GOLD CLOSED CLOSED DOWN $47.40 TO $5159.10
ACCESS MARKET
GOLD $5168.00 3:30 PM)
SILVER: 87.34 3;30 PM)
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EXCHANGE: COMEX
EXCHANGE: COMEX
CONTRACT: FEBRUARY 2026 COMEX 100 GOLD FUTURES
SETTLEMENT: 5,204.700000000 USD
INTENT DATE: 02/23/2026 DELIVERY DATE: 02/25/2026
FIRM ORG FIRM NAME ISSUED STOPPED
118 H MACQUARIE FUTURES US 2
132 C SG AMERICAS 14
190 H BMO CAPITAL MARKETS 66
363 H WELLS FARGO SECURITI 104
555 C BNP PARIBAS SEC CORP 23
555 H BNP PARIBAS SEC CORP 2
661 C JP MORGAN SECURITIES 4 20
880 H CITIGROUP 16
905 C ADM 9 2
TOTAL: 131 131
MONTH TO DATE: 36,709
JPMORGAN STOPPED 20/131
GOLD: NUMBER OF NOTICES FILED FOR FEBRUARY/2026: 131 CONTRACTs NOTICES FOR 13,100 OZ or 0.4074 TONNES
total notices so far: 36,709 contracts for 3,670,900 OR 114.180 tonnes)
SILVER NOTICES: 36 NOTICE(S) FILED FOR 180,000 OZ /
total number of notices filed so far this month : 4,731 CONTRACTS (NOTICES) for 23.805 million oz
SILVER//OUTLINE
INITIAL STANDING FOR JANUARY: 22.915 MILLION OZ FOLLOWED BY TODAY’S 1.185 MILLION OZ QUEUE JUMP//NEW NORMAL STANDING ADVANCES TO 49.445 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK FOR .100 MILLION OZ//NEW STANDING ADVANCES TO 49.545 MILLION OZ!!
INTIAL STANDING FOR FEBRUARY/SILVER: 13.505 MILLION OZ FOLLOWED BY TODAY’S 0.185 MILLION OZ QUEUE JUMP / : NEW STANDING FOR SILVER AT THE COMEX ADVANCES TO 24.365 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 24.360 MILLION OZ
PLUS OUR 2 EXCHANGE FOR RISK: 185,000 OZ
EQUALS
24.550 MILLION OZ!! HUGE FOR A FEBRUARY
JULY: 50.925 MILLION OZ (QUITE SMALL)
AUGUST: 59.455 MILLION OZ (QUITE SMALL)
SEPT. 50.510 MILLION OZ.(QUITE SMALL)
OCT; 82.020 MILLION OZ (WILL BE STRONG THIS MONTH)/ OCC WANTS TO REIN IN THESE ISSUANCES!
NOVEMBER: 36.425 MILLION OZ
DEC: 45.765 MILLION OZ
JANUARY 2026: 134.270 MILLION OZ (WILL BE A VERY STRONG MONTH FOR EXCHANGE FOR PHYSICAL!)
FEB : 61.395 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 FOR 185,000 OZ AND THEN ADD OUR 2 EXCHANGE FOR RISK FOR .185 MILLION OZ STANDING ADVANCES TO 24.550 MILLION OZ!!
- MAY: SUMMARY FOR MAY TONNES WHICH STOOD FOR DELIVERY:
4. AUGUST: 60.547 TONNES OF INITIAL GOLD FIRST DAY NOTICE FOLLOWED BY THE NET MONTH’S QUEUE JUMP OF 47.2312 TONNES TO WHICH WE ADD THE FOLLOWING EXCHANGE FOR RISK ISSUANCE RECEIVED FOR THE MONTH: 5.4432 TONNES EX FOR RISK/AUG 7 , AUG 11: 2.413 TONNES EX FOR RISK AND AUG. 12 OF 2.637 TONNES EX FOR RISK//AUG 25: 9.107 TONNES , AUGUST 26: 9.1010 TONNES AND NOW AUGUST 27: 9.0699 TONNES//NEW STANDING ADVANCES TO 107.5117 TONNES OF GOLD NORMAL STANDING (INCLUDES ALL MONTHLY QUEUE JUMPS/EX FOR PHYSICAL TRANSFERS//) +44.696 TONNES EX.FOR RISK = 152.208 TONNES
5.SEPT: INITIAL 8.093 TONNES OF GOLD PLUS TODAY’S QUEUE JUMP OF 0.4883 TONNES PLUS 2.2827 TONNES OF EXCHANGE FOR RISK TODAY//NEW TOTAL EX. FOR RISK/MONTH = 22.923//NEW TOTAL STANDING FOR GOLD SEPT ADVANCES TO = 48.801 TONNES!!
6.OCTOBER: 90.012 TONNES OF INITIAL GOLD STANDING WITH TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS DURING OCT OF 76.1656 TONNES
THEN WE MUST ADD OUR 14.553 TONNES OF OUR ISSUANCE OF EXCHANGE FOR RISK/6 OCCASIONS//NEW TOTAL OF GOLD STANDING ADVANCES TO 197.5141 TONNES OF GOLD.
7.NOVEMBER BEGINS WITH 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY TODAY’S QUEUE JUMP OF 2.323 TONNES FOLLOWED BY ALL PREVIOUS QUEUE JUMPS IN OF OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE OF 4.5596 TONNES//NEW STANDING ADVANCES TO 43.9716 TONNES OF GOLD.
8. DECEMBER BEGINS WITH INITIAL STANDING OF 83.813 TONNES OF GOLD FOLLOWED BY TODAY’S 0.0TONNE QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF: 37.163 TONNES//NEW STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR 4 EXCHANGE FOR RISK FOR DECEMBER OF 6.587 TONNES/NEW STANDING ADVANCES TO 121.977 TONNES
9. JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR FIRST EXCHANGE FOR PHYSICAL TRANSFER OF 0.08709 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 SUBTRACT OUR 2ND EXCHANGE FOR PHYSICAL TRANSFER OF 0.5754 TONNES TO OTHER OF 41.9386 TONNES/ NEW QUEUE JUMP TOTAL:41.3632 TONNES// AND THEN WE ADD OUR FIVE EXCHANGE FOR RISK: 9596 CONTRACTS OR 29.746 TONNES//NEW STANDING REDUCES TO 156.5236 TONNES
FINAL STANDING FOR GOLD, JANUARY CONTRACT AT 59.2108 TONNES OF GOLD
AND NOW FEBRUARY: INITIAL STANDING FOR GOLD: 156.5236 TONNES!! WHICH INCLUDES ALL QUEUE JUMPING, ONE EXCHANGE FOR PHYSICAL TRANSFER TO LONDON AND OUR FIVE ISSUANCES EXCHANGE FOR RISK!!
JAN. 2025: 257.919 TONNES (ISSUANCE WILL BE PRETTY GOOD THIS MONTH BUT MUCH LOWER THAN LAST MONTH)
FEB: 207.21 TONNES//EX FOR PHYSICAL ISSUANCE (WILL BE A FAIR SIZED ISSUANCE THIS MONTH)
MARCH 130.84 TONNES//QUITE SMALL THIS MONTH.
APRIL; 208.57 TONNES. STRONG THIS MONTH
MAY: 113.499 TONNES OF GOLD EFP ISSUANCE//QUITE SMALL THIS MONTH
JUNE: 97.79 TONNES OF GOLD EFP ISSUANCE/EXTREMELY SMALL
JULY : 150.877 TONNES// QUITE SMALL
AUGUST: 175.86 TONNES A LOT LARGER THIS MONTH.
SEPT. 116.13 TONNES VERY SMALL
OCT. 252.72 TONNES//CERTAINLY MUCH LARGER THIS MONTH/VERY STRONG
NOV: 124.74 TONNES
DEC: 190.04 TONNES//GOOD SIZED THIS MONTH FINAL.
TOTAL EXCHANGE FOR PHYSICAL ISSUED FOR YEAR 2025: 2,026.20 TONNES (LOWER THAN LAST YR 2,569.00 TONNES
JANUARY: 209.08 TONNES ( (WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL)
FEB. 157.253 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 ROSE BY A MEGA HUGE SIZED 2627 CONTRACTS OI TO 134,620 AND CLOSER TO 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 891 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAR 891 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 0 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 2627 CONTRACTS AND ADD TO THE 891 E.FP. ISSUED
WE OBTAIN A MEGA HUGE SIZED GAIN OF 3518 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR GAIN OF $4.85
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 17.59 MILLION PAPER OZ
OCCURRED WITH OUR GAIN IN PRICE.OF $4.85
2.ASIAN AFFAIRS FEB 23/2025
SHANGHAI CLOSED UP 35.34 PTS OR 0.87%
HANG SENG CLOSED DOWN 491.59 PTS OR 1.82%
Nikkei CLOSED UP 473.30 PTS OR 0.83%
//Australia’s all ordinaries CLOSED DOWN 0.14%
//Chinese yuan (ONSHORE) CLOSED UP 6.8797
/ OFFSHORE CLOSED UP AT 6.8784 Oil DOWN TO 66.49 dollars per barrel for WTI and BRENT DOWN TO 71.62 Stocks in Europe OPENED ALL MOSTLY RED
ONSHORE USA/ YUAN TRADING 6.8797 OFFSHORE YUAN TRADING UP TO 6.8784 ONSHORE YUAN TRADING BELOW OFF SHORE AND UP ON THE DOLLAR// / AND THUS STRONGER//OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A SMALL SIZED 818 CONTRACTS UP TO 417,008 OI WITH OUR HUGE GAIN IN PRICE OF $148.25 WITH RESPECT TO MONDAY’S // TRADING/ //COMEX CLOSING TIME:… WE LOST NO NET LONGS, WITH THAT PRICE GAIN FOR GOLD . AND AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD A HUGE NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (4387).
WE HAD NO T.A.S. LIQUIDATION DURING MONDAY’S TRADING. IT SEEMS THAT THE SPECULATORS STARTED AGAIN TO GO MASSIVELY LONG THIS WEEK AFTER A BRIEF PERIOD OF GOING NET SHORT. HOWEVER SOME OF THOSE LONG SPECULATORS WERE ANNHILATED DURING LAST TUESDAY RAID AND OTHERS WAITED UNTIL THE CONCLUSION OF TRADING EACH AND EVERY DAY AND TENDERED FOR BADLY NEEDED PHYSICAL
CENTRAL BANKS ALSO TENDERED THEIR NEW LONG CONTRACTS AT THE END OF THE DAY FOR PHYSICAL GOLD. YOU CAN VISUALIZE THIS WITH THE MASSIVE AMOUNT OF GOLD STANDING AT THE COMEX FOR THIS FEBRUARY CONTRACT MONTH!!
YOU WILL NOTICE THAT THE COMEX OI IS NOW MOVING NORTHBOUND TO NOW 421,051 AND NOW AMPLE ENOUGH TO GROW AND FROM THIS POINT FORTH IT WILL BE A LITTLE EASIER FOR THE CROOKS TO FLEECE OR NEWBIE SPEC LONGS. 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 5205 CONTRACTS (OR 16.189TONNES) WITH THE GAIN IN PRICE, FRIDAY.
THEN WE WERE NOTIFIED OF A ZERO CONTRACT EXCHANGE FOR RISK ISSUANCE IN GOLD CONTRACTS FOR 0 OZ OR 0 TONNES OF GOLD. THIS PAST 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 REMAINS AT 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: 9,596 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 DELIVERY TOTALS!!
FEBRUAY ISSUANCES 5 FOR; 29.746 TONNES SO FAR!! AND THIS IS ADDED TO OUR DELIVERY TOTALS FOR THIS MONTH.
DETAILS ON OUR NEW FEBRUARY COMEX CONTRACT MONTH//
IN TOTAL WE HAD A STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 9,274 CONTRACTS WITH OUR HUGE GAIN IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN THROUGHOUT THIS 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 1179 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 NOW FINALLY IN USE TODAY WITH COMEX OPTIONS EXPIRY.
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 WHICH ALSO INCLUDED 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 SUBTRACT OF SECOND CONSECUTIVE EXCHANGE FOR PHYSICAL TRANSFER OF .5754 TONNES SUBTRACTING FROM ALL OTHER QUEUE JUMPS OF 41.9386 TONNNES//NEW TOTAL QUEUE JUMP: 41.3632/ STANDING ADVANCES TO 127.234 TONNES TO WHICH WE ADD OUR FIVE EXCHANGE FOR RISK OF 29.746 TONNES/NEW STANDING LOWERS TO TO 156/5236 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 LIQUIDATION OF OUR TWO SPREADERS: 1) THE MONTH END SPREADERS AND 2. T.A.S DURING THIS WEEK 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 HUGE SIZED EXCHANGE FOR PHYSICAL OF 4397 CONTRACTS.
THAT IS A HUGE SIZED 4387 EFP CONTRACT WAS ISSUED: : /APRIL 4387 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 4387 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 :
- SOME LIQUIDATION OF OUR T.A.S. SPREADERS DURING THE COMEX SESSION + BUT DID HAVE SOME GOVERNMENT LIQUIDATION
- MONTH END SPREADERS LIQUIDATION IS IN FULL FORCE TODAY AS COMEX OPTIONS EXPIRY ENDS TODAY. LONDON OPTIONS EXPIRY CONCLUDES THIS FRIDAY FEB 27.
T.A.S.SPREADER ISSUANCE//FEBRUARY
AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS USUALLY DURING MID MONTH IN THE DELIVERY CYCLE), BUT NOW ON A DAILY BASIS, THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR MONDAY NIGHT/TUESDAY MORNING WAS A FAIR SIZED 1179 CONTRACTS
THE RAIDS WHETHER ON OPTIONS EXPIRY MONTH OR T.A.S. DRIVEN, ACCOMPLISHES TWO IMPORTANT ASPECTS FOR OUR CROOKS:
- STALLS THE ADVANCE IN PRICE
- LOWERS THEIR ADVANCING DERIVATIVE LOSSES.
THAT SET UP MONDAY’S HUGE GAIN IN PRICE IN GOLD YET WITH A CORRESPONDING HUGE 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 AND NOW TODAY, TUESDAY FEB 24..
JAN 2025:
113.30 TONNES (WHICH INCLUDES 43.408 TONNES EX FOR RISK)
FEB: 2025:
256.607 TONNES (WHICH INCLUDES 18.4567 TONNES OF EX FOR RISK)
MARCH:
STANDING FOR GOLD : 60.33 TONNES + 7.6179 TONNES EX FOR RISK = 67.9479 TONNES WHICH IS EXTREMELY HIGH FOR A NON DELIVERY MONTH.
APRIL:
FINAL STANDING FOR GOLD: 201.573 TONNES + 8.3571 TONNES EX FOR RISK = 209.953 TONNES
MAY: FINAL STANDING 90.235 TONNES WHICH INCLUDES QUEUE JUMPING AND 9.591 TONNES EX FOR RISK.
JUNE: FINAL STANDING 62.534 TONNES PLUS 0.1493TONNES OF QUEUE JUMP EQUALS 93.085 TONNES
JULY: 17.947 TONNES INITIAL STANDING FIRST DAY NOTICE PLUS TODAY’S 0 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK/PRIOR + 2.195 EX FOR RISK TODAY = = 41.106 TONNES
AUGUST:INITIAL AMOUNT OF GOLD STANDING: 60.547 TONNES TO WHICH WE ADD OUR 7 MONTHLY ISSUANCES OF: EXCHANGE FOR RISK TOTALLING 44.696 TONNES//NEW STANDING ADVANCES AS FOLLOWS:
107.5117 TONNES NORMAL DELIVERIES (INCLUDES ALL QUEUE JUMPS /EXCHANGE FOR PHYSICAL TRANSFERS) +
5.4432 TONNES EXCHANGE FOR RISK/PRIOR/AUGUST 7
2.413 TONNES EXCHANGE FOR RISK AUGUST 11
PLUS 2.637 TONNES EX FOR RISK AUGUST 12
PLUS: 9.107 TONNES EX FOR RISK AUGUST 25
PLUS 9.1010 TONNES EX FOR RISK AUGUST 26!!
PLUS 9.0699 TONNES EX FOR RISK AUGUST 27
PLUS 6.923 TONNES EX. FOR RISK/AUGUST 28
MONTHLY TOTAL 44.696 TONNES EXCHANGE FOR RISK!MONTH OF AUGUST.
EQUALS
152.208 TONNES TONNES OF GOLD.
SEPT:
SEPT: 25.878 TONNES OF GOLD INITIAL GOLD STANDING TO WHICH WE ADD OUR 22.923 TONNES OF EXCHANGE FOR RISK ISSUED 7 TIMES DURING THE MONTH:
TOTAL EX FOR RISK// FOR MONTH = 22.923//NEW TOTALS FOR GOLD STANDING SEPT ADVANCES TO 48.801 TONNES
THIS IS HUGE FOR A GENERALLY WEAK SEPTEMBER DELIVERY MONTH.
OCTOBER: INITIAL AMOUNT OF GOLD STANDING: 90.164 TONNES OF GOLD FOLLOWED BY TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL PREVIOUS QUEUE JUMPS OF 76.1656 TONNES WHICH MUST BE ADDED TO OUR 6 ISSUANCES OF 14.553 TONNES EXCHANGE FOR RISK//TOTAL NEW STANDING FOR GOLD IN THIS ACTIVE OCTOBER DELIVERY MONTH ADVANCES TO 197.5141 TONNNES.
NOVEMBER WHERE INITIAL AMOUNT OF GOLD STANDING IS REGISTERED AT 15.651 TONNES OF GOLD FOLLOWED BY TODAY’S QUEUE JUMP OF 2 TONNES AND FOLLOWED BY ALL OTHER NOV QUEUE JUMPS OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE FOR 4.5596 TONNES.
/STANDING ADVANCES TO 43.9716 TONNES OF GOLD.
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DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY IN THIS ACTIVE MONTH IS 83.813 TONNES FOLLOWED BY TODAY’S 0.XXXX TONNES QUEUE JUMP. THIS FOLLOWS ALL OTHER QUEUE JUMPING: 37.163 TONNES//NEW STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR FOUR EXCHANGE FOR RISK ISSUANCE OF 6.559 TONNES//NEW STANDING THUS INCREASES TO 121.977 TONNES
JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR QUEUE JUMP OF 0.000 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
FEBRUARY: . FEBRUARY: INITIAL STANDING: 93.566 TONNES TO WHICH WE HAD OUR SECOND CONSECUTIVE EXCHANGE FOR PHYSICAL TRANSFER OF 0.5754 TONNES WHICH MUST BE SUBTRACTED FROM ALL OTHER QUEUE JUMPS OF 41.9386 TO TONNES QUEUE JUMP//TOTAL QUEUE JUMP FOR FEB:: LOWERS TO 41.3632 TONNES///STANDING REDUCES TO 127.350 TONNES TO WHICH WE ADD OUR FIVE EXCHANGE FOR RISK OF 29.746 TONNES/NEW STANDING LOWERS TO 156.5236 TONNES
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 48 MONTHS 2021-2024
DEC 2021: 112.217 TONNES
NOV. 8.074 TONNES
OCT. 57.707 TONNES
SEPT: 11.9160 TONNES
AUGUST: 80.489 TONNES
JULY 7.2814 TONNES
JUNE: 72.289 TONNES
MAY 5.77 TONNES
APRIL 95.331 TONNES
MARCH 30.205 TONNES
FEB ’21. 113.424 TONNES
JAN ’21: 6.500 TONNES.
