FEB 18/PRECIOUS METALS REVERSES FROM YESTERDAY’S RAID WITH GOLD UP $102.60 TO $4987.50//SILVER WAS UP $4.02 TO $77.66//PLATINUM WAS UP $73.80 TO $2086.30 WITH PALLADIUM UP $42.90 TO $1725.20//WAR DRUMS BEATING LOADER WITH RESPECT TO USA AND IRAN AND THAT CAUSES OIL TO SPIKE HIGHER//TONIGHT COMMENTARIES FROM EUROPE ON GERMANY AND HUNGARY//ISRAEL UPDATES ALONG WITH IRAN UPDATES//OIL UPDATES//PERUVIAN HEAD REMOVED FROM OFFICE AFTER 115 DAYS//USA DATA RELEASES//USA ECONOMIC COMMENTARIES/SWAMP STORIES FOR YOU TONIGHT//
099 H DEUTSCHE BANK AG 5 118 H MACQUARIE FUTURES US 7 190 H BMO CAPITAL MARKETS 44 363 H WELLS FARGO SECURITI 7 555 C BNP PARIBAS SEC CORP 16 555 H BNP PARIBAS SEC CORP 2 661 C JP MORGAN SECURITIES 88 7 686 C STONEX FINANCIAL INC 3 880 H CITIGROUP 13
TOTAL: 96 96 MONTH TO DATE: 36,188
JPMORGAN STOPPED 7/96
February
GOLD: NUMBER OF NOTICES FILED FOR FEBRUARY/2026: 96 CONTRACTs NOTICES FOR 9,600 OZ or 0.2986 TONNES
total notices so far: 36,188 contracts for 3,618,800 OR 112 559 tonnes)
FOR FEB.
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SILVER NOTICES: 29 NOTICE(S) FILED FOR 145,000 OZ /
total number of notices filed so far this month : 4,624 CONTRACTS (NOTICES) for 23.120 million oz
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END
GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD UP $102.60 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD
HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.43 TONNES OF GOLD OUT OF THE GLD/
INVENTORY RESTS AT 1075.61 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER UP $4.02 AT THE SLV: HUGE CHANGES IN SILVER INVENTORY AT THE SLV/ A MASSIVE FRAUDULENT WITHDRAWAL OF 7.067 MILLION OZ OUT OF THE SLV/
CLOSING INVENTORY RESTS AT:
CLOSING INVENTORY: 508.686 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY A HUGE SIZED 1684 CONTRACTS TO 131,496 AND STALLING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND HUGE SIZED LOSS IN COMEX OI WAS ACCOMPLISHED WITH OUR $4.39 LOSS IN SILVER PRICING AT THE COMEX WITH RESPECT TO TUESDAY’S // TRADING.
NOW ON A NET BASIS OUR SPECULATORS HAVE REVERTED BACK TO GOING LONG. THE FRBNY ON A NET BASIS IS PROVIDING THE NECESSARY PAPER TO OUR LONGS AND THEN THE LONGS LEFT STANDING TENDER FOR PHYSICAL AT 4 PM. BECAUSE OF THE HUGE SHORTFALL IN PHYSICAL SILVER THERE IS A LOTTERY TO SEE WHO GETS ANY OF THE PHYSICAL SILVER AVAILABLE THAT WHICH THEY ARE OBLIGATED TO DELIVER IN LONDON. THEY WAIT PATIENTLY FOR THEIR PHYSICAL METAL AND IF NOBODY GETS ANY THEY THEN COME BACK THE NEXT DAY AND SO ON. THIS IS IN LONDON, THE HOME OF PHYSICAL SILVER!!
WE HAVE REVERTED TO SPECS NOW GOING BACK TO THE LONG SIDE AND THE BANKER (FRBNY) ON THE SHORT SIDE
IT WAS SOME OF OUR SILVER SPECULATORS THAT WERE BRUTALLY BEATEN UP AT THE SILVER COMEX TUESDAY AS THEY GOT RINSED OUT BADLY WITH THE HUGE RAID.HOWEVER, WE FINALLY ARE MOVING TO A MUCH HIGHER BASE SURPASSING THE $50.00 SILVER PRICE BARRIER TO A HIGH DEGREE, AND NOW READY TO ATTACK AGAIN, OUR LAST MAJOR HURDLE OF $100.00 SILVER.
WE HAVE A HUGE SIZED LOSS OF 1158 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A STRONG SIZED 526 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD SOME LIQUIDATION OF T.A.S. CONTRACTS IN COMEX TRADING WITH RESPECT TO TUESDAY TRADING WITH OUR HUGE LOSS IN PRICE ALONG WITH ANOTHER MASSIVE 2128 T.A.S. ISSUANCE!! /// THEY DESPERATELY AGAIN TODAY TRIED TO CONTAIN SILVER’S PRICE RISE FOR THE PAST SEVERAL WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $100.00 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY SUCCEEDED HUGELY ON TUESDAY WITH SILVER’S HUGE LOSS IN PRICE AS THE SPECS PILED INTO THE SILVER ARENA ONLY TO BE ANNHILATED DURING THE COMEX SESSION. THOSE THAT REMAINED STOOD FOR DELIVERY.
THE PRICE FINISHED STILL ABOVE THE MAGIC NUMBER OF $50.00 SILVER SPOT PRICE BUT BELOW THE $100.00 MARK CLOSING AT $75.58 DOWN $4.39 WE ARE NOW WITNESSING HAVING MANY HUGE T.A.S ISSUANCES // TODAY’S WAS AT A HUGE SIZED 2128 T.A.S. CONTRACTS !!. THE CROOKS ARE BECOMING MORE DESPERATE TO STOP SILVER BREAKING ABOVE THE 100.00 DOLLAR MARK!!.MAMMOTH SIZE T.A.S ISSUANCES ARE BECOMING THE NORM AT THE COMEX NOW!!
THERE IS NO NEXT LINE IN THE SAND ONCE THE 100.00 DOLLAR SILVER IS PIERCED AGAIN. WE HAD A STRONG SIZED 526 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR MAMMOTH SIZED 2128 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN FUTURE TRADING//RAID AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE.
IN ESSENCE WE HAD A HUGE SIZED LOSS OF 1158 CONTRACTS ON OUR TWO EXCHANGES WITH OUR LOSS IN PRICE OF $4.39 WE HAD HUGE GOVERNMENT (FRBY) COMEX CONTRACTS TRADING ALL WEEK AND A MAJOR PORTION AND NO DOUBT REMOVED BY DAYS END. (I RECORD THIS FOR YOU ON A DAILY BASIS). THE STICKY SPECULATOR LONGS STILL REMAIN STOIC EVEN ON OUR HUGE PRICE FALLS. THE NON STICKY SPECULATORS ARE BEING WIPED OUT. EASTERN CENTRAL BANKERS (LIKE CENTRAL BANK OF INDIA AND CHINA) AND LARGE INDUSTRIAL USERS CONTINUE ON THE LONG SIDE AS THEY WILL TENDER FOR THE BADLY NEEDED PHYSICAL SILVER.
CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE.
THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON WEDNESDAY MORNING//TUESDAY NIGHT: A MAMMOTH SIZED 2128 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED FRBNY BANKERS).
THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS AS ONE UNIT, BUT SELL THE SHORT SIDE FIRST AND THEN LIQUIDATE THE LONG SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT NOW SEEMS THAT THE OCC HAS NOW ORDERED THE BANKS TO REDUCE ITS NEW LEVEL OF 1.1 TRILLION DOLLARS IN GOLD/SILVER DERIVATIVES.
THUS:
INITIAL STANDING FOR JANUARY: 22.915 MILLION OZ FOLLOWED BY TODAY’S 1.185 MILLION OZ QUEUE JUMP//NEW NORMAL STANDING ADVANCES TO 49.445 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK FOR .100 MILLION OZ//NEW STANDING ADVANCES TO 49.545 MILLION OZ!!
INTIAL STANDING FOR FEBRUARY/SILVER: 13.505 MILLION OZ FOLLOWED BY TODAY’S 0.130 MILLION OZ QUEUE JUMP//NEW STANDING FOR SILVER AT THE COMEX ADVANCES TO 24.305 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 24.305 MILLION OZ
PLUS OUR 2 EXCHANGE FOR RISK: 185,000 OZ
EQUALS
24.490 MILLION OZ!! HUGE FOR A FEBRUARY
WE HAD:
/ HUGE COMEX OI LOSS+// A HUGE SIZED 526 EFP ISSUANCE CONTRACTS (/ VI) A MEGA HUGE NUMBER OF T.A.S. CONTRACT ISSUANCE 2128 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED 27 SILVER CONTRACTS
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS JAN.. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF FEB.
TOTAL CONTRACTS for 12 DAY(S), total 8910 contracts: OR 44.550 MILLION OZ (742 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 44.55 MILLION OZ
LAST 24 MONTHS TOTAL EFP CONTRACTS ISSUED IN MILLIONS OF OZ:
MAY 137.83 MILLION
JUNE 149.91 MILLION OZ
JULY 129.445 MILLION OZ
AUGUST: MILLION OZ 140.120
SEPT. 28.230 MILLION OZ//
OCT: 94.595 MILLION OZ
NOV: 131.925 MILLION OZ
DEC: 100.615 MILLION OZ
YEAR 2022:
JAN 2022-DEC 2022
JAN 2022// 90.460 MILLION OZ
FEB 2022: 72.39 MILLION OZ//
MARCH 2022: 207.140 MILLION OZ//A NEW RECORD FOR EFP ISSUANCE
APRIL: 114.52 MILLION OZ FINAL//LOW ISSUANCE
MAY: 105.635 MILLION OZ//
JUNE: 94.470 MILLION OZ
JULY : 87.110 MILLION OZ
AUGUST: 65.025 MILLION OZ
SEPT. 74.025 MILLION OZ///FINAL
OCT. 29.017 MILLION OZ FINAL
NOV: 134.290 MILLION OZ//FINAL
DEC, 61.395 MILLION OZ FINAL
TOTALS YR 2022: 1135.767 MILLION OZ (1.1356 BILLION OZ)
JAN 2023/// 53.070 MILLION OZ //FINAL
FEB: 2023: 100.105 MILLION OZ/FINAL//MUCH STRONGER ISSUANCE VS THE LATTER TWO MONTHS.
MARCH 2023: 112.58 MILLION OZ//FINAL//STRONG ISSUANCE
APRIL 111.035 MILLION OZ(SLIGHTLY GREATER THAN THAN LAST MONTH)
MAY 66.120 MILLION OZ/INITIAL (MUCH SMALLER THIS MONTH)
JUNE: 110.395 MILLION OZ//MUCH LARGER THAN LAST MONTH
JULY 85.745 MILLION OZ (SMALLER THAN LAST MONTH)
AUGUST: 171.43 MILLION OZ (THIS MONTH IS GOING TO BE HUGE //2ND HIGHEST ON RECORD
SEPT: 72.705 MILLION OZ (SMALLER THIS MONTH)
OCT: 97.455 MILLION OZ
NOV. 50.050 MILLION OZ
DEC. 66.140 MILLION OZ//
TOTAL 2023: 1,104.10 MILLION OZ/
JAN ’24 : 78.655 MILLION OZ//
FEB /2024 : 66.135 MILLION OZ./FINAL
MARCH: 143.750 MILLION OZ// 4TH HIGHEST ON RECORD.
APRIL: 161.770 MILLION OZ (THIS MONTH WILL BE A WHOPPER OF ISSUANCE OF EFPS//3RD HIGHEST EVER RECORDED FOR A MONTH)
MAY: 135.995 MILLION OZ //WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
JUNE 110.575 MILLION OZ ( WILL BE ANOTHER STRONG MONTH ISSUANCE)
JULY: 108.870 MILLION OZ (WILL BE A STRONG ISSUANCE MONTH/ A TOUCH OVER 100 MILLION OZ/)
AUGUST; 99.740 MILLION OZ//THIS MONTH WILL BE STRONG FOR ISSUANCE BUT LESS THAN JULY.
SEPT: 112.415 MILLION OZ//WILL BE A HUGE MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
OCT; 97.485 MILLION OZ (WILL BE SMALLER ISSUANCE THIS MONTH )
NOV. 115.970 MILLION OZ ( HUGE THIS MONTH)
DEC: 132.54 MILLION OZ (THIS MONTH WILL BE A HUMDINGER FOR ISSUANCE BUT ISSUANCE SLOWED DRAMATICALLY THESE PAST FIVE DAYS/// WILL NOT EXCEED MARCH 2022 RECORD OF 209 MILLION OZ
YEAR 2024 TOTAL: 1363.84 MILLION OR 1.363 BILLION OZ
JANUARY 2025: 67.230 MILLION OZ///(THIS MONTH’S ISSUANCE OF EXCHANGE FOR PHYSICAL WILL BE SMALL)
FEB. 58.260 MILLION OZ//EXCHANGE FOR PHYSICAL ISSUANCE/FINAL
MARCH: 67.020 MILLION OZ///QUITE SMALL AND BECOMING SMALLER EACH AND EVERY MONTH.
APRIL: 100.895 MILLION OZ///AVERAGE SIZE ISSUANCE
MAY: 28.975 MILLION OZ (ISSUANCE WILL BE QUITE SMALL THIS MONTH)
JUNE: 81.065 MILLION OZ
JULY: 50.925 MILLION OZ (QUITE SMALL)
AUGUST: 59.455 MILLION OZ (QUITE SMALL)
SEPT. 50.510 MILLION OZ.(QUITE SMALL)
OCT; 82.020 MILLION OZ (WILL BE STRONG THIS MONTH)/ OCC WANTS TO REIN IN THESE ISSUANCES!
NOVEMBER: 36.425 MILLION OZ
DEC: 45.765 MILLION OZ
JANUARY 2026: 134.270 MILLION OZ (WILL BE A VERY STRONG MONTH FOR EXCHANGE FOR PHYSICAL!)
FEB : 44.55 MILLION OZ
RESULT: WE HAD A HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1684 CONTRACTS WITH OUR HUGE LOSS IN PRICE OF $4.39 IN SILVER PRICING AT THE COMEX// TUESDAY,. THE CME NOTIFIED US THAT WE HAD A STRONG SIZED CONTRACT EFP ISSUANCE:526 CONTRACTS ISSUED FOR MARCH, AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH EXITED OUT OF THE SILVER COMEX TO LONDON AS FORWARDS.WE HAD A 130,000 OZ QUEUE JUMP// THEN WE MUST ADD OUR FIRST EXCHANGE FOR RISK: 25 CONTRACTS FOR 125,000 OZ TO OUR SECOND EXCHANGE FOR RISK OF 12 CONTRACTS OR 0.060 MILLION OZ//NEW TOTALS STANDING FOR SILVER NOW ADVANCES AT 24.490 MILLION OZ!
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LAST 10 MONTHS OF SILVER DELIVERIES
WE FINISHED APRIL WITH A STRONG SILVER OZ STANDING OF 16.050 MILLION OZ NORMAL DELIVERY , PLUS OUR 4.00 MILLION EX FOR RISK
FINAL STANDING APRIL: 19.965 MILLION OZ
AND MAY:
NEW STANDING FOR MAY FINISHES AT: 75.615 MILLION OZ. (INCLUDES 5,000 OZ EFP TRANSFER TO LONDON + 12.93 MILLION OZ EXCHANGE FOR RISK ISSUANCE/PRIOR.//NEW TOTAL STANDING 88.540 MILLION OZ
AND JUNE: FINAL 16.995 MILLION OZ
AND JULY: 46.720 MILLION OZ//
AUGUST: 4.70 MILLION OZ INITIAL STANDING PLUS TODAY;S 5,000 OZ QUEUE JUMP //NEW STANDING ADVANCES TO 10.960 MILLION OZ
SEPTEMBER: 68.040 MILLION OZ NORMAL DELIVERY(INCLUDES ALL QUEUE JUMPING AND EXCHANGE FOR PHYSICAL TRANSFERS) PLUS 3.0 MILLION OZ EX FOR RISK = 71.040 MILLION OZ. (THIS IS THE FIRST AND ONLY ISSUANCE OF EXCHANGE FOR RISK FOR SILVER SINCE MAY.)
OCTOBER: 39.565 MILLION OZ OF NORMAL DELIVERY INCLUDES ALL QUEUE JUMPING
PLUS
2.110 MILLION OZ EXCHANGE FOR RISK//TOTAL OZ STANDING IN OCT ADVANCES TO 41.675 MILLION OZ
NOVEMBER: INITIAL STANDING AT 11.575 MILLION OZ FOLLOWED BY TODAY’S 195,000 OZ QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 9.155 MILLION OZ//STANDING ADVANCES TO 19.670 MILLION OZ/
DECEMBER: INITIAL AMOUNT STANDING FOR DELIVERY: 49.33 MILLION OZ// FOLLOWED BY ANOTHER STRONG 835,000OZ QUEUE JUMP+ DEC. FIRST EXCHANGE FOR RISK 0F .850 MILLION OZ + LAST WEEK.S 495,000 OZ EXCHANGE FOR RISK AND THEN A 3RD ISSUANCE IF 1.00MILLION OZ THEN FINALLY DEC 249ISSUANCE OF 1.35 MILLION OZ EXCHANGE FOR RISK//NEW TOTAL EX FOR RIS IS 3.685 MILLION OZ // STANDING ADVANCES TO 68.415 MILLION OZ//
JANUARY: INITIAL STANDING 22.915 MILLION OZ FOLLOWED BY TODAY’S 1.185 MILLION OZ QUEUE JUMP//NORMAL STANDING ADVANCES TO 49.445 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK OF 0.100 MILLLION OZ//NEW STANDING ADVANCES TO 49.545 MILLION OZ
FEB: 13.399 MILLION OZ IS OUR INITIAL STANDING FOR SILVER! TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 0.130 MILLION OZ AND THEN ADD OUR 2 EXCHANGE FOR RISK FOR .185 MILLION OZ STANDING ADVANCES TO 24.490 MILLION OZ!!
THE NEW TAS ISSUANCE FRIDAY NIGHT (2128) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED NO DOUBT WITH FUTURE TRADING!!
WE HAD 29 NOTICE(S) FILED TODAY FOR 145,000 OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL. IT IS NOW TIME FOR THE FBI TO ENTER THE COMEX AND ARREST THESE CROOKS EVEN THOUGH THE MAJORITY OF THE TRADING IS GOVERNMENT. THE BANKERS ARE COMPLICIT. THE SILVER COMEX IS NOW ON A MASSIVE SIEGE LOOKING FOR PHYSICAL SILVER!!
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST FELL BY A FAIR SIZED 1605 OI CONTRACTS DOWN TO 407,078 OI AND FURTHER FROM THE RECORD (SET JAN 24/2020) AT 799,105 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. (ALL TIME LOW OF 390,000 CONTRACTS.) THUS WE ARE NOW CLOSE TO ITS NADIR OI IN COMEX BUT WITH AN EXTREMELY HIGH PRICE OF GOLD. THE SHORT RATS ARE ABANDONING THE SHIP.
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED A HUGE CRIMINAL 1191 CONTRACTS // MEGA HUGE GOVERNMENT REMOVALS//
WE HAD A FAIR SIZED GAIN IN COMEX OI (499 ONTRACTS) . THIS OCCURRED DESPITE OUR HUGE LOSS OF $136.55 IN PRICE// TUESDAY///.
LAST 10 MONTHS OF GOLD DELIVERIES: (MAY THROUGH TO /FEB)
MAY: SUMMARY FOR MAY TONNES WHICH STOOD FOR DELIVERY:
FINAL STANDING FOR MAY: 70.174 TONNES OF GOLD TO WHICH WE ADD 1. MONDAY’S (MAY 19) 6.221 TONNES EXCHANGE FOR RISK , 2. THEN WE ADD: 1.35 TONNES TO LAST WEEK”S. THEN WE ADD 3. 1.55 TONNES TO EQUAL 9.591 TONNES// NEW EXCHANGE FOR RISK = 9.591 TONNES WHICH MUST BE ADDED TO OUR NORMAL DELIVERY SCHEDULE OF 80.644 TONNES. THUS STANDING FOR MAY INCREASES TO 90.235 TONNES OF GOLD
2 JUNE CONTRACT MONTH: 93.085 TONNES OF GOLD (WHICH INCLUDES ALL QUEUE JUMPING AND 0 EX FOR RISK)
3.JULY INITIIAL STANDING FIRST DAY NOTICE: 17.847 TONNES. PLUS TODAY’S 0 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK + 2.195 TONNES EX FOR RISK TODAY = 41.106 TONNES STANDING
4. AUGUST: 60.547 TONNES OF INITIAL GOLD FIRST DAY NOTICE FOLLOWED BY THE NET MONTH’S QUEUE JUMP OF 47.2312 TONNES TO WHICH WE ADD THE FOLLOWING EXCHANGE FOR RISK ISSUANCE RECEIVED FOR THE MONTH: 5.4432 TONNES EX FOR RISK/AUG 7 , AUG 11: 2.413 TONNES EX FOR RISK AND AUG. 12 OF 2.637 TONNES EX FOR RISK//AUG 25: 9.107 TONNES , AUGUST 26: 9.1010 TONNES AND NOW AUGUST 27: 9.0699 TONNES//NEW STANDING ADVANCES TO 107.5117 TONNES OF GOLD NORMAL STANDING (INCLUDES ALL MONTHLY QUEUE JUMPS/EX FOR PHYSICAL TRANSFERS//) +44.696 TONNES EX.FOR RISK = 152.208 TONNES
5.SEPT: INITIAL 8.093 TONNES OF GOLD PLUS TODAY’S QUEUE JUMP OF 0.4883 TONNES PLUS 2.2827 TONNES OF EXCHANGE FOR RISK TODAY//NEW TOTAL EX. FOR RISK/MONTH = 22.923//NEW TOTAL STANDING FOR GOLD SEPT ADVANCES TO = 48.801 TONNES!!
6.OCTOBER: 90.012 TONNES OF INITIAL GOLD STANDING WITH TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS DURING OCT OF 76.1656 TONNES
THEN WE MUST ADD OUR 14.553 TONNES OF OUR ISSUANCE OF EXCHANGE FOR RISK/6 OCCASIONS//NEW TOTAL OF GOLD STANDING ADVANCES TO 197.5141 TONNES OF GOLD.
7.NOVEMBER BEGINS WITH 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY TODAY’S QUEUE JUMP OF 2.323 TONNES FOLLOWED BY ALL PREVIOUS QUEUE JUMPS IN OF OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE OF 4.5596 TONNES//NEW STANDING ADVANCES TO 43.9716 TONNES OF GOLD.
