FEB 10//GOLD CLOSED DOWN $46.80 TO $5008.15 WHILE SILVER WAS ALSO DOWN $2.21 TO $80.51/PLATINUM WAS DOWN $36,20 TO $2087.20 WHILE PALLADIUM WAS DOWN $14.60 TO $1713.15//CIBC GIVES A COMPELLING CASE WHY AGNICO GOLD MINES IS THE BEST MINING OPERATION ON THE PLANET//FALLOUT FROM THE CONVICTION OF MEDIA MOGUL JIMMIE LAI IN HONG KONG//FROM EUROPE: GERMANY’S ECONOMY CONTINUES TO FALTER//GOOD COMMENTARY ON THE STUPIDITY OF FRANCE//ISRAEL AND IRAN UPDATES/AS WELL AS RUSSIA VS UKRAINE/USA//THE FEUD BETWEEN TRUMP AND CARNEY ESCALATE: TRUMP IS THREATENING TO HALT TRAFFIC FROM THE AMBASSADOR BRIDGE CONNECTING WINDSOR AND DETROIT: THIS WOULD BE CATASTOPHIC FOR BOTH COUNTRIES//USA DATA RELEASES//SWAMP STORIES FOR YOU TONIGHT//
072 C GOLDMAN 1 099 H DEUTSCHE BANK AG 144 118 C MACQUARIE FUTURES US 1 132 C SG AMERICAS 14 190 H BMO CAPITAL MARKETS 49 323 C HSBC 2 365 C MAREX CAPITAL MARKET 1 555 C BNP PARIBAS SEC CORP 28 555 H BNP PARIBAS SEC CORP 4 657 C MORGAN STANLEY 2 661 C JP MORGAN SECURITIES 4 36 709 C BARCLAYS 5 880 H CITIGROUP 42 905 C ADM 1
TOTAL: 167 167 MONTH TO DATE: 33,783
MONTH TO DATE: 32,502
JPMORGAN STOPPED 248/1114
February
GOLD: NUMBER OF NOTICES FILED FOR FEBRUARY/2026: 167 CONTRACTs NOTICES FOR 16,700 OZ or 0.5189 TONNES
total notices so far: 33,783 contracts for 3,378,300 OR 105.079 tonnes)
FOR FEB.
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SILVER NOTICES: 429 NOTICE(S) FILED FOR 2.145 MILLION OZ /
total number of notices filed so far this month : 4,490 CONTRACTS (NOTICES) for 22.950 million oz
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END
GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD DOWN $46.80 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD
HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 3.43 TONNES OF GOLD INOT THE GLD/
INVENTORY RESTS AT 1079.66 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER DOWN $2.21 AT THE SLV: NO CHANGES IN SILVER INVENTORY AT THE SLV/
CLOSING INVENTORY RESTS AT:
CLOSING INVENTORY: 520.555 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI ROSE BY A HUGE SIZED 862 CONTRACTS TO 136,120 AND CONTINUING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND HUGE SIZED LOSS IN COMEX OI WAS ACCOMPLISHED DESPITE OUR HUGE $5.24 GAIN IN SILVER PRICING AT THE COMEX WITH RESPECT TO MONDAY’S // TRADING.
NOW ON A NET BASIS OUR SPECULATORS HAVE REVERTED BACK TO GOING LONG. THE FRBNY ON A NET BASIS IS PROVIDING THE NECESSARY PAPER TO OUR LONGS AND THEN THE LONGS TENDER FOR PHYSICAL AT 4 PM. BECAUSE OF THE HUGE SHORTFALL IN PHYSICAL SILVER THERE IS A LOTTERY TO SEE WHO GETS ANY OF THE PHYSICAL SILVER THAT IS PRESENT. IF NOBODY GETS ANY THEY COME BACK THE NEXT DAY AND SO ON. THIS IS IN LONDON, THE HOME OF PHYSICAL SILVER!!
WE HAVE REVERTED TO SPECS NOW GOING BACK TO THE LONG SIDE AND THE BANKER (FRBNY) ON THE SHORT SIDE
IT IS OUR SILVER SPECULATORS THAT WERE BRUTALLY BEATEN UP AT THE SILVER COMEX AND GOT RINSED OUT BADLY WITH FRIDAY GAIN. WE FINALLY ARE MOVING TO A MUCH HIGHER BASE SURPASSING THE $34.40 SILVER PRICE BARRIER TO A HIGH DEGREE, AND NOW READY TO ATTACK AGAIN, OUR LAST MAJOR HURDLE OF $100.00 SILVER.
WE HAVE A HUGE SIZED GAIN OF 1707 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A HUGE SIZED 845 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD ZERO LIQUIDATION OF T.A.S. CONTRACTS IN COMEX TRADING WITH RESPECT TO MONDAY TRADING WITH OUR GAIN IN PRICE ALONG WITH ANOTHER MASSIVE 9981 T.A.S. ISSUANCE!! /// THEY DESPERATELY AGAIN TODAY TRIED TO CONTAIN SILVER’S PRICE RISE FOR THE PAST SEVERAL WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $100.00 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY FAILED ON MONDAY WITH SILVER’S HUGE GAIN IN PRICE AS THE SPECS PILED INTO THE SILVER ARENA.
THE PRICE FINISHED STILL ABOVE THE MAGIC NUMBER OF $50.00 SILVER SPOT PRICE BUT BELOW THE $100.00 MARK CLOSING AT $82.72 UP $5.24 WE ARE NOW WITNESSING HAVING MANY HUGE T.A.S ISSUANCES // TODAY’S WAS AT AN ULTRA MAMMOTH SIZED 9984 T.A.S. CONTRACTS !!. THE CROOKS ARE BECOMING MORE DESPERATE TO STOP SILVER BREAKING ABOVE THE 100.00 DOLLAR MARK!!.MAMMOTH SIZE T.A.S ISSUANCE IS BECOMING THE NORM AT THE COMEX NOW!!
THERE IS NO NEXT LINE IN THE SAND ONCE THE 100.00 DOLLAR SILVER IS PIERCED AGAIN. WE HAD A HUGE SIZED 845 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR MAMMOTH SIZED 9984 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN FUTURE TRADING//RAID AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE.
IN ESSENCE WE HAD A MEGA HUGE SIZED GAIN OF 1721 CONTRACTS ON OUR TWO EXCHANGES WITH OUR HUGE GAIN IN PRICE OF $5.24 WE HAD HUGE GOVERNMENT (FRBY) COMEX CONTRACTS TRADING ALL WEEK AND A MAJOR PORTION AND NO DOUBT REMOVED BY DAYS END. (I RECORD THIS FOR YOU ON A DAILY BASIS). THE STICKY SPECULATOR LONGS STILL REMAIN STOIC EVEN ON OUR HUGE PRICE FALLS. THE NON STICKY SPECULATORS ARE BEING WIPED OUT. EASTERN CENTRAL BANKERS (LIKE CENTRAL BANK OF INDIA) AND LARGE INDUSTRIAL USERS CONTINUE ON THE LONG SIDE AS THEY WILL TENDER FOR THE BADLY NEEDED PHYSICAL SILVER.
CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE.
THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON MONDAY NIGHT//TUESDAY MORNING: AN ULTRA MAMMOTH SIZED 9984 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED FRBNY BANKERS).
THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS AS ONE UNIT, BUT SELL THE SHORT SIDE FIRST AND THEN LIQUIDATE THE LONG SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT NOW SEEMS THAT THE OCC HAS NOW ORDERED THE BANKS TO REDUCE ITS NEW LEVEL OF 1.1 TRILLION DOLLARS IN GOLD/SILVER DERIVATIVES.
THUS:
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 2.155 MILLION OZ QUEUE JUMP//NEW STANDING FOR SILVER AT THE COMEX ADVANCES TO 23.280 MILLION OZ. BUT WE MUST ADD OUR FIRST EXCHANGE FOR RISK OF 25 CONTRACTS FOR .125 MILLION OZ AND THEN OUR SECOND EXCHANGE FOR RISK OF .0600 MILLION OZ//
NEW TOTALS FOR SILVER OZ STANDING IS AS FOLLOWS
NORMAL STANDING 23.280 MILLION OZ
PLUS OUR 2 EXCHANGE FOR RISK: 185,000 OZ
EQUALS
23.465 MILLION OZ!! HUGE FOR A FEBRUARY
WE HAD:
/ HUGE COMEX OI GAIN+// A HUGE SIZED 845 EFP ISSUANCE CONTRACTS (/ VI) A MEGA MEGA HUGE NUMBER OF T.A.S. CONTRACT ISSUANCE 9984 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED 11 SILVER CONTRACTS
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS JAN.. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF FRB.
TOTAL CONTRACTS for 7 DAY(S), total 6800 contracts: OR 34.0000 MILLION OZ (971 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 34.0000 MILLION OZ
LAST 24 MONTHS TOTAL EFP CONTRACTS ISSUED IN MILLIONS OF OZ:
MAY 137.83 MILLION
JUNE 149.91 MILLION OZ
JULY 129.445 MILLION OZ
AUGUST: MILLION OZ 140.120
SEPT. 28.230 MILLION OZ//
OCT: 94.595 MILLION OZ
NOV: 131.925 MILLION OZ
DEC: 100.615 MILLION OZ
YEAR 2022:
JAN 2022-DEC 2022
JAN 2022// 90.460 MILLION OZ
FEB 2022: 72.39 MILLION OZ//
MARCH 2022: 207.140 MILLION OZ//A NEW RECORD FOR EFP ISSUANCE
APRIL: 114.52 MILLION OZ FINAL//LOW ISSUANCE
MAY: 105.635 MILLION OZ//
JUNE: 94.470 MILLION OZ
JULY : 87.110 MILLION OZ
AUGUST: 65.025 MILLION OZ
SEPT. 74.025 MILLION OZ///FINAL
OCT. 29.017 MILLION OZ FINAL
NOV: 134.290 MILLION OZ//FINAL
DEC, 61.395 MILLION OZ FINAL
TOTALS YR 2022: 1135.767 MILLION OZ (1.1356 BILLION OZ)
JAN 2023/// 53.070 MILLION OZ //FINAL
FEB: 2023: 100.105 MILLION OZ/FINAL//MUCH STRONGER ISSUANCE VS THE LATTER TWO MONTHS.
MARCH 2023: 112.58 MILLION OZ//FINAL//STRONG ISSUANCE
APRIL 111.035 MILLION OZ(SLIGHTLY GREATER THAN THAN LAST MONTH)
MAY 66.120 MILLION OZ/INITIAL (MUCH SMALLER THIS MONTH)
JUNE: 110.395 MILLION OZ//MUCH LARGER THAN LAST MONTH
JULY 85.745 MILLION OZ (SMALLER THAN LAST MONTH)
AUGUST: 171.43 MILLION OZ (THIS MONTH IS GOING TO BE HUGE //2ND HIGHEST ON RECORD
SEPT: 72.705 MILLION OZ (SMALLER THIS MONTH)
OCT: 97.455 MILLION OZ
NOV. 50.050 MILLION OZ
DEC. 66.140 MILLION OZ//
TOTAL 2023: 1,104.10 MILLION OZ/
JAN ’24 : 78.655 MILLION OZ//
FEB /2024 : 66.135 MILLION OZ./FINAL
MARCH: 143.750 MILLION OZ// 4TH HIGHEST ON RECORD.
APRIL: 161.770 MILLION OZ (THIS MONTH WILL BE A WHOPPER OF ISSUANCE OF EFPS//3RD HIGHEST EVER RECORDED FOR A MONTH)
MAY: 135.995 MILLION OZ //WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
JUNE 110.575 MILLION OZ ( WILL BE ANOTHER STRONG MONTH ISSUANCE)
JULY: 108.870 MILLION OZ (WILL BE A STRONG ISSUANCE MONTH/ A TOUCH OVER 100 MILLION OZ/)
AUGUST; 99.740 MILLION OZ//THIS MONTH WILL BE STRONG FOR ISSUANCE BUT LESS THAN JULY.
SEPT: 112.415 MILLION OZ//WILL BE A HUGE MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
OCT; 97.485 MILLION OZ (WILL BE SMALLER ISSUANCE THIS MONTH )
NOV. 115.970 MILLION OZ ( HUGE THIS MONTH)
DEC: 132.54 MILLION OZ (THIS MONTH WILL BE A HUMDINGER FOR ISSUANCE BUT ISSUANCE SLOWED DRAMATICALLY THESE PAST FIVE DAYS/// WILL NOT EXCEED MARCH 2022 RECORD OF 209 MILLION OZ
YEAR 2024 TOTAL: 1363.84 MILLION OR 1.363 BILLION OZ
JANUARY 2025: 67.230 MILLION OZ///(THIS MONTH’S ISSUANCE OF EXCHANGE FOR PHYSICAL WILL BE SMALL)
FEB. 58.260 MILLION OZ//EXCHANGE FOR PHYSICAL ISSUANCE/FINAL
MARCH: 67.020 MILLION OZ///QUITE SMALL AND BECOMING SMALLER EACH AND EVERY MONTH.
APRIL: 100.895 MILLION OZ///AVERAGE SIZE ISSUANCE
MAY: 28.975 MILLION OZ (ISSUANCE WILL BE QUITE SMALL THIS MONTH)
JUNE: 81.065 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 : 34.000 MILLION OZ
RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 862 CONTRACTS WITH OUR HUGE GAIN IN PRICE OF $5.24 IN SILVER PRICING AT THE COMEX// MONDAY,. THE CME NOTIFIED US THAT WE HAD A HUGE SIZED CONTRACT EFP ISSUANCE:845 CONTRACTS ISSUED FOR MARCH, AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH EXITED OUT OF THE SILVER COMEX TO LONDON AS FORWARDS.W HAD A HUGE 2.135 MILLION OZ QUEUE JUMP// THEN WE MUST ADD OUR FIRST EXCHANGE FOR RISK: 25 CONTRACTS FOR 125,000 OZ TO OUR SECOND EXCHANGE FOR RISK OF 12 CONTRACTS OR 0.060 MILLION OZ//NEW TOTALS NOW JUMPS UP TO 23.465 MILLION OZ!
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LAST 10 MONTHS OF SILVER DELIVERIES
WE FINISHED APRIL WITH A STRONG SILVER OZ STANDING OF 16.050 MILLION OZ NORMAL DELIVERY , PLUS OUR 4.00 MILLION EX FOR RISK
FINAL STANDING APRIL: 19.965 MILLION OZ
AND MAY:
NEW STANDING FOR MAY FINISHES AT: 75.615 MILLION OZ. (INCLUDES 5,000 OZ EFP TRANSFER TO LONDON + 12.93 MILLION OZ EXCHANGE FOR RISK ISSUANCE/PRIOR.//NEW TOTAL STANDING 88.540 MILLION OZ
AND JUNE: FINAL 16.995 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 QUEU JUMP OF 2.135 MILLION OZ F AND THEN ADD OUR 2 EXCHANGE FOR RISK FOR .185 MILLION OZ STANDING ADVANCES TO 23.465 MILLION OZ!!
THE NEW TAS ISSUANCE MONDAY NIGHT (9984) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED NO DOUBT WITH FUTURE TRADING!!
WE HAD 429 NOTICE(S) FILED TODAY FOR 2.145 MILLION OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL. IT IS NOW TIME FOR THE FBI TO ENTER THE COMEX AND ARREST THESE CROOKS EVEN THOUGH THE MAJORITY OF THE TRADING IS GOVERNMENT. THE BANKERS ARE COMPLICIT. THE SILVER COMEX IS NOW ON A MASSIVE SIEGE LOOKING FOR PHYSICAL SILVER!!
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST ROSE BY A FAIR SIZED 2837 OI CONTRACTS UP TO 404,446 OI AND CLOSER TO THE RECORD (SET JAN 24/2020) AT 799,105 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. (ALL TIME LOW OF 390,000 CONTRACTS.) THUS WE ARE NOW AT ITS NADIR OI IN COMEX BUT WITH AN EXTREMELY HIGH PRICE OF GOLD. THE SHORT RATS ARE ABANDONING THE SHIP.
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED A HUGE CRIMINAL 1738 CONTRACTS // MEGA HUGE GOVERNMENT REMOVALS//
WE HAD A FAIR SIZED GAIN IN COMEX OI (2837 ONTRACTS) . THIS OCCURRED WITH OUR HUGE GAIN OF $100.00 IN PRICE// MONDAY///.
LAST 10 MONTHS OF GOLD DELIVERIES: (MAY THROUGH TO /FEB)
MAY: SUMMARY FOR MAY TONNES WHICH STOOD FOR DELIVERY:
FINAL STANDING FOR MAY: 70.174 TONNES OF GOLD TO WHICH WE ADD 1. MONDAY’S (MAY 19) 6.221 TONNES EXCHANGE FOR RISK , 2. THEN WE ADD: 1.35 TONNES TO LAST WEEK”S. THEN WE ADD 3. 1.55 TONNES TO EQUAL 9.591 TONNES// NEW EXCHANGE FOR RISK = 9.591 TONNES WHICH MUST BE ADDED TO OUR NORMAL DELIVERY SCHEDULE OF 80.644 TONNES. THUS STANDING FOR MAY INCREASES TO 90.235 TONNES OF GOLD
2 JUNE CONTRACT MONTH: 93.085 TONNES OF GOLD (WHICH INCLUDES ALL QUEUE JUMPING AND 0 EX FOR RISK)
3.JULY INITIIAL STANDING FIRST DAY NOTICE: 17.847 TONNES. PLUS TODAY’S 0 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK + 2.195 TONNES EX FOR RISK TODAY = 41.106 TONNES STANDING
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 0.3701 TONNES TO OTHER OF 23.204 TONNES/ NEW QUEUE JUMP TOTAL: 23.5741 TONNES// AND THEN WE ADD OUR TWO EXCHANGE FOR RISK: 3276 CONTRACTS OR 10.189 TONNES//NEW STANDING ADVANCES TO 127.342 TONNES
E.F.P. ISSUANCE/FOR OPENING FEB. GOLD CONTRACT
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 2655 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 404,446 AND WE NOW WITNESSING A LOWER COMEX OI BUT WITH AN EXTREMELY HIGH PRICE OF GOLD.//NOW ALMOST IMPOSSIBLE TO FLEECE.
SILVER ALSO HAS A FAIR SIZED COMEX OI OF 136,120 CONTRACTS//
IN ESSENCE WE HAVE A STRONG SIZED GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 5492 CONTRACTS WITH 2837 CONTRACTS INCREASED AT THE COMEX// AND A STRONG SIZED 2655 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON.
THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 5492 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A STRONG SIZED BUT CRIMINAL 3343 CONTRACTS AND THESE ISSUANCES ARE GENERALLY USED TO INITIATE A RAID WHEN CALLED UPON
GOLD PRICE ON MONDAY ROSE BY $100.00
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS CONTRACT(2655) ACCOMPANYING THE STRONG SIZED GAIN IN COMEX OI OF 2837 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 5492 CONTRACTS..
WE HAVE 1) NOW RETURNED TO OUR NORMAL FORMAT OF BANKER (FRBNY) GOING ON THE SHORT SIDE AND NEWBIE SPECULATORS GOING TO THE LONG SIDE// . ,2.) STRONG INITIAL STANDING FOR GOLD FOR FEBRUARY:
FEB; INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 93.567 TONNES OF GOLD TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 0.3701 TONNES TO ALL OTHER QUEUE JUMP OF 23.204 TONNES//NEW QUEUE JUMP TOTALS: 23.5741 TONNES// /// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK FOR 276 CONTRACTS OR 2760 OZ OR .858 TONNES//NEW STANDING ADVANCES TO 127.342 TONNES
FINAL STANDING FOR GOLD, JANUARY CONTRACT AT 59.2108 TONNES OF GOLD
AND NOW FEBRUARY: INITIAL STANDING FOR GOLD: 127.342 TONNES!! WHICH INCLUDES ALL QUEUE JUMPING AND OUR TWO ISSUANCES EXCHANGE FOR RISK!!
3) ZERO T.A.S. LIQUIDATION (AND CONSIDERABLE GOVT LIQUIDATION // AND A STRONG GAIN OF EQUITY SHARES/FEB 5 AS WE HAD 1)A $100.00 COMEX PRICE GAIN AND WE HAD 2) NEWBIE SPEC SHORTS GOING LONG AGAIN ON A NET BASIS, + EASTERN CENTRAL BANKERS WERE PILING INTO THE LONG SIDE AS WE HAD A STRONG SIZED GAIN OF 5492 CONTRACTS ON OUR TWO EXCHANGES AND AS WELL A HUGE AMOUNT OF GOLD WILL STAND FOR DELIVERY IN FEB. (127.342 TONNES). //, CENTRAL BANKERS TENDERED FOR PHYSICAL WITH THEIR PURCHASES OF CONTRACTS../ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED MONDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL
4)A STRONG SIZED COMEX OI GAIN 5) V) STRONG SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL GOLD (3496) AND A STRONG T.A.S. ISSUANCE (3343) FOR RAID PURPOSES
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF JAN :
TOTAL EFP CONTRACTS ISSUED: 27,654 CONTRACTS OR 2,765,400 OZ OR 86.01 TONNES IN 7 TRADING DAY(S) AND THUS AVERAGING: 3950 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN7 TRADING DAY(S) IN TONNES: 86.01 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2025, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 86.01TONNES DIVIDED BY 3550 x 100% TONNES = 2.42% OF GLOBAL ANNUAL PRODUCTION
SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_
OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)
NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP
DEC. 175.62 TONNES//FINAL ISSUANCE//
TOTALS: 2,578.08 TONNES/2021
JAN:2023 247.25 TONNES //FINAL
FEB: 196.04 TONNES//FINAL
MARCH/2022: 409.30 TONNES //FINAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.
APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)
MAY: 247.44 TONNES FINAL//
JUNE: 238.13 TONNES FINAL
JULY: 378.43 TONNES FINAL/SECOND HIGHEST ON RECORD
AUGUST: 180.81 TONNES FINAL
SEPT. 193.16 TONNES FINAL
OCT: 177.57 TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)
NOV. 223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)
DEC: 185.59 tonnes // FINAL
TOTAL: 2,847,25 TONNES/2022
JAN 2024: 228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!
FEB: 151.61 TONNES/FINAL
MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)
APRIL: 197.42 TONNES
MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)
JUNE: 172.667 TONNES (WEAKER ISSUANCE THIS MONTH)
JULY: 151.69 TONNES (WEAKER THAN LAST MONTH)
AUGUST: 195.28 TONNES (A STRONGER MONTH)//FINAL
SEPT: 254.709 TONNES (WILL BE LARGER THAN LAST MONTH AND A STRONG MONTH)
OCT. 248.09 TONNES. LIKE SILVER, THIS MONTH IS GOING TO BE A STRONG E.F.P. ISSUANCE.