TOTAL YEAR 2021 (JAN- DEC): 601.213 TONNES
YEAR 2022: STANDING FOR GOLD/COMEX
JANUARY 2022 17.79 TONNES
FEB 2022: 59.023 TONNES
MARCH: 36.678 TONNES
APRIL: 85.340 TONNES FINAL.
MAY: 20.11 TONNES FINAL
JUNE: 74.933 TONNES FINAL
JULY 29.987 TONNES FINAL
AUGUST:104.979 TONNES//FINAL
SEPT. 38.1158 TONNES
OCT: 77.390 TONNES/ FINAL
NOV 27.110 TONNES/FINAL
Dec. 64.000 tonnes
(TOTAL YEAR 656.076 TONNES)
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
NOV: 18.7122 TONNES + 16.2505 EX. FOR RISK = 34.9627 TONNES
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024/STANDING FOR GOLD/COMEX
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276 TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
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COMEX GOLD TRADING BEGINNING FEBRUARY,. CONTRACT;
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY A HUGE $148.25 )
WE HAD ZERO T.A.S. SPREADER LIQUIDATION MONDAY // COMEX SESSION// WITH OUR GAIN IN PRICE ////.. BUT OUR SPECULATORS REMAIN RELENTLESS POURING INTO THE COMEX STARTING TO BUILD ON ITS OI // BUT WITH OTHER EASTERN CENTRAL BANKS TENDERING FOR PHYSICAL MONDAY NIGHT WHICH ALSO EXPLAINS THE HUGE NUMBER OF TONNES OF GOLD STANDING FOR FEBRUARY. THE COMEX IS ONE BIG MESS!!
MONDAY NIGHT//TUESDAY MORNING
THE CROOKS COULD NOT STOP OTHER CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL MONDAY EVENING/TUESDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD
A LITTLE REVIEW OF GOLD STANDING THESE PAST 4 MONTHS:
STANDING FOR GOLD OCT THROUGH TO JANUARY:
- ANALYSIS// OCT DELIVERY MONTH GOING FROM FIRST DAY NOTICE// OCT COMEX CONTRACT TO FINALIZATION OCT 31:
OCT AT 90.164 TONNES TO BE FOLLOWED BY ALL PREVIOUS QUEUE JUMPS OF 75.696 TONNES WHICH WE ADD OUR 14.553 TONNES EX FOR RISK/6 OCCASIONS:
/ TOTAL STANDING 197.551 TONNE/OCTOBER FINAL//ABSOLUTELY A MONSTER DELIVERY FOR A NORMALLY QUIET OCT MONTH
2. AND NOW NOVEMBER:
NOVEMBER BEGINS WITH A HUGE 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY OUR TODAY’S QUEUE JUMP OF 2.323 TONNES WHICH FOLLOWED ALL OTHER NOVEMBER QUEUE JUMPS OF 21.3775 TONNES TO WHICH WE ADD OUR TWO ISSUANCES OF EXCHANGE FOR RISK OF 4.5596 TONNES..
NEW STANDING ADVANCES TO 43.9716 ONNES OF GOLD.
3. AND NOW DECEMBER:
3. DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 83.813 TONNES FOLLOWED BY A 0 CONTRACT QUEUE JUMP FOR NIL OZ OR 0.000 TONNES WHICH FOLLOWS OTHER DEC QUEUE JUMPS OF: 0 TONNES///STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR FOUR EXCHANGE FOR RISK ISSUANCE OF 6.559TONNES/NEW STANDING ADVANCES TO 121.977TONNES
4. JANUARY:
9. JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR QUEUE JUMP OF 0.000 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
10. FEBRUARY: INITIAL STANDING: 93.566 TONNES TO WHICH WE SUBTRACT OUR 2ND IN A ROW EXCHANGE FOR PHYSICAL TRANSFER TO LONDON OF 0.5754 TONNES TO WHICH THIS IS ADDED TO ALL OTHER QUEUE JUMPS OF 41.9386 / NEW QUEUE JUMP LOWERS TO: 41.3632 TONNES//STANDING REDUCES TO: 126.7176 TONNES TO WHICH WE ADD OUR FIVE EXCHANGE FOR RISK OF 9596 CONTRACTS FOR 959,600 OZ OR 29.746 TONNES/NEW STANDING LOWERS TO 156/5236 TONNES
ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $148.25
WE HAD A HUGE 4069 CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE .(AND I BELIEVE A RECORD REMOVAL PRELIMINARY TO FINAL
INITIAL GOLD COMEX
FEB 24
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 1 ENTRY i) Out of LOOMIS: 73,343.002 oz total withdrawal: 73,343,002 oz or 2,281 tonnes |
| Deposit to the Dealer Inventory in oz | 0 |
| Deposits to the Customer Inventory, in oz | DEPOSITS/CUSTOMER 0 entry xxxxxxxxxxxxxxxxI |
| No of oz served (contracts) today | 131 CONTRACTS OR 13,100 OZ 0.4074TONNES OF GOLD |
| No of oz to be served (notices) | 4050 contracts 405,000 OZ 12.5972 TONNES |
| Total monthly oz gold served (contracts) so far this month | 36,709 notices 3,670,900 oz 114.180 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
0 entry
customer withdrawals:
customer withdrawals:
1 ENTRY
i) Out of LOOMIS: 73,343.002 oz
total withdrawal: 73,343,002 oz or 2,281 tonnes
they are draining the comex of gold
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ADJUSTMENTs 0
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 4181 CONTRACTS FOR A LOSS OF 185 CONTRACTS.
WE HAD 0 CONTRACTS SERVED ON MONDAY, SO WE AGAIN LOST 185 CONTRACTS OR WE SUBTRACT FOR THE SECOND TIME A STRONG 18,500 OZ EXCHANGE FOR PHYSICAL TRANSFER TO LONDON FROM OUR DAILY TOTALS WHERE THEY WILL TAKE DELIVERY OVER ON THAT SIDE OF THE POND. THE TONNAGE EQUATES TO 0.5765 TONNES. OBVIOUSLY THERE IS A LACK OF GOLD ON THIS SIDE SO THESE BOYS FOUND IT IMPERATIVE TO TAKE DELIVERY ON A T PLUS ONE BASIS OVER IN LONDON.
MARCH SAW A LOSS OF ONLY 88 CONTRACTS DOWN TO 4283 CONTRACT OI AS MARCH BECOMES THE NEW FRONT MONTH FOR GOLD AND EXPECT TO HAVE A HUGE STANDING OF AROUND 13.3+ TONNES FO GOLD. MARCH IS AN OFF MONTH FOR GOLD. THIRTEEN TONNES IS ABNORMALLY HIGH FOR MARCH!! WE HAVE TWO MORE READING DAYS BEFORE FIRST DAY NOTICE.
APRIL IS THE NEXT LARGEST DELIVERY MONTH AND IT LOST 123 CONTRACTS UP TO 286,504 CONTRACTS
We had 131 contracts filed for today representing 13,100 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 4 notices issued from their client or customer account. The total of all issuance by all participants equate to 131 contract(s) of which 20 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 (36,709) to which we add the difference between the open interest for the front month of FEB (4181 CONTRACTS) minus the number of notices served upon today (131 x 100 oz per contract) equals 4,075,900 OZ OR (126.7176 Tonnes of gold) to which we add February’s 5 exchange for risk of 9596 contracts or 959,600 oz or 29.746 tonnes//new total gold standing in Feb LOWERS to 156.5236 tonnes.
thus the INITIAL standings for gold for the FEB contract month: No of notices filed so far (36,709 x 100 oz +we add the difference for front month of FEB (4181 OI} minus the number of notices served upon today (131 x 100 oz) which equals 4,075,900 OR 126.71276 TONNES// to which we add our FIVE exchange for risk//959,600 oz or 29.746 tonnes//new standing lowers to 156.5236 tonnes!!!
new total of gold standing in FEB is 156.5236 TONNES//
TOTAL COMEX GOLD STANDING FOR FEB 156.5236 TONNES TONNES WHICH IS HUGE FOR THIS NORMALLY VERY NON ACTIVE ACTIVE DELIVERY MONTH OF FEBRUARY.
confirmed volume MONDAY confirmed 155M396 poor/
COMEX GOLD INVENTORIES/CLASSIFICATION
NEW PLEDGED GOLD:
241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES
204,937.290 OZ PLEDGED MANFRA 3.08 TONNES
83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes
265,999.054, oz JPM No 2
1,152,376.639 oz pledged Brinks/
Manfra: 33,758.550 oz
Delaware: 193.721 oz
International Delaware:: 11,188.542 oz
total pledged gold: 1,752,068.027 oz 54.58 tonnes pledged gold lowers
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 33,701,163.563 oz (draining huge of gold)
TOTAL REGISTERED GOLD 17,143,288.613. or 533.228 Tonnes
TOTAL OF ALL ELIGIBLE GOLD 16,557,874.940 oz//eligible gold leaving hand over fist
REGISTERED GOLD THAT CAN BE SERVED UPON 15,391,220 oz ((REG GOLD- PLEDGED GOLD)=
478.73 Tonnes // (declining rapidly)
total inventories in gold declining rapidly
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SILVER/COMEX
FEB 24 2026
INITIAL/
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 1 entries i) Out of Delaware 2968.902 oz total withdrawal 2968.902 oz the comex is being drained of silver |
| Deposits to the Dealer Inventory | 0 ENTRY 0 entries xxxxxxxxxxxxxxxxxxxxxxxxxxxxxx |
| Deposits to the Customer Inventory | DEPOSIT ENTRIES/CUSTOMER ACCOUNT ENTRIES: 0 |
| No of oz served today (contracts) | 36 CONTRACT(S) ( 180,000 OZ |
| No of oz to be served (notices) | 142 Contracts (0.710 MILLION oz) |
| Total monthly oz silver served (contracts) | 4731 contracts 23.805 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
1 entries
i) Out of Delaware 2968.902 oz
total withdrawal 2968.902 oz
the comex is being drained of silver
the comex is being drained of silver
adjustments: / / 5
all dealer into customer acct (leaving registered into eligible)
a) Asahi 10,160.000 ooz
b) Brinks 20,279.630 oz
c) HSBC 19,930.440 oz
d) Loomis: 5046.500 oz
f) Stonex 963,345.720 oz
total removal
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TOTAL REGISTERED SILVER: 87.172MILLION OZ//.TOTAL REG + ELIGIBLE. 364.003 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: 178 OPEN INTEREST CONTRACTS FOR A GAIN OF 30 CONTRACTS.
WE HAD 6 NOTICES FILED ON MONDAY SO WE GAINED 36 CONTRACTS OR WE ENTERTAINED A STRONG 180,000 OZ QUEUE JUMP WHERE THESE BOYS DECIDED TO TRY THEIR LUCK AND TAKE DELIVERY OF SILVER ON THIS SIDE OF THE POND.
MARCH LOST A SHOCKINGLY LOW 6,809 CONTRACTS DOWN TO 37,162. THIS BECOMES THE FRONT MONTH FOR SILVER DELIVERY AND WE SHOULD HAVE A DANDY OF A MARCH DELIVERY MONTH!!! WE HAVE ONLY 3 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 (MAYBE NORTH OF 100 MILLION OZ) AND THAT MAY EVEN BREAK THE BANK!! IT SURE LOOKS LIKE A WHALE IS STANDING FOR PHYSICAL SILVER AT THE COMEX
APRIL GAINED 115 CONTRACTS TO AN OI 1077 CONTRACTS.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 36 or 180,000 oz
CONFIRMED volume; ON MONDAY 115,659 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 4731 X5,000 oz = 23.805 MILLION oz
to which we add the difference between the open interest for the front month of FEBRUARY (178) AND the number of notices served upon today (36)x (5000 oz)
Thus the standings for silver for the FEBRUARY 2026 contract month: (4731)Notices served so far) x 5000 oz + OI for the front month of FEB(178) minus number of notices served upon today (36 )x 5000 oz equals silver standing for the FEB..contract month equating to 24.365 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 24.550 MILLION OZ
NEW STANDING: 24.550 MILLION OZ WHICH IS HUGE FOR A GENERALLY SMALL DELIVERY MONTH OF FEBRUARY.
New total standing: 24.550 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 87.172 million oz of registered silver
JPMorgan as a percentage of total silver: 154.891/364,003.million: 42.58%
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 24/2026/WITH GOLD DOWN $47.40 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A MASSIVE PAPER DEPOSIT OF 7.72 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1086.47 TONNES
FEB 23/2026/WITH GOLD UP $148.25 TODAY/NO CHANGES IN GOLD AT THE GLD: /// ///INVENTORY RESTS AT 1078.75 TONNES
FEB 20/2026/WITH GOLD UP $79.75 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 3.14 TONNES OF GOLD INTO THE GLD /// ///INVENTORY RESTS AT 1078.75 TONNES
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: 1086.47 TONNES, TONIGHTS TOTAL
SILVER
FEB 24 WITH SILVER UP $0.55 HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A FRAUDULENT PAPER DEPOSIT OF 10.056 MILLION OZ INTO THE SLV. ./ :INVENTORY RESTS AT 508.958 MILLION OZ
FEB 23 WITH SILVER UP $4.89 HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A FRAUDULENT WITHDRAWAL OF 0.951 MILLION OZ OUT OF THE SLV. ./ :INVENTORY RESTS AT 498.902 MILLION OZ
FEB 20 WITH SILVER UP $4.85 HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A MASSIVE AND FRAUDULENT WITHDRAWAL OF 3.035 MILLION OZ OUT OF THE SLV. ./ :INVENTORY RESTS AT 499.853 MILLION OZ
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 508.958 MILLION OZ OF SILVER…
PHYSICAL GOLD/SILVER
1/PETER SCHIFF
JOHN RUBINO
2. MATHEW PIEPENBERG/EGON VON GREYERZ
ALASDAIR MACLEOD
3.CHRIS POWELL AND HIS GATA DISPATCHES:
4.LIVE FROM THE VAULT YOU TUBE: 260 and 259
7
5. COMMODITY REPORT/URANIUM
2.ASIAN AFFAIRS FEB 23/2026
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS TUESDAY MORNING.7:30 AM
SHANGHAI CLOSED UP 35.34 PTS OR 0.87%
HANG SENG CLOSED DOWN 491.59 PTS OR 1.82%
Nikkei CLOSED UP 473.30 PTS OR 0.83%
//Australia’s all ordinaries CLOSED DOWN 0.14%
//Chinese yuan (ONSHORE) CLOSED UP 6.8797
/ OFFSHORE CLOSED UP AT 6.8784 Oil DOWN TO 66.49 dollars per barrel for WTI and BRENT DOWN TO 71.62 Stocks in Europe OPENED ALL MOSTLY RED
ONSHORE USA/ YUAN TRADING 6.8797 OFFSHORE YUAN TRADING UP TO 6.8784 ONSHORE YUAN TRADING BELOW OFF SHORE AND UP ON THE DOLLAR// / AND THUS STRONGER//OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS TUESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP AT 6.8797
OFFSHORE YUAN: UP TO 6.8784
HANG SENG CLOSED DOWN 491.59 PTS OR 1.82%
2. Nikkei closed UP 473.30 PTS OR 0.83%
WEST TEXAS INTERMEDIATE OIL DOWN 66.49
BRENT; 71.62
3. Europe stocks SO FAR: ALL MOSTLY RED
USA dollar INDEX UP TO 97.75 /// EURO FALLS TO 1.1787 DOWN 6 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +2.101/ DOWN 0 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 155.88… 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: 3.220 DOWN 4 FULL BASIS PTS. AND STILL VERY TROUBLESOME
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen UP CHINESE ONSHORE YUAN: XXX OFFSHORE: UP
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil DOWN for WTI and BRENT DOWN this morning
3h European bond buying continues to push yields LOWER on all fronts in the EMU. German 10yr bund YIELD DOWN TO +2.7028 Italian 10 Yr bond yield UP to 3.319 SPAIN 10 YR BOND YIELD DOWN TO 3.115
3i Greek 10 year bond yield DOWN TO 3.320
3j Gold at $5173.50 Silver at: 88.35 1 am est) SILVER NEXT RESISTANCE LEVEL AT $100.00
3k USA vs Russian rouble;// Russian rouble UP 0 AND 5/100 roubles/dollar; ROUBLE AT 76.56
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 155.88 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 2.101% DOWN 0 BASIS PTS STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING//YEN BOND TRADING OVERSEAS REPATRIATED.//JAPAN 30 YR: 3.220 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 0.7741 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: 4.033 UP 1 BASIS PTS…
USA 30 YR BOND YIELD: 4.695 UP 0 BASIS PTS/
USA 2 YR BOND YIELD: 3.453 UP 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 43.86 UP 1 BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.310 DOWN 2 PTS
30 YR UK BOND YIELD: 5.1111 DOWN 2 BASIS PTS
10 YR CANADA BOND YIELD: 3.192 DOWN 3 BASIS PTS
5 YR CANADA BOND YIELD: 2.717 DOWN 3 BASIS PTS.
1a New York Opening report
Jittery Futures Erase Gains Amid AI Doomsday Fears
Tuesday, Feb 24, 2026 – 08:45 AM
A short rebound in stocks fizzled after Monday’s drop, as worries about the disruptive impact of artificial intelligence continued to unsettle markets which digested yesterday’s AI scare, and await today’s Claude / Anthropic presentation, while preparing for tonight’s State of the Union address (“SOTU”). Some have suggested that Trump may attack power generation risks during SOTU as he deals with affordability.As of 8:00am ET, S&P 500 futures traded unchanged, erasing an earlier 0.3% gain. The benchmark fell 1% in the previous session following a sharp drop in dealer gamma and a report that rehashes well-known fears about AI. Nasdaq 100 contracts climbed 0.1%, as AMD soared 11% on a $100 billion deal with Meta for data-center gear and a minority investment in the chipmaker. Other Mag7 are all mostly higher while an ETF tracking software firms was flat. IBM remained little changed following a 13% tumble. Nvidia Corp. fell 1.2% ahead of its results on Wednesday. Sentiment was also dented after Jamie Dimon said he’s starting to see parallels with the pre-financial crisis era, when a rush to make loans ended disastrously. At midnight, the US’s 10% blanket tariff went into effect with Trump threatening to raise to 15%. Bond yields aso reversed an earlier gain and were unchanged while the USD was bid driven by a spike in the USDJPY after Takaichi pushed back on rate hikes. Commodities are seeing a muted move today with Energy up, Metals down, and Ags mixed; oil has closed in a tight range the last 3 sessions and remains in those levels. Today’s macro data focus is weekly ADP, home price indices, regional Fed activity indicators, and Consumer Confidence.
