ACCESS MARKET
GOLD $4780.20 3:30 PM)
SILVER: 70.95 3;30 PM)
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EXCHANGE: COMEX
EXCHANGE: COMEX
CONTRACT: FEBRUARY 2026 COMEX 100 GOLD FUTURES
SETTLEMENT: 4,920.400000000 USD
INTENT DATE: 02/04/2026 DELIVERY DATE: 02/06/2026
FIRM ORG FIRM NAME ISSUED STOPPED
072 C GOLDMAN 11
099 H DEUTSCHE BANK AG 641
118 C MACQUARIE FUTURES US 25
190 H BMO CAPITAL MARKETS 689
323 C HSBC 29
363 H WELLS FARGO SECURITI 345
365 C MAREX CAPITAL MARKET 29
435 H SCOTIA CAPITAL (USA) 400
523 C INTERACTIVE BROKERS 1
555 C BNP PARIBAS SEC CORP 8
555 H BNP PARIBAS SEC CORP 96
657 C MORGAN STANLEY 45
661 C JP MORGAN SECURITIES 740
686 C STONEX FINANCIAL INC 1
709 C BARCLAYS 1304 12
880 H CITIGROUP 1000
905 C ADM 8
TOTAL: 2,692 2,692
MONTH TO DATE: 32,004
JPMORGAN STOPPED 740/2642
GOLD: NUMBER OF NOTICES FILED FOR FEBRUARY/2026: 2692 CONTRACTs NOTICES FOR 269,200 OZ or 8.373 TONNES
total notices so far: 32,004 contracts for 3,200,400 OR 99.545 tonnes)
SILVER NOTICES: 608 NOTICE(S) FILED FOR 3,040,000 MILLION OZ /
total number of notices filed so far this month : 3,040,000 CONTRACTS (NOTICES) for 17.815 million oz
SILVER//OUTLINE
INITIAL STANDING FOR JANUARY: 22.915 MILLION OZ FOLLOWED BY TODAY’S 1.185 MILLION OZ QUEUE JUMP//NEW NORMAL STANDING ADVANCES TO 49.445 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK FOR .100 MILLION OZ//NEW STANDING ADVANCES TO 49.545 MILLION OZ!!
INTIAL STANDING FOR FEBRUARY/SILVER: 13.505 MILLION OZ FOLLOWED BY TODAY’S 0.130 MILLION OZ EXCHANGE FOR PHYSICAL TRANSFER//NEW STANDING FOR SILVER AT THE COMEX REDUCES TO 18.945 MILLION OZ. BUT WE MUST ADD OUR FIRST EXCHANGE FOR RISK OF 25 CONTRACTS FOR .125 MILLION OZ//NEW TOTALS STANDING THUS REDUCES BY A TINY BIT TO 19.070 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 : 19.870 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 NEXT EXCHANGE FOR PHYSICAL TRANSFER OF 0.1300 MILLION OZ AND THEN ADD BACK 0.125 MILLION EXCHANGE FOR RISK////NEW STANDING REDUCES BY A TINY BIT TO 19.070 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 TONNES OF GOLD TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 8.103 TONNES TO OTHER OF 10.5701 TONNES/ NEW QUEUE JUMP TOTAL: 18.6731 TONNES//NEW STANDING ADVANCES TO 112.261 TONNES
FINAL STANDING FOR GOLD, JANUARY CONTRACT AT 59.2108 TONNES OF GOLD
AND NOW FEBRUARY: INITIAL STANDING FOR GOLD: 112.261 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 (WILTONNES (WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL)
FEB. 59.368 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 ROSE BY A TINY SIZED 50 CONTRACTS OI TO 143,180 AND CLOSER TO 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 660 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAR 660 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 GAIN OF 50 CONTRACTS AND ADD TO THE 660 E.FP. ISSUED
WE OBTAIN A HUGE SIZED GAIN OF 710 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR GAIN OF $2.02 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 3.550 MILLION PAPER OZ
OCCURRED WITH OUR GAIN IN PRICE.OF $2.02
2.ASIAN AFFAIRS FEB 5/2025
SHANGHAI CLOSED DOWN 26.29 PTS OR 0.64%
//Hang Seng CLOSED UP 37.92 PTS OR 0.14%
// Nikkei CLOSED DOWN 397.86 PTS OR 0.73%
//Australia’s all ordinaries CLOSED DOWN 0.52%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 6.9414
/ OFFSHORE CLOSED DOWN AT 6.9408 Oil UP TO 64.32 dollars per barrel for WTI and BRENT UP TO 68..48 Stocks in Europe OPENED MOSTLY ALL RED
ONSHORE USA/ YUAN TRADING DOWN TO 6.9414 OFFSHORE YUAN TRADING DOWN TO 6.9408 ONSHORE YUAN TRADING BELOW OFF SHORE AND DOWN ON THE DOLLAR// / AND THUS WEAKER//OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS WEAKER
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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 FAIR SIZED 2,051 CONTRACTS TO 407,643 OI DESPITE OUR STRONG GAIN IN PRICE OF $17.20 WITH RESPECT TO WEDNESDAY’S // TRADING/ //COMEX CLOSING TIME:… WE LOST NO NET LONGS, WITH THAT PRICE GAIN FOR GOLD. AND AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD A HUGE NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (4275).
WE HAD NO T.A.S. LIQUIDATION WEDNESDAY. IT SEEMS THAT THE SPECULATORS STARTED AGAIN TO GO LONG WITH OUR FRBNY PROVIDING STILL THE MASSIVE NECESSARY SHORT PAPER. 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 407,000 TO NOW 407,752 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 %
WE THUS HAD A TOTAL GAIN IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 2224 CONTRACTS (OR 6.917TONNES).
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 FAIR SIZED GAIN ON OUR TWO EXCHANGES OF 2224 CONTRACTS WITH OUR STRONG GAIN 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 FEBRUARY/ 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 FAIR SIZED T.A.S ISSUANCE CONTRACTS.THE CME NOTIFIES US THAT THEY HAVE ISSUED 1479 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 FAILED MARCHING ORDERS TO COVER AND THAT MAY EXPLAIN THE STRONG NUMBER OF T.A.S. ISSUANCES IN DECEMBER , JANUARY AND FEBRUARY TO GO ALONG WITH OUR HUGE NUMBER OF EXCHANGE FOR RISK IN JANUARY WITH ITS 6 ISSUANCES ( 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 NEXT 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 NEXT QUEUE JUMP OF 8.103 TONNES ADDING TO ALL OTHER QUEUE JUMPS OF 10.5701 TONNNES//NEW TOTAL QUEUE JUMP: 18.6731// / STANDING ADVANCES TO 112.261 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 4275 CONTRACTS.
THAT IS A STRONG SIZED 4275 EFP CONTRACT WAS ISSUED: : /APRIL 4275 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 4275 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 ENDED FEB 2 AS IT FINALIZED OPERATIONS AS THEY AWAIT THEIR TURN AT THE END OF THIS MONTH OF FEBRUARY.
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 WEDNESDAY NIGHT/THURSDAY MORNING WAS A FAIR SIZED 1439 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 WEDNESDAY’S GAIN IN PRICE IN GOLD WITH A CORRESPONDING FAIR SIZED LOSS OF COMEX OI AND A STRONG 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 NEXT QUEUE JUMP OF 8.103 WHICH IS ADDED TO ALL OTHER QUEUE JUMPS OF 10.5711 TO TONNES QUEUE JUMP//TOTAL QUEUE JUMP FOR FEB:: 18.6731 TONNES///STANDING ADVANCES TO 112.261 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 UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $17.20)
WE HAD NO T.A.S. SPREADER LIQUIDATION WEDNESDAY // COMEX SESSION// WITH OUR GAIN IN PRICE ////.. BUT OUR SPECULATORS REMAIN RELENTLESS POURING INTO THE COMEX STARTING TO BUILD ON ITS OI // BUT WITH OTHER EASTERN CENTRAL BANKS TENDERING FOR PHYSICAL WEDNESDAY NIGHT WHICH ALSO EXPLAINS THE HUGE NUMBER OF TONNES OF GOLD STANDING FOR FEBRUARY. THE COMEX IS ONE BIG MESS!!
WEDNESDAY NIGHT//THURSDAY 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 WEDNESDAY EVENING/THURSDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD
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 NEXT QUEUE JUMP OF 8.103 TONNES TO WHICH WE ADD TO ALL OTHER QUEUR JUMPS OF 10.5701 / NEW QUEUE JUMP TOTALS: 18.6731//STANDING ADVANCES TO: 112.261 TONNES
ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $17.20
WE HAD A SMALL 109 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 5
FEB 2026 CONTRACT MONTH
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 0 ENTRIES customer withdrawals: 4 ENTRIES i) Out of HSBC 64,302.000 oz (2000 kilobars) ii) Out of JPMorgan: 128,604.000 oz (4000 kilobars) iii) Out of Manfr: 6817.219 oz total withdrawal: 199,723.219 oz or 6.2122 tonnes |
| Deposit to the Dealer Inventory in oz | 0 ENTRIES |
| Deposits to the Customer Inventory, in oz | DEPOSITS/CUSTOMER 0 entry xxxxxxxxxxxxxxxxI |
| No of oz served (contracts) today | 2692 notice(s) 269,200 OZ 8.373 TONNES TONNES OF GOLD |
| No of oz to be served (notices) | 4088 contracts 408,800 OZ 12.715 TONNES |
| Total monthly oz gold served (contracts) so far this month | 32,004 notices 3,2004,000 oz 99.545 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
0
customer withdrawals:
4 ENTRIES
i) Out of HSBC 64,302.000 oz
(2000 kilobars)
ii) Out of JPMorgan: 128,604.000 oz
(4000 kilobars)
iii) Out of Manfr: 6817.219 oz
total withdrawal: 199,723.219 oz or 6.2122 tonnes
they are draining the comex of gold
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ADJUSTMENTs 4
DEALER TO CUSTOMER:
a) Out of Asahi: 1,603.795 oz
b) Out of Brinks: 6,664.276 oz
c) Out of JPMorgan: 22,939.252 oz
d) Out of Loomis 99,938.382 oz
e) Out of Manfra: 6005.616 oz
t
total adjusted out of dealer (reg) to eligible (customer) = 104,151.7163 oz or 3.239 tonnes
chaos inside the comex
AMOUNT OF GOLD STANDING FOR FEBRUARY
THE FRONT MONTH OF FEBRUARY STANDS AT 6780 CONTRACTS FOR A HUGE GAIN OF 1452 CONTRACTS.
WE HAD 1153 CONTRACTS SERVED ON WEDNESDAY, SO WE GAINED A MONSTER 2605 CONTRACT–
QUEUE JUMP FOR 260,500 OZ OR 8.103 TONNES COMING CLOSE TO THE HIGHEST EVER RECORDED QUEUE JUMP WHICH WAS NORTH OF 9 TONNES.
MARCH SAW A GAIN 282 CONTRACTS UP TO 5101 CONTRACT OI AS MARCH BECOMES THE NEW FRONT MONTH FOR GOLD AND EXPECT TO HAVE A STANDING OF AROUND 13 TONNES FO GOLD
APRIL IS THE NEXT LARGEST DELIVERY MONTH AND IT LOST 3956 CONTRACTS DOWN TO 284,826 CONTRACTS
We had 2692 contracts filed for today representing 269,200 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 0 notices issued from their client or customer account. The total of all issuance by all participants equate to 2692 contract(s) of which 740 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 (32,004) to which we add the difference between the open interest for the front month of FEB ( 6780 CONTRACTS) minus the number of notices served upon today (2692 x 100 oz per contract) equals 3,609,200 OZ OR (112.261 Tonnes of gold)
thus the INITIAL standings for gold for the FEB contract month: No of notices filed so far (32,004 x 100 oz +we add the difference for front month of FEB (6780 OI} minus the number of notices served upon today (2692 x 100 oz) which equals 3,609,200 OR 112.261 TONNES//
new total of gold standing in FEB is 112.261 TONNES//
TOTAL COMEX GOLD STANDING FOR FEB 112.261 TONNES TONNES WHICH IS STRONG FOR THIS NORMALLY VERY NON ACTIVE ACTIVE DELIVERY MONTH OF JANUARY.
volume WEDNESDAY confirmed 286,515 fair/
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: 1,834,196.914 oz 57.05 tonnes pledged gold lowers
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 35,491,308.180 oz
TOTAL REGISTERED GOLD 18,792,604.787 or 584.528 Tonnes
TOTAL OF ALL ELIGIBLE GOLD 16,658,408 OZ//eligible gold leaving hand over fist
REGISTERED GOLD THAT CAN BE SERVED UPON 16,958.408 oz ((REG GOLD- PLEDGED GOLD)=
527.474 Tonnes // (declining rapidly)
total inventories in gold declining rapidly
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SILVER/COMEX
FEB 3 2026
INITIAL/
FEB 4 2026
INITIAL/
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 4 entries i) out of Asahi: 1,291,400.200 oz ii) out of CNT 601,621.972. oz iii) Out of Delaware: 1027.023 oz iv) Out of Manfra 907,455.420 oz total withdrawal: 2,801,526.605 oz the comex is being drained of silver |
| Deposits to the Dealer Inventory | 1 ENTRY i) stonex: 20,098.150 oz total deposit dealer 20,098.150 oz xxxxxxxxxxxxxxxxxxxxxxxxxxxxxx |
| Deposits to the Customer Inventory | 0 ENTRIES |
| No of oz served today (contracts) | 608 CONTRACT(S) ( 3.040 million OZ |
| No of oz to be served (notices) | 226 Contracts (1.130 MILLION oz) |
| Total monthly oz silver served (contracts) | 3563 contracts 17.818 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
1 ENTRY
i) stonex: 20,098.150 oz
total deposit dealer 20,098.150 oz
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DEPOSIT ENTRIES/CUSTOMER ACCOUNT
0 ENTRIES
withdrawals: customer side/eligible
4 entries
i) out of Asahi: 1,291,400.200 oz
ii) out of CNT 601,621.972. oz
iii) Out of Delaware: 1027.023 oz
iv) Out of Manfra 907,455.420 oz
total withdrawal: 2,801,526.605 oz
the comex is being drained of silver
the comex is being drained of silver
adjustments: / / 6
all dealer to customer:
a) Asahi 119,091.800 oz
b) Brinks: 97,813.780 oz
c) CNT 55,353.280 oz
c) JPMorgan 318,074.700 oz
d) Delaware: 128,692.936 oz
e) HSBC 110,629.570
f) Stonex: 35,473.610 oz
net loss from dealer to customer acc’t : 0.547 million oz
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TOTAL REGISTERED SILVER: 103.531MILLION OZ//.TOTAL REG + ELIGIBLE. 398.009 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: 834 OPEN INTEREST CONTRACTS FOR A LOSS OF 216 CONTRACTS.
WE HAD 190 NOTICES FILED ON WEDNESDAY SO WE ACTUALLY LOST 26 CONTRACTS OR 0.130 MILLION OZ UNDERWENT AN EXCHANGE FOR PHYSICAL TRANSFER WHERE THEY WILL TAKE DELIVERY OVER IN LONDON.
MARCH LOST 627 CONTRACTS DOWN TO 85,819. THIS BECOMES THE FRONT MONTH FOR SILVER DELIVERY AND IT LOOKS LIKE WE WILL HAVE A DANDY DELIVERY OF SILVER FOR THIS MONTH.
APRIL GAINED 62 CONTRACTS TO AN OI 408 CONTRACTS.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 608 or 3.040 MILLION oz
CONFIRMED volume; ON WEDNESDAY 139,548 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 3563 X5,000 oz = 17.815 MILLION oz
to which we add the difference between the open interest for the front month of FEBRUARY (834) AND the number of notices served upon today (608)x (5000 oz)
Thus the standings for silver for the FEBRUARY 2026 contract month: (3563)Notices served so far) x 5000 oz + OI for the front month of FEB(834) minus number of notices served upon today (608 )x 5000 oz equals silver standing for the JANUARY.contract month equating to 18.945 MILLION OZ. THEN WE MUST ADD OUR FIRST EXCHANGE FOR RISK TOTALS OF 25 CONTRACTS FOR .125 MILLION OZ//THUS NEW STANDING REDUCES BY A TINY BIT TO 19.07 MILLION OZ
NEW STANDING: 19.07 MILLION OZ WHICH IS HUGE FOR A GENERALLY SMALL DELIVERY MONTH OF FEBRUARY.
New total standing: 19.07 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 103.531 million oz of registered silver
JPMorgan as a percentage of total silver: 168.864/398.009.million: 42.42%
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 FRAUD
FEB 5/2026/WITH GOLD DOWN $57.30 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 1.43 TONNES OF GOLD FROM THE GLD/ /// ///INVENTORY RESTS AT 1081.95 TONNES
FEB 4/2026/WITH GOLD UP $17.20 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 3.72 TONNES OF GOLD FROM THE GLD/ /// ///INVENTORY RESTS AT 1083.38 TONNES
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: 1081.95 TONNES, TONIGHTS TOTAL
SILVER
FEB 5 WITH SILVER DOWN $7.87 A HUGE WITHDRAWAL OF 2.175 MILLION OZ FROM THE SLV://. ./ :INVENTORY RESTS AT 526.309 MILLION OZ
FEB 4 WITH SILVER UP $2.02 A HUGE WITHDRAWAL OF 3.551 MILLION OZ FROM THE SLV://. ./ :INVENTORY RESTS AT 528.484 MILLION OZ
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 526.309 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:
LIVE FROM THE VAULT YOU TUBE: 257
5. COMMODITY REPORT/BITCOIN//MASSIVE CRASH
WILL THERE BE A FINANCIAL FALL OUT WITH THE PLUNGING BITCOIN?
Bitcoin has indeed been plunging sharply throughout early 2026, with its price dropping from a record high of around $126,000 in late 2025 to below $70,000 as of February 5, 2026—a drawdown exceeding 45%.
forex.com This decline has accelerated in recent days, with Bitcoin falling as much as 8.6% on February 4 alone to a low of $66,364 before stabilizing around $67,000, erasing all gains since Donald Trump’s 2024 election win and marking its lowest level since October 2024.
bloomberg.com The broader crypto market has shed over $2 trillion in value since peaking at $4.379 trillion in early October 2025, with nearly $500 billion wiped out in the past week amid cascading liquidations and risk-off sentiment.
reuters.comThis isn’t just a crypto-specific event; it’s already triggering significant financial fallout across multiple sectors, and further effects are likely if the downtrend continues. Here’s a breakdown of the ongoing and potential impacts:1. Massive Liquidations and Trader Losses
- Over $2 billion in leveraged Bitcoin positions (both longs and shorts) have been liquidated since late January 2026, with one single day (January 31) seeing $1 billion in longs wiped out and over $160 billion erased from the total crypto market cap. cnbc.com
- High leverage has created a feedback loop: forced margin calls overwhelm liquidity, amplifying drops and leading to capitulation. Roughly 200,000 trader accounts were liquidated in a recent cascade, with Bitcoin longs alone accounting for $768 million in losses. galaxy.com
- Potential escalation: If prices dip another 10%, expect even larger liquidation events, potentially exceeding $2.5 billion in a single session, as seen in prior flushes.
2. Impact on Corporate Balance Sheets and Stocks
- Companies heavily exposed to Bitcoin, like MicroStrategy (often referred to as “Strategy Inc.” in reports), are facing severe pressure. MicroStrategy’s average cost basis is around $76,037 per Bitcoin, and with prices now well below that, the firm is billions in the red. finance.yahoo.com Michael Burry, known for predicting the 2008 crisis, has warned this could lead to a “death spiral,” where such firms find capital markets closed off, forcing asset sales that further depress prices. finance.yahoo.com
- Bitcoin ETFs are also underwater: As of early February, Bitcoin traded up to 10% below the U.S. ETFs’ average cost basis of $84,000, putting institutional holders at risk of redemptions and outflows. galaxy.com
- Broader stock market ties: The plunge coincides with a tech stock selloff, including AI-exposed names, suggesting correlated risk resets. If Bitcoin falls further, expect amplified declines in crypto-related stocks (e.g., Coinbase, mining firms) and even tangential tech plays.