NOV. 239.16 TONNES//WILL BE STRONG THIS MONTH,
DEC. 213.704 TONNES. A STRONG MONTH//
TOTAL FOR YEAR 2023: 2,569.57 TONNES
2025: AND NOW 2026
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. 86.01 TONNES (WHICH WILL BE ANOTHER STRONG)
SPREADING OPERATION
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 HUGE SIZED 862 CONTRACTS OI TO 136,120 AND FURTHER FROM THE COMEX HIGH RECORD //244,710( SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 7 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE 845 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAR 876 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 862 CONTRACTS AND ADD TO THE 845 E.FP. ISSUED
WE OBTAIN A HUGE SIZED GAIN OF 1707 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES DESPITE OUR GAIN OF $5.24
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 8.535 MILLION PAPER OZ
OCCURRED WITH OUR GAIN IN PRICE.OF $5.24
2.ASIAN AFFAIRS FEB 10/2025
SHANGHAI CLOSED UP 5.28 PTS OR 0.13%
//Hang Seng CLOSED UP 155.99 PTS OR 0.58%
// Nikkei CLOSED UP 1238.56 PTS OR 2.20%
//Australia’s all ordinaries CLOSED UP 0.69%
//Chinese yuan (ONSHORE) CLOSED UP TO 6.9130
/ OFFSHORE CLOSED UP AT 6.9102 Oil UP TO 64.35 dollars per barrel for WTI and BRENT UP TO 69.29 Stocks in Europe OPENED MOSTLY ALL GREEN
ONSHORE USA/ YUAN TRADING UP TO 6.9130 OFFSHORE YUAN TRADING UP TO 6.9101 ONSHORE YUAN TRADING BELOW OFF SHORE AND UP ON THE DOLLAR// / AND THUS STRONGER//OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A FAIR SIZED 2,837 CONTRACTS UP TO 404,446 OI WITH OUR STRONG GAIN IN PRICE OF $100.00 WITH RESPECT TO MONDAY’S // TRADING/ //COMEX CLOSING TIME:… WE LOST ZERO NET LONGS, WITH THAT PRICE GAIN FOR GOLD BUT OUR SHORT SPECS GOT CLOBBERED. AND AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD A FAIR NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (3496).
WE HAD ZERO T.A.S. LIQUIDATION MONDAY. IT SEEMS THAT THE SPECULATORS STARTED AGAIN TO GO LONG MONDAY AFTER A BRIEF PERIOD OF GOING NET SHORT, AS WERE HIT BADLY ON FRIDAY, WITH OUR FRBNY GOING NET LONG AND THE SPECS PROVIDING THE SHORT PAPER. CENTRAL BANKS TENDERED THEIR NEW LONG CONTRACTS AT THE END OF THE DAY WITH MEGA SHOCK FROM THE SHORT SPECS AS THEY NEEDED TO PROVIDE THE PHYSICAL!!
YOU WILL NOTICE THAT THE COMEX OI IS NOW BACK TO AN EXTREMELY LOW OI OF AROUND 404,000 TO NOW 404,446 AND NOW AMPLE ENOUGH TO GROW AND FROM THIS POINT FORTH IT WILL BE DIFFICULT TO FLEECE. THE ALL TIME LOW OF COMEX OI IS 390,000 CONTRACTS WHICH OCCURRED IN 2001 WITH GOLD AROUND $260. FROM CHINA WE LEARN THAT TODAY, THE GOLD LEASE RATE IS NOW AROUND 5 %
WE THUS HAD A TOTAL GAIN IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 7230 CONTRACTS (OR 22.488TONNES).
THEN WE WERE NOTIFIED OF A MONSTER 3000 CONTRACT EXCHANGE FOR RISK ISSUANCE IN GOLD CONTRACTS FOR 300,000 OZ OR 9.3312 TONNES OF GOLD ONE OF THE HIGHEST EVER ISSUED AND THUS THE TOTAL ISSUANCE FOR FEB NOW TOTALS TWO.
A LITTLE HISTORY OF EXCHANGE FOR RISK DECEMBER THROUGH TO FEBRUARY:
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.
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: NOW 2 ISSUANCES: 3276 CONTRACTS FOR 327,600 OZ OR 10.189 TONNES!
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. HOWEVER THEY SEEM NOT TO BE IN A HURRY TO COVER THEIR HUGE SHORTFALL
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 1. FOR; 0.858 TONNES SO FAR!!
DETAILS ON OUR NEW FEBRUARY COMEX CONTRACT MONTH//
IN TOTAL WE HAD A STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 5492 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 STRONG SIZED T.A.S ISSUANCE CONTRACTS.THE CME NOTIFIES US THAT THEY HAVE ISSUED 3343 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 SOMEHOW LOOKED THE OTHER WAY WITH ITS GOLD SWAPS WITH THE FRBNY AS THIS ENTITY FOR THE FED REFUSES THE BIS MARCHING ORDERS TO COVER AND THAT MAY EXPLAIN THE STRONG NUMBER OF T.A.S. ISSUANCES IN DECEMBER , JANUARY THROUGH TO FEBRUARY TO GO ALONG WITH OUR HUGE NUMBER OF EXCHANGE FOR RISK ISSUED DURING THESE MONTHS INCLUDING TODAY’S MONSTER 9..3312 TONNE ISSUANCE. OTHER CENTRAL BANKS ARE PAYING ATTENTION AS THEY TAKE DELIVERY OF HUGE AMOUNTS OF PHYSICAL GOLD.
FOR EXAMPLE:
HERE IS A SUMMARY OF GOLD STANDING FOR DELIVERY ON OUR LAST 11 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 0.3701 TONNES ADDING TO ALL OTHER QUEUE JUMPS OF 23.204 TONNNES//NEW TOTAL QUEUE JUMP: 23.5741/ / STANDING ADVANCES TO XXXXX TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK OF 10.189 TONNES/NEW STANDING ROCKETS TO 127.349 TONNES!!
THE FED IS THE OTHER MAJOR SHORT IN GOLD 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.!!THEN MUCH TO OUR ANGER WE RECEIVE NOTICE OF OUR SECOND EXCHANGE FOR RISK OF 9.3312 TONNES//TOTAL EXCHANGE FOR RISK FEB WITH 2 ISSUANCES EQUATES TO 10.189 TONNES OF GOLD.
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.
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/FEB.//BORROWINGS FROM THE FRBNY:
THE CME REPORTS THAT THE BANKERS ISSUED A STRONG SIZED EXCHANGE FOR PHYSICAL OF 2655 CONTRACTS.
THAT IS A STRONG SIZED 2655 EFP CONTRACT WAS ISSUED: : /APRIL 2655 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 2655 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 :
NO LIQUIDATION OF OUR T.A.S. SPREADERS DURING THE COMEX SESSION + BUT 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 MONDAY NIGHT/TUESDAY MORNING WAS A STRONG SIZED 3342 CONTRACTS
THE RAIDS WHETHER ON OPTIONS EXPIRY MONTH OR T.A.S. DRIVEN, ACCOMPLISHES TWO IMPORTANT ASPECTS FOR OUR CROOKS:
STALLS THE ADVANCE IN PRICE
LOWERS THEIR ADVANCING DERIVATIVE LOSSES.
THAT SET UP MONDAY’S GAIN IN PRICE IN GOLD WITH A CORRESPONDING STRONG SIZED GAIN 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
JANUARY’S 6 ISSUANCE FOR 22.215 TONNES
AND NOW FEB’S TWO ISSUANCES FOR A MONSTER 10.189 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 56+ 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 RAIDS TO BE!
MASSIVE RAIDS AT THE COMEX CALLED UPON EVERY OPTIONS EXPIRY MONTH INCLUDING JANUARY’S OTC/LBMA DRIVE BY SHOOTING! ALONG WITH RAIDS IN EARLY FEBRUARY
GOLD STANDING AT THE COMEX FOR GOLD LAST 13 MONTHS OF 2025
YEAR 2025:
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.
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 0.3701 TONNES WHICH IS ADDED TO ALL OTHER QUEUE JUMPS OF 23.204 TO TONNES QUEUE JUMP//TOTAL QUEUE JUMP FOR FEB:: 23.5741 TONNES///STANDING ADVANCES TO 117.163 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK OF 10.189 TONNES/NEW STANDING ROCKETS TO TO 127.349 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)
2023:STANDING FOR GOLD/COMEX
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
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: 66.276TONNES (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 $100.00)
WE HAD ZERO T.A.S. SPREADER LIQUIDATION MONDAY // 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 MONDAY NIGHT WHICH ALSO EXPLAINS THE HUGE NUMBER OF TONNES OF GOLD STANDING FOR FEBRUARY. THE COMEX IS ONE BIG MESS!!
MONDAY NIGHT//TUESDAY MORNING
THE CROOKS HOWEVER COULD NOT STOP OTHER CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL MONDAY EVENING/TUESDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD
A LITTLE REVIEW OF GOLD STANDING THESE PAST 4 MONTHS:
STANDING FOR GOLD OCT THROUGH TO JANUARY:
ANALYSIS// OCT DELIVERY MONTH GOING FROM FIRST DAY NOTICE// OCT COMEX CONTRACT TO FINALIZATION OCT 31:
OCT AT 90.164 TONNES TO BE FOLLOWED BY ALL PREVIOUS QUEUE JUMPS OF 75.696 TONNES WHICH WE ADD OUR 14.553 TONNES EX FOR RISK/6 OCCASIONS:
/ TOTAL STANDING 197.551 TONNE/OCTOBER FINAL//ABSOLUTELY A MONSTER DELIVERY FOR A NORMALLY QUIET OCT MONTH
2. AND NOW NOVEMBER:
NOVEMBER BEGINS WITH A HUGE 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY OUR TODAY’S QUEUE JUMP OF 2.323 TONNES WHICH FOLLOWED ALL OTHER NOVEMBER QUEUE JUMPS OF 21.3775 TONNES TO WHICH WE ADD OUR TWO ISSUANCES OF EXCHANGE FOR RISK OF 4.5596 TONNES..
NEW STANDING ADVANCES TO 43.9716 ONNES OF GOLD.
3. AND NOW DECEMBER:
3. DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 83.813 TONNES FOLLOWED BY A 0 CONTRACT QUEUE JUMP FOR NIL OZ OR 0.000 TONNES WHICH FOLLOWS OTHER DEC QUEUE JUMPS OF: 0 TONNES///STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR FOUR EXCHANGE FOR RISK ISSUANCE OF 6.559TONNES/NEW STANDING ADVANCES TO 121.977TONNES
4. 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 0.3701 TONNES TO WHICH WE ADD TO ALL OTHER QUEUE JUMPS OF 23.204 / NEW QUEUE JUMP TOTALS: 23.5741 TONNES//STANDING ADVANCES TO: 117.163 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK OF 3276 CONTRACTS FOR 327,600 OZ OR 10.189 TONNES/NEW STANDING 127.849 TONNES
ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $100.00
WE HAD A HUGE 1738 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
NET GAIN ON THE TWO EXCHANGES : 5492 CONTRACTS OR 549,200 OZ OR 17.08 TONNES
Total monthly oz gold served (contracts) so far this month
33,733 notices 3,373,300 oz 105.079 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
0 ENTRIES
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DEPOSITS/CUSTOMER
0
customer withdrawals:
1 ENTRIES
1 ENTRIES
i) Out of hsbc 64,302.000 OZ
(2000 KILOBARS)
total withdrawal: 64,302.000 or 2.0 tonnes
they are draining the comex of gold
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ADJUSTMENTs 6
ALL DEALER TO CUSTOMER:
a) Out of Brinks: 167,738.861 oz
b) out of HSBC: 85,650.941 oz
c) Out of Loomis: 3375.855 oz
d) out of JPMorgan: 117,576.207 oz
e) Out of Malca 79,187.913 oz
f) Out of Manfra: 6,269.445 oz
total adjusted out of dealer and landing into customer acct: 439,829.222 oz
or 13.650 tonnes
chaos inside the comex
AMOUNT OF GOLD STANDING FOR FEBRUARY
THE FRONT MONTH OF FEBRUARY STANDS AT 4052 CONTRACTS FOR A LOSS OF 995 CONTRACTS.
WE HAD 1114 CONTRACTS SERVED ON MONDAY, SO WE GAINED A STRONG 119 CONTRACT–
QUEUE JUMP FOR 11,900 OZ OR 0.3701 TONNES
MARCH SAW A GAIN OF 164 CONTRACTS UP TO 5070 CONTRACT OI AS MARCH BECOMES THE NEW FRONT MONTH FOR GOLD AND EXPECT TO HAVE A STANDING OF AROUND 15 TONNES FO GOLD
APRIL IS THE NEXT LARGEST DELIVERY MONTH AND IT GAINED 3115 CONTRACTS UP TO 283,182 CONTRACTS
We had 167 contracts filed for today representing 16,700 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 4 notices issued from their client or customer account. The total of all issuance by all participants equate to 167 contract(s) of which 36 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 (33,783) to which we add the difference between the open interest for the front month of FEB ( 4052 CONTRACTS) minus the number of notices served upon today (167 x 100 oz per contract) equals 3,766800 OZ OR (117.163 Tonnes of gold) to which we add February’s two exchange for risk of 3276 contracts or 327,600 oz or 10.189 tonnes//new total gold standing in Feb increases to 127.349 tonnes.
thus the INITIAL standings for gold for the FEB contract month: No of notices filed so far (33,783 x 100 oz +we add the difference for front month of FEB (4052 OI} minus the number of notices served upon today (167 x 100 oz) which equals 3,766,800 OR 117.163 TONNES// to which we add our TWO exchange for risk//327,600 oz or 10.189 tonnes//new standing advances to 127.349 tonnes!!!
new total of gold standing in FEB is 127.349 TONNES//
TOTAL COMEX GOLD STANDING FOR FEB 127.349 TONNES TONNES WHICH IS STRONG FOR THIS NORMALLY VERY NON ACTIVE ACTIVE DELIVERY MONTH OF FEBRUARY.
confirmed volume MONDAY confirmed 153,802 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: 1,828,313,281 oz 56.86 tonnes pledged gold lowers
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 35,229,810.642 oz
TOTAL REGISTERED GOLD 17,799,159.769 or 553.63 Tonnes
TOTAL OF ALL ELIGIBLE GOLD 17,430,650.823 oz//eligible gold leaving hand over fist
REGISTERED GOLD THAT CAN BE SERVED UPON 15,970,846 oz ((REG GOLD- PLEDGED GOLD)=
496.760 Tonnes // (declining rapidly)
total inventories in gold declining rapidly
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SILVER/COMEX
THE FEB 2026 SILVER CONTRACTS
FEB 10 2026
INITIAL/
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
5 entries
i) out of Asahi: 628,704.400 oz ii) out of CNT 678,372.665 oz iii) Out of Delaware 19,167.272 oz
iv) Out of JPMorgan 2,135,547.800 oz v) Out of Loomis: 900,673.370 oz
total withdrawal: 4,362,465.507 oz
the comex is being drained of silver
Deposits to the Dealer Inventory
1 ENTRY
0 entries
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Deposits to the Customer Inventory
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
1 ENTRIES
i) Into Delaware: 169,483.949 oz
No of oz served today (contracts)
429 CONTRACT(S) ( 2.145 million OZ
No of oz to be served (notices)
166 Contracts (0.830 MILLION oz)
Total monthly oz silver served (contracts)
4490 contracts 22.450 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
2 ENTRIES
2 entries
i) Into CNT 291,987.700 oz ii) Into Stonex: 19,763.180 oz
total deposit into dealer; 311,750.850 OZ
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DEPOSIT ENTRIES/CUSTOMER ACCOUNT
1 ENTRIES
i) Into Delaware: 169,483.949 oz
withdrawals: customer side/eligible
5 entries
i) out of Asahi: 628,704.400 oz ii) out of CNT 678,372.665 oz iii) Out of Delaware 19,167.272 oz
iv) Out of JPMorgan 2,135,547.800 oz v) Out of Loomis: 900,673.370 oz
total withdrawal: 4,362,465.507 oz
the comex is being drained of silver
the comex is being drained of silver
adjustments: / / 4
dealer to customer:
a) JPMorgan: 372,167.520 oz
b) Loomis: 106,868.472 oz
c) Malca: 191,129.600 oz
d) Manfera: 191,574.800
net loss from dealer to customer acc’t : 0.861 million oz
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TOTAL REGISTERED SILVER: 101.394MILLION OZ//.TOTAL REG + ELIGIBLE. 386.273 Million oz
registered silver dropping in numbers
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR FEBRUARY
silver open interest data:
FRONT MONTH OF FEB /2026 OI: 595 OPEN INTEREST CONTRACTS FOR A GAIN OF 110 CONTRACTS.
WE HAD 317 NOTICES FILED ON MONDAY SO WE GAINED 427 CONTRACTS OR A HUGE 427 CONTRACT QUEUE JUMP FOR 2.135 MILLION OZ
MARCH LOST 2937 CONTRACTS DOWN TO 73,128. THIS BECOMES THE FRONT MONTH FOR SILVER DELIVERY AND WE SHOULD HAVE A DANDY OF A MARCH DELIVERY MONTH!!!
APRIL GAINED 22 CONTRACTS TO AN OI 466 CONTRACTS.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 429 or 2.145 MILLION oz
CONFIRMED volume; ON MONDAY 106,530 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 4490 X5,000 oz = 22.450 MILLION oz
to which we add the difference between the open interest for the front month of FEBRUARY (595) AND the number of notices served upon today (429)x (5000 oz)
Thus the standings for silver for the FEBRUARY 2026 contract month: (4490)Notices served so far) x 5000 oz + OI for the front month of FEB(595) minus number of notices served upon today (429 )x 5000 oz equals silver standing for the FEB..contract month equating to 23.280 MILLION OZ. THEN WE MUST ADD OUR FIRST EXCHANGE FOR RISK TOTALS OF 25 CONTRACTS FOR .125 MILLION OZ TO FRIDAY’S 12 CONTRACT ISSUANCE//NEW TOTAL EXCHANGE FOR RISK 37 CONTRACTS FOR .185 MILLION OZ//NEW STANDING ADVANCES TO 23.465 MILLION OZ
NEW STANDING: 23.465 MILLION OZ WHICH IS HUGE FOR A GENERALLY SMALL DELIVERY MONTH OF FEBRUARY.
New total standing: 23.465 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 101/394 million oz of registered silver
JPMorgan as a percentage of total silver: 165.879/386.273.million: 40.43%
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 10/2026/WITH GOLD DOWN $46.80 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 3.43 TONNES OF GOLD FROM THE GLD/ /// ///INVENTORY RESTS AT 1079.66 TONNES
FEB 9/2026/WITH GOLD UP $100,00 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 1.72 TONNES OF GOLD FROM THE GLD/ /// ///INVENTORY RESTS AT 1076.23 TONNES
FEB 6/2026/WITH GOLD UP $86.55 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 4.00 TONNES OF GOLD FROM THE GLD/ /// ///INVENTORY RESTS AT 1077.95 TONNES
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: 1079.66 TONNES, TONIGHTS TOTAL
SILVER
FEB 10 WITH SILVER DOWN $2.21 NO CHANGES IN SILVER INVENTORY AT THE SLV//. ./ :INVENTORY RESTS AT 520.555 MILLION OZ
FEB 9 WITH SILVER UP $5,24 A HUGE WITHDRAWAL OF 3.942 MILLION OZ FROM THE SLV://. ./ :INVENTORY RESTS AT 520.555 MILLION OZ
FEB 6 WITH SILVER UP 0.08 A HUGE WITHDRAWAL OF 3.942 MILLION OZ FROM THE SLV://. ./ :INVENTORY RESTS AT 522.367 MILLION OZ
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 520.555 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: 258 AND 257
TODAY CRAIG HEMKE
5. COMMODITY REPORT/GOLD AND SILVER/BILL HOLTER
END
AND HERE IS A REPORT ON THE WORLD’;S NUMBER ONE GOLD MINER AGNICO EAGLE:
COURTESY OF CIBC
Assessing Agnico Eagle Mines (AEM) Valuation After CIBC’s Higher Gold Price Outlook
Scroll back up to restore default view.
Agnico Eagle Mines (AEM) is back in focus after CIBC raised its gold price forecasts and reaffirmed a positive view on the miner, highlighting the company’s solid production, cash generation, and mine footprint.
The recent CIBC upgrade and higher gold price forecasts come on top of a strong run, with Agnico Eagle Mines posting a 21.8% 90 day share price return and a very large 3 year total shareholder return, suggesting momentum has been building rather than fading.
If this move in gold has your attention, it could be a good moment to look beyond a single miner and scan 21 elite gold producer stocks for other potential opportunities in the sector.
With AEM up strongly over the past year and trading at a discount to the average analyst price target, the key question is whether the stock still offers value or if the market is already pricing in future growth.
Most Popular Narrative: 11.3% Undervalued
At a last close of $196.60 versus a narrative fair value of $221.67, the most followed view sees more upside still baked into Agnico Eagle Mines.
Exploration success and rapid reserve expansion near key long-life assets (notably Detour Lake, Canadian Malartic, and Hope Bay) position Agnico Eagle for significant organic production growth; this supports a long runway of high-quality, low-risk volume expansion that can drive top-line revenue growth and production leverage.
Curious what earnings power that kind of reserve story is meant to support? The narrative leans on measured revenue growth, firm margins and a premium future earnings multiple. The exact mix of those inputs is where the valuation story gets interesting.
However, this upbeat narrative still depends on gold prices remaining supportive, and on major projects avoiding delays or cost overruns that could reduce future earnings power.
The narrative model sees Agnico Eagle Mines as 11.3% undervalued, but the simple P/E check tells a tighter story. AEM trades on 28.6x earnings, above both the US Metals and Mining industry at 26.8x and its own fair ratio of 26.3x, which points to a valuation that leans expensive rather than cheap. For you, that raises a simple question: is this premium paying for quality or just for recent momentum?
I have some implied lease rates for you from yesterday evening based on the Comex. Sorry, but I’m having some issues with my computer equipment so this is an image only. They are really high, even for gold historically.
Regards,
Bob
THEN
Higher margins after today
Inbox
Robert Lambourne
7:56 AM (26 minutes ago)
to me, Chris
The authorities seem desperate to keep prices suppressed. There also appears to have been an effort to suppress prices yesterday in Shanghai as per my earlier email.
This is the classic playbook from the Hunt brothers time.
