GOLD CLOSED CLOSED UP $94.30 TO $5022.45
ACCESS MARKET
GOLD $5027.60 3:30 PM)
SILVER: 76.78 3;30 PM)
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EXCHANGE: COMEX
EXCHANGE: COMEX
CONTRACT: FEBRUARY 2026 COMEX 100 GOLD FUTURES
SETTLEMENT: 4,923.700000000 USD
INTENT DATE: 02/12/2026 DELIVERY DATE: 02/17/2026
FIRM ORG FIRM NAME ISSUED STOPPED
099 H DEUTSCHE BANK AG 265
118 H MACQUARIE FUTURES US 30
132 C SG AMERICAS 4
190 H BMO CAPITAL MARKETS 192
323 C HSBC 2
363 H WELLS FARGO SECURITI 23
365 C MAREX CAPITAL MARKET 1
555 C BNP PARIBAS SEC CORP 63
555 H BNP PARIBAS SEC CORP 6
657 C MORGAN STANLEY 2
661 C JP MORGAN SECURITIES 145 35
880 H CITIGROUP 57
905 C ADM 3
TOTAL: 414 414
MONTH TO DATE: 35,850
JPMORGAN STOPPED 35/414
GOLD: NUMBER OF NOTICES FILED FOR FEBRUARY/2026: 414 CONTRACTs NOTICES FOR 41,400 OZ or 1.2877 TONNES
total notices so far: 35,850 contracts for 3,585,000 OR 111.508 tonnes)
SILVER NOTICES: 0 NOTICE(S) FILED FOR NIL 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 0.255 MILLION OZ QUEUE JUMP//NEW STANDING FOR SILVER AT THE COMEX ADVANCES TO 24.065 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 24.065 MILLION OZ
PLUS OUR 2 EXCHANGE FOR RISK: 185,000 OZ
EQUALS
24.250 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 : 38.845 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 0.255 MILLION OZ AND THEN ADD OUR 2 EXCHANGE FOR RISK FOR .185 MILLION OZ STANDING ADVANCES TO 24.250 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 0.8055 TONNES TO OTHER OF 39.3811 TONNES/ NEW QUEUE JUMP TOTAL: 40.1866 TONNES// AND THEN WE ADD OUR THREE EXCHANGE FOR RISK: 6276 CONTRACTS OR 19.5209 TONNES//NEW STANDING ADVANCES TO 145.2029 TONNES
FINAL STANDING FOR GOLD, JANUARY CONTRACT AT 59.2108 TONNES OF GOLD
AND NOW FEBRUARY: INITIAL STANDING FOR GOLD: 145.2029 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. 99.754 TONNES (WHICH WILL BE ANOTHER STRONG)
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF OCT. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER FELL BY A MEGA HUGE SIZED 1599 CONTRACTS OI TO 132,454 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 330 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAR 330 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 0 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 1599 CONTRACTS AND ADD TO THE 330 E.FP. ISSUED
WE OBTAIN A MEGA HUGE SIZED LOSS OF 1269 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR LOSS OF $8.78
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTALS 6.345 MILLION PAPER OZ
OCCURRED WITH OUR LOSS IN PRICE.OF $8.78
2.ASIAN AFFAIRS FEB 11/2025
SHANGHAI CLOSED DOWN 51.95 PTS OR 1.26%
//Hang Seng CLOSED DOWN 465.42 PTS OR 1.72%
// Nikkei CLOSED DOWN 712.84 PTS OR 1.24%
//Australia’s all ordinaries CLOSED DOWN 0.73%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 6.9113
/ OFFSHORE CLOSED DOWN AT 6.9095 Oil DOWN TO 62.62 dollars per barrel for WTI and BRENT DOWN TO 67.55 Stocks in Europe OPENED MOSTLY ALL RED EXCEPT SPAIN
ONSHORE USA/ YUAN TRADING DOWN TO 6.9113 OFFSHORE YUAN TRADING DOWN TO 6.9025 ONSHORE YUAN TRADING BELOW OFF SHORE AND DOWN ON THE DOLLAR// / AND THUS WEAKER//OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS WEAKER
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A FAIR SIZED 1661 CONTRACTS UP TO 406,408 OI DESPITE OUR HUGE LOSS IN PRICE OF $143.65 WITH RESPECT TO THURSDAY’S // TRADING/ //COMEX CLOSING TIME:… WE LOST SOME NET LONGS, WITH THAT PRICE LOSS FOR GOLD . AND AS YOU WILL SEE BELOW, OUR LOSS IN PRICE ALSO HAD A STRONG NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (2380).
WE HAD SOME T.A.S. LIQUIDATION YESTERDAY. IT SEEMS THAT THE SPECULATORS STARTED AGAIN TO GO LONG THIS WEEK AFTER A BRIEF PERIOD OF GOING NET SHORT. HOWEVER THE LONG SPECULATORS WERE ANNHILATED AGAIN ON A MASSIVE RAID ORCHESTRATED BY THE CROOKS AFTER 11 AM ONCE LONDON WAS PUT TO BED.
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 411,000 TO NOW 411,794 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 719 CONTRACTS (OR 2.23TONNES) DESPITE THE HUGE LOSS IN PRICE.
THEN WE WERE NOTIFIED OF A ZERO CONTRACT EXCHANGE FOR RISK ISSUANCE IN GOLD CONTRACTS FOR 0 OZ OR 0 TONNES OF GOLD. THIS PAST WE WE HAVE HAD TWO IDENTICAL MONSTER 3000 CONTRACT ISSUED FOR THE SAME 9.33 TONNES OF GOLD, AND THESE ARE THE HIGHEST EVER IN TONNAGE ISSUED. THUS THE TOTAL ISSUANCE THUS FAR 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 SMALL SIZED GAIN ON OUR TWO EXCHANGES OF 719 CONTRACTS DESPITE OUR STRONG LOSS IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN THROUGHOUT OF THE WEEK AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTACKS VERY EARLY IN THE COMEX SESSIONS AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THEIR DAILY ATTACKS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY AND OUR SHORT SPECULATORS FOR THE THOUGHTFULNESS.
LONDON ANNOUNCED EARLY IN THE YEAR (AND SCARCITY CONTINUES TO THIS DAY) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO OTHER CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES. 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 HUGE SIZED T.A.S ISSUANCE CONTRACTS.THE CME NOTIFIES US THAT THEY HAVE ISSUED 3965 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 0.8055 TONNES ADDING TO ALL OTHER QUEUE JUMPS OF 39.3811 TONNNES//NEW TOTAL QUEUE JUMP: 40.1866/ STANDING ADVANCES TO 125.682 TONNES TO WHICH WE ADD OUR THREE EXCHANGE FOR RISK OF 19.5209 TONNES/NEW STANDING ROCKETS TO 145.2029 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 STRONG SIZED 2380 EFP CONTRACT WAS ISSUED: : /APRIL 2380 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 2380 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 THURSDAY NIGHT/FRIDAY MORNING WAS A HUGE SIZED 3965 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 THURSDAY’S LOSS 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 0.8055 TONNES WHICH IS ADDED TO ALL OTHER QUEUE JUMPS OF 39,3811 TO TONNES QUEUE JUMP//TOTAL QUEUE JUMP FOR FEB:: 40.1866 TONNES///STANDING ADVANCES TO 125.682 TONNES TO WHICH WE ADD OUR THREE EXCHANGE FOR RISK OF 19.5209 TONNES/NEW STANDING ROCKETS TO TO 145.2029 TONNES
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 48 MONTHS 2021-2024
DEC 2021: 112.217 TONNES
NOV. 8.074 TONNES
OCT. 57.707 TONNES
SEPT: 11.9160 TONNES
AUGUST: 80.489 TONNES
JULY 7.2814 TONNES
JUNE: 72.289 TONNES
MAY 5.77 TONNES
APRIL 95.331 TONNES
MARCH 30.205 TONNES
FEB ’21. 113.424 TONNES
JAN ’21: 6.500 TONNES.
TOTAL YEAR 2021 (JAN- DEC): 601.213 TONNES
YEAR 2022: STANDING FOR GOLD/COMEX
JANUARY 2022 17.79 TONNES
FEB 2022: 59.023 TONNES
MARCH: 36.678 TONNES
APRIL: 85.340 TONNES FINAL.
MAY: 20.11 TONNES FINAL
JUNE: 74.933 TONNES FINAL
JULY 29.987 TONNES FINAL
AUGUST:104.979 TONNES//FINAL
SEPT. 38.1158 TONNES
OCT: 77.390 TONNES/ FINAL
NOV 27.110 TONNES/FINAL
Dec. 64.000 tonnes
(TOTAL YEAR 656.076 TONNES)
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
NOV: 18.7122 TONNES + 16.2505 EX. FOR RISK = 34.9627 TONNES
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024/STANDING FOR GOLD/COMEX
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276 TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
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COMEX GOLD TRADING BEGINNING FEBRUARY,. CONTRACT;
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY A HUGE $143.65 )
WE HAD ZERO T.A.S. SPREADER LIQUIDATION THURSDAY // COMEX SESSION// WITH OUR LOSS 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 THURSDAY NIGHT WHICH ALSO EXPLAINS THE HUGE NUMBER OF TONNES OF GOLD STANDING FOR FEBRUARY. THE COMEX IS ONE BIG MESS!!
THURSDAY NIGHT//FRIDAY 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 THURSDAY EVENING/FRIDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD
A LITTLE REVIEW OF GOLD STANDING THESE PAST 4 MONTHS:
STANDING FOR GOLD OCT THROUGH TO JANUARY:
- ANALYSIS// OCT DELIVERY MONTH GOING FROM FIRST DAY NOTICE// OCT COMEX CONTRACT TO FINALIZATION OCT 31:
OCT AT 90.164 TONNES TO BE FOLLOWED BY ALL PREVIOUS QUEUE JUMPS OF 75.696 TONNES WHICH WE ADD OUR 14.553 TONNES EX FOR RISK/6 OCCASIONS:
/ TOTAL STANDING 197.551 TONNE/OCTOBER FINAL//ABSOLUTELY A MONSTER DELIVERY FOR A NORMALLY QUIET OCT MONTH
2. AND NOW NOVEMBER:
NOVEMBER BEGINS WITH A HUGE 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY OUR TODAY’S QUEUE JUMP OF 2.323 TONNES WHICH FOLLOWED ALL OTHER NOVEMBER QUEUE JUMPS OF 21.3775 TONNES TO WHICH WE ADD OUR TWO ISSUANCES OF EXCHANGE FOR RISK OF 4.5596 TONNES..
NEW STANDING ADVANCES TO 43.9716 ONNES OF GOLD.
3. AND NOW DECEMBER:
3. DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 83.813 TONNES FOLLOWED BY A 0 CONTRACT QUEUE JUMP FOR NIL OZ OR 0.000 TONNES WHICH FOLLOWS OTHER DEC QUEUE JUMPS OF: 0 TONNES///STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR FOUR EXCHANGE FOR RISK ISSUANCE OF 6.559TONNES/NEW STANDING ADVANCES TO 121.977TONNES
4. JANUARY:
9. JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR QUEUE JUMP OF 0.000 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
10. FEBRUARY: INITIAL STANDING: 93.566 TONNES TO WHICH WE HAD OUR NEXT QUEUE JUMP OF 0.8055 TONNES TO WHICH WE ADD TO ALL OTHER QUEUE JUMPS OF 39.3811 / NEW QUEUE JUMP TOTALS: 40.1866 TONNES//STANDING ADVANCES TO: 125.682 TONNES TO WHICH WE ADD OUR THREE EXCHANGE FOR RISK OF 6276 CONTRACTS FOR 627,600 OZ OR 19.5209 TONNES/NEW STANDING 145.2029 TONNES
ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $143.65
WE HAD A HUGE 5386 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 13
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 6 ENTRIES customer withdrawals: 1 ENTRIES i) Out of Brinks: 32,151.000 ooz (1000 kilobars) total withdrawal 32,151.000 oz |
| 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 | 414 notice(s) 41400 OZ 1.2877 TONNES TONNES OF GOLD |
| No of oz to be served (notices) | 4557 contracts 455,700 OZ 14.174 TONNES |
| Total monthly oz gold served (contracts) so far this month | 35,850 notices 3,585,000 oz 111.508 TONNES |
| Total accumulative withdrawals of gold from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of gold from the Customer inventory this month |
dealer deposits: 0
0 ENTRIES
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DEPOSITS/CUSTOMER
0
customer withdrawals:
customer withdrawals:
1 ENTRIES
i) Out of Brinks: 32,151.000 ooz
(1000 kilobars)
total withdrawal 32,151.000 oz
they are draining the comex of gold
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ADJUSTMENTs 4
ALL DEALER TO CUSTOMER:
adjustments all dealer to customer account;
i) Brinks: 8605.439 oz
ii) JPMorgan 964.530
iii) Loomis 868.077 oz
iv) Manfra: 2025.513 oz
total adjusted out of the dealer (reg) to customer (elig) acct: 12,463.559 oz
chaos inside the comex
AMOUNT OF GOLD STANDING FOR FEBRUARY
THE FRONT MONTH OF FEBRUARY STANDS AT 4971 CONTRACTS FOR A LOSS OF 1218 CONTRACTS.
WE HAD 1477 CONTRACTS SERVED ON THURSDAY, SO WE GAINED A STRONG 259 CONTRACT–
QUEUE JUMP FOR 25,900 OZ OR 0.8055 TONNES
MARCH SAW A GAIN OF 134 CONTRACTS UP TO 4991 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 LOST 3504 CONTRACTS DOWN TO 279,778 CONTRACTS
We had 414 contracts filed for today representing 41,400 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 145 notices issued from their client or customer account. The total of all issuance by all participants equate to 414 contract(s) of which 35 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 (35,850) to which we add the difference between the open interest for the front month of FEB ( 4971 CONTRACTS) minus the number of notices served upon today (414 x 100 oz per contract) equals 4,040,700 OZ OR (125.682 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 145.2029 tonnes.
thus the INITIAL standings for gold for the FEB contract month: No of notices filed so far (35,850 x 100 oz +we add the difference for front month of FEB (4971 OI} minus the number of notices served upon today (414 x 100 oz) which equals 4,040,700 OR 125.682 TONNES// to which we add our THREE exchange for risk//627,600 oz or 19.5209 tonnes//new standing rockets to 145.2029 tonnes!!!
new total of gold standing in FEB is 145.2029 TONNES//
TOTAL COMEX GOLD STANDING FOR FEB 145.2029 TONNES TONNES WHICH IS STRONG FOR THIS NORMALLY VERY NON ACTIVE ACTIVE DELIVERY MONTH OF FEBRUARY.
confirmed volume THURSDAY confirmed 188,691 poor/
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 34,448,415,861.418 oz (draining huge of gold)
TOTAL REGISTERED GOLD 17,576,525.068. or 546.703 Tonnes
TOTAL OF ALL ELIGIBLE GOLD 16,837,336.350 oz//eligible gold leaving hand over fist
REGISTERED GOLD THAT CAN BE SERVED UPON 15,814.519 oz ((REG GOLD- PLEDGED GOLD)=
401.89 Tonnes // (declining rapidly)
total inventories in gold declining rapidly
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SILVER/COMEX
FEB 13 2026
INITIAL/
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 3 entries i) Out of CNT 363,108.525 ii) Out of Delaware: 11,667.394 oz iii) Out of JPMorgan; 2,441,186.700 oz total withdrawal: 2,805,962.619 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) | 0 CONTRACT(S) ( NIL OZ |
| No of oz to be served (notices) | 218 Contracts (1.090 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
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DEPOSIT ENTRIES/CUSTOMER ACCOUNT
0 ENTRIES
withdrawals: customer side/eligible
3 entries
i) Out of CNT 363,108.525
ii) Out of Delaware: 11,667.394 oz
iii) Out of JPMorgan; 2,441,186.700 oz
total withdrawal: 2,805,962.619 oz
the comex is being drained of silver
the comex is being drained of silver
adjustments: / / 1
all dealer to customer:
a) Manfra 130,217.900 oz
total adjusted out of dealer (reg) and into customer (elig) 130,217.900 oz
xxxxxxxxxxxxxx
TOTAL REGISTERED SILVER: 92.899MILLION OZ//.TOTAL REG + ELIGIBLE. 376.874 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: 218 OPEN INTEREST CONTRACTS FOR A GAIN OF 48 CONTRACTS.
WE HAD 3 NOTICES FILED ON THURSDAY SO WE GAINED 51 CONTRACTS OR WE HAD A STRONG QUEUE JUMP
OF 255,000 OZ.
MARCH LOST 6,091 CONTRACTS DOWN TO 59,399. THIS BECOMES THE FRONT MONTH FOR SILVER DELIVERY AND WE SHOULD HAVE A DANDY OF A MARCH DELIVERY MONTH!!! WE HAVE 9 MORE READING DAYS BEFORE FIRST DAY NOTICE!
APRIL GAINED 6 CONTRACTS TO AN OI 608 CONTRACTS.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 0 or NIL oz
CONFIRMED volume; ON THURSDAY 129,292 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 (218) AND the number of notices served upon today (0)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(218) minus number of notices served upon today (0 )x 5000 oz equals silver standing for the FEB..contract month equating to 24.065 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 24.250 MILLION OZ
NEW STANDING: 24.250 MILLION OZ WHICH IS HUGE FOR A GENERALLY SMALL DELIVERY MONTH OF FEBRUARY.
New total standing: 24.250 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 92.899 million oz of registered silver
JPMorgan as a percentage of total silver: 159.446/376.474.million: 42.28%
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 13/2026/WITH GOLD UP $94.30 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 5.140 TONNES OF GOLD FROM THE GLD/ /// ///INVENTORY RESTS AT 1076.18 TONNES
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: 1076.18 TONNES, TONIGHTS TOTAL
SILVER
FEB 13 WITH SILVER UP $2.35 HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A WITHDRAWAL OF 1.994 MILLION OZ OUT OF THE SLV. ./ :INVENTORY RESTS AT 520.011 MILLION OZ
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 520.011 MILLION OZ OF SILVER…
PHYSICAL GOLD/SILVER
1/PETER SCHIFF
JOHN RUBINO
MATHEW PIEPENBERG/EGON VON GREYERZ
ALASDAIR MACLEOD
Silver slammed in thin trade
Evidence is mounting that the silver shorts on Comex and London are desperate to close their positions. Will they use the Chinese New Year holiday to this end?
| Alasdair MacleodFeb 13∙Paid |
In this report, we focus on silver, illustrating how silver derivatives on Comex and London are becoming irrelevant. This is because price discovery has moved to Shanghai, whose premiums are leading to physical metal being drained out of Comex and London vaults. But next week, with Shanghai closed for business, expect even greater price distortions in the days ahead. Indeed, Shanghai is closed as of now.
Following a solid recovery from recent unprecedented falls in gold and silver prices, yesterday they were hit again, with silver down over 10% at one stage. Prices opened a little higher this morning. In European morning trade, gold was $4950, down $20 from last Friday’s close. And silver at $77.00 was down 85 cents on balance.
Trade volumes on Comex were very low, even below those in holiday seasons, illustrated in the snapshot below:
Ahead of yesterday’s price smash, on Tuesday silver’s volume fell to 78,296 contracts, less than half that of 31 December and one third less than on 2 January.
Speculative interest is extremely low, shown in the next silver chart, but a similar pattern can be seen in gold:
Additionally, Comex futures stand at a substantial discount to Shanghai. The next illustration shows last night’s Shanghai close:
While gold is trading in line with Comex on the Shanghai Futures Exchange, at $89.17 the silver contract was at a premium of over 13% to Comex at SHFE’s close.
Putting all this evidence together, it is clear that not only is the market being set in Shanghai and not Comex nor by implication London, but the price of silver on Comex is false. It is the price of disconnected paper bearing diminishing relavence to physical metal. But so long as this distortion continues, there will be attempts to acquire physical silver and gold by buying futures and forwards at discounted prices with a view to taking delivery.
We can see the consequences in the decline in stocks in today’s Comex silver vault statistics:
5,107,820 ounces have been moved from registered as available for delivery to Eligible, which is not available for delivery. It is a noticeable trend recently. Furthermore, 2,335,797 ounces have been withdrawn from Comex vaults altogether, reducing stocks at pace This is also a continuing drain as we can see in the next chart:
Comex vaults have lost 30% of total silver stocks from early-October when London had a delivery panic driving lease rates to nearly 40%. Physical liquidity can only be restored if Comex futures trade above Shanghai prices. Until then, they will continue to be drained.
On Comex, the theoretical total available for delivery today is the equivalent of only 18,606 contracts. Meanwhile, open interest in the March future is 59,418 contracts, whose first position (when longs are allocated deliveries for which they must have the funds up front) is 26 February, a week on Thursday.
Obviously, we should expect March’s open interest to reduce ahead of that event to less than the silver available. But it is an event to be watched, following which silver available for delivery could be a serious problem.
While all this looks immensely bullish, Shanghai will be closed next week for the Chinese New Year holidays. As the true pricing centre for silver and ahead of 26 February’s first position, bullion bank traders seeking to close their Comex shorts might work together to drive paper prices lower. It might be their last chance to do so.
This is not something which we can forecast, but it is as well to be wary. While dealers in derivatives will do anything to reduce their silver losses, their risk is that vault stocks will deplete even more rapidly. It is a good example of a situation which stackers should ignore while traders get whipsawed. We appear to be seeing silver derivatives in the West becoming less and less relevant.
ZEROHEDGE…
China’s Central Bank Keeps Buying Gold… And Dumping US Debt
by Tyler Durden
Thursday, Feb 12, 2026 – 05:40 PM
Authored by Andrew Moran via The Epoch Times,
China’s ferocious appetite for gold is influencing the global metals market, and that demand is what will keep driving up metal prices, according to Michael Howell, founder of CrossBorder Capital.
The People’s Bank of China’s gold holdings totaled 74.19 million fine troy ounces by the end of January, up from 74.15 million in the previous month, according to recent central bank data.
Beijing’s value of gold reserves also surged to $369.58 billion, from $319.45 billion in December 2025.
Gold accounts for almost 9 percent of China’s total reserves, the World Gold Council estimates.
The metals market has been on a roller coaster ride over the past few months.
Gold prices are currently trading at about $5,000 per ounce—up by 17 percent this year—on the COMEX division of the New York Mercantile Exchange.
Silver, the sister commodity to gold, is hovering at about $80 per ounce. The white metal has fallen sharply since reaching an all-time high of $121.
The commodities boom will continue, with a focus on oil and gold, Howell said in a recent interview with Siyamak Khorrami, host of EpochTV’s “California Insider.”
Global financial markets are experiencing a commodities boom, particularly in industrials, which coincides with the buildout of artificial intelligence infrastructure. At the same time, Howell said, energy is also witnessing a dramatic increase.
“Stronger economic activity worldwide will elevate oil prices from their current subdued levels,” he said. “Gold has had a tremendous rally over the last 18 months. It’s defied most predictions, but it continues to go up.”
China is playing an outsized role in its meteoric ascent.
Although retail traders are fueling sizable inflows into gold investments, China has been on a gold-buying spree for years as part of the country’s de-dollarization efforts.
For more than a decade, Beijing has been diversifying its foreign exchange reserves to reduce its exposure to the U.S. dollar and American assets, particularly Treasury securities.
In October, China’s holdings of U.S. debt fell to $688.7 billion, down by nearly 10 percent from the previous year, according to Treasury Department data.
Reports have surfaced that Chinese regulators have advised banks to trim their holdings of U.S. government bonds because of market volatility. Whether this shows up in the data over the coming months could further cement China’s long-term plans to ditch the dollar and remain in gold.
Influential Force in Gold Markets
As China remains one of the world’s largest buyers, it will also maintain an immense influence in global gold markets, according to Howell.
“The reason gold is going up is because of what’s happening in China,” he said.
It is no secret that China has largely shaped the global metals market through physical demand, whether through industrial consumption or retail use.
But recent activity on the Shanghai Futures Exchange indicates that Beijing is also influencing prices, said Ewa Manthey, commodities strategist at ING.
“Rising turnover and open interest signal a greater role for speculative positioning in driving momentum, and notably, key price breaks in gold and silver have increasingly occurred during Asian hours, with Europe and the US following rather than leading,” Manthey said in a Feb. 6 research note.
Domestic investors are increasingly turning to commodity futures to express macro views and hedge risks, as property markets are weak, equities are uneven, and capital outflows face tighter controls, according to Manthey.
In this environment of economic and geopolitical uncertainty, metals—across the base and precious spectrum—have become a more prominent alternative investment channel.
Gold trading at a premium in China sends various signals to global markets, mainly the sign that domestic stockpiling is underway. This, Manthey said, sends the message that supplies are tightening and worldwide availability could be tightening.
Although fundamentals trump short-term speculative forces in precious metals, influential noise can trigger greater volatility and abrupt, sharper price corrections.
The Great Debasement
One long-term factor supporting the bullish case for gold is money printing.
Over the years, China has frequently engaged in monetary debasement through aggressive stimulus programs.
Howell estimates that officials have injected more than $1 trillion in liquidity into the financial system to prop up the world’s second-largest economy amid diminished household demand, trade strife, and slowing factory activity. At the same time, China is grappling with enormous debt.
“China’s probably got the biggest problem of the lot, because it’s still sitting on that huge real estate debt which has been saddling the economy,” Howell said.
Although Evergrande and Country Garden have not captured international attention lately, the fallout of China’s real estate bubble burst persists, featuring a mountain of red ink.
Today, China’s general government debt accounts for more than 100 percent of gross domestic product, reflecting the years-long dependence on credit-fueled growth.
The only solution for the authorities to prevent a debt-fueled crisis is to print money, according to Howell. Although defaults are one strategy, they would inevitably destroy the credit system.
“So what happens is central banks come in, and they print money, and that is the solution to every financial crisis you can think of going backwards, and that will be the solution to future financial crises,” Howell said.
“Given the fact that the debt levels are rising remorselessly year after year after year, politicians are kicking the can down the road,” he said. “They’ve got no appetite to control spending, and they just think the easy way out is either take on more debt or print money.”
At a time when assets have become the go-to investment for institutional investors and armchair traders, one of the most important strategies is to refrain from selling gold.