3. Mining Industry Strain
- Bitcoin miners are on the brink: Sustained prices below $70,000 could push many toward bankruptcy, as operational costs (energy, hardware) outstrip revenues from block rewards and fees. finance.yahoo.com This has historical precedent—similar drops in prior cycles led to mass shutdowns and network hashrate declines.
- Cascade risk: Bankruptcies could flood the market with second-hand mining equipment and force-held Bitcoin sales, adding downward pressure.
4. Broader Economic and Market Ripples
- Crypto’s $2 trillion wipeout represents a wealth destruction event comparable to major stock crashes, potentially denting consumer spending and investor confidence in high-risk assets. reuters.com With 46% of Bitcoin’s supply now underwater (coins acquired at higher prices), long-term holders may start capitulating if support levels like $65,000 break. galaxy.com
- Macro factors fueling the fire: A strengthening U.S. dollar, trade war fears, geopolitical tensions, and rotating capital into safe havens like gold are exacerbating the selloff. aljazeera.com If these persist, the fallout could spill into traditional finance, pressuring leveraged funds and even contributing to a wider risk-off environment in equities.
- Altcoin contagion: Ethereum (down ~5-9% in recent sessions), Solana, and meme coins have suffered double-digit losses, with the total market cap dropping $110-500 billion in short bursts. barrons.com This could lead to project failures and reduced innovation funding in the space.
| Key Metric | Value (as of Feb 5, 2026) | Change from Peak |
|---|---|---|
| Bitcoin Price | ~$67,000 | -47% from $126,000 |
| Crypto Market Cap Loss | $2 trillion | Since Oct 2025 peak |
| Liquidations (Recent Week) | >$2 billion | Longs dominate |
| Drawdown Percentage | 40-45% | From all-time high |
| Underwater Supply | 46% | Coins held at loss |
In summary, the financial fallout is already underway—trillions lost, billions liquidated, and corporate treasuries strained—with cascading effects likely to intensify if Bitcoin breaches $65,000. This looks like a classic bull market reset driven by over-leverage and macro headwinds, but it could evolve into a deeper “crypto winter” if sentiment doesn’t rebound. Long-term Bitcoin structure remains intact for now, but short-term pain is real and substantiated by market data.
END
SILVER/GOLD, PLATINUM
GOLD , SILVER OR PLATINUM LEASE RATES
AROUND 3% FOR GOLD
AROUND 4% FOR SILVER
AND A HUGE 9% FOR PLATINUM….
ROBERT LAMBOURNE…
| Robert Lambourne | 3:30 AM (2 hours ago) | ||
to me | |||
Harvey,
I had an update last night from AI on metal lease rates in China. There seems to be contradictory information on silver and gold lease rates because of the price volatility, but c3% in gold and c4% in silver seems like the median. So elevated, but not so high that it’s screaming there’s a problem.
In platinum, however, it seems that c9% is a reliable estimate and warehouse inventories are reported to be low.
Regards,
Bob
END
TODAY AI:
DO YOU KNOW THE TWO FIXES SHANGHAI SILVER? DO YOU KNOW LEASE RATES
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Yes, I’m familiar with the current dynamics in the silver market involving Shanghai (via the Shanghai Gold Exchange or SGE, and related futures on SHFE).The “two fixes” you’re likely referring to are the twice-daily benchmark price auctions (also called fixes or benchmark prices) for silver on the Shanghai Gold Exchange (SGE). These are known as the Shanghai Silver Benchmark Price (ticker: SHAG), which is determined through auctions held twice a day:
- Morning session: Around 10:15 a.m. Beijing time
- Afternoon session: Around 2:15 p.m. Beijing time
These auctions involve physical delivery of 15 kg lots of high-purity silver (min. 99.99%) and are designed to reflect real supply/demand balance for physical metal in China. They produce an AM and PM benchmark price each trading day, quoted in yuan per kg (often converted to USD/oz for global comparison). This is similar to how the old London silver fix worked but tied much more closely to physical transactions.This contrasts sharply with Western markets (e.g., COMEX/LBMA), where prices are more influenced by paper/futures trading. In recent weeks/months (as of early 2026), this has led to massive divergences: Shanghai prices often trade at huge premiums (sometimes 20-40% or more) over COMEX/London spot, reflecting tight physical supply and strong demand in China (e.g., industrial use, investment, solar, etc.), while Western prices can be suppressed by futures paper volume.Recent examples from reports show Shanghai fixing at levels equivalent to $100–$130+/oz (or higher in peaks), while COMEX hovered much lower (e.g., $80s–$90s range in volatile periods), with trading halts or limits on SHFE adding to the chaos.Regarding lease rates:Silver lease rates represent the cost to borrow physical silver (typically quoted as an annualized percentage). These are usually derived from the London market (LBMA), where bullion banks lend metal.In the current environment (early 2026), silver lease rates have been elevated (abnormally high compared to historical norms of 0.3–2%):
- Reports mention implied lease rates around 3%, 7–9%, or even spikes higher (e.g., 8–35% in extreme moments during 2025–2026 rallies/crashes).
- High lease rates signal physical scarcity — lenders demand more to part with actual metal because availability is tight (low inventories, high demand, reluctance to lend amid delivery risks).
- This ties directly into the Shanghai premium: When physical is hard to source, borrowing costs soar, and regional markets like Shanghai (more physical-oriented) price much higher than paper-heavy Western ones.
These high rates (especially if sustained) often indicate potential stress or squeezes in the physical market, as seen in backwardation or delivery pressures.The overall picture is one of a bifurcated silver market: “paper” vs. “physical,” with Shanghai’s fixes highlighting real-world tightness in the East. If you’re tracking this for trading or stacking, the persistent Shanghai premium has been a key signal for many in the precious metals community. Let me know if you want more details on current levels or sources!
SILVER EARLY WEDNESDAY EVENING;
Silver Crashes 20% As China Opens, Gold & Bitcoin Also Plunging
Wednesday, Feb 04, 2026 – 10:25 PM
On the heels of today’s momentum collapse in the US, Silver prices have puked almost 20% in a matter of hours after Asian markets opened…
…erasing the rebound gains of the last three days…
The overall decline from when Trump’s announcement of Warsh’s nomination as the next Fed Chair is now back up to 40%.
“Sentiment seems to have turned soggy across most asset classes, including regional equities and metals,” said Christopher Wong, a strategist at Oversea-Chinese Banking Corp Ltd.
“This underscores fragile sentiment” and has created “a feedback loop amid thin market liquidity,” he said.
Spot Gold prices are also down (around 4-5%), with $5000 seemingly acting as serious resistance…
There’s no obvious specific catalysts for the decline in precious metals for now but Goldman Sachs does note that data suggested that Chinese speculators may have played a minor role in the recent volatility (until now).
The timing suggests that Western flows rather than Chinese speculative activity drove late January’s volatility.
Most of the buildup and unwind in gold prices occurred while SHFE–the venue for Chinese speculative futures trading–was closed.
Additionally, China’s strong tradition of physical precious metals ownership and easy access to physical keep it as the dominant form of demand, with the speculative paper market in China — including SHFE futures market and ETF market — being relatively small.
But, given the magnitude and timing of tonight’s collapse, it would appear the speculative Chinese investor has pulled the rug (although gold-backed ETFs are gaining traction in China, their market size remains tiny compared to Western counterparts).
Silver’s relative underperformance has smashed the Gold/Silver ratio back above 65x (6 week highs)…
Bitcoin is also accelerating its losses during the US day session, back below $72,000…
The collapse of these ‘alt’ currencies is coming as the US dollar’s recent gains accelerate…
“Price action is likely to remain volatile until there is greater certainty on the monetary policy outlook,” Standard Chartered Plc analysts including Sudakshina Unnikrishnan said in a note.
Some of this near-term volatility is resulting from investors redeeming their holdings in exchange-traded products, they said, but “structural drivers remain intact and we continue to expect a rebuild to the upside.”
2.ASIAN AFFAIRS FEB 4/2025
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS THURSDAY MORNING.7:30 AM
SHANGHAI CLOSED DOWN 26.29 PTS OR 0.64%
//Hang Seng CLOSED UP 37.92 PTS OR 0.14%
// Nikkei CLOSED DOWN 397.86 PTS OR 0.73%
//Australia’s all ordinaries CLOSED DOWN 0.52%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 6.9414
/ OFFSHORE CLOSED DOWN AT 6.9408 Oil UP TO 64.32 dollars per barrel for WTI and BRENT UP TO 68..48 Stocks in Europe OPENED MOSTLY ALL RED
ONSHORE USA/ YUAN TRADING DOWN TO 6.9414 OFFSHORE YUAN TRADING DOWN TO 6.9408 ONSHORE YUAN TRADING BELOW OFF SHORE AND DOWN ON THE DOLLAR// / AND THUS WEAKER//OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS WEAKER
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS THURSDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN AT 6.9414
OFFSHORE YUAN: DOWN TO 6.9408
HANG SENG CLOSED UP 37.92 PTS OR 0.14%
2. Nikkei closed DOWN 397.86 PTS OR 0.73%
WEST TEXAS INTERMEDIATE OIL UP 64.32
BRENT; 68.48
3. Europe stocks SO FAR: ALL MOSTLY RED
USA dollar INDEX UP TO 97.73 /// EURO FALLS TO 1.1789 DOWN 12 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +2.226/ DOWN 2 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 157.25… 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: 3.567 DOWN 6 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 DOWN /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: DOWN OFFSHORE: DOWN
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and BRENT UP this morning
3h European bond buying continues to push yields LOWER on all fronts in the EMU. German 10yr bund YIELD UP TO +2.8769 Italian 10 Yr bond yield UP to 3.504 SPAIN 10 YR BOND YIELD DOWN TO 3.2470
3i Greek 10 year bond yield UP TO 3.488
3j Gold at $4862/00 Silver at: 78.38 1 am est) SILVER NEXT RESISTANCE LEVEL AT $100.00
3k USA vs Russian rouble;// Russian rouble UP 0 AND 38/100 roubles/dollar; ROUBLE AT 76.61
3m oil (WTI) into the 64 dollar handle for WTI and 68 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 157.25 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 2.226% DOWN 1 BASIS PTS STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING//YEN BOND TRADING OVERSEAS REPATRIATED.//JAPAN 30 YR: 3.567 DOWN 6 BASIS PTS.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.7780 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9172 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: 4.272 UP 0 BASIS PTS…
USA 30 YR BOND YIELD: 4.920 UP 1 BASIS PTS/
USA 2 YR BOND YIELD: 3.549 DOWN 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 43.54 UP 3 BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.5960 UP 6 PTS
30 YR UK BOND YIELD: 5.396 UP 10 BASIS PTS
10 YR CANADA BOND YIELD: 3.445 UP 0 BASIS PTS
5 YR CANADA BOND YIELD: 2.943 DOWN 1 BASIS PTS.
1a New York Opening report
1b European opening report
Global equities mixed; markets await ECB and BoE rate announcements – Newsquawk US Market Open
Thursday, Feb 05, 2026 – 06:23 AM
- European bourses are broadly on the backfoot; US equity futures mixed, but the NQ outperforms, as chip names benefit from Alphabet boosting AI spending.
- DXY is mildly firmer, with G10s lower to varying degrees; Aussie hampered by pressure in metals, GBP lags into BoE.
- Fixed income benchmarks are mixed; USTs incrementally firmer, whilst Gilts underperform on political woes.
- Crude benchmarks slip with US-Iran meeting confirmed, Spot gold moves lower, silver -10.5%.
- Looking ahead, highlights include US Challenger (Jan), Weekly/Continuing Jobless Claims, Revelio PLS, ECB Announcement, BoE Announcement & MPR, Banxico Announcement, CNB Announcement. Speakers include BoE’s Bailey, ECB’s Lagarde, Fed’s Bostic, BoC’s Macklem & RBA’s Bullock.
- Earnings from Amazon, Strategy, Roblox, Reddit, Bloom Energy, ConocoPhillips, Bristol Myers Squibb and Barrick Mining.
Newsquawk in 3 steps:
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EUROPEAN TRADE
EQUITIES
- European equities (STOXX 600 -0.6%) are broadly lower, though the AEX is mildly firmer, boosted by strength in ASML (+1.1%). The chip giant has been boosted after Google noted it would boost AI spending.
- European sectors hold a negative bias. Basic Resources underperforms given the pressure in the metals complex, whilst Shell (-2%, Q4 metrics light) weighs on the Energy sector. Other key movers include Volvo Car (-22%) after poor results and a dire outlook.
- US equity futures (ES U/C, NQ +0.2% RTY +0.2%) are mixed, with very mild outperformance in the tech-heavy NQ. Key names are losing in pre-market trade (Google -2.4%, Arm -6.7%, Qualcomm -10.5%), but focus has been on Google’s decision to double AI spending – a factor which has boosted chip names.
- Alphabet Inc. (GOOGL) Q4 2025 (USD): EPS 2.82 (exp. 2.64), Revenue 113.8bln (exp. 111.29bln) Shares -2.4% pre-market
- ARM (ARM) Q3 2026 (USD): Adj. EPS 0.43 (exp. 0.41), Revenue 1.24bln (exp. 1.23bln) Shares -6.2% pre-market
- QUALCOMM (QCOM) Q1 2026 (USD) Adj. EPS 3.50 (exp. 3.39), Revenue 12.25bln (exp. 12.21bln) Shares -11.1% pre-market
- Maersk (MAERSKB DC) Q4 (USD) EBITDA 1.8bln (exp. 1.84bln), Revenue 13.3bln (exp. 12.9bln).
- Shell (SHEL LN) Q4 (USD): Adj. Profit 3.26bln (exp. 3.51bln), EPS 0.57 (exp. 0.63), Adj. EBITDA 12.79bln (prev. 14.77bln Y/Y), announces USD 3.5bln share buyback programme.
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
FX
- DXY is kept afloat as it continues to claw back losses seen towards the end of January. That being said, the upside is limited following mixed data releases stateside and with plenty of focus on geopolitics amid reports that US-Iran talks scheduled for Friday were off, and on again. DXY has topped resistance seen around the 97.70-97.75 area to reach a current high of 97.83, still some way off the 23rd Jan high at 98.481.
- GBP/USD is among the laggards heading into the BoE, but likely more on political factors at the moment, with UK PM Starmer’s premiership coming under scrutiny for his decision to appoint Peter Mandelson as the US ambassador despite links to Epstein. Back to the BoE, the Bank Rate is expected to be maintained at 3.75%, with some mixed views on the vote split. GBP/USD resides towards the bottom end of a 1.3576-1.3664 range.
- EUR/USD resides in a narrow 1.1783-1.1809 range ahead of the ECB announcement and presser. The ECB is expected to keep its rates on hold, a view held by the likes of Goldman Sachs and Morgan Stanley. Data developments play in favour of keeping rates steady; inflation dipped below the Bank’s target in January, but largely due to base effects. Focus this meeting will be on any commentary surrounding the stronger EUR, trade/geopolitical uncertainty and higher gas prices.
- USD/JPY continues rising amid the firmer USD, with the pair back above 157.00, with yen weakness persisting throughout the week ahead of the snap elections on Sunday. Elsewhere, Antipodeans are softer with AUD the G10 laggard amid headwinds from the subdued risk appetite and selling pressure in commodities.
FIXED INCOME
- USTs are currently firmer by a couple of ticks and trade within a narrow 111-18+ to 111-24 range. Not much driving things for the benchmark this morning, but the focus has been on geopolitics. On Wednesday, it was reported that the US-Iran talks were cancelled, but are now back on and set to happen on Friday. Back to the US, the BLS provided an updated data schedule following the recent partial shutdown. JOLTS is set to be released today; NFP on Feb 11 and CPI on Feb 13. That aside, Jobless Claims is due today, with traders looking to see if the labour market remains in its recent “low hiring – low firing” environment.
- Bunds trade steady and in a narrow 127.88-128.07 range. Really not much driving things for the benchmark this morning aside from EZ Construction PMIs and Retail sales, which had a limited impact on price action. Ahead, the ECB is set to keep its deposit rate at 2.00% and is likely to reiterate that the Bank is in a good place. Focus will be on the recent strength of the EUR and any comments related to potentially undershooting inflation.
- Gilts are underperforming this morning, currently lower by around 40 ticks. Initially gapped lower by around 19 ticks, and then extended lower to make a trough of 90.13. The underperformance in Gilts today can be attributed to the increased pressure that PM Starmer is facing for his decision to appoint Peter Mandelson as the US ambassador, despite knowing about his links to Epstein. As it stands, several MPs are calling for Starmer to resign whilst others are calling for the sacking of Chief of Staff McSweeney; MP Turner said if he does not sack him, then his own back will be “up against the wall… soon” – nonetheless, the did suggest that there is still support for the PM adding that MPs do not want him to go. As it stands, Polymarket odds of Starmer to be out the door by June 30th have risen to 47% (vs 23% yesterday).
- France sold EUR 13.5bln vs exp. EUR 11.5-13.5bln 3.20% 2035, 3.50% 2035, 3.60% 2042 and 3.00% 2049 OAT.
- Spain sold EUR 5.838bln vs exp. EUR 5-6bln 2.35% 2029, 3.00% 2033, 3.20% 2035 Bono and EUR 0.646bln vs exp. EUR 0.25-0.75bln 0.70% 2033 IL.
- Japan sold JPY 525bln 30-yr JGBs; b/c 3.64x (prev. 3.14x), and average yield 3.615% (prev. 3.447%).
COMMODITIES
- Crude benchmarks continued to trade with a lack of clear direction. The pressure seen at the start of the week (following plans of US-Iran talks) was completely reversed in Wednesday’s session over reports that the talks have been cancelled due to Tehran’s demands to change the location and talk format. Late in Wednesday’s session, Iran’s Foreign Minister reconfirmed that talks are back on in Oman for Friday. Prices dropped at the end of the US session. As the European session got underway, benchmarks reversed overnight losses, with Brent returning above USD 68.50/bbl. Today is the expiration day of the New START Treaty. This outcome was expected amid a lack of effort from both sides to renew the agreement.
- Spot gold ended Wednesday’s session below the USD 5,000/oz handle but attempted to regain above the level at the start of the APAC session, but failed to do so. The yellow metal fell to a low of USD 4,790/oz, weighed on by the plunge in silver prices, before slightly paring back losses as European trade gets underway.
- Spot silver wiped out the entirety of the two-day recovery the metal attempted to stage as trade at the Shanghai Metals Exchange got underway. The metal kissed USD 90/oz before slipping to a trough of USD 73.55/oz, with losses seen as much as 16%. Dip-buyers took advantage of the lower prices, with silver prices currently trading around USD 80/oz.
- China gold consumption reportedly fell by 3.6% to 950 tons in 2025 and total gold production rose 3.35% Y/Y to 552 tons.
- 3M LME Copper continued the selloff seen throughout the US session, with the red metal dipping below USD 13k/t to a trough of USD 12.86k/t. This comes following continued worries that AI will become a bigger factor within business models. The tech sector has been weighed on in recent sessions, as in turn, dragged copper prices lower.
TRADE/TARIFFS
- India’s Foreign Ministry said they are looking to explore commercial merits of any crude supply, including from Venezuela.
- India’s Trade Ministry Officials said that India will need to import USD 300bln annual worth of goods and the US will be one of the key suppliers of energy, aircraft and chips.
- Indian Trade Minister said we will announce the first tranche of a trade deal agreed with the US.
- China’s Foreign Ministry said we oppose any country forming small groups to disrupt international economic and trade order.
NOTABLE EUROPEAN DATA RECAP
- EU Retail Sales MoM (Dec) M/M -0.5% vs. Exp. -0.2% (Prev. 0.1%, Rev. From 0.2%, Low. -0.4%, High. 0.2%).
- EU Retail Sales YoY (Dec) Y/Y 1.3% vs. Exp. 1.6% (Prev. 2.4%, Rev. From 2.3%).
- EU HCOB Construction PMI (Jan) 45.3 (Prev. 47.4).
- UK S&P Global Construction PMI (Jan) 46.4 vs. Exp. 42 (Prev. 40.1).
- UK New Car Sales YoY (Jan) Y/Y 3.4% (Prev. 3.9%).
- Italian Retail Sales MoM (Dec) M/M -0.8% vs. Exp. 0.4% (Prev. 0.5%).