8. DECEMBER BEGINS WITH INITIAL STANDING OF 83.813 TONNES OF GOLD FOLLOWED BY TODAY’S 0.0TONNE QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF: 37.163 TONNES//NEW STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR 4 EXCHANGE FOR RISK FOR DECEMBER OF 6.587 TONNES/NEW STANDING ADVANCES TO 121.977 TONNES
9. JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR QUEUE JUMP OF 0.000 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
FEB; INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 93.567 TONNES OF GOLD TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 0.2954 TONNES TO OTHER OF 40.449 TONNES/ NEW QUEUE JUMP TOTAL:40.7444 TONNES// AND THEN WE ADD OUR FOUR EXCHANGE FOR RISK: 8486 CONTRACTS OR 26.395 TONNES//NEW STANDING ADVANCES TO 152.640 TONNES
E.F.P. ISSUANCE/FOR OPENING FEB. GOLD CONTRACT
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 2104 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 407,078 AND WE NOW WITNESSING A LOWER COMEX OI BUT WITH AN EXTREMELY HIGH PRICE OF GOLD.//NOW ALMOST IMPOSSIBLE TO FLEECE.
SILVER ALSO HAS A SMALL SIZED COMEX OI OF 131,496 CONTRACTS//
IN ESSENCE WE HAVE A FAIR SIZED GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 499 CONTRACTS WITH 1605 CONTRACTS DECREASED AT THE COMEX// AND A FAIR SIZED 2104 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON.
THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 499 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR SIZED BUT CRIMINAL 1531 CONTRACTS AND THESE ISSUANCES ARE GENERALLY USED TO INITIATE A RAID WHEN CALLED UPON
GOLD PRICE ON FRIDAY FELL BY $136.55
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS CONTRACT(2104) ACCOMPANYING THE FAIR SIZED LOSS IN COMEX OI OF 1605 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 499 CONTRACTS..
WE HAVE 1) NOW RETURNED TO OUR NORMAL FORMAT OF BANKER (FRBNY) GOING ON THE SHORT SIDE AND NEWBIE SPECULATORS GOING TO THE LONG SIDE// . ,2.) STRONG INITIAL STANDING FOR GOLD FOR FEBRUARY:
FEB; INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 93.567 TONNES OF GOLD TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 0.2954 TONNES TO ALL OTHER QUEUE JUMP OF 40.4490 TONNES//NEW QUEUE JUMP TOTALS: 40.7444 TONNES// /// TO WHICH WE ADD OUR FOUR EXCHANGE FOR RISK FOR 26.395 TONNES//NEW STANDING ROCKETS TO 152.490 TONNES
FINAL STANDING FOR GOLD, JANUARY CONTRACT AT 59.2108 TONNES OF GOLD
AND NOW FEBRUARY: INITIAL STANDING FOR GOLD: 152.490 TONNES!! WHICH INCLUDES ALL QUEUE JUMPING AND OUR FOUR ISSUANCES EXCHANGE FOR RISK!!
3) SOME T.A.S. LIQUIDATION (AND CONSIDERABLE GOVT LIQUIDATION // YET A HUGE SMALL LOSS OF EQUITY SHARES/FEB 17 AS WE HAD 1)A $136.55 COMEX PRICE LOSS AND WE HAD 2) NEWBIE SPEC SHORTS GOING LONG AGAIN ON A NET BASIS, + EASTERN CENTRAL BANKERS WERE PILING INTO THE LONG SIDE AS WE HAD A SMALL SIZED GAIN OF 499 CONTRACTS ON OUR TWO EXCHANGES AND AS WELL A HUGE AMOUNT OF GOLD WILL STAND FOR DELIVERY IN FEB. (152.640 TONNES). //, CENTRAL BANKERS TENDERED FOR PHYSICAL WITH THEIR PURCHASES OF CONTRACTS../ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED TUESDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL
4)A FAIR SIZED COMEX OI LOSS 5) V) FAIR SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL GOLD (2104) AND A FAIR T.A.S. ISSUANCE (1531) FOR RAID PURPOSES
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF JAN :
TOTAL EFP CONTRACTS ISSUED: 36,165 CONTRACTS OR 3,616,500 OZ OR 112.488 TONNES IN 12 TRADING DAY(S) AND THUS AVERAGING: 3013 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN12 TRADING DAY(S) IN TONNES: 112.488 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2025, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 112.488 TONNES DIVIDED BY 3550 x 100% TONNES = 3.15% OF GLOBAL ANNUAL PRODUCTION
SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_
OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)
NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP
DEC. 175.62 TONNES//FINAL ISSUANCE//
TOTALS: 2,578.08 TONNES/2021
JAN:2023 247.25 TONNES //FINAL
FEB: 196.04 TONNES//FINAL
MARCH/2022: 409.30 TONNES //FINAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.
APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)
MAY: 247.44 TONNES FINAL//
JUNE: 238.13 TONNES FINAL
JULY: 378.43 TONNES FINAL/SECOND HIGHEST ON RECORD
AUGUST: 180.81 TONNES FINAL
SEPT. 193.16 TONNES FINAL
OCT: 177.57 TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)
NOV. 223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)
DEC: 185.59 tonnes // FINAL
TOTAL: 2,847,25 TONNES/2022
JAN 2024: 228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!
FEB: 151.61 TONNES/FINAL
MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)
APRIL: 197.42 TONNES
MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)
JUNE: 172.667 TONNES (WEAKER ISSUANCE THIS MONTH)
JULY: 151.69 TONNES (WEAKER THAN LAST MONTH)
AUGUST: 195.28 TONNES (A STRONGER MONTH)//FINAL
SEPT: 254.709 TONNES (WILL BE LARGER THAN LAST MONTH AND A STRONG MONTH)
OCT. 248.09 TONNES. LIKE SILVER, THIS MONTH IS GOING TO BE A STRONG E.F.P. ISSUANCE.
NOV. 239.16 TONNES//WILL BE STRONG THIS MONTH,
DEC. 213.704 TONNES. A STRONG MONTH//
TOTAL FOR YEAR 2023: 2,569.57 TONNES
2025: AND NOW 2026
JAN. 2025: 257.919 TONNES (ISSUANCE WILL BE PRETTY GOOD THIS MONTH BUT MUCH LOWER THAN LAST MONTH)
FEB: 207.21 TONNES//EX FOR PHYSICAL ISSUANCE (WILL BE A FAIR SIZED ISSUANCE THIS MONTH)
MARCH 130.84 TONNES//QUITE SMALL THIS MONTH.
APRIL; 208.57 TONNES. STRONG THIS MONTH
MAY: 113.499 TONNES OF GOLD EFP ISSUANCE//QUITE SMALL THIS MONTH
JUNE: 97.79 TONNES OF GOLD EFP ISSUANCE/EXTREMELY SMALL
JULY : 150.877 TONNES// QUITE SMALL
AUGUST: 175.86 TONNES A LOT LARGER THIS MONTH.
SEPT. 116.13 TONNES VERY SMALL
OCT. 252.72 TONNES//CERTAINLY MUCH LARGER THIS MONTH/VERY STRONG
NOV: 124.74 TONNES
DEC: 190.04 TONNES//GOOD SIZED THIS MONTH FINAL.
TOTAL EXCHANGE FOR PHYSICAL ISSUED FOR YEAR 2025: 2,026.20 TONNES (LOWER THAN LAST YR 2,569.00 TONNES
JANUARY: 209.08 TONNES ( (WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL)
FEB. 112.488 TONNES (WHICH WILL BE ANOTHER STRONG)
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SPREADERS:
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:
SILVER:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER FELL BY A HUGE SIZED 1684 CONTRACTS OI TO 131,523 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 526 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAR 526 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 1684 CONTRACTS AND ADD TO THE 526 E.FP. ISSUED
WE OBTAIN A HUGE SIZED LOSS OF 1158 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR LOSS OF $4.39
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTALS 5.790 MILLION PAPER OZ
OCCURRED WITH OUR LOSS IN PRICE.OF $4.39
2.ASIAN AFFAIRS FEB 17/2025
SHANGHAI CLOSED
/
Hang Seng CLOSED
// Nikkei CLOSED UP 524.51 PTS OR 1.00%
//Australia’s all ordinaries CLOSED UP 0.60%
//Chinese yuan (ONSHORE) CLOSED UP TO 6.9087
/ OFFSHORE CLOSED UP AT 6.8837 Oil DOWN TO 62.44 dollars per barrel for WTI and BRENT DOWN TO 67.77 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING UP TO 6.9087 OFFSHORE YUAN TRADING UP TO 6.8839 ONSHORE YUAN TRADING BELOW OFF SHORE AND UP ON THE DOLLAR// / AND THUS STRONGER//OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A FAIR SIZED 1605 CONTRACTS DOWN TO 407,078 OI DESPITE OUR HUGE LOSS IN PRICE OF $136.55 WITH RESPECT TO TUESDAY’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 FAIR NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (2104).
WE HAD SOME T.A.S. LIQUIDATION DURING TUESDAY’S RAID. IT SEEMS THAT THE SPECULATORS STARTED AGAIN TO GO LONG THIS WEEK AFTER A BRIEF PERIOD OF GOING NET SHORT. HOWEVER SOME OF THOSE LONG SPECULATORS WERE ANNHILATED DURING THE RAID AND OTHERS WAITED UNTIL THE CONCLUSION OF TRADING AND TENDERED FOR BADLY NEEDED PHYSICAL.
CENTRAL BANKS ALSO TENDERED THEIR NEW LONG CONTRACTS AT THE END OF THE DAY FOR PHYSICAL GOLD. YOU CAN VISUALIZE THIS WITH THE MASSIVE AMOUNT OF GOLD STANDING AT THE COMEX FOR THIS FEBRUARY CONTRACT MONTH!!
YOU WILL NOTICE THAT THE COMEX OI IS NOW BACK TO AN EXTREMELY LOW OI OF AROUND 408,000 TO NOW 407,078 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 499 CONTRACTS (OR 1.57TONNES) DESPITE THE HUGE LOSS IN PRICE, TUESDAY.
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. ALTOGETHER THE TOTAL ISSUANCE THUS FAR FOR FEB NOW TOTALS FOUR.(26.395 TONNES)
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 4 ISSUANCES: 8486 CONTRACTS FOR 848,600 OZ OR 26.395 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 106+ 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 OF 17.656 TONNES WAS ADDED TO OUR DAILY TOTALS!!
FEBRUAY ISSUANCES 4 FOR; 26.395 TONNES SO FAR!!
DETAILS ON OUR NEW FEBRUARY COMEX CONTRACT MONTH//
IN TOTAL WE HAD A SMALL SIZED GAIN ON OUR TWO EXCHANGES OF 499 CONTRACTS DESPITE OUR HUGE LOSS IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN THROUGHOUT OF THE WEEK AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTACKS VERY EARLY IN THE COMEX SESSIONS AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THEIR DAILY ATTACKS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY AND OUR SHORT SPECULATORS FOR THE THOUGHTFULNESS.
LONDON ANNOUNCED EARLY IN THE YEAR (AND SCARCITY CONTINUES TO THIS DAY) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO OTHER CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES. 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 FAIR SIZED T.A.S ISSUANCE CONTRACTS (1531 CONTRACTS).THE CME NOTIFIES US THAT THEY HAVE ISSUED 1531 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 AND THROUGHOUT FEBRUARY TO GO ALONG WITH OUR HUGE NUMBER OF EXCHANGE FOR RISK ISSUED DURING THESE MONTHS INCLUDING FEBRUARY’S 4 EXCHANGE FOR RISK INCLUDING TWO MONSTER 9.3312 TONNE ISSUANCE (FEB 10 AND FEB 12). TOTAL EXCHANGE FOR RISK/FEB EQUALS 26.416 TONNES!! 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 0.2954 TONNES ADDING TO ALL OTHER QUEUE JUMPS OF 40.4490 TONNNES//NEW TOTAL QUEUE JUMP: 40.7444/ STANDING ADVANCES TO 125.950 TONNES TO WHICH WE ADD OUR FOUR EXCHANGE FOR RISK OF 26.395 TONNES/NEW STANDING ROCKETS TO 152.640 TONNES!!
THE FED IS THE OTHER MAJOR SHORT IN GOLD OF AROUND 106+ TONNES OF GOLD OWING TO THE B.I.S. THE OCC ORDERED ALL BANKS TO COVER THEIR GOLD LOSSES FROM OCC BETS. THE 106 TONNES IS SUCH A SMALL FRACTION OF WHAT IS OWED!!! THE FRBNY BORROWED GOLD TO KEEP THE GOLD SUPPRESSION GAME ALIVE!! .. THE FED IS VERY WORRIED ABOUT WHAT IS GOING TO HAPPEN TO GOLD PRICES IF THEY DO NOT BORROW THIS GOLD. A MUCH HIGHER GOLD PRICE BLOWS UP THE DERIVATIVE APPARATUS OF THE BULLION BANKS.
BUT IT WAS IMPOSSIBLE/ THAT THE FED WAS THE BUYER OF 10.006 TONNES OF EXCHANGE FOR RISK/DECEMBER,(LATEST BIS DATA SHOWS AN INCREASE IN GOLD BORROWING BY THE FRBNY// AND IT WAS NOT THE BUYER IN JANUARY OF 22.315 TONNES TOTAL IN JANUARY/6 EXCHANGE FOR RISK ISSUANCES AS WE NOW HAVE THE BIS DATA FOR GOLD SWAPS FOR JANUARY 2025 AND HERE WE FIND THAT THE FED ACTUALLY INCREASED THEIR GOLD SWAP LOANS WITH THE BIS TO THE 106 TONNES WHICH I NOW RECORD FOR YOU.!!THEN MUCH TO OUR ANGER WE RECEIVED NOTICE ON FRIDAY OF OUR 4TH EXCHANGE FOR RISK OF 6.871 TONNES//TOTAL EXCHANGE FOR RISK FEB OF 4 ISSUANCES EQUATES TO 26.395 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 1990 CONTRACTS.
THAT IS A FAIR SIZED 2104 EFP CONTRACT WAS ISSUED: : /APRIL 2104 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 2104 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 :
LITTLE LIQUIDATION OF OUR T.A.S. SPREADERS DURING THE COMEX SESSION + BUT DID HAVE SOME GOVERNMENT LIQUIDATION
HUGE MONTH END SPREADERS LIQUIDATION COMMENCED FEB 17 AS IT BEGINS THEIR OPERATION
T.A.S.SPREADER ISSUANCE//FEBRUARY
AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS USUALLY DURING MID MONTH IN THE DELIVERY CYCLE), BUT NOW ON A DAILY BASIS, THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR TUESDAY NIGHT/WEDNEDAY MORNING WAS A FAIR SIZED 1521 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 TUESDAY’S HUGE LOSS IN PRICE IN GOLD YET WITH A CORRESPONDING SMALL SIZED GAIN OF OI ON OUR TWO EXCHANGES..
.
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 FOUR ISSUANCES FOR A MONSTER 26.395 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 30 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 106+ 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!GENERALLY HAPPENS ONCE EVERY TWO MONTHS
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 WE EXPERIENCED FEB 10 ANDNOW TODAY
GOLD STANDING AT THE COMEX FOR GOLD LAST 13 MONTHS OF 2025
YEAR 2025:
JAN 2025:
113.30 TONNES (WHICH INCLUDES 43.408 TONNES EX FOR RISK)
FEB: 2025:
256.607 TONNES (WHICH INCLUDES 18.4567 TONNES OF EX FOR RISK)
MARCH:
STANDING FOR GOLD : 60.33 TONNES + 7.6179 TONNES EX FOR RISK = 67.9479 TONNES WHICH IS EXTREMELY HIGH FOR A NON DELIVERY MONTH.
APRIL:
FINAL STANDING FOR GOLD: 201.573 TONNES + 8.3571 TONNES EX FOR RISK = 209.953 TONNES
MAY: FINAL STANDING 90.235 TONNES WHICH INCLUDES QUEUE JUMPING AND 9.591 TONNES EX FOR RISK.
JUNE: FINAL STANDING 62.534 TONNES PLUS 0.1493TONNES OF QUEUE JUMP EQUALS 93.085 TONNES
JULY: 17.947 TONNES INITIAL STANDING FIRST DAY NOTICE PLUS TODAY’S 0 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK/PRIOR + 2.195 EX FOR RISK TODAY = = 41.106 TONNES
AUGUST:INITIAL AMOUNT OF GOLD STANDING: 60.547 TONNES TO WHICH WE ADD OUR 7 MONTHLY ISSUANCES OF: EXCHANGE FOR RISK TOTALLING 44.696 TONNES//NEW STANDING ADVANCES AS FOLLOWS:
107.5117 TONNES NORMAL DELIVERIES (INCLUDES ALL QUEUE JUMPS /EXCHANGE FOR PHYSICAL TRANSFERS) +
5.4432 TONNES EXCHANGE FOR RISK/PRIOR/AUGUST 7
2.413 TONNES EXCHANGE FOR RISK AUGUST 11
PLUS 2.637 TONNES EX FOR RISK AUGUST 12
PLUS: 9.107 TONNES EX FOR RISK AUGUST 25
PLUS 9.1010 TONNES EX FOR RISK AUGUST 26!!
PLUS 9.0699 TONNES EX FOR RISK AUGUST 27
PLUS 6.923 TONNES EX. FOR RISK/AUGUST 28
MONTHLY TOTAL 44.696 TONNES EXCHANGE FOR RISK!MONTH OF AUGUST.
EQUALS
152.208 TONNES TONNES OF GOLD.
SEPT:
SEPT: 25.878 TONNES OF GOLD INITIAL GOLD STANDING TO WHICH WE ADD OUR 22.923 TONNES OF EXCHANGE FOR RISK ISSUED 7 TIMES DURING THE MONTH:
TOTAL EX FOR RISK// FOR MONTH = 22.923//NEW TOTALS FOR GOLD STANDING SEPT ADVANCES TO 48.801 TONNES
THIS IS HUGE FOR A GENERALLY WEAK SEPTEMBER DELIVERY MONTH.
OCTOBER: INITIAL AMOUNT OF GOLD STANDING: 90.164 TONNES OF GOLD FOLLOWED BY TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL PREVIOUS QUEUE JUMPS OF 76.1656 TONNES WHICH MUST BE ADDED TO OUR 6 ISSUANCES OF 14.553 TONNES EXCHANGE FOR RISK//TOTAL NEW STANDING FOR GOLD IN THIS ACTIVE OCTOBER DELIVERY MONTH ADVANCES TO 197.5141 TONNNES.
NOVEMBER WHERE INITIAL AMOUNT OF GOLD STANDING IS REGISTERED AT 15.651 TONNES OF GOLD FOLLOWED BY TODAY’S QUEUE JUMP OF 2 TONNES AND FOLLOWED BY ALL OTHER NOV QUEUE JUMPS OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE FOR 4.5596 TONNES.
DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY IN THIS ACTIVE MONTH IS 83.813 TONNES FOLLOWED BY TODAY’S 0.XXXX TONNES QUEUE JUMP. THIS FOLLOWS ALL OTHER QUEUE JUMPING: 37.163 TONNES//NEW STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR FOUR EXCHANGE FOR RISK ISSUANCE OF 6.559 TONNES//NEW STANDING THUS INCREASES TO 121.977 TONNES
JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR QUEUE JUMP OF 0.000 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
FEBRUARY: . FEBRUARY: INITIAL STANDING: 93.566 TONNES TO WHICH WE HAD OUR NEXT QUEUE JUMP OF 0.2954 TONNES WHICH IS ADDED TO ALL OTHER QUEUE JUMPS OF 40.4490 TO TONNES QUEUE JUMP//TOTAL QUEUE JUMP FOR FEB:: 40.7444 TONNES///STANDING ADVANCES TO 126.245 TONNES TO WHICH WE ADD OUR FOUR EXCHANGE FOR RISK OF 26.395 TONNES/NEW STANDING ROCKETS TO TO 152.640 TONNES
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 48 MONTHS 2021-2024
DEC 2021: 112.217 TONNES
NOV. 8.074 TONNES
OCT. 57.707 TONNES
SEPT: 11.9160 TONNES
AUGUST: 80.489 TONNES
JULY 7.2814 TONNES
JUNE: 72.289 TONNES
MAY 5.77 TONNES
APRIL 95.331 TONNES
MARCH 30.205 TONNES
FEB ’21. 113.424 TONNES
JAN ’21: 6.500 TONNES.
TOTAL YEAR 2021 (JAN- DEC): 601.213 TONNES
YEAR 2022: STANDING FOR GOLD/COMEX
JANUARY 2022 17.79 TONNES
FEB 2022: 59.023 TONNES
MARCH: 36.678 TONNES
APRIL: 85.340 TONNES FINAL.
MAY: 20.11 TONNES FINAL
JUNE: 74.933 TONNES FINAL
JULY 29.987 TONNES FINAL
AUGUST:104.979 TONNES//FINAL
SEPT. 38.1158 TONNES
OCT: 77.390 TONNES/ FINAL
NOV 27.110 TONNES/FINAL
Dec. 64.000 tonnes
(TOTAL YEAR 656.076 TONNES)
2023:STANDING FOR GOLD/COMEX
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024/STANDING FOR GOLD/COMEX
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
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COMEX GOLD TRADING BEGINNING FEBRUARY,. CONTRACT;
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY A HUGE $136.55 )
WE HAD SOME T.A.S. SPREADER LIQUIDATION TUESDAY // 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 TUESDAY NIGHT WHICH ALSO EXPLAINS THE HUGE NUMBER OF TONNES OF GOLD STANDING FOR FEBRUARY. THE COMEX IS ONE BIG MESS!!
TUESDAY NIGHT//WEDNESDAY 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 TUESDAY EVENING/WEDNESDAY 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 0.2954 TONNES TO WHICH WE ADD TO ALL OTHER QUEUE JUMPS OF 40.4490 / NEW QUEUE JUMP TOTALS: 40.7444 TONNES//STANDING ADVANCES TO: 126.245 TONNES TO WHICH WE ADD OUR FOUR EXCHANGE FOR RISK OF 8486 CONTRACTS FOR 848,600 OZ OR 26.395 TONNES/NEW STANDING 152.640 TONNES
ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $136.55
WE HAD A HUGE 1191 CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE .(AND I BELIEVE A RECORD REMOVAL PRELIMINARY TO FINAL
NET GAIN ON THE TWO EXCHANGES : 499 CONTRACTS OR 49,900 OZ OR 1.55 TONNES
i) Out of Brinks: 80,016.372 oz ii) Out of Loomis: 32,151.000 oz (1000 kilobars) iii) Out of Manfra: 6005.611 oz
total withdrawal: 118,172.983 oz or 3.68 tonnes
Deposit to the Dealer Inventory in oz
0
Deposits to the Customer Inventory, in oz
DEPOSITS/CUSTOMER
1 entry
i) Into Delaware: 4258.698 oz
total deposit: 4258.695 oz
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No of oz served (contracts) today
96 notice(s) 9600 OZ
0.2986 TONNES TONNES OF GOLD
No of oz to be served (notices)
4400 contracts 440,000 OZ 13.685 TONNES
Total monthly oz gold served (contracts) so far this month
36,188 notices 3,618,800 oz 112.559 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
1 ENTRY
i) Into Delaware: 4258.698 oz
total deposit: 4258.695 oz
customer withdrawals:
customer withdrawals:
3 ENTRIES
i) Out of Brinks: 80,016.372 oz
ii) Out of Loomis: 32,151.000 oz
(1000 kilobars)
iii) Out of Manfra: 6005.611 oz
total withdrawal: 118,172.983 oz or 3.68 tonnes
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 23,316.313 oz
ii) HSBC 100.507 oz
iii) Malca: 482.265 oz
iv) Manfra: 20,640.942 oz
total adjusted out of dealer (reg) to customer (elig) = 44,540.027 oz
or 1.385 tonnes
leaving registered acct and landing in eligible accts.
total adjusted out of the dealer (reg) to customer (elig) acct: 298,250.420 oz
they are draining the comex of gold
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chaos inside the comex
AMOUNT OF GOLD STANDING FOR FEBRUARY
THE FRONT MONTH OF FEBRUARY STANDS AT 4496 CONTRACTS FOR A LOSS OF 147 CONTRACTS.