“You don’t want to be selling gold right now,” he said. “Strategically, you’ve got to hold gold.”
Good as Gold
In 10 years, gold could reach $10,000 per ounce, according to Howell—and he is not the only one presenting a bullish prognostication.
Yardeni Research forecasts $10,000 by the end of the decade.
“This is all happening because rising geopolitical tensions are driving a military arms race, and defense companies need metals to increase their output,” Yardeni Research said in a Jan. 25 research note.
“Also boosting metals prices is the geopolitical AI arms race, which is escalating capital spending on technology.”
Meanwhile, “deep currents” are supporting gold’s rally, such as U.S. deficit spending and central bank buying, said David Miller, senior portfolio manager at Catalyst Funds.
“These are very powerful forces and will likely drive gold significantly higher over the next three, five, or even [10] years,” Miller said in a note emailed to The Epoch Times.
3. CHRIS POWELL AND HIS GATA DISPATCHES:
LIVE FROM THE VAULT YOU TUBE: 259 AND 258
LAST WEEK CRAIG HEMKE
5. COMMODITY REPORT/AGNICO EAGLE/EARNINGS RESULTS
- HUGE INCREASE IN RESERVES BY 2% HUGE
- EARNINGS $3.04 PER SHARE IN THIS QUARTER
- INCREASE IN INDICATED 10% AND INFERRED 15%
AgnicoEagle – AGNICO EAGLE PROVIDES AN UPDATE ON 2025 EXPLORATION RESULTS AND 2026 EXPLORATION PLANS – YEAR OVER YEAR MINERAL RESERVES INCREASE 2% TO 55.4 MOZ; INDICATED MINERAL RESOURCES INCREASE 10% TO 47.1 MOZ AND INFERRED MINERAL RESOURCES INCREASE 15% TO 41.8 MOZ
Highlights from 2025 include:
- Gold mineral reserves increase to record level – Year-end 2025 gold mineral reserves increased by 2.1% to 55.4 million ounces of gold (1,330 million tonnes grading 1.30 grams per tonne (“g/t”) gold). The year-over-year increase in mineral reserves is due to a combination of mineral reserve replacement from operating mines and the initial declaration of mineral reserves at the Marban deposit in Malartic. At year-end 2025, measured and indicated mineral resources were up 9.6% to 47.1 million ounces (1,200 million tonnes grading 1.22 g/t gold) and inferred mineral resources were up 15.5% to 41.8 million ounces (522 million tonnes grading 2.49 g/t gold)
- Detour Lake – The Company’s exploration program continued to de-risk the Detour Lake underground project in the western plunge of the main orebody hosting the producing open pits. Conversion drilling further increased underground indicated mineral resources below the resources open pit to 3.47 million ounces of gold (52.9 million tonnes grading 2.04 g/t gold) at year-end while exploration drilling below and to the west of the open pit increased underground inferred mineral resources to 3.88 million ounces of gold (59.6 million tonnes grading 2.03 g/t gold) at year-end
- Odyssey – Inferred mineral resources increased by 62% (2.8 million ounces of gold) year over year at the East Gouldie deposit to 7.4 million ounces of gold (94.3 million tonnes grading 2.43 g/t gold), including the Eclipse zone. The Odyssey mine now hosts a total of 6.03 million ounces of gold in proven and probable mineral reserves (59.7 million tonnes grading 3.14 g/t gold), 3.4 million ounces of gold in measured and indicated mineral resources (57.8 million tonnes grading 1.85 g/t gold) and 12.7 million ounces of gold in inferred mineral resources (177.7 million tonnes grading 2.21 g/t gold)
- Marban – As part of the “fill-the-mill” strategy at Canadian Malartic, a technical evaluation was completed at the Marban deposit during the fourth quarter of 2025 that updated the probable mineral reserves to 1.58 million ounces of gold (51.6 million tonnes grading 0.95 g/t gold) at December 31, 2025. This is the first declaration of mineral reserves by the Company at Marban since the acquisition of O3 Mining Inc., which includes the Marban deposit, in March 2025
- Hope Bay – Exploration drilling in 2025 totalled 131,208 metres and focused mainly on mineral resource expansion of the Madrid deposit following the exploration success at the Patch 7 zone during 2024 and 2025. The Patch 7 zone now hosts 1.0 million ounces of gold in indicated mineral resources (4.5 million tonnes grading 6.77 g/t gold) while inferred mineral resources have increased by 123% to 1.7 million ounces of gold (8.0 million tonnes grading 6.57 g/t gold)
- Exploration guidance – In 2026, the Company’s total exploration expenditures and project expenses are expected to be between $565 million and $635 million, with a mid-point of $600 million. This includes approximately $384 million for capitalized and expensed exploration, and approximately $216 million for advanced exploration project expenses, studies, and other corporate development activities. The Company’s exploration focus remains on extending mine life at existing operations, testing near-mine opportunities and advancing key value driver projects. Priorities for 2026 include continued drilling of the Detour Lake underground project, assessing the full potential of the Canadian Malartic property, supporting regional synergies in Abitibi and exploring Hope Bay
GOLD MINERAL RESERVES
As at December 31, 2025, the Company’s proven and probable mineral reserve estimate totalled 55.4 million ounces of gold (1,330 million tonnes grading 1.30 g/t gold). This represents a 2.1% (1.16 million ounce) increase in contained ounces of gold compared to the proven and probable mineral reserve estimate of 54.3 million ounces of gold (1,277 million tonnes grading 1.32 g/t gold) at year-end 2024 (see the Company’s news release dated February 13, 2025 for details regarding the Company’s December 31, 2024 proven and probable mineral reserve estimate).
The increase in mineral reserves at December 31, 2025 is the result of the replacement of 3.0 million ounces of gold mined from operating assets, including Odyssey, Meliadine, LaRonde, Goldex, Fosterville and Macassa, combined with the acquisition of the Marban project, where initial mineral reserves were declared at year-end 2025.
A technical evaluation of the Marban deposit completed during the fourth quarter of 2025 resulted in new probable mineral reserves of 1.58 million ounces of gold (51.6 million tonnes grading 0.95 g/t gold) at December 31, 2025. The progress in mineral reserve development at Marban is the result of efforts by the Company to leverage regional synergies following the recent transactions to consolidate the Malartic camp at Canadian Malartic and advance the “fill-the-mill” strategy.
Mineral reserves were calculated using a gold price of $1,600 per ounce for most operating assets, with exceptions that include Detour Lake open pit using $1,500 per ounce; Amaruq and Pinos Altos using $2,000 per ounce; and variable assumptions for some other pipeline projects, including Marban and Wasamac using $1,650 per ounce. For detailed mineral reserves and mineral resources (“MRMR”) data, including the economic parameters used to estimate the mineral reserves and mineral resources and by-product silver, copper and zinc at mines and advanced projects, see “Detailed Mineral Reserves and Mineral Resources Data (as at December 31, 2025)” and “Assumptions used for the December 31, 2025 mineral reserve and mineral resource estimates reported by the Company” below.
The ore extracted from the Company’s mines in 2025 contained 3.74 million ounces of in-situ gold (65.5 million tonnes grading 1.78 g/t gold).
The Company’s gold mineral reserves as at December 31, 2025 are set out in the table below, and are compared with the gold mineral reserves as at December 31, 2024. Data in this table and certain other data in this news release have been rounded to the nearest thousand and discrepancies in total amounts are due to rounding.
| Proven & ProbableGold Mineral Reserve (000s oz) | Average Mineral ReserveGold Grade (g/t) | ||||||||
| Operation / Project | 2025 | 2024* | Change | 2025 | 2024* | Change | |||
| LaRonde mine | 1,959 | 2,081 | -122 | 5.73 | 6.03 | -0.30 | |||
| LaRonde Zone 5 | 889 | 659 | 230 | 2.09 | 2.21 | -0.12 | |||
| LaRonde Total | 2,848 | 2,740 | -108 | 3.72 | 4.26 | -0.54 | |||
| Canadian Malartic mine | 1,449 | 1,944 | -495 | 0.77 | 0.81 | -0.04 | |||
| Marban deposit | 1,577 | n/a | n/a | 0.95 | n/a | n/a | |||
| Odyssey deposit | 327 | 317 | 10 | 2.12 | 2.27 | -0.14 | |||
| East Gouldie | 5,699 | 5,236 | 463 | 3.23 | 3.37 | -0.15 | |||
| Canadian Malartic Total | 9,052 | 7,497 | 1,555 | 1.66 | 1.83 | -0.17 | |||
| Goldex | 786 | 789 | -2 | 1.60 | 1.57 | 0.02 | |||
| Akasaba West | 112 | 138 | -26 | 0.92 | 0.90 | 0.03 | |||
| Wasamac | 1,377 | 1,377 | — | 2.90 | 2.90 | — | |||
| Detour Lake(at or above 0.5 g/t) | 14,954 | 15,636 | -682 | 0.93 | 0.93 | — | |||
| Detour Lake (below 0.5 g/t) | 3,621 | 3,415 | 206 | 0.38 | 0.39 | (0.01) | |||
| Detour Lake Total | 18,575 | 19,051 | -476 | 0.72 | 0.75 | -0.02 | |||
| Macassa | 1,883 | 1,829 | 54 | 8.84 | 10.50 | -1.66 | |||
| Macassa Near Surface | 10 | 12 | -1 | 3.84 | 5.31 | -1.47 | |||
| AK deposit | 306 | 233 | 73 | 4.53 | 4.71 | -0.19 | |||
| Macassa Total | 2,200 | 2,074 | 125 | 7.77 | 9.18 | -1.42 | |||
| Upper Beaver | 2,768 | 2,768 | — | 3.71 | 3.71 | — | |||
| Hammond Reef | 3,323 | 3,323 | — | 0.84 | 0.84 | — | |||
| Amaruq | 1,454 | 1,609 | -155 | 2.55 | 3.36 | -0.81 | |||
| Meadowbank Total | 1,454 | 1,609 | -155 | 2.55 | 3.36 | -0.81 | |||
| Meliadine | 3,622 | 3,365 | 257 | 5.10 | 5.29 | -0.19 | |||
| Hope Bay | 3,396 | 3,398 | -2 | 6.53 | 6.52 | 0.01 | |||
| Fosterville | 1,670 | 1,650 | 20 | 4.99 | 5.37 | -0.38 | |||
| Kittila | 3,319 | 3,400 | -81 | 4.17 | 4.16 | 0.01 | |||
| Pinos Altos | 269 | 433 | -164 | 1.80 | 1.94 | -0.14 | |||
| San Nicolás (50%)** | 672 | 672 | — | 0.40 | 0.40 | — | |||
| Total Mineral Reserves | 55,442 | 54,284 | 1,158 | 1.30 | 1.32 | -0.03 | |||
2025 Exploration Highlights
At Detour Lake in 2025, exploration drilling totalled 214,668 metres for the full year. The program continued to expand and infill the mineralization below and to the west of the mineral resource pit.
In 2025, Domain 53 was tested through a high intensity drilling program from surface. It validated the continuity of the mineralization and improved the accuracy of the geological model. The investigation of Domain 54 is continuing with drilling from surface while the exploration ramp development is being advanced.
The development of the Detour Lake underground exploration ramp began in July 2025 and reached a length of 569 metres and a depth of 90 metres by year-end. The ramp will allow for the acceleration of the extraction from underground of the high-grade mineralization currently located to the west and within the mineral resources open pit. The ramp will also provide improved access to drill the mineralization located below and to the west of the open pit that exploration drilling has demonstrated extends laterally several kilometres to the west of the open pit outline and to a depth exceeding 1,200 metres below surface.
In the West Pit zone, recent drilling demonstrated the large thickness of the high-grade mineralized corridor at underground depths, highlighted by hole DLM25-1242 intersecting 2.1 g/t gold over 92.4 metres at 444 metres depth including 9.8 g/t gold over 10.7 metres at 431 metres depth; 2.0 g/t gold over 52.7 metres at 554 metres depth; 1.6 g/t gold over 84.7 metres at 617 metres depth; and 2.1 g/t gold over 92.4 metres at 444 metres depth including 4.9 g/t gold over 19.4 metres at 593 metres depth.
Drilling in the West Extension zone approximately 1.5 kilometres west of the resource-pit outline further extended the underground inferred mineral resources to the west with highlights of hole DLM25-1205 intersecting 6.7 g/t gold over 22.0 metres at 539 metres depth and 2.0 g/t gold over 20.4 metres at 605 metres depth and hole DLM25-1245 intersecting 10.7 g/t gold over 10.1 metres at 497 metres depth including 37.8 g/t gold over 2.6 metres at 501 metres depth.
Selected recent drill intersections from Detour Lake are set out in the composite longitudinal section below and in a table in the Appendix.
[Detour Lake – Composite Longitudinal Section]
2026 Exploration Plan and Guidance
The Company expects to spend approximately $34.2 million for 175,000 metres of drilling at Detour Lake in 2026, including $31.3 million for 165,000 metres of capitalized drilling to continue converting the inferred mineral resources into indicated mineral resources as well as the mineral potential in the western extension of the orebody into inferred mineral resources.
For the Detour Lake underground project in 2026, an additional $7 million is budgeted for 35,800 metres of capitalized drilling and $62 million is budgeted for advancement of the exploration ramp and related infrastructure.
Surface diamond drilling is expected to continue mineral resource conversion in 2026 and the drill program will be augmented by underground drilling from new underground drill stations as they become available.
Approximately $2.9 million is budgeted for 10,000 metres of regional drilling in 2026 to explore satellite targets on the Company’s large land position on the Detour Lake property
UPPER BEAVER
MRMR Highlights
The Upper Beaver project hosted 2.8 million ounces of gold and 54,930 tonnes of copper in probable mineral reserves (23.2 million tonnes grading 3.71 g/t gold and 0.24% copper), 0.5 million ounces of gold and 12,118 tonnes of copper in indicated mineral resources (7.6 million tonnes grading 2.03 g/t gold and 0.16% copper) and 0.4 million ounces of gold and 10,649 tonnes of copper in inferred mineral resources (3.0 million tonnes grading 4.12 g/t gold and 0.36% copper) at December 31, 2025.
2025 Exploration Highlights
The Company continued to accelerate project development at Upper Beaver through a phased approach to project de-risking that includes developing an exploration shaft to a depth of 760 metres and an exploration ramp to a depth of 160 metres that will be used to establish underground drilling platforms.
Development activities during 2025 continued to advance ahead of schedule. The exploration ramp progressed by 507 metres, reaching a depth of 70 metres at year-end, and shaft sinking began with the first blast completed in November to reach a depth of 155 metres by year‑end 2025.
A high‑intensity drilling program from surface began at Upper Beaver in 2025 and is ongoing. The program is similar in design to the high-intensity drilling program recently completed at Detour Lake that has contributed to improved planning for the potential development of underground mineral resources.
The high-intensity drilling program at Upper Beaver is targeting the lower level of the deposit, which is dominated by intrusion-suite host rocks, with the objective of validating the resource model and grade variability at greater depths in the most representative geological zones of the deposit.
Depending on the results, this high-intensity drilling program could replace a planned bulk sample at the 760‑metre level and has the potential to bring forward initial production to early 2030.
2026 Exploration Plan and Guidance
In 2026, the Company expects to spend approximately $56.1 million at Upper Beaver, including approximately $52 million on the exploration ramp, exploration shaft and the first bulk sample, and approximately $4.1 million for 10,500 metres of high-intensity drilling. The bulk sample will be taken from the ramp at a depth of 160 metres from the upper level of the deposit, which is dominated by basaltic host lithologies, and will provide material for testing selective mining assumptions in this area of the deposit.
Exploration results from recent years at Upper Beaver show the potential to increase the mineral resources and to convert inferred mineral resources at depth using underground access via the planned exploration shaft and ramp infrastructure.
Regional exploration will continue to develop and advance the pipeline of targets in the Kirkland Lake area.
HOPE BAY
MRMR Highlights
The total mineral reserves and mineral resources at Hope Bay now stand at 3.4 million ounces of gold in proven and probable mineral reserves (16.2 million tonnes grading 6.53 g/t gold), 2.2 million ounces of gold in indicated mineral resources (14.9 million tonnes grading 4.61 g/t gold) and 3.2 million ounces of gold in inferred mineral resources (16.9 million tonnes grading 5.98 g/t gold), as at December 31, 2025. At Hope Bay, the total inferred mineral resources ounces increased year over year by 40% and the gold grade increased by 10%, largely due to exploration success at the Patch 7 zone at the Madrid deposit.
The Patch 7 zone now hosts 1.0 million ounces of gold in indicated mineral resources (4.5 million tonnes grading 6.77 g/t gold) while inferred mineral resources have increased by 123% to 1.7 million ounces of gold (8.0 million tonnes grading 6.57 g/t gold).
2025 Exploration Highlights
Exploration drilling in 2025 at the Madrid deposit and in the regional program at Hope Bay totalled a combined 131,208 metres and focused mainly on mineral resource expansion of the Madrid deposit following the exploration success in the Patch 7 zone during 2024 and early 2025.
The program in 2025 returned multiple positive drill intercepts in the Patch 7 zone, resulting in mineral resource growth and the identification of several mineralized areas remaining open laterally and at depth beyond current mineral resources that will be investigated during follow-up exploration drilling.
Mineralization remains open to the north of the Patch 7 zone towards the Suluk zone, as highlighted by hole HBM25-401 returning 4.3 g/t gold over 7.1 metres at 609 metres depth in the Patch 7 zone and 7.7 g/t gold over 4.3 metres at 719 metres depth in the Suluk zone, and by hole HBM25-387A returning 46.1 g/t gold over 2.3 metres at 653 metres depth in the Suluk zone.
South of the Patch 7 zone beyond a sub-vertical diabase dike, mineralization remains open in an underexplored area that extends southwards by approximately one kilometre towards the Patch 14 zone. Highlight hole HBM25-395 in this area returned 5.2 g/t gold over 12.3 metres at 363 metres depth approximately 200 metres south of the diabase dike.
During the fourth quarter of 2025, excavation of the Naartok East exploration ramp at Madrid advanced by 656 metres and reached a depth of 100 metres at year-end. The 2.1-kilometre exploration ramp is expected to be developed to a depth of 100 metres to facilitate infill and expansion drilling along the Madrid zones. At Patch 7, the excavation of the portal of the dedicated exploration ramp also commenced.
Selected recent drill intersections from the Madrid deposit are set out in the composite longitudinal section below and in a table in the Appendix.
[Madrid Deposit at Hope Bay – Composite Longitudinal Section]
[Madrid Deposit at Hope Bay – Composite Longitudinal Section]
2026 Exploration Plan and Guidance
The Company expects to spend approximately $43.4 million for 110,000 metres of drilling at Hope Bay in 2026, including $29.0 million for 70,000 metres of expensed drilling and $14.4 million for 40,000 metres of capitalized drilling for mineral resources conversion.
The main objectives in 2026 are to convert inferred mineral resources at Patch 7 into indicated mineral resources and to further test the entire Madrid deposit to expand and upgrade mineral resources. Results will be integrated into the technical evaluation of Hope Bay that is expected to be completed in the second quarter of 2026 and to contribute to a potential construction decision for Hope Bay in May 2026.
An additional $7.8 million of capitalized expenses in 2026 will be used to continue the exploration ramp development at the Madrid deposit and for technical evaluation.
AUSTRALIA
FOSTERVILLE
MRMR Highlights
Fosterville hosted 1.7 million ounces of gold in proven and probable mineral reserves (10.4 million tonnes grading 4.99 g/t gold), 1.4 million ounces of gold in indicated mineral resources (11.4 million tonnes grading 3.77 g/t gold) and 1.8 million ounces of gold in inferred mineral resources (13.3 million tonnes grading 4.19 g/t gold) at December 31, 2025.
Fosterville replaced 101% of mining depletion in 2025 with new mineral reserves. The replacement was achieved mainly through infill drilling in the Robbins Hill and South Phoenix zones. In total 170,000 ounces of gold were added to mineral reserves, offsetting the 168,000 ounces of in-situ gold that were depleted from mineral reserves by 2025 production.
The Company added 171,000 ounces of gold in underground indicated mineral resources at Fosterville, mainly due to exploration drilling and metal price revisions at the Robbins Hill and Phoenix zones and inferred mineral resources increased by 5% at year-end 2025.
The open-pit measured and indicated mineral resources and open-pit inferred mineral resources at Fosterville were removed from the “Detailed Mineral Reserves and Mineral Resources Data (as at December 31, 2025)” below, as there are no plans to mine the deposit using open pit methods.
2025 Exploration Highlights
At Fosterville in 2025, exploration drilling totalled 74,369 metres split between programs targeting the Cygnet, Swan, Cardinal and Harrier structures. At Robbins Hill, drilling tested the Curie, Ceruti and Wu zones.
2026 Exploration Plan and Guidance
The Company expects to spend approximately $15.1 million for 49,300 metres of capitalized drilling at Fosterville in 2026, focused on the extensions of mineral reserves and mineral resources at Lower Phoenix and Robbins Hill. An additional $18.7 million is budgeted for 63,000 metres of underground and surface expensed exploration to test new geological targets, including parallel faults and folds to the main Fosterville host structure, exploring for similar geological context to the Swan Zone structure.
The exploration program will include the assessment of the Fosterville tenement acquired from S2 Resources Ltd. on December 22, 2025. This tenement surrounds the Fosterville mine and provides prime exploration ground in the search for additional mineralized structures or the extensions of known gold-bearing structures.
NORTHERN TERRITORY
Agnico Eagle holds interests across 175,064 hectares in the Northern Territory of Australia, including 62,685 hectares under 100% ownership and a further 112,379 hectares through joint ventures, where the Company’s ownership ranges from 85% to 10%. The wholly-owned tenements include the Cosmo underground mine (closed in 2020), the Union Reefs processing facility (operations suspended in 2020) and regional exploration assets within the historic Pine Creek gold district.
MRMR Highlights
At open-pit depths, the Northern Territory assets host measured and indicated mineral resources of 0.8 million ounces of gold (16.5 million tonnes grading 1.45 g/t gold) and inferred mineral resources of 0.7 million ounces of gold (13.3 million tonnes grading 1.75 g/t gold) at December 31, 2025.
At underground depth, the Northern Territory assets host indicated mineral resources of 0.7 million ounces of gold (4.5 million tonnes grading 4.75 g/t gold) and inferred mineral resources of 0.8 million ounces of gold (5.8 million tonnes grading 4.11 g/t gold) at December 31, 2025.
2025 Activity Highlights
Agnico Eagle has continued to advance the proposed Union Reefs North development project at the Union Reefs site, with ongoing studies evaluating the project economics and potential redevelopment scenarios.
For exploration during 2025, the Company spent $4.1 million to complete 11,156 metres of expensed drilling at the Maud Creek, Pine Creek and Burnside projects.
2026 Exploration Plan and Guidance
During 2026, the Company expects to spend $8.0 million on exploration at the Northern Territory assets including 48,600 metres of expensed drilling to follow up on results from 2025 and investigate other targets with potential for mineral resource growth.
The current scenario analysis is focused on developing a decade-long sustainable ore supply from multiple sources to the Union Reefs processing facility with a potential upgrade of the processing facility to treat refractory ores.