- Italian Retail Sales YoY (Dec) Y/Y 0.9% (Prev. 1.3%).
- Italian HCOB Construction PMI (Jan) 47.7 (Prev. 47.9).
- German HCOB Construction PMI (Jan) 44.7 (Prev. 50.3).
- German Factory Orders MoM (Dec) M/M 7.8% vs. Exp. -2.2% (Prev. 5.6%, Low. -5%, High. 3%).
- French HCOB Construction PMI (Jan) 43.5 (Prev. 43.4).
- French Industrial Production MoM (Dec) M/M -0.7% vs. Exp. 0.2% (Prev. 0.1%, Rev. From -0.1%).
CENTRAL BANKS
- Fed’s Cook (voter) said she will continue to carry out duties at the Fed and she looks forward to getting to know Warsh. said:Hopes that goods inflation will dissipate quickly, and once they do, should be back on the disinflation path.
- Fed’s Cook (voter) said she is focused on inflation risks and noted that when considering the proper stance of monetary policy, she sees risks to both sides of the dual mandate. said:. Progress on inflation has stalled, while such a plateau is frustrating after seeing significant disinflation in the preceding few years. It is essential we maintain credibility by returning to a disinflationary path.
- Federal Reserve finalizes big bank stress test criteria, votes to keep current capital buffer; Bowman said freezing bank capital levels allows Fed to correct any “deficiencies” in stress test models.
- Westpac’s Ellis said can’t rule out the RBA raising interest rates for a second consecutive time in March, according to Bloomberg.
- China Securities Daily reported that analysts now expect PBoC RRR ‘cuts’ in Q2.
NOTABLE US HEADLINES
- Republican Senator Hawley is circulating a bill around Congress that would ensure the costs of data centre’s energy use is not passed onto consumers, Axios reported citing a bill summary.
- US President Trump commented that Fed is in theory an independent body, adds looking at tariff rebate checks very seriously, but haven’t committed to tariff rebate checks yet, while he discussed expanding immigration operations to five cities.
- White House said President Trump is to make an ‘announcement’ on Thursday at 19:00 Eastern Time (00:00GMT).
GEOPOLITICS
RUSSIA-UKRAINE
- US Envoy Witkoff said that discussion between US, Ukraine and Russia were productive but “significant work remains”; talks will continue, with additional progress anticipated in the coming weeks; Ukraine and Russia agreed to exchange 314 prisoners.
- Russia’s Kremlin spokesperson confirms the New START Treaty ends today.
- Russian Envoy Dmitriev said Russia-US meetings in Abu Dhabi are positive; progress on a peace deal despite pressure from the EU and UK; active work ongoing to restore Russia-US relations.
MIDDLE EAST
- Israeli security assessments note Houthis may attack Israel if Washington launches a strike against Iran, according to Sky News Arabia.
- Palestinian media reported Israeli artillery shelling targeting the Al-Bureij camp in the central Gaza Strip.
CRYPTO
- Bitcoin is on the backfoot and trades around USD 71.5k; Ethereum is also posting losses, down to USD 2.1k.
APAC TRADE
- APAC stocks were mostly lower following the continued tech selling stateside and flip-flopping regarding US-Iran talks, while commodities were pressured overnight with silver prices dropping by a double-digit percentage.
- ASX 200 was dragged lower by weakness in mining and resources stocks after underlying commodities prices took a hit, but with the losses in the index stemmed by resilience in financials and consumer stocks.
- Nikkei 225 saw early indecision but eventually slipped below the 54,000 level alongside the downbeat mood in the region.
- Hang Seng and Shanghai Comp declined with notable weakness in miners, property names and insurers, while an increased liquidity effort by the PBoC and reports of an ‘excellent’ call between Trump and Xi failed to spur risk appetite.
NOTABLE ASIA-PAC HEADLINES
- Chinese provinces set lower growth targets for 2026, according to FT.
- China is said to pause Panama deals after CK Hutchinson’s (1 HK) port operations were nullified.
NOTABLE APAC DATA RECAP
- Australian Balance of Trade (Dec) 3.37B vs. Exp. 3.325B (Prev. 2.94B, Low. 2.6B, High. 4.0B).
- Australian Imports MoM (Dec) M/M -0.8% (Prev. 0.2%).
- Australian Exports MoM (Dec) M/M 1.0% (Prev. -2.9%).
- Japanese Foreign Bond Investment (Jan/31) 713.7 (Prev. 190.4, Rev. From 177.6).
- Japanese Stock Investment by Foreigners (Jan/31) 494.6 (Prev. 329.5, Rev. From 328.1).
NOTABLE APAC EQUITY HEADLINES
- Foxconn (2317 TT) January revenue TWD 730bln, +35.5% Y/Y (prev. +31.8% Y/Y); expects seasonal performance for the current quarter to be better than the past five-year range. Cloud networking products sales grew strongly Y/Y in January.
- Sony (6758 JT) 9-month (JPY) net loss 409.7bln, oper. profit 1.28tln (prev. 1.06tln Y/Y), rev. 9.44tln (prev. 9.23tln Y/Y), raises share buyback to JPY 150bln from JPY 100bln. Co. raises FY26 oper. profit guidance to 1.54tln from 1.43tln and rev. guidance to 12.3tln from 12.0tln.
1 c) Asian opening report
Precious metals back underpressure; Crude falls as US-Iran talks are to proceed – Newsquawk EU Market Open
Thursday, Feb 05, 2026 – 01:55 AM
- APAC stocks were mostly lower following the continued tech selling stateside and flip-flopping regarding US-Iran talks, while commodities were pressured overnight with silver prices dropping by a double-digit percentage.
- Earnings saw Alphabet shares fall 2.0%, ARM Holdings slip 8.6%, and Qualcomm slump 10.3% after market.
- US President Trump said not much doubt that interest rates will be lowered and thinks that Warsh wants to cut rates anyway.
- US BLS rescheduled the January employment report for Feb. 11th, while it rescheduled December job openings and labour turnover report for February 5th, and rescheduled January CPI to February 13th.
- Looking ahead, highlights include German Factory Orders (Dec), EZ Retail Sales (Dec), US Challenger (Jan), Weekly/Continuing Jobless Claims, Revelio PLS, ECB Announcement, BoE Announcement & MPR, Banxico Announcement, CNB Announcement. Speakers include BoE’s Bailey, ECB’s Lagarde, Fed’s Bostic, BoC’s Macklem & RBA’s Bullock. Supply from Spain & France.
- Earnings from Amazon, Strategy, Roblox, Reddit, Bloom Energy, ConocoPhillips, Bristol Myers Squibb, Barrick Mining, Cigna, Linde, Shell, Unilever & UniCredit.
SNAPSHOT
Newsquawk in 3 steps:
1. Subscribe to the free premarket movers reports
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
US TRADE
EQUITIES
- US stock indices finished mostly lower on Wednesday, primarily due to losses in AI-related names, with semiconductors, software, memory and robotics pressured. That said, breadth was very strong, highlighted by gains in the Equal-Weight RSP, while Energy, Materials, and Staples, the best three performing sectors YTD, continued to see gains given their little exposure to the AI complex, while Healthcare was boosted by a strong Eli Lilly (LLY) earnings report.
- Furthermore, AMD earnings contributed to downside in the tech space, as valuation concerns lingered, particularly over expenses, despite beating on quarterly metrics and guidance. Precious metals also saw downside at the US equity open alongside crypto, with gold reversing earlier gains, albeit losses were limited given the increased US-Iran tensions.
- SPX -0.51% at 6,883, NDX -1.77% at 24,891, DJI +0.53% at 49,501, RUT -0.90% at 2,625.
- Click here for a detailed summary.
TARIFFS/TRADE
- US President Trump’s administration is said to be willing to allow ByteDance to buy NVIDIA’s (NVDA) H200 chips, although the Co. has not agreed to the proposed conditions.
- USTR said the US and Mexico are to explore border-adjusted price floors for critical minerals imports over the next 60 days, and are consulting on how price floors could be included in a plurilateral agreement on trade in critical minerals.
- EU Commission President von der Leyen said the next step is a bilateral EU-US agreement on raw materials following the EU, Japan, and US plurilateral trade initiative on critical minerals
NOTABLE HEADLINES
- US President Trump said not much doubt that interest rates will be lowered and thinks that Warsh wants to cut rates anyway. Trump added that Warsh would not have gotten the job had he said he wanted to raise rates, according to NBC.
- US President Trump said the Fed is, in theory, an independent body and stated he is looking at tariff rebate checks very seriously, but hasn’t committed to tariff rebate checks yet, while he discussed expanding immigration operations to five cities.
- US Treasury Secretary Bessent said he has no opinion on whether Trump has the authority to fire the Fed chair or a board member over a policy disagreement. Bessent also said that he thinks they can continue to see the 10yr yield tick down and noted that foreign inflows into USTs remain strong and massive flows continue into US equities.
- US Senate Banking Committee Chairman Tim Scott (R) said he wasn’t aware of any statement Fed Chair Powell had made during his testimony last year that would be evidence of perjury, according to WSJ.
- Fed’s Cook (voter) said she is focused on inflation risks and noted that when considering the proper stance of monetary policy, she sees risks to both sides of the dual mandate. Cook stated that progress on inflation has stalled and that such a plateau is frustrating after seeing significant disinflation in the preceding few years. Furthermore, she said it is essential that they maintain credibility by returning to a disinflationary path, while she hopes that goods inflation will dissipate quickly, and said once it does, they should be back on the disinflationary path.
- Federal Reserve finalised the big bank stress test criteria, in which it voted to keep the current capital buffer, while Fed’s Bowman said that freezing bank capital levels allows Fed to correct any “deficiencies” in stress test models.
- White House said President Trump is to make an ‘announcement’ on Thursday at 19:00 Eastern Time (00:00GMT).
- US BLS rescheduled the January employment report for Feb. 11th, while it rescheduled December job openings and labour turnover report for February 5th, and rescheduled January CPI to February 13th.
NOTABLE EARNINGS
- Alphabet Inc. (GOOGL) Q4 2025 (USD): EPS 2.82 (exp. 2.64), Revenue 113.8bln (exp. 111.29bln) Shares fell 2.0% after market.
- ARM Holdings (ARM) Q3 2026 (USD): Adj. EPS 0.43 (exp. 0.41), Revenue 1.24bln (exp. 1.23bln) Shares fell 8.6% after market.
- QUALCOMM (QCOM) Q1 2026 (USD) Adj. EPS 3.50 (exp. 3.39), Revenue 12.25bln (exp. 12.21bln) Shares fell 10.3% after market.
APAC TRADE
EQUITIES
- APAC stocks were mostly lower following the continued tech selling stateside and flip-flopping regarding US-Iran talks, while commodities were pressured overnight with silver prices dropping by a double-digit percentage.
- ASX 200 was dragged lower by weakness in mining and resources stocks after underlying commodities prices took a hit, but with the losses in the index stemmed by resilience in financials and consumer stocks.
- Nikkei 225 saw early indecision but eventually slipped below the 54,000 level alongside the downbeat mood in the region.
- Hang Seng and Shanghai Comp declined with notable weakness in miners, property names and insurers, while an increased liquidity effort by the PBoC and reports of an ‘excellent’ call between Trump and Xi failed to spur risk appetite.
- US equity futures were lacklustre amid recent tech woes and after the latest big tech earnings did little to boost futures.
- European equity futures indicate a lower cash market open with Euro Stoxx 50 futures down 0.2% after the cash market finished with losses of 0.4% on Wednesday.
FX
- DXY kept afloat following yesterday’s mild gains, but with the upside limited following mixed data releases stateside and with plenty of focus on geopolitics amid reports that US-Iran talks scheduled for Friday were off, and on again, while there were comments from Fed’s Cook who said that she is focused on inflation risks and that progress on inflation has stalled.
- EUR/USD marginally softened with the single currency not helped by the recent weaker-than-expected EU services PMI data and softer core inflation, while participants await the ECB policy announcement due later today.
- GBP/USD trickled lower with very few catalysts for the UK ahead of the BoE policy announcement, while Services PMI data missed estimates and reports noted that PM Starmer is to conduct a reshuffle and ‘reset’ in a bid to save his premiership.
- USD/JPY took a breather after climbing to just shy of the 157.00 handle with yen weakness persisting throughout the week ahead of the snap elections on Sunday.
- Antipodeans declined amid headwinds from the subdued risk appetite and selling pressure in commodities.
- PBoC set USD/CNY mid-point at 6.9570 vs exp. 6.9468 (Prev. 6.9533).
FIXED INCOME
- 10yr UST futures were uneventful as price action remained confined to within a narrow range after recent mixed data stateside and with a lack of surprises from the Quarterly Refunding Announcement, which was set at USD 125bln, as expected.
- Bund futures lingered around the 128.00 level after the prior day’s advances, and with participants awaiting German Factory Orders and the ECB policy announcement.
- 10yr JGB futures eked mild gains in choppy trade amid the absence of any tier-1 data releases overnight and following mixed results from this month’s 30yr JGB auction.
COMMODITIES
- Crude futures gave back the prior day’s gains, which had initially been spurred by news that talks between the US and Iran on Friday were cancelled due to Iran’s refusal to engage in non-nuclear issues. However, oil prices then reversed overnight after it was reported that US-Iran talks were back on again and will be conducted on Friday in Oman.
- Spot gold was choppy and initially reclaimed the USD 5,000/oz status before wiping out all its gains and more shortly after SHFE and LME trading got underway, despite a lack of obvious drivers, but coincided with a broad sell-off in precious metals, including a 15% collapse in silver prices which dropped aggressively after stalling around the USD 90/oz level.
- China’s gold consumption fell by 3.6% Y/Y to 950 tons in 2025, and its total gold production rose 3.4% Y/Y to 552 tons.
- Copper futures retreated amid the downbeat risk tone and selling across the commodities complex.
CRYPTO
- Bitcoin steadily retreated throughout the session to below the USD 71,000 level.
NOTABLE ASIA-PAC HEADLINES
- PBoC injected CNY 118.5bln via 7-day reverse repos with the rate at 1.40% and injected CNY 300bln via 14-day reverse repos with the rate at 1.65%, ahead of the Chinese New Year/Spring Festival holidays.
DATA RECAP
- Australian Balance of Trade (Dec) 3.37B vs. Exp. 3.325B (Prev. 2.94B, Low. 2.6B, High. 4.0B)
- Australian Exports M/M (Dec) M/M 1.0% (Prev. -2.9%)
- Australian Imports M/M (Dec) -0.8% (Prev. 0.2%)
GEOPOLITICS
MIDDLE EAST
- Iran-US nuclear talks for Friday were initially reported to have been cancelled due to the Iranians’ refusal to engage in non-nuclear issues. However, reports later stated that plans for US-Iran nuclear talks in Oman on Friday are back on, after several Arab and Muslim leaders urgently lobbied the Trump administration on Wednesday afternoon not to follow through on threats to walk away, according to US officials cited by Axios.
- US President Trump said Iran’s Supreme Leader should be very worried now, while Trump also stated that he warned the Iranians about building a new nuclear facility.
- Iran’s Foreign Minister Araqchi said nuclear talks with the US are to be held in Muscat at about 10am on Friday.
- Iranian sources said they will not allow demands to be raised outside the framework of the nuclear dossier in negotiations with the US.
- US military said it conducted five strikes against multiple Islamic State targets across Syria in late January and early February.
RUSSIA-UKRAINE
- US official said conversations between the US, Ukraine, and Russia were productive and will continue on Thursday morning, while Ukraine’s top negotiator Umerov also said today’s meetings in Abu Dhabi were productive and substantive.
- Russian Foreign Ministry said Russia has not received a formal response from the US on the expiring START treaty, while it added that the US approach to Russia’s initiative on a new START treaty is misguided and regrettable.
2.a NORTH KOREA/SOUTH KOREA/JAPAN
2 b JAPAN
3. CHINA
CHINA/
4./EUROPEAN AFFAIRS
EU
LEAVES RATES UNCHANGED!!UK POUND DROPS ON THE B OF E’S DOVISH HOLD/ IT RATES RISE
(zerohedge)
EUR Flat As ECB Leaves Rates Unch; Cable Drops On BoE’s ‘Dovish Hold’
Thursday, Feb 05, 2026 – 08:27 AM
In a surprise to traders, The Bank of England came within a vote of cutting interest rates and predicted inflation will fall below its target, a closer-than-expected decision that revived hopes of a move next month.
As Bloomberg reports, Governor Bailey was once again the swing voter in a 5-4 decision to leave rates unchanged at 3.75%, choosing to hold policy having cut at the last meeting in December.
Bailey said in a statement that “there should be scope for some further reduction in bank rate this year.”
In the accompanying monetary policy report, we also got a bit more insight into how the Bank of England sees the measures announced at November’s budget impacting the economy.
The BOE delivered its verdict on Labour’s budget and growth: good in the short-run, bad in the long-run.
Measures announced in November will boost real GDP in the next three years. Beyond that, tax rises will take centre stage and weigh on the economy.
When asked if there is any scenario in which the BOE would need to hike rates, Bailey said that this was not under discussion at their meeting.
This surprisingly dovish hold pushed cable lower…
And gilt yields lower from overnight highs…
The commentary and closely split decision also pushed rate-cut odds higher for later in 2026.
Bailey says the rate-cut curve is in a “reasonable place” in a question about where the neutral rate lies, which the BOE made clear in its statement is highly uncertain.
Following the BoE’s ‘Dovish hold’, the ECB kept rates unchanged – as fully expected and reiterated its previous comments that it will follow a data-dependent and meeting-by-meeting approach to determining the appropriate monetary policy stance.
In particular, the Governing Council’s interest rate decisions will be based on its assessment of the inflation outlook and the risks surrounding it, in light of the incoming economic and financial data, as well as the dynamics of underlying inflation and the strength of monetary policy transmission.
ECB reiterates the Governing Council is not pre-committing to a particular rate path.
On growth, the ECB says the economy “remains resilient in a challenging global environment” and lists a number of factors underpinning growth:
- low unemployment
- solid private sector balance sheets
- the gradual rollout of public spending on defense and infrastructure
- the supportive effects of the past interest rate cuts
But it also repeats that “the outlook is still uncertain, owing particularly to ongoing global trade policy uncertainty and geopolitical tensions.”
EURUSD shrugged at the nothingburger from Lagarde…
In conclusion, while both central banks held rates unchanged (as expected), The ECB’s commentary was far more tame than the dovish BoE leaving traders with little incentive to push front-end Bunds around.
END
GERMANY
KOLBE
huge problems for Germany!! gas shortages!!
Germany Faces Gas Shortage Crisis: Industry Demands Strategic Reserve
Thursday, Feb 05, 2026 – 02:00 AM
Submitted by Thomas Kolbe
Following the Federal Network Agency, the umbrella organization of the energy industry is now also calling for the establishment of a national strategic natural gas reserve. The coordinated push by the sector makes it clear that the decline in gas storage levels is far more severe than politics has so far admitted.
Kerstin Andreae, chairwoman of the German Association of Energy and Water Industries (BDEW), called on Monday in an interview with the Redaktionsnetzwerk Deutschland for the creation of a national strategic gas reserve.
Andreae emphasized the need for a robust buffer to absorb external shocks in Germany’s energy supply. With this demand, the BDEW explicitly aligned itself with the position of the Federal Network Agency, whose president Klaus Müller had already advocated for such a strategic reserve in a dpa interview last week.
Similar signals are now coming from the business world. The Oldenburg-based energy supplier EWE also considers the time ripe to discuss additional crisis instruments and to follow the examples of other European countries. Austria, France, and Poland already maintain strategic gas reserves to safeguard against supply crises.
Reality Ignored
It is remarkable that Germany has largely ignored fundamental questions of energy market design and the security of grids with baseload energy for years—a consequence of ideologically driven decisions, for which then-Federal Minister for Economic Affairs Robert Habeck also bears political responsibility.
Current figures underline the urgency of the situation. Gas storage levels in Germany are currently dropping by around one percent per day due to the cold weather, with overall fill levels now at roughly 30 percent.
In extreme cases—such as conditions similar to the winter of 2010—a gas shortage is entirely conceivable. In such a scenario, daily consumption could no longer be covered by additional LNG imports and remaining gas stocks. The result would be planned shutdowns, initially in energy-intensive industries, with cascading and dramatic economic effects across large parts of the economy.