WE HAD 242 CONTRACTS SERVED ON TUESDAY, SO WE GAINED A STRONG 95 CONTRACT–
QUEUE JUMP FOR 9500 OZ OR 0.2954 TONNES
MARCH SAW A GAIN OF 93 CONTRACTS UP TO 5103 CONTRACT OI AS MARCH BECOMES THE NEW FRONT MONTH FOR GOLD AND EXPECT TO HAVE A HUGE STANDING OF AROUND 15+ TONNES FO GOLD. MARCH IS AN OFF MONTH FOR GOLD. FIFTEEN TONNES IS ABNORMALLY HIGH FOR MARCH!!
APRIL IS THE NEXT LARGEST DELIVERY MONTH AND IT LOST 2154 CONTRACTS DOWN TO 279,148 CONTRACTS
We had 96 contracts filed for today representing 9600 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 88 notices issued from their client or customer account. The total of all issuance by all participants equate to 96 contract(s) of which 7 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 (36,188) to which we add the difference between the open interest for the front month of FEB (4496 CONTRACTS) minus the number of notices served upon today (96 x 100 oz per contract) equals 4,058,800 OZ OR (126.245 Tonnes of gold) to which we add February’s 4 exchange for risk of 8486 contracts or 848600 oz or 26.395 tonnes//new total gold standing in Feb skyrockets to 152.640 tonnes.
thus the INITIAL standings for gold for the FEB contract month: No of notices filed so far (36,188 x 100 oz +we add the difference for front month of FEB (4496 OI} minus the number of notices served upon today (96 x 100 oz) which equals 4,058,800 OR 125.950 TONNES// to which we add our FOUR exchange for risk//848,600 oz or 26.395 tonnes//new standing rockets to 152.640 tonnes!!!
new total of gold standing in FEB is 152.640 TONNES//
TOTAL COMEX GOLD STANDING FOR FEB 152.640 TONNES TONNES WHICH IS HUGE FOR THIS NORMALLY VERY NON ACTIVE ACTIVE DELIVERY MONTH OF FEBRUARY.
confirmed volume TUESDAY confirmed 145,433 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: 1,746,165.988 oz 54.31 tonnes pledged gold lowers
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 34,208,888.016 oz (draining huge of gold)
TOTAL REGISTERED GOLD 17,233,734.618. or 536.04 Tonnes
TOTAL OF ALL ELIGIBLE GOLD 16,975,153.398 oz//eligible gold leaving hand over fist
REGISTERED GOLD THAT CAN BE SERVED UPON 15,487569 oz ((REG GOLD- PLEDGED GOLD)=
481.73 Tonnes // (declining rapidly)
total inventories in gold declining rapidly
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SILVER/COMEX
THE FEB 2026 SILVER CONTRACTS
FEB 17 2026
INITIAL/
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
3 entries
i) out of CNT 912,481.262 oz’ ii) Out of HSBC 305,487.680 oz iii) Out of JPMorgan 1943,813.000 oz
total withdrawal: 3,161,781.942 oz
the comex is being drained of silver
Deposits to the Dealer Inventory
0 ENTRY
0 entries
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Deposits to the Customer Inventory
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
0 ENTRIES
No of oz served today (contracts)
29 CONTRACT(S) ( 145,000 OZ
No of oz to be served (notices)
237 Contracts (1.185 MILLION oz)
Total monthly oz silver served (contracts)
4624 contracts 23.120 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 912,481.262 oz’ ii) Out of HSBC 305,487.680 oz iii) Out of JPMorgan 1943,813.000 oz
total withdrawal: 3,161,781.942 oz
the comex is being drained of silver
the comex is being drained of silver
adjustments: / / 10 wow!! all dealer (reg) to elig (customer acct)
i) Asahi 586,856.400 oz
ii) Brinks: 344,717.660 oz
iii0 CNT 06,404.809 oz
iv) Delaware 14,918.810
v) HSBC 60,114.110 oz
vi)JPMorgan 24,904.770 ooz
vii) Loomis: 540,734.240 oz
viii) Malca: 275,872.200
ix) Manfra 145,802.259 oz
x) Stonex: 1,308,822.140
total adjusted out of dealer into customer: 3,363,147.398 oz
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TOTAL REGISTERED SILVER: 88.791MILLION OZ//.TOTAL REG + ELIGIBLE. 368.811 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: 266 OPEN INTEREST CONTRACTS FOR A GAIN OF 26 CONTRACTS.
WE HAD 0 NOTICES FILED ON TUESDAY SO WE GAINED 26 CONTRACTS OR WE HAD A STRONG QUEUE JUMP
OF 130,000 OZ.
MARCH LOST ONLY 1521 CONTRACTS DOWN TO 57,063. THIS BECOMES THE FRONT MONTH FOR SILVER DELIVERY AND WE SHOULD HAVE A DANDY OF A MARCH DELIVERY MONTH!!! WE HAVE 7 MORE READING DAYS BEFORE FIRST DAY NOTICE FEB 27. THE ROLLOVERS TO FUTURE MONTHS HAVE BEEN ON THE LOW SIDE AS IT SEEMS MANY WILL STAND FOR DELIVERY AND MAY EVEN BREAK THE BANK!!
APRIL GAINED 36 CONTRACTS TO AN OI 638 CONTRACTS.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 29 or 145,000 oz
CONFIRMED volume; ON TUESDAY 109,347 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 4624 X5,000 oz = 23.120 MILLION oz
to which we add the difference between the open interest for the front month of FEBRUARY (266) AND the number of notices served upon today (29)x (5000 oz)
Thus the standings for silver for the FEBRUARY 2026 contract month: (4624)Notices served so far) x 5000 oz + OI for the front month of FEB(266) minus number of notices served upon today (29 )x 5000 oz equals silver standing for the FEB..contract month equating to 24.350 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 24.490 MILLION OZ
NEW STANDING: 24.490 MILLION OZ WHICH IS HUGE FOR A GENERALLY SMALL DELIVERY MONTH OF FEBRUARY.
New total standing: 24.490 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 88.791 million oz of registered silver
JPMorgan as a percentage of total silver: 155.854/368.811.million: 42.33%
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 18/2026/WITH GOLD UP $102.60 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 1.43 TONNES OF GOLD OUT OF THE GLD/ /// ///INVENTORY RESTS AT 1075.61 TONNES
FEB 17/2026/WITH GOLD DOWN $136.55 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 0.86 TONNES OF GOLD INTO THE GLD/ /// ///INVENTORY RESTS AT 1077..04 TONNES
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: 1075.61 TONNES, TONIGHTS TOTAL
SILVER
FEB 17 WITH SILVER UP $4.02 HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A MASSIVE AND FRAUDULENT WITHDRAWAL OF 11.325 MILLION OZ OUT OF THE SLV. ./ :INVENTORY RESTS AT 508.686 MILLION OZ
FEB 17 WITH SILVER DOWN $4.39 HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A WITHDRAWAL OF 4.253 MILLION OZ OUT OF THE SLV. ./ :INVENTORY RESTS AT 515.753 MILLION OZ
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 508.686 MILLION OZ OF SILVER…
PHYSICAL GOLD/SILVER
WALL STREET REPORT: SIMPLY WALL STREET
TOPIC THE NO ONE MINING COMPANY IN THE WORLD, AGNICO EAGLE;
Agnico Eagle Mines Pairs Record Results With Dividend Hike And Growth Plans
Simply Wall St
Mon, February 16, 2026 at 11:33 p.m. EST 3 min readIn this article:
Agnico Eagle Mines comes into this announcement with a share price of $216.59 and very strong multi year returns, including 27.1% year to date and 128.9% over the past year. Over three years, the stock is up by a very large amount, and the five year gain also sits well into triple digit territory. For investors watching gold producers, NYSE:AEM has clearly had a powerful run into these record 2025 results.
What stands out now is how the company is pairing record earnings with higher shareholder payouts, lower debt and a clear appetite for growth projects and acquisitions. For you as an investor, the key questions are how sustainable this mix of dividends, exploration spending and potential deals could be, and how it might influence the risk and return profile of NYSE:AEM over the coming decade.
Stay updated on the most important news stories for Agnico Eagle Mines by adding it to your watchlist or portfolio. Alternatively, explore our Community to discover new perspectives on Agnico Eagle Mines.
⚖️ Price vs Analyst Target: At US$216.59, the share price is about 8.7% below the US$237.31 analyst target, suggesting it is close to consensus expectations.
✅ Simply Wall St Valuation: Shares are reported as trading 26.8% below estimated fair value, which points to an undervalued status on this model.
✅ Recent Momentum: The 30 day return of 9.7% shows positive recent momentum into these record results and guidance.
📊 Record earnings, a higher dividend and long term growth plans together make this update central to the investment case for NYSE:AEM.
📊 It may be useful to monitor how dividend payments, exploration spend and any acquisitions compare with cash generation and debt levels over the next few years.
⚠️ One flagged risk is recent insider selling, which some investors may want to weigh alongside the strong rewards profile.
S
END
BIX WEIR..SILVER IMPORTS INTO INDIA
SILVER ALERT! India Silver Imports EXPLODE HIGHER as Price Silver Raced Past $100/oz! (Bix Weir)
India NEVER buys Silver when prices rise….EXCEPT NOW!!
The new January Import numbers from India shows a MASSIVE JUMP to 20Moz+ when the price was RISING to $120/oz!
There are clues that we may see over 100M ounces imported in February due to the artificial price slam!
HANG ON TIGHT FOR THE END GAME!
SILVER ALERT! India Silver Imports EXPLODE HIGHER as Price Silver Raced Past $100/oz! (Bix Weir)
In this month’s Ask the Expert, Craig Hemke is joined by long-time silver analyst David Morgan to break down the violent pullback in silver, the ongoing battle between physical demand and paper markets, and what could come next for precious metals in 2026. Watch now!
Contributor posts published on Zero Hedge do not necessarily represent the views and opinions of Zero Hedge, and are not selected, edited or screened by Zero Hedge editors.
END
NORTHERN DYNASTY:
Trump DOJ Blocks Largest Copper, Gold, And Silver Extraction Site In The US Over Salmon, Sending Stock Tumbling
Wednesday, Feb 18, 2026 – 01:35 PM
In a move that has sent shockwaves through the mining industry, the Trump administration has blocked what would have been the largest copper, gold, silver, and molybdenum extraction site in the United States, after the DOJ filed a 143-page brief late Tuesday defending the Biden Environmental Protection Agency’s (EPA) 2023 veto of the controversial Pebble Mine project in Alaska’s Bristol Bay region.
If built, the Pebble mine would produce 6.4 billion lb. of copper, 7.4 million oz of gold, and 300 lb. of molybdenum – along with 37 million ounces of silver and 200,000 kg of rhenium over 20 years, according to a 2023 economic study cited by mining.com.
The DOJ argues that the EPA correctly found that discharges from the mining operation would cause unacceptable adverse affects on salmon fisheries.
“This precedent will be used by future Democratic administrations to reverse all of the progress this administration has made with its pro-energy, pro-mining, pro-development agenda,” said Northern Dynasty president and CEO Ron Thiessen, calling the move “surprising.”
As a result, the stock (NAK) is down as much as 45% in Wednesday trade.
History:
2001: Northern Dynasty Minerals Ltd. acquires mining claims for the Pebble deposit, a large low-grade copper-gold-molybdenum ore body in the Bristol Bay watershed. PLP (Pebble Limited Partnership), a subsidiary, begins data collection for large-scale mining.
2010: The Obama EPA announces that it would be conducting a scientific assessment under the Clean Water Act to evaluate large-scale mining impacts on Bristol Bay’s water quality and salmon resources.
2014: BLOCKED! The EPA issues a Proposed Determination under Section 404(c) to restrict discharges in Pebble area waters due to risks to salmon habitat.
2017: during the first Trump administration, the EPA reversed course – proposing a withdrawal of the 2014 determination, which was finalized in 2019 (the withdrawal).
2022: The Biden EPA hits back, reversing the reversal – essentially putting the project on ice again.
January 2023: The Biden EPA issues a final veto determination to kill the project.
July 2023: Alaska files a motion with the US Supreme Court to challenge the Biden EPA.
March 2024: Northern Dynasty files a separate complaint challenging the EPA.
June 2024: Iliamna Natives Ltd. et al. (Alaska Native Corporations) file a complaint challenging the EPA.
November 12, 2024: US District Court for Alaska consolidates the three cases
February 17, 2026: Trump DOJ files opposition brief defending the Biden EPA’s final determination.
The longer version:
The story starts in 2001, when Vancouver-based Northern Dynasty Minerals Ltd. acquired mining claims for the Pebble deposit, a massive low-grade ore body estimated to hold billions of pounds of critical metals essential for green energy transitions and national security. Early exploration revealed its potential to become North America’s largest mine, but its location in the headwaters of Bristol Bay – home to diverse salmon populations and vital aquatic habitats – quickly raised red flags.
By 2010, the EPA launched a scientific assessment under Clean Water Act (CWA) Sections 104(a)-(b) to evaluate the risks of large-scale mining on the region’s water quality and fisheries, setting the stage for over a decade of scrutiny.
The environmental concerns crystallized in January 2014 with the release of the Bristol Bay Watershed Assessment (BBA), a comprehensive study highlighting potential negative impacts from mining discharges, including habitat loss for salmon. This led to a July 2014 Proposed Determination under CWA Section 404(c) to restrict waste disposal in the area. However, pushback was swift: In November 2014, a U.S. District Court in Alaska issued a preliminary injunction halting the process amid lawsuits from Pebble Limited Partnership (PLP).
In 2017, Trump’s first term ushered in what investors in NAK thought was going to be a slam dunk. By July 2017, the EPA proposed withdrawing its 2014 determination – which was finalized in August 2019, clearing a path forward.
Progress accelerated in 2020. PLP revised its “2020 Mine Plan” in June, outlining a 20-year operation to extract 1.3 billion tons of ore, but acknowledging significant environmental costs: the loss of 8.5 miles of salmon-bearing streams, 91 miles of supporting streams, and over 2,000 acres of wetlands.
The Corps’ Final EIS in July detailed these impacts, yet the permit was denied inNovember 2020 for failing to comply with 404(b)(1) Guidelines and public interest standards. PLP appealed in January 2021.
Ping Pong Intensifies
The tide turned again in October 2021, when a court vacated the Trump EPA’s 2019 withdrawal, reviving the veto process. By January 2022, the Biden EPA announced a new 404(c) review,leading to a January 2023Final Determination: a prohibition on discharges at the mine site in the South Fork Koktuli (SFK) and North Fork Koktuli (NFK) watersheds, and restrictions elsewhere in SFK, NFK, and Upper Talarik Creek (UTC) to protect salmon fishery areas.
Litigation intensified post-veto. Alaska sought Supreme Court intervention in July 2023 (denied January 2024), while Northern Dynasty filed its challenge inMarch 2024 (Case No. 3:24-cv-00059). The State of Alaska followed in April 2024 (No. 3:24-cv-00084), and Iliamna Natives Ltd. et al. in June 2024 (No. 3:24-cv-00132). The Corps denied PLP’s permit without prejudice on April 15, 2024, citing the EPA’s action. The EPA lodged its administrative record in August 2024, and the cases were consolidated on November 12, 2024.
Plaintiffs submitted summary judgment briefs on October 3, 2025, leading to the DOJ’s recent filing backing the Biden EPA and sticking a fork in the eye of NAK longs.
3. CHRIS POWELL AND HIS GATA DISPATCHES:
4. ALASDAIR MACLEOD//LIVE FROM THE VAULT 259
4.LIVE FROM THE VAULT YOU TUBE: 259 AND 258
5. COMMODITY REPORT/URANIUM
Big Tech Turns To Uranium As Data Center Power Demand Soars
Wednesday, Feb 18, 2026 – 11:45 AM
Big Tech is considering supporting new uranium mining projects as companies need additional reliable power capacity for their huge data center expansion, according to the top executive of Canadian uranium miner NexGen Energy.
“It’s coming. You’ve seen it with automakers. These tech companies, they’re under an obligation to ensure the hundreds of billions that they are investing in the data centres are going to be powered,” NexGen Energy’s CEO Leigh Curyer said at a Melbourne Mining Club luncheon on Wednesday, as carried by Reuters.
As OilPrice reports, NexGen Energy, which is developing Canada’s largest uranium project, Rook I in Saskatchewan, has held early talks with technology companies over potential financing from data center developers, Curyer said.
The uranium developer has also discussed long-term uranium supply with data center firms.
Yet, potential funding or supply deals will not involve any changes to the control of NexGen Energy, the chief executive told Reuters.
Global electricity demand increased by 3% annually in 2025, following growth of 4.4% in 2024, the International Energy Agency (IEA) said in its recent Electricity 2026 report.
Between 2026 and 2030, the annual average growth rate would be 3.6%, driven by higher consumption from industry, electric vehicles (EVs), air conditioning, and data centers, according to the agency.
Artificial intelligence, data centers, and advanced manufacturing support the return to growth in power demand in advanced economies, the IEA said.
U.S. electricity demand rose by 2.1% in 2025 and is expected to grow by nearly 2% annually through 2030. The rapid expansion of data centers will drive half of the increase, the agency noted.
The U.S. is backing nuclear power generation to help meet rising electricity demand.
Nuclear energy will be one of the winners of the U.S. AI and data center boom, as Microsoft and other hyperscalers have been looking to purchase zero-carbon electricity to power up their data centers, which are consuming growing amounts of electricity.
SILVER
2.ASIAN AFFAIRS FEB 18/2026
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS WEDNESDAY MORNING.7:30 AM
SHANGHAI CLOSED
//Hang Seng CLOSED
// Nikkei CLOSED UP 564.51 PTS OR 1.00%
//Australia’s all ordinaries CLOSED UP 0.60%
//Chinese yuan (ONSHORE) CLOSED UP TO 6.9087
/ OFFSHORE CLOSED UP AT 6.8839 Oil DOWN TO 62.44 dollars per barrel for WTI and BRENT DOWN TO 67.77 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING UP TO 6.9087 OFFSHORE YUAN TRADING UP TO 6.8837 ONSHORE YUAN TRADING BELOW OFF SHORE AND UP ON THE DOLLAR// / AND THUS STRONGER//OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS WEDNESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP 6.9087
OFFSHORE YUAN: UP TO 6.8839
HANG SENG CLOSED
2. Nikkei closed UP 524.51 PTS OR 1.00%
WEST TEXAS INTERMEDIATE OIL DOWN 62.44
BRENT; 67.77
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX UP TO 97.16 /// EURO FALLS TO 1.1837 DOWN 13 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +2.144/ UP 1 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 153.73… 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: 3.379 DOWN 1 FULL BASIS PTS. AND STILL VERY TROUBLESOME
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen UP CHINESE ONSHORE YUAN: XXX OFFSHORE: UP
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil DOWN for WTI and BRENT DOWN this morning
3h European bond buying continues to push yields HIGHER on all fronts in the EMU. German 10yr bund YIELD UP TO +2.7414 Italian 10 Yr bond yield UP to 3.353 SPAIN 10 YR BOND YIELD UP TO 3.1670
3i Greek 10 year bond yield UP TO 3.358
3j Gold at $4920.25 Silver at: 75.98 1 am est) SILVER NEXT RESISTANCE LEVEL AT $100.00
3k USA vs Russian rouble;// Russian rouble UP 0 AND 12/100 roubles/dollar; ROUBLE AT 76.22
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 153.73 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 2.144% UP 1 BASIS PTS STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING//YEN BOND TRADING OVERSEAS REPATRIATED.//JAPAN 30 YR: 3.379 DOWN 1 BASIS PTS.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.7715 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9130 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: 4.071 UP 2 BASIS PTS…
USA 30 YR BOND YIELD: 4.696 UP 1 BASIS PTS/
USA 2 YR BOND YIELD: 3.447 UP 2 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 43.75 UP 1 BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.3680 DOWN 1 PTS
30 YR UK BOND YIELD: 5.165 DOWN 2 BASIS PTS
10 YR CANADA BOND YIELD: 3.227 DOWN 2 BASIS PTS
5 YR CANADA BOND YIELD: 2.766 DOWN 2 BASIS PTS.
1a New York Opening report
1b. European opening report
Axios reports that the Trump admin are edging closer to a war with Iran than people realise; US equity futures are in the green – Newsquawk US Opening News
Wednesday, Feb 18, 2026 – 06:15 AM
The Trump administration is closer to a major war with Iran than people realise, Axios reports citing sources; a military operation would likely be a massive, weeks long campaign that will be a joint US-Israeli attack.
European equities entirely in the green, with IBEX leading the way; US equity futures continue to extend Tuesday’s gains.
DXY firmer, Kiwi hit post-RBNZ while Cable holds afloat following UK inflation.
Gilts choppy post-CPI; USTs slightly lower ahead of FOMC minutes.
WTI and Brent nurse prior day losses as Ukraine talks conclude; Metals rebound.
Looking ahead, highlights include US Durable Goods, Industrial Production (Jan), Housing Starts (Nov/Dec), Atlanta Fed GDP, FOMC Minutes (Jan). Speakers include ECB’s Schnabel & Fed’s Bowman. Supply from the US. Earnings from Analog, Carvana, DoorDash, Booking Holdings, Moody’s, Garmin & Orange.
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
EUROPEAN TRADE
EQUITIES
European bourses (STOXX 600 +0.7%) are trading entirely in the green, with the IBEX (+1.1%) leading gains, closely followed by the FTSE MIB (+0.9%) and the FTSE 100 (+0.7%).
European sectors are broadly in the green, with Basic Resources (+1.9%) and Banks (+1.5%) leading the way while Chemicals (-1.1%) lags. A rebound in metals prices and positive Glencore (+3.3%) earnings are helping lift the Basic Resources sector, while the Board of Monte dei Paschi approved a plan to fully integrate Mediobanca and delist the bank while preserving the brand.