In premarket trading, Mag 7 stocks:are mostly higher (Alphabet +0.1%, Amazon +0.1%, Apple +0.4%, Nvidia -0.7%, Meta -0.4%, Microsoft +0.1%, Tesla -0.5%)
- Advanced Micro Devices (AMD) rises 11% as Meta Platforms Inc. will deploy 6 gigawatts’ worth of data center gear based on processors from the company.
- Blue Owl (OWL) slips 2% following a downgrade to hold at Deutsche Bank, which also reduces price targets and estimates across its wider alternative asset manager coverage.
- BWX Technologies (BWXT) rises 8% after the nuclear power company reported adjusted earnings per share and revenue for the fourth-quarter that beat the average analyst estimate.
- Hims & Hers Health (HIMS) falls 5% after the telehealth company’s guidance projected subdued profits for 1Q and the full year, citing a step-up in investments. While the full-year guidance implied a growth acceleration beyond 1Q, analysts were more cautious given its copycat weight-loss drugs face regulatory risks.
- Home Depot Inc. (HD) rises 2% after reporting a key sales metric that beat expectations in the latest quarter on steady demand, though the retailer cautioned that macroeconomic challenges remain.
- Keysight Technologies (KEYS) rises 15% after the measurement instruments company guided for above-20% growth for revenue and earnings in FY26, beating estimates. Booming AI workloads, along with faster growth in other business areas including wireless and defense, are all boosting growth, according to analysts.
- Kratos (KTOS) falls 3% after the defense contractor forecast revenue for the first quarter that missed the average analyst estimate.
- MediaAlpha (MAX) rises 11% after the insurance technology platform reported its fourth-quarter results and gave an outlook. Analysts downplayed the risk of AI-related disruption.
- Palvella Therapeutics (PVLA) rises 29% after the drug developer said a late-stage trial of its experimental therapy for lymphatic malformations met its main goal.
- Paymentus Holdings (PAY) falls 9% after the cloud-based bill payment company’s revenue guidance for 2026 came in below the average analyst estimate.
- Planet Fitness (PLNT) falls 5% after the operator of fitness clubs gave an outlook for 2026 adjusted Ebitda growth that implies the profit measure will fall short of Wall Street expectations.
- Super Group (SGHC) rises 16% as the gaming company’s full-year revenue forecast exceeded Wall Street’s estimates.
- Vir Biotechnology (VIR) jumps 57% after the drug developer gave updated data from an early-stage trial for its investigative therapy for prostate cancer and said it is collaborating with Astellas Pharma on the same asset.
- Whirlpool (WHR) falls 8% after the maker of kitchen appliances announced concurrent separate underwritten public offerings of shares of common stock and depositary shares.
- Ziff Davis (ZD) falls 10% after the digital media and Internet company reported fourth-quarter results that missed expectations. It also deferred its 2026 outlook as it evaluates options.
In corporate news, Anthropic is said to be offering some current and former employees the ability to sell shares at a valuation of about $350 billion. Meta and EssilorLuxottica are said to be at odds on pricing for smart glasses as demand surges. Jane Street is being sued for alleged insider trading by the administrator winding up the affairs of Terraform Labs.
After yesterday’s market fragility which was sparked by last week’s plunge in dealer gamma…
Gamma plunges into the red and today is what you get pic.twitter.com/6WQWs4xUUS— zerohedge (@zerohedge) February 23, 2026
… and reinforced by a hypothetical report which echoed what we first said in 2024, nervousness abounds, and the market will be tested again when Anthropic holds its livestream at 9:30 a.m when even more volatility is likely. Adding to nerves, Jamie Dimon said he’s starting to see parallels with the pre-financial crisis era, when a rush to make loans ended disastrously.
The so-called AI scare trade has become a dominant theme for stocks, with selling spreading beyond software to hit insurance brokers, private credit and even real estate services. The flight is one of several shifts beneath the surface of a US market that is little changed in 2026 after years of tech-led gains. Traders are also contending with a range of other risks, from trade uncertainty to brewing tensions between the US and Iran. Focus on Tuesday will turn to President Donald Trump’s State of the Union address and consumer data that, in the previous reading, plunged to the lowest level since 2014. Anthropic meanwhile, will give a demo of its AI enterprise agents.
“We are reducing our risk levels by a notch,” wrote Mohit Kumar, chief economist and strategist for Jefferies International. “Ongoing concerns over AI disruption and the possible exposure to private credit and private equity have made investor sentiment fragile. If we do get an escalation in geopolitical risks, markets may face some wobbles.”
For Emmanuel Cau, head of European equity strategy at Barclays Plc, fears about labor-market disruption need to be counterbalanced by the job creation that typically accompanies technological progress. As for software stocks, which have now been mispriced, “it’s very hard to go prove the market wrong on that,” Cau told Bloomberg TV. “What we are trying to do from an equity allocation standpoint is to be exposed to some of these old-economy, more tangible parts of the market.”
The quest for shelter from AI disruption has moved Goldman Sachs Group Inc. to push a new basket of capital-heavy companies, including utilities, miners, some industrial firms and even luxury-good makers. The selection has outperformed a basket of capital-light businesses by 35% since the start of 2025.
“Markets are rewarding capacity, networks, infrastructure and engineering complexity—assets that are costly to replicate and less exposed to technological obsolescence,” the Goldman team, including Guillaume Jaisson, said in a note.
In geopolitics, Trump said an Iran strike would be “easily won” but he would prefer a diplomatic deal.
After Trump’s new 10% global tariff went into effect on Tuesday and a timeline for a proposed higher rate of 15% is still in question, investors will listen for any further comments on trade in his State of the Union speech. “It’s going to be a long speech,” Trump said. The US is also said to be readying a spate of additional national security investigations that would enable Trump to impose new duties. An EU assessment found that Trump’s new policy will increase levies on some exports, including cheese and some agricultural products, above the level permitted in their trade pact.
“The focus for investors will be on three issues: tariffs, Iran and the Fed,” said Joachim Klement, head of strategy at Panmure Liberum. “Any hint that a military strike against Iran is imminent should trigger another rally in oil and gold prices. If Trump uses his platform to bully the Supreme Court or the Fed, Treasury markets will not take that lightly.”
Home Depot, Keurig Dr Pepper and Fidelity National are among companies scheduled to report results before the market open. Home Depot’s commentary on the housing market will be a key focus and whether consumers remain on the sidelines for big projects due to high interest and mortgage rates. Earnings from HP and Workday follow later.
European equities edged lower on Tuesday with banking and insurance stocks leading declines, while automobiles and utilities were the biggest outperformers. The Stoxx 600 falls 0.2% to 626.46 with 242 members down, 351 up, and seven little changed. Here are the biggest movers Tuesday:
- Convatec rises as much as 11%, most since November 2024, following full-year results that showed stronger-than-expected second-half revenue performance and raised medium-term growth guidance
- Edenred shares gain as much as 9.3% after the payment solutions firm delivered better earnings and cashflow than anticipated against a backdrop of low expectations, according to Barclays
- Endesa shares jumped 6.2% to the highest level since June 2008 after the Spanish utility firm reported net income for the full year that beat the average analyst estimate and gave a new guidance that Jefferies says is ahead of consensus
- Sika shares gain as much as 3.1% after its board of directors proposes to the Annual General Meeting on March 24 that the gross dividend be increased by 2.8% to CHF3.70 from CHF3.60 previous year, according to a statement
- Banks are the worst performing sector in Europe on Tuesday, tracking declines for US peers, as fears about AI disruption and private credit lending continue to rattle the market
- Novo Nordisk shares fell as much as 4.4% on Tuesday to the lowest intraday level since June 2021, after analysts cut recommendations and price targets for the Danish drugmaker
- Rio Tinto shares drop as much as 1.5% in London after Barclays downgrades to equal-weight from overweight. The analyst says the move reflects near-term headwinds, including iron ore seasonality
- Galenica falls as much as 8.2%, most since July 2022, after UBS downgraded the stock to sell from neutral, expecting liberalization of OTC drug shipments to pose downside risk to sales growth and margin expansion
- Wienerberger falls as much as 6.6%, the most in 10 months, after Morgan Stanley said the full-year outlook of the brick manufacturer came in below estimates ahead of its capital markets day
- MTU Aero shares fall as much as 6.4%, the most since April, after the German engine manufacturer’s cash flow missed expectations
Asian stocks showed resilience after US peers witnessed another selloff on AI disruption fears, as investors snapped up shares of the region’s tech hardware companies — particularly semiconductor makers.The MSCI Asia Pacific Index was up 0.1%, reversing an early decline that followed a 1% slide in the S&P 500 Index on Monday. Chipmaking giants TSMC, Samsung Electronics and SK Hynix were the biggest boosts to the Asian benchmark. They also helped key local gauges in Taiwan and South Korea rally more than 2%. The so-called “AI scare trade” was back in focus after a report by Citrini Research outlined the potential risks to various segments of the global economy, and subsequent warnings from Anthropic and Nassim Taleb soured sentiment. Like in some recent episodes of AI-led selloffs, Asia was able to perform better as the region’s tech sector is dominated by tech hardware firms, notably memory and logic chip makers, which are seen benefiting from sustained demand tied to AI infrastructure build-outs. “Clearly semiconductors are huge winners,” Alap Shah, co-author of the Citrini report, said on Bloomberg Television. “Things that are upstream to semiconductors are huge winners — so everything required to construct a data center.”
In FX, the yen tumbled following local media reports that Prime Minister Sanae Takaichi voiced apprehension about more rate hikes in a meeting with Bank of Japan Governor Kazuo Ueda. Currency markets otherwise calm, with Bloomberg Dollar Spot Index up 0.1%.
In rates, treasuries are unchanged the curve flatter as 5s30s spread partly unwinds Monday’s sharp steepening move.US 10-year yield near 4.035% is less than 1bp higher on the day with bunds and gilts in the sector outperforming by 1bp and 2bp respectively; 2s10s and 5s30s curve spreads are 0.5bp and 1.5bp tighter on the day. European bonds marginally outperform following UK’s £3 billion auction of 2033 bonds and French manufacturing confidence gauge. US session includes packed economic data and Fed speaker slates as well as a 2-year note auction at 1pm New York time.
In commodities, gold prices are down and below $5,200/oz, but copper rallying on the return of traders in China after the Lunar New Year break. Oil little changed, with Brent sitting around $71.50/barrel. Bitcoin weaker and getting close to $63,000.
The US economic calendar slate includes weekly ADP employment change (8:15am), February Philadelphia Fed non-manufacturing activity (8:30am), December FHFA house price index, 4Q house price purchase index and December S&P Cotality home prices (9am), February Richmond Fed manufacturing index and consumer confidence and December wholesale trade inventories (10am) and February Dallas Fed services activity (10:30am). Fed speaker slate includes Goolsbee (8am, 9:30am), Collins and Bostic (9am), Waller (9:15am), Cook (9:30am) and Barkin (3:15pm)
Market Snapshot
- S&P 500 mini unch
- Nasdaq 100 mini +0.1%,
- Russell 2000 mini +0.1%
- Stoxx Europe 600 little changed,
- DAX -0.1%,
- CAC 40 little changed
- 10-year Treasury yield little changed at 4.03%
- VIX -0.1 points at 20.93
- Bloomberg Dollar Index little changed at 1190.43,
- euro unchanged at $1.1785
- WTI crude +0.3% at $66.49/barrel
Top Overnight News
- Trump dismissed reports the Pentagon fears a difficult Iran campaign, saying the Joint Chiefs chairman believes military action would be “easily won.” The president insisted he prefers a diplomatic deal. BBG
- The Trump administration is considering new national security tariffs on a half-dozen industries in the wake of a Supreme Court decision last week that invalidated many of the president’s second-term levies. The new tariffs being considered could cover industries such as large-scale batteries, cast iron and iron fittings, plastic piping, industrial chemicals and power grid and telecom equipment. WSJ
- US President Trump will use the State of the Union address to sell the public on the economy and unveil new measures to lower cost ahead of the mid-terms: WSJ.
- China has restricted exports of rare earth magnets and other critical materials to dozens of leading Japanese companies in an escalation of a dispute with Tokyo. FT
- Chinese AI startup DeepSeek’s latest AI model, set to be released as soon as next week, was trained on Nvidia’s most advanced AI chip, the Blackwell, a senior Trump administration official said on Monday, in what could represent a violation of U.S. export controls. RTRS
- Japanese PM Takaichi expressed reservations about additional interest rate hikes during her meeting with Bank of Japan Governor Kazuo Ueda last week. FT
- The UK announced new sanctions on Russia — its biggest since the early months of the Ukraine invasion — targeting energy firms and suppliers of military equipment. BBG
- Zelenskyy said Russia and Ukraine were at the “beginning of the end” of Europe’s biggest conflict since the second world war, but urged Washington to see through Putin’s negotiating “games.” FT
- Trump is implementing a new global tariff at 10% rather than the 15% rate announced over the weekend after his defeat at the Supreme Court. His move to apply a 10% for the time being rather than the 15% tariffs follows a backlash to the higher rate from several US trading partners such as the EU and UK. FT
- Alap Shah, co-author of a Citrini report that triggered yesterday’s selloff, suggested governments consider taxing AI to cushion the impact of job losses. BBG
Trade/Tariffs
- US President Trump’s 10% global tariff rate takes effect.
- China’s Commerce Ministry called on US to abandon unilateral tariff; will adjust countermeasures and monitor US actions. Willing to hold 6th round of trade talks with the US.
- China MOFCOM adds 20 Japanese companies including Mitsubishi Heavy Industries to its export control list for military activities which bans exports of dual-use items, while it will add another 20 groups to a watch list.
- EU warns the US that President Trump’s new tariff policy breaks the trade agreement.
- Japan’s finance minister Katayama said will closely examine details of US Supreme Court decision on tariffs, adds will steadily carry out US-bound investment package and Japan must be aware that US tariffs on cars remain in effect.
- Japan’s Trade Minister Akazawa held a phone conversation with US Commerce Secretary Lutnick on Monday, and both sides affirmed investment plans in the call.
- US President Trump’s administration is likely to face tough legal obstacles if it opposes refunds for the tariffs struck down by the US Supreme Court, according to Bloomberg.
- US President Trump reportedly considers new national security tariffs after SCOTUS ruling, in which new levies on a half-dozen industries would be issued separately from the new global 15% flat-rate tariff, according to WSJ.
- Taiwan Vice Premier said preferential terms reached with the US under tariff and trade deal would not change, and that they will have proactive talks with the US to ensure their interests protected under deals already reached with Washington.
- China announces that the hot-rolled steel coil issue with South Korea has been resolved.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks traded with a mostly positive bias as key participants returned to the market and with the region attempting to shrug off the weak lead from Wall St, where sentiment was weighed on by trade uncertainty and AI disruption concerns. ASX 200 struggled for direction as outperformance in the mining, energy and resources sectors was offset by losses in tech, real estate and financials, while participants continued to digest a slew of earnings. Nikkei 225rallied to back above the 57,000 level on return from the long weekend, but is off today’s best levels amid losses in tech stocks and after China’s MOFCOM added 20 Japanese companies to its export control list, which bans Chinese exports of dual-use items. Hang Seng and Shanghai Comp were mixed with the mainland boosted on return from a 10-day closure and got the first opportunity to react to the recent US tariff developments, which are seen to benefit China the most, while the Hong Kong benchmark underperformed in a reversal of the prior day’s rally amid notable losses in tech and pharmaceuticals.
Top Asian News
- Several senior US officials said the “rate checks” carried out when the yen weakened in January were initiated by US Treasury Secretary Bessent rather than at Japan’s request, according to Nikkei. US officials indicated that coordinated intervention to buy yen and sell dollars would have been considered if requested by Japan.
- Japanese Finance Minister Katayama said Japan is keeping close dialogue with the US on Forex, according to the Wall Street Journal.
European bourses (STOXX 600 -0.1%) are broadly weaker, with the IBEX 35 (-0.7%) the clear laggard as Banks weigh on the index. On the other hand, the SMI (+0.6%) is printing modest gains. European sectors, on the contrary, show a positive bias, with Utilities (+1.7%) and Materials (+0.7%) outperforming, helped by the likes of Sika (+1.9%), Givaudan (+2.2%) and Croda (+2.7%). Sika shares are rising this morning as the Board proposes to lift the gross dividend per share by 2.8%. Croda announced its FY25 earnings, with its revenue and EBITDA metrics rising Y/Y and FY26 guidance in line with forecasts. This is helping the broader Chemicals sector rise. On the other hand, Banks (-1.1%) have been hit this morning following weak Q4 earnings by Standard Chartered (-1.9%) and the effects of Anthropic’s Claude on jobs as the code can now automate COBOL modernisation efforts.
Top European News
- French Business Climate Indicator (Feb) 97 (Prev. 99).
- French Business Confidence (Feb) 102 vs. Exp. 104 (Prev. 105).
FX
- DXY is mildly firmer this morning, and trades at the mid-point of a 97.69-97.95 range; the high of the day is a pip above its 50 DMA. The theme in the US remains firmly on a) the trade situation and b) the growing woes surrounding AI – spurring increased uncertainty about the US economy, and hence the USD. Nonetheless, the index is firmer this morning, largely thanks to considerable pressure in the JPY (more on that below). For the time being, focus will be on some Tier 2 US data including Consumer Confidence, Richmond Fed Index and ADP Employment Change Weekly – Fed speak today includes, Waller (voter, dove), Cook (voter, neutral), Barkin (2027 voter, neutral), Goolsbee (2027 Voter, Dovish), Bostic (retiring, hawk), Collins (2028 voter, neutral). Thereafter, US President Trump is set to deliver his State of the Union address, where he is expected to speak on the economy, new policies and potentially trade (02:00 GMT Wednesday / 21:00 EST Tuesday).
- JPY is shunned today, currently off by around 0.8%, with USD/JPY trading at the upper end of a 154.52 to 156.27 range – the pair currently pivots its 50 DMA at 155.97. Overnight, pressure stemmed from reports that US Treasury Secretary Bessent initiated rate checks, rather than those occurring at the request of the Japanese. The weakness in JPY was then exacerbated by source reports that PM Takaichi relayed to BoJ Governor Ueda her reservations about further rate hikes; she was reportedly “stricter than at the previous meeting”, in November. As a reminder, the PM and Ueda met last week, where traders assigned some risk that the PM would ask Ueda to cull future rate hikes; despite this, Ueda suggested that the PM “didn’t have any particular requests”.
- Finally, G10 peers are broadly incrementally firmer/flat against the USD. Antipodeans benefit from the constructive sentiment seen in the APAC session, and as base metals remain bid. EUR/USD remains steady within a narrow 1.1767-1.1796 range; the low for today is a handful of pips below its 50 DMA at 1.1772.
Central Banks
- Japanese PM Takaichi reportedly relayed to BoJ Governor Ueda her reservations about further rate hikes, according to Mainichi citing sources.
