GOLD CLOSED CLOSED DOWN $143.65 TO $4928.15
ACCESS MARKET
GOLD $4918.02 3:30 PM)
SILVER: 75.00 3;30 PM
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EXCHANGE: COMEX
EXCHANGE: COMEX
CONTRACT: FEBRUARY 2026 COMEX 100 GOLD FUTURES
SETTLEMENT: 5,071.600000000 USD
INTENT DATE: 02/11/2026 DELIVERY DATE: 02/13/2026
FIRM ORG FIRM NAME ISSUED STOPPED
072 C GOLDMAN 2
099 H DEUTSCHE BANK AG 702
118 C MACQUARIE FUTURES US 2
118 H MACQUARIE FUTURES US 111
190 H BMO CAPITAL MARKETS 724
323 C HSBC 10
332 H STANDARD CHARTERED B 2
363 H WELLS FARGO SECURITI 62
365 C MAREX CAPITAL MARKET 6
435 H SCOTIA CAPITAL (USA) 151
555 C BNP PARIBAS SEC CORP 237
555 H BNP PARIBAS SEC CORP 20
657 C MORGAN STANLEY 9
661 C JP MORGAN SECURITIES 131
685 C RJ OBRIEN 20
686 C STONEX FINANCIAL INC 17
709 C BARCLAYS 525 3
880 H CITIGROUP 213
905 C ADM 7
TOTAL: 1,477 1,477
MONTH TO DATE: 35,436
JPMORGAN STOPPED 131/1477
GOLD: NUMBER OF NOTICES FILED FOR FEBRUARY/2026: 1477 CONTRACTs NOTICES FOR 147,700 OZ or 4.5940 TONNES
total notices so far: 35,436 contracts for 3,643,600 OR 110.220 tonnes)
SILVER NOTICES: 3 NOTICE(S) FILED FOR 15,000 OZ /
total number of notices filed so far this month : 4,595 CONTRACTS (NOTICES) for 22.975 million oz
SILVER//OUTLINE
INITIAL STANDING FOR JANUARY: 22.915 MILLION OZ FOLLOWED BY TODAY’S 1.185 MILLION OZ QUEUE JUMP//NEW NORMAL STANDING ADVANCES TO 49.445 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK FOR .100 MILLION OZ//NEW STANDING ADVANCES TO 49.545 MILLION OZ!!
INTIAL STANDING FOR FEBRUARY/SILVER: 13.505 MILLION OZ FOLLOWED BY TODAY’S 0.000 MILLION OZ QUEUE JUMP//NEW STANDING FOR SILVER AT THE COMEX REMAINS AT 23.810 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 23.810 MILLION OZ
PLUS OUR 2 EXCHANGE FOR RISK: 185,000 OZ
EQUALS
23.995 MILLION OZ!! HUGE FOR A FEBRUARY
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 : 37.195 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 0.000 MILLION OZ AND THEN ADD OUR 2 EXCHANGE FOR RISK FOR .185 MILLION OZ STANDING ADVANCES TO 23.995 MILLION OZ!!
- MAY: SUMMARY FOR MAY TONNES WHICH STOOD FOR DELIVERY:
4. AUGUST: 60.547 TONNES OF INITIAL GOLD FIRST DAY NOTICE FOLLOWED BY THE NET MONTH’S QUEUE JUMP OF 47.2312 TONNES TO WHICH WE ADD THE FOLLOWING EXCHANGE FOR RISK ISSUANCE RECEIVED FOR THE MONTH: 5.4432 TONNES EX FOR RISK/AUG 7 , AUG 11: 2.413 TONNES EX FOR RISK AND AUG. 12 OF 2.637 TONNES EX FOR RISK//AUG 25: 9.107 TONNES , AUGUST 26: 9.1010 TONNES AND NOW AUGUST 27: 9.0699 TONNES//NEW STANDING ADVANCES TO 107.5117 TONNES OF GOLD NORMAL STANDING (INCLUDES ALL MONTHLY QUEUE JUMPS/EX FOR PHYSICAL TRANSFERS//) +44.696 TONNES EX.FOR RISK = 152.208 TONNES
5.SEPT: INITIAL 8.093 TONNES OF GOLD PLUS TODAY’S QUEUE JUMP OF 0.4883 TONNES PLUS 2.2827 TONNES OF EXCHANGE FOR RISK TODAY//NEW TOTAL EX. FOR RISK/MONTH = 22.923//NEW TOTAL STANDING FOR GOLD SEPT ADVANCES TO = 48.801 TONNES!!
6.OCTOBER: 90.012 TONNES OF INITIAL GOLD STANDING WITH TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS DURING OCT OF 76.1656 TONNES
THEN WE MUST ADD OUR 14.553 TONNES OF OUR ISSUANCE OF EXCHANGE FOR RISK/6 OCCASIONS//NEW TOTAL OF GOLD STANDING ADVANCES TO 197.5141 TONNES OF GOLD.
7.NOVEMBER BEGINS WITH 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY TODAY’S QUEUE JUMP OF 2.323 TONNES FOLLOWED BY ALL PREVIOUS QUEUE JUMPS IN OF OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE OF 4.5596 TONNES//NEW STANDING ADVANCES TO 43.9716 TONNES OF GOLD.
8. DECEMBER BEGINS WITH INITIAL STANDING OF 83.813 TONNES OF GOLD FOLLOWED BY TODAY’S 0.0TONNE QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF: 37.163 TONNES//NEW STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR 4 EXCHANGE FOR RISK FOR DECEMBER OF 6.587 TONNES/NEW STANDING ADVANCES TO 121.977 TONNES
9. JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR QUEUE JUMP OF 0.000 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
FEB; INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 93.567 TONNES OF GOLD TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 7.7138 TONNES TO OTHER OF 23.9535 TONNES/ NEW QUEUE JUMP TOTAL: XXXX TONNES// AND THEN WE ADD OUR THREE EXCHANGE FOR RISK: 6276 CONTRACTS OR 19.5209 TONNES//NEW STANDING ADVANCES TO 144.3979 TONNES
FINAL STANDING FOR GOLD, JANUARY CONTRACT AT 59.2108 TONNES OF GOLD
AND NOW FEBRUARY: INITIAL STANDING FOR GOLD: 144.3979 TONNES!! WHICH INCLUDES ALL QUEUE JUMPING AND OUR THREE ISSUANCES EXCHANGE FOR RISK!!
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. 92.35 TONNES (WHICH WILL BE ANOTHER STRONG)
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF OCT. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER ROSE BY A STRONG SIZED 412 CONTRACTS OI TO 134,056 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 170 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAR 170 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 412 CONTRACTS AND ADD TO THE 170 E.FP. ISSUED
WE OBTAIN A STRONG SIZED GAIN OF 582 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR GAIN OF $3.89
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 2.910 MILLION PAPER OZ
OCCURRED WITH OUR GAIN IN PRICE.OF $3.89
2.ASIAN AFFAIRS FEB 11/2025
SHANGHAI CLOSED UP 2.03 PTS OR 0.05%
//Hang Seng CLOSED DOWN 233.84 PTS OR 0.82%
// Nikkei CLOSED UP 80.46 PTS OR 0.14%
//Australia’s all ordinaries CLOSED UP 0.27%
//Chinese yuan (ONSHORE) CLOSED UP TO 6.9011
/ OFFSHORE CLOSED UP AT 6.8982 Oil DOWN TO 64.33 dollars per barrel for WTI and BRENT DOWN TO 69.08 Stocks in Europe OPENED MOSTLY ALL GREEN EXCEPT SPAIN
ONSHORE USA/ YUAN TRADING UP TO 6.9011 OFFSHORE YUAN TRADING UP TO 6.8982 ONSHORE YUAN TRADING BELOW OFF SHORE AND UP ON THE DOLLAR// / AND THUS STRONGER//OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A STRONG SIZED 3678 CONTRACTS UP TO 408,069 OI WITH OUR HUGE GAIN IN PRICE OF $63.65 WITH RESPECT TO WEDNESDAY’S // TRADING/ //COMEX CLOSING TIME:… WE LOST ZERO NET LONGS, WITH THAT PRICE GAIN FOR GOLD . AND AS YOU WILL SEE BELOW, OUR LOSS IN PRICE ALSO HAD A SMALL NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (697).
WE HAD ZERO T.A.S. LIQUIDATION YESTERDAY. IT SEEMS THAT THE SPECULATORS STARTED AGAIN TO GO LONG TUESDAY AND WEDNESDAY AFTER A BRIEF PERIOD OF GOING NET SHORT
CENTRAL BANKS TENDERED THEIR NEW LONG CONTRACTS AT THE END OF THE DAY FOR PHYSICAL GOLD. YOU CAN VISUALIZE THIS WITH THE MASSIVE AMOUNT OF GOLD STANDING AT THE COMEX FOR THIS FEBRUARY CONTRACT MONTH!!
YOU WILL NOTICE THAT THE COMEX OI IS NOW BACK TO AN EXTREMELY LOW OI OF AROUND 408,000 TO NOW 408,069 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 4375 CONTRACTS (OR 13.608TONNES) WITH THE HUGE GAIN IN PRICE.
THEN WE WERE NOTIFIED OF ANOTHER MONSTER 3000 CONTRACT EXCHANGE FOR RISK ISSUANCE IN GOLD CONTRACTS FOR 300,000 OZ OR 9,331 TONNES OF GOLD. ON TUESDAY WE HAD AN IDENTICAL 3000 CONTRACT ISSUED FOR THE SAME 9.33 TONNES OF GOLD, AND THESE ARE THE HIGHEST EVER IN TONNAGE ISSUED. THUS THE TOTAL ISSUANCE FOR FEB NOW TOTALS THREE.
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.
MONTH OF JANUARY/EXCHANGE FOR RISK
IN JANUARY THEY HAVE 6 TOTAL ISSUANCE : 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.
AND NOW FEBRUARY:
FEB EXCHANGE FOR RISK: NOW 3 ISSUANCES: 6276 CONTRACTS FOR 627,600 OZ OR 19.5209 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 3. FOR; 19.5209 TONNES SO FAR!!
DETAILS ON OUR NEW FEBRUARY COMEX CONTRACT MONTH//
IN TOTAL WE HAD A STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 4375 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. BOTH COMEX AND LBMA ARE WITNESSING MASSIVE AMOUNTS OF GOLD LEAVING THEIR VAULTS.
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 2325 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 FEBRUARY’S TWO MONSTER 9.3312 TONNE ISSUANCE (FEB 10 AND FEB 12). 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 7.7138 TONNES ADDING TO ALL OTHER QUEUE JUMPS OF 23.9535 TONNNES//NEW TOTAL QUEUE JUMP: 31.6673/ STANDING ADVANCES TO 117.163 TONNES TO WHICH WE ADD OUR THREE EXCHANGE FOR RISK OF 19.5209 TONNES/NEW STANDING ROCKETS TO 144.3979 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 RECEIVED NOTICE TODAY OF OUR THIRD EXCHANGE FOR RISK OF 9.3312 TONNES//TOTAL EXCHANGE FOR RISK FEB OF 3 ISSUANCES EQUATES TO 19.5209 TONNES OF GOLD WHICH WE ADD TO OUR NORMAL DELIVERY TOTALS.
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 FAIR SIZED EXCHANGE FOR PHYSICAL OF 1340 CONTRACTS.
THAT IS A SMALL SIZED 647 EFP CONTRACT WAS ISSUED: : /APRIL 647 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 647 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 SOME 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 TUESDAY NIGHT/WEDNESDAY MORNING WAS A STRONG SIZED 2325 CONTRACTS
THE RAIDS WHETHER ON OPTIONS EXPIRY MONTH OR T.A.S. DRIVEN, ACCOMPLISHES TWO IMPORTANT ASPECTS FOR OUR CROOKS:
- STALLS THE ADVANCE IN PRICE
- LOWERS THEIR ADVANCING DERIVATIVE LOSSES.
THAT SET UP WEDNESDAY’S GAIN IN PRICE IN GOLD YET WITH A CORRESPONDING STRONG SIZED GAIN OF COMEX OI AND A SMALL 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 THREE ISSUANCES FOR A MONSTER 19.5209 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 LIKE YESTERDAY, FEB 10.
JAN 2025:
113.30 TONNES (WHICH INCLUDES 43.408 TONNES EX FOR RISK)
FEB: 2025:
256.607 TONNES (WHICH INCLUDES 18.4567 TONNES OF EX FOR RISK)
MARCH:
STANDING FOR GOLD : 60.33 TONNES + 7.6179 TONNES EX FOR RISK = 67.9479 TONNES WHICH IS EXTREMELY HIGH FOR A NON DELIVERY MONTH.
APRIL:
FINAL STANDING FOR GOLD: 201.573 TONNES + 8.3571 TONNES EX FOR RISK = 209.953 TONNES
MAY: FINAL STANDING 90.235 TONNES WHICH INCLUDES QUEUE JUMPING AND 9.591 TONNES EX FOR RISK.
JUNE: FINAL STANDING 62.534 TONNES PLUS 0.1493TONNES OF QUEUE JUMP EQUALS 93.085 TONNES
JULY: 17.947 TONNES INITIAL STANDING FIRST DAY NOTICE PLUS TODAY’S 0 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK/PRIOR + 2.195 EX FOR RISK TODAY = = 41.106 TONNES
AUGUST:INITIAL AMOUNT OF GOLD STANDING: 60.547 TONNES TO WHICH WE ADD OUR 7 MONTHLY ISSUANCES OF: EXCHANGE FOR RISK TOTALLING 44.696 TONNES//NEW STANDING ADVANCES AS FOLLOWS:
107.5117 TONNES NORMAL DELIVERIES (INCLUDES ALL QUEUE JUMPS /EXCHANGE FOR PHYSICAL TRANSFERS) +
5.4432 TONNES EXCHANGE FOR RISK/PRIOR/AUGUST 7
2.413 TONNES EXCHANGE FOR RISK AUGUST 11
PLUS 2.637 TONNES EX FOR RISK AUGUST 12
PLUS: 9.107 TONNES EX FOR RISK AUGUST 25
PLUS 9.1010 TONNES EX FOR RISK AUGUST 26!!
PLUS 9.0699 TONNES EX FOR RISK AUGUST 27
PLUS 6.923 TONNES EX. FOR RISK/AUGUST 28
MONTHLY TOTAL 44.696 TONNES EXCHANGE FOR RISK!MONTH OF AUGUST.
EQUALS
152.208 TONNES TONNES OF GOLD.
SEPT:
SEPT: 25.878 TONNES OF GOLD INITIAL GOLD STANDING TO WHICH WE ADD OUR 22.923 TONNES OF EXCHANGE FOR RISK ISSUED 7 TIMES DURING THE MONTH:
TOTAL EX FOR RISK// FOR MONTH = 22.923//NEW TOTALS FOR GOLD STANDING SEPT ADVANCES TO 48.801 TONNES
THIS IS HUGE FOR A GENERALLY WEAK SEPTEMBER DELIVERY MONTH.
OCTOBER: INITIAL AMOUNT OF GOLD STANDING: 90.164 TONNES OF GOLD FOLLOWED BY TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL PREVIOUS QUEUE JUMPS OF 76.1656 TONNES WHICH MUST BE ADDED TO OUR 6 ISSUANCES OF 14.553 TONNES EXCHANGE FOR RISK//TOTAL NEW STANDING FOR GOLD IN THIS ACTIVE OCTOBER DELIVERY MONTH ADVANCES TO 197.5141 TONNNES.
NOVEMBER WHERE INITIAL AMOUNT OF GOLD STANDING IS REGISTERED AT 15.651 TONNES OF GOLD FOLLOWED BY TODAY’S QUEUE JUMP OF 2 TONNES AND FOLLOWED BY ALL OTHER NOV QUEUE JUMPS OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE FOR 4.5596 TONNES.
/STANDING ADVANCES TO 43.9716 TONNES OF GOLD.
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DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY IN THIS ACTIVE MONTH IS 83.813 TONNES FOLLOWED BY TODAY’S 0.XXXX TONNES QUEUE JUMP. THIS FOLLOWS ALL OTHER QUEUE JUMPING: 37.163 TONNES//NEW STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR FOUR EXCHANGE FOR RISK ISSUANCE OF 6.559 TONNES//NEW STANDING THUS INCREASES TO 121.977 TONNES
JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR QUEUE JUMP OF 0.000 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
FEBRUARY: . FEBRUARY: INITIAL STANDING: 93.566 TONNES TO WHICH WE HAD OUR NEXT QUEUE JUMP OF 7.7138 TONNES WHICH IS ADDED TO ALL OTHER QUEUE JUMPS OF 23.9535 TO TONNES QUEUE JUMP//TOTAL QUEUE JUMP FOR FEB:: 31.6673 TONNES///STANDING ADVANCES TO 124.877 TONNES TO WHICH WE ADD OUR THREE EXCHANGE FOR RISK OF 19.5209 TONNES/NEW STANDING ROCKETS TO TO 144.3979 TONNES
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 48 MONTHS 2021-2024
DEC 2021: 112.217 TONNES
NOV. 8.074 TONNES
OCT. 57.707 TONNES
SEPT: 11.9160 TONNES
AUGUST: 80.489 TONNES
JULY 7.2814 TONNES
JUNE: 72.289 TONNES
MAY 5.77 TONNES
APRIL 95.331 TONNES
MARCH 30.205 TONNES
FEB ’21. 113.424 TONNES
JAN ’21: 6.500 TONNES.
TOTAL YEAR 2021 (JAN- DEC): 601.213 TONNES
YEAR 2022: STANDING FOR GOLD/COMEX
JANUARY 2022 17.79 TONNES
FEB 2022: 59.023 TONNES
MARCH: 36.678 TONNES
APRIL: 85.340 TONNES FINAL.
MAY: 20.11 TONNES FINAL
JUNE: 74.933 TONNES FINAL
JULY 29.987 TONNES FINAL
AUGUST:104.979 TONNES//FINAL
SEPT. 38.1158 TONNES
OCT: 77.390 TONNES/ FINAL
NOV 27.110 TONNES/FINAL
Dec. 64.000 tonnes
(TOTAL YEAR 656.076 TONNES)
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
NOV: 18.7122 TONNES + 16.2505 EX. FOR RISK = 34.9627 TONNES
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024/STANDING FOR GOLD/COMEX
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276 TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
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COMEX GOLD TRADING BEGINNING FEBRUARY,. CONTRACT;
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $63.65)
WE HAD ZERO T.A.S. SPREADER LIQUIDATION WEDNESDAY // COMEX SESSION// WITH OUR GAIN IN PRICE ////.. BUT OUR SPECULATORS REMAIN RELENTLESS POURING INTO THE COMEX STARTING TO BUILD ON ITS OI // BUT WITH OTHER EASTERN CENTRAL BANKS TENDERING FOR PHYSICAL WEDNESDAY NIGHT WHICH ALSO EXPLAINS THE HUGE NUMBER OF TONNES OF GOLD STANDING FOR FEBRUARY. THE COMEX IS ONE BIG MESS!!
WEDNESDAY NIGHT//THURSDAY MORNING
THE CROOKS HOWEVER COULD NOT STOP OTHER CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL WEDNESDAY EVENING/THURSDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD
A LITTLE REVIEW OF GOLD STANDING THESE PAST 4 MONTHS:
STANDING FOR GOLD OCT THROUGH TO JANUARY:
- ANALYSIS// OCT DELIVERY MONTH GOING FROM FIRST DAY NOTICE// OCT COMEX CONTRACT TO FINALIZATION OCT 31:
OCT AT 90.164 TONNES TO BE FOLLOWED BY ALL PREVIOUS QUEUE JUMPS OF 75.696 TONNES WHICH WE ADD OUR 14.553 TONNES EX FOR RISK/6 OCCASIONS:
/ TOTAL STANDING 197.551 TONNE/OCTOBER FINAL//ABSOLUTELY A MONSTER DELIVERY FOR A NORMALLY QUIET OCT MONTH
2. AND NOW NOVEMBER:
NOVEMBER BEGINS WITH A HUGE 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY OUR TODAY’S QUEUE JUMP OF 2.323 TONNES WHICH FOLLOWED ALL OTHER NOVEMBER QUEUE JUMPS OF 21.3775 TONNES TO WHICH WE ADD OUR TWO ISSUANCES OF EXCHANGE FOR RISK OF 4.5596 TONNES..
NEW STANDING ADVANCES TO 43.9716 ONNES OF GOLD.
3. AND NOW DECEMBER:
3. DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 83.813 TONNES FOLLOWED BY A 0 CONTRACT QUEUE JUMP FOR NIL OZ OR 0.000 TONNES WHICH FOLLOWS OTHER DEC QUEUE JUMPS OF: 0 TONNES///STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR FOUR EXCHANGE FOR RISK ISSUANCE OF 6.559TONNES/NEW STANDING ADVANCES TO 121.977TONNES
4. 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 7.7138 TONNES TO WHICH WE ADD TO ALL OTHER QUEUE JUMPS OF 23.9535 / NEW QUEUE JUMP TOTALS: 31.6673 TONNES//STANDING ADVANCES TO: 124.877 TONNES TO WHICH WE ADD OUR THREE EXCHANGE FOR RISK OF 6276 CONTRACTS FOR 627,600 OZ OR 19.5209 TONNES/NEW STANDING 144.3979 TONNES
ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $63.65
WE HAD A HUGE 1952 CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE .(AND I BELIEVE A RECORD REMOVAL PRELIMINARY TO FINAL
INITIAL GOLD COMEX
FEB 12
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 6 ENTRIES customer withdrawals: 6 ENTRIES i) Out of Asahi 35,687.484 oz (1110 kilobars) ii) Out of HSBC 51,684.135 oz iii) Out of Int. Delaware 37,122.550 ooz iv) Out of jPMorgan: 22,939.252 oz v) Out of Loomis 80,377.500 oz (2500 kilobars) vi) Out of Malca 59,202.162 (1842 kilobars) total withdrawal: 287m033.073 oz 8.927 tonnes of gold |
| Deposit to the Dealer Inventory in oz | 0 |
| Deposits to the Customer Inventory, in oz | DEPOSITS/CUSTOMER 0 entry xxxxxxxxxxxxxxxxI |
| No of oz served (contracts) today | 1477 notice(s) 147,700 OZ 4.5940 TONNES TONNES OF GOLD |
| No of oz to be served (notices) | 4762 contracts 476,200 OZ 14.656 TONNES |
| Total monthly oz gold served (contracts) so far this month | 35,436 notices 3,543,600 oz 110.220 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
i
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DEPOSITS/CUSTOMER
0
customer withdrawals:
customer withdrawals:
6 ENTRIES
i) Out of Asahi 35,687.484 oz (1110 kilobars)
ii) Out of HSBC 51,684.135 oz
iii) Out of Int. Delaware 37,122.550 ooz
iv) Out of jPMorgan: 22,939.252 oz
v) Out of Loomis 80,377.500 oz (2500 kilobars)
vi) Out of Malca 59,202.162 (1842 kilobars)
total withdrawal: 287m033.073 oz
8.927 tonnes of gold
they are draining the comex of gold
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ADJUSTMENTs 2
ALL DEALER TO CUSTOMER:
adjustments all dealer to customer account;
i) Brinks: 38,388.293 oz
ii) JPMorgan 10,073.72 oz.
total adjusted out of the dealer (reg) to customer (elig) acct: 48,492.073 oz
or 1.508 tonnes
chaos inside the comex
AMOUNT OF GOLD STANDING FOR FEBRUARY
THE FRONT MONTH OF FEBRUARY STANDS AT 6189 CONTRACTS FOR A GAIN OF 2304 CONTRACTS.