Detailed Mineral Reserves and Mineral Resources Data
Variances in down-adding and cross-adding are due to rounding
| Mineral Reserves as at December 31, 2025 | |||||||||||
| Operation / Project | Proven | Probable | Proven & Probable | ||||||||
| Gold | Mining Method* | 000Tonnes | g/t | 000 Oz Au | 000 Tonnes | g/t | 000 Oz Au | 000 Tonnes | g/t | 000 Oz Au | Recovery %** |
| LaRonde mine1 | U/G | 2,469 | 4.65 | 369 | 8,158 | 6.06 | 1,590 | 10,627 | 5.73 | 1,959 | 94.4 |
| LaRonde Zone 52 | U/G | 6,405 | 2.02 | 415 | 6,800 | 2.17 | 474 | 13,205 | 2.09 | 889 | 94.5 |
| LaRonde Total | 8,874 | 2.75 | 784 | 14,959 | 4.29 | 2,064 | 23,832 | 3.72 | 2,848 | ||
| Canadian Malartic mine3 | O/P | 36,896 | 0.50 | 597 | 21,697 | 1.22 | 852 | 58,594 | 0.77 | 1,449 | 88.8 |
| Marban deposit4 | O/P | — | — | — | 51,618 | 0.95 | 1,577 | 51,618 | 0.95 | 1,577 | 90.0 |
| Odyssey deposit5 | U/G | 29 | 2.37 | 2 | 4,758 | 2.12 | 325 | 4,787 | 2.12 | 327 | 95.0 |
| East Gouldie6 | U/G | — | — | — | 54,943 | 3.23 | 5,699 | 54,943 | 3.23 | 5,699 | 94.4 |
| Odyssey Mine Total | 29 | 2.37 | 2 | 59,701 | 3.14 | 6,024 | 59,730 | 3.14 | 6,026 | ||
| Canadian Malartic Total | 36,925 | 0.50 | 599 | 133,016 | 1.98 | 8,453 | 169,941 | 1.66 | 9,052 | ||
| Goldex7 | U/G | 6,255 | 1.48 | 298 | 9,065 | 1.68 | 488 | 15,320 | 1.60 | 786 | 85.9 |
| Akasaba West8 | O/P | 969 | 0.82 | 26 | 2,807 | 0.96 | 86 | 3,777 | 0.92 | 112 | 77.6 |
| Goldex Total | 7,225 | 1.39 | 324 | 11,872 | 1.51 | 575 | 19,097 | 1.46 | 898 | ||
| Wasamac | U/G | — | — | — | 14,757 | 2.90 | 1,377 | 14,757 | 2.90 | 1,377 | 89.7 |
| Quebec Total | 53,023 | 1.00 | 1,707 | 174,603 | 2.22 | 12,468 | 227,626 | 1.94 | 14,175 | ||
| Detour Lake(At or above 0.5 g/t) | O/P | 66,690 | 1.08 | 2,313 | 434,448 | 0.90 | 12,641 | 501,138 | 0.93 | 14,954 | 88.4 |
| Detour Lake(Below 0.5 g/t) | O/P | 53,681 | 0.42 | 722 | 243,242 | 0.37 | 2,899 | 296,923 | 0.38 | 3,621 | 88.4 |
| Detour Lake Total9 | 120,371 | 0.78 | 3,035 | 677,690 | 0.71 | 15,540 | 798,061 | 0.72 | 18,575 | ||
| Macassa10 | U/G | 612 | 10.43 | 205 | 6,013 | 8.68 | 1,678 | 6,625 | 8.84 | 1,883 | 95.9 |
| Macassa Near Surface11 | U/G | 3 | 2.11 | 0 | 80 | 3.91 | 10 | 84 | 3.84 | 10 | 93.5 |
| AK deposit12 | U/G | 126 | 4.35 | 18 | 1,975 | 4.54 | 288 | 2,101 | 4.53 | 306 | 93.5 |
| Macassa Total | 742 | 9.36 | 223 | 8,068 | 7.62 | 1,976 | 8,810 | 7.77 | 2,200 | ||
| Upper Beaver | O/P | — | — | — | 3,235 | 1.82 | 189 | 3,235 | 1.82 | 189 | 95.5 |
| Upper Beaver | U/G | — | — | — | 19,946 | 4.02 | 2,579 | 19,946 | 4.02 | 2,579 | 95.5 |
| Upper Beaver Total13 | — | — | — | 23,181 | 3.71 | 2,768 | 23,181 | 3.71 | 2,768 | ||
| Hammond Reef14 | O/P | — | — | — | 123,473 | 0.84 | 3,323 | 123,473 | 0.84 | 3,323 | 89.8 |
| Ontario Total | 121,113 | 0.84 | 3,258 | 832,412 | 0.88 | 23,607 | 953,524 | 0.88 | 26,865 | ||
| Amaruq | O/P | 8,048 | 1.26 | 327 | 7,364 | 3.17 | 750 | 15,412 | 2.17 | 1,077 | 90.5 |
| Amaruq | U/G | 81 | 4.22 | 11 | 2,221 | 5.12 | 366 | 2,302 | 5.09 | 377 | 90.5 |
| Meadowbank Total15 | 8,129 | 1.29 | 338 | 9,585 | 3.62 | 1,116 | 17,714 | 2.55 | 1,454 | ||
| Meliadine | O/P | 1,142 | 4.24 | 156 | 4,291 | 3.64 | 503 | 5,433 | 3.77 | 658 | 96.0 |
| Meliadine | U/G | 2,962 | 6.32 | 602 | 13,680 | 5.37 | 2,362 | 16,642 | 5.54 | 2,964 | 96.0 |
| Meliadine Total16 | 4,104 | 5.74 | 757 | 17,971 | 4.96 | 2,864 | 22,075 | 5.10 | 3,622 | ||
| Hope Bay17 | U/G | 93 | 6.77 | 20 | 16,086 | 6.53 | 3,376 | 16,178 | 6.53 | 3,396 | 87.5 |
| Nunavut Total | 12,325 | 2.82 | 1,116 | 43,642 | 5.24 | 7,356 | 55,967 | 4.71 | 8,472 | ||
| Fosterville18 | U/G | 887 | 5.41 | 154 | 9,516 | 4.95 | 1,516 | 10,403 | 4.99 | 1,670 | 92.0 |
| Australia Total | 887 | 5.41 | 154 | 9,516 | 4.95 | 1,516 | 10,403 | 4.99 | 1,670 | ||
| Kittila19 | U/G | 931 | 4.66 | 140 | 23,818 | 4.15 | 3,179 | 24,749 | 4.17 | 3,319 | 86.0 |
| Europe Total | 931 | 4.66 | 140 | 23,818 | 4.15 | 3,179 | 24,749 | 4.17 | 3,319 | ||
| Operation / Project | Proven | Probable | Proven & Probable | ||||||||
| Gold | Mining Method* | 000Tonnes | g/t | 000 Oz Au | 000 Tonnes | g/t | 000 Oz Au | 000 Tonnes | g/t | 000 Oz Au | Recovery %** |
| Pinos Altos | O/P | 26 | 0.60 | 1 | 1,629 | 1.00 | 53 | 1,656 | 1.00 | 53 | 93.6 |
| Pinos Altos | U/G | 633 | 2.06 | 42 | 2,374 | 2.29 | 175 | 3,007 | 2.24 | 216 | 94.2 |
| Pinos Altos Total20 | 659 | 2.00 | 42 | 4,003 | 1.76 | 227 | 4,662 | 1.80 | 269 | ||
| San Nicolás (50%)21 | O/P | 23,858 | 0.41 | 314 | 28,761 | 0.39 | 358 | 52,619 | 0.40 | 672 | 17.6 |
| Mexico Total | 24,517 | 0.45 | 357 | 32,764 | 0.56 | 585 | 57,281 | 0.51 | 941 | ||
| Total Gold | 212,796 | 0.98 | 6,731 | 1,116,755 | 1.36 | 48,711 | 1,329,551 | 1.30 | 55,442 | ||
| Operation / Project | Proven | Probable | Proven & Probable | ||||||||
| Silver | Mining Method* | 000Tonnes | g/t | 000 Oz Ag | 000 Tonnes | g/t | 000 Oz Ag | 000 Tonnes | g/t | 000 Oz Ag | Recovery %** |
| LaRonde mine | U/G | 2,469 | 10.46 | 830 | 8,158 | 20.75 | 5,443 | 10,627 | 18.36 | 6,273 | 78.1 |
| Pinos Altos | O/P | 26 | 8.57 | 7 | 1,629 | 34.82 | 1,824 | 1,656 | 34.40 | 1,831 | 44.5 |
| Pinos Altos | U/G | 633 | 45.29 | 922 | 2,374 | 27.30 | 2,083 | 3,007 | 31.09 | 3,005 | 50.0 |
| Pinos Altos Total | 659 | 43.81 | 929 | 4,003 | 30.36 | 3,907 | 4,662 | 32.26 | 4,836 | ||
| San Nicolás (50%) | O/P | 23,858 | 23.93 | 18,356 | 28,761 | 20.91 | 19,333 | 52,619 | 22.28 | 37,689 | 38.6 |
| Total Silver | 26,986 | 23.18 | 20,116 | 40,923 | 21.80 | 28,682 | 67,909 | 22.35 | 48,798 | ||
| Operation / Project | Proven | Probable | Proven & Probable | ||||||||
| Copper | Mining Method* | 000Tonnes | % | Tonnes Cu | 000 Tonnes | % | Tonnes Cu | 000 Tonnes | % | Tonnes Cu | Recovery %** |
| LaRonde mine | U/G | 2,469 | 0.17 | 4,081 | 8,158 | 0.30 | 24,751 | 10,627 | 0.27 | 28,831 | 82.8 |
| Akasaba West | O/P | 969 | 0.48 | 4,640 | 2,807 | 0.53 | 14,810 | 3,777 | 0.51 | 19,451 | 79.0 |
| Upper Beaver | O/P | — | — | — | 3,235 | 0.14 | 4,477 | 3,235 | 0.14 | 4,477 | 79.2 |
| Upper Beaver | U/G | — | — | — | 19,946 | 0.25 | 50,453 | 19,946 | 0.25 | 50,453 | 79.2 |
| Upper Beaver Total | — | — | — | 23,181 | 0.24 | 54,930 | 23,181 | 0.24 | 54,930 | ||
| San Nicolás (50%) | O/P | 23,858 | 1.26 | 299,809 | 28,761 | 1.01 | 291,721 | 52,619 | 1.12 | 591,530 | 78.2 |
| Total Copper | 27,296 | 1.13 | 308,530 | 62,908 | 0.61 | 386,213 | 90,204 | 0.77 | 694,743 | ||
| Operation / Project | Proven | Probable | Proven & Probable | ||||||||
| Zinc | Mining Method* | 000Tonnes | % | Tonnes Zn | 000 Tonnes | % | Tonnes Zn | 000 Tonnes | % | Tonnes Zn | Recovery %** |
| LaRonde mine | U/G | 2,469 | 0.36 | 8,951 | 8,158 | 1.09 | 88,811 | 10,627 | 0.92 | 97,762 | 70.2 |
| San Nicolás (50%) | O/P | 23,858 | 1.61 | 383,313 | 28,761 | 1.37 | 394,115 | 52,619 | 1.48 | 777,428 | 80.9 |
| Total Zinc | 26,327 | 1.49 | 392,263 | 36,920 | 1.31 | 482,926 | 63,246 | 1.38 | 875,190 | ||
END
SILVER
“Everyone’s Grandma Is Selling The Silver Chandelier, Forks, Knives” As Scrap Volumes Overwhelm Refiners
Thursday, Feb 12, 2026 – 08:30 PM
Silver’s explosive January rally, which briefly pushed futures prices above $120 per ounce, has since fizzled, with futures trading around $82 as of Thursday morning. Even so, the frenzy has sparked a sharp increase in scrap silver volumes flowing to refiners, as people rush to sell silver coins, sterling dinner sets, candlesticks, and other heirlooms inherited from grandparents or Boomer parents.
Bloomberg reports coin and jewelry shops have seen what they describe as a “rush of customers” seeking to dispose of collectibles, silverware, and family treasures during the historic surge in silver prices last month.
“Everyone’s grandma is selling their chandelier, forks, and knives — anything that’s made of sterling silver to utilize the silver prices,” said Gene Furman, owner of King Gold & Pawn and Empire Gold Buyers, which has locations across the New York City metro area.
“The average check I’m writing is probably in the $8,000 to $10,000 range,” Gary Tancer, owner of Coin & Jewelry Gallery of Boca Raton, told the outlet. He noted consumers are “coming in droves and droves.”
Google Search trends show that as silver prices soared, so did online interest from people searching “sell my silver.”
A truly explosive surge…
Related top search queries included:
The influx of individuals deciding to sell their silver heirlooms has triggered a surge of silver scrap entering the market.
Heraeus Precious Metals, one of the world’s largest precious metals refiners, is now facing a backlog, said Dominik Sperzel, head of trading for the German firm.
“When you place the silver order today, it cannot just take a few weeks,” Sperzel said. “We’re already talking about months.”
Jack Farley of Monetary Matters spoke with Milton Berg of MB Advisors Institutional Research about why Berg is bearish on silver at this point. His view is that refineries are being overwhelmed with scrap silver, with inflows even heavier than during the 2011 speculative peak.
Listen to the full Farley-Berg conversation here.
Then again, the silver-squeeze comes to China…
2.ASIAN AFFAIRS FEB 13/2026
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS FRIDAY MORNING.7:30 AM
SHANGHAI CLOSED DOWN 51.95 PTS OR 1.26%
//Hang Seng CLOSED DOWN 465.42 PTS OR 1.72%
// Nikkei CLOSED DOWN 712.84 PTS OR 1.24%
//Australia’s all ordinaries CLOSED DOWN 0.73%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 6.9113
/ OFFSHORE CLOSED DOWN AT 6.9095 Oil DOWN TO 62.62 dollars per barrel for WTI and BRENT DOWN TO 67.55 Stocks in Europe OPENED MOSTLY ALL RED EXCEPT SPAIN
ONSHORE USA/ YUAN TRADING DOWN TO 6.9113 OFFSHORE YUAN TRADING DOWN TO 6.9025 ONSHORE YUAN TRADING BELOW OFF SHORE AND DOWN ON THE DOLLAR// / AND THUS WEAKER//OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS WEAKER
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS FRIDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN AT 6.9113
OFFSHORE YUAN: DOWN TO 6.9085
HANG SENG CLOSED DOWN 465.42 PTS OR 1.72%
2. Nikkei closed DOWN 712.84 PTS OR 1.24%
WEST TEXAS INTERMEDIATE OIL DOWN 62.62
BRENT; 67.55
3. Europe stocks SO FAR: ALL MOSTLY RED
USA dollar INDEX UP TO 96.95 /// EURO FALLS TO 1.1858 DOWN 10 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +2.211/ DOWN 1 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 153.75… 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: 3.442 UP 1 FULL BASIS PTS. AND STILL VERY TROUBLESOME
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: DOWN OFFSHORE: DOWN
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil DOWN for WTI and 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 +2.7732 Italian 10 Yr bond yield DOWN to 3.385 SPAIN 10 YR BOND YIELD DOWN TO 3.147
3i Greek 10 year bond yield DOWN TO 3.378
3j Gold at $4982 Silver at: 78.92 1 am est) SILVER NEXT RESISTANCE LEVEL AT $100.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 20/100 roubles/dollar; ROUBLE AT 77.02
3m oil (WTI) into the 62 dollar handle for WTI and 67 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 2.221% DOWN 1 BASIS PTS STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING//YEN BOND TRADING OVERSEAS REPATRIATED.//JAPAN 30 YR: 3.442 UP 1 BASIS PTS.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.7702 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9133 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: 4.123 UP 2 BASIS PTS…
USA 30 YR BOND YIELD: 4.750 UP 2 BASIS PTS/
USA 2 YR BOND YIELD: 3.472 UP 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 43.65 UP 1 BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.4590 UP 1 1 PTS
30 YR UK BOND YIELD: 5.261 UP 0 BASIS PTS
10 YR CANADA BOND YIELD: 3.292 DOWN 5 BASIS PTS
5 YR CANADA BOND YIELD: 2.818 DOWN 5 BASIS PTS.
1a New York Opening report
Futures Fall On Friday The 13th As CPI Looms
Friday, Feb 13, 2026 – 08:29 AM
US equity futures are lower in a scary start this Friday the 13th, having given up modest overnight gains, as Investors – already on high alert for any further signs of the “AI scare trade” – braced for Friday’s inflation reading and any clues it holds on what happens next for interest rates. As of 8:00am ET, S&P and Nasdaq futures are down by 0.2%, having flipped between gains and losses after a three-day S&P 500 losing streak and especially Thursday’s brutal 1.6% cash-market slump, which DB’s Jim Reid described as “Friday 13th coming a day early for risk assets yesterday.” In pre-market trading, Mag-7 all names are weaker ahead of the long weekend, but there are some bright spots within Energy / Mats / Fins but, so far, pre-mkt trading does not point to another significant de-risking. Bond yields climb 1-2bps across the curve with the belly underperforming and USD rallying. Commodities are retracing some of yesterday’s losses led by precious metals. Crude oil futures fell on a report that some OPEC+ nations see scope for output hikes. Today’s macro focus is on CPI and if any new AI “Obsolescence” trades emerge.
In premarket trading, Mag 7 stocks are all lower (Alphabet -0.7%, Amazon -1.0%, Apple -0.4%, Nvidia -0.3%, Meta -0.8%, Microsoft -0.6%, Tesla -0.8%).
- Airbnb (ABNB) is up around 4.8% after the travel-booking platform’s first-quarter revenue forecast exceeded the average analyst estimate.
- Applied Materials (AMAT) is up 11% after the semiconductor capital equipment company reported first-quarter results that beat expectations and gave an outlook for adjusted earnings that is above the analyst consensus.
- DraftKings (DKNG) slides 15% after the sports betting company’s revenue forecast for 2026 missed the average analyst estimate.
- Dutch Bros (BROS) jumps 13% after the coffee chain reported adjusted earnings per share for the fourth quarter that surpassed Wall Street estimates.
- Pinterest (PINS) is down around 20% after the social media company’s first-quarter forecast was weaker than expected.
- Tri Pointe Homes (TPH) rose 27% after Sumitomo Forestry says it will acquire the company for around $4.28 billion.
In corporate news, Goldman Sachs’ top lawyer, Kathy Ruemmler, is leaving the firm following a cache of Department of Justice documents showing her links with sex offender Jeffrey Epstein.
The sharp swings this week have highlighted how quickly shifts in sentiment around AI can reverberate far beyond the technology sector. The so-called AI scare trade has seen knee-jerk selloffs in sectors from logistics to software providers amid fear the technology will hurt their businesses. Meanwhile, investors are watching Friday’s January inflation print to see if it reinforces strong jobs numbers earlier in the week, which prompted traders to curb bets on interest-rate cuts by the Federal Reserve. The median forecast predicts a year-over-year increase of 2.5% for the core consumer price index.
“What could help the market is if inflation comes in softer than expected,” said Joachim Klement, head of strategy at Panmure Liberum. “The strong labor market data earlier this week has reduced hopes for rate cuts by the Fed, yet if inflation continues to cool off, we think the Fed might be willing to add more rate cuts in the mix.”
Punishment has turned “brutal” for any stocks perceived to be at risk from AI disruption, according to Joel Kulina, managing director for TMT trading at Wedbush Securities.The worries over AI-fueled disruption underscore a sea change in market sentiment. Enthusiasm for the technology drove the lion’s share of stock market gains over the last few years. That’s been replaced by concerns that the newest tools released by Google, closely held AI developer Anthropic and a slew of lesser-known startups are already good enough to threaten a wide array of companies, many far outside the umbrella of technology.
“The number one issue for the market: AI has now become a net negative, pressuring equities,” Kulina says. “‘Sell first, ask questions later’ has been the mentality on a day-to-day basis this month. Megacaps remain capital intense, likely leading to less free cash flow and buybacks on one hand, while decimating legacy industries due to fears of severe disruption on the other.” In the latest such episode, Algorhythm Holdings, a former karaoke company turned AI developer with a stock-market value of only $6 million, announced a logistics platform that triggered a 6.6% slide in the Russell 3000 Trucking Index on Thursday.
Volatility, already stirring, may flare up further as traders square off positions to cut risk before the Presidents’ Day holiday on Monday and Lunar New Year holidays in China and several other Asian markets next week. After Wednesday’s surprisingly strong jobs report prompted traders to pare bets on rate cuts by the Fed, inflation data numbers due at 8:30 a.m. ET have added significance. “The CPI tends to run hot in January as businesses often hike prices in the beginning of the year, a phenomenon that statistical adjustments can’t completely strip out,” according to Bloomberg Economics chief economist Anna Wong. She expects headline consumer prices to rise 0.20% month-on-month, slower than the 0.31% increase in December. Remove volatile food and energy prices, and core consumer prices are predicted to rise 0.31% in January, up from 0.24% the previous month.
European stocks extend declines from the prior session. Stoxx 600 down 0.5% technology stocks outperform as a selloff in sectors deemed at risk from artificial intelligence eases, while basic resources lag on reports the Trump administration is planning to scale back some tariffs on steel and aluminum goods. FTSE 100 and the DAX slightly outperforming.Here are some of the biggest movers on Friday:
- Safran shares rise as much as 8% to a record high, after the French engine manufacturer improved its guidance for 2026 and lifted its outlook for 2028, expecting a strong civil engines aftermarket and momentum on defense.
- RELX shares rise as much as 5.9%, the most since April, after BofA Securities said the information and analytics provider is one of its top stocks for this year and that this week’s results shows the recent de-rating is overdone.
- DataWalk shares surge as much as 7.2%, bucking a broader selloff on the Warsaw Stock Exchange, after the Polish data processing company’s accelerated book-building saw shares priced above Thursday’s closing level.
- Kalmar shares gain as much as 8.2%, hitting a record high, after releasing its fourth-quarter results and announcing a “major order” from Maher Terminals for 30 hybrid straddle carriers.
- NatWest shares swing between gains and losses on Friday after the UK lender posted a strong profit beat, currently trading 1.5% down as Shore Capital analysts flag its outlook is yet to take the recently announced deal to buy Evelyn into account.
- L’Oréal shares drop as much as 7%, the most since October, after the beauty company reported like-for-like sales for the fourth quarter that missed the average analyst estimate.
- Tomra shares drop as much as 9.3%, the most since October, after the recycler reported fourth quarter revenues below consensus and DNB Carnegie said it sees “muted” collections.
- SSAB shares slide as much as 8.9%, leading a drop in European miners after the Financial Times reported the Trump administration is planning to scale back some tariffs on steel and aluminum goods, which would ease market disruptions.
- Norsk Hydro shares fall as much 6.6%, the most since 2023, as analysts called the company’s guidance weak, due to soft pricing and pressure in the aluminum extrusions business.
- Elkem shares fall as much as 13% in Oslo, the most since July, after the company agreed to sell the majority of its silicones division to Bluestar — a deal in which “many investors might have thought there would be a sale for cash,” Morgan Stanley analysts write.
- Huhtamaki shares decline as much as 5.5% following the Finnish consumer packaging firm’s fourth-quarter results, which DNB Carnegie noted showed organic sales continuing to decline.
Earlier in the session, Asian stocks fell, as the region’s AI-driven rally took a breather after US tech shares tumbled overnight. Shares in Hong Kong led losses ahead of the Lunar New Year holiday. The MSCI Asia Pacific Index fell as much as 1.5%, snapping five days of gains. Still, the gauge is on track for its best week since September 2024, after hitting fresh records every day this week through Thursday. Equity benchmarks in Japan, South Korea and mainland China also fell. Despite the near-term pullback, Asian stocks have demonstrated resilience against the broad selloff driven by Wall Street’s fears of business disruption caused by artificial intelligence. The region is seeing more foreign demand as investors rotate away from crowded US trades and seek exposure in Asia’s AI supply chain. Equity markets in mainland China and Taiwan will remain shut all of next week, while Hong Kong is closed for three of the days.
Citigroup is raising the pay of CEO Jane Fraser to $42 million for 2025, making her among the best compensated US banking heads. Clear Street, a Wall Street broker built on cloud computing technology, postponed its IPO after cutting the target by nearly two thirds. And Coinbase Global showed how quickly a cooling crypto market can pressure even one of the industry’s most diversified exchanges. Revenue in the fourth quarter tumbled a more-than-estimated 20% to $1.8 billion as falling token prices drained trading activity across digital assets.
“Today’s pullback looks like a healthy pause within a broader upward trend,” said Tareck Horchani, head of sales trading, prime brokerage at Maybank Securities in Singapore. “Near term, I expect choppier price action driven by global tech sentiment and positioning flows, but the underlying earnings trajectory, especially in semiconductors, and sustained foreign inflows should continue to provide support once liquidity normalizes.”
In FX, the Bloomberg Dollar Spot Index up 0.2%, with yen and the Aussie dollar underperforming. Russia’s central bank cut rates by 50bps versus expectation for a hold.
In rates, treasuries are little changed in early US session, holding most of Thursday’s curve-flattening gains as focus shifts to January US CPI report at 8:30am New York time. Yields remain within 1bp of Thursday’s closing levels, the 10-year near 4.11%, lagging bunds and gilts in the sector by 2bp-3bp. 2s10s spread is near 65bp, about 6bp flatter on the week.
In commodities, WTI crude oil futures fell on a report that some OPEC+ nations see scope for output hikes. Gold is steadying short of $5,000/oz.
Friday’s US economic calendar slate includes January CPI at 8:30am. No Fed speakers are scheduled
Market Snapshot
- S&P 500 mini -0.2%
- Nasdaq 100 mini -0.2%
- Russell 2000 mini -0.2%
- Stoxx Europe 600 little changed
- DAX +0.1%
- CAC 40 -0.2%
- 10-year Treasury yield +2 basis points at 4.12%
- VIX -0.4 points at 20.47
- Bloomberg Dollar Index +0.1% at 1183.57
- euro -0.1% at $1.1857
- WTI crude +0.2% at $62.99/barrel
Top Overnight News
- The US and Taiwan signed a trade deal to cut tariffs and boost access for American products in Asia, including a pledge by Taipei to buy more than $44 billion worth of LNG and crude. BBG
- Ukraine and Russia peace talks process remain stuck, primarily over territorial concessions and security guarantees. Politico
- OpenAI told US lawmakers that DeepSeek used unfair methods to extract results from leading rival models to train its next-gen chatbot. BBG
- The Central Intelligence Agency released a new video on Thursday seeking to capitalize on upheaval at the top of China’s armed forces to recruit potential spies. WSJ
- Trump is planning to scale back some tariffs on steel and aluminum goods as he battles an affordability crisis that has sapped his approval ratings ahead of November’s midterm elections. FT
- Bank of Japan policy board member Naoki Tamura floated the possibility that the bank could soon declare that its price target has been achieved, as the nation’s inflation is becoming stickier. WSJ
- The Pentagon is sending the Navy’s largest and most advanced aircraft carrier to the Middle East, as the U.S. steps up plans for a potential attack on Iran, two U.S. officials said. WSJ
- Tech and banking trade groups are among others that are urging the Trump administration to not change the federal framework they have been using to safely deploy AI: Axios
Trade/Tariffs
- China and the US held an anti-drug intelligence exchange meeting on February 10th-12th, Xinhua reported; both sides agreed to promote healthy and practical anti-drug cooperation.
- China’s Ministry of Commerce holds a roundtable with German firms; hopes that German companies can increase investment in China.
- US President Trump plans to roll back tariffs on metal and aluminium goods, according to FT.
- Japan’s Trade Minister Akazawa engaged with US Commerce Secretary Lutnick on US-bound investment initiatives and confirmed progress on talks to launch the USD 550bln investment.
- Taiwan President Lai said trade deal with US marks a pivotal moment for Taiwan’s economy and industries, adds we secured significant benefits for Taiwan’s industries and overall economy, and we solidified the Taiwan-US high-tech strategic partnership.
- US Department of Commerce increases duties on Chinese battery-grade graphite to 160% related to Novonix (NVX).
- US and Taiwan sign a reciprocal trade agreement with Taiwan to eliminate or reduce 99% of tariff barriers on US goods, while US confirms 15% tariff rate on Taiwanese goods.
- US and North Macedonia agreed to a trade framework with the US to impose 15% tariff on North Macedonian goods, while North Macedonia is to eliminate all tariffs on US goods.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were mostly lower as the region took its cue from the losses stateside, where tech underperformed as AI-disruption concerns re-emerged, and logistics/industrials stocks were also pressured after Algorhythm Holdings (RIME) released its AI freight scaling tool. ASX 200 was dragged lower by losses in tech stocks, and as participants also digested earnings releases. Nikkei 225 retreated at the open after recent currency strength and with focus also on earnings reports, including from SoftBank, which returned to profit in Q3 but missed expectations, while its shares were also not helped by its AI exposure. Hang Seng and Shanghai Comp suffered alongside the broad downbeat mood in the region, and despite reports that President Trump paused some China tech bans ahead of his summit with Xi in April, while it is also the last trading day in the mainland before the Lunar New Year and Spring Festival holiday closures.