US equity futures (ES +0.5%, NQ +0.6%, RTY +0.4%) are entirely in the green, continuing to reverse the losses seen early in Tuesday’s trading session.
Glencore (GLEN LN) FY (USD): Revenue 247.5bln (exp. 233.9bln); Adj. EBITDA 13.51bln (exp. 13.22bln), Adj. EBIT 5.98bln (exp. 5.72bln), is to return USD 2bln to shareholders.
Nvidia Corp (NVDA) announces multiyear strategic partnership with Meta (META); collaborating on deploying Nvidia Vera CPUs, with potential for large-scale deployment in 2027; Meta builds AI infrastructure with Nvidia.
G10s are mostly lower across the board; GBP remains afloat following above-expected Core and Services metrics, whilst the NZD is the clear laggard in the aftermath of the RBNZ’s decision to keep rates steady (as expected), but held a dovish skew.
DXY is mildly firmer this morning, and currently trades at the upper end of a 97.11-97.32 range, holding just above its 21 DMA at 92.20. Further upside could see a test of the prior day’s high at 97.54. Really not much driving things for the index this morning, but could face some volatility on a) geopols, b) US data, c) FOMC Minutes.
GBP remains resilient vs the USD strength this morning, following the region’s inflation report, with particular focus on the hotter-than-expected Services and Core metrics. In more detail, the headline printed in line with the market consensus at 3.0% Y/Y, and as such, slightly hotter than the BoE’s 2.9% forecast for the period. The headline was also accompanied by a hotter-than-expected core and services figure. M/M metrics were broadly as expected, unwinding the December base effects. Taking a look at food inflation, it fell to 3.6% (prev. 4.5%); ING suggests that hawks can become “a little more relaxed about the upside risks to inflation”. ING sticks with its call for a March cut and then another by June. Market pricing shifted a little dovishly, with the probability of a March cut now seen at 95% vs 84% pre-release. Cable initially knee-jerked lower, and then immediately reversed that move to print a session peak at 1.3577; the upside then gradually petered out, to now trade within a 1.3549-1.3577 range.
NZD is the clear underperformer this morning, following the RBNZ’s decision to keep rates steady (as expected), though the accompanying commentary held a dovish skew. In brief, the Bank stated that the committee will continue to assess incoming data carefully and if the economy evolves as expected, monetary policy is likely to remain accommodative for some time. Furthermore, it stated that inflation is most likely returning to within the committee’s 1–3% target band in the current quarter and that, conditional on the central economic outlook, the OCR is projected to remain around its current level in the near term before increasing from late 2026. NZD/USD currently trades around the 0.60 mark (coincides with its 21 DMA), within a 0.5989-0.6053 range.
FIXED INCOME
A bearish start for fixed income, though only modestly with USTs lower by a handful of ticks in a narrow 112-30+ to 113-05+ band. US specifics thus far are a little light as we continue to digest the better-than-expected data on Tuesday and Fed speak that was a little hawkish from voter Barr, weighing on the complex. More insight will be derived from the FOMC Minutes this evening, which follows a 20yr auction and Fed’s Bowman.
The main focus point this morning is Gilts, though the benchmark is little changed as things stand. Opened lower by 17 ticks and then fell one more to a 92.03 trough in reaction to the morning’s CPI data, while the headline Y/Y was in-line with market consensus, it was hotter than the BoE’s view; additionally, core and services figures came in hotter than the market forecast. However, the net takeaway from the release is that it doesn’t definitely solve the March vs April debate, with the decision in March looking like another 5-4 with Bailey to tie-break.
Bunds are little moved in a 129.15-39 band, no move to the morning’s Final French CPI series. The main point of focus for the EZ is reporting in the FT, among others, that ECB President Lagarde could step down before her term ends in October 2027. The FT outlines, citing sources, that this would ensure both French President Macron and German Chancellor Merz are in power and have a significant say in appointing a successor. No move to a tepid 2036 Bund auction.
Kenya reportedly intends to issue additional USD denominated noted, potentially in multiple series, Bloomberg reported.
Australia sold AUD 1.2bln 4.25% October 2035 bonds, b/c 3.90, avg. yield 4.7439%.
COMMODITIES
Crude prices are nursing prior day losses following yesterday’s geopolitical development between the US and Iran, which ended on a more positive note, though caution remains. Thus far, officials suggest that talks were substantive and some issues were clarified, but highlighted that talks were difficult. Thereafter, the crude complex notched session highs following an Axios report, which suggested that the Trump administration is closer to a major war with Iran than people realise. Brent Apr’26 moved higher from USD 67.74/bbl to a high of USD 68.08/bbl over six minutes.
In the metal space, spot gold and silver made gradual strides higher during the APAC session. XAU trades above the USD 4,900/oz within a USD 4869.95-4961.4/oz range, whilst XAG trades just above USD 75/oz within the 72.2305-57.783 range. Newsflow has been light for precious metals thus far in the European session.
Copper prices are also rebounding, nursing prior day losses and in tandem with the improving risk tone. 3LME copper trades in the upper end range of USD 12.649-12.731.2k/t. Reminder that China, the largest market for copper, remains closed due to the Chinese new year’s.
Hungary seeks EU approval to import Russian seaborne crude, says the Hungarian Minister of Foreign Affairs and Trade.
Slovakia has declared an oil emergency and will release oil from its state reserves.
US Energy Secretary Wright said they are looking to end Iran’s progress towards nuclear weapons and want IEA nations to focus on energy security.
Study shows that US has enough raw copper to meet domestic demand and can meet 146% of annual demand using raw copper from overseas and domestic mines and from scrap, while China 40% of its demand, according to Benchmark Mineral Intelligence cited by FT.
TRADE/TARIFFS
Japanese PM Takeichi confirms to have agreed with the US on the first set of investment projects.
UK Inflation Rate MoM (Jan) M/M -0.5% vs. Exp. -0.5% (Prev. 0.4%, Low. -0.6%, High. -0.4%).
UK Inflation Rate YoY (Jan) Y/Y 3.0% vs. Exp. 3.0% (Prev. 3.4%, Low. 2.9%, High. 3.5%).
UK Core Inflation Rate MoM (Jan) M/M -0.6% vs. Exp. -0.7% (Prev. 0.3%, Low. -0.8%, High. -0.6%).
UK Core Inflation Rate YoY (Jan) Y/Y 3.1% vs. Exp. 3.1% (Prev. 3.2%, Low. 2.9%, High. 3.3%).
UK PPI Output MoM (Jan) M/M 0% vs. Exp. 0.2% (Prev. 0%).
UK PPI Core Output MoM (Jan) M/M 0.2% (Prev. -0.2%, Rev. From -0.1%).
UK PPI Input YoY (Jan) Y/Y -0.2% (Prev. 0.5%, Rev. From 0.8%).
UK PPI Input MoM (Jan) M/M 0.4% vs. Exp. 0.4% (Prev. -0.5%, Rev. From -0.2%).
UK PPI Output YoY (Jan) Y/Y 2.5% (Prev. 3.1%, Rev. From 3.4%).
UK PPI Core Output YoY (Jan) Y/Y 2.9% (Prev. 3.1%, Rev. From 3.2%).
UK Retail Price Index MoM (Jan) M/M -0.5% vs. Exp. -0.4% (Prev. 0.7%, Low. -0.6%, High. -0.2%).
UK Retail Price Index YoY (Jan) Y/Y 3.8% vs. Exp. 3.9% (Prev. 4.2%, Low. 3.7%, High. 4.1%).
French Inflation Rate YoY Final (Jan) Y/Y 0.3% vs. Exp. 0.3% (Prev. 0.8%).
French Inflation Rate MoM Final (Jan) M/M -0.4% vs. Exp. -0.3% (Prev. 0.1%).
NOTABLE EUROPEAN HEADLINES
UK Chancellor Reeves reiterates that the UK will take defense spend past 2.6% in future budgets.
CENTRAL BANKS
RBNZ keeps the OCR at 2.25%, as expected, while it stated that the committee will continue to assess incoming data carefully. If the economy evolves as expected, monetary policy is likely to remain accommodative for some time. Committee is confident that inflation will fall to the 2% midpoint over the next 12 months due to spare capacity in the economy, modest wage growth, and core inflation within the target band. Inflation is most likely returning to within the committee’s 1–3% target band in the current quarter.
RBNZ Governor Breman said OCR trajectory is aligned with the anticipated evolution of the economy, adds OCR track indicates there is a possibility of a hike towards the end of the year but noted Q4 hike is not fully priced in to the OCR track.
RBNZ Governor Breman said forward path reflects stronger economic outlook.
Fed’s Daly (2027 voter) said models show productivity gains are lifting the neutral rates, labour market shows less churn and dynamism, adds impact on neutral rate is unlikely in the near term and growth is solid, but firms cite uncertain demand.
ECB’s Villeroy said the ECB has won the battle against inflation, domestic French inflation is undershooting on temporary factors but it is not too low.
ECB President Lagarde is expected to leave the ECB, before her eight-year term ends in October 2027, according to FT citing a person familiar with her thinking. However, ECB said that Lagarde remains committed to her role and has not made a decision on her departure.
GEOPOLITICS
RUSSIA-UKRAINE
Ukraine’s President Zelensky tells reporters that they’ve agreed to continue peace discussions, adds that talks were difficult and positions are different for now.
Head of Ukrainian delegation says negotiations were substantive and there was progress; a number of issues were clarified.
Update of new round of Ukraine talks is that there’s been no concrete date set, IFX reported.
The top Russian negotiator said the talks were difficult but business-like, RIA reported.
Ukraine talks in Geneva have ended, new round of talks will be held soon, RIA reported.
US Special Envoy Witkoff said US facilitated the third trilateral meeting between Ukraine and Russia, adds Ukraine and Russia agreed to update leaders and pursue an agreement.
MIDDLE EAST
The Trump administration is closer to a major war with Iran than people realise, Axios reports citing sources; a military operation would likely be a massive, weeks long campaign that will be a joint US-Israeli attack.
US Energy Secretary Wright said they are looking to end Iran’s progress towards nuclear weapons and want IEA nations to focus on energy security.
Iran and Russia are reportedly said to conduct navy drills in the Sea of Oman and Northern Indian Ocean on February 19th.
OTHERS
US Secretary of State Rubio has been holding secret talks with the grandson of Cuba’s Castro, Axios reported citing sources.
US State Department senior official said the US would resume nuclear tests to match ‘opaque’ Chinese activity and flagged new details about a 2020 test the US recently accused China of secretly conducting, according to SCMP.
CRYPTO
Bitcoin is trading rangebound around USD 68,000 while Ethereum returns above USD 2,000.
APAC TRADE
APAC stocks traded higher in continued thin conditions as many regional bourses remained closed for holidays.
ASX 200 mildly gained amid outperformance in real estate, tech and financials, with the latter helped by gains in Big 4 bank NAB post-earnings, although miners, materials and resources were at the other end of the spectrum after the prior day’s commodities-related pressure.
Nikkei 225 rallied back above the 57,000 level with sentiment in Japan underpinned by the better-than-expected trade data for January, which showed the fastest pace of increase in exports in more than three years.
NOTABLE ASIA-PAC HEADLINES
Japanese PM Takaichi affirms will consider revision of constitution and wants to pass budget and tax reform bill quickly, adds to consider revision of imperial household law.
Japan’s Finance Minister Katayama said will carry out responsible fiscal policy, while keeping in mind the IMF’s preliminary policy recommendation.
IMF said if volatility hits market liquidity, the BoJ should be ready for targeted interventions, such as emergency bond buying, and that Japan should avoid cutting consumption tax as it would weaken fiscal space and raise fiscal risks.
NOTABLE APAC DATA RECAP
Australian Wage Price Index QoQ (Q4) Q/Q 0.8% vs. Exp. 0.8% (Prev. 0.8%, Low. 0.7%, High. 0.8%).
Australian Wage Price Index YoY (Q4) Y/Y 3.4% (Prev. 3.4%, Low. 3.3%, High. 3.4%).
Australian Westpac Leading Index MoM (Jan) M/M -0.1% (Prev. 0.1%).
Australian Westpac Leading Index MM (Jan) -0.1% (Prev. 0.1%).
Japanese Imports YoY (Jan) Y/Y -2.5% vs. Exp. 3% (Prev. 5.2%, Rev. From 5.3%, Low. -3.3%, High. 7%).
Japanese Exports YoY (Jan) Y/Y 16.8% vs. Exp. 12% (Prev. 5.1%, Low. 4.9%, High. 16.1%).
Japanese Balance of Trade (Jan) -1152.7B vs. Exp. -2142.1B (Prev. 113.5B, Rev. From 105.7B, Low. -2770B, High. -1775.1B).
New Zealand PPI Input QoQ (Q4) Q/Q -0.5% vs. Exp. 0.5% (Prev. 0.2%).
New Zealand PPI Output QoQ (Q4) Q/Q 0.1% vs. Exp. 0.7% (Prev. 0.6%
1 c) Asian opening report
Stocks gain after rebounding stateside; Kiwi underperforms after RBNZ holds rates – Newsquawk EU Market Open
Wednesday, Feb 18, 2026 – 01:57 AM
APAC stocks traded higher in continued thin conditions as many regional bourses remained closed for holidays.
RBNZ kept the OCR at 2.25%, as expected, and the central bank refrained from any hawkish surprises; NZD heavily underperforms.
US VP Vance said in some ways Iran talks went well, while he added that Iranians are not yet willing to acknowledge some of President Trump’s red lines.
US Special Envoy Witkoff said the US facilitated the trilateral meeting between Ukraine and Russia, while he added that Ukraine and Russia agreed to update leaders and pursue an agreement.
European equity futures indicate a positive cash market open with Euro Stoxx 50 futures up 0.2% after the cash market finished with gains of 0.7% on Tuesday.
Looking ahead, highlights include UK CPI (Jan), US Durable Goods, Industrial Production (Jan), Housing Starts (Nov/Dec), Atlanta Fed GDP, FOMC Minutes (Jan), US-Ukraine-Russia talks to take place (17-18 Feb). Speakers include ECB’s Cipollone, Schnabel & Fed’s Bowman. Supply from Germany & US. Earnings from Analog, Carvana, DoorDash, Booking Holdings, Moody’s, Garmin, Glencore & Orange.
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 were choppy on Tuesday, as US players returned from the holiday, but ultimately settled with mild gains. After the US cash equity open, indices saw a notable sell-off with the Mag-7 leading the decline, ex-Apple, although losses were swiftly pared through the afternoon. For Apple, Wedbush wrote that the recent selloff in the tech behemoth is unwarranted, and that 2026 will be the year Apple gets into the AI game.
Data included weaker-than-expected NAHB and NY Fed manufacturing figures, with the latter marginally topping expectations on the headline, with internals steady; the latter sparked some gradual pressure in T-Notes, while the highlight of the day, and dominating the tape, were geopolitical updates with both the US/Iran meeting, and also the trilateral confab between the US/Russia/Ukraine.
SPX +0.10% at 6,843, NDX -0.13% at 24,702, DJI +0.07% at 49,533, RUT +0.00% at 2,647.
US President Trump announced that the first batch of projects under the US-Japan trade deal will officially begin, which includes a gas-powered plant in Ohio, an LNG facility in the Gulf of Mexico, and a critical minerals plant in Georgia.
NOTABLE HEADLINES
Fed’s Barr (voter) said it is prudent for the Fed to take time and look at data, before changing policy again, while he added that the outlook suggests the Fed will hold rates steady for some time. Barr also said he wants to see more evidence of inflation ebbing to the 2% target and he still sees ‘significant risk’ inflation will stay over 2%, but added it is reasonable to think price pressures will further cool.
Fed’s Daly (2027 voter) said inflation is above target and people are feeling stretched, while current policy is slightly restrictive and they have 75bps to get to neutral. Daly also stated they need to get inflation down and commented that models show productivity gains are lifting the neutral rate, and the labour market is showing less churn and dynamism.
US President Trump said tax refunds are substantially greater than ever before because of the Great Big Beautiful Bill.
US President Trump’s administration has intensified its assault on the US Consumer Financial Protection Bureau.
APAC TRADE
EQUITIES
APAC stocks traded higher in continued thin conditions as many regional bourses remained closed for holidays.
ASX 200 mildly gained amid outperformance in real estate, tech and financials, with the latter helped by gains in Big 4 bank NAB post-earnings, although miners, materials and resources were at the other end of the spectrum after the prior day’s commodities-related pressure.
Nikkei 225 rallied back above the 57,000 level with sentiment in Japan underpinned by the better-than-expected trade data for January, which showed the fastest pace of increase in exports in more than three years.
US equity futures gradually edged higher as they attempted to shrug off the recent choppy performance.
European equity futures indicate a positive cash market open with Euro Stoxx 50 futures up 0.2% after the cash market finished with gains of 0.7% on Tuesday.
FX
DXY eked slight gains following the recent mixed performance against its major counterparts and after bets over Fed rate cuts by year-end were slightly trimmed. There were also several comments from Fed officials, including Fed Governor Barr, who signalled no urgency to resume easing and believes the outlook suggests the central bank will hold rates steady for some time, while Barr and Goolsbee both said they want to see more evidence on inflation ebbing to the 2% target before entertaining further easing. Furthermore, Fed’s Daly said that current policy is slightly restrictive and that they have 75bps to get to neutral, while participants now look ahead to the FOMC Minutes due later today.
EUR/USD lacked firm conviction after the prior day’s whipsawing in which the single currency was initially pressured in the aftermath of disappointing EU and German ZEW data, but then clawed back most of its intraday losses after finding support near the 1.1800 level.
GBP/USD remained constrained following yesterday’s underperformance, owing to the soft labour market report, which showed the unemployment rate unexpectedly rose to 5.2% from 5.1%, and wage growth slowed across both key measures, while the attention now turns to incoming UK CPI data.
USD/JPY edged higher as the positive risk appetite in Japan spurred outflows from Japan’s haven currency, but with losses in the yen cushioned by the stronger-than-expected trade data.
Antipodeans weakened with NZD underperforming following the RBNZ meeting, where the central bank kept the OCR at 2.25%, as expected, which was the first time it paused in four meetings and the first rate decision under Governor Breman’s term. RBNZ refrained from any hawkish surprises, with the committee to continue assessing incoming data carefully, and stated that if the economy evolves as expected, monetary policy is likely to remain accommodative for some time.
FIXED INCOME
10yr UST futures mildly breached beneath the prior day’s trough after the curve flattened on return from the long weekend and following the better-than-expected ADP employment and NY Fed Manufacturing data, while participants now await the FOMC Minutes due later.
Bund futures trickled lower following the prior day’s choppy performance and disappointing ZEW data, with demand constrained ahead of a EUR 5.5bln Bund issuance.
10yr JGB futures initially extended on its recent advances but then reversed course after hitting resistance just shy of the 133.00 level, with demand for JGBs hampered by the positive risk appetite and stronger-than-expected Japanese trade data.
COMMODITIES
Crude futures attempted to nurse some losses after retreating yesterday as geopolitics dominated the tape, with US-Iran and US-Russia-Ukraine talks conducted in Geneva. On the former, Iran’s Foreign Minister said they have reached an understanding on the main principles with the US, which does not mean an agreement will be reached soon, but the path has started, while there was little new information from the trilateral meeting with talks to continue on Wednesday, although Ukrainian President Zelensky said the Ukrainian people would reject a peace deal that involves Ukraine unilaterally withdrawing from the eastern Donbas region and turning it over to Russia.
US Energy Secretary Wright said they will restart uranium enrichment in the US, in part with partners in France. Wright also said that he thinks we will see several hundred thousand BPD of additional Venezuelan oil production by year-end.
Spot gold gradually recovered throughout Asia-Pac trade, with the precious metal returning to above the USD 4,900/oz level, heading into today’s FOMC Minutes release.
Copper futures continued its rebound from the prior day’s trough with the partial recovery facilitated after sentiment on Wall St somewhat improved, but with further upside limited overnight alongside the absence of key participants due to holiday closures.
CRYPTO
Bitcoin was relatively rangebound and recovered from an early dip beneath the USD 67,000 level.
NOTABLE ASIA-PAC HEADLINES
Japanese PM Takaichi affirmed she will consider a revision of the constitution and wants to pass the budget and tax reform bill quickly, while they are to consider a revision of the imperial household law.
RBNZ kept the OCR at 2.25%, as expected, while it stated that the committee will continue to assess incoming data carefully and if the economy evolves as expected, monetary policy is likely to remain accommodative for some time. RBNZ said the economy is at an early stage in its recovery, and although residential business investment is increasing, households remain cautious in their spending. RBNZ stated the committee is confident that inflation will fall to the 2% midpoint over the next 12 months, and conditional on the central economic outlook, the OCR is projected to remain around its current level in the near term before increasing from late 2026. Furthermore, it stated that risks to the outlook are balanced and it sees the OCR at 2.26% (prev. 2.20%) by June 2026, at 2.38% (prev. 2.28%) by December 2026, at 2.62% (prev. 2.45%) by June 2027 and sees the OCR at 2.79% by December 2027 (prev. 2.65%).
RBNZ Governor Breman said the OCR trajectory is aligned with the anticipated evolution of the economy, while she added the OCR track indicates there is a possibility of a hike towards the end of the year, but noted a Q4 hike is not fully priced into the OCR track. Breman also stated that they want to keep the OCR on hold while the economy recovers and are not planning to hike until they see a stronger economy and more inflationary pressure.
DATA RECAP
Japanese Trade Balance (JPY)(Jan) -1152.7B vs. Exp. -2142.1B (Prev. 113.5B, Rev. From 105.7B)
Japanese Exports YY (Jan) 16.8% vs. Exp. 12% (Prev. 5.1%)
Japanese Imports YY (Jan) Y/Y -2.5% vs. Exp. 3% (Prev. 5.2%, Rev. From 5.3%)
GEOPOLITICS
MIDDLE EAST
US VP Vance said in some ways Iran talks went well, while he added that Iranians are not yet willing to acknowledge some of President Trump’s red lines and that Trump has multiple strategies regarding Iran. Furthermore, he said Trump wants to find a solution, whether it is diplomatic or another option.
Iranian President Pezeshkian said Tehran will never abandon its peaceful nuclear programme.
Russia, China, and Iran have sent ships together to practice military operations in the Strait of Hormuz.
RUSSIA-UKRAINE
US Special Envoy Witkoff said the US facilitated the trilateral meeting between Ukraine and Russia, while he added that Ukraine and Russia agreed to update leaders and pursue an agreement.
Ukrainian President Zelensky said the Ukrainian people would reject a peace deal that involves Ukraine unilaterally withdrawing from the eastern Donbas region and turning it over to Russia. Zelensky also commented that Russia’s position is absurd and may be an indication that Moscow is not ready for real peace.