CME Group hikes gold, silver margins again as volatility grips markets –
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS TUESDAY MORNING.7:30 AM
SHANGHAI CLOSED UP 5.28 PTS OR 0.13%
//Hang Seng CLOSED UP 155.99 PTS OR 0.58%
// Nikkei CLOSED UP 1238.56 PTS OR 2.20%
//Australia’s all ordinaries CLOSED UP 0.69%
//Chinese yuan (ONSHORE) CLOSED UP TO 6.9130
/ OFFSHORE CLOSED UP AT 6.9102 Oil UP TO 64.35 dollars per barrel for WTI and BRENT UP TO 69.29 Stocks in Europe OPENED MOSTLY ALL GREEN
ONSHORE USA/ YUAN TRADING UP TO 6.9130 OFFSHORE YUAN TRADING UP TO 6.9101 ONSHORE YUAN TRADING BELOW OFF SHORE AND UP ON THE DOLLAR// / AND THUS STRONGER//OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS MONDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP AT 6.9130
OFFSHORE YUAN: UP TO 6.9101
HANG SENG CLOSED UP 155.99 PTS OR 0.58%
2. Nikkei closed UP 2110.21 PTS OR 1.76%
WEST TEXAS INTERMEDIATE OIL UP 64.55
BRENT; 69.29
3. Europe stocks SO FAR: ALL MOSTLY GREEN
USA dollar INDEX UP TO 96.78 /// EURO RISES TO 1.1910 UP 9 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +2.228/ DOWN 6 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 155.53… 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: 3.495 DOWN 7 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 UP CHINESE ONSHORE YUAN: UP OFFSHORE: UP
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil 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 DOWN TO +2.8268 Italian 10 Yr bond yield DOWN to 3.440 SPAIN 10 YR BOND YIELD DOWN TO 3.198
3i Greek 10 year bond yield DOWN TO 3.438
3j Gold at $5049.00 Silver at: 82.55 1 am est) SILVER NEXT RESISTANCE LEVEL AT $100.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 11/100 roubles/dollar; ROUBLE AT 77.11
3m oil (WTI) into the 64 dollar handle for WTI and 69 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 156.55 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 2.228% DOWN 6 BASIS PTS STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING//YEN BOND TRADING OVERSEAS REPATRIATED.//JAPAN 30 YR: 3.495 DOWN 7 BASIS PTS.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.7665 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9129 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: 4.182 DOWN 1 BASIS PTS…
USA 30 YR BOND YIELD: 4.832 DOWN 2 BASIS PTS/
USA 2 YR BOND YIELD: 3.477 DOWN 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 43.63 UP 3 BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.5120 DOWN 2 PTS
30 YR UK BOND YIELD: 5.319 DOWN 3 BASIS PTS
10 YR CANADA BOND YIELD: 3.399 UP 9 BASIS PTS
5 YR CANADA BOND YIELD: 2.910 UP 0 BASIS PTS.
1a New York Opening report
Futures Drop As Traders Brace For Flood Of Data And Earnings
Tuesday, Feb 10, 2026 – 08:36 AM
US equity futures are lower, reversing earlier gains and trading near session lows in a narrow, jitter overnight session as traders prepare for a heavy slate of earnings and readings of consumer sales and small-business due later. As of 8:15am ET, stock futures were muted, down 0.1% after earlier rising 0.2% and approaching last month’s record levels after an artificial-intelligence-driven selloff and subsequent rebound over the past week. Nasdaq futures drop -0.2% with small caps outperforming as bond yields drops by 1-3bps and the USD is flat. The downbeat mood doesn’t match the bullish tone in Asia, where stocks hit fresh records while European bourses are green across the board. Pre-market, Mag 7 are mixed, Semis are bid with SMH leading IGV as TSMC sees revenue +37% YoY in Jan. Financials and Industrials are leading Cyclical outperformance with healthcare the best performing sector within Defensives. Commodities are weaker but with vol lower, it appears to be profit-taking than what we have seen YTD. Today’s macro data focus is on Retail Sales, weekly ADP, Small Biz Survey, and Import / Export prices.
In premarket trading, Mag 7 stocks are mixed (Amazon +0.7%, Nvidia +1%, Microsoft +0.6%, Tesla +0.8%, Meta +0.1%, Alphabet -0.2%, Apple -0.4%)
Amentum (AMTM) falls 9% after the government contractor’s first-quarter revenue missed the average analyst estimate, pressured by contract transitions, divestitures and the government shutdown.
Amkor Technology (AMKR) rises 3% after the semiconductor manufacturing company’s first-quarter revenue forecast was stronger than expected, prompting several analysts to raise their price targets.
Clear Channel Outdoor (CCO) climbs 8% after agreeing to be acquired by investors led by Mubadala Capital in an all-cash transaction that values the billboard company at $6.2 billion, including debt.
Coca-Cola (KO) down 4% after offering a 2026 full-year sales outlook with a bottom end of the range that came in below Wall Street estimates. Atlanta-based Coca-Cola sees organic sales growth of 4% to 5%. Analysts expected 5.01% on average.
Credo Technology (CRDO) gains 17% after the communications equipment company’s preliminary third-quarter revenue was much stronger than expected.
Datadog (DDOG) rises 9% after the software company’s fourth-quarter results beat expectations on key metrics.
DuPont (DD) inches 2% higher after the chemicals company reported fourth-quarter adjusted earnings per share that beat the average analyst estimate as healthcare and water technologies segment sales grew.
Goodyear Tire (GT) is down 9% after the company forecast that global unit volumes will be down in the first quarter, weighing on the profit outlook for the year.
Harley-Davidson Inc. (HOG) falls 13% after the company reported an unexpected drop in motorcycle shipments, extending its struggles in the face of weak demand and punishing tariffs.
Ichor (ICHR) gains 15% after the factory automation equipment company forecast adjusted EPS for the first quarter that beat the average analyst estimate. It also reported better-than-expected 4Q results.
ON Semiconductor (ON) falls 3% after the chipmaker gave 1Q revenue guidance that was just shy of analyst expectations at mid-point, indicating a continued but slow recovery in demand for auto and industrial chips. Business disposals planned this year are also creating a headwind.
Regenxbio (RGNX) shares tumble 10% after US regulators rejected its gene therapy for Hunter syndrome, underscoring the hard line the Trump administration is taking on drug approvals for rare diseases.
Spotify (SPOT) rises 11% after the music streaming company reported a record 38 million monthly active users (MAUs) for the fourth quarter, surpassing its guidance for 32 million.
Upwork (UPWK) shares are down 22% after the online recruitment company’s first-quarter forecast was weaker than expected.
In corporate news, BP halted share buybacks as pressure on the energy major mounts. Tesla’s head of sales for North America is leaving, exiting a position that’s seen substantial turnover in the past year. The Teamsters Union sued UPS, demanding the company shut down its planned buyout program targeting UPS Teamsters drivers.
Markets are experiencing a moment of calm after an artificial-intelligence-driven selloff and subsequent rebound over the past week. Traders are now waiting to see how this week’s data may shape expectations for the Federal Reserve’s interest-rate path.
“What’s at stake with this week’s US data is to know whether we can move from a K- to a V-shaped rebound,” said Kevin Thozet, an investment committee member at Carmignac. “There are signs that the US consumer’s morale is improving, but we’re not there yet. It’s clearly the objective of the Trump administration ahead of the midterms.”
In political news, President Macron of France said the EU needs to get tougher with Trump, who he said is pushing for the “dismemberment” of the bloc. Trump has also threatened to prevent the opening of a new bridge connecting Michigan and Ontario until the US is given compensation and ownership of half of it. The EPA plans to repeal a policy that provides the legal foundation for rules regulating greenhouse gas emissions. China’s BYD, the world’s biggest manufacturer of EVs, has joined hundreds of companies in pushing to be refunded for duties paid under Trump’s import tariffs.
On the macro front, economists and analysts expect another solid month of retail sales in December, supported by household spending that has remained resilient despite the high cost of living and a fragile employment backdrop.
Looking at earnings, out of the 302 S&P 500 companies that have reported so far, 79% have beat analyst estimates, while 17% have missed. More US companies are posting quarterly earnings growth, suggesting a sustained broadening beyond technology heavyweights, strategists at Deutsche Bank write. S&P 500 firms are on track to register a 14.5% increase in 4Q earnings, notching a four-year high.
In Europe, the Stoxx 600 is up 0.1% and switching between small rises and falls. CAC 40 higher after results from Kering boosted luxury stocks.Here are some of the biggest movers on Tuesday:
Thule shares gain as much as 15% for their biggest one-day gain in 10 months, after fourth-quarter results from the maker of roof and bike racks surpassed expectations.
Kering shares gain as much as 14%, the most since March 2020, on hopes that the French luxury group is returning to a path to growth following better-than-expected fourth-quarter sales at its Gucci unit.
Philips shares jump as much as 11%, the most in more than six months, after the Dutch medical technology firm reported better-than-expected results for the fourth quarter and provided guidance for 2026 which Bernstein analysts called “upbeat.”
Lanxess shares rise as much as 9.8% as Goldman Sachs upgrades the German firm to neutral from sell, saying it sees less of a risk around the balance sheet and signs of positive economic momentum across the European chemicals sector.
AstraZeneca shares rise as much as 2.3%, reversing an earlier dip, after the UK drugmaker provided upbeat sales guidance for 2026, which offset the weaker-than-expected core operating profit in the fourth quarter.
Bellway shares rise as much as 5.4% after the UK housebuilder said it has seen a pickup in demand since the start of the important spring selling season.
Allianz shares drop as much as 2.9%, leading a fall in European insurance stocks after US peers came under pressure on Monday over fears of artificial intelligence disruption.
TUI shares fall as much as 7.6%, the most since June, as analysts noted slower bookings revenue from Europe’s biggest travel operator as a reflection of the challenging environment.
BP shares drop as much as 5.7%, most since June, after the oil company suspended share buybacks to strengthen its balance sheet.
Earlier in the session, Asian stocks rose, as technology shares tracked their US peers higher on a revival of artificial intelligence enthusiasm, and Japan’s market extended gains following Prime Minister Sanae Takaichi’s election victory. The MSCI Asia Pacific Index climbed as much as much as 1.4%, set for a fresh record high and third day of gains. TSMC was among the biggest boosts to the region, with January sales surging 37% from last year. Other winners include fellow AI beneficiaries Softbank Group and Alibaba. Stock benchmarks also rose in Hong Kong, India and Philippines while shares in South Korea closed little changed. Risk sentiment has been on the mend in Asia, as global tech shares rebound from last week’s selloff on concerns over high spending levels and business obsolescence due to AI. Investors continue to assess the unfolding earnings season and indications on the path for global monetary policy. Japanese stocks got a fresh jolt on expectations that the greater parliamentary majority for Takaichi’s party will give her a mandate to increase fiscal spending and cut the sales tax on food. Among fresh tailwinds for the AI trade, the Financial Times reported that US tech giants are set to get a reprieve from forthcoming US tariffs on imported semiconductors. Indonesian equities edged higher even as index compiler FTSE Russell said it will join MSCI in pausing its index review for the country due to the risk of adverse turnover and uncertainty in determining public float.
In FX, the Bloomberg Dollar Spot Index is also little changed, with the Norwegian krone rising on a surprise inflation jump, while Norwegian bonds are plunging.The Fed’s Bostic says he’s starting to see signs that confidence in the greenback is coming into question. The Fed’s Miran, meanwhile, said the central bank’s balance sheet should be smaller, but should be used during an economic crisis. Yen, Japanese stocks and long-end bonds all rallied on confidence that higher fiscal spending can be absorbed by markets.
In China, the yuan surged to its strongest level since May 2023 after regulators asked banks to limit their holdings of US Treasuries. The news reinforced a broader trend of diversification away from the dollar, potentially accelerating the repatriation of capital into Chinese assets.
In rates, treasuries hold small gains led by long-end tenors, outperforming European bonds ahead of December retail sales data, with January employment report ahead on Wednesday. Treasury yields are 1bp-3bp richer 3bp across the curve with 2s10s and 5s30s spreads tighter by 1bp and 1.5b. 10-year near 4.18% is 2bp richer on the day, slightly outperforming bunds and gilts. Gilts leading gains in bonds following a turbulent session of political speculation on Monday, as UK Prime Minister Keir Starmer shored up his position as UK prime minister. This week’s Treasury coupon auctions begin with $58 billion 3-year note sale at 1pm in New York: the auction has when-issued yield near 3.55%, about 6bp richer than last month’s, which stopped through by 0.1bp; supply cycle includes 10- and 30-year new issues Wednesday and Thursday. IG dollar issuance slate slate includes Bank of England 3Y and IADB 5Y FRN; Google parent Alphabet Inc. headlined Monday’s calendar with a $20 billion multi-tranche offering. Issuers paid about 2bps in new issue concessions on deals that were 5.4 times covered for the two deals.
Money markets continue to price in two Fed rate cuts for 2026, with the first move seen under the likely leadership of Kevin Warsh after Jerome Powell steps down as chair in May. Traders have been debating whether Warsh would represent a more hawkish choice for the top role than other candidates President Donald Trump considered.
Trevor Greetham, head of multi-asset investing at Royal London Asset Management, said stocks are probably being driven more by interest-rate expectations than corporate results at the moment.
“You can see that by the performance of the technology sector and what’s going on with US Treasury yields,” Greetham said. “Recently, when you’ve had rising bonds, you’ve had tech underperformance, which tells you more about the interest-rate part of the calculation.”
In commodities, gold is edging lower but sticking above $5,000/oz, oil prices choppy with Brent holding around $69/barrel.
The US economic calendar includes weekly ADP employment change (8:15am), December import/export price indexes and retail sales and 4Q employment cost index (8:30am) and November business inventories (10am). Fed speaker slate includes Hammack (12pm) and Logan (1pm)
Market Snapshot
S&P 500 mini little changed,
Nasdaq 100 mini little changed,
Russell 2000 mini +0.2%
Stoxx Europe 600 little changed,
DAX little changed,
CAC 40 +0.5%
10-year Treasury yield -2 basis points at 4.18%
VIX +0.1 points at 17.46
Bloomberg Dollar Index little changed at 1182.98,
euro little changed at $1.191
WTI crude -0.2% at $64.24/barrel
Top Overnight News
Trump will travel to Beijing during the first week of April for a meeting with Chinese President Xi Jinping. BBG
White House eyes data center agreements amid energy price spikes, while a draft pact seeks to help ensure data centres do not raise household electricity prices and strain water resources or undermine grid reliability.
Trump said his pick to lead the Federal Reserve can stoke the economy to grow at a rate of 15%, an exceedingly rosy target that nonetheless underscores the pressure that Kevin Warsh will face if confirmed to the role. BBG
The Trump administration is planning this week to repeal the Obama-era scientific finding that serves as the legal basis for federal greenhouse-gas regulation, according to U.S. officials, in the most far-reaching rollback of U.S. climate policy to date. WSJ
Alphabet is selling sterling and Swiss franc-denominated bonds for the first time, including an ultra-rare issue of a 100-year note. This follows a bumper $20 billion debt deal in the US to fund its AI ambitions. BBG
Indian investors put a record $2.65 billion into gold ETFs in January, slightly more than equity funds, underscoring strong demand for bullion amid geopolitical and monetary risks. BBG
Emmanuel Macron warned that the EU must stand up to Donald Trump. In an interview with newspapers including Le Monde and the FT, Macron said he anticipates a clash with the US over digital regulation. BBG
TSM (TSMC) January sales grew at their fastest clip in months, a sign of sustained global AI spending even as concerns persist about an industry bubble. The contract chipmaker for Nvidia Corp. reported a 37% rise in January revenue to NT$401.3 billion ($12.7 billion), above the 30% revenue growth TSMC expects for the full year. BBG
Keir Starmer has managed to shore up his position for now, but low approval ratings and electoral and party challenges put his leadership at risk — even as the UK economy strengthens. BBG
The Fed’s Stephen Miran advocated a smaller Fed balance sheet while maintaining the option for large-scale asset purchases during crises. BBG
US Department of Health and Human Services is to cut USD 600mln in public health grants to blue states: BBG
Trade/Tariffs
India is reportedly in talks with France, Netherlands, Brazil and Canada over a deal on critical minerals.
Japanese Trade Minister Akazawa said plan to visit US between February 11th to 14th to discuss Japan’s investment plan.
US President Trump posted Canada is building a massive bridge between Ontario and Michigan which Canada will own and built it with virtually no US content, adds ” I will not allow this bridge to open until the United States is fully compensated…”.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were mostly higher as the region took impetus from the gains on Wall Street, where the S&P 500 approached closer towards its record levels, and the Nasdaq outperformed as the tech rebound persisted. ASX 200 marginally gained amid continued outperformance in tech, but with advances in the index limited by underperformance in the top-weighted financial sector and weakness in some defensives. Nikkei 225 rallied to a fresh record high near the 58,000 level amid the Takaichi trade and expectations of incoming stimulus, while SoftBank was among the biggest gainers due to its heavy semiconductor exposure. Hang Seng and Shanghai Comp lagged behind their regional counterparts in somewhat mixed trade, with the Hong Kong benchmark led higher by pharmaceuticals, while the mainland was flat amid little fresh drivers.
Top Asian News
China NPC Standing Committee will hold 21st session on February 25th-26th in Beijing.
Japanese Finance Minister Katayama said discussions on using entire surplus are planned, but no position has been taken. Indicates that a proposed cut in food sales tax would serve as a temporary solution ahead of the implementation of a new tax credit system.
China released a white paper on Hong Kong’s practice of safeguarding national security, according to Xinhua.
TSMC (2330 TT) January (TWD) rev. rose 37% Y/Y to 401.3bln (prev. 335.0bln M/M).
TSMC (2330 TT / TSM) board has approved the issuance of corporate bonds in Taiwan, of up to TWD 60bln in size.
European bourses (STOXX 600 +0.1%) are mostly firmer, but with slight underperformance in the FTSE 100 (-0.4%), which has been pressured by post-earning losses in BP (-5%) and as precious metals move lower. European sectors are mixed. Chemicals leads followed by Consumer Products whilst Travel & Leisure is found towards the bottom of the pile. For Luxury, Kering (+10%) is boosted by strong earnings, where the Co. highlighted it expects to return to growth and improve margins in 2026. Travel & Leisure has been pressured by TUI (-6%), which highlighted weaker markets and airline trading.
Top European News
UK Cabinet Office has asked all Ministers not to follow Wes Streeting in publishing their messages with Peter Mandelson.
Mail on Sunday’s Hodges reported that his understanding is that UK PM Starmer “is planning some sort of fresh attempt to limit what gets published over the Mandelson saga.”.
French President Macron said the bloc should not be lulled into a false sense of security that tensions with the US over Greenland, technology and trade are over. said:Reiterated called for the EU to raise common debt to raise in AI and quantum computing, energy transition and defence.
FX
DXY is flat and trades within a 96.79-97.00 range, taking a breather following the losses seen in the prior session. USD-specific newsflow has been lacking this morning, but will pick up later following the release of US Retail Sales and the Employment Cost Index; Fed speak is also due. On the trade front, Politico reported that US President Trump and Chinese President Xi’s summit is reportedly set for the first week of April – though the White House clarified that nothing is set in stone. ING opines that the index could trade within a 96.50-97.50 range over the next few days.
JPY is the outperformer this morning, in the aftermath of the LDP landslide victory on Sunday. As mentioned in the coverage on Monday, investors are seemingly deriving confidence from the renewed political stability, and trust recent vows by PM Takaichi that she aims to adhere to fiscal responsibility. Moreover, on the monetary policy side of things, markets are increasing their bets of faster BoJ normalisation. JGB pressure also subsided overnight (albeit were already within recent ranges), and the continued strength in the Nikkei will also push JPY bears away. ING, citing local brokers, expects JPY 10tln to enter Japanese equities over the next 3 months – which could see USD/JPY break below 155.00. The pair currently trades around 155.30, and within a 155.08-156.29 range.
G10s are mixed against the USD; as mentioned, JPY outperforms (+0.3%) whilst the Aussie is the slight laggard, as precious metals pull back a touch. The GBP remains on the backfoot, despite comments from PM Starmer who reiterated that he is to remain in his position – pushing back calls for him to resign. EUR is currently flat; earlier, ECB’s de Guindos failed to move the single currency, as his comments were largely in fitting with the Bank’s latest policy announcement. He stated that the ECB would need to be very vigilant if Chinese exports to Europe increase, via Econostream.
NOK is stronger this morning after the region’s inflation metrics topped expectations. In brief, Core Y/Y printed at 3.4% (exp. 3%), with the headline metrics also printing above forecasts. Norges Bank has longed reiterated the line that “the policy rate will be reduced further in the course of the year”. Some had seen a cut as early as March/May, whilst SEB saw a cut in June pre-release; following the data the firm said, “we will not change our forecast for a June cut based on this one inflation release, but risks for a later cut have increased”. EUR/NOK is currently lower by 0.4%, and trades at the lower end of a 11.3468-11.4254 range.
Fixed Income
Benchmarks bounce this morning with JGBs firmer overnight, having picked up off post-election lows, USTs rebounding from the pressure after the China diversification report. JGBs firmer by near 30 ticks at best, back to the week’s 131.60 opening level.
Gilts have also rebounded, as the immediate pressure on PM Starmer eased slightly after the Cabinet backed him yesterday and no fresh revelations emerged overnight. As such, the benchmark gapped higher by 23 ticks before climbing to a 90.88 peak, firmer by 37 ticks on the day. However, Starmer’s situation remains fraught into the end-February by-election, May local elections and amidst that any fresh revelations about his dealings with Mandelson. On that point, the Mail on Sunday’s Hodges reports that Starmer appears to be planning to limit what is published re. Mandelson, and the Cabinet Office have asked Ministers not to publish their personal messages with Mandelson, after Wes Streeting made his available. No move to the 2031 Gilt auction, which was strong.
Limited newsflow for EGBs thus far. As such, the benchmark is firmer given the bias from above, but with magnitudes more modest as EGBs were not hit directly by the China-UST report or the Starmer situation on Monday. Bunds moved a touch lower heading into a 2031 Bobl outing, which overall follows an improving trend of German outings, but still remains soft; EGBs remain firmer by a handful of ticks.
Back to USTs, the benchmark is firmer by a handful of ticks at a 112-10 high, looking to last week’s 112-16+ peak. The docket is headlined by data (weekly ADP, Retail Sales & ECI) before Wednesday’s Payrolls & Friday’s CPI; additionally, 3yr supply is scheduled just after 2026 voters Hammack and Logan.
UK sold GBP 3.75bln 4.125% 2031 Gilt: b/c 3.94x (prev. 3.50x), average yield 4.001% (prev. 3.980%), tail 0.2bps (prev. 0.2bps).
Netherlands sold EUR 1.845bln vs exp. EUR 1.5–2bln 3.25% 2044 Green DSL: average yield 3.388% (prev. 3.176%).
Alphabet (GOOGL) launches its first GBP debt sale with a 100-year note. To also sell GBP-denominated 3-year, 6-year, 15-year and 32-year bonds.
Japan sold JPY 250bln 10yr I/L JGB; b/c 3.38x, (prev. 3.46x), yield at lowest accepted price 0.458% (prev. 0.113%). Lowest accepted price 96.05 (prev. 99.00).
Alphabet (GOOGL) launches its first CHF debt sale, according to Bloomberg.
Commodities
Crude benchmarks have held onto the majority of Monday’s gains, with WTI holding above USD 64/bbl while Brent regains the USD 69/bbl mark. Geopolitical risk premium continues to be priced into the oil market, despite US-Iran tensions easing somewhat following their indirect talks in Oman.
Nat gas futures have continued to pull back from the surge higher following the Arctic storm, due to warmer weather forecasts in the US. Henry Hub futures continue to near USD 3/MMBtu while Dutch TTF holds below EUR 35/MWh.
Spot gold continues to hold above the USD 5k/oz, with Monday’s session managing to close above the level for the first time since the selloff on January 30th. The yellow metal sold off modestly at the start of the APAC session but has since clawed back earlier losses and is only seeing modest losses of 0.2%, at the time of writing.
3M LME Copper trades muted and in tight ranges, as the Chinese New Year holiday looms. Buying of the red metal is expected to be light going into, and throughout, the holiday period, with buying expected to resume when the festive period ends.
Bank of China (3988 HK) is to increase margin requirements for gold deferred contracts, effective from the 11th of February.
Venezuela’s largest refinery, Amuay, is out of service after a power blackout, according sources.
Central Banks
US President Trump said he doesn’t know if the Powell probe is worth holding up Warsh, adds Powell is incompetent, but the question is if he’s corrupt.
Fed’s Miran (Voter, Dove) said no significant tariff-driven inflation seen so far, and interest rates should be much lower than current levels.
US President Trump said in a Fox Business taped interview that the US economy can grow at 15% if Fed nominee Walsh does a job that he’s capable of.
BoJ is to submit nominee to replace board member Noguchi on February 25th.
ECB’s de Guindos said the ECB would need to be very vigilant if Chinese exports to Europe increases, describes the economy as more resilient and inflation is moving towards target, via Econostream. Reiterates the current level of rates are appropriate. Recent euro strength is fully consistent with the assumptions included in the ECB’s projections.
Monetary Authority of Singapore chief economist said monetary policy stance remains appropriate.