Top Asian News
- Chinese New Yuan Loans (Jan) 4710B vs. Exp. 5000B (Prev. 910B).
- Chinese M2 Money Supply YoY (Jan) Y/Y 9% vs. Exp. 8.4% (Prev. 8.5%).
- Chinese Total Social Financing (Jan) 7220B vs. Exp. 7050B (Prev. 2210B).
- Chinese Outstanding Loan Growth YoY (Jan) Y/Y 6.1% vs. Exp. 6.2% (Prev. 6.4%).
- Chinese House Price Index MM (Jan) Y/Y -0.4% (Prev. -0.4%).
- Chinese House Price Index YoY (Jan) Y/Y -3.1% (Prev. -2.7%).
European bourses (STOXX 600 -0.1%) are trading mixed as the end of the week nears. SMI (+0.6%) leads its European peers, closely followed by the AEX (+0.5%). On the other hand, the CAC 40 (-0.2%) is the slight laggard following a mixed bag of earnings coming out of France. European sectors are mixed. Technology (+1.3%) sits comfortably at the top of the pile, followed by Insurance (+0.6%) and Industrial Goods and Services (+0.5%). Upside in Tech follows on from the earnings by Applied Materials, which posted positive earnings and Q2 forecasts. Sitting at the bottom lies Basic Resources (-1.3%), as miners react to the selloff in metals prices. Consumer Products and Services (-0.7%) is weighed on by L’Oreal (-3.5%) post-earnings.
Top European News
- UK PM Starmer is set to call for multinational defence initiative to cut costs of rearmament, according to FT
FX
- DXY is currently trading with very mild gains and trades at the midpoint of a 96.89-97.15 range. Really not much driving things for the index this morning, with traders awaiting the US CPI report later. On that, the headline is expected to rise +0.3% M/M (prev. 0.3%), and core rising at a rate of 0.3% M/M (prev. 0.2%). UBS said easing inflation should keep the Fed on track for rate cuts despite strong jobs data, forecasting two 25bps reductions in June and September, while FOMC projections indicate one additional cut this year. In terms of recent price action, ING notes that there has been a strong inclination to sell USD rallies this week, as such, analysts “struggle to see the dollar recover substantially from here”.
- G10s are mixed against the USD, with the NZD and CAD holding around the unchanged mark, whilst the CHF, AUD and JPY hold towards the foot of the pile, with the latter the clear underperformer. EUR was little moved by the EZ GDP 2nd estimates and Employment change, which printed more-or-less in-line with expectations.
- Really not much driving things for the JPY this morning, with the weakness potentially a slight paring of a four-day winning streak seen following PM Takaichi’s landslide victory. Focus has been on Takaichi’s remarks that she will adhere to fiscal responsibility, with attention also on comments via FinMin Katayama, who noted that the foodstuff tax cut could be funded by foreign reserves. On the monetary policy side of things, markets now see the chance of faster BoJ normalisation; on that, BoJ’s Tamura (Hawk) suggested inflation is becoming “sticky”, and flagged the chance of a rate hike “this spring”. On the neutral rate, he suggested that the policy rate is “very distant” from the neutral rate. USD/JPY was little moved by his comments, and currently trades at the upper end of a 152.63-153.66 range.
- CHF is slightly lower this morning, in the aftermath of the region’s inflation data; the Y/Y metric printed in-line with the consensus, whilst the M/M metric was a touch below the prior and surprisingly fell into negative territory. The CHF initially weakened on the report, before scaling back much of the pressure thereafter. It is worth reminding that SNB’s Schlegel suggested that the Bank is willing “look through negative months of inflation”, adding that the bar to negative rates is high.
Central Banks
- Fed’s Miran (voter) said some of the concern he has on labour markets is a little less than he had before, adds a range of policies are pushing out the supply of the economy and will increase economic growth in a non-inflationary way. said:. Fed is one of the biggest risks to growth. Monetary policy has passively tightened. We may be underestimating how restrictive monetary policy actually is.
- BoJ’s Tamura said he feels Japan’s recent inflation is becoming sticky and reiterates will keep raising rates if outlook is met, adds we may be able to judge that BoJ’s price goal has been achieved as early as this spring. Added that even if the BoJ raises the policy rate further, monetary conditions will remain accommodative.
- Japan’s PM Takaichi is to meet with BoJ Governor Ueda on February 16th at 17:00JST / 08:00GMT.
- Japanese PM Takaichi’s advisor Honda suggests the BoJ may consider raising interest rates later this year, but noted the unlikelihood of a hike in March.
- ECB’s Kazaks said the ECB has yet to see full impact of EUR appreciation; he worries strong EUR reflects dollar weakness; said now is not the time for ECB to move interest rates; said ECB officials are on monitoring mode on EUR strength.
- PBoC’s new emphasis on overnight money market rate has reportedly sparked speculation it could become the main policy target.
- Riksbank’s Jansson said January inflation confirmed the picture of downside risks to inflation. Figures for GDP and consumption have been a little weaker recently.
- Russian Federation Interest Rate Decision 15.50% vs. Exp. 16% (Prev. 16.00%).
Fixed Income
- Another contained start for fixed income into US CPI and before Monday’s US holiday, which coincides with the Chinese New Year holiday period.
- USTs on the backfoot, but only marginally, going into US CPI to round off a packed week of data. Currently, at the low-end of a 112-21 to 112-28 band, and while in the red as it stands, the upper-end of that band is a new marginal WTD peak.
- Bunds are also contained, though the benchmark finds itself firmer by a handful of ticks, but off best in 128.93 to 129.12 confines. The firmer APAC bias came from gains towards the end of the European day after German Chancellor Merz said he is not in favour of joint eurobonds, in addition to the read-across from a strong US 30yr auction.
- Gilts opened higher by nine ticks, catching up to the strength seen on that US auction. Since, the benchmark has retreated into the red with losses of c. five ticks in 91.34 to 91.51 parameters. Ahead of US CPI today but, more pertinently for the UK, next week’s packed data docket that will likely determine if the BoE cuts in April as markets currently forecast, or if March comes into consideration.
- JGBs came under pressure to a 131.52 low after BoJ’s Tamura said even if they tighten, monetary conditions will remain accommodative.
- Japan sold JPY 649.5bln in 10yr, 20yr and 30yr JGBs in enhanced liquidity auction; b/c 2.95 vs. Prev. 2.58. Highest accepted spread -0.014% vs. Prev. +0.018%. Allotment of bids at highest spread 2.5490% vs. Prev. 86.2119%.
- PBoC is to issue CNY 30bln in 3-month and 1-year bills in Hong Kong.
- Australia sold AUD 1bln 2.50% May 2034 bonds, b/c 3.44, avg. yield 4.2898%.
Commodities
- Crude benchmarks are trading relatively flat following yesterday’s slump after dollar strength and weak risk sentiment, sparked by AI disruption woes. Adding to further downside pressure were comments from US President Trump yesterday evening that the US must make a deal with Iran and that they could reach a deal over the next month. Not much in terms of fresh catalysts thus far in the European session, as traders await US CPI. WTI and Brent are trading at the lower end range of USD 62.54-63.17/bbl and USD 67.22-67.89/bbl, respectively.
- Precious metals are rebounding after yesterday’s decline, which was driven by a stronger US dollar following strong jobs data surpassing market expectation. There is no fresh catalyst behind today’s recovery, though some analysts attribute the move to dip-buying after the recent sell-off. Spot gold is currently trading near the upper end of USD 4,885.89–4,997.53/oz range, while silver is holding at the upper range of USD 73.745–79.085/oz.
- Copper trades slightly lower triggered by downbeat sentiment in Wall Street and APAC, although Europe fares somewhat better. The red metal trades at the lower end range of 12,800-13,021/t. Other relevant news in the metal space includes the Shanghai Weekly updating their Warehouse changes before the Chinese holiday: Copper +9.47%, Nickel +2.29%, Aluminium +21.3%.
- Indonesia’s Mining Minister said we are studying a plan to ban exports on a number of raw materials next year, which includes tin.
- India’s Reliance has reportedly been awarded general authorisation from the US to buy Venezuelan Oil.
- Three people reportedly burnt at Exxon’s (XOM) Beaumont facility.
- Shanghai Weekly Warehouse Changes: Copper +9.47%, Nickel +2.29%, Aluminium +21.3%.
- ANZ revises gold price forecast, now sees gold hitting USD 5,800/oz in Q2 vs. previous forecast of USD 5,400/oz.
- Qatar hikes April term price for Al Shaheen oil to USD 0.87/bbl over Dubai quotes, according sources.
- Shenzhen financial regulator issues public notice to further standardise gold market operations.
Trade/Tariffs
- China and the US held an anti-drug intelligence exchange meeting on February 10th-12th, Xinhua reported; both sides agreed to promote healthy and practical anti-drug cooperation.
- China’s Ministry of Commerce holds a roundtable with German firms; hopes that German companies can increase investment in China.
- US President Trump plans to roll back tariffs on metal and aluminium goods, according to FT.
- Japan’s Trade Minister Akazawa engaged with US Commerce Secretary Lutnick on US-bound investment initiatives and confirmed progress on talks to launch the USD 550bln investment.
- Taiwan President Lai said trade deal with US marks a pivotal moment for Taiwan’s economy and industries, adds we secured significant benefits for Taiwan’s industries and overall economy, and we solidified the Taiwan-US high-tech strategic partnership.
- US Department of Commerce increases duties on Chinese battery-grade graphite to 160% related to Novonix (NVX).
- US and Taiwan sign a reciprocal trade agreement with Taiwan to eliminate or reduce 99% of tariff barriers on US goods, while US confirms 15% tariff rate on Taiwanese goods.
- US and North Macedonia agreed to a trade framework with the US to impose 15% tariff on North Macedonian goods, while North Macedonia is to eliminate all tariffs on US goods.
Geopolitics: Ukraine
- Russia’s Kremlin said that new round of peace talks with Ukraine will take place next week; adds that its unlikely that discussions will move beyond talks before the conflict in Ukraine is settled.
- US, Russia and Ukraine are planning to meet again next week, possibly in Miami or Abu Dhabi, POLITICO reported.
Geopolitics: Middle East
- US aircraft carrier U.S.S Gerald R. Ford will be sent to the Middle East from Venezuela, according to officials cited by NYT.
Geopolitics: Other
- Russia’s Deputy Foreign Minister Ryabkov said Russia will provide Cuba with material assistance, TASS reported.
- Russia’s Kremlin said they did not decide to stop using the dollar but that the US imposed restrictions, dollar will have to compete with other currencies if the US lifts restrictions.
- Japan seizes a Chinese fishing boat off the Nagasaki coast, according to Japanese press.
US Event Calendar
- 8:30 am: United States Jan CPI MoM, est. 0.3%, prior 0.3%
- 8:30 am: United States Jan Core CPI MoM, est. 0.3%, prior 0.2%
- 8:30 am: United States Jan CPI YoY, est. 2.5%, prior 2.7%
- 8:30 am: United States Jan Core CPI YoY, est. 2.5%, prior 2.6%
DB’s Jim Reid concludes the overnight wrap
Friday 13th came a day early for risk assets yesterday and although the sell-off is continuing this morning in Asia, US futures are more stable as I type. It’s perhaps indicative of the state of markets at the moment that a $6 million market cap company that until recently specialised in Karaoke helped wipe tens of billions off logistics stocks to add to the weakness. I’ve seen some shocking Karaoke performances in my time but this perhaps tops them all. Overall the S&P 500 (-1.57%) slid to a third consecutive decline. Once again, software stocks in the index were one of the worst hit, falling -1.49%, but it was a rough day for tech in general, with the Magnificent 7 (-2.24%) and the NASDAQ (-2.03%) both losing significant ground. Matters weren’t helped by some weaker US data, which added to the risk-off tone, leading to clear signs of financial stress across several asset classes. Indeed, Bitcoin (-2.92%) fell for a 4th consecutive session, credit spreads widened on both sides of the Atlantic, and silver (-10.67%) posted another sharp decline.
Tech stocks were in the driving seat of yesterday’s selloff, although unlike some sessions recently, the move was a broad-based one as investors reckoned with the AI-led disruption of various industries. In terms of the movers, Cisco Systems (-12.32%) was one of the worst performers, posting its worst daily performance since 2022 as investors reacted to its latest earnings. On some days, that would make the worst performer in the entire S&P, but there were 7 companies that saw a double-digit decline yesterday, which just shows the adjustment taking place. One of those double-digit declines was CH Robinson Worldwide (-14.54%), as global logistic companies were the latest industry to see artificial intelligence concerns as a very small AI logistics company called Algorhythm Holdings (formerly a Karaoke company) said its SemiCab platform helped customers scale freight volumes by 300% to 400% without a corresponding increase in headcount. The Russell 3000 trucking index fell -6.64% as companies of all size reacted to the news.
Old fears were rekindled within commercial real estate as well as CBRE (-8.84%), a commercial real estate company, saw large losses for a second day following comments from their CEO saying “If there are less office workers in the long run as a result of AI, there will be less demand for office space. That would be a long-term trend to unfold.” So, the market continues to price in further AI disruption across industries, sometimes in the most abstract way.
S&P Financials (-1.99%) also saw a sharp decline, as the KBW Bank Index (-3.21%) posted its worst performance since October. And there were signs of the selloff broadening out, with the equal-weighted S&P 500 (-1.31%) falling back from its record high the previous day, whilst Europe’s STOXX 600 (-0.49%) also fell back from Wednesday’s record. European credit markets were relatively steady as EUR IG was unchanged at 75bps, while EUR HY spreads were just 1bp wider to 264bps. USD IG spreads were 2bps wider to 77bps and USD HY spreads moved 12bps wider to 275bps.
Looking forward, attention will today turn to the US CPI print for January, which is a couple of days later than expected because of the partial government shutdown. This is an important one, because markets are still expecting further rate cuts under a new Fed Chair, but stronger data like the jobs report on Wednesday has led to a bit more doubt as to whether that’s still possible. So another hawkish print today would further push in that direction, particularly given this quarter is already seeing a decent fiscal impulse from the Trump tax cuts.
In terms of what to expect, our US economists forecast that monthly headline CPI would be at +0.26% in January, down from +0.31% in December. And if realised, that would take the year-on-year CPI rate down to +2.5%. However, they think that headline inflation would be weighed down by a -2.4% decline in motor fuel prices, meaning that core CPI should be relatively strong at +0.35% on the month.
Otherwise, they’re keeping an eye on tariff-related strength in core goods, as they expect a continued impact in categories like household furnishings and supplies, as well as apparel. For more details, click here for their preview and to register for their subsequent webinar.
Ahead of that release, Treasury yields fell across the curve, driven by the wider risk-off move as well as some weaker US data. For instance, the weekly initial jobless claims were a bit higher than expected, coming in at 227k in the week ending February 7 (vs. 223k expected). Meanwhile, existing home sales were down to an annualised rate of 3.91m in January (vs. 4.15m expected). So that further dampened sentiment, and expectations for Fed rate cuts this year moved back up again. For instance, the amount of cuts priced in by the December meeting was up +5.3bps on the day to 53bps. And in turn, yields on 2yr Treasuries (-5.4bps) fell back to 3.456%, whilst the 10yr Treasury yield (-7.4bps) fell to 4.098%. Yields have moved back up +1 to +1.5bps across the curve this morning.
Oil prices had already been moving lower along with other risk assets, but the selloff gained momentum amid a bevy of headlines that pointed to greater supply. Brent crude futures closed -2.71% lower on the day, finishing at $67.52/bbl. First, there were comments from US Energy Secretary Wright that China had bought crude from the US that was previously purchased from Venezuela. This was followed by comments later in the day from Interior Secretary Burgum, who said during an event in Washington that the US would be selling Venezuelan oil to China at global market price levels. Bloomberg reported that Venezuelan officials are set to grant more oil permits to Chevron and Repsol, adding credence to the potential for further supply in the medium term. Staying with the US, President Trump reiterated his preference to “reach a deal” with Iran and said that it could come together “over the next month, something like that.” Additionally, there was reporting from Bloomberg that showed Russia had included returning to the dollar settlement system as part of a greater re-framing of the US-Russia economic relationship.
Staying in commodities, gold saw a sharp sell-off of their own despite its traditional haven status. The story of Russia returning to the dollar payment system probably contributed. Gold prices fell -3.19% to $4922/oz, while silver (-10.67%) and copper (-3.02%) also saw outsized moves. As noted above there was more crypto weakness as bitcoin fell -2.92% and is under 5% away from last week’s lows, which was the lowest level since October 2024.
Earlier in Europe, the main highlight yesterday was the EU leaders summit in Belgium. At the summit, EU leaders sought to move forward with reforms to bolster Europe’s economy and improve regional coordination. There were many proposals with various champions. French President Macron pushed a “Buy European” agenda, which remains on the table as European Council president Costa said, “ I feel that there is a broad agreement on the need to use (European preference) in the selected strategic sectors, in the proportional and targeted way.” German Chancellor Merz and Italian PM Meloni called for greater deregulation, with PM Meloni saying that the EU “ cannot continue to hyperregulate…there’s no time to lose.” On the matter of greater joint debt, most leaders were calling for greater stimulus, however Merz seemed unmoved saying, “We have taken on European debt in exceptional situations — but those were exceptional situations…We have to make do with the money we have.”
Across the Channel, UK gilts outperformed after the latest UK GDP print came in softer than expected. It showed Q4 GDP up by +0.1% (vs. +0.2% expected), which left annual GDP growth for 2025 at +1.3%. So with the downside surprise in the Q4 number, investors priced in more rate cuts from the Bank of England this year, and the 2yr gilt yield (-2.1bps) fell to just 3.60%, its lowest level since August 2024, whilst the 10yr gilt yield (-2.4bps) fell to 4.45%. And elsewhere in Europe, there was a smaller decline that left yields on 10yr bunds (-1.3bps), OATs (-1.5bps) and BTPs (-1.3bps) lower as well.
In Asia, the AI related sell-off continues, albeit after a strong week in the region. The Hang Seng (-2.10%) stands out as the largest underperformer, with the CSI (-0.92%) and the Shanghai Composite (-0.85%) also lower. The Nikkei (-1.22%) is also weak but its gains so far this week are close to +5.5% post the election results. Elsewhere the S&P/ASX 200 (-1.37%) is also lower after a firmer week with the KOSPI (-0.23%) outperforming. S&P 500 and Nasdaq futures are down jus over a tenth of a percent with European ones back up a similar amount. As we go to print the FT is reporting that the US is planning to roll back some steel and aluminium tariffs that nods to our view that the tariffs headlines this year, whilst very noisy, will likely lean in a dovish direction ahead of mid-terms where the cost of living issue is likely to be decisive.
Early morning data revealed that China’s new home prices continued their decline in January, reflecting weak demand that is likely to further burden the country’s financially constrained developers. Prices decreased by -0.4% month-on-month, matching the decline observed in the previous month.
Looking at the day ahead, data releases include the US CPI print for January, and the second estimate of Euro Area GDP for Q4. Otherwise, central bank speakers include ECB Vice President de Guindos, and the BoE’s Pill.
1 b European opening report
US equity futures hold steady, DXY slightly firmer and USTs rangebound heading into US CPI – Newsquawk US Opening News
Friday, Feb 13, 2026 – 06:12 AM
- US President Trump plans to roll back tariffs on metal and aluminium goods, according to FT.
- European equities shrug off the selloff seen stateside; Tech rebounds while Basic Resources lag; US equity futures hold steady.
- DXY slightly firmer and USTs rangebound heading into US CPI; JPY underperforms.
- Precious metals recover following Thursday’s slump, whilst Copper lags on the back of weaker risk sentiment; Crude flat.
- Looking ahead, highlights include US CPI (Jan), Speakers including ECBʼs de Guindos, BoEʼs Pill, Earnings from Moderna.
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EUROPEAN TRADE
EQUITIES
- European bourses (STOXX 600 -0.1%) are trading mixed as the end of the week nears. SMI (+0.6%) leads its European peers, closely followed by the AEX (+0.5%). On the other hand, the CAC 40 (-0.2%) is the slight laggard following a mixed bag of earnings coming out of France.
- European sectors are mixed. Technology (+1.3%) sits comfortably at the top of the pile, followed by Insurance (+0.6%) and Industrial Goods and Services (+0.5%). Upside in Tech follows on from the earnings by Applied Materials, which posted positive earnings and Q2 forecasts. Sitting at the bottom lies Basic Resources (-1.3%), as miners react to the selloff in metals prices. Consumer Products and Services (-0.7%) is weighed on by L’Oreal (-3.5%) post-earnings.
- US equity futures (NQ +0.1%, ES & RTY U/C) steady following Thursday’s selloff caused by further worries of AI disruption, this time in the logistics sector (CH Robinson Worldwide -14.5% by market close). Markets await US CPI.
- NatWest (NWG LN) – Q4 (GBP): Pretax Profit 1.94bln (exp. 1.72bln), Revenue 4.32bln (prev. 3.83bln Y/Y), NII 3.44bln (exp. 3.33bln); intends to commence a GBP 750mln share buyback programme in H1’26.
- Capgemini (CAP FP) – FY 2025 (EUR): Revenue 22.5bln (prev. 22.1bln Y/Y), Operating profit 2.2bln (prev. 2.4bln Y/Y); guides initial FY26 at 6.5-8.5%.
- Safran (SAF FP) FY25 (EUR): Revenue 31.3bln (prev. 27.3bln Y/Y), Operating profit 4.72bln (prev. 4.13bln Y/Y), sees FY26 revenue higher in the low to mid-teens and operating income between 6.1-6.2bln.
- Applied Materials Inc. (AMAT) Q1 2026 (USD): Adj. EPS 2.38 (exp. 2.21), Revenue 7.01bln (exp. 6.87bln), Adj. net income 1.9bln (exp. 1.75bln). Guidance: Q2 revenue 7.15-8.15bln (exp. 7bln). Q2 adj. EPS 2.44-2.84 (exp. 2.28).
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
FX
- DXY is currently trading with very mild gains and trades at the midpoint of a 96.89-97.15 range. Really not much driving things for the index this morning, with traders awaiting the US CPI report later. On that, the headline is expected to rise +0.3% M/M (prev. 0.3%), and core rising at a rate of 0.3% M/M (prev. 0.2%). UBS said easing inflation should keep the Fed on track for rate cuts despite strong jobs data, forecasting two 25bps reductions in June and September, while FOMC projections indicate one additional cut this year. In terms of recent price action, ING notes that there has been a strong inclination to sell USD rallies this week, as such, analysts “struggle to see the dollar recover substantially from here”.
- G10s are mixed against the USD, with the NZD and CAD holding around the unchanged mark, whilst the CHF, AUD and JPY hold towards the foot of the pile, with the latter the clear underperformer. EUR was little moved by the EZ GDP 2nd estimates and Employment change, which printed more-or-less in-line with expectations.
- Really not much driving things for the JPY this morning, with the weakness potentially a slight paring of a four-day winning streak seen following PM Takaichi’s landslide victory. Focus has been on Takaichi’s remarks that she will adhere to fiscal responsibility, with attention also on comments via FinMin Katayama, who noted that the foodstuff tax cut could be funded by foreign reserves. On the monetary policy side of things, markets now see the chance of faster BoJ normalisation; on that, BoJ’s Tamura (Hawk) suggested inflation is becoming “sticky”, and flagged the chance of a rate hike “this spring”. On the neutral rate, he suggested that the policy rate is “very distant” from the neutral rate. USD/JPY was little moved by his comments, and currently trades at the upper end of a 152.63-153.66 range.
- CHF is slightly lower this morning, in the aftermath of the region’s inflation data; the Y/Y metric printed in-line with the consensus, whilst the M/M metric was a touch below the prior and surprisingly fell into negative territory. The CHF initially weakened on the report, before scaling back much of the pressure thereafter. It is worth reminding that SNB’s Schlegel suggested that the Bank is willing “look through negative months of inflation”, adding that the bar to negative rates is high.
FIXED INCOME
- Another contained start for fixed income into US CPI and before Monday’s US holiday, which coincides with the Chinese New Year holiday period.
- USTs on the backfoot, but only marginally, going into US CPI to round off a packed week of data. Currently, at the low-end of a 112-21 to 112-28 band, and while in the red as it stands, the upper-end of that band is a new marginal WTD peak.
- Bunds are also contained, though the benchmark finds itself firmer by a handful of ticks, but off best in 128.93 to 129.12 confines. The firmer APAC bias came from gains towards the end of the European day after German Chancellor Merz said he is not in favour of joint eurobonds, in addition to the read-across from a strong US 30yr auction.
- Gilts opened higher by nine ticks, catching up to the strength seen on that US auction. Since, the benchmark has retreated into the red with losses of c. five ticks in 91.34 to 91.51 parameters. Ahead of US CPI today but, more pertinently for the UK, next week’s packed data docket that will likely determine if the BoE cuts in April as markets currently forecast, or if March comes into consideration.
- JGBs came under pressure to a 131.52 low after BoJ’s Tamura said even if they tighten, monetary conditions will remain accommodative.
- Japan sold JPY 649.5bln in 10yr, 20yr and 30yr JGBs in enhanced liquidity auction; b/c 2.95 vs. Prev. 2.58. Highest accepted spread -0.014% vs. Prev. +0.018%. Allotment of bids at highest spread 2.5490% vs. Prev. 86.2119%.
- PBoC is to issue CNY 30bln in 3-month and 1-year bills in Hong Kong.
- Australia sold AUD 1bln 2.50% May 2034 bonds, b/c 3.44, avg. yield 4.2898%.
COMMODITIES
- Crude benchmarks are trading relatively flat following yesterday’s slump after dollar strength and weak risk sentiment, sparked by AI disruption woes. Adding to further downside pressure were comments from US President Trump yesterday evening that the US must make a deal with Iran and that they could reach a deal over the next month. Not much in terms of fresh catalysts thus far in the European session, as traders await US CPI. WTI and Brent are trading at the lower end range of USD 62.54-63.17/bbl and USD 67.22-67.89/bbl, respectively.