WE HAD 176 CONTRACTS SERVED ON WEDNESDAY, SO WE GAINED A MONSTER 2480 CONTRACT–
QUEUE JUMP FOR 248,000 OZ OR 7.7138 TONNES
MARCH SAW A LOSS OF ONLY 95 CONTRACTS DOWN TO 4857 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 1065 CONTRACTS UP TO 283,282 CONTRACTS
We had 1477 contracts filed for today representing 147,700 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 0 notices issued from their client or customer account. The total of all issuance by all participants equate to 1477 contract(s) of which 131 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 (35,436) to which we add the difference between the open interest for the front month of FEB ( 6159 CONTRACTS) minus the number of notices served upon today (1477 x 100 oz per contract) equals 4,014,800 OZ OR (124.877 Tonnes of gold) to which we add February’s 3 exchange for risk of 6276 contracts or 627,600 oz or 19.5209 tonnes//new total gold standing in Feb increases to 144.3979 tonnes.
thus the INITIAL standings for gold for the FEB contract month: No of notices filed so far (35,436 x 100 oz +we add the difference for front month of FEB (6159 OI} minus the number of notices served upon today (1477 x 100 oz) which equals 4,014,800 OR 124.877 TONNES// to which we add our THREE exchange for risk//627,600 oz or 19.5209 tonnes//new standing advances to 144.3979 tonnes!!!
new total of gold standing in FEB is 144.3979 TONNES//
TOTAL COMEX GOLD STANDING FOR FEB 144.3979 TONNES TONNES WHICH IS STRONG FOR THIS NORMALLY VERY NON ACTIVE ACTIVE DELIVERY MONTH OF FEBRUARY.
confirmed volume WEDNESDAY confirmed 125,161 AWFUL/
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: 1,762,006.462 oz 54.805 tonnes pledged gold lowers
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 34,448,412.418 oz (draining huge of gold)
TOTAL REGISTERED GOLD 17,588,988.627. or 547.09 Tonnes
TOTAL OF ALL ELIGIBLE GOLD 16,859.023.791 oz//eligible gold leaving hand over fist
REGISTERED GOLD THAT CAN BE SERVED UPON 15,726,982 oz ((REG GOLD- PLEDGED GOLD)=
489.175 Tonnes // (declining rapidly)
total inventories in gold declining rapidly
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SILVER/COMEX
FEB 12 2026
INITIAL/
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 5 entries i) out of Asahi: 431,920.430 oz ii) Out of Delaware 129,734.436 oz iii) Out of JPMorgan 1,126,603.750 oz 1v) Out of Loomis: 50,476.750 oz vi) Out of Manfra: 597,061.864 OZ total withdrawal: 2,335,796.880 oz the comex is being drained of silver |
| Deposits to the Dealer Inventory | 0 ENTRY 0 entries xxxxxxxxxxxxxxxxxxxxxxxxxxxxxx |
| Deposits to the Customer Inventory | DEPOSIT ENTRIES/CUSTOMER ACCOUNT 0 ENTRIES |
| No of oz served today (contracts) | 3 CONTRACT(S) ( 15,000 OZ |
| No of oz to be served (notices) | 167 Contracts (0.835 MILLION oz) |
| Total monthly oz silver served (contracts) | 4595 contracts 22.975 MILLION oz |
| Total accumulative withdrawal of silver from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of silver from the Customer inventory this month |
DEPOSITS INTO DEALER ACCOUNTS
0 ENTRIES
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
0 ENTRIES
withdrawals: customer side/eligible
5 entries
i) out of Asahi: 431,920.430 oz
ii) Out of Delaware 129,734.436 oz
iii) Out of JPMorgan 1,126,603.750 oz
1v) Out of Loomis: 50,476.750 oz
vi) Out of Manfra: 597,061.864 OZ
total withdrawal: 2,335,796.880 oz
5 entries
i) out of Asahi: 431,920.430 oz
ii) Out of Delaware 129,734.436 oz
iii) Out of JPMorgan 1,126,603.750 oz
1v) Out of Loomis: 50,476.750 oz
vi) Out of Manfra: 597,061.864 OZ
total withdrawal: 2,335,796.880 oz
the comex is being drained of silver
the comex is being drained of silver
adjustments: / / 5
all dealer to customer:
a) Brinks 1,440234,813 oz
b) CNT 2,368,902.04 oz
c) Out of Delaware: 413,592.568 oz
d) Out of Int. Delaware 346,959.600 oz
e) Out of Manfra: 538,131.519 oz
total adjusted out of dealer (reg) and into customer (elig) 5,107,820.59 oz
xxxxxxxxxxxxxx
TOTAL REGISTERED SILVER: 93.070MILLION OZ//.TOTAL REG + ELIGIBLE. 379.233 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: 170 OPEN INTEREST CONTRACTS FOR A LOSS OF 102 CONTRACTS.
WE HAD 102 NOTICES FILED ON WEDNESDAY SO WE NEITHER GAINED NOR LOST ANY CONTRACTS
MARCH LOST ONLY 2456 CONTRACTS DOWN TO 65,490. THIS BECOMES THE FRONT MONTH FOR SILVER DELIVERY AND WE SHOULD HAVE A DANDY OF A MARCH DELIVERY MONTH!!! WE HAVE 11 MORE READING DAYS BEFORE FIRST DAY NOTICE!
APRIL GAINED 53 CONTRACTS TO AN OI 602 CONTRACTS.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 3 or 15,000 oz
CONFIRMED volume; ON WEDNESDAY 94,670 huge+++//
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 4595 X5,000 oz = 22.975 MILLION oz
to which we add the difference between the open interest for the front month of FEBRUARY (170) AND the number of notices served upon today (3)x (5000 oz)
Thus the standings for silver for the FEBRUARY 2026 contract month: (4595)Notices served so far) x 5000 oz + OI for the front month of FEB(170) minus number of notices served upon today (3 )x 5000 oz equals silver standing for the FEB..contract month equating to 23.810 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 23.995 MILLION OZ
NEW STANDING: 23.995 MILLION OZ WHICH IS HUGE FOR A GENERALLY SMALL DELIVERY MONTH OF FEBRUARY.
New total standing: 23.995 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 93.030 million oz of registered silver
JPMorgan as a percentage of total silver: 162.187/379.233.million: 42.74%
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 12/2026/WITH GOLD DOWN $143.65 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 2.000 TONNES OF GOLD FROM THE GLD/ /// ///INVENTORY RESTS AT 1081.32 TONNES
FEB 11/2026/WITH GOLD UP $63.65 TODAY/SMALL CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 0.34 TONNES OF GOLD FROM THE GLD/ /// ///INVENTORY RESTS AT 1079.32 TONNES
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: 1081.32 TONNES, TONIGHTS TOTAL
SILVER
FEB 12 WITH SILVER DOWN $8.78 SMALL CHANGES IN SILVER INVENTORY AT THE SLV// A DEPOSIT OF 635,000 OZ INTO THE SLV. ./ :INVENTORY RESTS AT 522.005 MILLION OZ
FEB 11 WITH SILVER UP $3.89 HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A DEPOSIT OF 815,000 OZ INTO THE SLV. ./ :INVENTORY RESTS AT 521.370 MILLION OZ
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 522.005 MILLION OZ OF SILVER…
PHYSICAL GOLD/SILVER
1/PETER SCHIFF
JOHN RUBINO
MATHEW PIEPENBERG/EGON VON GREYERZ
ALASDAIR MACLEOD
Bloomberg: Russia’s memo and the US dollar
Bloomberg reports that an internal memo in the Kremlin lays out plans for Russia to return to the dollar in “a wide-ranging economic partnership with the Trump administration”.
| Alasdair MacleodFeb 12∙Paid |
Either this is made up in an attempt to knock the stuffing out of China’s increasingly obvious plans to replace the dollar for her trade settlements with the yuan, or it is a Russian ploy to drive US interests apart from those of the Europeans. Part of this so-called plan is for Russia and the US to work together to replace global green energy alternatives with fossil fuels.
On the surface, there’s sense in such a proposal and it obviously appeals to the Trump administration. But even if it exists, it is not the whole story. For a start, Russia is unlikely to entertain such a deal without the stolen $300 billion of her central bank reserves being returned to her. That requires the EU to sanction it, and the EU is committed to spending it on Ukraine.
The fact of the matter is that all energy is priced in and exchanged for dollars anyway. This is hardly a concession by Russia. Furthermore, it does not disrupt the partnership with China, and if this memo has any status other than a blue-sky exercise, we can be sure that it would have been discussed between Xi and Putin before leaking it to Bloomberg.
It is all very fishy. How did Bloomberg get it and why? It reminds us of the Steele dossier, trumped up (pardon the pun) by the Democrats to discredit The Donald. It’s not Putin’s style. If he was contemplating such a move, it would be discussed in back channels.
Of course, we can only speculate, but it looks like disinformation. We know that the dollar is under increasing pressure from China, which has just instructed its private-sector institutions to dump US Treasuries. And obvious moves to secure the yuan’s purchasing power by making it exchangeable for gold threaten to swiftly undermine the dollar’s credibility even further.
Since September, dollar-denominated gold and silver derivatives have been encashed for physical metal, a development that is creating enormous strains in capital markets. It does not escape our notice that gold and silver were marked down heavily on this leak.
Is that the true purpose behind Bloomberg reporting the existence and content of a supposedly internal Russian government memo? If so, it indicates a political attempt by the Americans to rescue a deteriorating situation, and/or someone in the derivatives world is in deep trouble.
Nothing is changed. The US is entirely responsible for the fiat dollar’s problems, not Russia or China. The dollar is in respite care ahead of its certain death. And we should all give thanks for the opportunity to stack even more gold, silver, copper, and everything else to get out of worthless paper.
3. CHRIS POWELL AND HIS GATA DISPATCHES:
LIVE FROM THE VAULT YOU TUBE: 258 AND 257
TODAY CRAIG HEMKE
5. COMMODITY REPORT/GOLD TRADING
Gold & Silver ALERT: Load the Boat at this Level, Crisis Escalating – Soloway
by ITM Trading
Wednesday, Feb 11, 2026 – 16:51
The hidden technical handwriting is on the wall. Gareth Soloway, a pure chart technician, says the S&P’s decade-long parallel channel — intact since the COVID lows — is now grinding into a brick-wall 7100 ceiling. Every tag of resistance tightens the coil. “The market is telling us there is downside ahead.” His roadmap?
A 12–13% air pocket that wipes out six months of complacent gains. Meanwhile, silver has gone from disciplined accumulation to vertical, emotion-driven euphoria. That spike is the tell. “It has to get taken out.” Soloway’s buy zone: $50–$54 — a cold retest of the scene of the crime.
Follow Daniela on X: Daniela Cambone
About ITM Trading: ITM Trading has been a trusted leader in precious metals for over 28 years, helping clients protect and grow their wealth with custom gold and silver strategies designed for economic downturns and currency resets.
Contributor posts published on Zero Hedge do not necessarily represent the views and opinions of Zero Hedge, and are not selected, edited or screened by Zero Hedge editors.
GOLD , SILVER OR PLATINUM LEASE RATES
ROBERT LAMBOURNE….
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
END
silver inventories from the East:
DeepSeek commentary
Inbox
| Robert Lambourne | 6:35 AM (1 hour ago) | ||
to me, Chris | |||
Harvey,
Here is an update from DeepSeek on silver inventories in various markets. Generally they are falling, but as DeepSeek itself points out in the second section below this is partly explained in China by the shut down over the New Year holiday.
The second part below covers some of the impacts of the upcoming holiday shut down.
Regards,
Bob
—
AND THEN THIS FROM BOB. L
## SILVER INVENTORIES: CONTINUING FALL?
| Venue | Weekly Change | Direction | Notable |
|—————|—————|—————–|————————————————————–|
| SGE | -5.2% | **Falling** | Accelerated drawdown, highest since 2023 |
| SHFE | -3.1% | **Falling** | |
| COMEX | -0.73% (Moz) | **Falling** | Registered critical low |
| LBMA | -0.28% (Moz) | **Falling** | 11th consecutive week |
| MCX (India) | -1.6% | **Falling** | |
| TOCOM | -3.6% | **Falling** | |
| KRX | Flat | Stable | |
**Conclusion**: Silver inventories are declining **in all major physical hubs** except Korea. The pace has accelerated in Shanghai and London, while COMEX registered inventories now approach levels that typically trigger delivery squeezes.
—
## CHINESE NEW YEAR HOLIDAY EFFECT (holiday starts 16 Feb): Gold premium Shanghai over London: 28 dollars//lease rates a touch higher by 35 basis pts: to 5.35%
– **Price Impact**: SGE benchmark gold premium over London averaged **$28/oz** this week, the widest in four months. Silver premium reached $0.75/oz.
– **Volume Impact**: SGE daily turnover fell 22% w/w; SHFE open interest in silver dropped 15% as speculators squared positions.
– **Leasing Impact**: SGE gold lease rates spiked 35 bps as banks reduced lending ahead of the closure.
– **Restrictions**: SHFE and SGE will be fully closed 16–22 Feb. All physical deliveries scheduled for this period have been advanced to this week, contributing to the inventory drop.
No other major Asian market holidays coincide; however, Indian and Japanese participants have trimmed exposure to China‑linked arbitrage flows.
2.ASIAN AFFAIRS FEB 12/2026
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS THURSDAY MORNING.7:30 AM
SHANGHAI CLOSED UP 2.03 PTS OR 0.05%
//Hang Seng CLOSED DOWN 233.84 PTS OR 0.82%
// Nikkei CLOSED UP 80.46 PTS OR 0.14%
//Australia’s all ordinaries CLOSED UP 0.27%
//Chinese yuan (ONSHORE) CLOSED UP TO 6.9011
/ OFFSHORE CLOSED UP AT 6.8982 Oil DOWN TO 64.33 dollars per barrel for WTI and BRENT DOWN TO 69.08 Stocks in Europe OPENED MOSTLY ALL GREEN EXCEPT SPAIN
ONSHORE USA/ YUAN TRADING UP TO 6.9011 OFFSHORE YUAN TRADING UP TO 6.8982 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 THURSDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP AT 6.9011
OFFSHORE YUAN: UP TO 6.8982
HANG SENG CLOSED DOWN 233.84 PTS OR 0.82%
2. Nikkei closed UP 80.46 PTS OR 0.14%
WEST TEXAS INTERMEDIATE OIL DOWN 64.33
BRENT; 69.08
3. Europe stocks SO FAR: ALL MOSTLY GREEN
USA dollar INDEX UP TO 96.76 /// EURO RISES TO 1.1875 UP 8 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +2.234/ DOWN 1/4 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 153.06… 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: 3.430 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 DOWN for WTI and BRENT DOWN this morning
3h European bond buying continues to push yields LOWER on all fronts in the EMU. German 10yr bund YIELD DOWN TO +2.7957 Italian 10 Yr bond yield DOWN to 3.399 SPAIN 10 YR BOND YIELD DOWN TO 3.162
3i Greek 10 year bond yield DOWN TO 3.401
3j Gold at $5059.60 Silver at: 83,26 1 am est) SILVER NEXT RESISTANCE LEVEL AT $100.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 10/100 roubles/dollar; ROUBLE AT 77.19
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 153.21 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 2.234% UP 1 BASIS PTS STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING//YEN BOND TRADING OVERSEAS REPATRIATED.//JAPAN 30 YR: 3.430 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 0.7683 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9124 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: 4.168 DOWN 1 BASIS PTS…
USA 30 YR BOND YIELD: 4.798 DOWN 2 BASIS PTS/
USA 2 YR BOND YIELD: 3.508 DOWN 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 43.65 UP 1 BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.4770 DOWN 1 PTS
30 YR UK BOND YIELD: 5.275 DOWN 4 BASIS PTS
10 YR CANADA BOND YIELD: 3.338 DOWN 3 BASIS PTS
5 YR CANADA BOND YIELD: 2.867 DOWN 3 BASIS PTS.
1a New York Opening report
US Futures Rise As European, Asian All Time Highs Spill Over
Thursday, Feb 12, 2026 – 08:29 AM
Futures are higher but there continues to be tangible angst below the surface as traders are aggressively shorting potential AI losers, while US stocks continue to fall behind the rest of the world. “It’s a paradox in that markets are holding, breaking records, yet investors remain cautious,” says Vontobel’s head of equities Jean-Louis Nakamura. As of 8:00am ET, S&P and Nasdaq futures are up 0.3%, with premarket strength in Mag7, Semis and Cyclicals while Energy and Materials underperform. It’s unclear right now which stocks will be hurt by AI, but it’s clear that traders are nervous. “The slightest miss on earnings is brutally penalized and substantial beats are required to boost share prices,” said Nakamura. Bond yield stabilize, flat to down 1bp across the curve with USD also flat. Commodities are mostly lower with Energy and Metals weaker (WTI, Precious down less than 1%) and Ags higher. Today’s macro data focus is on jobless claims and existing home sales. With the stabilization in the bond market and net positive WTD macro data, we may investors push the market higher into tmrw’s CPI where only a materially hawkish print is likely to shift the market narrative.
In premarket trading, Mag 7 stocks are mostly higher (Alphabet +0.5%, Amazon +0.3%, Apple -0.2%, Nvidia +1.2%, Meta Platforms +0.4%, Microsoft +0.4%, Tesla +0.5%),
- Coal stocks are up after the Trump administration ordered the Pentagon to purchase electricity from coal plants and announced funding for upgrades to coal facilities.
- Baxter International (BAX) falls 14% after the medtech company posted fourth quarter results.
- Cisco Systems Inc. (CSCO) drops 7% after the company gave a weaker-than-expected forecast for profitability in the current quarter, spurring concerns that mounting memory-chip prices are taking a toll on the company.
- Cognex (CGNX) is up 23% after the electronics components company forecast revenue for the first quarter that beat the average analyst estimate.
- Equinix (EQIX) rises 9% after the data center operator’s 2026 revenue guidance beat the average analyst estimate. Analysts are positive about the increased bookings and highlight a boost to the company’s forecast from accelerated AI demand.
- Fastly (FSLY) soars 40% after the cloud-platform provider posted fourth-quarter results that beat expectations and management gave a robust full-year forecast.
- ICON (ICLR) sinks 33% after the company said the audit committee launched an internal investigation into its accounting practices.
- Paycom Software (PAYC) falls 9% after the company’s outlook was seen as disappointing and pointing to tepid growth trends.
- Trip.com ADRs (TCOM) fall 5% after China Central Television reported that the city of Beijing had summoned the internet firm along with 11 others over issues related to train ticket sales.
- Viking Therapeutics (VKTX) rises 13% after the biotech said it plans to advance its oral obesity drug to Phase 3 in the third quarter of this year.
- Zoetis (ZTS) climbs 4% after the animal health company gave a forecast for adjusted earnings per share for 2026 that topped Wall Street’s expectations
With US stocks lagging gains in Asia and Latin America this year, the moves underscore how sensitive the market has become to companies’ exposure to the infrastructure behind the AI boom. Memory-chip shortages and pricing are coming up frequently as topics in company earnings reports and conference calls.
“This is a year of the bullish stock market, but a very volatile stock market — and the volatility will be induced by the AI trade, which is evolving,” said Beata Manthey, head of European Equity Strategy at Citigroup Inc. “Right now we are concentrating on losers. But we also need to discover who the new winners are going to be.”
The AI winners and losers trade is playing out across the world, helping Asian markets — with a heavy concentration of AI hardware firms — extend their lead over the US. That’s left the S&P 500 ranking 69th among the 92 stock indexes tracked by Bloomberg, according to Markets Live. Among sectors, jitters over software have given the ‘old economy’ stocks in the Dow Jones Transportation Average a new lease of life.
And in single stocks, the huge memory-chip needs of AI are rippling out. Japanese chipmaker Kioxia surged after its guidance beat estimates, while Cisco shares are lower in premarket trading after saying that mounting memory chip prices are hurting its margins. Elsewhere in the AI space, Anthropic is said to be nearing the completion of a deal to raise more than $20 billion in a funding round with a plethora of big investors. And Softbank announced a near-$20 billion investment gain on OpenAI.
Since Jan. 9, there has been a larger swing for the average S&P 500 stock compared to 99% of the time over the past three decades. The 10.8% move, averaged on an absolute basis in that time, has created a windfall for investors with long dispersion positions, according to data from Nomura. US stocks appear less vulnerable than in recent weeks after hedge funds reduced positioning in January, according to JPMorgan strategists.
Traders are also keeping a close eye on key US economic data. Jobs numbers on Wednesday came in surprisingly strong, and attention now turns to Friday’s inflation report for clues on future policy moves by the Federal Reserve.
In politics, Trump’s tariff policies suffered their strongest political blow yet with the Republican-led US House passing legislation aimed at ending the president’s levies on Canadian imports. The US and Japan are closing in on the first three projects to be funded by Tokyo’s $550 billion investment vehicle, as part of their bilateral trade deal.
Out of the 346 S&P 500 companies that have reported so far in the earnings season, 77% have managed to beat analyst forecasts, while 19% have missed. CBRE, Exelon and Iron Mountain are among companies due to report results before the market open. CBRE earnings come in the face of a real estate services ‘AI scare trade’ which hit the sector on Wednesday. Earnings from Applied Materials, Coinbase and Airbnb follow later.
Europe’s Stoxx 600 rises 0.5% to 624.50, hitting a new record high on Thursday amid a flurry of positive earnings, including from EssilorLuxottica SA and Siemens AG. Financial services outperform, as Nuveen’s deal to buy Schroders Plc sends the UK asset manager soaring. Here are some of the biggest movers on Thursday:
- Schroders shares jump as much as 31%, the most since 2008, after the firm agreed to be bought by US asset manager Nuveen for £9.9 billion ($13.5 billion), a 34% premium to Wednesday’s closing price.
- EssilorLuxottica shares jump as much as 10%, the most since October, after the eyewear maker reported better-than-expected sales for the fourth quarter, riding a boom in demand for AI-powered glasses.
- Siemens gains as much as 6.2%, hitting a record high, after delivering order beats in both Digital Industries and Smart Infrastructure in the first quarter, and boosting its EPS guidance for the full year.
- Autostore shares surge as much as 17%, the most since mid-August, after the Norwegian warehouse automation firm delivered a strong revenue beat in the fourth quarter.
- Hermès gains as much as 3.1% as the French maker of the Birkin bag reported fourth-quarter sales and full-year profits that beat estimates.
- Michelin shares rise as much as 6.2% to the highest since May, after the French tiremaker’s plan to buy back as much as €2 billion worth of shares positively surprised analysts, who also noted improvement in earnings momentum.
- Adyen shares slump as much as 20% after the payments firm gave a revenue growth target that missed estimates, citing “continued macroeconomic uncertainty” weighing on market volume growth.
- Magnum shares fall as much as 16% in Amsterdam after full-year results that Jefferies analysts said will fuel concern over the impact of weight-loss drugs on demand.
- Verisure shares drop as much as 11% to a new record low, after the security services firm missed fourth-quarter adjusted Ebitda estimates, despite strong growth in new installations.
- RELX shares give up early gains as analysts at Morgan Stanley said one set of robust numbers will not settle the broader debate on how artificial intelligence may impact the software and information services sector.
- Sanofi shares drop as much as 5.1%, the most since Dec. 15, after the French drugmaker changed its chief executive following big bets on research spending which didn’t produce quick results, in a move that Jefferies analysts said “will be debated.”
- Mercedes shares fall as much as 5.7% after the German carmaker said margins would remain under pressure in 2026 due to US tariffs and China competition.
Earlier in the session, Asian stocks climbed, poised for a fifth day of gains, on continued investor optimism over benefits for the region’s technology hardware suppliers from the artificial intelligence boom. The MSCI Asia Pacific Index rose as much as 0.9%, on track for its best week since September 2024. South Korea’s Kospi jumped 3.1% to extend its lead as the world’s best-performing market this year, driven by gains in memory makers Samsung Electronics and SK Hynix.
The region’s stocks are outperforming global peers this year on extended enthusiasm for AI infrastructure firms, even as doubts over high spending and potential obsolescence of older business models rattle other markets. The MSCI Asia gauge has jumped about 13% so far this year versus the 1.4% advance in the S&P 500 Index, marking its best start to the year relative to the US gauge this century. The US gauge ranks 69th among the 92 stock indexes around the world tracked by Bloomberg. South Korea is the world’s best-performing market with a 30% surge.