Geopolitics: Ukraine
Russia’s Kremlin announce that they have no clear date for the next round of discussion with Ukraine.
Geopolitics: Middle East
Iran warns of destructive influence on diplomacy ahead of Israeli’s PM Netanyahu’s trip to the US.
White House officials said US President Trump does not support Israel annexing the West Bank, adds stable West Bank is key to Israel’s security and align with the administration’s peace goals.
Geopolitics: Other
EU Defence Commissioner Kubilius said the EU needs to take responsibility for its defence and that replacing US strategic enablers with European ones should be a priority.
China holds 2026 work conference on Taiwan affairs, while Chairman of the Chinese People’s Political Consultative Conference Wang Huning said will resolutely crack down on Taiwan independence, according to Xinhua.
China’s embassy in London said it has consistently opposed UK interference in China’s internal affairs, including the BNO issue. said:Urges British side to follow the general trend and cease political interference, while it accused Britain of resorting to tricks and described its behaviour as contemptible.
Philippines ambassador to Washington said China seems ready to find ways to ease South China Sea tensions through cooperation.
US military said it carried out a strike on a vessel in the eastern Pacific, killing two and leaving one survivor.
US Interior Secretary Burgum said Greenland deal is moving forward with progress.
US Event Calendar
6:00 am: United States Jan NFIB Small Business
8:30 am: United States Dec Import Price Index MoM, est. 0.1%
8:30 am: United States 4Q Employment Cost Index, est. 0.8%, prior 0.8%
8:30 am: United States Dec Retail Sales Advance MoM, est. 0.4%, prior 0.6%
8:30 am: United States Dec Retail Sales Ex Auto MoM, est. 0.4%, prior 0.5%
12:00 pm: United States Fed’s Hammack Speaks on Banking and Economic Outlook
1:00 pm: United States Fed’s Logan Speaks at Asset Management Derivatives Forum
DB’s Jim Reid concludes the overnight wrap
A rare moment of peace descended yesterday: not a single new disruptive AI model has appeared since at least last Thursday! The lull gave me just enough time to investigate who “Bad Bunny” is, having been entirely unaware of their existence before the Super Bowl halftime show. After a few clips from the most streamed global artist of 2025 it’s safe to say I won’t listen again. Talking of rabbits, the market bounce continued yesterday, with the S&P 500 (+0.47%) closing just shy of its record high, while in Europe the STOXX 600 (+0.70%) hit another record high. Tech stocks led the way, posting a strong rebound from their recent slump, and the S&P 500’s software component (+3.36%) had its best daily performance since May last year, with little sign of the concern that affected markets last week. The rebound also supported other asset classes including gold (+1.88%) but overall it was a fairly quiet day on the news front. Treasury yields saw a modest decline following some unusual labour market comments from NEC Director Kevin Hassett ahead of tomorrow’s jobs report.
Hassett said on CNBC that markets should expect “slightly lower jobs numbers”, but that this “shouldn’t trigger any panic.” While this was more a comment on the general jobs trend amid slowing population growth and rising productivity, it still created some fears over a weaker number for the delayed January jobs report tomorrow, particularly after the JOLTS survey last Thursday showed December job openings at their lowest since 2020. Treasuries saw a modest rally following Hassett’s interview, with 2yr yields closing -1.3bps lower at 3.49% and 10yr yields -0.5bps at 4.20%. They are -0.8bps and -1.5bps lower again this morning.
Yields had been higher earlier, and 30yrs still closed +0.7bps at 4.86% following a Bloomberg report that Chinese regulators had directed financial institutions to limit purchases of US Treasuries. So that limited the performance of bonds but like the rest of the curve, 30yrs are rallying (-1.5bps) this morning. The dollar is flat this morning but yesterday fell -0.77%, posting its second-worst day of 2026 so far. By contrast, US equities had a strong day, with the S&P 500 (+0.47%) closing just 0.2% from its all-time high. Technology stocks led the gains after last week’s struggles, with Oracle (+9.64%) the second best-performer in the S&P500 though its shares are still down over -50% from their September peak. The Mag-7 were up +1.10% led by Microsoft (+3.11%) and Nvidia (+2.50%). And the equal-weighted version of the S&P 500 (+0.07%) reached a new record, even as its advance was limited by losses in defensive sectors including healthcare (-0.86%) and consumer staples (-0.86%).
Earlier on, UK politics was back in the headlines, with gilts coming under fresh pressure amidst a further round of questions about PM Starmer’s position. Gilts had struggled from the open, given the weekend news that Starmer’s chief of staff had resigned. The selloff then reached its peak after Labour’s leader in Scotland publicly called on Starmer to resign, with investors concerned that a new PM may be more likely to ease the fiscal rules and borrow more. At the intraday peak, 10yr gilt yields were up by over +8bps, but this move faded back to just +1.2bps higher after the entire cabinet publicly came out in support of Starmer. Similarly, the 30yr gilt yield was +9bps intraday, before closing up just +1.0bps. Still, UK assets in general underperformed, with the FTSE100 (+0.16%) eking out only a marginal gain.
There was stronger performance elsewhere in Europe, with multiple indices like the STOXX 600 (+0.70%), FTSE MIB (+2.06%), and DAX (+1.19%) all posting strong gains. Sovereign bonds also rallied, with yields on 10yr bunds (-0.1bps), OAT (-0.4bps) and BTPs (-1.6bps) falling back. Those moves came as markets slightly dialled up the chances of another ECB rate cut this year from 22% to 29%. While ECB President Lagarde said little new on policy compared to last week’s press conference, Bundesbank President Nagel said that while there was no current need for the ECB to react to below target inflation, they could adjust policy in either direction.
Earlier on, we also heard that Banque du France Governor Villeroy will be stepping down from his position on June 1, before the end of his term in October 2027. Villeroy said his decision to step down was a “personal” one but it means that President Macron will now get to nominate the next Governor for a new six-year term, rather than the pick being left until after the French Presidential election due next spring. It also adds to the upcoming changes of some of the key figures on the ECB Governing Council, including Vice President de Guindos who is finishing his term in May.
Elsewhere in markets, Brent crude oil prices rose +1.45% to $69.04/bbl after the US Maritime Administration warned US ships to stay “as far as possible” from Iranian territory. So that added to fears about a potential escalation, with oil prices continuing to fluctuate on various headlines. Meanwhile, silver (+7.15%) and gold prices (+1.88%) also rebounded, with gold closing at $5,058/oz. This morning Brent and Gold are back down just under half a percent with Silver down -2.5%.
Japanese equities continue their climb this morning with the Nikkei (+2.34%) and Topix (+1.89%) extending record levels in the wake of Prime Minister Sanae Takaichi’s landslide victory in the Lower House. JGBs are remarkably calm with 10 and 30yr yields -3 to -4bps lower. The Yen continues to edge higher (+0.3%) to 155.30 having been as low as 157.73 near the open yesterday as markets first reacted to the likely record election victory. So all calm for now. Elsewhere, the Hang Seng (+0.54%) and the KOSPI (+0.53%) are both higher with other markets flatish, including US and European futures.
To the day ahead now, data includes US January NFIB small business optimism, Q4 employment cost index, December retail sales, import price index, export price index, November business inventories. We’ll also hear the Fed’s Hammack and Logan speak. Earnings include Coca-Cola, AstraZeneca, and Barclays. Finally, the US will hold a 3yr Treasury auction
1b European opening report
i c Asian opening report
Nikkei at fresh record highs; Docket ahead focused on US data – Newsquawk EU Market Open
Tuesday, Feb 10, 2026 – 01:54 AM
APAC stocks were mostly higher as the region took impetus from the gains on Wall Street, where the S&P 500 approached closer towards its record levels, and the Nasdaq outperformed as the tech rebound persisted.
US President Trump and Chinese President Xi’s summit is reportedly set for the first week of April, POLITICO reported, but the White House later clarified that the Trump-Xi meeting has not been finalised.
The EU is reportedly readying options to give Ukraine gradual membership rights and is preparing a series of options to embed Ukraine’s membership in a future peace deal.
UK PM Starmer told Labour MPs that he is “not prepared to walk away” from power or “plunge us into chaos” as previous prime ministers have done.
European equity futures indicate a slightly lower cash market open with Euro Stoxx 50 futures down 0.1% after the cash market closed with gains of 1.0% on Monday.
Looking ahead, highlights include Norwegian CPI (Jan), US NFIB (Jan), Weekly ADP, ECI (Q4), Retail Sales (Dec) & EIA STEO. Speakers include Fed’s Hammack & Logan, Supply from the Netherlands, UK, Germany & US. Earnings from Coca-Cola, S&P, Gilead, Robinhood, Welltower, Duke Energy, Datadog, Ford, AIG, Xylem, Spotify, AstraZeneca, BP, Barclays, Ferrari, Mediobanca & Kering.
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US TRADE
EQUITIES
US stocks continued to gain on Monday, with tech leading the moves once again as semis largely outperformed and Nvidia (NVDA) shares rallied, seemingly continuing to benefit from the hiked CapEx plans announced alongside recent earnings from AMZN, META and GOOGL. As such, the Nasdaq led the advances, but the Dow lagged, while the sectors were predominantly firmer, although Consumer Staples and Healthcare underperformed.
SPX +0.42% at 6,961, NDX +0.77% at 25,268, DJI +0.04% at 50,136, RUT +0.68% at 2,689.
US President Trump and Chinese President Xi’s summit is reportedly set for the first week of April, and could be the first of four meetings this year between the two leaders, according to POLITICO. However, the White House said shortly after that the Trump-Xi meeting has not been finalised.
US President Trump posted that Canada is building a massive bridge between Ontario and Michigan, which Canada will own and have built it with virtually no US content, while he added “The Tariffs Canada charges us for our Dairy products have, for many years, been unacceptable, putting our Farmers at great financial risk. I will not allow this bridge to open until the United States is fully compensated for everything we have given them, and also, importantly, Canada treats the United States with the Fairness and Respect that we deserve. We will start negotiations, IMMEDIATELY. With all that we have given them, we should own, perhaps, at least one half of this asset. The revenues generated because of the U.S. Market will be astronomical.”
US House Democrats may move to overturn Canada tariffs and may force a vote on Canada tariffs on Wednesday.
White House said the US and Bangladesh have agreed to an agreement on reciprocal trade in which the US will reduce reciprocal tariffs to 19% on goods originating in Bangladesh, while the US commits to establishing a mechanism that will allow for certain textile and apparel goods from Bangladesh to receive a zero percentage reciprocal tariff rate. It was also reported that the Bangladesh chief adviser said the US is committed to establishing a mechanism for certain textile and apparel goods from Bangladesh to receive zero reciprocal tariff in the US.
NOTABLE HEADLINES
Fed’s Miran (Voter, Dove) said there was no significant tariff-driven inflation seen so far, and interest rates should be much lower than current levels.
Fed’s Bostic (2027 voter, retiring) said choppy jobs data adds to the case for Fed caution, and he is starting to see questions about confidence in the US dollar.
US President Trump said in a Fox Business taped interview that the US economy can grow at 15% if Fed nominee Warsh does a job that he’s capable of. It was also reported that Trump said he doesn’t know if the Powell probe is worth holding up Warsh, while he added that Powell is incompetent, but the question is if he’s corrupt.
US plans a Big Tech carve-out from next wave of chip tariffs, with the Trump admin intending to spare companies including Amazon (AMZN), Google (GOOG) and Microsoft (MSFT) from forthcoming tariffs on chips, while tariff carve-outs to hyperscalers would be tied to investment commitments made by TSMC (2330 TT), according to FT.
White House eyes data centre agreements amid energy price spikes, while a draft pact seeks to help ensure data centres do not raise household electricity prices and strain water resources or undermine grid reliability, according to POLITICO
US Senate Majority Leader Thune said a GOP counterproposal to Democrats on DHS funding is coming soon.
US CBO estimates January budget deficit at USD 94bln (prev. USD 143bln)
APAC TRADE
EQUITIES
APAC stocks were mostly higher as the region took impetus from the gains on Wall Street, where the S&P 500 approached closer towards its record levels, and the Nasdaq outperformed as the tech rebound persisted.
ASX 200 marginally gained amid continued outperformance in tech, but with advances in the index limited by underperformance in the top-weighted financial sector and weakness in some defensives.
Nikkei 225 rallied to a fresh record high near the 58,000 level amid the Takaichi trade and expectations of incoming stimulus, while SoftBank was among the biggest gainers due to its heavy semiconductor exposure.
Hang Seng and Shanghai Comp lagged behind their regional counterparts in somewhat mixed trade, with the Hong Kong benchmark led higher by pharmaceuticals, while the mainland was flat amid little fresh drivers.
US equity futures took a breather following the prior day’s tech-driven advances.
European equity futures indicate a slightly lower cash market open with Euro Stoxx 50 futures down 0.1% after the cash market closed with gains of 1.0% on Monday.
FX
DXY traded flat overnight, which provided some respite from the selling pressure seen during the prior session, where the dollar was sold alongside broad yen strength post-election, and after Bloomberg reported that China is urging banks to curb UST exposure amid market risk, while the recent weakness had also coincided with the broad risk-on sentiment.
EUR/USD held on to most of yesterday’s gains after it benefitted from the dollar’s demise and reclaimed the 1.1900 status, while there were several ECB comments which continued to point to a lack of willingness to adjust policy in the near term.
GBP/USD was contained after failing to reclaim the 1.3700 level to the upside, but retained most of yesterday’s gains, which were facilitated by several cabinet ministers voicing support for UK PM Starmer.
USD/JPY extended on post-election declines as the decisive victory by the LDP and expectations of fiscal stimulus are seen to pave the way for the BoJ to quicken the pace of tightening and have boosted April rate hike odds.
Antipodeans conformed to the mostly uneventful mood across the FX space after gaining yesterday alongside the widespread heightened risk-appetite.
PBoC set USD/CNY mid-point at 6.9458 vs exp. 6.9135 (Prev. 6.9523).
FIXED INCOME
10yr UST futures were rangebound following the recent choppy performance and reports that China is to curb UST exposure, while demand was also not helped by supply, with Alphabet conducting a USD 20bln 7-part issuance.
Bund futures remained afloat after rebounding from the prior day’s trough, but with further gains capped ahead of German auctions, including EUR 5.0bln of Bobls later and EUR 2.5bln of Bunds tomorrow.
10yr JGB futures reversed the post-election declines and were unfazed by a weaker 10yr inflation-indexed JGB auction.
COMMODITIES
Crude futures took a breather after gaining yesterday alongside the broader risk sentiment and dollar weakness, while it was also reported that Qatar pushed the start of its LNG expansion to the end of 2026 and that US forces seized an oil tanker departing from Venezuela.
Spot gold mildly pulled back after advancing the prior day on the back of a weaker dollar, although the downside was limited overnight, with the precious metal holding above the USD 5,000/oz level.
Copper futures faded some of their recent gains as markets in its largest buyer, China, lagged behind regional peers.
CRYPTO
Bitcoin marginally declined in choppy trade with prices back beneath the USD 70,000 level.
NOTABLE ASIA-PAC HEADLINES
Japanese Finance Minister Katayama said discussions on using the entire surplus are planned, but no position has been taken, while she indicated that a proposed cut in the food sales tax would serve as a temporary solution ahead of the implementation of a new tax credit system.
French government advisory body issued a report on China, which recommends ways to neutralise competitiveness gaps, including implementation of a 30% general tariff, or a depreciation of the Euro by 20-30% vs the Renminbi.
FTSE Russell postponed the March stock index review for Indonesia, according to Bloomberg TV.
DATA RECAP
Australian Westpac Consumer Confidence Index (Feb) 90.5 (Prev. 92.9)
Australian Westpac Consumer Confidence Change MM (Feb) -2.6% (Prev. -1.7%)
Australian NAB Business Confidence (Jan) 3 (Prev. 3)
Australian NAB Business Conditions (Jan) 7 (prev. 9)
GEOPOLITICS
MIDDLE EAST
White House official said US President Trump does not support Israel annexing the West Bank, while the official added that a stable West Bank is key to Israel’s security and aligns with the administration’s peace goals.
RUSSIA-UKRAINE
EU is reportedly readying options to give Ukraine gradual membership rights and is preparing a series of options to embed Ukraine’s membership in a future peace deal, according to people familiar with the matter. Options include providing Kyiv upfront with the protection that comes with EU accession, as well as immediate access to some membership rights. At the same time, the bloc would give Ukraine a clear timeframe of steps needed to advance with the formal procedure, while other options on the table would entail continuing along the existing accession path or introducing a transition period and gradual membership to the process.
EU proposed to list eight Russian oil refineries, including Tuapse, in the 20th sanctions package against Russia, according to an EEAS document.
OTHER NEWS
US military carried out a strike on a vessel in the eastern Pacific, killing two and leaving one survivor.
US Interior Secretary Burgum said a Greenland deal is moving forward with progress.
China held a 2026 work conference on Taiwan affairs, while the Chairman of the Chinese People’s Political Consultative Conference, Wang Huning, said they will resolutely crack down on Taiwan independence, according to Xinhua.
China’s embassy in London said it has consistently opposed UK interference in China’s internal affairs, including the BNO visas issue. Furthermore, it urged the British side to follow the general trend and cease political interference, while it accused Britain of resorting to tricks and described its behaviour as contemptible.
EU/UK
NOTABLE HEADLINES
UK PM Starmer told Labour MPs that he is “not prepared to walk away” from power or “plunge us into chaos” as previous prime ministers have done.
UK Health Secretary Wes Streeting has been accused of orchestrating a leadership coup against UK PM Starmer, The Telegraph reports.
BoE’s Mann said import prices are contributing to UK CPI, with US tariffs driving Chinese export prices to the UK.
ECB President Lagarde said she expects inflation to stabilise sustainably at the 2% target and noted that they are operating in a volatile global environment marked by heightened geopolitical tensions and persistent policy uncertainty. Lagarde said supply chains are becoming more fragmented, and industrial policies are reshaping global competition, but stated that despite the challenging environment, economic activity in the euro area has been resilient. Furthermore, she reiterated a data-dependent, meeting-by-meeting approach.
ECB President Lagarde urged EU politicians to push through structural reforms, including a savings and investment union, a digital Euro and deeper market integration, while she noted that price stability alone won’t make Europe stronger without broader policy action.
ECB’s Nagel said the update of the December 2025 projection confirms the inflation outlook, and that the ECB takes action when the medium-term inflation projection deviates sustainably and noticeably from 2%. Nagel said risks to inflation are currently roughly balanced and the inflation shortfall is short-term and small, while he stated the current interest rate level is appropriate. Nagel also commented that he is prepared to adjust in either direction if needed, but is unlikely to react to a short-lived slowdown in inflation, and noted that even if the inflation rate falls slightly below our target in the coming quarters, there is no immediate need for action.
DATA RECAP
UK BRC Retail Sales Monitor YY (Jan) 2.3% vs. Exp. 1.2% (Prev. 1.0%, Rev. From 1%)
2.a NORTH KOREA/SOUTH KOREA/JAPAN
SOUTH KOREA/USA
2 b JAPAN
3. CHINA/HONG KONG
USA angry over the arrest of media mogul Jimmy Lai
(zerohedge)
Rubio Slams ‘Unjust’ Jimmy Lai Sentence After Hong Kong Court Issues 20 Years
Monday, Feb 09, 2026 – 09:20 PM
The high profile trial of Hong Kong’s foremost pro-democracy media tycoon wrapped up in December, whereupon Jimmy Lai was found guilty of sedition. He had long spearheaded huge protests and local Hong Kong media criticism of Beijing, but came under legal hot water and scrutiny with the passage of the notorious China-imposed national security law.
Finally, on Monday he was handed a very harsh 20-year prison sentence, resulting in outrage and condemnations aimed at China from across the globe. This is effectively life in prison, or even a death sentence, for the 78-year old who also suffers various health problems.
This is after he’s already spent over five years in prison, and the trial alone lasted two years. He was first detained in August 2020 under Hong Kong’s Beijing-imposed national security law, in wake of large-scale student protests which at times brought whole sectors of the city to a standstill.
The city’s High Court said in its ruling: “Having stepped back and taking a global view of the total sentence for Lai’s serious and grave criminal conduct … we are satisfied that the total sentence for Lai in the present case should be 20 years’ imprisonment.”
The security law has been widely seen as the final nail in the coffin of Hong Kong’s long-running autonomy, and was a response to the major 2019 protests which were widely covered in international press reports.
China had long alleged a foreign intelligence ‘hidden hand’ behind the protests. This was in part due to student activists being in semi-regular communication with Western officials and NGOs, and sometimes even honored at events hosted in Europe or the US.
Secretary of State Marco Rubio was swift to issue Washington’s response to the verdict on Monday, calling the sentencing an unjust and tragic conclusion.
“The Hong Kong High Court’s decision to sentence Jimmy Lai to 20 years is an unjust and tragic conclusion to this case,” Rubio said in the statement.
“It shows the world that Beijing will go to extraordinary lengths to silence those who advocate fundamental freedoms in Hong Kong, casting aside the international commitments Beijing made in the 1984 Sino-British Joint Declaration,” the US top diplomat added.
Elaine Pearson, Asia director at Human Rights Watch, stated that “A sentence of this magnitude is both cruel and profoundly unjust.”
Western leaders, including of the US and Britain, are expected to lobby for his freedom, especially given that this is being viewed as ultimately a crackdown on Western values in influence on one of the world’s main financial hubs. But given sentencing has been accomplished, any such action to obtain his release will get harder and harder. China, on the other hand, said he encouraged violence and foreign subversion.
4./EUROPEAN AFFAIRS
GERMANY
GERMANY’S ECONOMY GOING NOWHERE!
KOLBE
Germany’s “Recovery” Is Just Debt-Fueled Military Orders
Tuesday, Feb 10, 2026 – 03:30 AM
Submitted by Thomas Kolbe
Friedrich Merz finally has a positive headline. In December, industrial orders surged. But behind the costly statistical recovery lies nothing more than the buildup of a debt-financed defense sector.
It took some lead time, but the Chancellor now finally has a success story. For December 2025, Germany’s Federal Statistics Office reported a 7.6% month-on-month jump in industrial orders. November had already provided a first boost with a rise of over 5%—right in the midst of a severe economic crisis.
Industrial production, meanwhile, fell 1.9% in December, sliding back into negative territory—a fact largely lost in the media’s cheerleading. That the once-proud German automotive industry saw a 6.3% drop in orders also barely registered amid the general sigh of relief.
But once you dissect the data and strip out large orders, a very different picture emerges. The apparent surge in orders shrinks to a mere 0.9%.
What happened? Experience shows that this comes from “Other Vehicle Manufacturing,” which jumped roughly 9.5%. This category is dominated by defense equipment. In short: the federal government’s debt-financed special fund has found its way into German military production.
Or put differently: the government can now take a public victory lap after plunging citizens into massive debt to generate a short-term statistical effect in the super-election year 2026. Nobody wants to appear a total failure.
What is celebrated as an economic turnaround is in reality a statistical masking of the transition from market-based order to a debt-fueled administrative economy.
The military buildup is basically the last gasp of a policy that, in stubborn Keynesian mode, keeps trying to replace the gaps in Germany’s industrial economy with a “managed economy.” This strategy ties up resources and personnel, diverting exactly the capital needed for real investment under better conditions.
Goods are produced that no one demands on the market. A few pockets get richer. It’s classic client politics in the Berlin–Brussels style. Nothing new in the West, really.