- Chinese Loan Prime Rate 1Y (Feb) 3.00% vs. Exp. 3.00% (Prev. 3.00%).
- Chinese Loan Prime Rate 5Y (Feb) 3.50% vs. Exp. 3.50% (Prev. 3.50%).
- NBP’s Glapinski said monetary policy needs to be cautious.
Fixed Income
- JGBs were boosted this morning by a Mainichi report that PM Takaichi relayed reservations to BoJ Governor Ueda about further tightening, with Takaichi’s stance described by the sources as “stricter” vs their last meeting. This lifted JGBs by around 30 ticks to a 133.10 peak.
- USTs flat, in a narrow 113-07+ to 113-13 band. Awaiting further updates on the AI disruption narrative, US-Iran and numerous Fed officials. From those, the most pertinent include Cook (voter), who, in early February, said she supported waiting after December to cut again and described tariff price-rises as temporary. Waller (voter) has already spoken post-SCOTUS, saying the impact would likely be limited. The docket also includes 2027 voters, Barkin & Goolsbee, and 2028 voter Collins.
- Bunds firmer by around 10 ticks, holding just off a 129.73 peak which is just above Monday’s 129.71 best. ECB’s Lagarde theoretically headlines the docket, though she has spoken extensively recently. As such, the benchmark will likely conform to leads from USTs and the global risk tone if there is an AI/tariff/US-Iran update.
- Gilts also firmer by around 10 ticks and at a 92.97 peak, taking out the high from January and notching a fresh YTD and contract best. For the UK, the main event is the Treasury Select Committee. Pertinently, Governor Bailey headlines the outing alongside known dove Taylor and the hawkish Greene & Pill. The Governor and the two hawkish members are the focus, for any hint that the recent string of data and/or tariff updates have pushed them towards easing in the near-term. Commentary that will, by extension, inform on the ongoing debate between March and April, with 21bps of easing implied for March and 27bps in April.
- Italy sold EUR 2.5bln vs exp. EUR 2-2.5bln 2.20% 2028 BTP Short Term & EUR 2.0bln vs exp. EUR 1.5-2bln 1.10% 2031, 1.80% 2036 BTPei.
- UK sold GBP 3bln 4.125% 2033 Gilt: b/c 3.37x (prev. 3.18x), average yield 4.075% (prev. 4.296%), tail 0.2bps (prev. 0.2bps).
- Japan’s Finance Ministry is said to mull tweaking liquidity-enhancement auctions and reduce super-long supply further to steady yields.
- Australia sold AUD 1.2bln 4.25% March 2036 bonds, b/c 2.71, avg. yield 4.6969%.
Commodities
- Crude benchmarks remain mostly firmer amid the ongoing geopolitical update between the US and Iran over the last few week which has seen a gradual escalation over recent weeks. WTI and Brent trade at the upper end of their respective USD 66.16-66.95/bbl and USD 70.87-71.78/bbl, ranges.
- Spot gold has eroded some of Monday’s upside, hovering just below the USD 5,200/oz mark, with recent USD strength weighing. XAU and XAG trade in the lower ranges of USD 5135.135-5250.005/oz and 84.785-88.756/oz, respectively.
- Copper prices have picked up, coinciding with its largest buyer, China, returning to the market after the holiday period. As such, the red metal trades above the USD 13k/t mark. That aside, there hasn’t been much newsflow regarding the red metal. Currently, 3M LME copper trades in the upper range of USD 13.005-13.061k/t.
- UBS said spot gold may reach USD 6,200/oz in the near future as the factors fuelling its recent rally remain intact.
- The UK imposes new sanction on Russia’s Transneft oil operation.
- Shanghai Gold Exchange said it is to cut margin ratio and price limits for some gold and silver contracts from the closing settlement on February 24th.
- Chevron (CVX) has entered exclusive talks to take over Lukoil’s stake in Iraq’s West Kerner II oil field (480k bpd), as US sanctions pressure the Russian firm to divest.
- New Zealand is to lower the price cap on Russian crude oil.
Geopolitics: Ukraine
- Russia’s Kremlin highlights that the special operation goals have not yet been achieved, cannot provide a date for the next round of Ukraine talks.
- Russian Foreign Ministry Spokesperson said Russia will seek to find a solution to the problem of NATO’s expansion to its borders by military or political means. Added that without solving the problem of NATO’s expansion to Russia’s borders, it is impossible to solve the situation in Ukraine.
- Ukrainian President Zelensky said we will do everything necessary to ensure a strong and lasting peace.
Geopolitics: Middle East
- Iran reportedly nears a deal to purchase anti-ship missiles from China, according to sources.
- Israeli official tells Yedioth Ahronoth that a US attack on Iran is imminent.
- US President Trump said top general Dan Caine predicts an easy victory over Iran, which is at a contrast to recent comments by Caine, according to NYT.
- US President Trump is growing frustrated by the limited military options against Iran, with advisers warning that strikes may not be decisive and risk escalating the conflict, according to CBS News.
- US President Trump on Truth said “If we don’t make a deal, it will be a very bad day for Iran”.
Geopolitics: Other
- China said it is open to nuclear talks in Geneva and urges the US to resume strategic stability dialogue with Russia.
- South Korea and US are reportedly at odds over war games’ scale with the US pushing back on South Korea’s request for smaller drills, forcing the postponement of a major joint military briefing, according to SCMP.
US Event Calendar
- 9:00 am: United States Dec FHFA House Price Index MoM, est. 0.3%, prior 0.6%
- 10:00 am: United States Feb Richmond Fed Manufact. Index, est. -4.5, prior -6
- 10:00 am: United States Feb Conf. Board Consumer Confidence, est. 87.1, prior 84.5
- 10:00 am: United States Dec F Wholesale Inventories MoM, est. 0.2%, prior 0.2%
Central Bank Speakers
- 8:00 am: United States Fed’s Goolsbee Speaks on Economy
- 9:00 am: United States Fed’s Collins Gives Opening Remarks
- 9:00 am: United States Fed’s Bostic in Moderated Discussion
- 9:15 am: United States Fed’s Waller Gives Keynote Address
- 9:30 am: United States Fed’s Cook Speaks on AI
- 9:30 am: United States Fed’s Goolsbee on Bloomberg TV
- 3:15 pm: United States Fed’s Barkin & Collins on Panel
Main Rating Changes:
DB’s Jim Reid concludes the overnight wrap
Luke and Galina in my team have published a timely piece (link here) examining a group of global stocks that have sold off sharply in recent weeks amid rising fears of AI-driven disruption. They look at how valuations have adjusted, analysing PE and PEG ratios, and assess how far current prices now sit from our equity analysts’ targets. The most compelling section, for me, comes at the end, where those analysts explain why they believe these companies are far better positioned to withstand AI disruption than the market currently assumes.
It’s good timing for the note as just as US equities had fought their way back to flat yesterday, shaking off weekend tariff uncertainty and an early sell off in futures, the AI disruption narrative resurfaced once again. In the final hour or two of European trading, the S&P 500 rolled over sharply, eventually closing -1.04% down on the day, while 10 year US Treasury yields fell by -5.2bps. The declines included IBM posting its worst day since the 2000 tech bubble burst, while the software component of the S&P 500 (-3.82%) dropped to its lowest level since the Liberation Day turmoil last year, with the VIX peaking at 22.0, not far from its YTD high of 23.1. Elsewhere, Brent crude briefly touched its highest level since July on renewed fears of a potential US strike on Iran, before fading to close marginally lower on the day.
Much of the AI-related sell off was attributed to a Citrini Research memo from the future, “The 2028 Global Intelligence Crisis”, outlining a hypothetical scenario in which AI adoption drives the US unemployment rate into double digits by mid 2028. The note had been forwarded to me around ten times late last week and was ubiquitous across my social media feeds, so it was something of a surprise to see it cited as the catalyst for the sudden mid afternoon sell off in London. As with Matt Schumer’s viral “Something big is happening” piece a few weeks ago — which was also linked to significant equity losses — the argument leans heavily on narrative and emotion rather than hard evidence. That doesn’t mean it will ultimately be wrong, but in both cases the vibes to substance ratio is undeniably high. I’ll stop there, before anyone accuses my own research of the same thing.
The net result was a renewed sell-off in stocks perceived to be at risk from AI disruption. Software stocks were again affected, with that component of the S&P 500 falling -3.82% (and now -31.8% down from its October peak), including sharp declines for Workday (-6.24%), Adobe (-4.61%) and Oracle (-4.57%). But various other companies were also hit, with IBM (-13.15%) the worst performer in the S&P 500 after Anthropic said Claude Code could modernise COBOL, a legacy programming language run mostly on IBM machines. Meanwhile, several of the names namechecked in the Citrini report, including Capital One (-8.84%), American Express (-7.20%) and Doordash (-6.60%) saw outsized declines, while KKR (-8.89%) led the losses among PE firms as private credit fears again rose. More broadly, the Mag-7 (-1.51%) saw a modest underperformance, and the equal-weighted S&P 500 (-1.12%) also saw a sizeable decline as the broad array of losers outweighed the gains for defensive sectors like consumer staples (+1.46%), healthcare (+1.15%) and utilities (+0.72%). And credit also came under pressure, with US IG spreads +2bps wider and HY +10bps wider.
When it comes to tariffs, the weekend news injected another dose of uncertainty for markets, with big questions surrounding the trade deals the US agreed last year. Notably, the EU have paused the process of ratifying the US trade deal, and the chair of the EU Parliament’s trade committee, Bernd Lange, said yesterday that “We want to have clarity from the US that they are respecting the deal because that’s a crucial element.” The EU concern is that a stacking nature of the 15% Section 122 tariffs would bring total tariff rates for some products above the 15% maximum agreed by the EU and the US. The UK are another with an unclear situation, as they reached a 10% tariff deal last year, but could now face the 15% global tariff rate that would be higher than the deal already agreed to. Indeed, the UK government haven’t ruled out retaliation, with a spokesperson for PM Starmer saying that “Nothing is off the table at this stage”.
Back on the US side, it was also unclear how Trump would respond to these developments. But he did post yesterday that countries which “play games” would “be met with a much higher Tariff, and worse, than that which they just recently agreed to.”
In the meantime, the new Section 122 tariffs have just come into force at midnight Eastern Time. At the moment the rate is 10% with White House officials stating that they are working on a formal order to raise to 15%. Perhaps the stacking concern is delaying things for now. Late yesterday, we also saw the WSJ and Bloomberg report that the administration was preparing new Section 232 national security
investigations into several industries including batteries, telecom equipment and industrial chemicals. Remember that Trump’s delivering the State of the Union address tonight, so it’s possible we might get a better sense of the next steps on tariffs. As I mentioned in my CoTD yesterday (link here), net-net we still think the effective tariff rate will fall this year and that the world post-SCOTUS will see lower tariffs than the pre-SCOTUS world. For more on the latest state of the world of US tariffs, see Matt Luzzetti’s latest trade chart book here.
Elsewhere, geopolitics remained in the spotlight, as speculation continued to mount about a potential US strike on Iran. There wasn’t much fresh news yesterday, although it was reported by multiple outlets yesterday, including Bloomberg, that the State Department had ordered the evacuation of some people from their Beirut embassy. The US-Iran talks are reportedly still ongoing, and Bloomberg also said that the US’ Steve Witkoff and Jared Kushner would be in Geneva this week for more discussions on Thursday. Escalation concerns saw Brent crude rise to as high as $72.50/bbl intra-day, its highest since July, but it was down by -0.38% to $71.49/bbl by the close. It’s back up +0.6% in Asia.
The risk-off mood boosted US Treasuries, as investors made a push into safe havens. Indeed, the 10yr Treasury yield (-5.2bps) fell back to 4.03%, its lowest level since November, and the 2yr yield (-3.9bps) fell to 3.44%. The front-end rally came despite somewhat less dovish comments from Fed Governor Waller, who said he may favour a pause in rates at the March meeting if the February labour market data showed continued improvement. However, he did add that “if the good labor market news of January is revised away or evaporates in February” then he’d again back a 25bp cut, suggesting that Waller remains among the more dovish FOMC members.
Earlier in Europe, yields also moved lower across the continent, with those on 10yr UK gilts (-3.9bps) and Italian BTPs (-2.4bps) both reaching their lowest level since December 2024, whilst 10yr bund yields (-2.7bps) were down to their lowest since November, at 2.71%. The equity moves were more mixed in Europe, with the STOXX 600 down by a more moderate -0.45%, as the more tariff-sensitive DAX (-1.06%) underperformed but Spain’s IBEX 35 (+0.56%) recorded a record high. Separately, this week is also set to see German Chancellor Merz travel to China, and our economists have a note of what to expect (link here).
Looking at other asset classes, the backdrop around the tariffs, AI and Iran boosted traditional safe havens. Gold rose +2.35% to $5,227/oz, the highest since its record levels in late January, while the Japanese yen (+0.26% versus the US dollar) and the Swiss franc (+0.12%) were the best performing G10 currencies. By contrast, Bitcoin (-4.47%) had its worst day in over two weeks.
Asian equity markets are mostly shrugging off the US weakness with the KOSPI (+1.99%) again at the forefront of gains in the region, surging to a record high, supported by advances in exporters and local chipmakers. Chinese markets are returning from their week plus break with the CSI (+1.11%) and the Shanghai Composite (+0.94%) in a positive mood along with the Nikkei (+0.99%) after yesterday’s holiday. Conversely, the Hang Seng (-2.12%) is the weakest performer, suffering losses in technology and pharmaceutical shares. S&P 500 (+0.22%) and NASDAQ 100 (+0.34%) futures are bouncing back a little with European futures seeing a similar move. US Treasuries are around +1-2bps higher across the curve after the sizeable rally yesterday.
Looking at the day ahead, President Trump will deliver the State of the Union address tonight. Otherwise, US data releases include the Conference Board’s consumer confidence for February, the FHFA house price index for December, and the Richmond Fed’s manufacturing index for February. Finally, central bank speakers include the Fed’s Goolsbee, Collins, Bostic, Waller, Cook and Barkin, the ECB’s Kocher, and BoE Governor Bailey, and the BoE’s Greene and Taylor.
1b European opening report
US equity futures rebound slightly; USD/JPY strengthens on PM Takaichi’s reservation about rate hikes – Newsquawk US Opening News
Tuesday, Feb 24, 2026 – 05:36 AM
- European bourses slip as AI concerns hit European Banks; US equity futures rebound slightly.
- JPY dragged on reports PM Takaichi raised reservations about rate hikes to BoJ Governor Ueda; DXY slightly firmer.
- Gilts notch a fresh contract high into the TSC, USTs rangebound heading into heavy speaker docket.
- WTI and Brent mildly gains; Spot gold retreats from Monday’s best while Copper gains as mainland China returns.
- Looking ahead, highlights include US ADP Weekly, House Prices (Dec), Consumer Confidence (Feb), Dallas/Richmond Fed (Feb), Atlanta Fed GDP, NBH Policy Announcement, Speakers including ECB’s Lagarde, BoE’s Bailey, Greene, Taylor & Pill, Fed’s Goolsbee, Collins, Bostic, Waller, Cook & Barkin, Supply from the US, Earnings from Home Depot & Keurig Dr Pepper.
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EUROPEAN TRADE
EQUITIES
- European bourses (STOXX 600 -0.1%) are broadly weaker, with the IBEX 35 (-0.7%) the clear laggard as Banks weigh on the index. On the other hand, the SMI (+0.6%) is printing modest gains.
- European sectors, on the contrary, show a positive bias, with Utilities (+1.7%) and Materials (+0.7%) outperforming, helped by the likes of Sika (+1.9%), Givaudan (+2.2%) and Croda (+2.7%). Sika shares are rising this morning as the Board proposes to lift the gross dividend per share by 2.8%. Croda announced its FY25 earnings, with its revenue and EBITDA metrics rising Y/Y and FY26 guidance in line with forecasts. This is helping the broader Chemicals sector rise. On the other hand, Banks (-1.1%) have been hit this morning following weak Q4 earnings by Standard Chartered (-1.9%) and the effects of Anthropic’s Claude on jobs as the code can now automate COBOL modernisation efforts.
- US equity futures (NQ +0.3%, ES/RTY +0.2%) are modestly rebounding following Monday’s selloff, aided by another AI scare. Citrini released a report over the weekend stating that AI may significantly displace workers, with unemployment possibly rising to 10% within 18 months and causing a recession.
- Standard Chartered (STAN LN/2888 HK) – Q4 2025 (USD) Adj. Pre-tax 1.24bln (exp. 1.38bln), Oper. Revenue 4.85bln (exp. 4.91bln), Pretax Profit 814mln (exp. 1.1bln), NII 3bln, -1% Y/Y. FY2025 profit attributable 5.1bln, +25.6% Y/Y. Co. announces additional USD 1.5bln share buyback.
- US President Trump administration senior official said Chinese AI startup DeepSeek’s latest AI model was trained on NVIDIA’s (NVDA) most-advanced AI chip, the Blackwell, despite the US export controls, according to Reuters.
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
FX
- DXY is mildly firmer this morning, and trades at the mid-point of a 97.69-97.95 range; the high of the day is a pip above its 50 DMA. The theme in the US remains firmly on a) the trade situation and b) the growing woes surrounding AI – spurring increased uncertainty about the US economy, and hence the USD. Nonetheless, the index is firmer this morning, largely thanks to considerable pressure in the JPY (more on that below). For the time being, focus will be on some Tier 2 US data including Consumer Confidence, Richmond Fed Index and ADP Employment Change Weekly – Fed speak today includes, Waller (voter, dove), Cook (voter, neutral), Barkin (2027 voter, neutral), Goolsbee (2027 Voter, Dovish), Bostic (retiring, hawk), Collins (2028 voter, neutral). Thereafter, US President Trump is set to deliver his State of the Union address, where he is expected to speak on the economy, new policies and potentially trade (02:00 GMT Wednesday / 21:00 EST Tuesday).
- JPY is shunned today, currently off by around 0.8%, with USD/JPY trading at the upper end of a 154.52 to 156.27 range – the pair currently pivots its 50 DMA at 155.97. Overnight, pressure stemmed from reports that US Treasury Secretary Bessent initiated rate checks, rather than those occurring at the request of the Japanese. The weakness in JPY was then exacerbated by source reports that PM Takaichi relayed to BoJ Governor Ueda her reservations about further rate hikes; she was reportedly “stricter than at the previous meeting”, in November. As a reminder, the PM and Ueda met last week, where traders assigned some risk that the PM would ask Ueda to cull future rate hikes; despite this, Ueda suggested that the PM “didn’t have any particular requests”.
- Finally, G10 peers are broadly incrementally firmer/flat against the USD. Antipodeans benefit from the constructive sentiment seen in the APAC session, and as base metals remain bid. EUR/USD remains steady within a narrow 1.1767-1.1796 range; the low for today is a handful of pips below its 50 DMA at 1.1772.
FIXED INCOME
- JGBs were boosted this morning by a Mainichi report that PM Takaichi relayed reservations to BoJ Governor Ueda about further tightening, with Takaichi’s stance described by the sources as “stricter” vs their last meeting. This lifted JGBs by around 30 ticks to a 133.10 peak.