Elsewhere, Japanese stocks extended gains on hopes that Prime Minister Sanae Takaichi’s decisive election win may boost spending. Hong Kong shares fell, bucking the broader regional gain, while mainland China equities traded flat ahead of Lunar New Year holidays. There’s no trading in Taiwan through next week.
In FX, USD/JPY is down marginally on the session but well off the APAC lows as questions surface over whether the post-election yen rally is running out of steam. The Bloomberg Dollar Index falls 0.1% with losses most pronounced against the franc and kiwi. The pound was unfussed by soft Q4 GDP metrics.
In rates, treasuries hold small gains, outperforming European bonds ahead of weekly jobless claims data and 30-year new-issue auction.The US 10-yr yield is unchanged at 4.17%. Bunds and gilts are similarly contained. US yields richer by 1bp to 2bp curve with curve spreads little changed; new 10-year yield near 4.165% is 1.5bp lower on the day, slightly outperforming bunds and gilts in the sector. $25 billion 30-year new-issue auction at 1pm New York time concludes this week’s Treasury supply; Wednesday’s 10-year tailed by 1.4bp. WI 30-year yield near 4.795% is ~3bp richer than January’s, which stopped through by 0.8bp.
In commodities, spot gold and silver are giving back some of yesterday’s gains, down 0.4% and 1.2% respectively. WTI futures are down 0.1% after failing to hold onto the mild APAC bid. Bitcoin is up 0.5%.Bitcoin briefly slid under $67,000, while Japan’s super-long bonds extended their post-vote rally as Prime Minister Sanae Takaichi’s historic election win soothed investor concerns about fiscal policy.
Today’s US economic calendar slate includes weekly jobless claims (8:30am) and January existing home sales (10am). Fed speaker slate includes Logan (7pm) and Miran (7:05pm)
Market Snapshot
- S&P 500 mini +0.2%
- Nasdaq 100 mini +0.2%
- Russell 2000 mini +0.5%
- Stoxx Europe 600 +0.3%
- DAX +1.4%, CAC 40 +0.6%
- 10-year Treasury yield little changed at 4.17%
- VIX -0.2 points at 17.46
- Bloomberg Dollar Index -0.1% at 1180.38
- euro little changed at $1.1881
- WTI crude -0.4% at $64.4/barrel
Top Overnight News
- In a closed-door meeting with Senate Republicans Wednesday, Treasury Secretary Scott Bessent agreed with lawmakers who suggested the Senate Banking Committee could investigate Federal Reserve Chair Jerome Powell, instead of the Justice Department. Semafor
- China has confirmed that discussions were under way about US President Donald Trump’s planned visit in April, when sources said the two sides were expected to extend their current trade truce by up to one year. SCMP
- One year after Chinese startup DeepSeek rattled the global tech industry with the release of a low-cost artificial intelligence model, its domestic rivals are better prepared, vying with it to launch new models, some designed with more consumer appeal. DeepSeek, Alibaba, ByteDance are set to release new AI models. RTRS
- Futures signaled that gains in Asian equities may extend to the US. Treasuries were flat after strong jobs data sparked a jump in yields. The dollar, gold and oil edged lower. BBG
- The “buy Japan” trade gained momentum after PM Sanae Takaichi’s decisive election victory increased investor confidence. The country’s long-dated bonds jumped, while the Topix extended its rally. BBG
- The UK economy grew less than forecast in the fourth quarter, piling pressure on Keir Starmer. GDP rose 0.1%, falling short of the 0.2% consensus. The pound was little changed. BBG
- The House of Representatives has voted to overturn Trump’s tariffs on Canada in a major rebuke of the US president’s signature economic policy. FT
- The Fed’s Jeff Schmid said rates should remain at a “somewhat restrictive” level, while Stephen Miran said January’s strong jobs report doesn’t warrant delaying further cuts. BBG
- Global oil inventories surged by 477 million barrels in 2025, the fastest build since 2020, as supply outpaced slowing demand, the IEA said, forecasting a record surplus in 2026. BBG
- “Old Economy” stocks are back in the lead. The Dow Jones Transportation Average has outpaced the S&P 500 in the past six weeks, as investors pivot from megacap tech to rails, truckers and airlines. BBG
Trade/Tariffs
- Chinese buyers are reportedly buying around 1mln tonnes per month of Australian barley due to a local feed supply shortage, traders report. Chinese buyers are reportedly booked near 2.5mln tonnes of US sorghum over the past three months to replenish domestic feed grain shortfall, traders report.
- Indian Trade Minister said textiles will receive no duties if raw material is from the US.
- China’s Commerce Ministry announced a tariff of up to 11.7% (prev. 42.7%) on EU dairy products; effective from the 13th of February.
- China’s Commerce Ministry, on Canada canola anti-dumping tariffs, said investigation period extended to March 9th.
- China’s Commerce Minister said China and the US are to maintain close communication at all levels through trade and economic consultation mechanisms.
- China’s chief trade negotiator Li Chenggang met with Mexico’s deputy economy minister in Beijing.
- China’s top trade negotiator met with Westinghouse Electric Company CEO on Tuesday.
- Taiwan and the US are reportedly to sign a reciprocal trade agreement on February 13th.
- US President Trump posted “Canada has taken advantage of the United States on Trade for many years. They are among the worst in the World to deal with, especially as it relates to our Northern Border”.
- US President Trump posted “Any Republican, in the House or the Senate, that votes against TARIFFS will seriously suffer the consequences come Election time, and that includes Primaries!”.
- US House majority backs resolution to eliminate Trump’s tariffs on Canada.
- US President Trump and Chinese President Xi are poised to extend trade truce by up to a year during April meeting in Beijing, according to SCMP citing people familiar with discussions.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were ultimately mixed with a slightly positive bias amongst the major indices as the region reflected on earnings releases and the better-than-expected US jobs data, while Japan’s benchmark hit a fresh record high on return from holiday, before fading the gains. ASX 200 was led higher by strength in utilities and financials after shares in Origin Energy and ANZ Group rallied post-earnings, but with upside in the broader market capped by hawkish rhetoric from RBA Governor Bullock. Nikkei 225 swung between gains and losses, in which the index initially climbed to above the 58,000 level for the first time, but then briefly wiped out all of its gains as currency strength persisted. Hang Seng and Shanghai Comp were mixed with the Hong Kong benchmark dragged lower by underperformance in the likes of Budweiser and NetEase following their earnings releases, with the latter also weighed by tech/AI-related headwinds, which dragged other large tech names lower such as Tencent, Baidu and Meituan, while AI startup Zhipu shares surged around 36% after the release of its new model. Conversely, the mainland treaded water following another firm liquidity operation by the PBoC and after China’s State Council held a session on boosting AI use, with Premier Li urging to promote the use of AI in various sectors, while there are also expectations for the US and China to extend the trade truce by up to a year during the expected Trump-Xi meeting in April.
Top Asian News
- Japan is said to have requested US Fed/NY Fed JPY rate check back in January.
- Japan’s top currency diplomat Mimura won’t comment on FX levels and said closely watching markets with a high sense of urgency, also said they are not lowering our guard and are in contact with US authorities.
- Japanese Finance Minister Katayama discussed with PM Takaichi about how to proceed with tax credits for benefits and sales tax cut on food, while she did not discuss forex with the PM, according to Jiji.
- Softbank (9984 JT) CFO Goto said nothing has been decided about an additional funding round for OpenAI.
European bourses (STOXX 600 +0.5%) are entirely in the green, with the DAX 40 (+1.2%) leading gains and CAC 40 (+0.9%) following closely behind. On the other hand, the Dutch AEX (-0.5%) lags, weighed by Adyen and Magnum earnings. Sectors hold a mostly positive bias with Financials (+1.3%) and Telecommunications (+1.0%) leading the pack. Schroders (+28.5%) leads in financials after Nuveen agreed to purchase the company for GBP 9.9bln. Deutsche Boerse (+2.0%) is also higher, after acquiring a further 20% stake in ISS STOXX, which is expected to be accretive to cash EPS in the first full year. Movers include Siemens (+5.7%), Hermes (+1.3%) and Mercedes-Benz (-2.0%). Siemens missed top-line expectations but raised its FY EPS guidance helping shares higher. Hermes posted earnings that beat estimates and highlighted that 2026 prices increases would be lower than it was in 2025. For Mercedes Benz, the Co. guided its Adj. ROS below market consensus.
Top European News
- EU Court Advisor said they should stop the release of c. EUR 10bln in funds for Hungary.
- UK Chancellor Reeves is to limit the deregulatory drive as she seeks closer UK relations with the EU, according to FT.
Central Banks
- Fed’s Hammack (2026 voter) said unemployment rate looks like it’s stabilising, adds we have the labour market broadly in balance but noted inflation is still too high. Consumer spending holding in driven by upper incomes. Important for Fed to get inflation back to 2%. Current Fed Funds Rate is right around neutral. Local contacts say growth is picking up. Good for the Fed to stay on hold right now and doesn’t need to fine-tune rate policy.
- Fed Governor Miran said Wednesday’s NFP report does not mean the Fed can’t lower rates. Think if you increase supply then you get a decline in inflation. If you blame supply chain failures for higher inflation, stands to reason pushing supply out lowers inflation. Deregulation opens up an output gap. I’d be very Happy to stay, but not up to me. What happens later this year will depend on choices the President and the Senate make.
- ECB’s Makhlouf said that the ECB is in a good place, adding that inflation is currently on target.
- ECB’s Cipollone said preserving monetary sovereignty has been a key objective of our single currency.
- ECB’s Villeroy said expected France’s economic growth in Q1 to be between 0.2-0.3%, and in line with the 1% annual growth expected in 2026.
- BoE’s Breeden said it is reasonable to expect rate cuts across the next couple of meetings if the economy evolves as expected.
- RBA Assistant Governor Hunter said need to assess extent to which recent rise in inflation is temporary, adds labour market has stabilised recently, but remains a bit tight; expects labour markets to remain tight and inflation above target for some time.
- RBA Governor Bullock said economy performing reasonably well, labour market a positive development, adds the Bank will monitor data and act if inflation becomes entrenched, warning that further rate hikes may be needed. She further added that the board decided inflation at around 3-point something was unacceptable.
- CBRT raises its end-2026 inflation forecast to 15-21% (prev. 13-19%).
FX
- G10s are mostly firmer against the USD. Kiwi leads, followed by the GBP, whilst the Aussie lags a touch; the latter seemingly paring back recent strength.
- DXY is incrementally lower today. As a reminder, the index was choppy in the prior session following a strong NFP report and as markets continue to digest reports that President Trump is looking exit the North American trade pact. Currently, the index resides towards the lower end of a 96.77-97.07 range, and further pressure could see a test of the prior day’s low at 96.49. Focus today will be on the US Jobless Claims, and then an appearance from the POTUS.
- GBP is slightly firmer this morning, largely attributed to the slight USD weakness. Earlier, a mixed GDP report spurred two-way action in Cable; in brief, December’s M/M figure printed in-line with expectations, whilst the Y/Y component and Q4 prelims metrics came in softer than expected. GBP/USD fell from 1.3617 to 1.3607 before paring, and then strengthening as the morning progressed. ING opines that, given recent seasonality-related factors, it expects the economy to “bounce back” a bit in Q1. On monetary policy, the bank believes that if recent growth and labour market weakness persist alongside falling wage growth, then a March cut is “highly likely”. As it stands, Cable currently sits at the upper end of a 1.3604-1.3654 range.
- JPY is currently moving at the whim of the USD, with USD/JPY towards the midpoint of a 152.26-153.54 range. Further pressure in the pair could see a test of the lows seen in late January, when Jiji reported that Japan asked the US to conduct USD/JPY rate checks. In terms of the environment for JPY, markets are continuing to increase bets of faster BoJ normalisation. Mizuho’s Koshimizu, speaking to Reuters, highlighted that improved growth prospects, clearer policy strategy and inflation continuing to remain above the BoJ’s target, may allow the Bank to deliver three rate hikes this year – suggesting that a hike could come as early as March or April. Markets currently price in a 60% chance of a hike in March, 92% chance in June and fully priced in for July.
Fixed Income
- A contained start for most benchmarks.
- Gilts are the relative outperformers after soft GDP data. The benchmark opened higher by 18 ticks before climbing another nine to a 91.30 peak and notching a fresh WTD high. Weighing on the UK’s 10yr yield to a 4.47% trough. For the BoE, the data works in favour of the doves who wanted to cut last week and somewhat skews the narrative towards a March cut vs current pricing for April. However, pricing didn’t really move as we await next week’s CPI and employment/wage metrics; furthermore, while the series was weak, the economy was still resilient during a tumultuous Q4, a finding that tempers the otherwise dovish impulse.
- JGBs returned from Wednesday’s holiday lower, reacting to the US NFP print and bearish UST action. Pressure that proved fleeting as the benchmark lifted to a 132.02 peak with gains of just over 10 ticks at best. However, that upside faded across the APAC session to a 131.52 trough. Drivers for this include a Reuters interview with Mizuho’s Kozhimizu, who expects as many as three hikes by the BoJ in 2026, and a move as soon as March or April is entirely possible. As it stands, just 3.5bps of tightening is implied in March, 14bps in April and 23.6bps in June, with a move not fully priced until July, where 30bps is implied.
- Bunds firmer, but contained, in narrow 128.62-76 parameters. Specifics for the bloc light, no move to a handful of ECB remarks, which stuck to the script.
- A similar story for USTs, rangebound in APAC hours towards the mid-point of the post-NFP drop. Holding at 112-11+ in thin parameters that are well within Wednesday’s 112-00 to 112-20 bound. Today, the US docket is comparatively light, with supply and weekly jobs the highlights. Barring a surprise on those, it may be a bit of a filler day into Friday’s CPI.
- Italy sells EUR 6.25bln vs exp. EUR 5-6.25bln 2.40% 2029, 3.15% 2033, 3.25% 2032 BTP.
- Australia sold AUD 150mln in 2035 indexed bonds, b/c 3.97, avg. yield 2.4127%.
Commodities
- WTI and Brent are mildly lower this morning and currently trade within a USD 64.18-65.10/bbl and USD 68.86-69.85/bbl range, respectively. Really not much driving things for the complex this morning; action seemingly a paring back of some of the geopolitically-driven strength in the prior session, where reports suggested that the Pentagon was preparing a second aircraft carrier to deploy to the Middle East. It is worth noting a bout of pressure was seen in early European trade, though this lacked a clear driver. Elsewhere, the IEA OMR cut its 2026 global oil demand and supply growth forecast.
- Spot gold has been lacklustre thus far throughout the European morning, with the yellow metal trading around the USD 5,075/oz mark at the time of writing, still within yesterday’s USD 5,019.71-5,119.35/oz range, with fresh catalysts on the lighter side. Alongside news flow, the Dollar remains relatively muted following yesterday’s NFP-driven volatility, which proved to be short-lived. Both the Dollar and XAU have been moving sideways since awaiting the US CPI tomorrow.
- Copper prices were indecisive during the APAC session, reflecting mixed sentiment in China, with the Hang Seng and Shanghai Composite diverging overnight. However, early positive sentiment from Europe keeps prices underpinned, and offsets some of the weakness from the APAC session, providing support to the red metal. 3M LME Copper is currently trading around USD 13.3k/t in a narrow 13,2k-13.339k/t range.
- Vitol CEO said Russia and Iran’s oil buyers are reaching for Western supply.
- IEA cuts 2026 global oil demand growth forecast to 850k BPD (prev. 930k BPD); cuts 2026 global oil supply growth forecast to 2.4mln BPD (prev. 2.5mln BPD). Lowers 2026 forecast for non-OPEC+ supply growth to 1.2mln BPD (prev. 1.3mln BPD). Escalating geopolitical tensions, snowstorms and extreme temperatures in North America, and Kazakh supply disruptions sparked the reversal to a bullish market.
- Goldman Sachs sees a boost to mine supply growth slowing considerably in 2027/28 which would the ex-China market into deficit.
- Saudi crude oil supply to China is set to rise to at least 53mln barrels in March, according to sources.
- US Energy Secretary Wright states Venezuela oil quarantine is essentially over, calling it a historic pivot, but noted political prisoners remain an issue.
- US President Trump directs Department of Energy to issue funds to coal plants in states including West Virginia and Ohio.
- Venezuela’s interim President Rodriguez said hopes relationship with US progresses without obstacles; talked with US Energy Secretary about deals on oil, gas, power, and mining; look forward to move forward as fast as possible.
Geopolitics: Ukraine
- Ukraine’s Air Force warns of a likely launch of Russian intermediate-range ballistic missile.
- An oil refinery has reportedly caught fire in Russia’s Komi due to a drone attack, RIA reported.
- Russia warns it will retaliate if Europe tries to create military capabilities against it, according to Al Arabiya.
- Witnesses reported explosions in Ukraine’s capital of Kyiv.
Geopolitics: Middle East
- Turkish top diplomat said US and Iran are showing flexibility on a nuclear deal, according to FT.
Geopolitics: Other
- South Korean MPs say North Korea is accelerating its program to develop and manufacture drones based on experience from the Russia-Ukraine battlefield, citing the spy agency.
- North Korea is said to be developing a submarine that can carry 10 submarine-launched ballistic missile, according to an MP citing South Korea’s spy agency. North Korea-Russia collaboration excludes modern tech and nuclear programs. North Korea seeks to improve relations despite dissatisfaction with China.
- Sounds of explosions at the US base in the countryside of Al-Hasakah, Syria, due to the explosion of mines, Al Arabiya reported citing sources; details light.
- US Energy Secretary Wright said US wants no conflict and no military action for the Americas. US is working seven days a week to issue new licenses.
US Event Calendar
1 b) European opening report
US equity futures broadly in the green; China’s MOFCOM announces a tariff of up to 11.7% (prev. 42.7%) on EU dairy products – Newsquawk US Opening News
Thursday, Feb 12, 2026 – 06:03 AM
- China’s Commerce Ministry announces a tariff of up to 11.7% (prev. 42.7%) on EU dairy products; effective from February 13th.
- European equities broadly in the green; Financials lead as Schroders (+28.5%) gets acquired by Nuveen; US equity futures are entirely in the green.
- G10s mostly firmer against the USD; AUD takes a slight breather.
- Gilts lead after soft GDP though BoE pricing largely unaffected; USTs tread water ahead of Friday’s CPI.
- WTI and Brent trade slightly lower as geopolitics remain quiet; IEA cut 2026 global oil demand growth and nudged lower supply growth forecasts.
- Looking ahead, highlights include US Weekly/Continuing Claims, Existing Home Sales (Jan), EU Informal Leaders Retreat, Speakers including ECBʼs Lane & Nagel, BoCʼs Rogers, Supply from the US, Earnings from Applied Materials, Arista Networks, Vertex Pharmaceuticals, Howmet Aerospace, Coinbase & American Electric Power.
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EUROPEAN TRADE
EQUITIES
- European bourses (STOXX 600 +0.5%) are entirely in the green, with the DAX 40 (+1.2%) leading gains and CAC 40 (+0.9%) following closely behind. On the other hand, the Dutch AEX (-0.5%) lags, weighed by Adyen and Magnum earnings.
- Sectors hold a mostly positive bias with Financials (+1.3%) and Telecommunications (+1.0%) leading the pack. Schroders (+28.5%) leads in financials after Nuveen agreed to purchase the company for GBP 9.9bln. Deutsche Boerse (+2.0%) is also higher, after acquiring a further 20% stake in ISS STOXX, which is expected to be accretive to cash EPS in the first full year.
- Movers include Siemens (+5.7%), Hermes (+1.3%) and Mercedes-Benz (-2.0%). Siemens missed top-line expectations but raised its FY EPS guidance helping shares higher. Hermes posted earnings that beat estimates and highlighted that 2026 prices increases would be lower than it was in 2025. For Mercedes Benz, the Co. guided its Adj. ROS below market consensus.
- US equity futures are entirely in the green (NQ +0.4%, ES +0.3%, RTY +0.5%), continuing to hold onto Wednesday’s gains post-NFP. The tech-heavy NQ has been led higher by gains across storage-related names such as SanDisk (+7%) and Micron (+4%).
- Hermes (RMS FP) FY 2025 (EUR) Revenue 16bln (exp. 16bln), Op. Income 6.56bln (prev. 6.15bln Y/Y); noted that 2026 price increases would be around 5-6%, down from around 6-7% rate in 2025.
- Unilever (ULVR LN) Q4 2025 (EUR): Revenue 12.6bln (exp. 12.47bln), Underlying Sales +4.2% (exp. +3.97%); New EUR 1.5bln share buyback announced.
- Siemens (SIE GY) Q1 (EUR): Net income 2.2bln (prev. 3.90bln Y/Y), Revenue 19.1bln (exp. 22.4bln), Orders 21.37bln (exp. 20.85bln), raises FY EPS pre-PPA 10.70-11.10 (prev. guided 10.40-11.00).
- Mercedes-Benz Group (MBG GY) FY25 (EUR): Net 5.33bln (exp. 4.9bln), Revenue 132.2bln (exp. 132.8bln), EBIT 1.76bln (exp. 1.73bln); sees 2026 Adj. ROS between 3-5% (exp. 5.79%).
- Cisco Systems Inc. (CSCO) Q2 2026 (USD) Adj. EPS 1.04 (exp. 1.02), Revenue 15.30bln (exp. 15.11bln).
- McDonald’s Corporation (MCD) Q4 2025 (USD): Adj. EPS 3.12 (exp. 3.04), Revenue 7.01bln (exp. 6.83bln).
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FX
- G10s are mostly firmer against the USD. Kiwi leads, followed by the GBP, whilst the Aussie lags a touch; the latter seemingly paring back recent strength.
- DXY is incrementally lower today. As a reminder, the index was choppy in the prior session following a strong NFP report and as markets continue to digest reports that President Trump is looking exit the North American trade pact. Currently, the index resides towards the lower end of a 96.77-97.07 range, and further pressure could see a test of the prior day’s low at 96.49. Focus today will be on the US Jobless Claims, and then an appearance from the POTUS.
- GBP is slightly firmer this morning, largely attributed to the slight USD weakness. Earlier, a mixed GDP report spurred two-way action in Cable; in brief, December’s M/M figure printed in-line with expectations, whilst the Y/Y component and Q4 prelims metrics came in softer than expected. GBP/USD fell from 1.3617 to 1.3607 before paring, and then strengthening as the morning progressed. ING opines that, given recent seasonality-related factors, it expects the economy to “bounce back” a bit in Q1. On monetary policy, the bank believes that if recent growth and labour market weakness persist alongside falling wage growth, then a March cut is “highly likely”. As it stands, Cable currently sits at the upper end of a 1.3604-1.3654 range.
- JPY is currently moving at the whim of the USD, with USD/JPY towards the midpoint of a 152.26-153.54 range. Further pressure in the pair could see a test of the lows seen in late January, when Jiji reported that Japan asked the US to conduct USD/JPY rate checks. In terms of the environment for JPY, markets are continuing to increase bets of faster BoJ normalisation. Mizuho’s Koshimizu, speaking to Reuters, highlighted that improved growth prospects, clearer policy strategy and inflation continuing to remain above the BoJ’s target, may allow the Bank to deliver three rate hikes this year – suggesting that a hike could come as early as March or April. Markets currently price in a 60% chance of a hike in March, 92% chance in June and fully priced in for July.
FIXED INCOME
- A contained start for most benchmarks.
- Gilts are the relative outperformers after soft GDP data. The benchmark opened higher by 18 ticks before climbing another nine to a 91.30 peak and notching a fresh WTD high. Weighing on the UK’s 10yr yield to a 4.47% trough. For the BoE, the data works in favour of the doves who wanted to cut last week and somewhat skews the narrative towards a March cut vs current pricing for April. However, pricing didn’t really move as we await next week’s CPI and employment/wage metrics; furthermore, while the series was weak, the economy was still resilient during a tumultuous Q4, a finding that tempers the otherwise dovish impulse.