The Real Situation
The real state of the German economy is shown in construction. The HCOB Germany Construction PMI, a monthly leading indicator, fell in January to 44.7 points. Values below 50 signal contraction.
After a brief uptick in December to 50.3, mostly due to energy network investments, the German construction sector plunged back into recession in January—mirroring the entire Eurozone.
For four years now, this central economic sector has been essentially frozen. Investments are held back; new projects, especially commercial ones, are nowhere to be found. The sector remains in prolonged stagnation.
Excessive energy costs, Kafkaesque regulation from Brussels and Berlin, and stifling interventions like rent caps are the recipe for a recession set in stone.
Expect billion-euro programs for subsidized public housing soon, purely to create a statistical illusion of recovery.
System-Compatible Criticism
The federal government can finally breathe. Expensive for taxpayers, but apparently worth it politically. Applying Keynesianism to the defense industry is among the dumbest of political moves. Driving a nation deeper into debt to produce goods that either rust or are used destructively is maximal political nihilism—bordering on madness.
The fact that the state-friendly media celebrates this “recovery” implies two things: complete media submission to government goals, and statistical validation to continue reshaping German society into a green, militarized command economy.
Silence from German business leadership confirms that politics has morally inoculated this strategy. The perpetuated narrative of an imminent Russian invasion now legitimizes the defense buildup.
Similarly, under the Green Deal, years of effort have embedded the fairy tale of saving the world via CO₂ reduction deep in public consciousness, with most voters still supporting the course. Criticism now appears climate-hostile, irresponsible, and anti-scientific.
Compliance is no longer enforced through coercion, but through reshaping business rationality. Every new regulation or CO₂ levy creates companies that survive only within the state’s subsidy architecture.
Result: media-friendly, calibrated language dominates discussions of “bureaucracy relief.” It is system-compatible fine-tuning, subtly orchestrated by Brussels. No one risks reputational loss in this highly repressive media environment.
Business has learned to couch criticism to avoid upsetting the Kaiser while remaining eligible for support. We see conditioned obsequiousness leading us steadily toward a new socialism.
END
FRANCE
they arew nuts!!
(Remix)
“Today, We Are Preparing For War”: French Defense Chief Says Europe Has Until 2030, Cites Russia As Biggest Threat
France and Europe have four years to prepare for war, said Fabien Mandon, chief of the defense staff of the French Armed Forces, who cited Russia as Europe’s biggest threat.
His speech at a major naval conference outlined that France, as well as its allies, must take into account that this war will break out in the near future and that the French military must be ready by 2030.
“Today, we are preparing for war,” he said, according to BreakingDefense.
During his speech at the naval conference, Mandon stated that France is not prepared for war and the country had “an insufficient number of ships and armaments.”
He stated the nation needs “more missiles with greater range and lethality.”
Mandon recently made headlines for stating that Europeans and the French must be ready to lose children in a war, stating:
“You have to accept that you will lose your children,” which is necessary to defeat Russia during a November speech at the National Congress of French Mayors.
His words caused national shock, while the representatives of the parliamentary parties protested sharply in connection with his comment.
As in November, he named Russia as the main source of the threat of war.
Iran Offers To Dilute Enriched Uranium If US Lifts All The Sanctions
Monday, Feb 09, 2026 – 06:50 PM
Iran has just made a significant overture amid the US pressure campaign, and as the two sides are set for a next round of indirect negotiations in the coming days. “Iran could agree to dilute its most highly enriched uranium in exchange for all financial sanctions being lifted, its atomic chief said on Monday, one of the most direct indications so far of its position at talks with Washington,” Reuters reports.
Tehran has rejected White House demands that the country’s ballistic missile arsenal also be subject of the talks, but this fresh Iranian offer to dilute its nuclear stockpile marks a significant turn, showing a willingness to entertain serious compromise on the nuclear front.
Reutersrecounts, “Washington has demanded Iran relinquish its stockpile – estimated last year by the UN nuclear agency at more than 440 kg – of uranium enriched to up to 60% fissile purity, a small step away from the 90% that is considered weapons grade.”
But now the head of Iran’s Atomic Energy Organization, Mohammad Eslami, is strongly signaling Tehran is ready to play ball, even if it is on Washington’s terms – and after a history of the US side breaking its word (starting with the first Trump admin’s unilateral pullout from the JCPOA nuclear deal).
“The possibility of diluting 60% enriched uranium… depends on whether, in return, all sanctions are lifted or not,” Eslami made clear.
All of this stems from last month’s very bloody protests and riots inside Iran, largely the result of the stranglehold that US sanctions have on the population. The White House since then has threatened regime change and dialed up the sanctions.
Iran’s supreme leader Ayatollah Ali Khamenei addressed the issue in Monday televised remarks. He urged citizens to participate in the anniversary of the 1979 Islamic revolution this week, said they must show “resolve” against foreign powers plotting the demise of the Islamic Republic.
“The presence of the people in the march and their expression of loyalty to the Islamic Republic will cause the enemy to stop coveting Iran,” Khamenei said.
As for the ongoing negotiations base in Oman, which are at a very early and delicate stage, the geopolitical commentator Moon of Alabama has outlined some astute observations and expected outcomes as follows:
The likely outcome: Trump will have to lift some sanctions and, in exchange, will get some limited nuclear agreement with Iran. I assume that it will be softer on Iran than the JCPOA agreement which had been signed under Obama only to be trashed later by Trump.
The other demands on Iran which the Israelis had made through Trump: – no enrichment, a curb on the number and range of its ballistic missiles, an end of support for militia in the region – will not be part of the negotiations.
Those points are not of interest for Trump. He wants and needs an agreement – any agreement – that can be sold to the public has his personal success. The details will matter less to him than the fact that an agreement was made.
Israel will not like this. It wants Iran to be destroyed as a potential regional leader. Israel itself is too weak to defeat Iran. It may well try false flag strikes or terrorism to get the U.S. to finally do what it wants.
Monday’s overture by Iran reflects just the above scenario, but it’s unclear what the US reaction will be at this point.
The US continues putting a huge amount of military assets in place in the Mideast region, and in Europe with an eye on supporting CENTCOM operations.
Despite this ominous build-up, Moon of Alabama concludes: “But the U.S. is no longer the all powerful force in the Arab region that it had been 30 years ago. It is lacking the means to defend its ships and bases against attacks by ballistic missiles and drones. This while Iran has systematically build up such weapons and forces.”
This could mean the conditions for a last-ditch major deal to avert military conflict remain favorable. But Trump is also as unpredictable as ever, and there are still hardline pro-Zionist hawks speaking in his ear.
ISRAEL VS HAMAS/WEST BANK
Israel Imposes ‘De Facto Annexation’ With Sweeping West Bank Policy Change
The Israeli government on Sunday approved sweeping changes to land registration and civil control in the occupied West Bank, a move Palestinians say breaches the Oslo Accords and advances de facto annexation.
Finance Minister Bezalel Smotrich and Defense Minister Israel Katz said the changes would “dramatically” alter West Bank policy, paving the way for expanded settlements and land seizure. In a joint statement, they said the measures would remove legal barriers on Israeli settlers and accelerate settlement development.
Katz said the aim was to give settlers equal “legal and civil rights”, while Smotrich said the move would “normalize life in the West Bank” and vowed to “continue to kill the idea of a Palestinian state.”
Palestinian President Mahmoud Abbas said the policy was designed to deepen annexation of the West Bank and violated agreements signed with Israel, including the Oslo Accords, according to the Wafa news agency.
Rawhi Fattouh, chairman of the Palestinian National Council, described the decisions as “racist and dangerous”, accusing Prime Minister Benjamin Netanyahu’s government of imposing new colonial realities on the ground.
Several Palestinian factions, including Hamas and the Popular Front for the Liberation of Palestine, also condemned the move.
The Oslo Accords, signed in 1993 and 1995 between Israel and the Palestine Liberation Organization (PLO), established limited Palestinian self-rule in parts of the West Bank and Gaza, dividing the West Bank into Areas A, B, and C as a temporary framework for a future Palestinian state – a goal that has never been realized.
Muayyad Shaaban, head of the Palestinian Commission Against the Wall and Settlements, said the Israeli decisions represent a dangerous escalation that undermines international law and adds to crimes against Palestinians.
The Palestinian National Initiative said the measures drive the final nail into the Oslo Accords and open the door to large-scale land seizures benefiting Israeli settlers.
The Yesha Council, which represents Israeli settlements, celebrated the decision, saying it “entrenches Israeli sovereignty on the ground.”
Peace Now, an NGO monitoring settlement expansion, said Netanyahu has effectively chosen to “topple the Palestinian Authority” and “impose de facto annexation”, warning the moves go far beyond Area C and break barriers to massive land theft across the West Bank.
What are the changes?
Under the new Israeli measures, the military would be able to enforce regulations on so-called unlicensed buildings in Areas A and B, citing heritage and archaeological sites, allowing for the confiscation of Palestinian land and demolition of structures.
The changes would also lift secrecy on West Bank land registries, enabling settlers to identify Palestinian landowners and purchase land directly. Exposing ownership records could make it easier for settlers to forge claims over Palestinian land, a tactic widely documented and likely to accelerate land seizures across the occupied territory.
The measures also ease the sale of Palestinian land to Israelis and overturn a Jordanian-era law prohibiting transfers to non-Palestinians.
Planning, licensing, and construction powers in Hebron would be transferred from the Palestinian municipality to the Israeli army, expanding control over building permits, development, resources, and security. An independent local authority will also be established for the Israeli settlement in Hebron.
The Hebron municipality condemned the move as “illegitimate and dangerous”. Under the 1997 Hebron Protocol, the city was divided into Hebron 1, under Palestinian control, and Hebron 2, under Israeli authority, covering southern and eastern sections.
The new policy also affects the Ibrahimi Mosque in Hebron, a site holy to Muslims, Jews, and Christians.
The Palestinian presidency warned that any violation of Islamic or Christian holy sites, including the mosque, is unacceptable. In January, Israel barred the mosque’s Palestinian directors and seized planning rights over part of the site, violating longstanding arrangements.
The policy comes amid rising settler attacks and access restrictions on Palestinian holy sites since October 2023, including Al-Aqsa Mosque in occupied East Jerusalem and Joseph’s Tomb in Nablus.
END
RUSSIA VS UKRAINE//USA
Russia’s Trust in Trump and the US is Fading Fast
Worth reading and understanding.
The world is cascading towards war. Governments seem to seek refuge on battlefields that are non existent. The glory days of armies moving in columns is yesterday’s history as Ukrainians learn by dying today.
All sides have weapons of unknown destruction. Even nuclear is a past relic. Each month the killing weapons advance in their ability to destroy quickly.
The next field of conflict comes shortly with Iran. In reality it is not so much about Iran as it is about containment of China both in oil supply and on the rail transit trade route from Russia to India that runs through Iran. China will NOT allow Iran to go quietly into the night. Iran is a proxy of value to China and losing it is blow to their sphere of influence on a world stage. After the coup ( likely with agency direction) attempt that failed in China, one might expect Xi to double down. Every Wednesday he and Putin talk to coordinate their activities. America is not seen as a reliable party for peace in changing hegemonic world that is multipolar. To reverse this to make America Unipolar is status means that both China and Russia would have to give up on the GLOBAL SOUTH ( BRICS) and the standing within. The likelihood of that occurring is zero. This the politics of hegemony will be decided in conflict of another kind that is destructive. This is why nothing of value will stay constant or predictable without realizing that everything is connected. We do not exist in isolation. And the nature of what is wealth during these times is altered. Just like freedom becoming more distant by location. With fewer nations allowing freedom not just personal but of capital and expression of opinion. Such things were not long ago limited to large nations like China but now others are quickly following the path of restrictions to stay in power and control narrative.
What Lavrov says is worthing noting because he speaks in diplomatic language what the real mood is in Russia tempered by language of polite company. Whereas the Generals speak quite different.
Local issues of economic state are no longer in calm waters as the rumblings of war drums cast a long shadow that will affect global existence of trade and commerce. How we react to this stark reality will determine how we fare tomorrow.
Sergei Lavrov, Russia’s Foreign Minister, gave a remarkable assessment of the emerging new economic order, the war in Ukraine and the unreliability of the United States as a negotiating partner in an interview with TV BRICS, which was published on February 9, 2026. Overall, he expressed no optimism for economic ties with the US, seeing no “bright” or “rosy” future there despite openness to cooperation in principle, while blaming the US for sabotaging relations and progress on Ukraine despite Trump’s stated desire to end the war. And that was just for starters.
Foreign Minister Lavrov accused the United States of no longer being willing to implement its own proposals on Ukraine that were discussed during the August 2025 summit in Anchorage, Alaska (between Presidents Putin and Trump). Lavrov claimed Russia accepted the US proposal there, and if approached “like men” (or straightforwardly), the issue should have been resolved. Instead, he said Washington has backtracked, continuing policies like new sanctions, actions against Russian oil tankers (e.g., seizures by US forces), and blocking Russian energy exports. He also stated that after Anchorage, Russia and the US were supposed to move toward broad cooperation, but the opposite occurred, with the US creating “artificial barriers” and pursuing “economic dominance.”
Lavrov reiterated Russia’s core demands for any settlement: eliminating the “Nazi foundations” of Ukraine (a reference to Russia’s longstanding “denazification” narrative), ensuring Russia’s security by preventing any weapons on Ukrainian territory that could threaten Russia, and effectively controlling aspects of Ukraine’s post-war military size, composition, and armament. He emphasized that Russia’s security requires addressing these, including in regions like Crimea, Donbas, and “Novorossiya.”
Here are the key paragraphs from the interview regarding the war in Ukraine:
We are told that the Ukrainian problem needs to be resolved. In Anchorage, we accepted the United States’ proposal. If we approach it in a “masculine” way, they proposed it, and we agreed, which means that the problem needs to be resolved. Russian President Vladimir Putin has repeatedly stated that it does not matter to Russia what is said in Ukraine or Europe, as we are well aware of the “cave-like” Russophobia of most regimes in the European Union, with a few notable exceptions. The position of the United States was crucial for us. By accepting their proposal, we seem to have fulfilled the task of resolving the Ukrainian issue and moving on to full-scale, broad, and mutually beneficial cooperation.j
So far, in practice, everything looks the opposite: new sanctions are being introduced, a “war” is being waged against tankers on the high seas in violation of the UN Convention on the Law of the Sea. India and other our partners are trying to be forbidden to buy cheap, affordable Russian energy resources (Europe has long been banned) and forced to buy American liquefied natural gas at exorbitant prices. That is, in the economic field, the Americans have declared the task of economic domination.
In addition to the fact that they seem to have proposed something about Ukraine, and we were ready (now they are not ready), we also do not see any “radiant” future in the economic sphere. The Americans want to take over all the routes of providing all the leading countries and all the continents with energy resources. On the European continent, they are “looking” at the Nord Streams that were blown up three years ago, at the Ukrainian gas transportation system, and at the Turkish Stream.
There was some doubt among some pundits in the West whether Russia had hardened its position after the December 28, 2025 drone attack on the official residence of Vladimir Putin in Valdai. I think Lavrov’s remarks to the BRICS journalist settles that question… The Russians are pissed off at Trump and his administration because Trump has not kept his promises to the Russians.
If Steve Witkoff and Jared Kushner make another trip to Russia, they are not likely to be warmly greeted by their Russian hosts. The Russian will be polite but, based on Lavrov’s remarks, they will demand substantive gestures that Trump will deliver what he has promised. Unless Trump moves soon to start lifting sanctions on Russia, ending the confiscation of Russian assets and following through on the promises made at Anchorage regarding the war in Ukraine, I believe that Vladimir Putin will conclude that further negotiations with Trump’s boys is a complete waste of time.
While much of the media coverage of Lavrov’s remarks have focused on his clear frustration with Trump for failing to settle the war with Ukraine, Lavrov provided a master class on the economic transformation that is underway:
We are currently witnessing a transformation on the global stage, which began some time ago due to the objective transition to a multipolar world, where it is no longer a bipolar world, as was the case during the Soviet Union and the United States, the Warsaw Pact, and the North Atlantic Treaty Organization, nor a unipolar world, as was the case after the collapse of the Soviet Union, but rather a multipolar world that determines the course of humanity’s development. For many years, the United States has been the driving force behind the global economy, regulating global finances, and using the role of the dollar to strengthen its dominant position. They are already objectively losing their economic influence and their weight in the global economy. At the same time, countries such as the People’s Republic of China, India, and Brazil are rising. There are interesting processes taking place on the African continent, as Africans are increasingly reluctant to export their natural resources and are instead building their own industries, which the Soviet Union began to support.
Many centers of rapid economic growth, centers of power, financial and political influence have emerged. The world is being reformatted. This happens in competition. The West does not want to give up its once dominant position. Moreover, with the advent of the Trump administration, this struggle to suppress competitors has become particularly explicit and open. As a matter of fact, the administration in Washington under D. Trump does not hide these ambitions. They say that they should dominate the energy sector and limit their competitors.
They are using completely unfair methods against us. They are banning the work of Russian oil companies such as Lukoil and Rosneft. They are trying to control our trade, investment cooperation, and military-technical ties with Russia’s major strategic partners, such as India and other BRICS members.
There is a battle going on to preserve the old world order, which was based on the dollar and the rules that the West created and implemented in the International Monetary Fund, the World Bank, and the World Trade Organization. When new centers of growth began to achieve much more significant economic development and significantly higher growth rates based on these same rules (as we see in the BRICS countries), the West began to look for ways to prevent this transition. However, this is impossible because it is an objective process. For several years now, the growth rates and GDP volumes of the BRICS countries have significantly exceeded the GDP of the G7 countries combined in terms of purchasing power parity.
A new economic and political order is being assembled, piece-by-piece, with Russia and China working as partners and leading the way. The reign of US hegemony is dead… The only way America can be “Great Again” is that it must reject militarism and violence and turn instead to adopting policies that are based on genuine collaboration with the BRICS nations. Lavrov was not expressing his opinion in this interview… He was explaining how the government of Vladimir Putin views the world. Will Trump listen and comprehend the message? I doubt it.
END
RUSSIA/UKRAINE/USA
US No Longer Wants To Pursue Its Own Ukraine Peace Proposal, Kremlin Charges
Russian Foreign Minister Lavrov said in an interview published on Monday that the US no longer wants to implement a Ukraine peace deal that it previously proposed, the latest sign that there’s little chance the grinding war will come to an end anytime soon.
Lavrov claimed that the US and Russia came to an agreement on Ukraine during President Trump and Russian President Vladimir Putin’s summit in Anchorage, Alaska, back in August 2025. He didn’t elaborate on the details of the potential deal, but it’s believed to involve Ukraine ceding territory it still controls in the Donbas, a condition included in a 28-point peace plan that was later drafted by the Trump administration.
“In other words, we were told that the Ukrainian issue must be resolved. In Anchorage, we accepted the United States’ proposal. To put it straightforwardly, they proposed, and we agreed – the problem should be solved,” Lavrov told TV BRICS.
“The position of the United States was important for us. Having accepted their proposals, we essentially fulfilled the task of resolving the Ukrainian issue and moving toward comprehensive, broad, mutually beneficial cooperation.”
The Russian diplomat said that despite the “positive” summit, the US began imposing sanctions on Russia a few weeks later and has continued the economic pressure.
“New sanctions are imposed, attacks on tankers are staged in international waters in violation of the UN Convention on the Law of the Sea, and India and other partners are discouraged from purchasing affordable Russian energy, while Europe has long prohibited such purchases, forcing them to buy American liquefied natural gas at significantly higher prices,” he said.
Lavrov added that he didn’t see a “promising future in economic terms” when it comes to US-Russia relations. “Thus, in the economic sphere, the United States has effectively declared a goal of economic domination,” he said.
Elsewhere in the interview, which focused on Russia’s relationship with other BRICS nations, Lavrov said the Biden administration has turned the US dollar into a “weapon,” prompting Russia and other countries to reduce their reliance on the US currency.
“Under the Biden administration, the United States has taken every step to weaponize the dollar against those it considers inconvenient,” he said, adding that the policies have continued under the Trump administration.
6. GLOBAL ISSUES, COVID ISSUES, VACCINE INJURIES ISSUES /HEALTH ISSUES
I find interesting and wanted to share to add to our reading and to help inform…take what you wish, discard what you do not need. I think this is extensive scholarship. Well written, I learnt!
Alexander News Network (ANN): Trump’s War 2.0 for America is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
‘There has been a great deal of criticism against the recent developments with the Hong Kong-based CK Hutchison’s agreement to sell its Panama Canal ports, Cristobal and Balboa, to BlackRock. A sale that has been loudly backed by the Trump Administration.
Cristobal and Balboa ports presently owned by the Hong-Kong based CK Hutchison company located on opposite sides of the Panama Canal.
There has been especially a great deal of criticism by Trump and his administration over the operation of the Panama Canal claiming China has taken over control of this vital trade chokepoint and is causing the US to pay more than others for the use of the canal. There have even been accusations within the Trump Administration, including by US Secretary of State Marco Rubio, that they are certain China plans to block America’s use of the Panama Canal completely. The accuracy of these accusations will be reviewed and discussed in detail in this series.
Panamanian President José Raúl Mulino earlier this year had made a public statement, in response to Trump’s accusations that China was controlling the Panama Canal, and published a strongly worded statement “wholly rejecting” Trump’s words and saying the canal would remain Panamanian.
President Mulino added that no nation was interfering with the canal’s administration and that dialogue was the best way to resolve the issues Trump raised. He also disagreed with Trump’s characterisation of the US returning the canal to Panama.[1]
“The canal wasn’t given by anyone, it was the result of a generational fight that culminated in 1999,” Mulino wrote on X.[2]
However, after Marco Rubio’s visit to Panama after less than one month as US Secretary of State (Panama was first on the list of visits by Rubio, followed by El Salvador, Costa Rica, Guatemala and the Dominican Republic) he proudly stated in his interview with FOX News that Panama was the first country to exit from China’s Belt and Road Initiative (BRI) and that he expects other Latin American countries to follow suit. Trump has repeatedly stated that the US built the Panama Canal and thus has the right to “reclaim it”. These developments and the history of US-Panamanian relations will be discussed in this series.
China has been heavily criticized for the deferral of the BlackRock purchase, who has filed an anti-monopoly investigation launched by China’s State Administration of Market Regulation. This move has ignited accusations that China is overreaching in its legal reach. The accuracy of such accusations will be reviewed in this series.
BlackRock’s role globally as well as domestically will also be reviewed in detail, and especially its direct role in influencing the economy and well-being of Americans. In addition, BlackRock’s role along with Global Infrastructure Partners (GIP) will be reviewed in what they are in fact proposing as a counter to China’s Belt and Road Initiative, along with an overview of BRI’s activities thus far.
Does China ‘operate’ the Panama Canal as Trump says?
As Trump has recently stated “China is operating the Panama Canal and we didn’t give it to China. We gave it to Panama and we’re taking it back.”
Trump, in his first speech of his second term, denounced the so-called “deal” the US made decades ago to turn over the Panama Canal to Panamanians. “We have been treated very badly from this foolish gift that should never have been made,” Trump said during his inaugural speech. “And Panama’s promise to us has been broken. The purpose of our deal and the spirit of our treaty has been totally violated.”
In the weeks ahead of his inauguration, he threatened to have US reassert control of the Panama Canal, including possible military action the day after Christmas on his Truth Social platform.
As has already been briefly mentioned, the President of Panama Jose Mulino disagreed with this statement by Trump that the Panama Canal was “given” to the Panamanians by the Americans but that this was the culmination of a long fight – a long fight for Panama’s sovereignty that is.