Germany in 2026 stands amid the ruins of its irrational energy policy. It reads like a bad joke that the country which dismantled its nuclear power, removed cheap Russian gas at Brussels’ behest, and now aims to exit coal-fired power, is discussing national gas reserves—all in the name of a politically and media-amplified climate hysteria.
Assurances and Stubbornness
Publicly, politics and the Federal Network Agency are working to downplay the problem of declining gas storage levels. Shortly before his dpa interview, Federal Network Agency President Klaus Müller told the Rheinische Post that the risk of supply problems was generally low. Germany had created greater flexibility through multiple import channels—both pipelines and newly built LNG terminals. Moreover, wholesale market prices showed no sign of scarcity, even if they had recently risen, Müller said.
It is a rare skill to contradict oneself multiple times in just a few sentences, as Müller managed in this interview.
In contrast, the lobby group INES spoke of historically low levels of German gas storage. Last year at this time, the fill level was around 58 percent, and the year before, even 76 percent. The difference is not marginal, but structural—highlighting the growing vulnerability of the country’s energy security.
The Federal Ministry for Economic Affairs struck a similar tone. In January, it referred to the new import flexibility and recently saw no need for state intervention in the market—though one can hardly call the German energy network a “market” anymore, a fact perhaps still unnoticed in the ministry.
Energy economist Claudia Kemfert of the German Institute for Economic Research (DIW) also stated in January that there was no supply crisis and that imports remained stable. That now bad weather and cold snaps in North America threaten LNG deliveries from the main supplier, the USA—which is responsible for over 90 percent of Germany’s LNG supply—may be the irony of the weather gods. It changes nothing, however, about the fact that German energy policy is trapped between ideological blindness, general negligence, and an intellectual oversimplification of the core problem.
Germany now provides a textbook example of the consequences of centrally planned interventionist policy. Once set in motion, every further review of the increasingly distorted market design forces additional interventions and regulatory measures. The system is gradually transforming into a command economy. It is a downward spiral of supply that can only be broken if long-term measures enable the German energy sector to produce baseload-capable energy again.
This would include returning to Russian gas deliveries, reversing coal phase-out decisions, and adopting modern small modular nuclear reactors. These, by the way, do not produce traditional nuclear waste—an argument that immediately defuses reflexive objections from anti-nuclear opponents.
Worldwide, nuclear power is experiencing an impressive resurgence, particularly in the USA, China, and Russia. Only in Germany does ideological stubbornness prevent recognition of this reality.
Pressure must be applied to European policy to exploit substantial gas reserves, gaining geostrategic breathing space and at least partially freeing itself from the self-imposed stranglehold.
Irony of History
The emerging necessity of a national gas reserve carries two ironies. First, it is a belated admission of the complete failure of the energy transition. Renewable energies, due to their volatility and to maintain grid stability and supply security, require storage and reserve capacities that cannot be economically provided without massively burdening or partially collapsing the economy.
Second, it is precisely the declared arch-enemy of German policy, US President Donald Trump, who these days is calling not only for an existing strategic oil reserve but also for the creation of further national reserves. Washington intends to invest around twelve billion dollars to stockpile metals such as lithium, rare earths, nickel, and cobalt, thereby strategically reducing dependence on China and other raw material suppliers.
The terms “national” and “reserve” in the energy policy context are particularly offensive to the left-green milieu. There, people are unaccustomed to yielding to reality and recognizing that conservative thinking in matters of supply security, preparedness, and societal resilience is superior in every respect—including as a socio-political concept.
In the USA, supply security and strategic resilience sit prominently on the political agenda alongside energy market deregulation. In Germany, however, remarkable consistency is applied to stabilizing a green crony economy, whose economic viability is increasingly eroding.
German households will experience the consequences of this fatal error very concretely in their accounts over the coming weeks and months.
END
EU
KOLBE
Tom discusses the EU bureaucratic jungle!
Kolbe
EU Inc: Can Brussels’ Latest Corporate Reform Escape Bureaucracy’s Grip
Thursday, Feb 05, 2026 – 05:00 AM
Submitted by Thomas Kolbe
The European Commission is responding to mounting criticism of over-bureaucratization with the introduction of a new corporate legal form. “EU Inc” is intended to create a uniform legal structure that applies across the entire European Union economic area. A charming idea—but one that quickly sinks in the general bureaucratic madness.
The European Union has reached a point where it is considered lucky if a handful of days pass without new regulatory initiatives from the Brussels central apparatus.
To ease some pressure and deflect growing criticism of the EU’s bureaucratic jungle, Commission President Ursula von der Leyen presented the idea of a Europe-wide corporate legal form during the World Economic Forum in Davos.
The proposed new pan-European company type is called EU Inc. It would become the 28th European legal form, alongside national corporate types such as GmbH, SA, or Limited.
What von der Leyen pitched as an innovative project aims to simplify company formation for startups and scale-ups. The goal is to operate cross-border in all 27 member states of the Single Market without needing to create additional subsidiaries to comply with each nation’s legal requirements.
EU Inc is intended to enable a uniform, fully digitalized formation and administration process. Companies could be registered online within 48 hours—without a notary and without cumbersome paperwork.
The Commission also plans to introduce a central EU register, functioning as a one-stop shop and providing transparency on company formations, capital increases, and ownership structures. The project is currently in the early parliamentary consultation phase and could take effect in national law no earlier than 2027.
The Commission’s idea is attractive. Besides facilitating fast and simple company formation, it would be the first substantial initiative in years moving beyond mostly repressive regulation—truly aimed at deepening the European Single Market.
Faster market entry, simplified mergers, and potentially easier venture capital financing could follow—if national tax deregulation also occurs. That, however, seems unlikely given European regulatory practices.
The politically oft-cited capital markets union would thus receive its first, modest boost—a real-world link to the situation of entrepreneurs. Evidently, fragments of criticism from the business world occasionally reach Commission circles—who would have thought?
Where Are the Entrepreneurs?
As always with Brussels initiatives, the devil is in the details. First, national adoption of this new legal form must be achieved.
It is expected that powerful lobbying groups—from tax advisors to auditors—will work intensively to protect their interests, which are largely derived from the complexity of tax law, capital requirements, and formation procedures.
Over any supposed liberalization of economic activity looms the long shadow of European regulatory policy.
This is the real crux of European politics. Considering the economic structure of the European economy, one inevitably asks: where are the entrepreneurs who would even be willing or able to utilize this new EU Inc framework?
A single number illustrates the grotesque regulatory work of Brussels: last year alone, the European economy was flooded with over 1,400 new EU legal acts. That’s four new regulations per day. Directives, regulations, delegated acts, implementing acts—companies are drowning in an ideologically driven Brussels regulatory swamp.
CO₂ policies and supply chain directives are often in focus, scrutinizing every economic activity in detail and generating immense bureaucratic costs. Entrepreneurs increasingly work to fund administration—less to serve their markets.
What we see in Brussels is classic bureaucracy: once established, politically nurtured, and treated as a political vanguard, it develops a life of its own. Cynically, the production of legal acts is the only “good” keeping it alive.
The truth of this bureaucratic phenomenon often reveals itself openly—when politicians proudly list the laws they initiated, without any understanding of real economic life. It is the work record of a gravedigger, carving a path through the increasingly paralyzed productive sector of society.
Political and media support for EU climate regulation has created a self-referential bureaucracy now spreading into member states. With state quotas beyond 50%, the Rubicon of economic imbalance is crossed. Europe risks becoming a purely administrative hub while productive economy steadily shrinks.
The parasitic body consumes its host, accelerating its decay. Europe is degenerating into an administrative site with declining production activity.
Centrifugal Forces Gain Momentum
EU Inc could indeed be a charming solution for deepening the Single Market—if one day an orderly regulatory turnaround is initiated.
It is quite likely that the accelerating downward spiral of high public debt, falling productivity, rising unemployment, and a dramatic geopolitical decline of the continent will eventually pave the way for a conservative, market-oriented shift.
For Brussels central planners, particularly in Eastern Europe, a political storm is brewing that, once unified, could one day shatter the regulatory chains.
From a German perspective, however, it seems likely that the driving forces of climate-socialist transformation—undoubtedly concentrated in Berlin—will marshal their forces to continue the fatal path toward a command economy after breaking with the opposition.
END
NETHERLANDS/TAXATION OF UNREALIZED GAINS
KOLBE
this fears me the most: taxing unrealized gains
(zerohedge)
Netherlands To Tax Unrealized Gains: EU Wealth Grab And Global Implications
Thursday, Feb 05, 2026 – 03:30 AM
Submitted by Thomas Kolbe
A fiscal storm is brewing in the Netherlands. With the potential introduction of a tax on unrealized capital gains, The Hague is set to become a testing ground for the systematic transfer of wealth from the private sector to the state. Across all government levels, the European Union is increasingly transforming into an aggressive parasitic system.
A fundamental clash between the public and private sectors is intensifying across the EU. In March, both chambers of the Dutch parliament will decide on the implementation of an annual tax on unrealized gains. Going forward, all increases in value—from real estate and stocks to bonds and cryptocurrencies—would fall under this fiscal framework.
This move significantly accelerates the extraction of capital from the private sector, constituting a political rule violation. Already taxed income and assets would be hit again based on hypothetical gains, severely impeding private wealth accumulation.
Support for this measure spans both right- and left-wing parties. It reflects a form of fiscal horseshoe logic, apparently anticipating a severe national financial crisis.
For the EU as a whole, this is disastrous. That a nation with a debt ratio of just 46% and new borrowing of slightly over 2% of GDP would effectively declare war on private capital signals profound economic distortions in one of Europe’s most successful economies. One naturally asks: if this is happening in the Netherlands, what does it say about the rest of the European Union?
The End of the Productive Economy
A glance at Eurozone manufacturing suggests a storm is brewing. Deindustrialization in Germany, the largest industrial base in Europe, began in 2018 and has accelerated ever since, with massive capital flight. What applies to Germany applies even more so to the fragile peripheral European economies.
For decades, Europe’s economy has shifted from production toward financial and wealth-rentier models. As financialization advances, production and value creation increasingly relocate abroad. This mirrors a process the United States underwent for decades and attempted to reverse under President Donald Trump.
European states see no escape from the economic death spiral created by expanding welfare systems, uncontrolled migration, and slowly shrinking core industrial productivity. Politicians are buying time through the expropriation of citizen savings to evade growing reform pressure.
Once societal patience reaches a tipping point, Europe may witness scenes similar to those currently unfolding in the U.S., where the government has effectively declared war on illegal immigration amid a media-driven defensive battle coordinated by far-left forces, globalist media, and foreign foundations.
The pressing question for Europe: how long will native populations tolerate financial assault from the state without demanding corresponding migration and welfare reforms?
Several EU states already levy progressive inheritance and gift taxes. Norway recently introduced a wealth tax of roughly 1% on net assets above €160,000 per person, raising eyebrows in one of Europe’s richest nations. Spain applies a progressive wealth tax up to 3.5%, plus a solidarity wealth levy for assets above €3 million—“solidarity,” a political buzzword used to rhetorically justify impending fiscal expropriation.
This expropriation is imminent. Coalition parties have spent the past year laying the groundwork for a massive expansion of inheritance taxes. It would be unwise to rule out Germany’s politically influenced Constitutional Court approving a national wealth tax in the future.
Building the Command Economy
Germany is driving Europe toward socialism. Capital formation and independent family structures, which could form a powerful societal opposition, are increasingly despised by political elites.
There is no longer any denying it: the EU’s economic model and the manic drive to transform it into a green command economy reflect growing panic in Brussels, Berlin, and Paris. Every attempt to mask economic collapse with debt fails—the collateral damage of centrally planned green “artificial” economies seeps into public awareness.
The economic plight of weaker Southern European nations hardly needs detailed exposition. It is well known that the Eurozone has failed as a currency union attempting to integrate economies with wildly divergent productivity, such as Germany and Greece.
Now, cracks are visible, and states are defending their power through systematic extraction of private capital. Europe is on the defensive.
Europe in the U.S.
Wherever the European model has been adapted, politics is employing similar tools. The election of socialist Zohran Mamdani as New York City mayor last year drew attention. His victory was fueled by politically guided settlement of Muslim migrants, allied with the financial-left establishment, orchestrating a successful campaign.
With Mamdani’s election, vast capital is now politically—literally—trapped. Those who fail to relocate face massive taxation. Mamdani, campaigning on free public transit, rent caps, and public markets, announced plans this week to close a $10 billion budget gap with a wealth tax.
New York is now a Democratic Party campaign hub, positioned against the heart of the conservative resurgence initiated by Donald Trump’s deregulation and tax cuts.
In California, the most European-leaning U.S. state, the “Billionaire Tax Act” was introduced, with Governor Gavin Newsom planning a one-time 5% wealth levy on net assets above $1 billion. Outmigration from the Golden State has already begun, along with tens of thousands of jobs relocating elsewhere. The shortsightedness of this policy is only surpassed by its childish aggressiveness.
Worldwide, it remains vital to preserve economic centers that defend market principles and private wealth accumulation—the torchbearers of civilization. Meanwhile, the EU’s descent into socialist barbarism seems all but inevitable.
END
ROBERT H
JDBYD on X: “These files are a BOMBSHELL. we now have proof that the EU has been actively censoring legal content that goes against their agenda—and that they interfered in at least 8 European elections, including the Dutch elections of 2023 and 2025, by meeting with social media platforms https://t.co/41KiMAqIx8” / X
This hurts.
https://x.com/JDBYD2/status/2019023361662153101
END
HOLLAND/UK
UK is now out of control!
Dutch Government Refuses To Probe UK Travel Ban On Eva Vlaardingerbroek
Thursday, Feb 05, 2026 – 06:30 AM
Authored by Thomas Brooke via Remix News,
The Dutch government has refused to investigate or seek clarification from the United Kingdom after Dutch commentator Eva Vlaardingerbroek had her permission to travel to Britain revoked, confirming it has not even asked London for an explanation over the decision.
The position was set out in formal parliamentary responses from Foreign Affairs Minister Caspar Veldkamp’s ministry, delivered on Jan. 30 by Minister Van Weel, after questions were submitted by Lidewij de Vos, a Member of Parliament for the right-wing Forum for Democracy (FvD).
De Vos questioned the government over last month’s revocation of Vlaardingerbroek’s UK Electronic Travel Authorization (ETA), which now prevents her from entering Britain without a visa. British authorities informed the commentator that her authorization had been canceled because her presence in the UK was deemed “not conducive to the public good,” and that the decision could not be appealed.
Asked whether the Dutch government had sought clarification from the British government or ambassador, the minister responded simply, “No.”
When pressed on whether the government would now demand an explanation, the minister replied that the Netherlands would not intervene in such cases, stating, “The Dutch government is not a party in this matter and does not engage with the United Kingdom regarding individual cases.”
“It is not for the Dutch government to judge or interfere in how legal remedies are structured under United Kingdom national legislation,” the minister added.
The responses mark the first official Dutch government reaction to the controversy, which has drawn attention internationally.
Vlaardingerbroek said she received notice of the ban shortly after posting criticism of British Prime Minister Keir Starmer on social media. Reacting at the time on X, she wrote, “I’ve been banned from traveling to the UK. No reason given. No right to appeal. Zero due process. Just an email saying the UK government deems me ‘not conducive to the public good’ — exactly three days after I criticized Keir Starmer.
“I guess my point that the UK is no longer a free country has been indisputably proven,” she added.
The right-wing commentator later accused her own government of failing to defend one of its citizens, posting, “While Orbán, Salvini, and even the U.S. State Department spoke out about my UK travel ban, the Dutch government just came forward saying it sees no problem with the UK banning one of its citizens and is not going to take action. Always a pleasure to be able to count on one’s own government.”
The British government has not publicly commented on the individual case. However, officials have said ETA cancellations do not automatically amount to a permanent ban and that border decisions remain sovereign matters.
In its parliamentary reply, the Dutch government also stated that it could not establish from media reporting that Vlaardingerbroek’s opinions were the reason for the cancellation, adding that revoking an ETA is not legally the same as denying entry. It does, however, mean that the subject cannot enter the country without a visa and thus must formally apply for entry. Travel between the United Kingdom and the Netherlands is usually visa-free for nationals of the two countries.
During a recent conversation with former British prime minister Liz Truss, Vlaardingerbroek criticized what she described as double standards in British justice and immigration policy, saying, “It just confirms everything that everyone has been saying, two-tier Keir, two-tier justice.”
She added, “The fact that all the immigrants are allowed in without any questions asked, without papers, and they are given the free hotels, they are given everything for free.”
Truss also commented publicly on the case, writing on X, “People who tell the truth about what’s happening in Britain are banned from the country. People who come to the country to commit crime are allowed to stay.”
Hungarian Prime Minister Viktor Orbán similarly expressed support, saying Vlaardingerbroek was “always welcome in Hungary.”
In its parliamentary responses, the Dutch government also declined to amend travel advice for the United Kingdom, stating it had received no signals of changing safety risks for Dutch travelers.
END
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
ISRAEL TBN LAST 24 HR
Be aware ROBERT H
Over 6-7 months ago, I wrote that a conflict would arise in the Middle East and it would be with Iran. And this would come in the 1st quarter of this year.
While we can debate the image of what Trump is or what is or not foreign policy vs agenda. It is quite clear that there is not one voice in America as Neocons are very much well and playing cards. Today few nations if any speak with one voice having too many fingers in the pie.
The talks with Iran were cancelled for Friday after Rubio tried to broaden the agenda. Maybe this was the plan all along.
When talks stop conflict usually starts soon thereafter. Do not be surprised. Events build upon one another.
This is why oil shot up today. And the likelihood is that much higher prices will come with their fall out.
And while one can comprehend the nature of containment of a rogue Iran it is not lost that China will want to protect their cheap oil supply. Simply because cheap oil spells cheap energy driving the Chinese economy. Lose that and China suffers having to play on a more equal footing without the advantage of cheap energy.
Meanwhile early this morning the Russians sent a clear message to all wannabe combatants. The war will continue until Ukraine accepts Russian terms. There will be no cease-fire, no foreign troops in Ukraine, after the war conflict ends. And there will be no so-called coalition of the willing, nor will there be foreign defensive missiles inside of Ukraine. And lastly, they will dismantle the mentality of Nazism left behind since WWII.
As i have written many a time, this conflict will end on the battlefield on Russian terms. There will be NO Russian surrender or giving up of territory. Such fantasy is best left to the dreamers and not Realpolitik of nation states. Failure to understand will prove most damaging to those who choose to learn the hard way.
Expect volatility going forward now, because many divergent agendas and games are colliding not in concert but in conflict. The rest of this year will prove to be quite bumpy. If for no other reason then events unfolding that care little about what anyone thinks. The kind of events that are not linear but ones that play off occurrences causing ramifications that are unforeseen. This will be made worse by a lack of purpose in state craft to change to conditions that have expired.
IRAN UPDATES
ISRAEL UPDATES
‘What is happening in Gaza is a complete failure by IDF,’ military expert says
“We do not need to be dragged after Hamas. We need to act all the time. Our military approach is not right,” Maariv correspondent Avi Ashkenazi said in an interview.
IDF soldiers operate in the Khan Yunis area of the Gaza Strip, February 1, 2026.(photo credit: IDF SPOKESPERSON’S UNIT)By103FMFEBRUARY 5, 2026 12:26
The IDF is failing against Hamas in Gaza, Maariv military correspondent Avi Ashkenazi said in a Thursday morning 103FM radio interview.
“What is happening in Gaza is a complete failure by the IDF and by Israel in shaping the security reality inside Gaza,” Ashkenazi said.
“Day after day, we see Hamas leading moves against the IDF. Most of the time it does not succeed, and there are no casualties, but yesterday we saw an incident that ended with an officer being wounded.”
/
Ashkenazi added that Hamas learned from Hezbollah in the Second Lebanon War and applied that methodology to Gaza.
“The moment Hamas shifted to guerrilla warfare and tries to dictate the agenda in the Strip, we are going back to the days of the IDF’s presence in the security zone in the 1990s, when Hezbollah carried out attacks, and the IDF responded. Now Hamas has learned this, and it did it for years in the Strip.”
