MAY: 113.499 TONNES OF GOLD EFP ISSUANCE//QUITE SMALL THIS MONTH
JUNE: 97.79 TONNES OF GOLD EFP ISSUANCE/EXTREMELY SMALL
JULY : 150.877 TONNES// QUITE SMALL
AUGUST: 175.86 TONNES A LOT LARGER THIS MONTH.
SEPT. 116.13 TONNES VERY SMALL
OCT. 252.72 TONNES//CERTAINLY MUCH LARGER THIS MONTH/VERY STRONG
NOV: 124.74 TONNES
DEC: 190.04 TONNES//GOOD SIZED THIS MONTH FINAL.
TOTAL EXCHANGE FOR PHYSICAL ISSUED FOR YEAR 2025: 2,026.20 TONNES (LOWER THAN LAST YR 2,569.00 TONNES
JANUARY: 209.08 TONNES (WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL)
FEB. 30.85 TONNES (WHICH WILL BE ANOTHER STRONG)
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF OCT. 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 5627 CONTRACTS OI TO 147,993 AND FURTHER FORM TO THE COMEX HIGH RECORD //244,710( SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 7 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE 987 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAR 987 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 0 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 5082 CONTRACTS AND ADD TO THE 987 E.FP. ISSUED
WE OBTAIN A HUGE SIZED LOSS OF 4640 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR LOSS OF $1.32 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTALS 21.210 MILLION PAPER OZ
OCCURRED DESPITE OUR LOSS IN PRICE.OF $1.32
2.ASIAN AFFAIRS FEB 3/2025
SHANGHAI CLOSED UP 51.99 PTS OR 1.29%
//Hang Seng CLOSED UP 59.20 PTS OR 0.22%
// Nikkei CLOSED UP 2087.82 PTS OR 3.92%
//Australia’s all ordinaries CLOSED UP 0.10%
//Chinese yuan (ONSHORE) CLOSED UP TO 6.9431
/ OFFSHORE CLOSED UP AT 6.9414 Oil DOWN TO 61.53 dollars per barrel for WTI and BRENT UP TO 65.55 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING UP TO 6.9364 OFFSHORE YUAN TRADING UP TO 6.9335 ONSHORE YUAN TRADING BELOW OFF SHORE AND UP ON THE DOLLAR// / AND THUS STRONGER//OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A LARGE SIZED 10,740 CONTRACTS TO 417,776 OI WITH OUR HUGE LOSS IN PRICE OF $100.15 WITH RESPECT TO MONDAY’S // TRADING/ //COMEX CLOSING TIME:… WE LOST HUGE NUMBER OF NET LONGS, WITH THAT PRICE LOSS FOR GOLD. AND AS YOU WILL SEE BELOW, OUR LOSS IN PRICE ALSO HAD A HUGE NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (3747).
WE HAD HUGE T.A.S. LIQUIDATION MONDAY ALONG WITH THE FINALIZATION OF MONTHLY SPREADERS. IT SEEMS THAT THE SPECULATORS WERE SLAUGHTERED WITH OUR FRBNY PROVIDING STILL THE MASSIVE NECESSARY SHORT PAPER AND COVERED MUCH OF THEIR SHORTFALL BUT OTHER CENTRAL BANKERS CONTINUING ON THE LONG SIDE PILING ON AND THEN TENDERING FOR PHYSICAL AT THE END OF THE DAY.
YOU WILL NOTICE THAT THE COMEX OI IS NOW BACK TO A LOWER OI FROM ITS LOW OI OF AROUND 418,000 TO NOW 417,776 AND NOW AMPLE ENOUGH TO GROW AND FROM THIS POINT FORTH IT WILL BE DIFFICULT TO FLEECE. FROM CHINA WE LEARN THAT THE GOLD LEASE RATE IS NOW AROUND 3 TO 4 %
WE THUS HAD A TOTAL LOSS IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 6993 CONTRACTS (OR 21.75TONNES).
THEN WE WERE NOTIFIED OF A ZERO CONTRACT EXCHANGE FOR RISK ISSUANCE IN GOLD CONTRACTS FOR 0 OZ OR 0 TONNES OF GOLD. IN DECEMBER WE HAVE RECORDED 5 ISSUANCES OF EXCHANGE FOR RISK/4 FOR DEC AND THE LAST ONE ON DEC 31 FOR JANUARY. WE NOW HAVE 3 CHOICES FOR THE RECIPIENT OF THIS ISSUANCE AND IT MUST BE A CENTRAL BANK. YOU WILL RECALL THAT THE BUYER ASSUMES THE RISK OF THAT DELIVERY. (THUS TOTAL EXCHANGE FOR RISK FOR THE MONTH OF DECEMBER IS 6.56 TONNES/4 OCCASIONS AND THEN WE HAVE 6 ISSUED IN JANUARY: 3.446 TONNES EARLY, THEN JAN 9 ISSUANCE OF 9,331 TONNES AND THEN JAN 16: 0.1996 TONNES JAN 26: 1.499 TONNES, jAN 27: 3.160 AND FINALLY JAN 29: 4.659 TONNES TONNES//TOTAL EXCHANGE FOR RISK JANUARY 22.315 TONNES WHICH WAS ADDED TO OUR NORMAL DELVERIES.
FEB EXCHANGE FOR RISK: 0 NOTICES SO FAR!
HERE ARE THE CHOICES FOR THE RECIPIENT OF THOSE ISSUANCES:
1 THE CENTRAL BANK OF ENGLAND. BUT THEY RECEIVED CLEARANCE THAT THEIR GOLD IS BACK SO IT IS NOT LIKELY THAT THEY WOULD LIKE TO ADD TO THEIR RESERVES.
2. THE CENTRAL BANK OF THE USA: THE FED. LOGICAL CHOICE AS THEY CLAMOUR TRYING TO REDUCE THEIR 56+ TONNES OF SHORTAGE.
3. THE CENTRAL BANK OF CHINA AS THEY BATTLE WITS WITH THE USA.
TOTAL EXCHANGE FOR RISK FOR DECEMBER IS 6.56 TONNES AND THIS WAS ADDED TO OUR NORMAL DELIVERY TOTALS.. THE JANUARY ISSUANCE WAS ADDED TO OUR DAILY TOTALS!! (17.656 TONNES)
FEBRUAY ISSUANCE; ZERO SO FAR!!
DETAILS ON OUR NEW FEBRUARY COMEX CONTRACT MONTH//
IN TOTAL WE HAD A STRONG SIZED LOSS ON OUR TWO EXCHANGES OF 6,993 CONTRACTS WITH OUR HUGE LOSS IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN THROUGHOUT OF THE WEEK AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTACKS VERY EARLY IN THE COMEX SESSIONS AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THEIR DAILY ATTACKS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY AND OUR SHORT SPECULATORS FOR THE THOUGHTFULNESS.
LONDON ANNOUNCED EARLY IN THE YEAR (AND SCARCITY CONTINUES TO THIS DAY) 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 OTHER CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES.
THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT THE MONTHS OF JUNE THROUGH JANUARY/ CONTINUES TO DISTORT OPEN INTEREST NUMBERS GREATLY ALTHOUGH THE T.A.S. ISSUANCES IN GOLD HAVE GENERALLY BEEN ON THE LOW SIDE COMPARED TO SILVER WHICH HAVE BEEN HUGE. TODAY’S NUMBER IS A STRONG SIZED T.A.S ISSUANCE CONTRACTS.THE CME NOTIFIES US THAT THEY HAVE ISSUED 2715 T.A.S CONTRACTS AND WILL BE USED FOR RAID PURPOSES TO STOP GOLD’S RISE AND TO TEMPER HUGE LOSSES IN OTC DERIVATIVE BETS AND IT WAS IN FULL FORCE DURING LAST WEEK AND CONTINUING ON THIS WEEK. IT SURE LOOKS LIKE THE BIS HAS GIVEN THE FRBNY ITS MARCHING ORDERS TO COVER AND THAT MAY EXPLAIN THE STRONG NUMBER OF T.A.S. ISSUANCES IN DECEMBER , JANUARY WITH ITS 6 ISSUANCES OF EXCHANGE FOR RISK!! IN FEB: 0 ISSUANCES!!
HERE IS A SUMMARY OF GOLD STANDING FOR DELIVERY ON OUR LAST 9 MONTHS:
- FOR APRIL AT 209 TONNES
2. AND THIS CONTINUED INTO MAY WITH FINAL STANDING AT 90.23 TONNES.
3. JUNE WHICH IS A HUGE DELIVERY MONTH , FINAL STANDING WAS RECORDED AT A STRONG 93.085 TONNES. //(TOTAL NET QUEUE JUMPING FOR THE JUNE MONTH: 31.027 TONNES.)
4. IN JULY WE HAD HUGE DELIVERY NOTICES ESPECIALLY FOR A NON ACTIVE DELIVERY MONTH WITH INITIAL STANDING AT 17.947 TONNES PLUS MANY QUEUE JUMPS + 3.75 TONNES EX FOR RISK = 41.106 TONNES OF GOLD // FINAL TOTAL TONNES STANDING JULY: 41.106 TONNES
5. FOR THE MONTH OF AUGUST:
INITIAL AMOUNT OF GOLD STANDING FOR AUGUST: 60.547 TONNES PLUS THE MONTHS HUGE QUEUE JUMPS OF 47.2312 TONNES +44.696 TONNES EX FOR RISK (7 ISSUANCES) //NEW STANDING 152.208 TONNES WHICH IS MONSTROUS!!!
6. FINAL AMOUNT OF GOLD STANDING FOR SEPT; INITIAL STANDING; 2,602 CONTRACTS OR 260,200 OZ FOR 8.093 TONNES OF GOLD FOLLOWED BY TODAY’S 0.4883 TONNES QUEUE JUMP TO GO ALONG WITH TODAY’S 1.244 TONNES OF EXCHANGE FOR RISK ISSUANCE TODAY AND // TOTAL EXCHANGE FOR RISK ISSUANCE SEPT: 22.923 TONNES//NEW TOTALS STANDING ADVANCES TO 48.801 TONNES OF GOLD!!!
7. OCTOBER:
OCTOBER: INITIAL STANDING FOR GOLD: 90.164 TONNES TO WHICH WE ADD OUR LATEST OCT 30 QUEUE JUMP OF 0.00311 TONNES WHICH FOLLOWS OCT 29 QUEUE JUMP OF .4096 WHICH FOLLOWS; OCT 28 QUEUE JUMP OF .5069 TONNES WHICH FOLLOWS OCT 27 OF 0.3048 TONNES WHICH FOLLOWS: OCT 24 OF 0.8615 TONNES, FOLLOWING OCT 23 QUEUE JUMP OF 1.695 TONNES OCT 22 JUMP OF 8.622 TONNES WHICH FOLLOWS OCT 21: 3.8600 TONNES TO OCT 20 QUEUE JUMP OF 7.695 TONNES WHICH FOLLOWED OCT 17 RECORD SETTING: 12.031 TONNE QUEUE JUMP WHICH FOLLOWED THURSDAY’S QUEUE JUMP OF 8.326 TONNES WHICH FOLLOWED WEDNESDAY;S 6.469 WHICH FOLLOWED ALL PREVIOUS QUEUE JUMPS OF 42.549 TONNES TO WHICH WE ADD OUR TOTAL 4679 EXCHANGE FOR RISK CONTRACTS ON 6 OCCASIONS FOR 467,900 OZ OR 14.553 TONNES.! TOTAL STANDING ADVANCES TO 197.511 TONNES OF GOLD
SUMMARY FOR OCTOBER STANDING:
THAT IS;
a) INITIAL STANDING 90.164 TONNES
b) INITIAL EXCHANGE FOR RISK ISSUANCE OF 500 CONTRACTS FOR 50,000 OZ OR 1.555 TONNES
c) ANOTHER 3 CONSECUTIVE EXCHANGE FOR RISK ISSUANCES OF 2150 CONTRACTS FOR 215000 OZ OR 6.687 TONNES
D) AFTER A ONE DAY HIATUS, A 5TH ISSUANCE FOR 1000 CONTRACTS //100,000 OZ OR 3.1104 TONNES
E) AFTER A TWO WEEK HIATUS: ITS 6TH ISSUANCE FOR 1029 CONTRACTS/102,900 OZ OR 3.200 TONNES
TOTAL EXCHANGE FOR RISK OCT 6 OCCASIONS: 14.553 TONNES
TO WHICH WE ADD ALL OUR QUEUE JUMPING IN OCT: TOTAL MONTH;: 92.7648 TONNES
(ALL OF THESE QUEUE JUMPS ARE REPRESENTED BY CENTRAL BANKS DESPERATELY ADDING TO THEIR OFFICIAL RESERVES)
EQUALS
197.5141 TONNES OF GOLD!!
END
8. NOVEMBER:TOTAL TONNES STANDING INCLUDING ALL QUEUE JUMPS AND EXCHANGE FOR RISK ISSUANCE:
INITIAL GOLD STANDING AT THE COMEX IS 5032 CONTRACTS OR 503,200 OZ (15.651 TONNES) FOLLOWED BY ITS TODAY’S QUEUE JUMP OF 2.323 TONNES/ FOLLOWED BY ALL NOVEMBER QUEUE JUMPS OF 21.3775 TONNES TO WHICH WE ADD OUR SECOND EXCHANGE FOR RISK OF 1016 CONTRACTS FOR 101600 OZ OR 3.165 TONNES TO OUR FIRST EXCHANGE FOR RISK ISSUANCE OF 1.3966 TONNES/// NEW EXCHANGE FOR RISK: 4.5595 TONNES//NEW TOTAL GOLD STANDING IN NOVEMBER ADVANCES TO 43.9716 TONNES
9. DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 83.813 TONNES OF GOLD FOLLOWED BY TODAY’S 0.1337 TONNES OF QUEUE JUMP WHICH FOLLOWS ALL OTHER NET QUEUE JUMPING OF 37.163 TONNES//STANDING ADVANCES TO 115.257 TONNES TO WHICH WE ADD OUR FOUR ISSUANCES OF EXCHANGE FOR RISK OF 6.559 TONNES/NEW STANDING IS THUS: 121.977 TONNES.
10. JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR QUEUE JUMP OF 0.000 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
11.FEB; 0. FEBRUARY: INITIAL STANDING: 93.566 TONNES TO WHICH WE HAD OUR SECOND QUEUE JUMP OF 4.099 TONNES ADDING TO OUR FIRST 5.7260 TONNES QUEUE JUMP// TOTAL OF ALL QUEUE JUMPS: 9.805// STANDING ADVANCES TO 103.393 TONNES
THE FED IS THE OTHER MAJOR SHORT OF AROUND 56+ TONNES OF GOLD OWING TO THE B.I.S. THE OCC ORDERED THE BANKS TO COVER THEIR GOLD LOSSES FROM OCC BETS. THIS IS SUCH A SMALL FRACTION OF WHAT IS OWED!!! THE FRBNY BORROWED GOLD FROM THE BIS TO COVER THOSE HUGE LOSSES OF AROUND 56 TONNES OF GOLD.. THE FED IS VERY WORRIED ABOUT WHAT IS GOING TO HAPPEN TO GOLD PRICES IF THEY DO NOT BORROW THIS GOLD. BUT IT IS IMPOSSIBLE/ THAT THE FED IS THE BUYER OF 10.006 TONNES OF EXCHANGE FOR RISK/DECEMBER/EARLY JANUARY!!,(LATEST BIS DATA SHOWS AN INCREASE IN GOLD BORROWING BY THE FRBNY// BUT MAY BE THE BUYER IN JANUARY OF 22.315 TONNES TOTAL IN JANUARY/6 ISSUANCES AS WE NOW HAVE THE BIS DATA FOR GOLD SWAPS FOR DECEMBER 2025 AND HERE WE FIND THAT THE FED ACTUALLY INCREASED THEIR GOLD SWAP LOANS WITH THE BIS TO THE 56 TONNES WHICH I NOW RECORD FOR YOU.!!
THE MAJOR FOUR OR FIVE BANKS ARE ALSO WORRIED ABOUT THEIR HUGE PRECIOUS METAL DERIVATIVE SHORT EXPOSURE (NORTH OF ONE TRILLION DOLLARS) AND THIS IS PROBABLY THE MAJOR REASON FOR GOLD/SILVER’S RISE THESE PAST SEVERAL MONTHS. THEY ARE TOTALLY TRAPPED., AND THEIR FAILURE TO STOP OTHER CENTRAL BANK PURCHASES OF PHYSICAL GOLD IS THE MAJOR ISSUE OF THE DAY. IT SURE DOES LOOK LIKE THE BIS HAS NOT GIVEN THE FED ITS MARCHING ORDERS TO COVER ITS PHYSICAL GOLD SHORT AS THEIR OUTSTANDING LOAN OF 56+ TONNES REMAIN ON THE BOOKS OF THE BIS
THE FRBNY IS STILL NON COMPLIANT WITH RESPECT TO BASEL III BUT IT IS NOT NECESSARY FOR THEM TO BE COMPLIANT ONLY COMMERCIAL BANKERS MUST BE.
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.
EUROPE IS NOW BASEL III COMPLIANT. THE WEST ( COMEX) IS NOW COMPLIANT EFFECTIVE JULY 1//2025.
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, AND THE MASSIVE AMOUNT OF GOLD STANDING EACH AND EVERY MONTH
EXCHANGE FOR PHYSICAL ISSUANCE/JAN//BORROWINGS FROM THE FRBNY:
THE CME REPORTS THAT THE BANKERS ISSUED A STRONG SIZED EXCHANGE FOR PHYSICAL OF 3747 CONTRACTS.
THAT IS A STRONG SIZED 3747 EFP CONTRACT WAS ISSUED: : /APRIL 3747 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 3747 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. THE REGULATORY BODY THAT IS SUPPOSE TO CONTROL THESE EFP’S IS THE O.C.C. HEADQUARTERED IN BOTH LONDON AND WASHINGTON. SEEMS NOW THAT THE OCC IS CLAMPING DOWN ON THIS EFP’S CIRCLING AROUND IN LONDON AS THEY ORDERED THE BULLION BANKS TO COVER MUCH OF THEIR DERIVATIVE BETS ON THESE CONTRACTS!! THUS THE FRBNY SAVED OUR BULLION BANKS FROM EXTINCTION WITH THIS BORROWED GOLD FROM THE BIS OF 56+ TONNES
WE HAD :
- HUGE LIQUIDATION OF OUR T.A.S. SPREADERS DURING THE COMEX SESSION + AND DID HAVE HUGE GOVERNMENT LIQUIDATION
- HUGE MONTH END SPREADERS LIQUIDATION /YESTERDAY AS IT FINALIZED OPERATIONS YESTERDAY!!
T.A.S.SPREADER ISSUANCE//FEBRUARY
AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS USUALLY DURING MID MONTH IN THE DELIVERY CYCLE), BUT NOW ON A DAILY BASIS, THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR MONDAY NIGHT/TUESDAY MORNING WAS A STRONG SIZED 2715 CONTRACTS
THE RAIDS WHETHER ON OPTIONS EXPIRY MONTH OR T.A.S. DRIVEN, ACCOMPLISHES TWO IMPORTANT ASPECTS FOR OUR CROOKS:
- STALLS THE ADVANCE IN PRICE
- LOWERS THEIR ADVANCING DERIVATIVE LOSSES.
THAT SET UP MONDAY’S LOSS IN PRICE IN GOLD WITH A CORRESPONDING LARGE SIZED LOSS OF COMEX OI AND A HUGE EXCHANGE FOR PHYSICAL ISSUANCE..
.
THE COMEX IS IN TOTAL TURMOIL ESPECIALLY THESE PAST 6 MONTHS WITH THE FOLLOWING;
- WITH JULY’S RARE TWO ISSUANCES OF EXCHANGE FOR RISK (LATE IN JULY)
- AND THIS WAS FOLLOWED WITH AUGUST’S 7 ISSUANCES OF EXCHANGE FOR RISK FOR 44.696 TONNES
- TO BE FOLLOWED BY SEPTEMBER’S 7 ISSUANCES FOR EXCHANGE FOR RISK FOR 22.923 TONNES.
- TO BE FOLLOWED BY OCTOBER’S 6 ISSUANCES FOR 14.553 TONNES
- TO BE FOLLOWED BY NOVEMBER’S TWO ISSUANCES FOR 4.5575 TONNES
- AND NOW FOLLOWED BY DECEMBER’S 3 ISSANCES FOR 12.997 TONNES
- THE LONDON BANKING AUDITORS DID REFUSE TO GIVE CERTIFICATION ON THE BANK OF ENGLAND’S SISTER HOLDING OPERATION, THE E.E.A. ON ITS GOLD AND OTHER ASSETS HELD UNDER THE E.E.A.(SEE ROBERT LAMBOURNE’S LETTER OCT 8/HOWEVER THEY DID GIVE THEIR OK NOV 30.
- FRBNY BORROWS ANOTHER 24 TONNES OF GOLD FROM THE BIS IN OCT TO SAVE THE BULLION BANKS FROM EXTINCTION AFTER THE O.C.C ORDERED THE BULLION BANKS TO BE ONSIDE WITH THEIR DERIVATIVES. THE FRBNY IS NOW SHORT 54+ TONNES OF GOLD.
- MASSIVE REMOVAL OF COMEX CONTRACTS FROM PRELIMINARY OI TO FINAL OI//RECORD 33,000 CONTRACTS REMOVED FRIDAY NOV 21//
- MASSIVE T.A.S. CONTRACTS ISSUED FOR 5 CONSECUTIVE DAYS/SIGNALLING A MASSIVE RAID TO BE!
- MASSIVE RAIDS AT THE COMEX CALLED UPON EVERY OPTIONS EXPIRY MONTH INCLUDING JANUARY’S OTC/LBMA DRIVE BY SHOOTING!
JAN 2025:
113.30 TONNES (WHICH INCLUDES 43.408 TONNES EX FOR RISK)
FEB: 2025:
256.607 TONNES (WHICH INCLUDES 18.4567 TONNES OF EX FOR RISK)
MARCH:
STANDING FOR GOLD : 60.33 TONNES + 7.6179 TONNES EX FOR RISK = 67.9479 TONNES WHICH IS EXTREMELY HIGH FOR A NON DELIVERY MONTH.
APRIL:
FINAL STANDING FOR GOLD: 201.573 TONNES + 8.3571 TONNES EX FOR RISK = 209.953 TONNES
MAY: FINAL STANDING 90.235 TONNES WHICH INCLUDES QUEUE JUMPING AND 9.591 TONNES EX FOR RISK.
JUNE: FINAL STANDING 62.534 TONNES PLUS 0.1493TONNES OF QUEUE JUMP EQUALS 93.085 TONNES
JULY: 17.947 TONNES INITIAL STANDING FIRST DAY NOTICE PLUS TODAY’S 0 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK/PRIOR + 2.195 EX FOR RISK TODAY = = 41.106 TONNES
AUGUST:INITIAL AMOUNT OF GOLD STANDING: 60.547 TONNES TO WHICH WE ADD OUR 7 MONTHLY ISSUANCES OF: EXCHANGE FOR RISK TOTALLING 44.696 TONNES//NEW STANDING ADVANCES AS FOLLOWS:
107.5117 TONNES NORMAL DELIVERIES (INCLUDES ALL QUEUE JUMPS /EXCHANGE FOR PHYSICAL TRANSFERS) +
5.4432 TONNES EXCHANGE FOR RISK/PRIOR/AUGUST 7
2.413 TONNES EXCHANGE FOR RISK AUGUST 11
PLUS 2.637 TONNES EX FOR RISK AUGUST 12
PLUS: 9.107 TONNES EX FOR RISK AUGUST 25
PLUS 9.1010 TONNES EX FOR RISK AUGUST 26!!
PLUS 9.0699 TONNES EX FOR RISK AUGUST 27
PLUS 6.923 TONNES EX. FOR RISK/AUGUST 28
MONTHLY TOTAL 44.696 TONNES EXCHANGE FOR RISK!MONTH OF AUGUST.
EQUALS
152.208 TONNES TONNES OF GOLD.
SEPT:
SEPT: 25.878 TONNES OF GOLD INITIAL GOLD STANDING TO WHICH WE ADD OUR 22.923 TONNES OF EXCHANGE FOR RISK ISSUED 7 TIMES DURING THE MONTH:
TOTAL EX FOR RISK// FOR MONTH = 22.923//NEW TOTALS FOR GOLD STANDING SEPT ADVANCES TO 48.801 TONNES
THIS IS HUGE FOR A GENERALLY WEAK SEPTEMBER DELIVERY MONTH.
OCTOBER: INITIAL AMOUNT OF GOLD STANDING: 90.164 TONNES OF GOLD FOLLOWED BY TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL PREVIOUS QUEUE JUMPS OF 76.1656 TONNES WHICH MUST BE ADDED TO OUR 6 ISSUANCES OF 14.553 TONNES EXCHANGE FOR RISK//TOTAL NEW STANDING FOR GOLD IN THIS ACTIVE OCTOBER DELIVERY MONTH ADVANCES TO 197.5141 TONNNES.
NOVEMBER WHERE INITIAL AMOUNT OF GOLD STANDING IS REGISTERED AT 15.651 TONNES OF GOLD FOLLOWED BY TODAY’S QUEUE JUMP OF 2 TONNES AND FOLLOWED BY ALL OTHER NOV QUEUE JUMPS OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE FOR 4.5596 TONNES.
/STANDING ADVANCES TO 43.9716 TONNES OF GOLD.