Trump went on to state “Our Navy and Commerce have been treated in a very unfair and injudicious way. The fees being charged by Panama are ridiculous.” Trump also stated that “It was solely for Panama to manage, not China, or anyone else,” Trump said. “We would and will NEVER let it fall into the wrong hands!”[3]
Mulino dismissed these criticisms as well as Trump’s threats to retake the Panama Canal, stating “Every square meter of the Panama Canal and its adjacent areas belongs to Panama and will continue belonging to Panama,” he said on a video posted on X.
Mulino also stated “The canal has no direct or indirect control from China, nor the European Union, nor the United States or any other power,” Mulino continued “As a Panamanian, I reject any manifestation that misrepresents this reality.”[4]
It should be noted here that President Mulino is a right leaning conservative and had very good relations with the US up until these recent accusations.
Let us go over whether there is any validity to Trump’s statements and accusations.
In a recent speech Trump claimed that the Panama Canal had left 38,000 Americans dead. He stated “The United States, I mean think of this, spent more money than ever spent on a project before and lost 38,000 lives in the building of the Panama Canal.”
This is not remotely true. Rather, it is estimated that 25,000 people died that were French and Jamaican, during the first construction period, that were mostly from mosquito-borne viruses. Virtually none of those deaths were American.[5] Author Matthew Parker who wrote the book “Hell’s Gorge: The Battle to Build the Panama Canal” said that during the US period of construction from about 1904 to 1914 about 6,000 died, mostly all who were Bajans, i.e. from Barbados, with about 300 Americans who died in the effort.[6]
These figures are largely in line with other estimates of the death toll in the efforts to build the canal, which was completed in 1914. That during the 1880s more than 22,000 workers from France died (many from malaria and yellow fever). Thus, it appears it is the French who have by a large margin the highest death toll in the construction of the Panama Canal.
It should be noted that the Panama Canal was engineered by the same French engineer as the Suez Canal, it was not engineered by an American. Thus, the Panama Canal was engineered and largely built by the French, though it was the Americans who had colonised the territory (more on this history later in this series).
It is curious as to where Trump got the number 38,000 and how he came to the conclusion that these were American deaths.
Trump has also recently stated that “China is operating the Panama Canal, and we didn’t give it to China, we gave it to Panama, and we’re taking it back.”
Panama has been controlling the Panama Canal since 1999 after a treaty transfer. It is controlled through the Panama Canal Authority, an 11-member board that oversees the waterway’s maintenance and security.
CK Hutchison won a bid in 1997 (thus before Panama even took control over the Panama Canal from the United States!) that allowed Chinese companies to operate in ports at the ends of the canal. But China is not the only one, the United States and Taiwan also have companies who are operating ports along the canal which is open to commerce from all countries. Only two out of the total five ports adjacent to the Panama Canal are owned by the Hong Kong company CK Hutchison.
President Mulino has stated that the passage rates are determined by market conditions. There has been no evidence of unfair treatment in China’s favor as the BBC and Financial Times also acknowledge. It is also acknowledged by the BBC and Financial Times that there is no evidence that Chinese soldiers are positioned at these ports as Trump has claimed.
For those who may still think there is credit to what Trump has been accusing China of concerning the Panama Canal. I suggest the reading the following excerpt from this article “The Chinese Interests in the Panama Canal Including Updates“ published by the Newsroom Panama, here is an excerpt to which I would like to particularly highlight from their article:
‘The truth, nothing but the truth. Our family, friends, coworkers and acquaintances rely on our words and that is why we have to be as accurate as possible. To help in this effort of citizen diplomacy, here are the truths we must understand in order to share them with the world.
False statement: “The United States gave the canal to Panama for one dollar ”
Answer: In 1903, Panama authorized the United States to build a canal and gave permission to use land and water. Panama was severely limited in its own development, at a high human and economic cost. The canal was not free; we Panamanians had paid for it in advance and in full.
False statement: “The Panama Canal charges excessively and represents a high cost to the United States economy. ”
Answer: The Panama Canal toll represents 5% of the value of freight between Asia and the United States. 2.7% of world trade passes through the Canal ($33 trillion in 2024), but the Canal only generated revenues of about $6 billion. So it is not a cause of inflation but rather a huge subsidy to the economy of one of the most developed countries in the world.
False statement: “38,000 U.S. citizens died during the construction of the Canal.”
During the construction of the Panama Canal (1904-1914) 350 American citizens died, according to data contained in the Roberto F. Chiari Library of the Panama Canal.
False claim: “The US Navy pays too much to cross the canal and is discriminated against by Panama.”
The US Navy has free [i.e unrestricted access] passage through the Panama Canal, so there are no lines or reservations required. [In other words, they have priority use of the Panama Canal over cargo ships.]
Between 2015 and 2024, the US Navy only paid approximately $17 million in tolls to cross the Panama Canal. That’s less than $2 million a year.
False claim: “The Chinese government controls the Panama Canal.”
Answer: Panama controls, manages, supervises, regulates, cares for and maintains the Panama Canal. There are no Chinese military personnel stationed in Panama, instead, the Panama Canal Advisory Board is chaired by retired Admiral William J. Flanagan, who was head of the U.S. Southern Command.
False claim: “The Chinese company that operates two ports at the entrances to the Panama Canal can close them whenever the Chinese government orders it.”
Answer: The ports of Balboa and Cristobal are owned by Hong Kong-based CK Hutchinson. This company has 53 ports in 24 countries, including the United States, and by 2023 it had handled more than 81 million containers or the equivalent. This company is not included on any United States government list of restricted companies, as are other Chinese companies. It is important to understand that all ships entering and leaving the Panama Canal are captained by Panamanian Canal pilots, including ships going to the ports of Balboa and Cristobal. So at all times those ships are commanded by a Panamanian Panama Canal collaborator. Go ahead, take what is said here, put it into your own words and share it with the whole world. Only the truth and national unity will lead us to a safe harbor.’
Thus, the US does not appear to be receiving unfair treatment afterall. Rather the US pays more than any other country for the use of the Panama Canal because it accounts for 75% of the canal traffic in the fiscal year 2024, with China coming in at second with 21%. In other words, the passage rate is determined by the number of ship/cargo that is going through, thus, the US pays more since they have more ships/cargo going through. To claim that this is unfair treatment is a dishonest statement.
NEWSWIZE
MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIR
What Good Is 15% Growth If It’s Matched With 15% Unemployment?
Tuesday, Feb 10, 2026 – 12:00 PM
By Michael Every of Rabobank
Mr. 15%: Trump stated if Fed Chair Warsh does his job, US growth could be 15% or higher. It’s unclear if that’s annual, exceeding China’s early spurt, or over the remaining two-and-a-half years of his presidency, so higher than China today, or nominal or real. Yet the key signal for those who called Warsh a ‘hawk’ is that the Fed is going to run the economy hot. That’s as the FT notes, ‘Bash All Day, Buy All Night’, explaining “Why foreigners keep pouring money into America” despite attacking it verbally all the time.
For now, signals are ice cold and red hot. The Wall Street Journal claims ‘Job Hunters Are So Desperate That They’re Paying to Get Recruited.’ However, trucking signals point to a significant upturn ahead led by manufacturing. Already in the 15% camp is AI, where Alphabet is lining up a 100-year sterling bond sale and, as Bloomberg puts it, ‘Memory Chip Squeeze Wreaks Havoc in Markets, With More to Come.’ Relatedly, the US is reportedly to exempt Big Tech from upcoming chip tariffs, with exemptions based on FDI commitments from Taiwan’s TSMC. That shows an expected pragmatic refinement of US neo-mercantilism in line with past phases of such political economy.
In the US, AI is now being embraced by many firms in ways which may genuinely boost productivity beyond what old mindsets and models can compute. Yet not all AI is equal. Reuters warns, ‘As AI enters the operating room, reports arise of botched surgeries and misidentified body parts’; Axios adds, ‘People are using AI for legal advice and it’s driving lawyers bananas.’ So should the idea of mass unemployment in many sector: what good is 15% growth if matched with 15% unemployment?
Old-fashioned oil, and other commodity constraints, will also have something to say about 15% growth. The US military is still surging into the Middle East, as Iran is reportedly ready to “dilute” its highly enriched uranium if all sanctions lifted. Yet with fresh US guidance to ships transiting Strait of Hormuz issued, markets will have to wait and see if this ends like Venezuela or with a deal (bearish oil), or like Iraq (bullish oil).
Mr. 1.5%: In Germany, Bosch is to lay off 20,000 workers as deindustrialisation snowballs, yet German rearmament continues. The latter is boosting GDP growth, but without recovery in other industries (and why assume that?), current trends project a very different German economy ahead – more so if Europe doesn’t make the weapons it rearms with. Yet as the US hands over two key NATO command posts to Europeans, ‘France and Germany’s next-generation fighter jet project is ‘dead’’.
On the broader European push to decouple from the US — as it signs up to a US critical minerals plan which implies the complete opposite— the FT reports ‘EU failing to implement economic fixes as single market withers’, and ‘European alternatives to Visa and Mastercard ‘urgently’ needed’; yet Politico claims this week will show ‘Macron sells a vision of ‘Made in Europe’ that Merz and Meloni aren’t buying’, while ‘European industry revolts over EU plan to weaken carbon border tax’ (Politico), which argues the opposite What is the EU grand macro strategy, exactly?
For now, it appears defensive in a different sense. As Politico also notes, ‘Bank of France chief’s surprise exit stokes suspicion among Macron’s opponents’, and the “Governor’s departure allows the French president to future-proof the central bank against a far-right government.” That’s as the Economist underlines that the far right, at 24%, is now the joint largest single faction across European elections.
Equally, while Europe is considering issuing more Eurobonds to back Euro stablecoins, and ‘has a plan to challenge the dollar’s global role’, “The sticking point is… changing established practices in third countries using dollars… As a next step, the Commission proposes to “obtain a better understanding of the obstacles for the Euro’s wider use, while fully respecting national choices regarding monetary arrangements.” Markets will be very happy to explain it to them.
Mr. 1.5%: UK PM Starmer said he’s “not prepared to walk away” after calls for his resignation, but that doesn’t mean he won’t be pushed by his cabinet or the Labour Party. Former Deputy Leader Rayner, under investigation for her tax affairs, briefly had a ‘Rayner for leader’ website up, showing this process is underway. Markets are unhappy about another bout of UK political instability, combined with a possible populist left policy direction ahead.
Mr. 1.5%: In Australia, the RBA just forecasted the worst medium-term economic growth ever – 1.6% annual average through to 2028. Given expected population growth, that’s almost nothing per capita. Even if it’s the Aussie opposition, not government, that’s in turmoil for now, that may not stay the case for long.
Mr. 1.5%: Canadian PM Carney is reportedly discussing the idea of an early federal election to secure a majority. That’s as Trump threatened to bar the new US-Canada bridge from opening. One can see the election platform there already. What one cannot see is a growth model that hits even 1.5% sustainably, and per capita, if US-Canada tensions remain that high.
Mrs. 1.5%: After Japanese PM Takaichi’s landslide election win, where will she go on fiscal, defence, and foreign policy – and what will the BOJ do in response? Will we see crucial, controversial constitutional change to allow for broader rearmament and military deployment? One thing is for certain: Japan will be part of the Trumponomics geoeconomic and geopolitical nexus… and does that imply it can grow at what for it would be the giddy heights of 1.5%?
What %?: China warned its banks to reduce US Treasury holdings (selling to whom?) over worries about market volatility ahead (why now when one looks at recent vol in gold and Bitcoin, etc?). It also officially banned any form of private sector CNY stablecoins from being issued, making the dividing line with soon-to-emerge US dollar stablecoins crystal clear.
What %?: The Fed’s Waller said Trump-induced crypto euphoria may be fading, Bostic said confidence in the US dollar is coming into question, and Miran added the Fed should do QE in a crisis, but not otherwise. What constitutes a crisis?
What %?: Saudi Arabia’s $925bn sovereign wealth fund is set to announce a strategy revamp that will emphasize industry, minerals, AI, and tourism, while scaling back mega projects. That kind of investment reallocation is being seen globally in most, but not all, places: what GDP growth rates will it record in doing so?
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
CANADA/USA
BREAKING: USMCA Review COLLAPSES — Canada ABANDONS $700B Trade Deal After Trump’s Final Ultimatum
end
More on the spat between Trump and Carney:
CANADA/USA
BACKGROUND…
The latest news on tensions between Mark Carney (Prime Minister of Canada) and Donald Trump (U.S. President) centers on a fresh dispute over the Gordie Howe International Bridge, a major binational infrastructure project connecting Windsor, Ontario, to Detroit, Michigan.Trump posted on his social media platform (Truth Social) on February 9, 2026 (or early February 10 depending on time zones), threatening to block the bridge’s opening unless the U.S. receives “full compensation” for what it has “given” Canada, and suggesting the U.S. should own at least half of the asset. He claimed the bridge was built with “virtually no U.S. content,” criticized Canada for treating the U.S. “very unfairly for decades,” and tied it to broader grievances, including Carney’s pursuit of closer trade ties with China amid U.S. tariffs on Canadian goods. Trump also made a bizarre claim linking increased Canada-China trade to a supposed ban on Canadians playing ice hockey.In response, Carney confirmed he spoke directly with Trump by phone on the morning of February 10, 2026. Carney explained to Trump (and later to reporters) that Canada fully paid for the bridge, that ownership is shared between the Canadian government and the state of Michigan, and that steel from both countries was used in construction. He described the call positively, expressing optimism that the situation would be resolved and calling the bridge a “great example of cooperation” between the two countries.This incident fits into an ongoing pattern of friction:
Broader context includes Trump’s imposition of 25% tariffs on Canadian vehicles and parts (severely impacting Canada’s auto sector, where ~90% of exports go to the U.S.), threats of even higher tariffs (e.g., 100% if Canada advances a trade deal with China), and criticisms of Carney’s policies.
Earlier in 2026 (January), Carney delivered a high-profile speech at the World Economic Forum in Davos, warning of a “rupture” in the rules-based international order due to “great powers” weaponizing economic might (widely seen as a veiled critique of Trump). Trump hit back, saying “Canada lives because of the United States” and that Canada should be “grateful.”
Carney has since emphasized diversifying Canada’s trade (e.g., pursuing 12 new deals across four continents) and boosting domestic industries like electric vehicles to reduce U.S. reliance, while rejecting certain U.S. demands publicly.
Analysts and media describe this as part of a strategic standoff, with Carney rejecting Trump’s demands (e.g., in one report, outright rejecting “five sweeping demands”) and positioning Canada as a resilient middle power.
The bridge dispute appears to be the most immediate and specific “spat” right now, escalating trade and sovereignty tensions. Carney’s government frames it as resolvable through dialogue, while Trump’s rhetoric keeps pressure on amid upcoming USMCA review talks. No major new escalations were reported beyond this call as of February 10, 2026.
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS TUESDAY MORNING 6;30AM//OPENING AND CLOSING
USA DOLLAR VS EURO: 1.1910 FOR A GAIN OF .0007 OR 7 BASIS PTS.
USA/ YEN 155.53 DOWN 0.539 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 1.3672 UP 0.0009 OR 9 BASIS PTS
USA/CAN DOLLAR: 1.3564 UP 0.0003 CDN DOLLAR DOWN 3 BASIS PTS//
Last night Shanghai COMPOSITE CLOSED UP 5.28 pts or 0.13%
Hang Seng CLOSED UP 155.99 PTS OR 0.58%
AUSTRALIA CLOSED DOWN 0.41%
// EUROPEAN BOURSE: MOSTLY ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: MOSTLY ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 155.99 PTS OR 0.58%
/SHANGHAI CLOSED UP 5.28 PTS or 0.13%
AUSTRALIA BOURSE CLOSED DOWN 0.41 %
(Nikkei (Japan) CLOSED UP 1238.56 PTS OR 2.20%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 5045.00.
silver:$82.25
USA DOLLAR VS TRY (TURKISH LIRA): 43.63
USA DOLLAR VS RUSSIAN ROUBLE: 77.11 ROUBLE// DOWN 11 BASIS PTS
UK 10 YR BOND YIELD: 4.5120 DOWN 2 BASIS PTS
UK 30 YR BOND YIELD: 5.319 DOWN 3 BASIS PTS
CDN 10 YR BOND YIELD: 3.399 DOWN 0 BASIS PTS
CDN 5 YR BOND YIELD; 2.910 DOWN 0 BASIS PTS
USA dollar index early TUESDAY morning: 96.780 UP 10 BASIS POINTS FROM MONDAY’s CLOSE
TUESDAY MORNING NUMBERS ENDS
And now your closing TUESDAY NUMBERS 11: 30 AM
Portuguese 10 year bond yield: 3.165% DOWN 4 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.232% DOWN 6 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.498 DOWN 6 BASIS PTS//DIASTER
SPANISH 10 YR BOND YIELD: 3.178 DOWN 4 in basis points yield
ITALY 10 YR BOND: 3.422 DOWN 4 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (
GERMAN 10 YR BOND YIELD: 2.8080 DOWN 3 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY MONDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1919 UP 0.0017 OR 17 basis points
USA/Japan: 154.38 DOWN 1.742 OR YEN IS UP 174 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.490 DOWN 4 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.305 DOWN 5 BASIS POINTS.
REAR VIEW: Soft US Retail Sales print; Import prices & Employment Costs Index soft, with export prices hot; Trump might send second carrier to strike Iran if talks fail; Lutnick said its more natural for the dollar to be at its current level; Average US 3yr note auction; Hawkish Fed speak from Hammack and Logan; NY Fed survey sees consumer delinquencies rise to the highest since 2017; EIA world oil production outlook raised for ’26 and ’27; DDOG earnings impress; Hotter-than-expected Norwegian inflation.
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MARKET WRAP
US indices were broadly lower on Tuesday, albeit in contained ranges, as participants await the US jobs report on Wednesday, followed by CPI on Friday. Data on Tuesday was largely subdued, as retail sales disappointed, and the weekly ADP only saw 6.5k jobs added per week, for the last four weeks. Import/export prices saw the former come in as expected, while the latter was slightly lower, in addition to soft employment costs. Sectors were mixed, as Utilities, Real Estate, and Materials outperformed, with Financials and Communications lagging as further Alphabet weakness weighed on the latter. For Financials, weakness was led by names such as Charles Schwab and Interactive Brokers Group, which saw a sharp sell off in the US afternoon, albeit with no clear driver, but some touted Altruist adding AI tax planning to its Hazel platform. One of the other stock-specific highlights included impressive DataDog (+11%) earnings, which helped support other software names. The Dollar pared some of its earlier weakness and stopped the rot from its sell-off on Monday, with the Yen the G10 outperformer and continuing to benefit post-election. CAD saw marginal gains, while other G10s saw losses to varying degrees. Oil was slightly lower, albeit within tight parameters, with the main update being Trump informing Axios that he is considering sending a second aircraft carrier strike group to the Middle East to prepare for military action if negotiations with Iran fail, adding that either we will make a deal or we will have to do something very tough like last time. Spot gold was lower and fell back beneath USD 5,050/oz and Treasuries caught a bid after the aforementioned soft retail sales and ECI, and saw little reaction on an average 3yr auction. Elsewhere, there was hawkish Fed speak from Logan and Hammack, with both of them seemingly happy with where rates are presently. The latest NY Fed survey saw consumer delinquencies rise to the highest since 2017, while mortgage defaults surged in lower-income areas, with student loan delinquencies rising to a record.
US
RETAIL SALES: The December Retail Sales report was soft, with the headline unchanged vs November despite expectations for a 0.4% increase and cooling from the prior 0.6% pace in November. Within the report, ex-autos were also unchanged and softer than the 0.3% forecast, cooling from the prior 0.5%. The control group, a good gauge for consumer spending within the GDP report, was also soft, falling 0.1% after rising 0.1% in the prior month, missing expectations of a 0.4% rise. For the headline, across sectors, the only real strength was seen in building materials, rising 1.2%, while sporting goods rose 0.4% and gasoline stations +0.3%. On the flip side, miscellaneous and furniture stores declined by 0.9%, with other businesses around flat. Pantheon Macroeconomics writes that weak underlying sales are probably a sign of what is to come. The desk notes that this data, mapped with other leading indicators, points to a 0.1% increase in real consumer spending in December, and some slight downward revisions to spending growth in October and November. Pantheon adds that this suggests, albeit with a meaningful margin of error, to 2.5% spending growth in Q4, slower than the 3.5% in Q3.
IMPORT/EXPORT PRICES: Import prices rose 0.1% in December, in line with analyst forecasts, easing from the prior 0.4% pace seen over September to November. Export prices rose 0.3%, above the 0.1% forecast but cooler than the prior 0.5%. Analysts at Oxford Economics highlight that weak fuel prices continue to weigh on headline import prices, but prices for other goods continue to rise, including capital goods, which reflects strong business investment. The desk also notes that a weaker Dollar lends upside risk to import prices in the months ahead. Nonetheless, OxEco still expect inflation to moderate throughout 2026, allowing the Fed to cut rates in June and September.
EMPLOYMENT COSTS INDEX: The Q4 Employment Cost Index rose 0.7%, a touch softer than the 0.8% forecast and prior. Within the report, wages and salaries rose 0.7%, while benefits costs also increased 0.7%, vs the prior 0.8%. Summarising the data, Pantheon Macroeconomics says labour cost growth is continuing to moderate despite solid productivity gains, which opens the door to further easing from the FOMC later this year. Pantheon highlights that “With 2% growth in productivity looking sustainable, unit labour costs are rising at a mere 1.5% pace, easily low enough to return core PCE inflation to the 2% target.”
FED
HAMMACK (2026 voter): Said the Fed is in a good position with policy ‘to see how things play out’, and that the current Fed target rate ‘in the vicinity of neutral’ (Powell has previously said in a plausible range of neutral, albeit towards the higher end), adding that Fed rate policy could be on hold ‘for quite some time’. On the inflation side of things, the Cleveland Fed President remarked it is ‘still too high’ and tariff issues still in play, and she expects it to ease as year moves forward, but that’s just a forecast. Added that there’s a risk inflation could stick at 3% this year and needs to come down, worries that inflation could become entrenched, but expectations are currently contained, and that it is important to get to 2% inflation before changing rates again. On the labour market, Hammack said the job market stabilised into low hire, low-fire landscape. She further added she is ‘cautiously optimistic’ about the economic outlook. In the Q&A section, Hammack echoed that interest rates could remain on hold for an extended period while economic data is assessed, and flexibility will be maintained to raise rates if needed.
LOGAN (2026 voter): Said in the coming months, if inflation falls and the labour market stays stable, no further rate cuts will be needed. On inflation, Logan is more worried about inflation remaining stubbornly high and is not fully confident that inflation is heading all the way back to 2% and anticipates progress on inflation this year; have already seen some tentative signs. On the other side of the mandate, if Logan sees further material cooling in the labour market, cutting rates could be appropriate. The labour market is stabilising, and downside risks have meaningfully dissipated. Regarding policy, she believes that the current policy stance may be very close to neutral, providing little restraint. The 2026 voter is cautiously optimistic current policy stance will get inflation down to 2% and sustain a balanced labour market. The real FFR now sits squarely within the range of neutral rate estimates. The Dallas Fed President has taken note of growth in Treasury cash-futures basis trade and does have vulnerabilities if there’s stress, potential to de-lever rapidly.