- JGBs returned from Wednesday’s holiday lower, reacting to the US NFP print and bearish UST action. Pressure that proved fleeting as the benchmark lifted to a 132.02 peak with gains of just over 10 ticks at best. However, that upside faded across the APAC session to a 131.52 trough. Drivers for this include a Reuters interview with Mizuho’s Kozhimizu, who expects as many as three hikes by the BoJ in 2026, and a move as soon as March or April is entirely possible. As it stands, just 3.5bps of tightening is implied in March, 14bps in April and 23.6bps in June, with a move not fully priced until July, where 30bps is implied.
- Bunds firmer, but contained, in narrow 128.62-76 parameters. Specifics for the bloc light, no move to a handful of ECB remarks, which stuck to the script.
- A similar story for USTs, rangebound in APAC hours towards the mid-point of the post-NFP drop. Holding at 112-11+ in thin parameters that are well within Wednesday’s 112-00 to 112-20 bound. Today, the US docket is comparatively light, with supply and weekly jobs the highlights. Barring a surprise on those, it may be a bit of a filler day into Friday’s CPI.
- Italy sells EUR 6.25bln vs exp. EUR 5-6.25bln 2.40% 2029, 3.15% 2033, 3.25% 2032 BTP.
- Australia sold AUD 150mln in 2035 indexed bonds, b/c 3.97, avg. yield 2.4127%.
COMMODITIES
- WTI and Brent are mildly lower this morning and currently trade within a USD 64.18-65.10/bbl and USD 68.86-69.85/bbl range, respectively. Really not much driving things for the complex this morning; action seemingly a paring back of some of the geopolitically-driven strength in the prior session, where reports suggested that the Pentagon was preparing a second aircraft carrier to deploy to the Middle East. It is worth noting a bout of pressure was seen in early European trade, though this lacked a clear driver. Elsewhere, the IEA OMR cut its 2026 global oil demand and supply growth forecast.
- Spot gold has been lacklustre thus far throughout the European morning, with the yellow metal trading around the USD 5,075/oz mark at the time of writing, still within yesterday’s USD 5,019.71-5,119.35/oz range, with fresh catalysts on the lighter side. Alongside news flow, the Dollar remains relatively muted following yesterday’s NFP-driven volatility, which proved to be short-lived. Both the Dollar and XAU have been moving sideways since awaiting the US CPI tomorrow.
- Copper prices were indecisive during the APAC session, reflecting mixed sentiment in China, with the Hang Seng and Shanghai Composite diverging overnight. However, early positive sentiment from Europe keeps prices underpinned, and offsets some of the weakness from the APAC session, providing support to the red metal. 3M LME Copper is currently trading around USD 13.3k/t in a narrow 13,2k-13.339k/t range.
- Vitol CEO said Russia and Iran’s oil buyers are reaching for Western supply.
- IEA cuts 2026 global oil demand growth forecast to 850k BPD (prev. 930k BPD); cuts 2026 global oil supply growth forecast to 2.4mln BPD (prev. 2.5mln BPD). Lowers 2026 forecast for non-OPEC+ supply growth to 1.2mln BPD (prev. 1.3mln BPD). Escalating geopolitical tensions, snowstorms and extreme temperatures in North America, and Kazakh supply disruptions sparked the reversal to a bullish market.
- Goldman Sachs sees a boost to mine supply growth slowing considerably in 2027/28 which would the ex-China market into deficit.
- Saudi crude oil supply to China is set to rise to at least 53mln barrels in March, according to sources.
- US Energy Secretary Wright states Venezuela oil quarantine is essentially over, calling it a historic pivot, but noted political prisoners remain an issue.
- US President Trump directs Department of Energy to issue funds to coal plants in states including West Virginia and Ohio.
- Venezuela’s interim President Rodriguez said hopes relationship with US progresses without obstacles; talked with US Energy Secretary about deals on oil, gas, power, and mining; look forward to move forward as fast as possible.
- South African Mining Production YoY (Dec) Y/Y 2.5% (Prev. -2.7%).
- South African Gold Production YoY (Dec) Y/Y 1.1% (Prev. -6.0%, Rev. From -6%).
TRADE/TARIFFS
- Chinese buyers are reportedly buying around 1mln tonnes per month of Australian barley due to a local feed supply shortage, traders report. Chinese buyers are reportedly booked near 2.5mln tonnes of US sorghum over the past three months to replenish domestic feed grain shortfall, traders report.
- Indian Trade Minister said textiles will receive no duties if raw material is from the US.
- China’s Commerce Ministry announced a tariff of up to 11.7% (prev. 42.7%) on EU dairy products; effective from the 13th of February.
- China’s Commerce Ministry, on Canada canola anti-dumping tariffs, said investigation period extended to March 9th.
- China’s Commerce Minister said China and the US are to maintain close communication at all levels through trade and economic consultation mechanisms.
- China’s chief trade negotiator Li Chenggang met with Mexico’s deputy economy minister in Beijing.
- China’s top trade negotiator met with Westinghouse Electric Company CEO on Tuesday.
- Taiwan and the US are reportedly to sign a reciprocal trade agreement on February 13th.
- US President Trump posted “Canada has taken advantage of the United States on Trade for many years. They are among the worst in the World to deal with, especially as it relates to our Northern Border”.
- US President Trump posted “Any Republican, in the House or the Senate, that votes against TARIFFS will seriously suffer the consequences come Election time, and that includes Primaries!”.
- US House majority backs resolution to eliminate Trump’s tariffs on Canada.
- US President Trump and Chinese President Xi are poised to extend trade truce by up to a year during April meeting in Beijing, according to SCMP citing people familiar with discussions.
NOTABLE EUROPEAN HEADLINES
- EU Court Advisor said they should stop the release of c. EUR 10bln in funds for Hungary.
- UK Chancellor Reeves is to limit the deregulatory drive as she seeks closer UK relations with the EU, according to FT.
NOTABLE EUROPEAN DATA RECAP
- UK GDP MoM (Dec) M/M 0.1% vs. Exp. 0.1% (Prev. 0.2%, Rev. From 0.3%, Low. -0.1%, High. 0.3%).
- UK GDP Growth Rate QoQ Prel (Q4) Q/Q 0.1% vs. Exp. 0.2% (Prev. 0.1%, Low. 0.0%, High. 0.2%).
- UK GDP Growth Rate YoY Prel (Q4) Y/Y 1.0% vs. Exp. 1.2% (Prev. 1.2%, Rev. From 1.3%, Low. 1.2%, High. 1.2%).
- UK GDP YoY (Dec) Y/Y 0.7% vs. Exp. 1.1% (Prev. 1.2%, Rev. From 1.4%, Low. 1.0%, High. 1.2%).
- UK GDP 3-Month Avg (Dec) 0.1% vs. Exp. 0.2% (Prev. -0.1%, Rev. From 0.1%, Low. 0.1%, High. 0.2%).
- UK Goods Trade Balance (Dec) -22.72B vs. Exp. -22.7B (Prev. -23.58B, Rev. From -23.71B).
- UK Goods Trade Balance Non-EU (Dec) -10.99B (Prev. -11.33B, Rev. From -11.46B).
- UK Balance of Trade (Dec) -4.340B (Prev. -6.116B).
- UK RICS House Price Balance (Jan) -10% vs. Exp. -11% (Prev. -14%).
- Hungarian Core Inflation Rate YoY (Jan) Y/Y 2.7% vs. Exp. 2.8% (Prev. 3.8%).
- Hungarian Inflation Rate MoM (Jan) M/M 0.3% (Prev. 0.1%).
- Hungarian Inflation Rate YoY (Jan) Y/Y 2.1% vs. Exp. 2.4% (Prev. 3.3%).
CENTRAL BANKS
- Fed’s Hammack (2026 voter) said unemployment rate looks like it’s stabilising, adds we have the labour market broadly in balance but noted inflation is still too high. Consumer spending holding in driven by upper incomes. Important for Fed to get inflation back to 2%. Current Fed Funds Rate is right around neutral. Local contacts say growth is picking up. Good for the Fed to stay on hold right now and doesn’t need to fine-tune rate policy.
- Fed Governor Miran said Wednesday’s NFP report does not mean the Fed can’t lower rates. Think if you increase supply then you get a decline in inflation. If you blame supply chain failures for higher inflation, stands to reason pushing supply out lowers inflation. Deregulation opens up an output gap. I’d be very Happy to stay, but not up to me. What happens later this year will depend on choices the President and the Senate make.
- ECB’s Makhlouf said that the ECB is in a good place, adding that inflation is currently on target.
- ECB’s Cipollone said preserving monetary sovereignty has been a key objective of our single currency.
- ECB’s Villeroy said expected France’s economic growth in Q1 to be between 0.2-0.3%, and in line with the 1% annual growth expected in 2026.
- BoE’s Breeden said it is reasonable to expect rate cuts across the next couple of meetings if the economy evolves as expected.
- RBA Assistant Governor Hunter said need to assess extent to which recent rise in inflation is temporary, adds labour market has stabilised recently, but remains a bit tight; expects labour markets to remain tight and inflation above target for some time.
- RBA Governor Bullock said economy performing reasonably well, labour market a positive development, adds the Bank will monitor data and act if inflation becomes entrenched, warning that further rate hikes may be needed. She further added that the board decided inflation at around 3-point something was unacceptable.
- CBRT raises its end-2026 inflation forecast to 15-21% (prev. 13-19%).
NOTABLE US HEADLINES
- US Treasury Secretary Bessent agreed with the suggestion that the Senate Banking Committee could investigate Fed Chair Powell, instead of the Department of Justice, Semafor reports citing sources.
GEOPOLITICS
RUSSIA-UKRAINE
- Ukraine’s Air Force warns of a likely launch of Russian intermediate-range ballistic missile.
- An oil refinery has reportedly caught fire in Russia’s Komi due to a drone attack, RIA reported.
- Russia warns it will retaliate if Europe tries to create military capabilities against it, according to Al Arabiya.
- Witnesses reported explosions in Ukraine’s capital of Kyiv.
MIDDLE EAST
- Turkish top diplomat said US and Iran are showing flexibility on a nuclear deal, according to FT.
OTHERS
- South Korean MPs say North Korea is accelerating its program to develop and manufacture drones based on experience from the Russia-Ukraine battlefield, citing the spy agency.
- North Korea is said to be developing a submarine that can carry 10 submarine-launched ballistic missile, according to an MP citing South Korea’s spy agency. North Korea-Russia collaboration excludes modern tech and nuclear programs. North Korea seeks to improve relations despite dissatisfaction with China.
- Sounds of explosions at the US base in the countryside of Al-Hasakah, Syria, due to the explosion of mines, Al Arabiya reported citing sources; details light.
- US Energy Secretary Wright said US wants no conflict and no military action for the Americas. US is working seven days a week to issue new licenses.
CRYPTO
- Bitcoin rebounds slightly, holding above USD 67k. Ethereum nears USD 2k.
- Standard Chartered projects Bitcoin to fall to USD 50k, and Ethereum to fall to USD 1.4k in the “next few months”; cuts its year-end forecast to USD 100k (prev. saw 150k), year-end Ethereum forecast to USD 4k (prev. USD 7.5k).
APAC TRADE
- APAC stocks were ultimately mixed with a slightly positive bias amongst the major indices as the region reflected on earnings releases and the better-than-expected US jobs data, while Japan’s benchmark hit a fresh record high on return from holiday, before fading the gains.
- ASX 200 was led higher by strength in utilities and financials after shares in Origin Energy and ANZ Group rallied post-earnings, but with upside in the broader market capped by hawkish rhetoric from RBA Governor Bullock.
- Nikkei 225 swung between gains and losses, in which the index initially climbed to above the 58,000 level for the first time, but then briefly wiped out all of its gains as currency strength persisted.
- Hang Seng and Shanghai Comp were mixed with the Hong Kong benchmark dragged lower by underperformance in the likes of Budweiser and NetEase following their earnings releases, with the latter also weighed by tech/AI-related headwinds, which dragged other large tech names lower such as Tencent, Baidu and Meituan, while AI startup Zhipu shares surged around 36% after the release of its new model. Conversely, the mainland treaded water following another firm liquidity operation by the PBoC and after China’s State Council held a session on boosting AI use, with Premier Li urging to promote the use of AI in various sectors, while there are also expectations for the US and China to extend the trade truce by up to a year during the expected Trump-Xi meeting in April.
NOTABLE ASIA-PAC HEADLINES
- Japan is said to have requested US Fed/NY Fed JPY rate check back in January.
- Japan’s top currency diplomat Mimura won’t comment on FX levels and said closely watching markets with a high sense of urgency, also said they are not lowering our guard and are in contact with US authorities.
- Japanese Finance Minister Katayama discussed with PM Takaichi about how to proceed with tax credits for benefits and sales tax cut on food, while she did not discuss forex with the PM, according to Jiji.
- Softbank (9984 JT) CFO Goto said nothing has been decided about an additional funding round for OpenAI.
NOTABLE APAC DATA RECAP
- Australian Consumer Inflation Expectations (Feb) 5.0% (Prev. 4.6%).
- Japanese PPI YoY (Jan) Y/Y 2.3% vs. Exp. 2.3% (Prev. 2.4%, Low. 2.0%, High. 2.5%).
- Japanese PPI MoM (Jan) M/M 0.2% vs. Exp. 0.2% (Prev. 0.1%, Low. -0.1%, High. 0.4%).
NOTABLE APAC EQUITY HEADLINES
- Nissan Motor (7201 JT) 9-month (JPY): Net income -250.22bln (prev. 5.15bln Y/Y), Revenue 8.58tln (prev. 9.14tln Y/Y). Raises its FY revenue forecast to 11.90tln (prev. 11.70tln) and sees narrower FY operating loss at 60bln.
- Softbank (9984 JT) Q3 (JPY): Net Income 248.59bln (exp. 857.01bln), Net Sales 1.98tln (exp. 1.96tln).
- Lenovo (992 HK) Q3 (USD) net 546mln (prev. 693mln Y/Y), pre-tax profit rose 48% Y/Y to 803mln, rev. 22.2bln (prev. 18.8bln Y/Y).
1c) Asian opening report
Stocks firmer into a quiet session going into Friday’s US CPI – Newsquawk EU Market Open
Thursday, Feb 12, 2026 – 01:59 AM
- APAC stocks were ultimately mixed with a slightly positive bias amongst the major indices as the region reflected on earnings releases and the better-than-expected US jobs data, while Japan’s benchmark hit a fresh record high on return from holiday, before fading the gains.
- US Treasury Secretary Bessent said US growth might have come to 3% for 2025, while he expects a continued pickup in construction jobs and sees a pickup in manufacturing jobs in the coming months.
- RBA Governor Bullock said the Bank will monitor data and act if inflation becomes entrenched, warning that further rate hikes may be needed.
- Japan’s top currency diplomat Mimura said he won’t comment on FX levels, but they are closely watching markets with a high sense of urgency.
- European equity futures indicate a higher cash market open with Euro Stoxx 50 futures up 0.8% after the cash market closed with losses of 0.2% on Wednesday.
- Looking ahead, highlights include UK GDP Prelim. (Q4), GDP (Dec), US Weekly/Continuing Claims, Existing Home Sales (Jan), IEA OMR, EU Informal Leaders Retreat, Speakers including ECBʼs Cipollone, Lane & Nagel, BoCʼs Rogers, Supply from Italy & US, Earnings from Applied Materials, Arista Networks, Vertex Pharmaceuticals, Howmet Aerospace, Coinbase, American Electric Power, Hermes & L’Oreal.
SNAPSHOT
US TRADE
EQUITIES
- US stocks saw two-way trade on Wednesday, with the major indices finishing slightly lower, as focus centred on the January NFP report, which was very strong overall: the headline smashed expectations, the unemployment rate ticked down, and wages were firmer than expected. The initial reaction was upside in equity futures and the dollar, as well as downside pressure in T-notes and gold, although the initial move gradually faded throughout the rest of the session. Alongside the report, we saw the annual BLS benchmark revisions in which the total nonfarm payrolls were revised down in the year to March 2025 by 862k, deeper than the expected downward revisions of 825k but revised up from the preliminary estimate of 911k. The downward revisions signalled the labour market may not be as robust as it appears, which may have contributed to the fading of the initial moves, while analysts were also cautious that the strength seen in January would not be sustained and that job growth was concentrated in certain sectors.
- SPX -0.01% at 6,941, NDX +0.29% at 25,201, DJI -0.13% at 50,121, RUT -0.38% at 2,669.
- Click here for a detailed summary.
TARIFFS/TRADE
- US President Trump and Chinese President Xi are poised to extend the trade truce by up to a year during their expected April meeting in Beijing, according to SCMP citing people familiar with discussions.
- US President Trump posted that any Republican, in the House or the Senate, who votes against tariffs will seriously suffer the consequences come election time, including the primaries. Trump stated that tariffs have given them great national security because the mere mention of the word has countries agreeing to their strongest wishes, while he added that no Republican should be responsible for destroying this privilege.
- US President Trump posted that Canada has taken advantage of the US on trade for many years, and is among the worst in the world to deal with, especially as it relates to the northern border, while he stated tariffs make a win for the US.
- US House voted 219 to 211 to pass a resolution to eliminate Trump’s tariffs on Canada.
- US and Taiwan are reportedly to sign a reciprocal trade agreement on February 13th.
- US Democratic senators urge the Trump admin. to use North American free trade talks to crack down on Chinese vehicles.
- China’s chief trade negotiator Li Chenggang met with Mexico’s Deputy Economy Minister in Beijing, while it was also reported that China’s top trade negotiator had met with the Westinghouse Electric Company CEO on Tuesday.
NOTABLE HEADLINES
- Fed’s Miran (voter) said the recent NFP report does not mean the Fed can’t lower rates and suggested that if supply increases, then there will be a decline in inflation. Miran also stated that supply chain failures are blamed for higher inflation; it stands to reason that pushing supply out lowers inflation, while he added that deregulation opens up an output gap.
- Fed’s Hammack (2026 voter) said the unemployment rate looks like it’s stabilising and the labour market is broadly in balance, but noted inflation is still too high. Hammack stated it is important for the Fed to get inflation back to 2% and that the current Fed Funds Rate is right around neutral, while she also noted it is good for the Fed to stay on hold right now and doesn’t need to fine-tune rate policy.
- US President Trump directed the Department of Energy to issue funds to coal plants in states including West Virginia and Ohio, while he stated that he is ‘not a big fan of those crazy, China-made windmills’ and coal is the most dependable form of energy they have. Trump also signed an order directing the Pentagon to buy electricity from coal-fired power plants in a move to boost the sector.
- US Treasury Secretary Bessent said US growth might have come to 3% for 2025, while he expects a continued pickup in construction jobs and sees a pickup in manufacturing jobs in the coming months. Furthermore, he stated that President Trump is laser-focused on the housing market.
APAC TRADE
EQUITIES
- APAC stocks were ultimately mixed with a slightly positive bias amongst the major indices as the region reflected on earnings releases and the better-than-expected US jobs data, while Japan’s benchmark hit a fresh record high on return from holiday, before fading the gains.
- ASX 200 was led higher by strength in utilities and financials after shares in Origin Energy and ANZ Group rallied post-earnings, but with upside in the broader market capped by hawkish rhetoric from RBA Governor Bullock.
- Nikkei 225 swung between gains and losses, in which the index initially climbed to above the 58,000 level for the first time, but then briefly wiped out all of its gains as currency strength persisted.
- Hang Seng and Shanghai Comp were mixed with the Hong Kong benchmark dragged lower by underperformance in the likes of Budweiser and NetEase following their earnings releases, with the latter also weighed by tech/AI-related headwinds, which dragged other large tech names lower such as Tencent, Baidu and Meituan, while AI startup Zhipu shares surged around 36% after the release of its new model. Conversely, the mainland treaded water following another firm liquidity operation by the PBoC and after China’s State Council held a session on boosting AI use, with Premier Li urging to promote the use of AI in various sectors, while there are also expectations for the US and China to extend the trade truce by up to a year during the expected Trump-Xi meeting in April.
- US equity futures gradually edged higher in range-bound trade after their choppy post-NFP performances.
- European equity futures indicate a higher cash market open with Euro Stoxx 50 futures up 0.8% after the cash market closed with losses of 0.2% on Wednesday.
FX
- DXY remained lacklustre after yesterday’s mixed and ultimately flat performance despite the stronger-than-expected data from January, which pushed market pricing for the next Fed rate cut back to July from June. Nonetheless, there was some concern about the sustainability given that private employment was behind most of the growth driving the headline increases in Non-Farm Payrolls, while the final annual BLS benchmark payroll revisions through to March 2025, saw total jobs revised down by 862k. Furthermore, the greenback was also not helped by trade uncertainty after a report that US President Trump is privately considering exiting the North American trade pact.
- EUR/USD lacked conviction after its recent return to sub-1.1900 territory, and with officials calling for additional EU debt.
- GBP/USD struggled for direction after recent whipsawing and as participants await UK GDP data.
- USD/JPY continued its recent downward trend and returned below the 153.00 level, with the pair not helped by in-line PPI data from Japan and jawboning by top currency diplomat Mimura.
- Antipodeans were rangebound amid the mixed risk sentiment in Asia-Pac and with some hawkish comments from RBA Governor Bullock, who stated the Bank will monitor data and act if inflation becomes entrenched, warning that further rate hikes may be needed.
- PBoC set USD/CNY mid-point at 6.9457 vs exp. 6.9153 (Prev. 6.9438)
- BoC Minutes stated that Governing Council members agreed that the policy interest rate was on the stimulative side and agreed they would need to maintain optionality in setting monetary policy.
FIXED INCOME
- 10yr UST futures traded little changed but were off the prior day’s worst levels after slumping in reaction to the stronger-than-expected NFP report, and although some of the downside was faded, a further rebound was thwarted by a weak auction and with more issuances scheduled later, including a 30yr note offering stateside.
- Bund futures took a breather following yesterday’s whipsawing and central bank rhetoric, in which ECB’s Nagel called for more EU debt, while Schnabel noted numerous headwinds for the German economy, with potential growth weighed on by demographic change.
- 10yr JGB futures were choppy on return from the holiday closure with early upside as yields in Japan retreated, while the latest Japanese PPI data printed in line with expectations and provided little to influence price action.
COMMODITIES
- Crude futures remained afloat but with gains limited following the recent choppy performance alongside mixed geopolitical-related headlines, including reports that the Pentagon was preparing a second aircraft carrier to deploy to the Middle East, although officials cautioned that there has been no official order for deployment and plans could change. Furthermore, President Trump said after meeting with Israel’s PM that he insisted negotiations with Iran should continue to see whether a deal can be reached, which would be his preference.
- US Energy Secretary Wright said the Venezuela oil quarantine is essentially over and called it a historic pivot, but noted that political prisoners remain an issue.
- Venezuela’s interim President Rodriguez hopes the relationship with the US progresses without obstacles, and she spoke with the US Energy Secretary about deals on oil, gas, power, and mining, while she looks to proceed as fast as possible.
- Spot gold lacked direction after pulling back from resistance around the USD 5,100/oz level and following some unwinding of Fed rate cut bets in the aftermath of the recent better-than-expected US jobs data.
- Copper futures were indecisive amid a somewhat tentative mood in Asia and a lack of conviction in its largest buyer, China.
CRYPTO
- Bitcoin was somewhat choppy and ultimately faded its intraday gains to return to flat territory above the USD 67,000 level.
NOTABLE ASIA-PAC HEADLINES
- Japan’s top currency diplomat Mimura said he won’t comment on FX levels, but they are closely watching markets with a high sense of urgency, while he added they are not lowering their guard and continue to be in contact with US authorities.
- RBA Governor Bullock said the board decided inflation at around 3-point something was unacceptable. Bullock also commented that the economy is performing reasonably well and the labour market is a positive development, while she added the Bank will monitor data and act if inflation becomes entrenched, warning that further rate hikes may be needed.
DATA RECAP
- Japanese PPI MM (Jan) M/M 0.2% vs. Exp. 0.2% (Prev. 0.1%)
- Japanese PPI YY (Jan) Y/Y 2.3% vs. Exp. 2.3% (Prev. 2.4%)
GEOPOLITICS
MIDDLE EAST
- US President Trump said the meeting with Israeli PM Netanyahu was very good, while Trump insisted negotiations with Iran continue to see if a deal can be made, which he would prefer, but if not, we will see what happens.