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DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY IN THIS ACTIVE MONTH IS 83.813 TONNES FOLLOWED BY TODAY’S 0.XXXX TONNES QUEUE JUMP. THIS FOLLOWS ALL OTHER QUEUE JUMPING: 37.163 TONNES//NEW STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR FOUR EXCHANGE FOR RISK ISSUANCE OF 6.559 TONNES//NEW STANDING THUS INCREASES TO 121.977 TONNES
JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR QUEUE JUMP OF 0.000 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
FEBRUARY: . FEBRUARY: INITIAL STANDING: 93.566 TONNES TO WHICH WE HAD OUR SECOND QUEUE JUMP OF 54/079 WHICH IS ADDED TO OUR FIRST 5.7260 TONNES QUEUE JUMP//TOTAL QUEUE JUMP FOR FEB:: 9.805 TONNES///STANDING ADVANCES TO 103.393 TONNES
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 48 MONTHS 2021-2024
DEC 2021: 112.217 TONNES
NOV. 8.074 TONNES
OCT. 57.707 TONNES
SEPT: 11.9160 TONNES
AUGUST: 80.489 TONNES
JULY 7.2814 TONNES
JUNE: 72.289 TONNES
MAY 5.77 TONNES
APRIL 95.331 TONNES
MARCH 30.205 TONNES
FEB ’21. 113.424 TONNES
JAN ’21: 6.500 TONNES.
TOTAL YEAR 2021 (JAN- DEC): 601.213 TONNES
YEAR 2022: STANDING FOR GOLD/COMEX
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)
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/STANDING FOR GOLD/COMEX
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
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COMEX GOLD TRADING BEGINNING FEBRUARY,. CONTRACT;
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY $110.15)
WE HAD HUGE T.A.S. SPREADER LIQUIDATION MONDAY // COMEX SESSION// WITH OUR LOSS IN PRICE ////.. BUT OUR SPECULATORS REMAIN RELENTLESS POURING INTO THE COMEX TO WHICH THEY GOT SLAUGHTERED// BUT WITH OTHER EASTERN CENTRAL BANKS TENDERING FOR PHYSICAL MONDAY NIGHT WHICH ALSO EXPLAINS THE HUGE NUMBER OF TONNES OF GOLD STANDING FOR FEBRUARY. THE COMEX IS ONE BIG MESS!!
MONDAY NIGHT//TUESDAY MORNING
THE CROOKS HOWEVER COULD NOT STOP OTHER CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL MONDAY EVENING/TUESDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD
A LITTLE REVIEW OF GOLD STANDING THESE PAST 4 MONTHS:
STANDING FOR GOLD OCT THROUGH TO JANUARY:
- ANALYSIS// OCT DELIVERY MONTH GOING FROM FIRST DAY NOTICE// OCT COMEX CONTRACT TO FINALIZATION OCT 31:
OCT AT 90.164 TONNES TO BE FOLLOWED BY ALL PREVIOUS QUEUE JUMPS OF 75.696 TONNES WHICH WE ADD OUR 14.553 TONNES EX FOR RISK/6 OCCASIONS:
/ TOTAL STANDING 197.551 TONNE/OCTOBER FINAL//ABSOLUTELY A MONSTER DELIVERY FOR A NORMALLY QUIET OCT MONTH
2. AND NOW NOVEMBER:
NOVEMBER BEGINS WITH A HUGE 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY OUR TODAY’S QUEUE JUMP OF 2.323 TONNES WHICH FOLLOWED ALL OTHER NOVEMBER QUEUE JUMPS OF 21.3775 TONNES TO WHICH WE ADD OUR TWO ISSUANCES OF EXCHANGE FOR RISK OF 4.5596 TONNES..
NEW STANDING ADVANCES TO 43.9716 ONNES OF GOLD.
3. AND NOW DECEMBER:
3. DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 83.813 TONNES FOLLOWED BY A 0 CONTRACT QUEUE JUMP FOR NIL OZ OR 0.000 TONNES WHICH FOLLOWS OTHER DEC QUEUE JUMPS OF: 0 TONNES///STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR FOUR EXCHANGE FOR RISK ISSUANCE OF 6.559TONNES/NEW STANDING ADVANCES TO 121.977TONNES
4. NOW JANUARY:
9. JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR QUEUE JUMP OF 0.000 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
10. FEBRUARY: INITIAL STANDING: 93.566 TONNES TO WHICH WE HAD OUR SECOND QUEUE JUMP OF 4.079 TO WHICH WE ADD TO OUR FIRST 5.7260 TONNES QUEUE JUMP// NEW QUEUE JUMP TOTALS: 9.805//STANDING ADVANCES TO: 103.393 TONNES
ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $590.55
WE HAD A HUGE 531 CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE .(AND I BELIEVE A RECORD REMOVAL PRELIMINARY TO FINAL
INITIAL GOLD COMEX
FEB 2
FEB 2026 CONTRACT MONTH
GOLD
FEB 3
GOLD
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 0 ENTRIES customer withdrawals: NIL |
| Deposit to the Dealer Inventory in oz | 0 ENTRIES |
| Deposits to the Customer Inventory, in oz | DEPOSITS/CUSTOMER 1 entry i) Into aSAHI 130,179.390 OZ oz total deposit 130,179.390 OZ 4049 kilobars xxxxxxxxxxxxxxxxI |
| No of oz served (contracts) today | 639 notice(s) 63,900 OZ 1.9875 TONNES TONNES OF GOLD |
| No of oz to be served (notices) | 5082 contracts 508,200 OZ 15.807 TONNES |
| Total monthly oz gold served (contracts) so far this month | 28,159 notices 2,815,900 oz 87.5863 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: 0
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DEPOSITS/CUSTOMER
1 entry
i) Into ASAHI 130,179.390 OZ oz
total deposit 130,179.390 OZ
(4049 kilobars)
customer withdrawals:
0 entries
they are draining the comex of gold
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ADJUSTMENTs 2
DEALER TO CUSTOMER:
a) International Delaware: 37,122.550
b) JPMorgan: 29,582.848 oz
chaos inside the comex
AMOUNT OF GOLD STANDING FOR FEBRUARY
THE FRONT MONTH OF FEBRUARY STANDS AT 5721 CONTRACTS FOR A LOSS OF 5718 CONTRACTS.
WE HAD 7036 CONTRACTS SERVED ON MONDAY, SO WE GAINED A MONSTER 1318 CONTRACT-
QUEUE JUMP FOR 131,800 OZ OR 4.099 TONNES!!
MARCH SAW A GAIN OF ONLY 1060 CONTRACTS UP TO 4966 CONTRACT OI.
APRIL IS THE NEXT LARGEST DELIVERY MONTH AND IT LOST 5870 CONTRACTS DOWN TO 293,247 CONTRACTS
We had 639 contracts filed for today representing 63,900 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 61 notices issued from their client or customer account. The total of all issuance by all participants equate to 639 contract(s) of which 222 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 FEB /2026. contract month, we take the total number of notices filed so far for the month (28,159) to which we add the difference between the open interest for the front month of FEB ( 5721 CONTRACTS) minus the number of notices served upon today (639 x 100 oz per contract) equals 3,192,300 OZ OR (99.293 Tonnes of gold)
thus the INITIAL standings for gold for the FEB contract month: No of notices filed so far (28,159 x 100 oz +we add the difference for front month of FEB (5721 OI} minus the number of notices served upon today (639 x 100 oz) which equals 3,324,100 OR 103.393 TONNES//
new total of gold standing in FEB is 103.393 TONNES//
TOTAL COMEX GOLD STANDING FOR FEB 103.393 TONNES TONNES WHICH IS STRONG FOR THIS NORMALLY VERY NON ACTIVE ACTIVE DELIVERY MONTH OF JANUARY.
volume MONDAY confirmed 447,704 mega mega mammoth/
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: 1,647,430.712 oz 51.24 tonnes pledged gold lowers
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 35,715,533,.004 oz
TOTAL REGISTERED GOLD 18,962,351.559 or 589.80 Tonnes
TOTAL OF ALL ELIGIBLE GOLD 16,773,181.844 OZ//eligible gold leaving hand over fist
REGISTERED GOLD THAT CAN BE SERVED UPON 17,314.921 oz ((REG GOLD- PLEDGED GOLD)=
541.670 Tonnes // (declining rapidly)
total inventories in gold declining rapidly
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SILVER/COMEX
FEB 3 2026
INITIAL/
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 5 entries i) out of Asahi: 35,256.200 oz ii) out of HSBC 399,4577.820 oz iii) Out of JPMorgan: 1,235,196.200 oz iv) Out of Loomis: 63,318.970 ooz v) Out of Stonex: 120,726.640 oz total withdrawn 1,853,955.830 oz the comex is being drained of silver |
| Deposits to the Dealer Inventory | 0 ENTRY |
| Deposits to the Customer Inventory | 1 ENTRIES i) Into CNT: 13, 889.270 oz total deposit: 13,889.270 oz |
| No of oz served today (contracts) | 251 CONTRACT(S) ( 1.255 million OZ |
| No of oz to be served (notices) | 515 Contracts (2.575 MILLION oz) |
| Total monthly oz silver served (contracts) | 2765 contracts 13.825 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 |
DEPOSITS INTO DEALER ACCOUNTS
0 ENTRY
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DEPOSIT ENTRIES/CUSTOMER ACCOUNT
1 ENTRIES
1 ENTRIES
i) Into CNT: 13, 889.270 oz
total deposit: 13,889.270 o
t
withdrawals: customer side/eligible
4 entries
i) out of Asahi: 540,939.250 oz
ii) out of CNT 605,421.049 oz
iii) Out of Delaware 34,808.979 oz
iv) Out of JPMorgan: 272,329.700 oz oz
total withdrawn 1,398,898.900 oz
the comex is being drained of silver
the comex is being drained of silver
adjustments: / / 3
first two: dealer to customer:
a) Brinks 1106,923.340 oz
b) CNT 110,990.158 oz
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c) customer to dealer Manfra:
271,308.988 oz
net loss of registered into customer acct: 946,604.988 oz
TOTAL REGISTERED SILVER: 103.070MILLION OZ//.TOTAL REG + ELIGIBLE. 403.857 Million oz
registered silver dropping in numbers
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JANUARY
silver open interest data:
FRONT MONTH OF FEB /2026 OI: 766 OPEN INTEREST CONTRACTS FOR A LOSS OF 465 CONTRACTS.
WE HAD 633 NOTICES FILED ON MONDAY SO WE GAINED A HUGE 168 CONTRACTS OR 0.840 MILLION OZ UNDERWENT A QUEUE JUMP WHERE THEY WILL STAND ON THIS SIDE OF THE POND!!
MARCH LOST 5390 CONTRACTS DOWN TO 86,440. THIS BECOMES THE FRONT MONTH FOR SILVER DELIVERY AND IT LOOKS LIKE WE WILL HAVE A DANDY DELIVERY OF SILVER FOR THIS MONTH.
APRIL LOST 70 CONTRACTS DOWN TO AN OI 346 CONTRACTS.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 251 or 1.255 MILLION oz
CONFIRMED volume; ON MONDAY 368,561 mammoth//
AND NOW FEB. DELIVERIES:
To calculate the number of silver ounces that will stand for delivery in FEBRUARY. we take the total number of notices filed for the month so far at 2765 X5,000 oz = 13.325 MILLION oz
to which we add the difference between the open interest for the front month of FEBRUARY (766) AND the number of notices served upon today (251)x (5000 oz)
Thus the standings for silver for the FEBRUARY 2026 contract month: (2765)Notices served so far) x 5000 oz + OI for the front month of FEB(766) minus number of notices served upon today (251 )x 5000 oz equals silver standing for the JANUARY.contract month equating to 16.400 MILLION OZ
NEW STANDING: 16.400 MILLION OZ WHICH IS HUGE FOR A GENERALLY SMALL DELIVERY MONTH OF FEBRUARY.
New total standing: 16.400 million oz. THE SILVER COMEX IS NOW UNDER MASSIVE SIEGE!! AND THIS IS HAPPENING WITH THE MASSIVE SIEGE ON GOLD AS WELL.
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 103.070 million oz of registered silver
JPMorgan as a percentage of total silver: 169.146/403.851.million: 41.88%
THERE IS NOW A RUN ON THE COMEX 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.
END
BOTH GLD AND SLV ARE MASSIVE FRAUDS
FEB 3/2026/WITH GOLD UP $270.80 TODAY/NO CHANGES IN GOLD AT THE GLD: /// ///INVENTORY RESTS AT 1087.10 TONNES
FEB 2/2026/WITH GOLD DOWN $100.15 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 0.57 TONNES OF GOLD INTO THE GLD /// ///INVENTORY RESTS AT 1087.10 TONNES
JAN 30/2026/WITH GOLD DOWN $590.55 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 3.43 TONNES OF GOLD OUT OF THE GLD /// ///INVENTORY RESTS AT 1086.63 TONNES
JAN 30/2026/WITH GOLD DOWN $590.55 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 3.43 TONNES OF GOLD OUT OF THE GLD /// ///INVENTORY RESTS AT 1086.63 TONNES
JAN 29/2026/WITH GOLD UP $23.65 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 2.58 TONNES OF GOLD INTO THE GLD /// ///INVENTORY RESTS AT 1089.96 TONNES
JAN 28/2026/WITH GOLD UP $218.00 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 0.85 TONNES OF GOLD INTO THE GLD /// ///INVENTORY RESTS AT 1087.38 TONNES
JAN 27/2026/WITH GOLD UP $2.55 TODAY/NO CHANGES IN GOLD AT THE GLD: /// ///INVENTORY RESTS AT 1086.53 TONNES
JAN 26/2026/WITH GOLD UP $106.10 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 6.89 TONNES OF GOLD INTO THE GLD/// ///INVENTORY RESTS AT 1086.53 TONNES
JAN 23/2026/WITH GOLD UP $69.05 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSUT OF 2.000 TONNES OF GOLD FROM THE GLD/// ///INVENTORY RESTS AT 1079.66 TONNES
JAN 22/2026/WITH GOLD UP $75.20 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A FRAUDULENT WITHDRAWAL OF 4.000 TONNES OF GOLD FROM THE GLD/// ///INVENTORY RESTS AT 1077.66 TONNES
JAN 21/2026/WITH GOLD UP $74.30 TODAY/NO CHANGES IN GOLD AT THE GLD:/// ///INVENTORY RESTS AT 1081.66 TONNES
JAN 20/2026/WITH GOLD UP $142.90 TODAY/BIG CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 6.86 TONNES OF GOLD INTO THE GLD/// ///INVENTORY RESTS AT 1081.66 TONNES
JAN 16/2026/WITH GOLD DOWN $27.80 TODAY/BIG CHANGES IN GOLD AT THE GLD: A DEPOSIT OF .57 TONNES OF GOLD INTO THE GLD/// ///INVENTORY RESTS AT 1074.807TONNES
JAN 15/2026/WITH GOLD DOWN $9.85 TODAY/NO CHANGES IN GOLD AT THE GLD/// ///INVENTORY RESTS AT 1074.737TONNES
JAN 14/2026/WITH GOLD UP $34.35 TODAY/NO CHANGES IN GOLD AT THE GLD/// ///INVENTORY RESTS AT 1074.737TONNES
JAN 13/2026/WITH GOLD DOWN$11.00 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A MASSIVE DEPOSIT OF 3.43 TONNES OF GOLD INTO THE GLD/// ///INVENTORY RESTS AT 1074.737TONNES
JAN 12/2026/WITH GOLD UP $104.90 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A MASSIVE DEPOSIT OF 6.25 TONNES OF GOLD INTO THE GLD/// ///INVENTORY RESTS AT 1070,80TONNES
JAN 9/2026/WITH GOLD UP $49.30 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 2.58 TONNES OF GOLD FROM THE GLD/// ///INVENTORY RESTS AT 1064.55 TONNES
JAN 8/2026/WITH GOLD DOWN $0.80 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 2.00 TONNES OF GOLD FROM THE GLD/// ///INVENTORY RESTS AT 1067.13 TONNES
JAN 7/2026/WITH GOLD DOWN $38.50 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 2.00 TONNES OF GOLD FROM THE GLD/// ///INVENTORY RESTS AT 1067.13 TONNES
JAN 6/2026/WITH GOLD UP $47.00 TODAY/BIG CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 5.43 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1065.13 TONNES
JAN 5/2026/WITH GOLD UP $122.80 TODAY/BIG CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 5.43 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1065.13 TONNES
JAN 2/2026/WITH GOLD DOWN $10.10 TODAY/BIG CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 1.43 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1070.56 TONNES
DEC 31/WITH GOLD DOWN $42.50 TODAY/SMALL CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 0.86 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1071,99 TONNES
DEC 30/WITH GOLD UP $41.50 TODAY/NO CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 0.86 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1071,99 TONNES
DEC 29/WITH GOLD DOWN $190.70 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 2.86 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1071,13 TONNES
DEC 26/WITH GOLD UP $39.15 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 3.61 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1068.27 TONNES
DEC 24/WITH GOLD UP $2.15 TODAY/NO CHANGES IN GOLD AT THE GLD: /// ///INVENTORY RESTS AT 1064.66 TONNES
DEC 23/WITH GOLD UP $52.85 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A FRAUDULENT DEPOSIT OF 12.12 TONNES OF GOLD INTO THE GLD/// /// ///INVENTORY RESTS AT 1064.66 TONNES
DEC 22/WITH GOLD UP $80,25 TODAY/NO CHANGES IN GOLD AT THE GLD: // /// ///INVENTORY RESTS AT 1052.54 TONNES
GLD INVENTORY: 1087.10 TONNES, TONIGHTS TOTAL
SILVER
FEB 3 WITH SILVER UP $6.11 A MASSIVE MASSIVE PAPER AND FRAUUDULENT 32.898 CHANGES IN SILVER AT THE SLV://. ./ :INVENTORY RESTS AT 531.985 MILLION OZ
FEB 2 WITH SILVER DOWN $1.32 NO CHANGES IN SILVER AT THE SLV://. ./ :INVENTORY RESTS AT 499.087 MILLION OZ /
JAN 30 WITH SILVER DOWN $37.04 HUGE CHANGES IN SILVER AT THE SLV:A FRAUDULENT WITHDRAWAL OF 3.625 MILLION OZ FROM THE SLV////. ./ :INVENTORY RESTS AT 499.087 MILLION OZ /
JAN 29 WITH SILVER UP $2.80 HUGE CHANGES IN SILVER AT THE SLV:A FRAUDULENT WITHDRAWAL OF 6,798 MILLION OZ FROM THE SLV////. ./ :INVENTORY RESTS AT 502.712 MILLION OZ /
JAN 28 WITH SILVER UP $5.60 HUGE CHANGES IN SILVER AT THE SLV:A WITHDRAWAL OF 4.078 MILLION OZ FROM THE SLV////. ./ :INVENTORY RESTS AT 509.510 MILLION OZ /
JAN 27 WITH SILVER DOWN $7.00 HUGE CHANGES IN SILVER AT THE SLV:A WITHDRAWAL OF 4.17 MILLION OZ FROM THE SLV////. ./ :INVENTORY RESTS AT 513.598 MILLION OZ /
JAN 26 WITH SILVER UP $12.92 HUGE CHANGES IN SILVER AT THE SLV:A WITHDRAWAL OF 0.454 MILLION OZ FROM THE SLV////. ./ :INVENTORY RESTS AT 517.758 MILLION OZ /
JAN 23 WITH SILVER UP $4.91 HUGE CHANGES IN SILVER AT THE SLV:A WITHDRAWAL OF 1.998 MILLION OZ FROM THE SLV////. ./ :INVENTORY RESTS AT 517.758 MILLION OZ /
JAN 22 WITH SILVER UP $3.20 HUGE CHANGES IN SILVER AT THE SLV:A WITHDRAWAL OF 1.812 MILLION OZ FROM THE SLV////. ./ :INVENTORY RESTS AT 519.752 MILLION OZ /
JAN 21 WITH SILVER DOWN $1.44 NO CHANGES IN SILVER AT THE SLV://. ./ :INVENTORY RESTS AT 521.564MILLION OZ /
JAN 20 WITH SILVER DOWN $4.24 HUGE CHANGES IN SILVER AT THE SLV: A MASSIVE AND CRIMINAL DEPOSIT OF 5.166 MILLION OZ INTO THE SLV///. ./ :INVENTORY RESTS AT 521.564MILLION OZ /
JAN 16 WITH SILVER DOWN $4.24 HUGE CHANGES IN SILVER AT THE SLV: A MASSIVE AND CRIMINAL WITHDRAWAL OF 5.401 MILLION OZ FROM THE SLV///. ./ :INVENTORY RESTS AT 516.298MILLION OZ //
JAN 15 WITH SILVER UP $1.00 HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 2.538 MILLION OZ FROM THE SLV///. ./ :INVENTORY RESTS AT 522.199MILLION OZ //
JAN 14 WITH SILVER UP $4.64 NO CHANGES IN SILVER AT THE SLV: /. ./ :INVENTORY RESTS AT 524,737MILLION OZ //
JAN 13 WITH SILVER UP $1.70 HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 0.816MILLION OZ OUT OF THE SLV OZ INTO THE SLV. /. ./ :INVENTORY RESTS AT 524,737MILLION OZ //
JAN 12 WITH SILVER UP $5.50 HUGE CHANGES IN SILVER AT THE SLV: A DEPOSIT OF 1.229MILLION OZ INTO THE SLV OZ INTO THE SLV. /. ./ :INVENTORY RESTS AT 525,598MILLION OZ //
JAN 9 WITH SILVER UP $4.15 HUGE CHANGES IN SILVER AT THE SLV: A DEPOSIT OF 6.119 MILLION OZ INTO THE SLV OZ FROM THE SLV. /. ./ :INVENTORY RESTS AT 524.329MILLION OZ //
JAN 8/WITH SILVER DOWN $2.40/HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 10.481 MILLION OZ OUT OF THE SLV OZ FROM THE SLV. /. ./ :INVENTORY RESTS AT 518.210MILLION OZ //
JAN 7/WITH SILVER DOWN $2.78/HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 10.481 MILLION OZ OUT OF THE SLV OZ FROM THE SLV. /. ./ :INVENTORY RESTS AT 525.730 MILLION OZ //
JAN 6/WITH SILVER UP $4.93 /SMALL CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 363,000 OZ FORM THE SLV. /. ./ :INVENTORY RESTS AT 528.691 MILLION OZ //
JAN 6/WITH SILVER UP $4.93 /SMALL CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 363,000 OZ FORM THE SLV. /. ./ :INVENTORY RESTS AT 528.691 MILLION OZ //
JAN 5/WITH SILVER UP $5.90 /SMALL CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 363,000 OZ FORM THE SLV. /. ./ :INVENTORY RESTS AT 528.691 MILLION OZ //
JAN 2/WITH SILVER UP $0.22 /HUGE CHANGES IN SILVER AT THE SLV: A SMALL WITHDRAWAL OF 0.363 MILLION OZ OUT THE SLV/. ./ :INVENTORY RESTS AT 529.054 MILLION OZ //
DEC 31/WITH SILVER DOWN $6.41 /HUGE CHANGES IN SILVER AT THE SLV: A MASSIVE DEPOSIT OF 4.806 MILLION OZ INTO THE SLV/. ./ :INVENTORY RESTS AT 529.054 MILLION OZ //
DEC 30/WITH SILVER UP $6.89 /HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 2.72 MILLION OZ FROM THE SLV/. ./ :INVENTORY RESTS AT 524.248 MILLION OZ //
DEC 29/WITH SILVER DOWN $5.88 /HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 1.814 MILLION OZ FROM THE SLV/. ./ :INVENTORY RESTS AT 526,968 MILLION OZ //
DEC 26/WITH SILVER UP $4.88 /HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 1.813 MILLION OZ FROM THE SLV/. ./ :INVENTORY RESTS AT 528.782 MILLION OZ //
DEC 24/WITH SILVER UP $0.95 /HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 3.083 MILLION OZ FROM THE SLV/. ./ :INVENTORY RESTS AT 530.595MILLION OZ //
DEC 23/WITH SILVER UP $2.40 /HUGE CHANGES IN SILVER AT THE SLV: A FRAUDULENT DEPOSIT OF 17.13 MILLION OZ INTO THE SLV/. ./ :INVENTORY RESTS AT 533.678 MILLION OZ //
DEC 22/WITH SILVER UP $1.28 /HUGE CHANGES IN SILVER AT THE SLV: A DEPOSIT OF 1.541 MILLION OZ INTO THE SLV/. ./ :INVENTORY RESTS AT 516.541 MILLION OZ //
DEC 19/WITH SILVER UP $2.06 /NO CHANGES IN SILVER AT THE SLV: . ./ :INVENTORY RESTS AT 515.000 MILLION OZ //
DEC 18/WITH SILVER DOWN $1.13/NO CHANGES IN SILVER AT THE SLV: . ./ :INVENTORY RESTS AT 515.000 MILLION OZ //
CLOSING INVENTORY 531.985 MILLION OZ OF SILVER…
PHYSICAL GOLD/SILVER
1/PETER SCHIFF
JOHN RUBINO
MATHEW PIEPENBERG/EGON VON GREYERZ
ALASDAIR MACLEOD
3. CHRIS POWELL AND HIS GATA DISPATCHES:
Retail demand for gold remains strong in Singapore, Sydney, Thailand
Submitted by admin on Mon, 2026-02-02 10:27 Section: Daily Dispatches
Singaporeans Queueing Up to Buy the Dip in Gold Despite Rout
By Chanyaporn Chanjaroen, Sing Yee Ong, and Nasteho Said
Bloomberg News
via The Business Times, Singapore
Monday, February 2, 2026
People were still queueing up to buy gold in Singapore today even as prices plummeted, showing the extraordinary resilience in retail demand for precious metals.
At the headquarters of UOB, Singapore’s only bank offering physical gold products to retail investors, clients and walk-in buyers crowded into a dedicated lounge for bullion transactions.
“I came to buy because the price of gold dropped today,” said Ng Beng Choo. The 70-something retiree said she had arrived and got a ticket at 9.30 a.m. but was still waiting to be called more than six hours later.
A long-running rally in precious metals kicked into overdrive last month as the Trump administration upended the geopolitical order and renewed its attacks on the U.S. Federal Reserve. Those surges went into reverse on Friday, and the rout continued apace today. At one point gold had dropped by more than a fifth from a record high last week.
But rather than seek to sell, many retail investors appeared to be trying to buy the dip in gold, which fell to near US$4,400 an ounce today. …
… For the remainder of the report:
end
Eldorado Gold to acquire Foran Mining in $2.8 billion deal to raise copper exposure
Submitted by admin on Mon, 2026-02-02 10:47 Section: Daily Dispatches
From Reuters
via MSN News, Redmond, Washington
Monday, February 2, 2026
Eldorado Gold will acquire Canada’s Foran Mining in a deal valuing the copper-focused developer at about C$3.8 billion ($2.79 billion), adding a second near-term growth project and increasing its exposure to copper.