“Israel should have created a different reality inside the Strip, similar to what is happening in Lebanon, where Israel dictates what happens. You identify a terrorist, you eliminate him.”
Ashkenazi pointed to yesterday’s killing of Ali Raziana as a failure by the IDF.
“Yesterday cemented our failure. After the attack in which an IDF officer was wounded, they went and eliminated three terrorists, including a terrorist who commanded the infiltration into Nahal Oz. For two and a half years, this person continued to live, and they waited for an opportunity to eliminate him.”
“Instead of the IDF initiating action when it knows these are terrorists with the blood of IDF soldiers on their hands, the IDF should have eliminated them long ago. We do not need to be dragged after Hamas. We need to act all the time. Our military approach is not right. We are being dragged into days of guerrilla warfare in which Hamas sets the pace and dictates the tone. That should not be the case.”
Reserve officer seriously wounded by terrorist in Gaza, Israel strikes back
As a reminder, a serious incident occurred in northern Gaza when a reserve officer was seriously wounded by terrorist fire at a force he was commanding. The officer received initial treatment in the field and was evacuated by helicopter to the hospital. Shortly afterward, Arab media reported Israeli strikes in several neighborhoods in Khan Yunis, in the southern Gaza Strip.
An initial IDF investigation indicates that during an operational activity by forces of the Alexandroni Brigade in the area of the Yellow Line in northern Gaza, terrorists fired at an IDF force in Daraj al Tuffah. It is now being investigated whether this was sniper fire.
The troops returned fire, and a reserve officer was seriously wounded as a result of the shooting. He was treated on site by IDF medical teams and was evacuated to the hospital.
The IDF said that immediately after the shooting, tanks fired at the terrorists, and at the same time, airstrikes began in the area. “This is a blatant violation of the ceasefire agreement,” the military said, adding that under IDF policy, it is expected to act and strike extensive Hamas targets following the serious incident.
Following the incident, the IDF and the Shin Bet (Israeli Security Agency) closed the account and struck a Nukhba company commander in Hamas who led the raid on Kibbutz Nir Oz during the murderous massacre on October 7. The chief of staff, Lt. Gen. Eyal Zamir, addressed the incident and the Israeli response, saying, “We are now exacting a price from Hamas, and we will continue to exact a price from it. That is our policy on this matter. We will not accept harm to our forces or violations of the agreement.”
END
not good!
Houthis prepared to strike Israel, US ships in event of attack on Iran – KAN
According to KAN News, Israeli security forces are operating under the assumption that Yemen’s Houthi terrorists will be prepared to strike back against Israel if the US attacks Iran first.
HOUTHI TERRORISTS carry weapons as they stand near the site of Israeli airstrikes in Sanaa, Yemen, in September.(photo credit: KHALED ABDULLAH/REUTERS)ByTZVI JASPERFEBRUARY 5, 2026 08:18Updated: FEBRUARY 5, 2026 12:58
There is a strong likelihood that the Houthis will resume their attacks on Israel and on US ships if the US strikes Iran, Israeli public broadcaster KAN News reported on Wednesday.
According to KAN, Israeli security forces are operating under the assumption that Yemen’s Houthi terrorists will be prepared to strike back against Israel if the US attacks Iran first.
KAN also reported that a source within a Yemenite faction combating the Houthis had passed information to Washington about the potential for a resurgence in attacks on US ships in the Red and Arabian Seas.
According to the source, the Houthis had begun moving military resources, including missiles and drones, in preparation for future strikes on US targets in the event of an attack on Iran.
Nuclear talks set to start between Iran, US
The potential for a Houthi attack comes as Iran and the US are poised to begin long-awaited nuclear deal talks.
Iranian Foreign Minister Abbas Araghchi claimed on Wednesday evening that nuclear talks with the United States were set to take place in Muscat, Oman, at around 10:00 a.m. on Friday.
After Araghchi published his statement, sources told The Jerusalem Post that Arab mediators had convinced the Americans to drop their position that the talks focus on issues beyond nuclear talks, allowing discussions to proceed. The American position that these broader talks must still be held, however, remains unchanged.
Goldie Katz and Amichai Stein contributed to this report.
END
IRAN/THE WEST
These guys must be morons: you plead for a meeting on Friday and yet you sezie two vessels in the Gulf
(zerohedge)
Iran’s IRGC Seizes Two ‘Fuel-Smuggling’ Vessels In Gulf Amid US Showdown
Thursday, Feb 05, 2026 – 09:10 AM
Iran’s Islamic Revolutionary Guard Corps (IRGC) Navy says it has seized two vessels near Farsi Island allegedly carrying large quantities of smuggled fuel, the country’s Students’ News Agency (ISNA) reported Thursday – at a moment the nation’s military has its “finger on the trigger” amid threats from the Trump White House and Israel.
More than one million liters of diesel were discovered aboard the ships, according to the IRGC Navy’s public relations office, and the seized 15 foreign crew members have been handed over to judicial authorities.
ISNA reported that the vessels were part of a fuel-smuggling network that had been operating for months and were intercepted following “monitoring, intelligence work, and IRGC naval operations.”
While the interdiction against the alleged fuel smuggling vessels is significant, Thursday’s incident is somewhat more common and less alarming that if it had been a international oil tanker in the Strait of Hormuz, for example.
Still, Tehran is using it to send a warning to any external power acting menacingly in its regional waters. Ezzatollah Zarghami, a former minister and ex-head of Iran’s state broadcaster IRIB, later on Thursday issued a blunt warning, declaring that “the Strait of Hormuz will be the place of massacre and hell.”
“I am sure that the Strait of Hormuz will be the place of massacre and hell for the US,” Zarghami said. “Iran will show that the Strait of Hormuz has historically belonged to Iran. The only thing the Americans can think of is playing with their vessels and moving them from one place to another.”
With seizures at sea now paired with explicit threats, tensions around one of the world’s most critical energy chokepoints – which the IRGC has frequently threatened it could block off altogether – continue to climb.
This especially as Tehran is warning that it is ready to strike back hard if attacked by the United States, even if this means all-out war. It says its military forces and ballistic missiles are on high alert, and also that Tel Aviv will be again targeted in the event of US aggression.
Israel meanwhile is said to be lobbying Washington for regime change in Tehran, but the White House reportedly isn’t ready for such a drastic option – also amid reports the Pentagon would need more time to put assets in place.
There is an IRGC Navy base on the tiny, strategically located island, which has been used to launch IRGC speedboats to at times intercept foreign vessels.
In a Wednesday interview President Trump said Iran’s supreme leader Ayatollah Ali Khamenei should be “very worried” at the growing Pentagon presence in the region.
“I would say he should be very worried, yeah. He should be,” Trump said in reaction to an Iran question by Tom Llamas on NBC Nightly News.
RUSSIA VS UKRAINE UPDATES
RUSSIA/IRAN
Russia Offers To Remove All Enriched Uranium From Iran
Thursday, Feb 05, 2026 – 02:45 AM
On potential upcoming US-Iran talks, the two sides can’t agree on scope – with Washington wanting to go beyond just the nuclear sphere and into the question of Tehran putting limits on its ballistic missile arsenal. The Iranians have given a firm no on this, and so the talks look doomed to fail. But Russia is now offering – or at least reiterating – a potentially huge overture.
“Moscow is willing to take what remains of Iran’s enriched uranium,” Russian Foreign Ministry spokeswoman Maria Zakharova has said Wednesday.
“At the same time, it is important to note that the aforementioned stockpiles belong to Iran. Their presence in no way contradicts Tehran’s obligations under the Treaty on the Non-Proliferation of Nuclear Weapons,” Zakharova stressed in a fresh press briefing, as quoted by Kommersant.
This explanation backs the longtime insistence by Iranian leadership that its nuclear development is only for peaceful domestic energy, and not for weapons.
“Tehran has full rights to the material, including deciding whether to remove it from Iranian territory and where to export it,” Zakharova added.
This is not the first time Moscow has offered to mediate some kind of solution, but the current crisis takes on extra urgency, given President Trump has threatened to bomb Iran again.
“Russia once offered to export Iran’s enriched uranium reserves to its territory. This initiative is still on the table,” Zakharova said in reference to a prior plan to do the same.
But Washington might find this unsatisfactory, again as its demands are going well beyond nuclear arms into conventional ones, and Tehran is not going negotiate its way into being defenseless against Israeli attack.
In fresh Wednesday statements in response to a question, Trump upped the threat – while still remaining ambiguous in terms of articulating plans or intent…
“I would say he should be very worried,” Trump told NBC News when what Iranian Supreme Leader Ayatollah Ali Khamenei’s feelings should be when faced with US military action.
end
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUE
THIS IS TRUE/IMPT READING
BREAKING! SARS-CoV-2 Spike Protein Alters Brain Ferroptosis Over Time – Thailand Medical News
GLOBAL ISSUES
MARK CRISPIN MILLER
Barry Manilow’s “new cancer terror”; Jerry Seinfeld’s “dementia fears”; AR: footie Mauricio Nievas, 27, has cardiac arrest during training; UK: Jesy Nelson’s 8-month-old twins’ rare spinal atrophy
DE: footballer Marcus Engelhardt Møller, 19, has testicular cancer; sports star Mie Skov, 39, in ICU with kidney/bladder inflammation; SP: sports journo Sara Carbonero, 41, has emergency surgery; more
| Mark Crispin MillerFeb 4 |
Note: This week’s “died suddenly” compilation is delayed due to a computer problem.
Celebs:
UNITED STATES
EXCLUSIVE: Barry Manilow’s New Cancer Terror — As Crooner, 82, Derails Tour After Devastating Diagnosis
Feb. 3, 2026
Beloved Copacabana crooner Barry Manilow is battling a scary new cancer crisis, RadarOnline.com can reveal. The 82-year-old What a Wonderful World singer shared the shattering news on Instagram, revealing he was forced to cancel his Christmas Gift of Love concerts in the U.S. for January to have potentially life-threatening cancerous tissue on his lung removed.
Jerry Seinfeld ‘Dementia Fears’ Explode — ‘Seinfeld’ Comic, 71, Launched Fitness Regime Fueled by His ‘Obsessive’ Health Terrors
January 6, 2026
Jittery Jerry Seinfeld is hitting the gym and revamping his diet because the 71-year-old comedian is paranoid about his health and plagued by nightmarish worries that he could develop dementia, RadarOnline.com can reveal. An insider explained: “Jerry’s in the gym every day and working hard to maintain his looks and fitness – probably for different reasons than you think. Yes, Jerry intends to keep performing live as long as he can, and that requires real physical strength – not for just being up onstage but also to handle the travel and logistics of being a headlining performer. But he’s putting in the hours and hitting the weights like never before because he wants to be around for his wife and kids, and he is deathly afraid of things like dementia, cancer, osteoporosis and Parkinson’s disease. He’s seen too many of his role models struck down by those things to just ignore his health or leave it to fate.”
Sen. Mitch McConnell hospitalized after experiencing ‘flu-like symptoms’
February 4, 2026
Sen. Mitch McConnell has been hospitalized for evaluation after experiencing flu-like symptoms, his spokesperson said. “In an abundance of caution, after experiencing flu-like symptoms over the weekend, Senator McConnell checked himself into a local hospital for evaluation last night,” McConnell spokesman David Popp said in a statement. “His prognosis is positive and he is grateful for the excellent care he is receiving. He is in regular contact with his staff and looks forward to returning to Senate business.” McConnell, 84, who announced last February he would end his long tenure in the Senate at the end of his current term, was hospitalized in March 2023 for five days after suffering a concussion and a broken rib after a fall at a Washington, D.C., hotel.
BRAZIL
Roberto Carlos, former Brazilian national team full-back, experiences complications during heart surgery, says newspaper
January 2, 2026
According to ‘As’, the 52-year-old former player underwent a three-hour surgery for catheter insertion. ‘Now I’m fine and under constant surveillance,’ says the five-time world champion. According to the publication, Roberto Carlos was on vacation in Brazil when a medical examination diagnosed a small blood clot in the 52-year-old former player’s leg. An MRI indicated the need for surgical intervention on the heart. A later article states he is recovering well.
ARGENTINA
Footballer, 27, in intensive care after collapsing and suffering cardiac arrest in front of terrified team-mates
January 9, 2026
A footballer is in intensive care after suffering cardiac arrest during training. Argentine goalkeeper Mauricio Nievas, 27, collapsed in front of team-mates as he prepared for the new season with his club after the Christmas break. The shotstopper, who plays for Argentinian second-division side Deportivo Madryn, was revived by team doctors using CPR techniques and a defibrillator. He was conscious when he was put into an ambulance and taken to Andres Isola Hospital in the Patagonian city of Puerto Madryn where Nievas’ club is based. The incident occurred during a training session on Thursday morning.
UNITED KINGDOM
Pop star who revealed twin daughters might never walk is now dealing with another heartbreak
January 21, 2026
Former Little Mix singer Jesy Nelson is dealing with yet another heartbreaking truth. The singer and her longtime fiancé Zion Foster have called it quits. The unfortunate news comes just weeks after she turned to social media to reveal that the couple’s 8-month-old twin girls, Ocean Jade and Story Monroe have been diagnosed with a rare genetic condition called Spinal Muscular Atrophy (SMA) Type 1, a severe muscle disease. As previously reported, in a recent video, Nelson announced to millions of fans that her daughters were diagnosed with the genetic condition that causes muscles to weaken. “Long story short, after the most grueling three [or] four months and endless appointments, the girls have now been diagnosed with a severe muscle disease called SMA type 1.” “Type 1 is the most severe type that a baby can get. It stands for spinal muscular atrophy, which can affect every muscle in the body down to legs, arms, breathing, swallowing and … over time it kills the muscles in the body,” she shared. “If it’s not treated in time, your baby’s life expectancy will not make it past the age of 2.”
DENMARK
Marcus Engelhardt Møller diagnosed with testicular cancer
January 23, 2026
19-year-old Marcus Engelhardt Møller – who plays for the Danish men’s national basketball team – has been diagnosed with testicular cancer. This is stated by the Danish Basketball Association in a post on Facebook. “The Danish Basketball Association would like to inform you that men’s national team player Marcus Møller has been diagnosed with testicular cancer. Marcus is currently in Denmark, where he is receiving the necessary medical treatment. Marcus is in good hands, surrounded by his family, his close network and the skilled people in the Danish healthcare sector.”
Danish celebrity couple hospitalized with newborn son: Breathing problem
January 8, 2026
Celebrity couple Peter ‘Ulven’ Birch and Nynne Larsen have had an unusually tough start to 2026. In October, they became parents to their son Elmer, and now he has been hospitalized with breathing problems. Peter Birch wrote this on Wednesday in a so-called ‘story’ on Instagram, where he gives an update on the situation: “It’s been some long nights for us. Our boy probably got parainfluenza, and it’s affected his breathing.” Peter Birch has also shared a picture of Nynne Larsen and their son, who has an oxygen mask over his nose and mouth. He ends his post by adding that they have now been sent to Herlev Hospital, where they will spend the night. Peter Birch, who became known as ‘Peter the Wolf’ in TV 3’s reality program ‘Paradise Hotel’, met Nynne Larsen in the Viaplay program ‘Summer in Magaluf’ in 2024.
Mie Skov still hospitalized: ‘Never been so sick’
January 9, 2026
Sports star Mie Skov has [39] had a terrible start to 2026. She was admitted on New Year’s Eve and has since struggled with a host of problems that mean she is still at Herlev Hospital. ‘Pretty short, struggling on day 7 to overcome kidney/pelvic/bladder inflammation, blood poisoning and later a kidney stone that needs surgery,’ she writes in the post, which was posted on Thursday. Mie Skov stopped her active table tennis career in 2014, but after the end of her career she has had success in a completely different sport.
Skov has become one of Denmark’s best padel players, which has also made her a national team player. In 2013, she won Vild med Dans and is currently on TV 2 in the program ‘Spillet’.
SPAIN
Sara Carbonero hospitalized and underwent emergency surgery in Lanzarote after falling ill: she is in intensive care
January 8, 2026
“The last hours of 2025 and the first of 2026 couldn’t have been better.” This is how Sara Carbonero greeted the arrival of the new year in a social media post, published from Lanzarote, where she was spending a few days on vacation with her partner and a group of friends. A few hours later, however, that atmosphere of serenity was abruptly interrupted: the Spanish journalist and presenter was struck by a sudden illness and was hospitalized and underwent emergency surgery. Carbonero, 41, has therefore been in a hospital in Lanzarote, in the Canary Islands, since January 2: according to several Spanish media outlets, in particular ¡Hola! and El Economista, the ex-wife of goalkeeper Iker Casillas arrived at the hospital complaining of severe abdominal pain. Her condition required immediate hospitalization and, a few hours later, emergency surgery, which was successful. She is currently hospitalized in the Intensive Care Unit, where she is being monitored by the medical team. However, a reassuring message is coming from the journalist’s staff and entourage: Carbonero is “awake and alert,” her condition is not considered serious and, barring complications, she could be discharged in the next few hours. For this reason, sources close to the family explain, a transfer by helicopter to mainland Spain would not be necessary. Currently, no official medical bulletin has been released with the diagnosis or the precise causes that led to the surgery. Sara Carbonero is one of the most well-known figures in Spanish journalism, becoming internationally famous during the 2010 World Cup and for her long relationship with Casillas, with whom she has two children. In recent years, her life has also been marked by serious health problems: in 2019 she was diagnosed with ovarian cancer, which she faced with a course of treatments and surgeries, and three years later she experienced a recurrence, which she publicly discussed.
ITALY
Caterina Balivo falls ill at Buenos Aires airport
January 10, 2026
“Cate just had a fight with the flu and in the end she won hands down.” This is how Guido Maria Brera, the presenter’s husband, announced the unexpected incident at Buenos Aires airport, upon their return from the holidays spent together in Argentina, posting a photo of Caterina Balivo [45] lying on a stretcher making the victory sign. The scare from the sudden illness and fainting spell is now behind them, and the couple can look back on the good times shared during the trip with a touch of lightness.
AUSTRALIA
Australian Open: Tearful Fran Jones refuses to blame rare condition for 22nd retirement of career
January 20, 2026
Francesca Jones told reporters that she does not want to be seen as a “kid with a syndrome” after a damaged glute forced her to retire in the middle of her Australian Open first-round match in Melbourne. Jones – who suffers from a rare genetic condition called ectrodactyly ectodermal dysplasia (EEC) – was inconsolable after the stoppage, which represented the 22nd retirement of her professional career. As her opponent left the court, she lay face down on the ground and sobbed loudly while a physio manipulated her back and hip area. Two hours later, Jones walked into the interview room and calmly talked the assembled reporters through this latest blow, even as tears rolled down her cheeks.
If you like “News from Underground” (or hate it, but get something out of it), please read this post.
DR PAUL ALEXANDER
NEWSWIZE
| LATEST REPORTS FOR NEWS JUNKIES |
| Ex-Hostage Negotiator Provides Chilling Analysis Of Nancy Guthrie DisappearanceFormer NYPD hostage negotiator Wallace Zeins speculated that more than one individual is involved in the appearance of Nancy Guthrie, the mother of longtime NBC News host Savannah Guthrie, while discussing the case with CNN. “I believe the possibility of more than one person. She’s 150 pounds, 5’5, waking up in the middle of the night, not in the best …READ THE FULL REPORT |
| Mitch McConnell Hospitalized For ‘Flu-Like Symptoms’A spokesperson for Senator Mitch McConnell (R-KY), 83, announced Tuesday night that the senator had been hospitalized after experiencing “flu-like symptoms” over the weekend. McConnell checked himself into a local hospital in Washington, D.C., out of an abundance of caution for evaluation, the spokesperson said. The hospitalization caused the former Senate Republican leader to miss votes on Monday and Tuesday. …READ THE FULL REPORT |
| ‘Melania’ Will Expand To New Theaters After Hot Box Office StartThe documentary film **Melania**, directed by Brett Ratner and distributed by Amazon MGM Studios, has seen its theatrical release expand following a stronger-than-expected opening weekend. The film, which provides an intimate look at Melania Trump’s life and role as First Lady during the 20 days leading up to President Donald Trump’s second inauguration in January 2025, initially opened in approximately …READ THE FULL REPORT |
| Illegal Alien Police Recruit Arrested In Blue CityA New Orleans Police Department (NOPD) recruit was taken into custody by U.S. Immigration and Customs Enforcement (ICE) due to his immigration status. The individual, identified as Larry Temah, 46, originally from Cameroon, had been enrolled in the department’s police academy and was approximately one week from graduation at the time of the arrest. According to a press release from …READ THE FULL REPORT |
| Anti ICE Demonstrations Reportedly Backed By Powerful Democrat DonorsThousands of demonstrators flooded the streets of Minneapolis last week demanding an end to federal immigration enforcement, but new research suggests the movement may be far less grassroots than organizers claim. An estimated 15,000 activists marched through the city on Friday chanting “ICE out now” and calling for U.S. Immigration and Customs Enforcement to be barred from operating in Minnesota. …READ THE FULL REPORT |
MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIR
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL
INDIA/USA
KORYBKO
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS THURSDAY MORNING 6;30AM//OPENING AND CLOSING
USA DOLLAR VS EURO: 1.1789 FOR A LOSS OF .0012 OR 12 BASIS PTS.
