FEB 19//GOLD CLOSED DOWN $9.00 TO $4987.50 WITH SILVER DOWN $0.23//PLATINUM CLOSED DOWN $31.15 TO $2055.15 AND PALLADIUM WAS DOWN $49.10 TO $1676.10//GOLD AND SILVER COMMENTARIES TONIGHT COURTESY OF ALASDAIR MACLEOD//COMMENTARIES ON CHINA/ FROM EUROPE: GERMANY AND THE UK//UPDATES ON ISRAEL AND IRAN UPDATES//HEALTH ISSUES DISCUSSED/NEWSWIZE/OIL UPDATES/USA DATA RELEASES/SWAMP STORIES FOR YOU TONIGHT//
099 H DEUTSCHE BANK AG 302 118 H MACQUARIE FUTURES US 26 190 H BMO CAPITAL MARKETS 186 323 C HSBC 2 363 H WELLS FARGO SECURITI 24 365 C MAREX CAPITAL MARKET 1 555 C BNP PARIBAS SEC CORP 56 555 H BNP PARIBAS SEC CORP 5 657 C MORGAN STANLEY 2 661 C JP MORGAN SECURITIES 75 30 709 C BARCLAYS 4 880 H CITIGROUP 45 905 C ADM 4
TOTAL: 381 381 MONTH TO DATE: 36,569
JPMORGAN STOPPED 30/381
February
GOLD: NUMBER OF NOTICES FILED FOR FEBRUARY/2026: 381 CONTRACTs NOTICES FOR 38,100 OZ or 1.186 TONNES
total notices so far: 36,569 contracts for 3,656,900 OR 113.344 tonnes)
FOR FEB.
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SILVER NOTICES: 15 NOTICE(S) FILED FOR 75,000 OZ /
total number of notices filed so far this month : 4,639 CONTRACTS (NOTICES) for 23.195 million oz
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END
GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD DOWN $9.00 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD
NO CHANGES IN GOLD INVENTORY AT THE GLD:
INVENTORY RESTS AT 1075.61 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER DOWN $0.23 AT THE SLV: HUGE CHANGES IN SILVER INVENTORY AT THE SLV/ A MASSIVE FRAUDULENT WITHDRAWAL OF 5.798 MILLION OZ OUT OF THE SLV/
CLOSING INVENTORY RESTS AT:
CLOSING INVENTORY: 502.888 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY A STRONG SIZED 527 CONTRACTS TO 130,969 AND STALLING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND SMALL SIZED LOSS IN COMEX OI WAS ACCOMPLISHED DESPITE OUR HUGE $4.02 GAIN IN SILVER PRICING AT THE COMEX WITH RESPECT TO WEDNESDAY’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 SMALL SIZED GAIN OF 139 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A STRONG SIZED 666 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD SOME LIQUIDATION OF T.A.S. CONTRACTS IN COMEX TRADING WITH RESPECT TO WEDNESDAY TRADING WITH OUR HUGE GAIN IN PRICE ALONG WITH ANOTHER MASSIVE 1824 T.A.S. ISSUANCE!! /// THEY DESPERATELY AGAIN TODAY TRIED TO CONTAIN SILVER’S PRICE RISE FOR THE PAST SEVERAL WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $100.00 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY FAILED HUGELY ON TUESDAY WITH SILVER’S HUGE GAIN IN PRICE AS THE SPECS PILED INTO THE SILVER ARENA DESPERATELY TRYING TO GET A HOLD OF SOME PHYSICAL SILVER.
THE PRICE FINISHED STILL ABOVE THE MAGIC NUMBER OF $50.00 SILVER SPOT PRICE BUT BELOW THE $100.00 MARK CLOSING AT $77.66 UP $4.02 WE ARE NOW WITNESSING HAVING MANY HUGE T.A.S ISSUANCES // TODAY’S WAS AT A HUGE SIZED 1824 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 666 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR MAMMOTH SIZED 1824 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 SMALL SIZED GAIN OF 139 CONTRACTS ON OUR TWO EXCHANGES WITH OUR GAIN IN PRICE OF $4.02 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 WERE WIPED OUT WITH TUESDAY’S RAID!!. 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 THURSDAY MORNING//WEDNESDAY NIGHT: A MAMMOTH SIZED 1824 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 0.075 MILLION OZ QUEUE JUMP//NEW STANDING FOR SILVER AT THE COMEX ADVANCES TO 24.370 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 24.370 MILLION OZ
PLUS OUR 2 EXCHANGE FOR RISK: 185,000 OZ
EQUALS
24.555 MILLION OZ!! HUGE FOR A FEBRUARY
WE HAD:
/ STRONG COMEX OI LOSS+// A HUGE SIZED 666 EFP ISSUANCE CONTRACTS (/ VI) A MEGA HUGE NUMBER OF T.A.S. CONTRACT ISSUANCE 1824 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED 283 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 13 DAY(S), total 9576 contracts: OR 47.880 MILLION OZ (736 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 47.880 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 : 47.880 MILLION OZ
RESULT: WE HAD A STRONG SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 527 CONTRACTS DESPITE OUR HUGE GAIN IN PRICE OF $4.02 IN SILVER PRICING AT THE COMEX// WEDNESDAY,. THE CME NOTIFIED US THAT WE HAD A STRONG SIZED CONTRACT EFP ISSUANCE:666 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 75,000 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 24.555 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 0.0.75 MILLION OZ AND THEN ADD OUR 2 EXCHANGE FOR RISK FOR .185 MILLION OZ STANDING ADVANCES TO 24.555 MILLION OZ!!
THE NEW TAS ISSUANCE WEDNESDAY NIGHT (1824) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED NO DOUBT WITH FUTURE TRADING!!
WE HAD 15 NOTICE(S) FILED TODAY FOR 75,000 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 ROSE BY A FAIR SIZED 3099 OI CONTRACTS UP TO 410,177 OI AND CLOSER TO THE RECORD (SET JAN 24/2020) AT 799,105 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. (ALL TIME LOW OF 390,000 CONTRACTS.) THUS WE ARE NOW 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 SMALL CRIMINAL 349 CONTRACTS // MEGA HUGE GOVERNMENT REMOVALS//
WE HAD A FAIR SIZED GAIN IN COMEX OI (3099 ONTRACTS) . THIS OCCURRED DESPITE OUR HUGE GAIN OF $102.60 IN PRICE// WEDNESDAY///.
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 1.176 TONNES TO OTHER OF 40.7444 TONNES/ NEW QUEUE JUMP TOTAL:XXXXX TONNES// AND THEN WE ADD OUR FIVE EXCHANGE FOR RISK: 9596 CONTRACTS OR 29.746 TONNES//NEW STANDING ADVANCES TO 156.980 TONNES
E.F.P. ISSUANCE/FOR OPENING FEB. GOLD CONTRACT
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 1300 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 410,177 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 130,969 CONTRACTS//
IN ESSENCE WE HAVE A STRONG SIZED GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 4399 CONTRACTS WITH 3099 CONTRACTS INCREASED AT THE COMEX// AND A FAIR SIZED 1300 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON.
THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 4399 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR SIZED BUT CRIMINAL 1439 CONTRACTS AND THESE ISSUANCES ARE GENERALLY USED TO INITIATE A RAID WHEN CALLED UPON
GOLD PRICE ON WEDNESDAY ROSE BY $102.60
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS CONTRACT(1300) ACCOMPANYING THE FAIR SIZED GAIN IN COMEX OI OF 2498 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 4399 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 1.176 TONNES TO ALL OTHER QUEUE JUMP OF 40.7444 TONNES//NEW QUEUE JUMP TOTALS: 41.920 TONNES// /// TO WHICH WE ADD OUR FIVE EXCHANGE FOR RISK FOR 29.746 TONNES//NEW STANDING ROCKETS TO 156.980 TONNES
FINAL STANDING FOR GOLD, JANUARY CONTRACT AT 59.2108 TONNES OF GOLD
AND NOW FEBRUARY: INITIAL STANDING FOR GOLD: 156.980 TONNES!! WHICH INCLUDES ALL QUEUE JUMPING AND OUR FIVE ISSUANCES EXCHANGE FOR RISK!!
3) LITTLE T.A.S. LIQUIDATION (AND CONSIDERABLE GOVT LIQUIDATION // YET A HUGE GAIN OF EQUITY SHARES/FEB 18 AS WE HAD 1)A $102.60 COMEX PRICE GAIN AND WE HAD 2) NEWBIE SPEC SHORTS GOING LONG AGAIN ON A NET BASIS, + EASTERN CENTRAL BANKERS WERE PILING INTO THE LONG SIDE AS WE HAD A STRONG SIZED GAIN OF 4399 CONTRACTS ON OUR TWO EXCHANGES AND AS WELL A HUGE AMOUNT OF GOLD WILL STAND FOR DELIVERY IN FEB. (156.980 TONNES). //, CENTRAL BANKERS TENDERED FOR PHYSICAL WITH THEIR PURCHASES OF CONTRACTS../ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED WEDNESDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL
4)A FAIR SIZED COMEX OI GAIN 5) V) FAIR SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL GOLD (1300) AND A FAIR T.A.S. ISSUANCE (1439) 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: 37,465 CONTRACTS OR 3,746,500 OZ OR 116.531 TONNES IN 13 TRADING DAY(S) AND THUS AVERAGING: 2881 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN13 TRADING DAY(S) IN TONNES: 116.531 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2025, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 116.531 TONNES DIVIDED BY 3550 x 100% TONNES = 3.28% 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. 116.531 TONNES (WHICH WILL BE SMALLER THAN OTHER MONTHS)
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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 STRONG SIZED 527 CONTRACTS OI TO 130,969 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 666 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAR 666 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 527 CONTRACTS AND ADD TO THE 666 E.FP. ISSUED
WE OBTAIN A SMALL SIZED GAIN OF 139 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR GAIN OF $4.02
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 0.635 MILLION PAPER OZ
OCCURRED WITH OUR GAIN IN PRICE.OF $4.02
2.ASIAN AFFAIRS FEB 19/2025
SHANGHAI CLOSED
/
Hang Seng CLOSED
// Nikkei CLOSED UP 403.16 PTS OR 0.71%
//Australia’s all ordinaries CLOSED UP 0.27%
//Chinese yuan (ONSHORE) CLOSED XXXX
/ OFFSHORE CLOSED XXXX Oil UP TO 66.17 dollars per barrel for WTI and BRENT DOWN TO 71.09 Stocks in Europe OPENED ALL RED
ONSHORE USA/ YUAN TRADING XXX OFFSHORE YUAN TRADING DOWN TO 6.8994 ONSHORE YUAN TRADING BELOW OFF SHORE AND XX ON THE DOLLAR// / AND THUS XXXXER//OFF SHORE YUAN TRADING DOWN AGAINST US DOLLAR/ AND THUS WEAKER
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A FAIR SIZED 3099 CONTRACTS UP TO 410,177 OI WITH OUR HUGE GAIN IN PRICE OF $102.60 WITH RESPECT TO WEDNESDAY’S // TRADING/ //COMEX CLOSING TIME:… WE LOST ZERO NET LONGS, WITH THAT PRICE GAIN FOR GOLD . AND AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD A FAIR NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (1300).
WE HAD ZERO T.A.S. LIQUIDATION DURING WEDNESDAY’S TRADING. 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 TUESDAY RAID AND OTHERS WAITED UNTIL THE CONCLUSION OF TRADING AND TENDERED FOR BADLY NEEDED PHYSICAL TUESDAY AND WEDNESDAY
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 410,000 TO NOW 410,177 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 4399 CONTRACTS (OR 12.41TONNES) WITH THE HUGE GAIN IN PRICE, WEDNESDAY.
THEN WE WERE NOTIFIED OF A MONSTER 1110 CONTRACT EXCHANGE FOR RISK ISSUANCE IN GOLD CONTRACTS FOR 111,000 OZ OR 3.352 TONNES OF GOLD. THIS PAST WEEK WE HAVE HAD TWO IDENTICAL MONSTER 3,000 CONTRACT ISSUED FOR THE SAME 9.33 TONNES OF GOLD, AND THESE ARE THE HIGHEST EVER IN TONNAGE EVER ISSUED BY THE COMEX. ALTOGETHER THE TOTAL ISSUANCE THUS FAR FOR FEB NOW TOTALS FIVE.(29.746 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 5 ISSUANCES: 9596 CONTRACTS FOR 959,600 OZ OR 29.746 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 5 FOR; 29.746 TONNES SO FAR!!
DETAILS ON OUR NEW FEBRUARY COMEX CONTRACT MONTH//
IN TOTAL WE HAD A STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 4399 CONTRACTS DESPITE OUR HUGE GAIN IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN THROUGHOUT OF THE WEEK AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTACKS VERY EARLY IN THE COMEX SESSIONS AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THEIR DAILY ATTACKS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY AND OUR SHORT SPECULATORS FOR THE THOUGHTFULNESS.
LONDON ANNOUNCED EARLY IN THE YEAR (AND SCARCITY CONTINUES TO THIS DAY) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO OTHER CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES. BOTH COMEX AND LBMA ARE WITNESSING MASSIVE AMOUNTS OF GOLD LEAVING THEIR VAULTS.
THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT THE MONTHS OF JUNE THROUGH FEBRUARY/ CONTINUES TO DISTORT OPEN INTEREST NUMBERS GREATLY ALTHOUGH THE T.A.S. ISSUANCES IN GOLD HAVE GENERALLY BEEN ON THE LOW SIDE COMPARED TO SILVER WHICH HAVE BEEN HUGE. TODAY’S NUMBER IS A FAIR SIZED T.A.S ISSUANCE CONTRACTS (1439 CONTRACTS).THE CME NOTIFIES US THAT THEY HAVE ISSUED 1439 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 5 EXCHANGE FOR RISK INCLUDING TWO MONSTER 9.3312 TONNE ISSUANCE (FEB 10 AND FEB 12). TOTAL EXCHANGE FOR RISK/FEB EQUALS 29.746 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 1.176 TONNES ADDING TO ALL OTHER QUEUE JUMPS OF 40.7444 TONNNES//NEW TOTAL QUEUE JUMP: 41.920/ STANDING ADVANCES TO 127.234 TONNES TO WHICH WE ADD OUR FIVE EXCHANGE FOR RISK OF 29.746 TONNES/NEW STANDING ROCKETS TO 156.980 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 5TH EXCHANGE FOR RISK OF 6.871 TONNES//TOTAL EXCHANGE FOR RISK FEB OF 5 ISSUANCES EQUATES TO 29.746 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 1300 CONTRACTS.
THAT IS A FAIR SIZED 1300 EFP CONTRACT WAS ISSUED: : /APRIL 1300 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 1300 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 106+ TONNES
WE HAD :
LITTLE LIQUIDATION OF OUR T.A.S. SPREADERS DURING THE COMEX SESSION + BUT DID HAVE SOME GOVERNMENT LIQUIDATION
SOME MONTH END SPREADERS LIQUIDATION 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 WEDNESDAY NIGHT/THURSDAY MORNING WAS A FAIR SIZED 1439 CONTRACTS
THE RAIDS WHETHER ON OPTIONS EXPIRY MONTH OR T.A.S. DRIVEN, ACCOMPLISHES TWO IMPORTANT ASPECTS FOR OUR CROOKS:
STALLS THE ADVANCE IN PRICE
LOWERS THEIR ADVANCING DERIVATIVE LOSSES.
THAT SET UP WEDNESDAY’S HUGE GAIN 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 FIVE ISSUANCES FOR A MONSTER 29.746 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 1.176 TONNES WHICH IS ADDED TO ALL OTHER QUEUE JUMPS OF 40.7444 TO TONNES QUEUE JUMP//TOTAL QUEUE JUMP FOR FEB:: 41.920 TONNES///STANDING ADVANCES TO 127.234 TONNES TO WHICH WE ADD OUR FIVE EXCHANGE FOR RISK OF 29.746 TONNES/NEW STANDING ROCKETS TO TO 156.980 TONNES
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 48 MONTHS 2021-2024
DEC 2021: 112.217 TONNES
NOV. 8.074 TONNES
OCT. 57.707 TONNES
SEPT: 11.9160 TONNES
AUGUST: 80.489 TONNES
JULY 7.2814 TONNES
JUNE: 72.289 TONNES
MAY 5.77 TONNES
APRIL 95.331 TONNES
MARCH 30.205 TONNES
FEB ’21. 113.424 TONNES
JAN ’21: 6.500 TONNES.
TOTAL YEAR 2021 (JAN- DEC): 601.213 TONNES
YEAR 2022: STANDING FOR GOLD/COMEX
JANUARY 2022 17.79 TONNES
FEB 2022: 59.023 TONNES
MARCH: 36.678 TONNES
APRIL: 85.340 TONNES FINAL.
MAY: 20.11 TONNES FINAL
JUNE: 74.933 TONNES FINAL
JULY 29.987 TONNES FINAL
AUGUST:104.979 TONNES//FINAL
SEPT. 38.1158 TONNES
OCT: 77.390 TONNES/ FINAL
NOV 27.110 TONNES/FINAL
Dec. 64.000 tonnes
(TOTAL YEAR 656.076 TONNES)
2023:STANDING FOR GOLD/COMEX
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024/STANDING FOR GOLD/COMEX
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
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COMEX GOLD TRADING BEGINNING FEBRUARY,. CONTRACT;
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY A HUGE $102.60 )
WE HAD LITTLE T.A.S. SPREADER LIQUIDATION WEDNESDAY // COMEX SESSION// WITH OUR GAIN IN PRICE ////.. BUT OUR SPECULATORS REMAIN RELENTLESS POURING INTO THE COMEX STARTING TO BUILD ON ITS OI // BUT WITH OTHER EASTERN CENTRAL BANKS TENDERING FOR PHYSICAL WEDNESDAY NIGHT WHICH ALSO EXPLAINS THE HUGE NUMBER OF TONNES OF GOLD STANDING FOR FEBRUARY. THE COMEX IS ONE BIG MESS!!
WEDNESDAY NIGHT//THURSDAY MORNING
THE CROOKS HOWEVER COULD NOT STOP OTHER CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL WEDNESDAY EVENING/THURSDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD
A LITTLE REVIEW OF GOLD STANDING THESE PAST 4 MONTHS:
STANDING FOR GOLD OCT THROUGH TO JANUARY:
ANALYSIS// OCT DELIVERY MONTH GOING FROM FIRST DAY NOTICE// OCT COMEX CONTRACT TO FINALIZATION OCT 31:
OCT AT 90.164 TONNES TO BE FOLLOWED BY ALL PREVIOUS QUEUE JUMPS OF 75.696 TONNES WHICH WE ADD OUR 14.553 TONNES EX FOR RISK/6 OCCASIONS:
/ TOTAL STANDING 197.551 TONNE/OCTOBER FINAL//ABSOLUTELY A MONSTER DELIVERY FOR A NORMALLY QUIET OCT MONTH
2. AND NOW NOVEMBER:
NOVEMBER BEGINS WITH A HUGE 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY OUR TODAY’S QUEUE JUMP OF 2.323 TONNES WHICH FOLLOWED ALL OTHER NOVEMBER QUEUE JUMPS OF 21.3775 TONNES TO WHICH WE ADD OUR TWO ISSUANCES OF EXCHANGE FOR RISK OF 4.5596 TONNES..
NEW STANDING ADVANCES TO 43.9716 ONNES OF GOLD.
3. AND NOW DECEMBER:
3. DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 83.813 TONNES FOLLOWED BY A 0 CONTRACT QUEUE JUMP FOR NIL OZ OR 0.000 TONNES WHICH FOLLOWS OTHER DEC QUEUE JUMPS OF: 0 TONNES///STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR FOUR EXCHANGE FOR RISK ISSUANCE OF 6.559TONNES/NEW STANDING ADVANCES TO 121.977TONNES
4. JANUARY:
9. JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR QUEUE JUMP OF 0.000 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
10. FEBRUARY: INITIAL STANDING: 93.566 TONNES TO WHICH WE HAD OUR NEXT QUEUE JUMP OF 1.176 TONNES TO WHICH WE ADD TO ALL OTHER QUEUE JUMPS OF 40.7444 / NEW QUEUE JUMP TOTALS: 41.920 TONNES//STANDING ADVANCES TO: 127.234 TONNES TO WHICH WE ADD OUR FIVE EXCHANGE FOR RISK OF 9596 CONTRACTS FOR 959,600 OZ OR 29.746 TONNES/NEW STANDING 156.980 TONNES
ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $102.60
WE HAD A SMALL 349 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 : 4399 CONTRACTS OR 439,900 OZ OR 12.61 TONNES
Total monthly oz gold served (contracts) so far this month
36,569 notices 3,656,900 oz 113.744 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 ENTRY
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DEPOSITS/CUSTOMER
1 entry
JPMORGAN ENHANCED:
i) 399.65 oz or one good London delivery bar
total gold deposit: 399.65 oz
customer withdrawals:
customer withdrawals:
they are draining the comex of gold
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ADJUSTMENTs 3
ALL DEALER TO CUSTOMER:
adjustments all dealer to customer account;
i) HSBC: 3,493.889 oz
ii) Loomis 24,113.250 oz
iii) Manfra: 5534.316 oz
total adjusted out of dealer (reg) to customer (elig) = 33,141.455 oz
or 1.030 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 4778 CONTRACTS FOR A GAIN OF 282 CONTRACTS.
WE HAD 96 CONTRACTS SERVED ON WEDNESDAY, SO WE GAINED A STRONG 378 CONTRACT–
QUEUE JUMP FOR 37800 OZ OR 1.176 TONNES
MARCH SAW A GAIN OF 137 CONTRACTS UP TO 5240 CONTRACT OI AS MARCH BECOMES THE NEW FRONT MONTH FOR GOLD AND EXPECT TO HAVE A HUGE STANDING OF AROUND 16+ TONNES FO GOLD. MARCH IS AN OFF MONTH FOR GOLD. SIXTEEN TONNES IS ABNORMALLY HIGH FOR MARCH!!
APRIL IS THE NEXT LARGEST DELIVERY MONTH AND IT GAINED 1936 CONTRACTS UP TO 281,084 CONTRACTS
We had 381 contracts filed for today representing 38,100 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 75 notices issued from their client or customer account. The total of all issuance by all participants equate to 381 contract(s) of which 30 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 (36,569) to which we add the difference between the open interest for the front month of FEB (4778 CONTRACTS) minus the number of notices served upon today (381 x 100 oz per contract) equals 4,090,600 OZ OR (127.234 Tonnes of gold) to which we add February’s 5 exchange for risk of 9596 contracts or 95,9600 oz or 29.746 tonnes//new total gold standing in Feb skyrockets to 156.980 tonnes.
thus the INITIAL standings for gold for the FEB contract month: No of notices filed so far (36,568 x 100 oz +we add the difference for front month of FEB (4778 OI} minus the number of notices served upon today (381 x 100 oz) which equals 4,090,600 OR 127.234 TONNES// to which we add our FIVE exchange for risk//959600 oz or 29.746 tonnes//new standing rockets to 156.980 tonnes!!!
new total of gold standing in FEB is 156.980 TONNES//
TOTAL COMEX GOLD STANDING FOR FEB 156.980 TONNES TONNES WHICH IS HUGE FOR THIS NORMALLY VERY NON ACTIVE ACTIVE DELIVERY MONTH OF FEBRUARY.
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 17,200,593.163. or 535.01 Tonnes
TOTAL OF ALL ELIGIBLE GOLD 16,975,153.398 oz//eligible gold leaving hand over fist
REGISTERED GOLD THAT CAN BE SERVED UPON 15,454,428 oz ((REG GOLD- PLEDGED GOLD)=
480.69 Tonnes // (declining rapidly)
total inventories in gold declining rapidly
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SILVER/COMEX
THE FEB 2026 SILVER CONTRACTS
FEB 19 2026
INITIAL/
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
4 entries
i) Out of Brinks: 590,477.287 oz ii) Out of CNT 156,242.508 oz iii0 Out of HSBC 640,576.060 oz iv) Out of Stonex: 4967.600 oz
total withdrawal: 1l,392,263.455 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
ENTRIES: 1
i) Into Delaware: tiny 7,183.275 oz
total deposit; 7183.275 oz
No of oz served today (contracts)
15 CONTRACT(S) ( 75,000 OZ
No of oz to be served (notices)
237 Contracts (1.185 MILLION oz)
Total monthly oz silver served (contracts)
4639 contracts 23.195 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
withdrawals: customer side/eligible
4 entries
i) Out of Brinks: 590,477.287 oz ii) Out of CNT 156,242.508 oz iii0 Out of HSBC 640,576.060 oz iv) Out of Stonex: 4967.600 oz
total withdrawal: 1l,392,263.455 oz
the comex is being drained of silver
the comex is being drained of silver
adjustments: / / 3
first 2 dealer to customer acct: reg to eligible
i) Asahi: 64,999.200 oz
ii) Loomis 540,734.240 oz
last one; customer to dealer
iii0 Brinks 5070.65 oz
net loss dealer 600,662.790 oz
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TOTAL REGISTERED SILVER: 88.191MILLION OZ//.TOTAL REG + ELIGIBLE. 367.426 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: 252 OPEN INTEREST CONTRACTS FOR A LOSS OF 14 CONTRACTS.
WE HAD 29 NOTICES FILED ON WEDNESDAY SO WE GAINED 15 CONTRACTS OR WE HAD A STRONG QUEUE JUMP
OF 75,000 OZ.