The deal, announced by the companies today, expands Eldorado’s production at a time of strong gold prices and rising demand for copper, a key material used in electrification and clean energy.
The combined company’s asset base will have a roughly 77% exposure in gold and 15% toward copper, with operations and development projects in Canada, Greece, and Turkey.
Eldorado said it plans to step up exploration across the business, including at Foran’s Tesla zone in Saskatchewan.
The enlarged miner expects to generate around $2.1 billion in core profit and $1.5 billion in free cash flow in 2027. …
… For the remainder of the report:
end
Money Metals Exchange chief recalls Warsh’s admission about U.S. meddling in gold
Submitted by admin on Mon, 2026-02-02 19:34 Section: Daily Dispatches
7:33p ET Monday, Febrary 2, 2026
Dear Friend of GATA and Gold:
Interviewed by monetary metals advocate Mario Innecco, Money Metals Exchange President Stefan Gleason recalls a conversation he had about gold eight years ago with President Trump’s new nominee for chairman of the Federal Reserve’s Board of Governors, Kevin Warsh.
Warsh, Gleason says, acknowledged that the U.S. government was involved in the gold market but tried to minimize the extent and how much it mattered.
Gleason also says that while many people sense that something is seriously wrong with the financial system, they don’t have to wait for government to fix it. Instead, Gleason says, they can put themselves on a personal gold standard.
The interview is 34 minutes long and you can find it at the Money Metals internet site here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
4. ANDREW MAGUIRE/LIVE FROM THE VAULT KINESIS / AND TODAY;S 256
LIVE FROM THE VAULT YOU TUBE: 257
5. COMMODITY REPORT//RARE EARTHS/ORANGE JUICE
Florida Freeze Batters Citrus Belt, Inflicts “Significant Damage” To Central Orange Groves
Tuesday, Feb 03, 2026 – 02:20 PM
Floridians were once again warned this week to watch out for falling iguanas as an ultra-rare cold blast sent temperatures plunging to record lows of 22F in Jacksonville and 24F in Orlando. Whenever Arctic air pours into The Sunshine State, its citrus industry inevitably takes a hit, and this deep freeze comes on top of years of damage from greening disease and repeated blows from tropical cyclones that have already decimated the crop.
“There was significant damage to the remaining oranges to be picked in central Florida,” said Jim Roemer, a meteorologist who publishes the WeatherWealth newsletter, quoted by Bloomberg.
Roemer added, “Many key areas were well below 28 degrees for over four hours between Sunday and this morning.”
2.ASIAN AFFAIRS FEB 3/2025
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS TUESDAY MORNING.7:30 AM
SHANGHAI CLOSED UP 51.99 PTS OR 1.29%
//Hang Seng CLOSED UP 59.20 PTS OR 0.22%
// Nikkei CLOSED UP 2087.82 PTS OR 3.92%
//Australia’s all ordinaries CLOSED UP 0.10%
//Chinese yuan (ONSHORE) CLOSED UP TO 6.9431
/ OFFSHORE CLOSED UP AT 6.9414 Oil DOWN TO 61.53 dollars per barrel for WTI and BRENT UP TO 65.55 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING UP TO 6.9364 OFFSHORE YUAN TRADING UP TO 6.9335 ONSHORE YUAN TRADING BELOW OFF SHORE AND UP ON THE DOLLAR// / AND THUS STRONGER//OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS TUESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP AT 6.9364
OFFSHORE YUAN: UP TO 6.9335
HANG SENG CLOSED UP 59,20 PTS OR 0.22%
2. Nikkei closed UP 2087,82 PTS OR 3.97%
WEST TEXAS INTERMEDIATE OIL DOWN 61.53
BRENT; 65.55
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX DOWN TO 97.38 /// EURO RISES TO 1.1862 UP 15 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +2.253/ UP 2 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 155.65… JAPANESE YEN NOW FALLING AS WE HAVE NOW REACHED THE ENDING OF THE YEN CARRY TRADE AGAIN AND THE REPATRIATION OF YEN DENOMINATED BONDS TRADING IN THE USA/EUROPE. JAPAN 30 YR BOND YIELD: 3.6436 DOWN 1 FULL BASIS PTS. AND STILL VERY TROUBLESOME
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: UP OFFSHORE: UP
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 BRENT DOWN this morning
3h European bond buying continues to push yields HIGHER on all fronts in the EMU. German 10yr bund YIELD UP TO +2.8755 Italian 10 Yr bond yield UP to 3.487 SPAIN 10 YR BOND YIELD DOWN TO 3.235
3i Greek 10 year bond yield UP TO 3.368
3j Gold at $4897.50 Silver at: 86.10 1 am est) SILVER NEXT RESISTANCE LEVEL AT $100.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 37/100 roubles/dollar; ROUBLE AT 77.07
3m oil (WTI) into the 61 dollar handle for WTI and 65 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 155.65 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 2.253% UP 2 BASIS PTS STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING//YEN BOND TRADING OVERSEAS REPATRIATED.//JAPAN 30 YR: 3.636 DOWN 1 BASIS PTS.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.7776 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9183 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: 4.295 UP 2 BASIS PTS…
USA 30 YR BOND YIELD: 4.916 UP 2 BASIS PTS/
USA 2 YR BOND YIELD: 3.582 UP 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 43.49 DOWN 1 BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.5250 UP 2 PTS
30 YR UK BOND YIELD: 5.296 UP 2 BASIS PTS
10 YR CANADA BOND YIELD: 3.4377 UP 1 BASIS PTS
5 YR CANADA BOND YIELD: 2.939 UP 1 BASIS PTS.
1a New York Opening report
Futures Rise As Tech Gains On Palantir’s “Cosmic Reward”
Tuesday, Feb 03, 2026 – 08:32 AM
Stock futures are higher, led by tech, while metals rebound and global markets more than retrace Friday/Monday losses. Only bitcoin continues to slide on laughable fears that Kevin Warsh will somehow shrink the Fed’s balance sheet. As of 8:00am ET, S&P futures are up 0.3% and Nasdaq futures gain 0.5% after blockbuster results from Palantir renewed the AI trade. Pre-market, Mag7 names are all higher ex-AAPL with PLTR the standout which should aid the Software reboot. Palantir’s forecast for 61% sales growth this year is helping the AI narrative, with CEO Alexander Karp describing the company’s accelerating revenue as “a cosmic reward” for the data analytics firm’s shareholders. Energy, healthcare, and Staples are weaker pre-mkt as all other sectors are big higher. European stocks briefly traded into record territory, while technology stocks led gains in Asia as South Korea’s chipmakers are surging again. Elsewhere, dip-buyers are crowding into metals: gold is +5.5%, silver +9.4% with WTI flat and Ags bid. Bond yields are flat to +1bp with USD flat. Today’s macro focus is on the vote to reopen the government, where Trump told GOP not to block the deal; we also get the January vehicle sales update. NFP / JOLTS have been delayed with release dates to be updated after the gov’t reopens. Earnings remain front and center, with PepsiCo, Pfizer and AMD due today. . Bitcoin remained under pressure.
In premarket trading, Mag 7 stocks are all higher ex-Apple which is again depressed by soaring memory prices (Alphabet +1.2%, Tesla +1.1%, Amazon +0.7%, Microsoft +0.2%, Nvidia +0.7%, Meta +0.1%, Apple -0.7%)
- Gold and silver miners including Newmont (NEM) gain as precious metal prices climb out of a three-day slide. Newmont rises 4%.
- AES Corp. (AES) rises 8% after BlackRock Inc.’s Global Infrastructure Partners is said to team up with EQT AB in a bid to acquire the power company.
- Eaton Corp. (ETN) falls 5% after the power equipment company forecast adjusted earnings per share for 2026 of $13.00 to $13.50, a range with a midpoint below analysts’ expectations.
- Fabrinet (FN) falls 4% after the engineering and manufacturing services company’s results showed component constraints pressuring the datacom business. However, analysts are broadly positive on the prospects going forward.
- HP Inc. (HPQ) slips 2% as CEO Enrique Lores stepped down to lead PayPal Holdings.
- Palantir Technologies Inc. (PLTR) rises 11% after the company forecast revenue for fiscal 2026 that significantly exceeded Wall Street expectations, a boost for the data analytics company after its shares have gotten off to a lackluster start so far this year.
- PayPal Holdings (PYPL) falls 15% after the fintech reported profit and revenue that fell short of expectations. The company also said Chief Executive Officer Alex Chriss will be replaced by HP Inc. CEO Enrique Lores.
- Rambus (RMBS) slides 8% after analysts note that a supply chain hiccup weighed on the semiconductor device company’s first-quarter outlook. The stock has performed strongly of late, rising about 24% so far this year.
- SoFi Technologies (SOFI) climbs 3% after JPMorgan upgraded to overweight. The bank is positive about the company’s execution and “more tenable valuation.”
- Teradyne (TER) soars 20% after the semiconductor manufacturing company forecast revenue for the first quarter that exceeded the average analyst estimate.
In corporate news, Elon Musk confirmed the combination of SpaceX and xAI in a deal that values the enlarged entity at $1.25 trillion, with the company said to still be planning an IPO later this year. Musk’s rationale is that the least expensive way to do AI computations within two to three years will be in space. Bloomberg estimates that xAI is burning through ~$11 billion in cash in 2025, constraining its ability to seek outsized funding rounds similar to OpenAI. In other corporate news, Uber is rolling out its ride-hailing service in the Chinese gambling hub of Macau, expanding into a new Asian market for the first time in years. Watch shares of professional publishers after Anthropic released an AI-powered productivity tool for companies’ in-house legal teams.
Traders’ appetite for risk rebounded after a steep drop in precious metals triggered a pullback from stocks and crypto at the end of last week. Strong US manufacturing data added to optimism, showing that the economy is on a sound footing as the earnings season rolls on.
“There is a lot of liquidity out there and it’s remaining committed to financial assets,” said Guy Miller, chief strategist at Zurich Insurance. “It’s rotating within the markets, and the macro backdrop is supportive of that continuing.”
In politics, Republican opposition to Trump’s deal with Democrats to end the partial government shutdown began to crumble late Monday as two conservative holdouts agreed to end their threatened blockade. And an analysis of results from a state senate district vote in the Fort Worth area showed that a Texas Democrat’s shock win was powered by big shifts among Latino voters.
Looking at earnings season, out of the 178 S&P 500 companies that have reported so far, 79% have managed to beat analyst forecasts, while 16% have missed. PepsiCo reported better-than-expected fourth-quarter profit and announced a $10 billion share buyback. Merck’s forecast for 2026 sales and profit missed Wall Street’s expectations.
Investors will now turn their attention Tuesday to a slate of earnings, including Advanced Micro Devices Inc., after a favorable reception to Palantir’s report. Traders are watching for signs that AMD is challenging Nvidia Corp.’s dominance in the market for artificial-intelligence accelerators as they look more broadly than the Magnificent Seven for winners of the AI trade. AMD has rallied more than 50% since October, while Nvidia remained largely flat.
In Europe, the Stoxx 600 is up 0.2%, having surrendered most of an earlier advance that took the index to an all-time peak. Miners outperform, tracking a rebound in precious metals. Meanwhile, a drop in Publicis Groupe weighed on media shares. Here are the biggest movers Monday:
- Amundi shares advanced as much as 6.4% to a fresh high after Europe’s largest asset manager reported what RBC says is a “solid” update and announced a €500m share buyback
- The Stoxx 600 Basic Resources Index gained 2.4%, with gold and silver advancing as dip buyers crowded into precious metals following an abrupt unwinding of a record-breaking rally
- Plus500 shares rise as much as 8.5%, climbing to a new all-time high, after the trading platform announced its entry into the US retail prediction markets through a deal struck with Kalshi Exchange
- ING Groep shares gain as much as 3.1%, hitting a fresh 2007-high, after analysts at Deutsche Bank upgraded the bank and significantly increased their estimates
- Swatch shares gain as much as 3.2% after Bank of America upgraded to neutral from underperform on optimism that the worst of the decline is over for watchmakers
- R&S jumps as much as 24%, the most on record, after the Swiss transformers manufacturer posted order intakes for the full year that surpassed the consensus estimate
- Demant shares plunge as much as 12% to the lowest in three years after the Danish hearing-aid maker provided guidance for 2026 that was below expectations
- Publicis shares drop as much as 9%. Despite strong results for the fourth quarter and for the full year, analysts note the advertising agency’s conservative growth guidance for 2026 implies a slowdown
- Zalando shares fall as much as 8.5% as Morgan Stanley warned the clothing retailer continued to face risks stemming from social commerce
- Siltronic shares slide as much as 6.8% after the silicon wafer manufacturer warned the challenging market is expected to persist in 2026, which analysts at Jefferies believe will weigh on expectations
- Schaeffler shares drop as much as 4.5% after UBS downgraded the stock to sell from neutral, warning its current market cap reflects far more ambitious adoption curves and economics for its humanoid robots than he sees likely
- Sartorius shares drop as much as 3.6% in Frankfurt, reversing an earlier 4.6% gain. Barclays analysts said it expected “some slight share price weakness today on implied downside risk to consensus estimates”
- De Nora drops as much as 10% as Kepler Cheuvreux trimmed its price target on the Italian water technologies specialist, noting 2026 will be a lackluster year,
Asian stocks extended a rally on Tuesday, more than erasing the previous session’s decline, on a rebound in precious metals and resurgent excitement around artificial intelligence. The MSCI Asia Pacific Index rose as much as 3.1%, and was on pace for the best day since April 10. Most regional markets were in the green, with South Korean’s Kospi surging 6.8% as Samsung Electronics and SK Hynix helped lead the broader Asian benchmark higher. Stocks also rose more than 3% in Japan, and closed higher in Taiwan and Australia as well. Hong Kong shares edged down. Indian equities also rallied after President Donald Trump announced tariff cuts on the country’s goods. Risk sentiment broadly recovered on Tuesday, with investors piling back into semiconductors and AI-related shares. Palantir Technologies forecast fiscal 2026 revenue that significantly beat expectations, while Elon Musk’s SpaceX confirmed a $1.25 trillion merger with xAI.
The rout in metals prices is disruptive for equities in the short term and has “created some spillover effects from a liquidity perspective,” Kinger Lau, chief China equity strategist at Goldman Sachs, said in a Bloomberg Television interview. Equities are expected to continue rising this year, driven by AI implementation and investment that will support earnings growth, he added
In FX, the dollar pared an earlier fall with the yen now the weakest of the G-10 currencies, down 0.2%. The Aussie is still leading after the RBA hiked interest rates.
In rates,treasuries posted a small retreat, with the 10-year yield up one basis point at 4.29%. European government bonds also dip.
In commodities, oil prices are steady with WTI crude futures near $62 a barrel. Spot silver is up 8% to about $86/oz while gold is near $4,900/oz.
Looking at today’s calendar, Wards total vehicle sales are expected during the day. JOLTS jobs data for December was on the schedule but has been delayed by the partial government shutdown. Fed speaker slate includes Barkin (8am) and Bowman (9:40am)
Market Snapshot
- S&P 500 mini +0.1%
- Nasdaq 100 mini +0.4%
- Russell 2000 mini +0.1%
- Stoxx Europe 600 +0.3%
- DAX +0.4%, CAC 40 +0.1%
- 10-year Treasury yield +1 basis point at 4.29%
- VIX -0.1 points at 16.24
- Bloomberg Dollar Index little changed at 1190.87
- euro little changed at $1.1789
- WTI crude +0.1% at $62.22/barrel
Top Overnight News
- Republican opposition to Trump’s deal with Democrats to end the partial US government shutdown began to crumble late Monday. The president told House holdouts via social media to pass the measure “IMMEDIATELY!” A chamber vote is expected today. BBG
- Elon Musk is merging SpaceX and xAI in a deal valuing the new entity at $1.25 trillion, with SpaceX still planning an IPO later this year, according to people familiar. BBG
- Reports out Monday afternoon said OpenAI is unsatisfied with some of Nvidia’s latest artificial intelligence chips, and it has sought alternatives since last year, eight sources familiar with the matter said, potentially complicating the relationship between the two highest-profile players in the AI boom. RTRS
- US President Trump said announcing the creation of US strategic critical minerals reserve. We are launching Project Vault today. USD 2bln from the private sector. USD 10bln funding from US Exim Bank.
- Australia’s central bank has lifted interest rates for the first time since 2023,one of the first big economies to tighten its monetary policy, in an effort to combat inflation. The Bank increased rates by 25bps to 3.85%. FT
- China has let the interest rate on a one-year policy loan to banks drop to a record low, according to people familiar with the situation, lowering funding costs so as to revive economic growth. BBG
- Demand softened at Japan’s 10-year bond auction as investors grew cautious ahead of a snap election, keeping yields elevated amid equity gains and ongoing fiscal concerns. BBG
- Ukraine has agreed with western partners that persistent Russian violations of any future ceasefire agreement would be met by a coordinated military response from Europe and the US. FT
- French inflation fell more sharply than expected last month to a 5 year low, raising further possibility that eurozone inflation could be below the European Central Bank’s target for longer this year. Consumer prices were 0.4% higher than in January 2025, down from a 0.7% increase in December. WSJ
- Euro-zone banks unexpectedly tightened corporate credit standards at the end of 2025, the ECB said in its quarterly Bank Lending Survey. BBG
- President Trump said he is seeking USD 1bln of damages from Harvard.
- House Rules panel advances the Senate funding package.
Trade/Tariffs
- Kremlin’s Spokesperson said Russia have not heard any statement from India about halting Russian oil purchases, adding that they intend to continue developing their relations with India.
Earnings
- NXP Semiconductors NV (NXPI) Q4 2025 (USD): Adj. EPS 3.35 (exp. 3.31), Revenue 3.34bln (exp. 3.31bln). Q1 Guidance:. EPS 2.77-3.17 (exp. 2.99). Revenue 3.05-3.15bln (exp. 3.09bln).
- OpenAI has determined it needs alternatives to NVIDIA’s (NVDA) latest AI chips in some cases, has sought alternatives since last year. OpenAI is unsatisfied with the speed at which NVIDIA’s hardware can spit out answers to ChatGPT users for complex problems.
- Palantir Technologies Inc. (PLTR) Q4 2025 (USD): Adj. EPS 0.25 EPS (exp. 0.23), Revenue 1.41bln (exp. 1.34bln). Said sales to US businesses in 2026 are expected to grow at least 115% to more than USD 3.14bln.Outlook:. FY revenue 7.182-7.198bln (exp. 6.3bln). FY adj. operating income 4.126-4.142bln (exp. 3.14bln). Q1 adj. operating income 870-874mln (exp. 641mln). Q1 revenue 1.532-1.536bln (exp. 1.33bln).
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were mostly higher with several bourses firmly recovering from the prior day’s sell-off, as the region took impetus from the positive handover from Wall Street, where markets rallied after a strong ISM Manufacturing report. ASX 200 climbed higher with tech and miners leading the advances, although further upside was capped as the focus turned to the RBA which hiked rates for the first time in over two years and sounded hawkish on inflation. Nikkei 225 surged following recent currency weakness and gained a firm footing above 54,000 to hit a record intraday high. KOSPI outperformed in a turnaround from the prior day’s bloodbath with the Korea Exchange activating a sidecar earlier in the session to briefly halt program trading after a sharp rise in the local benchmark. Hang Seng and Shanghai Comp initially lagged with early pressure seen across tech stocks, despite no immediate obvious catalysts, and with some attributing it to VAT hike concerns, while the Hang Seng TECH Index briefly re-entered bear market territory after dropping more than 20% from its October high. However, Chinese markets then pared their losses alongside the broad rally in Asia.
Top Asian News
- China’s No1/central document includes plans to improve and consolidate soybean production. Intend to stabilise food and oil output. To diversify agricultural product imports.
- Earthquake of magnitude 5.0 hits near the east coast of Honshu, Japan.
- Japanese Finance Minister Katayama continues to refrain from commenting on intervention data and said PM Takaichi talked about FX benefits as a general fact, and didn’t specifically emphasise merits in a weak yen.
- Nintendo (7974 JT) President said memory price rises not having a major impact on earnings.
- Nintendo (7974 JT) – Q3 (JPY): Operating income 155.21bln (exp. 180.7bln), 9M switch sales -66% Y/Y; sees FY net sales 2.25tln (exp. 2.37tln).
European bourses (+0.4%) opened entirely in the green, but sentiment has since waned a touch off best levels, with a couple of indices now slightly in the red. European sectors opened with a positive bias but are now mixed. Basic Resources outperform, led higher by strength in underlying metals prices. Media lags, pressured by losses in Publicis (-7.4%) and ProSiebenSat.1 Media (-2.2%) post-earnings.
Top European News
- French Finance Minister said the G7 needs to agree on a joint instrument to address global macroeconomic imbalances. Joint instruments can have a sectoral focus, such as rare earths.
- French Finance Minister Lescure said that the 2026 budget will reduce the deficit to 5.0% from 5.4%, GDP growth of 1% so far in 2026 is a good start.
FX
- DXY resumed trade overnight on a softer footing following yesterday’s post-ISM recovery (which printed its first expansion in 12 months and at the fastest pace since 2022). The index gradually pared those losses as the morning progressed, to now trade flat, and at the upper end of a 97.34-97.62 range. On the data front, it was also announced that the BLS has delayed the December JOLTS report due today and the January NFP report that was scheduled for Friday owing to the partial government shutdown. With a House vote expected as early as today, the data could be published next week if the vote passes, ING posits.
- Antipodeans are firmer with outperformance in the AUD amid the rebound in risk appetite and metal prices, while further upside was seen after the RBA meeting, where the central bank hiked the Cash Rate by 25bps to 3.85%, as expected, and stated inflation is likely to remain above target for some time. Governor Bullock declined to provide any forward guidance on the future path of interest rates. AUD/USD has come off best levels amid the aforementioned recovery in the DXY but still holds onto most of its gains in a 0.6945-0.7050 current daily range.
- Other G10s are flat/lower against the USD, with EUR & GBP flat whilst the JPY lags a touch. For the latter, there was some commentary via Japanese Finance Minister Katayama who reiterated that PM’s Takaichi latest commentary on a weak JPY was a general fact and didn’t specifically emphasise merits in a weak JPY. Focus now on the Japanese snap election, where discussions regarding an LDP “supermajority” is getting more attention. Elsewhere, EUR digested a cooler-than-expected prelim French HICP report which had little impact on the single currency.
Central Banks
- RBA hikes the Cash Rate by 25bps to 3.85%, as expected, with the decision unanimous, while it stated that inflation is likely to remain above target for some time. A wide range of data confirms inflation has picked up materially. Broad measures of wage growth continue to be strong. Uncertainty in the global economy remains significant but has so far not affected Australia. Job market conditions are a little tight. Capacity pressures are greater than previously assessed. Private-sector demand is growing faster than expected. There are uncertainties about the outlook for domestic economic activity and inflation and the extent to which monetary policy is restrictive. Quarterly Statement on Monetary Policy:. Underlying inflation is higher than expected. Underlying inflation rose to 3.4% over the year to the December quarter, which was higher than expected three months ago and substantially higher than expected in the August Statement. GDP growth has continued to pick up, with private demand growth surprisingly strong. GDP grew by 2.1% over the year to the September quarter, which was around our estimate of the economy’s potential growth rate. Labour market conditions have been stable. The unemployment rate has been broadly stable at around 4.25% in recent quarters.
- RBA Governor Bullock said does not know if this will be a tightening cycle and cannot rule anything out or in.
- RBA Governor Bullock said pulse of inflation is too strong and that high inflation hurts all Australians. said:. Board thinks inflation will take longer to return to the target. We cannot allow inflation to get away from us. Will not give forward guidance and the board will remain focused on data. Did not discuss a 50bps rate increase.
- US President Trump said Fed chair nominee will do good and that investigation into Fed Chair Powell should be taken to the end.
- ECB Bank Lending Survey (Q4) : Overall credit terms and conditions tightened for loans to firms and consumer credit, while they eased for housing loans.
- BOK Minutes suggests one board member said further rate cuts should only be considered after risks related to FX and housing markets ease.
- ECB Bank Lending Survey (Jan): Banks tightened credit standards for firms, citing higher perceived risks amid lower risk tolerance; Credit standards eased slightly for housing loans, but tightened further for consumer credit.
Fixed Income
- JGBs spent the overnight session under modest pressure, with losses of just under 15 ticks at most in a narrow 131.41-60 band. Specifics for Japan are a little light as markets count down to Sunday’s election, and the narrative is increasingly pointing to a convincing LDP victory, with a ‘super majority’ featuring more in discussions around the potential outcome.
- USTs are under modest pressure after contained APAC trade. Pressure that is most pronounced at the short end, with yields bid across the curve and flattening as things stand, in a marginal extension on the post-ISM flattener. Today’s docket has been trimmed by the US shutdown, as the BLS will not be updating until there is a resolution and as such, JOLTS will not print. While a funding deal should pass very shortly, Friday’s NFP will also be pushed until at least next week. Currently, USTs trade at the low-end of 111-15 to 111-20+ parameters, at a WTD low, taking out last week’s trough by half a tick but clear of the 111-09 YTD base.
- Bunds came under pressure early doors, directionally in-fitting with the above, but with magnitudes a little more pronounced in limited newsflow and light volumes. A move that was perhaps a function of the constructive European risk tone at the time. Bunds as low as 127.74 at the time and currently hold a handful of ticks above that trough with losses of c. 15 ticks on the session. Data-wise, French prelim. HICP came in cooler-than-expected across the board, lifting EGBs generally at the time. A series that works to offset some of the hawkish impulses from the prelim. Thereafter, a 2035 Green Bund auction had little impact on the benchmark.
- Gilts gapped lower by 12 ticks, acknowledging the above. UK specifics are very light aside from a well received 2035 auction, which garnered a b/c above the 3x mark. Focus now turns to the BoE on Thursday, where rates are expected to be kept unchanged.