FIXED INCOME
T-NOTE FUTURES (H6) SETTLED 10+ TICKS HIGHER AT 112-16+
T-notes catch bid after soft US Retail Sales and Employment Costs. At settlement, 2-year −2.9bps at 3.454%, 3-year −3.8bps at 3.515%, 5-year −4.5bps at 3.698%, 7-year −5.2bps at 3.912%, 10-year −5.5bps at 4.143%, 20-year −6.5bps at 4.727%, 30-year −6.4bps at 4.785%.
THE DAY: T-notes ultimately meandered throughout the overnight and morning session, but upside ensued in wake of the US data which saw soft December Retail Sales and Q4 Employment Costs, helping T-notes advance higher. Retail Sales missed across the board, adding to some fears of a consumer slowdown with the control group, a good gauge for consumer spending in the GDP report, declining by 0.1%, below the 0.4% forecast. The focus this week remains largely on the US NFP on Wednesday and CPI data on Friday to help shape Fed rate cut expectations – the data is also for January, more timely than the delayed December Retail Sales report. After the data today, the Atlanta Fed GDP Now estimate was downgraded to 3.7% from 4.2%.
For treasuries specifically, supply will also be in focus after the three-year auction today was relatively in line with recent averages. With the majority of earnings behind us, corporate supply continues to ramp up with Google (GOOGL) entering global debt markets after its USD 20bln launch on Monday. Today, it added GBP 5.5bln in UK markets, including a 100-year bond, and CHF 3.0455bln in Swiss markets. Elsewhere, Disney (DIS), Loews (L), Pulte (PHM), Alexandria Real Estate (ARE), Cencora (COR), Sysco (SYY), Disney (DIS) and Tyson Foods (TSN) also entered the market. The slew of issuance didn’t seem to have any direct downward impact, but it perhaps limited gains post-data, particularly with 10- and 30-year Treasury supply due this week.
Elsewhere, the latest NY Fed survey saw consumer delinquencies rise to 4.8% of household debt in Q4, the highest since 2017, while mortgage defaults surged in lower-income areas, with student loan delinquencies rising to a record. Delinquencies in credit cards and auto loans also rose.
Fed speak saw 2026 voter Hammack, who said policy is in a good position to see how things play out, noting the current target range is in the vicinity of neutral and the Fed could be on hold for quite some time.
SUPPLY
Bills
US sold 6-week bills at a high rate of 3.635%, B/C 2.96x
US to sell USD 90bln of 6-week bills on February 10th; to settle on February 12th
Notes
US sold USD 58bln of 3-year notes with a high yield of 3.518%, stopping through the when issued by 0.1bps, matching the prior auction but not as strong as the six auction average 0.5bps stop through. The bid-to-cover fell slightly to 2.62x from 2.65x, below the 2.68x average. However, the breakdown saw direct demand rise to 31.92% from 29.5%, above the 24.7% average. Indirect demand also rose, to 57.15% from 56.5%, but below the 63.7% average. This left dealers with 10.94% of the auction, an improvement from the prior 14% and slightly better than recent averages, 11.6%.
US to sell USD 42bln in 10-year notes on February 11th, and USD 25bln in 30-year bonds on February 12th.
STIRS/OPERATIONS
Market Implied Fed Rate Cut Pricing: March 4.9bps (prev. 3.7bps), April 10.7bps (prev. 8.2bps), June 25.7bps (prev. 23.2bps), December 57.9bps (prev. 55.7bps).
NY Fed RRP op demand at USD 1.45bln (prev. 1.31bln) across 5 counterparties (prev. 10).
EFFR at 3.64% (prev. 3.64%), volumes at USD 92bln (prev. 106bln) on February 9th.
SOFR at 3.63% (prev. 3.64%), volumes at USD 3.132tln (prev. 3.195tln) on February 9th.
CRUDE
WTI (H6) SETTLED USD 0.40 LOWER AT 63.96/BBL; BRENT (H6) SETTLED USD 0.24 LOWER AT 68.80/BBL
The crude complex saw slight losses, albeit within tight parameters, as US/Iran tensions remain in focus. The main update came in the US afternoon, as President Trump told Axios in an interview that he is considering sending a second aircraft carrier strike group to the Middle East to prepare for military action if negotiations with Iran fail. He added that either we will make a deal or we will have to do something very tough like last time, and he expects the second round of US-Iran talks to take place next week. No reaction was seen in oil, as traders await to see how this plays out. On the supply side of things, reports noted that Venezuela’s largest refinery, Amuay (645k BPD), is restarting basic operations after a power blackout. Elsewhere, headline-specific newsflow was light and highlighted by WTI traded between a contained USD 63.65-64.71/bbl and Brent USD 68.44-69.49/bbl. Despite saying that, we got the monthly STEO, which saw 2026 world oil demand unchanged at 104.8mln BPD and 2027 unchanged at 106.1mln BPD. After-hours, we await the weekly private inventory metrics, whereby current expectations are (bbls): Crude +0.8mln, Distillates -1.3mln, Gasoline -0.4mln.
EQUITIES
CLOSES: SPX -0.33% at 6,942, NDX -0.56% at 25,128, DJI +0.10% at 50,188, RUT -0.34% at 2,680
SECTORS: Communication Services -0.84%, Financials -0.75%, Health -0.63%, Consumer Staples -0.63%, Technology -0.58%, Energy -0.08%, Industrials +0.12%, Consumer Discretionary +0.45%, Materials +1.29%, Real Estate +1.39%, Utilities +1.59%.
EUROPEAN CLOSES: Euro Stoxx 50 -0.18% at 6,048, Dax 40 -0.12% at 24,986, FTSE 100 -0.31% at 10,354, CAC 40 +0.06% at 8,328, FTSE MIB -0.04% at 46,803, IBEX 35 -0.43% at 18,118, PSI -0.42% at 8,953, SMI -0.05% at 13,511, AEX +0.51% at 1,004
STOCK SPECIFICS:
Datadog (DDOG): EPS, revenue and operating income beat, although guidance was weak.
Spotify (SPOT): EPS, MAUs and total premium subs topped with strong guidance.
TSMC (TSM): 37% Y/Y rise in January revenue to USD 12.7bln
DuPont (DD): Sees FY sales and profit above expectations after Q4 metrics beat, helped by higher sales in healthcare segment & by business restructuring
Hasbro (HAS): Top & bottom line surpassed expectations.
Quest Diagnostics (DGX): EPS, revenue beat with better than expected FY outlook.
Amazon (AMZN) plans to launch an AI content marketplace, allowing publishers to sell content to AI firms.
Coca-Cola (KO): Revenue fell short.
Fiserv (FISV): FY profit guide midpoint was shy of Wall St. expectations.
On Semiconductor (ON): Mixed next quarter guidance.
S&P Global (SPGI): Profit weak with disappointing FY outlook.
Trump admin plans tariff carve-outs for US hyperscalers, including AMZN, GOOG, and MSFT linked to TSMC’s US investment commitments.
Altruist has launched AI-powered tax planning within Hazel, enabling Advisors to create personalised tax strategies by analysing clients’ 1040s, pay stubs, account statements and other financial documents; the news sparked AI disruption concerns within the space, Charles Schwab (SCHW), Raymond James (RJF), LPL Financial (LPLA) were hit the hardest.
Paramount SkyDance (PSKY) is enhancing its USD 30/shr all-cash offer for Warner Bros Discovery (WBD) to add a USD 0.25/shr “ticking fee”, payable to WBD shareholders for each quarter its transaction has not closed beyond December 31st 2026.
FX
The Dollar was mainly bid against major peers as the notable weakness seen in the last two trading days took a breather, as repositioning was likely at play ahead of NFP on Wednesday. In the background, data came in soft, highlighted by an underwhelming Retail Sales report, with the headline unexpectedly showing no growth in December despite expectations of +0.4% with the core gauge, Retail Control, unexpectedly declining 0.1%, albeit marginally. This sent US yields across the curve lower, but with the dollar seeing notable selling pressure since Friday, further weakness seemed exhausted. Earlier in the week, a Bloomberg report noting that China is urging banks to curb UST exposure had renewed some concerns over international demand for US assets. That said, today’s US 3yr note auction saw an uptick in indirect demand, suggesting foreign buyers aren’t going anywhere, at least for now. As mentioned, NFP is to be the highlight on Wednesday, expected to show +70k payroll growth with an unemployment rate seen steady at 4.4%. DXY was only modestly lower, trading at ~96.80 from earlier 97.007 highs as strong JPY gains largely offset weakness in other G10 currencies.
JPY was the clear outperformer amongst G10 currencies vs USD, also seeing strength across other peers. Optimism has continued to build following PM Takiachi’s landslide victory in the Lower House, with JGB yields on the long end continuing to ease while the 2yr yields remain firmer than pre-election levels as bets over a faster BoJ normalisation help JPY’s bull case. USD/JPY now trades around 154.30 from the 157.56 seen at the start of the week.
EUR/NOK traded lower in response to hotter-than-expected Norwegian inflation. Core Y/Y printed 3.4% in January above the expected 3.0% (Norges Bank exp. 2.9%, prev. 3.1%). Nomura now sees one more cut (prev. three cuts) by the Norges Bank. EUR/NOK now trades around 11.3180 from earlier 11.4255 highs.
The Chinese Yuan was little changed vs USD. Latest updates from the PBoC showed the central bank is to continue implementing appropriately loose monetary policy and vows to expand the use of CNY in cross-border trade.
Stocks green as tech rebound continues – Newsquawk US Market Wrap
USA DATA RELEASES
looks like the USA economy is beginning to fall apart
(zerohedge)
US Retail Sales Disappoint In December As Small Business Optimism Dips
Tuesday, Feb 10, 2026 – 08:40 AM
Today’s Retail Sales data is for December and so should be ‘clean’ from the perspective of the January storms which dramatically reduced consumers ability to spend year-to-date, as illustrated by BofA’s ‘rest of US’ spending indicator…
After a big bounce in November, expectations were for a decent 0.4% MoM rise in retail sales to end the year (despite the plunge in consumer confidence signaled by UMich), but the actual print was a big disappointment with headline retail sales unchanged MoM in December. That is the weakest YoY retail sales growth since Sept 2024…
Source: Bloomberg
Motor Vehicle and Clothing sales tumbled the most while spending on Building Materials and Food & Beverage rose the most…
Core Retail sales was also unchanged MoM (a big miss from ther +0.4% MoM exp)…
Worse still the ‘Control Group’ which plugs into the GDP calculation, fell 0.1% MoM (far worse than the 0.4% MoM expected).
Of course, this December disappointment comes after a strong November so before you panic, perhaps some smoothing and seasonals are at play.
Interestingly, ‘real’ retail sales (admittedly crudely adjusted via CPI) actually decline on a YoY basis in December…
Perhaps it’s time for this alligator’s mouth to snap shut?
Source: Bloomberg
In addition to disappointing retail spending, sentiment among US small-business owners edged down in January for the first time in three months as optimism about the economic outlook eased. The NFIB Optimism index slipped 0.2 point to 99.3, with 7 of the 10 components that make up the gauge decreased, while three increased.
Taxes continued to rank as the single most important problem for small firms, followed by quality of labor.
However, a net 16% of owners said they expect inflation-adjusted sales to improve in the next three months, up 6 percentage points from December and the largest share in a year. Also, a net 15% of owners reported that now would be a good time to expand their business, a six-month high.
END
THIS IS HUGE!! huge delinquencies!!
US Consumer Debt Delinquencies Soar To Highest Since 2017 While Office Delinquencies Hit Record High
Tuesday, Feb 10, 2026 – 03:45 PM
It will come as a surprise to exactly nobody that the Fed’s latest quarterly Household Debt and Credit report (for Q4 2025) reported total household debt balances increased by $191 billion in the fourth quarter of 2025, a 1% rise from 2025 Q3, to a new all-time high. Balances now stand at $18.8 trillion and have increased by $4.6 trillion since the end of 2019, just before the pandemic recession.
This is how various debt balances changed through the quarter:
Mortgage balances shown on consumer credit reports grew by $98 billion during the fourth quarter of 2025 and totaled $13.17 trillion at the end of December.
Balances on home equity lines of credit (HELOC) rose by $12 billion, the 15th consecutive quarterly increase.There is now $433 billion in outstanding HELOC balances, $116 billion above the low reached in 2022Q1. In total, non-housing balances increased by $81 billion, a 1.6% increase from 2025Q3.
Credit card balances rose by $44 billion during the fourth quarter and now total $1.28 trillion outstanding, up 5.5% since last year.
Student loan balances increased by $11 billion and now stand at $1.66 trillion.
Auto loan balances edged up by $12 billion to $1.66 trillion.
Other balances, which include retail cards and consumer finance loans, rose by $14 billion and now total $564 billion.
New debt originations were also solid in the quarter:
The volume of mortgage originations, which includes both refinance and purchase originations, increased with $524 billion newly originated in 2025 Q4, an uptick from the $512 billion seen in the previous quarter. It was the highest since 2022 when rates were far lower.
There were $181 billion in new auto loans and leases appearing on credit reports during the fourth quarter, a small dip from the $184 billion observed in 2025 Q3.
Aggregate limits on credit cards continued to rise, with a $95 billion (1.6%) uptick in the fourth quarter.
Home equity lines of credit (HELOC) limits rose by $25 billion (2.5%), continuing an expansion in HELOC limits that began in 2022.
Credit quality of newly originated mortgages held steady, while auto loans loosened slightly. The median credit score for new mortgage originations was 775 in 2025Q4, unchanged from 2025 Q3 while the tenth percentile declined from 660 to 650. For auto loans, the median credit score edged down, from 724 to 716.
Taking a closer look at some of the negative changes below the surface, delinquency rates on loans ranging from mortgages to credit cards rose to 4.8% of all outstanding US household debt in the fourth quarter, up 0.3% sine Q3 2025 and the highest level since 2017, driven by higher defaults among low-income and young borrowers.
As Bloomberg notes, while the overall share of loans in some stage of default is near pre-pandemic averages, the rise in delinquencies among the lowest earners adds to evidence of an increasingly K-shaped economy, and nowhere was it more obvious than in the case of student loans – where with the Biden repayment moratorium has been over for the past year – we have seen a tsunami of both early delinquencies, with 16.3% of student-loan debt became delinquent in Q4 the biggest increase on record in data going back to 2004…
… and serious delinquencies (effectively defaults)…
… led by 50+ year-old “students” (almost certainly of the liberal major, blue-haired anti-ICE, variety).
The rise in defaults was also driven by delinquencies in mortgage payments, and New York Fed researchers found that they were particularly high in lower income zip codes.
“As household debt levels grow modestly, mortgage delinquencies continue to increase,” said Wilbert van der Klaauw, an economic research advisor at the New York Fed, said in a press release accompanying the figures. “Delinquency rates for mortgages are near historically normal levels, but the deterioration is concentrated in lower-income areas and in areas with declining home prices.”
The increased struggle in low-income and young borrowers’ ability to pay their loans is consistent with elevated unemployment rates among some parts of the population, the NY Fed researchers added. The jobless rate for workers 16 to 24 years old stood at 10.4% in December, near the highest levels since the depths of the pandemic in 2021, and largely the result of AI disruption.
But if the Fed is concerned about the soaring debt delinquencies now, just wait a few years until a third of all jobs are replaced by hallucinating chat bots, and the overall unemployment rate is 15%, something we discussed earlier. At that point the question will not be whether Kevin Warsh will shrink the balance sheet – he never will – but whether the coming Universal Basic Income money printing will be measured in the trillions or quadrillions.
But wait, there’s more: because chatbot algos do not need an office – and the workers they displace no longer need an office – the spiked in post-covid office defaults is back, and according to commercial real estate specialist Trepp, the CMBS delinquency rate increased again in January 2026, climbing 17 basis points to a record 7.47%.
The increase was driven by a net increase in delinquent loans of almost $1.6 billion, primarily driven by the office sector. For the second straight month, three of the five major property types saw increases to their delinquency rates, while two pulled back, although the mix was different in January.
The largest rate increase was in office, which rose 103 basis points to an all-time high of 12.34%. The previous high was 11.76% back in October last year. The second largest rate increase was multifamily’s, which seesawed back up by 30 basis points in January to 6.94%, following a decrease of similar magnitude of 34 basis points the month prior.
January’s balance of newly delinquent loans totaled just under $5.4 billion, while over $2.6 billion of delinquent loans cured over the same period, and $1.1 billion of delinquent loans paid off, resulting in a net delinquency increase of about $1.6 billion.
The office sector was the largest net contributor to the increase in the delinquency rate, while a large lodging loan that cured in January helped to offset some of the increase in the headline delinquency rate.
It gets worse: if we were to include loans that are beyond their maturity date but current on interest (delinquency status of performing matured balloon), the delinquency rate would be 9.14%, up 39 basis points from December. That is also 167 basis points higher than the headline rate of 7.47%, highlighting ongoing maturity-related stress.
Bottom line: at some point the AI revolution may well lead to a productivity revolution, but to get there the US will first go through a mass layoff wave, resulting in tens if not hundreds of millions of layoffs (a 15% unemployment rate to go with the 15% growth rate), coupled with a historic debt crisis and a collapse in virtually every commercial real estate sector while Blackstone buys up all the residential real estate it has had its eyes on for the past decade.
USA ECONOMIC COMMENTARIES
Winter Storm Triggers $15 Billion Power Surge On Key U.S. Grid
Tuesday, Feb 10, 2026 – 10:40 AM
A brutal January cold snap sent electricity prices soaring across the largest U.S. power grid, as operators scrambled to meet surging heating demand and prevent outages, according to Bloomberg.
On the PJM Interconnection system — which supplies power to roughly one-fifth of Americans — wholesale electricity costs reached $15.38 billion for the month, more than double the $7.34 billion recorded a year earlier, according to Joe Bowring of Monitoring Analytics LLC.
The early figures suggest households could soon face higher utility bills, a sensitive political issue after energy prices influenced several gubernatorial races last year. The spike came alongside sharply rising natural gas prices, which hit multi-year highs across much of the East Coast and set records in some regions.
Bloomberg writes that despite the strain, the grid largely held up during the extreme weather. “happy surprise,” said Judy Chang of the Federal Energy Regulatory Commission at a Washington conference. “We are not over it yet, but I’m hoping that the next week, too, we will survive. It’s a severe situation.”
Energy purchases drove most of the increase, climbing to $12.47 billion from $5.67 billion last January. Meanwhile, emergency measures to bolster supplies — including activating rarely used generators and covering fuel costs — more than doubled to $849 million.
Adding to the pressure, PJM is experiencing rapid demand growth as utilities expand capacity for data centers and artificial intelligence, further tightening available supplies.
Obviously, bringing more nuclear power plants online could ease this pressure over the long term by adding large amounts of reliable, round-the-clock electricity that isn’t dependent on weather or volatile fuel markets. Unlike natural gas, nuclear generation is insulated from price spikes during cold snaps, and unlike wind or solar, it can operate at full capacity regardless of conditions.
Expanding nuclear capacity would strengthen grid resilience during extreme weather, stabilize wholesale prices, and reduce the need for costly emergency measures—helping protect consumers from the kind of winter-driven cost surges seen this January.
end
California
it will not be long before California declares bankruptcy
California Power Bills Soar 39% As Wildfires and Policies Drive Costs
Tuesday, Feb 10, 2026 – 03:05 PM
California residents have experienced the steepest rise in electricity costs in the nation, with average bills climbing 39% over the past six years, according to UC Berkeley’s Haas Energy Institute. Researchers link the surge to wildfire-related expenses and long-standing policy decisions that shifted more costs onto consumers, according to the NY Post.
“I represent a working-class district in Orange County, and constant utility rate increases mean incessant pressure for constituents to make ends meet,” Assemblymember Tri Ta told The Center Square.
He added, “I am very concerned about the cost of utilities in California. The main driver of our high costs are public policy decisions that were made long before I joined the Legislature but am tackling now.”
The Post writes that the increases come on top of California’s already high living costs, with families spending about $30,000 more than the national average on basic needs, according to the Transparency Foundation.
Analysts say utilities have been allowed to pass wildfire prevention and recovery expenses, infrastructure upgrades, and renewable energy investments directly to customers. Subsidies for rooftop solar have also shifted costs onto households without panels, according to UC Berkeley professor Severin Borenstein.
Elsewhere in the country, electricity prices generally tracked inflation from 2019 to 2025 or even declined. States such as Arizona, Minnesota, Missouri, Tennessee, Mississippi, and North Carolina saw increases of just 1%, while rates fell in Nevada, Iowa, Alaska, Kansas, and South Carolina, the study found.
KING NEWS
The King Report February10, 2026 – Issue 7677
Independent View of the News
Japanese debt yields hit new highs on the LDP’s landslide (2/3 super majority in 465-seat lower house) win in the snap election. The LDP wants to cut taxes, increase defense spending, and juice the economy. The yen initially sank but then rallied sharply on verbal intervention. This felled the dollar. Precious metals rallied sharply; but Bitcoin dropped below $70k.
Japan’s top forex official, Atshushi Minmura said his office is on high alert in the forex markets. Japanese Finance Minister Satsuki Katayama said she will address the financial markets if needed and warned that she is in close contact with US Treasury Secretary Bessent. Katayama said the sales tax cut will NOT induce more JGB issuance.
PM Takaichi said she would NOT rely of deficit-financing bonds to fund the sales tax cut.
Japan’s 30-year jumped 6.5 bps to 3.615%; and then fell to 3.536%. The 10-year JGB yield rose 5 bps to 2.275%. Its 2-year yield rose to 1.3%, its highest yield in nearly three decades.
@bravosresearch: Japan’s currency and debt risk has effectively been shifted onto the US. The Federal Reserve has reportedly contacted the BOJ over concerns about yen weakness. And that alone has been enough to trigger a dramatic shift in market expectations… Japan cannot afford a sharply weaker yen, as it would limit the BOJ’s ability to print money without risking a full-blown currency collapse. At the same time, the US also does not want a weak yen, because that would imply an even stronger US dollar. So what you essentially have is both central banks aligned that the yen should be strengthening against the US dollar…with the prospect of a coordinated policy action, the yen has made a sharp reversal… This shift has accelerated the dollar’s decline against other currencies as well, including Euro, Canadian dollar, Swedish krona. Chinese yuan… The Trump administration’s strategy is to break the overvalued dollar to improve US competitiveness and stimulate domestic growth. If successful, this could translate into a 10–15% decline in the US dollar index… We’ve already seen this reflected in gold and silver prices going parabolic in recent months… (Japan debt yields at link) https://x.com/bravosresearch/status/2019786471562186984/photo/1
China Reportedly Directs Banks to Cut US Treasury Holdings – BBG Peter Schiff Warns of ‘Soaring’ Consumer Prices
USHs fell to -21/32 (114 27/32) at 7:46 ET but rallied to +3/32 at 14:21 ET. The rebound after JGBs rallied intensified on reports that US January job growth would be lower than expected.
(WH Chief Econ Advisor) Hassett: Should Expect Slightly Lower Jobs Numbers – BBG Hassett: Lower Jobs Numbers Shouldn’t Trigger Panic
Hassett Sees Leaner Jobs Numbers Head on Less Population Growth – BBG “Population growth is going down and productivity is skyrocketing.” (Hurts Main St!) The January jobs report, scheduled for release on Wednesday, is expected to show employers added 69,000 jobs… That report will also include historical revisions that are anticipated to show a sizable downward adjustment to payrolls in the year through March 2025…
ESHs rallied moderately in early Sunday night trading on the conditioned buying for the expected Monday Rally. After hitting 6979.75 (+27.00) at 19:06 ET, ESHs commenced a slow motion declined that accelerated after 4:33 ET. ESHs hit a daily low of 6921.00 (-31.75) at 5:40 ET. After a rebound to 6954.25 at 8:10 ET, ESHs dropped to 6924.25 at the NYSE opening.