- Israeli PM office said Israeli PM Netanyahu discussed with US President Trump the negotiations with Iran, Gaza, and regional developments, while he also discussed the security needs of the State of Israel in the context of the negotiations, and the two agreed to continue their close coordination and relationship.
- US Pentagon reportedly prepares a second aircraft carrier to deploy to the Middle East, as President Trump raises pressure on Iran to make a nuclear deal, according to WSJ. However, officials cautioned that there hasn’t been an official order to deploy the second carrier and that plans could change.
- Iranian top security official said they have not received a specific proposal from the US, while the official added that Muscat was about an exchange of messages, and there is no talk of zero enrichment, which they need for energy and medicine.
RUSSIA-UKRAINE
- Ukrainian President Zelensky said they won’t agree to peace talks in Russia or Belarus, while he stated Russia is not ready for an energy truce, and there has been no answer from Russia on an energy truce. Furthermore, he said it is only possible to end the war by summer if the US increases pressure on Russia, and the US needs to pressure Russia, not simply talk.
- Explosions were reported by witnesses in Ukraine’s capital of Kyiv.
OTHER
- North Korea is said to be developing a submarine that can carry 10 submarine-launched ballistic missiles, and is accelerating its program to develop and manufacture drones based on experience from the Russia-Ukraine battlefield, according to MPs citing South Korea’s spy agency. Furthermore, North Korea-Russia collaboration is said to exclude modern tech and nuclear programs, while North Korea seeks to improve relations despite dissatisfaction with China, and it also appears to have entered the stage of designating leader Kim’s daughter, Kim Ju-Ae, as his successor.
EU/UK
NOTABLE HEADLINES
- UK Chancellor Reeves sees opportunities for joint procurement with Europe and hopes for more concrete progress in EU talks very soon, while it was separately reported that Reeves will limit the deregulatory drive as she seeks closer relations with the EU, according to FT.
- ECB’s Schnabel said Europe is a continent with “huge potential”, while she stated regarding the German economy that headwinds are numerous and that demographic change is increasingly weighing on potential growth and thus on the sustainability of social security systems. Furthermore, she said energy costs remain elevated compared with pre-pandemic levels, and protectionism as well as global competition, especially from China, are hitting Germany particularly hard.
- Euro-area finance ministers will discuss options to promote the use of the common currency in issuance and transactions, as part of the bloc’s push to strengthen the euro’s global role and assert Europe’s financial independence.
DATA RECAP
- UK RICS House Price Balance (Jan) -10% vs. Exp. -11% (Prev. -14%)
3631
N
2.a NORTH KOREA/SOUTH KOREA/JAPAN
SOUTH KOREA/USA
2 b JAPAN
what took them so long: Nuclear is still the cheapest form of energy
(zerohedge)
Japan Restarts World’s Largest Nuclear Plant, 15 Years After Fukushima Shutdown
Thursday, Feb 12, 2026 – 02:45 AM
Japan resumed operations at the world’s largest nuclear power plant this week, marking a key development in the country’s return to nuclear energy almost 15 years after the Fukushima disaster.
The reactor is located at the Kashiwazaki-Kariwa Nuclear Power Plant, in Japan’s Niigata Prefecture.
It is the world’s first nuclear power plant to use an advanced boiling water reactor.
Panoramic view of units 5-7 of the Kashiwazaki-Kariwa nuclear power plant.
Kashiwazaki-Kariwa’s total capacity is 8.2 GW, which is enough to power a few million homes.
The site is operated by the Tokyo Electric Power Company (TEPCO), which also ran the Fukushima plant.
While the Kashiwazaki-Kariwa facility was not damaged by the Tōhoku earthquake and tsunami, all seven of its reactors have remained offline since the accident amid tightened safety requirements and public scrutiny.
We noted back in December, Niigata prefecture’s assembly session vote revealed the community’s deep divisions over the restart, in spite of lawmakers giving their backing to Hanazumi.
“This is nothing other than a political settlement that does not take into account the will of the Niigata residents,” an assembly member told fellow lawmakers during the session.
Around 300 protesters gathered outside the assembly holding billboards with signs expressing their opposition to the resumption in operations, such as “No Nukes” and “Support Fukushima.”
“I am truly angry from the bottom of my heart,” Kenichiro Ishiyama, a 77-year-old protester from Niigata city, told reporters after the vote.
“If something was to happen at the plant, we would be the ones to suffer the consequences.”
Brought back to life on February 9, the reactor had been shut down for more than a decade.
“We will continue to conduct integrity checks of the plant equipment under actual steam operating conditions, while fully and sincerely responding to inspections by the Nuclear Regulation Authority,” Tepco officials stated.
As interestingengineering.com reports, the 1,356-megawatt (MW) advanced boiling water reactor (ABWR) was restarted at 2pm local time with criticality confirmed just over an hour later at 3:20pm.
For clarity, criticality refers to the condition when a nuclear reactor is maintaining a self-sustaining nuclear chain reaction.
“We will continue to demonstrate through our actions and results that we are making safety our top priority at the Kashiwazaki-Kariwa Nuclear Power Plant,” Tepco representatives pointed out.
The reactor was first restarted in the evening of January 21.
However, according to the company, shortly after midnight on January 22, an alarm in the control rod monitoring system halted the withdrawal of one control rod.
As a result, the unit’s restart was suspended while an investigation into the cause of the alarm was carried out. Tepco said it intends to gradually raise the pressure inside the reactor once operations resume.
It will resume power generation and transmission on February 16.
As we previously detailed, Prime Minister Sanae Takaichi has expressed her support for nuclear restarts to counter the cost of imported fossil fuels, which account for 60–70 percent of the country’s total electricity generation.
Last year, Japan spent 10.7 trillion yen ($68 billion) on imported liquefied natural gas and coal, representing a tenth of the country’s total import costs.
Despite its declining population, Japan expects energy demand to rise over the next decade, due to the power needs of artificial intelligence (AI) data processing centers.
The country has set a target of doubling the portion of nuclear power in its electricity mix to 20 percent by 2040.
Japan’s top nuclear power operator, Kansai Electric Power, said in July it would begin conducting surveys for a reactor in western Japan, in what is planned to be the country’s first new plant since the Fukushima disaster.
END
3. CHINA
CHINA/USA
very fragile: doubt if there will be a trade deal
(zerohedge)
US, China Work To Preserve Fragile Trade Truce Ahead Of Trump’s April Visit: Report
Wednesday, Feb 11, 2026 – 08:30 PM
The United States and China are seeking to preserve their fragile trade truce before President Donald Trump visits Chinese President Xi Jinping for a high-stakes summit in Beijing this spring, according to the South China Morning Post.
On the sidelines of the 2025 APEC summit in Busan, South Korea, Trump and Xi held a pivotal meeting that produced a significant—though temporary—trade agreement. Following months of escalating tariffs, curbs on rare-earth exports, and agricultural boycotts, the two leaders agreed to a one-year truce that provided a measure of relief to the world’s two largest economies.
“There seems to be a really strong appetite to maintain that fragile trade truce that we saw struck in late 2025,” Nick Marro, global trade lead at the Economist Intelligence Unit, told SCMP. “I think, at best, we could see this continuation of a detente in tariff policy.”
South China Morning Post reports:
Extending the informal months-long understanding, a step seen by officials as realistic and achievable, would anchor the summit around short-term economic wins, including fresh Chinese purchase commitments, the sources said.
Trump is expected to travel to China in early April, according to four people familiar with the plans. An initial arrival date under consideration was March 31, leading to a bilateral meeting with Xi in the first week of April as part of a visit lasting about three days, two of the people said.
Trump described the 2025 deal as a “massive victory,” announcing reductions in certain U.S. tariffs on Chinese goods (from around 57% to 47% in key areas like fentanyl-related levies), while China committed to resuming large-scale purchases of American soybeans, sorghum, and other farm products, suspending new rare-earth restrictions, and cooperating on fentanyl flows.
The Busan agreement gave American farmers and manufacturers some breathing room, halted further escalation, and opened the door to potential longer-term negotiations, even as deeper structural issues around technology and supply chains remain unresolved.
“Both sides will look for deliverables that can be packaged as wins they can present at home,” Wang Dan, China director at Eurasia Group, told SCMP, adding “This could include numerical commitments for soybeans, energy and manufactured goods from the US.”
Treasury Secretary Scott Bessent is expected to meet his Chinese counterpart, Vice Premier He Lifeng, in the coming weeks to discuss deliverables ahead of the meeting, sources told the South China Morning Post.
Last week, Trump and Xi held their first phone call in months, which the president characterically called “excellent.”
“I have just completed an excellent telephone conversation with President Xi, of China. It was a long and thorough call, where many important subjects were discussed, including Trade, Military, the April trip that I will be making to China (which I very much look forward to!), Taiwan, the War between Russia/Ukraine, the current situation with Iran, the purchase of Oil and Gas by China from the United States, the consideration by China of the purchase of additional Agricultural products including lifting the Soybean count to 20 Million Tons for the current season (They have committed to 25 Million Tons for next season!), Airplane engine deliveries, and numerous other subjects, all very positive!” Trump posted on Truth Social.
“The relationship with China, and my personal relationship with President Xi, is an extremely good one, and we both realize how important it is to keep it that way,” the president continued. “I believe that there will be many positive results achieved over the next three years of my Presidency having to do with President Xi, and the People’s Republic of China.”
China’s official readout presented a more pointed tone, emphasizing Xi’s focus on Taiwan and urging Washington to reduce tensions over the self-ruled island.
On Monday, US ambassador to China, David Perdue, said at an event organized by the China Council for the Promotion of International Trade in Beijing said that the US was “not closing the door to doing business with China.”
“As President Trump has said, we want to trade with China, we need to trade, but that trade should be balanced and with full reciprocity,” Perdue said. “I’m very optimistic about the year ahead and also clear-eyed. The challenges are real.”
Xi called the U.S. approach to Taiwan “the most important issue in China-U.S. relations,” declaring that China “will never allow Taiwan to be separated from China.”
4./EUROPEAN AFFAIRS
EUROPE/MIGRANTS
about time! a new Conservative on the block. She is from Poland and she knows the dangers of migrants
‘No More Asylum Tourism’: Right-Wing Victory As Brussels Votes To Ease Migrant Transfer To ‘Safe Third Countries’
Thursday, Feb 12, 2026 – 05:00 AM
The European Parliament has approved new regulations to tighten EU migration and asylum policy, including the “safe third country” concept, with 396 MEPs in favor of the changes and 226 against.
The rules will allow EU member states to deem asylum applications inadmissible if the applicant transited through a country deemed “safe” where they could have sought protection.
They also facilitate the transfer of asylum seekers to third countries (outside the EU), even if the applicant has no direct connection to that country, provided a transit connection or similar link exists.
Confederation MEP Ewa Zajączkowska-Hernik took to X to celebrate the win and explain what this means for migration.
“We have just WON a crucial vote in the European Parliament regarding the application of the ‘safe third country’ concept, which I have been working on for the last few months! Please share and publicize this, so that as many people as possible can hear about it, because the mainstream media is silent!” Zajączkowska-Hernik shared on social media.
The MEP said that the vote was a success “despite desperate sabotage attempts” by the Left, Greens, and Socialists.
Zajączkowska-Hernik believes EU countries have been given a “real weapon” to combat illegal migration and put an end to fictitious bureaucratic procedures and abuse.
The MEP confirmed that there will be no more looking for “special ties” that a migrant may have with a given country.
“If he entered the EU in transit through a safe country (e.g., Turkey or Tunisia), his asylum application is inadmissible. He must return immediately!” Zajączkowska wrote.
Moreover, “asylum tourism” will be stopped, and appealing a decision will no longer automatically halt deportation.
“No more years of living free at taxpayer expense while left-wing lawyers drag out the proceedings,” she argues.
In addition, member states will gain the right to conclude their own agreements with third countries on returning migrants. “Brussels can no longer block our negotiations; we just need to inform them before the agreement comes into force,” Zajączkowska-Hernik wrote.
States will also be able to impose restrictions on freedom and detention to prevent migrants from disappearing before deportation.
“Citizen safety is a priority. This is the first step towards stopping mass and illegal migration! I work for you and show that the right can win in the fight for the security of our citizens and borders!” wrote the MEP.
END
GERMANY/POLAND
actually Poland should receive some reparation money as the Communist Party in Poland never agreed to the settlement with Communist East Germany. That is why they are now asking for money:
(ReMix\)
German MPs Shoot-Down Idea Of Paying WWII Reparations To Poland With Weapons
Thursday, Feb 12, 2026 – 02:00 AM
German politicians stress cooperation in the wake of the suggestion that Germany finance Polish armaments as reparations for World War II.
Wolfgang Ischinger, chairman of the Munich Security Conference, had proposed that Germany provide Poland with military equipment, emphasizing that “Poland is a frontline state.”
Poland has been vocal in its demand for what it says amounts to €1.3 trillion in World War II reparations Germany must pay for the crimes, deaths, and massive property destruction caused by the 1939-1945 occupation.
Despite some discussions, Germany has long maintained that Poland renounced all claims to reparations in 1953.
“From the Polish perspective, the issue of reparations remains unresolved,” he said in an interview for Die Welt, cited by wPolityce.
“What if Germany, recognizing Poland’s role as a frontline state, gave Warsaw a submarine, a frigate or a few tanks?” Ischinger asked.
German politicians and experts have since expressed their concerns with the idea.
Thomas Erndl, spokesman for the defense policy of the CDU/CSU parliamentary group in the Bundestag, told Die Welt that there was no need for this because a strong Bundeswehr protects not only Germany but also its allies.
“The brigade stationed in Lithuania is a visible sign of our solidarity as allies… If we all focus our efforts on rapidly expanding our military capabilities, and thus on guaranteeing our European security, historical sensitivity will play a subordinate role,” Erndl argued.
Adis Ahmetović, spokesman for foreign policy of the SPD parliamentary group, emphasized that gaining Poland’s trust can only come from a stronger foundation.
“Some of our partners, such as France and Poland, sometimes show reticence. Trust is not built through symbolic gestures like military donations, but through reliable and close cooperation. Therefore, it is essential to consistently deepen and further develop proven formats, such as the Weimar Triangle,” she said.
“We should not allow ourselves to be distracted, let alone exploited, in the process of building a common European defense, which all of Europe is waiting for,” added Marie-Agnes Strack-Zimmermann from the Free Democratic Party, chairwoman of the European Parliament’s Defence Committee.
Agnieszka Brugger, spokeswoman for security policy of the Green Party parliamentary group in the Bundestag, seemed confused by the idea, stating, “Conflating such a strange idea with the very delicate and difficult issue of ‘reparations’ is not very helpful.”
“It seems a bit strange, and perhaps even paternalistic, to want to give weapons systems to a country that has been determinedly and successfully building one of NATO’s strongest conventional armed forces for years,” Professor Carlo Masala from the Bundeswehr University in Munich told Die Welt.
CDU foreign policy expert Roderich Kiesewetter noted: “We cannot buy ourselves out of our responsibility to defend Europe by simply giving up a few tanks.”
END
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
ISRAEL TBN LAST 24 HR
ISRAEL VS HAMAS
IRAN UPDATES
ISRAEL/ERIK PRINCE/CONGOLESE FIGHTERS//CONGO/HAITI
this is good: Prince et al trying to get rid of the ISIS bad characters in the Congo
Erik Prince, Israeli Advisers Operated With Congolese Special Forces
Thursday, Feb 12, 2026 – 03:30 AM
American mercenary Erik Price and Israeli soldiers operated with Congolese special forces battalions. Congo has been fighting against multiple rebel groups.
According to Reuters, the Israeli advisors’ role is limited to training, and Erik Prince is providing drone support. The outlet reports that the assistance helped Congo take a city back from two rebel groups, the Congo River Alliance (AFC) and the March 23 Movement (M23).
A senior Congolese defense official explained that Kinshasa “needed help recapturing Uvira and pulled in every resource they could.”
They added that the presence of Americans on the frontlines is keeping the AFC and M23 from launching new attacks.
Prince’s firm is also helping to secure Kinshasa and improve tax revenue collection. Sources told Reuters that Americans have been pulled off the frontlines, but could return.
Prince is a notorious American mercenary. His first firm, Blackwater, is responsible for the Nisour Square massacre, which left 17 Iraqis dead.
Prince later rebranded and sold Blackwater. He is a long-time ally of the US president, and the men responsible for murdering the Iraqi civilians were ultimately pardoned by Trump during his first term.
However, Prince has formed other private security firms that have conducted operations around the globe. His company, Vectus Global, has a contract with the Haitian government to conduct anti-drone operations.
Several civilians have been killed by drones in Haiti, including eight children at a birthday party. According to the scant details in The Guardian on the last September strike:
At least eight children were killed and six others seriously injured in a drone attack on a birthday party in Haiti’s capital where an alleged gang leader was distributing gifts, according to relatives and activists.
The explosions happened Saturday night in Cité Soleil, which is controlled by Viv Ansanm, a powerful gang coalition which the US has designated as a foreign terrorist organization.
One of its leaders, Jimmy Chérizier , best known as Barbecue, vowed to avenge the attacks, with a total of at least 13 people killed, according to residents.
Although it’s unclear if those strikes were conducted by Prince or the US-installed in Port-au-Prince.
END
IRAQ/SYRIA/ISIS FIGHTERS
Not good
Iraq Receives 5,000 ISIS Fighters From Syrian Prisons
Wednesday, Feb 11, 2026 – 11:25 PM
Iraq has received close to 5,000 ISIS prisoners since the start of a US military campaign to relocate the extremist group’s fighters, of whom tens of thousands were previously held in Kurdish-run facilities in northern Syria.
“The transfer of terrorist prisoners from Syria to Iraq is ongoing in coordination with the global coalition, and they are being held in Iraqi prisons,” Sabah al-Numan, spokesman for the commander in chief of the Iraqi army, told Rudaw on 11 February. Numan went on to say that the country’s legal system has begun taking judicial measures “against those individuals who committed crimes against the Iraqi people.“
Nearly 5,000 are now in Iraqi facilities, according to the latest data from the Iraqi Joint Operations Command.
The spokesman added that trials will continue “to ensure they receive their just punishment for what they have committed against Iraqis,” adding that “all criminal and terrorist acts that were committed will be investigated.”
Ali Dhia, assistant head of the judiciary-linked National Center for International Judicial Cooperation (NCIJC), said among the ISIS members were those who took part in the genocide against the Yezidi minority in Iraq, which began in 2014.
Last month, the Syrian army launched a major assault on Kurdish-held parts of northern and eastern Syria, seizing key oil fields and cities from the Syrian Democratic Forces (SDF). During the assault, SDF forces were no longer able to hold Hasakah’s Shaddaddi Prison.
After the facility fell to Jolani’s Syrian army, some 1,500 ISIS prisoners escaped. The SDF, once considered a major US ally, accused Washington of ignoring distress calls for help. It said a US military base was only two kilometers away from the prison.
The Syrian government also entered the Al-Hawl Camp, previously run by the SDF, which held tens of thousands of ISIS militants and their families, who also pose a serious security threat.
The camp was emptied by Syrian forces. Footage showed scores of prisoners flooding out of Al-Hawl. Syrian Kurdish officials warned afterwards that the government assault risked a major ISIS resurgence.
A day later, the US military announced a campaign to “transfer” ISIS fighters to Iraqi facilities. Washington said up to 7,000 ISIS members would be relocated, yet thousands more remain on the loose. Since then, Iraqi officials have warned of increased ISIS activity.
In late January, the SDF and Syrian government reached a deal to halt hostilities and implement a March 2025 agreement, which the two sides have been in dispute about for nearly a year. As part of this deal, the SDF must integrate into the Syrian army and security apparatus.
Syrian security forces have entered the cities of Qamishli and Hasakah. Ain al-Arab (Kobane), still predominantly held by Kurdish forces, is under siege.
The Kurdish group wanted to merge into the Syrian army as a bloc, while Damascus was demanding a complete dissolution and conscription on an individual basis.
The deal, which ended recent hostilities, calls for the creation of a division under the Syrian Defense Ministry, consisting of three SDF brigades.
Yet, so far, the merger has not physically begun – only joint patrols between Syrian security forces and the Kurdish Asayish (SDF-linked internal police force). The SDF has begun moving heavy military equipment out of some major city centers. It remains unclear how the merger will take place, as tensions are high.
Top officials have admitted that Damascus forces have been massacring Kurds as well as religious minorities:
The Syrian army is made up of many extremist, ISIS-linked factions with a history of war crimes and persecution of Kurds.
During the latest assault in the north of the country, Syrian troops carried out indiscriminate shelling and committed war crimes against Kurdish fighters, particularly the female soldiers who play a prominent role in the SDF and allied groups.
end
RUSSIA VS UKRAINE
Kiev under attack again!
(JerusalemPost)
Ukrainian capital Kyiv under ‘massive’ attack from Russian missiles, officials say
Various buildings were hit in the assault, and no casualties were reported.
Firefighters work at the site of a Russian drone and missile strike, amid Russia’s attack on Ukraine, in Kyiv, Ukraine, in this handout picture released February 7, 2026.(photo credit: Press service of the State Emergency Service of Ukraine in Kyiv region/Handout via Reuters)ByREUTERSFEBRUARY 12, 2026 04:40
The Ukrainian capital Kyiv came under a “massive” attack from Russian missiles early on Thursday, with various buildings hit in the assault, officials said.
“A mass attack on the capital is still underway,” Mayor Vitali Klitschko said on Telegram.
Klitschko said there had been hits on both residential and non-residential buildings on both sides of the Dnipro River bisecting the city.
/
No casualties reported
Fragments had fallen near two residential buildings in one district, but no fire had broken out and no casualties were reported.
Emergency medical teams had been dispatched.
Tymur Tkachenko, head of the capital’s military administration, said at least one hit had been recorded in an eastern suburb.
Reuters witnesses heard explosions resound in the city.
The southeastern city of Dnipro also came under attack, regional governor Oleksandr Ganzha said on Telegram. Some private homes and cars sustained damage, but there were no indications of any casualties.
Air raid alerts remained in effect in both Kyiv and Dnipro well after midnight.
end
6.GLOBAL ISSUES//COVID ISSUES/VACCINE INJURY REPORTS/HEALTH ISSUES
I wonder why? Reason: the shots kill people!!
FDA Refuses To Review Moderna’s Application For Experimental Flu Shot
Wednesday, Feb 11, 2026 – 03:45 PM
Authored by Troy Myers via The Epoch Times,
The Food and Drug Administration (FDA) is refusing to review Moderna’s experimental flu shot, the company announced Tuesday.
Already submitted and accepted for review in the European Union, Canada, and Australia, the experimental shot’s application being denied by the FDA is another sign of President Donald Trump’s administration’s impact on U.S. pharmaceutical companies.
FDA Center for Biologics Evaluation and Research (CBER) Director Vinayak Prasad signed the refusal to review letter, objecting to Moderna’s study design and its lack of an “adequate and well-controlled” study.
Moderna’s CEO refuted to Prasad’s assessment.
“It should not be controversial to conduct a comprehensive review of a flu vaccine submission that uses an FDA-approved vaccine as a comparator in a study that was discussed and agreed on with CBER prior to starting,” Moderna CEO Stéphane Bancel said in the news release.
According to the pharmaceutical company, the FDA did not identify any specific safety or efficacy concerns with the experimental flu shot, called mRNA-1010.
Health and Human Services (HHS), under Secretary Robert F. Kennedy Jr., announced its plan in August 2025 to begin winding down mRNA vaccine development, including the cancellation and de-scoping of contracts and solicitations. The decision came after a review of mRNA-related investments started during the COVID-19 pandemic.
“The data show these vaccines fail to protect effectively against upper respiratory infections like COVID and flu. We’re shifting that funding toward safer, broader vaccine platforms that remain effective even as viruses mutate,” Kennedy said in the news release.
The HHS secretary added that his agency will be investing in better solutions.