MARCH LOST ONLY 3372 CONTRACTS DOWN TO 53,691. THIS BECOMES THE FRONT MONTH FOR SILVER DELIVERY AND WE SHOULD HAVE A DANDY OF A MARCH DELIVERY MONTH!!! WE HAVE 6 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 134 CONTRACTS TO AN OI 772 CONTRACTS.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 15 or 75,000 oz
CONFIRMED volume; ON WEDNESDAY 71m634 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 4639 X5,000 oz = 23.155 MILLION oz
to which we add the difference between the open interest for the front month of FEBRUARY (252) AND the number of notices served upon today (15)x (5000 oz)
Thus the standings for silver for the FEBRUARY 2026 contract month: (4639)Notices served so far) x 5000 oz + OI for the front month of FEB(252) minus number of notices served upon today (15 )x 5000 oz equals silver standing for the FEB..contract month equating to 24.370 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 24.555 MILLION OZ
NEW STANDING: 24.555 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 88.191 million oz of registered silver
JPMorgan as a percentage of total silver: 155.854/367.426.million: 42.41%
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 19/2026/WITH GOLD DOWN $9.00 TODAY/NO CHANGES IN GOLD AT THE GLD: /// ///INVENTORY RESTS AT 1075.61 TONNES
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 19 WITH SILVER DOWN $0.23 HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A MASSIVE AND FRAUDULENT WITHDRAWAL OF 5.798 MILLION OZ OUT OF THE SLV. ./ :INVENTORY RESTS AT 502.888 MILLION OZ
FEB 18 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 502,888 MILLION OZ OF SILVER…
PHYSICAL GOLD/SILVER
EARNINGS BY THE NUMBER ONE SILVER MINER: PAN AMERICAN SILVER:
ZACK’S
Pan American Silver (PAAS) Q4 Earnings and Revenues Top Estimates
Zacks Equity Research
Wed, February 18, 2026 at 6:20 p.m. EST
Pan American Silver (PAAS) came out with quarterly earnings of $1.11 per share, beating the Zacks Consensus Estimate of $0.9 per share. This compares to earnings of $0.35 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +23.64%. A quarter ago, it was expected that this silver mining company would post earnings of $0.49 per share when it actually produced earnings of $0.48, delivering a surprise of -2.04%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Pan American Silver, which belongs to the Zacks Mining – Silver industry, posted revenues of $1.18 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 6.00%. This compares to year-ago revenues of $815.1 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock’s immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management’s commentary on the earnings call.
Pan American Silver shares have added about 8.3% since the beginning of the year versus the S&P 500’s zero return.
1/PETER SCHIFF
JOHN RUBINO
MATHEW PIEPENBERG/EGON VON GREYERZ
ALASDAIR MACLEOD
SILVER
3. CHRIS POWELL AND HIS GATA DISPATCHES:
4. ALASDAIR MACLEOD/
that certainly was the plan but it failed. Gold will always be money
For years, bulls of gold and silver have complained about how derivatives have been used to suppress their prices. Their dreams of the practice ending could be coming true…
Introduction
If you think about it, there is a simple reason that derivatives for speculating or hedging gold is fatally flawed. It is because in nearly every nation’s common law, gold is money, and currencies are inferior credit, which is where payment risk actually lies. That the Western financial establishment is ignorant of this fact does not change the facts.
There is a good reason why this matters. Gold has lasted as legal money, and credit has been separately acknowledged to be deferred payment in money since Roman law. Since then, there have been many instances of governments denying these facts and promoting their currencies in the place of gold, which have always ended in their collapse.
In any price relationship involving a medium of exchange, there is an objective value and a subjective one. The objective value is always in the medium of exchange, and the subjective value is in the goods or services being exchanged. Put another way, the buyer and seller will both value money or its substitute the same, but the buyer values the goods or services more highly than the seller: otherwise, the exchange won’t take place. But if gold is the money, where does that leave a fiat currency?
Clearly, if the currency is not a credible gold substitute, then it should bear the subjective value relative to gold. That it is not regarded this way is partly due to government anti-gold propaganda, but mainly due to accounting in the government’s currency for tax purposes. Furthermore, while a gold standard is always defined as a currency being exchangeable for a given weight of gold, for convenience it is referred to as so many currency units per gramme or ounce. This gives the erroneous impression that gold is being priced in the subordinate currency.
This is as may be, but in the knowledge that a fiat currency always fails while gold as money never does, the recognition of this reality will eventually kill off any derivatives when fiat currencies collapse. And if some derivatives survive, it should then refer to fiat currencies in terms of gold-grammes, or better still, in a credible gold substitute instead if one exists.
Gold derivatives should not exist in the first place, except perhaps for seasonal agricultural produce — the original function. It should be borne in mind in the context of this article.
The plan was to kill off gold as money
Following the inflationary seventies, which almost destroyed the post-1971 dollar-based fiat currency system, there can be little doubt that the deep thinkers in the US Treasury thought long and hard as to how to drive inflation out of the economy while promoting the dollar to kill off gold as money. The solution chosen came in three distinct policies.
The first and most obvious was to reform the financial system so that the banks would wrest control of financial securities from the brokerage industry: this resulted in London’s big-bang, implemented by the Thatcher government in the mid-eighties at the US Treasury’s behest. A capital-starved securities industry would become turbocharged by bank finance, ensuring a perpetual bull market in financial asset values, including government debt, and ensuring everlasting demand for dollars.
The second was to reform statistical calculation for key economic indicators, such as consumer price inflation and jobless figures, giving a measure of government control over them to create the illusion of currency stability. Not only was the indexation cost of pensions and welfare thereby contained, but interest rates were permitted to be lower than they would otherwise be. All economic statistics are produced by government agencies who control this information.
The third was to sanction and encourage derivative markets to expand, and by doing so divert speculative demand from physical markets for gold. This was to prevent gold prices from being driven higher, threatening the status of the dollar as a medium of exchange. It was the basis of the massive expansion of gold trading on the LBMA, and of gold futures under the control of the large US banks, which would occasionally act as agents for the Exchange Stabilisation Fund.
In London, 44 million ounces were cleared daily in 1998 on the London Bullion Market, valued at approximately $13 billion at that time. Last December, 17 million ounces were cleared, but at higher prices, they were valued at $71 billion. It should be noted that outstanding forward commitments measured by their average duration in days are unrecorded multiples of daily settlement.
The falling settlement numbers in London from 44 million to 17 million, while the value of the settlement rose 4.5 times, illustrates the problem paper markets now face. On Comex, which has the same problem, this is demonstrated by the gross and net short position of the Swaps category, which is comprised mainly of bullion bank traders:
Between 2010 and 2018, the average gross short position was $15bn, compared with $112bn today. And the net position averaged $7bn, compared with $90bn currently.
This particularly matters because physical gold is now being drained out of London and New York directly or indirectly by a combination of central bank and wider Asian demand. While London faces a developing liquidity crisis of available gold bullion, Comex has a position which is proving impossible to contain, let alone from drifting into ever higher liabilities for bullion bank traders.
In both markets, higher prices require increasing fiat capital to sustain positions. This fact alone is bound to restrict these markets’ ability to trade in the numbers demanded of them.
Hope that demand for physical gold will diminish, allowing the bullion establishment to initiate a raid on bullish speculators, is proving to be whistling into the wind, a wind blowing with increasing strength driven by a mixture of geopolitics and increasing credit risk facing the fiat dollar. In short, gold derivative markets are drifting towards the rocks of a crisis.
This matters because gold is central to everything, more so than the illusory dollar. Gold as money in possession has no counterparty risk, while the fiat dollar with increasing counterparty risk is of uncertain future value. The central banks accumulating bullion, as well as other Asian entities and individuals, are being motivated to rid themselves of this dollar uncertainty, choosing not to encash them for other currencies which are ultimately tied to the dollar’s credibility but for gold.
The relationship between dollars and gold has been a conundrum for many since the suspension of the Bretton Woods Agreement in 1971. The western financial establishment has lost all compass as to which is money and which is credit, with most actors not even aware of gold’s central importance.
To illustrate this importance, the chart below shows average values for a range of industrial metals priced in dollars and gold, followed by a chart of oil similarly priced.
Priced in dollars, commodity and energy prices have risen multiple times and with great volatility, while they have been remarkably steady priced in gold. The point being made is that the approaching problems in paper gold contracts will almost certainly be transmitted into higher dollar prices for commodities generally, as paper hedging in the form of derivatives diminishes. And the catalyst for an implosion of commodity and energy derivatives is gold.
Just as derivatives have suppressed gold and other commodity values from the 1980s onwards, their ending is set to unleash an explosion of physical replacement demand. The contraction of outstanding commodity derivatives will not be without accidents. Banks will face enormous write-offs, and doubtless some rescues will have to be arranged by the authorities. And there’s no guarantee that other derivative markets, such as interest rate swaps and fore,x will go unscathed because of the commonality of derivative counterparties.
The rise in values for gold and commodities generally is the same thing as a decline in the value of the dollar for the purpose of dealing in commodities. Foreign holders of dollars will be acutely aware of the consequences, dumping dollars increasingly to hoard commodities.
Looking at oil and base metal values, they are already relatively cheaply priced in gold. Or put the other way, being moderately expensive gold appears to have begun to discount a wider currency crisis, while these commodities have not yet.
Forced by global markets, as opposed to those under the control of the US authorities, the wisdom of ancient Roman lawmakers in framing the origin of all their successor nations’ common law is being reaffirmed. The error being corrected today is the accumulation of fiat currency distortions of the last fifty-five years, which looks like it is coming to a financially violent end.
For years, bulls of gold and silver have complained about how derivatives have been used to suppress their prices. Their dreams of the practice ending could be coming true.
This article was written for VON GREYERZ AG by MacleodFinance and published on 17th February . Please feel free to share!
Introduction
If you think about it, there is a simple reason that derivatives for speculating or hedging gold is fatally flawed. It is because in nearly every nations’ common law, gold is money, and currencies are inferior credit which is where payment risk actually lies. That the western financial establishment is ignorant of this fact does not change the facts.
MacleodFinance Substack is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
There is good reason why this matters. Gold has lasted as legal money, and credit has been separately acknowledged to be deferred payment in money since Roman law. Since then, there have been many instances of governments denying these facts and promoting their currencies in the place of gold, which have always ended in their collapse.
In any price relationship involving a medium of exchange, there is an objective value and a subjective one. The objective value is always in the medium of exchange and the subjective value is in the goods or services being exchanged. Put another way, the buyer and seller will both value money or its substitute the same, but the buyer values the goods or services more highly than the seller: otherwise, the exchange won’t take place. But if gold is the money, where does that leave a fiat currency?
Clearly, if the currency is not a credible gold substitute, then it should bear the subjective value relative to gold. That it is not regarded this way is partly due to government anti-gold propaganda, but mainly due to accounting in the government’s currency for tax purposes. Furthermore, while a gold standard is always defined as a currency being exchangeable for a given weight of gold, for convenience it is referred to as so many currency units per gramme or ounce. This gives the erroneous impression that gold is being priced in the subordinate currency.
This is as may be, but in the knowledge that a fiat currency always fails while gold as money never does, the recognition of this reality will eventually kill off any derivatives when fiat currencies collapse. And if some derivatives survive, it should then refer to fiat currencies in terms of gold-grammes, or better still in a credible gold substitute instead if one exists.
Gold derivatives should not exist in the first place, except perhaps for seasonal agricultural produce — the original function. It should be borne in mind in the context of this article.
The plan was to kill off gold as money
Following the inflationary seventies which almost destroyed the post-1971 dollar-based fiat currency system, there can be little doubt that the deep thinkers in the US Treasury thought long and hard as to how to drive inflation out of the economy while promoting the dollar to kill off gold as money. The solution chosen came in three distinct policies.
The first and most obvious was to reform the financial system so that the banks would wrest control of financial securities from the brokerage industry: This resulted in London’s big-bang, implemented by the Thatcher government in the mid-eighties at the US Treasury’s behest. A capital-starved securities industry would become turbocharged by bank finance, ensuring a perpetual bull market in financial asset values, including government debt, and ensuring everlasting demand for dollars.
The second was to reform statistical calculation for key economic indicators, such as consumer price inflation and jobless figures giving a measure of government control over them to create the illusion of currency stability. Not only was the indexation cost of pensions and welfare thereby contained, but interest rates were permitted to be lower than they would otherwise be. All economic statistics are produced by government agencies who control this information.
The third was to sanction and encourage derivative markets to expand and by doing so divert speculative demand from physical markets for gold. This was to prevent gold prices from being driven higher, threatening the status of the dollar as a medium of exchange. It was the basis of the massive expansion of gold trading on the LBMA, and of gold futures under the control of the large US banks that would occasionally act as agents for the Exchange Stabilisation Fund.
In London, 44 million ounces were cleared daily in 1998 on the London Bullion Market, valued at approximately $13 billion at that time. Last December, 17 million ounces were cleared, but at higher prices they were valued at $71 billion. It should be noted that outstanding forward commitments measured by their average duration in days are unrecorded multiples of daily settlement.
The falling settlement numbers in London from 44 million to 17 million while the value of the settlement rose 4.5 times illustrates the problem paper markets now face. On Comex, which has the same problem, this is demonstrated by the gross and net short position of the Swaps category, which is comprised mainly of bullion bank traders:
Between 2010-2018, the average gross short position was $15bn, compared with $112bn today. And the net position averaged $7bn, compared with $90bn currently.
This particularly matters because physical gold is now being drained out of London and New York directly or indirectly by a combination of central bank and wider Asian demand. While London faces a developing liquidity crisis of available gold bullion, Comex has a position that is proving impossible to contain, let alone from drifting into ever higher liabilities for bullion bank traders.
In both markets, higher prices require increasing fiat capital to sustain positions. This fact alone is bound to restrict these markets’ ability to trade in the numbers demanded of them.
Hope that demand for physical gold will diminish, allowing the bullion establishment to initiate a raid on bullish speculators, is proving to be whistling into the wind, a wind blowing with increasing strength driven by a mixture of geopolitics and increasing credit risk facing the fiat dollar. In short, gold derivative markets are drifting towards the rocks of a crisis.
This matters, because gold is central to everything, more so than the illusory dollar. Gold as money in possession has no counterparty risk, while the fiat dollar with increasing counterparty risk is of uncertain future value. The central banks accumulating bullion, as well as other Asian entities and individuals, are being motivated to rid themselves of this dollar uncertainty, choosing not to encash them for other currencies which are ultimately tied to the dollar’s credibility but for gold.
The relationship between dollars and gold has been a conundrum for many since the suspension of the Bretton Woods Agreement in 1971. The western financial establishment has lost all compass as to which is money and which is credit, with most actors not even aware of gold’s central importance. To illustrate this importance the chart below shows average values for a range of industrial metals priced in dollars and gold, followed by a chart of oil similarly priced.
Priced in dollars, commodity and energy prices have risen multiple times and with great volatility, while they have been remarkably steady priced in gold. The point being made is that the approaching problems in paper gold contracts will almost certainly be transmitted into higher dollar prices for commodities generally as paper hedging in the form of derivatives diminishes. And the catalyst for an implosion of commodity and energy derivatives is gold.
Just as derivatives have suppressed gold and other commodity values from the 1980s onwards, their ending is set to unleash an explosion of physical replacement demand. The contraction of outstanding commodity derivatives will not be without accidents. Banks will face enormous write-offs, and doubtless some rescues will have to be arranged by the authorities. And there’s no guarantee that other derivative markets, such as interest rate swaps and forex will go unscathed because of the commonality of derivative counterparties.
The rise in values for gold and commodities generally is the same thing as a decline in the value of the dollar for the purpose of dealing in commodities. Foreign holders of dollars will be acutely aware of the consequences, dumping dollars increasingly to hoard commodities.
Looking at oil and base metal values, they are already relatively cheap priced in gold. Or put the other way, being moderately expensive gold appears to have begun to discount a wider currency crisis while these commodities have not yet.
Forced by global markets, as opposed to those under the control of the US authorities, the wisdom of ancient Roman lawmakers in framing the origin of all their successor nations’ common law is being reaffirmed. The error being corrected today is the accumulation of fiat currency distortions of the last 55 years, which looks like it is coming to a financially violent end.
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YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS THURSDAY MORNING.7:30 AM
SHANGHAI CLOSED
//Hang Seng CLOSED
// Nikkei CLOSED UP 403.16 PTS OR 0.71%
//Australia’s all ordinaries CLOSED UP 0.27%
//Chinese yuan (ONSHORE) CLOSED XXXX
/ OFFSHORE CLOSED DOWN AT 6.8984 Oil UP TO 66.17 dollars per barrel for WTI and BRENT UP TO 71.09 Stocks in Europe OPENED ALL RED
ONSHORE USA/ YUAN TRADING XXXX OFFSHORE YUAN TRADING DOWN TO 6.8984 ONSHORE YUAN TRADING BELOW OFF SHORE AND XXX ON THE DOLLAR// / AND THUS XXXXX//OFF SHORE YUAN TRADING DOWN AGAINST US DOLLAR/ AND THUS WEAKER
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS THURSDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED XXXX
OFFSHORE YUAN: DOWN TO 6.8984
HANG SENG CLOSED
2. Nikkei closed UP 403.16 PTS OR 0.71%
WEST TEXAS INTERMEDIATE OIL UP 66.17
BRENT; 71.09
3. Europe stocks SO FAR: ALL RED
USA dollar INDEX UP TO 97.65 /// EURO FALLS TO 1.1802 DOWN 13 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +2.139/ DOWN 1/2 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 154.94… 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: 3.338 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 DOWN CHINESE ONSHORE YUAN: XXX OFFSHORE: DOWN
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and BRENT UP this morning
3h European bond buying continues to push yields HIGHER on all fronts in the EMU. German 10yr bund YIELD UP TO +2.7541 Italian 10 Yr bond yield UP to 3.371 SPAIN 10 YR BOND YIELD UP TO 3.184
3i Greek 10 year bond yield UP TO 3.372
3j Gold at $5003.30 Silver at: 78.70 1 am est) SILVER NEXT RESISTANCE LEVEL AT $100.00
3k USA vs Russian rouble;// Russian rouble UP 0 AND 9/100 roubles/dollar; ROUBLE AT 76.64
3m oil (WTI) into the 66 dollar handle for WTI and 71 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 2.139% DOWN 1/2 BASIS PTS STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING//YEN BOND TRADING OVERSEAS REPATRIATED.//JAPAN 30 YR: 3.339 DOWN 4 BASIS PTS.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.7729 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9123 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: 4.100 UP 2 BASIS PTS…
USA 30 YR BOND YIELD: 4.726 UP 2 BASIS PTS/
USA 2 YR BOND YIELD: 3.478 UP 2 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 43.77 UP 1 BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.3970 UP 2 PTS
30 YR UK BOND YIELD: 5.191 UP 2 BASIS PTS
10 YR CANADA BOND YIELD: 3.230 UP 0 BASIS PTS
5 YR CANADA BOND YIELD: 2.764 DOWN 0 BASIS PTS.
1a New York Opening report
Futures Slide As Iran War Risks Add To Growing AI Disruption Fears; Oil Surges
Thursday, Feb 19, 2026 – 08:44 AM
Equity futures and global markets are lower, ending a modest rebound in US stocks as concerns about a possible war with US and simmering angst over AI dent the fragile optimism seen on Wednesday. Oil extended its rally after its best day since 2021. Tech and small caps underperform which to JPMorgan’s market intel desk “feels more like profit-taking and position squaring as US / Iran tensions spike with Trump saying a deal is preferred but that a strike may occur as soon as this weekend.” As of 8:00am ET, S&P futures are down 0.2%, erasing an overnight gain, while Nasdaq futures drop 0.3%, with premarket weakness across all sectors ex-Energy and Aerospace/Def and tech came under renewed pressure; most Mag 7 members dropped in premarket trading. Futures dropped after the head of the UN nuclear watchdog warned that Iran’s window for diplomacy is at risk of closing. As for AI, IG’s chief market analyst Alexandre Baradez says there “seems to be no long-short strategy at play,” with hyperscaler capex and disruption to software firms both causing concern. WTI crude continues to rise and is trading at $66 after it added $2.86 /+4.6% yesterday, its strongest day since 2021. At some point Trump will have to decide if he wants war with Iran or risk soaring gas prices into the midterms. Treasuries extended their slide, pushing yields higher by 1-2bps, while the dollar was flat. Gold erased an advance above $5,000 an ounce. Today’s macro data focus is on Jobless data and the Leading Index
In premarket trading, Mag 7 stocks are mostly lower (Microsoft +0.3%, Amazon -0.2%, Alphabet -0.2%, Nvidia -0.2%, Apple -0.4%, Meta Platforms -0.5%, Tesla -0.6%)
Avis Budget (CAR) falls 16% after the car-rental company forecast adjusted Ebitda for 2026 that missed the average analyst estimate.
Carvana (CVNA) plunges 11% after rising costs at the online used-car retailer hit margins. Analysts flag weak retail gross profit per unit.
Cheesecake Factory (CAKE) falls 5% after the restaurant chain’s comp sales during the fourth quarter came in below the average analyst estimate.
Chewy (CHWY) rises over 3% after Raymond James upgraded to outperform, citing the attractive risk/reward created by recent stock weakness.
Deere (DE) is up 6% after the company boosted its annual profit outlook as the farm-machinery maker anticipates the agriculture economy will get better soon.
DoorDash (DASH) rises 9% after the food-delivery company issued a first-quarter orders growth forecast that topped estimates. Evercore ISI notes that fundamentals are improving and that the management’s commentary helped alleviate some investor concerns.
EPAM Systems (EPAM) slumps 17% after the IT services company forecast its FY revenue growth rate below Wall Street expectations.
Fiverr International (FVRR) slips 2% after receiving several analyst downgrades, with firms seeing a weaker outlook for the freelance-services marketplace in the wake of its results.
Herbalife (HLF) rises 12% after the nutrition company said football star Cristiano Ronaldo had invested $7.5 million and provided sponsorship rights for a 10% equity stake in HBL Pro2col Software.
Hims & Hers Health (HIMS) rises 5% after the telehealth company agreed to acquire Eucalyptus, a digital health company, for up to $1.15 billion.
Occidental (OXY) climbs 5% after the exploration and production company gave 2026 capital expenditure guidance that was lower than expectations.
ProPetro (PUMP) rises 3% after the fracturing company reported fourth-quarter earnings that beat the average analyst estimate and grew its contracted power capacity.
Remitly (RELY) climbs 22% after the international money transfer service provider reported results and issued a forecast that topped analyst expectations.
Walmart Inc. (WMT) slips 3% after issuing a forecast for full-year earnings that missed higher expectations, flagging the unpredictable state of trade and labor market conditions.
Wayfair falls 6% after the ecommerce firm reported fourth quarter results.
In corporate news, OpenAI is said to be close to securing the first phase of funding likely to bring in more than $100 billion. Samsung is looking to price its latest AI HBM4 chip up to 30% higher than the previous generation, according to local media. The CEO of Google DeepMind warned about AI risks and called for global cooperation.
What started off a solid overnight session promptly reversed just around the time Europe opened when futures tumbled into the red after the head of the United Nations nuclear watchdog warned that Iran’s window for a diplomatic deal on its atomic program is closing. Brent rose above $71 a barrel, while West Texas Intermediate was near $66. The risk of conflict in the Middle East has emerged as a new worry for traders after technology stocks drove sharp swings in recent weeks.
Brent rose above $71 a barrel, while West Texas Intermediate was near $66. Inflation concerns are already at the forefront of investors’ minds after minutes of the Federal Reserve’s January policy meeting showed several officials suggested that the central bank may need to raise rates if price growth remains stubbornly high.
Investors also remain wary of further slowing in the S&P 500’s strongest driver of the past three years, amid concerns that AI could disrupt entire sectors and that heavy capital spending wouldn’t pay off.
“What’s really interesting is that there seems to be no long-short strategy at play,” said Alexandre Baradez, chief market analyst at IG in Paris. “This will continue at least until the next earnings season when we’ll get more insight. In the meantime, all eyes will be on Nvidia’s results next week.”
Indeed, doubts about Big Tech are playing out across the market. As we first showed here yesterday, Morgan Stanley’s analysis of 13F filings shows mega-cap tech stocks finished the year the most under-owned relative to their weightings in the S&P 500 in 17 years.
And Goldman Sachs data shows 57% of large-cap mutual funds outperforming their benchmarks year-to-date, the highest share since 2007, with rotation in the equity market leading to a broadening in returns.
Simmering geopolitical risks and still-elevated tech valuations could fuel further rotation out of megacaps and into defensive sectors, said Craig Cameron, a portfolio manager at Templeton Global Investments. Still, the vast amount of capital expenditure shows that exposure to technology remains vital, he said.
“These sectors that are feeding into the AI capex cycle and the electrification cycle, those are the right places to be,” he said. “As valuations move higher, the right thing to do is to move into unloved areas and reduce that overweight over time.”
Walmart and Deere are among companies expected to report results before the market opens. Walmart results face a high bar from investors, but the main focus will be guidance and the new CEO will contend with uneven consumer sentiment, fierce competition and a lackluster US labor market. Earnings from Newmont and Copart follow later in the day.
European stocks retreated from Wednesday’s record close with the Stoxx 600 down 0.7%, after underwhelming earnings from the likes of Airbus and Renault, with investors also monitoring geopolitical risks. Nestle gained after it said sales growth would likely quicken this year. Here are some of the biggest movers on Thursday:
FDJ United shares rally as much as 8.8%, the most since July 2024, as the lottery provider’s full-year results meet analysts’ expectations.