Head of the Ukrainian negotiating delegation said the first day of trilateral negotiations focused on practical issues and the mechanics of possible decisions.
Russia-Ukraine-US talks lasted six hours and were tense, while they are to be continued on Wednesday.
OTHER
US State Department senior official said the US would resume nuclear tests to match ‘opaque’ Chinese activity and flagged new details about a 2020 test the US recently accused China of secretly conducting, according to SCMP.
EU/UK
NOTABLE HEADLINES
ECB President Lagarde is expected to leave the ECB, before her eight-year term ends in October 2027, according to FT citing a person familiar with her thinking. However, it was reported shortly after that the ECB said Lagarde remains totally focused on her mission and has not made a decision on her term.
UK Chancellor Reeves is said to be resisting pressure to spend more on defence, The Telegraph reports citing sources.
2.a NORTH KOREA/SOUTH KOREA/JAPAN
SOUTH KOREA/USA
2 b JAPAN
3. CHINA
CHINA/USA
4. EUROPEAN AFFAIRS/SCANDANVAIA
GERMANY
REMIX
how stupid can one get?
German Public Broadcaster Ran Fake AI-Generated Clip Of ‘ICE Troops’ Arresting Migrant Family
The German public broadcaster ZDF has admitted to a significant editorial oversight after its flagship news program, Heute Journal, aired AI-generated images featuring U.S. Immigration and Customs Enforcement (ICE) agents arresting an immigrant family.
After uproar on social media over the fake news segment, which included a visible OpenAI’ “Sora” watermark on the screen, the broadcaster expressed regret over the error and has since updated the report to remove the synthetic content.
Critics pointed out that while it is becoming harder to differentiate fake AI content from real events, the appearance of the Sora watermark made it clear that this was AI content.
The controversy from the Feb. 15 report featured fake AI scenes of a woman and two children being led away by ICE. During the segment, ICE agents were referred to as “troops.”
When questioned about the incident, ZDF stated that the images should have been clearly marked. The broadcaster explained: “This marking was not transferred when the article was transferred for technical reasons.”
The question now is whether ZDF generated these images in-house. ZDF has declined to comment on whether the editorial staff was aware that the footage was AI-generated at the time of the initial broadcast.
If ZDF created them, the fact that arguably the biggest public broadcaster is creating AI-generated content for public broadcasting is raising concerns about how often AI-generated content has been produced without proper labeling in the past.
In response, ZDF reiterated its commitment to transparency, noting: “ZDF’s AI principles stipulate that AI-generated images are always transparently labeled.”
The incident caused further confusion when the original broadcast was temporarily removed from YouTube and the ZDF media library, leading some media outlets to report that the broadcaster had “deleted its fake video.” ZDF clarified that the removal was only a temporary measure while the editorial team replaced the AI sequences with authentic video and still images.
A revised version of the program is now available in the media library, accompanied by a disclaimer stating: “Video subsequently changed for editorial reasons.”
All German households are required to pay nearly €20 per month to fund ZDF and other public broadcasting outlets like ARD. That translates to billions every year.
The outlets are routinely accused of bias against conservatives, including negative reports targeting the Alternative for Germany (AfD) and a high rate of rejection for AfD guests on the networks .
Kremlin Mocks European ‘Illusions’ For Wanting Own Nuclear Umbrella
Wednesday, Feb 18, 2026 – 04:15 AM
Currently France and Britain are in talks to potentially extend their nuclear arsenals to protect Europe as a defense ‘umbrella’ – at a moment some officials have questioned the United States commitment to leading NATO.
Politico wrote in the aftermath of the Munich Security Conference, “Multiple European countries are publicly backing talks on a homegrown nuclear deterrent to complement American atomic weapons following an erosion of trust in a Donald Trump-led US.”
Russian Ambassador to the UK Andrey Kelin has issued the Kremlin’s reaction to these latest developments, asserting that the British ‘nuclear umbrella’ will fail to provide extra security to other NATO members.
The diplomat’s words were captured in an interview with Russian newspaper Izvestia on Tuesday. Kelin described that it is “obvious that the British ‘nuclear umbrella’ will not be able to provide any additional material security guarantees” to Europe.
Moscow meanwhile continues to closely monitor the moves by “states pursuing an overtly anti-Russian policy” – he emphasized.
“The possibility of the expansion of nuclear safeguards will be taken into account in our military planning as well as in further discussions of the strategic stability issues,” the ambassador added.
Kelin then took a swipe at Britain’s hawkish stance in the context of the Ukraine war: “The strengthening of such potential apparently instills in London an illusory hope of leadership in ensuring European security,” he said.
Moscow’s growing concerns over British policy is in part related to plans to purchase a dozen F-35 fighter jets from the US, capable of carrying missiles tipped with nuclear warheads.
Additionally, when the tiny but outspoken Baltic states – directly on Russia’s doorstep – try to tout NATO ‘nuclear deterrent’ talking points, it seems natural that Moscow would be extremely concerned:
Estonia isn’t ruling out joining early-stage talks on a common nuclear deterrent in Europe, Deputy Defense Minister Tuuli Duneton said in an interview. “We are always open to discuss” with partners, she said, while emphasizing the U.S. was still “committed to providing nuclear deterrence for allied nations.”
Latvia’s Prime Minister Evika Siliņa echoed that. “Nuclear deterrence can give us new opportunities. Why not?” she said, while cautioning that any steps would have to be in compliance with “our international commitments.”
NATO top leadership has still signaled no change in direction on the conventional US nuclear umbrella, however.
The United States nuclear umbrella, which has protected allies and cut down on the spread of nuclear weapons, is the "ultimate guarantor of freedom" in Europe, NATO Secretary-General Mark Rutte says.
"The ultimate guarantor is the nuclear umbrella from the United States," Rutte… pic.twitter.com/8GCU5oc4O6
In the backdrop is the fact that that the landmark New START nuclear treaty between Washington and Moscow has ceased to exist as of this month. Russia is offering that it won’t expand its arsenal so long as the US does the same. But this is still dangerous, uncharted territory.
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‘HUNGARY USA
LIBERTARIAN INSTITUTE
Trump loves Orban but most of the Brussels neocons hate him:
White House Voices Strong Support For Hungary’s Orban Ahead Of Elections
Secretary of State Marco Rubio voiced strong support for Hungarian Prime Minister Viktor Orbán. Orbán is seeking a fifth term as leader in the April election.
“I’m going to be very blunt with you. The prime minister and the President have a very, very close personal relationship and working relationship,” Rubio said in a press conference with Orbán on Monday.
“I think it has been incredibly beneficial to the relationship between our two countries, and it’s important to understand how important the relations between leaders are to the relations between countries.” He continued, “President Trump is deeply committed to your success.”
While Orbán has a strong relationship with President Donald Trump, he has been a roadblock to European leaders’ efforts to increase Western support for Ukraine. Hungary has used its position in NATO and the EU to slow or limit aid to Ukraine and the economic war against Russia.
Some EU members were attempting to use frozen Russian assets as collateral for a massive loan to Ukraine. Orbán was key to preventing the EU from moving forward with the loan.
Budapest has repeatedly expressed displeasure with Kiev over Ukraine’s disabling of the Russian pipeline that carries oil to Hungary. Hungary is now requesting that Croatia allow Russian oil transit to bypass Ukraine.
President Donald Trump has been willing to use his leverage to influence elections around the globe. In Argentina, he conditions a $20 billion assistance package on President Javier Milei’s party winning elections. The President has also voiced strong support or opposition to candidates in Honduras and Iraq.
Rubio told Orbán that Hungary could receive similar support as Argentina.
Escalation: Iran, Russia, China To Hold Naval Drill In Flashpoint Strait Of Hormuz
Tuesday, Feb 17, 2026 – 04:40 PM
Are Russia and China finally standing up to America’s addiction to regime change wars in the Middle East? They appear to at least be flashing some muscle in this incredibly tense moment, as the US deploys no less than two nuclear-powered aircraft carriers to the region.
Russia, China, and Iran have deployed naval vessels to the Strait of Hormuz for joint exercises this week, Russian presidential aide Nikolay Patrushev announced Tuesday, according to Anadolu and Iran state media. This comes as Iran’s elite IRGC Navy is already in day two of military drills in the vital oil transit point, having closed some sectors of the chokepoint.
In a fresh interview with Turkish media, Patrushev said Moscow is advancing a “multipolar world order on the oceans” to counter what he blasted as Western hegemony.
“We will tap into the potential of BRICS, which should now be given a full-fledged strategic maritime dimension,” he said. These fresh mid-February drills are being called Maritime Security Belt 2026.
It turns out Russian and Chinese warships have already been in the region as part of prior Iran-hosted drills, and without doubt they’ve lingered to keep a very close eye on developments after President Trump started threatening Tehran over its nuclear as well as ballistic missiles programs.
Also coming off last month’s BRICS naval drills in South Africa which were dubbed “Will for Peace 2026” – Chinese, Russian, and Iranian ships have in recent years showed deepened coordination and cooperation, in an increased number of joint drills.
“The Maritime Security Belt 2026 exercises in the Strait of Hormuz, where Russia, China, and Iran sent their ships, proved to be relevant,” he added.
If the US were to launch a ‘surprise’ attack on Iran, it remains unlikely that either Russia or China would come to Tehran’s direct aid and engage militarily with Washington.
However, it’s possible more Chinese and Russian ships would be sent to patrol flashpoint waters, making things more delicate and difficult in terms of US Navy maneuvering and firing.
Likely Moscow and Beijing would team up to issue a UN Security Council condemnation, and would seek to rally the globe against another Iraq-style war in the Middle East, with likely disastrous consequences for the whole region.
The second round of Iran-US talks wrapped up Tuesday in Geneva with mixed results. The Iranians have said the sides could be headed toward a new deal, and yet diplomats have admitted it was a heavy, and not very positive or amicable atmosphere. So things remain ultra-tense and charged, to say the least.
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IRAN/USA
(JERUSALEMPOST)
Iran missed the memo: Tehran is offering Trump similar deal to 2025 while ignoring reality
Two critical events have changed everything since 2025, and the Islamic Republic appears dedicated to living in an alternate reality in which those events have not transpired.
An anti-US mural on a building in Tehran, Iran, February 17, 2026(photo credit: MAJID ASGARIPOUR/WANA (WEST ASIA NEWS AGENCY) VIA REUTERS)ByYONAH JEREMY BOBFEBRUARY 17, 2026 20:18Updated: FEBRUARY 17, 2026 21:42
Iran must have missed the memo.
In mid-2025, if it had offered Washington a complete freeze on uranium nuclear enrichment for three years and the transportation of its highly enriched uranium out of the country in exchange for lifting financial sanctions, US President Donald Trump probably would have jumped at the opportunity, ignoring Israeli objections.
But the world is not the same as it was in mid-2025.
Most importantly, Iran is much weaker, and its leverage is gone.
Two critical events have changed everything, and the Islamic Republic appears dedicated to living in an alternate reality as if they had not transpired.
People gather near a missile on display during the 47th anniversary of the Islamic Revolution in Tehran, Iran February 11, 2026 (credit: MAJID ASGARIPOUR/WANA (WEST ASIA NEWS AGENCY) VIA REUTERS)
First, in June 2025, Israel and the US destroyed most of Tehran’s operational nuclear program, including not only three major nuclear sites, but dozens of others; it also killed most of Iran’s top nuclear scientists.
In that same operation, the IDF destroyed around half of the ayatollah’s ballistic missile apparatus and the vast majority of its radar and anti-aircraft defenses, as well as blowing up dozens of its top commanders and some of its key IRGC bases.
Put bluntly, Iran hasn’t been able to enrich uranium now for eight months, and there are no signs it will be able to do so in the near future.
If all it is giving away is what the United States and Israel already achieved in the June 2025 strikes, what is it offering?
If it would take it a few years to rebuild enough centrifuges to enrich uranium in any meaningful volume, then a deal now seems more like just a public relations excuse that Iran can use domestically for the next few years to explain why it has not returned to its nuclear program.
By destroying so much of Tehran’s other sources of threats and power, Jerusalem and Washington also showed that it could be done, and potentially without the catastrophic costs which many had worried the Islamic Republic could impose on anyone who might dare to attack it.
If Trump was afraid to attack before, due to the potential cost, and he was willing to take a deal short of eliminating Iran’s nuclear program, why would the ayatollahs think the US president would make the same calculation now when it seems that the cost of attacking is much lower?
Iranian protests weaken regime, grant US attack legitimacy
That summarizes only one of the events that have changed the balance of power.
Starting on December 28, the largest protests the ayatollahs have ever faced erupted, leading them to order the Islamic Revolutionary Guard Corps (IRGC) and the Basij to kill thousands of demonstrators – with reports varying from 5,000 to up to 36,500.
These protests and the crackdown have weakened the regime in a myriad of ways and granted Trump far more legitimacy for attacking Iran.
Whatever his true agenda might be, Trump can add the claim that he had to intervene to prevent a larger genocide by the regime against its own people.
So how could Iran possibly ignore these new realities? Does it not realize that without a deal, Trump could decide to topple the regime or, at a minimum, re-bomb its nuclear and ballistic missile capabilities?
Most analysts seem to believe that those Iranian leaders still alive who are running the regime – and most of the top leaders from mid-2025 other than Supreme Leader Ayatollah Ali Khamenei were killed during that war – have entered a fanatical phase where they deny how badly their decades of meticulous strategy have crumbled.
Unable to accept how far they have fallen, they are said to be trying to hang on to the situation before June 2025 as if nothing had changed.
Of course, it is still possible that they will offer Trump enough on the nuclear program – such as an extended nuclear enrichment freeze followed by a consortium for uranium enrichment occurring outside of Iran, which Tehran would participate in, and possibly some private unofficial commitments on ballistic missile limits – to avoid war.
But absent such a shift by Khamenei – or a stunning surrender by Trump of his leverage – Iran appears to be running headfirst into a major conflagration.
According to a US official, the Iranians said they would return within two weeks with detailed proposals to bridge some of the remaining gaps with Washington.
Switzerland’s Foreign Minister and Federal Councillor Ignazio Cassis speaks with Iranian Foreign Minister Abbas Araghchi, during a bilateral meeting between Switzerland and Iran, in Geneva, Switzerland, Tuesday, February 17, 2026.(photo credit: CYRIL ZINGARO/Pool via REUTERS)ByAMICHAI STEINFEBRUARY 17, 2026 22:45Updated: FEBRUARY 17, 2026 22:47
The talks between the United States and Iran were productive, but significant gaps remain, several sources told The Jerusalem Post at the end of the second round of US-Iran talks in Geneva on Tuesday.
“Progress was made in the talks with Iran, but many details still need to be discussed,” a US official stated. According to the official, the Iranians said they would return within two weeks with detailed proposals to bridge some of the remaining gaps with Washington.
The reference to “two weeks” reminded many of a statement by White House press secretary Karoline Leavitt on June 19, at the height of Israel’s Operation Rising Lion, when she said that, “Trump will decide within two weeks between diplomacy and a strike.” Three days later, US President Donald Trump ordered Operation Midnight Hammer to bomb Iran’s nuclear facilities
Now, the Trump administration is reinforcing its presence in the Middle East, including the deployment of more than 10 F-22 fighter jets, last seen in the region just days before Operation Midnight Hammer.
At the same time, American officials confirmed that the USS Gerald R. Ford, the world’s largest warship and the largest ship in the US Navy, has left the Caribbean and entered the Atlantic Ocean on its way to the Middle East.
A view of the US aircraft carrier USS Gerald R. Ford in the Oslo Fjord, seen from Ekebergskrenten, Norway, May 24, 2023. (credit: JAVAD PARSA/NTB/via REUTERS)
Iranian people observe day of mourning 40 days after start of uprising
In Iran, people are currently observing “Arbaeen Day,” a day of mourning held 40 days after a death, in this case marking 40 days since the harsh suppression of protests on the night of January 8–9, which is considered the most severe crackdown by the regime.
The Guardian reported that dozens of CT scans and X-rays obtained from one hospital document a night of violence, revealing patterns of gunshot wounds to the face, chest, and genitals.
Israeli assessments suggest that, given the brutal repression, even if protests resume, they are likely to be far smaller in scale than those seen at the time.
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IRAN/USA
(JERUSALEMPOST)
Iran will not accept US President Donald Trump’s ‘red lines’ after Geneva talks, JD Vance says
“If Iran gets a nuclear weapon, there are a lot of other regimes, some friendly, some not so friendly, who would get nuclear weapons after them,” Vance said.
US Vice President JD Vance holds a joint press conference with Armenia’s Prime Minister Nikol Pashinyan (not pictured), in Yerevan, Armenia, February 9, 2026.(photo credit: REUTERS/Kevin Lamarque/POOL)
US Vice President JD Vance said that Iran is not yet willing to acknowledge some of US President Donald Trump’s “red lines,” particularly those regarding the Islamic Republic’s nuclear program, following Tuesday’s negotiations in Geneva.
“In some ways it went well, they agreed to meet afterwards, but in other ways it was very clear that the President has set some red lines that the Iranians are not yet willing to actually acknowledge and work through,” Vance told Fox News.
The American vice president made clear that the US’s primary goal is to prevent Iran from getting a nuclear weapon.
“We don’t want nuclear proliferation. If Iran gets a nuclear weapon, there are a lot of other regimes, some friendly, some not so friendly, who would get nuclear weapons after them,” he said.
Vance noted that the US is dealing with a “crazy regime” and referenced Iranian Supreme Leader Ayatollah Ali Khamenei’s Tuesday suggestion that Iran could sink a US warship. “You know, well, one of your nice warships might end up at the bottom of the sea,” Vance paraphrased Khamenei as saying.
Vance continued, saying the US has a “very powerful military” that Trump has shown willingness to use. At the same time, Vance went on, the president has also shown a willingness to engage with its “remarkable” diplomatic team.
Illustrative image of US President Donald Trump and Iran’s Supreme Leader Ayatollah Ali Khamenei. (credit: Curtis Means/Pool via REUTERS, Office of the Iranian Supreme Leader/WANA/Reuters, REUTERS/DADO RUVIC/ILLUSTRATION)
According to Vance, the US would “very much like” to resolve tensions with Iran through “diplomatic negotiation,” and the American government would continue to work toward such a resolution, but “the president reserves the ability to say when he thinks that diplomacy has reached its natural end.”
“We hope we don’t get to that point,” he said.
Vance: Trump, unlike Obama, is willing to act aggressively to defend America
The vice president stated that Trump’s approach is very different from former US president Barack Obama’s, in that he is much more “willing to act aggressively to defend America’s national security.” He affirmed that, whether it be through diplomatic or military options, “the Iranians cannot have a nuclear weapon.”
Vance said that preventing Iran from becoming a nuclear power has been one of Trump’s goals since his first presidential campaign in 2015, as the Islamic Republic is “one of the most hostile and also one of the most irrational regimes in the world.”
“You can’t have people like that have the most dangerous weapon known to man. It would be awful for our security, it would be awful for the future of our children,” Vance told Fox News, adding that the US is also seeking from Iran, which is “one of the world’s largest state sponsors of terrorism,” to cease propping up its regional proxies.
Geneva talks end with gaps between US, Iran remaining
The second round of talks between the United States and Iran in Geneva, which concluded on Tuesday, were productive, but significant gaps remain, several sources told The Jerusalem Post that day.
Oman mediated the talks, which Reuters reported were attended by US envoys Steve Witkoff and Jared Kushner, as well as Iranian Foreign Minister Abbas Araghchi.
According to Araghchi, Reuters noted, the initial meetings resulted in “an understanding on main principles” between Washington and Tehran.
“Progress was made in the talks with Iran, but many details still need to be discussed,” a US official told the Post. According to the official, the Iranians said they would return within two weeks with detailed proposals to bridge some of the remaining gaps with Washington.
Amichai Stein, Danielle Greyman-Kennard, James Genn, and Reuters contributed to this report.
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AT AROUND 3;30 PM EST
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IRAN/USA/UK/STARMER, THE MORON!
Trump Tells Starmer ‘Do Not Give Away Diego Garcia’ As US May Need Island To Attack Iran
Wednesday, Feb 18, 2026 – 03:04 PM
Update(1504ET): President Trump has come up with another key argument for why Britain must not “give away” the key Indian Ocean territory and military base in the Indian Ocean – Diego Garcia. He says it will be crucial for use in an potentially imminent attack on Iran.
“Should Iran decide not to make a deal, it may be necessary for the United States to use Diego Garcia, and the Airfield located in Fairford, in order to eradicate a potential attack by a highly unstable and dangerous regime,” Trump wrote in a fresh Truth Social post.
He also dubiously stated that Iran could potentially retaliate on the UK and other “friendly countries” – making Diego Garcia highly strategic in a Western allied campaign against the Islamic Republic.
“Prime Minister Starmer should not lose control, for any reason, of Diego Garcia, by entering a tenuous, at best, 100 Year Lease,” Trump wrote.
At this moment the Trump-assembled armada threatening Iran includes two aircraft carriers, a dozen warships, hundreds of jets, and advanced air defenses. Over 150 US military cargo flights have delivered weapons to the Middle East this month, with a surge of aircraft still headed to the region.
As for negotiations, an Iranian officials has The Wall Street Journal that efforts at dialogue could be doomed: “The gap between what Washington is willing to accept and what Tehran is willing to give is unbridgeable”
* * *
Axios’ Barak Ravid, a journalist very close to the Israeli government, writes Wednesday that the Trump White House is now “closer to a major war in the Middle East than most Americans realize. It could begin very soon.”
The sources he spoke to, which could be American or Israeli, say that such an operation would be a “massive” campaign at least weeks in sustained length. If it the campaign goes the way of Iraq or Afghanistan, or Syria, the conflict could eventually be measured in years and not just months.
Further, “The sources noted it would likely be a joint U.S.-Israeli campaign that’s much broader in scope — and more existential for the regime — than the Israeli-led 12-day war last June, which the U.S. eventually joined to take out Iran’s underground nuclear facilities.”
All of this looks to be going down with no public or Congressional debate whatsoever: “With the attention of Congress and the public otherwise occupied, there is little public debate about what could be the most consequential U.S. military intervention in the Middle East in at least a decade,” notes Axios.
Both sides are citing ‘progress’ in the two rounds of indirect negotiations (in Oman and then Geneva) which have taken place thus far, however, there’s been nothing yet in the way of specific agreement. Washington’s commitment to see talks through even for weeks at this point is highly in quesiton.
The following was the initial Iranian assessment of how the talks led by Witkoff and Kushner in Geneva went this week:
Iran has said it has reached an understanding with the US on the main “guiding principles” to resolve their dispute over Tehran’s nuclear programme.
Speaking after indirect talks in Geneva, Iranian Foreign Minister Abbas Araghchi added that work still needed to be done. The US said “progress was made”.