USA/ YEN 157.25 UP 0.346 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 1.3577 DOWN 0.0068 OR 68 BASIS PTS
USA/CAN DOLLAR: 1.3696 UP 0.0025 CDN DOLLAR DOWN 25 BASIS PTS//
Last night Shanghai COMPOSITE CLOSED DOWN 26.29 pts or 0.64%
Hang Seng CLOSED UP 37.92 PTS OR 0.14%
AUSTRALIA CLOSED DOWN .56%
// EUROPEAN BOURSE: MOSTLY ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: MOSTLY ALL RED
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 37.92 PTS OR 0.14%
/SHANGHAI CLOSED DOWN 26.29 PTS or 0.64%
AUSTRALIA BOURSE CLOSED DOWN 0.52 %
(Nikkei (Japan) CLOSED DOWN 397.86 PTS OR 0.73%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 4862.00.
silver:$78.35
USA DOLLAR VS TRY (TURKISH LIRA): 43.54
USA DOLLAR VS RUSSIAN ROUBLE: 76.86 ROUBLE// DOWN 11 BASIS PTS
UK 10 YR BOND YIELD: 4.5940 UP 7 BASIS PTS
UK 30 YR BOND YIELD: 5.396 UP 10 BASIS PTS
CDN 10 YR BOND YIELD: 3.445 UP 0 BASIS PTS
CDN 5 YR BOND YIELD; 2.943 UP 0 BASIS PTS
USA dollar index early THURSDAY morning: 97.73 UP 24 BASIS POINTS FROM WEDNESDAY’s CLOSE
THURSDAY MORNING NUMBERS ENDS
And now your closing THURSDAY NUMBERS 11: 30 AM
Portuguese 10 year bond yield: 3.224% UP 1 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.2250% DOWN 3 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.570 DOWN 6 BASIS PTS//DIASTER
SPANISH 10 YR BOND YIELD: 3.236 DOWN 0 in basis points yield
ITALY 10 YR BOND: 3.488 UP 1 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (
GERMAN 10 YR BOND YIELD: 2.8604 DOWN 1 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY THURSDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1813 UP 0.0011 OR 11 basis points
USA/Japan: 155.76 DOWN 1.47 OR YEN IS UP 148 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.5250 DOWN 0 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.328 UP 4 BASIS POINTS.
Canadian dollar DOWN 3 BASIS pts to 1.368
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The USA/Yuan CNY UP TO 6.9380 ON SHORE ..
THE USA/YUAN OFFSHORE// CNH U0 TO 6.9344
TURKISH LIRA: 43.54 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
Your closing 10 yr US bond yield DOWN 4 in basis points from WEDNESDAY at 4.242% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.888 DOWN 3 basis points /11:00 AM
USA 2 YR BOND YIELD: 3.504 DOWN 4 BASIS PTS.
GOLD AT 10;00 AM 4820.90
SILVER AT 10;00: 74.26
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest ratesFRIDAY CLOSING TIME 11:00 AM//
London: CLOSED DOWN 93.12 PTS OR 0.90%
GERMAN DAX: CLOSED DOWN 111.98 OR 0.46%
FRANCE: CLOSED DOWN 23.99 PTS OR 0.29%
Spain IBEX CLOSED DOWN 356.20 PTS OR 1.47%
Italian MIB: CLOSED DOWN 816.80 PTS OR 1.75%
WTI Oil price 63.51 10.00 EST/
Brent Oil: 67.54 10:00 EST
USA /RUSSIAN ROUBLE /// AT: 76.55 ROUBLE DOWN 0 AND 20 / 100
CDN 10 YEAR RATE: 3.425 DOWN 2 BASIS PTS.
CDN 5 YEAR RATE: 2.931 DOWN 3 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1780 DOWN 0.0023 OR 23 BASIS POINTS//
British Pound: 1.3530 DOWN 0.01134 OR 113 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.5660 UP 1 FULL BASIS PTS//
BRITISH 30 YR BOND YIELD: 5.3582 UP 2 IN BASIS PTS.
JAPAN 10 YR YIELD: 2.224 DOWN 0 FULL BASIS PTS (DANGEROUS TO THEIR ECONOMY
JAPANESE 30 YR BOND: 3.557 DOWN 7 PTS AND STILL VERY DANGEROUS TO THEIR ECONOMY
USA dollar vs Japanese Yen: 157.02 UP 0.107 OR YEN DOWN 10 BASIS PTS EXTREMELY DANGEROUS/YEN FALLING DEEPLY IN VALUE
USA dollar vs Canadian dollar: 1.3710 UP 0.0009 PTS// CDN DOLLAR DOWN 9 BASIS PTS
West Texas intermediate oil: 63.15
Brent OIL: 67.35
USA 10 yr bond yield DOWN 10 BASIS pts to 4.182
USA 30 yr bond yield: DOWN 7 PTS to 4.844%
USA 2 YR BOND 3.459 DOWN 10 PTS
CDN 10 YR RATE 3.404 DOWN 3 BASIS PTS
CDN 5 YEAR RATE: 2.9130 DOWN 3 BASIS PTS
USA dollar index: 97.55 UP 25 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 43.61 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 76.75 UP 0 AND 0/100 roubles //
GOLD $4774.50 3:30 PM)
SILVER: 70.80 3;30 PM)
DOW JONES INDUSTRIAL AVERAGE: DOWN 592.58 OR 1.24%
NASDAQ 100 DOWN 342.55 PTS OR 1.38%
VOLATILITY INDEX 21.49 UP 2.85 PTS OR 15.29%
GLD: $ 441.88 DOWN 12.09 PTS OR 2.66%
SLV/ $66.69 DOWN 12.49 PTS OR OR 18.27%
TORONTO STOCK INDEX// TSX INDEX: CLOSED DOWN 592.70 PTS OR 1.82%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
Bullion, Bitcoin, & Big-Tech Bloodbath Continues; Bonds JOLT’d
WRAP UP’:
Stocks sold as Tech valuations are questioned, yields fall on weak jobs data – Newsquawk US Market Wrap
Thursday, Feb 05, 2026 – 03:56 PM
- SNAPSHOT: Equities down, Treasuries up, Crude down, Dollar up, Gold down
- REAR VIEW: JOLTS sink beneath expectations, claims jump above forecasts while challenger layoffs accelerate in January; Trump says Iran is negotiating; US and Russia agree to re-establish military-to-military talks; BoE holds rates as expected but with a more dovish vote split; ECB holds rates as expected; GOOGL beats on earnings, CapEx 2026 outlook raises concerns; Anthropic launches Claude Opus 4.6 AI model that it calls ‘industry-leading’ in finance; QCOM guidance underwhelms; HIMS to sell a copy of NVO’s Wegovy pill at $49/month, NVO to take legal action; RIO and Glencore reportedly decide against merger.
- COMING UP: Data: Japanese Coincident/Leading Index (Dec), German Trade Balance (Dec), Swedish CPIF prelim. (Jan), Swiss Unemployment (Jan), Canadian Jobs Report (Jan), US Prelim. Michigan (Feb). Events: RBI Policy Announcement, ECB Survey of Professional Forecasters. Speakers: US President Trump; BoJ’s Masu; ECB’s Cipollone; BoE’s Pill; Fed’s Jefferson. Supply: Australia. Earnings: Biogen, Under Armour, Carlyle Group, Phillip Morris International, Societe Generale, Sabadell
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MARKET WRAP
Stocks were sold on Thursday with the majority of sectors red, primarily led by consumer discretionary, materials and technology. Big tech valuations remain a key concern this earnings season, with Amazon (AMZN) sold ahead of earnings tonight, while Google (GOOGL) was sold after boosting its CapEx view, albeit the stock did close well off its earlier lows. Meanwhile, Microsoft (MSFT) slumped after a downgrade at Stifel. Software names continued its sell-off after the open after Anthropic announced the Claude Opus 4.6 AI model, adding more pressure to the recently beaten-up sector. Aside from tech woes, the risk-off tone was also supported by weak labour market data in the US. T-notes were firmer across the curve after several employment metrics disappointed, including notable increases in Challenger Layoffs and Initial Jobless claims, and a slump in the December JOLTS report, leaving participants wary ahead of the delayed January NFP report next Wednesday. The risk-off tone saw the Dollar, Franc and Yen outperform, while cyclical currencies, GBP, AUD and NZD lagged, albeit GBP was also pressured by a more dovish than expected BoE. The central bank held rates as expected, but in a 5-4 vote split vs expectations for a 7-2 split. Elsewhere, central bank activity saw the ECB hold rates as expected, which was largely a non-event. In Geopolitics, focus remained on Iran ahead of talks scheduled for tomorrow with the US, with optimism seeing crude prices settle lower, but the US is sceptical of any progress. Meanwhile, regarding Russia/Ukraine, the two agreed to a PoW swap while the next round of talks will take place in the near future. Silver and gold remained volatile, with both seeing notable pressure. Crypto prices were also slammed, with Bitcoin falling beneath USD 65k.
US
JOLTS: JOLTS (Dec) fell to its lowest level since September 2020, as the headline tumbled to 6.542mln from a revised lower 6.928mln, and way beneath the forecasted 7.2mln. Within the report, quits rate was unchanged at 2.0%, while the vacancy rate fell to 3.9% (prev. 4.2%, revised from 4.3%). As Oxford Economics quips, total job openings registered a third consecutive decline, while the job openings-to-unemployed ratio sits at its lowest level since March 2021, as the currently unemployed are struggling to find work. On a more positive footing, the hiring rate has stabilised despite the continued declines in job openings. OxEco adds that the supply-side shock from restrictive immigration policies means hiring rates won’t need to push much higher to keep the unemployment rate stable in 2026.
CHALLENGER: Layoffs in January rose to 108k in January, a notable increase from the c. 36k announced in December, and also notably above the January 2025 level of c. 50k. This is the largest amount of January layoffs since 2009, and the highest monthly total since October 2025. The report highlights that job cuts in Q1 are generally high, but this is still a high print for January. Challenger said that “It means most of these plans were set at the end of 2025, signalling employers are less-than-optimistic about the outlook for 2026”. Regarding the breakdown, transportation saw the largest amount of cuts at 31k, primarily due to UPS (UPS) cutting 30k jobs after cutting ties with Amazon (AMZN). Technology saw 22k jobs, primarily from Amazon (AMZN), after it announced 16k job cuts as it restructured its layers of management. Healthcare saw 17 job cuts, the largest since April 2020. Chemical manufacturers shed 4.7k jobs, primarily due to Dow Inc. (DOW), which cited a shift to implementing AI and automation. The report also notes that contract loss led all reasons for job cuts (30.8k), followed by market and economic conditions (28.4k), restructuring (20k) and closings (12.7k). AI was cited for 7.6k of job cuts in January. Tariffs were cited for just 294 job cuts after the 7.9k reported throughout 2025.
CLAIMS: Initial Jobless Claims rose to 231k in the week ending 31st January 2026, a chunky increase from the prior 209k and well above the 212k forecast; it also was above the highest analyst estimate of 219k. This lifted the four-week average to 212.25k from 206.25k. The unadjusted data totalled 252k, rising 20k from the prior week, whilst seasonal factors expected a decrease of 3.8k from the prior week. The continued jobless claims for the preceding week rose to 1.844mln from 1.819mln, but below the 1.850mln forecast. Pantheon Macroeconomics note that initial claims have returned to their trend after a few weeks of unusually low numbers due to low seasonal hiring in Q4, and therefore unusually low layoffs in January. Pantheon also acknowledges there was little impact from the Winter Storm Fern, and suggests disruption lies ahead. The desk thinks that the unemployment rate will continue to rise gradually over the first half of this year.
FIXED INCOME
T-NOTE FUTURES (H6) SETTLED 16+ TICKS HIGHER AT 112-04
T-notes rise across curve after soft labour metrics. At settlement, 2-year −7.6bps at 3.483%, 3-year −8.1bps at 3.557%, 5-year −8.1bps at 3.752%, 7-year −7.6bps at 3.974%, 10-year −6.8bps at 4.210%, 20-year −6.0bps at 4.804%, 30-year −5.2bps at 4.863%.
THE DAY: T-notes were firmer across the curve with the yield curve bull steepening. T-notes were range-bound overnight, with upside beginning from the release of the Challenger layoffs report, starting the ascension. Challenger Layoffs surged in January to 108k from 36k, printing the highest January figure since 2009. Attention then turned to the weekly claims report, which saw a notable jump to 231k from 209k, and above the 212k consensus, and the highest analyst estimate of 219k. The data added support to T-notes, but the peaks were seen after the JOLTS report, which tumbled to 6.5mln from 6.9mln, well below the 7.2mln forecast. The trifecta of weak labour market data added concerns in the market and saw money markets start to price in slightly more rate cuts, with 49bps of easing priced by December vs the 46bps on Wednesday. Attention largely turns to the delayed NFP report due next Wednesday, ahead of CPI next Friday. Elsewhere, the risk tone was negative on Thursday which gave a helping hand to havens with haven FX outperforming while T-notes were bid. Meanwhile, in the UK, Gilts rose on a more dovish vote split at the BoE but were sold on reports surrounding a Labour MP mutiny against PM Starmer. In Europe, the ECB was a non-event.
SUPPLY
Bills
- US sold 4-week bills at a high rate of 3.630%, B/C 2.85x; sold 8-week bills at a high rate of 3.630%, B/C 2.64x
- US to sell USD 90bln of 6-week bills on February 10th; to sell USD 89bln 3-month bills and USD 77bln of 6-month bills on February 9th; all to settle on February 12th
STIRS/OPERATIONS
- Market Implied Fed Rate Cut Pricing: March 1bps (prev. 1bps), April 5.3bps (prev. 5.3bps), June 16.8bps (prev. 15.6bps), December 49.2bps (prev. 46.6bps).
- NY Fed RRP op demand at USD 1.75bln (prev. 2.41) across 6 counterparties (prev. 18)
- EFFR at 3.64% (prev. 3.64%), volumes at USD 109bln (prev. 107bln) on February 4th
- SOFR at 3.65% (prev. 3.69%), volumes at USD 3.310tln (prev. 3.268tln) on February 4th.
- Treasury Buyback (20-30 year nominal coupons, liquidity support, max. purchase USD 2bln): Accepts USD 2bln of USD 25.5bln offered, accepts 6 of 35 eligible securities. Offer to cover 12.75x
CRUDE
WTI (H6) SETTLED USD 1.85 LOWER AT USD 63.29/BBL; SETTLED USD 1.91 LOWER AT USD 67.55/BBL
The crude complex was lower amid improved US/Iran tensions as the meeting between the two is confirmed on Friday in Oman. More on that, Iranian Foreign Minister confirmed the meeting is set to take place at 10am local time in Muscat, Oman, on Friday. The reports on Wednesday suggested the only reasons the talks are taking place are after Arab countries pleaded with the US to not withdraw from talks, and hear what the Iranians have to say, although one official reportedly said they are “very sceptical”. Nonetheless, participants will eagerly be awaiting are updates from the meeting – Trump today said that Iran is negotiating. Elsewhere from geopolitics, the risk tone continued to slip as US tech led the decline amid continued valuation concerns, it weighed on crude prices to see WTI and Brent hit troughs of USD 62.65/bbl and 66.89, respectively. Finally, Saudi Arabia sets the March Arab light crude oil OSP to the US at plus USD 2.10/bbl vs. ASCI; to NW Europe at minus USD 0.65/bbl to Ice Brent settlement; and at parity to Oman/Dubai for Asia.
EQUITIES
CLOSES: SPX -1.23% at 6,798, NDX -1.38% at 24,549, DJI -1.20% at 48,909, RUT -1.79% at 2,578
SECTORS: Materials -2.75%, Consumer Discretionary -2.59%, Technology -1.72%, Financials -1.22%, Energy -1.09%, Health -0.70%, Industrials -0.61%, Real Estate -0.36%, Communication Services -0.30%, Utilities +0.11%, Consumer Staples +0.25%.
EUROPEAN CLOSES: European Closes: Euro Stoxx 50 -0.66% at 5,931, Dax 40 -0.63% at 24,449, FTSE 100 -0.98% at 10,300, CAC 40 -0.29% at 8,238, FTSE MIB -1.77% at 45,813, IBEX 35 -1.97% at 17,746, PSI -1.16% at 8,779, SMI -0.39% at 13,464, AEX -0.52% at 985
STOCK SPECIFICS:
- Alphabet (GOOGL): Hiked 2026 capex plans, reviving investor concerns re. scale & payback of AI investment plans; note, EPS, rev., Cloud rev. topped.
- Microsoft (MSFT): Downgraded at Stifel as it sees 2027 estimates as too optimistic.
- Qualcomm (QCOM): Weak next Q outlook as mgmt. warned that a global memory shortage would weigh on near-term guidance.
- Arm (ARM): Licensing revenue light; guidance only slightly topped & weak outlook from key customer QCOM heightened concerns around smartphone exposure amid memory shortages.
- Align Tech (ALGN): Top & bottom-line surpassed expectations.
- Snap (SNAP): Surprise profit per shr., revenue beat & announced $500mln share buyback.
- Tapestry (TPR): Quarterly metrics impressed.
- Hershey (HSY): Strong Q4 metrics with an impressive 2026 EPS guide.
- Cigna (CI): EPS, rev. topped & lifted dividend 3.3%
- Hims and Hers (HIMS): Said it will sell a copy of Novo’s Nordisk’s (NVO) Wegovy pill at USD 49/mnth; both NVO and Eli Lilly (LLY) were weighed by the news.
- Shell (SHEL): Missed profit exp. as lower crude prices, weak oil trading & a struggling chemicals business offset slightly higher output.
- FMC (FMC): Revenue missed, – 12% Y/Y w/ weak next Q & FY outlook.
- Estee Lauder (EL): Top line fell marginally short.
- Blue Owl (OWL) executives says total software loan exposure is 8% of AUM.
- Anthopic launched Claude Opus 4.6 AI model that it calls ‘industry-leading’ in finance, which weighed on software names, including Factset (FDS) and Thomson Reuters (TRI).
FX
USD was broadly firmer against peers, looking to trim YTD weakness as the rebound post the Warsh Fed Chair nomination continues. Strength continued despite data coming in softer-than-expected. JOLTS dropped to their lowest level since September 2025, initial claims jumped above expectations (continued fell short but still rose), Challenger layoffs accelerated in January, and Revelio Labs views reported Jan NFP at -13.3k M/M. DXY trades around session highs of 97.915 heading into APAC trade.
GBP underperformed vs USD today following a dovish vote split by the BoE. Rates were kept unchanged at 3.75% as expected, with 5 voting for hold and the remaining 4 voting for a 25bps cut (exp. 2 or 3 to cut). The announcement and statements saw the first 25bps rate cut pricing in by April (prev. December) with the BoE guiding rates to ‘likely be reduced further’; Governor Bailey expects ‘quite sharp’ inflation drop in the coming months. Cable hit lows of 1.3518 from earlier peaks of 1.3654.
The ECB held rates as expected, in line with expectations, and largely stuck to its messaging, offering little clues for traders looking for a near-term policy signal; EUR/USD was little moved on the announcement, now trading around 1.1790. Policymakers concluded that risks remain broadly balanced and the baseline outlook stands. Rabobank maintain the view that policy will be less agile than the ECB suggests, and sees the ECB on hold through end-2026. Elsewhere, havens were only marginally lower as the broad risk-off sentiment limited losses.