Air France-KLM shares rise as much as 16% to the highest level since September, after the airline operator reported better-than-expected earnings in the fourth quarter.
Covivio shares advance as much as 9.1%, the most since April 2025, with analysts describing the real estate investment trust’s 2025 performance as solid.
Azelis shares rise as much as 9.6% after the Belgian chemicals distribution firm posted results which JPMorgan said represented a smaller miss than peer IMCD reported yesterday, which had caused a sharp drop in the stock.
Tenaris shares rise as much as 6.5% in Milan, climbing to the highest since July 2008, after the steel pipe manufacturer reported robust results.
Orange shares rise as much as 5.6% to the highest levels since 2010 as investors cheered the telecom operator’s guidance, including a lower capital spending target.
Nestle shares rise as much as 4.5%, the most since October, after what RBC described as a “decent” fourth-quarter print from the Swiss food giant.
Arcadis shares plunge as much as 21%, crashing to a 2021 low, after the provider of consulting and engineering services reported earnings that were well below expectations and issued guidance that analysts at Jefferies say will significantly reduce expectations for this year.
Aegon shares drop as much as 6.8%, the most in two months, after the Dutch insurance group reported a mixed set of earnings and failed to provide an update on its UK strategic review.
Airbus shares fall as much as 5.9% after the French airplane company forecast commercial aircraft deliveries for 2026 of about 870 planes, lower than most previous estimates.
Rio Tinto shares decline as much as 4.4% in London, its biggest intraday drop since August, after the miner reported net debt that analysts say missed expectations.
Euronext drops as much as 5.1% after announcing cost guidance for 2026 that’s higher than consensus expectations, overshadowing its small fourth-quarter beats.
Centrica shares tumble as much as 9.6%, the steepest drop since July 2024, after the British energy company did not announce a new buyback in its results
Earlier in the session. Asian stocks climbed, led by South Korea. The MSCI Asia Pacific Index rose as much as 0.6%, extending gains to a second day. Samsung Electronics and Tokyo Electron were among the biggest boosts to the gauge. South Korea’s Kospi Index advanced to a fresh record as markets reopened after a three-day holiday, while benchmarks in Japan and Singapore jumped more than 1%.
In FX, the Bloomberg Dollar Spot index is a touch higher after dipping in the European morning as EUR/USD and cable briefly reclaimed 1.18 and 1.35 respectively, and USD/JPY slipped below 155. Aussie dollar is near the top of the G-10 pile following following strong jobs data overnight.
In rates, treasuries were on course for their longest losing streak in a month as tensions in the Middle East fuel oil-driven inflation fears. The 10-year yield rose for a third day, up one basis point to 4.09%. Treasury hold small losses into the Thursday open, with yields 1bp to 2bp cheaper across a slightly steeper curve, partially unwinding this week’s flattening trend. Oil prices, up 1.6% near high end of range since August on growing tensions between the US and Iran, add to upside pressure on Treasury yields via increased inflation expectations. US 10-year yield is less than 1bp higher on the day near 4.095% after topping 4.10% for first time this week; German and UK counterparts see steeper increases, adding to pressure on Treasuries. Treasury plans $9 billion 30-year TIPS new issue auction at 1pm New York time. Focal points of US session include weekly jobless claims, 30-year TIPS auction and several Fed speakers.
In commodities, oil has continued its climb with Brent making its way onto a $71/bbl handle as Iranian conflict concerns continue to support prices. Axios reported on Wednesday that a major US military operation in the Middle East could begin soon. Upside in energy is supporting global bond yields. Spot gold has slipped below the $5,000 mark, still up 0.2% but lagging silver, up 1.3%. Bitcoin of course tumbles to LOD.
US economic calendar slate includes December trade balance, wholesale inventories, February Philadelphia Fed business outlook and weekly jobless claims (8:30am), and December Leading index and January pending home sales (10am). Fed speaker slate includes Bostic (8:20am), Bowman (8:30am), Kashkari (9am) and Goolsbee (10:30am)
Market Snapshot
S&P 500 mini -0.4%
Nasdaq 100 mini -0.5%
Russell 2000 mini -0.5%
Stoxx Europe 600 -0.7%
DAX -0.9%
CAC 40 -0.9%
10-year Treasury yield +1 basis point at 4.09%
VIX +1 points at 20.66
Bloomberg Dollar Index little changed at 1189.41
euro little changed at $1.179
WTI crude +1% at $65.81/barrel
Top Overnight News
British Police arrest King Charles’ brother Andrew over misconduct relating to Epstein
U.S. Gathers the Most Air Power in the Mideast Since the 2003 Iraq Invasion: WSJ
The US military build-up in the Middle East means Iran’s window to reach a diplomatic agreement over its atomic activities is at risk of closing, according to the head of the United Nations nuclear watchdog. The International Atomic Energy Agency has discussed concrete proposals with Iranian Foreign Minister Abbas Araghchi to inspect sites bombed last year by Israel and the US: BBG
Ukrainian President Volodymyr Zelenskiy says the US, and perhaps some Europeans, are discussing a new document between NATO and Russia: BBG
OpenAI Funding on Track to Top $100 Billion in Latest Round: BBG
Bill Gates pulls out of India AI summit amid Epstein scrutiny: RTRS
Epstein Waged a Years-Long Quest to Meet Putin and Talk Finance: BBG
The Bank of Japan may raise interest rates as soon as March or April, Junichi Hanzawa, chairman of the Japanese Bankers Association, says at a regular news briefing in Tokyo
Swiss watch exports resumed their long slump in January after a brief respite the previous month triggered by the easing of US tariffs: BBG
France’s strategy to reduce its budget deficit this year remains “very uncertain,” even after the government set less ambitious targets than initially planned, the country’s audit court said: BBG
Walmart Sales Climb, Driven by Grocery and Online Gains: WSJ
Walmart Cites Trade, Labor Concerns in Cautious Profit Forecast: BBG
Top European spies sceptical US will clinch Ukraine peace deal this year: RTRS
Top Lawyers’ Fees Have Skyrocketed. Be Prepared to Pay $3,400 an Hour: WSJ
From Paris to New Delhi, the Push to Ban Teens From Social Media Is Going Global: WSJ
Steve Cohen’s $3.4 Billion Payday Tops Hedge Fund Ranks: BBG
The Far-Fetched Mission to Reclaim Islands That Host a Key U.S. Military Base: WSJ
Trade/Tariffs
US President Trump and his advisors have reportedly indicated that the USMCA could be scrapped, NY Times reports. Instead, the US could have bilateral deals with Canada and Mexico. US officials have been increasing pressure on Canada. Canadian officials cited add that their expectation for a full renewal of the USMCA is very low. Officials believe Trump is trying to weaken Canada economically to force it to give up some protectionist policies. The article reminds us that in 2018, the US proposed a bilateral deal with Mexico and told Canada to get on board or be left out.
US-ASEAN Business Council said US and Indonesian companies signed trade and investment deals covering critical minerals, semiconductors, agriculture and forestry, while deals include a USD 4.89bln semiconductor joint venture involving Essence Global Group. Indonesian firms are to purchase 1mln tons of US soybeans, 1.6mln tons of corn, and 93,000 tons of cotton over an unspecified period.
US President Trump posted that the US trade deficit has been reduced by 78% because of the tariffs being charged to other companies and countries, adds it will go into positive territory during this year for the first time in many decades.
Canadian minister responsible for Canada-US trade LeBlanc said Canadian companies from various provinces have signed 15 commercial partnerships in Mexico.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks traded higher following the positive handover from the US and with South Korea outperforming amid tech strength on return from the Lunar New Year holidays. ASX 200 rallied to a fresh record high with the gains led by strength in telecoms and energy, as the former was boosted alongside Telstra, which reported a 9.3% increase in H1 net profit, while energy stocks benefitted from the rise in underlying oil prices amid geopolitical frictions. Nikkei 225 gained with sentiment underpinned by a weaker currency and stronger-than-expected Machine Tool Orders. KOSPI outperformed on return from the Lunar New Year holiday closure as tech stocks played catch-up to the rebound in their US counterparts, including index heavyweight Samsung Electronics, as its shares rallied by around 5% to a record high.
Top Asian News
Australian Unemployment Rate (Jan) 4.1% vs. Exp. 4.2% (Prev. 4.1%).
Australian Employment Change (Jan) 17.8K vs. Exp. 20K (Prev. 65.2K, Low. -5K, High. 40K).
Australian Part Time Employment Chg (Jan) -32.7K (Prev. 10.4K).
Australian Full Time Employment Chg (Jan) 50.5K (Prev. 54.8K).
Australian Participation Rate (Jan) 66.7% vs. Exp. 66.8% (Prev. 66.7%).
Japanese Stock Investment by Foreigners (Feb/14) 1424.2 (Prev. 591.4, Rev. From 543.2).
Japanese Machinery Orders YoY (Dec) Y/Y 16.8% vs. Exp. 3.9% (Prev. -6.4%, Low. -1.1%, High. 10.6%).
Japanese Machinery Orders MoM (Dec) M/M 19.1% vs. Exp. 4.5% (Prev. -11.0%, Rev. From -11%, Low. 1%, High.
European bourses (STOXX 600 -0.7%) are entirely in the red. The FTSE MIB (-1.2%), DAX 40 (-0.9%) and CAC 40 (-0.8%) are the clear underperformers after a flurry of corporate news. European sectors are mixed, with a slight tilt to the downside. Food, Beverage and Tobacco (+0.7%) is outperforming following earnings by Nestle (+2.5%), which announced that it is in advanced negotiations to sell its remaining Froneri stake. At the bottom sits Basic Resources (-2.8%), Autos and Parts (-2.1%) and Utilities (-2.2%). The former continues to have a choppy week, this time catalysed by Rio Tinto (-4.6%) as FY profit failed to grow and a drag on its iron ore unit in China. For the latter, Italian utilities (A2A -3.7%, Enel -4.1%, Italgas -2.1%) have been hit after Italy approved a 2bp hike in its IRAP corporate tax. Renault (-5.9%) has been weighing on the Autos sector after posting a net loss worse than expected.
Top European News
UK’s ONS on ongoing data issues, reported the “Latest steps reaffirm commitment to quality over quantity”.
FX
DXY has waned from overnight highs after advancing yesterday and overnight amid better-than-expected data and as oil prices surged after sources noted the Trump administration is closer to a major war with Iran than people realise. On the US docket ahead, weekly initial jobless claims (which coincide with the traditional survey window for the BLS’ February jobs data) are expected little changed at 225k (prev. 227k), while continuing claims (this week does not coincide with the BLS window) are seen unchanged at 1.87mln. Most recently, a NYT report suggested that the Trump administration indicated that the USMCA could be scrapped, in favour of bilateral deals with Canada and Mexico. DXY resides in a current 97.572-97.777 range at the time of writing.
JPY is narrowly softer but off worst levels, with USD/JPY hovering around its 100 DMA (154.744), with some fleeting strength seen yesterday in wake of the FOMC minutes in which the Fed confirmed it did a USD/JPY rate check on behalf of the US Treasury in January. Analysts at ING highlight that “Something like this is extremely rare in foreign exchange markets and is a sign of a more activist White House when it comes to FX. The move was clearly designed to deliver maximum impact and reflects the shared desire from both Washington and Tokyo that USD/JPY does not sustain a move through 160”.
EUR trims some of yesterday’s losses after briefly slipping beneath the 1.1800 level (to a 1.1782 low on Wednesday) as the buck strengthened, and with the single currency not helped by conflicting reports about ECB President Lagarde’s future. Recent reports suggested ECB President Lagarde reportedly tells colleagues that she would tell them first if she were to step down, according to sources; colleagues reportedly interpreted this to mean her departure is not immediate, but the door is not closed. EUR/USD resides towards the top end of a 1.1781-1.1808 range.
Antipodeans outperform amid recent underperformance and following positive risk appetite in APAC (before waning in European hours), with AUD/USD supported following the mixed jobs data, which showed headline employment change slightly missed expectations, although the unemployment rate printed lower than expected, and the increase in jobs was solely fuelled by full-time work.
Central Banks
WSJ’s Timiraos noted regarding the January Fed meeting minutes that it was interesting there was no date specified for when inflation gets to 2%, and instead minutes states that forecast is “slightly higher, on balance”.
Japan Bank Lobby said markets expect a BoJ hike as soon as March; Lobby Head believes there is a reasonable possibility of a hike as early as March or April.
ECB President Lagarde reportedly tells colleagues that she would tell them first if she were to step down, according to sources; colleagues reportedly interpreted this to mean her departure is not immediate, but the door is not closed.
RBNZ Assistant Governor Silk said the easing cycle is likely over and there are risks on either side, adds maintaining accommodative policy for a while aligns with economic conditions.
SNB has defined a standardised and scalable process for the ELF that will enable participating banks to quickly obtain liquidity support against collateral as necessary.
Riksbank takes measures to facilitate banks’ liquidity management.
Fixed Income
USTs are lower by a handful of ticks this morning, and currently trade within a 112-24+ to 112-31 range. Moved lower for much of the morning, before picking up a touch as US/European equity futures dipped lower.
The bearish bias follows on from; a) the prior day’s stronger-than-expected US data, b) rising energy prices (spurred by geopolitical tensions), c) JGB pressure overnight, following strong Machine Tool Orders and a weak 20yr JGB auction, d) a poor 20yr auction; on the latter point, desks highlight that the 20yr has historically not been the markets favoured outing. On the geopolitical narrative, there have been continued reports that the US is upping its presence in Iran, with a US Senior Official telling Axios that US-Iran talks have been a “nothing burger”, and that is why POTUS is close to deciding on the issue of going to war with Iran. As it stands, US paper appears to be pricing in the inflationary impacts (higher oil prices), but an outright attack could lead to some haven-related demand.
Bunds are also pressured alongside global peers. Currently holds towards the lower end of a 129.05 to 129.31 range. Newsflow for German paper is lacking today, aside from ECB-related reporting. Source reports suggest that President Lagarde told her colleagues that she would tell them before she leaves; her colleagues reportedly interpreted this to mean her departure is not immediate, but the door is not closed. De Cos and Knot have been touted as potential replacements once President Lagarde leaves her role, though Rabobank cautions that the process is highly political and difficult to predict, noting markets should largely ignore speculation for now.
Gilts are trading in-fitting with peers, and trading around the 92.00 mark within a 91.96 to 92.03 range. UK data slate has paused for today, ahead of Retail Sales/PMIs on Friday. This follows on from dovish jobs/wages and mixed inflation metrics earlier this week, which confirmed the disinflation process but Services and Core topped-expectations, leaving the more hawkish MPC members cautious. Markets are currently torn between a cut in March or April; analysts at ING see a cut in March and then another by June.
Commodities
Crude benchmarks remain elevated amid heightening geopolitical tension between the US and Iran following the Axios report on Wednesday which noted that the US President Trump’s administration is closer to a major war with Iran than people realise. Tensions continue to persist, with an overnight report from CNN that the US military is ready to strike Iran as early as this weekend and the WSJ reporting that the US has gathered the greatest amount of air power in the Middle East since the 2003 Iraq invasion. WTI and Brent are trading at the upper end prices of USD 64.84-66.27/bbl and USD 70.18-71.60/bbl, respectively, with Brent touching the USD 71/bbl, which marks the first time since August last year.
Precious metals are firmer, benefiting from haven demand from the ongoing geopolitical tension between the US and Iran, with the yellow metal crossing the USD 5,000/oz mark. The weaker USD ahead of the FOMC minutes also spurred demand for the yellow metal. XAU and XAG are trading at the upper range of USD 4979.14-5040.21/oz and USD 76.355-79.355.
Copper price action is moving contrary to the trend seen in precious metals. Risk sentiment in the early European session as well as subdued activity from Asia due to the Chinese holiday has seen the red metal trading lower thus far. 3M LME copper trades at the lower price range of USD 12.846-12.937k/t.
US Energy Secretary Wright said the US could leave the IEA if the group does not change.
Hungarian PM Orban’s Chief of Staff said they would take steps in the scenario that Ukraine continues to halt Druzhba oil shipments.
US Treasury Department issues general license authorising transactions related to oil and gas sector operations in Venezuela.
Ukrainian President Zelensky said he is aware that the US and Europe have been talking to Russia and we must be prepared to react to surprises.
Russia’s Kremlin on the Iran situation said they see unprecedented escalation of tensions and on Ukraine talks, said there’s nothing to add following comments from the likes of Medinsky yesterday. Reiterates that no date has been set for the next Ukraine talks.
Geopolitics: Middle East
IAEA Director Grossi said Iran discussed a potential IAEA return to bombed nuclear sites, adds there is no deal unless the IAEA was in a position to verify and there is not much time to reach an Iran nuclear deal, via Bloomberg TV. His role is to get the nations into a position to come to a deal without the need for force. IAEA has proposed a few solutions.
Russian Foreign Minister Lavrov warns of any new US strike on Iran.
Israeli raid reported on areas of deployment of occupation forces east of Gaza City, according to Al Jazeera.
Two Israeli defense officials said that significant preparations were underway for possibility of a joint strike with the US against Iran, according to NYT.
US gathers the greatest amount of air power in the Middle East since the 2003 Iraq invasion and President Trump is being briefed on military options for striking Iran, even as aides hold talks with the Iranian regime, according to WSJ.
Iraqi Foreign Minister said any alternative to US-Iran deal would be disastrous, and they may not be able to export their oil if war breaks out in the region.
US military is ready to strike Iran as early as this weekend, although President Trump has yet to make the final decision, according to sources familiar with the matter cited by CNN.
US senior official said US expects Iran to submit a written proposal on resolving standoff in the wake of Tuesday’s talks.
Geopolitics: Others
US is pushing NATO to cut many foreign activities, including ending a key alliance mission in Iraq, according to four NATO diplomats cited by POLITICO.
Israeli Defense Forces announced they struck Hezbollah infrastructure sites in southern Lebanon, according to Sky News Arabia.
US Southern Command Commander Donovan met with Venezuela’s interim President Rodriguez and defence officials in Caracas.
North Korea’s Kim Yo Jong said military will take measures to strengthen its vigilance on border with South Korea; she appreciates South Korean Unification Minister’s official recognition of South Korea’s drone provocation. Border with the enemy should be solid
1b. European opening report
Futures are lower; the Trump admin is reportedly looking to scrap the USMCA in favour of bilateral deals with Canada and Mexico – Newsquawk US Opening News
Thursday, Feb 19, 2026 – 05:30 AM
US President Trump and his advisors have reportedly indicated that the USMCA could be scrapped, NY Times reports. Instead, the US could have bilateral deals with Canada and Mexico.
European equities lower as Airbus misses on 2026 aircraft deliveries; US equity futures slip.
Antipodeans gain following recent losses; DXY flat after Wednesday’s advances.
Bonds hold a bearish bias, continuing the pressure seen in the prior session due to various factors.
Crude benchmarks and precious metals benefit from growing US-Iran tension, whilst copper lags on weak European sentiment and Chinese holiday.
US President Trump is scheduled to deliver remarks on the economy at 16:00EST/21:00GMT on Thursday.
Looking ahead, highlights include 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 include ECB’s de Guindos, Fed’s Bostic, Kashkari, Goolsbee & Bowman. Supply from the US. Earnings from Walmart, Deere, Wayfair, Klarna, Opendoor, Newmont Mining, Southern & Constellation Energy.
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EUROPEAN TRADE
EQUITIES
European bourses (STOXX 600 -0.7%) are entirely in the red. The FTSE MIB (-1.2%), DAX 40 (-0.9%) and CAC 40 (-0.8%) are the clear underperformers after a flurry of corporate news.
European sectors are mixed, with a slight tilt to the downside. Food, Beverage and Tobacco (+0.7%) is outperforming following earnings by Nestle (+2.5%), which announced that it is in advanced negotiations to sell its remaining Froneri stake. At the bottom sits Basic Resources (-2.8%), Autos and Parts (-2.1%) and Utilities (-2.2%). The former continues to have a choppy week, this time catalysed by Rio Tinto (-4.6%) as FY profit failed to grow and a drag on its iron ore unit in China. For the latter, Italian utilities (A2A -3.7%, Enel -4.1%, Italgas -2.1%) have been hit after Italy approved a 2bp hike in its IRAP corporate tax. Renault (-5.9%) has been weighing on the Autos sector after posting a net loss worse than expected.
US equity futures (NQ -0.4%, ES -0.3%, RTY -0.5%) are coming under modest pressure, following their European counterparts.
Nestle (NESN SW) FY 2025 (CHF): Net Profit 9.03bln (exp. 10.08bln), Revenue 89.5bln (exp. 89.7bln), Organic growth +3.5% (exp. 3.4%), sees FY26 organic growth between 3-4%; in advanced negotiations to sell remaining ice cream business to Froneri.
Renault (RNO FP) FY25 (EUR): Net -10.7bln, Revenue 57.9bln (exp. 57.7bln), operating margin 6.3% (prev. guided around 6.5%), sees FY26 operating margin around 5.5%.
Airbus (AIR FP) Q4 (EUR): Revenue 25.98bln (exp. 26.32bln), Adj. EBIT 2.98bln (exp. 2.85bln), sees 2026 deliveries at about 870 aircraft (exp. 896) and Adj. EBIT about 7.5bln (exp. 8.91bln).
Rio Tinto (RIO AT/ RIO LN) FY (USD): Revenue 57.6bln (exp. 57.0bln). Adj. net 10.9bln (exp. 10.8bln). Underlying EBITDA 25.4bln (exp. 24.7bln). Net 9.97bln (-14% Y/Y).
DXY has waned from overnight highs after advancing yesterday and overnight amid better-than-expected data and as oil prices surged after sources noted the Trump administration is closer to a major war with Iran than people realise. On the US docket ahead, weekly initial jobless claims (which coincide with the traditional survey window for the BLS’ February jobs data) are expected little changed at 225k (prev. 227k), while continuing claims (this week does not coincide with the BLS window) are seen unchanged at 1.87mln. Most recently, a NYT report suggested that the Trump administration indicated that the USMCA could be scrapped, in favour of bilateral deals with Canada and Mexico. DXY resides in a current 97.572-97.777 range at the time of writing.
JPY is narrowly softer but off worst levels, with USD/JPY hovering around its 100 DMA (154.744), with some fleeting strength seen yesterday in wake of the FOMC minutes in which the Fed confirmed it did a USD/JPY rate check on behalf of the US Treasury in January. Analysts at ING highlight that “Something like this is extremely rare in foreign exchange markets and is a sign of a more activist White House when it comes to FX. The move was clearly designed to deliver maximum impact and reflects the shared desire from both Washington and Tokyo that USD/JPY does not sustain a move through 160″.
EUR trims some of yesterday’s losses after briefly slipping beneath the 1.1800 level (to a 1.1782 low on Wednesday) as the buck strengthened, and with the single currency not helped by conflicting reports about ECB President Lagarde’s future. Recent reports suggested ECB President Lagarde reportedly tells colleagues that she would tell them first if she were to step down, according to sources; colleagues reportedly interpreted this to mean her departure is not immediate, but the door is not closed. EUR/USD resides towards the top end of a 1.1781-1.1808 range.
Antipodeans outperform amid recent underperformance and following positive risk appetite in APAC (before waning in European hours), with AUD/USD supported following the mixed jobs data, which showed headline employment change slightly missed expectations, although the unemployment rate printed lower than expected, and the increase in jobs was solely fuelled by full-time work.
FIXED INCOME
USTs are lower by a handful of ticks this morning, and currently trade within a 112-24+ to 112-31 range. Moved lower for much of the morning, before picking up a touch as US/European equity futures dipped lower.
The bearish bias follows on from; a) the prior day’s stronger-than-expected US data, b) rising energy prices (spurred by geopolitical tensions), c) JGB pressure overnight, following strong Machine Tool Orders and a weak 20yr JGB auction, d) a poor 20yr auction; on the latter point, desks highlight that the 20yr has historically not been the markets favoured outing. On the geopolitical narrative, there have been continued reports that the US is upping its presence in Iran, with a US Senior Official telling Axios that US-Iran talks have been a “nothing burger”, and that is why POTUS is close to deciding on the issue of going to war with Iran. As it stands, US paper appears to be pricing in the inflationary impacts (higher oil prices), but an outright attack could lead to some haven-related demand.
Bunds are also pressured alongside global peers. Currently holds towards the lower end of a 129.05 to 129.31 range. Newsflow for German paper is lacking today, aside from ECB-related reporting. Source reports suggest that President Lagarde told her colleagues that she would tell them before she leaves; her colleagues reportedly interpreted this to mean her departure is not immediate, but the door is not closed. De Cos and Knot have been touted as potential replacements once President Lagarde leaves her role, though Rabobank cautions that the process is highly political and difficult to predict, noting markets should largely ignore speculation for now.
Gilts are trading in-fitting with peers, and trading around the 92.00 mark within a 91.96 to 92.03 range. UK data slate has paused for today, ahead of Retail Sales/PMIs on Friday. This follows on from dovish jobs/wages and mixed inflation metrics earlier this week, which confirmed the disinflation process but Services and Core topped-expectations, leaving the more hawkish MPC members cautious. Markets are currently torn between a cut in March or April; analysts at ING see a cut in March and then another by June.
France sells EUR 13.497bln vs exp. EUR 11.5-13.5bln 2.40% 2029, 2.70% 2031, and 2.00% 2032 OAT.