- USTs flat, in a narrow 113-07+ to 113-13 band. Awaiting further updates on the AI disruption narrative, US-Iran and numerous Fed officials. From those, the most pertinent include Cook (voter), who, in early February, said she supported waiting after December to cut again and described tariff price-rises as temporary. Waller (voter) has already spoken post-SCOTUS, saying the impact would likely be limited. The docket also includes 2027 voters, Barkin & Goolsbee, and 2028 voter Collins.
- Bunds firmer by around 10 ticks, holding just off a 129.73 peak which is just above Monday’s 129.71 best. ECB’s Lagarde theoretically headlines the docket, though she has spoken extensively recently. As such, the benchmark will likely conform to leads from USTs and the global risk tone if there is an AI/tariff/US-Iran update.
- Gilts also firmer by around 10 ticks and at a 92.97 peak, taking out the high from January and notching a fresh YTD and contract best. For the UK, the main event is the Treasury Select Committee. Pertinently, Governor Bailey headlines the outing alongside known dove Taylor and the hawkish Greene & Pill. The Governor and the two hawkish members are the focus, for any hint that the recent string of data and/or tariff updates have pushed them towards easing in the near-term. Commentary that will, by extension, inform on the ongoing debate between March and April, with 21bps of easing implied for March and 27bps in April.
- Italy sold EUR 2.5bln vs exp. EUR 2-2.5bln 2.20% 2028 BTP Short Term & EUR 2.0bln vs exp. EUR 1.5-2bln 1.10% 2031, 1.80% 2036 BTPei.
- UK sold GBP 3bln 4.125% 2033 Gilt: b/c 3.37x (prev. 3.18x), average yield 4.075% (prev. 4.296%), tail 0.2bps (prev. 0.2bps).
- Japan’s Finance Ministry is said to mull tweaking liquidity-enhancement auctions and reduce super-long supply further to steady yields.
- Australia sold AUD 1.2bln 4.25% March 2036 bonds, b/c 2.71, avg. yield 4.6969%.
COMMODITIES
- Crude benchmarks remain mostly firmer amid the ongoing geopolitical update between the US and Iran over the last few week which has seen a gradual escalation over recent weeks. WTI and Brent trade at the upper end of their respective USD 66.16-66.95/bbl and USD 70.87-71.78/bbl, ranges.
- Spot gold has eroded some of Monday’s upside, hovering just below the USD 5,200/oz mark, with recent USD strength weighing. XAU and XAG trade in the lower ranges of USD 5135.135-5250.005/oz and 84.785-88.756/oz, respectively.
- Copper prices have picked up, coinciding with its largest buyer, China, returning to the market after the holiday period. As such, the red metal trades above the USD 13k/t mark. That aside, there hasn’t been much newsflow regarding the red metal. Currently, 3M LME copper trades in the upper range of USD 13.005-13.061k/t.
- UBS said spot gold may reach USD 6,200/oz in the near future as the factors fuelling its recent rally remain intact.
- The UK imposes new sanction on Russia’s Transneft oil operation.
- Shanghai Gold Exchange said it is to cut margin ratio and price limits for some gold and silver contracts from the closing settlement on February 24th.
- Chevron (CVX) has entered exclusive talks to take over Lukoil’s stake in Iraq’s West Kerner II oil field (480k bpd), as US sanctions pressure the Russian firm to divest.
- New Zealand is to lower the price cap on Russian crude oil.
TRADE/TARIFFS
- US President Trump’s 10% global tariff rate takes effect.
- China’s Commerce Ministry called on US to abandon unilateral tariff; will adjust countermeasures and monitor US actions. Willing to hold 6th round of trade talks with the US.
- China MOFCOM adds 20 Japanese companies including Mitsubishi Heavy Industries to its export control list for military activities which bans exports of dual-use items, while it will add another 20 groups to a watch list.
- EU warns the US that President Trump’s new tariff policy breaks the trade agreement.
- Japan’s finance minister Katayama said will closely examine details of US Supreme Court decision on tariffs, adds will steadily carry out US-bound investment package and Japan must be aware that US tariffs on cars remain in effect.
- Japan’s Trade Minister Akazawa held a phone conversation with US Commerce Secretary Lutnick on Monday, and both sides affirmed investment plans in the call.
- US President Trump’s administration is likely to face tough legal obstacles if it opposes refunds for the tariffs struck down by the US Supreme Court, according to Bloomberg.
- US President Trump reportedly considers new national security tariffs after SCOTUS ruling, in which new levies on a half-dozen industries would be issued separately from the new global 15% flat-rate tariff, according to WSJ.
- Taiwan Vice Premier said preferential terms reached with the US under tariff and trade deal would not change, and that they will have proactive talks with the US to ensure their interests protected under deals already reached with Washington.
- China announces that the hot-rolled steel coil issue with South Korea has been resolved.
NOTABLE EUROPEAN DATA RECAP
- French Business Climate Indicator (Feb) 97 (Prev. 99).
- French Business Confidence (Feb) 102 vs. Exp. 104 (Prev. 105).
CENTRAL BANKS
- Japanese PM Takaichi reportedly relayed to BoJ Governor Ueda her reservations about further rate hikes, according to Mainichi citing sources.
- Chinese Loan Prime Rate 1Y (Feb) 3.00% vs. Exp. 3.00% (Prev. 3.00%).
- Chinese Loan Prime Rate 5Y (Feb) 3.50% vs. Exp. 3.50% (Prev. 3.50%).
- NBP’s Glapinski said monetary policy needs to be cautious.
NOTABLE US HEADLINES
- US President Trump will use the State of the Union address to sell the public on the economy and unveil new measures to lower cost ahead of the mid-terms, according to WSJ.
GEOPOLITICS
RUSSIA-UKRAINE
- Russia’s Kremlin highlights that the special operation goals have not yet been achieved, cannot provide a date for the next round of Ukraine talks.
- Russian Foreign Ministry Spokesperson said Russia will seek to find a solution to the problem of NATO’s expansion to its borders by military or political means. Added that without solving the problem of NATO’s expansion to Russia’s borders, it is impossible to solve the situation in Ukraine.
- Ukrainian President Zelensky said we will do everything necessary to ensure a strong and lasting peace.
MIDDLE EAST
- Iran reportedly nears a deal to purchase anti-ship missiles from China, according to sources.
- Israeli official tells Yedioth Ahronoth that a US attack on Iran is imminent.
- US President Trump said top general Dan Caine predicts an easy victory over Iran, which is at a contrast to recent comments by Caine, according to NYT.
- US President Trump is growing frustrated by the limited military options against Iran, with advisers warning that strikes may not be decisive and risk escalating the conflict, according to CBS News.
- US President Trump on Truth said “If we don’t make a deal, it will be a very bad day for Iran”.
OTHERS
- China said it is open to nuclear talks in Geneva and urges the US to resume strategic stability dialogue with Russia.
- South Korea and US are reportedly at odds over war games’ scale with the US pushing back on South Korea’s request for smaller drills, forcing the postponement of a major joint military briefing, according to SCMP.
CRYPTO
- Bitcoin slips to USD 63,000 while Ethereum falls further below USD 2,000.
APAC TRADE
- APAC stocks traded with a mostly positive bias as key participants returned to the market and with the region attempting to shrug off the weak lead from Wall St, where sentiment was weighed on by trade uncertainty and AI disruption concerns.
- ASX 200 struggled for direction as outperformance in the mining, energy and resources sectors was offset by losses in tech, real estate and financials, while participants continued to digest a slew of earnings.
- Nikkei 225rallied to back above the 57,000 level on return from the long weekend, but is off today’s best levels amid losses in tech stocks and after China’s MOFCOM added 20 Japanese companies to its export control list, which bans Chinese exports of dual-use items.
- Hang Seng and Shanghai Comp were mixed with the mainland boosted on return from a 10-day closure and got the first opportunity to react to the recent US tariff developments, which are seen to benefit China the most, while the Hong Kong benchmark underperformed in a reversal of the prior day’s rally amid notable losses in tech and pharmaceuticals.
NOTABLE APAC HEADLINES
- Several senior US officials said the “rate checks” carried out when the yen weakened in January were initiated by US Treasury Secretary Bessent rather than at Japan’s request, according to Nikkei. US officials indicated that coordinated intervention to buy yen and sell dollars would have been considered if requested by Japan.
- Japanese Finance Minister Katayama said Japan is keeping close dialogue with the US on Forex, according to the Wall Street Journ
1 c) Asian opening report
Stocks steady after another AI scare; Jam-packed speaker slate awaits – Newsquawk EU Market Open
Tuesday, Feb 24, 2026 – 01:40 AM
- APAC mostly firmer as China returned, somewhat shrugging off the weak Wall St. finish on AI disruption concerns.
- DXY marginally firmer, EUR/USD directionless, while USD/JPY edged higher and above 155.00.
- USTs pulled back from Monday’s best, Bunds remained near highs, while JGBs saw choppy action after the long weekend.
- Crude remained tentative amid ongoing geopolitical uncertainty, XAU faded while copper rallied as China returned.
- Looking ahead, highlights include US ADP Weekly, House Prices (Dec), Consumer Confidence (Feb), Dallas/Richmond Fed (Feb), Atlanta Fed GDP, NBH Policy Announcement, Speakers including ECB’s Lagarde, BoE’s Bailey, Lombardelli, Greene, Taylor & Pill, Fed’s Goolsbee, Collins, Bostic, Waller, Cook & Barkin, Supply from UK, Italy & US, Earnings from Home Depot, Standard Chartered & Keurig Dr Pepper.
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US TRADE
EQUITIES
- US stocks were pressured amid a broad risk-off session with equities sliding on fears of further AI disruption, while US President Trump hiked tariffs. The AI fears seemingly stemmed from a research piece from Citrini Research exploring severe downside risks if AI exceeds expectations. This is not the firm’s base-case scenario, but it highlighted how unemployment could spike to 10% with the SPX down 38% from late-2026 peaks (which it pencilled in at 8,000) with a recession in 2027. It largely highlighted payments, software and private credit stocks as highly exposed to such a scenario. All of which sectors tumbled on Monday, while IBM also took a chunky hit as Anthropic announced that Claude can now automate COBOL modernisation efforts – further adding to the AI disruption fears. Meanwhile, on trade, Trump lifted his Section 122 tariffs to 15% from 10% over the weekend. Nations like Mexico announced they will now be paying less tariffs on non-USMCA-compliant goods, while the EU has frozen trade talks with the US and is not seeking to alter the pre-existing deal at this stage. Furthermore, President Trump warned that those who decide to play games will be met with a higher tariff than what they recently agreed to.
- SPX -1.04% at 6,838, NDX -1.21% at 24,709, DJI -1.66% at 48,804, RUT -1.61% at 2621.
- Click here for a detailed summary.
TARIFFS/TRADE
- US President Trump’s 10% global tariff rate took effect, as expected.
- US President Trump reportedly considers new national security tariffs following the SCOTUS ruling, in which new levies on a half-dozen industries would be issued separately from the new global 15% flat-rate tariff, according to WSJ.
- US President Trump’s administration is likely to face tough legal obstacles if it opposes refunds for the tariffs struck down by the US Supreme Court, according to Bloomberg.
- US admin official told Fox Business’s Edward Lawrence that the tariffs President Trump imposed on Friday under Section 122 are currently at 10%, and will go to 15%, but require a separate presidential action which is currently being worked on.
- EU warned the US that President Trump’s new tariff policy breaks the trade agreement.
- Japanese Finance Minister Katayama said they will closely examine details of the US Supreme Court decision on tariffs, while she added that they will steadily carry out the US-bound investment package and that Japan must be aware that US tariffs on cars remain in effect.
- Taiwan’s Vice Premier said preferential terms reached with the US under the tariff and trade deal would not change, and that they will have proactive talks with the US to ensure their interests are protected under deals already reached with Washington.
- China’s MOFCOM added 20 Japanese companies, including Mitsubishi Heavy Industries to the export control list for military activities, which bans exports of dual-use items, while it will add another 20 groups, including automakers, to a watch list.
NOTABLE HEADLINES
- US President Trump will use the State of the Union address to sell the public on the economy and unveil new measures to lower costs ahead of the midterms, according to WSJ. It was separately reported that President Trump is exploring a new retirement savings plan and may address it in the State of the Union.
APAC TRADE
EQUITIES
- APAC stocks traded with a mostly positive bias as key participants returned to the market and with the region attempting to shrug off the weak lead from Wall St, where sentiment was weighed on by trade uncertainty and AI disruption concerns.
- ASX 200 struggled for direction as outperformance in the mining, energy and resources sectors was offset by losses in tech, real estate and financials, while participants continued to digest a slew of earnings.
- Nikkei 225 rallied to back above the 57,000 level on return from the long weekend, but is off today’s best levels amid losses in tech stocks and after China’s MOFCOM added 20 Japanese companies to its export control list, which bans Chinese exports of dual-use items.
- Hang Seng and Shanghai Comp were mixed with the mainland boosted on return from a 10-day closure and got the first opportunity to react to the recent US tariff developments, which are seen to benefit China the most, while the Hong Kong benchmark underperformed in a reversal of the prior day’s rally amid notable losses in tech and pharmaceuticals.
- US equity futures partially nursed some of the prior day’s trade and AI-related losses.
- European equity futures indicate a positive cash market open with Euro Stoxx 50 futures up 0.2% after the cash market closed with losses of 0.3% on Monday.
FX
- DXY was mildly firmer although gains are capped amid the mixed performances of the dollar’s major counterparts and with ongoing trade uncertainty as President Trump is reportedly considering new national security tariffs, in which new levies on a half-dozen industries would be issued separately from the new global 15% flat-rate tariff, while he also previously warned a much higher tariff on any country that wants to “play games” with the SCOTUS decision. Nonetheless, the price action is contained as participants await a slew of data releases and Fed speak on Tuesday, as well as President Trump’s State of the Union Address, where he is said to promote the economy and unveil new measures to lower costs ahead of the midterms.
- EUR/USD lacked direction after it faded most of the prior day’s initial gains and failed to sustain the 1.1800 handle, with the single currency not helped by trade frictions as the EU was said to warn the US that the new tariff policy breaks the trade agreement, while it also postponed ratifying the trade deal amid the tariff disarray. There were also comments from ECB’s Lagarde, but did little to shift the dial as she reiterated that inflation and policy are in a good place, and that the ECB will decide policy meeting-by-meeting.
- GBP/USD eked slight gains in rangebound trade near the 1.3500 focal point in the absence of any major UK catalysts, although there are several BoE officials scheduled to speak today.
- USD/JPY edged higher and reclaimed the 155.00 handle amid the positive sentiment in Japan on return from the long weekend and with tailwinds in the dollar after the PBoC’s surprise weakening of the CNY fix.
- Antipodeans slightly gained amid recent upside in commodities and the mostly constructive mood.
- PBoC set USD/CNY mid-point at 6.9414 vs exp. 6.9249 (Prev. 6.9398)
FIXED INCOME
- 10yr UST futures pulled back from the prior day’s best levels after advancing on the risk-off mood stateside owing to US President Trump’s global tariff hike and further AI disruption worries, while price demand is constrained overnight ahead of a plethora of data and Fed speakers, as well as incoming supply.
- Bund futures held on to recent spoils but with further upside limited amid a lack of pertinent drivers and amid trade uncertainty with the EU postponing its ratification of the trade agreement with the US.
- 10yr JGB futures whipsawed on return from the long weekend as prices initially rallied to above the 133.00 level, before wiping out the gains amid the mostly positive risk environment in the region.
COMMODITIES
- Crude futures gradually edged higher following the prior day’s two-way price action, with the crude benchmarks tentative amid the ongoing geopolitical uncertainty.
- Australia and New Zealand reportedly lowered the price cap on Russian crude oil.
- Chevron (CVX) entered exclusive talks to take over Lukoil’s stake in Iraq’s West Kerner II oil field (480k bpd), as US sanctions pressure the Russian firm to divest.
- Spot gold faded some of the prior day’s advances after briefly returning to above the USD 5,200/oz level, with pressure seen in tandem with a 3% intraday slump in silver as the dollar strengthened.
- Copper futures rallied with an uplift seen as the red metal’s largest buyer returned to the market.
CRYPTO
- Bitcoin declined throughout the session and briefly slid beneath the USD 63,000 level.
NOTABLE ASIA-PAC HEADLINES
- Chinese 1-Year Loan Prime Rate (Feb) 3.00% vs. Exp. 3.00% (Prev. 3.00%)
- Chinese 5-Year Loan Prime Rate (Feb) 3.50% vs. Exp. 3.50% (Prev. 3.50%)
- DeepSeek is set to release a new AI model with the release date not yet announced, but is expected to be imminent following last week’s conclusion of the Lunar New Year celebration.
- US President Trump administration senior official claimed that DeepSeek’s latest AI model was trained on NVIDIA’s (NVDA) Blackwell chip, despite US export controls.
- Anthropic accused Chinese Cos. of siphoning data from Claude, while allegations mirror those of OpenAI, which told House lawmakers that DeepSeek used ‘distillation’ to improve models.
- Japanese Finance Minister Katayama said Japan is keeping close dialogue with the US on Forex, according to the Wall Street Journal. It was separately reported that several senior US officials said the “rate checks” carried out when the yen weakened in January were initiated by US Treasury Secretary Bessent rather than at Japan’s request, while US officials indicated that coordinated intervention to buy yen and sell dollars would have been considered if requested by Japan, according to Nikkei.
GEOPOLITICS
MIDDLE EAST
- US Joint Chiefs Chairman General Caine has been advising President Trump and top officials that a military campaign against Iran could carry significant risks, in particular, the possibility of becoming entangled in a prolonged conflict, while envoys Jared Kushner and Steve Witkoff have been urging the president to hold off and give diplomacy a chance, according to Axios.
- US President Trump posted “Numerous stories from the Fake News Media have been circulating stating that General Daniel Caine, sometimes referred to as Razin, is against us going to War with Iran. The story does not attribute this vast wealth of knowledge to anyone, and is 100% incorrect. General Caine, like all of us, would like not to see War but, if a decision is made on going against Iran at a Military level, it is his opinion that it will be something easily won.” Furthermore, Trump said he would rather have a deal than not, but if we don’t make a deal, it will be a very bad day for Iran.
- US President Trump is growing frustrated by the limited military options against Iran, with advisers warning that strikes may not be decisive and risk escalating the conflict, according to CBS News.
- US Secretary of War Hegseth said “Iran should make a deal. Iran has an opportunity to make a deal. That’s the outcome the President would prefer’. Hegseth added that everything is still on the table, and it is the president’s decision, while he thinks Iran would be wise to make a good deal.
- Iran’s Supreme Leader considers nuclear enrichment a pillar of the regime that can’t be abandoned, and Iran sees having missiles capable of reaching Israel as crucial. Furthermore, Iran doesn’t believe the US will ease sanctions once it capitulates a deal, while Iran may try to create a long-term confrontation that would hurt Trump in the midterm elections.