In the latest setback with Moderna’s experimental mRNA shot, the company called the move by the FDA “inconsistent” with prior feedback it has received from the agency.
In April 2024, Moderna submitted its phase three study to the FDA’s CBER for review. The agency sent written guidance back, which did not raise any objections about the phase three trial, Moderna said.
Following the completion of the experimental shot’s phase three efficacy trial in August 2025, Moderna held another meeting with the FDA agency for feedback. The Moderna news release said that at no time during the meeting or in written feedback did CBER hint that it would refuse to review the shot’s application.
“This decision by CBER, which did not identify any safety or efficacy concerns with our product, does not further our shared goal of enhancing America’s leadership in developing innovative medicines,” Bancel said.
With mRNA-1010’s acceptance for review in the European Union, Canada, and Australia, Moderna said it plans to file more submissions in additional countries this year.
Meanwhile, the drug company has requested a meeting with the FDA agency to understand the path forward.
“We look forward to engaging with CBER to understand the path forward as quickly as possible so that America’s seniors, and those with underlying conditions, continue to have access to American-made innovations,” the CEO said.
The refusal to review Moderna’s experimental flu vaccine comes as the Trump administration is making sweeping changes to the U.S. health complex, like inverting the food pyramid, narrowing the childhood vaccine schedule, the Centers for Disease Control and Prevention admitting vaccines may cause autism, and more.
RFK Jr. helped launch the Make America Healthy Again movement, which is advocating for healthier diets, safer farming practices, more awareness of store-bought foods laden with chemicals, and trying to identify the root causes of chronic disease.
The FDA refusing to review Moderna’s experimental flu shot becomes the latest setback for big pharmaceutical companies under the Trump administration.
The pharmaceutical company said it does not expect impacts to its 2026 financial guidance and forecasts the earliest approvals for its experimental flu shot to begin late 2026 or early 2027.
MARK CRISPIN MILLER
DR PAUL ALEXANDER
NEWSWIZE
| Trump Torches RINO Governor In Scathing Social Media Post President Donld Trump refuted Oklahoma Governor Kevin Stitt after he accused the president of disinviting Democrat governors to the upcoming National Governors Association (NGA) event at the White House. The event, an annual business meeting and dinner traditionally held in a bipartisan manner, was scheduled for February 20. Controversey arose when Stitt claimed that the White House planned to limit … READ THE FULL REPORT Investigators Uncover Black Glove Near Nancy Guthrie’s Home In another potential breakthrough in the 11-day search for 84-year-old Nancy Guthrie, investigators recovered a black glove along a roadway not far from her Catalonia Foothills home from which she was abducted on February 1. The glove was discovered approximately 1.5 miles from Guthrie’s secluded desert suburb home in a patch of shrubbery along a roadside, according to a report … READ THE FULL REPORT American Phenom Shatters Olympic Record in Stunning Gold Medal Triumph American speedskating sensation Jordan Stolz delivered a performance for the ages Wednesday night, shattering the Olympic record on his way to a gold medal in the men’s 1,000-meter event at the 2026 Winter Olympic Games. Competing at the Milano Speed Skating Stadium in Milan, the 21-year-old Wisconsin native crossed the finish line in 1:06.28, slicing nearly a full second off … READ THE FULL REPORT Dem Rep. Storms Out Of Congressional Hearing When Confronted With Epstein Hypocrisy U.S. Rep. Becca Balint (D-VT) stormed out of a House Judiciary Committee hearing on Wednesday when Attorney General Pam Bondi confronted her with her hypocritical views on the Jeffrey Epstein case. The contentious hearing covered a number of topics, though Democrats placed a particular emphasis on the Jeffrey Epstein case. The recently signed Epstein Transparency Act mandated the release of … READ THE FULL REPORT FBI Launches ‘Extensive Search’ After New Developments In Nancy Guthrie Case The FBI announced Wednesday that agents would be conducting an “extensive search along multiple roadways in the Catalina Foothills area” of Tucson, Arizona, in relation to the Nancy Guthrie investigation. The latest update comes less than a day of heightened law enforcement activity, which culminated in a person being detained and ultimately released early Wednesday morning. “We are asking the … READ THE FULL REPORT |
MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIR
The Men And Women In The High Castle
Thursday, Feb 12, 2026 – 10:40 AM
By Michael Every of Rabobank
US payrolls stronger, US yields up, stocks flat as anything hit by AI was too, oil sideways, and USD/JPY at 153 vs 159 a few days ago. Fed-speak was all over the place. Schmid said restrictive rates are needed to cool inflation. Miran said there’s still a variety of reasons to cut rates. Hammack said the labor market is finding a healthy balance and rates should stay on hold. And as they all speak, 2026’s book of changes unfolds.
Von der Leyen clashed with France and Germany over the EU’s core climate law, the latter pair backing CEOs in Antwerp demanding climate regulations are eased to halt rapid deindustrialisation (in the green space as well as in old industries). However, Paris and Berlin are attacking each other over that issue (i.e., who gets the subsidies).
The key informal leaders meeting in a Belgian castle today will see more clashes and breaches. The Euro defence lobby opposes the Commission’s role in defence spending. There is no agreement on what ‘Made in Europe’ means, as the UK, outside the castle wall like King Arthur in The Holy Grail, argues it should be let in. VdL just attacked “unnecessary” national laws, mirroring some states’ views of EU laws. Her Commission will set an end-2026 deadline for the EU to integrate all its capital markets, or allow member states to do so at their own speed. The ECB is lobbying for a common EU corporate legal framework; and both the Bundesbank president and the FT editorial team put out missives for the mass issue of Eurobonds for “strategic autonomy.” EU markets don’t seem to be reacting to any of the above. Yes, this isn’t a crisis, as with Greece – but it is a crisis. The old regime of technocrats sees the world has changed – but can they do so?
The Trump-Netanyahu meeting ended with ‘Trump wants a deal’: but did anyone expect the headline: “We attack Friday”? Another US aircraft carrier is heading to the region, alongside other preparations for Iran to deal with. Indeed, when Trump says ‘deal’, that now seems to include ballistic missiles and terror proxies, both unacceptable to Tehran. The US is also considering acting vs tankers carrying Iranian oil, even if wary what that would do to energy prices.
Mirroring that, the Russian press is talking about Iranian oil being escorted to Cuba by the PLA Navy, and Russia’s shadow fleet by their navy, which would raise the stakes and risk a new Cuban crisis or its equivalent in Europe. The fact this is being discussed underlines how hard power now matters: sanctions, shmanctions, price cap, price shmap – can you physically interdict a ship? Can you resist any such measures being taken against your trade flows via military strength or the importance of what you export? That’s what strategic autonomy looks like.
The US energy secretary is to visit Venezuela to try to jump start oil production, seen as a Herculean task. That’s as the EPA will water down regulations so carbon isn’t a pollutant, marking another huge step towards environmental deregulation. Trump also signed an executive order to shift the Department of War to coal for its vast power demands: khaki certainly isn’t green.
The US House of Representatives voted to remove Trump’s Canada tariffs, cheering tariff opponents. However, only a handful of Republicans flipped, and Trump can veto it if it were to pass the Senate, which is unlikely. Conversely, the FAA head said Canada will certify US Gulfstream jets following sabres being rattled by Trump. At the same time, suggestions Trump wants to end the USMCA this summer, likely deepening bilateral trade relations with Mexico and weakening them with Canada, which greatly weakens Canada, cannot be dismissed.
Trump and Xi reportedly ‘agreed to roll back tariffs’ on one quick take: the actual news is they are to extend their trade truce for another year. If that’s the main outcome from their April meeting one wonders why it’s happening. (Which some may ask after the EU meeting too.)
There were announced changes to the US-India trade deal from the US side, following a backlash from Indian farmers – that does show tweaks can be made, as they already have elsewhere.
Indonesia will sign a US trade deal, and join Trump’s Board of Peace, next week. Will nickel flows will be involved given Indonesia dominates global supply and just announced it will be reducing output to force prices higher? (NB, Canada is full of nickel too but no longer produces much, “because markets.”)
In technology, the Chinese press notes how AI and delivery drones are pushing their logistics costs to new lows. SMIC said the chip industry is in “crisis mode” as output is sucked up by AI: it will respond with more localization. ByteDance is reportedly developing its own AI chip in conjunction with Samsung. US hyperscaler AI spending is now set to hit over $600 billion. And all this is happening as some sit and talk about how to boost competitiveness in a High Castle.
Then again, there are good arguments for moats and drawbridges: the Pentagon wants to include AI within its secure networks. “Would you like to play a game?” still send shivers down the spine of a child of the 80s, like ‘Skynet’ and ‘The Matrix’ may still do to others. But here we are. At the very least, the world of work around is going to be transformed, even if some are taking the blue pill and think it won’t impact them.
That’s as Anthropic, the makers of Claude –doing transformative things even for individuals and SMEs– has publicly warned the program could be misused for “heinous crimes.” That’s following Anthropic’s safeguards research head quitting while warning, “I continuously find myself reckoning with our situation. The world is in peril. And not just from AI, or bioweapons, but from a whole series of interconnected crises unfolding in this very moment. We appear to be approaching a threshold where our wisdom must grow in equal measure to our capacity to affect the world, lest we face the consequences.”
He’s moving to the UK to “become invisible” for a period of time, adding: “I feel called to writing that addresses and engages fully with the place we find ourselves, and that places poetic truth alongside scientific truth as equally valid ways of knowing, both of which I believe have something essential to contribute when developing new technology.” How does one put poetry into ‘scientific’ GDP? By asking, “What is GDP *for*?”
Or look to the I Ching at the heart of The Man in the High Castle, a book set in a world where the West lost WW2. It says: “When flowing water… meets with obstacles on its path, a blockage in its journey, it pauses. It increases in volume and strength, filling up in front of the obstacle and eventually spilling past it… Do not turn and run, for there is nowhere worthwhile for you to go. Do not attempt to push ahead into the danger… emulate the example of the water: Pause and build up your strength until the obstacle no longer represents a blockage.” And what does that imply your GDP, or your markets, should look like?
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL
IEA Slashes Oil Demand Growth Forecast For 2026
Thursday, Feb 12, 2026 – 12:30 PM
By Tsvetana Paraskova of OilPrice,
Global oil demand is expected to rise by 850,000 barrels per day this year, the International Energy Agency (IEA) said on Thursday as it cut its growth estimate from 930,000 bpd expected last month.
All the 850,000 bpd growth this year is poised to come from developing economies, with China leading the additional demand, the agency said in its closely-watched Oil Market Report for February.
Petrochemical feedstock products are set to account for more than half of this year’s gains, compared with only a third in 2025 when transport fuels dominated growth, the IEA said.
The agency’s forecast is well below OPEC’s estimate of 1.4 million bpd oil demand growth this year from 2025, which the cartel reiterated in its own monthly report earlier this week. OPEC sees robust growth of 1.3 million bpd for 2027, too.
The IEA today confirmed its estimate that the oil market will be in a surplus in 2026, with supply set to rise by 2.4 million bpd in 2026, to 108.6 million bpd. Growth will be roughly evenly split between non-OPEC+ and OPEC+ producers, the agency said.
Last month, the IEA expected oil supply to rise by 2.5 million bpd this year, but it slightly revised down the estimate this month due to the winter storm in the United States and disruptions in other countries.
In January, global oil supply plunged by 1.2 million bpd to 106.6 million bpd, as severe winter weather disrupted North American operations, while outages and export constraints curtailed Kazakh, Russian, and Venezuelan flows.
But world oil supply is set to rebound in the coming months as output recovers from the plunge in January, when extreme winter weather forced the shut-in of more than 1 million bpd of output in North America, the IEA said. In addition, prolonged disruptions at Kazakhstan’s key export terminal since November were compounded by a power outage at the country’s largest oilfield, Tengiz, last month, temporarily tightening Atlantic Basin light crude markets, the agency noted.
CUBA/USA/RUSSIA
NO FUEL!!! Russian plane stranded on the runway as they could not load any fuel. Now Russia begins evacuation of citizens over the lack of fuel due to the suspension of Venezuelan fuel to Cuba
(zerohedge)
Russian Airlines Suspend Flights To Cuba, Begin Evacuation Of Citizens, Over Fuel Crisis
Wednesday, Feb 11, 2026 – 06:00 PM
Another major blow has hit Cuba as its economy gets decimated by US-led sanctions, and as Trump’s embargo of vital Venezuelan oil for the island continues rolling downhill (Mexico had quickly followed suit by halting its oil to Cuba as well).
Amid the fuel shortage which has caused mass disruptions and flight stoppages at the main hub José Martí international Airport, two of Russia’s largest airlines have announced the suspension of flights to Cuba.
Moscow has already declared operations to evacuate all Russian tourists and citizens who wish to leave, and so outbound-only flights to bring them home have been authorized.
Rossiya, part of the Aeroflot group, and Severny Veter (Nordwind), are impacted – and the outbound-only evacuation flights have been authorized to begin Thursday.
The airlines said they are being forced to redirect flight routes in the region “due to challenges with refueling in Cuba.”
This follows on the heels of flagship carrier Air Canada being one of the first major international airlines to suspend flights. Canada currently has no economic sanctions against Cuba, and trades with the island-nation, having maintained diplomatic relations going all the way back to 1959.
While Americans have by and large been absent from the Caribbean nation, also given no direct flights from the US, Cuba has long been a favored tropical vacation destination for Canadians.
Earlier this month international reports said Cuba was merely days from running out of fuel, and widescale power outages across various districts of the country have only worsened.
“The last known delivery came via a tanker from Mexico in early January, but Mexico halted exports amid US pressure,” The Guardian notes. “At the same time, crude flows from Venezuela have dried up after a US operation in January that resulted in the capture of Nicolás Maduro, cutting off support from Cuba’s most trusted energy supplier.”
Havana’s lone primary international airport has seen drastic developments such as the following:
In recent hours, a video has gone viral on social media showing dozens of tourists disembarking from a plane on the tarmac in Moscow after their flight to Cuba was aborted just before takeoff.
The testimonies collected by the Russian outlet Mash on Telegram indicate that passengers on flight SU6849 had almost taken off when, “at the last moment, when the engines were already running, the pilot announced that there was no fuel in Havana,” forcing the flight to be canceled at the last minute.
The below scene was captured days ago…
The Kremlin meanwhile says it is exploring ways to get urgent humanitarian assistance to the Cuban people, as the economic situation and national infrastructure spirals.
Putin spokesman Dmitry Peskov said Monday that “the stranglehold imposed by the United States is already causing a lot of difficulties for Cuba” and this has resulted in the two allies discussing “possible ways to resolve these problems or at least provide all possible assistance.”
end
NOT SURE IF THE FOLLOWING IS TRUE BUT TRUMP DID THREATEN TO HALT TRADE BETWEEN USA AND CANADA AT NEW GORDIE HOWE BRIDGE:
FOR WHAT IT IS WORTH:
CANADA//HIGHER ELECTRICITY PRICES
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS THURSDAY MORNING 6;30AM//OPENING AND CLOSING
USA DOLLAR VS EURO: 1.1875 FOR A GAIN OF .0008 OR 8 BASIS PTS.
USA/ YEN 153.06 DOWN 0.208 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 1.3637 UP 0.0015 OR 15 BASIS PTS
USA/CAN DOLLAR: 1.3570 DOWN 0.0005 CDN DOLLAR UP 5 BASIS PTS//(DESPITE TRUMP’S TARIFFS)
Last night Shanghai COMPOSITE CLOSED UP 2.03 pts or 0.05%
Hang Seng CLOSED DOWN 233.84 PTS OR 0.86%
AUSTRALIA CLOSED UP 0.27%
// EUROPEAN BOURSE: MOSTLY ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: MOSTLY ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 233.84 PTS OR 0.86%
/SHANGHAI CLOSED UP 2.03 PTS or 0.05%
AUSTRALIA BOURSE CLOSED UP 0.27 %
(Nikkei (Japan) CLOSED UP 80.46 PTS OR 0.14%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 5059.00.
silver:$83.26
USA DOLLAR VS TRY (TURKISH LIRA): 43.65
USA DOLLAR VS RUSSIAN ROUBLE: 77.19 ROUBLE// UP 10 BASIS PTS
UK 10 YR BOND YIELD: 4.4720 DOWN 2 BASIS PTS
UK 30 YR BOND YIELD: 5.275 DOWN 4 BASIS PTS
CDN 10 YR BOND YIELD: 3.338 DOWN 3 BASIS PTS
CDN 5 YR BOND YIELD; 2.867 DOWN 3 BASIS PTS
USA dollar index early THURSDAY MORNING: 96.76 DOWN 2 BASIS POINTS FROM WEDNESDAY’s CLOSE
TUESDAY MORNING NUMBERS ENDS
And now your closing TUESDAY NUMBERS 10.00 AM
Portuguese 10 year bond yield: 3.147% DOWN 2 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.233% DOWN 1/4 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.430 DOWN 7 BASIS PTS//DIASTER
SPANISH 10 YR BOND YIELD: 3.161 DOWN 2 in basis points yield
ITALY 10 YR BOND: 3.396 DOWN 3 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (
GERMAN 10 YR BOND YIELD: 2.7965 DOWN 2 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY THURSDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/10:00 AM
Euro/USA 1.1882 UP 0.0007 OR 7 basis points
USA/Japan: 153.27 UP 0.013 OR YEN IS DOWN 2 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.4660 DOWN 3 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.266 DOWN 4 BASIS POINTS.
Canadian dollar UP 8 BASIS pts to 1.3566
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan CNY UP TO 6.9011 ON SHORE ..
THE USA/YUAN OFFSHORE// CNH UP TO 6.8926
TURKISH LIRA: 43.65 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
Your closing 10 yr US bond yield DOWN 1 in basis points from WEDNESDAY at 4.164% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.786 DOWN 3 basis points /11:00 AM
USA 2 YR BOND YIELD: 3.508 DOWN 1 BASIS PTS.
GOLD AT 10;00 AM 5068,85
SILVER AT 10;00: 82.96
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest ratesTHURSDAY CLOSING TIME 10:00 AM//
London: CLOSED DOWN 69.67 PTS OR 0.67%
GERMAN DAX: CLOSED DOWN 3.46 OR 0.01%
FRANCE: CLOSED UP 27.32 PTS OR 0.33%
Spain IBEX CLOSED DOWN 146.50 PTS OR 0.82%
Italian MIB: CLOSED DOWN 287.82 PTS OR 0.62%
WTI Oil price 64.27 10.00 EST/
Brent Oil: 68.92 10:00 EST
USA /RUSSIAN ROUBLE /// AT: 77.22 ROUBLE DOWN 0 AND 13 / 100
CDN 10 YEAR RATE: 3.325 DOWN 1 BASIS PTS.
CDN 5 YEAR RATE: 2.859 DOWN 1 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1870 DOWN 0.0004 OR 4 BASIS POINTS//
British Pound: 1.3622 DOWN 0.0005 OR 5 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.450 DOWN 2 FULL BASIS PTS//
BRITISH 30 YR BOND YIELD: 5.259 DOWN 4 IN BASIS PTS.
JAPAN 10 YR YIELD: 2.232 down 1/2 FULL BASIS PTS (DANGEROUS TO THEIR ECONOMY
JAPANESE 30 YR BOND: 3.432 down 7 PTS AND STILL VERY DANGEROUS TO THEIR ECONOMY
USA dollar vs Japanese Yen: 152.20 DOWN 0.564 OR YEN UP 56 BASIS PTS EXTREMELY DANGEROUS/YEN FALLING DEEPLY IN VALUE
USA dollar vs Canadian dollar: 1.3609 UP 0.0034 PTS// CDN DOLLAR DOWN 34 BASIS PTS
West Texas intermediate oil: 62.91
Brent OIL: 67.54
USA 10 yr bond yield DOWN 7 BASIS pts to 4.097
USA 30 yr bond yield: DOWN 9 PTS to 4.730%
USA 2 YR BOND 3.460 DOWN 6 PTS
CDN 10 YR RATE 3.285 DOWN 5 BASIS PTS
CDN 5 YEAR RATE: 2.825 DOWN 5 BASIS PTS
USA dollar index: 96.83 UP 11 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 43.65 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 77.23 DOWN 0 AND 23/100 roubles //
GOLD $4918.02 3:30 PM)
SILVER: 75.00 3;30 PM)
DOW JONES INDUSTRIAL AVERAGE: DOWN 669.42 OR 1.34%
NASDAQ 100 DOWN 513.65 PTS OR 2.04%
VOLATILITY INDEX 20.87 UP 3.22 PTS OR 18.24%
GLD: $ 451.39 DOWN 16.24 PTS OR 3.47%
SLV/ $67.73 DOWN 8.83 PTS OR OR 11.53%
TORONTO STOCK INDEX// TSX INDEX: CLOSED DOWN 788.91 PTS OR 2.37%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
‘
WRAP UP’:
Risk off trade on more AI disruption fears – Newsquawk US Market Wrap
Thursday, Feb 12, 2026 – 04:17 PM
- SNAPSHOT: Equities down, Treasuries up, Crude down, Dollar up, Gold down.
- REAR VIEW: Algorhythm Holdings platform sparks fears in logistics sector; Fed’s Miran said there’s a variety of reasons why the Fed can cut rates, Hammack said should stay on hold for now; IEA cuts 2026 global oil demand growth forecast; Russia’s memo reportedly sees a return to USD system in pitch to Trump; Strong US 30-yr bond auction; Trump said we have to make a deal with Iran, could reach deal over the next month.
- COMING UP: Data: Indian WPI (Jan), German Wholesale Prices (Jan), Swiss CPI (Jan), EZ Prelim Employment (Q4), GDP 2nd Estimate (Q4), US CPI (Jan) Speakers: Fed’s Miran, Logan; BoJ’s Tamura; ECB’s de Guindos; BoE’s Pill Supply: Australia Earnings: Moderna, Safran, NatWest
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MARKET WRAP
It was a risk-off session on Thursday, with downside in equities seemingly driven by further AI disruption fears. Stocks sold off at the US opening bell and into the European closing bell. At the time, a lot of attention was on an update from AI penny stock Algorhythm Holdings (RIME) that its SemiCab platform is enabling customers to scale freight volumes by 300-400%, without an increase in headcount. This largely weighed on the logistics/industrials sector, but other sectors also exposed to AI disruption (software, gaming, financials) also slumped, while the sectors that are least exposed to AI disruption (consumer staples) outperformed. The risk-off trade sparked upside in T-Notes, with the curve bull flattening led by the long end, with peaks seen after a stellar 30-year auction which saw T-Notes settle at highs. Elsewhere, crude prices also tracked risk sentiment lower but settled just off troughs. On the geopolitical footing, Trump reiterated they have to make a deal with Iran, and could reach deal over the next month, but will be very traumatic for Iran if they do not agree to a deal. The weakness in equities also filtered through to gold, silver and crypto – all assets which have performed similarly in recent weeks, particularly in times of volatility. FX was a bit calmer, however, but havens did outperform (Yen, Franc and Dollar), while cyclicals lagged, particularly the Aussie. Attention largely turns to the US CPI report on Friday.
US
CLAIMS: Initial Jobless Claims in the week ending February 7th fell to 227k from 232k, but above the 222k forecast. This left the four-week average at 219.5k, up from the prior 212.25k. The unadjusted data saw initial claims decline by 4.5k to 248k, while seasonal factors expected a 1.1k increase. Continuing claims, for the preceding week, rose to 1.862mln from 1.844mln, above the 1.85mln forecast. Pantheon Macroeconomics write that the data suggests the labour market remains just as subdued as last year, casting further doubt over the sustainability of January’s jump in payrolls. However, the desk acknowledges that heavy snow in late January has lifted claims marginally. Looking ahead, PM says layoffs look set to main relatively lower over coming months, but hiring will likely remain weak too.