Spain sold EUR 5.43bln vs exp. EUR 4.5-5.5bln 3.50% 2029, 2.60% 2031 and 3.30% 2036 Bono.
Japan sold JPY 608bln 20-year JGBs; b/c 3.08x (prev. 3.19), average yield 2.968% (prev. 3.253%).
COMMODITIES
Crude benchmarks remain elevated amid heightening geopolitical tension between the US and Iran following the Axios report on Wednesday which noted that the US President Trump’s administration is closer to a major war with Iran than people realise. Tensions continue to persist, with an overnight report from CNN that the US military is ready to strike Iran as early as this weekend and the WSJ reporting that the US has gathered the greatest amount of air power in the Middle East since the 2003 Iraq invasion. WTI and Brent are trading at the upper end prices of USD 64.84-66.27/bbl and USD 70.18-71.60/bbl, respectively, with Brent touching the USD 71/bbl, which marks the first time since August last year.
Precious metals are firmer, benefiting from haven demand from the ongoing geopolitical tension between the US and Iran, with the yellow metal crossing the USD 5,000/oz mark. The weaker USD ahead of the FOMC minutes also spurred demand for the yellow metal. XAU and XAG are trading at the upper range of USD 4979.14-5040.21/oz and USD 76.355-79.355.
Copper price action is moving contrary to the trend seen in precious metals. Risk sentiment in the early European session as well as subdued activity from Asia due to the Chinese holiday has seen the red metal trading lower thus far. 3M LME copper trades at the lower price range of USD 12.846-12.937k/t.
US Energy Secretary Wright said the US could leave the IEA if the group does not change.
Hungarian PM Orban’s Chief of Staff said they would take steps in the scenario that Ukraine continues to halt Druzhba oil shipments.
US Treasury Department issues general license authorising transactions related to oil and gas sector operations in Venezuela.
US President Trump and his advisors have reportedly indicated that the USMCA could be scrapped, NY Times reports. Instead, the US could have bilateral deals with Canada and Mexico. US officials have been increasing pressure on Canada. Canadian officials cited add that their expectation for a full renewal of the USMCA is very low. Officials believe Trump is trying to weaken Canada economically to force it to give up some protectionist policies. The article reminds us that in 2018, the US proposed a bilateral deal with Mexico and told Canada to get on board or be left out.
US-ASEAN Business Council said US and Indonesian companies signed trade and investment deals covering critical minerals, semiconductors, agriculture and forestry, while deals include a USD 4.89bln semiconductor joint venture involving Essence Global Group. Indonesian firms are to purchase 1mln tons of US soybeans, 1.6mln tons of corn, and 93,000 tons of cotton over an unspecified period.
US President Trump posted that the US trade deficit has been reduced by 78% because of the tariffs being charged to other companies and countries, adds it will go into positive territory during this year for the first time in many decades.
Canadian minister responsible for Canada-US trade LeBlanc said Canadian companies from various provinces have signed 15 commercial partnerships in Mexico.
NOTABLE EUROPEAN HEADLINES
UK’s ONS on ongoing data issues, reported the “Latest steps reaffirm commitment to quality over quantity”.
NOTABLE EUROPEAN DATA RECAP
Italian Current Account (Dec) 3109M (Prev. -1594M, Rev. From -1333M).
EU Current Account (Dec) 34.6B (Prev. 12.9B, Rev. From 12.6B).
Swiss Industrial Production YoY (Q4) Y/Y -0.70% (Prev. 2.40%, Rev. From 2.4%).
CENTRAL BANKS
WSJ’s Timiraos noted regarding the January Fed meeting minutes that it was interesting there was no date specified for when inflation gets to 2%, and instead minutes states that forecast is “slightly higher, on balance”.
Japan Bank Lobby said markets expect a BoJ hike as soon as March; Lobby Head believes there is a reasonable possibility of a hike as early as March or April.
ECB President Lagarde reportedly tells colleagues that she would tell them first if she were to step down, according to sources; colleagues reportedly interpreted this to mean her departure is not immediate, but the door is not closed.
RBNZ Assistant Governor Silk said the easing cycle is likely over and there are risks on either side, adds maintaining accommodative policy for a while aligns with economic conditions.
SNB has defined a standardised and scalable process for the ELF that will enable participating banks to quickly obtain liquidity support against collateral as necessary.
Riksbank takes measures to facilitate banks’ liquidity management.
GEOPOLITICS
RUSSIA-UKRAINE
Ukrainian President Zelensky said he is aware that the US and Europe have been talking to Russia and we must be prepared to react to surprises.
Russia’s Kremlin on the Iran situation said they see unprecedented escalation of tensions and on Ukraine talks, said there’s nothing to add following comments from the likes of Medinsky yesterday. Reiterates that no date has been set for the next Ukraine talks.
MIDDLE EAST
IAEA Director Grossi said Iran discussed a potential IAEA return to bombed nuclear sites, adds there is no deal unless the IAEA was in a position to verify and there is not much time to reach an Iran nuclear deal, via Bloomberg TV. His role is to get the nations into a position to come to a deal without the need for force. IAEA has proposed a few solutions.
Russian Foreign Minister Lavrov warns of any new US strike on Iran.
Israeli raid reported on areas of deployment of occupation forces east of Gaza City, according to Al Jazeera.
Two Israeli defense officials said that significant preparations were underway for possibility of a joint strike with the US against Iran, according to NYT.
US gathers the greatest amount of air power in the Middle East since the 2003 Iraq invasion and President Trump is being briefed on military options for striking Iran, even as aides hold talks with the Iranian regime, according to WSJ.
Iraqi Foreign Minister said any alternative to US-Iran deal would be disastrous, and they may not be able to export their oil if war breaks out in the region.
US military is ready to strike Iran as early as this weekend, although President Trump has yet to make the final decision, according to sources familiar with the matter cited by CNN.
US senior official said US expects Iran to submit a written proposal on resolving standoff in the wake of Tuesday’s talks.
OTHERS
US is pushing NATO to cut many foreign activities, including ending a key alliance mission in Iraq, according to four NATO diplomats cited by POLITICO.
Israeli Defense Forces announced they struck Hezbollah infrastructure sites in southern Lebanon, according to Sky News Arabia.
US Southern Command Commander Donovan met with Venezuela’s interim President Rodriguez and defence officials in Caracas.
North Korea’s Kim Yo Jong said military will take measures to strengthen its vigilance on border with South Korea; she appreciates South Korean Unification Minister’s official recognition of South Korea’s drone provocation. Border with the enemy should be solid.
CRYPTO
Bitcoin slips below USD 67,000 as global risk tone sours.
APAC TRADE
APAC stocks traded higher following the positive handover from the US and with South Korea outperforming amid tech strength on return from the Lunar New Year holidays.
ASX 200 rallied to a fresh record high with the gains led by strength in telecoms and energy, as the former was boosted alongside Telstra, which reported a 9.3% increase in H1 net profit, while energy stocks benefitted from the rise in underlying oil prices amid geopolitical frictions.
Nikkei 225 gained with sentiment underpinned by a weaker currency and stronger-than-expected Machine Tool Orders.
KOSPI outperformed on return from the Lunar New Year holiday closure as tech stocks played catch-up to the rebound in their US counterparts, including index heavyweight Samsung Electronics, as its shares rallied by around 5% to a record high.
NOTABLE APAC DATA RECAP
Australian Unemployment Rate (Jan) 4.1% vs. Exp. 4.2% (Prev. 4.1%).
Australian Employment Change (Jan) 17.8K vs. Exp. 20K (Prev. 65.2K, Low. -5K, High. 40K).
Australian Part Time Employment Chg (Jan) -32.7K (Prev. 10.4K).
Australian Full Time Employment Chg (Jan) 50.5K (Prev. 54.8K).
Australian Participation Rate (Jan) 66.7% vs. Exp. 66.8% (Prev. 66.7%).
Japanese Stock Investment by Foreigners (Feb/14) 1424.2 (Prev. 591.4, Rev. From 543.2).
Japanese Machinery Orders YoY (Dec) Y/Y 16.8% vs. Exp. 3.9% (Prev. -6.4%, Low. -1.1%, High. 10.6%).
Japanese Machinery Orders MoM (Dec) M/M 19.1% vs. Exp. 4.5% (Prev. -11.0%, Rev. From -11%, Low. 1%, High. 11.2%).
Japanese Foreign Bond Investment (Feb/14) -489.5 (Prev. -359.5, Rev. From -365.7).
1c Asian opening report
Markets unreactive following hawkish FOMC minutes; Crude extends on geopolitics – Newsquawk EU Market Open
Thursday, Feb 19, 2026 – 01:54 AM
APAC stocks traded higher following the positive handover from the US and with South Korea outperforming amid tech strength on return from the Lunar New Year holidays.
FOMC’s January meeting minutes showed a broad agreement to hold rates, but views diverged on the path ahead.
US senior official told Axios that the round of talks with Iran in Geneva was “a hamburger stuffed with nothing” and is one of the reasons why Trump is close to making a decision on the issue of going to war with Iran, according to Axios’s Ravid.
US senior official stated that all US forces involved in the Middle East build-up should be in place by mid-March and that Secretary of State Rubio will travel to Israel to meet Israeli PM Netanyahu to discuss Iran on the weekend of February 28th.
US President Trump is scheduled to deliver remarks on the economy at 16:00 EST/21:00 GMT on Thursday.
Looking ahead, highlights include 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 include ECB’s Cipollone, ECB’s de Guindos, Fed’s Bostic, Kashkari, Goolsbee & Bowman. Supply from Spain, France & US. Earnings from Walmart, Deere, Wayfair, Klarna, Opendoor, Newmont Mining, Southern & Constellation Energy.
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US TRADE
EQUITIES
US stocks finished higher in two-way trade with morning weakness offset after a strong cash open before pulling back from their 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. 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.
SPX +0.56% at 6,881, NDX +0.80% at 24,899, DJI +0.26% at 49,663, RUT +0.45% at 2,659.
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 as 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, although 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.
TARIFFS/TRADE
US President Trump posted that the US trade deficit has been reduced by 78% because of the tariffs being charged on other companies and countries, adding that it will go into positive territory during this year for the first time in many decades
US-ASEAN Business Council said US and Indonesian companies signed trade and investment deals covering critical minerals, semiconductors, agriculture and forestry, while deals include a USD 4.89bln semiconductor joint venture involving Essence Global Group. Furthermore, Indonesian firms are to purchase 1mln tons of US soybeans, 1.6mln tons of corn, and 93,000 tons of cotton over an unspecified period, while Indonesia’s government later confirmed to sign a USD 38.4bln deal with US companies in textiles, energy, agriculture and tech sectors.
Canadian minister responsible for Canada-US trade LeBlanc said Canadian companies from various provinces have signed 15 commercial partnerships in Mexico, and he is reassured by the Mexican Economy Secretary of a desire to work with Canada and to ensure that the review of the USMCA results in a trilateral trade agreement. LeBlanc said Mexicans have very similar interests to Canada in ensuring that some of the sectoral tariffs that the US has applied are diminished and are brought down, while he responded ‘no’ when asked if Canada has discussed any contingency plan with Mexico if the US seeks bilateral deal and announced he will meet with USTR Greer in the next few weeks to discuss the CUSMA.
Chinese steel was hit with duties of up to USD 670 per tonne as Brazil’s dumping probe concluded, according to SCMP.
NOTABLE HEADLINES
Fed’s Bowman (voter) said the latest jobs report is “a bit strange” and most other indicators do not show as strong a labour market, while she remains concerned about the labour market, and expects to propose new Basel capital rules by end of Q1.
US President Trump is scheduled to deliver remarks on the economy at 16:00 EST/21:00 GMT on Thursday.
APAC TRADE
EQUITIES
APAC stocks traded higher following the positive handover from the US and with South Korea outperforming amid tech strength on return from the Lunar New Year holidays.
ASX 200 rallied to a fresh record high with the gains led by strength in telecoms and energy, as the former was boosted alongside Telstra, which reported a 9.3% increase in H1 net profit, while energy stocks benefitted from the rise in underlying oil prices amid geopolitical frictions.
Nikkei 225 gained with sentiment underpinned by a weaker currency and stronger-than-expected Machine Tool Orders.
KOSPI outperformed on return from the Lunar New Year holiday closure as tech stocks played catch-up to the rebound in their US counterparts, including index heavyweight Samsung Electronics, as its shares rallied by around 5% to a record high.
US equity futures were rangebound after the prior day’s choppy, but ultimately positive performance.
European equity futures indicate a slightly lower cash market open with Euro Stoxx 50 futures down 0.1% after the cash market finished with gains of 1.4% on Wednesday.
FX
DXY held on to its recent spoils after advancing yesterday as US yields rose following better-than-expected data and as oil prices surged after sources noted the Trump administration is closer to a major war with Iran than people realise. Focus was also on the FOMC Minutes, which largely encapsulated the statement in the January meeting and ultimately showed a divided rate outlook as several stated that further rate cuts would likely be appropriate if inflation declines as expected, and some judged rates should be held steady for some time pending clearer disinflation evidence, while several favoured two-sided guidance, noting that upward adjustments could be appropriate if inflation remains above target.
EUR/USD attempted to nurse some losses after slipping beneath the 1.1800 level as the buck strengthened, and with the single currency not helped by conflicting reports about ECB President Lagarde’s future.
GBP/USD languished at this month’s lows beneath the 1.3500 handle owing to the firmer dollar and after UK CPI slowed.
USD/JPY reclaimed the 155.00 level to the upside after coattailing on the dollar advances and higher US yields post-data.
Antipodeans Mildly benefitted from the positive risk appetite with AUD/USD supported following the mixed jobs data, which showed headline employment change slightly missed expectations, although the unemployment rate printed lower than expected, and the increase in jobs was solely fuelled by full-time work.
FIXED INCOME
10yr UST futures languished at this week’s lows after retreating yesterday following stronger-than-expected US data, rising energy prices, and a weak 20yr auction, while prices were also not helped by the mixed views in the FOMC Minutes and with further US supply on the horizon.
Bund futures trickled lower in rangebound trade following the recent choppy performance and Bund issuance.
10yr JGB futures retreated after stronger-than-expected data from Japan in the form of Machine Tool Orders, which surged by double-digit percentages, while mild pressure was also seen after weaker demand at the 20yr JGB auction.
COMMODITIES
Crude futures remained afloat after rallying by over 4% yesterday amid geopolitical concerns as Axios sources noted the Trump admin is closer to a major war with Iran than people realise, and a military operation would likely be massive, while it was also recently reported that the US military is ready to strike Iran as early as this weekend, although President Trump has yet to make the final decision.
US Treasury Department issued a general license authorising transactions related to Venezuelan oil and gas operations.
Spot gold marginally pulled back after briefly returning to above the USD 5,000/oz level, while the latest FOMC Minutes did little to spur price action and showed a divided outlook on rates.
Copper futures held on to most of the prior day’s gains after advancing in the aftermath of stronger-than-expected US data.
CRYPTO
Bitcoin gradually edged higher to test the USD 67,000 level to the upside.
NOTABLE ASIA-PAC HEADLINES
RBNZ Governor Breman said fundamentals are consistent with slower inflation, and they are not at all comfortable with having inflation at 3.1%, while she added that wage growth is modest and they have some spare capacity. Furthermore, she stated that if the outlook for inflation changes, the committee will adjust policy stance to ensure inflation returns to the target.
RBNZ Assistant Governor Silk said the easing cycle is likely over and there are risks on either side, while she added that maintaining accommodative policy for a while aligns with economic conditions and that even with a minor hike, rates would reach just the lower bound of the neutral band.
DATA RECAP
Japanese Machinery Orders MM (Dec) 19.1% vs. Exp. 4.5% (Prev. -11.0%, Rev. From -11%)
Japanese Machinery Orders YY (Dec) Y/Y 16.8% vs. Exp. 3.9% (Prev. -6.4%)
Australian Employment Change (Jan) 17.8K vs. Exp. 20K (Prev. 65.2K)
Australian Full Time Employment Chg (Jan) 50.5K (Prev. 54.8K)
Australian Unemployment Rate (Jan) 4.1% vs. Exp. 4.2% (Prev. 4.1%)
Australian Participation Rate (Jan) 66.7% vs. Exp. 66.8% (Prev. 66.7%)
GEOPOLITICS
MIDDLE EAST
US President Trump said UK is strong and powerful, but PM Starmer is losing control of Diego Garcia Island, while he added that the US may want to use the island to eradicate a potential attack by a dangerous regime and “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”.
White House Press Secretary said Iran would be wise to make a deal, and diplomacy is President Trump’s first option, while there are many reasons one could make for a strike on Iran. Furthermore, she said some progress was made, but they are still far away on some issues, and Iranians are expected to come back with more details in the next couple of weeks.
US senior official told Axios that the round of talks with Iran in Geneva was “a hamburger stuffed with nothing” and is one of the reasons why Trump is close to making a decision on the issue of going to war with Iran, according to Axios’s Ravid.
US senior official said the US expects Iran to submit a written proposal on resolving the standoff in the wake of Tuesday’s talks, while the official stated that all US forces involved in the Middle East buildup should be in place by mid-March and that Secretary of State Rubio will travel to Israel to meet Israeli PM Netanyahu to discuss Iran on the weekend of February 28th.
US military is ready to strike Iran as early as this weekend, although President Trump has yet to make the final decision, according to sources familiar with the matter cited by CNN.
US is gathering the greatest amount of air power in the Middle East since the 2003 Iraq invasion, and President Trump is being briefed on military options for striking Iran, even as aides hold talks with the Iranian regime, according to WSJ.
Two Israeli defence officials said that significant preparations were underway for the possibility of a joint strike with the US against Iran, according to NYT.
New NOTAM issued by Iran showed planned rocket launches within areas across southern Iran on Thursday from 03:30 GMT to 13:30 GMT, according to the FAA.
Iraqi Foreign Minister said any alternative to a US-Iran deal would be disastrous, and they may not be able to export their oil if war breaks out in the region.
Israeli Defence Forces announced they struck Hezbollah infrastructure sites in southern Lebanon, according to Sky News Arabia
An Israeli raid was reported on areas of deployment of occupation forces east of Gaza City, according to Al Jazeera
US officials said the US is withdrawing all forces from Syria and the Trump administration is looking to strengthen its diplomatic relations with Syria’s new leaders.
US is said to be pushing NATO to cut many foreign activities, including ending a key alliance mission in Iraq, according to four NATO diplomats cited by POLITICO.
RUSSIA-UKRAINE
White House said meaningful progress was made in Ukraine talks and another round of talks is expected in the near future.
Ukrainian President Zelensky said he cannot say that the results of the Russia talks were sufficient, but they did have substantive talks on the military track, while he wants the next round of talks to be held in February and said political issues have to be worked on further. Zelensky later stated that the next round of talks with Russia is to occur in Switzerland, and noted that Ukraine and Russia are “close to” having a document establishing how any ceasefire will be monitored.
Russia’s Kremlin said Geneva negotiations were difficult, and the venue of upcoming talks with Ukraine has not yet been announced, while the Russian delegation head said talks were difficult, but business-like.
OTHER
Russian President Putin said Russia considers new restrictions on Cuba to be unacceptable.
US Southern Command Commander Donovan met with Venezuela’s interim President Rodriguez and defence officials.
A major US arms-sales package for Taiwan is in limbo following pressure from Chinese President Xi and concerns among some in the Trump administration that greenlighting the weapons deal would derail President Trump’s visit to Beijing.
North Korean leader Kim Jong Un said fresh military and construction targets will be unveiled at this month’s party congress.
North Korea’s Kim Yo Jong said the military will take measures to strengthen its vigilance on the border with South Korea, while she appreciates the South Korean Unification Minister’s official recognition of South Korea’s drone provocation and stated the border with the enemy should be solid.
EU/UK
NOTABLE HEADLINES
UK Treasury source said they want the Spring Statement to be a “complete non-event. The goal is to be as boring as possible”, The Telegraph reports. The statement is due on the 3rd of March.
ECB’s Schnabel said the Euro is increasingly acting as a haven, boosting its global role, while she sees no need to leave her board seat early.
2.a NORTH KOREA/SOUTH KOREA/JAPAN
SOUTH KOREA/USA
2 b JAPAN
3. CHINA
CHINA/CANADA
and Canada forges a deal with China and their abuses???
(zerohedge)
Chinese Journalist Who Exposed CCP’s Labor Camp Abuses Still In Custody in Beijing
A Chinese journalist whose work exposed human rights abuses committed by the Chinese Communist Party (CCP) has been detained in Beijing for more than 100 days.
Du Bin, 54, was formally arrested in November last year, according to people familiar with the matter who requested anonymity out of fear of reprisal. His case has been transferred to the procuratorate for examination and prosecution as of late January, the sources told The Epoch Times.
Du has been held at Shunyi Detention Center in Beijing since October, when he was taken by police from his residence, according to his sister and rights groups.
Authorities told his sister at the time that Du was detained under suspension for “picking quarrels and provoking trouble.” The vaguely worded charge is often used by the regime to target dissidents and human rights advocates.
Authorities are now pursuing a new charge that may “involve state leaders” after failing to find sufficient evidence to support the initial charge, according to people familiar with the matter.
Details about Du’s case, including what led to his arrest, remain unclear, with authorities citing “state secrecy” as the reason for refusing to provide information to his lawyer.
As a photographer and writer focused on uncovering the history that Beijing seeks to conceal, Du has been targeted by authorities for more than a decade, but this was the first time he had been formally arrested.
Du was taken into custody for 37 days in 2013. His friends told Amnesty International at the time that Du’s detention might have been linked to a documentary exposing the abuses women faced at Masanjia Labor Camp.
Located in the northern Chinese city of Shenyang, the detention facility is notorious for its horrific treatment of female detainees, especially those who refuse to renounce their faith in Falun Gong, also known as Falun Dafa.
The spiritual discipline—featuring meditative exercises and moral teachings centered on truthfulness, compassion, and forbearance—has faced brutal persecution since 1999, when the CCP deemed the practice’s surging popularity a threat to its authority. Torture and abuse are part of the ongoing campaign to wipe out Falun Gong, which had attracted an estimated 70 million to 100 million practitioners in China by the late 1990s.
In two books released in Hong Kong in 2014, Du detailed former inmates’ accounts of torture by Masanjia guards, including shocking female Falun Gong practitioners’ genitalia with electric batons and stripping practitioners naked and locking them up in the cells of male prisoners.
Months after his release in 2013, Du was asked in an interview why he chose to write about Falun Gong, one that he himself acknowledged as the most sensitive topic in China.
“We are all human,” he told The Epoch Times in December 2014. “Using such inhuman methods against others is something I can never accept.”
In December 2020, days before his historical book “Red Terror: Lenin’s Communist Experiment” was set to be published in Taiwan, Du was arrested by Beijing police, again for “picking quarrels and provoking trouble.” He was released after 37 days in detention.
‘Growing Intolerance’
Independent journalists and writers such as Du have endured mounting pressure in recent years as the CCP deepens its grip on society.
In 2025, Beijing once again led the world in the number of reporters imprisoned, the Committee to Protect Journalists stated in its latest annual report, released last month. It marked the third consecutive year that the regime was given the title of “the world’s worst jailer of journalists.”
On Feb. 9, a Hong Kong court handed down a 20-year prison term to Jimmy Lai, founder of a now-shuttered newspaper known for its critical coverage of the CCP, under a Beijing-imposed “national security” law. The court also gave heavy sentences to six former Apple Daily employees on national security charges.
In mainland China, authorities in Sichuan Province recently detained two investigative journalists who wrote about corruption by local Party officials, according to Reporters Without Borders.
International human rights groups have denounced the harassment campaign against Du and called for his immediate release.
“The international community must step up pressure on Beijing to secure Du’s release, along with that of all other journalists and press freedom defenders detained in China,” Antoine Bernard, director for advocacy and assistance at Reporters Without Borders, said in a December 2025 statement.
Human Rights Watch, in a statement following Du’s arrest, said the charge against Du highlighted “the growing intolerance for dissent” under Xi Jinping, the Party’s top leader.
Du is also a photographer who once contributed to international media outlets, including The New York Times. But he was forced to stop after authorities denied him a work permit over his books.
His work includes “Tiananmen Massacre,” which compiles firsthand accounts of the night of June 3–4, 1989, when CCP leaders deployed troops and tanks to suppress unarmed pro-democracy students calling for political reform. That event remains one of the most heavily censored topics in China today.
In an interview with The Epoch Times after his second release, Du appeared calm and undeterred.
“I’m not pessimistic, nor am I afraid,” he said in January 2021, “because my work is based on actual events—all I’ve done is document them.”
Xin Ling and Gu Xiaohua contributed to this report.
end
CHINA/EUROPE
Chinese EVs Flood Europe, Signals Hollowing Out Of Bloc’s Industrial Core
Thursday, Feb 19, 2026 – 02:45 AM
The rapid growth of China’s electric vehicles on Europe’s streets and highways isn’t just a market share story. In fact, it’s an industrial security threat for the bloc. When Chinese manufacturers undercut domestic car brands, the damage goes well beyond margin pressure and shuttered production lines. The much larger and alarming issue is the hollowing out of Europe’s industrial core.
While Europe deindustrialises and focuses on Wokeism
Chinese company BYD is building a mega factory larger than San Francisco (Not AI)
At this scale, and such low costs, vast human resources, and its own market, it will become impossible for Europe to compete. pic.twitter.com/SnRjvO0Wp9
Goldman analyst Christian Frenes released the latest Chinese OEM Competition Monitor, which covers January registrations of Chinese EVs across Europe.