- US Embassy in Beirut ordered the departure of non-emergency US government personnel and their family members on Monday due to the security situation.
- Israeli official told Yedioth Ahronoth that a US attack on Iran is imminent.
RUSSIA/UKRAINE
- Ukrainian President Zelensky said Russia and Ukraine were at the “beginning of the end” of Europe’s biggest conflict since World War 2 and he urged the US to see through Russian President Putin’s negotiating ‘games’, while he called on the EU to fix a date for Ukraine’s accession to the bloc, according to FT.
OTHER
- US nuclear arms control delegation will reportedly meet with Chinese counterparts in Geneva.
- Pentagon said the US struck an alleged drug cartel boat in the Caribbean, killing three people.
- South Korea and the US are reported to be at odds over the scale of their annual war games, with the US pushing back on South Korea’s request for smaller drills, forcing the postponement of a major joint military briefing, according to SCMP.
EU/UK
NOTABLE HEADLINES
- ECB President Lagarde said inflation and policy are in a good place, while she added that completing her term is her baseline. Furthermore, she stated that the ECB will decide policy meeting-by-meeting and must remain agile.
2.a NORTH KOREA/SOUTH KOREA/JAPAN
SOUTH KOREA/USA
2b JAPAN
Yen Tumbles After Japan’s PM Voices Concerns About Further Rate Hikes To BOJ
Tuesday, Feb 24, 2026 – 11:00 AM
The yen was already sliding on Monday after Nikkei Asia reported that the sharp swing we saw in USDJPY in January was initiated by FX intervention from US Treasury Secretary Bessent not Tokyo, even if Washington, D.C. is open to coordinated forex moves if requested by Japan. FX traders took this as evidence that, contrary to previous conventional wisdom, Japanese authorities were prepared to allow the USDJPY to continue climbing on Jan. 23 and it was only US action which prevented a print at 160, or higher. At the time, investors were leaning toward the upcoming Japanese election as a reason for intransigence, but this report made it seem more like benign neglect of the currency.
Then yen then dropped some more after China added 20 Japanese firms – including affiliates of Mitsubishi Heavy Industries – to an export control blacklist, escalating the dispute between the two nations.
But it was the third drop that was the biggest, and sent the USDJPY above 156, after Japan’s Mainichi daily reported that Japanese Prime Minister Sanae Takaichi expressed reservations about additional interest rate hikes during her meeting with Bank of Japan Governor Kazuo Ueda last week.
The report, if true, signals growing friction over monetary policy that could complicate the BOJ’s timetable as coordination with the newly strengthened administration becomes more delicate, and as the new PM does what every other politicians has been so willing to do in recent years: support the stock market at all costs, surging inflation be damned. Oh, and by not hiking rates, Japan can pretend that its Japanese bond market game of musical chairs can extend a little bit longer.
Ueda had (mis)characterized the meeting last Monday as a general exchange of views on economic and financial developments, and had said the prime minister had not made any specific monetary policy requests.
Takaichi herself has been coy about the particulars of their meeting, saying only that she hoped the central bank would work closely with the government to durably achieve its 2% inflation target accompanied by wage gains.
The meeting was held amid raging speculation that the rising cost of living, driven in part by the weak yen – but mostly by the surging price in rice which the BOJ has no control over – could prompt the central bank to raise interest rates as soon as March or April. In December, the BOJ raised rates to a 30-year high of 0.75% and signaled further hikes were possible.
A Reuters poll this month showed that a majority of economists expect the BOJ to raise its key rate to 1% by the end of June, with some anticipating a move as soon as April because of mounting concerns about inflationary pressures and a weak yen. Odds of a rate hike have certainly tumbled after last night’s report.
Following the Mainichi report, the yen tumbled, and the USDJPY surged by 100 pips, rising to 156, the highest price it has been in 2 weeks.
3. CHINA
CHINA/AFRICA
‘Out Of Africa’: Beijing Slashes Investment Up To 85%
Tuesday, Feb 24, 2026 – 05:00 AM
Authored by James Gorrie via The Epoch Times,
For more than a decade, China’s footprint across Africa has expanded at a phenomenal pace.
Railways in Kenya, ports in Tanzania, energy projects across sub-Saharan Africa, and militarized infrastructure in various places have meant billions in state-backed loans. For decades, Beijing has positioned itself as Africa’s largest trading partner and its most aggressive infrastructure financier.
But something has changed.
In some sectors, such as energy lending by Chinese development finance institutions, investment levels have fallen by as much as 85 percent from their peak years. That’s not a rounding error, that’s a strategic retreat.
What’s really going on? Is China walking away from Africa? Or is Africa revealing something deeper about China’s own economic stress?
It’s all of the above and more.
The Pullback Is Real—and Sharp
According to research cited by the Clean Air Task Force, Chinese development finance for African energy projects has declined roughly 85 percent since 2015. That’s a dramatic contraction in capital deployment.
Separate reporting based on data from Boston University’s Global Development Policy Center shows that Chinese lending to Africa has fallen sharply in recent years. In some reports, China’s investment fell nearly 46 percent year over year in 2024.
This isn’t just a pause. It’s a reset.
For years, Beijing fueled infrastructure growth across the continent through state-backed loans tied to its Belt and Road Initiative expansion. Now, the tap isn’t fully off, but it’s not flowing as freely as it used to.
China Isn’t Leaving Africa, but It’s Changing How It Engages
Before jumping to the “China is out of Africa” conclusion, it’s important to note a few critical facts.
For one, China remains Africa’s largest trading partner. Trade volumes remain substantial and have even grown in recent years.
But lending and investment are different from trade.
Instead of large sovereign infrastructure loans, Beijing appears to be shifting toward more commercially viable projects and private sector–led foreign direct investment. Beijing is also favoring trade expansion over debt expansion.
That’s a broad policy shift. An analysis of broader outbound Chinese investment patterns in 2025 shows a more cautious and selective capital strategy globally—not just in Africa.
In other words, China isn’t abandoning Africa—Beijing is abandoning risk.
The Real Story May Be Domestic
But the context may be less about Africa and more about China. It’s no state secret that China’s economy is under real pressure, including a prolonged property sector downturn, persistent and high local government debt, slowing GDP growth, and weak domestic consumption.
Those challenges have led Beijing to ramp up capital controls and financial risk management, both of which are indicators of a markedly different economy than the one for which China became world-renowned.
In short, China’s days of double-digit expansion are long gone. A new malaise has set in that isn’t easily overcome. Chinese authorities are increasingly focused on stabilizing employment, preventing financial contagion, and managing demographic decline.
When capital gets tight at home, overseas mega-projects become harder to justify—especially in politically complex or financially risky environments. Thus, Africa isn’t being punished—it’s being reprioritized.
Even some critics of the “debt trap diplomacy” narrative note that China has become far more cautious as a creditor in recent years.
Strategic Reassessment, Not Strategic Retreat
China’s Africa policy framework still operates through the Forum on China–Africa Cooperation, which continues to promote trade, tariff elimination for least-developed African countries, and development cooperation.
Trade between China and Africa reached nearly $300 billion in recent reporting, underscoring that economic ties remain strong. But there’s a difference between facilitating trade and underwriting sovereign debt.
China’s earlier model, which provided large, state-backed loans for infrastructure, carried political and financial risks. Some projects underperformed, and other countries struggled with repayment, becoming vassals of Beijing amid intensifying global scrutiny.
Beijing appears to have decided to scale back exposure to such risks, tightening standards and investing where returns are clearer. That’s not ideological behavior but balance-sheet management.
What This Says About China’s Economy
An 85 percent reduction in certain categories of overseas investment doesn’t just reflect changing foreign policy. It signals that large-scale overseas lending no longer aligns with domestic priorities and that conserving capital is a necessity, as liquidity and risk appetite have tightened.
Beijing recognizes that as economic conditions decline, domestic stability declines as well. Therefore, the Chinese Communist Party (CCP) is prioritizing internal stability by managing debt, stabilizing property markets, and preserving employment. At this point, it’s clear that these rising domestic problems matter more to the CCP than expanding geopolitical infrastructure influence.
It’s not necessarily that the era of unlimited Belt and Road expansion is over, but China is entering a phase of selective, return-driven engagement over broad strategic underwriting.
This is what economic maturation—or economic strain—looks like.
Global Ambitions Meet Financial Reality
The CCP’s global ambitions are now bound by domestic economic reality. Overextension abroad while managing economic fragility at home is a dangerous combination.
Pulling back could signal discipline, economic stress, or both. Economic stress demands financial discipline, and when the world’s second-largest economy tightens its checkbook by 85 percent in key sectors, the story isn’t just about Africa’s financial future—it’s about China’s.
Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times.
4.EUROPEAN AND SCANDINAVIAN AFFAIRS
HUNGARY SLOVAKIA
Critical Part Of Hungary & Slovakia’s Russian Oil Flows Has Just Been Blown Up
Tuesday, Feb 24, 2026 – 04:15 AM
Ukraine’s long-range drone campaign has reportedly once again struck at the heart of Russia’s energy artery, igniting a fire at a key Transneft oil pumping station in the republic of Tatarstan early Monday.
Regional officials confirmed the incident after local media and Telegram channels first reported explosions near the strategic facility, with authorities announcing: “as a result of falling drone debris, a local fire broke out in an industrial zone.”
No casualties resulted from the blasts which took place around 4am at the Kaleykino pumping station. A fire ensued after eyewitnesses reported hearing some seven explosions.
Ukrainian media has cited a source who described, “Tonight, long-range SBU drones caused a ‘bavovna’ (explosion) at the main oil pumping station ‘Kaleykino’ near Almetyevsk in Tatarstan. It receives oil from Western Siberia and the Volga region and mixes it before sending it for export. The station is a key hub for supplying raw materials to the ‘Druzhba’ oil pipeline.”
The Moscow Times also notes:
Kaleykino serves as a critical receiving and mixing terminal that aggregates crude oil flows from several Russian regions and facilitates the transport of nearly 30% of the country’s crude oil toward major export routes like the Druzhba pipeline.
Druzhba has been featured heavily in the news of late, given oil shipments to Hungary and Slovakia via Druzhba were halted after a Jan. 27 airstrike on equipment in western Ukraine.
Ukraine blamed the attack on Moscow, while Hungary is blaming Kiev for deliberately not repairing the pipeline because it doesn’t want it to supply Budapest, or Slovakia, with Russian oil. A political firestorm has ensued ever since.
The controversy has led the Orban government to on Monday block the EU’s proposed €90 billion loan package for Ukraine and also it vetoed the 20th round of anti-Moscow sanctions.
Interesting timing, to say the least…
The Security Service of Ukraine (SBU) has been very open about its cross-border aims regarding attacks on Russian energy, with a Ukrainian SBU official boasting as follows:
“The SBU is systematically working to cut down on the extraction and transportation of Russian oil. Our special operations are methodically reducing the filling of the Russian budget with petrodollars, which finance the war against Ukraine. This work will continue to exhaust and gradually bleed the Russian economy.”
At the same time, Hungary and Slovakia’s stances as disrupters of EU policy have been a big ‘win’ for Moscow.
END
UK
Female British Cop Defends Freedom Of Speech In “Muslim Area” Of London
Tuesday, Feb 24, 2026 – 03:30 AM
Authored by Steve Watson via Modernity.news,
The Metropolitan Police has so far not commented on the viral video of a female police officer defending freedom of speech surrounded by a crowd of angry Muslim men in Whitechapel but it has questions to answer.
The Mail ran the video yesterday.
This is fundamentally a Christian country. We will not tolerate “Muslim areas”.
Credit to this brave police officer. She was defending a Christian’s right to free speech after being told it was a Muslim area. pic.twitter.com/dQChwP3Ecz— Sarah Pochin MP (@SarahForRuncorn) February 23, 2026
??? “The Risk is they could be assaulted – The fact it’s a very heavily Muslim orientated community”
“There are cameras everywhere and this is already a well patrolled area”
Wow – this is the second half of the viral Police Officer in London – dealing with a crowd of Muslims… pic.twitter.com/sAzjISECWO— Concerned Citizen (@BGatesIsaPyscho) February 20, 2026
This is the moment a police officer defends a Christian preacher in Whitechapel and is told: “This is a Muslim area.”
The confrontation sees a female Met Police officer being surrounded by males and telling them: “In this country, we have freedom of speech.”
She continued: “I understand that you guys don’t want to hear it, so I would just recommend that you walk away and don’t listen to him. He’s not in your home.”
Questions for the Met include: why is it that this police officer understands English law in a way that the three Met police officers who arrested Christian street preacher, John Sherwood, in Uxbridge in 2021 apparently did not?
In 2022, Uxbridge Magistrates’ Court acquitted Pastor Sherwood of the public order offence with which the Crown Prosecution Service had charged him. The court upheld his freedom “to hold opinions and to receive and impart information and ideas without interference by public authority” as set out in Article 10 of the 1998 Human Rights Act.
Christian Today reported on the case at the time:
On April 23rd 2021 Metropolitan police officers arrested the pastor near Uxbridge tube station.
He had been preaching on Genesis 1 verse 27 and said that the family unit as ordained by God consisted of a father and a mother, not two fathers or two mothers.
Some passers-by complained to the police that he was using homophobic hate speech.
The pastor, then 71, was arrested, held overnight at a police station and in September was charged under Section 5 of the Public Order Act, which outlaws “threatening or abusive words or behaviour likely to cause harassment, alarm or distress”.
Is it not the case that if the police officer involved in the Whitechapel confrontation had been called to the scene in Uxbridge in 2021, the Met would not have suffered the humiliation of losing in court? Pastor Sherwood would never have been arrested in the first place.
The question now arises for the Met: will the exemplary and courageous conduct of this police officer be used in training sessions for officers and recruits on how to deal with vexatious anti-free-speech complaints against Christian street preachers and others who are lawfully expressing their views in public?
Furthermore, how does the Met reward frontline police officers who earn the respect of the law-abiding public in the way that this particular officer has for defending traditional British freedom of speech?
The Met might be advised to review the exchange between Prime Minister Keir Starmer and US Vice President JD Vance in the Oval Office last year.
After Vance raised concerns about infringements to freedom of speech in the UK, Starmer said:
We’ve had free speech for a very very long time in the United Kingdom and it will last for a very very long time. … In relation to free speech in the UK, I’m very proud of our history there.
Is the Met similarly proud of the UK’s free speech history? If so, surely it would be keen to answer the questions above.
Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.
END
GERMANY
REMIX..
Despite Deportation Order Dating Back 23 Years, Bosnian Criminal Migrant Gets €7,250 Every Month In Welfare From German Taxpayers
Tuesday, Feb 24, 2026 – 02:00 AM
A Bosnian national, identified as Huso B., is being labeled one of the worst cases of a foreigner taking advantage of Germany’s generous welfare system.
The man, who has numerous criminal offenses on his record, remains in Germany despite being under a mandatory order to leave the country for 23 years.
Remarkably, the German justice system failed to find him and “suspended” criminal proceedings against him, while Bild newspaper then went on to find him with ease.
Despite Huso B. overstaying his welcome by decades, the state provides him €7250.77 every month to support his wife and eight children.
The bureaucratic confusion reached a new peak last December. When the Cologne District Court attempted to try B. on fraud charges, officials claimed he could not be located—despite his address being documented by the City of Cologne and the city’s job center. However, reporters from Bild newspaper were able to find him almost immediately.
On Dec. 8, 2025, Huso B. was scheduled to appear before the Cologne District Court. He faces allegations of defrauding a drugstore chain out of a four-figure sum across three separate instances. However, the trial was derailed because the court’s formal summons was reportedly never served at his asylum seeker accommodation.
According to officials, the postman was unable to deliver the documents to B. personally or leave them in a mailbox. Because the court was “thus unable to load him,“ the trial date was scrapped, and the legal proceedings were suspended.
Bild, however, appears to have embarrassed the city government and the German legal system.
The paper sent a reporter directly to the asylum seeker’s home in southern Cologne.
There, without much work, they found his mailbox with his name clearly listed.
Not only that, but once the reporters arrived, they found Huso B. in person.
He spoke to the reporters, telling them that he does not have any legal troubles and the last time he was investigated was back in 2014.
Bild’s efforts did not go to waste.
Once Bild revealed the incompetence of German authorities, they are now responding
“He is currently being searched for. However, there is no arrest warrant against him. That would be disproportionate given the allegations made,“ Cologne’s senior public prosecutor Ulrich Bremer told Bild.
“However, we will now use the Bild research as an opportunity to check again whether he can be found at the address.“
Bild further highlighted the absurd situation in the Cologne justice system. While the police and justices said Huso B. could not be found, the social welfare office was continuing to send him money.
He and his family receive €87,000 a year under the Asylum Seekers Benefit Act, which includes “support for living expenses.”
In addition, the family lives rent-free in a state-provided home. When reviewing documents from the Job Center, the press confirmed that the proper address is on file and that the welfare office authorities had this information the entire time.
5 RUSSIAN AND MIDDLE EASTERN AFFAIRS
TBN ISRAEL: LAST 24 HOURS
ISRAEL/USA VS IRAN
Trump warns of ‘very bad day’ for Iran if no deal is made, defends top general
US President Donald Trump said that the reports about General John D. Caine being against the war with Iran were “fake news” and warned the regime against making a deal with the US.
US President Donald Trump makes a fist at the end of an event during a visit to Coosa Steel Corporation, in Rome, Georgia, U.S., February 19, 2026.(photo credit: REUTERS/KEVIN LAMARQUE)ByTOBIAS HOLCMANFEBRUARY 23, 2026 23:45Updated: FEBRUARY 24, 2026 00:43
US President Donald Trump warned that “if we don’t make a deal, it will be a very bad day for that country and, very sadly, its people,” in a Truth Social post on Monday.
In that same post, Trump denied the reports by Axios and The Wall Street Journal about Chairman of the Joint Chiefs of Staff General Dan Caine being against the war with Iran.
“Numerous stories from the Fake News Media have been circulating stating that General Daniel Caine, sometimes referred to as Razin, is against us going to War with Iran,” Trump said, adding: “The story does not attribute this vast wealth of knowledge to anyone, and is 100% incorrect.”
According to Trump, General Caine “would [not like] to see war in Iran, but if a decision is made on going against Iran at a military level, it is his opinion that it will be something easily won.”
Trump pointed out that the general was among those charge of Operation Midnight Hammer, which saw the US attack Iran’s nuclear facilities during the 12-day war in the summer of 2025.
“Caine is a great fighter, representing the most powerful army in the world…He only knows one thing, how to win, and, if he is told to do so, he will be leading the pack,” Trump said.https://truthsocial.com/@realDonaldTrump/116121997925438698/embed
‘I am the one who makes the decision’
Trump emphasized his own role in deciding to strike Iran, but stated that he hoped the regime is ready to make a deal rather than bring him to the point of making that call.
END
USA/ISRAEL
USS Gerald R. Ford expected to dock in Haifa as US sends cargo, refueling aircraft to Israel
The USS Gerald R. Ford, the world’s largest aircraft carrier, is set to dock in Haifa as part of US reinforcements in the Middle East, amid rising tensions with Iran.