Badr Albusaidi, foreign minister of mediator Oman, said the negotiations “concluded with good progress towards identifying common goals and relevant technical issues”.
The Iranians have asked for two weeks to hammer out a detailed proposal, with an American official stating, “Progress was made, but there are still a lot of details to discuss. The Iranians said they would come back in the next two weeks with detailed proposals to address some of the open gaps in our positions.”
Given President Trump has ordered a second US carrier group to the region, along with a huge number of support aircraft, does Iran really have two weeks to spare?
Oil reaches HOD Wednesday soon on heels of Axios report, with WTI kissing $64/barrel…
To some degree, the Iranians are likely buying time, knowing that a surprise, unprovoked attack could be imminent. This would be similar to the June war, but unlike that scenario this would indeed be much bigger.
There’s reason to believe Trump may stay restrained, however, and give negotiations time. Fear of higher oil prices could ultimately be the deciding factor here, pushing Trump to settle with Iran and not spark another completely unpredictable, likely disastrous war in the Middle East.
Washington has delivered a direct warning to Iraq’s Coordination Framework (CF) that Baghdad could face sweeping sanctions if former prime minister Nouri al-Maliki is elected to lead the country for a third term, according to a report in US-government funded Arabic-language Alhurra this week.
An Iraqi government advisor, speaking anonymously, reportedly said the message outlined economic and institutional penalties that could follow if US President Donald Trump’s veto of Maliki’s nomination is ignored.
The advisor said the US threatened measures against the State Oil Marketing Organization (SOMO), the Central Bank of Iraq, as well as security and diplomatic sectors, and unnamed political figures.
Economic steps could include restricting Iraqi oil sales, limiting Baghdad’s access to US dollars, and targeting banks, which the advisor warned could trigger “an almost complete halt in foreign trade” and create serious obstacles to paying public-sector salaries.
A member of the CF confirmed the authenticity of the message, saying it reached the alliance through a senior figure who met US chargé d’affaires Joshua Harris.
The US embassy in Iraq later disclosed that Harris had met Abdul Hussein al-Moussawi, head of the National Approach Alliance, and reiterated Washington’s readiness to “use the full range of tools to counter Iran’s destabilizing activities in Iraq.”
Trump said on Friday, “We are monitoring the situation regarding the prime minister. We will see what happens. We have some thoughts about it, but in the end, everyone needs America.”
Earlier, Maliki said stepping aside would endanger Iraq’s sovereignty and that he would withdraw only if the CF formally requested it, condemning what he described as “blatant American interference in Iraq’s internal affairs.“
Internal resistance within the alliance has reportedly grown, with one member stating: “No one wants … to risk the collapse of the political system if Washington carries out its threats.”
Earlier this month, Washington publicly reinforced its opposition to Nouri al-Maliki’s return as Iraq’s prime minister, with a US official telling Rudaw that Trump’s “policy towards Iraq requires an Iraqi government that is capable of working effectively and respectfully with the United States,” and warning that the administration was prepared to use the “full range of tools” to enforce that stance.
“Because of his insane policies and ideologies, if elected, the United States of America will no longer help Iraq,” Trump wrote on Truth Social. “If we are not there to help, Iraq has ZERO chance of Success, Prosperity, or Freedom. MAKE IRAQ GREAT AGAIN!”
A reminder and recent history lesson: one byproduct of Bush’s overthrow of Saddam Hussein was that the Americans essentially handed Iraq over to pro-Iran Shia leadership…
Maliki responded in an interview with Al Sharqiya that he would withdraw only if the Shia-led CF that nominated him asked him to do so, warning that stepping aside under foreign pressure would “set a dangerous precedent and undermine national sovereignty.”
He described US threats to economically strangle Iraq as “pressure tools,” even as the CF affirmed its support for his candidacy despite Washington’s escalating warnings.
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RUSSIA VS UKRAINE
6. GLOBAL ISSUES, COVID ISSUES, VACCINE INJURIES/HEALTH ISSUES
Actor Bud Cort (Harold and Maude); director Roger Allers (The Lion King); TV producer Janean Elkins (The View); guitarist Greg Brown (Cake); songwriter Billy Steinberg (74, C); drummer Tim Very; more
Bud Cort, a seasoned actor best known for playing the lead role in the 1971 classic film “Harold and Maude,” has died. He was 77. A representative for his family told The New York Times that Cort died at an assisted-living facility in Norwalk, Connecticut, on Wednesday. The representative also said Cort’s death was from complications from pneumonia.
Roger Allers, the Oscar- and Tony-nominated animated film director best known for helming 1994’s The Lion King, died Saturday. He was 76. Allers diedsuddenlyat his home in Santa Monica following a short illness, a Disney Animation spokesperson told The Hollywood Reporter. He made his directorial debut with The Lion King animated feature for Walt Disney Animation Studios alongside co-director Rob Minkoff. The movie was a massive box office success, earning nearly $979 million worldwide, not adjusted for inflation, in its initial theatrical run, making it the highest-grossing film of 1994.
The View co-hosts mourned the death of a “beloved” family member, an associate producer named Janean Elkins. “We recently lost a beloved member of The View family – our associate director, Janean Elkins,” the ABC talk show captioned its update. “Janean was an integral part of our control room team and will be dearly missed. She was warm, kind, and had such a loving soul. Our hearts go out to her family.” According to an online obituary, Elkins was 55 when she died on Feb. 8.
Researcher’s note – Elkins’ obituary invites donations to the Endometrial Cancer Research Foundation or the Bone Marrow & Cancer Foundation: Link
Catherine O’Hara’s cause of death has been revealed. O’Hara, 71, died from a pulmonary embolism, with rectalcancer as the underlying cause, according to a death certificate obtained by Fox News Digital.
Greg Brown, founding guitarist of alt-rock band Cake and the man behind the group’s breakout hit “The Distance,” has died at age 56. “It is with heavy hearts that we share the news of Greg Brown’s passing after a brief illness,” his bandmates announced. “Greg was an integral part of CAKE’s early sound and development. His creative contributions were immense. The band did not provide acause of death, but said he suffered a “brief illness.”
A cause of death has been revealed for bodybuilder and actress Jayne Trcka, who starred as Miss Mann in the 2000 parody film Scary Movie. Trcka passedaway in December after being found unresponsive in the kitchen of her California home. She was 62 years old. According to a new report from TMZ, Trcka’s death was officially ruled an accident caused by heart and circulation issues. “The San Diego County Medical Examiner listed Jayne’s immediate cause of death as hypertensive and atherosclerotic cardiovasculardisease complicated by left femoral fracture,” TMZ wrote. Alcohol was also listed as a contributing factor in Trcka’s death.
Billy Steinberg — the legendary songwriter behind Madonna’s smash hit “Like a Virgin” — has died at age 74 after a battle with cancer, TMZ has confirmed. His death Monday was confirmed by his attorney, Laurie Soriano. Steinberg earned a Grammy in 1997 for his work on Celine Dion’s “Falling Into You,” which took home Album of the Year … and his legacy was officially cemented when he was inducted into the Songwriters Hall of Fame in 2011.
Longtime Manchester Orchestra drummer Tim Very has died at age 42, the band confirmed on February 14, 2026, describing the loss as a sudden passing. Joining in 2011, Very was a mainstay and integral part of the Atlanta indie rock group’s sound, appearing on albums like A Black Mile to the Surface and The Million Masks of God. The band expressed devastation, calling him a beloved family member and devoted father.
During her time in Wilmington [NC], the musician Sean Binkley – who passedawayunexpectedly Jan. 8 at the age of 45 – was known for, among many other things, the driving, introspective rock and alt-country songs she sang with her band, Sean & Her Dilemma.
Steve Washington, the influential funk trumpet player and co-founder of both Slave and Aurra, has died at the age of 67. Washington’s death was announced on Feb. 1, with the Funk Music Hall of Fame & Exhibition Center remembering him as an “influential” and “key” figure in 1980s funk.
What a remarkable legacy of music and memories Pete Finney leaves behind. The steel guitarist and music historian was beloved across country music, and performed with some of country music’s biggest stars, along with many of the favorite honky tonkers and Americana stalwarts that make up Nashville’s rich artist community. Pete Finney passedaway on Saturday, February 7th at the age of 70.
Max Cavalera of [heavy metal band] Soulfly, formerly of Sepultura, has revealed that his daughter Christina has passedaway with a post on his social media accounts: “It is with great sorrow and heavy hearts that Max and Gloria and the entire Cavalera family announce the passing of their beloved daughter, sister, and mother Christina. After an enduring battle with illness, she has found peace with her two sons, Adam and Moses, and her brother Dana.”
Wiz Khalifa took to X to announce the death of his dad, Laurence W. Thomaz, writing that “today my father decided not to wake up.” The rapper continued on Friday: “I will always love him, miss him and be grateful for the things he taught me. He went out like a true yogi, at peace and on his own time. I love you forever Laurence W. Thomaz.” Thomaz was 63, according to TMZ. Khalifa added in a follow-up post: “My father’s passing was sudden but seeing how many people love and respected him makes happy and i know he’s proud that he left a positive impact on this earth. Literally all he ever wanted.”
Beloved Brooklyn-based Whatz Up New York television and Sound Chat radio host H-Diggy, born David Duncan, passedaway last week after battling cancer. Known for his booming voice and unmistakable presence at community events, the dreadlocked H-Diggy, a Jamaican-American, was a staple of New York’s reggae, dancehall, and hip-hop scenes for decades. As the face of Whatz Up New York TV for many years, he interviewed an impressive cross-section of New York and Jamaican political heavyweights, including former U.S. Secretary of State Colin Powell, former U.S. Senator Hillary Clinton, New York City Mayor Michael Bloomberg, and Jamaican leaders such as Edward Seaga, Bruce Golding, Portia Simpson Miller, and P.J. Patterson.
MLBPA Chief Resigns Over Misconduct Allegations As Federal Probe LoomsTony Clark, a former Major League Baseball player and longtime leader of the players’ union, has resigned from his position as executive director of the Major League Baseball Players Association (MLBPA) over misconduct allegations. Clark, who assumed the role in 2013, stepped down on Tuesday following revelations from an internal union investigation. The resignation also occurs amid an ongoing federal …READ THE FULL REPORT
Trump Announces First Projects Under $550 Billion Japan Trade DealPresident Donald Trump on Tuesday touted the launch of what he described as a “massive” trade deal with Japan, announcing the first wave of investments under Tokyo’s pledged $550 billion commitment to the United States. In a post on Truth Social, Trump said Japan is “officially, and financially, moving forward with the FIRST set of Investments” as part of what …READ THE FULL REPORT
Foreign Nationals, DMV Workers Indicted In Connection With Plot To Sell Drivers Licenses To NoncitizensFederal prosecutors in Kentucky have announced charges against five Louisville residents accused of operating a scheme to illegally issue driver’s licenses to non-U.S. citizens. The accused individuals include Aariel Matthews, 27, and Donnita Wilson, 32, both former clerks with the Kentucky Transportation Cabinet (KYTC). They are alleged to have issued licenses without requiring applicants to complete mandatory driver’s tests and …READ THE FULL REPORT
Stephen Colbert’s ‘Censorship’ Hoax Rapidly Debunked By CBS, Trump AdministrationOutgoing “The Late Show” host Stephen Colbert was quickly debunked after claiming that the FCC attempted to “censor” a recent interview he conducted with Texas State Rep. James Talarico, the preferred candidate of the Democratic Party establishment in Texas’ tightly contested Senate primary. The interview, which was released despite objections from CBS, focused largely on Talarico’s Senate primary and claims …READ THE FULL REPORT
Whoopi Goldberg Responds After Her Name Appears in Epstein FilesThe View co-host Whoopi Goldberg is pushing back after her name surfaced in documents tied to convicted sex offender Jeffrey Epstein — insisting the mention does not mean what critics claim it does. During Tuesday’s broadcast, Goldberg addressed the issue head-on after co-host Joy Behar raised the topic in the name of transparency. “Yes. My name is in the files,” …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
Oil Surges On Report Warning US-Iran War Is Far Closer Than Americans Realize
Wednesday, Feb 18, 2026 – 08:36 AM
Axios’ Barak Ravid, a journalist very close to the Israeli government, writes Wednesday that the Trump White House is now “closer to a major war in the Middle East than most Americans realize. It could begin very soon.”
The sources he spoke to, which could be American or Israeli, say that such an operation would be a “massive” campaign at least weeks in sustained length. If it the campaign goes the way of Iraq or Afghanistan, or Syria, the conflict could eventually be measured in years and not just months.
Further, “The sources noted it would likely be a joint U.S.-Israeli campaign that’s much broader in scope — and more existential for the regime — than the Israeli-led 12-day war last June, which the U.S. eventually joined to take out Iran’s underground nuclear facilities.”
All of this looks to be going down with no public or Congressional debate whatsoever: “With the attention of Congress and the public otherwise occupied, there is little public debate about what could be the most consequential U.S. military intervention in the Middle East in at least a decade,” notes Axios.
Both sides are citing ‘progress’ in the two rounds of indirect negotiations (in Oman and then Geneva) which have taken place thus far, however, there’s been nothing yet in the way of specific agreement. Washington’s commitment to see talks through even for weeks at this point is highly in quesiton.
The following was the initial Iranian assessment of how the talks led by Witkoff and Kushner in Geneva went this week:
Iran has said it has reached an understanding with the US on the main “guiding principles” to resolve their dispute over Tehran’s nuclear programme.
Speaking after indirect talks in Geneva, Iranian Foreign Minister Abbas Araghchi added that work still needed to be done. The US said “progress was made”.
Badr Albusaidi, foreign minister of mediator Oman, said the negotiations “concluded with good progress towards identifying common goals and relevant technical issues”.
The Iranians have asked for two weeks to hammer out a detailed proposal, with an American official stating, “Progress was made, but there are still a lot of details to discuss. The Iranians said they would come back in the next two weeks with detailed proposals to address some of the open gaps in our positions.”
Given President Trump has ordered a second US carrier group to the region, along with a huge number of support aircraft, does Iran really have two weeks to spare?
Oil reaches HOD Wednesday soon on heels of Axios report, with WTI kissing $64/barrel…
To some degree, the Iranians are likely buying time, knowing that a surprise, unprovoked attack could be imminent. This would be similar to the June war, but unlike that scenario this would indeed be much bigger.
There’s reason to believe Trump may stay restrained, however, and give negotiations time. Fear of higher oil prices could ultimately be the deciding factor here, pushing Trump to settle with Iran and not spark another completely unpredictable, likely disastrous war in the Middle East.
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
CANADA
ROBERT H
Canadian Prime Minister Pitching Global Trade Rules Agreement to Combat Trump – Connecting Trans-Atlantic to Trans-Pacific – The Last Refuge
Pays to understand what really is going on behind the narrative.
This has real implications of change for Canada and America and likely will ensure the breakup of Canada. It also explains why NO pipe line company will back a new pipeline in Alberta without Provincial guarantees NOT Federal.
And should provinces like Alberta and Saskatchewan leave to be independent or part of America the rest of Canada will be much more poorer with the exception of Ontario which only derives $38 per person from Alberta’s wealth sharing while other provinces get as much $3600+ per person in subsidies. Even so called wealthy Quebec would have to charge $.02 more per kilowatt of power generated to make up for the $3200+ per resident that they get.
The times are a changing and we need to be clear that America will act in it’s best interests and it is clear that they need to protect their well being. In a time of change there is no friendship, only interests and not always harmonious.
More “Secret Investments” By Adani Family Associates Revive Market Manipulation Allegations
Wednesday, Feb 18, 2026 – 02:45 AM
In early 2023, as scrutiny mounted around India’s Adani Group, two close associates of the Adani family acknowledged to their bankers that they controlled billions of dollars in the conglomerate’s shares through hedge funds.
The admission — found in records reviewed by OCCRP, who called them “secret investments” in a new investigative piece— came soon after Hindenburg Research accused the group of inflating its stock through “brazen” manipulation that included promoters and insiders holding more of the float than was publicly disclosed.
The allegations sparked international attention, amplified by the company’s perceived ties to Prime Minister Narendra Modi. Although Adani shares initially fell, they later rebounded. The group dismissed the claims as an “attack on India,” and India’s market regulator, SEBI, eventually cleared the company on two specific issues, while other investigative strands have not been publicly detailed.
The investors, Nasser Ali Shaban Ahli of the UAE and Taiwan’s Chang Chung-Ling, had long-standing business links to the Adani family. Previously reported holdings in the hundreds of millions now appear far larger: internal documents from Swiss bank REYL Intesa Sanpaolo show that as recently as 2023, the two held roughly $3 billion in Adani-related investments through Dubai-based accounts. In written statements to their bank, they said their positions stemmed from personal and professional trust in the family and denied Hindenburg’s allegations.
Both men have surfaced in past Indian investigations into alleged Adani misconduct — cases that were ultimately dropped. A 2007 diamond-trading probe and a 2014 over-invoicing inquiry connected them to companies tied to Vinod Adani, the chairman’s brother. Vinod was at the heart of many Hindenburg allegations, with the firm questioning his management of overseas shell companies and alleging financial improprieties relating to potential manipulation of Adani shares.
Hindenburg also identified Chang as linked to a disclosed “related party.” Earlier reporting cited evidence that their trades were coordinated with Adani-linked entities.
OCCRP writes that Swiss prosecutors are now examining Chang on suspicion he acted as a “front man” to help insiders exceed ownership limits. More than $310 million has been frozen, though no charges have been filed. Authorities confirmed an ongoing investigation into money laundering and document forgery. The Adani Group denies any role.
Abroad, U.S. prosecutors in 2024 charged founder Gautam Adani and his nephew in a bribery case the company calls “baseless,” alongside a related SEC civil action. In India, however, consequences have been limited. The Supreme Court declined to order a separate probe, noting SEBI’s progress on “twenty-two out of twenty-four” inquiries and saying its work “inspires confidence.” In 2025, SEBI ruled certain allegations “not established,” though other matters reportedly remain pending.
Bank records show Ahli held about $2 billion and Chang about $1 billion through British Virgin Islands companies, largely invested in hedge funds likely focused on Adani stocks. After meeting bank officials in February 2023, they confirmed ownership of the accounts, rejected wrongdoing, and said they would diversify “in the short term.” The bank tightened oversight of their transactions.
In an August 2024 ruling, Switzerland’s Federal Criminal Court upheld the freeze on Chang’s funds, stating investigators must be allowed time to proceed and observing that the appellant had not provided documentation sufficient “to dispel the doubts legitimately raised.”
Ahli and Chang declined to comment. The bank cited legal restrictions on disclosure.
Meanwhile, days ago, it was announced that the reporter on the byline to this new story had been sentenced to a year for “defamning” Adani Group on X:
On February 10, a magistrate court in the western state of Gujarat convicted Nair and sentenced him to jail and a fine of 5,000 rupees (US$55) for his posts between October 2020 and July 2021 on the X platform and articles on the Australian nonprofit Adani Watch investigative site, according to a copy of the judgment, reviewed by CPJ.
Nair frequently uses social media to comment on the Adani Group, owned by billionaire Gautam Adani. The conglomerate has come under sustained scrutiny over allegations of financial irregularities, which it has denied.
Nair’s posts cited or linked to reports by established publications, including The Times of India and Bloomberg, sometimes accompanied by commentary questioning Indian government policies and the Adani Group’s environmental compliance and alleged monopolistic practices.
The case against Nair was initiated by Adani Enterprises Limited, the group’s flagship firm.
On February 10, the court concluded that the journalist’s comments and publications were defamatory and made with knowledge of their likely impact on the company’s reputation.
end
PERU
revolving door: as the next Peruvian President removed. His Presidency lasts 115 days
(zerohedge)
Peru Removes President After Scandal Tied To Chinese Contractor
Wednesday, Feb 18, 2026 – 06:55 AM
Peru’s Congress voted on Tuesday to remove President Jose Jeri from office following a series of undisclosed late-night meetings at a Chinese restaurant with a Chinese state contractor, setting off a political scandal dubbed “Chifagate”, a reference to the country’s Chinese-Peruvian fusion cuisine.
According to SCMP, lawmakers voted 75-24, with three abstentions, to censure Jeri over the unregistered encounters with businessman Zhihua Yang, whose companies have supplied the state and who owns the restaurant and a wholesale outlet in Lima.
The vote took place during an extraordinary session in which seven censure motions, filed between January 21 and January 27, were admitted and debated together. An attempt by Jeri’s party, Somos Peru, to argue that only a presidential vacancy procedure could remove him was defeated 71-34.
Jeri did not attend the debate, maintaining that the censure process denied him the right to mount a defense.
In a televised interview last month, he ruled out resigning voluntarily and described the release of videos as part of a political operation aimed at destabilizing the government ahead of elections; of course that’s what every politicians embroiled in a career-ending scandal would say.
The “Chifagate” scandal started in late December, when TV shows broadcast footage of the president entering a Chinese restaurant in Lima’s San Borja district shortly before midnight, his head covered, alongside the interior minister Vicente Tiburcio.
Days later, he was filmed inside Yang’s wholesale shop, which municipal authorities had temporarily closed earlier that day for regulatory breaches. Neither visit was recorded on the president’s official agenda as required under transparency rules.
Local media also reported that Yang had expressed interest in a proposed contract to install thousands of surveillance cameras on public buses, a project estimated to cost about US$30 million.
Government officials acknowledged discussions with Chinese business representatives but denied any pressure or irregular conduct.
Separate reports said another Chinese businessman, Ji Wu Xiaodong, who faces house arrest over alleged links to illegal logging, had entered the presidential palace several times between December and January. Jeri said he was unaware of Ji Wu’s legal situation and rejected suggestions of wrongdoing.
Throughout the investigation, the now-ousted president refused to resign and rejected the allegations, saying he had granted no favors or contracts. He described the case as “a political operation” aimed at destabilizing his government.
The Attorney General’s office opened a preliminary investigation into possible influence peddling and illegal sponsorship of interests. Under Peruvian law, a sitting president enjoys immunity from prosecution, meaning any criminal case would proceed only after leaving office.
Banana Republic
Jeri took office in October through constitutional succession after the removal of Dina Boluarte and had been in the post for 130 days. Boluarte had replaced the last democratically elected president, Pedro Castillo, in December 2022 after he too was impeached.
Jeri was the seventh president in a decade to lead Peru. Many of his predecessors have been mired in scandal, forcing them to step down or face impeachment.
His removal adds to a decade of political turbulence in which presidents have resigned, been impeached or removed in rapid succession.
Outside Congress on Tuesday, a small group of protesters gathered behind metal barriers demanding Jeri’s resignation. Some held placards and chanted “Que se vaya Jeri” (“Jeri must go”) as police maintained a visible presence.
Before Tuesday’s final vote, opinion polls already indicated that the president’s popularity had been damaged by the scandal. A survey by Datum Internacional and local newspaper El Comercio published on Monday showed his approval rate at 37 per cent, a drop of 21 points since he took office.