Even though Chinese brand EV sales softened in January, volumes remain elevated at 31,000 units in Jan-26 versus 40,100 in Dec-25 and 8,700 a year earlier, representing a whopping 257% year-over-year growth.
In Europe’s Big 5 markets (Germany, the United Kingdom, France, Italy, Spain), Chinese domestic brands nearly topped 5% of market share in January, up from 3.64% one year ago.
Market share growth of Chinese domestic brands outpaces that of local car companies.
“Heading into 2026, we expect Chinese OEMs to further intensify their European expansion plans, e.g., BYD offering c.30% price discounts while aiming to double its volume in Germany this year,” Frenes said.
Here’s the demand of Chinese and local car companies for January.
Where these Chinese car brands are invading Europe.
Frenes highlights several key developments of Chinese brand expansion across the bloc:
Chery & Jaguar Land Rover (JLR): Chery is reportedly exploring a manufacturing partnership with JLR that would leverage spare capacity at JLR’s Halewood plant in the UK (link). The plant, which has an annual capacity of c.200,000 units, was significantly underutilized in the past few years. We estimate the average utilization rate at c.60%. This initiative would build on the existing Chery–JLR relationship, as the two companies have operated a manufacturing joint venture in China since 2012. Discussions reportedly involve the UK government and JLR leadership, and Chery has publicly highlighted the UK as a potential production base as part of its localization strategy. No definitive agreement has been announced.
Geely & Ford: Both companies are reportedly in advanced discussions for a partnership under which Geely would utilize Ford’s manufacturing facilities in Valencia, Spain (link). We estimate the average ulilization rate of this factory to be at c.70% over the last 5 years. This approach is consistent with Geely’s established strategy of partnering with other automakers, such as its existing deal with Renault to leverage their factories in South Korea and Brazil. No definitive agreement has been announced.
Uncertainty over reported suspension of BYD’s Turkey plant: BYD has reportedly halted plans for its USD 1bn EV factory in Manisa, Turkey. Media cites that a dispute over core technology transfer requirements, along with parliamentary scrutiny, may have contributed to the investment being paused. The statement was rejected by the Turkish Trade Minister while the company has not issued any official confirmation.
BYD is planning for explosive demand across the bloc this year.
Our assessment here is much deeper than just market share; the fact that Brussels is allowing this invasion to occur in the first place puts severe pressure on European OEMs and suppliers.
Anduril Industries founder Palmer Luckey outlined exactly this threat in a recent Joe Rogan podcast.
“If you let them (US car manufacturers) freely compete, like if you let them go toe to toe, China would be thrilled if they could subsidise their way into destroying the American automotive apparatus, partly for economic reasons. But there’s another reason,” Luckey said.
He continued, “How did the United States win World War II … Manufacturing – some of it was new factories, but most of it was taking over old factories.”
“We took all of our farm implement factories, like John Deere and Caterpillar. They were building tanks and guns. We took all our automotive factories. We had them building aircraft, we had them building weapons, we had them building missiles,” he said.
He said, “In fact, we even designed those weapons so they could be manufactured by those plants … We won because we had all of this automotive and other industrial capacity.”
Luckey warned, “China would love to wipe out the American automotive industry, partly for economic reasons, because it also means we will never be able to fight a war against them. Imagine in America with like, we’ve lost a lot of manufacturing … If China could wipe out our industrial capacity entirely, they never need to worry about fighting a war with the US again because they know that we wouldn’t be able to get back in the game fast enough to matter.”
It’s as if Brussels is allowing its own decline, whether by letting a flood of Chinese EVs pour onto European streets or by pursuing climate policies that have weakened reliable power generation and eroded core industrial capacity.
However, we do think the bloc is starting to recognize where this trajectory ends and, as the world fractures and the war in Eastern Europe grinds on. That reality was reflected last week, when industrial leaders urged Brussels to dial back its carbon pricing regime to restore competitiveness.
“Law Must Take Its Course”: King Charles Responds To Arrest Of Former Prince Andrew
Thursday, Feb 19, 2026 – 08:10 AM
Update (0810ET):
King Charles has released his first public statement regarding Andrew’s arrest. He said:
I have learned with the deepest concern the news about Andrew Mountbatten-Windsor and suspicion of misconduct in public office. What now follows is the full, fair and proper process by which this issue is investigated in the appropriate manner and by the appropriate authorities. In this, as I have said before, they have our full and wholehearted support and co-operation.
Let me state clearly: the law must take its course.
As this process continues, it would not be right for me to comment further on this matter. Meanwhile, my family and I will continue in our duty and service to you all. Charles R.
The official release from Royal Communications:
BBC News has learned that the Prince and Princess of Wales support King Charles’s statement regarding the arrest of Andrew.
The optics here are not favorable for the Royal Family.
* * *
BBC News reported that Andrew Mountbatten-Windsor, formerly known as Prince Andrew, was arrested early Thursday morning on suspicion of misconduct in public office, amid allegations he shared confidential government trade documents with the late Jeffrey Epstein. The Epstein fallout continues to spread by the day, rattling not just governments but also the corporate world.
Six unmarked police cars arrived at Wood Farm, Andrew’s new residence on King Charles’ Sandringham estate in Norfolk, eastern England, shortly after 0800 local time.
The Thames Valley Police released a statement shortly after the arrest, confirming that it “arrested a man in his sixties from Norfolk on suspicion of misconduct in public office and are carrying out searches at addresses in Berkshire and Norfolk.”
“As British law requires, the police did not name the suspect, but the details provided in the police report match what is known about the public misconduct allegations,” the New York Times noted.
BBC Radio 5 Live’s Danny Shaw said the longest Andrew can be held in police custody is 96 hours, noting that, in most cases, suspects are held for 12 to 24 hours.
Shaw said Andrew will be placed in “a cell in a custody suite” with just “a bed and a toilet”, where he will wait until his police interview, adding, “There’ll be no special treatment for him”.
Dal Babu, former Metropolitan Police Chief Superintendent, told BBC News that concerns had been “growing and growing” over the last few weeks regarding Andrew. This comes as the US Department of Justice has dumped millions of files related to Epstein – read the latest probe here.
Babu said the arrest means police will be “able to access computer equipment, files, photographs, and any other evidence” and “can carry out searches of any premises he owns or occupies, or any other premises he controls, so there may well be searches in other areas as well”.
BBC’s Lucy Manning provided more color on what the investigation centers around:
My understanding is that there’s been a very significant development in the investigation into the Epstein files. Andrew Mountbatten-Windsor has been arrested this morning on suspicion of misconduct in public office.
That goes back to documents from when he was a trade envoy, that are alleged to have been passed to Epstein.
. . .
It’s Thames Valley Police who have been looking into these allegations against Andrew Mountbatten-Windsor.
They have been looking into allegations of misconduct in public office and allegations that a second woman was sent to the UK by Jeffrey Epstein for a sexual encounter with Andrew Mountbatten-Windsor.
My understanding is that this arrest is just about the misconduct in public office and obviously a very significant moment that the former prince has been arrested.
He has previously strenuously denied any wrongdoing on any of these matters related to Epstein.
*Developing…
GERMANY
REMIX
Berlin Green Party Welcomes World’s ‘Climate Refugees’, Despite Housing/Fiscal Crisis
During their state party conference this past weekend, the Berlin Greens finalized an election manifesto that places radical migration reform at the center of their platform. The party is advocating for the broad admission of individuals displaced by environmental factors like climate change, alongside expanded humanitarian programs for specific conflict zones.
The centerpiece of the Green manifesto is a commitment to provide refuge for those fleeing environmental degradation. Following the vote, the regional association signaled its intent to make Berlin a primary destination for these individuals. Notably, the city has a long-term housing crisis, with the government spending now €1 billion a year on housing for migrants, a cost that has tripled in just four years. In addition, all current asylum accommodations are already full.
WATCH: 🇩🇪🇪🇺 Mass immigration is fueling the West's housing crisis.
Here's how it's happening in Germany.
In a powerful speech in the German Bundestag, @AfD politician Carolin Bachmann slams the ruling government for allowing 2 million migrants into the country while families… pic.twitter.com/DMEqiV316S
“This will be our government policy,” announced Philmon Ghirmai, the Greens’ state chairperson. “We also want to reintroduce the admission of people affected by climate disasters.”
To define the scope of this move, the party points to United Nations data suggesting that 86 million people globally reside in hotspots of the climate crisis. For context, Berlin currently hosts 37,592 registered refugees, a figure that has already stretched the city’s accommodation and financial resources.
However, there is broad latitude to expand this 86 million much higher, especially if the worst predictions about climate change come true. Notably, China, which has far higher CO2 emissions than Germany, still refuses to take virtually any migrants, whether legal, illegal, or refugees. At the same time, China is pulling vastly ahead of European nations in terms of renewable energy technology, meaning China may have not only a more cohesive society in the end, but also produce more of the green technology that could potentially solve issues associated with climate change.
Beyond climate-related migration, the Greens are pushing for localized reception initiatives. The party aims to mirror previous efforts by establishing dedicated pathways for residents of the Gaza Strip and Afghanistan. Notably, Afghans have some of the worst integration rates in Germany.
The decision states: “We advocate the resumption of the country reception program for Afghanistan and want to extend the model to Gaza.”
Approximately 30,000 Palestinians already live in Berlin.
The Greens also want to block deportation, with the manifesto stating that 20,000 individuals currently slated for deportation in Berlin should be allowed to stay in Germany. They continue to reject deportations to Syria, Iran, and Afghanistan.
The party wants to end mass accommodation facilities in Berlin, which account for the majority of where refugees are located. Instead, they intend to implement a “social housing program for refugees” that would see migrants housed in apartments distributed across all city districts.
For the first time last year, the city of Berlin’s Senate has received a detailed breakdown of all asylum costs in the city, revealing the high costs of foreigners for Germany’s capital city.
Last year, the city spent at least €2.1 billion on migrants, which equals 5 percent of the entire budget, reads a report prepared by the Senate Administration for the Main Committee of the House of Representatives.
Berlin’s crime is also disproportionately committed by foreigners. Data from last year showed that foreigners are responsible for 43.9 percent of all crimes in Berlin in 2024. Murders and manslaughter also jumped over 50 percent compared to 2023.
New data shows that foreigners are responsible for 43.9% of all crimes in Berlin in 2024.
Murders and manslaughter also jumped over 50% compared to 2023!
"What should not be ignored is that 30% of foreign suspects are not registered in Berlin," said a police union rep. pic.twitter.com/5r3nwUEzMz
With the election for the Berlin House of Representatives scheduled for Sept. 20, the Greens are currently polling at 16 percent, trailing the CDU, the Left, and the AfD. However, a red-red-green coalition remains a mathematical possibility, which would give these manifesto points a potential path to becoming official policy.
Faytuks Network on X: “The UK has blocked U.S. use of RAF Fairford and Diego Garcia for Iran strikes, citing international law, leading Trump to withdraw support for Starmer’s £35B Chagos Islands handover deal with Mauritius. Senior UK officials privately called the situation ‘bleak.’ – The Times” / X
Dumb ass move by a fool marching to the beat of a drummer gone off course. This hurts the UK more than imagined. Why do you think suddenly a change of leadership in the UAE to use US bases previously denied? Diego Garcia is a a US base paid for by the US and part of American hegemony. Denial will not go down well politically or in a military sense.
One does wonder if Starmer realizes that he just put Britain naked in the cross hairs of Russia. Why would America defend an ally who acts against America? Ukraine is one thing and this is another that implies broader blowback.
\ The whole world is changing into blocks of influence faster than people know. And while choices are made by incompetence or alliance with conflicting agendas it is clear that we will see more realignment in times ahead. There is likely to be more changing of allies than one imagines. And one might imagine that the US may remove the nukes stored at RAF Fairford. Actually if things continue on the path they are on Europe may wish to consider how it will fare in a fight with Russia that America chooses to stay out of.
Events will play out just like what happens with Iran shortly.
Iran expected to submit written proposal for resolving standoff with US, senior US official says
Top national security advisers met in the White House Situation Room to discuss Iran and were told all US forces deployed to the region should be in place by mid-March, the official said.
Iran’s Foreign Minister Abbas Araghchi on the day he addresses a special session of the Conference on Disarmament at the United Nations, aside of US-Iran talks in Geneva, Switzerland, February 17, 2026.(photo credit: Pierre Albouy/Reuters)ByREUTERSFEBRUARY 18, 2026 23:43Updated: FEBRUARY 19, 2026 00:31
Iran is expected to submit a written proposal on how to avoid its standoff with the United States in the wake of US-Iran talks in Geneva on Tuesday, a senior US official told Reuters on Wednesday.
Top national security advisers met in the White House Situation Room to discuss Iran and were told all US forces deployed to the region should be in place by mid-March, the official said.
Secretary of State Marco Rubio will meet Israeli Prime Minister Benjamin Netanyahu in Israel on the weekend of February 28, the official said.
Tuesday’s indirect discussions in Geneva between US envoys Steve Witkoff and Jared Kushner, alongside Iranian Foreign Minister Abbas Araqchi, were aimed at heading off a mounting crisis between the two countries.
The United States wants Iran to give up its nuclear program, and Iran has adamantly refused and denied that it is trying to develop an atomic weapon.
Oman’s Foreign Minister Sayyid Badr bin Hamad Al Busaidi meets with US Special Envoy Steve Witkoff and U.S. President Donald Trump’s son-in-law, Jared Kushner ahead of the indirect U.S.-Iran talks, in Geneva, Switzerland, February 17, 2026. (credit: OMAN FOREIGN MINISTRY/HANDOUT VIA REUTERS)
Iran agreed to make a written proposal on how to address US concerns during the Geneva talks, the senior US official said.
“We are currently waiting for that from the Iranians,” the official said.
Iran only willing to discuss nuclear program
The US has sought to expand the scope of talks to non-nuclear issues such as Iran’s missile stockpile. Iran says it is willing only to discuss curbs on its nuclear program, in exchange for sanctions relief, and that it will not give up uranium enrichment completely or discuss its missile program.
White House press secretary Karoline Leavitt told reporters on Wednesday that some progress was made in Geneva but that “we’re still very apart on some issues.”
Trump has ordered a major military buildup in the region as he contemplates use of force with a second aircraft carrier group en route.
“The president has ordered the continued buildup in the region, including the arrival of the second carrier group. Full forces should be in place by mid-March,” the senior US official said.
END
US likely to attack Iran, but Trump has not yet decided to do so, sources tell ‘Post’
Sources indicated that Israel’s impression is that US President Donald Trump has not yet decided on his final course of action, even after showing disappointment over Iran’s negotiating position.
The Nimitz-class aircraft carrier USS Abraham Lincoln (CVN 72) sails alongside the Arleigh Burke-class guided-missile destroyer USS Spruance (DDG 111) in the U.S. 5th Fleet area of operations.(photo credit: Official US Navy photo)ByYONAH JEREMY BOBFEBRUARY 18, 2026 22:14Updated: FEBRUARY 18, 2026 22:31
The United States is likely to attack Iran eventually but not necessarily in the coming days, despite the spike in global media “noise” surrounding the conflict, The Jerusalem Post has learned.
Sources indicated that Israel’s impression is that US President Donald Trump has not yet decided on his final course of action, even if his disappointment in Iran’s negotiating positions this week makes an eventual American attack on Tehran more likely.
Rather, many of the latest reports are viewed by some Israeli officials as global media noise picking up on the general feel of Trump administration officials coming out of this week’s negotiations as opposed to crossing the threshold.
/
US President Donald Trump makes an announcement at the White House in Washington, D.C., U.S., February 12, 2026. (credit: REUTERS/JONATHAN ERNST)
There has also been intense focus on whether Trump’s deadline of two weeks for the Islamic Republic to return with a new offer is parallel to the two weeks from June 2025, which turned out to be a fake-out and cover for Trump’s attack on the Fordow nuclear facility after only three days of that two-week deadline had passed.
Not same circumstances as in 12-day war
But the circumstances are not the same.
When Trump broke his own deadline early, he had already sat on the sidelines for around a week and a half, while Israel had already cleared out most of Iran’s air defenses, and he faced little risk by sending in B-2 high-altitude bombers to drop bombs on Fordow uncontested.
In contrast, Trump is currently considering whether to be the lead party in a much longer campaign in which he could lose many American soldiers as well as expensive sea vessels, and in which the broader goals of regime change might not be realized.
Under the circumstances, some Israeli officials believe that the current noise is at most venting frustration and expressing to the Iranians the seriousness of the next two weeks, as opposed to signaling an imminent attack in the coming days.
Iran Will Be “Finding Out” Over Next 10 Days, Trump Says, But Asserts “Good Talks”
Thursday, Feb 19, 2026 – 10:21 AM
Update(1021ET): As has become typical, President Trump is all over the place – his intentions ever more difficult to interpret – at a moment the media has highlighted Iraq war levels of military build-up in the Middle East with an eye on potential attack on Iran.
On Thursday he oversaw the inaugural meeting in Washington DC of the Board of Peace related to Gaza. In televised remarks he surprisingly called tense negotiations with Iran “good talks”. But then he immediately pivoted to escalating things a “step further” – which seems a strong hint at launching a regime change war.
“Now we may have to take it a step further, or we may not,” Trump added later. Then he set somewhat of a timeline, “You’re going to be finding out over the next, probably, 10 days.” Watch the president’s fresh remarks:
Trump at his "Board of Peace" on Iran: "Now we may have to take it a step further, or we may not. You're gonna be finding over the next probably 10 days." pic.twitter.com/itAUoc2pPH
Oil prices climbed early Thursday as markets zeroed in on the prospect of US action against Iran, lifting energy shares alongside crude – with West Texas Intermediate above $66 a barrel. The US military build-up in the Middle East means Iran’s window to reach a diplomatic agreement over its atomic activities – which Tehran insists is for peaceful domestic energy purposes – is at risk of closing fast, according to the head of the United Nations nuclear watchdog speaking to Bloomberg Television.
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. Some say the build-up is already nearing Iraq war levels.
Director General Rafael Mariano Grossi underscored the clock is ticking. “There is not much time but we are working on something concrete,” said Grossi, in reference to meetings in Geneva with Iranian diplomats. “There are a couple of solutions the IAEA has proposed.
IAEA inspectors haven’t verified the state of Iran’s stockpile of near-bomb-grade uranium or assessed the scope of damage dealt to enrichment facilities for more than eight months.
Ironically enough, it was the unprovoked surprise Israeli and US attacks which shut the door on such inspections, also after the White House itself insisted on several occasions that the Islamic Republic’s nuclear program was “obliterated” in the series of US bunker-buster bomb attacks on Fordow, Natanz, and Isfahan. Which is it?
Bloomberg and various analysts have speculated that before the Israeli attacks in June, Iran had enough highly-enriched material to quickly craft about a dozen warheads, assuming the scenario Tehran issued the order to weaponize its nuclear program.
Grossi said he also met with Trump’s envoys on Tuesday in Geneva, alongside the IAEA’s some six hours of meetings with Iranian diplomats. He asserted that an IAEA return to the damaged facilities in Fordow, Isfahan and Natanz “hinges on the possibility of a wider type of agreement.”
“We are conscious of the fact that there is this political negotiation,” Grossi added. However, the Iranians are likely going to remain deeply distrustful of the UN watchdog and Grossi himself, given that the surprise June attack resulted in Iranian officials accusing the IAEA team of leaking sensitive data on Iranian facilities to Israel.
This is perhaps why Grossi himself appears pessimistic when commenting on the potential the forge a new deal before US military action ensues. “There cannot be a deal if the IAEA isn’t able to verify,” said Grossi, who described to Bloomberg he’s seeking a solution by threading the red lines set by both sides.
“It’s not impossible,” he said. “There are certain things that Iran understands cannot be pursued. We have to provide the watertight verification there is no deviation.”
Some reports say a US attack on Iran could come as early as this weekend…
As the second US carrier, the USS Gerald R. Ford, is about to enter the Mediterranean while headed toward the CENTCOM area of responsibility, regional analyst Levent Kemal observes, “The US military buildup in the Middle East is going beyond dialogue or gunboat diplomacy. This is clearly an important preparation for a war aimed at removing the Iranian regime from the regional power balance equation.”
President Donald Trump meets with the Israeli Prime Minister Benjamin Netanyahu at the White House on February 11. / Photo by Avi Ohayon/GPO via Getty Images.
Israeli Prime Minister Benjamin Netanyahu visited Washington last Wednesday, February 11, unaccompanied by his wife Sara—a sign, I have been told, of urgency—for a hurried meeting at the White House with Donald Trump.
Netanyahu, who has led Israel’s war on Gaza, arrived with a citation from Genesis 18-19 in hand: the meaning was that he, like God, would hold people accountable for sin—primarily the Ayatollah Ali Khameini of Iran—but would also show grace and mercy.
One of the messages that emerged in my subsequent reporting on the meeting is that the Israelis believe that the Iranians, whose three main nuclear facilities were bombed by US B-2 bombers last June, smuggled before the attack as much as 440 kilograms of partially enriched uranium—to 60 percent—into one of the myriad of tunnels known to exist under the Isfahan nuclear research center.
IRAN/USA
Window Closing On Iran Diplomacy: IAEA’s Grossi Issues Pessimistic Outlook
Thursday, Feb 19, 2026 – 09:15 AM
Oil prices climbed early Thursday as markets zeroed in on the prospect of US action against Iran, lifting energy shares alongside crude – with West Texas Intermediate above $66 a barrel. The US military build-up in the Middle East means Iran’s window to reach a diplomatic agreement over its atomic activities – which Tehran insists is for peaceful domestic energy purposes – is at risk of closing fast, according to the head of the United Nations nuclear watchdog speaking to Bloomberg Television.
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. Some say the build-up is already nearing Iraq war levels.
Director General Rafael Mariano Grossi underscored the clock is ticking. “There is not much time but we are working on something concrete,” said Grossi, in reference to meetings in Geneva with Iranian diplomats. “There are a couple of solutions the IAEA has proposed.
IAEA inspectors haven’t verified the state of Iran’s stockpile of near-bomb-grade uranium or assessed the scope of damage dealt to enrichment facilities for more than eight months.
Ironically enough, it was the unprovoked surprise Israeli and US attacks which shut the door on such inspections, also after the White House itself insisted on several occasions that the Islamic Republic’s nuclear program was “obliterated” in the series of US bunker-buster bomb attacks on Fordow, Natanz, and Isfahan. Which is it?
Bloomberg and various analysts have speculated that before the Israeli attacks in June, Iran had enough highly-enriched material to quickly craft about a dozen warheads, assuming the scenario Tehran issued the order to weaponize its nuclear program.
Grossi said he also met with Trump’s envoys on Tuesday in Geneva, alongside the IAEA’s some six hours of meetings with Iranian diplomats. He asserted that an IAEA return to the damaged facilities in Fordow, Isfahan and Natanz “hinges on the possibility of a wider type of agreement.”
“We are conscious of the fact that there is this political negotiation,” Grossi added. However, the Iranians are likely going to remain deeply distrustful of the UN watchdog and Grossi himself, given that the surprise June attack resulted in Iranian officials accusing the IAEA team of leaking sensitive data on Iranian facilities to Israel.
This is perhaps why Grossi himself appears pessimistic when commenting on the potential the forge a new deal before US military action ensues. “There cannot be a deal if the IAEA isn’t able to verify,” said Grossi, who described to Bloomberg he’s seeking a solution by threading the red lines set by both sides.
“It’s not impossible,” he said. “There are certain things that Iran understands cannot be pursued. We have to provide the watertight verification there is no deviation.”
Some reports say a US attack on Iran could come as early as this weekend…
As the second US carrier, the USS Gerald R. Ford, is about to enter the Mediterranean while headed toward the CENTCOM area of responsibility, regional analyst Levent Kemal observes, “The US military buildup in the Middle East is going beyond dialogue or gunboat diplomacy. This is clearly an important preparation for a war aimed at removing the Iranian regime from the regional power balance equation.”
Iran and Russia are strengthening their economic and energy cooperation and consider joint development of another Iranian oilfield, top officials from the countries said on Wednesday.
Russian Energy Minister Sergei Tsivilev led a high-level Russian delegation on a visit to Tehran this week during which Tsivilev and Iran’s Oil Minister Mohsen Paknejad discussed deepening the economic and energy cooperation.
In the face of increased pressure from U.S. sanctions, Iran and Russia have boosted their bilateral relations to strategic cooperation and Russian companies help develop oilfields in Iran.
“Within the framework of four contracts and in the field of development of oil and gas fields, we are jointly implementing the development of seven oil fields with Russian companies, and fortunately some of these projects have led to production, which is considered a valuable achievement,” Paknejad said on Wednesday, as carried by Iran’s Islamic Republic News Agency, IRNA.
Some of these oil and gas fields have started up production, the officials said.
Commenting on this week’s Iran-Russia talks, a senior official at the Iranian Oil Ministry said that the share of Russia-developed fields in Iran’s oil production is set to double in the coming years.
Russia is currently investing in seven Iranian oil fields, which account for about 6% of Iran’s total oil production,said Mostafa Barzegar, Director General for Europe, America and the Commonwealth of Independent States at the Ministry of Oil’s International Affairs Department.
Expectations are that the share could jump to 12% over the next few years, Barzegar said.
In the energy sector, the official said that cooperation in oil and gas is one of the pillars of Iran–Russia relations, Iran News Daily reports.