- Precious metals are rebounding after yesterday’s decline, which was driven by a stronger US dollar following strong jobs data surpassing market expectation. There is no fresh catalyst behind today’s recovery, though some analysts attribute the move to dip-buying after the recent sell-off. Spot gold is currently trading near the upper end of USD 4,885.89–4,997.53/oz range, while silver is holding at the upper range of USD 73.745–79.085/oz.
- Copper trades slightly lower triggered by downbeat sentiment in Wall Street and APAC, although Europe fares somewhat better. The red metal trades at the lower end range of 12,800-13,021/t. Other relevant news in the metal space includes the Shanghai Weekly updating their Warehouse changes before the Chinese holiday: Copper +9.47%, Nickel +2.29%, Aluminium +21.3%.
- Indonesia’s Mining Minister said we are studying a plan to ban exports on a number of raw materials next year, which includes tin.
- India’s Reliance has reportedly been awarded general authorisation from the US to buy Venezuelan Oil.
- Three people reportedly burnt at Exxon’s (XOM) Beaumont facility.
- Shanghai Weekly Warehouse Changes: Copper +9.47%, Nickel +2.29%, Aluminium +21.3%.
- ANZ revises gold price forecast, now sees gold hitting USD 5,800/oz in Q2 vs. previous forecast of USD 5,400/oz.
- Qatar hikes April term price for Al Shaheen oil to USD 0.87/bbl over Dubai quotes, according sources.
- Shenzhen financial regulator issues public notice to further standardise gold market operations.
TRADE/TARIFFS
- China and the US held an anti-drug intelligence exchange meeting on February 10th-12th, Xinhua reported; both sides agreed to promote healthy and practical anti-drug cooperation.
- China’s Ministry of Commerce holds a roundtable with German firms; hopes that German companies can increase investment in China.
- US President Trump plans to roll back tariffs on metal and aluminium goods, according to FT.
- Japan’s Trade Minister Akazawa engaged with US Commerce Secretary Lutnick on US-bound investment initiatives and confirmed progress on talks to launch the USD 550bln investment.
- Taiwan President Lai said trade deal with US marks a pivotal moment for Taiwan’s economy and industries, adds we secured significant benefits for Taiwan’s industries and overall economy, and we solidified the Taiwan-US high-tech strategic partnership.
- US Department of Commerce increases duties on Chinese battery-grade graphite to 160% related to Novonix (NVX).
- US and Taiwan sign a reciprocal trade agreement with Taiwan to eliminate or reduce 99% of tariff barriers on US goods, while US confirms 15% tariff rate on Taiwanese goods.
- US and North Macedonia agreed to a trade framework with the US to impose 15% tariff on North Macedonian goods, while North Macedonia is to eliminate all tariffs on US goods.
NOTABLE EUROPEAN HEADLINES
- UK PM Starmer is set to call for multinational defence initiative to cut costs of rearmament, according to FT.
NOTABLE EUROPEAN DATA RECAP
- EU Employment Change QoQ Prel (Q4) Q/Q 0.2% vs. Exp. 0.1% (Prev. 0.2%, Low. 0.0%, High. 0.2%).
- EU Employment Change YoY Prel (Q4) Y/Y 0.6% vs. Exp. 0.6% (Prev. 0.6%, Low. 0.4%, High. 0.7%).
- EU Balance of Trade (Dec) 12.6 (Prev. 9.3, Rev. From 9.9).
- EU GDP Growth Rate QoQ 2nd Est (Q4) Q/Q 0.3% vs. Exp. 0.3% (Prev. 0.3%, Low. 0.3%, High. 0.3%).
- EU GDP Growth Rate YoY 2nd Est (Q4) Y/Y 1.4% vs. Exp. 1.3% (Prev. 1.4%, Low. 1.3%, High. 1.3%).
- Spanish Core Inflation Rate YoY Final (Jan) Y/Y 2.6% vs. Exp. 2.6% (Prev. 2.6%).
- Spanish Inflation Rate YoY Final (Jan) Y/Y 2.3% vs. Exp. 2.4% (Prev. 2.9%).
- Spanish Inflation Rate MoM Final (Jan) M/M -0.4% vs. Exp. -0.4% (Prev. 0.3%).
- Swiss Inflation Rate YoY (Jan) Y/Y 0.1% vs. Exp. 0.1% (Prev. 0.1%, Low. 0.0%, High. 0.1%).
- Swiss Inflation Rate MoM (Jan) M/M -0.1% vs. Exp. 0% (Prev. 0.0%, Rev. From 0%, Low. -0.1%, High. 0.0%).
- German Wholesale Prices MoM (Jan) M/M 0.9% vs. Exp. 0.1% (Prev. -0.2%).
- German Wholesale Prices YoY (Jan) Y/Y 1.2% (Prev. 1.2%).
CENTRAL BANKS
- Fed’s Miran (voter) said some of the concern he has on labour markets is a little less than he had before, adds a range of policies are pushing out the supply of the economy and will increase economic growth in a non-inflationary way. said:. Fed is one of the biggest risks to growth. Monetary policy has passively tightened. We may be underestimating how restrictive monetary policy actually is.
- BoJ’s Tamura said he feels Japan’s recent inflation is becoming sticky and reiterates will keep raising rates if outlook is met, adds we may be able to judge that BoJ’s price goal has been achieved as early as this spring. Added that even if the BoJ raises the policy rate further, monetary conditions will remain accommodative.
- Japan’s PM Takaichi is to meet with BoJ Governor Ueda on February 16th at 17:00JST / 08:00GMT.
- Japanese PM Takaichi’s advisor Honda suggests the BoJ may consider raising interest rates later this year, but noted the unlikelihood of a hike in March.
- ECB’s Kazaks said the ECB has yet to see full impact of EUR appreciation; he worries strong EUR reflects dollar weakness; said now is not the time for ECB to move interest rates; said ECB officials are on monitoring mode on EUR strength.
- PBoC’s new emphasis on overnight money market rate has reportedly sparked speculation it could become the main policy target.
- Riksbank’s Jansson said January inflation confirmed the picture of downside risks to inflation. Figures for GDP and consumption have been a little weaker recently.
- Russian Federation Interest Rate Decision 15.50% vs. Exp. 16% (Prev. 16.00%).
NOTABLE US HEADLINES
- Tech and banking trade groups are among others that are urging the Trump administration to not change the federal framework they have been using to safely deploy AI, Axios reported citing a letter.
GEOPOLITICS
RUSSIA-UKRAINE
- Russia’s Kremlin said that new round of peace talks with Ukraine will take place next week; adds that its unlikely that discussions will move beyond talks before the conflict in Ukraine is settled.
- US, Russia and Ukraine are planning to meet again next week, possibly in Miami or Abu Dhabi, POLITICO reported.
MIDDLE EAST
- US aircraft carrier U.S.S Gerald R. Ford will be sent to the Middle East from Venezuela, according to officials cited by NYT.
OTHERS
- Russia’s Deputy Foreign Minister Ryabkov said Russia will provide Cuba with material assistance, TASS reported.
- Russia’s Kremlin said they did not decide to stop using the dollar but that the US imposed restrictions, dollar will have to compete with other currencies if the US lifts restrictions.
- Japan seizes a Chinese fishing boat off the Nagasaki coast, according to Japanese press.
CRYPTO
- Bitcoin nears USD 67,000 while Ethereum rebounds from Thursday’s USD 1,900 trough.
APAC TRADE
- APAC stocks were mostly lower as the region took its cue from the losses stateside, where tech underperformed as AI-disruption concerns re-emerged, and logistics/industrials stocks were also pressured after Algorhythm Holdings (RIME) released its AI freight scaling tool.
- ASX 200 was dragged lower by losses in tech stocks, and as participants also digested earnings releases.
- Nikkei 225 retreated at the open after recent currency strength and with focus also on earnings reports, including from SoftBank, which returned to profit in Q3 but missed expectations, while its shares were also not helped by its AI exposure.
- Hang Seng and Shanghai Comp suffered alongside the broad downbeat mood in the region, and despite reports that President Trump paused some China tech bans ahead of his summit with Xi in April, while it is also the last trading day in the mainland before the Lunar New Year and Spring Festival holiday closures.
NOTABLE APAC DATA RECAP
- Chinese New Yuan Loans (Jan) 4710B vs. Exp. 5000B (Prev. 910B).
- Chinese M2 Money Supply YoY (Jan) Y/Y 9% vs. Exp. 8.4% (Prev. 8.5%).
- Chinese Total Social Financing (Jan) 7220B vs. Exp. 7050B (Prev. 2210B).
- Chinese Outstanding Loan Growth YoY (Jan) Y/Y 6.1% vs. Exp. 6.2% (Prev. 6.4%).
- Chinese House Price Index MM (Jan) Y/Y -0.4% (Prev. -0.4%).
- Chinese House Price Index YoY (Jan) Y/Y -3.1% (Prev. -2.7%).
- New Zealand 1yr Inflation Expectation (Q1) 2.6% (Prev. 2.4%).
- New Zealand 2yr Inflation Expectation (Q1) 2.4% (Prev. 2.6%).
- Japanese Stock Investment by Foreigners (Feb/07) 543.2B (Prev. 494.6B).
- Japanese Foreign Bond Investment (Feb/07) -365.7B (Prev. 713.7B, Rev. From 713.7B).
1 c Asian opening report
AI frightens logistics stocks; Markets await US CPI – Newsquawk EU Market Open
Friday, Feb 13, 2026 – 01:52 AM
- APAC stocks were mostly lower as the region took its cue from the losses stateside, where tech underperformed as AI-disruption concerns re-emerged, and logistics/industrials stocks were also pressured after Algorhythm Holdings (RIME) released its AI freight scaling tool.
- US President Trump said we have to make a deal with Iran and could reach a deal over the next month.
- US President Trump reiterated he is going to China in April and that Chinese President Xi will visit the US later this year, while he added the relationship with China is very good right now.
- European equity futures indicate an uneventful cash market open with Euro Stoxx 50 futures down 0.1% after the cash market closed with losses of 0.4% on Thursday.
- Looking ahead, highlights include German Wholesale Prices (Jan), Swiss CPI (Jan), EZ Prelim Employment (Q4), GDP 2nd Estimate (Q4), US CPI (Jan), Speakers including ECB’s de Guindos, BoE’s Pill, Earnings from Moderna & NatWest.
SNAPSHOT
Newsquawk in 3 steps:
1. Subscribe to the free premarket movers reports
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
US TRADE
EQUITIES
- US stocks declined as tech-related concerns were stoked by further AI disruption fears, as attention focused 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 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, and peaks were seen after a stellar 30-year auction, while crude prices tracked risk sentiment lower but settled just off troughs. On the geopolitical footing, Trump reiterated that they have to make a deal with Iran, and could reach a deal over the next month, but warned that it will be very traumatic for Iran if they do not agree to a deal.
- SPX -1.55% at 6,834, NDX -2.04% at 24,688, DJI -1.34% at 49,452, RUT -2.15% at 2,612.
- Click here for a detailed summary.
TARIFFS/TRADE
- US President Trump reiterated he is going to China in April and that Chinese President Xi will visit the US later this year, while he added the relationship with China is very good right now. It was also reported that President Trump paused China tech bans ahead of the Xi summit.
- US President Trump reportedly plans to roll back tariffs on metal and aluminium goods, amid voter anxiety regarding affordability in the US ahead of the midterm elections, according to FT.
- US and Taiwan signed a reciprocal trade agreement with Taiwan to eliminate or reduce 99% of tariff barriers on US goods, while the US confirmed 15% tariff rate on Taiwanese goods. It was also reported that the US and North Macedonia agreed to a trade framework with the US to impose 15% tariff on North Macedonian goods, while North Macedonia is to eliminate all tariffs on US goods.
- Taiwan’s President Lai said the trade deal with the US marks a pivotal moment for Taiwan’s economy and industries, while he added that they secured significant benefits for Taiwan’s industries and the overall economy, as well as solidified the Taiwan-US high-tech strategic partnership.
- Japanese Trade Minister Akazawa engaged with US Commerce Secretary Lutnick on US-bound investment initiatives and confirmed progress on talks to launch the USD 550bln investment fund.
NOTABLE HEADLINES
- Fed’s Miran (voter) said some of the concerns he has on labour markets are a little less than he had before, while he added that a range of policies are pushing out the supply of the economy and will increase economic growth in a non-inflationary way. Miran also commented that the Fed is one of the biggest risks to growth and monetary policy has passively tightened, and suggested that they may be underestimating how restrictive monetary policy actually is.
- NY Fed said the desk plans to conduct additional reserve management purchases of approximately USD 40bln and around USD 13.4bln in reinvestment purchases between February 13th and March 12th.
- US House is done voting for the week and there is a recess next week, while the DHS shuts down tomorrow night, according to Punchbowl.
- OpenAI accused DeepSeek of distilling US models for competitive advantage and said it had ongoing efforts to ‘free ride’ on US technology, according to a memo to lawmakers.
APAC TRADE
EQUITIES
- APAC stocks were mostly lower as the region took its cue from the losses stateside, where tech underperformed as AI-disruption concerns re-emerged, and logistics/industrials stocks were also pressured after Algorhythm Holdings (RIME) released its AI freight scaling tool.
- ASX 200 was dragged lower by losses in tech stocks, and as participants also digested earnings releases.
- Nikkei 225 retreated at the open after recent currency strength and with focus also on earnings reports, including from SoftBank, which returned to profit in Q3 but missed expectations, while its shares were also not helped by its AI exposure.
- Hang Seng and Shanghai Comp suffered alongside the broad downbeat mood in the region, and despite reports that President Trump paused some China tech bans ahead of his summit with Xi in April, while it is also the last trading day in the mainland before the Lunar New Year and Spring Festival holiday closures.
- US equity futures remained subdued and slightly extended beneath the prior day’s trough.
- European equity futures indicate an uneventful cash market open with Euro Stoxx 50 futures down 0.1% after the cash market closed with losses of 0.4% on Thursday.
FX
- DXY lacked firm direction following yesterday’s two-way price action, in which the DXY ultimately returned to flat territory after early weakness was pared alongside the risk-off mood, while there was little reaction to slightly higher-than-expected Initial Jobless Claims, and participants now await incoming US CPI data.
- EUR/USD traded rangebound overnight amid a lack of catalysts and after the latest bout of commentary from ECB officials provided very little to influence the outlook.
- GBP/USD was confined to within a tight range following yesterday’s indecisive performance in which the pair largely shrugged off the weaker-than-expected preliminary Q4 GDP data.
- USD/JPY marginally edged higher following the recent oscillations around the 153.00 level and with little in the way of fresh catalysts or tier-one data from Japan to influence trade. Furthermore, comments from BoJ’s Tamura also failed to spur price action, in which he reiterated that they would keep raising rates if the outlook is met, and stated that we may be able to judge that BoJ’s price goal has been achieved as early as this spring.
- Antipodeans conformed to the uneventful trade across the FX space amid the downbeat mood in stocks and partial rebound across the metals complex.
- PBoC set USD/CNY mid-point at 6.9398 vs exp. 6.9045 (Prev. 6.9457).
FIXED INCOME
- 10yr UST futures took a breather after advancing yesterday amid a flight-to-quality in risk-off trade and with peaks seen following a stellar 30-year auction stateside.
- US sold USD 25bln of 30-year bonds at a high yield of 4.750%, Stops through 2.1bps.
- Bund futures lingered around YTD highs after advancing to above the 129.00 level, and with German Chancellor Merz pushing back on calls for a joint European debt issuance, while German WPI data is due later.
- 10yr JGB futures remained afloat but are well off yesterday’s best levels after pulling back from resistance at the 132.00 level and with supply from an enhanced liquidity auction for long- to super-long JGBs.
COMMODITIES
- Crude futures were subdued after sliding yesterday alongside the broad risk-off sentiment and an intraday rebound in the dollar, while demand was not helped by comments from US President Trump, who stated they have to make a deal with Iran and could reach an agreement over the next month, but warned it would be traumatic for Iran if it does not agree to a deal.
- US Energy Secretary Wright said they have completed over USD 1bln in Venezuelan oil sales, while he stated that Venezuela will increase production 30-40% in the first year and that Russia, China and Iran’s influence in Venezuela will wane. Furthermore, it was reported that Chevron is already stepping up investments in Venezuela and that the US will sell Venezuelan oil to China.
- Venezuela’s state-owned PDVSA is reportedly offering neighbouring areas to JV partners, and talks have progressed with US and European oil companies on possible JV expansions.
- Qatar hiked April term price for Al Shaheen oil to USD 0.87/bbl over Dubai quotes.
- Oil supplies to Slovakia via the Druzhba pipeline have reportedly been halted.
- Spot gold clawed back some of the prior day’s losses after the commodities complex suffered alongside the broad weakness across risk assets.
- Copper futures partially nursed recent losses but with the recovery contained by the downbeat risk tone.
CRYPTO
- Bitcoin marginally edged higher after recovering from a brief dip beneath the USD 66,000 level.
NOTABLE ASIA-PAC HEADLINES
- BoJ’s Tamura said he feels Japan’s recent inflation is becoming sticky and reiterated that they will keep raising rates if the outlook is met, while he noted they may be able to judge that the BoJ’s price goal has been achieved as early as this spring. Tamura also commented that even if the BoJ raises the policy rate further, monetary conditions will remain accommodative, and that once the BoJ’s policy rate goes above 1%, the stimulative impact of monetary policy is expected to gradually diminish.
- Japanese PM Takaichi’s adviser Honda suggested the BoJ may consider raising interest rates later this year, but noted the unlikelihood of a hike in March.
DATA RECAP
- Chinese House Price Index MM (Jan) Y/Y -0.4% (Prev. -0.4%)
- Chinese House Price Index YY (Jan) Y/Y -3.1% (Prev. -2.7%)
- New Zealand 1yr Inflation Expectation (Q1) 2.6% (Prev. 2.4%)
- New Zealand 2yr Inflation Expectation (Q1) 2.4% (Prev. 2.6%)
GEOPOLITICS
MIDDLE EAST
- US President Trump said we have to make a deal with Iran and could reach a deal over the next month, while he added it will be very traumatic for Iran if they do not agree to a deal. Trump also stated that Iran should agree very quickly, and they will talk to Iran for as long as he likes.
- Israeli PM Netanyahu said the conditions Trump is setting on Iran, combined with their understanding that they made a mistake last time by not reaching a deal, could lead Iran to accept terms that would make it possible to achieve a good deal, according to Axios.
- US aircraft carrier U.S.S Gerald R. Ford will be sent to the Middle East from Venezuela, according to officials cited by NYT.
- US officials said President Trump is to announce a multi-billion-dollar funding plan for Gaza at the first board of peace meeting next week.
OTHER
- Japan seized a Chinese fishing boat off the Nagasaki coast, according to Japanese press.
EU/UK
NOTABLE HEADLINES
- UK PM Starmer is set to call for a multinational defence initiative to reduce the costs of rearmament.
- German Chancellor Merz said he does not support joint eurobonds.
2.a NORTH KOREA/SOUTH KOREA/JAPAN
SOUTH KOREA/USA
2 b JAPAN
3. CHINA
CHINA/USA
4. EUROPEAN AFFAIRS/SCANDANVAIA
UK/JAPAN
not to worry Starmer’s days are numbered!
A Japanese Lesson For Troubled Britain
Friday, Feb 13, 2026 – 03:30 AM
Authored by Daniel McCarthy via The Epoch Times,
The contrast between America’s great island allies on opposite ends of the world couldn’t be more drastic.
Japan has just given its commonsense conservative prime minister, Sanae Takaichi, a two-thirds supermajority in the national legislature’s Lower House; her Liberal Democratic Party took the highest proportion of seats of any party since World War II.
It’s an enormous vote of confidence not only in Takaichi’s economic agenda but also for her willingness to get tough with China.
Beijing’s mouthpieces have called Takaichi an “evil witch,” with China’s consul general in Osaka threatening, “the dirty neck that sticks itself in must be cut off” in response to Takaichi’s indication Japan would aid Taiwan against an invasion.
Such incendiary language didn’t intimidate Takaichi—nor, it turns out, Japan’s voters.
Yet even as Japan was rallying to its courageous prime minister, China was inflicting humiliation on America’s closest European ally.
Communist authorities in Hong Kong—which was a British colony until 1999—have just sentenced the businessman and free-speech champion Jimmy Lai to 20 years in prison.
The 78-year-old Lai, who holds British citizenship, will die behind bars under that sentence, but China isn’t worried about the UK’s reaction as long as Keir Starmer is prime minister there.
Just last month, the British government approved Beijing’s plans to build a vast new “mega-embassy” in London at the site of the former Royal Mint Court.
CNN notes that Xi Jinping has taken a personal interest in the complex and brought it up in his very first call with the then-newly elected Starmer in 2024.
Not that a larger presence for the People’s Republic of China in the very heart of London is the Labour government’s only recent concession:
Starmer has worked tirelessly to hand over the Chagos Islands, a British territory in the Indian Ocean, to Mauritius, an African island nation with tight connections to China.
This is no act of “decolonization.” The former Chagos natives, who were removed by Britain in the 1960s, don’t support turning the islands over to Mauritius.
The national-security implications of surrendering these small but strategic islets concern not only Britain but the United States as well, which shares a joint military base with the UK on the archipelago’s largest island, Diego Garcia.
While President Donald Trump has made his displeasure with the Mauritius deal known, Starmer has been pressing ahead.
His determination appears to derive from his background as a human-rights lawyer: he takes a nonbinding ruling proffered by the International Court of Justice as holy writ, Britain’s national interest be damned.
Starmer is a globalist at a time when the free world needs leaders who take their nations’ self-responsibilities far more seriously, especially in light of China’s ambitions.
He was swept into office in 2024 on a tide of revulsion against 14 years of leadership by Conservative prime ministers—five in all, most of whom never accepted the spirit of Brexit.
Unlike the overwhelming popular mandate the Japanese have given Takaichi, Starmer won big in Britain with a vote that was more a protest against his opponents than an endorsement of him or his party.
But he got a chance to turn that protest vote into real support—and failed.
At home, Starmer ranks as the least popular leader in the Western world, with disapproval numbers often above 70 percent.
His days are numbered, and his exit is being hastened by revelations in the Epstein files about Peter Mandelson, the man Starmer made ambassador to the United States.
Lord Mandelson stepped down from that post in September, but as further details of his dealings with sex trafficker Jeffrey Epstein have come to light, the heat on the prime minister who elevated him to Britain’s most sensitive overseas role has become unbearable.
On Monday, the leader of the Labour party in the Scottish parliament, Anas Sarwar, called on Starmer to resign.
He’s not going gracefully, however, and he still has enough backing in the UK parliament to hang on—for the moment.
But no one expects him to last until the next election, which, unfortunately for Britain, doesn’t have to be held before August 2029.
If Labour clings to power for another three years, the country’s woes will only multiply, with or without Starmer at the helm.
In Japan, Takaichi took a risk by calling a snap election just three months after she became prime minister.
Her confidence was justified—and rewarded.
In Britain, Labour knows full well it would get crushed in an early election, with Nigel Farage’s Reform party almost certainly winning power.
But Labour is only delaying the inevitable, and Britain can’t wait.
In a world where nations are aggressively pursuing their interests, the UK suffers under a government the people don’t want but can’t get rid of yet.
END
GERMANY/EU
more and more centres are rejecting huge multi billion euro data construction projects
(Remix)
“Bye-Bye Data Center”: German Town Rejects Multi-Billion Euro Construction Project
Friday, Feb 13, 2026 – 02:00 AM
Germany is increasingly rebelling against multi-billion-euro data centers, reflecting a trend seen in other Western countries. This time, Groß-Gerau, a town outside of the mega internet hub of Frankfurt, is the latest to reject the construction of a major data center over fears of rising power costs, diminished water and environmental resources, ugly aesthetics, and skepticism over job creation.
Major U.S. investors were behind the push to build the 174-megawatt data center, but local residents and politicians have successfully stopped construction of the five-building complex, which represented €2.5 billion in investment.
The city parliament of the southern Hessian district town officially stopped the construction of the project by Vantage Data Centers. According to German media reports, the assembly rejected the proposal in an 18 to 14 vote, according to Welt newspaper.
The opposition was led by a coalition of mostly left-wing and libertarian parties — the SPD, Greens, FDP, Free Voters, and the Left Party. Meanwhile, the business-friendly CDU and the Free Voters’ Association backed the project.
Although the investors had already purchased the 14-hectare site on the outskirts of the city, residents were not convinced they wanted a data center in their own backyard.
Frankfurt already saturated
Frankfurt, also a major financial hub, has already seen some of the densest clusters of data centers in Europe.
In early 2026, NVIDIA and Deutsche Telekom launched a major industrial AI cloud in the region featuring over 10,000 GPUs, specifically designed for high-performance AI training and inference.
The market in Frankfurt has surpassed 1.3 GW (Gigawatts) of live capacity, with projections to reach 2.5 GW by 2031. Frankfurt is currently on track to overtake London as Europe’s largest data center market within the next five years.
Now, residents are revolting against these trends, with concerns over rising power costs, diminished water and environmental resources, and a lack of jobs generated by the centers.
Skepticism and fear
The town resisted for a variety of reasons, including aesthetics, a lack of jobs, and the sheer scale of the project.
Residents also feared the five massive buildings would tower over and damage the cityscape of the town, which has just over 20,000 inhabitants.
Mayor Jörg Rüddenklau (SPD) also did not believe the promised benefits would materialize, doubting the facility would generate significant new jobs or trade tax revenue.
The same resistance has been seen elsewhere in Germany, and in fact, on a global scale. In Bavaria, local groups have successfully argued that these “server barns” provide almost no local jobs — often fewer than 50 for a multi-billion euro site — while occupying vast amounts of valuable industrial land that could be used for manufacturing and other purposes.
In response to these growing concerns, the German government has introduced some of the world’s strictest regulations to appease locals.
By 2028, new data centers must reuse at least 20 percent of their waste heat, and projects that cannot prove this are being rejected. Starting in 2027, all German data centers must also cover their consumption entirely with renewable energy. This is making it harder for investors to find viable sites, as they now need to be located near major wind or solar sites.