Nearly seven in ten respondents said they believed he was implicated in corruption after photographs and videos surfaced showing his meetings with the Chinese businessmen seeking state contracts.
Congressional leaders said a new head of Congress would be elected on Wednesday evening and would then assume the presidency under constitutional succession rules. The interim president will serve until April, when Peru is scheduled to hold general elections to choose a new leader, two vice presidents and a new Congress.
emd
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS WEDNESDAY MORNING 6;30AM//OPENING AND CLOSING
USA DOLLAR VS EURO: 1.1837 FOR A LOSS OF .0013 OR 13 BASIS PTS.
USA/ YEN 153.73 UP 0.599 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 1.3575 UP 0.0013 OR 13 BASIS PTS
USA/CAN DOLLAR: 1.3655 UP 0.0015 CDN DOLLAR DOWN 15 BASIS PTS//(DESPITE TRUMP’S TARIFFS)
Last night Shanghai COMPOSITE CLOSED
Hang Seng CLOSED
AUSTRALIA CLOSED UP 0.60%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED
/SHANGHAI CLOSED
AUSTRALIA BOURSE CLOSED UP 0.60 %
(Nikkei (Japan) CLOSED UP 564.51 PTS OR 1.00%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 4917.50
silver:$75.75
USA DOLLAR VS TRY (TURKISH LIRA): 43.75
USA DOLLAR VS RUSSIAN ROUBLE: 76.22 ROUBLE// UP 12 BASIS PTS
UK 10 YR BOND YIELD: 4.3680 DOWN 1 BASIS PTS
UK 30 YR BOND YIELD: 5.165 DOWN 2 BASIS PTS
CDN 10 YR BOND YIELD: 3.227 DOWN 3 BASIS PTS
CDN 5 YR BOND YIELD; 2.766 DOWN 3 BASIS PTS
USA dollar index early WEDNESDAY MORNING: 97.16 UP 10 BASIS POINTS FROM TUESDAY’s CLOSE
WEDNESDAY MORNING NUMBERS ENDS
And now your closing WEDNESDAY NUMBERS 10.00 AM
Portuguese 10 year bond yield: 3.105% DOWN 1 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.141% UP 1 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.375 DOWN 2 BASIS PTS//DIASTER
SPANISH 10 YR BOND YIELD: 3.174 DOWN 0 in basis points yield
ITALY 10 YR BOND: 3.359 DOWN 0 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (
GERMAN 10 YR BOND YIELD: 2.7439 UP 1 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY WEDNESDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/10:00 AM
Euro/USA 1.1821 DOWN 0.0030 OR 30 basis points
USA/Japan: 154.36 UP 1.230 OR YEN IS DOWN 123 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.3770 UP 1/2 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.176 UP 0 BASIS POINTS.
Crude rallies on reports Trump is close to major war with Iran – Newsquawk US Market Wrap
Wednesday, Feb 18, 2026 – 03:52 PM
SNAPSHOT: Equities up, Treasuries down, Crude up, Dollar up, Gold up
REAR VIEW: Trump admin is reportedly closer to a major war with Iran than people realise; FOMC Minutes show a divided Fed; US Durable Goods come in better than feared; US Building Permits, Manufacturing Production, and Industrial Production top expectations; New NOTAM issued by Iran shows planned rocket launches within areas across Southern Iran on Thursday; UK Core & Services CPI comes in hot; Ukrainian official says US-Ukraine-Russia negotiations were substantive and there was progress; Zelensky says peace discussions are to continue; Weak 20-year auction.
COMING UP: Holiday: Chinese Spring Festival Golden Week (17-24 Feb). Data: Australian Employment (Jan), US Trade Balance (Dec), Weekly/Continuing Claims, Philadelphia Fed (Feb), Pending Home Sales (Jan), EZ Flash Consumer Confidence (Feb), New Zealand Trade Balance (Jan), Australian Flash PMIs (Feb), Japanese CPI (Jan). Speakers: ECB’s Cipollone, de Guindos; Fed’s Bostic, Kashkari, Goolsbee, Bowman. Supply: Japan, Spain, France, US. Earnings: Walmart, Deere, Wayfair, Klarna, Opendoor, Newmont Mining, Southern, Constellation Energy, Airbus, Pernod Ricard, Renault.
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MARKET WRAP
Equities saw two-way trade on Wednesday with morning weakness offset after a strong cash open before selling off best levels into the closing bell. Sectors were mixed, Energy, Consumer Discretionary, Financials and Tech outperformed, while Utilities, Real Estate and Consumer Staples lagged. There were several noteworthy developments. On geopolitics, Axios reported that Trump has moved closer to a major war with Iran, reigniting concerns in the region, resulting in oil prices rallying. Meanwhile, US data was overall strong with Durable Goods, Housing Data and Industrial Production beating analyst expectations. Meanwhile, the FOMC Minutes continue to show a divide on the rate outlook at the Fed, but several preferred two-sided guidance, noting upward adjustments could be appropriate if inflation remains above target. The strong data and geopolitical developments supported the Dollar, seeing it outperform, while the NZD lagged after a dovish RBNZ hold overnight. T-notes were lower across the curve on the data and upside in energy prices, while a weak 20-year auction did no favours. There was little reaction to the FOMC minutes, aside from some chop in USD/JPY. It noted that rate checks conducted by the NY Fed heading into the meeting were solely on behalf of the US Treasury, and it confirmed that there were no intervention operations in foreign currencies during the intermeeting period. Gold and silver prices rallied on Wednesday, while Bitcoin saw further pressure.
US
FOMC MINUTES: The FOMC’s January meeting minutes showed a broad agreement to hold rates at 3.50-3.75%, with almost all participants backing no change, while a couple preferred a 25bps cut on the grounds that policy remained restrictive and labour market risks persisted (Miran and Waller). Those favouring a steady stance argued that, after 75bps of easing last year, policy was within estimates of neutral, and most expected supportive financial conditions and fiscal settings to underpin growth. However, views diverged on the path ahead: several indicated further cuts would likely be appropriate if disinflation progresses as expected, whereas others judged easing should await clearer evidence that inflation is firmly returning to target. Meanwhile, several favoured two-sided guidance, noting upward adjustments could be appropriate if inflation remains above target. However, all agreed policy was not on a preset course and would be informed by a wide range of incoming data, the evolving economic outlook, and the balance of risks. Inflation was seen as markedly lower than its 2022 peak but still somewhat elevated, with core goods, including tariff effects, cited as key drivers, and risks of persistence viewed as meaningful. Labour market conditions were described as stabilising, with low layoffs but subdued hiring, and downside employment risks judged to have diminished, though not disappeared. On the USD, the minutes noted a marked USD depreciation ahead of the meeting after reports that the Desk had conducted “rate checks” on the USDJPY pair, signalling heightened market sensitivity to potential intervention. However, the Committee confirmed that no foreign currency operations were undertaken for the System’s account during the intermeeting period. The manager noted that quotes were requested solely on behalf of the US Treasury in the NY Fed’s role as the fiscal agent for the US.
DURABLE GOODS: Durable Goods for December fell 1.4% M/M, but less than the expected -2%, against November’s rise of 5.4%. Ex-Defense fell 2.5% M/M (prev. +6.6%), while Ex-Transport rose 0.9% from 0.4%, more than the consensus of 0.3%, and also above the top end of the forecast range. The headline was down, as expected, but Oxford Economics notes the more important development was another upside surprise in core orders, which provides a clearer signal of future business spending and bolsters its forecast for solid equipment investment in 2026. OxEco adds that while orders are the more forward-looking measure, shipments are what count towards GDP, and these were relatively stronger. As such, the consultancy is to its nowcast of solid Q4 business equipment investment, but subject to change with Thursday’s trade data.
INDUSTRIAL PRODUCTION: US IP rose 0.7% in January, above the 0.4% forecast and accelerating from the downwardly revised 0.2% December reading. Manufacturing production rose 0.6%, above the 0.4% forecast, and also accelerating from the downwardly revised flat print in the previous report. Capacity utilisation rose to 76.2% from 75.7% but fell short of the 76.5% forecast. Within the report, Oxford Economics note that “Extreme winter weather effects predictably lowered mining output but boosted utilities production. The upside surprise was concentrated in manufacturing. OxEco expect “manufacturing to continue growing this year thanks to the AI tailwind, which will benefit not only computers and electronics but also electrical equipment”. The desk also highlights that a fiscal boost, plus lower interest rates “will allow non-AI sectors to find their stride as well, and the potential for further tariff reductions is an upside risk for which to watch out.”
BUILDING PERMITS/HOUSING STARTS: Note, due to the government shutdown last year, the release was delayed, and includes November and December readings, where November = prior. Building Permits topped expectations in December, revised up to 1.448mln above the expected 1.40mln (prev. 1.388mln). Single-family authorisations fell 1.7% M/M to 881k with multi-family units at 515k. Meanwhile, Housing Starts were 1.404mln, above the expected 1.33mln (prev. 1.332mln). Single-family housing starts were 981k +4.1% M/M, with units in buildings with five units or more at 402k. Pantheon Macroeconomics says the pick-up in housing starts and permits late 2025 is unlikely to be sustained as “relatively mild weather for the time of year largely explains why single-family starts overshot their permits-implied level”. The firm expects permits to continue to trend down in 2026.
FIXED INCOME
T-NOTE FUTURES (H6) SETTLED 5+ TICKS LOWER AT 112-30+
T-notes lower after strong US data, rising energy prices, and a weak auction, while FOMC minutes continue to show a divided rate outlook. At settlement, 2-year +2.3bps at 3.460%, 3-year +2.5bps at 3.494%, 5-year +2.8bps at 3.649%, 7-year +3.0bps at 3.850%, 10-year +2.9bps at 4.083%, 20-year +2.8bps at 4.657%, 30-year +2.7bps at 4.710%.
THE DAY: T-notes were slightly lower on Wednesday with weakness seen in the wake of US data and also a slew of corporate issuance, as attention turned to the auction and FOMC minutes. The data was strong. Durable Goods were better than feared, falling 1.4% vs the -2% forecast. Housing Starts and Building Permits both accelerated, beating expectations. Meanwhile, Industrial and Manufacturing Production topped analyst estimates. One area of concern was the NY Fed Services survey, but the outlook was more encouraging. In the wake of the official data, the Atlanta Fed GDPNow estimate was revised lower to 3.6% from 3.7% – this also included the Existing Home sales and CPI report from the 11th and 13th February, respectively. The Minutes continue to show a divided Fed, where some judged rates should be heady for some time, while several said rate cuts would likely be appropriate if inflation declines as expected. Meanwhile, several favoured two-sided guidance, noting upward adjustments could be appropriate if inflation remains above target. Elsewhere, focus remains on geopolitics, with the key development today being reports in Axios that Trump is close to a full war with Iran, which largely lifted the crude space. The reports initially led to some minor upside in T-notes, but the upside faded with energy prices rallying. Some minor weakness was seen in the wake of a woeful 20-year auction (more below).
SUPPLY
Bills
US sold 17-wk bills at a high rate 3.595%, B/C 3.15x
US to sell USD 95bln of 8-week bills and USD 105bln of 4-week bills on February 19th; all to settle on February 24th
Notes
US sold USD 16bln of 20-year bonds: Overall, a weak auction, seeing the largest tail since November 2024. The US sold USD 16bln of 20-year bonds at a high yield of 4.664%, tailing the when issued by 2bps. This is much weaker than the prior stop through of 1bps and the six-auction average stop through of 0.4bps. The bid-to-cover of 2.36x was notably softer than the prior 2.86x and the average of 2.66x. Within the report, direct demand fell to 27.2% from 29.1%, but remained above the 26.9% average, while indirect demand fell to 55.2% from 64.7%, below the 63% average. This left dealers with a chunky 17.6% of the auction, well above the prior 6.2% and the average of 10.1%.
US Treasury to sell USD 9bln of 30-year TIPS on Thursday, February 19th
STIRS/OPERATIONS
Market Implied Fed Rate Cut Pricing: March 0bps (prev. 1.3bps), April 4.2bps (prev. 5.3bps), June 18.1bps (prev. 19.1bps), December 56.6bps (prev. 59.2bps).
EFFR at 3.64% (prev. 3.64%), volumes at USD 97bln (prev. USD 90bln) on February 17th
SOFR at 3.71% (prev. 3.66%), volumes at USD 3.254tln (prev. USD 3.169tln) on February 17th
NY Fed RRP op demand at USD 0.9bln (prev. 0.4bln), across 10 counterparties (prev. 5)
CRUDE
WTI (J6) SETTLED USD 2.79 HIGHER AT 65.05/BBL; BRENT (J6) SETTLED USD 2.93 HIGHER AT USD 70.35/BBL
The crude complex saw notable gains amid heightened US/Iran tensions. The clear headline driver for the energy space came in the European morning, which sent benchmarks barrelling higher, as Axios, citing sources, reported that the Trump admin is closer to a major war with Iran than people realise, and a military operation would likely be a massive one. This sent WTI and Brent to intra-day highs, before they continued grinding higher throughout the US afternoon. Participants now await any response from Iran or any further rhetoric from the US. For the record, there was little concrete updates regarding the US/Russia/Ukraine trilateral talks, which formally ended in Geneva today, although Zelensky told reporters that they have agreed to continue peace discussions. The White House said meaningful progress was made on Ukraine, but the Kremlin said negotiations were difficult. Ahead, traders await private inventory metrics after-hours, which are delayed a day on account of the US holiday.
EQUITIES
CLOSES: SPX +0.56% at 6,881, NDX +0.80% at 24,899, DJI +0.26% at 49,663, RUT +0.45% at 2,659
SECTORS: Utilities -1.70%, Real Estate -1.45%, Consumer Staples -0.53%, Industrials +0.01%, Health +0.21%, Communication Services +0.31%, Materials +0.77%, Financials +0.78%, Technology +0.97%, Consumer Discretionary +1.00%, Energy +2.00%.
EUROPEAN CLOSES: Euro Stoxx 50 +1.34% at 6,103, Dax 40 +1.16% at 25,287, FTSE 100 +1.23% at 10,686, CAC 40 +0.81% at 8,429, FTSE MIB +1.30% at 46,361, IBEX 35 +1.35% at 18,198, PSI +0.76% at 9,143, SMI +0.30% at 13,805, AEX +1.48% at 1,011
STOCK SPECIFICS:
Meta (META) to buy millions of Nvidia (NVDA) Vera Rubin chips.
Mister Car Wash (MCW) to be taken private by Leonard Green & Partners for $7.00/shr.
Moderna (MRNA): FDA accepted its application to review mRNA-1010.
Palantir (PLTR) upgraded at Mizuho to ‘Outperform’ from ‘Neutral’.
Snap (SNAP) has exceeded 25mln subs and tops USD 1bln annualised run rate.
Google (GOOGL) launched Lyria 3 music generation in the Gemini app; SPOT, WMG, and UMG (UMA NA) were weighed by the update.
The Dollar was broadly firmer against peers as US yields rose. The move in the dollar accelerated following the US durable goods report, which saw the headline decline less than expected, resulting in US yields continuing their gradual march higher. Another factor in the background, likely adding to upside in yields, was the renewed strength in oil prices as an Axios report put a dent in recent optimism regarding a diplomatic US-Iran solution. “Trump admin is closer to a major war with Iran than people realise”, sources said. This brought increased geopolitical risk and upside risks to inflation, both dollar positives. Elsewhere, the focus was on FOMC Minutes, where the release largely encapsulated the statement in the January meeting and commentary from Fed officials since the meeting. One point for FX was that the rate checks conducted on USD/JPY amid dollar weakness due to reports that the NY Fed had made requests for indicative quotes were conducted solely on behalf of the US Treasury, not the NY Fed. DXY broke above Tuesday’s high of 97.55, now trading around 97.69 from the open of 97.14.
NZD led G10 weakness following dovish commentary within the RBNZ statement, as well as commentary from first-time Governor Breman. The central bank held the OCR at 2.25% as widely expected, with the statement noting policy is likely to remain accommodative for some time. Also, conditional on the central economic outlook, the OCR is projected to remain around its current level in the near term before increasing from late 2026. Governor Breman is not planning to hike until we see a stronger economy and more inflationary pressure. NZD/USD fell on the rate decision from 0.6042 to 0.6019, before gradually hitting lows 0.5962 around the time of writing.
In the UK, CPI was mixed, with headline matching expectations but with core and services coming in hot. GBP was nonetheless weaker, a function of USD strength, while CHF and JPY failed to capitalise on haven status amid increased geopolitical risks. NOK relatively outperformed against USD, with marginal losses while seeing decent strength against EUR.
USA DATA RELEASES
Core Durable Goods Orders Surge For 9th Straight Month
Wednesday, Feb 18, 2026 – 08:41 AM
US Durable Goods Orders dropped 1.4% MoM in preliminary December data (slightly better than the 2% decline expected) but well down from the +5.4% MoM surge in November…
Source: Bloomberg
The headline orders print was restrained by a decline in orders for aircraft.
Boeing said it received more orders for its planes in December than a month earlier, but the data don’t always correlate with the planemaker’s monthly figures.
That leaves Durable Goods Orders up 12.5% YoY in 2025 – one of the biggest annual increases ever.
Meanwhile, Core Durable Goods Orders (ex Transports) rose 0.9% MoM (triple the +0.3% MoM expected) and the ninth straight monthly increase…
Source: Bloomberg
Core Orders are up over 5% YoY in 2025 – the best YoY gain since Oct 2022 (and best annual gain since 2021).
Today’s data also showed the value of core capital goods orders, a proxy for investment in equipment that excludes aircraft and military hardware, surged by dramaticallly larger-than-forecast 0.9%.
end
Amid Slumping Sales & Sentiment, Housing Starts & Permits Jumped In December
Wednesday, Feb 18, 2026 – 09:20 AM
It would appear that homebuilders are desperately hoping for a ‘Field of Dreams’ year…
Additionally, Housing Starts rose as Home Builders confidence crumbled (and Future Sales expectations dropped)…
The surprise monthly surge lifted the SAAR totals for both housing sector data points to multi-month highs…
Breaking down the headline data shows that multi-family building permits and housing starts soared (+18.1% MoM and +10.1% MoM respectively) while Single-Family Building Permits tumbled 1.7% MoM while single-family starts rose for the 3rd straight month…
However, the pace of construction continues to decline on a year-over-year basis.
Growth in permit demand was most robust in the Northeast and West, two of the more volatile regions.
Finally, the inventory of new homes for sale remains a significant headwind for residential construction activity.
While mortgage rates have fallen, perhaps prompting the homebuilders to take advantage…
…the fact that rate-cut expectations have tumbled suggests they ‘they will not come’ anytime soon, no matter how much you build.
end
US Industrial Production Surged In January
Wednesday, Feb 18, 2026 – 09:35 AM
Despite slumping sentiment surveys, ‘hard’ data continues to suggest the US economy is ticking along nicely with Industrial Production surging 0.7% MoM in January (better than the +0.4% MoM expected and well up from the downward revised +0.2% MoM in December).
This is the 3rd straight monthly increase in Industrial Production, lifting growth to 2.3% YoY – the best annual growth since Sept 2022…
Source: Bloomberg
Under the hood, US Manufacturing output rose 0.6% MoM (better than the +0.4% MoM expected and best monthly gain since Feb 2025)…
Source: Bloomberg
That is the fast annual growth in manufacturing since Feb 2022.
Capacity Utilization rose to 76.2% (below expectations),m extending the positive trend since the start of Trump’s term…
Source: Bloomberg
Finally, circling back to the ‘soft’ survey data we noted at the beginning, we note that ISM Manufacturing exploded higher in January (after decoupling from hard data all year)…
Does make you wonder whether any of these surveys are real? Or did the Democrats being interviewed finally throw in the towel on the doomsaying?
END
FOMC MINUTES
FOMC Minutes Confirm Very Divided Fed: “Several” Suggest Rate-Hikes
by Tyler Durden
Wednesday, Feb 18, 2026 – 02:05 PM
Since the last FOMC meeting (where they cut rates by 25bps with two dissents) on Jan 28th, Bitcoin has been the biggest underperformer (along with gold) while bonds and the dollar have rallied with stocks lagging…
Source: Bloomberg
March is ‘off the table’ for a rate-cut now (following last week’s payrolls beat) but overall 2026 rate-cut expectations are dovishly higher since the last FOMC meeting…
Source: Bloomberg
With macro data confirming Powell’s positive narrative (for now)
Source: Bloomberg
With Growth surprising to the upside and inflation drifting lower…
Source: Bloomberg
Today’s Minutes could be more interesting than recent months since The Fed displayed a hawkish tone with Powell talking up a “clear improvement” in the US outlook during the press conference, and said the job market shows signs of steadying.
So here’s what The Fed wanted you to know about the last FOMC Meeting:
Key Headlines (via Bloomberg):
A very divided Fed sees rate-cuts (and hikes) and embraces lower inflation (and fears higher inflation)…
On Rates:
*FED: SEVERAL WOULD’VE SUPPORTED TWO-SIDED LANGUAGE ON RATE PATH
Federal Reserve officials signaled renewed worries over inflation with “several” policymakers suggesting the central bank may need to raise interest rates if inflation stays above their goal.
“Several participants indicated that they would have supported a two-sided description of the committee’s future interest-rate decisions, reflecting the possibility that upward adjustments to the target range for the federal funds rate could be appropriate if inflation remains at above-target levels,” a record of the central bank’s January meeting showed.
On Inflation:
*FED: MOST CAUTIONED DISINFLATION COULD BE SLOWER THAN EXPECTED
*FED: SEVERAL SAW MORE CUTS IF INFLATION DECLINES AS EXPECTED
*FED: SEVERAL CAUTIONED MORE RATE CUTS COULD ENTRENCH INFLATION
*FED: SEVERAL EXPECTED PRODUCTIVITY TO PRESSURE INFLATION LOWER
On Markets:
*FED: SEVERAL HIGHLIGHTED VULNERABILITIES IN PRIVATE CREDIT
Read the full FOMC Minutes below:
USA ECONOMIC REPORTS
US Military Blows Up 3 Alleged Drug Boats, Killing 11, After Lull Since January
Tuesday, Feb 17, 2026 – 07:40 PM
The Pentagon’s whole anti-narco boat operations fell relatively silent for the past more than a month in the wake of the January 3rd US military raid on Venezuela to overthrow the Maduro government. Surely there was still drug trafficking off Latin America, but with ‘mission accomplished’ in Caracas the public PR ‘anti-drug’ pretext was no longer needed, apparently.
But suddenly, this week, the US military has begun its strikes on alleged drug boats again, with US Southern Command (SOUTHCOM) on Tuesday having announced its forces launched drone assaults on three alleged drug smuggling boats in the eastern Pacific and the Caribbean on Monday.