EXISTING HOME SALES: Existing home sales for January fell to 3.91mln from 4.27mln, and much beneath the expected 4.18mln. Inventory of homes for sale was 1.22mln units, 3.7 months’ worth (prev. 3.3 months’ worth), with the national median home price for existing homes rising 0.9% Y/Y to USD 396,800. NAR Chief Economist Dr. Lawrence Yun remarked that, “The below-normal temperatures and above-normal precipitation this January make it harder than usual to assess the underlying driver of the decrease and determine if this month’s numbers are an aberration”. Yun added that affordability conditions are improving, due to wage gains outpacing home price growth and mortgage rates being lower than a year ago. However, supply has not kept pace and remains quite low.
FIXED INCOME
T-NOTE FUTURES (H6) SETTLED 16+ TICKS HIGHER AT 112-25+
T-Notes bid in risk-off trade amid more AI disruption concerns. At settlement, 2-year −4.4bps at 3.468%, 3-year −5.8bps at 3.511%, 5-year −7.1bps at 3.670%, 7-year −7.5bps at 3.873%, 10-year −7.7bps at 4.106%, 20-year −8.1bps at 4.676%, 30-year −8.3bps at 4.731%,
THE DAY: T-Notes traded within a 7 tick range throughout the Asian, European and early morning US session, with some upside seen as US players arrived, and some marginal downside seen after the jobless claims data, despite coming in above expectations. Nonetheless, T-Notes shot higher after the US equity opening bell with upside supported by risk-off trade. Equities were sold on more fears surrounding AI disruption, with the logistics/industrial sector seemingly the next victim of AI. T-Notes rose from the US opening bell to the close of European cash equity trade, before meandering ahead of the 30-year auction. The auction ultimately was very strong, and gave a further lift to Treasuries into settlement. The next scheduled risk event is US CPI on Friday, and how it shapes Fed rate cut expectations. The strong January jobs report saw several banks push back the Fed rate cut calls, with money markets now fully pricing in the next rate cut by July.
SUPPLY
Bills
- US to sell USD 90bln of 6-week bills, USD 89bln of 13-week bills, USD 77bln of 26-week bills and USD 52bln of 52-week bills on February 17th; all to settle Feb 19th.
- US sold USD 105bln of 4-wk bills at a high rate of 3.630%, B/C 3.63x; sold USD 95bln of 8-wk bills at a high rate of 3.630%, B/C 2.88x
Notes
- Overall, a very strong auction. The US Treasury sold USD 25bln of 30-year bonds at a high yield of 4.750%, stopping through the when issued by 2.1bps, marking the largest stop through since April 2025. It was also stronger than the 0.1bps stop through in January, and better than the six auction average of a 0.5bps tail. The bid-to-cover jumped to 2.66x from 2.36x, well above the 2.34x average. The strong auction was led by a rise in indirect demand to 69.9% from 65.4%, above the 63.7% average. Direct demand rose to 24.2% from 23.5%, above the 23.9% average. This left dealers with just 5.9% of the auction, a better sign of demand when compared to the prior 11.2% and 12.4% average.
- US Treasury to sell USD 16bln of 20-year bonds on Wednesday February 18th, and USD 9bln of 30-year TIPS on Thursday February 19th
STIRS/OPERATIONS
- Market Implied Fed Rate Cut Pricing: March 1.3bps (prev. 0.0bps), April 4.2bps (prev. 4.2bps), June 16.9bps (prev. 16.4bps), December 52.3bps (prev. 51bps).
- NY Fed RRP op demand at USD 2.844bln (prev. 1.05bln) across 10 counterparties (prev. 6).
- NY Fed says the desk plans to conduct an additional approximately USD 40bln in reserve management purchases and c. USD 13.4bln in reinvestment purchases between February 13th and March 12th.
- EFFR at 3.64% (prev. 3.64%), volumes at USD 104bln (prev. 92bln) on February 10th
- SOFR at 3.65% (prev. 3.63%), volumes at USD 3.194tln (prev. 3.132tln) on February 10th
CRUDE
WTI (H6) SETTLED USD 1.79 LOWER AT 62.84/BBL; BRENT (J6) SETTLED USD 1.88 LOWER AT 67.52/BBL
The crude complex slumped amid the broad risk-off sentiment and recovery in the Dollar. The energy space was largely rangebound overnight and initially through the European morning as WTI and Brent hit peaks of USD 65.10/bbl and 69.85, respectively. Benchmarks then saw weakness which coincided with the latest IEA forecasts, whereby it cut 2026 global oil demand growth forecast to 850k BPD (prev. 930k BPD), and also cut the 2026 global oil supply growth forecast to 2.4mln BPD (prev. 2.5mln BPD). Following that, oil was edging lower before succumbing to the overall dramatic turn in risk sentiment and the recovery of the Dollar, to plunge to session lows and settle around those levels. There was little crude specific behind the drop, just broader AI concerns fuelling risk off trade, although as Axios reported that Israel PM Netanyahu said the conditions Trump is setting on Iran, combined with their understanding they made a mistake last time by not reaching a deal, could lead Iran to accept a good deal, did aid a few downticks. Recently, US President Trump said they have to make a deal with Iran, and could reach deal over the next month, but will be very traumatic for Iran if they do not agree to a deal. Ahead, US CPI on Friday is the highlight.
EQUITIES
CLOSES: SPX -1.55% at 6,834, NDX -2.04% at 24,688, DJI -1.34% at 49,452, RUT -2.15% at 2,612
SECTORS: Utilities +1.50%, Consumer Staples +1.28%, Real Estate +0.31%, Health -0.17%, Industrials -1.20%, Communication Services -1.46%, Materials -1.49%, Consumer Discretionary -1.58%, Financials -1.99%, Energy -2.17%, Technology -2.65%.
EUROPEAN CLOSES: Euro Stoxx 50 -0.27% at 6,019, Dax 40 -0.11% at 24,828, FTSE 100 -0.67% at 10,402, CAC 40 +0.33% at 8,341, FTSE MIB -0.62% at 46,223, IBEX 35 -0.82% at 17,897, PSI -0.49% at 9,026, SMI -0.21% at 13,543, AEX -2.02% at 989.
STOCK SPECIFICS:
- Applovin (APP): Results impressed, but desks note fell shy of buy-side estimates.
- Cisco (CSCO): Issued guidance that only met expectations, disappointing traders, despite reporting better-than-anticipated quarterly results
- Equinix (EQIX): Strong next Q & FY view.
- iPhone (AAPL) sees China growth in January
- Kioxia’s issues stellar outlook, reflecting a surge in NAND flash memory prices & strong demand for the data storage needed for AI. Of note for MU, SNDK, STX, WDC.
- McDonald’s (MCD): EPS, rev. & comp. sales all impressed
- Motorola (MSI): EPS & rev. topped w/ stronger than exp. FY outlook
- Tyler Tech (TYL): Top & bottom line light as was FY rev. midpoint guide.
- Google (GOOGL): Updated Gemini 3 deep think in close partnership with scientists and researchers to tackle research challenges.
- Algorhythm Holdings (RIME): Announced its SemiCab platform in live customer deployments is enabling its customers’ internal operations to scale freight volumes by 300-400% without an increase in headcount.
FX
The Dollar Index only saw marginal strength on Thursday, but is well off the earlier lows. The buck saw a reversal as risk sentiment soured through the US afternoon. While moves in the FX space were more contained than the equity and precious metals space, the Dollar did reverse earlier losses as potential further AI disruption fears reared their head. As such, AUD, CAD, NZD succumbed, while the havens, Yen and CHF, outperformed, with USD/JPY falling to c. 152.35 from c. 153.75 before the AI-induced fallout. Back to Dollar-specific newsflow, initial jobless claims marginally fell to 227k from 231k, but above the expected 222k, although little move was seen in the Greenback. All participants await the US CPI on Friday, which will give a gauge on the inflationary side of the mandate, following the strong jobs market report on Wednesday. Given the latter, it has seen many banks push back their Fed calls for rate cuts to resume, with money markets now pricing in the first 25bps reduction by July, vs. June pre-NFP.
As mentioned, havens sat atop the G10 breakdown, and high-beta FX lagged as risk sentiment soured. This came as Algorhythm Holdings, which announced its SemiCab platform in live customer deployments, is enabling its customers’ internal operations to scale freight volumes by 300-400% without an increase in headcount, which saw the Industrials sector the latest to suffer from AI disruption. More broadly, it seemed to ignite the concerns already there in other names, such as software, gaming and brokerage, on new AI platforms. Prior to this, the Kiwi led G10 gains while the Aussie lagged slightly, consolidating after recent outperformance as moves were Dollar-driven, with no major domestic catalysts for either currency. For the Yen, overall conditions remain supportive as markets continue to price faster BoJ normalisation.
EUR and GBP were flat in a choppy day, as the Pound saw a mixed reaction to the latest GDP data. Dec. M/M printed in line, while Y/Y and Q4 preliminary figures undershot expectations, briefly weighing on Cable before swiftly reversing.
USA DATA RELEASES
jobless claims fall again
Initial Jobless Claims Refuse To Signal Labor Market Stress
Thursday, Feb 12, 2026 – 08:35 AM
Following the impressive payrolls data (revisions aside), the number of Americans filing for jobless benefits for the first time fell to 227k last week (down from 232k – which was a notable jump)…
Pennsylvania and Missouri saw the biggest declines in initial claims while Texas and Virginia saw the largest rise…
Which is odd because the week before, Pennsylvania saw the largest increase in jobless claims…?
Continuing jobless claims ticked up from their lowest since May 2024…
Finally, WTF is going on in the labor market – Payrolls beat (but revisions were ugly), JOLTs are tumbling, Surveys suggest a tough labor market (jobs hard to get far worse than jobs plentiful), but… initial jobless claims remain flat near multi-decade lows?
Which is weird because before 2019, the two time series sync’d up very well – as one would expect…
Should we just be ignoring surveys completely now?
END
AFFORDABILITY!!
US Existing Home Sales Collapsed In January
Thursday, Feb 12, 2026 – 10:09 AM
After managing a 1.4% YoY rise in 2025 (dramatically down from the 9.7% YoY rise in 2024, and 33% YoY collapse in 2023), US existing home sales were expected to drop 4.6% MoM in January (following December’s outsized 5.1% MoM surge), despite a tumble in mortgage rates.
The analysts were correct on the direction but wrong on the scale as existing home sales plunged 8.4% MoM in January from a downwardly revised +4.4% MoM in December. That is the biggest MoM drop since February 2022…
Source: Bloomberg
While some suggested this could be impacted by the Winter Storms, this is based on contracts signed in November/December… and the biggest decline was in The West (which had zero weather impact)
Nevertheless, realtors gonna realtor:
“The below-normal temperatures and above-normal precipitation this January make it harder than usual to assess the underlying driver of the decrease and determine if this month’s numbers are an aberration,” NAR Chief Economist Lawrence Yun said in a statement.
That MoM plunge pulled the total SAAR down near 15 year lows…
Without an extended period of improved affordability, the recovery in the housing market is likely to be prolonged.
The NAR report showed the median selling price rose 0.9% from a year earlier to $396,800 last month.
First-time buyers represented 31% of buyers of existing homes in January, up slightly from 29% in the prior month and higher than a year ago.
The inventory of previously owned homes increased 3.4% in January from a year ago to 1.22 million.
A pickup in supply through 2025 has helped to tame price growth, though Yun said on a call with reporters that listings need to increase much more to help improve sales.
On the bright side, it appears mortgage applications are rebounding as the year started with lower rates…
Source: Bloomberg
Arguably, existing home sales have much further to go to the upside as the lagged mortgage rate has continued to decline… so what triggered this collapse?
Source: Bloomberg
Finally, circling back to where we started, NAR expects home sales to rise a stunning 14% this year, higher than most other forecasts but a figure that NAR Chief Economist Lawrence Yun said he feels “confident” in. That assumes more inventory will come on the market, mortgage rates will hover around 6% and the Fed will cut interest rates another two times, compared to policymakers’ median projection for one.
USA ECONOMIC COMMENTARIES
TEXAS/RIO GRANDE CITY (134 ACRES)
TRUMP continues his fight against these cartels
(EpochTimes)
“They Thought They Were Untouchable”: US Seizes 134 Acres In Texas Used By Mexican Cartel
Wednesday, Feb 11, 2026 – 08:55 PM
Authored by Naveen Athrappully via The Epoch Times,
More than 134 acres in Texas that was being used by a drug cartel for smuggling activities has been taken over by U.S. authorities, Customs and Border Protection (CBP) said in a Feb. 10 post on X.
“We took the land and everything on it,” the post said.
A video shared with the post showed law enforcement officers arresting several people.
“They thought they were untouchable. They were wrong. Over 134 acres of land and property, taken from the westside Gulf Cartel, a terrorist organization operating near Rio Grande City, Texas,” according to the video.
The Gulf Cartel is a drug trafficking organization from Mexico that moves arms and migrants into the United States, and has engaged in the kidnapping and murder of American citizens. Drug cartels have been known to use U.S. lands to grow marijuana, with such activities exploiting sanctuary state policies and the sovereignty of native tribal lands.
In a message to the cartels, CBP said, “You think this is just about arrests? It’s not. We are dismantling your operations from the ground up. We’re cutting out your safe houses, your staging areas, your corridors. This is your warning.”
Over the past year, authorities have seized several cartel-linked assets.
In May, the Treasury’s Office of Foreign Assets Control sanctioned two high-ranking members of the Cartel del Noreste (CDN), a drug trafficking organization from Mexico. As a result, all assets and interests in assets of the designated individuals in the United States were blocked.
In March, the Office of Foreign Assets Control sanctioned six people and seven entities for being involved in money laundering activity to support the Mexico-based Sinaloa Cartel, resulting in blocking their assets in the United States.
“Laundered drug money is the lifeblood of the Sinaloa Cartel’s narco-terrorist enterprise, only made possible through trusted financial facilitators like those we have designated today,” Treasury Secretary Scott Bessent said at the time.
“Treasury, as part of a whole-of-government approach to addressing this pressing national security threat, will use all available tools to target anyone who assists the cartels in furthering their campaign of crime and violence.”
Sen. Mike Lee (R-Utah) has introduced the Cartel Marque and Reprisal Authorization Act to seize cartel assets, according to a Dec. 18 statement from the lawmaker’s office.
The bill would authorize President Donald Trump to commission private U.S. operators under letters of marque to take over cartel assets on land and sea. A letter of marque is a written authority granted to a person by the government to seize the goods of enemies. Such letters once used to be a common tool against piracy.
Under the bill, private operators would have the right to employ “all reasonably necessary means” to seize assets outside the United States.
“The Constitution provides for Letters of Marque and Reprisal as a tool against the enemies of the United States,” Lee said.
“Cartels have replaced corsairs in the modern era, but we can still give private American citizens and their businesses a stake in the fight against these murderous foreign criminals. The Cartel Marque and Reprisal Authorization Act will revive this historic practice to defend our shores and seize cartel assets.”
In January, Trump said that the United States will start launching strikes targeting cartels in Mexico. Last month, Mexico transferred 37 members of drug cartels to U.S. authorities amid pressure from the Trump administration to crack down on drug operations in the country.
Crackdown on Cartel Finances
In February 2025, the State Department designated several Mexican drug cartels and transnational criminal gangs as global terrorist organizations.
The designation allows authorities to block all assets of these entities in the United States, the department said.
“Terrorist designations expose and isolate entities and individuals, denying them access to the U.S. financial system and the resources they need to carry out attacks.”
In testimony during a Feb. 10 House hearing, Rodney Scott, commissioner of the CBP, said that cartels engage in human trafficking, of children and those exploited for labor, and use the profits generated by these activities to fund their illegal operations.
“Breaking this cycle requires certainty of consequences and complete border security. When we secure the border and deny illegal entry, we are not just enforcing a statute—we are bankrupting a cartel operation and protecting innocent people,” he said.
“When illegal entry no longer guarantees release into the interior, and when [unaccompanied alien children] are protected and monitored, the cartels lose their product, their presence in the United States, and their ability to profit from our failures.”
According to a Feb. 4 CBP statement, Border Patrol released zero illegal immigrants into the United States in January for the ninth consecutive month.
“Every individual apprehended was processed according to law—a milestone unmatched in modern border history,” it said.
END
Homan Says Minnesota Immigration “Surge Operation” Is Over
Thursday, Feb 12, 2026 – 11:59 AM
White House border czar Tom Homan said on Thursday that the Trump administration has made significant progress in Minnesota and will therefore end the immigration enforcement surge in the state.
“I have proposed, and President Trump has concurred, that this surge operation conclude. A significant drawdown has already been underway this week and will continue into the next week,” Homan said during a presser, adding that the admin had achieved an “unprecedented level of coordination” with state law enforcement officials.
Homan’s announcement comes after acting ICE Director Todd Lyons announced on Tuesday that local police in Minneapolis are starting to arrest anti-ICE protesters.
For weeks, Minneapolis had been a flashpoint. Demonstrators swarmed federal agents. Officers were filmed, heckled, and in some cases assaulted while trying to carry out what Lyons described as “targeted, intelligence-driven enforcement operation[s].” Instead of focusing on apprehending criminal illegal aliens, agents were stuck navigating angry crowds, something they weren’t trained to do.
Either way, the left is chalking this up as another win – while shares of GEO tumble on empty jail cells and Pam Bondi smarts from yesterday’s self-inflicted wounds.
Here’s Bloomberg‘s spin:
The Trump administration is retreating from its immigration-enforcement blitz in Minnesota, pulling back after more than two months of operations that left two US citizens dead, spurred massive protests and torpedoed support for one of President Donald Trump’s signature policies.
The drawdown in forces, outlined Thursday by White House border czar Tom Homan, marks a major step to deescalate an operation that sparked congressional scrutiny of the administration’s tactics. Federal agents last month shot and killed Alex Pretti and Renee Good in Minneapolis in incidents that were captured on video and drew national outrage.
Homan’s announcement comes one week after he announced that DHS would ‘draw down 700 people effective today’ in Minneapolis.
Much of the chaos in Minneapolis has stemmed from the sanctuary state not honoring ICE detainers. This forced the Trump administration to surge federal agents into the Democratic-run town to retrieve illegals. Then, far-left militant groups and nonprofits unleashed a well-coordinated pressure campaign (“Signal-Gate“), which only suggests to us that the Democrats’ plan all along was in hopes of spreading revolution nationwide ahead of spring.