- UK sold GBP 4.25bln 4.75% 2035 Gilt: b/c 3.63x (prev. 3.26x), average yield 4.585% (prev. 4.456%), tail 0.2bps (prev. 0.3bps).
- Germany sells EUR 1.35bln vs exp. EUR 1.5bln 2.50% 2035 Green Bund: b/c 2.01x (prev. 2.2x), average yield 2.79% (prev. 2.52%), retention 10.0% (prev. 4.2%)
- Ireland’s NTMA raises EUR 5bln from the sale of its new 10 year benchmark bond.
- South Korea is to sell 3-year and 5-year USD-denominated bonds.
- Italy’s Tesoro opens book to sell new 15-year BTP bond via syndication, with guidance seen +10bps to 2040 BTP.
Commodities
- Crude benchmarks continued to extend on Monday’s losses, with WTI and Brent nearing USD 61/bbl and USD 65/bbl, respectively. Oil prices traded muted throughout the APAC session but were pressured following comments by Russia’s Deputy PM Novak, saying they have a surplus in fuel supplies. Since, benchmarks have edged a little higher to now trade flat on the session.
- Nat Gas futures continue to fall, with Dutch TTF returning to EUR 32/MWh as concerns over the Arctic storm affecting gas production ease.
- Precious metals have brushed off the recent tarnish following the aggressive selloff in recent sessions. Spot gold has regained the USD 4900/oz handle as being as low as USD 4400/oz in Monday’s session. Investors have been highlighting that the selloff is just a correction and that underlying drivers for gold, mainly central bank buying and ETF inflows, remain strong.
- 3M LME Copper continues to rebound, alongside precious metals, as the red metal extends to a session high of USD 13.48k/t. The bounce from the recent selloff comes amid a broader reversal of the risk tone and reports that China could expand its strategic copper reserves. China maintains stockpiles of major base metals such as copper and cobalt to stabilise commodity prices and ease raw material cost pressures. The expansion of the reserves comes amid the recent volatility of metals prices.
- Russian Deputy PM Novak said oil demand and supply are in balance.
- Kuwait Petroleum Corp. intends to invite global oil firms to assist Kuwait Oil in the development of offshore fields, Bloomberg reported.
- China raises its gas and diesel prices by CNY 205 and 195 respectively, effective February 4th.
- Russia’s Deputy PM Novak said they have a surplus in fuel supplies, adding that domestic diesel and gas supplies are sufficient.
- Shanghai Gold Exchange to adjust margin rations to 17% (prev. 16%) for some gold and silver contracts, and widen the daily price limit to 16% (prev. 15%) as of the 4th February settlement.
- China could expand its strategic copper reserves and explore a commercial reserve system with state-owned firms.
Geopolitics: Ukraine
- Russian Deputy PM Novak said oil demand and supply are in balance.
- Kremlin’s Spokesperson said Russia have not heard any statement from India about halting Russian oil purchases, adding that they intend to continue developing their relations with India.
- Russia’s Deputy Foreign Minister Ryabkov said the modernisation of their nuclear triad is at a very advanced stage.
- Russia’s Deputy PM Novak said they have a surplus in fuel supplies, adding that domestic diesel and gas supplies are sufficient.
- Russia and China held new round of stability talks to support multilateralism.
- Ukraine agrees multi-tier plan for enforcing any ceasefire with Russia, according to FT.
- reported note that witnesses say loud explosions heard in Ukraine’s capital of Kyiv.
- US President Trump said doing very well with Ukraine and Russia and think we’ll have some good news. said:. Putin agreed to no missiles going into Kyiv. We are talking with Iran and we’ll see how that goes.
Geopolitics: Middle East
- Iran’s Vice President said a new chapter of Iran’s nuclear achievements will be unveiled.
- Iranian official said that a US aircraft carrier has retreated and is now near Yemen.
Geopolitics: Other
- Russia and China held new round of stability talks to support multilateralism.
- Venezuela’s Interim President Rodriguez met with US Envoy Loro Dogu.
US Event Calendar
- 8:00 am: Fed’s Barkin Speaks on US Economy
- 9:40 am: Fed’s Bowman in Moderated Conversation
DB’s Jim Reid concludes the overnight wrap
Markets have seen a huge turnaround over the last 24 hours, with the S&P 500 (+0.54%) closing just shy of its record high, with another +0.25% gain in futures this morning after being over -2% lower than current levels this time yesterday. The recovery had several drivers, but the biggest was the ISM manufacturing index, which unexpectedly surged to its highest level since 2022. So that led to growing optimism on the 2026 outlook, along with a classic risk-on move. Meanwhile in Europe, it was a similar story as the STOXX 600 (+1.03%) hit another all-time high, whilst the sharp decline in oil prices helped to ease concern on the inflation side. So it was generally a strong day, with precious metals still the obvious exception, as gold prices (-4.76%) fell to $4,661/oz, whilst silver (-6.96%) saw a fresh plunge that left it down by nearly a third in the last two sessions. However, the yo-yo moves in precious metals have seen gold (+3.46%) and silver (+5.40%) erase most of yesterday’s losses overnight.
That ISM manufacturing print was critical, because it cemented the prevailing narrative of strong data resilience, which has supported markets despite the array of surprising headlines in recent weeks. Indeed, the headline print was back in expansionary territory at 52.6 in January (vs. 48.5 expected), placing it above every economist’s estimate on Bloomberg. And the details were also very strong, with the new orders component surging to 57.1, up +9.7pts on the December print, making it the sharpest monthly jump since June 2020 and the Covid recovery. Clearly it’s only one piece of data, but it’s one of the first we have covering 2026, and it confirmed the robust signals from other sources like the PMIs and the weekly jobless claims.
One of the clearest reactions to the ISM was in US Treasury markets, with yields moving higher as investors priced out the chance of Fed rate cuts. For instance, futures had been pricing in an 87% chance of another rate cut by the June FOMC (which would be Warsh’s first as Chair if confirmed), but that was down to 70% by the close. And in turn, the 2yr yield (+4.9bps) rose to 3.57%, whilst the 10yr yield (+4.2bps) rose to 4.28%. That was particularly noticeable among real yields too, as the 2yr real yield rose by +9.1bps. Higher yields supported the dollar index (+0.66%), which has had its best two-day run since last spring.
Yields were little changed after the latest quarterly borrowing estimates from the US Treasury, which came in at $574bn for Q1 and $109bn for Q2. The Q2 figure was a bit higher than expected, but this was mostly due to an increased end-of-June cash balance target of $900bn, which our strategists expect to be met with higher bill issuance.
While yesterday’s US data delivered positive news, we heard that the BLS will not be releasing the January jobs report on Friday as scheduled due to the partial government shutdown that started last Saturday. In the latest on the shutdown, Trump called on House Republicans to immediately pass the funding deal that was approved by the Senate late last week. Trump’s intervention came as House Speaker Johnson has sought to avoid a push for amendments by conservative Republicans, with a House vote on the package expected today.
Although precious metals are rallying back this morning it’s worth highlighting Friday and Monday’s losses in aggregate. Gold was down a further -4.76% yesterday, which left them down -13.28% in total over the last 2 sessions, making it the biggest 2-day plunge since 2013, and the second biggest since the 1980s. For silver there was an even bigger slide, with prices down -6.96% to $79.27/oz, which brought the 2-day slide to an historic -31.48%. Indeed, that 2-day move for silver is the biggest fall since Bloomberg’s daily data starts back in 1950, so this is genuinely unparalleled in any of our careers unless you’re reading this in your 90s. If you are, then a special hello this morning.
Meanwhile for oil, yesterday also brought some big declines as investor concern eased about geopolitical risk. In part, that followed Trump’s weekend comments that was hopeful about some sort of deal with Iran. And then yesterday, Axios reported that the US Special Envoy Steve Witkoff would meet Iranian foreign minister Abbas Araghchi in Istanbul on Friday. So that helped to take out some of the geopolitical risk premium, and it marked a sharp turnaround from January when Brent crude saw its biggest monthly jump in 4 years. So by the close, Brent crude fell -4.36% to $66.30/bbl, and WTI was down -4.71% to $62.14/bbl. Moreover, that eased investor concern on the inflation side too, with the US 2yr inflation swap down -4.7bps on the day to 2.55%, its biggest daily drop of 2026 so far.
Against that backdrop, it was a strong day for equities on both sides of the Atlantic. So the S&P 500 (+0.54%) recovered from a run of 3 consecutive declines last week, closing just -0.03% below its record high from last Tuesday. Admittedly, the Mag 7 (-0.10%) continued to struggle, posting a 3rd consecutive decline, but small-caps had a very strong performance, with the Russell 2000 up +1.02%, while consumer staples (+1.58%) and industrials (+1.26%) sectors led the gains for the S&P 500.
Meanwhile, we had news of fresh tariff relief, as Trump posted that the US would cut the main tariff on India from 25% to 18%, while also removing the additional 25% tariff the US imposed on India last August citing its purchases of Russian oil. Trump said India would stop purchases of Russian oil, buy “over $500 BILLION DOLLARS of U.S. Energy, Technology, Agricultural, Coal, and many other products” and remove tariff and non-tariff barriers against the US, though the official details of the pact are not yet clear.
Earlier in Europe, the STOXX 600 (+1.03%) and the FTSE 100 (+1.15%) both hit record highs, whilst Italy’s FTSE MIB (+1.05%) closed at its highest level since 2000. That came as the final PMI readings in Europe were revised in a positive direction, with the Euro Area manufacturing PMI up to 49.5 (vs. flash 49.4), alongside upward revisions in Germany, France and the UK.
Asian equity markets are experiencing a significant rebound this morning, with the KOSPI (+6.13%) seeing a stunning surge in AI-related shares, while the Nikkei (+3.89%) is also witnessing a notable increase, supported by a weaker yen. The S&P/ASX 200 (+0.90%) saw its gains trimmed after the RBA raised the key rate to address rising price pressures (details below). In other areas, Chinese stocks are underperforming compared to their regional counterparts, with the Hang Seng flat and the Shanghai Comp +0.64%. As well as S&P futures (+0.25%) being higher as discussed at the top, Nasdaq futures are half a percent higher as I type.
Returning to the RBA, they raised their benchmark cash target rate by 25 basis points to 3.85%, up from 3.65%, in a unanimous decision by the rate-setting board. The central bank anticipates further potential hikes to address what it perceives as persistently high inflation. This decision follows a resurgence in Australian inflation observed in late 2025, which has also seen core inflation rise above the RBA’s annual target of 2% to 3%. Furthermore, the RBA’s economic outlook, as outlined in its monetary policy statement, now projects headline inflation to reach 4.2% by mid-year, significantly higher than earlier expectations. Additionally, it anticipates that underlying inflation—a trimmed mean measure closely monitored by the RBA—will accelerate to 3.7% by June, up from the current rate of 3.4%. In the short term, the RBA has revised its forecast for economic growth to 2.1% by June this year, an increase from the previous estimate of 1.9%. Following this decision, the Australian dollar (+0.86%) is gaining strength after two consecutive sessions of declines, trading at 0.7008 against the US dollar, while yields on the policy-sensitive 3-year government bonds have risen by +6.9 basis points to 4.31%, marking the highest level since November 2023. Meanwhile, 10-year yields have increased by +3.7 basis points to reach 4.84% as we finalise this report.
Against this background, markets have raised their expectations for a rate increase in May to 79%, with the market anticipating a cumulative tightening of 36 basis points this year.
Looking at the day ahead, data releases include the January flash CPI print from France, along with the US JOLTS report of job openings for December. From central banks, we’ll hear from the Fed’s Barkin and Bowman, and also get the ECB’s Bank Lending Survey. Finally, today’s earnings include AMD and Pfizer.
1b European opening report
NQ outperforms following Palantir earnings; Precious metals rebound with gold nearing USD 5k/oz – Newsquawk US Market Open
Tuesday, Feb 03, 2026 – 06:12 AM
- European bourses opened stronger, but sentiment has dipped off best levels; US equity futures are modestly firmer, with mild outperformance is seen in the NQ.
- DXY is flat, Antipodeans benefit from a rebound in metals prices with outperformance in the Aussie after the RBA hiked rates by 25bps (as expected), whilst the SoMP noted that underlying inflation is higher than expected.
- Fixed income on the backfoot with supply in focus in a shutdown-thinned US docket.
- Crude prices initially lower but now flat; India to stop importing Russian oil as part of the trade deal with the US. Metals rebound with spot gold returning above USD 4900/oz.
- Looking ahead, highlights include US RCM/TIPP (Feb), New Zealand Unemployment (Q4), Australian S&P PMIs Final (Jan), Speakers including Fed’s Bowman, Barkin & ECB’s Lagarde.
- December JOLTS has been postponed, on account of the US government shutdown.
- Earnings from AMD, Supermicro, Amgen, Amcor, PayPal, PepsiCo, Pfizer.
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EQUITIES
- European bourses (+0.4%) opened entirely in the green, but sentiment has since waned a touch off best levels, with a couple of indices now slightly in the red.
- European sectors opened with a positive bias but are now mixed. Basic Resources outperform, led higher by strength in underlying metals prices. Media lags, pressured by losses in Publicis (-7.4%) and ProSiebenSat.1 Media (-2.2%) post-earnings.
- US equity futures (ES +0.2% NQ +0.5% RTY +0.2%) are modestly firmer across the board, with slight outperformance in the tech-heavy NQ, as Palantir (+10%) rises pre-market after strong Q4 metrics. Moreover for the tech sector, overnight the likes of Samsung Electronics (+7%) and SK Hynix (+9.2%) rebounded following recent losses.
- NXP Semiconductors NV (NXPI) Q4 2025 (USD): Adj. EPS 3.35 (exp. 3.31), Revenue 3.34bln (exp. 3.31bln). Q1 Guidance:. EPS 2.77-3.17 (exp. 2.99). Revenue 3.05-3.15bln (exp. 3.09bln).
- OpenAI has determined it needs alternatives to NVIDIA’s (NVDA) latest AI chips in some cases, has sought alternatives since last year. OpenAI is unsatisfied with the speed at which NVIDIA’s hardware can spit out answers to ChatGPT users for complex problems.
- Palantir Technologies Inc. (PLTR) Q4 2025 (USD): Adj. EPS 0.25 EPS (exp. 0.23), Revenue 1.41bln (exp. 1.34bln). Said sales to US businesses in 2026 are expected to grow at least 115% to more than USD 3.14bln.Outlook:. FY revenue 7.182-7.198bln (exp. 6.3bln). FY adj. operating income 4.126-4.142bln (exp. 3.14bln). Q1 adj. operating income 870-874mln (exp. 641mln). Q1 revenue 1.532-1.536bln (exp. 1.33bln).
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
FX
- DXY resumed trade overnight on a softer footing following yesterday’s post-ISM recovery (which printed its first expansion in 12 months and at the fastest pace since 2022). The index gradually pared those losses as the morning progressed, to now trade flat, and at the upper end of a 97.34-97.62 range. On the data front, it was also announced that the BLS has delayed the December JOLTS report due today and the January NFP report that was scheduled for Friday owing to the partial government shutdown. With a House vote expected as early as today, the data could be published next week if the vote passes, ING posits.
- Antipodeans are firmer with outperformance in the AUD amid the rebound in risk appetite and metal prices, while further upside was seen after the RBA meeting, where the central bank hiked the Cash Rate by 25bps to 3.85%, as expected, and stated inflation is likely to remain above target for some time. Governor Bullock declined to provide any forward guidance on the future path of interest rates. AUD/USD has come off best levels amid the aforementioned recovery in the DXY but still holds onto most of its gains in a 0.6945-0.7050 current daily range.
- Other G10s are flat/lower against the USD, with EUR & GBP flat whilst the JPY lags a touch. For the latter, there was some commentary via Japanese Finance Minister Katayama who reiterated that PM’s Takaichi latest commentary on a weak JPY was a general fact and didn’t specifically emphasise merits in a weak JPY. Focus now on the Japanese snap election, where discussions regarding an LDP “supermajority” is getting more attention. Elsewhere, EUR digested a cooler-than-expected prelim French HICP report which had little impact on the single currency.
- Click for NY OpEx Details
FIXED INCOME
- JGBs spent the overnight session under modest pressure, with losses of just under 15 ticks at most in a narrow 131.41-60 band. Specifics for Japan are a little light as markets count down to Sunday’s election, and the narrative is increasingly pointing to a convincing LDP victory, with a ‘super majority’ featuring more in discussions around the potential outcome.
- USTs are under modest pressure after contained APAC trade. Pressure that is most pronounced at the short end, with yields bid across the curve and flattening as things stand, in a marginal extension on the post-ISM flattener. Today’s docket has been trimmed by the US shutdown, as the BLS will not be updating until there is a resolution and as such, JOLTS will not print. While a funding deal should pass very shortly, Friday’s NFP will also be pushed until at least next week. Currently, USTs trade at the low-end of 111-15 to 111-20+ parameters, at a WTD low, taking out last week’s trough by half a tick but clear of the 111-09 YTD base.
- Bunds came under pressure early doors, directionally in-fitting with the above, but with magnitudes a little more pronounced in limited newsflow and light volumes. A move that was perhaps a function of the constructive European risk tone at the time. Bunds as low as 127.74 at the time and currently hold a handful of ticks above that trough with losses of c. 15 ticks on the session. Data-wise, French prelim. HICP came in cooler-than-expected across the board, lifting EGBs generally at the time. A series that works to offset some of the hawkish impulses from the prelim. Thereafter, a 2035 Green Bund auction had little impact on the benchmark.
- Gilts gapped lower by 12 ticks, acknowledging the above. UK specifics are very light aside from a well received 2035 auction, which garnered a b/c above the 3x mark. Focus now turns to the BoE on Thursday, where rates are expected to be kept unchanged.
- UK sold GBP 4.25bln 4.75% 2035 Gilt: b/c 3.63x (prev. 3.26x), average yield 4.585% (prev. 4.456%), tail 0.2bps (prev. 0.3bps).
- Germany sells EUR 1.35bln vs exp. EUR 1.5bln 2.50% 2035 Green Bund: b/c 2.01x (prev. 2.2x), average yield 2.79% (prev. 2.52%), retention 10.0% (prev. 4.2%)
- Ireland’s NTMA raises EUR 5bln from the sale of its new 10 year benchmark bond.
- South Korea is to sell 3-year and 5-year USD-denominated bonds.
- Italy’s Tesoro opens book to sell new 15-year BTP bond via syndication, with guidance seen +10bps to 2040 BTP.
- Japan sold JPY 1.99tln 10yr JGBs, b/c 3.20x (prev. 3.30x), average yield 2.249% (prev. 2.095%). Lowest accepted price 98.74 vs prev. 99.99. Average accepted price 98.79 vs prev. 100.04. Tail in price 0.05 vs prev. 0.05.
COMMODITIES
- Crude benchmarks continued to extend on Monday’s losses, with WTI and Brent nearing USD 61/bbl and USD 65/bbl, respectively. Oil prices traded muted throughout the APAC session but were pressured following comments by Russia’s Deputy PM Novak, saying they have a surplus in fuel supplies. Since, benchmarks have edged a little higher to now trade flat on the session.
- Nat Gas futures continue to fall, with Dutch TTF returning to EUR 32/MWh as concerns over the Arctic storm affecting gas production ease.
- Precious metals have brushed off the recent tarnish following the aggressive selloff in recent sessions. Spot gold has regained the USD 4900/oz handle as being as low as USD 4400/oz in Monday’s session. Investors have been highlighting that the selloff is just a correction and that underlying drivers for gold, mainly central bank buying and ETF inflows, remain strong.
- 3M LME Copper continues to rebound, alongside precious metals, as the red metal extends to a session high of USD 13.48k/t. The bounce from the recent selloff comes amid a broader reversal of the risk tone and reports that China could expand its strategic copper reserves. China maintains stockpiles of major base metals such as copper and cobalt to stabilise commodity prices and ease raw material cost pressures. The expansion of the reserves comes amid the recent volatility of metals prices.
- Russian Deputy PM Novak said oil demand and supply are in balance.
- Kuwait Petroleum Corp. intends to invite global oil firms to assist Kuwait Oil in the development of offshore fields, Bloomberg reported.
- China raises its gas and diesel prices by CNY 205 and 195 respectively, effective February 4th.
- Russia’s Deputy PM Novak said they have a surplus in fuel supplies, adding that domestic diesel and gas supplies are sufficient.
- Shanghai Gold Exchange to adjust margin rations to 17% (prev. 16%) for some gold and silver contracts, and widen the daily price limit to 16% (prev. 15%) as of the 4th February settlement.
- China could expand its strategic copper reserves and explore a commercial reserve system with state-owned firms.
TRADE/TARIFFS
- Kremlin’s Spokesperson said Russia have not heard any statement from India about halting Russian oil purchases, adding that they intend to continue developing their relations with India.
NOTABLE EUROPEAN HEADLINES
- French Finance Minister said the G7 needs to agree on a joint instrument to address global macroeconomic imbalances. Joint instruments can have a sectoral focus, such as rare earths.
- French Finance Minister Lescure said that the 2026 budget will reduce the deficit to 5.0% from 5.4%, GDP growth of 1% so far in 2026 is a good start.
NOTABLE EUROPEAN DATA RECAP
- UK Grocery Inflation +4.0% Y/Y, Sales +3.8% Y/Y in the 4 weeks to January 25, via Worldpanel.
- French HICP Jan: 0.4% Y/Y (exp. 0.6%, prev. 0.7%); -0.4% M/M (exp. -0.2%, prev. 0.1%).
- French Inflation Rate MoM Prel (Jan) M/M -0.3% vs. Exp. -0.1% (Prev. 0.1%).
- French Inflation Rate YoY Prel (Jan) Y/Y 0.3% vs. Exp. 0.6% (Prev. 0.8%).
- French Budget Balance (Dec) -124.7B (Prev. -155.4B, Rev. From -155.4B).
CENTRAL BANKS
- RBA hikes the Cash Rate by 25bps to 3.85%, as expected, with the decision unanimous, while it stated that inflation is likely to remain above target for some time. A wide range of data confirms inflation has picked up materially. Broad measures of wage growth continue to be strong. Uncertainty in the global economy remains significant but has so far not affected Australia. Job market conditions are a little tight. Capacity pressures are greater than previously assessed. Private-sector demand is growing faster than expected. There are uncertainties about the outlook for domestic economic activity and inflation and the extent to which monetary policy is restrictive. Quarterly Statement on Monetary Policy:. Underlying inflation is higher than expected. Underlying inflation rose to 3.4% over the year to the December quarter, which was higher than expected three months ago and substantially higher than expected in the August Statement. GDP growth has continued to pick up, with private demand growth surprisingly strong. GDP grew by 2.1% over the year to the September quarter, which was around our estimate of the economy’s potential growth rate. Labour market conditions have been stable. The unemployment rate has been broadly stable at around 4.25% in recent quarters.
- RBA Governor Bullock said does not know if this will be a tightening cycle and cannot rule anything out or in.
- RBA Governor Bullock said pulse of inflation is too strong and that high inflation hurts all Australians. said:. Board thinks inflation will take longer to return to the target. We cannot allow inflation to get away from us. Will not give forward guidance and the board will remain focused on data. Did not discuss a 50bps rate increase.
- US President Trump said Fed chair nominee will do good and that investigation into Fed Chair Powell should be taken to the end.
- ECB Bank Lending Survey (Q4) : Overall credit terms and conditions tightened for loans to firms and consumer credit, while they eased for housing loans.
- BOK Minutes suggests one board member said further rate cuts should only be considered after risks related to FX and housing markets ease.
- ECB Bank Lending Survey (Jan): Banks tightened credit standards for firms, citing higher perceived risks amid lower risk tolerance; Credit standards eased slightly for housing loans, but tightened further for consumer credit.
NOTABLE US HEADLINES
- US President Trump said he is seeking USD 1bln of damages from Harvard.
- US House Rules panel advances the Senate funding package.
- US President Trump said announcing the creation of US strategic critical minerals reserve. We are launching Project Vault today. USD 2bln from the private sector. USD 10bln funding from US Exim Bank.
GEOPOLITICS
RUSSIA-UKRAINE
- Russian Deputy PM Novak said oil demand and supply are in balance.
- Kremlin’s Spokesperson said Russia have not heard any statement from India about halting Russian oil purchases, adding that they intend to continue developing their relations with India.
- Russia’s Deputy Foreign Minister Ryabkov said the modernisation of their nuclear triad is at a very advanced stage.
- Russia’s Deputy PM Novak said they have a surplus in fuel supplies, adding that domestic diesel and gas supplies are sufficient.
- Russia and China held new round of stability talks to support multilateralism.
- Ukraine agrees multi-tier plan for enforcing any ceasefire with Russia, according to FT.
- reported note that witnesses say loud explosions heard in Ukraine’s capital of Kyiv.
- US President Trump said doing very well with Ukraine and Russia and think we’ll have some good news. said:. Putin agreed to no missiles going into Kyiv. We are talking with Iran and we’ll see how that goes.
MIDDLE EAST
- Iran’s Vice President said a new chapter of Iran’s nuclear achievements will be unveiled.
- Iranian official said that a US aircraft carrier has retreated and is now near Yemen.
OTHERS
- Russia and China held new round of stability talks to support multilateralism.
- Venezuela’s Interim President Rodriguez met with US Envoy Loro Dogu.
CRYPTO
- Bitcoin is a little firmer and trades around USD 78k; Ethereum is flat and holds around USD 2.2k.
APAC TRADE
- APAC stocks were mostly higher with several bourses firmly recovering from the prior day’s sell-off, as the region took impetus from the positive handover from Wall Street, where markets rallied after a strong ISM Manufacturing report.
- ASX 200 climbed higher with tech and miners leading the advances, although further upside was capped as the focus turned to the RBA which hiked rates for the first time in over two years and sounded hawkish on inflation.
- Nikkei 225 surged following recent currency weakness and gained a firm footing above 54,000 to hit a record intraday high.
- KOSPI outperformed in a turnaround from the prior day’s bloodbath with the Korea Exchange activating a sidecar earlier in the session to briefly halt program trading after a sharp rise in the local benchmark.