In total eleven people were killed in the renewed operation. “Intelligence confirmed the vessels were transiting along known narco-trafficking routes and were engaged in narco-trafficking operations,” SOUTHCOM said Tuesday in a post to X.
The military statements said the three boats were allegedly “operated by Designated Terrorist Organizations.” The post further referred to those killed as “male narco-terrorists,” detailing that eight were killed on two boats in the eastern Pacific – or the Western side of Latin America – and three were killed on a boat in the Caribbean.
No American forces were harmed, the post said, in the assault conducted at the direction of Marine Corps Gen. Francis Donovan, who serves as the commander of Southern Command.
War (Defense) Secretary Pete Hegseth celebrated the fresh strikes in a post on X, writing, “Turns out President’s Day — under President Trump — is not a good day to run drugs.”
For all the momentary celebrations at the Pentagon, the supposed ‘war on drugs’ will be circular and never-ending, as it’s been over the past many decades, spanning presidencies.
But this is really about American influence and ‘ownership’ of the region and total dominance of the Western hemisphere.
From Vietnam to Iraq to Libya to Syria to Iran, Washington is always looking for some kind of casus belli – even if it has to be manufactured – to sell war to the American people.
Late on Feb. 16, at the direction of #SOUTHCOM commander Gen. Francis L. Donovan, Joint Task Force Southern Spear conducted three lethal kinetic strikes on three vessels operated by Designated Terrorist Organizations. Intelligence confirmed the vessels were transiting along known… pic.twitter.com/mib9XtptSB
Going back several years, the single biggest sources of the world’s fentanyl trade have been consistently identified as China and Mexico.
At this point it’s impossible to know, and hasn’t been disclosed, whether any of the well over 25 boats blown up by US military action off Latin America since September were actually loaded with fentanyl, or in what quantities.
END
Berkshire Dumps Most Of Its Amazon Shares, Sells More Apple And BofA; Buys Small New York Times Position
Tuesday, Feb 17, 2026 – 07:15 PM
In Warren Buffett’s last quarter as CEO of Berkshire, the Omaha conglomerate slashed several key positions, most notably Amazon which was reduced by over 77%, as well as core holdings Apple and Bank of America, while adding modestly to a handful of stakes such as Chevron and Chubb, and entering a tiny new position in the New York Times, the just published 13F for Q4 2025 revealed.
Berkshire’s most notable moves were all sales, led by a 7.7 million share dump of AMZN, a 77.2% drop in Berkshire’s holdings, to just 2.28 million shares from 10 million as of Q3. Berkshire first bought a stake in Amazon in 2019; at the time Buffett said that despite his historical aversion to technology stocks, he’d been “an idiot for not buying” the online retail giant’s shares sooner. Six years later, Buffett – or whoever runs the stockpiking there – has clearly decided they would be an idiot to keep holding on to Amazon.
Also in Q4, Berkshire continued cutting its stakes in Apple (its largest holding) and Bank of America (its 3rd largest position), trimming these by 4.3% and 8.9% to 227.9 million shares and 517.3 million shares, respectively. Buffett first started cutting those positions in 2024, after initiating the AAPL position in 2015.
Other holdings that were trimmed included Davita, Constellation Brands, AON, Pool and Liberty Latin.
It wasn’t all sales: in Q4, Berkshire increased its stakes in oil producer Chevron and insurance firm Chubb during the period, to 6.5% and 8.7%, respectively. The conglomerate unveiled its initial investment in Chubb in May 2024, after secretly building it the previous year. Chubb’s shares rose roughly 11% over the fourth quarter after a trade publication reported that the firm made an informal approach to buy American International Group. Berkshire also added modestly to its Dominos Pizza stake.
Berkshire also launched a small new position in New York Times, adding 5.1 million shares valued at $352 million at the end of Q4, making it Berkshire’s 29th largest holding out of 38.
Buffett, who stepped down as CEO at the end of 2025, appeared to be back on the hunt for purchases in recent quarters, reaching a deal to buy Occidental Petroleum’s petrochemical business for $9.7 billion and building a $5.6 billion stake in Alphabet. Both positions were unchanged in Q4.
The full breakdown of Berkshire’s Q4 13F is below.
Affordability is the key issue here and the fact that we have a K shaped economy: (zerohedge)
Package-Food Stocks Sink After “Most Downbeat” Consumer Conference, General Mills Guidance Woes
Wednesday, Feb 18, 2026 – 07:20 AM
A fresh reminder that the K-shaped economy remains a very big problem emerged Tuesday at the Consumer Analyst Group of New York (CAGNY) conference, where top U.S. packaged food executives struck a sour tone about persistent consumer softening and unease over elevated food prices.
General Mills CEO Jeff Harmening told the audience at CAGNY that cereal, snacks, and pet food are among the categories taking the biggest hit as consumers struggle with affordability woes. He said the pressure is being fueled by inflation, reductions in government food benefits, geopolitical uncertainty, and a fragile consumer environment.
Those factors “have led to significant consumer stress, especially for the middle- and lower-income groups,” Harmening said.
Also on Tuesday, General Mills plunged 7% (its biggest drop since May 2022) after cutting its full-year sales outlook. It now expects organic net sales to decline 1.5% to 2%, compared with its prior forecast of down 1% to up 1%.
BNP Paribas analyst Max Gumport told clients CAGNY was “one of the most downbeat in recent memory for the packaged food group.” He noted the group is still facing several headwinds that have contributed to a “more elongated than anticipated recovery in volume.”
Beyond a cash-strapped consumer, Gumport also cited the surging use of GLP-1 drugs, intensifying competition from “disruptor” brands, and ongoing financial stress as some of the top pressures across the packaged food industry.
Also at the conference, Dana McNabb, group president of North America retail at General Mills, said the company has implemented a new lower-pricing strategy that has lifted volumes by eight percentage points.
McNabb said General Mills is targeting the price points that deter purchases and keeping prices below those thresholds. She added that the company is taking about 20% of its “least productive” products off the market.
Mondelēz International CEO Dirk Van de Put told CAGNY that consumers have dialed back on snack buying “because of high prices and flat spendable income.”
UBS analyst Torsten Sippel commented on the market reaction on Wednesday, saying: “Staples are finally pulling back after several weeks of outperformance, following disappointing guidance from General Mills. Packaged Food {UBXXFOOD Index} is down 4%.”
The S&P 500 Packaged Foods Sub-Industry Index closed down nearly 4%, not far from its Covid lows.
Our view is that consumers are addicted to junk food and are likely only temporarily dialing back spending in this segment as they look for new ways to fund their habits.
end
NEW YORK CITY
It begins huge increase in property taxes
(zerohedge)
It Begins: Mamdani Plans First NYC Property Tax Hike In Decades To Plug $5 Billion Hole
Wednesday, Feb 18, 2026 – 06:55 AM
New York City property owners are set to ‘enjoy’ the first property tax hike in more than two decades as part of a proposed solution by Mayor Zohran Mamdani to fill a roughly $5 billion budget gap, Bloomberg reports.
“He’s put a pretty extreme option on the table, which is a combination of raising property taxes and taking money from reserves and relying on some pretty aggressive revenue projections to boot,” said NYC Comptroller Mark Levine.
The pitch, set to be unveiled Tuesday afternoon during Mamdani’s preliminary budget proposal, comes one day after Governor Kathy Hochul vowed to kick in another $1.5 billion in additional aid to the city for the current fiscal year and next. Hochul has also committed $510 million for future years to help plug holes in the budget.
Update: Mamdani has laid out two paths; raise taxes on the ultra-wealthy and most profitable corporations, or ‘balance the budget on the backs of working people using only the tools at the City’s disposal.’
Mamdani says that the state should step up even more. Last week, he called on state lawmakers Wednesday to approve a 2 percent personal income tax increase on the city’s wealthiest residents as well as a hike in the corporate tax rate in a bid to close a multibillion-dollar budget gap. Of note, Hochul and the legislature must approve any tax changes.
While Mamdani is handcuffed in many ways when it comes to raising revenue, raising property taxes is something he can do as part of the annual budget process. Homeowners, meanwhile, just had their assessed values jump 5.6%, which will bring the city an additional $325.8 billion – which is separate of Mamdani’s plan.
Mamdani’s own rhetoric about the size and scope of the city’s budget situation has shifted. Earlier this month, just two weeks after describing the city’s $12.6 billion budget deficit as the city’s largest since the Great Recession, Mamdani revealed the hole had actually shrunk by $5 billion, because of higher tax revenue, propelled by personal income tax growth and Wall Street bonuses.
Even threatening to raise property taxes could prove a political lightning rod for Mamdani, after campaigning to reform that system, which has been criticized for overburdening lower- and middle-income residents. The last time the city increased property tax rates was under former Mayor Michael Bloomberg in the early 2000s. –Bloomberg
Meanwhile last monthMamdani said NYC is facing a $12.6 billion deficit over the next two years, which he blamed on his predecessor, Mayor Eric Adams, whose administration he says underbudgeted for various expenses such as cash assistance, rental assistance for homeless residents, special education and overtime costs. In FY 2025, NYC took in over $33 billion in property tax revenue.
Mamdani during his campaign promoted progressive reforms to fund proposals such as free public transit, rent stabilization and housing programs, universal child care, and a $30 minimum wage, leading to his upset win over more moderate Democrats.
He called for a 2 percent surcharge on high earners on the campaign trail.
Estimates suggested it could create approximately $4 billion annually to support increased public services and affordability programs, as well as offset costs for broad social investments while not saddling middle- and low-income residents.
END
NEW YORK CITY// ROBERT H
The sad part of this is that this is the reality of America. It is swamp full of creatures that people choose not to see. The fraud and thievery is consistent with a country as rich as America has been. Justice departed long ago to allow what has come to light in this matter and even with Epstein. And we are in the early stages of disclosure on Epstein with much more to come. Time will tell how the public reacts to disclosures not yet seen.
History will write one day that the painful exercise or correction of behavior was rooted in the reality that justice in America is in the hands of the club. And the reality is that it is just not that different in many other countries where Power corrupts leaving few nations with leadership that is for the people. The courts is many countries are courts designed to serve the club and not the public. Politicians see to courts having no independence from corruption and influence. Just like many elections in many countries have been rigged. And yes, disclosure of this will be coming out soon. Greed and power knows no bounds without containment. It is why the West will collapse to rebuild again perhaps a better system with less corruption. History tells us this is a natural process of renewal that comes when JUSTICE is no longer in the interest of truth. If China plays its’ card well it may well find itself with a global leadership role until it too fails in a natural cycle of empires. It has many inherent warts to last for many decades.
and if America manages to find enough soul to change course it too will recover if time is allowed. And that time is short at best.
Iran and US agree ‘guiding principles’ of nuclear deal, Tehran says “This does not mean that we can quickly reach a final agreement, but at least the path has begun.” Details of the purported “principles” were not immediately clear. The White House did not immediately respond to a request for comment… https://trib.al/Vy633q3
CNN: The two sides agreed on “guiding principles” for talks, according to Iran’s foreign minister, but he said more work needs to be done and an agreement will not be reached quickly… The Iranians said they would come back in the next two weeks with detailed proposals to address some of the open gaps in our positions,” one US official said… https://www.cnn.com/politics/live-news/trump-administration-iran-talks-02-17-26
Once again, Iran is doing the ‘rope-a-dope’ delay tactic on Trump.
Iran President Pezeshkian said Iran would not give up what he described as its peaceful nuclear program used for medical, agricultural and industrial purposes… https://www.iranintl.com/en/202602175187
Precious metals tanked on the Iran ‘rope-a-dope’ announcement; oil and gasoline declined modestly.
Fangs declined modestly while the DJTA rallied smartly in early US trading. The DJIA rallied modestly.
ESHs rallied moderately on Monday night on buying for the start-of-the-week (Monday) Rally. Alas, ESHs hit a daily high of 6869.75 (+19.25) at 18:49 ET. They then sank to 6810.00 at 0:32 ET. The rally for the European opening then appeared. ESHs hit 6847.75 at 3:13 ET; the Pro Dump appeared; ESHs did a 5-wave declined to 6805.75 (-44.75) at 8:10 ET.
The rally for the NYSE opening then began; ESH soared, via an A-B-C rally, t0 6882.00 at 8:41 ET. Alas, another Pro Dump appeared; ESHs sank to a daily low of 6791.00 (-59.50) at 1-:37 ET. The 2nd-Hour Reversal was a near vertical spike to 6866.75 (+16.25) at 11:23 ET. It looked like manipulation.
ESHs then fell to 6826.50 at 12:53 ET. The afternoon rally took ESHs to a daily high of 6883.75 at 14:41 ET. ESHs then fell to 6854.00 at 15:56 ET. Manipulation pushed ESHs to 6865.25 at 16:00 ET.
Google AI: The response rate for the Current Population Survey (CPS)—the household survey used by the Bureau of Labor Statistics (BLS) to calculate the monthly unemployment rate—has dropped to new record lows, falling further than the drop seen during the peak of the COVID-19 pandemic. As of late 2025, the response rate for the household survey has plummeted from over 90% in 2013 to approximately 64%–67%, a decline of roughly 30 percentage points. (In other words, the survey is unreliable & invalid.)
Positive aspects of previous session The DJTA and DJIA rallied on the relative valuation rotation. USHs were +3/32 at the NYSE close. Commodities declined.
Negative aspects of previous session Fangs declined modestly in the morning as the relative valuation rotation continued.
Ambiguous aspects of previous session Has the S&P 500 Index formed a massive top?
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]: 6828.57 Previous session S&P 500 Index High/Low: 6866.99; 6775.50
@PalantirTech: We have moved our headquarters to Miami, Florida. (From Denver) (Big Blue Cities’ business base is collapsing while entitlement spending surges. Tax everyone or die!)
Nightingale Associates: Chicago Office Sales 250 S. Wacker Drive ↓74% $23.8M vs $90M in 2011 175 W. Jackson Blvd ↓87% $41M vs $306M in 2018 600 W. Chicago Ave ↓82.5% $89M vs $510M in 2018 311 S. Wacker Drive ↓85% $45M vs $302M in 2014 200 S. Wacker Drive ↓68% $68M vs $215M in 2013 401 S. State St. ↓94% $4.2M vs $68.1M in 2016 70 W. Madison St. ↓77.5% $85M vs $377M in 2014 300 W. Adams St ↓92% $4M vs $51M in 2012 100 N. Riverside Plaza ↓87% Boeing leasehold interest $22M vs $165M in 2005 https://x.com/FCNightingale/status/2023559155626242424
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. PS – The SCOTUS is expected to issue its tariff ruling on Friday.
ESHs are -9.25, NQAs are -53.50; USHs are-3/32; while SI and AU are down modestly at 20:31 ET.
Expected Econ Data: Dec Durable Goods -2.0% m/m, Ex-Trans 0.3%, Nondef Ex-Air 0.4%, Shipments 0.3%; Dec Housing Starts 1.31m, Permits 1.4m; Jan Industrial Production 0.4% m/m, Mfg. Production 0.4%, Capacity Utilization 76.5%; FOMC Minutes (Jan 28) 14:00 ET; Fed Gov Bowman 13:00 ET
S&P Index 50-day MA: 6895; 100-day MA: 6815; 150-day MA: 6689; 200-day MA: 6511 DJIA 50-day MA: 48,897;100-day MA: 47,862; 150-day MA: 46,919; 200-day MA: 45,862 (Green is positive slope; Red is negative slope)
S&P 500 Index (6843.22 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 6975.01 triggers a buy signal Hourly: Trender is negative; MACD is positive – a close above 6862.81 triggers a buy signal
@WarClandestine: Can you imagine if the shoe was on the other foot, and Trump was in these photos instead of Clinton? The world would stop, the MSM would have wall-to-wall coverage 24/7, and the Dems would be in an all out frenzy. Where’s the outrage for Slick Willy? Why has no one asked Hillary about this? Why haven’t we seen any backlash? They are ignoring it. A former President of the United States, in a jacuzzi, with an Epstein victim, and on Epstein’s plane, and on his island… and the Left are just not interested in it whatsoever. This proves it was never about justice or the victims for the Left. They just wanted to get Trump. https://x.com/WarClandestine/status/2023645208877949253
@libsoftiktok: The Rhode Island trans shooter tweeted YESTERDAY warning that you shouldn’t point out that “trans women” are really men or they will go “berserk.”… https://x.com/libsoftiktok/status/2023690716002869334
@bennyjohnson: It is now being reported that the Pawtucket, Rhode Island Hockey Arena shooter was transgender. Add it to the list: Tumbler Ridge shooter was transgender. – Annunciation Catholic Church shooter identified as trans – Nashville Christian shooter identified as trans – Lakewood Church shooter identified as trans – Colorado Springs shooter identified as non-binary – Denver shooter identified as trans – Aberdeen shooter identified as trans – Iowa high school shooter trans activist – Charlie Kirk’s assassin Tyler Robinson had a furry obsession and lived with transgender boyfriend – Trump’s attempted assassin Thomas Crooks used they/them pronouns, had a deep interest in furries, and was exploring gender identity. Radical gender ideology is pushing unstable individuals toward violence and targeting innocent people. Trans violence is an epidemic and the threat is escalating. https://x.com/bennyjohnson/status/2023579536701477227
For decades, Dems and the ideological MSM mates stridently commented on mass shootings for days. Now, they are silent because many mass shooters’ identities are championed by their leftist whacko base.
Mamdani set to unveil record $122B budget – fueled by proposed NYC property tax hike The eye-popping preliminary budget — up around $11 billion from the current year — will also call for the city to drain its $10 billion rainy day fund down to next to nothing, sources said… The Democratic socialist mayor has sounded the alarm about the city’s financial health, saying the budget is $7 billion underwater… https://trib.al/0q8h5Er
Mamdani Warns of Nearly 10% Property-Tax Boost if No Tax on Wealthy: WSJ
Zohran Mamdani’s picks new chief immigration officer worked for controversial Muslim nonprofit Faiza Ali — who worked with Mamdani on the Muslim Democratic Club of New York board — will be appointed commissioner of the Mayor’s Office of Immigrant Affairs, according to sources… Her time with CAIR is likely to stir controversy, as the organization’s executive director notably celebrated Hamas’ Oct. 7 attack on Israel, calling the Jewish state an “occupying power” and saying Gaza was “breaking the siege.”https://trib.al/vbf6Ac6
(ABC7’s Leah Hope) TV reporter attacked in Loop carjacking attempt, 7-time felon charged Johnson, without saying a word, proceeded to punch the reporter in the face as the victim honked her horn, hoping to get someone’s attention, according to a Chicago police report. Prosecutors allege Johnson tried to pull the reporter out of her car and that the attack was so violent it dislodged the victim’s salivary gland… https://cwbchicago.com/2026/02/tv-reporter-attacked-in-loop-carjacking-attempt-7-time-felon-charged.html
“Foreigners who live in your land will gain more and more power, while you gradually lose yours… they will be with you until you are destroyed…” Deuteronomy 28:43-45
A federal judge has blocked U.S. Customs and Immigration Enforcement (ICE) from re-arresting Kilmar Abrego Garcia, one of the men at the center of the Trump administration’s deportation battles.
The Salvadoran national’s case attracted attention across the country, including widespread protests, after the federal government detained him in March 2025 and shipped him to El Salvador’s maximum security prison, the Terrorism Confinement Center, along with an airplane full of other deportees.
He was later returned to the United States, where he has had long-running legal battles with the administration.
U.S. District Judge Paula Xinis, who ordered the administration to facilitate Abrego Garcia’s return last year, ruled on Feb. 17 that he cannot be deported again because the federal government has not presented a feasible plan for removing him from the country.
The judge said that despite releasing Abrego Garcia, the government appeared to be making plans to re-detain him, so Abrego Garcia filed an emergency motion for a temporary restraining order to prevent being re-detained.
The court previously granted the requested order.
In the new order, the court granted Abrego Garcia’s request to upgrade the temporary restraining order to an injunction to prevent him from being re-detained.
Abrego Garcia, who entered the United States illegally more than a decade ago, had been living in Maryland when federal agents arrested him.
The U.S. Department of Homeland Security takes the position that Abrego Garcia is a “violent criminal illegal alien, and MS-13 gang member,” who “belongs behind bars and off American soil.”
Abrego Garcia, who is facing separate criminal charges, denies being a member of MS-13, which has been designated a terrorist organization.
Xinis previously ordered his release on Dec. 11, 2025, finding that because the federal government had never issued a final order of removal against him, it could not detain him in order to force him from the country.
The government said in a brief last month that Abrego Garcia may be detained because an immigration judge issued an order of removal on Dec. 11, 2025, that became final on Jan. 13 of this year.
Detention after that order “does not require that the country of removal be certain in order for detention to be lawful,” the brief said.
The judge suggested the federal government is not serious about removing Abrego Garcia from the United States.
Since he secured release from criminal custody in August 2025, the government has “made one empty threat after another to remove him to countries in Africa with no real chance of success,” she said.
The judge said that, given the federal government’s maneuvering in the case, it was doubtful that Abrego Garcia would be deported in the “reasonably foreseeable future,” so he may not be re-arrested or put into immigration detention.
“Respondents have done nothing to show that Abrego Garcia’s continued detention in ICE custody is consistent with due process,” Xinis said.
In April 2025, Xinis had ordered that Abrego Garcia be returned to the United States from the prison in El Salvador.
The same month, the Supreme Court ordered that the federal government take steps to bring him back to the United States.
The government of El Salvador cooperated, and Abrego Garcia was returned to the United States in June 2025.
At the same time, Abrego Garcia is currently facing federal criminal charges in Tennessee related to the alleged unlawful transportation of undocumented aliens.
He has entered not guilty pleas to the charges.
The May 2025 indictment brought against Abrego Garcia alleges that he “conspired to bring undocumented aliens to the United States from countries such as Guatemala, El Salvador, Honduras, Ecuador, and elsewhere, ultimately passing through Mexico before crossing into Texas.”
It alleges that Abrego Garcia and his co-conspirators obtained financial payments from the undocumented individuals for unlawfully transporting them into and around the United States.
The indictment also alleges Abrego Garcia was “a member and associate of the transnational criminal organization … [known as] MS-13,” which it describes as “a criminal enterprise engaged in … acts and threats involving murder, extortion, narcotics trafficking, firearms trafficking, alien smuggling, and money laundering.”
Abrego Garcia “used his status in MS-13 to further his criminal activity” over the life of the criminal conspiracy during which he and co-conspirators “knowingly and unlawfully transported thousands of undocumented aliens … many of whom were MS-13 members and associates,” according to the indictment.
Abrego Garcia’s attorneys have called the case “baseless.”
“There’s no way a jury is going to see the evidence and agree that this sheet metal worker is the leader of an international MS-13 smuggling conspiracy,” attorney Simon Sandoval-Moshenberg said.
The Epoch Times reached out for comment to the U.S. Department of Justice, which represents federal agencies in court. No reply had been received as of publication time.
harveyorganblog.com 