Politicians celebrate
Following the vote in Groß-Gerau, Mayor Rüddenklau emphasized that he refused to be pressured, describing the rejection as a vital course of action. His party’s parliamentary group was even more direct, stating that the “city would not be sold to a major investor.”
The local Green Party also wrote on its website: “Bye-bye data center – billion-dollar ‘deal’ happily falls through.”
The Green Party characterized the decision as a victory for the community, noting that “with the rejection of the project, an oversized, highly problematic urban planning and ecological project is off the table.”
The party stated that the site would now be developed in a “socially acceptable and future-proof” manner.
More resistance on the horizon
Meanwhile, massive data center projects are advancing in other areas of Germany. A massive 300 MW “Mega Campus” is moving forward to serve the Brandenburg Wustermark region outside Berlin, but it has faced intense scrutiny over its impact on the local water table.
Beyond Groß-Gerau, towns like Hanau are seeing organized “neighbor resistance.” Residents are citing a 2025 study showing that some data centers consume as much water as small cities during summer heatwaves to keep servers cool.
Germany’s Energy Efficiency Act (EnEfG), which became strictly binding for many operators in 2025, has only exacerbated the problem. Grid connection requests have skyrocketed near many major cities. In Berlin alone, data center requests have reached nearly 3 GW, far exceeding what the city’s current infrastructure can handle.
Data centers are driving up the price of electricity for households and starving other sectors of power.
A similar conflict is also running in the German town of Maintal, where the U.S. firm “Edgeconnex” is pursuing a 170-megawatt data center.
Critics say these projects are necessary for Germany’s “digital future,” but with AI data centers not only generating very few jobs, but also threatening to wipe out jobs for millions in the future, some local residents are having trouble understanding what they are getting out of these deals besides high energy prices, diminished water supplies, and ugly eyesores on the landscape.
END
GERMANY
Mercedes Warns Of Fresh Margin Squeeze As China Struggles Persist
Friday, Feb 13, 2026 – 06:55 AM
Mercedes-Benz warned that profitability in its car division could come under renewed strain this year, underscoring a difficult outlook as the luxury group contends with elevated costs, weak demand in China and global trade tariffs, according to Reuters.
Shares fell as much as 5.7% after the announcement and were down 3.1% by mid-morning trade on Thursday.
Presenting 2025 results that fell short of expectations, CEO Ola Kaellenius told investors, “The rules are changing,” adding, “We are fundamentally reinventing the company.”
The automaker projected a 2026 adjusted return on sales of 3% to 5% in its core cars unit, compared with 5% last year — below the 5.4% analysts had forecast. Group operating profit dropped 57% to 5.8 billion euros, missing the expected 6.6 billion euros, hit by roughly 1 billion euros in tariff costs, adverse currency effects and sliding sales in China.
Reuters writes that while management expects a marked rebound in operating profit this year following 1.6 billion euros in redundancy charges in 2025, challenges in China persist. Finance chief Harald Wilhelm said car sales there are likely to decline again in 2026 after a 19% fall last year, as competition intensifies against domestic rivals and peers such as Volkswagen and BMW.
Mercedes is banking on an aggressive rollout of 40 new models over the next three years — beginning with its updated flagship S-Class — to regain momentum in the world’s largest auto market.
Over the longer term, the company aims to lift margins in its autos division back to 8%–10%, supported by what it called “relentless cost discipline.” Measures include job reductions launched in 2025 and expanded production in lower-cost locations such as Kecskemet, Hungary. Analysts at Jefferies said the medium-term target “looks confident but may be questioned.
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
ISRAEL TBN LAST 24 HR
ISRAEL VS HAMAS//PA
IDIOTS
PA drafts constitution, omits Jewish ties to Jerusalem, calls for Sharia legal system
The draft constitution also called for the “right of return” for refugees, caring for families of “martyrs, prisoners, and exiles,” and reaffirming the PLO’s position as representing Palestinians.
Palestinian Authority President Mahmoud Abbas addresses the general Conference of Fatah Youth in Ramallah, with a backdrop including a portrait of Abbas and Yasser Arafat, November 27, 2025; illustrative.(photo credit: REUTERS/ISMAEL KHADER)ByJAMES GENNFEBRUARY 13, 2026 02:47Updated: FEBRUARY 13, 2026 02:49
Palestinian Authority President Mahmoud Abbas ordered the publication of the draft constitution for a Palestinian state earlier this week, the PA’s official news agency WAFA announced.
The full draft of the constitution, read by The Jerusalem Post, omitted Jewish ties to Jerusalem in Article III, claiming it as the “capital of the State of Palestine, and its political, spiritual, cultural, and educational center, as well as its national symbol,” and committed to “preserving its religious character and protecting its Islamic and Christian sanctuaries.”
The same article called on the state to commit to protecting Jerusalem’s “legal, political, and historical status,” and affirmed that “any measures to change its character or historical identity are considered null and void according to international law.”
Additionally, Article IV designated the official religion of a Palestinian state as Islam, with Islamic Sharia principles to be the “primary source for legislation,” while also protecting Christianity as having a special status, with designated rights.
The president must also “swear by God Almighty” when entering office, per Article LXXVI, and Article CXXXII called for Sharia disputes to be handled by Sharia and religious courts.
While Article XXVII called for equality without discrimination based on personal aspects, including religion, and Article XXXVII affirmed “freedom of belief and to practice religious rites, establishing places of worship for followers of monotheistic religions,” there is no mention of Judaism or Jewish people in any article of the constitution.
Palestine remains part of Arab nation
Further, Article I affirmed Palestine as “part of the Arab homeland,” and notes that the “Palestinian people are part of the Arab nation.”
END
IRAN
2nd US Aircraft Carrier Rerouted From Caribbean To Mideast As Iran In Crosshairs
Friday, Feb 13, 2026 – 08:55 AM
Soon on the heels of Netanyahu’s meeting with President Trump at the White House this week, the US has quietly ordered its USS Gerald R. Ford, the world’s largest aircraft carrier, to depart the Caribbean Sea and head to the Middle East, at a moment the White House is weighing possible military action against Iran, NY Times and others are reporting.
The redeployment will give Washington two carrier strike groups in the region, stacking additional warships alongside the already-deployed USS Abraham Lincoln as Trump turns up the pressure on Tehran over its nuclear program as well as ballistic missile arsenal. It’s expected to take at least two weeks or more for the Ford to reach its destination off Iran.
Trump had openly discussed the idea of sending a second carrier strike group to the region earlier this week, a clear escalation as indirect US-Iran talks in Oman sputter with no breakthrough, but he’s all the while expressed hope that he wouldn’t have to use them.
“The ship’s crew was informed of the decision on Thursday, according to four U.S. officials who spoke on the condition of anonymity because they were not authorized to speak publicly about the decision,” NY Times reports.
Previously, the Ford had been operating in the Caribbean after its abrupt redeployment from the Mediterranean, as part of the earlier show of force tied to Venezuelan operations – making its rapid retasking toward Iran a stark reversal of routine scheduling for one of America’s 11 total carriers available globally.
On this, the NY Time details:
The Ford’s warplanes participated in the Jan. 3 attack on Caracas that captured President Nicolás Maduro. The strike group’s current deployment has already been extended once, and its sailors were expecting to come home in early March.
The new delay will further jeopardize the Ford’s scheduled dry dock period in Virginia, where major upgrades and repairs have been planned.
Trump has warned Tehran that failure to cut a deal would be “very traumatic” even as US diplomacy clings to the possibility of a quick agreement.
Trump took the opportunity to repeat a US ultimatum to Tehran early this week: “Either we will make a deal or we will have to do something very tough like last time,” he told Axios to kick off the week. The Iranians will no doubt have this ringing in their ears headed into a planned second round of talks next week.
The USS Abraham Lincoln and its strike group currently there, just south of Iran, involves dozens of fighter jets, Tomahawk missiles, along with several support warships.
Trump has still claimed that Iran “wants to make a deal very badly” and is engaging much more seriously than in the past. There are signs that this is accurate, given the latest offer to dilute its enriched uranium in exchange for the lifting of all sanctions.
The US president days ago articulated his view that the June war taught the Iranians a huge lesson: “Last time they didn’t believe I would do it,” Trump said. “They overplayed their hand.”
Meanwhile, two observations from The Economist’s Gregg Carlstrom:
1) The lesson from last summer’s failed effort at diplomacy is to watch what Trump does, not what he says; his vaguely optimistic statements about negotiations do not reflect reality (and that goes double for Witkoff’s).
2) No matter how much Trump beefs up the American military presence in the Middle East, he still lacks the sort of military option he prefers (a quick, decisive “win”).
RUSSIA VS UKRAINE
EU Weighs Deploying Training Sites In Ukraine As Kremlin Warns: ‘Legitimate Targets’
Friday, Feb 13, 2026 – 12:40 PM
The European Union is weighing plans to set up two military bases inside Ukraine to train fresh troops – a move Moscow has already warned could make them targets of military strikes.
“We have been discussing the training of the Ukrainian soldiers, also on the soil of Ukraine,” EU foreign policy chief Kaja Kallas said Wednesday. “We have identified two training centers that could be used for that purpose.”
The Kremlin made clear just a month ago: “The Russian Ministry of Foreign Affairs warns that the deployment of military units, military facilities, warehouses, and other infrastructure of Western countries on Ukrainian territory will be classified as foreign intervention, posing a direct threat to the security of not only Russia but also other European countries,” according to the warning of spokeswoman Maria Zakharova.
Western governments have already trained tens of thousands of Ukrainian troops over the course of the four-year grinding war with Russia – but this has been concentrated in countries like Britain, Denmark, and Poland.
The Western training of Ukraine forces was happening long before the current war: Below is a Spanish military instructor (right) training a group of Ukrainian soldiers at the army base of Toledo, on December 2, 2022 – according to El Pais…
On Thursday, Colonel General Andrey Serdyukov accused Europe of accelerating preparations for direct confrontation. “The militarization of Europe is continuing at an accelerated pace, openly aimed at preparing for a military confrontation with Russia,” he said.
He added that “The territories are being rapidly fortified, and the relevant infrastructure is being improved.”
The alleged ‘NATOization’ of Ukraine was a prime reason Moscow listed for going to war in the first place. Since Putin’s ‘special military operation’ next door, the opposite trend has happened: NATO is firmly ensconced in Kiev, in terms of the billions in weapons, equipment, and funds already poured in.
Meanwhile, the EU has just this week approved a fresh $100 billion loan package for Ukraine.
As for proposed ‘EU bases’ – it’s hard to see this as in reality less than a full NATO established outpost in Ukraine. Russian leadership will see it as a recipe from taking the proxy war toward a full blown conflict directly with NATO.
The minute an ‘EU base’ comes under Russian aerial attack, the gloves would be off, and NATO would likely seize the opportunity to enter the conflict directly against a nuclear-armed superpower.
END
RUSSIA/SLOVAKIA
Russian Oil To Slovakia Via Damaged Druzhba Pipeline Still Halted As Accusations Fly
Friday, Feb 13, 2026 – 02:45 AM
Oil supplies via the vital Druzhba pipeline to Slovakia have reportedly been halted, and it’s flows have been suspended since initially being damaged on January 27.
Ukrainian oil and gas company Naftogaz, as well as Ukraine officials, have alleged that Russia attacked its own facility in eastern Ukraine. But the precise facility was previously undisclosed. The new charges of a Russian attack surfaced again as follows:
However, city officials in Brody, where Druzhba meets the Brody-Odesa oil pipeline, warned the population about pollution from burning oil products and Mr Sybiha posted on X a picture of firefighters against a backdrop of flames.
“This is the Druzhba pipeline infrastructure burning after the latest targeted Russian strike on January 27th, which stopped oil transit.”
In essence, the Zelensky government is angry that Hungary is not vocally protesting the halt. But Hungarian Foreign Minister Peter Szijjarto has suggested Kiev was responsible for blocking electricity supplies for the operation of the pipeline. “
“Why don’t you ask your President when he will allow to restore the electricity supply of the pipeline?” Szijjarto retorted on X.
Hungary continues to rely heavily on Russian oil, even after most European nations have imposed sanctions and sought alternative sources.
Hungary’s Russian energy supply is primarily delivered through Druzhba, which passes through Belarus and Ukraine before reaching Hungary and Slovakia. This is whey every time something happens several European officials are involved in accusations and angry denunciations.
PM Viktor Orban had in Spring of 2022, near the start of the war, bluntly made clear during an interview with a public national broadcaster that a total Russian oil ban it would be like “dropping a nuclear bomb on the Hungarian economy”.
This isn’t the first time of a forced halt related to airstrikes on the Druzhba pipeline – a similar incident and tit for tat accusations few back in August of last year.
END
RUSSIA/USA
is detente coming? Kremin memo explores the Russians using the USA dollar system
(zerohedge)
Dollar Detente? Kremlin Memo Explores Rejoining US-Led Financial System
Thursday, Feb 12, 2026 – 04:40 PM
The Kremlin apparently has a highly ambitious proposal for finally mending relations with the United States and wooing the Trump administration to its side regarding resolution to the Ukraine war.
It centers on Russia weighing a return to the dollar-based settlement system as part of a broader economic reset with the White House, according to an internal Kremlin memo reviewed by Bloomberg.
The high-level document drafted this year lays out seven sectors where Russian and US economic interests could converge in the aftermath of a Ukraine war settlement.
One central item is the call for pivoting back to fossil fuels over green energy, expanding joint ventures in natural gas and offshore oil, while partnering on critical minerals – with significant upside for American firms.
The partnership would include, per the Bloomberg report:
1. US and Russia working together on fossil fuels
2. Joint investments in natural gas
3. Offshore oil and critical raw material partnerships
4. Windfalls for US companies
5. Russia’s return to the USD settlement system
The memo was reportedly circulated among senior Russian officials and would mark a dramatic and sharp reversal from the Kremlin’s de-dollarization push, with obvious major implications for global financial flows.
It’s as yet unclear if the proposals have been formally presented to the US side – it seems unlikely at this stage – given Ukraine-focused talks have really gone nowhere of late.
All of the above seems a pipe dream if the basic issues at play stoking the Ukraine conflict can’t be resolved. Chief among them remains territorial concessions, Ukraine’s NATO and EU ambitions, and the fate of Russia’s frozen sovereign assets in Europe.
President Putin has repeatedly slammed the US for weaponizing the dollar as a tool to pressure other countries, through sanctions and other methods of economic isolation. But he also point out this ‘strategic mistake’ is backfiring while in reality slowly weakening the dollar and eroding global confidence.
Kremlin spokesman Peskov has yet to comment. In Moscow, is the discussion that BRICS de-dollarization us now a dead game?
END
RUSSIA VS UKRAINE
Zelensky Demands ‘Specific Date’ For EU Accession, Spooking Brussels
by Tyler Durden
Thursday, Feb 12, 2026 – 03:25 PM
President Volodymyr Zelensky on Wednesday issued a statement demanding that the European Union lock in a “specific date” for Ukraine’s formal entry into the bloc.
But this is a tall order given Ukraine remains among the world’s most corrupt countries, study after study has shown. “Ukraine will do everything to be technically ready for accession by 2027,” Zelensky said. “We will at least accomplish the main steps. Second, I want a specific date. I am absolutely confident that if in the agreement… there is no date, then Russia will do everything to block the process.”
The current draft US-led 20-point peace plan makes mention of Ukraine’s accession in 2027, even while most EU officials warn privately that it will in reality take at least a decade of reforms and monitoring.
As for EU fears of rushing in a country which isn’t ready, which could open the flood gates for other bad and hasty admission decisions, the following headline says it all: EU ‘membership-lite’ plan for Ukraine spooks European capitals.
The report describes:
Brussels is drafting proposals to tear up the EU accession system used since the cold war, replacing it with a contentious two-tier model that could fast-track Ukraine’s entry in any peace deal to end Russia’s invasion.
The overhaul plan under discussion at the European Commission, while preliminary, is already unsettling EU capitals alarmed at an “enlargement-lite” approach with sweeping implications for the union, according to seven senior officials involved in the talks.
Zelensky in his Wednesday remarks further spelled out that he’ll reject any peace deal involving the US, Russia, and Europe if it fails to set a date for accession.
“This … is about security guarantees, security guarantees for Ukraine,” he said. “These are specific details, with a specific date. And my signature today, on the 20-point plan, the plan to end the war, guarantees Ukrainians that there will be a specific date for our accession.”
Hungarian Prime Minister Viktor Orban has repeatedly warned against fast-tracking Ukraine, recently saying that admitting Ukraine by 2027 would be “an open declaration of war against Hungary.“
Orban has actually insisted that Ukraine never join the EU, after the country formally applied for EU membership in February 2022, days after the Russian army crossed the border to initiate Putin’s ‘special military operation’.
6. GLOBAL ISSUES/VACCINE INJURY REPORTS/COVID ISSUES/HEALTH ISSUES
this is very dangerous!! toxic E coli
E. Coli At ‘Incredibly Dangerous Levels’ As DC Raw Sewage Spill Into Potomac May Be Largest In US History
Thursday, Feb 12, 2026 – 10:10 PM
Raw sewage from a 60-year-old pipe has dumped roughly 300 million gallons of waste into the Potomac River in what is possibly the largest sewage overflow in U.S. history, according to environmental advocates and regional officials.
DC Water said last week that a section of its sewer system known as the Potomac Interceptor collapsed along the Clara Barton Parkway on Jan. 19, triggering a massive discharge of untreated wastewater into the river.
In a press release, the utility estimated that approximately 243 million gallons of wastewater had overflowed from the collapse site. On Monday, DC Water said there had been an additional “significant overflow” on Sunday during a period of high river flow, noting that some bypass pumps were not in service at the time.
The Potomac Riverkeeper Network, a local environmental advocacy organization, claimed in a Facebook post Wednesday that the total volume of sewage released had surpassed 300 million gallons.
An analysis of the water by the University of Maryland (UMD) and the Riverkeepers found “high levels of fecal-related bacteria and disease-causing pathogens” – which they say raise “urgent public health concerns.”
“Raw sewage from a 60-year-old pipe has vomited roughly 300 million gallons into the Potomac River and is still not fully contained,” said PRKN President Betsy Nicholas.
Dean Naujoks, who holds the title of Potomac Riverkeeper, told The Baltimore Sun that the only comparable sewage spill he could recall occurred in 2017 along the U.S.-Mexico border, when roughly 230 million gallons of wastewater were released.
“The Potomac River is a shared natural treasure, and any event that threatens its health understandably causes concern, frustration, and a sense of loss,” DC Water CEO David L. Gadis said in an open letter released Wednesday. “Those feelings are not only valid — but they are also shared by all of us at DC Water.”
Environmental experts say the scale of the spill is difficult to contextualize but extraordinary by regional standards.
Gussie Maguire, a Maryland staff scientist with the Chesapeake Bay Foundation, compared the volume released in Washington to annual sewage overflow totals in Baltimore.
“The way that I put it into perspective for myself and for people before is I compared it to annual sewage overflow amounts,” Maguire told The Hill in a Thursday interview. “You don’t really necessarily want to think about it, but there are a lot of sewage overflows going on in any particular year.”
Maguire said Baltimore’s largest recent annual sewage overflow occurred in 2018, when the city released approximately 250 to 260 million gallons over the course of the entire year — a volume comparable to the Potomac spill from a single infrastructure failure.
She also noted that the section of sewer that collapsed had already been slated for upgrades, with DC Water having allocated more than $600 million for planned improvements.
While the spill itself was a single incident, Maguire said the underlying vulnerabilities that caused it are widespread.
“The sewage spill was a single event, but the circumstances that led to it are not unique,” she said, adding that sustained funding for infrastructure upgrades is “really, really important, so that we don’t see this sort of large-scale spill become a regular occurrence.”
The environmental consequences have been immediate. Researchers from the University of Maryland reported that E. coli bacteria levels at a Potomac River monitoring site were 10,000 times above Environmental Protection Agency recreational standards two days after the Jan. 19 rupture. A week later, those levels had fallen but remained 2,500 times above federal guidelines.
Officials have warned that monitoring and cleanup efforts will continue as repairs to the damaged sewer infrastructure move forward.
END
INCREDIBLE MEDICAL REVOLT: Brave Doctors Defy Big Pharma, Unveil 18 CANCER CURES That Actually Work – THE CURES THEY HID – amg-news.com – American Media Group
MARK CRISPIN MILLER
DR PAUL ALEXANDER
What Geert Vanden Bossche is trying to say is that while sub-variant clade BA.3.2 looks different across highly Covid-19-vaccinated countries, it is not benign & that it is seeking a way not to arrive
at an evolutionary dead-end, a bottleneck of sorts, it WANTS to spread & it is not only expected- they are totally consistent with a system approaching a qualitative evolutionary transition rather
| Dr. Paul AlexanderFeb 13 |
than endemic stabilization!” (GVB)…This back-and-forth pattern suggests the virus is ‘searching’ for a way out of a tight evolutionary corner, rather than settling into a calm, endemic state. In simple terms, these irregular fluctuations are a warning sign that the virus is under heavy (population immune) pressure and approaching a critical turning point, not that it has stabilized or become harmless!’
Before I present rest of Geert’s thesis, in short what he is saying is that there is population immune pressure while there is vaccinal induced pressure but the vaccine continues to be imperfect, leaky, sub-optimal, non-sterilizing. So, the virus is seeking a way to proliferate and transmit, to become stable and endemic, given we are not knocking it out…and this capacity to keep poking the virus yet not vanquishing it, it is responding by prodding and seeking a path out, an evolutionary path, and this could spawn the emergence of something more infectious yet more virulent, lethal…I think I am on the right track…your thoughts?
NEWSWIZE
| GOP House Majority In Jeopardy As Florida Republican Mulls RetirementU.S. Rep. Neal Dunn (R-FL) is reportedly weighing the possibility of resigning from the House in the coming days, a move that would give Republicans a one-seat majority in the chamber. Given the current dynamics of the House, another Republican defection would essentially bind the chamber and hand de facto control to the Democrats. Dunn, 72, is a physician and …READ THE FULL REPORT |
| FBI Releases New Description Of Suspect, Increases Reward In Nancy Guthrie CaseThe FBI on Thursday, February 12, announced the most in-depth description of the suspect in 84-year-old Nancy Guthrie’s disappearance since she was abducted from her Tucson, Arizona home. The bureau also announced that the reward for any information leading to a breakthrough in the case had been increased to $100,000, up from $50,000. “New identifying details about the suspect in …READ THE FULL REPORT |
| FBI Seeking Man Seen On New Video Miles Away From Nancy Guthrie’s HomeInvestigators have identified a new person of interest in the disappearance of 84-year-old Nancy Guthrie, who was abducted from her Tucson, Arizona home nearly two weeks ago. The FBI and Pima County Sheriff’s Department are seeking to question an individual captured on surveillance video carrying a backpack, located just miles from Guthrie’s home in Tucson, Arizona, on the night she …READ THE FULL REPORT |
| Dems To Shut Down TSA, FEMA Over Anti-ICE DemandsSenate Democrats are set to move forward with a partial government shutdown over a number of demands related to federal immigration enforcement reforms. The upcoming shutdown will defund the Department of Homeland Security (DHS), though it will have no impact on funding for U.S. Immigration and Customs Enforcement (ICE), which is secured through last year’s Big Beautiful Bill spending package. …READ THE FULL REPORT |
| Trump Makes Statement On Pam Bondi After Explosive Epstein HearingThis week’s congressional showdown over the Justice Department’s handling of the Jeffrey Epstein files quickly escalated into one of the most combative hearings of the year, drawing sharp partisan clashes and renewed scrutiny over how sensitive records were released. At the center of it all was Attorney General Pam Bondi — and by Wednesday morning, President Donald J. Trump had …READ THE FULL REPORT |
MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIR
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
INDIA
India’s Richest Man Sees Company Shares Dip After OFAC Request On Iranian LPG Allegations
Thursday, Feb 12, 2026 – 06:00 PM
Shares of Adani Enterprises Ltd fell as much as 3.5% in Mumbai earlier this week before trimming losses, after the company disclosed that a US agency has sought information over alleged imports of Iranian petroleum products.
In a stock exchange filing, the flagship of the Adani Group said it received a request on Feb. 4 from the US Treasury Department’s Office of Foreign Assets Control (OFAC), according to Telegraph India and Bloomberg.
The outreach followed voluntary discussions the company initiated after a June 2025 Wall Street Journal report that claimed Adani-linked firms may have brought Iranian liquefied petroleum gas (LPG) into India, potentially exposing transactions to US sanctions risk.
The company said OFAC is conducting a civil inquiry into certain transactions routed through US financial institutions that may have involved, directly or indirectly, Iran or sanctioned parties. It emphasized that the communication “does not contain any findings of aberrations/non-compliances” and that it is “voluntarily engaging and fully co-operating” with the US authority.
The Journal had reported that US prosecutors were examining whether companies controlled by billionaire Gautam Adani imported Iranian LPG through Mundra port in Gujarat. It also said some tankers operating between Mundra and the Persian Gulf displayed characteristics experts associate with sanctions evasion. Purchases of Iranian oil and related products are restricted under US sanctions tied to Tehran’s nuclear programme.
At the time, the conglomerate described the allegations as “baseless and mischievous” and said it “categorically denies any deliberate engagement in sanctions evasion or trade involving Iranian-origin LPG.” The group added that it does not handle cargo from Iran at its ports or manage vessels owned by Iranian entities.
Adani Enterprises said the matter has no financial impact. LPG contributed 1.46% of the company’s revenue and about 0.5% of overall group revenue in the fiscal year ended March 2025. It added that it halted all LPG imports from June 2, 2025, out of “abundant caution.”
The inquiry comes as the group continues to face scrutiny in the US, including a separate bribery probe and earlier allegations of stock manipulation and accounting irregularities by short seller Hindenburg Research in 2023, claims the conglomerate has denied.
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: 1.1858 FOR A LOSS OF .0010 OR 10 BASIS PTS.