In this handout provided by the U.S. Navy, USS Gerald R. Ford (CVN 78), F/A-18E/F Super Hornets assigned to Strike Fighter Squadrons 31, 37, 87, and 213 from embarked Carrier Air Wing Eight, and a U.S. Air Force B-52 Stratofortress operate as a joint, multi-domain force, November 13, 2025.(photo credit: Paige Brown/US Navy via Getty Images)BySHIR PERETSFEBRUARY 23, 2026 17:59Updated: FEBRUARY 23, 2026 19:22
The USS Gerald R. Ford, the world’s largest aircraft carrier, is expected to arrive off Israel’s coast and dock in Haifa on Monday, the latest addition to US reinforcements in the Middle East as Jerusalem and Washington gear up for a potential war against Iran.
As part of the reinforcements, US tankers, as well as cargo and refueling aircraft, have arrived at Israeli airports and docks.
The Ford carrier strike group, officially known as Carrier Strike Group 12, entered the Mediterranean after transiting the Strait of Gibraltar, a movement reported by multiple outlets tracking US naval deployments. The US Navy has not formally confirmed when the carrier will dock.
Haifa suffered significant damage during the Israel-Iran war in June, with dozens injured from missile fire and structural damage to homes and municipality buildings.
Haifa is home to the Israel Navy headquarters and the largest oil refinery in Israel, which was hit during the war, forcing a partial, temporary shutdown of some secondary facilities.
Another major target during the war was the Haifa port, which Iran has previously threatened to strike.
Boosting personnel in Israel while evacuating non-essential workers
The US has spent several weeks growing its Middle Eastern arsenal, despite already having a large presence in the region.
More than 40,000 personnel are stationed across military bases and naval assets, and with Ford’s arrival, several thousand more service members will be added to that total.
In addition to boosting its presence in Israel, the US Embassy in Beirut, Lebanon, on Monday evacuated dozens of non-essential personnel via Beirut–Rafic Hariri International Airport.
This was “a precautionary measure due to anticipated regional developments,” as first reported by Lebanese broadcaster LBCI and later confirmed by the US State Department.
James Genn contributed to this report.
END
IRAN UPDATES
Iran ‘Ready’ For ‘Any Step’ To Achieve US Deal, Oil Slides Ahead Of Trump SOTU
by Tyler Durden
Tonight, when President Donald Trump will step into the House chamber to deliver his State of the Union address, it will undoubtedly be overshadowed by the prospect of coming conflict with Iran.
Tehran will be up late (or early), carefully scrutinizing every word of the US leader, anticipating the what’s next at a moment of massive Pentagon build-up in the region, including no less than two carrier groups. Iranian leadership, looking toward the big Trump speech tonight, has just offered that it’s ready to do anything necessary to reach a deal to stave off an attack.
Iran’s Deputy Foreign Minister Majid Takht-Ravanchi has declared Tuesday that his country is “ready to take any necessary step to reach a deal with the US” but coupled with a warning that “a strike on Iran is a real gamble.” This momentary or rhetorical ‘concession’ sent oil prices sliding…
Crude Oil Futures Price (WTI)
The big question tonight is whether President Trump will signal if he’s still betting on diplomacy in the days ahead, or if he’ll prepare the American public for full military action if talks fail.
The prospect of a new conflict in the Middle East remains deeply unpopular among Americans – even among many Republicans – recent poll after poll have demonstrated.
Again, the buildup toward a potential military confrontation with Iran has overshadowed the run-up to the address and all other issues – whether immigration, the economy, or even the Supreme Court’s tariff halt decision.
With some 400 million barrels currently stuck on sanctioned tankers, it remains that a breakthrough Trump-Iran deal would suddenly release these supplies on the global market and prices would plunge.
As for Iran’s ‘readiness’ to do ‘anything’ – it’s really still anything but clear whether the Islamic Republic would actually enter into dialogue on conventional missile limits. This remains unlikely, as reducing this capability would in effect neuter Iran’s ability to defend itself or fight a war.
Will Trump tip his hand? “Bloomberg’s Courtney Subramanian framed Iran as one of the major flashpoints Trump may address as he tries to reset the national mood after a Supreme Court ruling struck down his global tariff regime,” writes one regional source seen as close to the Israeli establishment. Citing Bloomberg, the same source says the SOTU speech “could provide a moment for Trump to explain why military action might be necessary, even as negotiations led by envoy Steve Witkoff and Jared Kushner continue in Geneva.”
END
IRAN/USA
Huge Number Of US Allied Forces Exit Erbil Airbase, Fearing Iran Retaliation
Tuesday, Feb 24, 2026 – 12:50 PM
A few days ago, amidst heightened US-Iran tensions, a military helicopter landed at the Erbil airport in the Kurdistan region of Iraq. Although Western troops are rarely seen on the city’s streets, Erbil Air Base is heavily staffed with soldiers, and military helicopters fly overhead every day. Now, this airport could potentially become a target for Iran if the situation escalates. Since 2018, the Kurdistan region, including Erbil’s airport, has come under attack by drones, rockets and ballistic missiles from Iran and its proxies.
In July last year, a suicide drone was shot down above the airport amidst attacks on oil fields in the region. On January 21, a drone also targeted an Iranian Kurdish opposition party, killing one Kurdish fighter.
“There are foreign forces here, including Americans, and the Kurdistan region traditionally has good relations with western countries and America,” Ziryan Rojhelati, the director of Rudaw Research Center, told Middle East Eye. “In this last year, we witnessed how a militia group targeted the Khor Mor gas field in the Kurdistan region. So many people think that in a possible war between Iran and America, and Iran and Israel, some kind of tension would be spread to the Kurdistan region.”
In recent weeks, the US has positioned around 100 aerial refuel tankers, carrier strike groups and fleets of fighters in the region. Meanwhile, US President Donald Trump has not ruled out strikes if nuclear negotiations between Washington and Tehran, set to resume on Thursday, fail.
Sources told Middle East Eye that, amid the high possibility of a US attack on Iran, several countries belonging to the US-led coalition in Iraq have withdrawn or repositioned troops from Erbil Air Base, fearing possible Iranian retaliatory strikes.
“I think as you start seeing repositioning from Erbil, which is a likely counter-attack target and the ordered departure of nonessential personnel from Beirut, the chances of a US strike are going up. A lot hinges on the meeting in Geneva on Thursday,” Michael Patrick Mulroy, the former US deputy assistant secretary of defence for the Middle East, said.
Repositioning troops
In a formal letter to the UN secretary-general on February 19, Iran’s UN ambassador warned that all US bases, facilities and assets in the region could be considered legitimate targets if Tehran is attacked.
Several sources confirmed that roughly half of the coalition forces in Erbil have repositioned to other countries as a precautionary measure. While US and Hungarian troops have largely remained, Norwegian and Swedish forces, along with a number of Italian and French soldiers, have left.
Only Norway and Germany have so far publicly confirmed that they have relocated forces from the Erbil base. “Norway has about 60 soldiers in the Middle East region, carrying out various missions. Some of them have been relocated due to the tensions in the region, in cooperation with our coalition partners,” Norwegian military spokesperson Brynjar Stordal told MEE.
A German military source said the army reduced its forces in response to the escalating regional conflict. Captain Raissa Broeren, a spokesperson for the Dutch defense ministry, on Monday said that they “are closely monitoring the situation in the region. Naturally, the safety of our personnel is the highest priority. If necessary, we will take security measures”.
However, she did not confirm if Dutch troops at the base have relocated. Andrew J Tabler, a senior fellow at the Washington Institute for Near East policy, who served during the first Trump administration as a senior adviser in the US State Department’s Bureau of Near Eastern Affairs, told MEE that it is “logical for coalition forces to move out as they believe they will be in the crosshairs of an Iranian retaliatory strike”.
A prominent target
According to Reuters, there are estimated to be fewer than 2,000 troops in Erbil, after the US-led coalition moved its forces from Baghdad and Ain al-Assad to Erbil as part of a 2024 deal to end its presence in federal Iraq by the close of 2025, and in the Kurdistan region of Iraq by September 2026.
The latest Pentagon Inspector General report, released on February 19, confirms that coalition forces relocated to the Kurdistan region after handing over their headquarters in Baghdad to Nato in November, and the al-Asad airbase to the Iraqi government in December.
The coalition moved its headquarters to Erbil and Kuwait. As a result, the Erbil airbase, which is located at a civilian airport, has become a more prominent target for Iran, since it is now the only US base left in Iraq.
“The Erbil base has a large target on it not only due to US withdrawal from other Iraqi bases but also because attacking it provides the Iranians with an opportunity to make a declaration to local US partners in the region as to the cost of working with the Americans,” Nicholas Heras, the senior director for the Strategy and Programs Unit in the Academic Division at the New Lines Institute, told MEE.
The New York Times reported on Sunday that Trump is leaning towards conducting a strike in the coming days to force Iran to make concessions. “The US is preparing for a conflict with Iran and will want to minimize the potential exposure of its personnel to Iranian attack,” Heras added. “The Erbil base is a relatively large, multi-agency base that has rotating personnel, so in the event of a war with Iran, at a minimum the US will want to rotate out nonessential personnel.”
RUSSIA VS UKRAINE
he is crazy!! give them the Donbass and go for peace
(zerohedge)
After Four Years Of War, Zelensky Wants All Land Back
Tuesday, Feb 24, 2026 – 10:45 AM
Authored by Dave DeCamp via AntiWar.com,
Tuesday marks four years since Russia first launched its invasion of Ukraine, and, despite President Trump promising to end the war quickly, there’s no end in sight to the conflict as Russian and Ukrainian leadership haven’t budged on their core demands for a peace deal.
Ukrainian President Volodymyr Zelensky reaffirmed in an interview with the BBC over the weekend that he wouldn’t cede the territory Ukraine still controls in the eastern Donbas region and defined “victory” as Ukraine regaining all of the land it has lost to Russia since February 2022.
Ukraine ceding the Donbas is a key Russian demand to end the war, and President Trump has repeatedly called for Zelensky to do so, arguing that Ukraine will likely lose the territory in bloody battles in the coming months and years. When asked by the BBC interviewer if he thought it was a “reasonable request” for a ceasefire, Zelensky said he didn’t agree.
“I see this differently. I don’t look at it simply as land. I see it as abandonment – weakening our positions, abandoning hundreds of thousands of our people who live there. That is how I see it. And I am sure that this ‘withdrawal’ would divide our society,” Zelensky said.
When asked whether he still sought to regain all the land Ukraine has lost, Zelensky answered in the affirmative but suggested he needed more help from his Western backers to do so.
“We’ll do it. That is absolutely clear. It is only a matter of time. To do it today would mean losing a huge number of people – millions of people – because the [Russian] army is large, and we understand the cost of such steps. You would not have enough people, you would be losing them. And what is land without people? Honestly, nothing,” Zelensky said.
“And we also don’t have enough weapons. That depends not just on us, but on our partners. So as of now that’s not possible but returning to the just borders of 1991 without a doubt, is not only a victory, it’s justice. Ukraine’s victory is the preservation of our independence, and a victory of justice for the whole world is the return of all our lands,” he added.
Another major sticking point in the negotiations is the issue of security guarantees. Zelensky and many European leaders want troops from NATO nations to deploy to Ukrainian territory with the backing of US airpower after a peace deal is signed, but Russian officials have repeatedly rejected the idea and made clear that the condition is a non-starter.
Zelensky said in the BBC interview that he wants whatever security guarantee he gets from the US to last 30 years. He made the comments when asked about the Trump administration’s call for him to hold elections, saying that US security guarantees would need to be in place before that happened.
Russian and Ukrainian officials held talks in Geneva last week, but there’s been no sign of progress. Russia maintains it won’t agree to a deal unless its key demands are met, which include Ukraine ceding the territory and guarantees on Ukraine not joining NATO, and has made clear it’s willing to continue the grinding war to achieve those goals.
END
RUSSIA VS UKRAINE UPDATES
RUSSIA
not good!!
too many innocent people are getting killed for this nonsense!
(zerohedge)
Moscow Police Targeted In Deadly Car Bombing On 4th Anniversary Of Russian Invasion
Tuesday, Feb 24, 2026 – 08:05 AM
There’s been another killing by explosive device in the heart of Moscow – this time coming on the fourth anniversary of the start of the Russia-Ukraine war.
The Russian Interior Ministry has confirmed that a culprit detonated powerful bomb beside a police patrol car in central Moscow early Tuesday, near a public transport hub, which killed one officer and wounded two more.
Based on the details, the attack was clearly targeting the police officers, as the attacker approached their car before quickly setting off the bomb.
The patrol car was badly damaged, with windows shattered, littering the scene with debris at Savyolovsky railway station square – which is one of the capital’s main railway hubs.
Subsequently, there was this bit of strange and contradictory reporting:
The ministry initially said the perpetrator had fled. Minutes later, it said the man was found dead at the site after inspecting the scene and reviewing surveillance footage.
Authorities gave no immediate details about the explosive or the attacker’s motive.
This particular incident comes after a string of assassinations of high profile generals and Russian figures, but also mimics similar prior seemingly ‘random’ attack on Moscow police.
For example in December 2025 two police officers were killed in an explosion in southern Moscow while attempting to detain a suspicious individual near their vehicle, which occurred just days after a Russian general was assassinated in the same area.
The blast underscored a troubling reality for the Kremlin – that the war’s shadow has been creeping deeper into the capital through an apparently intelligence-orchestrated dirty war.
Some local reports are saying this fresh Tuesday attack was the result of a suicide bombing. Russian security services are investigating the scene:
Earlier this month, a senior Russian military intelligence officer was shot multiple times and seriously wounded in an attack authorities squarely blamed on Ukrainian intelligence.
The victim was a high level Russian intelligence official, Vladimir Alekseyev – the deputy head of Moscow’s GRU military intelligence. He had long been sanctioned in the West for his alleged role in cyberattacks and allegations that he was behind the alleged 2018 Novichok nerve agent attack in Britain.
END
RUSSIA //IRAN
ALSO NOT GOOD!!
Iran Strikes Covert Missile Deal With Moscow In Backchannel Rearmament
Tuesday, Feb 24, 2026 – 03:45 PM
Iran is squarely in the Trump administration’s crosshairs, and both Russia and China are to some degree coming to Tehran’s aid with some significant arms deals meant to potentially stave off future attack.
Most significantly, the Financial Times is reporting that Russia will supply the Iranians with thousands of advanced shoulder-fired missiles in a deal worth 500 million Euros.via Reuters
It’s said to be part of a broader effort to rebuild Iran’s air defenses, which were heavily destroyed and retarded by Israeli-US airstrikes in the last June war. Iran is also greatly limited given years of US-led sanctions targeting its defense and industrial sectors.
Though only coming to light this past weekend, the agreement was inked in Moscow in December, and commits Russia to deliver 500 “Verba” launch units and 2,500 “9M336” missiles over three years.
FT says it reviewed leaked Russian documents the UK publication obtained, which revealed the secretive deal for the Russian anti-air defenses.
The agreement was reportedly negotiated between Russia’s state arms exporter Rosoboronexport and the Moscow representative of Iran’s Ministry of Defense and Armed Forces Logistics (MODAFL), with for example the the 9M336 missiles going for €170,000 per unit.
As for the Verba systems, for Moscow they represent a relatively low-cost way to shore up Iran’s air defenses, bolstering Tehran’s deterrent posture without meaningfully draining Russia’s own missile inventories, badly needed for operations in Ukraine and as readiness for some potential future engagement with NATO.Graphic News: the Verba 9K336 MANPADS
Last week, Russian naval power was on rare display near Iran, cooperating in planned joint naval drills with the Iranian Navy and IRGC units, in a bit of muscle-flexing as the Pentagon builds up its forces in the Mideast region.
If the US were to launch a surprise attack on Iran, it remains unlikely that either Russia or China would come to Tehran’s direct military aid and engage militarily with Washington. However, Moscow and Beijing would no doubt team up to issue a UN Security Council condemnation, and would seek to rally the globe against another Iraq-style war in the Middle East which would likely sow broader instability.
END
Ukraine lessens friends
Last week, Ukrainians shut down the pipeline supplying oil to Slovakia and Hungary.
Prime Minister Robert Fico of Slovakia informed Ukraine that unless the Druzhba Oil pipeline was re-activated, Slovakia would cease providing emergency electricity to Ukraine.
Ukraine told Fico that they will not allow the flow of Russia oil to anyone.
In spite of this, the Druzhba-1 station at Kaleikino, the key node of the Druzhba oil pipeline, was blown up yesterday, by Ukraine.
So Fico did what he said and cut electricity to Ukraine. The question is whether Hungary follows.
Frankly both of these countries should leave the EU and turn their own trade block. They would be better off.
Expect a despairing proxy Puppet called Zelensky to strike out at all that oppose conflict with Russia. What the EU leaders forget is that this actually weakens the whole if the EU and the Euro allowing Zelensky to act out.
END
UKRAINE
ROBERT H>..
Moscow Claims NATO Nuke Smuggling Plot Into Ukraine – UK Denounces ‘Heinous’ Charge | ZeroHedge
For some time now it has been clear that certain European countries want War and a reason to blame their disastrous financial status on Russia. It is equally evident that the hallucinations of winning a fight with Russia usually by the Ukraine as a proxy is just that.
If this craziness carries through to fruition then it is equally clear that Zelensky will be willing to try. One might recall often many parties have cautioned that WWIII will start with such an incident.
We should have NO illusions about the consequences. Both France and Britain will cease to exist if this happens. Russian doctrine calls for an immediate response. It is not about Putin. He would not have a choice but to act and act within minutes.
These allegations would not make the news without foundation as Russia does not engage in such practice.
People have lost their minds to consider this. And such accusations have a way of affecting Capital Flows. As it is Capital is leaving Europe. This trend will only accelerate now. Just like many wealthy people are making sure they have safe havens to run to.
GLOBAL ISSUES, COVID ISSUES, VACCINE INJURIES/HEALTH ISSUES
GLOBAL ISSUES
RK CRISPIN MILLER
DR PAUL ALEXANDER
TMSC, Taiwan Semiconductor Manufacturing Company Limited, the little company that could, could conceivably bring the US & world to its knees if China takes Taiwan & imposes a blockade
One Taiwanese company holds that much power over US national security, entire tech industry depends on the high-end computer chips, especially the US military; Trump is trying hard to fix this risk
| Dr. Paul AlexanderFeb 24 |
Federal officials have for years tried to wean Silicon Valley from its dependence on Taiwan, an island democracy roughly the size of Maryland that makes 90 percent of the world’s high-end computer chips.
In secret briefings held in Washington and Silicon Valley, national security officials warned executives from companies like Apple, Advanced Micro Devices and Qualcomm that China was making plans to retake Taiwan, which Beijing has long considered a breakaway territory. A Chinese blockade of Taiwan, the officials said, could choke the supply of computer chips made on the island and bring the U.S. tech industry to its knees.