Iran and Russia have also signed a $25-billion memorandum of understanding for the construction of new large-scale and small-scale nuclear power plants in the Sirik region in southern Iran.
END
SYRIA/USA
US Withdrawing All Forces From Syria, Over A Year After Regime Change By Proxy War
Wednesday, Feb 18, 2026 – 06:50 PM
Last week we and others reported that American forces finally after many years withdrew from the remote Al-Tanf Garrison, a base in southern Syria near the borders of Iraq and Jordan. US troops had long operated out of Tanf to pressure the Assad government as part of the long-running US-backed regime change project. The US primarily trained the Syrian Free Army (FSA) in that remote desert area – which was an umbrella group of various factions, among them jihadists, armed and funded by Washington.
But the majority of US forces had long occupied the northeast of the country, where the oil and gas fields are concentrated, specifically Hasakah and Deir Ezzor provinces. But over several weeks, the Pentagon has been handing over its constellation of small bases to the Syrian government of Ahmed al-Sharaa (al-Qaeda and ISIS name: Abu Mohammad al-Jolani). At times throughout the Syrian proxy war, the US had anywhere from 800 to 2000 troops on the ground, but likely also more contractors and intelligence operatives.
Under Trump, Washington has been weighing a complete withdrawal since the year’s start, having fully backed the Jolani regime in the wake of the overthrow of Bashar al-Assad. This has been awkward to put it mildly, given Jolani had long been on the US terror list, after being dropped once he took control of Damascus.
On Wednesday, The Wall Street Journal reports, “The U.S. is in the process of withdrawing all of its roughly 1,000 troops from Syria, according to three American officials, ending a decadelong military operation in the country.”
One question is whether this is connected to the Pentagon’s Iran-related build-up a little further to the east. WSJ notes on this, “The officials said the withdrawal was unrelated to the current U.S. deployment of naval and air forces in the Middle East for potential strikes against Iran if talks about that country’s nuclear program fail.”
Another issue is the Kurds. The US for a decade trained and armed the Kurdish-dominated Syrian Democratic Forces (SDF), but now is cutting them lose. Kurdish leaders have warned of attacks by hardline Sunni militants under the new Damascus government.
“The Trump administration has decided that a U.S. military presence in Syria is no longer necessary, two U.S. officials said, because of the near-total disbandment of the Kurdish-led Syrian Democratic Forces, the main U.S. partner in countering Islamic State in Syria for the past decade,” WSJ continues.
And yet US officials previously admitted to the same publicationthat post-Assad Syrian Army is “riddled with jihadist sympathizers, including soldiers with ties to al-Qaeda and ISIS and others who have been involved in alleged war crimes against the Kurds and Druze.”
This has been extremely controversial as the US-backed Kurds and SDF forces have been attacked while Damascus forces move in. Abandonment of the stateless Kurds has been a clear pattern of Washington policy over time.
RUSSIA VS UKRAINE UPDATES
6. GLOBAL ISSUES, COVID ISSUES, VACCINE INJURIES/HEALTH ISSUES
RISING CANCER RATES AND A PROMISING CANCER TREATMENT
by The Wellness Company
The tragic death of “Dawson’s Creek” star James Van Der Beek, at just 48, from colorectal cancer is brining attention to a growing problem – an increase in cancer rates among younger Americans.
About 40% of people will be diagnosed with cancer at some point in their lives, and that percentage has been climbing for years.
Perhaps you know someone who has faced this heart-stopping diagnosis — your brother, sister, parent, partner, or worst of all, your child.
While overall cancer mortality has declined over the past several decades due to improved screening and treatment, there’s a concerning shift happening beneath the surface.
Deaths from colorectal cancer in those under 50 have been rising by about 1.1 % per year since 2005.
As cancer rates rise, particularly in younger adults, relying only on traditional treatments isn’t enough. That means taking a fresh look at existing medications to see if they might help fight cancer in ways we haven’t considered before.
Big Pharma’s Bottom Line
Since the COVID-19 pandemic, tens of millions of Americans are waking up to the truth: big pharma isn’t interested in your health, they are only interested in their bottom line.
So it should come as no surprise that big pharma and the medical establishment have absolutely no interest in pursuing low-cost cancer treatments.
Fortunately, medical professionals like Dr. Peter McCullough are committed to delivering healthcare solutions that are safe, effective AND affordable. This is exactly why Dr. McCullough and his team are digging in to the potential for ivermectin in combatting cancers.
Based on the most comprehensive systematic review of ivermectin use in cancer patients to date, ivermectin appears to be safe—even in individuals undergoing active chemotherapy. Its broad range of anticancer mechanisms demonstrated in preclinical models, combined with anecdotal reports of cancer-related improvements, support its candidacy for repurposing as an oncologic therapy. Well-designed, large-scale clinical trials should be launched as soon as possible to properly assess ivermectin’s potential against cancer.
Indeed, ivermectin in concert with mebendazole has shown even more promise in treating a wide variety of cancers.
Indeed, in January, the Director of the National Cancer Institute, Anthony Letai, acknowledged that there has been enough interest to justify more rigorous preclinical evaluation of ivermectin’s ability to affect cancer cells.
Mebendazole, an anti-parasitic like ivermectin, has been prescribed for 100 years to help eradicate parasites – which over 60 million Americans have inside their body today, according to the CDC.
Now, The Wellness Company is the only company in the world to prescribe compounded Ivermectin + Mebendazole, in a high-dose 90-day supply:
Ivermectin – Backed by science and honored with a Nobel Prize, Ivermectin delivers precise treatment against parasitic infections, ensuring effective care and well-being for your family with trusted precision.
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Head over to The Wellness Company today to order a 90-day supply of the ultimate parasite cleanse – Ivermectin + Mebendazole. Simply fill out the 2-minute intake questionnaire after checkout to complete your prescription request.
I am grateful to have a medicine as potentially beneficial as ivermectin and mebendazole, but the most important thing for me is the faith I have in Dr. McCullough and The Wellness Company for making a safe product, in our country. I am grateful for them protecting us through the use of proven products and the peace in knowing that I’m taking something that is precisely what it states on the labels. – Jennifer W.
My daughter was diagnosed with uterine cancer and lung nodules that turned out to be cancerous. She started taking ivermectin/mebendazole 2 weeks ago. She had a PET scan last month and her lungs were littered with dime and pea sized nodules from the top to the bottom of her lungs. She had a biopsy on the 14th of April and the Physcian had to SEARCH for a nodule big enough to get a sample from, and the ONE that he found was at the bottom of her left lung that he said was only a few centimeters wide…. Thank All of you Doctors on this site for giving us HOPE and HEALING!!! – Helen
U.S. Forces Thwart Massive ISIS Prison Break In Covert OperationIn a covert operation coordinated across multiple U.S .agencies, American forces successfully thwarted a potential large-scale prison break involving nearly 6,000 ISIS detainees in northern Syria. The effort, which unfolded over several weeks in early 2026, involved transferring the detainees to a secure facility in Iraq. This averted what a scenario that would have significantly bolstered the extremist group’s numbers …READ THE FULL REPORT
Longtime Fox News Host Leads Crowded California Gubernatorial Field, Shock Poll FindsA recent poll from Emerson College found former Fox News host Steve Hilton, a Republican, leading California’s crowded primary field. Former Riverside County Sheriff Chad Bianco, the other prominent Republican candidate in the state, trailed close behind in a tie for second, representing a growing polling trend that could prove disastrous for the Democratic Party due to the state’s primary …READ THE FULL REPORT
U2 Attacks Trump Supporters, Praises Renee Good In Latest ReleaseSticking with their longtime themes of blending politics with music, Irish rock band U2 released a politically-charged EP in which they trashed Trump supporters and praised anti-ICE activist Renee Good, who was shot and killed while accelerating her car towards a federal agent last month. The latest release, titled Days Of Ash, was released earlier today in order to coincide …READ THE FULL REPORT
FCC Opens Enforcement Action Against ABC’s ‘The View’ Over Equal Time ConcernsThe Federal Communications Commission (FCC) has initiated an enforcement action against ABC’s “The View” following the program’s recent interview with Texas state Rep. James Talarico, who is seeking the state Democratic Party nomination for Senate. The enforcement action was triggered by Talarico’s appearance on the program earlier this month. The show’s decision to host Talarico as a guest prompted concerns …READ THE FULL REPORT
Very Soon: Trump Edges Toward Showdown With Iran As War Drums Grow LouderThe United States may be closer to a direct military confrontation with Iran than many Americans realize, as President Donald Trump ramps up both diplomatic pressure and military force in a high-stakes standoff over Tehran’s nuclear program. Discussions inside the administration are no longer focused on a limited, one-off strike. Instead, according to sources who spoke with Axios, officials are …READ THE FULL REPORT
MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIR
The US Must Be Confident It Has A Plan In Place To Lower Oil Prices Once It Strikes Iran
Thursday, Feb 19, 2026 – 10:15 AM
By Michael Every of Rabobank
Lots Of Xs Vs Lots Of Ys
US vs. Iran: The media today talk of a “90% chance of war” and “as soon as Saturday.” We’ve long stressed there’s a high likelihood of a fresh US-Iran conflict, recent US logistics movements said soon, and an Axios headline yesterday refocused oil markets on it. The balance of risks now tilts to a US strike after market close Friday, even if the materiel moved to the Middle East suggests any attack is likely to last weeks rather than being over by the Monday open. One caveat is Secretary of State Rubio is set to meet with PM Netanyahu in Israel on February 28, hard to achieve if missiles are flying. Yet Israel is preparing for exactly that. Indeed, expectations are Iran will retaliate across the region, potentially via terror cells in the West (including in Europe), and perhaps in Hormuz directly if the regime sees itself as at risk. The broader region is flammable too, with tensions running: Egypt vs Ethiopia vs Eritrea; Somalia vs Somaliland; Sudan vs South Sudan; Yemen vs South Yemen; and the Saudis (and Turkey and nuclear-armed Pakistan) vs the UAE (and Israel and nuclear-armed India).
To say that this could be market- and geopolitics-moving is an understatement. Oil, and presumably LNG, prices would spike. How quickly they come down would depend on exactly how this plays out.The US must be confident that it has a plan in place to mitigate these kinds of risks. It certainly did, in a much less risky environment, in Venezuela.
The Fed: The latest minutes were significantly more hawkish than expected. Indeed, the Bloomberg take, accurate or not, is that several members may be leaning towards rate hikes not rates cuts. Given we are months away from the appointment of a new Fed Chair who wants to see the latter, that sets the Eccles Building up for some serious conflict ahead. Indeed, note the colliding views on what the AI revolution means for the US economy. Warsh, based on some optimistic thinking, says it means lower rates; Barr and Daly, based on surrealistic thinking, say it means higher rates. Our US strategist is sticking with 3 cuts this year for now, starting from June (see here).
The ECB:President Lagarde is going to step down early, setting off a scramble for succession. Our ECB team do an excellent job of working through the labyrinth of Byzantine European monetary politics in this report. In a nutshell, it’s not so much about policy preference, or protecting the ECB from the pollutant of political populism, nor about the presidency per se; rather, it’s potentially perpetuating an ECB executive board seat for France. And what would any key European decision be without France trying to do that? C’est la guerre, c’est Lagarde. (And does she have a better gig lined up? The whisper had been Davos leadership, but post-Trump’s stomp on it, is that still a step up?)
The RBA vs. the government: Strong wages growth and jobs data keep the pressure on the Reserve Bank. Private sector wages were +3.4% y-o-y in Q4 and public sector +4%. Jobs growth in January was 17.8K, broadly in line with expectations, but with a surge in full-time employment of over 50K, while unemployment fell a tick to a near-historic low of 4.1%. Yes, there are questions about data quality, population growth, and AI, even if Australia is hardly at the cutting edge in that key area. But what excuses can the RBA keep finding not to be hawkish, even if that eventually sets up a collision with the housing market? There’s already one underway between former RBA Governor Lowe and the government, the former saying the latter needs to stop spending to get rates down again, the latter saying that’s just a personal vendetta.
The BOE: Reform Party not-Shadow Chancellor Jenrick pledged to retain BOE independence and the Office for Budget Responsibility, while…. drum roll… reforming both. The BOE will be stripped of political goals and a climate mandate, with a focus purely on inflation: QE was mentioned as a bad thing. The OBR is to change its models, with competitions to see which forecaster is most accurate in calling growth and the budget deficit right (as if it’s the salary that makes forecasting hard). He also spoke of making The City a ‘crypto leader’… but is that in Bitcoin, dollar stablecoins, or Euro or sterling ones? Expect major collisions on that front both between legacy banking and crypto, and between crypto players… albeit only from 2029 onwards, barring a political shock.
France vs Germany: Aside from ECB politics, Chancellor Merz has just said that the Eurofighter project that was supposed to be built between France and Germany ‘fails to meet Germany’s needs’. That follows similar recent spats over protectionism and trade deals. More broadly, as Germany rearms, adding military muscle to its existing, if shrinking, economic heft, Franco-German tensions are only going to increase on multiple fronts, forging new intra-EU alliances to emerge.
Canada vs the US: ‘Carney offers to ‘broker a bridge’ to build giant anti-Trump trade club’ – joining the EU with the CPTPP’s Canada, Mexico, the UK, Australia, New Zealand, Japan, Vietnam, Singapore, Malaysia, and other Pacific nations. Really? Mexico is deepening trade integration with the US behind a de facto common external tariff. The UK is trying to get back in with the EU via dynamic regulatory alignment, but the benefits are likely to be low given businesses know Reform could win the next election and reverse it. Japan is all in on the US. Australia is close to an FTA with the EU, NZ has one, and both rely entirely on the US security umbrella. The smaller Asian economies are linked to China, with US trade deals not allowing transshipment. And almost all those countries want to net export to the US. With USMCA renegotiation months away, does Canada think this is leverage when the US holds the best cards?
Green vs not green: ‘US pressures global energy body to drop net zero modeling’. “US Energy Secretary Chris Wright made the call to other energy ministers at a closed-door ministerial meeting of the International Energy Agency in Paris on Wednesday, two people who were part of the discussions told POLITICO. The comments met with a muted response from other ministers, the people said…. It comes just a day after Wright publicly threatened to quit the organization unless it abandoned its focus on the energy transition… Wright said the agency should stop basing its modeling on assumptions that it’s possible to cut emissions to zero, arguing such targets will never be met… Doing away with those baseline assumptions would be a significant shift for the IEA, which has made them central to forecasts that have in turn formed the basis of global political decision-making around the green transition and underpinned billions in green energy investments.”
Free speech vs hate speech: Welcome to glasnost, reverse-Gorbachev style. Reuters reports the Trump admin is to set up a website, Freedom.org, as a portal which everyone globally can use to access whatever information or apps that they want, regardless of what their own governments won’t let them see for various reasons. This would apparently operate via a permanent VPN. Obviously, this is going to cause tensions with the likes of China, Russia, Iran, and North Korea… and Australia, the UK, and much of Europe. (Many readers will nod at immediately: but stop for a moment and think just how bizarre that would have read 10 years ago.)
Young vs. Old: ‘Over 65? Congratulations, You Own the Economy’. As the Wall Street Journal puts it, “The elderly are physically and financially healthier than ever. So why do their needs keep taking priority over younger generations?”
END
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL
Eni Considers Return To Oil Trading As Rivals Reap Billions
Italy’s Eni is considering reopening its oil-trading business as it misses out on the profits that its fellow European supermajors are generating from selling the commodities they produce, the company’s chief executive told the Financial Times.
“I stopped trading in 2019, but the other big companies are all traders,” Claudio Descalzi told the publication in an interview. “BP, Shell, Total are big traders, and they make billions from that.”
Indeed, trading has been especially profitable for the other supermajors, so Eni is pivoting via partnerships.
Descalzi told the FT that Eni was in preliminary talks with a number of commodity trading houses, including Mercuria.
“It is not in our DNA. We are not very commercial,” Descalzi explained.
“So I thought to become commercial, we have to have a partnership to understand the business.”
“If we can offer physical hedging, that is a big advantage for them. We can complement each other,” the chief executive of the supermajor added, noting the amount of oil and gas that Eni produces should make it an attractive partner.
Despite oil trading being a major profit source for Big Oil, Shell, for one, flagged a weaker performance of its trading division ahead of its fourth-quarter results announcement. BP also said its trading business has weakened over the final three months of last year.
TotalEnergies, meanwhile, recently sealed a trading joint venture deal with Bahrain’s BapcoEnergies backed by production flows from Bapco Energies’ refinery. The new entity is positioned as a competitive regional trading player, designed to maximize downstream value and broaden access to international markets for Bahraini oil products.
Big Oil, and especially European Big Oil, has recently pivoted away from its low-carbon energy ventures and back to its core business of producing and refining oil and gas amid slowing energy transition momentum. Shareholders are now pushing for growth as predictions for peak oil move into the more distant future.
END
WTI Extends Geopolitical Risk Gains After Across-The-Board Inventory Draws
Thursday, Feb 19, 2026 – 12:05 PM
Oil prices pushed higher Thursday on worries that nuclear talks between US and Iran might not avert a new conflict that could threaten supplies.
“Oil is extending its gains, with Brent crude back above $70 a barrel… as fears of a military confrontation between the US and Iran rattled energy markets,” said Matt Britzman, senior equity analyst at Hargreaves Lansdown.
“Nuclear talks between the two sides appear to be going nowhere fast, and the geopolitical premium is clearly back in play,” he added.
On top of that, API reported an across the board draw in energy inventories.
“The failure to resolve core areas of contention continues to tip the scales in favor of another military confrontation,” RBC Capital Markets analysts including Helima Croft said in a note.
“The massive buildup of US military assets in the region as well as the recent Iranian naval exercise in the Strait of Hormuz seem to suggest that the launch sequence for a second military conflict has commenced.”
Will the official data confirm API’s draws and build (pun intended) on the geopolitical risk premia in crude prices…
API
Crude -609k
Cushing -1.4mm
Gasoline -312k
Distillates -1.6mm
DOE
Crude -9.014mm – biggest draw since Sept 2025
Cushing -1.095mm – biggest draw since Jun 2025
Gasoline -3.21mm – biggest draw since Oct 2025
Distillates -4.566mm
The official data confirmed API with inventory draws across the board. Crude saw its biggest destocking since September and Gasoline stocks fell for the first time since Nov7th…
Source: Bloomberg
US crude production extended its rebound from the storm slowdown…
Source: Bloomberg
WTI is trading near $67 after the official inventory data, extending gains…
Source: Bloomberg
“Geopolitical issues, above all Iran, are the key bullish factor in the oil market at the moment,” University of Texas-Austin energy analyst Ben Cahill tells Axios via email.
“Otherwise there’s not a whole lot of price support toward $70 [per barrel]. The slack in this market could embolden the White House,” he said.
Iran exports about 1.5 million barrels per day, mostly to China. But the Strait of Hormuz, the narrow sea passage next to Iran, is a choke point that handles a whopping one-fourth or so of the world’s maritime oil trade.
“For oil markets, the concern is clearly what action would mean not only for Iranian oil supply, but also broader Persian Gulf oil flows, given the risk of disruption to shipments through the Strait of Hormuz,” ING analysts said in a note on Wednesday.
Daan Struyven, Goldman Sachs co-head of global commodities research, told CNBC that he thinks the market sees tensions escalating further between the US and Iran, a likely catalyst for price hikes and longer-term volatility.
“Both prediction markets and oil markets are pricing some near-term moderate escalation as the base case,” he said.
Specifically, if tensions in the Strait were to curtail flows by 1 million barrels per day for an entire year, Struyven predicted that would justify an $8 per barrel price increase, a roughly 11% jump from Thursday’s price for Brent crude around $71.50. However, he also noted that fear among traders could push prices even higher, adding to the volatility in the market.
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
CUBA/RUSSIA
only answer is regime change and they become capitalists
(zerohedge)
Waste Piles Up In Cuba, Blackouts Worsen, As Lavrov Pleads To US For ‘Brotherly Nation’
Thursday, Feb 19, 2026 – 05:45 AM
Speaking to reporters early this week, President Trump touted his tightened embargo on Cuba, pointing to moves to choke off Venezuelan oil flows and pressure Mexico to halt crude exports to the island – steps that have triggered acute fuel shortages and near total airline stoppages at Havana’s main international airport.
“Cuba is right now a failed nation, and they don’t even have jet fuel for airplanes to take off, clogging up their runway,“ Trump said aboard Air Force One. Trash is also piling up across cities in neighborhoods, as there’s literally not enough gas to power the trucks.
Trump added that his administration is engaged in discussions with Cuban officials, who are feeling the pressure. However, a recent report in Drop Site News has alleged that Secretary of State Marco Rubio is blocking those contacts while telling the president they are underway.
Below is the heart of what was reported last week in Drop Site:
When it comes to Trump’s claims of those talks, it turns out he isn’t lying. Instead, sources tell Drop Site, he’s being lied to. “He’s saying that because that’s what Marco is telling him,” said a senior Trump official, referring to an internal effort by Secretary of State Marco Rubio to make Trump believe that the U.S. and Cuba are engaged in serious negotiations without ever doing so. The idea, the source said, is that in a few weeks or months, Rubio will be able to claim that the talks were futile because of Cuban intransigence. With diplomatic off-ramps being blocked, this would make Rubio’s vision of regime change the only path forward for an administration loath to reverse course on anything.
Asked about the fact that Rubio is misleading Trump about talks that aren’t going on, the State Department’s press office stood by the claim that such negotiations are indeed happening, forwarding along comment from an administration official: “As the President stated, we are talking to Cuba, whose leaders should make a deal. Cuba is a failing nation whose rulers have had a major setback with the loss of support from Venezuela and with Mexico ceasing to send them oil.” The statement offered no evidence the talks are taking place, named no officials participating, no dates of any meetings, nor did it identify a location where the supposed talks are happening.
But it’s clear that Cuba is in a very tight spot, after US accomplished Maduro’s overthrow nearby, and as the Pentagon’s military might is now threatening Iran in similar fashion. Cuba has few allies left standing, with one big exception.
Russia is urging that the United States abandon its naval blockade on the communist-run island, stressing that more room must be given for legitimate negotiations.
Russian Foreign Minister Sergei Lavrov told his Cuban counterpart Bruno Rodriguez on Wednesday that Cuba is “a brotherly nation” – according to Reuters.
The Cuban FM visited Moscow Wednesday. This as blackouts and severe fuel shortages have only been compounded by the US oil emargo.
“Together with most members of the international community, we call on the United States to show common sense and responsibility and refrain from plans for a naval blockade of the Island of Freedom,” said Lavrov. “We categorically reject the unfounded accusations against Russia and Cuba and our cooperation, which allegedly pose a threat to the interests of the United States or anyone else.”
Washington has indeed been hyping Cuba as a major threat, which going all the way back the Cold War has been brought to its knees after decades of sanctions. US officials have long warned of Russian and Chinese geostrategic and military inroads into America’s backyard via Cuba. Moscow is flatly denying that this is a reality, however.
Meanwhile, the embargo of the island is unleashing another big problem for the population: “The United States-imposed fuel crisis in Cuba is also turning into a waste and health crisis, as many collection trucks have been left with empty fuel tanks, causing refuse to pile up on the streets of the capital, Havana, and other cities and towns,” Al Jazeera reports.
Cuba's fuel crisis has become a waste crisis as many garbage trucks don't have enough gas to pick up rubbish which is piling up on Havana’s street corners https://t.co/AQ50L5j9KGpic.twitter.com/3BhugSOcJJ
“Only 44 of Havana’s 106 rubbish trucks have been able to keep operating due to the fuel shortages, slowing rubbish collection, as waste piles up on Havana’s street corners, the Reuters news agency reported on Monday, citing state-run news outlet Cubadebate,” the outlet details.
end
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS THURSDAY MORNING 6;30AM//OPENING AND CLOSING
USA DOLLAR VS EURO: 1.1802 FOR A LOSS OF .0013 OR 13 BASIS PTS.
USA/ YEN 154.94 UP 0.264 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 1.3506 UP 0.0011 OR 11 BASIS PTS
USA/CAN DOLLAR: 1.3674 DOWN 0.0023 CDN DOLLAR UP 23 BASIS PTS//(DESPITE TRUMP’S TARIFFS)
Last night Shanghai COMPOSITE CLOSED
Hang Seng CLOSED
AUSTRALIA CLOSED UP 0.27%
// EUROPEAN BOURSE: ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL RED
2/ CHINESE BOURSES / :Hang SENG CLOSED
/SHANGHAI CLOSED
AUSTRALIA BOURSE CLOSED UP 0.27 %
(Nikkei (Japan) CLOSED UP 403.16 PTS OR 0.,71%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 5009.30
silver:$78.89
USA DOLLAR VS TRY (TURKISH LIRA): 43.77
USA DOLLAR VS RUSSIAN ROUBLE: 76.64 ROUBLE// DOWN 9 BASIS PTS
UK 10 YR BOND YIELD: 4.3970 UP 2 BASIS PTS
UK 30 YR BOND YIELD: 5.191 UP 2 BASIS PTS
CDN 10 YR BOND YIELD: 3.230 UP 0 BASIS PTS
CDN 5 YR BOND YIELD; 2.764 UP 0 BASIS PTS
USA dollar index early THURSDAY MORNING: 97.65 UP 7 BASIS POINTS FROM WEDNESDAY’s CLOSE
THURSDAY MORNING NUMBERS ENDS
And now your closing THURSDAY NUMBERS 10.00 AM
Portuguese 10 year bond yield: 3.108% UP 0 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.138% DOWN 1/2 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.336 DOWN 4 BASIS PTS//DIASTER
SPANISH 10 YR BOND YIELD: 3.173 DOWN 0 in basis points yield
ITALY 10 YR BOND: 3.365 UP 1 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (
GERMAN 10 YR BOND YIELD: 2.7484 UP 1 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY THURSDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/10:00 AM
Euro/USA 1.1744 DOWN 0.0044 OR 44 basis points
USA/Japan: 155.24 UP 0.569 OR YEN IS DOWN 57 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.3883 UP 1 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.183 UP 1 BASIS POINTS.