USA/ YEN 153.55 UP 0.759 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 1.3621 UP 0.0002 OR 2 BASIS PTS
USA/CAN DOLLAR: 1.3609 DOWN 0.0002 CDN DOLLAR UP 2 BASIS PTS//(DESPITE TRUMP’S TARIFFS)
Last night Shanghai COMPOSITE CLOSED DOWN 51.95 pts or 1.25%
Hang Seng CLOSED DOWN 465.42 PTS OR 1.72%
AUSTRALIA CLOSED DOWN 0.73%
// EUROPEAN BOURSE: MOSTLY ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: MOSTLY ALL RED
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 465.42 PTS OR 1.72%
/SHANGHAI CLOSED UP 2.03 PTS or 0.05%
AUSTRALIA BOURSE CLOSED DOWN 0.73 %
(Nikkei (Japan) CLOSED UP 80.46 PTS OR 0.14%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 4982.00.
silver:$78.92
USA DOLLAR VS TRY (TURKISH LIRA): 43.74
USA DOLLAR VS RUSSIAN ROUBLE: 77.02 ROUBLE// UP 20 BASIS PTS
UK 10 YR BOND YIELD: 4.4590 UP 1 BASIS PTS
UK 30 YR BOND YIELD: 5.2610 DOWN 1 BASIS PTS
CDN 10 YR BOND YIELD: 3.291 DOWN 4 BASIS PTS
CDN 5 YR BOND YIELD; 2.818 DOWN 5 BASIS PTS
USA dollar index early FRIDAY MORNING: 96.93 UP 9 BASIS POINTS FROM THURSDAY’s CLOSE
FRIDAY MORNING NUMBERS ENDS
And now your closing FRIDAY NUMBERS 10.00 AM
Portuguese 10 year bond yield: 3.123% DOWN 2 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.209% DOWN 2 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.442 UP 1 BASIS PTS//DIASTER
SPANISH 10 YR BOND YIELD: 3.139 DOWN 1 in basis points yield
ITALY 10 YR BOND: 3.379 DOWN 2 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (
GERMAN 10 YR BOND YIELD: 2.7633 DOWN 3 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 1.1869 UP 0.0001 OR 1 basis points
USA/Japan: 153.02 UP 0.219 OR YEN IS DOWN 22 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.4300 DOWN 3 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.227 DOWN 4 BASIS POINTS.
Canadian dollar UP 1 BASIS pts to 1.3610
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan CNY DOWN TO 6.9087 ON SHORE ..
THE USA/YUAN OFFSHORE// CNH DOWN TO 6.9027
TURKISH LIRA: 43.74 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
Your closing 10 yr US bond yield DOWN 3 in basis points from THURSDAY at 4.077% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.717 DOWN 3 basis points /11:00 AM
USA 2 YR BOND YIELD: 3.439 DOWN 4 BASIS PTS.
GOLD AT 10;00 AM 4992,50
SILVER AT 10;00: 78.61
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 UP 43.91 PTS OR 0.42%
GERMAN DAX: CLOSED UP 62.19 OR 0.25%
FRANCE: CLOSED DOWN 18.33 PTS OR 0.30%
Spain IBEX CLOSED DOWN 224.50 PTS OR 1.75%
Italian MIB: CLOSED DOWN 782,93 PTS OR 1.71%
WTI Oil price 62.83 10.00 EST/
Brent Oil: 67.60 10:00 EST
USA /RUSSIAN ROUBLE /// AT: 76.32 ROUBLE UP 0 AND 65 / 100
CDN 10 YEAR RATE: 3.278 DOWN 2 BASIS PTS.
CDN 5 YEAR RATE: 2.811 DOWN 2 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1868 DOWN 0.0007 OR 7 BASIS POINTS//
British Pound: 1.3649 DOWN 0.0031 OR 31 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.424 DOWN 2 FULL BASIS PTS//
BRITISH 30 YR BOND YIELD: 5.228 DOWN 3 IN BASIS PTS.
JAPAN 10 YR YIELD: 2.250 DOWN 1 FULL BASIS PTS (DANGEROUS TO THEIR ECONOMY
JAPANESE 30 YR BOND: 3.453 UP 2 PTS AND STILL VERY DANGEROUS TO THEIR ECONOMY
USA dollar vs Japanese Yen: 152.74 DOWN 0.087 OR YEN UP 9 BASIS PTS EXTREMELY DANGEROUS/YEN FALLING DEEPLY IN VALUE
USA dollar vs Canadian dollar: 1.3621 UP 0.0009 PTS// CDN DOLLAR DOWN 9 BASIS PTS
West Texas intermediate oil: 62.68
Brent OIL: 67.43
USA 10 yr bond yield DOWN 4 BASIS pts to 4.050
USA 30 yr bond yield: DOWN 4 PTS to 4.698%
USA 2 YR BOND 3.406 DOWN 6 PTS
CDN 10 YR RATE 3.259 DOWN 4 BASIS PTS
CDN 5 YEAR RATE: 2.795 DOWN 3 BASIS PTS
USA dollar index: 96.78 DOWN 6 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 43.74 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 77.65 DOWN 0 AND 53/100 roubles //
GOLD $5027.60 3:30 PM)
SILVER: 76.78 3;30 PM)
DOW JONES INDUSTRIAL AVERAGE: UP 48.95 OR 0.99%
NASDAQ 100 UP 45.12 PTS OR 0.18%
VOLATILITY INDEX 21/09 UP 0.27 PTS OR 1.30%
GLD: $ 462.61 UP 11.27 PTS OR 2.49%
SLV/ $69.70 UP 1.97 PTS OR OR 2.91%
TORONTO STOCK INDEX// TSX INDEX: CLOSED UP 532.94 PTS OR 1.64%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
”Soft’ CPI Soothes SaaSpocalypse: Bonds & Bullion Biggest Weekly Winners, Banks Worst
WRAP UP’:
Small caps outperform after soft-leaning CPI – Newsquawk US Market Wrap
Friday, Feb 13, 2026 – 03:59 PM
- SNAPSHOT: Equities mixed, Treasuries up, Crude flat/up, Dollar flat, Gold up
- REAR VIEW: Jan US CPI leans soft; OPEC+ sources say leaning towards resuming oil output hikes in April, no final decision made; Fed’s Goolsbee still has concerns on service inflation; Trump reportedly plans to roll back tariffs on metal and aluminium goods; Germany mulls debt brake exemption to boost raw material fund; AMAT tops earnings.
- COMING UP: Desk: Newsquawk will open for APAC coverage as usual on Sunday, 15th February 2026 with EU coverage commencing as normal on Monday, 16th February. Thereafter, the desk will shut at 18:00GMT/13:00ET and then re-open on the same day for APAC coverage at 22:00GMT/17:00ET. Holiday: US Holiday (Presidents Day); Chinese Spring Festival Golden Week. Data: Japanese Industrial Production Final (Dec), Swedish Unemployment (Jan), EZ Industrial Production (Dec). Events: Japan PM Takaichi to meet with BoJ Governor Ueda. Speakers: Fed’s Bowman.
- WEEK AHEAD: Highlights include US PCE and GDP, FOMC Minutes, RBNZ, Flash PMIs, UK, Canadian and Japanese Inflation. Click here for the full report.
- CENTRAL BANK WEEKLY: Previewing RBNZ, FOMC Minutes, and RBA Minutes; Reviewing BoC Minutes. Click here for the full report.
- WEEKLY US EARNINGS ESTIMATES: Earnings season continues with retailer WMT the highlight. Click here for the full report.
More Newsquawk in 2 steps:
- 1. Subscribe to the free premarket movers reports
- 2. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
MARKET WRAP
Equities were mixed on Friday, with the Russell 2k outperforming, which rallied 1.2%. The equal-weight ETF also saw strong gains while the majority of sectors were green too, showing strong breadth with the heavy-weight sectors (Comms, Tech and Consumer Disc) weighing on broader index performance. The highlight of the session was the CPI report, which ultimately came in softer than expected on the headline, while core was in line with forecasts. Goods prices were supportive of the view that tariff-induced inflation is largely behind us, but services inflation continued to accelerate, which gave Fed’s Goolsbee some concerns. T-notes were firmer across the curve in response to the inflation data, with the front end leading, seeing the curve bull steepen. In FX, GBP outperformed while the Aussie lagged, with price action elsewhere rather tame. Crude prices settled flat to slightly firmer, with crude paring the immediate downside after OPEC surveys revealed the bloc is leaning towards resuming output hikes from April. US-China relations were in the limelight after the Pentagon added a plethora of Chinese companies to a list accused of aiding the Chinese military, although this list was later removed. Gold and Silver prices saw further gains alongside bitcoin.
US
CPI: The January inflation report leant soft. The headline rose 0.171%, beneath the 0.3% forecast and cooling from the prior 0.298%. The Y/Y rose 2.4%, below the 2.5% forecast and dropping from the 2.7% read in December. The core metrics were in line with expectations. Headline core inflation rose 0.295% M/M, up slightly from the 0.233% in December, with the Y/Y rising 2.5%, down from the prior 2.6%. Within the report, core goods inflation was almost non-existent again (0.04% vs prior 0.03%), with core services accelerating to 0.39% from 0.27%. The supercore print rose to 0.58% from 0.23%, however. Oxford Economics highlights that the data reinforce their view that tariff-induced price increases on the goods side are largely behind us. The desk’s preliminary estimate for headline and core PCE is 0.19% and 0.265%, respectively, for January. It says the data is welcome news for the Fed, but it does not change its baseline forecast for monetary policy based on one inflation reading. “Lingering distortions from the shutdown in the price data, prospects for solid growth this year, and a stabilising job market will keep the central bank on hold until June.”
FED’s GOOLSBEE (2027 voter): Said we are still seeing pretty high services inflation, which is worrisome, and it was not tame in the CPI data. Goolsbee continued to argue that rates can still go down, but needs to see progress on inflation, which he believes is not on a path back to 2% inflation but stuck around 3%. “If we’re at 2% inflation, we can have several more cuts.” He did note that the CPI data had encouraging bits as well. The Chicago Fed President noted that the job market has been steady, with only a modest cooling. He doesn’t know how restrictive Fed policy is, and consumers should hold in if the job market is stable and inflation eases. Goolsbee reiterated his dissent at the December meeting (wanted to hold vs cut), “Would have been wiser to wait in December 2025”.
FIXED INCOME
T-NOTE FUTURES (H6) SETTLED 12 TICKS HIGHER AT 113-05+
T-notes bull steepen after soft CPI, led by the short-end. At settlement, 2-year −5.4bps at 3.412%, 3-year −6.0bps at 3.450%, 5-year −5.9bps at 3.609%, 7-year −5.8bps at 3.814%, 10-year −4.8bps at 4.056%, 20-year −3.3bps at 4.643%, 30-year −3.1bps at 4.698%,
THE DAY: T-notes were lower across the curve on Friday, particularly in the long-end seeing the curve bull steepen. Price action was largely a function of the US CPI report, which saw core metrics in line with forecasts, but headline prints were lower than expected. T-notes saw choppy trade in response to the data but ultimately moved higher and held onto the gains. The soft CPI report was not enough for banks to bring forward their Fed rate cut calls, however, with many pushing back rate cut expectations after the strong January NFP report. However, money markets have grown more optimistic on 2026 rate cuts, pricing in ~40% chance of a third 25bps Fed rate cut this year. Nonetheless, an economy showing a robust labour market and cooling inflation is very welcome news for the Fed. With inflation still above target, and the labour market holding up, it allows the Fed to continue with its pause in rate cuts. Markets are not expecting rate cuts to resume until the Summer, when Warsh (if successfully nominated by the Senate) takes the helm from Fed Chair Powell. A key risk is whether or not Fed Chair Powell decides to stay on as governor after his term as Chair expires in May. He has not given any hints about what he will choose to do yet. Next week, attention turns to GDP and PCE data (albeit for December on account of government shutdowns), as well as 20-year supply and 30-year TIPS.
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.
Notes
- 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. 1.3bps), April 6.2bps (prev. 4.2bps), June 21.2bps (prev. 16.9bps), December 62.2bps (prev. 52.3bps).
- NY Fed RRP op demand at USD 0.4bln (prev. 2.84bln) across 3 counterparties (prev. 10)
- EFFR at 3.64% (prev. 3.64%), volumes at USD 97bln (prev. 101bln) on February 12th
- SOFR at 3.65% (prev. 3.65%), volumes at USD 3.205tln (prev. 3.167tln) on February 12th
CRUDE
WTI (H6) SETTLED USD 0.05 HIGHER AT USD 62.89/BBL; BRENT (J6) SETTLED USD 0.23 HIGHER AT USD 67.75/BBL
The crude complex ended the day flat, but saw initial weakness on OPEC reports. Benchmarks were pretty rangebound on Friday, but the aforementioned sources took WTI and Brent from close to highs to daily troughs. Recapping, the sources said that OPEC+ is leaning towards resuming oil output hikes from April, although no decision has been made, and the discussions will continue heading into the next meeting on March 1st. Elsewhere from this, there was little new as traders digested the cooler-than-expected US inflation report, but it did little to alter views into the next FOMC confab. On the geopolitical footing, despite garnering no market reaction, Trump, on the war in Ukraine, said Zelensky is going to have to get moving, and Russia wants to get a deal, while on Iran, he noted if they have a deal, they [US carriers] will be leaving soon. He reiterated that he wants to make a deal with Iran, but they have been difficult. For the record, the weekly Baker Hughes rig count saw oil -3 at 409, natgas +3 at 133, with the total unchanged at 551. WTI traded between USD 62.14-63.26/bbl and Brent USD 66.89-68.05/bbl.
EQUITIES
CLOSES: SPX +0.05% at 6,836, NDX +0.18% at 24,733, DJI +0.10% at 49,500, RUT +1.18% at 2,647
SECTORS: Communication Services -0.76%, Technology -0.52%, Consumer Discretionary -0.08%, Financials -0.07%, Consumer Staples +0.19%, Energy +0.55%, Industrials +0.83%, Health +1.01%, Materials +1.10%, Real Estate +1.48%, Utilities +2.69%.
EUROPEAN CLOSES: Euro Stoxx 50 -0.44% at 5,985, Dax 40 +0.20% at 24,903, FTSE 100 +0.42% at 10,446, CAC 40 -0.35% at 8,312, FTSE MIB -1.71% at 45,431, IBEX 35 -1.25% at 17,672, PSI -0.30% at 8,999, SMI +0.71% at 13,626, AEX +0.59% at 994
STOCK SPECIFICS
- US removes document that listed firms linked to China military; US agency had requested the withdrawal of the document, via Federal Register. Companies that were briefly listed included: Alibaba (BABA), Baidu (BIDU), Cosco, BYD (BYDDY), Huawei, Nio (NIO), SMIC, Tencent, and more.
- Airbnb (ABNB): Rev. beat w/ strong guidance for next Q & FY
- Applied Materials (AMAT): EPS, rev. topped & issued guidance well exp., supported by accelerating AI-driven investment & record segment revs.
- Arista Networks (ANET): Q. metrics beat w/ stellar outlook.
- Coinbase (COIN): Top line fell short.
- DraftKings (DKNG): FY outlook disappointed as it plans heavy investment to expand into prediction markets.
- Pinterest (PINS): EPS, rev. light & issued weaker-than-exp. guidance w/ mgmt. citing tariff-related headwinds that hit large retail advertisers & pressured revenue.
- Rivian Automotive (RIVN): Solid Q4 numbers & guided to significant increase in vehicle deliveries this year.
- Roku (ROKU): EPS & rev. surpassed Wall St. consensus.
- Vertex Pharmaceuticals (VRTX): Profit light.
FX
The Dollar Index was unchanged as GBP strength was offset by marginal JPY weakness, with a muted Euro in the background. Today’s highlight was the US January CPI report, which came in cooler-than-expected on Headline gauges, while core metrics matched forecasts. DXY pared modest overnight gains on the report amid US yields moving lower across the curve as markets upped their bets on Fed rate cuts in 2026, now pricing in ~40% chance of a third 25bps rate cut.
G10 FX saw mixed performance, with winners and losers against the dollar only seeing marginal/modest moves. GBP led strength, followed by NZD, while CHF and EUR were flat, and AUD led losses. The Euro was little moved by EZ GDP second estimates and employment data that were broadly in line with expectations. EUR/USD traded in a narrow intraday range of 1.1847-1.1884, while AUD/USD inched lower to around 0.7075 but firmer from the 0.7013 seen at the end of last week.
JPY was unfazed by remarks from BoJ’s Tamura, who reiterated that rates will be raised in the future if the outlook is met. He added that recently inflation has become sticky and they may be able to judge that BoJ’s price goal has been achieved as early as this spring. USDJPY sits around 152.80 but is notably lower than 157.56 seen at the start of the week.
CHF was modestly firmer against the Euro with in-line Y/Y inflation of 0.1% erasing earlier weakness. The print is in line with the SNB’s Q1 average forecast
USA DATA RELEASES
just the way Trump likes it; CPI very tame!!! andreal wages growth surges!!
US Core CPI Tumbles To Slowest In 4 Years; Real Wage Growth Surges
by Tyler Durden
Friday, Feb 13, 2026 – 08:38 AM
Rate-cut expectations have surged (dovishly) higher this week (along with tumbling Treasury yields) amid a mixed macro picture (Labor market ‘good’, Retail sales bad, Housing ugly).
Today could change all that as CPI for January prints with risk skewed to the upside. January brings annual resets and they tend to surprise on the high side.
Despite the ‘hot’ whisper numbers (and 4 previous Januarys in a row of upside surprises), headline consumer price inflation came in cooler than expected in January (+0.2% MoM vs +0.3% expected). That pulled the headline CPI down dramatically from +2.7% to +2.4% – near the lowest in 4 years…
Source: Bloomberg
Food cost inflation is slowing, Energy is deflating…
Core CPI printed +0.3% MoM (in line with expectations), lowering the YoY change in core prices to +2.5% – the lowest since March 2021…
Source: Bloomberg
Goods inflation is clearly lacking (despite UMich respondents being sure we’d by hyperinflating by now)…
The much-watched SuperCore CPI (Services Ex-Shelter) rose notably (+0.6% MoM) but the YoY figure remains at its lowest since Sept 2021…
Driven by a big jump in Transportation and Education costs…
On a shorter-term basis, inflation is slowing – plain and simple…
For now, we seem to be avoiding a 1970s redux in Fed policy error helping to re-ignite an inflationary rebound…
Source: Bloomberg
…but time will tell (‘run it hot’).
On the other side of the ledger, January saw real average weekly earnings rise 1.9% YoY – its highest since March 2021…
Finally, according to JPM’s CPI market reaction matrix (based on what the core CPI MoM prints), we should expect a solid up day for stocks:
- Core MoM prints above 0.45%. SPX loses 1.25% – 2.5%: odds 5.0%
- Core MoM prints between 0.40% – 0.45%. SPX gains 0.25% to loses 75bps; odds 25.0%
- Core MoM prints between 0.35% – 0.40%. SPX gains 0.25% to 0.75%; odds 42.5%
- Core MoM prints between 0.30% – 0.35%. SPX gains 1% – 1.5%; odds 22.5%
- Core MoM prints below 0.30%. SPX gains 1.25% – 1.75%; odds 5.0%
For now, what we do know is that the mnainstream media’s constant fearmongering over Trump Tariff-flation was yet another canard crushing the PhDs’ credibility even further.
USA ECONOMIC COMMENTARIES
Trump will like this!!
Warsh Likes It Hot, And Will Move The Fed’s Inflation Target To 2.5-3.5%
Friday, Feb 13, 2026 – 07:20 AM
By Dhaval Joshi of BCA Research
Executive Summary:
- The Fed will run the US economy hot – because, with labour demand and supply now in balance, both demand and supply must expand to keep output expanding.
- Short-term US real rates will come down further because the Fed will continue to cut even with inflation in the 2.5-3.5 percent range.
- The US dollar will continue to weaken, given the currency’s dependence on real interest rate differentials.
- The US yield curve will undergo a ‘bear steepening’ as US inflation expectations ratchet higher. Meaning, T-bonds will underperform cash, as well as other major sovereign bonds.
- Stocks will continue to outperform bonds.
- New tactical trade: Overweight MSCI ACW Consumer Discretionary versus Industrials.
Some Like It Hot
The US economy has reached a watershed. For the first time since the pandemic, labor demand and labor supply are in perfect balance, with both now standing at 172 million workers.
Labor supply equals the number of available workers: those with jobs plus those without jobs. Labor demand equals the number of people in work plus job vacancies plus workers on temporary layoff. Many people miss this last component of labor demand. Labor demand must include workers on temporary layoff because there is demand for these workers, albeit they are on temporary layoff for idiosyncratic reasons (such as a government shutdown).
Put a different but equivalent way, the labor market is balanced when the number of ‘jobs looking for workers’ (job vacancies) equals the number of ‘workers looking for jobs.’ The latter means the unemployed. But given that those on temporary layoff are not looking for jobs, it more correctly means the unemployed that are not on temporary layoff.
The number of job vacancies and the number of unemployed not on temporary layoff both now stand at 6.6 million workers
So, correctly measured either way, the US labor market is now in balance.
A Labor Market In Balance Means Double Jeopardy
The US labor market is in balance, but such a balance is extremely rare. In the normal state, that prevailed for decades prior to the pandemic, labor demand runs short of labor supply. Meaning the economy is demand-constrained.
Since the pandemic though, in a highly unusual state, the relationship flipped. Labor supply has been running short of labor demand. Meaning the economy has been supply-constrained.
The distinction between demand-constrained and supply-constrained is crucial because it is the constraint on the economy – the lower of demand and supply – that drives economic output.
In a normal demand-constrained economy therefore, a demand recession causes a GDP recession. In a supply-constrained economy however, it takes a supply recession to cause a GDP recession. This explains why the abnormally supply-constrained US economy cheated a GDP recession when demand went into recession through 2023-24. The growth in the constraint – labor supply – kept output growing.
Now though, the US economy is at a watershed that puts it in ‘double jeopardy’. Given that labor demand and labor supply are in perfect balance, a drop in either would cause output to contract.
Put another way, both demand and supply must expand. To counter this double jeopardy, the Fed must run the economy hot.
Stimulate demand. But also stimulate supply by creating conditions for labor participation to rise – to offset the Immigration and Customs Enforcement (ICE) expulsions of (illegal) migrant workers.
Don’t Bet On An AI-Driven Productivity Surge
If the US labor market is back in the balance it was pre-pandemic, then why is US wage inflation still running hotter than pre-pandemic?
You might counter that the just-released Employment Cost Index (ECI) showed quarter-on-quarter wage inflation slowing to just 3 percent (annualized rate). Yet quarter-on-quarter wage inflation is highly volatile. More meaningful is the smoother 4-quarter wage inflation rate, running at 3.4 percent.
You might further counter that even 3.4 percent achieves the target of 3.5 percent wage inflation that several Fed governors have claimed is consistent with 2 percent price inflation.
Yet 3.5 percent ECI inflation is not consistent with 2 percent price inflation.
The very well-established relationship between ECI inflation and core PCE inflation tells us that, to be consistent with core PCE inflation at 2 percent, ECI inflation must be at 3 percent
Again, you might counter that such a 1 percent gap between ECI inflation and core PCE inflation implies that productivity growth is 1 percent, which is implausibly low. Yet while other more comprehensive measures of productivity growth may show a higher number, 1 percent is the well-established gap between these two specific datasets.
Finally, you might counter that even this specific 1 percent gap should widen if AI boosts productivity growth, allowing wage inflation to run hotter. Yet, despite much wishful thinking, the fact that the gap has not widened warns us that we should not bet on an AI-driven productivity surge as our base case.
The Warsh Fed Will Let The US Economy Run Hot
The reason that wage inflation has gapped structurally higher versus the jobs-workers gap is that the composition of the US labor market has structurally changed. As I highlighted in Why The World’s Fate Hangs On 2.5 Million Older American, there are almost 3 million fewer older workers in the US labor supply now than before the pandemic.
The loss of millions of older workers is significant because many jobs are non-fungible by age. Just as older workers cannot do younger-aged jobs that require physical strength or athleticism, younger workers cannot do older-aged jobs that require decades of acquired skills or experience.
Therefore, the shortfall of older workers has created an additional tightness in the US labor market which is not captured in the aggregate jobs-workers gap. Once we account for this additional tightness, we get a near-perfect explanation for the evolution of US wage inflation.
To repeat, faced with the double jeopardy of declining labor demand or declining labor supply, the Fed will turn a blind eye to this structural uplift in wage inflation. It will do this by de facto moving its inflation target to 2.5-3.5 percent. In effect, a Warsh-led Fed will let the US economy run hot.
There are several investment conclusions:
- Short-term US real rates will come down further because the Fed will continue to cut even with inflation in the 2.5-3.5 percent range.
- The US dollar will continue to weaken, given the currency’s dependence on real interest rate differentials.
- The US yield curve will undergo a ‘bear steepening’ as US inflation expectations ratchet higher. Meaning, T-bonds will underperform cash, as well as other major sovereign bonds.
- Stocks will continue to outperform bonds, as the Fed runs the US economy hot.
New Tactical Trade: Overweight Consumer Discretionary Versus Industrials
Consumer Discretionary has underperformed Industrials by almost 20 percent through the last 65 trading days. But the collapsed complexity of this near-vertical underperformance suggests that the magnitude and pace is overdone.
The potential pivot could be the market warming to the US consumer, given the combined effect of ultra-low US real interest rates, fiscal stimulus, and a still-robust labour market.
Hence, in line with our thesis that the Fed will run the US economy hot, and given the stark underperformance of Consumer Discretionary, a new tactical trade is to go overweight MSCI ACW Consumer Discretionary versus Industrials.
Set the profit target/stop-loss at +/-10 percent, and trade expiry on March 25th.
END
HE MAY BE RIGHT!!
Is the Fed Intervening Because An AI-Induced Depression is Just Around the Corner?
by Phoenix Capital Research
Friday, Feb 13, 2026 – 8:23
Something doesn’t add up.
We are told that the economy is doing great. Indeed, the official metrics from the Fed suggest that U.S. GDP is currently clocking in at an annualized rate of 4%.
And yet… despite this, the Fed is already cutting rates AND printing $40 billion per month and using the money to buy U.S. debt. To put those actions into perspective, the Fed usually does this during recessions to cushion the economic fallout.