Of course, the usual suspects incontinently bought the NYSE opening. ESHs soared to 6997.50 at 11:58 ET. After a retreat to 6977.00 at 13:16 ET, the afternoon rally began. ESHs jumped to a daily high of 7000.50 at 14:28 ET. But there was no follow-through buying after ‘the number’ was hit.
There were no shorts to squeeze or momentum buying after 7000 was modestly breached. But few traders wanted to sell ahead of the late manipulation. So, ESHs went inert. It was time to wait for ‘the next significant order into the pit.’ ESHs broke lower at 15:09 ET and fell to 6980.00 at 16:00 ET.
Positive aspects of previous session Fangs and AI-related stocks soared, which drove the Naz 100 sharply higher. USHs rebounded sharply on fear of US-Japan forex intervention and were +1/32 at 16:00 ET.
Negative aspects of previous session The dollar sank, which induces aggressive buying of commodities. The DJTA fell 138.54 on the reversal of the relative valuation trade.
Ambiguous aspects of previous session Who is ‘in trouble’ due to Bitcoin?
First Hour/Last Hour NYSE Action [S&P 500 Index]: 1st Hour: Up; Last Hour: Down
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6950.26 Previous session S&P 500 Index High/Low: 6980.10; 6905.87
YNET: Senior Israeli official on U.S. talks with Iran: “There is concern this is heading toward an agreement that is not good for us. This is not negotiations between Witkoff and Kushner with the Iranians. The Turks are in the picture, as well as Qatar, Saudi Arabia, and Egypt. There are many players influencing President Trump. We are worried this is moving toward a deal that will not be good for Israel and that is concerning.”
Defense officials warn US-Iran deal could undermine Israel’s security interests… amid assessments by Iranian experts that Iran’s Supreme Leader Ali Khamenei does not intend to abandon the nation’s nuclear project… Additionally, Iran does not intend to give up its arsenal of ballistic missiles… https://www.yahoo.com/news/articles/us-iran-negotiations-could-leave-090122134.html
ESHs are -5.75, NQAs are -26.50; USHs are -1/32; while SI and AU are down moderately at 21:13 ET.
Expected Economic Data: Jan NFIB Small Business Optimism 99.8; Q4 Employment Cost Index 0.8%; Dec Retail Sales 0.4% m/m, Ex-Autos 0.4%, Ex-Autos & Gas 0.4%
Fed Speakers: Cleveland Pres Hammack Noon ET, Dallas Pres Logan 13:00 ET
S&P Index 50-day MA: 6890; 100-day MA: 6803; 150-day MA: 6668; 200-day MA: 6477 DJIA 50-day MA: 48,677;100-day MA: 47,685; 150-day MA: 46,742; 200-day MA: 45,626 (Green is positive slope; Red is negative slope)
S&P 500 Index (6964.82 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 positive – a close below 6935.68 triggers a sell signal
FBI secretly prepared for disputed election and political violence in 2020, bombshell J6 memos show – What did they know, and when did they know it? The memos from 2020 recently turned over to Congress by FBI Director Kash Patel also warned that foreign enemies like Iran and China were likely to foment domestic violence on U.S. soil… “As of 15 July 2020, the Governments of the People’s Republic of China, Iran, and especially Russia appear to have broadly encouraged illegal activity and violence in the hypothetical event that 2020 Presidential election results are disputed, especially via the use of opportunistic, social media-enabled influence operations,” one memo said… “China and Iran were motivated to interfere with US elections and civil stability by an interest in undermining US democratic processes,” it added…
Ghislaine Maxwell invoked the Fifth Amendment at the House Oversight Epstein investigation.
Attorney for Ghislaine Maxwell says the convicted Epstein accomplice can clear President Trump’s name in the Epstein probe in exchange for clemency – CNN (Now, DJT cannot pardon her.)
@bennyjohnson: NFL Network Inside Source Reveals Advertisers are PANICKING After TPUSA’s Super Bowl Halftime Show Broke the Record for the #2 Live Streaming YouTube in History: Jack Posobiec: “We are going to see a STAGGERING number of views on this. YouTube alone is at 6.17 Million views.. We may see 40 or 50M+… the entertainment industry and advertisers are very worried… Cliff Maloney had a source inside NFL Network that says they are FREAKING OUT over the size of this audience.”https://x.com/bennyjohnson/status/2020892879208554523
@CGasparino: Hopefully this the last thing I’ll say about what has becoming increasingly political over the years, and that is the NFL and of all things it’s half-time show. Blame the commissioner Roger Goodell and his obsession with cultural leftism (social justice, DEI and more) for rappers grabbing their crotch in an attempt to create art. Now we just witnessed an idiotic half time show in a language most of the country couldn’t understand from a performer named Bad Bunny, who only week ago spewed his leftist politics during that idiotic Grammy spectacle. Yes totally inappropriate for a Super Bowl that’s supposed to find something a little uniting. Plus, he sucked by any normal measure. The show’s only redeeming feature is that Bad Bunny didn’t come out in his dress.
@jackunheard: Someone captured the exact moment NFL Commissioner Roger Goodell realized picking Bad Bunny was a huge mistake (Dancers grabbing their crotches and simulating sex). He knows they messed up and might have seriously hurt the league. (Video at link) https://x.com/jackunheard/status/2020918115685818437
@CGasparino: Here’s one of the song Bad Bunny sang during the Super Bowl that @nflcommish told us would help bring the country together. This isn’t @TheBabylonBee but it should be… https://x.com/CGasparino/status/2020911311916241115
Congressman Randy Fine @RepFine: “Bad Bunny”‘s disgusting halftime show was illegal.
Had he said these lyrics — and all of the other disgusting and pornographic filth in English on live TV, the broadcast would have been pulled down and the fines would have been enormous. Puerto Ricans are Americans, and we all live by the same rules. We are sending @BrendanCarrFCC a letter calling for dramatic action, including fines and broadcastlicense reviews, against the @NFL, @nbc, and “Bad Bunny.” Lock them up. https://x.com/RepFine/status/2020925409043313023
Rep. Andy Ogles @RepOgles: The Apple Music Super Bowl LX Halftime Show was pure smut, brazenly aired on national television for every American family to witness. Children were forced to endure explicit displays of gay sexual acts, women gyrating provocatively, and Bad Bunny shamelessly grabbing his crotch while dry-humping the air. And if that weren’t outrageous enough, the performance’s lyrics openly glorified sodomy and countless other unspeakable depravities.These flagrant, indecent acts are illegal to be displayed on public airways. That is why I am requesting that the Energy and Commerce Committee launch a formal congressional inquiry into the National Football League and NBC immediately for their prior knowledge, deliberate approval, and facilitation of this indecent broadcast. American culture will not be mocked or corrupted without consequence.
Reverend Jordan Wells @WellsJorda89710: Bad Bunny WIPES Instagram clean after Super Bowl halftime disaster — Americans spoke LOUD! ‘Worst ever,’ ‘disgusting’ — even the stadium felt it. He rage-deleted everything. https://x.com/WellsJorda89710/status/2020850241843413065
@Liz_Wheeler: Replying to (squishy RINO) @JohnKasich: Which part of these lyrics that were sung during Bad Bunny’s halftime show celebrate “wonderful Latino culture”? Which part did you “love”? Be specific, Governor! (Pornographic lyrics at link) https://x.com/Liz_Wheeler/status/2020885554326339949
@MLFootball: Thousands of parents have posted complaining about Bad Bunny having dancers dance inappropriately and twerk during the Super Bowl halftime show. Parents say they are concerned their children will never be able unsee the performance. https://x.com/MLFootball/status/2020717532127297676
@DonaldJTrumpJr: Here’s the lyrics. Please explain the wholesomeness (WaPo called Bad Bunny’s performance ‘wholesome’) in here. Maybe the 30% layoffs at WAPO weren’t nearly enough. https://x.com/DonaldJTrumpJr/status/2020961181390008827
Congress should drag Goodell into a hearing and make him publicly read the pornographic lyrics and ask for his comments after showing video of the twerking, simulated sex acts (including same sex), and incessant crotch grabbing.
Trump after a TMZ poll showed Americans preferred the TPUSA Super Bowl Half-time Show by a yuge margin over the Bad Bunny show: The NFL and leftist elites have no idea how out of touch they are with real Americans.
@WatchChad: TMZ deleted their poll because the results were humiliating. They asked a question and got an answer that destroyed their narrative. You can scrub the post but you cannot erase the fact that people are tired of the nonsense. It is total cowardice.https://x.com/WatchChad/status/2020973481995718881
SWAMP STORIES FOR YOU TONIGHT
the super bowl should never be played in California. There are other venues
(zerohedge)
Breaking Down California’s Insane “Super Bowl Tax”
Monday, Feb 09, 2026 – 08:55 PM
Sam Darnold just WON the Super Bowl…and LOST $71k because it was in California
Watch as Boomer Esiason explains why the players should block any future Super Bowls in California…
🚨 ABSOLUTELY INSANE: Sam Darnold just WON the Super Bowl.. and LOST $71k because it was in California
California's jock tax bills him $249K
Boomer Esiason: The NFLPA should shut down ANY future Super Bowls in California!
Yesterday, the Seattle Seahawks beat the New England Patriots in Super Bowl LX at Levi’s Stadium in Santa Clara, California.
From a financial perspective, each Seahawks player will take home $178,000—payment for that particular game.
Now, given that the Superbowl was played in California—and the players earned money playing in the game— it’s reasonable for the state of California to tax that specific income.
But that’s not the way California looks at it.
Instead, the state will go back in time, all the way to the start of the NFL season in September, and take their ‘fair share’ of the players’ ENTIRE salaries over the entire season.
This is what’s known as the state’s “jock tax,” in which they tax non-resident professional athletes based on the number of “duty days” they spend in the state—traveling, practicing, attending meetings, or playing in a game.
Both teams arrived in California last Sunday, so each player will log at least eight duty days in the state just for the Super Bowl.
They then divide those California duty days over the entire season, and you end up with a percentage. If a player spends, say, 7% of his duty days in California over the season, then the state claims the right to tax 7% of his entire annual salary— at California’s top marginal rate of 13.3%!
This is pretty crazy given that the players only earned $178,000 for that game.
But in the case of Seattle quarterback Sam Darnold, he’ll end up owing Gavin Newsom roughly $249,000 in state taxes this year.
In other words, Sam Darnold will LOSE over $70,000.
I doubt anyone will shed any tears over this (including Darnold). But it’s perfectly consistent with California’s general attitude: dig into absolutely everything they can get their hands on and take as much as humanly possible.
Sam Darnold didn’t have a choice about the venue. But a growing number of people and businesses who are free to choose whether or not to remain in California are getting the hell out.
California has recorded a net loss of residents for six consecutive years— roughly 216,000 people in 2025 alone. Since 2019, more than 200 major businesses have relocated out of the state, including Oracle, Hewlett Packard Enterprise, Charles Schwab, and Chevron.
Even Hollywood is crumbling; on-location film and TV production in Los Angeles hit its lowest level since the pandemic shutdown— down 16.1% in 2025—with 42,000 entertainment jobs vanishing in just two years. Production has scattered to Georgia, the UK, Canada, and Australia, where tax incentives are far more generous. California now ranks sixth among preferred filming locations.
And California’s response is almost comically predictable. Rather than examine why people and businesses keep leaving, they propose ever more medieval measures to squeeze those who remain— or punish those who try to go.
There’s a ballot measure in the works for a “one-time” 5% wealth tax on billionaires, retroactive to January 1, 2026. Exit tax proposals have been floated to penalize wealthy residents who dare to leave.
And how does California spend all this money they confiscate?
The state budget is a nearly $500 billion—one of the largest in the country. Yet they can’t manage to make ends meet. Ever. And they squander it on some of the most insane programs.
Over the past five years, the state has poured $24 billion into homelessness programs— and a state audit found they didn’t even bother to track whether the spending reduced homelessness.
(Homelessness actually got worse.)
The state’s high-speed rail project, now more than 15 years behind schedule, has burned through $15 billion without laying a single mile of high-speed track. The latest cost estimate to complete the project has ballooned to as much as $128 billion.
Meanwhile, California is spending an estimated $9.5 billion this year alone on healthcare— for illegal immigrants through Medi-Cal.
And rather than cooperate with federal immigration enforcement, Governor Newsom and Attorney General Rob Bonta launched an online portal where Californians can report federal ICE agents for “misconduct”— essentially using tax dollars to help obstruct immigration enforcement.
Crazy that this man—Gavin Newsom—is the current front-runner for the 2028 Democratic presidential nomination. He is THE standard bearer for the political Left.
Housing is unaffordable. Crime has surged. Unemployment is above the national average. Businesses and billionaires are fleeing.
His only real policy is to confiscate as much as possible from productive people, waste it on obscene levels of misspending, and then gaslight everyone about what a spectacular job he’s doing.
Now he wants to do for the entire country what he’s done to California.
And if that happens, there will be no Texas or Florida to escape to. The jock tax mentality— reach into every pocket, stake a claim on everything, punish anyone who tries to leave—becomes national policy.
end
a real crook!!!
(David Manney PJMedia)
The Man Who Always Has Proof Tomorrow: Adam Schiff Cries Election Fraud Again
Remember Adam Schiff? The California Democratic senator returned to familiar ground, while sounding another dire warning about President Donald Trump and the upcoming midterm elections.
Schiff said, “I think he fully intends to try to subvert the elections. He will do everything he can to suppress the vote. And if he loses the vote, and I think the Republicans do now expect they’ll get a real drubbing in the midterms. He’s prepared to try to take some kind of action to overturn the result, and we really shouldn’t question that. We saw him try to the point of insurrection to overturn the 2020 election. We see him now taking these extraordinary steps with an election that was five years ago. He’s basically telling us he intends to interfere in the upcoming election. He hasn’t brought prices down. There’s chaos and killing in American streets by ICE agents. The public has turned against him in every election we’ve had since his election.”
Because the script is familiar and he shares it in a safe space, Schiff points backward, not forward, again leaning on 2020, repeating “insurrection,” while warning that future elections are in danger, prices remain high, chaos rules the streets, and federal law enforcement morphs into a roaming band of villains in Schiff’s telling.
He throws charges around with dramatic flair—I’m surprised he hasn’t hurt his neck—yet none of those charges arrive with verifiable proof.
Fear as a Political Habit
As he’s proven over the course of years, Schiff doesn’t warn; he escalates, while claiming Trump fully intends to interfere in elections and urging a massive turnout to overwhelm imagined schemes. He talks of suppressed votes, seized machines, and intimidation at polling places, all framed as imminent threats, not tested facts.
It doesn’t matter that Democrats are selling fiction: none of the statements offer any confirmed actions, court findings, or official orders. Instead, their message relies on repetition and urgency; fear works better when people feel rushed.
A Record That Undermines the Message
Schiff’s credibility isn’t an overnight sensation; when he was chairman of the House Intelligence Committee, he repeatedly claimed to have evidence of Russian collusion. He kept referring to proof that was hiding in plain sight, with evidence visible to anyone willing to believe.
Of course, he forgot the pixie dust, so nothing he said actually took off.
Investigations closed over the years, while promised revelations never appeared. A special counsel report dismantled the narrative Schiff sold, and he was later censured for misleading statements tied to the Russia investigation.
Schiff’s censure didn’t erase the past; it highlighted it.
As if that wasn’t enough, Schiff also promoted a dossier filled with unverified claims while reading it into the congressional record, blocked witnesses who might challenge his storyline, and later released summaries full of errors.
Each episode chipped away at trust, not because the public demanded perfection, but because Schiff demanded belief without delivery.
Leaks, Claims, and Lingering Doubt
Accusations followed Schiff around like a smell; allegations surfaced that classified information leaked during the Russia probe with Schiff’s approval. A whistleblower later lost credibility, yet the episode added another layer of doubt. An inspector general’s report found that Schiff’s memo on surveillance contained several false statements. Republicans accused him of shaping the evidence rather than presenting it clearly.
Partisan interpretation wasn’t required for any of those moments; records spoke clearly enough. Schiff argued the process, while outcomes contradicted his assurance.
The public noticed.
Why Fewer People Listen Now
Schiff acts like a neckless chicken who predicts catastrophe every time clouds gather. After enough false alarms, people stop checking the sky. His latest claims about Trump follow his script, just updated with new dates and familiar villains.
While Trump governs with visible policies and measurable results, Schiff governs with warnings. Elections belong to us, voters, not press conferences.
When accusations continually arrive without receipts, skepticism becomes common sense.
Like Wimpy promising a hamburger payment on Tuesday, Schiff keeps promising proof tomorrow, but tomorrow keeps missing deadlines.
Final Thoughts
The fact that ABC News rolled Schiff out tells me how desperate the left is to change the message. Very few Democrats speak with credibility, and that number is rapidly falling. With this in mind, is there any other reason Schiff is allowed in front of a microphone?
Wanting urgency, Schiff earns fatigue, with accusations echoing loudly inside partisan spaces. Yet, outside those walls, the echoes fade fast.
PJ Media VIP backs writers who challenge narratives built on repetition instead of facts. Join today for exclusive analysis, fewer ads, and direct support for independent commentary. Use this link to save 60% and help keep sharp voices in the fight.
END
DHS Shutdown Talks Stall As Democrats Reject GOP Offer, Thune Signals Stopgap May Be Needed
Tuesday, Feb 10, 2026 – 12:20 PM
With Republicans demanding election integrity, and Democrats demanding ICE reform, it looks like the Department of Homeland Security may shut down again on Friday after Democratic leaders rejected a White House-backed GOP counterproposal to keep the lights on – which may require a short-term stopgap if they can’t agree on something by Friday.
House Minority Leader Hakeem Jeffries (D-NY)said the GOP proposal is “woefully inadequate” and shows the White House “is clearly not open to” several Democratic priorities aimed at tightening oversight of immigration enforcement.
Jeffries said the offer failed to address requirements for judicial warrants, detention center standards, independent investigations and excessive-force rules. Asked whether the administration would support a ban on federal agents wearing masks, Jeffries said, “That’s an open question.”
“They don’t appear to be open to … ensuring that ICE agents are identifiable in a manner consistent with every other law enforcement agency in the country,” Jeffries said, according to Politico.
According to the Department of Homeland Security, a government shutdown would make the country less secure, affecting TSA, FEMA, ICE, and Border Patrol operations. Acting ICE Director Lyons said that task forces targeting terrorism and transnational crime would be hit hardest.
According to Polymarket, there’s currently a 74% chance of a shutdown by Saturday.
Jeffries’ comments followed a late Monday joint statement with Senate Minority Leader Chuck Schumer (D-NY), in which the two Democrats criticized the GOP response as lacking both legislative text and meaningful detail.
“The initial GOP response is both incomplete and insufficient in terms of addressing the concerns Americans have about ICE’s lawless conduct,” the leaders said. “Democrats await additional detail and text.”
Punchbowl News asked Jeffries about whether he things Republicans are serious about cutting a deal, to which he replied:
“It’s clear to me that House, Senate Republicans and the White House, they’re all on the run. These people are falling apart. They’re losing election after election. They’ve lost the public. Donald Trump is at historically low approval ratings … And so our view is dramatic reform is necessary with respect to DHS before a funding bill moves forward.”
Thune keeps CR on the table – conditionally
Republicans, meanwhile, are trying to keep negotiations alive while acknowledging the clock is running out. Senate Majority Leader John Thune (R-SD) said Tuesday that negotiations aren’t dead, but GOP leadership is contemplating next steps if talks don’t advance quickly.
“There are things I think on probably both sides that are non-negotiables,” Thune said. “But I do think there are a number of things in the range of common ground.”
Thune said Republicans may begin laying procedural groundwork for a short-term stopgap known as a continuing resolution (CR) – framing it as a fallback option, not a foregone conclusion – if negotiations fail to produce an agreement in time. Any shutdown-averting measure would require support from at leastseven Senate Democrats, he added.
The existing funding patch for DHS expires Friday. Without action, the department, which employs more than 260,000 people, would face a partial shutdown.
On the Senate floor, Schumer struck a more measured tone than Jeffries, saying Democrats “need to see more from Republicans very soon.”
“What Democrats propose is the definition of common sense,” Schumer said. “We simply want ICE to follow the same standards that most law enforcement agencies across America already follow.”
Key demands, limited overlap
While the GOP counteroffer has not been publicly detailed. But White House allies have indicated that at least one Democratic demand –requiring federal law enforcement officers to obtain judicial warrants before entering private property – is not under consideration.
Other proposals, including mask prohibitions, ID display requirements and restrictions on where ICE agents can operate, would require significant Democratic concessions to gain administration support, according to people close to the White House.
Still, the exchange of offers has given GOP leaders cautious optimism that talks could continue – particularly as senators hope to leave Washington by Thursday for the Munich Security Conference and other overseas delegations.
“It depends on whether we’re making progress or not,” Sen. Jeanne Shaheen (D-NH) said Monday. “We’ve got some time. Hopefully people will be working to try and get something done.”
The length of any short-term funding patch, if needed, remains unresolved. GOP appropriators have pushed for at least a two-week extension, though Thune said the duration “will have to be negotiated.”
end
the only Democrat with a brain: all the other democrats are mush!!
(American Greatness)
Fetterman Breaks Ranks With Democrats, Supports Federal Voter ID Measure
Senator John Fetterman (D-PA) has broken ranks with Democratic leadership and has come out in favor of requiring photo ID for voting in elections across the nation.
Fetterman appeared on the Fox News program “Sunday Morning Futures” yesterday and told host Maria Bartiromo that voter ID wasn’t an “unreasonable” requirement, saying, “It’s not a radical idea for regular Americans to show your ID to vote.”
Fetterman pointed to states like Wisconsin that have similar protections requiring proof of citizenship for federal voter registration and photo ID at the polls.
He noted that 60% of voters in Wisconsin support such safeguards, despite having elected liberal justice Susan Crawford in 2025 to the Wisconsin Supreme Court.
House Republicans plan to vote this week on the Safeguarding American Voter Eligibility (SAVE) America Act with national polls showing 83% of Americans support the measure, including 71% of Democrats.
House Minority Leader Hakeem Jeffries continued to decry the SAVE America Act as “voter suppression” and accused President Trump and GOP leadership of trying to steal the upcoming midterm elections by nationalizing them.
Dana Bash: 71% of your fellow Democrats support requiring an ID to vote. Why are they wrong?
Hakeem Jeffries (D): Republicans are engaging in voter suppression!.. Trump is trying to steal the election!
Fetterman rejected comparisons of the SAVE America Act to resurrecting Jim Crow laws as Democratic leaders have claimed.
The Pennsylvania Senator also broke with his party leadership on the issue of funding for the Department of Homeland Security (DHS) which is expected to run out on Friday unless lawmakers can break a deadlock.
Fetterman came down on the side of border enforcement and said he does not support shutting down the government, saying, “I don’t ever want to vote to shut our government down again.”
Fetterman told Bartiromo that he expects Democrats and Republicans to remain divided beyond Friday’s funding deadline.
🚨 HOLY SH*T! Senator John Fetterman just WENT ROGUE on his own party and DROPPED TRUTH BOMBS about voter ID!
On Fox with Maria Bartiromo, Fetterman straight-up said:
“And now me, as a Democrat, I do not believe that it’s unreasonable to show I.D. just to vote.”
harveyorganblog.com 