Banxico kept rates at 7.00% as expected in a unanimous decision ending the rate-cutting cycle consistent with the assessment of the current inflationary outlook. Ahead, the Governing Board is to evaluate additional reference rate adjustments (prev. the Board will evaluate the timing for additional reference rate adjustments); USD/MXN remained in the green post decision.
USA DATA RELEASES
jobless claims jump!!
Initial Jobless Claims Jump As YTD Job Cuts Hit Highest Since 2009, AI Blamed
Thursday, Feb 05, 2026 – 08:42 AM
Initial jobless claims rose more than expected last week to 231k (212k exp) from 209k prior. While a significant rise, it remains – for now – within the low range of the last four years…
Source: Bloomberg
Continuing claims also rose modestly, but less than expected. 1.844mm Americans are currently filing for jobless benefits (below the 1.85 million expected, but up from the 1.819 million the prior week).
Notably this is still well below the 1.9 million Maginot Line that has become a switching level for fear of weakening labor market.
The ‘Deep TriState’ (government) was responsible for a large chunk of the rise in continuing claims…
However, earlier in the day, global outplacement and executive coaching firm Challenger, Gray & Christmas reported that U.S.-based employers announced 108,435 job cuts in January, an increase of 118% from the 49,795 cuts announced in the same month last year.
It is up 205% from the 35,553 job cuts announced in December.
“Generally, we see a high number of job cuts in the first quarter, but this is a high total for January. It means most of these plans were set at the end of 2025, signaling employers are less-than-optimistic about the outlook for 2026,” said Andy Challenger, workplace expert and chief revenue officer for Challenger, Gray & Christmas.
January’s total is the highest for the month since 2009, when 241,749 job cuts were announced. It is the highest monthly total since October 2025, when 153,074 cuts were recorded.
In January, Contract Loss led all reasons for job cuts, with 30,784 announced during the month.
Market and Economic Conditions followed with 28,392 cuts.
Restructuring was cited for 20,044 job cuts, while store, unit, or department Closings accounted for 12,738 planned layoffs.
Artificial Intelligence (AI) was cited for 7,624 job cuts in January, 7% of total cuts for the month. Companies referenced AI for 54,836 announced layoff plans in 2025.
Since 2023, when this reason was first tracked, AI has been cited in 79,449 job cut announcements, 3% of all layoff plans announced in that period.
“It’s difficult to say how big an impact AI is having on layoffs specifically. We know leaders are talking about AI, many companies want to implement it in operations, and the market appears to be rewarding companies that mention it,” said Challenger.
Finally, and perhaps putting the nail in the coffin, Challenger reports that last month, employers announced 5,306 hiring plans, the lowest total for the month since Challenger began tracking hiring plans in 2009.
Are we transitioning from ‘no hire, no fire’ to ‘no hire, some fire’ labor market?
end
USA ECONOMIC COMMENTARIES
JEFFRY TUCKER ON KEVIN WARSH…
this is interesting!!
Will The New Fed Chair Fix The Money?
Wednesday, Feb 04, 2026 – 08:55 PM
Authored by Jeffrey Tucker via The Epoch Times,
The choice of Kevin Warsh as the new chairman of the Federal Reserve has received mixed reviews, as can be expected. His professional connections lean establishment in every way, which is perhaps not what Trump’s base expected.
More interesting is that Warsh is on record as an inflation hawk, a critic of zero-interest rate policies, and a critic of the war on cryptocurrency. All of this strikes me as a good sign, even if he has since hinted in the direction of favoring lower rates.
In 2023, he wrote the following:
“History will give a full accounting of the grave errors committed in recent years in economic policy. A central lesson is already clear: Nothing is as expensive as free money. The costs of the Federal Reserve’s zero-interest policy are multiplying: The misallocation of capital—goosing the price of the riskiest and least-productive of assets—set the conditions for boom and bust. The financing of the ‘big state’ set the country on an unsustainable fiscal trajectory. The extraordinarily loose financial conditions created herd behavior among market participants and firms and complacency among policy makers, including regulators. The surge in inflation substantially raised the cost of living for citizens and undermined business planning.”
Every word of that is true. Having someone at the Fed who believes that way should come as a great relief.
The surprising part is that Trump himself has spent years denouncing the Fed for having raised interest rates faster than ever before in Fed history. He has also called for a dramatic lowering of rates to make the United States more competitive, thoughts that have people like me worried that such a policy would kick off a second wave of inflation.
Former Federal Reserve board member Kevin Warsh speaks during a monetary policy conference at Stanford University’s Hoover Institution in Palo Alto, Calif., on May 9, 2025. Ann Saphir/Reuters
Warsh seems to have his doubts about such a policy:
“The Fed seeks to fix interest rates and control foreign-exchange rates simultaneously—an impossible task with the free flow of capital. Its ‘forward guidance,’ promising low interest rates well into the future, offers ambiguity in the name of clarity. It licenses a cacophony of communications in the name of transparency. And it expresses grave concern about income inequality while refusing to acknowledge that its policies unfairly increased asset inequality.”
In the backdrop of all of this is what has been a disastrous policy at the Fed from 2020 onward, creating some $6 trillion in new money in service of a congressional plan to shower the country with money directly into people’s bank accounts. That this would lead to a devastating inflation is hardly a surprise. No student of money and finance could possibly doubt that this would be the result.
Why did this not happen with a similar quantitative easing back in 2008? Because in those days, the policy of then-Chairman Ben Bernanke was to pay more than the market rate for bank deposits, thus keeping hot money off the streets and safely in the bank vaults.
Warsh identifies the underlying problems with such a policy:
“The misallocation of capital—goosing the price of the riskiest and least-productive of assets—set the conditions for boom and bust.”
What he has identified here is a pattern known since the 1930s. John Maynard Keynes imagined that the central bank could drive rates to zero and generate prosperity as if by magic. The American and Austrian critics of that policy drew attention to deeper complexities. Interest rates serve a crucial role as a signaling system for investment. Artificially low rates essentially send false signals that set up conditions for a subsequent bust.
In other words, the policy of discretion designed to blow countervailing winds toward business cycle trends actually ends up creating and worsening the thing it was designed to fix. When that happens, the only possible way out is to let the recession happen, rebalance the capital structure, and clear the table to enable a new round of prosperity and growth.
To be sure, it’s been 40 years since the Fed has permitted a recession to happen without wild interventions designed to prevent them.
The layers upon layers of interventions keep piling up higher and higher, all built on a false foundation of debt. This is not only a national problem; the entire world economy is now addicted to debt finance, with no end in sight.
Let’s please take a step back and understand how this whole system is supposed to work in a genuine free market with sound money and no central bank.
In a state of nature, you consume what you produce: You catch a fish and eat it. If you want to grow more prosperous, you have to spend your time making a capital good such as a net that enables you to catch more fish. That little story illustrates the central point: All prosperity grows out of deferred consumption.
What about loan markets? When capital grows and the funds become available for lending, the price at which they are lent is called the interest rate. It is a measure of risk that the loan won’t be paid back and also a sign of time horizons. Longer time horizons would typically involve paying a higher rate rather than a lower rate of interest. This is what creates the yield curve, which is typically upward-sloping.
What about a base interest rate? It should be exactly what the market of supply and demand determine it should be, no higher and no lower. For example, if there is a vast amount of saved capital in the banking system—because people are really socking away funds for the future—there is a great quantity available for borrowers. This higher savings will lead to a lower rate of interest.
That’s the supply side of the equation. On the demand side, lower interest rates will intensify the desire for loaned funds from businesses and consumers. In effect, loan markets make it possible for savers to profit from lending to borrowers and be rewarded for doing so. All told, this is a beautiful system from which everyone benefits—provided it is not abused or manipulated for political purposes.
When interest rates are suppressed by the central bank or when government issues debt instruments below market rates, they are effectively gaming the system. It sends a signal that there are more savings, more capital, more loanable funds available in the loan markets than really exist. This affects capital investment in particular, as the most enterprising sector takes on liabilities with the intention of servicing them from future revenue streams.
When the plans flip in the other direction is when consumers lack the savings to justify the level of investment. That’s essentially what recession is: a reset toward reality. But if the central bank tries to ride through the recession with more and more cheap money, it risks more inflation unless there is a market for the funds. This is when the debt contagion spreads to more enterprises, more consumers, and more financial companies looking for a sure return. So long as the increase in financial outpaces the burden of debt obligations, this crazy system can create the appearance of something that works.
In case you haven’t guessed, that’s where we are right now, not just in the first stages but in very advanced stages. This is the world that the new Fed chair inherits. It makes his job even harder that the Fed’s own balance sheet is still out of whack from the 2008 rescue that saddled the Fed with mispriced debt assets that it still has not off-loaded.
People ask whether I’m optimistic or pessimistic about the new Fed chair. I’m neither. My prediction is that he will do a competent job at what he is supposed to do, which is keep the whole system of banking and finance afloat and out of crisis. All of Warsh’s editorializing at this point becomes mere theory as compared with the burdens of actually performing this job.
The Fed is not really a stabilizer of macroeconomic policy. It is a banking cartel designed to protect the financial system and government against the consequences of mismanagement.
In general, my sense is that Trump could have done better or he could have done worse. The real problem is that the job exists at all. Ideally, we would move back toward an honest system of enterprise, with a correctly priced loan market, sound money, competitive banks, and honest economic structures that are not so debt addicted. On that score, there is no reason for very high expectations.
END
Nick is very good: Expect the currency debasement to run hot
(Nick Giamburno/International Man)
Run It Hot: Trump, The Fed, & The Coming Currency Debasement
Wednesday, Feb 04, 2026 – 08:05 PM
Authored by Nick Giambruno via InternationalMan.com,
The Trump administration has made no secret of its desire to push the monetary easing pedal to the metal, even as the engine is already near the red line. They intend to push the system as hard as possible today and worry about the consequences later. One reason may be to inflate the stock market ahead of the 2026 midterm elections.
There are several indicators that the Trump administration intends to run it hot in 2026.
The first — and most important — is that Trump will likely succeed in consolidating control over the Federal Reserve.
Jerome Powell’s term as Chair of the Federal Reserve is scheduled to expire in May 2026, allowing Trump to appoint his replacement. Powell attempted — largely unsuccessfully — to resist Trump’s pressure for easier monetary conditions.
I expect Trump will get his way with the Fed in 2026, and that the central bank will bend to his demands. By replacing Powell, Trump will further stack the Fed with loyalists. The result will be money printing on a scale we’ve never seen before.
Further, Stephen Miran — another of Trump’s recent successful nominees to the Federal Reserve Board — has been pushing the idea of what he calls the Fed’s “third mandate.”
Traditionally, the Fed has two mandates: price stability and maximum employment. Miran’s proposed third mandate would be for the Fed to “moderate long-term interest rates.”
What that really means is that the Fed would openly finance the federal government by creating new dollars to buy long-term debt, keeping yields artificially low. In other words, the so-called third mandate is an explicit admission that the Fed is no longer independent. It would become a political tool used to fund government spending.
Without this support, massive federal spending would flood the market with Treasuries, pushing interest rates much higher. But with the Fed stepping in, Washington can keep borrowing while holding rates down — at least for a while. The catch is that this comes at the cost of debasing the dollar. Eventually, that debasement will force investors to demand higher yields anyway, only worsening the problem.
Remember, after Nixon severed the dollar’s last link to gold in 1971, the unspoken promise was that Washington would act as a responsible steward of its fiat currency. Central to that promise was the illusion that the Federal Reserve would remain independent of political pressure.
The idea was simple: without at least the appearance of independence, investors would see the Fed for what it is — a funding arm for spendthrift politicians — and confidence in the dollar would collapse.
That illusion is now shattering.
Let’s be clear: central banks were never truly independent. That’s why it was always an illusion — a societal myth. They exist to siphon wealth from the public through inflation and funnel it to the politically connected. The Fed’s independence was always a mirage — and now it’s disappearing fast.
Further, late last year, the Fed embarked on a new interest rate cutting cycle, even though, according to their own rigged CPI metrics, prices are rising at 2.7%, well above their 2% target.
The Fed has already cut rates by around 50 basis points in 2025 and signaled that more rate cuts are coming in 2026.
The Fed recently announced that it has ended the shrinking of its balance sheet and will now begin expanding it again, starting with the purchase of $40 billion in Treasuries in December.
The Fed insists this isn’t quantitative easing, calling it “reserve management” and pointing out that it isn’t explicitly targeting long-term Treasuries. That’s just wordplay. Buying Treasuries with newly created money is money printing, regardless of what label they attach to it. The Fed’s balance sheet is expanding again. A new printing cycle has begun.
We’ve seen this pattern repeatedly. The Fed expands its balance sheet, then tries to shrink it. Something eventually breaks in the financial system, and the Fed pivots right back to easing and money creation. Each time this happens, the balance sheet never returns to its prior level. It ratchets permanently higher with every cycle of debasement.
What makes the current situation especially telling is that the Fed is entering another balance-sheet expansion phase even though the balance sheet is still more than 50% larger than it was before the Covid mass psychosis. Before 2020, the Fed’s balance sheet was roughly $4 trillion. It exploded to nearly $9 trillion during the Covid response. Even after so-called “quantitative tightening,” it remains around $6.5 trillion — nowhere near its pre-Covid level.
This completely contradicts the Fed’s long-standing claim that programs like QE are temporary.
Remember when former Fed Chair Ben Bernanke promised the balance sheet would eventually normalize after the 2008 financial crisis? That promise was made nearly 15 years ago, when the Fed’s balance sheet was around $2.5 trillion and was supposed to shrink back toward pre-crisis levels below $1 trillion. Instead, today the balance sheet is more than double what it was when Bernanke made that pledge — and now the Fed is entering yet another expansion cycle that threatens to push it even higher.
The long-term trend is obvious. The balance sheet only goes one direction: up. And the implication is unavoidable. Every time the Fed expands its balance sheet, it debases the currency. This isn’t an accident or a temporary policy error — it’s the core feature of the system.
If you’re wondering what comes next, look at the red circle on the chart below—and note what followed the last time the Fed shifted from shrinking its balance sheet to expanding it.
We are now in the top of the first inning of what may become the most aggressive balance sheet expansion cycle in the Fed’s history.
So let’s put it all together.
The midterms are coming in 2026, and Trump wants to boost the stock market.
Trump will get to replace Fed Chair Powell with a loyalist, consolidating control over the central bank.
The Fed has embarked on a new rate-cutting cycle, despite inflation still running well above its stated targets.
The Fed has ended the shrinking of its balance sheet and has begun expanding it again, buying tens of billions of dollars’ worth of Treasuries each month.
All signs point to a continued nominal melt-up in the stock market in 2026 — and ever-accelerating currency debasement.
The trajectory is clear. When monetary policy becomes a political tool and money printing turns permanent, the risks aren’t abstract — they’re personal. Currency debasement doesn’t just distort markets; it quietly erodes savings, purchasing power, and individual freedom.
The real question isn’t whether this process continues — it’s how prepared you are when it accelerates.
That’s why I’ve put together a free PDF report: The Most Dangerous Economic Crisis in 100 Years… the Top 3 Strategies You Need Right Now. Inside, you’ll learn: How the economic, political, and cultural forces now in motion are converging into a single systemic crisis, what the coming risks really mean for your money, your security, and your personal freedom, and the three concrete strategies you can use right now to position yourself ahead of what’s coming. This isn’t about fear. It’s about clarity — and taking action before the consequences become unavoidable. Click here to download the free PDF report and get prepared while you still can.
end
SAN FRANCISCO…
MICHAEL SNYDER.
hunge number of earthquakes have hit San Francisco. Is this big one coming!
(Michael Snyder).
321 Quakes Hit San Francisco Bay In A Week – Is The San Andreas Fault Entering A Dangerous New Phase?
Wednesday, Feb 04, 2026 – 04:20 PM
Authored by Michael Snyder via The Economic Collapse blog,
The west coast is shaking again. In recent weeks we have witnessed so much seismic activity along the portion of the Pacific Ring of Fire that sits directly along the California coastline. There had been hope that the shaking would settle down, but instead it appears to be accelerating.
As you will see below, there have been 321 earthquakes in the San Francisco area within the past 7 days. If I was living in northern California, that would definitely get my attention. Scientists have warned us over and over again that “the Big One” is inevitably coming, and almost every day there are more reminders of this. In fact, San Ramon was just hit by a swarm of more than 30 earthquakes on Monday morning…
A 4.2 earthquake struck near San Ramon Monday morning, following a 3.8 quake amid a string of over 30 temblors in the area, U.S. Geological Survey said.
The 4.2 quake struck at 7:01 a.m. and followed a string of quakes that began with a 3.8 at 6:27 a.m. Dozens of earthquakes have followed.
USGS said the 4.2 quake was about 9.4 km in depth.
A magnitude 4.2 quake is quite significant.
The shaking that it caused was so extensive that people living in the heart of San Francisco actually felt “windows rattling”…
Residents in San Francisco’s Glen Park and Nopa neighborhoods reported rumbling and ‘windows rattling’ during the quake, and public transportation throughout the area was also affected by the swarm, according to the San Francisco Chronicle.
The moderate quake even activated the National Tsunami Warning Center, however, officials said there was no danger of a major wave hitting the Bay Area.
Of course this was not an isolated incident.
According to the USGS, this latest earthquake swarm was “a continuation” of a pattern of heightened activity that the region has been experiencing since last November…
ABC7 Eyewitness News spoke with the USGS Monday morning, and they say this is a continuation of the swarm of quakes the area has been experiencing.
On Friday, the area saw its first earthquake in several weeks, but there have been dozens of quakes since November.
Could it be possible that all of this activity is building up to some sort of a really big event?
According to the Southern California Earthquake Data Center, there have been 321 earthquakes in the San Francisco area in the last 7 days. The following is a screenshot…
Needless to say, this isn’t normal.
The swarm of earthquakes that hit San Ramon on Monday was centered on one of the main branches of the San Andreas Fault System…
Still, Monday’s noticeable swarm broke out right on the Calaveras Fault, a main branch of the San Andreas – the monstrous 800-mile-long fault spanning from Southern California through the Bay Area and into the Pacific.
The Calaveras splits off from the main fault line near Hollister in central California and runs parallel to it through the East Bay region.
Scientists with USGS have warned that one of these faults or other major branches nearby could soon reach their anticipated breaking point and rupture right in the heart of California.
And it isn’t just northern California that has been shaking lately.
A couple of weeks ago, a magnitude 4.9 earthquake rocked Southern California…
A 4.9-magnitude earthquake and several aftershocks rattled Southern California on Monday night, according to the United States Geological Survey.
The first and largest quake happened approximately five miles northeast of Indio Hills, which is in the Palm Desert region of Riverside County, at around 5:57 p.m., the USGS reported. It occurred at a geological depth of nearly two miles. The preliminary magnitude of the earthquake was first reported as 5.1 before it was downgraded to 4.6 and then adjusted to 4.9 by USGS officials.
Scientists keep telling us that it is just a matter of time before the San Andreas Fault System “rips wide open”.
This is something that I have written about extensively over the years.
These latest quakes are a major league wake up call.
Unfortunately, most people living in California have learned to tune out such warnings.
Interestingly, the earthquake swarm that shook San Ramon on Monday morning occurred just after the Sun released “a relentless barrage of powerful solar flares”…
The sun has erupted in a relentless barrage of powerful solar flares over the past 24 hours, firing off at least 18 M-class flares and three X-class flares, including an X8.3 eruption — the strongest solar flare of 2026 so far. Solar flares are ranked by strength from A, B and C up to M and X, with each letter representing a tenfold increase in energy — meaning X-class flares are the most powerful explosions the sun can produce
The culprit is sunspot region 4366, a volatile active region that has grown rapidly in just a few days. The flurry of activity began late Feb. 1 and has continued into Feb. 2, with multiple M-class and X-class flares erupting in quick succession. The prolific region appears to be far from finished. Spaceweather.com described the region as a “solar flare factory”, warning that its rapid growth and magnetic complexity make further eruptions highly likely.