- Hang Seng and Shanghai Comp initially lagged with early pressure seen across tech stocks, despite no immediate obvious catalysts, and with some attributing it to VAT hike concerns, while the Hang Seng TECH Index briefly re-entered bear market territory after dropping more than 20% from its October high. However, Chinese markets then pared their losses alongside the broad rally in Asia.
NOTABLE ASIA-PAC HEADLINES
- China’s No1/central document includes plans to improve and consolidate soybean production. Intend to stabilise food and oil output. To diversify agricultural product imports.
- Earthquake of magnitude 5.0 hits near the east coast of Honshu, Japan.
- Japanese Finance Minister Katayama continues to refrain from commenting on intervention data and said PM Takaichi talked about FX benefits as a general fact, and didn’t specifically emphasise merits in a weak yen.
- Nintendo (7974 JT) President said memory price rises not having a major impact on earnings.
- Nintendo (7974 JT) – Q3 (JPY): Operating income 155.21bln (exp. 180.7bln), 9M switch sales -66% Y/Y; sees FY net sales 2.25tln (exp. 2.37tln).
NOTABLE APAC DATA RECAP
- Korea (Republic of) 30-Year KTB Auction 3.565% (Prev. 3.250%).
- Australian Building Permits MoM Prel (Dec) M/M -14.9% vs. Exp. -5.7% (Prev. 15.2%, Low. -9%, High. 0.5%).
- Australian Private House Approvals MoM Prel (Dec) M/M 0.4% (Prev. 1.3%).
- Australian Building Permits YoY Prel (Dec) Y/Y 0.4% (Prev. 20.2%).
- Japanese Monetary Base YoY Y/Y -9.5% (Prev. -9.8%).
- New Zealand Building Permits MoM (Dec) M/M -4.6% (Prev. 2.7%, Rev. From 2.8%).
1c) Asian opening report
Stocks mostly rebounded following Monday’s record selloff; US data postponed due to partial shutdown – Newsquawk EU Market Open
Tuesday, Feb 03, 2026 – 02:01 AM
- APAC stocks were mostly higher with several bourses firmly recovering from the prior day’s sell-off, as the region took impetus from the positive handover from Wall Street.
- US President Trump announced that India will stop buying Russian oil, while the US will be lowering tariffs on India to 18% from 25%.
- RBA hiked the Cash Rate by 25bps as expected in a unanimous decision, marking the first hike in over two years; RBA’s SoMP noted that underlying inflation is higher than expected and GDP growth has continued to pick up.
- US BLS will not release the January jobs report on Friday due to the partial US Government shutdown, while December JOLTS (due 3rd Feb) has also been postponed.
- European equity futures indicate a positive cash market open with Euro Stoxx 50 futures up 0.4% after the cash market closed with gains of 1.0% on Monday.
- Looking ahead, highlights include French Prelim. CPI (Jan), RCM/TIPP (Feb), New Zealand Unemployment (Q4), Australian S&P PMIs Final (Jan), Speakers including Fed’s Bowman, Barkin & ECB’s Lagarde, Supply from UK & Germany, Earnings from AMD, Supermicro, Amgen, Amcor, PayPal, PepsiCo, Pfizer, Merck & Publicis.
SNAPSHOT
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US TRADE
EQUITIES
- US stocks saw gains to start the week, with most sectors also in the green, as Consumer Staples and Industrials led the way, while Energy, Utilities, and Real Estate were the only ones in the red, with the former weighed down by losses in excess of USD 3/bbl on WTI and Brent.
- Energy was heavily sold as the US/Iran rhetoric seemingly eased, after weeks of escalating tension, while Materials names saw notable strength as Trump launches a USD 12bln mineral stockpile to counter China, and participants also digested strong ISM Manufacturing data, which returned to expansion territory for the first time in a year and printed the highest reading since 2022.
- SPX +0.54% at 6,976, NDX +0.73% at 25,739, DJI +1.05% at 49,408, RUT +1.02% at 2,640.
- Click here for a detailed summary.
TARIFFS/TRADE
- US President Trump posted on Truth that it was an honour to speak with Indian PM Modi, who agreed to stop buying Russian oil, and to buy much more from the US and, potentially, Venezuela. Trump added that they agreed to a trade deal between the US and India, whereby the US will charge a reduced Reciprocal Tariff, lowering it from 25% to 18%, while India will move forward to reduce tariffs and non-tariff barriers against the US to zero. Furthermore, Modi also committed to “BUY AMERICAN,” at a much higher level, in addition to over USD 500bln of US energy, tech, agricultural, coal, and many other products.
- White House official said the US is also dropping 25% additional tariff on Indian imports since India is reducing purchases of Russian oil.
NOTABLE HEADLINES
- Fed’s Bostic (2026 voter, retiring) said the outlook for H1 of 2026 is for strong economic performance, inflation to stay high and a source of concern, while he stated the outlook for 2026 is a continued resilient economy and that no one is projecting a worsening of the labour market. Bostic said they will have reached an equilibrium with the economy by mid-year, as well as commented that they are not through with inflation from tariffs, and it is premature to say that the inflation job is done. Furthermore, he has no rate cuts for 2026 pencilled in and stated that one or two cuts would put them at neutral.
- Fed SLOOS for January noted that, regarding loans to businesses, survey respondents reported, on balance, tighter lending standards for commercial and industrial (C&I) loans to firms of all sizes, while banks reported stronger demand for C&I loans to large and middle-market firms and basically unchanged demand for C&I loans to small firms on net.
- US President Trump said the Fed chair nominee will do well and that the investigation into Fed Chair Powell should be taken to the end.
- US President Trump announced the creation of a US strategic critical minerals reserve, which includes USD 2bln funding from the private sector and USD 10bln funding from the US Exim Bank.
- US President Trump said they are working hard with House Speaker Johnson to get the current funding deal that passed in the Senate last week, through the House and to his desk, which he would sign into law immediately.
- US House Rules panel advanced the Senate funding package.
- US Treasury said it expects to borrow USD 109bln in Q2 and sees end cash balance of USD 900bln, while it is to borrow USD 574bln in Q1 and sees end cash balance of USD 850bln.
- Barron’s reported that the BLS will not release the January jobs report on Friday due to the partial US Government shutdown, while December JOLTS (due 3rd Feb) has also been postponed.
APAC TRADE
EQUITIES
- APAC stocks were mostly higher with several bourses firmly recovering from the prior day’s sell-off, as the region took impetus from the positive handover from Wall Street, where markets rallied after a strong ISM Manufacturing report.
- ASX 200 climbed higher with tech and miners leading the advances, although further upside was capped as the focus turned to the RBA which hiked rates for the first time in over two years and sounded hawkish on inflation.
- Nikkei 225 surged following recent currency weakness and gained a firm footing above 54,000 to hit a record intraday high.
- KOSPI outperformed in a turnaround from the prior day’s bloodbath with the Korea Exchange activating a sidecar earlier in the session to briefly halt program trading after a sharp rise in the local benchmark.
- Hang Seng and Shanghai Comp initially lagged with early pressure seen across tech stocks, despite no immediate obvious catalysts, and with some attributing it to VAT hike concerns, while the Hang Seng TECH Index briefly re-entered bear market territory after dropping more than 20% from its October high. However, Chinese markets then pared their losses alongside the broad rally in Asia.
- US equity futures held on to recent spoils and lingered near the prior day’s best levels.
- European equity futures indicate a positive cash market open with Euro Stoxx 50 futures up 0.4% after the cash market closed with gains of 1.0% on Monday.
FX
- DXY took a breather after advancing against all G10 peers yesterday as yields climbed and participants digested better-than-expected ISM Manufacturing PMI data, which printed its first expansion in 12 months and at the fastest pace since 2022. There were some recent Fed comments in which Bostic argued that one or two rate cuts would put them at neutral and said it’s premature to say that the inflation job is done, while it was also announced that the BLS has delayed the December JOLTS report due today and the January NFP report that was scheduled for Friday owing to the partial government shutdown.
- EUR/USD nursed losses after having recently suffered against the firmer dollar and returned to 1.1800 territory, while it was also reported that France adopted the 2026 state budget after the government survived no-confidence votes.
- GBP/USD eked slight gains, albeit with price action contained amid quiet pertinent newsflow and a sparse calendar for the UK heading into Thursday’s BoE meeting.
- USD/JPY slightly eased back from yesterday’s peak after rallying alongside the recent dollar strength and the improvement in risk sentiment, while Japanese Finance Minister Katayama clarified regarding PM Takaichi’s comments over the weekend and said the PM talked about FX benefits as a general fact and didn’t specifically emphasise merits in a weak yen.
- Antipodeans gained amid the rebound in risk appetite and metal prices, while further upside was seen after the RBA meeting, where the central bank hiked the Cash Rate by 25bps to 3.85%, as expected, and stated inflation is likely to remain above target for some time.
- PBoC set USD/CNY mid-point at 6.9608 vs exp. 6.9598 (Prev. 6.9695)
- SNB Chairman Schlegel said interest rates are currently appropriate and that the SNB can cut rates below zero, but noted a higher threshold, while he also commented that the current situation with low inflation and 0% interest rates is not easy for monetary policy.
FIXED INCOME
- 10yr UST futures languished at the prior day’s trough after the curve flattened in the aftermath of the strong ISM report.
- Bund futures remained subdued after retreating yesterday and ahead of Bund issuances scheduled for today and tomorrow.
- 10yr JGB futures retreated amid the improvement in risk sentiment and with demand not helped by a weaker 10yr JGB auction.
COMMODITIES
- Crude futures remained lacklustre after declining yesterday amid some unwinding of the geopolitical risk surrounding a potential US attack on Iran, with US envoy Witkoff and Iranian Foreign Minister Araghchi to meet on Friday in Istanbul to discuss a possible nuclear deal.
- Spot gold continued to recover from the recent historical slump and returned to above the USD 4800/oz.
- Copper futures edged higher alongside the resurgence in metal prices and risk appetite.
CRYPTO
- Bitcoin was choppy overnight and returned to flat territory after recovering from a brief dip beneath the USD 78,000 level.
NOTABLE ASIA-PAC HEADLINES
- RBA hiked the Cash Rate by 25bps to 3.85%, as expected, with the decision unanimous, while it stated that inflation is likely to remain above target for some time and that a wide range of data confirms inflation has picked up materially. RBA said broad measures of wage growth continue to be strong and job market conditions are a little tight, but also noted that private-sector demand is growing faster than expected. It also stated there are uncertainties about the outlook for domestic economic activity and inflation and the extent to which monetary policy is restrictive. RBA’s Statement on Monetary Policy noted that underlying inflation is higher than expected and GDP growth has continued to pick up, with private demand growth surprisingly strong, while it projected trimmed mean inflation at 3.7% (prev. 3.2%) in June 2026, 3.2% (prev. 2.7%) in December 2026, and 2.7% (prev. 2.6%) in December 2027. It also sees annual GDP growth at 2.3% (prev. 2.0%) in December 2025, 1.8% (prev. 1.9%) in December 2026, and 1.6% (prev. 2.0%) in December 2027, while its forecasts assume a Cash Rate of 3.9% in June 2026, 4.2% in December 2026 and 4.3% in December 2027.
- RBA Governor Bullock said the pulse of inflation is too strong and that high inflation hurts all Australians, while she added the Board thinks inflation will take longer to return to the target, and they cannot allow inflation to get away from them. Bullock also said she would not give forward guidance and that the board will remain focused on data, as well as noted that they did not discuss a 50bps rate increase.
DATA RECAP
- South Korean Inflation Rate MM (Jan) 0.4% vs. Exp. 0.4% (Prev. 0.3%)
- South Korean Inflation Rate YY (Jan) 2.0% vs. Exp. 2.1% (Prev. 2.3%)
- Australian Building Permits MM (Dec P) -14.9% vs. Exp. -5.7% (Prev. 15.2%)
GEOPOLITICS
MIDDLE EAST
- US President Trump said they are talking with Iran and will see how that goes.
- US senior official said the US-Iran meeting on Friday will focus on trying to reach a “package deal” that would prevent war with Iran, while the Trump admin hopes Iranians will come to the summit ready to make significant compromises, according to Axios.
- Israeli officials estimate that US President Trump will launch an attack on Iran, and expect negotiations with Iran to reach an impasse, according to Al Hadath.
RUSSIA-UKRAINE
- US President Trump said they are doing very well with Ukraine and Russia and thinks they will have some good news, while he stated that Russian President Putin agreed to no missiles going into Kyiv.
- Ukraine agreed a multi-tier plan for enforcing any ceasefire with Russia, according to the FT
- Loud explosions were reportedly heard in Ukraine’s capital of Kyiv, according to witnesses.
OTHER
- US Interior Secretary Burgum said absolutely when asked whether the Cuban regime could fall, and stated that with a change in government, investment upside is dramatic, according to Fox News.
EU/UK
NOTABLE HEADLINES
- France’s government adopted the 2026 budget after it survived two no-confidence votes in Parliament.
2.a NORTH KOREA/SOUTH KOREA/JAPAN
2 b JAPAN
3. CHINA
CHINA/RUSSIA
Chinese Oil Firms Turn To Iran To Replace Venezuelan Crude
Tuesday, Feb 03, 2026 – 07:20 AM
China’s teapot refiners are buying discounted Iranian crude to replace the loss of supplies from Venezuela following Washington’s violent takeover of the South American nation’s oil, Reuters reported Monday.
“The drawdown of Iranian oil held in storage is making up for the drop in Venezuelan supply to the world’s largest crude importer,” the news agency wrote, citing two people with knowledge of the matter.
Venezuelan oil shipments to China have fallen drastically since US President Donald Trump imposed a blockade on Venezuelan oil tankers attempting to leave the country in December.
On January 3rd, US forces bombed the Venezuelan capital, abducted Venezuelan President Nicholas Maduro, and took control of the country’s oil. Washington announced it was placing Venezuela’s oil revenues in accounts in Qatar under White House control.
Trump has allowed global trading firms Vitol and Trafigura to sell up to 50 million barrels of Venezuelan oil. However, Beijing-owned firm PetroChina has halted its oil purchases from Caracas amid the uncertainty.
Beijing’s independent refiners have responded by stepping up purchases of Iranian heavy crude stored in bonded storage tanks in China and on ships at steep discounts, the sources told Reuters.
Additional Chinese purchases of Iranian Heavy and Pars crude grades are expected in February and March, one of the two sources added. The refiners can purchase Iranian Heavy crude at discounts of about $12 per barrel, as Iran is faced with few willing buyers due to US sanctions.
Russian Urals trade at a discount of $11 to $12 per barrel, also due to US sanctions. With Washington’s permission, Vitol is offering Chinese buyers discounts of roughly $5 per barrel for Venezuelan crude.
China’s imports of Venezuelan crude averaged 394,000 barrels per day (bpd), around four percent of Beijing’s total seaborne crude imports, before the US takeover.
Years ago China imported almost no oil from Venezuela due to a lack of heavy crude refining facilities. Since the establishment of a strategic partnership between the two nations, China invested tens of billions to strengthen cooperation. Specifically, in 2023, the China-Venezuela Petrochemical Plant (中委石化) was built in Jieyang, Guangdong (广东揭阳). This 20-million-ton-per-year integrated refining and chemical project is the flagship of the China-Venezuela strategic cooperation (referred to as the “China-Venezuela Project”). It was designed specifically to refine Venezuelan Merey-16 heavy crude. By 2025, it was expected that Venezuela would provide 800,000 barrels of crude oil per day to the Jieyang refinery, accounting for over 90% of Venezuela’s total exports.
Now that Trump has taken control of Venezuela, he has “killed two birds with one stone.” The U.S. military has already secured Venezuelan shipping ports (such as the Port of Jose). Consequently, the China-Venezuela Jieyang plant has been cut off from its supply; facing a total lack of oil to refine, the facility is now at risk of becoming obsolete.
By securing this supply, the U.S. can not only feed its own refineries—satisfying their “hunger” for heavy crude—but also intercept the flow of Venezuelan oil to China. This effectively “throttles” Chinese refineries, delivering a precision strike against China’s core heavy oil import strategy while simultaneously seizing control over global heavy oil pricing power.
Well, yes, President Trump has offered reassurances that he will guarantee China’s heavy oil supply, but who knows how much will be supplied and under which condition? This “guaranteed supply” will become a strategic bargaining chip for America likely used to pressure China into “oil-for-debt” or “oil-for-tariffs” swaps. Furthermore, while Venezuelan oil was previously purchased using Chinese currency RMB (Yuan), it will inevitably return to USD settlement, ensuring dominance over petroleum finance.
China is a big loser, this is for sure.
Last year, after Trump imposed a 25 percent tariff on countries buying Venezuelan oil, New Delhi stopped buying oil from Caracas. India and China have been forced to shift their purchases of oil in recent years due to aggressive sanctions on Russia, Venezuela, and Iran.
4./EUROPEAN AFFAIRS
POLAND/EU/NUCLEAR
Polish President Pushes For Aggressive Move To Nuclear, Bypassing LNG Amidst ‘Geopolitical Turmoils’
Tuesday, Feb 03, 2026 – 03:30 AM
Polish President Karol Nawrocki is prioritizing nuclear power in the Polish energy mix, avoiding the transitional inclusion of gas, with the government focused on building the first nuclear power plant in Lubiatów-Kopalin.
Before his trip to Davos, Nawrocki had met with entrepreneurs to discuss Poland’s accession to the G20. In his speech, he presented his vision for Poland’s future energy mix. At the beginning of the year, the Sejm (lower house of parliament) almost unanimously passed a law to support the construction of the first nuclear power plant in Lubiatów-Kopalin, Pomerania, with over PLN 60 billion (€14 billion).
Negotiations on the contract for the construction of Poland’s first nuclear power plant (EPC) are expected to be completed by mid-year. Preliminary work on the plant’s construction site and the preparation of associated infrastructure are also scheduled for this year.
Furthermore, in the first quarter, PEJ will soon submit an application to the National Atomic Energy Agency for a permit to build a nuclear power facility, Deputy Minister of Energy Wojciech Wrochna told Business Insider.
Experts confirm the long-term energy efficiency of nuclear power compared to other sources, such as renewables or coal.
Marcin Izdebski, an expert at the Center for Development Strategies, told the portal: “Renewable energy installations operate for 15-25 years. Nuclear power has a much longer lifespan, lasting 60-80 years. Furthermore, nuclear power doesn’t require balancing like renewable energy, which increases its economic efficiency. It’s most justified to build nuclear power plants where coal-fired units currently operate. Otherwise, these locations face economic collapse.”
“The government has a very rational and pragmatic approach to energy. We are by no means ideological about any source—neither coal, renewable energy, nor nuclear power. We are pursuing a policy aimed at achieving three goals: energy security, reducing CO2 emissions, and economic competitiveness. We view Poland’s future energy mix solely through the prism of these three issues,” Wrochna explained.
Construction of the first reactor of the Lubiatowo-Kopalino nuclear power plant is set to begin in 2028, while the plant is scheduled to become operational in 2036.
One source close to President Nawrocki also told Business Insider that he hopes to avoid natural gas altogether.
“The president’s goal is for us not to make a hasty transition by replacing coal with gas, but to immediately switch from coal to nuclear power. For the head of state, stability is paramount, as it is not just an economic issue but also a component of national security.”
Wojciech Dąbrowski, former president of the Polish Energy Group under PiS, pointed to the risks of gas reliance.
“Some point to gas, but it’s a fuel highly susceptible to various geopolitical turmoils. This must not be forgotten, as we don’t have sufficient gas resources of our own and must import about 80 percent of it. Therefore, gas can only be a useful supplement.”
END
SPAIN\
“Advocating Genocide”: Musk Slams Far-Left Spanish MP’s Demand 500,000 Illegals Be Made Citizens For ‘Population Replacement’
Tuesday, Feb 03, 2026 – 02:00 AM
Irene Montero, a politician from the far-left, pro-immigration Podemos party, is arguing that after granting amnesty to 500,000 illegal immigrants, the Sanchez government should now make them Spanish citizens and amend the law to allow them to participate in elections. She specifically calls to replace the “fascists and racists with immigrants.” Now, she has faced backlash from a wide range of critics, including Elon Musk and a range of European politicians.
“I hope for replacement theory, I hope we can sweep this country of fascists and racists with immigrants. Whatever their skin color, whether Chinese, Black, or Brown,” Montero said, as quoted by the daily El Mundo. In her speech, she strongly criticized right-wing parties, including Vox and its leader Santiago Abascal, describing their rhetoric as “racist” and “anti-migration.”
Montero spoke on Saturday at a rally in Zaragoza, organised ahead of the regional elections in Aragon on Feb. 8.
The decision by Spain’s socialist government to legalize the stay of 500,000 illegal immigrants in the country has brought a fury of backlash.
Not only are many Spaniards furious at her remarks, but her remark also garnered international attention, including from Elon Musk, who said: “She is advocating genocide. Utterly contemptible.”
Polish politicians also provided their view on her remarks.
“This is exactly the goal of the left and the liberals ruling the EU. This is why they pushed through the migration pact. As many new citizens as possible, imported from outside Europe – this is their hope for additional votes in the elections and maintaining power,” commented PiS MP Paweł Jabłoński, according to Polish newspaper Do Rzezcy.
“Podemos is your ally in Europe, the Razem party, Adrian Zandberg? Do you also support the implementation of the ‘great replacement theory’?” asked MP Kacper Płażyński, also from PiS.
“Immediately exclude Spain from the Schengen Area!” called Piotr Czak Żukowski of the National Movement. “Granting citizenship to hordes of illegal immigrants from Africa is a threat to all of Europe,” emphasized the Confederation activist.
END
UK/EPSTEIN
Former UK Cabinet Minister Accused Of Leaking Bombshell Financial Data To Epstein
Tuesday, Feb 03, 2026 – 06:55 AM
Former U.K. Cabinet minister Peter Mandelson – who was fired last September from his new role as ambassador to the United States due to his ties to Jeffrey Epstein – is facing mounting political and legal pressure following disclosures that he may have shared market-sensitive government information with Epstein during the global financial crisis.
Documents released Friday by the U.S. Department of Justice as part of the so-called Epstein files appear to show that Mandelson, then business secretary in the Labour government of Prime Minister Gordon Brown, forwarded confidential policy discussions and draft plans to the disgraced financier while the government was grappling with the collapse of global credit markets.
As the Guardian notes, emails forwarded to Epstein from the very top of the UK government include:
- A confidential UK government document outlining £20bn in asset sales.
- Mandelson claiming he was “trying hard” to change government policy on bankers’ bonuses.
- An imminent bailout package for the euro the day before it was announced in 2010.
- A suggestion that the JPMorgan boss “mildly threaten” the chancellor.
- Epstein asked Mandelson to confirm a €500bn bailout – which the then business secretary said would be announced that evening. The following day, Mandelson also appeared to give Epstein an early tipoff about Gordon Brown’s resignation.
The revelations have prompted Prime Minister Keir Starmer to order an investigation by the cabinet secretary and to demand that Mandelson resign from the House of Lords. Brown has separately asked the cabinet secretary, Chris Wormald, to investigate the alleged disclosures.
Opposition parties have escalated the matter further. The Scottish National Party and Reform UK have reported Mandelson to police, alleging misconduct in a public office. Emily Thornberry, Labour’s chair of the foreign affairs select committee, said the allegations should be examined as a potential criminal matter.
The Metropolitan Police confirmed it had received several reports relating to alleged misconduct and was assessing whether they meet the threshold for a criminal investigation.
“The reports will all be reviewed to determine if they meet the criminal threshold for investigation,” said Commander Ella Marriott. “As with any matter, if new and relevant information is brought to our attention we will assess it, and investigate as appropriate.”
Sensitive Information Shared
According to the disclosures, emails forwarded to Epstein from senior levels of the British government included a confidential document outlining £20 billion in potential asset sales, discussions about changing policy on bankers’ bonuses, details of an imminent eurozone bailout package ahead of its public announcement in 2010, and references to pressuring the chancellor through senior banking executives.
In one email sent on June 13, 2009, Nick Butler, then a special adviser to Brown, circulated a memo detailing policy measures under consideration and suggesting that the government had £20 billion in saleable assets. Mandelson forwarded the message to Epstein, writing, “Interesting note that’s gone to the PM.”
Epstein replied asking, “what salable (sic) assets?” A response from a redacted email address stated: “Land, property I guess.” Four months later, the government announced plans to sell surplus real estate in a bid to raise £16 billion.
Butler said he was considering reporting the matter to police. “We worked on the basis of trust, which allowed us to float ideas,” he told the Times. “I am disgusted by the breach of trust, presumably intended to give Epstein the chance to make money.”
Another email from May 9, 2010 shows Epstein asking Mandelson to confirm a €500 billion eurozone bailout, which Mandelson indicated would be announced that evening. The following day, Mandelson appeared to give Epstein advance notice of Brown’s impending resignation.
In separate correspondence days later, Epstein asked whether JPMorgan chief Jamie Dimon should contact the chancellor, Alistair Darling. Mandelson replied that Dimon should “mildly threaten” him.
BBC economics editor Faisal Islam said he understood from discussions with Darling that such calls from senior bankers, including Dimon, did subsequently take place.
Financial Ties Under Question
The disclosures have also revived questions about Mandelson’s financial relationship with Epstein. Documents released earlier this week suggest that Epstein paid a total of $75,000 into bank accounts of which Mandelson, then a Labour MP, was believed to be a beneficiary. It is also alleged that Epstein sent £10,000 in September 2009 to Mandelson’s partner—now his husband—Reinaldo Avila da Silva, to help fund an osteopathy course and other expenses.
A former adviser described Mandelson’s conduct to the Guardian as “treacherous,” adding: “You can imagine the sense of betrayal that those of us who worked every hour of the day during that crisis are feeling.”
Brown said he had previously asked the cabinet secretary to investigate potential leaks in September but was told there was insufficient evidence at the time. “This is shocking new information that has come to light,” Brown said Monday, calling for “a wider and more intensive enquiry” into the disclosure of government papers during the crisis.