REAR VIEW: Relative “hawkish” remarks from Miran; Trump says good talks being held with Iran but if no deal is made, bad things will happen; Initial Claims drop more than expected, Continuing Claims rise more than anticipated; US trade deficit widens more than forecasted; EIA crude stocks show unexpected draw; US Pending Home Sales unexpectedly drop; Australian u/e rate holds despite forecasts for an uptick; Trump admin reportedly indicates that USMCA could be scrapped; WMT beats on earnings but profit outlook misses.
COMING UP: Holiday: Chinese Spring Festival Golden Week (17-24 Feb). Data: ECB EZ Indicator of Negotiated Wages; UK Retail Sales (Jan), PSNB (Jan), German PPI (Jan), Global Flash PMIs (Feb), Canadian Retail Sales (Jan), US PCE/GDP (Dec/Q4). Speakers: ECB’s Lagarde; Fed’s Logan, Bostic. Supply: Australia. Earnings: Air Liquide, Danone, Anglo American
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MARKET WRAP
US indices were lower, as were the majority of sectors, with Financials the laggard and not helped after Blue Owl halted redemptions at its private credit fund, which sparked fresh selling in other private equity names like Blackstone, Apollo, and KKR. Data from the US came via jobless claims shy of expectations, but continued above, Philly Fed strong on the headline, accompanied by mixed internals, a deeper trader deficit than expected, and pending home sales surprisingly falling M/M. Despite the raft of data, little movement was seen. Energy sat atop the sectorial breakdown and once again buoyed by gains in the crude complex amid heightened US/Iran tensions and fears of a US strike, as Trump said, “We had good talks with Iran”, but added, “bad things will happen to Iran if no deal is made”, which added to the energy gains. The Dollar saw slight gains, with Antipodeans the G10 gainers, as the Aussie was supported by steady unemployment. CHF, GBP, and Yen all noticed similar losses, while pressure was seen in the CAD and MXN amid NY Times reports that Trump and his advisors have reportedly indicated that the USMCA could be scrapped, and instead the US could have bilateral deals with Canada and Mexico. T-Notes saw two-way trade after a drop in jobless claims and mixed geopolitical messaging, while private credit concerns reignited after Blue Owl halts redemptions from the retail credit fund. In addition, the only Fed speaker was ultra-dove Miran, but he gave some hawkish remarks, relative to his usual tone, as he now sees a less accommodative rate path, and he would reverse his December shift toward easier policy if he is still at the Fed by the March meeting, citing firmer labour data and renewed goods inflation. Miran suggested that if he had to submit a rate projection for 2026 on current data, he would pencil in 100bps in cuts this year, instead of the 150bps he submitted at the December forecast round. Note, still much more than the Fed median SEP of 25bps of cuts this year. Ahead, December PCE is on Friday, along with GDP (Q4) Adv, final UoM (Feb), S&P Global Flash PMIs (Feb), and new home sales.
US
FED’s MIRAN (voter, dove): The governor gave some “hawkish” remarks, given his normal ultra-dove speech, but the comments are still dovish in the grand scheme of the Fed. The Governor noted he now sees a less accommodative rate path, and that he would reverse his December shift toward easier policy if he is still at the Fed by the March meeting, citing firmer labour data and renewed goods inflation. Miran also suggested that if he had to submit a rate projection for 2026 on current data, he would pencil in 100bps in cuts this year, instead of the 150bps he submitted at the December forecast confab.
BALANCE OF TRADE: The US Balance of Trade in December saw the deficit widen to USD 70.3bln from 53bln, wider than the 55.5bln deficit expected. Imports rose to USD 357.6bln from 348.9bln, while exports fell to USD 287.3bln from 292.3bln. Looking at the breakdown behind the rise in imports: Industrial supplies and materials rose USD 7.0bln, Capital goods increased USD 5.6bln, while Consumer Goods decreased USD 3.5bln. Imports of services rose by USD 2.0bln to 77.4bln in December. Regarding trade with countries, the US was in a surplus with the Netherlands, South and Central America, the UK, Hong Kong, Brazil, Singapore, Saudi Arabia, Australia, and Switzerland. While it was in a deficit with Taiwan, Vietnam, Mexico, China, the EU, Germany, South Korea, Japan, India, Canada, Malaysia, Italy, France, Ireland and Israel. Oxford Economics highlight that the report suggests net trade will only contribute 0.1ppts to Q4 GDP growth, which adds slight downside risk to their baseline forecast, but notes this will likely be offset by increases in business equipment spending. OxEco also writes that “Depreciation in the dollar may support exports in the near term, by making US goods relatively cheaper in foreign markets. This adds upside risk to our forecast for export growth and increases the odds that net trade makes a positive contribution to GDP growth.”
JOBLESS CLAIMS: Initial Jobless Claims fell to 206k from an upwardly revised 229k, below the 223k analyst forecast. Continued Claims rose to 1.869mln from 1.852mln, above the 1.86mln forecast. Regarding the initial claims, the four-week average fell by 1k to 219k. The unadjusted data totalled 208, falling 42.5k W/W, while seasonal factors had expected a 19.7k decrease. The unadjusted continued claims data rose 4.9k to 2.207mln, while seasonal factors expected a 15k decrease. The reversal in initial claims is a welcome sign and continues to show the labour market is not deteriorating quickly, and the recent softness is stabilising. However, it is just one week of data, and it should be judged by a trend. The January FOMC Minutes saw that several said contacts remained cautious on hiring amid outlook and AI uncertainty, but the vast majority highlighted signs of stabilisation and diminished downside labour risks. Meanwhile, Pantheon Macroeconomics highlight that “Fundamentally, the rate of layoffs remains low and the Challenger and WARN leading indicators suggest that they will remain little changed this spring. But equally, we see little to suggest that the trend in hiring is improving”.
PENDING HOME SALES: Pending home sales unexpectedly declined 0.8% M/M in January, against December’s 7.4% plunge, and also fell way short of the expected 1.3% rise. Geographically, M/M pending home sales rose in the Midwest and West, but declined in the Northeast and South. NAR Chief Economist Dr. Lawrence Yun said, “Improving affordability conditions have yet to induce more buying activity”, and further added that “Unless housing supply increases, these additional potential buyers becoming active in the market could simply push up home prices.” As a result, Yun added that this will put increasing pressure on affordability, which is why it is critical to increase supply by building more homes.
PHILLY FED: Philly Fed Manufacturing Index rose to 16.3 in February from 12.6, above the expected 8.5 and also surpassing the top end of the forecast range. Looking at the internals, business conditions jumped to 42.8 from 25.5, although employment tumbled to -1.3 from +9.7, its first negative print since June. Prices paid and received encouragingly dipped to 38.9 (prev. 46.9) and 16.7 (prev. 27.7), respectively, while new orders came in at 11.7 from 14.4. Capex printed 14.4 (prev. 30.3), while shipments fell 9 points to 0.3. Ahead, growth expectations are more widespread as the diffusion index for future general activity increased to 42.8 from 25.5, while the future new orders index rose to 54.1, its highest reading since November ‘24, and future shipments increased to 47.4. Both future price indexes declined but remained elevated.
FIXED INCOME
T-NOTE FUTURES (H6) SETTLED HALF A TICK HIGHER AT 112-31
T-notes see two-way trade after a drop in jobless claims and mixed geopolitical messaging, while private credit concerns reignite after Blue Owl halts redemptions from retail credit fund. At settlement, 2-year +0.8bps at 3.468%, 3-year +0.4bps at 3.497%, 5-year -0.2bps at 3.645%, 7-year -0.4bps at 3.843%, 10-year -0.6bps at 4.075%, 20-year -0.5bps at 4.653%, 30-year -0.2bps at 4.705%.
THE DAY: T-notes were ultimately flat with early downside paring into settlement. The weakness from Wednesday spilled over into Thursday with gradual downside seen overnight and in the European morning. There was some pressure seen in response to the US data, namely the drop in initial jobless claims, albeit the move then pared with T-notes ultimately returning to roughly unchanged. Upside accelerated after a choppy US equity open, while financials were sold after Blue Owl halted redemptions at its private credit fund, which sparked fresh selling in other private equity names like Blackstone, Apollo, and KKR, all hit. Meanwhile, geopolitics was also in focus with Trump noting that good talks are being held with Iran, but they need to make a meaningful deal or else “something bad will happen”. Trump said we will find out about an Iranian deal in about 10 days. Ahead of settlement, an interview with Fed’s Miran got widespread attention, where the uber dove now sees a less accommodative rate path amid stubborn goods inflation and employment holding up better than expected. The Governor suggests he would now pencil in 100bps in cuts this year (prev. 150bps in Dec). The remarks sparked a short-lived marginal move higher in short-end yields. Attention now turns to the PCE and GDP data due Friday, as well as the Flash PMI report, New Home Sales and the final UoM survey for February. The Supreme Court is also set to be issuing opinions, with participants keenly awaiting any potential decisions on Trump’s IEEPA tariffs, but this is yet to be confirmed.
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 to sell USD 69bln of 2-year notes on February 24th, USD 70bln of 5-year notes on February 25th and USD 44bln of 7-year notes on February 26th; all to settle March 2ndUS to sell USD 28bln of 2-year FRN’s on February 25th; to settle February 27th
TIPS
US Treasury sold USD 9bln in 30-year TIPS at a high yield of 2.473%.
Overall, a strong 30-year TIPS auction. The US Treasury sold USD 9bln of 30-year TIPS at a high yield of 2.473%, stopping through the When Issued by 1.7bps. The stop through is not as large as the prior 2.3bps, but still a solid sign of demand. Meanwhile, indirect demand jumped to 78.3% from 70.4%, above the 75.2% average. However, direct demand dropped to 19.2% from 25.1%, but remained above recent averages. This left dealers with just 2.5% of the auction, a better sign of demand when compared to the prior 4.5% and six-auction average of 7.0%.
STIRS/OPERATIONS
Market Implied Fed Rate Cut Pricing: March 0bps (prev. 0bps), April 4.2bps (prev. 4.2bps), June 15.8bps (prev. 18.1bps), December 56.2bps (prev. 56.6bps).
SOFR at 3.73% (prev. 3.71%), volumes at USD 3.258tln (prev. USD 3.254tln) on February 18th
EFFR at 3.64% (prev. 3.64%), volumes at USD 104bln (prev. USD 97bln) on February 18th
NY Fed RRP op demand at USD 0.63bln (prev. 0.86bln) across 5 counterparties (prev. 10)
CRUDE
WTI (J6) SETTLED USD 1.24 HIGHER AT 66.43/BBL; BRENT (J6) SETTLED USD 1.31 AT 71.66/BBL
The crude complex was firmer on Thursday, as US/Iran tensions continue to dominate price action with fears of a US strike. WTI and Brent saw gains through the APAC session and the European morning as traders continued to digest Wednesday’s Axios source reports that the Trump admin is closer to a major war with Iran than people realise. Back to Thursday, benchmarks continued to grind higher as US players entered, although a bout of downside was seen as Trump said, “We had good talks with Iran”, however, this soon reversed as he added, “bad things will happen to Iran if no deal is made”. The President later reiterated these remarks to reporters by noting, “will get a deal on Iran one way or the other; really bad things will happen if no Iran deal”. As such, participants await any breakthrough in talks or the potential repercussions. For the record, there is no update regarding US/Ukraine/Russia. In the weekly EIA metrics, crude saw an unexpected draw, while distillates and gasoline saw much larger than anticipated draws. Overall, crude production rose 1.4% W/W to 13.74mln. Outside of geopolitics, the IEA Director highlighted significant supply in markets with expectations of an oil surplus due to supply from the Americas. WTI traded between USD 64.77-66.78/bbl and Brent USD 70.19-72.01/bbl.
EQUITIES
CLOSES: SPX -0.28% at 6,862, NDX -0.41% at 24,797, DJI -0.54% at 49,395, RUT +0.24% at 2,665
SECTORS: Financials -0.86%, Consumer Discretionary -0.53%, Technology -0.53%, Consumer Staples -0.38%, Real Estate -0.33%, Health -0.28%, Materials -0.21%, Communication Services -0.04%, Energy +0.64%, Industrials +0.77%, Utilities +1.13%.
EUROPEAN CLOSES: Euro Stoxx 50 -0.80% at 6,054, Dax 40 -1.03% at 25,018, FTSE 100 -0.55% at 10,627, CAC 40 -0.36% at 8,399, FTSE MIB -1.22% at 45,794, IBEX 35 -0.99% at 18,018, PSI -0.52% at 9,095, SMI -0.03% at 13,807, AEX -0.28% at 1,008
STOCK SPECIFICS:
DoorDash (DASH): Despite EPS, rev. light w/ outlook below exp., as investors appeared reassured by strong order growth & mgmts. confidence in investment strategy.
eBay (EBAY): Top & bottom-line beat, issued strong next Q guidance & announced $1.2bln acquisition of Depop from ETSY.
Deere & Company (DE): EPS, rev. surpassed exp. & raised FY net income
Occidental Petroleum (OXY): EPS beat & outlined cost savings, lower capital spending & improved FCF targets for ‘26
Chewy (CHWY): Upgraded at Raymond James to ‘Outperform’ from ‘Market Perform’
Dell (DELL): Has been added to ‘Tactical Outperform List’ at Evercore
Walmart (WMT): EPS, rev. beat, announces new $30bln share buyback & raises annual div. 5%; Weak next Q & FY profit outlook
Molson Coors (TAP): Issued weaker-than-exp. outlook, warning of significant commodity inflation headwinds & forecasting a decline in earnings
Carvana (CVNA): Adj. EBITDA light, driven by soft margins.
Netflix (NFLX) reportedly has ample room to boost its offer for Warner Bros (WBD) in the bidding war, according to reports.
Financials were weighed as Blue Owl’s opportunistic asset sale came amid a move to suspend regular quarterly redemptions at Blue Owl Capital Corp II (a BDC) signalling tighter liquidity conditions in private credit; KKR (KKR), Blackstone (BX), Apollo (APO), and many others were weighed.
FX
The Dollar was generally firmer on Thursday, likely buoyed by tensions in the Middle East with a mixed jobless claims report and relative hawkish remarks from Fed Governor Miran not moving the needle too much. Despite saying that, saw a slight move post-Miran remarks, but it quickly pared. In the morning, the claims report was mixed with initial claims dropping more than expected while continuing claims came in above forecasts. As newswires picked up on a Miran interview, the uber dove has calmed down his rate cut bets (still a serious dove seeing 100bps of cuts this year vs Fed median of 25bps), now seeing a less accommodative rate path than before. This likely came as a surprise to markets; however, FOMC Minutes on Wednesday highlighted that several participants want to see more progress on disinflation before resuming rate cuts. A flight to quality may have also helped USD, arising from concerns that Blue Owl Capital’s BDC asset sale reportedly came amid a suspension of regular quarterly redemptions, signalling tighter liquidity conditions in private credit.
Antipodes outperformed, with AUD supported by an unemployment rate that held steady at 4.1% despite expectations for an uptick to 4.2%. This offset concerns over a slightly underwhelming job growth figure of +17.8k in January (exp. 20k). AUD/USD and NZD/ USD were modestly firmer at ~0.7052 and ~0.5970, respectively.
CAD & MXN were in focus following a NY Times report that Trump and his advisers have indicated that the USMCA could be scrapped, wanting separate bilateral deals with Canada and Mexico. This comes as no surprise, given recent remarks from US and Canada officials suggest a continuation of the current agreement is unlikely. CAD and MXN weakened against USD at the time, holding throughout the session.
USA DATA RELEASE
Trump was not expecting this!!
(zerohedge)
US Trade Deficit Unexpectedly Worsens As Exports Slump Again In December
Thursday, Feb 19, 2026 – 08:51 AM
For the second month in a row, US exports declined and imports rose in December, pushing the US trade balance significantly deeper into deficit.
Imports rose (+3.6% vs +0.1% MoM exp) and exports fell (-1.7% vs +0.1% MoM exp) for the second month in a row…
Source: Bloomberg
Industrial Supplies appears to have seen the biggest shift in trade…
Gold imports fell back near their lowest since 2019…
The result of all this is a second monthly decline in the trade balance (worsening deficit)…
…dramatically worse than the Trump-bragged-about October highs.
end
jobless claims at multi decade lows!!
(zerohedge)
Initial Jobless Claims Tumble Back Near Multi-Decade Lows
Thursday, Feb 19, 2026 – 08:36 AM
Despite the ongoing worsening trend in some labor market condition indicators – Payrolls revisions ugly, JOLTs are tumbling, Survey-based data showing jobs hard to get far worse than jobs plentiful – the number of Americans filing for jobless benefits for the first time fell to 206k (from 229k the prior week)…
Source: Bloomberg
That is back near multi-decade lows and at the lowest end of the range of the last five years.
Continuing jobless claims rose modestly (from 1.852mm to 1.869mm) but remains well below the 1.9mm Maginot Line…
So, should we just be ignoring surveys completely now?
Or are we solidly back in the ‘no hire, no fire’ economy?
USA ECONOMIC COMMENTARIES
OKLAHOMA
Oklahoma Governor Declares State Of Emergency As Fast-Moving Wildfires Scorch The Panhandle
Wednesday, Feb 18, 2026 – 02:30 PM
Oklahoma Governor Kevin Stitt declared a State of Emergency as a massive wildfire spread across the panhandle region of the state and crossed into Kansas.
The Ranger Road Fire has burned 145,000 acres and is one of four wildfires raging in the northwest region of the state. In total, the fires have scorched about 156,000 acres.
Latest from the Oklahoma Department of Agriculture:
Ranger Road Fire: 145,000 acres, 0% contained
Stevens Fire: 5,500 acres
Side Road Fire: 3,300 acres, 25% contained
43 Fire: 2,200 acres, 20% contained
The Oklahoma Department of Agriculture shared this update on wildfires:
Storm chaser Jaden Pappenheim published a drone video showing a large swath of charred land in the aftermath of the Ranger Road Fire in Beaver County.
HEARTBREAKING First Light of the Ranger Road Fire aftermath across Beaver County, Oklahoma, this morning. The Ranger Road Fire has burned approximately 145,000 acres, injured four firefighters, and destroyed a few homes. Please keep everyone impacted by yesterday’s fires in your… pic.twitter.com/qPMkVkFpjB
More than 5 million people were under red-flag warnings from New Mexico and Texas to Colorado and Kansas earlier today.
Drought and wildfire risks are elevated across the western half of the U.S.
Here are some high-value energy infrastructure assets, including refineries, natural gas hubs, and power plants, that are either near the wildfires or in areas with elevated wildfire risk.
So far, there has been no official word on fire-related damage to Oklahoma’s cattle industry. The state is a top cattle producer, ranked No. 2 nationally, with roughly 4.6 million cattle and calves and nearly 2 million beef cows, making it a very critical part of the U.S. beef supply chain.
END
CALIFORNIA PLUS OTHER BLUE STATES
Trump Admin Closes CDL Loophole That Let Illegal Immigrants Drive Big-Rigs
Wednesday, Feb 18, 2026 – 11:00 PM
The Department of Transportation shut down a major safety vulnerability this past week that had allowed illegal immigrant drivers to operate commercial trucks on American highways despite having no verifiable driving history.
“For far too long, America has allowed dangerous foreign drivers to abuse our truck licensing systems – wreaking havoc on our roadways. This safety loophole ends today,” Transportation Secretary Sean P. Duffy said in a statement.
“Moving forward, unqualified foreign drivers will be unable to get a license to operate an 80,000-pound big rig. Under President Trump’s leadership, we are putting the safety of the driving public first. From enforcing English language standards to holding fraudulent carriers accountable, we will continue to attack this crisis on our roads head on.”
The reform targets a gaping hole in how states issue commercial driver’s licenses to foreign nationals. While licensing agencies can screen U.S. drivers through national databases for past violations like DUIs or crash history, they cannot access records of foreigners and illegal immigrants. That loophole enabled at least 30 states to issue CDLs to drivers deemed ineligible.
Under the old system, foreign drivers holding only work permits could obtain commercial trucking licenses because Employment Authorization Documents don’t indicate prior traffic violations, accidents, or license suspensions in other countries. States had no way to know whether an applicant had a clean record or a history of reckless driving before allowing them to operate an 80,000-pound vehicle.
The new rule formally codifies Duffy’s emergency action from last September that ended the issuance of non-domiciled commercial driver’s licenses to truckers with unverified driving histories. EADs will no longer be accepted as proof of eligibility. Applicants must instead present an unexpired foreign passport along with the appropriate Form I-94, which tracks a noncitizen’s entry to and exit from the United States.
“Under the provisions, only foreign nationals holding temporary work visas, such as H‑2B, H‑1B, or temporary investor visas from treaty countries, known as E‑2 visas, may be eligible,” explains Fox News Digital. “In addition, states must verify the lawful immigration status of every applicant by checking the Systematic Alien Verification for Entitlements (SAVE) system.”
At least 30 people died in 17 crashes caused by non-domiciled commercial driver’s license holders in 2025, according to reports. Among the most serious incidents, a non-domiciled driver triggered a multi-vehicle crash inside a tunnel on Interstate 80 in Wyoming on February 14, killing three people and injuring 20 others.
On August 12, another non-domiciled driver caused a crash on the Florida Turnpike that left three people dead after attempting an illegal U-turn. In California, a driver failed to stop for traffic on October 21, setting off an eight-vehicle collision that killed three. Later in the year, on December 3, a non-domiciled driver collided with a train at a marked crossing in Ontario, California, killing a crew member.
“We are done letting foreign drivers wreak havoc on our roads. If you’re behind the wheel of a big rig, you must meet our standards—no exceptions,” Duffy said in a post on X Saturday.
The final rule is expected to take effect in one month, around March 15.
“A critical safety gap allowed unqualified drivers with unknown driving histories to get behind the wheel of commercial vehicles,” said Federal Motor Carrier Safety Administration (FMCSA) Administrator Derek D. Barrs. “We are closing that gap today to ensure that only qualified, vetted drivers are operating on our nation’s roadways. If we cannot verify your safe driving history, you cannot hold a CDL in this country.”
Duffy praised the reform as one of several steps the Trump administration is taking to bolster transportation safety, including enforcing English language standards for drivers.
In May, Secretary Duffy signed an order establishing new guidelines to strengthen English language enforcement for commercial truck operators, placing drivers who fail English proficiency tests out of service.
“Under President Trump’s leadership, we are putting the safety of the driving public first,” Duffy said. “From enforcing English language standards to holding fraudulent carriers accountable, we will continue to attack this crisis on our roads head on.”
END
Republicans Demand Inclusion Of SAVE Act In DHS Funding Bill – What To Know
After President Donald Trump on Wednesday signed a government funding measure to end a partial government shutdown, funding clashes still lie ahead—this time, centered entirely around the contents of a bill to fund the Department of Homeland Security (DHS).
Republicans are escalating their calls to include the Safeguarding American Voter Eligibility (SAVE) Act—a bill intended to require voter ID and reduce voter fraud in federal elections—in the final funding package for DHS.
Trump has expressed support for the measure, calling for voter ID laws to be included in the package.
The president has also called for the federal government to “nationalize” or “take over” elections if states cannot run them “legally and honestly.”
Later, White House Press Secretary Karoline Leavitt said that those comments were an endorsement of passing the SAVE Act.
Senate Democrats—who have demanded sweeping reforms to DHS and its subsidiary Immigration and Customs Enforcement (ICE) as a condition for their support of the funding legislation—have described this as a non-starter in the upper chamber.
The funding bill signed by Trump finalizes full-year funding for 96 percent of the government, leaving all executive departments except DHS funded until Sept. 30. The funding for DHS, meanwhile, is set to run out on Feb. 13.
The DHS bill was separated from a larger tranche of spending bills after Democrats refused to support it in the aftermath of the fatal shooting of Alex Pretti by immigration enforcement officers in Minneapolis.
Any bill will need 60 votes to clear the Senate—though some House Republicans are calling for weakening or changing the rules around the Senate mechanism to more easily pass the bill.
With both sides digging in on their positions and no clear resolution in sight, the stage is set for a long week in Washington. Here’s what to know.
What Is the SAVE Act?
The SAVE Act was introduced and championed by Rep. Chip Roy (R-Texas), its original sponsor, and other congressional Republicans several times in recent years.
Most recently, the legislation was reintroduced by Roy and passed the House in April 2025. However, it has stalled in a Senate committee.
The bill’s purpose, according to its introduction, is “to require proof of United States citizenship to register an individual to vote in elections for Federal office.”
The bill lists several acceptable documents to verify the citizenship of a would-be voter, including a REAL ID compliant identification, a U.S. passport, a military ID card, or any valid state, federal, or tribal identification, such as a birth certificate, hospital record, or adoption certificate, showing that the individual was born in, or is a naturalized citizen of, the United States.
Roy and other proponents of the legislation say that it’s necessary to respond to a 2013 decision in Arizona v. Inter Tribal Council of Arizona, which found that federal law limiting ID requirements supersedes existing state laws requiring documentary proof to vote—effectively banning states from imposing such requirements for federal voter registration.