Why is the Fed doing this? If the economy is so great, why does the Fed need to intervene as if we’re already in a recession?
The CEO of Microsoft’s AI division, Mustafa Suleyman, seems to have an answer…
“I think we’re going to have a human-level performance on most, if not all, professional tasks – so white collar where you’re sitting down at a computer, either being a lawyer, accountant, or project manager, or marketing person – most of the tasks will be fully automated by an AI within the next 12 to 18 months”
~ Mustafa Suleyman on the potential of Artificial general intelligence or AGI.
This raises the question…
Is the Fed intervening because an AI-induced depression is just around the corner?
Think about it.
The U.S. is already in a K-shaped economy in which the top 10% of Americans are the ONLY reason the economy hasn’t already rolled over. This category of incomes accounts for 45%-50% of consumer spending, which translates to roughly a THIRD of GDP.
Put simply, if you remove this category of incomes from the U.S. economy, and things quickly become horrific.
And these are precisely the people who AI will replace according to the CEOs in charge of the AI-buildouts.
So again, I ask, is the Fed intervening because an AI-induced depression is just around the corner? Does the Trump administration secretly know that in order to win the AI-arms race between the U.S. and China it’s going to eradicate hundreds of thousands of high paying jobs?
And are the markets starting to figure this out?
To answer this, I rely on a proprietary indicator that has triggered before every major meltdown in the last 50 years. This signal caught the 1987 crash, the Tech Crash, the Great Financial Crisis and more.
We detail this trigger, how it works, and what it’s saying about the markets today in How to Predict a Crash.
Normally we’d sell this report for $499, but in light of its recent warning, we’re making 99 copies available to the investing public.
VICTOR DAVIS HANSON
HE IS BACK!!
Victor Hanson On Our Super Bowl Satyricon
Thursday, Feb 12, 2026 – 05:00 PM
Authored by Victor Davis Hanson via American Greatness,
In recent years, Americans have known what to expect from our Neronian Super Bowl halftime shows: mediocre music veneered over with gaudy, flashily lit, but ultimately empty and meaningless sets.
As seen again this year, the usual array of supporting dancers twerk and simulate intercourse, in sync with the main singer, mindlessly grabbing his/her genitals—apparently to highlight the explicit sexual allusions of mostly nonsensical lyrics.
For some strange reason, this Roman orgiastic ritual is supposedly designed by the NFL each year to appeal to American families of all ages as they gather together around the living room TV on their festive cultural holiday.
But the script has now grown predictable and trite. This year’s mess jumped the shark and had a force-multiplying boring effect on one of the most tedious Super Bowl games in history.
The decision to have Bad Bunny as the main attraction to sing solely in Spanish—only 14 percent of the U.S. population is fluent in Spanish, while 90 percent is proficient in English—was apparently designed to grow the NFL’s global audience, particularly in the Western Hemisphere, or perhaps to shock America to get accustomed to its new official multilingual identity.
Yet of the anticipated 60 million Americans who likely watched this flat show, more than 50 million of them could neither read nor comprehend Spanish.
And they had previously been insulted by Bunny to hurry up and learn Spanish before the game—or else?
How odd that America provides translations of every conceivable language in its courts, hospitals, and schools for minorities of non-English-speaking residents. And yet at its annual signature sporting event, the marquee and main-event non-English speaker would not even provide translations for the vast majority of the viewing population.
Part of the hype of Bunny’s appearance was his supposedly edgy decision to perform entirely in Spanish. But was that really so avant-garde?
What would have been far more against-the-grain and bold for Bad Bunny would have been to find some way to reconnect with the millions of disenchanted families who simply wish a hiatus from the monotonously gross and politicized Super Bowl bacchanalias.
Most in the stadium had no idea what Bad Bunny was singing about, if we can call his nonstop talking and mumbling true music.
Fortunately for Bunny, that language barrier turned out to be about the only good thing about the entire Sunday disaster.
Most of Bunny’s lyrics were raunchy and demented, and likely out-Epsteined the imagination of the late Jeffrey Epstein.
In his vile, obscene “Safaera,” to avoid being censored, Bunny omitted a few of the song’s lyrics about his celebration of exploitative sodomy, fellatio, and anilingus—with misogynistic trashing of his compliant female sexual partners as “hoes.”
(Do woke intersectional feminists weigh in on the side of Bunny’s DEI credentials and sexual fluidity, or do they bristle at Bunny’s “objectification” of women, as he reduces them to mere mindless receptacles of violent and toxic masculinity?).
If Bunny’s purpose was to shock America, then he should have sung his full lyrics of “Safaera” in English, ensuring that his first-time listeners were forced to hear and react to his sick adolescent riffs on breasts, bottoms, phalluses, and vaginas.
Bunny had been previously instructed not to repeat his prior performance-art trashing of ICE and to keep his politicking subtle and coded.
Translated, that meant the NFL had greenlighted some of his obscene references as long as they were relegated to a Spanish-speaking audience only and toned down a bit. But he was not overtly to alienate over half of the NFL’s viewership, who not long ago had voted to stop illegal immigration and millions crashing the border.
Bunny mostly complied, albeit with empty platitudes about hate and love, and reducing the American flag to a status similar to that of the other South and Central American states.
Ricky Martin chimed in with his own incoherent Spanish-language harangue about the American rape of paradise in Hawaii (“They want to take my river and my beach too/They want my neighborhood and grandma to leave”).
If Martin’s point was the arrival of too many newcomers, then he might have first reflected on the 10-million uninvited illegal aliens who, during the Biden tenure, stormed America’s southern border.
A writer for the now-defunct sports section of the Washington Post had earlier and ludicrously boasted that the mostly forgotten Colin Kaepernick—the Dylan Mulvaney of the NFL—would be the most relevant figure at the 2026 Super Bowl.
Perhaps he was—if the writer meant by “relevant” the narcissistic Kaepernick’s past popularizing of taking-the-knee during the National Anthem.
That antic likely reduced NFL viewership by 25 percent in 2016-2017, and turned Sunday afternoons into racial psychodramas with two race-coded National Anthems.
In sum, last Sunday was the same old, same old Super Bowl Satyricon.
KING NEWS
| The King Report February 13, 2026 Issue 7680 | Independent View of the News |
| January Existing-home sales fell 8.4% m/m to 3.91m; 4.15m was expected. Weather was horrible in Jan. But the Median Home Price rose to $396.8k or +0.9% from Jan 2025. Initial Jobless Claims 227k, 223k expected, prior 212.5m Continuing Claims 1.862m, 1.85m expected, prior 1.841m Fangs, techs, and the DJTA got eviscerated; USHs rallied sharply; precious metals got hammered. It looked like aggressive defense asset allocation or forced liquidation… Bitcoin fell to 65,079.27. BBG: AI company Algorhythm Holdings said its SemiCab platform in live customer deployments was helping its customers’ internal operations to scale freight volumes by 300% to 400% without a corresponding increase in operational headcount… Land transports stocks got eviscerated. CH Robinson fell a record 24%. Microsoft AI CEO Warns Most White-Collar Jobs Fully Automated “Within Next 12-18 Months” “I think we’re going to have a human-level performance on most, if not all, professional tasks – so white collar where you’re sitting down at a computer, either being a lawyer, accountant, or project manager, or marketing person – most of the tasks will be fully automated by an AI within the next 12 to 18 months,” Suleyman said when asked about the time table for Artificial general intelligence, commonly known as AGI… https://www.zerohedge.com/ai/microsoft-ai-ceo-warns-most-white-collar-jobs-will-be-fully-automated-within-next-12-18-months If the above is true, something worse than a depression will occur: societal breakdown & revolution. How do you short colleges and universities? @business: Commercial real estate stocks nosedived Thursday as traders worried about risk to demand for office space from higher use of artificial intelligence tools, broadening a selloff that began Wednesday in small corner of the market ESHs opened at 6968.50 (+8.00) on Wednesday night but quickly fell to 6952.25 (-8.25) at 18:35 ET. ESHs then marched to 6986.25 at 5:01 ET. After chopping sideways in a 15-handle range, ESHs began the rally for the NYSE opening near 8:28 ET. ESHs hit a daily high of 6992.75 (+32.25) at 9:38 ET. The pro dump commenced early; ESHs sank to a daily low of 6871.75 (-88.75) at 12:01 ET. A Noon Balloon took ESHs to 6894.00 at 12:38 ET. ESHs then fell to a new low of 6860.00 at 13:28 ET. The afternoon rally and buying for the late manipulation pushed ESHs to 6896.25 at 14:57 ET. Alas, ESHs then cratered to a new daily low of 6842.00 (-118.50) at 15:51 ET. ESHs hit 6850.00 at 16:00 ET. Border Czar Tom Homan announced that Trump has ordered the end to the immigration enforcement surge in Minnesota. Beaucoup DJT supporters lamented that DJT did yet another TACO. Positive aspects of previous session The DJIA was relatively strong during the first hour or trading. The DJUA rallied 21.39 points. Negative aspects of previous session Stocks peaked at 9:38 ET; The DJTA, Fangs, and precious metals got hammered. CH Robinson declined a record 24%, reportedly on fear over disruptions from AI. Equities suffered several technical and psychological damage. Commodities declined sharply. Ambiguous aspects of previous session Silver plunged as much as 11.7%. Is someone or more ‘in trouble?’ 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]: 6876.67 Previous session S&P 500 Index High/Low: 6973.22; 6824.04 @TheInsiderPaper: New footage shows a Raytheon Coyote Block 3NK reusable interceptor taking down an entire drone swarm using its onboard non-kinetic electromagnetic (EM) weapon. https://x.com/TheInsiderPaper/status/2021965331183599966 @Patriot_Josh11: The emergence of the Raytheon Coyote Block 3NK as a reusable interceptor equipped with a non-kinetic electromagnetic neutralization suite represents a decisive doctrinal shift in modern aerial warfare. This system signals that the battlespace is no longer defined solely by explosive yield or kinetic interception, but by electromagnetic dominance and spectrum supremacy… The platform effectively nullifies one of the most heavily invested asymmetric threat vectors of the 21st century. Swarm drone tactics were engineered to overwhelm conventional defenses through volume, redundancy, and low-cost saturation. The Block 3NK dismantles that doctrine at its core by transforming the engagement from a numbers game into a technological mismatch. When command links, navigation systems, and onboard processing architectures can be simultaneously disabled without expending traditional munitions, the economic and tactical calculus of drone warfare collapses… The era in which drone swarms could meaningfully challenge American battlefield dominance is rapidly approaching obsolescence under the weight of spectrum-warfare supremacy. https://x.com/Patriot_Josh11/status/2021968224955269486 Thousands of Amateur Gamblers Are Beating Wall Street Ph.D.s – New York Times Economists have noticed that betting markets like Kalshi and Polymarket are pretty good at predicting not just political events but economic data, too. “The nice thing about prediction markets is that you have to put your money where your mouth is,” Mr. Jensen said, “and so that highly incentivizes you to state your true beliefs.”… Over the past decade, a group called Good Judgment has developed a model of selecting people with good track records of figuring out what will happen… https://www.nytimes.com/2026/02/11/business/economy/forecasts-prediction-markets-economy.html?unlocked_article_code=1.LlA.N831.BNSa1mwgiAXY Here’s why betting markets are good at predicting coming events: NONPUBLIC INFORMATION! Fed Balance Sheet: +$ 16.473B on T-Bills +$16.608B; Reserves: +$14.387B Today – The usual suspects will play for the Friday Rally even though stocks suffered severe technical and psychological damage on Thursday. But the 3-day Presidents’ Day Weekend looms. After adjusting to the January CPI Report, pro traders will try to ascertain if institutional sellers are still unloading stuff. We will spare you the chart, for now, but the S&P 500 Index has been trading in a bracket bound by 7000 and 6800 since November 2025. There was a dip to 6720 on 12/17/25 and a rebound about 6800 the next session. There have been two minor downside breaches in 2026: 6789 on 1/20 and 6780 on 2/5. Unless the S&P 500 Index can blast through 7000 decisively and stay there for several sessions, it looks like a massive top has formed. The NY Fang+ Index hit an all-time high of 17,210.07 on October 31, 2025. It’s low yesterday (14,219.08) is the lowest level since June 24, 2025. The index is down 17.4% from its 10/31/25 peak. As anyone paying attention realizes, as Fangs were collapsing, investors and operators poured into DJTA issues. The DJTA hit an all-time high of 20,150.74 on Wednesday, a 29% rally since 11/21/25. Ergo, ‘they’ are massively long DJTA stocks, and vulnerable to ‘exit stage right’ panicky selling. ESHs are +8.25, NQAs are +45.75; USHs are -6/32; while SI and AU are up moderately at 20:17 ET. Expected Economic Data: January CPI and Core CPI 0.3% m/m & 2.5% y/y S&P Index 50-day MA: 6895; 100-day MA: 6812; 150-day MA: 6681; 200-day MA: 6498 DJIA 50-day MA: 48,823;100-day MA: 47,798; 150-day MA: 46,851; 200-day MA: 45,773 (Green is positive slope; Red is negative slope) S&P 500 Index (6832.76 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 6897.82 triggers a buy signal @zerohedge: At the rate stocks are plunging, Bondi may have to answer an Epstein question or two. FBI strategy memo on election violence raises questions about double standard between J6, BLM riots – The document raises new questions for congressional investigators about why the FBI failed to heed its own warnings ahead of the Capitol riot and whether it provides further evidence there was a double standard in federal prosecutions, with more lenient treatment granted to political allies… https://justthenews.com/government/federal-agencies/fbi-memo-preparing-political-violence-raises-questions-about-double Fox’s @BillMelugin_: ICE Director Todd Lyons testifies that ICE is currently tracking 1.6 million illegal aliens with deportation orders in the US, approximately 800,000 of whom have criminal convictions. @libsoftiktok: “Family coloring time” in a leftist house is drawing “f*** ICE” signs. Sad https://x.com/libsoftiktok/status/2021958362385232198 @SamNerove: That’s truly sickening and awful parenting. @FlavellG: Kid doesn’t stand a chance… @JudicialWatch: Although a 30-year-old federal law prohibits giving illegal aliens discounted in-state tuition at public colleges and universities, 22 states and the District of Columbia still do it and the cost to American taxpayers is over a billion dollars annually… https://t.co/wf0ynufQ3V GOP @SenatorBanks: Democrats just voted to shut down the Department of Homeland Security, the Coast Guard, TSA, Border Patrol, Secret Service and FEMA all because they care more about illegal immigrants than American citizens. GOP @RepMichaelCloud: For reference, this is how we vote in the US House: 1) Insert photo ID 2) Press button https://x.com/RepMichaelCloud/status/2021981251276886373 @Rightanglenews: The mayor of Coldwater, Kansas, Jose Ceballos, has been revealed to be a foreign national who not only got elected while not being a citizen, but has also been voting in federal and state elections since at least 2022. https://t.co/udkdUaD23t @nicksortor: Democrat Sen. Elissa Slotkin attempts to force ICE Director Lyons to PLEDGE UNDER OATH that he will NOT have ICE agents at polling places around the country. There is only ONE REASON Dems are obsessed with this: THEY KNOW ILLEGALS ARE VOTING! They’ve admitted it… https://t.co/jNcW4LZPKI @Osint613: Sen. John Fetterman (D‑PA) criticized his own party over its language toward DHS Secretary Kristi Noem, saying: “I am a Democrat. I say secure our border. Deport all the criminals. Yeah! The left media will call Noem ‘ICE Barbie.’ I refuse to engage on the sexist terms.” https://t.co/6IbgPOLWC5 “Those that can make you believe in absurdities can make you commit atrocities.” – Voltaire Though the MSM has ignored books that show Nixon was framed and beaucoup Senators, Reps, prosecutors, and judges broke laws to get Nixon, more evidence of the Nixon frame is appearing. The New York Times this week detailed how the Joint Chiefs of Staff spied on Nixon and Kissinger. Seven Pages of Nixon Grand Jury Testimony Reveal the Real Threat of the Deep State – never-before-seen grand jury testimony from 1975 between former-President Nixon and WSPF prosecutors… The Joint Chiefs’ spying formed only one prong of the campaign against Nixon, the most spied-on president in modern times. Declassified documents and scholarship published since 1974 have established that the F.B.I., under its director, J. Edgar Hoover, spied on Mitchell, the attorney general, and that the C.I.A. detailed its personnel to various units associated with Nixon, including the Watergate burglary team and “components intimately associated with the office of the president,” as the agency admitted in 1975… An Navy enlisted man, Yeoman Charles Radford, who worked in the White House, was a mole. No, not for the Soviets, but for the Joint Chiefs of Staff. He would routinely make copies of documents from Nixon administration officials and share them with people in the Pentagon. Radford would pilfer documents from Henry Kissinger and Alexander Haig and make copies of them… There it was, finally — the secret Nixon had sought to keep under wraps: It was not the far left that most actively sought to sabotage the Nixon-Kissinger foreign policy but the hard right, not lowly pencil-pushers in the civil service but the most senior commanders at the Pentagon… Nixon was fully aware that there was a deep state in his own administration. He employed the “Plumbers” to plug those leaks… The Watergate Prosecutors, who were part of the DOJ deep state, did not want Nixon to talk about the Pentagon deep state. And for five decades, this testimony was sealed, until Rosen reported on it. https://reason.com/volokh/2026/02/08/seven-pages-of-nixon-grand-jury-testimony-reveal-the-real-threat-of-the-deep-state/ @seanmdav: This is the key passage from blockbuster reporting by James Rosen on the actual origin story of Watergate. The entire affair began because the Deep State military-industrial complex illegally sabotaged the president’s efforts to end a pointless war. Sound familiar? @nixonfoundation: Here are the seven pages of President Nixon’s grand jury testimony that @JamesRosenTV uncovers. (1/7) https://x.com/nixonfoundation/status/2022079290347802931 | |
SWAMP STORIES FOR YOU TODAY
Goldman Sacks Ruemmler As Epstein Scandal Claims Obama’s Former Lawyer
Thursday, Feb 12, 2026 – 08:52 PM
What do Bill Clinton, Barack Obama, Susan Rice, Jeffrey Epstein, the Rothschilds, and Goldman Sachs all have in common?
Kathy Ruemmler… Goldman’s (soon to be former) top lawyer, after a batch of documents released by Congress and the DOJ revealed she was thick as thieves with Epstein.
Ruemmler rose to the top ranks of Wall Street, becoming a key advisor to Goldman CEO David Solomon after serving as White House counsel to former President Barack Obama.
While she allegedly told the bank that her relationship with Epstein was limited and “purely professional,” turns out she lied (or they knew, which makes it worse). It would later become public that she not only met with Epstein dozens of times and exchanged friendly emails for years, she was listed as an executor of Epstein’s will as recently as Jan. 18, 2019 – which had been removed before he died in prison on Aug. 10 of that year.
What’s more, the Washington Free Beacon reported late last month that Epstein showered her with luxury gifts – including a $9,400 Hermes handbag, a Hermes-branded Apple watch, and a spa treatment package at the Four Seasons Hotel in Washington DC.
She also denied having ever helped Epstein with PR, telling the outlet “I did not advocate on his behalf to any third party—not to a court, not to the press, not to the government.”
Turns out that was a total lie.
On Friday, the DOJ released over 3 million pages of Epstein documents, including one in which Ruemmler was helping draft statements to help Epstein counter claims that he got a “sweetheart deal” when he was allowed to plead guilty to minor charges in a 2007-2008 sex trafficking case involving dozens of underage girls.
Just over three weeks ago, Goldman vehemently denied that that plans were afoot to fire Ruemmler. Turns out, not so much.
Kathy’s Out
On Thursday, the Financial Times reported that Ruemmler will resign on June 30 – (aka they fired her and let her resign), saying in a statement to the outlet “I made the determination that the media attention on me, relating to my prior work as a defence attorney, was becoming a distraction.”
Her decision comes after documents showed she held extensive discussions with Epstein between 2014 and 2019, long after he pleaded guilty in 2008 to state charges of soliciting prostitution from a minor. Ruemmler joined Goldman in 2020.
Goldman chief executive David Solomon has stood by Ruemmler since her close association with Epstein first emerged in 2023. He said in a statement on Thursday that she “will be missed”. -FT
Ruemmler has said she regrets ever knowing Epstein and that she didn’t know about his criminal activities, which we’re sure isn’t just because she got caught.
Interestingly, Ruemmler once arranged an advantageous settlement for the Rothschild family with the Obama DOJ, for which she was reportedly paid $10 million and Epstein was paid $25 million.
Developing..
END
this judge has to be removed!
.Judge Boasberg Orders Government To Facilitate Return Of Deported Venezuelans
Thursday, Feb 12, 2026 – 09:45 PM
Authored by Stacy Robinson via The Epoch Times,
A federal judge in Washington has ordered the Trump administration to facilitate the return of Venezuelans whom he said should receive a hearing after their deportation under the Alien Enemies Act.
U.S. District Judge James Boasberg wrote in his Feb. 12 ruling that the government must parole those deportees into U.S. custody if they present themselves at a port of entry and provide them due process to contest their deportation.
Boasberg said his ruling was intended to mirror a Supreme Court ruling from last year, which upheld U.S. District Judge Paula Xinis’s order that the government “facilitate” the return of Kilmar Abrego Garcia.
The government will also have to pay for the flights and provide a boarding letter to the deportees, but that only applies to those flying in from a third country, not Venezuela itself.
The return might be short-lived, Boasberg said, since anyone who is flown back or paroled into the country will be detained by U.S. immigration officials and held in custody while their case plays out.
They also face being deported again at the end of the proceedings.
An attorney for the plaintiffs previously told the judge that some of his clients were willing to take that risk.
The ruling is the latest chapter for the deportees, who were sent to El Salvador’s CECOT terrorism confinement center last year. They were subsequently released into Venezuela.
Boasberg ruled in December that the government needed to give the Venezuelans an opportunity to contest their deportation. When the Justice Department objected to that ruling, the judge ordered a hearing to discuss ways the government could provide due process.
“I never said, and the plaintiffs never said, they were not deportable,” Boasberg remarked at that hearing on Feb. 9.
The question, he told the court, was whether the plaintiffs were deportable under the Alien Enemies Act, and if they had been given due process.
The Justice Department argued, in a court filing ahead of the hearing, that Boasberg lacked jurisdiction over the detainees since they had been turned over to the El Salvadoran government and released into Venezuela.
The DOJ also said remote hearings were infeasible, since the U.S. government would have no way of combating perjury or testing the identity of witnesses in such proceedings.
The volatile political situation might also complicate matters, the DOJ argued.
Responding to those concerns, Boasberg said in his order that plaintiffs could file supplemental challenges to their deportation—along with proof that they were not Tren de Aragua members—and he would decide whether to require such hearings, and their logistics, later.
He also punted on the jurisdiction question, saying the government can argue against any upcoming plaintiff filings.
An attorney for the plaintiffs said some of his clients had no association with Tren de Aragua and would be able to prove it if given a chance.
He and his team had identified a “handful” of plaintiffs who managed to leave Venezuela, and were willing to return to the United States for in-person hearings, though he didn’t want to specify in open court where they were living.
Boasberg has ordered him to reveal those locations to the court, but under sealed documents
END
These Biden judges are creating havoc in the uSA
(EpochTimes)
Judge Halts Trump Admin’s $600 Million Public Health Funding Cut Targeting 4 Blue States
Friday, Feb 13, 2026 – 12:20 PM
Authored by Kimberly Hayek via The Epoch Times,
A federal judge on Thursday temporarily blocked the Trump administration from cutting more than $600 million in public health grants to four Democratic-led states, siding with the states’ argument that the cuts appeared politically motivated.
U.S. District Judge Manish Shah issued a 14-day temporary restraining order preventing the U.S. Department of Health and Human Services (HHS) and the Centers for Disease Control and Prevention from rescinding the funds allocated to California, Colorado, Illinois, and Minnesota.
The ruling came a day after the states filed a lawsuit challenging the administration’s directive, with officials in the filing calling it unconstitutional.
The cuts, directed by the White House Office of Management and Budget under Director Russell Vought, mostly go to the Public Health Infrastructure Grant, which funds public health departments to recruit and train workers, improve organizational systems, and modernize data infrastructure.
HHS said in a notice to Congress that the grants are “inconsistent with agency priorities,” according to the filing.
The priorities include modernizing public health infrastructure and not supporting illegal immigration, the lawsuit states.
The states alleged the reductions were retaliation for their policies on immigration, “gender-affirming care for minors,” and other issues opposed by President Donald Trump.
Trump has said that agencies should stop paying sanctuary cities, and the Office of Management and Budget has said that it directed health officials to withdraw the $600 million from the states.
“Starting February 1, we’re not making any payments to sanctuary cities,” Trump said during a Jan. 13 speech in Detroit, referencing jurisdictions whose policies prohibit local authorities from cooperating with federal immigration agents.
Trump said that such cities “do everything possible to protect criminals at the expense of American citizens, and it breeds fraud and crime and all of the other problems that come. So we’re not making any payment to anybody that supports sanctuary.”
Shah wrote in his two-page order that the states had shown a likelihood of success in proving the cuts were “based on arbitrary, capricious or unconstitutional rationales.”
The judge found the states would suffer “irreparable harm” without the injunction, while the public interest favored maintaining the funding. The temporary restraining order keeps the grants flowing while the case proceeds.
Illinois Attorney General Kwame Raoul, who led the lawsuit, said the directive threatened more than $100 million in grants for the state, including programs at Lurie Children’s Hospital in Chicago.
The complaint, filed in the Northern District of Illinois, names Vought, Health Secretary Robert F. Kennedy Jr., CDC Acting Director Jim O’Neill, Trump, and other federal entities as defendants. It alleges violations of the Administrative Procedure Act and the Constitution, claiming the cuts impose post hoc conditions on congressionally approved funds.
Specific reductions include $7.2 million from the American Medical Association in Illinois for supporting transgender procedures for children, and broader cuts to STI prevention and public health monitoring. The administration has prioritized banning federal funding for youth “gender-affirming care” and revoking certain childhood vaccine recommendations, drawing criticism from medical groups.
HHS did not immediately respond to requests for comment.
GREG HUNTER
SEE YOU ON TUESDAY
harveyorganblog.com 