Political Fallout
Starmer, who has no direct authority to strip Mandelson of his peerage, is facing renewed scrutiny over his decision to appoint Mandelson as U.S. ambassador and his proximity to senior Labour figures, including chief of staff Morgan McSweeney and Health Secretary Wes Streeting. Mandelson resigned his Labour Party membership on Sunday.
Downing Street has written to the House of Lords authorities urging urgent reform of disciplinary procedures to allow for the removal of peers in cases of serious misconduct. A Lords source said there is currently little guidance on how such reforms would be implemented, despite their inclusion in Labour’s manifesto.
Chief Secretary to the Treasury Darren Jones told Parliament that “no government minister of any political party should have, nor ever should behave in this way,” and suggested Mandelson may have misrepresented his interests before taking up his ambassadorial role. “When someone lies in their declaration of interests, there must be a consequence,” Jones said.
There is no modern precedent for removing an individual from the House of Lords, a step that would require primary legislation. The last such action occurred during the First World War, when a group of peers aligned with Britain’s enemies were stripped of their titles.
No timetable has been set for the Cabinet Office review, and Downing Street has not confirmed whether its findings will be made public. The inquiry may involve examining archived government documents and interviewing Mandelson and other senior officials who served in Downing Street during the period in question.
END
ELON MUSK/FRANCE
Musk’s X Office In Paris Raided By Cybercrime Unit As Brussels Becomes More Unhinged
Tuesday, Feb 03, 2026 – 08:05 AM
One week after the European Commission opened a new formal investigation into Elon Musk’s X under the Digital Services Act (DSA) and expanded a separate probe launched in December 2023, X’s Paris office was raided by France’s cybercrime unit as part of an investigation into the distribution of sexual deepfakes and Holocaust denial content.
“A search is being carried out at the French premises of X by the cybercrime unit of the Paris public prosecutor’s office, together with @CyberGEND and @Europol , as part of the investigation opened in January 2025,” the Paris prosecutors’ office wrote on X early Tuesday.
The Paris public prosecutor’s office also said it is leaving the X platform and will post exclusively on Reid Hoffman’s LinkedIn and Meta-owned Instagram.
In a statement, the public prosecutor’s office said that both Elon Musk and Linda Yaccarino (former X CEO) had been summoned for voluntary questioning “in their capacity as de facto and de jure managers of the X platform at the time of the events.”
The prosecutor’s office set the date for April 20, a day frequently associated with Musk, suggesting the activists chose it as a pointed jab.
Back to the X message: “Find us on Lkd and Insta.” What a ridiculous statement from the prosecutor’s office. It only reinforces the idea that this is pure political theater, emblematic of Europe’s left-wing, unhinged censorship regime targeting a U.S. billionaire who has done more to uphold free speech than anyone else in the West.
X previously described the probe’s widening last year as “politically-motivated”… The prosecutor’s office said it was examining “alleged complicity” in offences related to the platform, including the spreading of child abuse images and sexually explicit deepfakes via the AI chatbot on X called “Grok.”
Yet, no investigation into other chatbots?
Musk has been outraged by the Brussels bureaucrats …
It only appears that the censorship cartel in the EU has borrowed ideas from 20th-century Nazi dictator Adolf Hitler…
Within the Trump administration, Secretary of State Marco Rubio and other officials have criticized EU internet policies.
“The EU should be supporting free speech, not attacking American companies over garbage,” Vice President JD Vance recently said.
Rubio has warned the left-wing Brussels bureaucrats that “days of censoring Americans online are over.”
With President Trump and Musk now buddies again, we suspect the president will fire off a Truth Social post about Brussels bureaucrats, and Musk will be commenting on X.
It’s clear what the Europeans are trying to do…
What’s happening in Europe is regulatory overreach that targets American free-speech innovation, and in the world of the Trump era, Brussels and its censorship cartel must be defeated.
END
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
ISRAEL TBN LAST 24 HR
ISRAEL UPDATES
IRAN UPDATES
Iran fears US strike could break Islamic regime’s grip on power by reigniting protests, sources say
“People are extremely angry,” a former official said, adding a US attack could lead Iranians to rise up again. “The wall of fear has collapsed. There is no fear left.”
Cars burn in a street during a protest over the collapse of the currency’s value, in Tehran, Iran, January 8, 2026.(photo credit: STRINGER/WANA (WEST ASIA NEWS AGENCY) VIA REUTERS)ByREUTERS, JAMES GENNFEBRUARY 2, 2026 20:04Updated: FEBRUARY 2, 2026 22:04
Iran’s leadership is increasingly worried a US strike could break its grip on power by driving an already enraged public back onto the streets, following a bloody crackdown on anti-government protests, according to six current and former officials.
In high-level meetings, officials told Supreme Leader Ayatollah Ali Khamenei that public anger over last month’s crackdown, the bloodiest since the 1979 Islamic Revolution, has reached a point where fear is no longer a deterrent, four current officials briefed on the discussions said.
The officials said Khamenei was told that many Iranians were prepared to confront security forces again and that external pressure, such as a limited US strike, could embolden them and inflict irreparable damage to the political establishment.
One of the officials told Reuters that Iran’s enemies were seeking more protests so as to bring the Islamic Republic to an end, and “unfortunately,” there would be more violence if an uprising took place.
“An attack combined with demonstrations by angry people could lead to a collapse (of the ruling system). That is the main concern among the top officials, and that is what our enemies want,” said the official, who, like the other officials contacted for this story, declined to be named due to the sensitivity of the matter.
The reported remarks are significant because they suggest private misgivings inside the leadership at odds with Tehran’s defiant public stance towards the protesters and the US.
The sources declined to say how Khamenei responded. Iran’s Foreign Ministry did not immediately respond to a Reuters request for comment on this account of the meetings.
Multiple sources told Reuters last week that US President Donald Trump is weighing options against Iran that include targeted strikes on security forces and leaders to inspire protesters, even as Israeli and Arab officials said air power alone would not topple the clerical rulers.
People are extremely angry, says former official
Any such uprising in the wake of a US strike would stand in contrast to the Iranians’ response to Israeli and US bombing attacks on Iran’s nuclear program back in June, which was not followed by anti-government demonstrations.
But a former senior moderate official said the situation had changed since the crackdown in early January.
“People are extremely angry,” he said, adding a US attack could lead Iranians to rise up again. “The wall of fear has collapsed. There is no fear left.”
Tensions between Tehran and Washington are running high. The arrival of a US aircraft carrier and supporting warships in the Middle East has expanded Trump’s ability to take military action if he so wishes, after repeatedly threatening intervention over Iran’s bloody crackdown.
Regime must make major reforms or face wider protests, former president Rouhani states
The Iranian Regime needs to make major reforms, or it will face more protests, former president Hassan Rouhani was cited by The Telegraph as saying.
“People have demands and we must respond to them with a major reform, not a minor reform,” Rouhani said.
“If you make minor changes, God forbid, we might face problems again in two or three months, or even in 10 days,” he added.
Nasrollah Pejmanfar, a hardline member of the Iranian parliament, denounced Rouhani’s comments, stating that “Today is the time for major reform, which is the arrest and execution of Rouhani.”
‘The game is over,’ says former prime minister
Several opposition figures, who were part of the establishment before falling out with it, have warned the leadership that “boiling public anger” could result in a collapse of the Islamic system.
“The river of warm blood that was spilled on the cold month of January will not stop boiling until it changes the course of history,” former prime minister Mir-Hossein Mousavi, who has been under house arrest without trial since 2011, said in a statement published by the pro-reform Kalameh website.
“In what language should people say they do not want this system and do not believe your lies? Enough is enough. The game is over,” Mousavi added in the statement.
Dire situation result of Khamenei’s destructive domestic, international interventions, policies, former parliament speaker Karroubi says
Iran’s current situation is the “direct result of destructive domestic and international interventions and policies” of Khamenei, former parliament speaker and reformist cleric Mehdi Karroubi was cited by The Telegraph as saying.
The “costly and fruitless nuclear project and the heavy consequences of sanctions over the past two decades on the country and people” were examples of failed policies, according to Karroubi.
“The depth of the tragedy [of protester deaths and injuries] is so deep that no excuse or justification can be accepted for this horrific and merciless massacre and disrespect for the bodies of victims,” he added.
The only way out of the crisis while maintaining the peace is to “recognize the right of the people to self-determination in a free referendum,” he stated.
Security forces destroying demonstrations with lethal force
During the early January protests, witnesses and rights groups said, security forces crushed demonstrations with lethal force, leaving thousands killed and many wounded. Tehran blamed the violence on “armed terrorists” linked to Israel and the US.
Trump stopped short of carrying out threats to intervene, but he has since demanded that Iran make nuclear concessions. Both Tehran and Washington have signaled readiness to revive diplomacy over a long-running nuclear dispute.
Simmering anger, ‘danger of bloodshed’
Analysts and insiders say that while the streets are quiet for now, deep-seated grievances have not gone away.
Public frustration has been simmering over economic decline, political repression, a widening gulf between rich and poor, and entrenched corruption that leaves many Iranians feeling trapped in a system offering neither relief nor a path forward.
“This may not be the end, but it is no longer just the beginning,” said Hossein Rassam, a London-based analyst.
If protests resume during mounting foreign pressure and security forces respond with force, the six current and former officials said they fear demonstrators would be bolder than in previous unrest, emboldened by experience and driven by a sense that they have little left to lose.
One of the officials told Reuters that while people were angrier than before, the establishment would use harsher methods against protesters if it were under US attack. He said the result would be a bloodbath.
Ordinary Iranians contacted by Reuters said they expected Iran’s rulers to crack down hard on any further protests.
A Tehran resident whose 15-year-old son was killed in the protests on January 9 said the demonstrators had merely sought a normal life, and had been answered “with bullets.”
“If America attacks, I will go back to the streets to take revenge for my son and the children this regime killed.”
Iran’s Khamenei compares protesters to Islamic State
Amid the ongoing protests, Khamenei on Monday compared Iranian protesters to Islamic State terrorists in a post on X/Twitter.
In a post, the supreme leader claimed that “seditionists in Iran burned people alive. They beheaded people. They committed the very same atrocities that Islamic State committed.”
Khamenei, who refers to the protests as “sedition,” stated that a defining feature of the protests was violence and went on to claim that the protests in Iran were orchestrated by the United States and by “Zionists.”
END
IRAN/USA
Witkoff Set To Meet Iran Envoy In Istanbul For Rare Direct Nuclear Talks
Tuesday, Feb 03, 2026 – 02:45 AM
At this point it it seems clear that President Trump is not quite ready to order a major attack on Iran, after last week threatening to do so, and weighing military options. Instead, Washington and Tehran could be inching back toward direct contact.
US envoy Steve Witkoff and Iranian Foreign Minister Abbas Araghchi are expected to meet on Friday in Istanbul to discuss a possible nuclear deal, Axios reports.
If it actually happens (and the two sides don’t escalate the rhetoric before then), it would mark the first face-to-face engagement between American and Iranian officials since talks collapsed amid the 12-day June war.
Still a lot could happen between now and the end of the week, as Axios also concedes:
A fourth source familiar with the planning said a meeting on Friday was “the best case scenario” but cautioned that nothing is final until it happens.
Iranian foreign Miniser Araghchi has stressed that “Iran is ready for diplomacy” but has also spelled out that “diplomacy is incompatible with pressure, intimidation, and force.” The Iranians are hopeful about potential renewed direct contacts with Washington, however.
There’s been reports of a lot of behind the scenes diplomatic scrambling in order to head off war, especially by Egypt, and Qatar.
But Washington’s demands have remain unchanged. This reportedly includes Trump insisting on zero uranium enrichment, and restrictions on Iran’s ballistic missile program.
Tehran has expressed that it is willing to dialogue on the nuclear issue, but that it will not limit or reduce its ballistic missile capabilities, given especially that Israel is not willing to do the same, and the Islamic Republic has already come under unprovoked Israeli attack. Such would be tantamount to national self-destruction and handing Israel an easy, cost-free victory.
In a recent interview with CNN, Araghchi said indirect contacts with Washington via regional intermediaries had been “fruitful” while at the same time warning that a wider war would be “a disaster for everybody.”
“Trump has yet to say whether and how he might use force,” the WSJ wrote over the weekend. “But American airstrikes on Iran aren’t imminent, U.S. officials say, because the Pentagon is moving in additional air defenses to better protect Israel, Arab allies and American forces in the event of a retaliation by Iran and a potential prolonged conflict.”
END
IRAN
DANGEROUS ESCALATION!!
Iranian Gunboats Attempted To Stop U.S. Tanker In Critical Energy Chokepoint
Tuesday, Feb 03, 2026 – 12:00 PM
UK Maritime Trade Operations warned of a “suspicious activity” on Tuesday morning at the Strait of Hormuz, the world’s most critical energy chokepoint, after numerous small armed boats attempted to stop a U.S. oil tanker.
This is what UKMTO has reported so far:
- Location: about 16 nautical miles north of Oman, within the inbound traffic separation scheme
- Incident: a merchant vessel was hailed on VHF by multiple small armed boats
- Response: the vessel ignored requests to stop and continued on its planned route
- Status: authorities are investigating
- Guidance: all vessels are advised to transit with caution and report any suspicious activity to UKMTO
Here’s the UKMTO Advisory:
\
The Wall Street Journal provided more color on the situation, including the U.S. tanker:
Maritime-security firm Vanguard Tech said in a message to clients that six Iranian gunboats armed with 50-caliber guns approached the tanker as it entered the strategic waterway and ordered it to kill the engines and prepare to be boarded. Instead, the vessel sped up and was later escorted by a U.S. warship.
U.S. officials confirmed armed Iranian boats tried to stop a U.S.-flagged ship and that it was escorted to safety.
The incident occurred at the critical maritime chokepoint where 20% of oil trade and a large share of LNG flows pass daily.
At its narrowest, shipping lanes are only about 2 miles wide in each direction…
Brent crude prices are marginally higher on the session, trading around $66/bbl handle.
UBS analyst Dominic Ellis provided clients with his assessment of the crude oil market early Tuesday: “The Lowdown: Oil At Risk Of Near-Term Pullback But Risks Remain.”
Ellis continued:
In the near term, UBS strategists are expecting a pullback in oil, which is running ahead of their assumptions for the quarter and the year. They see the market as oversupplied this quarter and in the full year, which should pull Brent back down into the low $60s. It is now in the mid $60s having touched low $70s very recently.
What is challenging their view is that the U.S. is building up a presence in the Middle East, and there is a perceived risk of direct intervention in Iran, which could impact Iranian supply and potentially if things spill over into the wider region, affect the 20% of global crude flows that pass through the Strait of Hormuz.
Brent crude prices…
US-Iran tensions appear to be simmering down:
This comes as the U.S. has been building up naval forces in the region for a possible strike on Iran.
END
usa navy shoots now Iranian drone!!
IT IS IDIOTIC TO DEAL WITH IRAN A TERRORIST ORGANIZATION
Iran Says US Carrier Has Retreated Near Yemen, Opening Door To Diplomacy
Tuesday, Feb 03, 2026 – 09:20 AM
Iran’s Fars news has said that the US aircraft carrier Abraham Lincoln has retreated near Yemen, opening room for the pursuit of diplomacy in hopes of staving off military confrontation between Washington and Tehran.
The report says that the large nuclear-powered carrier had “withdrawn” about 1,400 kilometers (870 miles) from the port city of Chabahar in southern Iran, and that is now operating near the Gulf of Aden, east of Yemen’s Socotra Island; however, the Pentagon had not immediately confirmed this.
The carrier group reportedly has several accompanying destroyers and submarines, as is standard when operating in an active deployment, especially in the Central Command (CENTCOM) area.
US envoy Steve Witkoff and Iranian Foreign Minister Abbas Araghchi are expected to meet on Friday in Istanbul to discuss a possible nuclear deal, according to Axios.
For now, uncertainty hangs above the meeting planning – but the apparent distancing of US and Iranian forces in the Gulf region is a big and positive sign that the dialogue is proceeding, which would constitute the first direct talks since the June war.
Iranian foreign Miniser Araghchi has stressed that “Iran is ready for diplomacy” but has also spelled out that “diplomacy is incompatible with pressure, intimidation, and force.” The Iranians are hopeful about potential renewed direct contacts with Washington, however.
Also, Iranian President Masoud Pezeshkian in a new Tuesday statement signaled conditional support for renewed talks with Washington as regional intermediaries – including Turkey, Egypt, and Qatar – scramble to dial down rising regional tensions.
In a social media post, Pezeshkian said he backs “fair and equitable negotiations” with the United States and has instructed his top diplomat Araghchi to engage with US officials “provided that a suitable environment exists – one free from threats and unreasonable expectations.”
Pezeshkian did not explicitly reference the meeting or any details reportedly expected in Istanbul, but his comments add to mounting signals from Tehran that diplomacy remains on the table, as long as it is not conducted under pressure or ultimatums.
The Quincy Institute’s Trita Parsi has concluded Iran sees itself as having nothing to lose if it tries this diplomatic Hail Mary before possibly trading bombs with the US.
“Direct talks between Iranian officials and Trump himself may appear completely unrealistic, but some of the main turning points in the US-Iran drama were caused by moves that most believe were completely impossible,” he wrote. “I don’t see what the Iranians have to lose by trying this card.“
RUSSIA VS UKRAINE UPDATES
Watch: Russian Soldiers Surrender To Gun-Wielding Robot; Humanoid Warfare Nears
Monday, Feb 02, 2026 – 11:00 PM
Video footage circulating on X from the Ukrainian front shows a Droid TW-7.62 ground robotic system, roughly half the size of a Mini Cooper, forcing the surrender of three Russian troops during an active military operation. The incident suggests that war robots are rapidly maturing, moving beyond support and logistics into offensive roles.
Futurism reports that Ukrainian defense robotics firm DevDroid’s armed unmanned ground vehicle (UGV) forced the surrender of three Russian soldiers.
“The footage shows three Russian soldiers approaching one by one, removing their equipment, and lying down next to the UGV,” the tech outlet wrote in a note, adding the UGV has a ballistic computer and artificial intelligence for autonomous detection, capture, and tracking of targets.
What is clear is that wheeled combat robots on the modern battlefield in Ukraine, used for offensive operations, could soon transition into humanoid robotic platforms.
California-based robotics startup Foundation is developing the Phantom humanoid robot for both commercial and military use.
The firm has stated ambitions to build tens of thousands of these humanoids, capable of carrying payloads and various weapon platforms, for use in dangerous missions, such as breaching buildings, and has secured defense contracts and interest from U.S. military programs.
Unlike other robotics companies such as Boston Dynamics, Agility Robotics, ANYbotics, Clearpath Robotics, Open Robotics, Unitree, and Figure AI, all of which have stated that their humanoids will not be used in military or defense applications, Foundation has stated otherwise.
Foundation’s Phantom MK1 has been trained on the 9mm pistol.
CEO Sankaet Pathak confirmed Phantom MK1 has had weapons training in a recent conversation with tech blog Humanoids Daily.
According to Forbes, Foundation deployed 40 robots in 2025, with manufacturing expanding this year to 10,000, then to 50,000 by late 2027.
Given that Foundation is one of the very few, if not only, robotics firms in the US with a DoD contract specifically for an offensive humanoid combat robot, it wouldn’t be a surprise if these bots were found on the Ukrainian battlefield for testing later this year.
Great time for a Polymarket bet on when Skynet arrives …
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUE
GLOBAL ISSUES
MARK CRISPIN MILLER
DR PAUL ALEXANDER
Single mouse study don’t make policy but it’s red flag deserves a focus, ANW shared this & I find important given push to keto diets to lose weight, seems high fat causes fatty liver metabolic disease
thanks ANW, use this as PSA, like how I call on you to not be stupid idiots & inject your ass with weight loss Ozempic Mounjaro Wegovy GLP-1s, semaglutide, evidence indicates weight loss drugs can be
| Dr. Paul AlexanderFeb 2 |
DEADLY! work with a physician yet most of our medical doctors in USA, Canada etc. are corrupted, crooked, inept, specious unscientific dolts, complete dimwits who cannot diagnose and most have no idea what they are doing and the general public is more informed…COVID showed us the underbelly of the medical profession, filthy animals IMO…
- ‘Keto was associated with fatty liver disease and harmed blood sugar regulation, with some changes happening within days.’
Mouse Study Flags a Serious Downside to Popular Weight-Loss Diet : ScienceAlert
‘The high-fat, low-carb ketogenic diet has been growing in popularity in recent years, following claims of rapid weight loss. But new research in mice suggests there are some seriously concerning side effects too.
NEWSWIZE
MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIR
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL\
Europe’s Russian Gas Ban Is Set To Trigger New Wave Of LNG Tanker Demand
Tuesday, Feb 03, 2026 – 06:30 AM
Authored by Irina Slav via OilPrice.com,
The European Union’s plan to ban LNG imports from Russia will prompt a surge in demand for LNG carriers to the tune of 30 new vessels, a senior Vortexa analyst said ahead of the LNG Qatar gathering that starts today.
According to Ashley Sherman, senior LNG analyst at the company, if the EU sanctions leave currently unsanctioned Yamal LNG free to deliver liquefied gas to European buyers, at least 30 new low ice-class or non-ice-class LNG carriers to satisfy demand for the fuel from the second-largest importing region after Asia.
In December last year, the European Union agreed a legally binding, gradual reduction in both LNG and pipeline gas imports from Russia, eventually resulting in a full ban on these exports, with the deadlines set for the end of 2026 for LNG and the autumn of 2027 for pipeline gas.
Last month, the European Council gave the final approval to the ban.
It also gave EU members until March to “prepare national plans to diversify gas supplies and identify potential challenges in replacing Russian gas.”
Hungary and Slovakia have protested the move on the grounds it would raise their energy costs to unacceptable levels.
The Yamal LNG facility, operated by Novatek, has been excluded from direct sanctions so far due to the Europea Union’s strong demand for gas, but the EU has sanctioned vessels loading from the Western Siberian LNG plant.
Novatek’s second LNG plant, however, Arctic LNG 2, along with Gazprom’s Portovaya LNG plant, are under Western sanctions.
They still export liquefied gas to China, despite the sanctions on both production facilities and LNG carriers servicing them.
Meanwhile, the EU imported record volumes of LNG last month amid harsh winter weather, with the total calculated at 12.7 billion cu m, Russia’s TASS news agency reported, citing figures from Gas Infrastructure Europe.
CUBA/RUSSIA/USA
this is a no no!! Cuba is in the USA sphere of influence. What will Trump do now?
US-Sanctioned Russian Military Transport Plane Touches Down At Cuban Airfield
Tuesday, Feb 03, 2026 – 04:15 AM
In a development which sounds reminiscent of the most dangerous moments of the Cold War, a Russian military cargo plane has been observed landing in Cuba, just as Havana is in Washington’s regime change crosshairs.
The Ilyushin Il-76, operated by the government-linked airline Aviacon Zitotrans, is reportedly under US sanctions as it has a well-documented history of ferrying military gear to Latin America. It touched down late Sunday at a Cuban military airfield.
The same aircraft – registered RA-78765 – logged flights to Venezuela, Nicaragua, and Cuba in October amid rising tensions between Washington and Caracas.
According to details in Fox News:
Flight-tracking records show the aircraft stopped in St. Petersburg and Sochi in Russia; Mauritania, Africa; and the Dominican Republic. Each landing would have required approval from host governments, offering a window into which countries are continuing to permit Russian military-linked aviation activity despite Western sanctions.
The large, long range aircraft can carry up to 50 tons of cargo or roughly 200 personnel.
The US Treasury first added the company to its sanctions list in January 2023. The statement said, “Aviacon Zitotrans has shipped military equipment such as rockets, warheads, and helicopter parts all over the world,. Aviacon Zitotrans has shipped defense materiel to Venezuela, Africa, and other locations.”
Whether this latest delivery involved weapons, equipment or infrastructure parts remains unclear. What is clear is that sanctioned Russian military logistics are once again operating in the Caribbean’s airspace.
However, from Havana’s viewpoint, it should be allowed to maintain alliances and routing business and transactions – even if on the military front, with a large power like Russia.
Days ago, Russian Ambassador to the UN Vassily Nebenzia vowed that there will be no repeat of the Venezuelan scenario in Cuba.
“There has undoubtedly been betrayal in Venezuela, this is being said quite openly. Some high-ranking officials have, in fact, betrayed the president. This scenario will not work in Cuba. I think that the Americans, despite the rhetoric they have been using against Cuba lately, are still just rhetoric. Because there will be no easy ride in Cuba if they want to repeat something like what happened in Venezuela,” Nebenzia told a Russian TV channel.
China has also lately called out the US over its threats against Cuba, with the Chinese Foreign Ministry on Friday stating, “China stands firmly against inhumane practices and moves that deprive the Cuban people of their rights to subsistence and development.”
END
CUBA/USA/RUSSIA
Cuban Missile Crisis 2.0? …May Involve Russian Drones With Crosshairs On US Homeland
Tuesday, Feb 03, 2026 – 05:45 AM
A Russian military-focused Telegram channel, Rybar, published an assessment that warned President Donald Trump’s gunboat diplomacy and the re-posturing of the U.S. Department of War toward the Western Hemisphere could generate drone threat risks to the US Homeland
“Given how the Americans are acting now, the main question is not whether the United States will strike Cuba, but when and how it will do so. Cuba, along with Venezuela and Nicaragua, has long stood as an anti-American stronghold in the Caribbean region, and after the takeover of Maduro, U.S. interest has increased,” Rybar wrote on its Telegram channel.
Rybar then laid out a scenario that, to us, suggests a Cuban Missile Crisis 2.0 in the making, in which it asked: “But what would the Cubans do in the event of a conflict? Let us hypothetically imagine that Havana decides to resist the Americans and chooses to fight. In that case, the already world-famous Geran strike drones could come to their aid.”
To bring readers up to speed, Russian-made Geranium drones are a family of long-range loitering munitions, most commonly referring to the Geran-2, which is a version of Iran’s Shahed-136. We have detailed how Russia has established domestic manufacturing plants to ramp up production, as well as the next iteration of these drones (read here).