Many scientists believe that we tend to see more seismic activity when the Sun is highly active.
Needless to say, the Sun has been extremely active lately.
And we are being warned that Sunspot AR4366 will soon be directly facing our planet…
It’s also possible that more eruptions are still to come. Sunspot AR4366 remains highly active and continues to rotate into an Earth-facing position, raising the chance that future eruptions could launch CMEs more directly toward our planet. NOAA forecasters say they expect more exciting space weather activity from this region in the coming days.
Sunspot AR4366 is absolutely massive, and I think that we should all be watching it very closely.
We live at a time when the giant ball of fire that we revolve around is becoming increasingly unstable.
We also live at a time when the ground under our feet is becoming increasingly unstable.
Unfortunately, I am entirely convinced that what we have experienced so far is just the tip of the iceberg.
end
KING NEWS
| The King Report February 5, 2026 Issue 7674 | Independent View of the News |
| The FT: Food and drink companies suffer as US shopper sentiment sinks – Groups report soft sales and plans to cut prices as consumer confidence falls to its weakest level in more than a decade https://www.ft.com/content/6aea157a-4f6a-4dac-8b0e-9035e77485b7 @MauiBoyMacro: Pepsi: “… We’ve spent the past year listening closely to consumers and they’ve told us they’re feeling the strain.” Mondelez: “…They’re worried about overall affordability. They are fed up with the price increases.” Trump, ‘the adult in the room,’ Lutnut et al can keep trying to gaslight Americans about their checkbooks, but reality will trump the gaslighters ‘like nothing ever seen before.’ @bennyjohnson: Treasury Secretary Bessent reveals there will be a Super Bowl commercial for “Trump Accounts” right after singing of the National Anthem: “We are prepared for a flood of signups.” Wednesday King Report: A key for today will be the presence or absence of tech stock sellers and /or the relative valuation rotation of buying DJTA/DJIA stocks while selling Fangs and techs, especially AI-related issues. Mounting AI angst unleashed aggressive relative valuation on Wednesday. The DJTA soared; the DJIA rallied smartly, while Fangs and techs got hammered. USHs were flat at midday. Palantir tumbled 13.35% despite good results and guidance on AI angst and Epstein PLTR tout to Israeli Ex- Defense Minister & Ex-PM Ehud Barak. Social media teems with allegations that Palantir might be compromised by global intel actors. Epstein, per the files, appears to be tied to multiple intel agencies. Epstein: “I’ve never met Peter Thiel, he looks like he’s on drugs, but he has a company called Palantir. “They are the biggest venture capital people in Silicon Valley” Bitcoin sank to $72,047.34. Thanks to Epstein, people fear it is an intel operation. Please recall that more than once (over the past several years) we opined that the only reason Bitcoin was allowed to appear (It violated the US Constitution when it was conceived) was probably because intel used it to snoop. ESHs traded modestly lower from their opening on Tuesday night until they turned modestly positive from 20:13 ET. ESHs then traded sideways and mostly positive until they broke higher after the 1 ET Nikkei close. ESHs hit 6960.00 (+18.25) at 3 ET and then fell to 6932.50 at 4:44 ET. After plodding to a daily high of 6965.75 (+24.00) at 6:50 ET, ESHs commenced a tumble that took ESHs to a daily low of 6862.50 (-79.25) at 12:47 ET. The ESH decline accelerated at mid-morning on this: Plans for US-Iran talks are ‘collapsing’ – Axios Axios’ @BarakRavid: The nuclear talks scheduled for Friday have been canceled — because Iran backed away from the understandings, two senior American officials told me. https://x.com/BarakRavid/status/2019101733079896243 ESHs rallied sharply in the afternoon on this: Axios’ @BarakRavid: Plans for U.S.-Iran nuclear talks in Oman on Friday are back on, after several Arab and Muslim leaders urgently lobbied the Trump administration on Wednesday afternoon not to follow through on threats to walk away, two U.S. officials told me… Yesterday’s King Report: Headlines, stories, and rumors are likely to drive activity again as the US-Iran talks on Friday loom. ESHs rallied to a double top of 6930.25 at 15:00 ET and 6930.50 at 15:40 ET. ESHs then sank to 6892.25 at 16:03 ET. Chinese students with CCP membership, military links ‘infiltrate’ U.S. universities, watchdog says (Only dopes or those on the CCP take did NOT know this was occurring!) The schools employing the Chinese scientists named in the AAF report include Harvard University, Carnegie Mellon, Cornell University, Brown University, Purdue University, the University of Wisconsin, Georgia Tech, the University of Florida, the University of Michigan, University of Florida, Penn State University, the Stevens Institute of Technology, Michigan State University, Indiana University, and the University of Southern California, as well as Lawrence Berkeley National Laboratory… https://justthenews.com/government/security/chinese-students-ccp-membership-military-links-theft-concerns-infiltrate-us How the University of Illinois, a premier computer science, physics, and computer science school, escaped the above list is astounding. The Fighting Illini have ~6,000 Chinese students and broadcast Illinois football games in Mandarin. China, Qatar, and other foreign nations have bought beaucoup US pols, institutions, and biz execs. The Epstein Files (more below) is stridently bringing this point home to an increasing number of Americans. Positive aspects of previous session The DJTA soared and the DJIA rallied smartly on the relative valuation rotation. Negative aspects of previous session AI angst felled tech stocks and pushed the Nas 100 closed (24,892) below its 100-day MA (25,194). USHs were -3/32 at the NYSE close. Gold and silver rallied moderately. Gasoline soared; Oil rallied. Ambiguous aspects of previous session What’s the deal with Iran and DJT? “Did you ever notice…?” First Hour/Last Hour NYSE Action [S&P 500 Index]: 1st Hour: Down; Last Hour: Down Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6885.87 Previous session S&P 500 Index High/Low: 6936.09; 6838.80 Washington Post begins hundreds of newsroom layoffs as Jeff Bezos ignores reporters’ pleas https://nypost.com/2026/02/04/media/washington-post-begins-hundreds-of-newsroom-layoffs-as-jeff-bezos-ignores-reporters-pleas-report/ After the close GOOGL reported EPS 2.82, 2.63 exp; Revenue $113.8B, $111.3B exp; and capex of $175B to $185B, astounding above the expected $115B. GOOGL sank 7.5%. rebounded to a 3% gain after Alphabet said it would collaborate with Apple on cloud services; then fell to a 1.36% loss. Today – We will reiterate what we wrote yesterday: Headlines, stories, and rumors are likely to drive activity again as the US-Iran talks on Friday loom. A key for today will be the presence or absence of tech stock sellers and /or the relative valuation rotation of buying DJTA/DJIA stocks while selling Fangs and techs, especially AI-related issues. Traders want to rally Fangs; they are buying NGHs this evening. ESHs are +23.25, NQAs are +136.50; USHs are +2/32; SI and Spot AU are modestly lower at 20:20 ET. Expected econ data: Initial Jobless Claims 212k, Continuing Claims 1.85m; Atl Fed Pres Bostic 10:50 ET S&P Index 50-day MA: 6877; 100-day MA: 6794; 150-day MA: 6655; 200-day MA: 6453 DJIA 50-day MA: 48,490; 100-day MA: 47,568; 150-day MA: 46,639; 200-day MA: 45,466 (Green is positive slope; Red is negative slope) S&P 500 Index (6882.72 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 and MACD are negative – a close above 6981.45 triggers a buy signal Hourly: Trender and MACD are negative – a close above 6904.4 triggers a buy signal Jeffrey Epstein lawyers met with feds to discuss cooperating in sex-trafficking case — just 2 weeks before his death: FBI records https://nypost.com/2026/02/02/us-news/epstein-was-set-to-potentially-cooperate-fbi-records/ @thevivafrei: Swedish UN official Joanna Rubinstein resigns after Epstein disclosures show she visited his sex island after knowing he was a convicted sex offender. Why would a Swedish UN official, serving as the Chair of Sweden for UNHCR (the fundraising foundation for the UN Refugee Agency), have anything to do with sex offender Epstein? Let alone why she would visit his pedo sex island? https://t.co/Q3DJt2AyBe @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. @Daractenus: One by one, Europeans mentioned in the Epstein files who still hold political office are beginning to resign or are being forced out of office. Meanwhile, ruled by an administration almost entirely made up of Epstein associates, the US carries on as if nothing really happened. @zerohedge: The man (Norwegian pol Thorbjorn Jagland) who shockingly awarded the newly elected Barack Obama the Nobel peace prize in 2009, and who was chair of the Nobel Committee from 2009 to 2015, was an Epstein Island regular https://t.co/ObuEO3pB5C Reuters: Lithuania launches human trafficking probe related to Epstein Files Epstein, Western Decline, & The Moral Collapse of The Elites It is no longer possible to treat the Epstein case as a sexual scandal involving powerful individuals. What has now come to light – documents, images, records, explicit connections – has pushed the debate to another level. This is no longer about “abuses,” “excesses,” or “individual crimes.” What has been exposed points to systematic, organized, ritualized practices. And that changes everything. For years, the public was conditioned to accept a narrative of ambiguity… That time is over. The material released leaves no room for ingenuousness. When evidence emerges of extreme violence against children, of practices that go beyond any conventional criminal category, the discussion ceases to be legal and becomes civilizational… What is at stake is the fact that networks of this kind only exist when they are backed by deep institutional protection. There is no ritual pedophilia, no human trafficking on a transnational scale, no systematic production of extreme material without political, police, judicial, and media cover. This is not conspiracy: it is the logic of power… From this point on, the West can no longer hide behind the idea of gradual decline. It is not merely cultural degeneration or a loss of values. It is something darker: an elite that operates outside any recognizable moral limits and yet continues to govern. People directly or indirectly involved with this world continue to decide elections, wars, economic policies, and the fate of entire societies. Another decisive element is that we still do not know who is behind the leak… It may be a move by Donald Trump or by sectors aligned with him, attempting to definitively destroy their internal enemies and reorganize power in the United States in a minimally positive direction. It may be the opposite: a controlled release of material intended to pressure Trump into serving the interests of the Democrats and the Deep State… Western societies now face a dilemma that cannot be resolved through elections, parliamentary commissions, or encouraging speeches… If there is anything positive in this moment, it is the end of naivety… https://t.co/ql5ULOGGV4 @EmeraldRobinson: It’s impossible to overstate the importance of the Epstein files. It touches on practically every corner of American government, national intelligence, banking, finance, venture capital, science. All the history books covering the last 40 years will have to be rewritten. My fellow Americans: your government has been totally captured. The Epstein files prove it beyond any doubt. We now stand on the edge of the abyss. (Don’t forget all the rigged elections!) @MyLordBebo: Obama’s former White House Counsel gave Epstein legal advice on sex with minors!: “I think the point is that if she was underage, she could not legally consent to engaging in prostitution.” Epstein: “If girl X continues to claim that she had sex with people for money, why is that not prostitution and what I pled guilty to? For every massage a person got, she was paid money. No girl came to the house to learn math. Does sex for money change the equation? There was a massage person every day. Some turned out to be younger than others, some as old as 60?? I’ll explain when I see you.” Kathy: “I think the point is that if she was underage, she could not legally consent to engaging in prostitution… But if she claims she was coerced into it when underage, then any consent given when of age is probably not valid as a legal matter.” Epstein: “She says she received money, nothing else.” Kathryn Ruemmler is now Chief Legal Officer and General Counsel of Goldman Sachs. https://x.com/MyLordBebo/status/2018961274210603069 @barkmeta: Why does it feel like the entire economy is being stolen right now? Nothing looks organic… and literally every asset class is manipulated by insider trading at this point. The goal isn’t to fix the system anymore… it’s to extract every last dollar before the collapse. (Looting the treasury stage!) @TheSCIF: All of these mainstream media reporters constantly wrote articles declaring Pizzagate was fake. Coincidentally, all of these same reporters were arrested and charged for rap*ng and sexually abusing children. Some of the victims were toddlers. There are NO coincidences. https://x.com/TheSCIF/status/2018883750377967865 Beaucoup people, including readers, friends, family, water delivery guy, treadmill service guy, yada, yada, yada, have told us that they are outraged and depresses by the Epstein Files due to the magnitude and scope of corruption, depravity, and venality in global elites – aw well as the satanism. If Team Trump does NOT diligently prosecute offenders, the masses are going to be livid and vengeful. @Patri0tContr0l: Fulton County’s Chairman Robb Pitts says he received TWO calls from a source, one before the raid and one after, telling him that they can’t relax and that arrests are coming. https://x.com/Patri0tContr0l/status/2019068648917217511 @WallStreetApes: Minneapolis pre-prints ballots and the Minnesota Secretary of State holds election certification until they know how many ballots they need to run through to keep the state Democrat “That they are pre-printing these ballots and Minneapolis is also always the last to report… Because Minnesota is basically a red state, believe it or not. But once we know what that vote total is, Steve Simon, the Democrat Secretary of State in Minnesota, then he makes sure that they hold everything up. They don’t certify anything until the Minneapolis votes come in. And they say, how many do we need? And then they put that many in. And then Steve Simon, quick, okay, we’re going to certify the election results. Then the book is closed. There’s nothing you can do about it. And then that’s who’s won the election.” https://t.co/MpJDzOQzOz All big blue cities in states that are otherwise ‘red’ report their minor precincts last for the above reason. The NY Post’s @CGasparino: Be nice if someone informed @nflcommish Roger Goodell, maybe the most woke CEO left in corporate America, that this is 2026 and not 2020. If he hasn’t noticed much of the country hates being virtue signaled to by lefties like a talentless dope who plans the serenade the @SuperBowl crowd in Spanish while wearing a dress. With that in mid, tune into @TPUSA for a REAL halftime show! @FoxNews: (Singer) Billie Eillish is getting called out by a Native American tribe after she insisted “no one is illegal on stolen land” during her acceptance speech at the Grammys. The Tongva tribe, based in Southern California, tells FOX News the singer’s multi-million-dollar mansion sits on their ancestral land in Glendale. The tribe says they have reached out to Eilish but have not heard back from her: “It is our hope that in future discussions, the tribe can explicitly be referenced to ensure the public understands that the greater Los Angeles basin remains Gabrieleno Tongva territory.” https://t.co/R6SXTyY7eU A tsunami of Epstein File revelation continues to appear on social media. Verboten subjects are no longer eschewed. The line between believable and absurd has been imperceptibly blurred. @BGatesIsaPyscho: Epstein Files: “Biden it is not your current President – the mask malfunction are getting worse each day on purpose.” “That’s an actor with a mask” Remember all those Biden Clone Clips where it clearly wasn’t him – well the conspiracy might have just been confirmed! https://t.co/N6dpd5Mhxr @wikileaks: Epstein Email: “outing” New York Times publisher Sulzberger will see “the end of the establishment.”… https://x.com/wikileaks/status/2019030017309647315 @TheCineprism: Those who have followed Stanley Kubrick’s films have long felt that Eyes Wide Shut was slightly off, almost as if it wasn’t entirely his film. And it got validated when Roger Avary, co-writer of Pulp Fiction, told Joe Rogan on The Joe Rogan Experience (December, 2024) that the original script of Eyes Wide Shut was far darker than the film we saw. According to Avary, it centered on uncovering an elite pedophile ring. After an early cut, the studio allegedly pushed Stanley Kubrick to remove those elements. Kubrick resisted. Kubrick died just six days after screening the final cut of Eyes Wide Shut (1999) to the studio, before the film’s premiere… Kubrick’s film depicts secretive, ritualistic elite gatherings -imagery that many now view differently in light of what has emerged in the Epstein files. https://x.com/TheCineprism/status/2018961238576013408 Savannah Guthrie-Jeffrey Epstein link: Husband Michael Feldman’s Glover Park mentioned in files; ‘running network’ – TODAY show host Savannah Guthrie’s mother, Nancy, has been kidnapped, authorities believe… Guthrie is married to Michael Feldman who helped find the The Glover Park Group in 2001. The public affairs firm is based out of DC and during his time, Feldman helped the likes of Bill Clinton and Al Gore… One file mentions a communication involving Larry Summers, where it is suggested that Epstein speak to someone at the Glover Park Group. “He has helped Clinton and General Petraeus,” the document continues… https://www.hindustantimes.com/world-news/us-news/savannah-guthrie-jeffrey-epstein-link-husband-michael-feldmans-glover-park-mentioned-in-files-nancy-guthrie-101770154002553.html Once upon a time we said we did NOT want to turn the political section of our report into a police blotter. However, social media teems daily with violent crimes committed by illegals that the media ignores for abject political reasons. Beaucoup Trump supporters are livid that Trump is doing another TACO – and this one is on perhaps the issue that got him elected TWICE! After the Minneapolis shootings, Trump says his administration could use ‘a softer touch’ on immigration – Earlier Wednesday, U.S. border czar Tom Homan announced a withdrawal of 700 federal immigration agents from Minnesota. Asked by Llamas if that call had come from Trump, the president affirmed that it had… https://www.nbcnews.com/politics/donald-trump/minneapolis-shootings-trump-says-administration-use-softer-touch-immig-rcna257459 @RapidResponse47: NBC: “Do you think, at one point, people will talk about you when they talk about presidents like Washington and Lincoln?” Trump: “Well, all I know is this, it’s such an honor… everyone’s screaming, ‘GOAT! GOAT!’… I hope they’re right—not for me, but for the country.” https://x.com/RapidResponse47/status/2019212957842907383 Trump bragged to NBC that he is building a Triumphal Arch in DC that will be ~250 feet and larger than Paris’ Arc de Triomphe. https://x.com/disclosetv/status/2019211348459339985 Ken Griffin accuses White House of showing ‘favoritism’ in dealings with business world, saying CEOs hate it – criticized Trump over a Wall Street Journal report indicating that aides to an Abu Dhabi royal purchased a 49% stake in the Trump family’s cryptocurrency venture for half a billion dollars… “The power of social media to persuade millions or tens of millions of consumers to make a product choice is really terrifying to corporate executives, and I think it’s put them in a very, just, intrinsically withdrawn position,” Griffin said… https://nypost.com/2026/02/03/business/ken-griffin-accuses-white-house-of-showing-favoritism-in-dealings-with-business-world-and-ceos-hate-it/ | |
SWAMP STORIES FOR YOU TONIGHT
Vance To Lead Sweeping Anti-Fraud Task Force Investigating California
Wednesday, Feb 04, 2026 – 09:20 PM
Vice President JD Vance is poised to chair a new White House task force aimed at rooting out potential fraud and abuse in government programs in California, according to CBS News.
Andrew Ferguson, chairman of the Federal Trade Commission, is expected to serve as the task force’s vice chairman and handle day-to-day operations, CBS News reports. President Donald Trump is anticipated to issue an executive order in the coming days to formally establish the group, the news outlet said.
The White House task force would operate separately from a related Justice Department effort led by Colin McDonald, a Trump nominee for a new fraud-investigation role at the department. McDonald is expected to also probe fraud in Minnesota uncovered by YouTuber Nick Shirley and other independent journalists.
California has long grappled with documented issues of waste, fraud, and weak oversight in state and federally funded programs. State auditors have for more than a decade flagged problems including persistent cost overruns, inadequate internal controls, and unimplemented reform recommendations across various initiatives, CBS News reported last month.
California’s Employment Development Department faced acute criticism during the pandemic, when unemployment-insurance fraud resulted in an estimated $20 billion or more in improper payments, while many eligible claimants endured lengthy delays in receiving benefits, according to NPR News.
Separately, federal officials have recently scrutinized fraud risks in hospice and home-health services, particularly in Los Angeles County. Last week, Centers for Medicare & Medicaid Services Administrator Dr. Mehmet Oz visited the area to draw attention to the issue, citing the rapid proliferation of hospice providers and potential billions in improper billings.
One physician in California reportedly billed the government $120 million in a single year while claiming oversight of 1,900 patients -an volume that has raised questions about feasibility and potential abuse.
The county is home to nearly 2,000 licensed hospice agencies, a number exceeding the combined total in more than 36 states and roughly 30 times the count in states such as Florida or New York.
“Hospice is crazy here,” Dr. Oz said. “You’ve got hospice that’s grown seven-fold in the last five years. They represent about three and a half billion dollars of fraud, we believe, just in LA County.”
GREG HUNTER..
harveyorganblog.com 