KING NEWS
| The King Report February 12, 2026 – Issue 7679 | Independent View of the News |
| Once again, Team Trump fudged the NFP seasonal adjustment to create more jobs than reality. NFP Seasonal Adjustments: Jan 2025 +1.886m; Jan 2026 +1.913m https://www.bls.gov/news.release/empsit.t17.htm BLS’s hokey Birth/Death Model -61k, January 2025 -105k https://www.bls.gov/web/empsit/cesbd.htm Ergo: +44k NFP on B/D Model, +27k on SA = +71k fictional jobs for January 2026 January NFP 130k, 65k exp; Mfg. +5k, -7k exp; Wages 0.4% m/m & 3.7% y/y, 0.3% m/m & 3.7% y/y exp; Workweek 34.3, 34.2 exp; Benchmark NFP Revision -862k, -825k exp; Total Private NFP +172k, Government -42k (Federal -34k) Private education & health services +137k with Health care & social assistance +123.5k (Social Assistance +41.6k). The better-than-expected Jan NFP is solely due to government-related jobs. Construction +33k, Retail +1.2k with Building material & garden equipment & supplies dealers -19.5k and General Merchandise +18.7, Transportation & warehousing -11.2k, Motion picture & sound recording industries +13.9k (This smells!), Telecommunications -15k, Finance & insurance -22k with Monetary authorities-central bank -12.k, Professional, scientific, & technical services +27.3k, Leisure & hospitality +1k with Food services & drinking places +27.8k with Performing arts, spectator sports, & related industries -15.6k with Museums, historical sites, & similar institutions -16.2k Numerous pundits opined that the January Employment Report was odd. The BLS reveals why. The BLS: Major winter storms and severe cold weather affected large parts of the country in January 2025, primarily after the reference periods for the establishment and household surveys… The severe weather did impact the collection of household survey data, and the January response rate of 64.3 percent was below average. The collection of establishment survey data was not impacted by severe weather, and the collection rate was within its normal range. https://www.bls.gov/news.release/empsit.nr0.htm The dubious Household Report (see above): Unemployment Rate 4.3%, 4.4% exp; Labor Participation Rate 62.5%, 62.4% exp; Civilian Labor Force +387k, Employed +528k, Unemployed -141k; Not in Labor Force -221k, Part time for economic reasons -453k, Part time for noneconomic reasons +678k https://www.bls.gov/news.release/empsit.a.htm @MacroEdgeRes: Bizarre January employment data gets weirder: US Born workforce falls by 1.195 million, Foreign born workforce grows by 565K @DonMiami3: Native born employment is now below October 2019. Deeply troubling. https://twitter.com/DonMiami3/status/2021607384154591404?s=02 @RapidResponse47: Under President Trump, federal employment has declined to its lowest level since 1966 — and the lowest level in recorded history as a share of the total workforce. (But gov-related jobs have soared!) https://x.com/RapidResponse47/status/2021589870309704019 @business: Federal Reserve Bank of Kansas City President Jeff Schmid said the US central bank should hold rates at a “somewhat restrictive” level, as he expressed continued concerns over inflation that remains too high Apple is rumoured to be launching a brand new iPhone ‘imminently’ – here’s what we expect to see Don’t expect this upgrade to be nothing more than a facelift for the iPhone 16e… https://t.co/lF2sxlE4Ym Meta Auditor EY Raised Red Flag on Data-Center Accounting – WSJ Over the financial engineering Meta used to keep a $27 billion data-center project off its balance sheet… Precious metals rallied sharply early on Wednesday; Bitcoin sank to a low of 65,727.84 (-$2,885.83). Copper, oil, and gasoline rallied smartly. The dollar rallied a tad. USHs sank to 115 23/32 (-24/32) on the release of the January Employment Report but rallied to unchanged at 12:01 ET after pro traders digested the detail of the report. USHs fell after a poor 10-year auction ($42B): 4.177% vs 4.163% WI. ESHs rallied moderately during early Wednesday night trading. After hitting 6985.75 (+24.25) at 23:06 ET, ESHs slowly receded to 6953.00 (-8.50) at 5:03 ET. The rally for an expected soft US jobs report began; ESHs turned positive. After soaring to a daily high of 7011.50 (+50.00) at 9:27 ET, ESHs plunged to a daily low of 6931.00 (-30.50) At 10:25 ET. The 2nd-Hour Reversal took ESHs to 6879.75 at 12:50 ET. After a drop to 6955.00 at 13:15 ET, ESHs effectively doubled topped (6979.25) at 14:25 ET. After a drop to 6958.00 at 15:34 ET, ESHs inched higher but eased down to 6955.75 at 15:59 ET. @GlobalMktObserv: US CONSUMER DEBT DEFAULT LEVELS HIT THE HIGHEST SINCE 2017: The total delinquency rate rose to 4.8% of all outstanding US household debt in Q4 2025, the highest in 8 years. This was driven by rising defaults in mortgages, credit cards, and student loans. The severely derogatory category, meaning borrowers who have essentially stopped paying, accounts for 1.5%. This was followed by 120+ days late at 1.3% and 30 days late at 1.2%. Low-income and young borrowers are being hit the hardest. https://x.com/GlobalMktObserv/status/2021645413049090346/photo/1 Positive aspects of previous session The DJTA rallied modestly; the Nas 100 rallied moderately. Negative aspects of previous session Fangs and AI-related stocks declined moderately. USHs sank after a poor 10-year auction and were -14/32 at the NYSE close. Ambiguous aspects of previous session How many ‘experts’ will recognize and publicly note the bogus NFP data? First Hour/Last Hour NYSE Action [S&P 500 Index]: 1st Hour: Down; Last Hour: Down Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6948.97 Previous session S&P 500 Index High/Low: 6993.48; 6911.97 State Department identifies Code Pink and other far-left groups as vectors of Chinese influence operations – the People’s Forum and groups linked with the notorious Singham network.”… The so-called “Singham network” are nonprofits funded by tech mogul Neville Roy Singham, whose wife is a co-founder of Code Pink. Singham, an American expat living in China, “works closely with the Chinese government media machine and is financing its propaganda worldwide,” the NYT reported… https://nypost.com/2026/02/10/us-news/state-department-identifies-code-pink-and-other-far-left-groups-as-vectors-of-chinese-influence-operations/ ICE says 5 Mexican fugitives sent to US are targets of probes into foreign terrorist organizations The five fugitives are from a group of 37 fugitives that were expelled from Mexico into the U.S. on Jan. 20. “The transfer marks only the third time that Mexico has used its National Security Law to expel fugitives to the United States,” ICE said, noting that it was “the largest transfer of fugitives to occur,” and the two previous times were last year. https://t.co/FqfyW24Ly7 U.S. military shot down what was believed to be a foreign drone near El Paso this week, but it turned out to be party balloon – Fox News Mamdani asks NYS lawmakers for 2% tax hike on wealthy (>$1m income) https://t.co/CyaWwd4vId @AutismCapital: Pam Bondi gets called out on Epstein and then immediately pivots to “The DOW is over $50,000… the S&P is at almost 7000… the Nasdaq smashing records… that’s what we should be talking about!! What does the Dow have to do with anything. Are you kidding?” as if she’s reading from a brochure. “Americans retirement and savings are booming. Thats what we should be talking about.” Then immediately goes to outrage… https://x.com/AutismCapital/status/2021641823991828920 She’s losing her cool. If there’s one thing an attorney general needs to have, it’s cool. You don’t want the person in charge of law and punishment being flustered and chaotic. It’s a bad look… @TRHLofficial: Why have you not indicted the satanic baby eating pedos who rule the world? Pam: well, have you seen the stock market? @Savsays: Pam Bondi tried to use the stock market to distract Americans from the body double the FBI had ready to remove Epstein from prison and the child-torturing pedophiles that are still running free… Pam Bondi’s demeanor today was disgraceful. There is zero excuse as to why she deflected from legitimate questions surrounding why no one in the Epstein files has been indicted yet. @SteveDeaceShow: This is an audition for Fox News Contributor, and not serious testimony from a serious Attorney General. The economy and stock market are not her job. Defending this nation from crime and corruption is, of which Epstein applies. This is self-disqualifying horse puckey. @Peoples_Pundit: I’ve over these stats a million times. The stock market talking points fall on deaf ears for a reason. Only rich people hear this message and most of them are Democrats now. GOP @RepThomasMassie: A funny thing about Bondi’s insults to members of Congress who had serious questions: Staff literally gave her flash cards with individualized insults, but she couldn’t memorize them, so you can see her shuffle through them to find the flash-cards-insult that matches the member. @Acyn: Dem Repo Neguse: “When a member of congress asks how many people work at the national cryptocurrency enforcement team and the attorney general refuses to answer it, it is not a coincidence. It’s because she eliminated the team. Why? Because her boss is making money hand over fist, $1.4 billion over the course of the last year through cryptocurrency holdings…” https://x.com/Acyn/status/2021653457896448368 Florida AG (Bondi) Drops Trump U lawsuit After Trump Gives Her $25,000 June 7th, 2016 https://lawandcrime.com/high-profile/florida-ag-drops-trump-u-lawsuit-after-trump-gives-her-25000/ Secretary of State Rubio, Defense Secretary Hegseth, and Jared Kushner were at the meeting between Trump and Netanyahu on Wednesday per the Times of Israel. The meeting reportedly lasted 3 hours. DJT: “There was nothing definitive reached other than that I insisted negotiations with Iran continue.” After the close, Cleveland Fed Pres Hammack said ‘the Fed should stay on hold; and precious metals’ rally could be related to inflation. KC Fed Pres Schmid said restrictive rates are needed to cool inflation. House votes to override Trump’s Canada tariffs (219-211): CNBC. (DJT threatened the 6 GOP voters that aligned with Dems with retribution at election time.) The House passed the Save America Act (218-213) that requires a photo ID and citizenship to vote. Mail-in ballots must contain a copy of your photo ID. Today – The markets were addled by the bogus January Employment Report (details above). The fake NFP and crafted Household data will keep the Fed on hold for the foreseeable future because Fed officials have made it clear that inflation remains intractable and only a jobs recession will produce rate cuts. So, it’s crapshoot for today. It’s ‘the next significant order into the pit’ time. With January CPI due on Friday, pro traders are likely to be cautious today. PS – Where are Street ‘experts on the fake NFP? ESHs are +5.00, NQAs are -22.50; USHs are +1/32; while SI and AU are down moderately at 21:12 ET. Expected Economic Data: Initial Jobless Claims 224k, Continuing Claims 1.85m; Jan Existing Home Sales 4.16m S&P Index 50-day MA: 6894; 100-day MA: 6810; 150-day MA: 6678; 200-day MA: 6492 DJIA 50-day MA: 48,780;100-day MA: 47,767; 150-day MA: 46,819; 200-day MA: 45,727 (Green is positive slope; Red is negative slope) S&P 500 Index (6941.46 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender and MACD are positive – a close below 5896.83 triggers a sell signal Weekly: Trender is positive; MACD is negative – a close below 6443.43 triggers a sell signal Daily: Trender and MACD are negative – a close above 6981.45 triggers a buy signal Hourly: Trender and MACD are negative – a close above 6974.12 triggers a buy signal @BRICSinfo: Transgender 17-year-old Jesse Strang identified as the school shooter in Tumbler Ridge, Canada, killing 10 people. (25+ wounded) https://x.com/BRICSinfo/status/2021516031538471332 @libsoftiktok: The shooter was reportedly a mentally ill male who identified as trans and pretended to be a girl. Police didn’t want to offend him by “misgendering” him so they called him a “gunperson” @WatchChad: Ten people are dead in Canada, and the priority is avoiding misgendering the shooter. Canadian Police are calling the murderer in a dress a “gunperson.” When pronouns matter more than human lives you’ve lost your mind. (Reportedly the shooter killed own mother and brother) @RealAmVoice: “The greatest scandal about Epstein is in 2007, in 2008, the George W. Bush Justice Department had a chance to shut down Epstein forever… They gave him a pass, they gave him a non-prosecution agreement, then the prosecutors in Palm Beach area gave him a tap on the hand with a prostitution charge & he basically walked off and continued for another 10 years…” @jsolomonReports https://x.com/RealAmVoice/status/2021724585335439433 @ShannonJoyRadio: Trump’s people say ‘we’re moving on’ from Epstein. Oh really? https://x.com/ShannonJoyRadio/status/2021368059030598124 @RealLindellTV: Lutnick’s Epstein Testimony Raises Eyebrows – While @AGPamBondi was on the Hill today, another explosive moment unfolded, almost completely under the radar. Commerce Secretary who was questioned on Capitol Hill about his past relationship with Jeffrey Epstein. During the hearing, Lutnick acknowledged he had lunch on Epstein’s private island in 2012 while on a family vacation with his wife, children, and friends. That matters, because he previously told a very different story. He publicly described being so disgusted by Epstein’s behavior that he and his wife decided he would “never be in the room with that disgusting person ever again.”… Newly released documents reportedly show additional communications and interactions beyond what had previously been publicly discussed… @AlfredEWorry: This FBI document (EFTA01249207) states – Lutnick bought the adjacent property to Epstein for $10 from Epstein & Wexner, AND “Lutnick instructed all of the fraud being committed” at Cantor Fitzgerald. He used philanthropy as a smokescreen for illegal activity. Pls investigate. https://x.com/AlfredEWorry/status/2021419509983347040/photo/1 @HowleyReporter: (Commerce Sec) Lutnick is radioactive but the White House standing by him shows the power that he has currently. Trump is looking weak. America is looking occupied. https://x.com/HowleyReporter/status/2021350597052727536 GOP Rep @NancyMace: DOJ is tracking the Epstein documents Members of Congress search for, open, and review. I was able to navigate the system today and I won’t disclose how or the nature of how; but confirmed the DOJ is TAGGING ALL DOCUMENTS Members of Congress search, open and review. Based on how I confirmed this, there are timestamps associated with this tracking. GOP Rep. @RepLuna: Jeffrey Epstein was also Marius Robert Fortelni. This is an official passport (Austria) with a different name that was released in the files and yes that is Epstein. EFTA LOCATOR ON BOTTOM OF DOC. https://x.com/RepLuna/status/2021717605266968882 @LauraLoomer: I love President Trump, but I cannot believe he just endorsed @MaElviraSalazar Maria Salazar for re-election. She is pushing for mass amnesty with her Dignity Act. Terrible. This is so bad. https://t.co/k7bWVGkdd7 FL GOP official @AnthonySabatini: Trump just endorsed freakshow Cory Mills who: Severely beat a young girl in his DC apartment until she was “covered in bruises” according to DC police, before paying the girl money not to press charges (2025) –fabricated his entire “military record” committing felony stolen valor & lied about serving in war –was sentenced with an injunction by a Florida Judge for sexual harassment and cyber stalking another young girl (2025) –is currently under investigation by the House ethics committee for fraud and having illegal contracts with America’s foreign enemy governments -converted to Islam and was married in the mosque run by a radical cleric in order to marry a fellow Muslim for her family’s money -purchased prostitutes while on a trip pretending to save the lives of people in Afghanistan & pocketing the donation money -voted with Democrats to kill a resolution censuring Ilhan Omar Sadly the Trump endorsement has become such a joke at this point lol The Democrats are going to win the midterms pretty big because of things like this White House confirms Trump floated renaming Dulles airport, Penn Station after himself https://t.co/kdAszoOpoX @BradWilcoxIFS: We’re in the midst of a “Dating Recession”: HS dating has fallen almost 50% since 1980. In 2024, a “mere 46% of high school seniors reported ever going out on dates” https://t.co/ymMJRF1xJw @CWBChicago: A migrant has been sentenced to 10 years for shooting another migrant. The victim is jailed, accused of murdering yet another migrant. Both shootings occurred in an apartment complex that news outlets INSISTED had not been taken over by armed migrants. https://t.co/owGTpBfkWx @FoxNews: PATRIOT ON ICE: Bobsledder Jasmine Jones shares her pride for representing the United States both as an Olympic athlete and as a Senior Airman in the Air Force. “Being able to represent my country, you know, and as well as being an athlete for my country, it definitely brings a different meaning and a different caliber.” “There’s so few people that do both at the same time, and I’m honored to have this opportunity to represent both. I’m thankful of, you know, being an airman and represent my country in that aspect.” https://x.com/FoxNews/status/2021632203399004473 Teachers email parents demanding they don’t homeschool kids – as San Francisco strike grinds into a third day https://nypost.com/2026/02/10/us-news/striking-san-francisco-teachers-tell-parents-to-skip-homework/ NYPD expecting approval to down rogue drones, plans to add 200 cops to Bronx, Police Commissioner Jessica Tisch says – The White House is expected to give the NYPD the authority to take out unauthorized drones found buzzing around major events, Tisch said during her 2026 “State of the NYPD” address at Cipriani’s in Midtown. “If there’s one threat that keeps me up at night, it’s drones,” Tisch said. “Tactics that once belonged to militaries are now increasingly accessible to smaller groups and individuals. And commercial drones can be easily adapted into weapons of war.”… https://ca.news.yahoo.com/nypd-expecting-approval-down-rogue-160500564.html | |
SWAMP STORIES FOR YOU TONIGHT
Watch: Bondi Explodes Over Epstein During Shouting Match With Massie And Top Dems
Wednesday, Feb 11, 2026 – 05:20 PM
The Trump admin couldn’t hand Democrats a fatter pitch than how they’ve handled the Epstein release…
On Wednesday, Attorney General Pam Bondi clashed repeatedly with Democrats during a tense House Judiciary Committee hearing, deflecting pointed questions about the Justice Department’s handling of the Epstein files before the session devolved into a shouting match with Rep. Thomas Massie (R-KY) over redactions, co-conspirators and DOJ accountability.
The fireworks began when Rep. Jerry Nadler (D-NY) pressed Bondi on whether DOJ has indicted or is investigating any of Epstein’s alleged co-conspirators, citing what he called “concrete evidence of disgusting criminality” in recently released files. Bondi attempted to sidestep the question; when Nadler repeated it, she raised her voice and insisted she would “answer the question the way I want to answer the question,” talking over Nadler as colleagues tried to intercede. As the exchange escalated, Bondi pivoted away from Epstein entirely – invoking the Dow, S&P and Nasdaq and touting retirement accounts.
Democrats kept the pressure on. Rep. Ted Lieu (D-CA) accused Bondi of lying under oath after she cited a July 2025 DOJ memo asserting there was no evidence warranting investigations of “uncharged third parties.” Lieu pointed to images of former Prince Andrew and then played a clip of Donald Trump with Epstein, asking whether there were underage girls present. Bondi responded by attacking Democrats and praising Trump, saying there was “no evidence that Donald Trump has committed a crime.” When Lieu cited an FBI tip and witness statement and urged DOJ to interview the witness, Bondi snapped, “Don’t you ever accuse me of a crime,” then turned to a large white binder as she accused Lieu of deflecting from crime in his district.
Similar exchanges followed with Rep. Zoe Lofgren (D-CA) and Rep. Jamie Raskin (D-MD), with Bondi repeatedly veering into personal attacks and unrelated topics rather than answering the questions posed. Chairman Jim Jordan (R-OH) ultimately moved the hearing along.
Rep. Jayapal (D-WA) brought Epstein accusers…
And when asked again to face them…
The hearing’s most explosive moment came when Massie, a co-sponsor of the Epstein Files Transparency Act, confronted Bondi with DOJ and FBI documents he said showed victims’ names disclosed while alleged abusers’ names were blacked out – and a 2019 FBI file that listed Epstein confidant Les Wexner as a “co-conspirator,” a designation Massie said was redacted in DOJ’s release. As Massie asked who authorized the redactions and why, Bondi interrupted repeatedly, insisting the issue had been “corrected within 40 minutes” and accusing Massie of acting as if there were a cover-up. When Massie noted the change came only after he flagged it, the exchange turned heated, with Bondi laughing off the criticism and attacking Massie personally.
“Who’s responsible?” asked Massie. “Are you able to track who in the organization made this massive failure and released the victims’ names?”
Bondi shot back that Massie was a “failed politician” and a “hypocrite.”
Massie then played testimony from FBI Director Kash Patel, who told Congress there was “no credible information” that anyone besides Ghislaine Maxwell assisted Epstein in trafficking women and girls, and asked Bondi whether that was her position. Bondi did not answer directly, instead urging victims to call the FBI and attempting to redirect blame to prior administrations, including former Attorney General Merrick Garland. When Massie reclaimed his time and framed the matter as a decades-long failure spanning multiple administrations, Bondi shouted that he did not “get to reclaim time” and again declined to address the substance.
By the end of the exchange, Bondi had not answered whether DOJ agrees there is “no credible information” about co-conspirators, why a document listing Wexner as a co-conspirator was redacted, or who approved releasing victims’ names while obscuring alleged abusers. The hearing closed with unanswered questions—and a stark contrast between Democrats’ early sparring over evasions and a later, bipartisan rupture that put the department’s handling of the Epstein files squarely at the center of the controversy.
END
MINNESOTA
Local Police Are Finally Arresting Anti-ICE Agitators In Minnesota
Wednesday, Feb 11, 2026 – 07:40 PM
Something changed in Minneapolis, and fast.
Acting ICE Director Todd Lyons told lawmakers during a House Homeland Security Committee hearing on Tuesday that local police arrested 54 anti-ICE protesters overnight, a development that would have been almost unthinkable just a few weeks ago. During his testimony, Lyons described a noticeable shift on the ground as immigration enforcement operations continue in the city.
For weeks, Minneapolis had been a flashpoint. Demonstrators swarmed federal agents. Officers were filmed, heckled, and in some cases assaulted while trying to carry out what Lyons described as “targeted, intelligence-driven enforcement operation[s].” Instead of focusing on apprehending criminal illegal aliens, agents were stuck navigating angry crowds, something they weren’t trained to do.
That appears to be changing.
Under questioning from Chairman Michael McCaul (R-Texas), Lyons confirmed that protests have cooled and ICE agents are once again able to concentrate on their core mission. “We’ve seen a de-escalation in the fact that the protests, while they still go on, have subsided, and ICE has been allowed to do their targeted, intelligence-driven enforcement operation,” Lyons said.
The key detail was who made the arrests. According to Lyons, the 54 protesters were taken into custody by local authorities. “ICE officers did not have to be engaged in that,” he told the committee.
That line spoke volumes.
For much of the recent unrest, ICE agents were left in a precarious position. McCaul pointed to what he described as a surge in hostility fueled by overheated rhetoric from Democrats about ICE. He noted “rhetoric on the left led to over a thousand percent increase in assaults on ICE officers” and “an increase of over eight thousand death threats to them.”
Those numbers help explain why federal agents found themselves pulled into crowd-control situations they were never meant to handle.
“Your officers are not trained to effectuate crowd control,” McCaul pointed out. “They are trained to move in surgically, go in and remove these dangerous, violent criminals from the United States of America.”
McCaul argued that former Border Patrol commander Greg Bovino’s leadership was the problem. He noted that under his watch, the situation deteriorated to the point where two shooting deaths occurred amid the chaos, and coordination between federal and local authorities broke down, which McCaul described as “a perfect storm.”
McCaul described Homan as “a consummate professional, law enforcement professional,” and made it very clear he supports President Trump’s move to replace Bovino with Homan. And based on Lyons’ testimony, the impact of the change has been immediate.
McCaul outlined what he sees as a return to basics: targeted enforcement actions, better coordination with state and local law enforcement on crowd control, renewed emphasis on ICE detainers, body cameras for agents, and an end to roving interior patrols in major cities. McCaul argued that patrol-style tactics belong at the border, and that Homan is “returning to the original mission of ICE.”
The 54 arrests in Minneapolis mark a turning point. Local authorities are finally stepping in to handle protesters who try to obstruct federal operations. That shift lets ICE agents focus on apprehending violent offenders instead of fending off crowds.
Last week, Homan revealed that, thanks to cooperation with local law enforcement, he was pulling 700 federal agents out of Minnesota.
“We currently have an unprecedented number of [Minnesota] counties communicating with us now and allowing ICE to take custody of illegal aliens before they hit the streets,” Homan said.
The change in leadership and tactics is clearly paying off. There are fewer clashes, fewer distractions, and a clearer chain of responsibility between federal officers and local police.
If this trajectory holds, Minneapolis may offer a preview of how the administration intends to carry out immigration enforcement nationwide: tightly focused operations, visible coordination, and a firm line against interference.
END
NEW YORK
good luck to him for trying:
NYC Mayor Urges State Lawmakers To Pass Tax Hikes On The Wealthy, Corporations
by Tyler Durden
Thursday, Feb 12, 2026 – 08:45 AM
Authored by Kimberly Hayek via The Epoch Times,
New York City Mayor Zohran Mamdani called on state lawmakers Wednesday to approve a 2 percent personal income tax increase on the city’s wealthiest residents as well as a hike in the corporate tax rate in a bid to close a multibillion-dollar budget gap.
The mayor testified in a New York State Senate 2026 budget hearing about how the city’s projected deficit had decreased from $12 billion to $7 billion.
He attributed the improvement to “assuming an aggressive posture on savings without compromising city services, incorporating updated revenue and bonus estimates, and using in-year reserves.”
Mamdani said nonetheless that New York remains “placed on a ledge,” and needs more revenue from high earners and businesses.
“I believe the wealthiest individuals and most profitable corporations should contribute a little more so that everyone can live lives of dignity,” Mamdani, a democratic socialist, said in prepared remarks.
“That’s why—along with raising the corporate tax—I’m asking for a 2 percent personal income tax increase on the most affluent New Yorkers.”
The mayor will release the city’s preliminary budget next Tuesday. He conjectured the personal tax surcharge, proposed to affect those earning more than $1 million annually, would close the remaining deficit by nearly half of what’s remaining. Mamdani also underscored his campaign pledge to increase the state’s corporate tax rate from 7.25 percent to 11.5 percent.
Gov. Kathy Hochul and the legislature must approve any tax changes.
In her budget presentation last month, the governor expressed opposition to any such hikes.
“We’re able to make transformative investments in our future. Without raising taxes. Without saddling the next generation with mounds of debt.”
Mamdani during his campaign promoted progressive reforms to fund proposals such as free public transit, rent stabilization and housing programs, universal child care, and a $30 minimum wage, leading to his upset win over more moderate Democrats.
He called for a 2 percent surcharge on high earners on the campaign trail.
Estimates suggested it could create approximately $4 billion annually to support increased public services and affordability programs, as well as offset costs for broad social investments while not saddling middle- and low-income residents.
France’s experiment with a similar surtax on high incomes underperformed revenue projections.
It yielded €400 million in its first year against an expected 1.9 billion euros. The tax changes led to taxpayer optimizations, relocations, and implementation delays.
The New York mayor’s office has not detailed timelines or projected economic impacts, and state lawmakers are expected to consider the proposals in upcoming sessions.
Meanwhile, California voters will consider a proposed billionaire tax on the November 2026 ballot, which would impose a one-time 5 percent tax on residents with more than $1.1 billion in assets.
end
Trump Warns Republicans Will ‘Suffer The Consequences’ If They Vote Against Tariffs
Thursday, Feb 12, 2026 – 01:05 PM
Authored by Jack Phillips via The Epoch Times,
President Donald Trump on Feb. 12 warned Republican lawmakers they will face consequences if they vote against his tariff agenda, after a handful of GOP lawmakers sided with Democrats to pass a measure this week.
“Any Republican, in the House or the Senate, that votes against TARIFFS will seriously suffer the consequences come Election time, and that includes Primaries!” Trump said in a post on Truth Social.
The president said that the Dow Jones Industrial Average and S&P 500 markets have reached new highs in the midst of the tariff policies that he imposed last year under an emergency 1977 provision.
“The mere mention of the word has Countries agreeing to our strongest wishes. TARIFFS have given us Economic and National Security, and no Republican should be responsible for destroying this privilege,” he added.
Trump wrote in a separate post on Truth Social that Canada has taken advantage of the United States on trade and border security. With the tariffs, Trump said that the United States can have an advantage over its northern neighbor.
Several House Republicans on Feb. 11 voted to overturn an executive order that imposed tariffs on Canada, siding with nearly every Democratic lawmaker in the lower congressional chamber to pass the measure. The resolution, introduced by Rep. Gregory Meeks (D-N.Y.), is now being considered by the Senate.
Last year, the Trump administration imposed tariffs on Canada, Mexico, and China in a bid to curb the flow of illegal drugs, including fentanyl, into the United States. The vote in the House on Feb. 11 was the first time the congressional chamber has formally offered a vote on the policy.
Despite the House’s vote to pass the rebuke of the Canadian tariffs, it is unlikely to become law. It would take two-thirds majorities in both chambers to overcome an expected Trump veto, and most Republicans have been unwilling to oppose the Trump administration’s policies.
“Canada isn’t a threat, it’s our ally,” Meeks, the top Democrat on the House Foreign Affairs Committee, said in a House speech before the vote.
Trump warned last month on social media that he could impose more significant tariffs on Canada if the country makes a trade deal with China.
Canadian Prime Minister Mark Carney visited Beijing last month to bolster trade ties with the Chinese communist regime.
Carney has said Canada has “no intention of doing that with China or any other nonmarket economy” and added that “what we have done with China is to rectify some issues that developed in the last couple of years.”
After his second term started in January 2025, Trump ordered 25 percent tariffs on imports from Canada. In August 2025, he signed an executive order increasing tariffs on Canadian goods to 35 percent for all products not covered by the U.S.–Mexico–Canada trade agreement.
The administration’s tariffs are also being considered by the Supreme Court, which is set to issue a ruling on the policy this year.
One of the House Republicans who voted against the measure, Rep. Dan Newhouse (R-Wash.), told The Epoch Times after the vote that the high court will ultimately assess whether the tariffs are lawful or not.
“I think that we have a say in some of these issues, like tariffs on imports. That’s Congress’s realm,” he said, adding that his Washington state district has many Canadian-owned businesses.
GREG HUNTER
SEE YOU TOMORROW
harveyorganblog.com 