The Geran-2 has a range of roughly 1,500 to 2,000 kilometers, carries a 30- to 50-kg high-explosive warhead, and is cheaper to produce than cruise missiles. One distinctive signature Ukrainians have learned to recognize is its sound: the drones are often described as lawn mowers in the sky.
Rybar noted the potential strike radius of the Geran-2 if such systems were positioned in Cuba, concluding that under this scenario that major oil and gas refineries, key military bases, data centers, and even Washington, DC would fall within the drone’s strike envelope, representing a highly destabilizing escalation risk.
Rybar’s Geran-2 threat map will likely cause major concern at State Department and DoW …
We warned in recent days that trillions in dollars in CapEx will be spent on data centers worldwide, as per Morgan Stanley analyst Vishwanath Tirupattur‘s forecast, but Wall Street analysts largely end their analysis at the financing and construction of next-generation data centers, with limited discussion about modern security architecture required once these facilities are built and become instant high-value targets for non-state actors or foreign adversaries (read here).
“Future wars will be wars of attrition, where autonomous systems fight one another, overwhelming technologically superior but low-inventory expensive systems. Protecting cities will require mass-produced, cost-comparable, networked solutions,” Cameron Rowe of counter-UAS interceptor startup Sentradel told us.
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS TUESDAY MORNING 6;30AM//OPENING AND CLOSING
USA DOLLAR VS EURO: 1.1809 FOR A LOSS OF .0009 OR 9 BASIS PTS.
USA/ YEN 155.65 UP 0.175 NOW TARGETS INTEREST RATE AT 1.75% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//END OF YEN CARRY TRADE BEGINS AGAIN DEC 2024/Bank of Japan raises rates by .25% TO 1.75 ..TAKAICHI NEW PM AS YIELDS RISE//JAPAN DEEPLY IN TROUBLE WITH RISING RATES AND A FALLING YEN!!
GBP/USA 1.3682 UP 0.0019 OR 19 BASIS PTS
USA/CAN DOLLAR: 1.3677 UP 0.0005 CDN DOLLAR DOWN 5 BASIS PTS//
Last night Shanghai COMPOSITE CLOSED UP 51.99 pts or 1.29%
Hang Seng CLOSED UP 59.20 PTS OR 0.22%
AUSTRALIA CLOSED UP 0.10%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 59.20 PTS OR 0.22%
/SHANGHAI CLOSED UP 51.99 PTS or 1.29%
AUSTRALIA BOURSE CLOSED UP 0.10 %
(Nikkei (Japan) CLOSED UP 2087,82 PTS OR 3.97%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 4912.00.
silver:$86.65
USA DOLLAR VS TRY: 43.49
USA DOLLAR VS RUSSIAN ROUBLE: 77.07 ROUBLE// DOWN 37 BASIS PTS
UK 10 YR BOND YIELD: 4.5200 UP 2 BASIS PTS
UK 30 YR BOND YIELD: 5.286 UP 2 BASIS PTS
CDN 10 YR BOND YIELD: 3.437 UP 1 BASIS PTS
CDN 5 YR BOND YIELD; 2.938 UP 1 BASIS PTS
USA dollar index early TUESDAY morning: 97.38 DOWN 12 BASIS POINTS FROM MONDAY’s CLOSE
TUESDAY MORNING NUMBERS ENDS
And now your closing TUESDAY NUMBERS 11: 30 AM
Portuguese 10 year bond yield: 3.249% UP 3 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.253% up 2 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.640 UP 1 BASIS PTS//DIASTER
SPANISH 10 YR BOND YIELD: 3.262 UP 4 in basis points yield
ITALY 10 YR BOND: 3.511 UP 3 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (
GERMAN 10 YR BOND YIELD: 2.8995 UP 2 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY TUESDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1785 DOWN 0.0014 OR 14 basis points
USA/Japan: 15.02 UP 0.552 OR YEN IS DOWN 55 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.5200 UP 1 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.289 UP 1 BASIS POINTS.
Canadian dollar DOWN 3 BASIS pts to 1.3675
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The USA/Yuan CNY UP TO 6.9347 ON SHORE ..
THE USA/YUAN OFFSHORE// CNH UP TO 6.9354
TURKISH LIRA: 43.49 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
Your closing 10 yr US bond yield UP 2 in basis points from MONDAY at 4.298% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.922 UP 3 basis points /11:00 AM
USA 2 YR BOND YIELD: 3.588 UP 3 BASIS PTS.
GOLD AT 10;00 AM 4907,50
SILVER AT 10;00: 86.70
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest ratesTUESDAY CLOSING TIME 11:00 AM//
London: CLOSED DOWN 26.97 PTS OR 0.26%
GERMAN DAX: CLOSED DOWN 16.73 OR 0.07%
FRANCE: CLOSED DOWN 1.67 PTS OR 0.02%
Spain IBEX CLOSED UP 4.00 PTS OR 0.02%
Italian MIB: CLOSED UP 415.31 PTS OR 0.90%
WTI Oil price 62.74 10.00 EST/
Brent Oil: 66.84 10:00 EST
USA /RUSSIAN ROUBLE /// AT: 76.91 ROUBLE DOWN 0 AND 22 / 100
CDN 10 YEAR RATE: 3.356 UP 2 BASIS PTS.
CDN 5 YEAR RATE: 2.957 UP 2 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1816 UP 0.0018 OR 18 BASIS POINTS//
British Pound: 1.3692 UP 0.0020 OR 20 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.5260 UP 21 FULL BASIS PTS//
BRITISH 30 YR BOND YIELD: 5.295 UP 1 IN BASIS PTS.
JAPAN 10 YR YIELD: 2.258 UP 2 FULL BASIS PTS (DANGEROUS TO THEIR ECONOMY
JAPANESE 30 YR BOND: 3.642 UP 0 PTS AND STILL VERY DANGEROUS TO THEIR ECONOMY
USA dollar vs Japanese Yen: 155.75 UP 0.277 OR YEN UP 28 BASIS PTS EXTREMELY DANGEROUS/YEN FALLING DEEPLY IN VALUE
USA dollar vs Canadian dollar: 1.3634 DOWN 0.0039 PTS// CDN DOLLAR UP 39 BASIS PTS
West Texas intermediate oil: 63.80
Brent OIL: 68.04
USA 10 yr bond yield DOWN 1 BASIS pts to 4.267
USA 30 yr bond yield DOWN 1 PTS to 4.900%
USA 2 YR BOND 3.568 UP 0 PTS
CDN 10 YR RATE 3.443 UP 0 BASIS PTS
CDN 5 YEAR RATE: 2.9660 UP 1 BASIS PTS
USA dollar index: 97.25 DOWN 25 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 43.48 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 77.00 DOWN 0 AND 30/100 roubles //
GOLD $4953.00 3:30 PM)
SILVER: 85.30 3;30 PM)
DOW JONES INDUSTRIAL AVERAGE: DOWN 166.67 OR 0.34%
NASDAQ 100 DOWN 399.99 PTS OR 1.55%
VOLATILITY INDEX 17.91 UP 1.57 PTS OR 0.94%
GLD: $ 454.29 UP 27.16 PTS OR 6.56%
SLV/ $76.96 UP 4.52 PTS OR OR 6.44%
TORONTO STOCK INDEX// TSX INDEX: CLOSED UP 260.36 PTS OR 0.82%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
“What A F**king Day!”: Tech Wrecks, Crypto Crashes, Bullion & Bonds Bounce
WRAP UP’:
Tech lags as mega-cap names hit hard; Crude gains on US-Iran tensions – Newsquawk US Market Wrap
Tuesday, Feb 03, 2026 – 03:52 PM
- SNAPSHOT: Equities down, Treasuries up, Crude up, Dollar down, Gold up.
- REAR VIEW: US military shot down Iranian drone that approached USS Lincoln; Iranian gunboats approached a US oil tanker, ordering it to stop; US House approves funds to end government shutdown; Russia’s Deputy PM Novak says they have a surplus in fuel supplies; RBA hikes rates by 25bps, as expected; EU is reportedly to offer the US a partnership on critical minerals to counter China’s influence; PLTR beats earnings and guidance; NVO 2026 outlook underwhelms; Dismal PYPL report.
- COMING UP: Data: Global Final Composite/Services PMIs (Jan), EZ Flash HICP (Jan), Italian CPI Prelim. (Jan), US ADP (Jan), ISM Services (Jan). Events: Riksbank Minutes (Jan); Treasury Refunding Announcement; NBP Policy Announcement. Speakers: RBA’s Jones; Fed’s Cook. Supply: Australia, Germany, US. Earnings: Alphabet, Arm, Qualcomm, ELF, Snap, Uber, Eli Lilly, AbbVie, CME, Bunge.
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MARKET WRAP
US indices were hit hard on Tuesday, albeit settling off troughs, as weakness in mega-cap names (NVDA, AVGO, META, MSFT, AMZN) weighed on the tech-heavy Nasdaq 100, which unsurprisingly saw Tech as the clear sectoral laggard. Communications and Discretionary were the next worst hit, while Energy, Materials, Consumer Staples, and Utilities all saw gains in excess of 1%. Supporting the former was strength in the crude complex after heightened US/Iran rhetoric, despite seemingly easing in the last couple of days. WSJ reported that Iranian gunboats approached a US oil tanker in the Strait of Hormuz early Tuesday and ordered it to stop, and in response, the US military shot down an Iranian drone that approached a US Navy aircraft carrier in the Arabian Sea. Separate reports suggested that, ahead of the Iran/US meeting, Iran reportedly wants to change venue [Oman from Istanbul) and the format of nuclear talks with the US. Amid the continued risk-off sentiment, precious metals saw hefty gains and reversed some of their extensive losses since the Warsh Fed Chair nomination. Bitcoin saw extensive losses and tested USD 73k to the downside. In FX, the Dollar was broadly weaker against G10 peers, as the Swissy gained from broader risk-off sentiment, while Antipodeans, and in particular the Aussie, benefitted from the RBA hiking rates by 25bps overnight. Treasuries saw marginal gains across the curve, albeit in very tight ranges, ahead of QRA on Wednesday. Lastly, the US House approved funds to end the partial government shutdown and sent them to US President Trump for signing into law (which is a given), but it still means the US payrolls report on Friday is delayed, with ING writing this week’s data may be published next week.
FED
BARKIN (2027 voter): Said the policy rate is now at the higher end of the neutral rate estimate. He described recent economic data as encouraging on the demand side, employment and inflation, but remains concerned about risks to employment and inflation. Barkin is open to a conversation about any aspect of the balance sheet or other Fed operations. Meanwhile, he said it’s still an open question about when inflation will fall to 2% and expects progress on inflation, which remains above target. On jobs, he noted a world of no job growth is ‘uncomfortable’ even if the unemployment rate stays low; firms say demand is fine and are not doing layoffs at scale. Barkin does not know Kevin Warsh well, but said he seems capable and charismatic.
FIXED INCOME
T-NOTE FUTURES (H6) SETTLED UNCH. AT 111-19
T-Notes see marginal strength across the curve, albeit within very tight ranges. At settlement, 2-year -1.4bps at 3.570%, 3-year -0.8bps at 3.643%, 5-year -1.0bps at 3.833%, 7-year -1.3bps at 4.047%, 10-year -0.6bps at 4.272%, 20-year -1.0bps at 4.854%, 30-year -1.2bps at 4.905%.
THE DAY: T-Notes traded sideways in overnight trade, before seeing gradual weakness through the European morning, albeit within thin parameters, highlighted by T-Notes trading in an initial 3 tick range. Headline-driven newsflow was sparse, which was accentuated by the cancellation of JOLTS data due to the partial Government shutdown. However, as the session progressed, T-Notes came off its lows of 111-13+, and ground higher as sentiment continued to worsen out of the US. US indices saw notable downside, as did Bitcoin, while precious metals soared, reclaiming some recent losses, and in turn, T-Notes benefited from the souring sentiment to hit highs of 111-21+. On the shutdown, the US House approves funds to end the partial government shutdown and sends them to US President Trump for signing into law (which is a given), but it still means the US payrolls report on Friday is delayed, with ING writing this week’s data may be published next week. Looking ahead, attention is on the quarterly refunding announcement on Wednesday, alongside ISM Services, ADP (Jan), and earnings from GOOGL/QCOM/ARM earnings after-hours.
SUPPLY
BILLS
- US sold 6-week bills at a high rate of 3.64%, B/C 2.83x
- US is to sell USD 105bln of 4-wk bills and USD 95bln of 8-wk bills on February 5th; USD 85bln of 8-wk bills on February 4th; all to settle on February 10th
STIRS/OPERATIONS
- Market Implied Fed Rate Cut Pricing: March 1bps (prev. 2.2bps), April 5.3bps (prev. 5.8bps), June 17.4bps (prev. 17.3bps), December 48.7bps (prev. 47.4bps).
- NY Fed RRP op demand at USD 1.79bln (prev. 10.42bln) across 18 counterparties (prev. 8)
- EFFR at 3.64% (prev. 3.64%), volumes at USD 93bln (prev. 101bln) on February 2nd.
- SOFR at 3.69% (prev. 3.68%), volumes at USD 3.307tln (prev. 3.275tln) on February 2nd.
CRUDE
WTI (H6) SETTLED USD 1.07 HIGHER AT 63.21/BBL; BRENT (H6) SETTLED USD 1.03 HIGHER AT 67.33/BBL
The crude complex was firmer, supported by US/Iran tensions, seemingly intensifying once again. Prior to this, WTI and Brent were choppy, but ultimately pressured in the European morning to hit lows of USD 61.12/bbl and 65.19, respectively, following comments by Russia’s Deputy PM Novak, saying they have a surplus in fuel supplies. Following this, benchmarks ground higher from lows before extending to intra-day highs after WSJ reported that Iranian gunboats approached a US oil tanker in the Strait of Hormuz early Tuesday and ordered it to stop. In response to this, the US military shot down an Iranian drone that approached a US navy Aircraft Carrier in the Arabian Sea. Separate reports suggested that, ahead of the Iran/US meeting, Iran reportedly wants to change venue [Oman from Istanbul) and the format of nuclear talks with US – they also now want to hold them in a bilateral format, only with the US, rather than with several Arab and Muslim countries attending as observers, with Axios sources adding that is because the Iranians want to limit the talks to nuclear issues and not discuss things like missiles and proxy groups that are priorities for other countries in the region. After-hours focus will be on the weekly private inventory figures, whereby current expectations are (bbls): Crude +0.5mln, Distillates -2.3mln, Gasoline +1.4mln.
EQUITIES
CLOSES: SPX -0.84% at 6,918, NDX -1.55% at 23,339, DJI -0.34% at 49,241, RUT +0.31% at 2,648
SECTORS: Technology -2.17%, Communication Services -1.28%, Health -1.01%, Consumer Discretionary -0.95%, Financials -0.88%, Real Estate -0.29%, Industrials +0.89%, Utilities +1.54%, Consumer Staples +1.71%, Materials +2.00%, Energy +3.29%.
EUROPEAN CLOSES: Euro Stoxx 50 +0.24% at 6,030, Dax 40 +0.02% at 25,411, FTSE 100 -0.03% at 10,137, CAC 40 -0.14% at 8,347, FTSE MIB -0.45% at 45,525, IBEX 35 +0.08% at 17,687, PSI +0.77% at 8,559, SMI -0.44% at 13,368, AEX +0.37% at 997
STOCK SPECIFICS:
- NVIDIA (NVDA): OpenAI has determined it needs alternatives to NVDA’s latest AI chips in some cases.
- Palantir (PLTR): EPS & rev. beat w/ stellar guidance.
- PayPal (PYPL): Profit & revenue light.
- NXP Semiconductors (NXPI): In line revs. & slower-than-exp. automotive growth, which outweighed the modest earnings beat.
- Amazon (AMZN): Will cut c.2.2k jobs in Washington as part of 16k Co-wide layoffs.
- Woodward (WWD): Top & bottom line beat with a strong outlook.
- PepsiCo (PEP): EPS, rev. topped, affirms ’26 outlook & plans to cut prices by up to 15% on snacks due to customer complaints.
- Archer-Daniels-Midland (ADM): Top line light with a weak ’26 profit view.
- Merck (MRK): FY guidance disappointed.
- Eaton (ETN): Rev. light w/ next Q & FY profit weak.
- Pfizer (PFE): Solid Q4 metrics, but midpoint of FY outlook underwhelmed.
- Intel (INTC) CEO says couple customers knocking on his door now after 18a process tech doing well; of there is any slowdown, it would be from memory – Cisco AI summit; Knowledgeable people told him the US is behind China on open-source AI; ‘No relief’ on memory shortage until 2028.
- Google (GOOGL): Reportedly looking at major Indian expansion as US tightens visa rules.
- Santander (SAN SM): To acquire Webster Financial (WBS) for USD 75/shr, according to Bloomberg TV.
- Gartner (IT): FY26 guidance missed.
- IT names: Weighed by Anthropic’s recent release of a new automative AI tool that weighed of Experian (EXPN LN), LSEG (LSEG LN), Thomson Reuters (TRI), and LegalZoom (LZ), before weighing on the Software Sector ETF, IGV; the Gartner guidance miss also weighed. Blue Owl Capital (OWL) was also weighed due to its exposure to software.
- Novo Nordisk (NVO): Releases 2026 sales and op. profit outlook; Sees 2026 sales at constant FX -5% to -13% (exp. -1.39%).
FX
The Dollar was broadly weaker against major peers, trimming the strength seen after Monday’s strong ISM Manufacturing PMI reading. The dollar was briefly weighed further vs EUR, GBP, and JPY on geopolitical updates, whereby the US military shot down an Iranian drone that approached USS Lincoln in Arabia, an update that followed reports of an Iranian gunboats approached a US oil tanker in the Strait of Hormuz early Tuesday and ordering it to stop. The risk-off tone in US equities, likely kept a floor to USD weakness, with US Treasuries benefiting in a flight to safety. Aside from the above, developments were light as the US House has approved funds to end the government shutdown, which may mean the delayed JOLTS (Dec) and NFP (Jan) reports that were originally due this week may be rescheduled as early as next week.
G10 FX gains were led by Antipodes amid the renewed risk-appetite for precious metals. Also supportive for AUD was the hawkish RBA hike, namely, hiking rates by 25bps to 3.85% whilst stating that inflation is likely to remain above target for some time and that broad measures of wage growth continue to be strong. Governor Bullock offered no forward guidance. ING writes that with this hiking profile priced in and our bias for a slightly stronger USD, a gradual unwinding of this post-RBA rally looks more likely than a re-test of last week’s 0.7094 high. Currently, AUD/USD trades ~ 0.7008
JPY lagged in the G10 space ahead of the Lower House election this Sunday. Overnight, Japanese Finance Minister Katayama clarified PM Takaichi’s weekend remarks, noting the PM spoke about FX effects in general, not specifically favouring a weak JPY. USD/JPY traded between 155.29-156.08.
USA DATA RELEASES
USA ECONOMIC COMMENTARIES
The Circular Firing Squad: Staffers At CNN And CBS Denounce Efforts To Restore Balance
Monday, Feb 02, 2026 – 05:40 PM
The decline of American mainstream media has long been obvious, with public trust and revenues plunging. Some companies are responding with the novel idea of restoring objectivity and neutrality to coverage. For years, news organizations have essentially written off half of the country.
However, as news organizations struggle to avoid even greater layoffs, staffers are fighting efforts to bring balance to their networks. That was evident last week in meetings at CNN and CBS where staffers continue to fight to retain their bias rather than their jobs.
CNN has long aired controversial hosts and guests who engaged in controversial statements on race and politics from the left. However, a meeting last week focused on the airing of one of the few conservatives who regularly appear on the network. As one staff member reportedly raised, there was outrage that Jennings is “allowed to exist” on the network. Even as CNN continues to languish in ratings, staffers want to fire one of the few remaining conservative voices on the network.
One of the key issues raised in the meeting was Jennings referring to “illegal aliens.” While CNN bars the term, it is used in federal law and federal cases, including by the United States Supreme Court.
In one exchange on Jan. 19, Jennings trades barbs with fellow panelist Cameron Kasky, a survivor of the 2018 Parkland school shooting. Kasky criticized Jennings for saying that ICE should be allowed to “chase down illegals” in Minnesota.
Jennings pushed back: “Who are you to tell me what I can and can’t say? I’ve never met you, brother. I can say whatever I want. They’re illegal aliens. And that’s what the law calls them. Illegal aliens. That’s what I’m going to call them.”
Staff members reportedly denounced him as a “MAGA mouthpiece” and a “firebrand Trump loyalist” who “frequently gets into verbal spats with other CNN guests.”
It is a curious objection since these panels are supposed to be lively contrasts between guests.
The meeting is reminiscent of the effort at the Washington Post to get staffers to recognize the company’s declining position.
Robert Lewis, a British media executive who joined the Post earlier this year, reportedly got into a “heated exchange” with a staffer. Lewis explained that, while reporters were protesting measures to expand readership, the very survival of the paper was now at stake:
“We are going to turn this thing around, but let’s not sugarcoat it. It needs turning around. We are losing large amounts of money. Your audience has halved in recent years. People are not reading your stuff. Right. I can’t sugarcoat it anymore.”
The response from staffers was to call for the new editors to be fired.
One staffer complained, “We now have four White men running three newsrooms.”
The Post has been buying out staff to avoid mass layoffs, but reporters were up in arms over the effort to turn the newspaper around.
The same dynamic is playing out at CBS, where Bari Weiss was brought in to turn around the network.
Weiss has been the subject of anonymous attacks since the company brought her in to reverse the decline in ratings. Like Lewis, Weiss tried to explain that the staff is “not producing a product that enough people want” and that something has to change.
According to reports, Weiss was direct and candid with the staff. She stated:
“I need to start by acknowledging that there’s been a lot of noise around me taking this job. … I get it. I also get why, in the face of all this tumult, you might feel uncertain or skeptical about me or what I’m aiming to do here. I’m not going to stand up here today and ask you for your trust. I’m going to earn it, just like we have to do with our viewers.”
However, she was also clear that returning to past practices is not one of the options:
“So, here it is as plain as I can say it: I am here to make CBS News fit for purpose in the 21st century. Our industry has changed more in the last decade than in the last 150 years and the transformation isn’t over yet. Far from it. It’s almost impossible to conceive of how fast things will move from here…Back then, 30 million people watched Walter Cronkite every night. Some were on the left, some were on the right. But they trusted him. Through Cronkite, they inhabited a shared world with shared facts and a shared sense of reality. We can’t reverse time’s arrow. He had two competitors. We have two billion, give or take.”
She then made the same point as Lewis with a brutally honest and brilliantly blunt assessment:
“What we can do is what journalists do best: look at the world as it actually is. We have to start by looking honestly at ourselves. We are not producing a product that enough people want.”
Bravo.
Weiss concluded with this powerful line:
“I realize that none of these ideas are revolutionary on their own. What’s different now is that the stakes are so very high. And the hour is late. And we are in a position, with the support of all of the leadership of this company, to really make the change we need.”
Any rational person would hear these words and understand that Weiss is struggling to protect these staffers from themselves; struggling to keep their jobs. Instead, the response has been glacial from journalists, who believe they should be able to continue covering stories for one another and for an ever-shrinking audience on the left.
The fact is that we need CNN and CBS. The Framers understood the importance of an independent press. These companies helped revolutionize media and could be restored if the staff stopped obstructing reform efforts.
Instead, staff members continue to furiously saw at the branch upon which they sit.