House Republicans’ Demands
Conservative House Republicans are leading calls to pass the legislation as a condition of their support for any DHS bill negotiated by Senate Democrats.
Ahead of—and during—the vote to pass the funding measure to end the partial shutdown, there were signs that the issue was becoming a redline for several members of the House Republican conference.
Before the House Rules Committee vote, there were questions about how Roy and Rep. Ralph Norman (R-S.C.) would vote, as both have called for the SAVE Act’s inclusion in the legislation.
Reps. Anna Paulina Luna (R-Fla.) and Tim Burchett (R-Tenn.) had indicated before the floor vote that they were considering how they would vote due to the issue. Ultimately, the two were persuaded to support the measure to end the partial shutdown but have continued to call for the SAVE Act’s inclusion in the final package.
Rep. Thomas Massie (R-Ky.) voted against the procedural motion to advance to a floor vote after an amendment to include the legislation failed to pass. Massie ultimately opposed final passage.
During the procedural vote, Rep. John Rose (R-Tenn.) joined Massie in blocking passage for nearly an hour over the issue before switching his vote.
The powerful Republican Study Committee (RSC) in the House has called for the bill’s passage.
“American elections should be fair and free, not subject to foreign influence. Illegal aliens have no right to be in America, and they certainly shouldn’t be voting,” said Rep. Brandon Gill of Texas, who’s leading the RSC’s push to pass the bill.
“House Republicans are united behind the SAVE Act. I urge my Senate colleagues to pass this legislation and get it to President Trump’s desk for his signature.”
Schumer Says Measure Is DOA
Democrats have indicated that the inclusion of any such measure would make the bill dead on arrival in the Senate.
“The SAVE Act would impose Jim Crow type laws to the entire country and is dead on arrival in the Senate,” Senate Minority Leader Chuck Schumer (D-N.Y.) said in a statement. “It is a poison pill that will kill any legislation that it is attached to.
“If House Republicans add the SAVE Act to the bipartisan appropriations package, it will lead to another prolonged Trump government shutdown.”
Schumer said the legislation would “suppress voters,” and that it “seeks to disenfranchise millions of American citizens, seize control of our elections, and fan the flames of election skepticism and denialism.”
The New York lawmaker vowed that Democrats would “go all out to defeat the SAVE Act.”
Whether as part of the DHS funding bill or as a standalone item, the SAVE Act would require the support of at least seven Senate Democrats to clear the upper chamber—support that Democrats have made clear they won’t provide.
What’s Next?
Senate Majority Leader John Thune (R-S.D.) has promised a vote on the legislation in the Senate, though he didn’t say whether that would be a standalone vote or when it might be held.
“We will get a vote on the SAVE Act at some point,” Thune told reporters at a Tuesday press conference. “I’m not sure exactly what that context will be. Maybe it’s in the context of voting on the DHS bill if something’s agreed upon, but there will be at some point a vote on the SAVE Act.”
As it stands, Congress appears to be at an impasse, with both sides entrenching their position.
Sen. Katie Britt (R-Ala.), a leader of GOP negotiations on the funding bill, had little to say about how negotiations currently stand as she left an initial meeting with Senate Democrats on Wednesday.
She told reporters that lawmakers will “need a little bit more time” to “figure out a pathway forward.”
Britt added that Republicans, including Trump, were working in good faith and said that Democratic lawmakers were as well.
Sen. Lisa Murkowski (R-Alaska), a crucial swing vote, was pessimistic when asked about the prospects of a deal being reached before the Feb. 13 deadline.
“It’s really hard, because the time that we’ve given ourselves, this window, it’s so short,” Murkowski told The Epoch Times.
She added that a deal being reached before the deadline is “not impossible, but you’ve got to have willingness on both sides, and you’ve got to have the President really leaning in on these negotiations.”
With no clear way forward in sight, some Republicans—most prominently Luna—have called for the Senate to resurrect the “standing filibuster.”
In contrast to the filibuster system of recent years—handled largely by the use of a procedural cloture vote requiring 60 members’ consent to overcome—the standing filibuster requires members to consistently speak on the Senate floor to continue debate.
Some Republicans have indicated skepticism about such a change.
Asked about Luna’s proposal, Murkowski told The Epoch Times, “That’s not constructive,” saying that such tactics would undermine a “message of optimism” and hope for a bipartisan solution.
Sen. Rand Paul (R-Ky.) also said he’s broadly opposed to the push.
“I’m not really for changing the filibuster, but I am definitely for the SAVE Act,” Paul told The Epoch Times.
Axios: “The boss is getting fed up. Some people around him warn him against going to war with Iran, but I think there is 90% chance we see kinetic action in the next few weeks,” one Trump adviser said… “There’s no evidence a diplomatic breakthrough with Iran is on the horizon. But there’s more and more evidence that a war is imminent.” https://www.msn.com/en-xl/news/other/axios-trump-moves-closer-to-a-major-war-with-iran/ar-AA1WBbx6
@JenniferJJacobs: Scoop from @CBSNews: Top national security officials have told Trump the military is ready for potential strikes on Iran as soon as this weekend, but the timeline for any action is likely to extend beyond Saturday or Sunday, sources say. Trump has not yet made a final decision. Over the next 3 days, Pentagon is moving some personnel out of the Middle East region — primarily to Europe or back to US — ahead of potential action or counterattacks by Iran. It’s standard practice for the Pentagon to shift assets and troops ahead of a potential military activity and doesn’t necessarily signal an attack on Iran is imminent, one of the sources said…
Precious metals, copper, oil, and gasoline soared on the Axios report. Equity traders largely ignored the US-Iran tensions and aggressively bought Fangs and trading sardines for a technical rebound.
ESHs opened modestly higher on Tuesday night but quickly turned moderately negative. ESHs then traded sideways until they broke higher after 22:40 ET. ESHs methodically rallied to 6904.00 (+43.50) at 4:40 ET. A 5-wave decline took ESHs to 6861.50 (+1.00) at 9:27 ET.
But someone or more wanted ESHs to rally. So, ‘they’ recklessly bought ESHs and drove them to 6919.00 at 10:16 ET. After a modest pullback, ESHs hit a daily high of 6923.75 (+63.25) at 11:05 ET. After a retreat to 6907.50 at 11:58 ET, a Noon Balloon created the daily high of 6925.75 (+65.25) at 13:02 ET. ESHs then tumbled to 6872.50 at 15:14 ET. The illegal late manipulation pushed ESHs to 6905.75 at 15:52 ET. ESHs fell to 6891.00 at 16:10 ET.
Fed Gov Bowman: Latest jobs report a bit strange, most other indicators don’t show as strong a labor market. I remain concerned about the labor market. (It was mostly seasonal adjustments, Gov!)
NY Fed: Seeing Through the Shutdown’s Missing Inflation Data Data releases for inflation have been scarce over the past four months due to the government shutdown. As a result, until January 22 no personal consumer expenditures (PCE) data were available beyond September and the consumer price index (CPI) had many missing entries for the one-month changes for October and November… Our findings suggest caution: while the fragmented data from November initially signaled a deceleration in price pressures, the integration of December data indicates that these reductions were largely transitory. Once the full data set is used, the aggregate trend for December stands at 2.83 percent, an increase from 2.55 percent in September… Based on December data, the nowcast for November moved upward slightly, but most importantly, the December nowcast now exceeds the benchmark forecasts for December, thus erasing any reductions in inflation suggested by intermediate data releases. This holds both for headline and core PCE inflation… https://libertystreeteconomics.newyorkfed.org/2026/02/seeing-through-the-shutdowns-missing-inflation-data/
Robert Youssef @rryssf_: Microsoft Research and Salesforce analyzed 200,000+ AI conversations and found something the entire industry already suspected but nobody would say out loud: every major model gets dramatically worse the longer you talk to it. GPT-4, Claude, Gemini, Llama. all of them. no exceptions. paper: http://arxiv.org/abs/2505.06120
Positive aspects of previous session Aggressive buying appeared on the NYSE opening; Fangs and trading sardines led the rally.
Negative aspects of previous session USHs were -14/32 at the NYSE close; precious metals, copper, oil, and gasoline rallied sharply The S&P 500 Index peaked at 13:01 ET. The NY Fangs+ Index peaked tat 11:05 ET
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: Up; Last Hour: Up
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6880.03 Previous session S&P 500 Index High/Low: 6909.12; 6849.66
In the mid-80s, crack began to create a societal mess in NYC. Addicts and homeless filled the subways and Penn Station, sleeping on cardboard. Beggars and squeegee men littered the streets. The panhandling got so bad that a the WaPo ran the opinion piece: “Calcutta on the Hudson.”
The New Yorker, May 20, 1991: The Horribles – As David Dinkins confronts a fiscal crisis, symbolic cuts, state power plays, and cinematic doom reshape New York’s self-image… There were some clues suggesting that, despite the new budget’s dark messages—when John Lindsay was mayor, his staff used to refer to the threat of having to lay off thousands of workers as “the horribles.”… Last month, in a column that appeared in the Post under the headline “a springtime stroll in the city of the damned,” Pete Hamill described moving about the streets and confronting one grisly sight after another, from piles of garbage to human piles of the homeless. (“O New York: city of wonders.”) In March, Michael Specter had reported in the Washington Post that he had encountered many of the same grim spectacles here—especially those involving the homeless… “I have never been on a street, a subway or in a train station here without some person accosting me,” he wrote… In New York, Specter explained, “there is really nowhere to scare the homeless to… Dickens could not have invented this vision of hell.” The headline over his report was “Calcutta on the Hudson.”… Bishop Paul Moore, in his 1988 Christmas Day sermon at the Cathedral of. St. John the Divine, described New York as “a Calcutta of the West.” That same month, the Times began running a series of editorial comments under the logo “New Calcutta,” reminding New Yorkers of how wretched conditions were in their city, particularly on its streets… https://www.newyorker.com/magazine/1991/05/27/around-city-hall-the-horribles
A huge difference in the state of NYC as reported in the above articles and now is NYC crime has fallen smartly under NYPD Commissioner Jessica Tisch. Mamdani had to retain her, not only for proficiencies, but because her proliferating political profile augurs for higher office in New York or DC.
Mamdani poised to ‘freeze the rent’ after stacking NYC board with likeminded lefty appointeeshttps://trib.al/5tviuWk
GOP Sen. Marsha Blackburn: Democrats have an appetite for taxpayer money.
Ex-Clinton advisor & pollster @MarkHalperin: Last night on Capitol Hill, the senior Trump politicalcommand briefed its core team on the midterms… Many cabinet members were there, including Scott Bessent, Howard Lutnick, RFK, Sean Duffy, along with their most senior aides. The meeting was hosted by Susie Wiles, who spoke briefly. The pollster and strategist Tony Fabrizio presented with about 25 slides on the data on what voters care about — the demographics, the issues, what messages resonate and what do not. The economy will be THE issue in the election, he said. Messages that break through: Banning stock trading for Congress, transparency on health insurance data (including on pricing and claims reimbursement), lowering prescription drug costs, the Trump tax cuts. Housing affordability is a huge issue for voters, especially young people. Taking credit for closing the border does not resonate much. Men, moderates, true independents, and Hispanic voters are the true persuadable voters. His message was not pessimistic… spend time on podcasts and social media more than national news interviews. Paid media should go on targeted media, not broadcast or even cable… There are currently 6 targeted House races and 7 key Senate races… Then political czar James Blair spoke and presented the historical data of how rare it is for a president’s party to not lose a lot of seats in a midterm. Trying to argue about wages being up will not help; voters have to feel it, he said. He acknowledged that Donald Trump will do what he wants to do, say what he wants to say, not be data driven. Everyone else has to stay on message and be driven by the data. In effect, two separate but related campaigns. They expect Democrats will run in large part on the “Stop Trump” message.
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.
Traders should again be frisky early. However, prudent traders and operators are likely to move to the sidelines in the afternoon to avoid being ill-positioned for the SCOTUS tariff ruling.
Walmart is expected to report Q4 EPS of .73 at 7:00 ET.
ESHs are +5/75, NQAs are +29.00; USHs are -3/32; while SI and AU are down modestly at 20:20 ET.
Expected Econ Data: Dec Trade Balance -$55.5B, Imports 0.1% m/m, Exports 0.1%; Dec Advance Goods Trade Balance -$86.0B; Dec Wholesale Inventories 0.2% m/m, Retail Inventories 0.2%; Feb Phil Fed Business Oulook 7.8; Initial Jobless Claims 225k, Continuing Claims 1.86m Dec LEI -0.3%; Jan Pending Homes Sales 2.0% m/m, 3.0% NSA Y/Y
Fed Speakers: Atlanta Pres Bostic 8:20 ET, Gov Bowman 8:30 ET, Minn Pres Kashkari 9 ET, Chicago Pres Goolsbee 10:30 ET
S&P Index 50-day MA: 6895; 100-day MA: 6817; 150-day MA: 6693; 200-day MA: 6517 DJIA 50-day MA: 48,933;100-day MA: 47,897; 150-day MA: 46,957; 200-day MA: 45,907 (Green is positive slope; Red is negative slope)
S&P 500 Index (6881.31 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 and MACD are positive – a close below 6857.75 triggers a sell signal
It’s a slow news day, so here’s some filler.
@JD_Cashless Apr 5, 2025: Did you know an FBI informant tried to assassinate President Ford? She was paroled in 2007 and is still alive. The Nashville Banner interviewed her last year, days after the July 13 Butler Trump shooting. She doesn’t seem too repentant lol https://x.com/JD_Cashless/status/1908629085653213691 This case is NUTS. The would-be Ford assassin was also a local police and ATF informant. She bought her gun from a John Birch Society member whom she was supposed to be targeting in an ATF sting operation. And she told her handler she was going to target Ford!!! https://x.com/JD_Cashless/status/2023754583630377267 Police initially arrested Sara Jane Moore, but the Secret Service had her released. Agents took her to a federal building for questioning. All the while, she was accompanied by an “unidentified blonde” from the Tribal Thumb–a left-wing radical group compared to the Manson cult. https://x.com/JD_Cashless/status/2023755603714441230 The Secret Service released her too. The next day, she called her handlers before returning to the John Bircher and buying another gun—which the Bircher obtained from a cop. https://x.com/JD_Cashless/status/2023756247326224525 Moore went straight from the gun purchase to the Ford event. She’s said to have known from which door Ford would leave somehow. “Security was so stupid. It was like an invitation,” she later said. https://x.com/JD_Cashless/status/2023757314969530450 She [wanted] the hated Vice President Rockefeller to replace Ford so that “all hell would break loose.” The above is from the book “Housewife Assassin.” Moore died last September.
@read_jfk_files: For the record, there are 4 JFK Files, spanning 307 pages, which mention Sara Jane Moore. This file implies Sara Jane Moore was also an FBI informant because this guy Adams testifying to the Pike Committee in 1975 does not DENY she was when he is directly asked. https://x.com/read_jfk_files/status/2023935009581920663
The above Manson cult tie to Ford’s would-be assassin caught our eye because a few years ago we read this: CHAOS: Charles Manson, the CIA, and the Secret History of the Sixties Amazon review: O’Neill’s quest for the truth led him from reclusive celebrities to seasoned spies, from San Francisco’s summer of love to the shadowy sites of the CIA’s mind-control experiments, on a trail rife with shady cover-ups and suspicious coincidences. The product of two decades of reporting, hundreds of new interviews, and dozens of never-before-seen documents from the LAPD, the FBI, and the CIA, Chaos mounts an argument that could be, according to Los Angeles Deputy District Attorney Steven Kay, strong enough to overturn the verdicts on the Manson murders…
Tom O’Neill: A year into my reporting, I brought all the information I had on Manson’s get-out-of-jail-free card — which he seemingly wielded from 1967 until he went to jail for the last time in 1969 — to a retired deputy DA, who had actually gone on to become a judge in Los Angeles Superior Court. In an interview with me, he said, while looking through all this, “You can often blame things like this on bureaucratic red tape or incompetency. But what you’re showing me here is a pattern — and it’s a joke. It’s clear they deliberately wanted him out of jail and free.” He says, “I can’t tell you why this happened, but it isn’t a mistake. Somebody wanted him out there. And what you need to do is find out who it was.” Was it the FBI? Was it the sheriff’s department? The LAPD? Some powerful agency didn’t want him behind bars… Less than a year before the Tate murders, Hoover wrote a memo. He was upset with all the support the Panthers were getting from the left-wing Hollywood community. They had started something called the White Panthers, which was a group of celebrities — Jane Fonda, Warren Beatty, Donald Sutherland — who were organizing to raise money for them. Hoover’s memo basically said, “We have to make these whites believe that, once the revolution really does begin, they’re going to be the first ones lined up against the walls and slaughtered.”… I think there is a good likelihood that Manson is a product of MKUltra, whether he was knowledgeable about it or not. But I haven’t been able to definitively prove it… https://jacobin.com/2023/05/the-manson-murders-may-have-something-to-do-with-cia-mind-control-experiments
@ChrisMartzWX: A CBS News report by Dan Rather warns that if we don’t stop digging up ancient carbon and burning it, 25% of Florida will be underwater. This was broadcast 43 years ago. I suspect Florida will be underwater any day now.https://x.com/ChrisMartzWX/status/2023000895928037651
SWAMP STORIES FOR YOU TONIGHT
CHICAGO
the world is going crazier by the minute!!
Teacher Loses Career Over Two-Word Facebook Post Supporting ICE
Wednesday, Feb 18, 2026 – 04:40 PM
James Heidorn, who taught at Gary Elementary School in West Chicago, found himself at the center of a community firestorm that cost him not just his teaching position but his identity as an educator, all for posting two words on Facebook: “Go ICE.”
The incident began in late January when Heidorn, a 14-year physical education teacher, responded to a news story about a local police department pledging cooperation with Immigration and Customs Enforcement. His personal Facebook post sparked immediate backlash in the heavily Hispanic district, with local activists circulating screenshots and demanding action against him.
School officials quickly notified Heidorn on Jan. 22 about growing social media chatter.
After meeting with HR staff that same day, he resigned briefly, then rescinded his decision hours later.
He was set to return on Monday pending an investigation. The investigation never got that chance.
“This process has been professionally and personally devastating and surreal,” former West Chicago teacher James Heidorn told Fox News Digital.
“I’ve spent 14 years building my career, pouring my heart into teaching kids, building relationships and being a positive role model. To see it all upended over two simple words, ‘Go ICE,’ where I expressed my personal support for law enforcement felt like a severe blow to my career.”
Indeed, the outcry was relentless.
Illinois state Sen. Karina Villa, a Democrat, publicly condemned the post.
“I stand in unwavering solidarity with families upset about the disturbing comments reportedly made by an educator,” Villa said.
West Chicago Mayor Daniel Bovey joined the pile-on before any investigation concluded. In a Saturday Facebook video, he explained why Heidorn’s comments were “hurtful” and “offensive” to the community.
“So to have someone cavalierly rooting on—as if it’s a football game or something, yeah go—events which have traumatized these children… that is the issue,” Bovey said.
Meanwhile, parents organized online, planning a boycott by keeping their kids from school, and the city held a “listening session” on Jan. 26 at Bovey’s request, complete with a Spanish translator. Attendees described the post as “cruel” and said “kids do not feel safe.”
Heidorn maintained that his post meant nothing beyond supporting law enforcement.
“This started with a two-word comment on my personal Facebook page supporting law enforcement—nothing more,” Heidorn said. “It wasn’t directed at any student, family or school community.”
The distinction made no difference to the community or to the school administrators.
“I was placed on leave and faced intense pressure before any full investigation or fair process could play out, with this it led to my resignation,” Heidorn said. He resigned a second time rather than face termination after a hearing with school officials.
A West Chicago Elementary School District 33 spokesperson called the post “disruptive” and said it “raised concerns and caused disruption for students, families and staff.” The district declined to specify which rule Heidorn violated or whether teachers who publicly disrupt in favor of opposing immigration enforcement would face similar consequences. In fact, teachers across the country have protested President Trump’s immigration policies without repercussions. In Chicago specifically, teachers even stormed a Target and harassed employees over the same policies without losing their jobs. But expressing support for law enforcement in Chicago is apparently controversial.
“It does feel like a double standard—due to my viewpoint being different from others within the community that I taught in,” Heidorn said. “Fairness should apply equally, regardless of those viewpoints. If personal political speech is grounds for punishment, it should be consistent—not selective based on what side you’re on.”
The fallout extended beyond his teaching position. Heidorn lost his coaching job at a nearby private school. He must now inform future employers that he resigned and explain why. “I really don’t know what is next for me, as the teaching profession has been, up to this point in time, all that I ever wanted to do,” Heidorn said.
He earned a master’s degree in educational leadership to become the best teacher possible. Now he spends time healing. “I lost my career, my income and the chance to close out my time with my students properly—no farewell, no goodbyes,” Heidorn said.
Despite the loud outcry, Heidorn has received some local support, including a GoFundMe being set up for him.
“James Heidorn, a beloved physical education teacher at Gary Elementary School, resigned after a single social media comment ignited outrage and a one-sided account that quickly spiraled beyond control,” the GoFundMe page reads. “What followed was not reflection or fairness, but permanent consequences that have changed the course of his life.”
As for his future, he’s not sure what’s going to happen.
“I really don’t know what is next for me, as the teaching profession has been, up to this point in time, all that I ever wanted to do,” he said. “It is all I have ever studied for and teaching is what has defined me. Even advancing my education with a master’s degree in educational leadership because I wanted to become the best teacher I can be.”
Heidorn said he’s exploring other options in education or related fields. “I want people to know I’m grateful for the outpouring of support from those who reached out, donated or shared my story,” he said. “It reminds me that most people value fairness and second chances. I’m determined to move forward positively and keep contributing to kids’ lives in whatever way I can.”
GREG HUNTER…INTERVIEWING DANE WIGINTON
Tripling Down Denying Destructive Geoengineering – Dane Wigington
Renowned climate engineering researcher Dane Wigington has been warning of profound damage being done to the planet with geoengineering or manmade climate modification. The proof man is destroying the planet in a big way is undeniable. on USAWatchdog has covered flooding,fires and up to 60 million tons of toxic poison being sprayed in our skies just in the last year. If that is not enough proof, watch the documentary Dane Wigington did a few years back called “The Dimming.” More than 26 million have seen the film despite the fact the powers that be are trying to suppress it. Finally, GeoEngineeringWatch.org has an extensive body of evidence and sourcing that shows every aspect of geoengineering going back decades. There is NO debate that climate engineering is happening—period. There is also NO debate we are witnessing climate engineering’s destructive effects–period. It seems nobody will stand up and admit the damage that produces crazy headlines such as “NYC colder than Antarctica. . .” The people at the top of the climate modification operations want you to think everything is fine and the weather you are seeing is a freak one-time occurrence. Nothing could be further from the truth. Wigington says, ” We have heard nothing more out of this administration other than flat out denial. Geoengineering is just jet exhaust (EPA Chief Lee Zeldin said this, which is a total provable lie). They are tripling down on official denial, and, yes, all other administrations denied it as well, but it is worse now than ever. . .. This cast of characters in Washington are doing everything in their power to virtually gut any and every form of environmental modification and monitoring systems that allow us to track climate engineering. They are doing everything they can to hide these operations until the moment of impact. . .. We already have an illegal federal gag order on the nations’ weathermen. That’s the National Weather Service and NOAA with a gag order on all ‘agency operations.’”
Wigington says he knows for a fact the green energy climate advocates remain silent about the ongoing operations of geoengineering. Wigington says, “In the climate science community, you have the same degree of cowardness as the medical community and the CV19 shots. There are so many so-called climate scientists that say, gee, we might be in trouble at the end of this century, when we are in freefall right now. . .. There is no speculation in this equation. I want to make this clear. This is not theory or conjecture. What is coming is beyond what most people can imagine.”
“Freefall’ means farmers will start having trouble growing food and raising livestock. Even the bees are signaling big trouble as Wigington points out, “There is a concerted effort in the power structure to feed normalcy bias into the US population until the last possible moment. We are pretending some sort of economic policy will fix everything. When the environment doesn’t function, it’s game over. Pollen production is down by about 95% — again 95%. When there are no pollinators, there will be no people. This should be headlines everywhere.”
Several well-known celebrities have offered to help Wigington but got cold feet or possibly threatened to keep quiet. Wigington says, “Chuck Norris offered to write articles for WND . . . and then he suddenly went off the radar. I was told by a mutual friend that Chuck was told to leave this issue alone. . .. Merle Haggard (before he passed in 2016) and Willie Nelson were going to do something to bring attention to this issue, and that got stomped out. I have had packages put in the hands of Robert Downey, Jr., Jane Fonda, Martin Sheen and, of course, Chuck Norris. Everybody seems to know how long their leash is. Anybody that moves up to a high spot is beholden to the powers that be to some degree. These fires are being stomped out. I have had interview requests from CNN, MSNBC, USA Today, National Geographic and the BBC. All of those were stomped out before they reached the finish line. I wonder why? Those in power cannot afford any credible data to come to the surface on this issue.”
There is much more in the 53-minute interview.
Join Greg Hunter of USAWatchdog as he goes one-on-one with Dane Wigington, founder of GeoEngineeringWatch.org, as the coverup for the huge damage caused by geoengineering continues when the world heads for environmental collapse for 2.18.26.
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falls 6% after the ecommerce firm reported fourth quarter results.
harveyorganblog.com 