KING NEWS
| The King Report February 3, 2026 Issue 7672 | Independent View of the News |
| U.S.-Iran nuclear talks planned for Friday (in Istanbul) amid military buildup – Axios White House envoy Steve Witkoff and Iranian Foreign Minister Abbas Araghchi are expected to meet on Friday in Istanbul together with representatives of several Arab and Muslim countries to discuss a possible nuclear deal, according to two sources with knowledge and a U.S. official… https://www.axios.com/2026/02/02/iran-nuclear-talks-trump-military Trump has backed himself into a corner – Andrew Fox Donald Trump publicly encouraged Iranians to rise up, declaring on social media: “Iranian Patriots, keep protesting – take over your institutions!!! … help is on its way.” Many protesters took these words seriously… Tragically, that help never materialised… For Iranians who believed Trump’s assurances, the sense of betrayal runs deep… Trump’s sabre-rattling has not intimidated Tehran into surrender; it has only strengthened their resolve. As a result, these tentative talks seem doomed to fail or to produce a superficial agreement that Trump can parade on social media (like his non-deal on Greenland after weeks of bluster), while Tehran can easily ignore or reverse it at its convenience… It is a classic lose-lose-lose situation. Trump’s tough talk and bold promises on Iran have put him in a position where he must choose between a risky war, a meaningless symbolic strike, or an embarrassing retreat… One thing is certain: tens of thousands Iranian lie dead after Trump’s urging and subsequent inaction. Whichever option he chooses, it is too late for too many maimed and murdered innocents. He has already made a mess of this situation. Trump aimed to seem strong against Tehran; instead, by overpromising and underdelivering, he may have set himself up for the same failure he once criticized, showing, like Obama’s Syria episode, that drawing red lines is simple, but enforcing them is the real test of leadership. https://mrandrewfox.substack.com/p/trump-has-backed-himself-into-a-corner How much of the silver and gold collapse from Thursday night through early Monday was due to inside info about the Iran-US talks and/or the Kevin Warsh nomination for Fed Chair? Someone on Team Trump is a copious leaker of coming events – and someone keeps greatly profiting! Aided by the US-Iran talks report, traders eagerly played for the Monday Rally and the expected start-of- February buying at or near the NYSE close. ESHs declined moderately in early Sunday night trading. After a rebound rally that got them almost positive, ESHs sank to a daily low of 6964.50 at 1:35 ET. They then intractably rallied, for the above reasons, until they hit a daily high of 7017.25 at 12:54 ET. ESHs did a slow rollover, fell to 6998.50 at 15:51 ET, rose to 7005.50 at 15:58 ET but fell to 6998.00 at 16:00 ET. Spot SI sank to 71.3822 (-16.24%) at 1:37 ET, rebounded to 84.3773 at 7:43 ET and went inert. Spot AU sank to 4402.95 (-491.22, -10.0%) at 1:37 ET, rebounded to 4812.22 at 7: 44 ET and went inert. The BLS: The Employment Situation release for January 2026 will not be released as scheduled on Friday, February 6, 2026. The release will be rescheduled upon the resumption of government funding… Positive aspects of previous session The Monday and start-of-February rallies appeared and were augmented by US-Iran talks. The Nas 100 rallied on rabid semiconductor stock buying ahead of Palantir’s results. Negative aspects of previous session USHs declined as much as 22/32 and were -18/32 at the NYSE close. Ambiguous aspects of previous session Who keeps profiting from inside info on Trump’s actions? First Hour/Last Hour NYSE Action [S&P 500 Index]: 1st Hour: Up; Last Hour: Down Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6960.92 Previous session S&P 500 Index High/Low: 6991.92; 6914.34 After the close, Palantir reported: Q4 Adj EPS .25, .23 exp; Revenue $1.407B, $1.32B exp; Q1 Guidance Revenue $1.532B to $1.536B, $1.33B consensus; FY 2026 Guidance Revenue $7,18B to $7.2B, $6.27B expected. PLTR soared as much as 9% in after-hour trading on the higher guidance. Today – ESHs and NQHs will start higher, barring news, on Palantir’s rosy 2026 guidance. The key for today could be the ability for stocks to hold their morning gains. The 2nd-Hour Indicator could be valuable, especially on the downside. Any breach of the 1st-hour lows could induce trader selling. ESHs are +17.25, NQAs are +1118.50; USHs are -3/32; SI is 85.36; & Spot AU is +191.00 at 20:30 ET. Expected earnings: MRK 2.00, PEP 2.23, PFE .57, MPC 2.72, MDLZ .69, PRU 3.36, CLX 1.44, AMD 1.32, CB 6.76, AMGN 4.71 Expected economic data: Jan Wards Total Vehicle Sales 15.21m; Fed Gov Bowman 9:40 ET S&P Index 50-day MA: 6865; 100-day MA: 6787; 150-day MA: 6646; 200-day MA: 6437 DJIA 50-day MA: 48,353; 100-day MA: 47,497; 150-day MA: 46,571; 200-day MA: 45,366 (Green is positive slope; Red is negative slope) S&P 500 Index (6976.44 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender and MACD are positive – a close below 5896.83 triggers a sell signal Weekly: Trender is positive; MACD is negative – a close below 6443.43 triggers a sell signal Daily: Trender is negative; MACD is positive – a close above 6981.45 triggers a buy signal Hourly: Trender and MACD are positive – a close below 6951.52 triggers a sell signal A Texas Election Jolt to the GOP – WSJ Stephen Miller’s mass deportation strategy is backfiring at the polls. How does a Republican lose by 14 points in a safe conservative Texas state Senate seat that President Trump carried by 17 points in 2024? Answer: When there’s a voter backlash against the Trump Administration, notably its mass deportation debacle… The WSJ cherishes unlimited immigration, probably to appease its paying corporate customer base. Turnout was reportedly only 94,000. Midterm turnout has been about 220,000. While the globalists decry the crackdown on immigration, polls contradict that. In fact, TRUMP’s BIGGEST NEGATIVE is his handling of the economy, notably AFFORDABILITY. In a poll last week, Minnesotans favored deportations 50% to 36%. As we and othesr keep harping, Trump’s grandiose, self-aggrandizing schemes (Ballroom, Grand Prix in DC, Kennedy Center, Triumphal Arc, etc.), which includes his seemingly ironclad focus on foreign affairs has vexed his base and is ‘keeping voters at home.’ DJT appears to be counting on unsavory revelations about the 2020 Election to enrage and motive his base, Republicans, and Independents to vote in the 2026 Midterm Elections. Case in point: Trump littered Trump Truth Social with posts extolling his relationship and trade deal with India PM Modi, the closing of the Kennedy Center for two years to make repairs, and Iran-US talks. @WSJ Exclusive: A U.S. official has alleged wrongdoing by U.S. spy chief Tulsi Gabbard in a complaint that is so highly classified it has sparked months of wrangling over how to share it with Congress, according to people familiar with the matter Olivia Coleman @DNIspox: This is not true and is one of the most disgusting cases of clickbait I have ever seen. There was absolutely NO wrongdoing by DNI Gabbard, a fact that @WSJ conveniently buried 13 paragraphs down. Even the Biden-era Intelligence Community Inspector General came to this conclusion, determining that the Whistleblower’s allegations against DNI Gabbard “did not appear credible.” This is a classic case of a politically motivated individual weaponizing their position in the Intelligence Community, submitting a baseless complaint and then burying it in highly classified information to create 1) false intrigue, 2) a manufactured narrative, and 3) conditions which make it substantially more difficult to produce “security guidance” for transmittal to Congress. Even so, and contrary to the Wall Street Journal’s false reporting, there was no delay in producing the “security guidance” from DNI Gabbard, AND the Whistleblower’s complaint is with the Congressional Intelligence Committees for review. Director Gabbard has always and will continue to support Whistleblower’s and their right, under the law, to submit complaints to Congress, even if they are completely baseless like this one. This is a nothingburger story, written like a salacious gossip column. The Wall Street Journal should be ashamed that they published this trash. @JayTC53: Epstein Files Bombshell! JANE FONDA & ROBERT DE NIRO in emails… Two of the biggest Trump haters appear to be best friends with Jeffery Epstein. https://x.com/JayTC53/status/2018073517368184847 @OliLondonTV: Hollywood music industry gives standing ovation to Don Lemon at Clive Davis’ pre-Grammy gala, following his arrest for storming a church. https://t.co/fY3eUOAZ6V The Grammy Awards on Sunday was a profane (lots of f-words) anti-ICE, Anti-DJT orgy. One singer wore a dress that was held up by her nipple rings. Yep, she was topless. Justin Bieber performed in his underwear (boxers). It was hosted by a South Africa, Trevor Noah, who attack the “Queen of Rap,” Nikki Minaj for her support of Trump. Minaj then went nuclear on the music industry on social media, including allegation against Jay Z, who with his wife Beyonce, were named in the Epstein Files. @NICKIMINAJ: Are y’all understanding that these ppl have been sacrificing children as a way of gaining & maintaining power? If you ever vote DemonCrat again, you’re just as soulless as they are & will perish. Maybe it’s time for me to do some story times — since I was trying to not say what I know — yet they continue to attempt bullying. Your favorite artist has been practicing rituals in a satanic cult where they take babies from other countries & mutilate & kill them as a form of a blood sacrifice to their God. You see, when your master is satan, you must constantly shed blood. However, the JIG IS UP. @DrewHLive: Most likely Jay Z – Nickname “Jigga” – The “jig is up” Imagine if a 30 year old rapper was out here with a 16 year old in this day & age — and how y’all would have his head on a platter. The guy was hugging & humping on teens in broad day light. Next I’ll get on the owner of the shaderoom & more. Any Christian who votes democrat again is a fool. They’re showing people that it’s ok to disrupt a church during worship. This is how they truly feel about you. The veil is lifted. No morals. No integrity. It’s not enough for them to have an opinion, they’ve escalated to physical intrusion of places of worship. The demons inside of them are so bothered. All the time. What sensible forward thinking cutting edge leading nation is having a DEBATE on whether or not there should be VOTER ID?!?!!!! Like?!?!? They’re actually fighting NOT to have ppl present ID while voting for your leaders!!!!! Do you get it?!?!!!! Do you get it now?!?!!! @Skriptkeeper17: Epstein Files drop and JayZ loses 3 million followers overnight. Beyonce lost 10 million followers overnight!! https://x.com/Skriptkeeper17/status/2018168235988865486 ‘Stolen land’ Grammys rant explodes in Billie Eilish’s face as critics demand she hand over her luxury homes – she declared “no one is illegal on stolen land,” at the 68th Annual Grammy Awards ceremony… “Any white person who does a public ‘stolen land’ acknowledgement should immediately give his or her land to native Americans. Otherwise they don’t mean it,” charged Utah Sen. Mike Lee on his personal X account… “F**k ICE, is what I wanna say,” the singer concluded. https://nypost.com/2026/02/02/us-news/billie-eilish-under-fire-to-fork-over-mansion/ Trump: The Grammy Awards are the WORST, virtually unwatchable! CBS is lucky not to have this garbage litter their airwaves any longer. The host, Trevor Noah, whoever he may be, is almost as bad as Jimmy Kimmel at the Low Ratings Academy Awards. Noah said, INCORRECTLY about me, that Donald Trump and Bill Clinton spent time on Epstein Island. WRONG!!! I can’t speak for Bill, but I have never been to Epstein Island, nor anywhere close, and until tonight’s false and defamatory statement… Noah, a total loser, better get his facts straight, and get them straight fast. It looks like I’ll be sending my lawyers to sue this poor, pathetic, talentless, dope of an M.C., and suing him for plenty$. Ask Little George Slopadopolus, and others, how that all worked out. Also ask CBS! Get ready Noah, I’m going to have some fun with you! President DJT @VicToensing: Grammy show disgusting. Big $$$ Celebs complain about ICE. Then go home with personal security to their multimillion dollar homes within gated communities. Bad Bunny reignites ICE feud at the Grammys ahead of his Super Bowl show… where Trump’s agents will be on duty https://t.co/vdCi84oIap The NFL has contracted with Jay Z to produce Super Bowl Halftime Shows! Who will ask NFL Commish Goodell about the arrangement and Jay Z’s numerous mentions in the Epstein Files? Super Bowl boycotts are being organized on social media. They fall into two categories: Boycott the entire game and just boycott the Halftime Show. There is also an effort to complain to sponsors. Turning Point USA to host ‘All-American Halftime Show’ on Super Bowl Sunday featuring Kid Rock, Brantley Gilbert, Lee Brice and more, airing opposite Bad Bunny Adding to the controversy, Green Day is slated to perform ahead of kickoff. Frontman Billie Joe Armstrong has been openly critical of Trump in the past… https://www.foxnews.com/politics/turning-point-usa-launches-rival-halftime-show-star-studded-lineup-nfl-faces-super-bowl-backlash Jelly Roll slammed for ‘religious psychosis’ by angry liberals for daring to thank Jesus in Grammy acceptance speech – The star struggled with drug and alcohol abuse and he even previously spent time in prison for various offenses, including aggravated robbery and drug possession. Jelly Roll candidly admitted that he would be ‘dead or in jail’ if he did not have Bunnie Xo in his life. https://t.co/sOiSBovD0s Heatherc_77: Epstein Files THIS IS HUGE. The individual who anonymously posted on 4Chan the morning of Epstein’s death, August 10, 2019 claiming he witnessed weird happenings at the prison before Epstein’s death has been identified in the Epstein files. Roberto Grijalva, an officer at the Metropolitan Correctional Center in New York has been identified as the anonymous prison employee who posted on 4Chan claiming Epstein left his cell Friday evening shackled in a medical wheelchair while at the same time an unauthorized trip van arrived at the prison, which he believes took Epstein away the night BEFORE news broke of his death. The day after Epstein’s death, U.S. Attorney Geoffrey Berman of the SDNY opened a Grand Jury proceeding and subpoenaed 4Chan, Apple, AT&T and Citibank for records aiming to uncover Grijalva’s identity following the anonymous 4Chan post. Grijalva’s name is not redacted on his bank records included in the SDNY subpoena response from Citibank for his 4Chan post, and ties to the same Prison Officer Roberto Grijalva whose statements were released as part of the prison’s investigation into Epstein’s death. This is HUGE. We now have validation the 4Chan post from 8/10/2019 is a legitimate eyewitness account from an MCC prison officer that Epstein may have been switched out before news broke of his alleged suicide. Emails reveal new theory about whom Jeffrey Epstein was really working for Putin is named almost 1,000 times in the latest tranche of documents released Friday, while there are almost 10,000 references to Moscow… In May 2013, Epstein wrote that he wanted to help Putin and Russia “reinvent the financial system,” in an email to Council of Europe secretary general Thorbjorn Jagland… “Hey Jeffrey, I wasn’t able to convince [LinkedIn co-founder] Reid [Hoffman] to change his schedule to go meet Putin with you,” the email from Japanese entrepreneur Joi Ito reads… In May 2014 — following the Maidan Revolution in Ukraine and the Russian takeover of Crimea — Epstein said the new movement “should provide many opportunities,” in an email believed to belong to French banker Ariane de Rothschild… Epstein was in close contact with a former leader of Putin’s youth club, Masha Drokova, according to FBI sources. Drokova’s Silicon Valley-based company, Day One Ventures, was accused of being set up to steal US technology by intelligence ops… https://nypost.com/2026/02/02/us-news/jeffrey-epstein-bragged-about-ties-to-putin-procured-russian-girls/ @DawnsMission: Epstein Files Bombshell: Epstein emailed Peter Thiel, “as you probably know, I represent the Rothschilds.” He signed a $25M contract with the Rothschild Group… https://x.com/DawnsMission/status/2018323098119107048 @GlobalDiss: Epstein files reveal JEFFREY EPSTEIN doing business with EMMANUEL MACRON in 2016 when he was France’s economy minister. By 2018, emails show Macron allegedly asking Epstein for PR and governance advice after becoming president. This is WILD. https://t.co/Kud4JcSXVu @Gabriel_Pogrund: Lord Mandelson emailed Jeffrey Epstein about persuading Gordon Brown to resign as prime minister. “Finally got him to go today” Brown resigned the following day. Also appears to refer to secret tunnels connecting No10 and Ministry of Defense. https://x.com/Gabriel_Pogrund/status/2018345253133078813 @Steven_Swinford: Lord Mandelson gave Jeffrey Epstein advance notice of a €500bn bailout to save the Euro. He messaged Epstein about the bailout on the evening of May 9, 2010. It was formally announced the following morning. https://x.com/Steven_Swinford/status/2018334546798752193 @PaulEmbery: Difficult to overstate the gravity of the Mandelson affair. A cabinet minister, during a financial crisis, allegedly leaking highly-confidential and market-sensitive information to a mega-rich financier (and convicted paedophile) who had been personally bankrolling him, while also privately suggesting the CEO of a top investment bank ‘threaten’ his own chancellor in an effort to force a change of policy. Potentially one of the most serious scandals in British political history, surely? @NileGardiner: Lord Mandelson led Keir Starmer’s Chagos surrender deal campaign in Washington last year in attempt to win over the United States. What does this tell you about the Chagos deal itself? @Daily_MailUS: Sarah Ferguson ‘took Princesses Beatrice and Eugenie’ to see Epstein five days after he was released from prison for child sex crimes, newly released emails claim https://www.dailymail.co.uk/news/article-15521159/Sarah-Ferguson-Princesses-Beatrice-Eugenie-Epstein-prison-child-sex-crimes.html @PeterSweden7: Prominent Norwegian diplomat Mona Juul has been relieved of her work duties as ambassador by the government after revelations of ties to Jeffrey Epstein. She was formerly Norway’s UN Ambassador and presided over the UN Economic and Social Council. @PeterBernegger: US Senator Susan Collins and her Treasurer Elizabeth T. McCandless caught Smurfing $4,428,495.00 into her campaign committee. This is criminal money laundering. One of their victims is Antony Taquey of North Carolina. We are supposed to believe Taquey made 38,967 contributions totaling $608,342. Of these, 253 went to Susan Collins, totaling $5,395. But hold on, the truth is Taquey did not make these contributions. He is 72 years old and is having his identity stolen by Collings and her Treasurer McCandless. That’s also elderly financial abuse… https://x.com/PeterBernegger/status/2013821936015450341 @WallStreetApes: A man from Pakistan named Anosh Ahmed came to America and defrauded the federal government of $300 million dollars in Chicago He stole patient data and billed $900 million in fraudulent claims. He was captured, released by Democrats and now he’s fled to Serbia with our money… https://t.co/HccaxcYPxd @CWBChicago: 1 BILLION Medicare fraud schemes revealed in Chicago. Prosecutors say foreign nationals (Kazakhstan) billed Medicare for medical supplies and tests they never delivered. One employee saw $1 million checks and got a $2,000 bonus for finding a lost one. https://t.co/OLpGxNdhZO Senate GOP fails to halt welfare funding for non-citizens – U.S. Senate Republicans failed to halt over $5 billion in funding for refugees, with 20 GOP senators (Including Leader Thune!) joining every Senate Democrat to continue providing costly taxpayer benefits to refugees. https://t.co/l6yCypv0CE @amuse: (MI) Gov. Gretchen Whitmer appointee Nkechy Ezeh, who claimed “structural racism” after moving from Nigeria to Michigan, pleaded guilty to stealing more than $1 million from the Early Learning Neighborhood Collaborative NGO. https://t.co/ctPWkfuA3b The fraud at all levels of government is astronomical, and so is ‘the skim’ by Dem & GOP officials. Now we know why the ‘duly elected’ hated Musk & DOGE! Trillions of dollars are at stake! @CWBChicago: CPD union chief says the mayor’s executive order requiring cops to document possible crimes by ICE agents is “toilet paper.” If cops must document possible crimes by federal agents, they must also document crimes committed against agents, he says. https://t.co/qQACsRItcy @EricLDaugh: A citizen journalist has EXPOSED countless anti-ICE protestors boarding BUSES after they clocked out of the day’s protest. “Look, watch this. See? All these people are not from Massachusetts!” It’s COMMUNIST DOLLARS. Audit the funds! https://t.co/lM87xgaf5Y @TheSCIF: Michigan 2020 election worker reports that a white van, and 2 other cars showed up at the Detroit TCF center on Nov. 4th between 3 and 4 am with 138,000+ ballots, unsealed, with no chain of custody, which were all 100% marked for Joe Biden… https://t.co/AUJTdmFsVu @libsoftiktok: Four men arrested in Miami for shooting which killed Desiree Gonzalez. All have immigration detainers. More Democrat heroes. https://x.com/libsoftiktok/status/2018359064682475840 Joe Rogan Podcast News @joeroganhq: (Actress/comedian) Whitney Cumming: “I’ve always been a very liberal person, maybe even a libtard… But once you have a kid, you start having thoughts that have been characterized as conservative.” https://x.com/joeroganhq/status/2018401533168144422 Shirly Temple telling Larry King in 1988 about Hollywood exec exposing himself to her at age 12. https://x.com/Rothmus/status/2018408811820642749 @Sadie_NC: Supreme Court Justice Ketanji Brown Jackson, a sworn protector of the Constitution and lifelong judge, put herself front and center at the Grammys last night, where political theater often overshadows the music. She attended because her audiobook memoir was nominated. The real issue arose when the venue became a partisan rally. As the artist shouted, “ICE out!”—a clear call to dismantle the federal agency responsible for enforcing immigration laws and securing the borders—the crowd erupted in a thunderous standing ovation. She did not remain seated or sit in silence, as one might expect from a top judicial appointee sworn to uphold the Constitution and our laws. She stood and clapped in solidarity with a crowd celebrating the dismantling of laws she is constitutionally obligated to uphold without favor or fear. How can we believe she could ever be impartial? How can we believe she would uphold the laws she swore to uphold? We have an activist on the highest court in the land. https://x.com/Sadie_NC/status/2018413263445283067 @paulsperry_: DOJ sources tell me DAG Todd Blanche, a registered Democrat through 2024, fired Ed Martin on Dec. 31 and effectively shut down the Weaponization Working Group office. Blanche cleared out the WWG suite at Main Justice to make room for the latest Epstein files production. Blanche denied Martin staff and budget and is gumming up the works for Russiagate accountability. “Weaponization [Working Group] efforts ended on New Year’s Eve,” a DOJ insider told me. | |
SWAMP STORIES FOR YOU TONIGHT
Clintons Bend The Knee To Comer, Agree To Testify In House Epstein Inquiry
by Tyler Durden
Monday, Feb 02, 2026 – 09:20 PM
Just hours after Chair James Comer (R-Ky.) rebuffed Bill and Hillary Clinton’s attorney’s last-ditch conditional offer, the former president and former secretary of state appear to have acquiesced and agreed to key demands from the Republican-led House Oversight Committee to testify about Jeffrey Epstein in a closed-door deposition.
The initial correspondence, obtained by CNN, revealed that the Clintons’ team has been in search of an off-ramp for days.
Attorneys for Bill and Hillary have been in discussion with the Republican-led committee multiple times since lawmakers from both parties voted in January to hold the Clintons in contempt for refusing to appear for in-person depositions as part of the panel’s investigation into Epstein.
“It has been nearly six months since your clients first received the Committee’s subpoena, more than three months since the original date of their depositions, and nearly three weeks since they failed to appear for their depositions commensurate with the Committee’s lawful subpoenas,” Comer wrote.
“Your clients’ desire for special treatment is both frustrating and an affront to the American people’s desire for transparency.”
As CNN reports, according to the letter dated January 31, the Clintons’ lawyers laid out the terms under which the former president would sit for a voluntary, transcribed interview.
He would sit for four hours in New York City for an interview limited to the scope of the Epstein probe, they said.
Lawmakers from both parties and their staff could ask questions, and the lawyers said both the Clintons and the committee could have their own transcriber present, according to the letter.
Comer rejected the offer from the Clintons’ attorneys as “unreasonable” and said he could not accept such terms.
He could not agree, he said, to changing the interview from a sworn deposition to a voluntary interview, and rejected the way in which the attorneys sought to limit the interview’s scope.
“But given that he has already failed to appear for a deposition and has refused for several months to provide the Committee with in-person testimony, the Committee cannot simply have faith that President Clinton will not refuse to answer questions at a transcribed interview, resulting in the Committee being right back where it is today,” the Kentucky Republican wrote.
By rejecting the Clintons’ initial offer, Comer had all but ensured that the House would hold a final vote this week on the contempt resolutions.
“Your clients’ desire for special treatment is both frustrating and an affront to the American people’s desire for transparency,” Mr. Comer wrote in a letter to the Clintons’ lawyers on Monday that was also obtained by The New York Times.
Indeed, as The NYTimes reports, after some Democrats on the panel joined Republicans in a vote to recommend charging them with criminal contempt, an extraordinary first step in referring them to the Justice Department for prosecution, the Clintons ultimately waved the white flag and agreed to fully comply with Mr. Comer’s demands.
In an email sent to Mr. Comer on Monday evening, attorneys for the Clintons said their clients would “appear for depositions on mutually agreeable dates” and asked that the House not move forward with a contempt vote, which had been slated for Wednesday.
However, it was not immediately clear Monday evening whether Comer would accept the Clintons’ terms and, subsequently, whether the contempt votes would still take place.
Comer said:
“The Clintons’ counsel has said they agree to terms, but those terms lack clarity yet again and they have provided no dates for their depositions. The only reason they have said they agree to terms is because the House has moved forward with contempt.”
“I will clarify the terms they are agreeing to and then discuss next steps with my committee members,” Comer said in a statement.
For Mr. Clinton to testify in the Epstein investigation would be nearly unprecedented.
No former president has appeared before Congress since 1983, when President Gerald R. Ford did so to discuss the celebration of the 1987 bicentennial of the enactment of the Constitution.
When Mr. Trump was subpoenaed in 2022 by the select committee investigating the Jan. 6, 2021, assault on the Capitol, after he had left office, he sued the panel to try to block it. The panel ultimately withdrew the subpoena.
It was a victory for the Republican chairman, shifting the focus of his panel’s Epstein investigation onto prominent Democrats who once associated with the disgraced financier and his longtime companion, Ghislaine Maxwell.
END
California Plans “Mileage Tax” To Bleed Citizens For Even More Cash
Monday, Feb 02, 2026 – 07:40 PM
Lawmakers in the California State Assembly have moved to direct the Transportation Commission to prepare a study on the effects of a road charge for delivery to the legislature. A road charge is a program that imposes fees based on the number of miles each citizen drives over a specified period, and is designed to offset gas tax losses from the wider use of electric cars on California roads.
In 2014, California passed Senate Bill 1077, authorizing a “Road Usage Charge Technical Advisory Committee” to explore whether the state could replace its gas tax with a mileage-driven tax. The project was based on the assumption that “cleaner vehicles” and a potential zero-emission future would lead to dwindling gas tax revenues.
The state has been running road charge pilot programs since 2016. Last year, a pilot project concluded where mileage rates were set at 2.5 cents per mile for light-duty vehicles, such as cars, and other vehicles weighing less than 10,000 pounds. The rate for heavy-duty vehicles is dependent on their weight.
Today, proponents complain that implementation is not going fast enough. The latest bill is being called an “extension” of the pilot project and not a move to pass the actual tax. Democrats assert that Republicans are interfering with the project and misrepresenting its intent. However, taxes based on climate ideology are often kept on the shelf by exploratory committees, waiting for politically opportune moments to pass them quickly with minimal public opposition or debate. The Democrats are simply biding their time.
It is not clear yet when the mileage tax will be made official or if it will replace the gas tax; it is far more likely that both taxes would ultimately exist in tandem. Republicans argue that the tax is unfair to residents of rural counties where driving distances are much greater and gas vehicles are common. The tax is useful, though, for climate “re-wilding”: The globalist idea of forcing people to abandon rural areas and move into population centers so that large swaths of the nation can be “returned to nature.”
California currently has the highest gas taxes in the country. Total state taxes and environmental fees frequently exceeding .90 cents per gallon, contributing significantly to the nation’s highest pump prices ($4.30 per gallon compared to a national average of $2.87).
Over the past few years Governor Gavin Newsom and Democrats have sought to deflect blame for the state’s exorbitant fuel costs by accusing oil companies of “price gouging” consumers; a claim which was ultimately proven false the government’s own investigations. State interference has led to multiple refinery closures and the loss of numerous small business gas stations; prices are expected to rise even further.
The relentless (and baseless) hostility towards the oil industry in liberal states is forcing citizens into electric vehicles, but officials have no intention of letting the public escape taxation. The concept goes well beyond the old school idea of toll roads. A charge for mileage could require intrusive surveillance technology, including “black box” GPS devices in every vehicle to track miles driven. Or, yearly inspections of odometers with arduous paperwork and bureaucratic red tape.
If they can’t tax the gas, they will tax residents simply for driving. Next comes a tax simply for breathing.
GREG HUNTER….
harveyorganblog.com 