The Looming Taiwan Chip Disaster That Silicon Valley Has Long Ignored
If China invades Taiwan and cuts off its chip exports to American companies, the tech industry and the U.S. economy would be crippled.
Taiwan Semiconductor Manufacturing Company Limited (TSMC or Taiwan Semiconductor)[4][5] is a Taiwanese multinational semiconductor contract manufacturing and design company. It is the world’s largest dedicated contract chipmaker, the largest manufacturer of advanced artificial intelligence (AI) chips, and a key supplier of Nvidia, Apple, Broadcom, and Qualcomm.[6][7] It is one of the world’s most valuable semiconductor companies,[8] and Taiwan’s largest company,[9][10] with headquarters and main operations located in the Hsinchu Science Park in Hsinchu, Taiwan.
TSMC is expanding its manufacturing facilities in Phoenix.Credit…
’It was a step toward solving an intractable problem: New plants won’t be built in the United States unless companies agree to buy the chips produced in them, which would be more expensive and cut into profits. It has been a Catch-22 that federal intervention has struggled to solve.
NEWSWIZE
| Peter Attia Resigns from CBS After Epstein-Related Email DisclosureFollowing the Justice Department’s disclosure of Epstein-related records that showed extensive email exchanges, CBS contributor Peter Attia resigned amid mounting scrutiny, raising questions about the network’s vetting and reputational risks tied to his association.READ THE FULL REPORT |
| Establishment on Edge as Texas Senate Primary Turns Into MAGA-Backed ClashA heated Republican primary in Texas has transformed Sen. John Cornyn’s expected easy renomination into a three-way battle with Ken Paxton and Wesley Hunt, likely forcing a May runoff and energizing grassroots conservatives across the state.READ THE FULL REPORT |
| Military Chief Urges Restraint as Trump Considers Action Against IranAs President Trump considers strikes on Iran, his top military adviser warns that even limited action could trigger a prolonged, costly conflict while envoys press for more time for diplomacy and negotiation.READ THE FULL REPORT |
| Expert Urges Trump to Strip Eileen Gu’s CitizenshipA China expert has urged President Trump to revoke Eileen Gu’s citizenship amid criticism over her decision to compete for China and lucrative endorsement deals, framing the controversy as a conflict between American loyalty and ties to Beijing.READ THE FULL REPORT |
| CBP Agent Returns Fire, Wounding Armed Suspect Near Canadian BorderA CBP agent in northern New Hampshire returned fire and wounded an armed individual after being shot at near the Canadian border early Sunday, and federal investigators are on scene to determine the circumstances of the encounter.READ THE FULL REPORT |
MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIR
1, 2, 3, 4, 5 And 5, 4, 3, 2, 1
Tuesday, Feb 24, 2026 – 10:20 AM
By Michael Every of Rabobank
Depressingly, today marks the start of the fifth year of the Ukraine War: a battered Ukraine is still standing against a bruised Russia; the US is still aiming for a peace deal so it can pivot to Asia; and Europe –even as it knows it has to look after both Ukraine and its own conventional defenses after decades of having this provided for it– is still trying to get its act together.
Despite its rhetoric, with a few notable exceptions European rearmament isn’t happening with appropriate scale and speed. Is Ukraine supposed to hold on until 2035, when EU defense budgets will be at the promised 3.5% of GDP?
EU ministers also just failed to agree their 20th sanctions package on Russia, and Hungary is blocking the €90bn loan to Ukraine the EU had thrashed out. As such, the EU’s Kallas is reopening the controversial Russian frozen assets option shelved in December, which Belgium refused to go along with it. That’s as the UK Telegraph reports that “Kremlin spies” are acquiring ‘Trojan horse’ networks of sites in residential homes near European military bases that could be used to launch sabotage campaigns.
Meanwhile, we appear very close to a new war in the Middle East. Forget Bloomberg headlines and Iranian sabre-rattling. Look to: the USS Ford steaming towards Haifa; US troops removed from bases in Qatar; US staff removed from the embassy in Lebanon; former senior Israeli officials told to return home from abroad immediately; Israel preparing to shutter its embassies; a major underground hospital being opened in Tel Aviv; US Secretary of State Rubio postponing his planned meeting in Israel to next week; Indian PM Modi to speak in the Knesset tomorrow as part of what is claimed will be the announcement of a new extremist coalition (which will also have some EU members); and PM Netanyahu telling the Knesset: “This is not a time to engage in arguing. I am setting that aside. We are in very complex and challenging days. No one knows what tomorrow will bring. We have our eye open and are prepared for every scenario. I have made it clear to the ayatollah regime that if they make an error, perhaps the severest error in their history, and attack Israel, we will respond with force that they cannot imagine…. we must rally the ranks of the nation and stand shoulder to shoulder.”
Importantly, what looms is not a repeat of the Iran-Israel clashes we correctly predicted following October 7: logically, if it’s to happen, it will be an endgame. The Iranian regime’s response will be appropriate, as seen vs its own people, up to 30,000 of whom may have died while protesting against it. In that respect, if Iran feels it’s going to lose control –which is never has until now– it will do whatever it can to fan the global flames as high as possible for as long as possible.
In the recent Greenland Crisis, we stressed that in 2026 Europe is the Egypt of 1956’s Suez Crisis and the US is still the US. Iran’s goal will be to try to make the US into the UK and France of 1956 via markets telling Trump to pack up and go home rather than play grand macro strategy in the Middle East.
Of course, that involves energy flows – and it’s Iran’s physical ability to stop them that matters more than the politics or “because markets” of it. Could Hormuz be mined or see suicide attacks on tankers? Could missile attacks hit Saudi oil given reports Iran will have heard that Riyadh now backs a US strike? Could there be terror attacks from sleeper cells across the region and the West against civilians or key infrastructure? None of this is available on Bloomberg, so are you sure?
Look to the cartel violence in Mexico as an example of how one can be relaxing one minute and fleeing from gunfire the next. There, following President Shenbaum’s evacuation to a naval vessel for her own safety, the WSJ reports, ‘Mexico Races to Prevent Cartel War’.
That’s plenty of ‘risk off’ for markets. But there’s far more afoot.
Stocks were rocked by a viral report underlining the devastating impact of AI on the economy as another claimed UK unemployment will rise above its pandemic high within months: you think the UK by-election on Thursday shows a fragmented and polarized polity now? Such views overlook the need for resources to power AI but are worth considering – so is the struggle for those resources, which hardly says we are all going to sit and sing kumbaya together.
The US is leaning on Anthropic to get with the (military-industrial) program or be on the outs; and Anthropic is reporting China set up 16,000 fake accounts to use Claude to train DeepSeek. That effectively allows China access to Nvidia chips indirectly. Again, no kumbaya here but rather more controls on who can get access to US AI ahead – and notably that’s as India is strategically looped into the US AI ecosystem. If we are developing separate supply chains from critical minerals up to chips, how does that allow for a “because markets” free trade in the end product AI? Answer: it doesn’t. Walls will go up. Which/whose side you are on will dictate what AI you can use as a consumer.
Relatedly, Trump eviscerated the ‘supreme court’ (no capital letters) and stressed —correctly— that their ruling allowed him to “use Licenses to do absolutely “terrible” things to foreign countries,” and that tariffs can “be used in a much more powerful and obnoxious way, with legal certainty.” He later added another point also clear to us: any country that thinks it can wriggle out of US trade deals will face even higher tariffs. Moreover, the WSJ reports Trump is considering new 232 and 301 national security tariffs on large-scale batteries, cast iron and iron fittings, plastic piping, industrial chemicals and power grid and telecom equipment.
Yet as France bans the US ambassador from talking to its government, the EU Parliament put the US trade deal on ice. Expect US-EU tensions to rise further, it seems. By contrast, Japan has underlined that it’s sticking with its trade deal and the $550bn of pledged, and guided, investment into the US. The contrast between the two is stark – and markets should take note.
More so given the Nikkei Asia reports the marked swing we saw in USD/JPY in January was initiated by FX intervention from US Treasury Secretary Bessent not Tokyo, even if Washington, D.C. is open to coordinated forex moves if requested by Japan. In short, FX markets don’t get to focus on simple risk on/off and the likes of rate differentials anymore: they have to focus on the geopolitics of geoeconomics and who wants to help, and hurt, whom, and how.
Similarly, the WSJ reports that crypto firm Binance fired staff who flagged $1bn moving to sanctioned Iran entities, which sounds like something the Treasury and Pentagon might also like a word about. Moreover, the Trump-backed crypto group World Liberty’s stablecoin says it was the subject of a deliberate attack. Bitcoin is also having a bad time of it rather than rallying on all the above uncertainty. And as those at the leading edge of markets thrash around for what the emerging global architecture may be, China is pushing Hong Kong as its global gold trading hub.
All of this is the backdrop to President Trump’s State of the Union address tonight at 9PM US eastern time. Start the countdown clocks to that piece of political theatre – with what surprises for the viewing audience?
Five, four, three, two, one
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
PANAMA
Panama Seizes China-Linked Ports Amid Trump-Beijing Dispute
Tuesday, Feb 24, 2026 – 03:05 PM
Panama published a Supreme Court decision, issued in late January, that voided key port operations held by Hong Kong-based CK Hutchison. The Balboa and Cristobal terminals have become entangled in a legal dispute involving Washington and Beijing. The timing is important, as it comes about a month before President Trump’s planned late-March trip to China.
On Monday, the ruling authorized the Panama Maritime Authority to take over the Balboa and Cristobal terminals near the Panama Canal, ending concessions held by Panama Ports Company (PPC), a CK Hutchison subsidiary, for more than two decades.
The ruling stated that the Panama Maritime Authority will occupy both ports for “reasons of urgent social interest” and take control of all cranes, vehicles, computer systems, and software.
CK Hutchison said Panama’s move was “unlawful” and threatened national and international legal action against the country, which controls the 50-mile man-made maritime chokepoint connecting the Atlantic and Pacific Oceans, allowing more than 13,000 ships to transit annually.
“CKH considers the ruling, the executive decree, the purported termination of PPC’s concession, and the takeover of the terminals to be unlawful,” CK Hutchison said in a statement to the Hong Kong Stock Exchange, adding, “The actions by the Panama State also raise serious risks to the operations, health and safety at the Balboa and Cristobal terminals.”
Hong Kong-listed shares of CK Hutchison closed down 2.7% following the court-ordered takeover. Shares year-to-date have gained about 18%, according to Bloomberg data.
Following the move, Danish shipping company Maersk and Geneva-based Mediterranean Shipping Company were granted temporary licenses to operate both terminals.
In a statement to CNBC, Maersk said temporary operations at the Port of Balboa have already begun and will continue for a period of 18 months.
“One of the main tasks will be the deployment of a new terminal operating system and training the workforce to use this new system,” Maersk said
The saga surrounding the Balboa and Cristobal terminals comes as the Trump administration pursues a Western Hemisphere defense posture, repositioning the Department of War to secure the region and curb the influence of Chinese and other foreign adversaries across the Americas. This also includes purging the region of communist and socialist regimes
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS TUESDAY MORNING 6;30AM//OPENING AND CLOSING
USA/ YEN 155.88 UP 0.0003 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 1.3498 UP 0.0003 OR 3 BASIS PTS
USA/CAN DOLLAR: 1.3699 UP 0.0000 CDN DOLLAR DOWN 0 BASIS PTS//(DESPITE TRUMP’S TARIFFS)
Last night Shanghai COMPOSITE CLOSED UP 35.34 PTS OR 0.81%
Hang Seng CLOSED DOWN 491.59 PTS OR 1.82%
AUSTRALIA CLOSED DOWN 0.14%
// EUROPEAN BOURSE: ALL MOSTLY RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL MOSTLY RED
2/ CHINESE BOURSES / :Hang SENG CLOSED
/SHANGHAI CLOSED UP 35.34 PTS OR 0.87%
AUSTRALIA BOURSE CLOSED DOWN 0.14 %
(Nikkei (Japan) CLOSED UP 473.30 PTS OR 0.83%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 5048.90
silver:$86.60
USA DOLLAR VS TRY (TURKISH LIRA): 43.86
USA DOLLAR VS RUSSIAN ROUBLE: 76.56 ROUBLE// UP 3 BASIS PTS
UK 10 YR BOND YIELD: 4.310 DOWN 1 BASIS PTS
UK 30 YR BOND YIELD: 5.1111 DOWN 1 BASIS PTS
CDN 10 YR BOND YIELD: 3.192 DOWN 3 BASIS PTS
CDN 5 YR BOND YIELD; 2.717 DOWN 3 BASIS PTS
USA dollar index early MONDAY MORNING: 97.75 UP 1 BASIS POINTS FROM MONDAY’s CLOSE
TUESDAY MORNING NUMBERS ENDS
And now your closing TUESDAY NUMBERS 10.00 AM
Portuguese 10 year bond yield: 3.055% DOWN 2 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.101% DOWN 0 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.266 DOWN 4 BASIS PTS//DIASTER
SPANISH 10 YR BOND YIELD: 3.121 DOWN 1 in basis points yield
ITALY 10 YR BOND: 3.323 DOWN 1 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (
GERMAN 10 YR BOND YIELD: 2.7056 DOWN 1 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY TUESDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/10:00 AM
Euro/USA 1.1771 DOWN 0.0023 OR 23 basis points
USA/Japan: 156.14 UP 1.483 OR YEN IS DOWN 149 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.309 DOWN 3 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.111 DOWN 3 BASIS POINTS.
Canadian dollar DOWN 29 BASIS pts to 1.3723
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan CNY UP 6.8843 ON SHORE ..
THE USA/YUAN OFFSHORE// CNH UP TO 6.8827
TURKISH LIRA: 43.86 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
Your closing 10 yr US bond yield DOWN 2 in basis points from MONDAY at 4.038% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.688 DOWN 1 basis points /10:00 AM
USA 2 YR BOND YIELD: 3.437 UP 2 BASIS PTS.
GOLD AT 10;00 AM 5108.00
SILVER AT 10;00: 86.16
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest ratesTUESDAY CLOSING TIME 10:00 AM//
London: CLOSED DOWN 4.15 PTS OR 0.04%
GERMAN DAX: CLOSED DOWN 5.72 OR 0.02%
FRANCE: CLOSED UP 22.04 PTS OR 0.26%
Spain IBEX CLOSED DOWN 99.20 PTS OR 0.54%
Italian MIB: CLOSED DOWN 47.57 PTS OR 0.10%
WTI Oil price 66.76 10.00 EST/
Brent Oil: 72.08 10:00 EST
USA /RUSSIAN ROUBLE /// AT: 76.84 ROUBLE DOWN 0 AND 1 / 100
CDN 10 YEAR RATE: 3.243 DOWN 1 BASIS PTS.
CDN 5 YEAR RATE: 2.743 DOWN 1 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1778 DOWN 0.0015 OR 15 BASIS POINTS//
British Pound: 1.3499 UP 0.0004 OR 4 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.3120 DOWN 1/2 FULL BASIS PTS//
BRITISH 30 YR BOND YIELD: 5.114 DOWN 1/2 IN BASIS PTS.
JAPAN 10 YR YIELD: 2.088 DOWN 3 FULL BASIS PTS (DANGEROUS TO THEIR ECONOMY
JAPANESE 30 YR BOND: 3.278 UP 1 PTS AND STILL VERY DANGEROUS TO THEIR ECONOMY
USA dollar vs Japanese Yen: 155,800 UP 1.139 OR YEN DOWN 114 BASIS PTS EXTREMELY DANGEROUS/YEN FALLING DEEPLY IN VALUE
USA dollar vs Canadian dollar: 1.3700 UP 0.0006 PTS// CDN DOLLAR DOWN 6 BASIS PTS
West Texas intermediate oil: 66.05
Brent OIL: 71.46
USA 10 yr bond yield UP 0 BASIS pts to 4.038
USA 30 yr bond yield: UP 1 PTS to 4.698%
USA 2 YR BOND 3.466 UP 1 PTS
CDN 10 YR RATE 3.183 UP 0 BASIS PTS
CDN 5 YEAR RATE: 2.724 UP 1 BASIS PTS
USA dollar index: 97.74 UP 9 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 43.84 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 76.66 UP 0 AND 31/100 roubles //
GOLD $5168.00 3:30 PM)
SILVER: 87.34 3;30 PM)
DOW JONES INDUSTRIAL AVERAGE: UP 370.75 OR 0.76%
NASDAQ 100 UP 268.10 PTS OR 1.09%
VOLATILITY INDEX 19.48 DOWN 1.53 PTS OR 7.22%
GLD: $ 474.61 DOWN 6.67 PTS OR 1.39%
SLV/ $79.06 DOWN 1.51 PTS OR OR 1.87 %
TORONTO STOCK INDEX// TSX INDEX: CLOSED UP 213.92 PTS OR 0.63%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
Big-Tech Bounces Back; Bullion & Black Gold Breakdown
WRAP UP
Anthropic eases AI disruption concerns as Indices retrace early losses – US Market Wrap
Tuesday, Feb 24, 2026 – 03:50 PM
- SNAPSHOT: Equities up, Treasuries down, Crude down, Dollar up, Gold up.
- REAR VIEW: Anthropic partnerships ease concerns over AI disruption; Trump’s 10% global tariff rate takes effect; Iran’s Deputy FM says Tehran is ready to take any necessary step to reach a deal with the US; Japan’s PM reportedly relays to BoJ reservations about more rate hikes; Trump reportedly considers new national security tariffs after SCOTUS agreement; EU trade official says US have reassured them that they will stand by US-EU trade deal; Soft US 2yr auction; META and AMD announce AI deal; NVO to cut US Wegovy and Ozempic drug prices.
- COMING UP: Data: Australian CPI (Jan), German GfK (Mar), GDP Final (Q4), Swiss Sentiment (Feb), EZ HICP Final (Jan). Speakers: US President Trump; RBA’s Bullock; Fed’s Musalem, Barkin, Schmid. Supply: Germany, US. Earnings: NVIDIA, Salesforce, Snowflake, TJX Companies, Lowe’s, Synopsys, HSBC, Bayer, Fresenius.
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MARKET WRAP
US indices pared into initial losses, led by weakness in Nvidia, but soon reversed and buoyed by the Anthropic presentation just after the open, which boosted many names that Anthropic has announced they are, or will be, partnering with, potentially quelling some AI disruption fears surrounding these names. A lot of the names hit from AI disruption fears like software are turning around amid the presentation. Sectors are predominantly firmer, with Consumer Discretionary and Technology atop of the breakdown, with the latter boosted by AMD (+8.7%), after they signed a deal with META, while Salesforce (+4.1%) gained after Anthropic, in their presentation, noted they are “leading the transformation”. Health and Energy are the only sectors in the red. The Dollar was mixed against peers, with activity currencies all seeing strength to varying degrees against the Greenback and supported by the turnaround in risk sentiment. The Yen was the clear G10 underperformer and hit on reports that PM Takaichi raised reservations about rate hikes to BoJ Governor Ueda. The crude complex saw two-way trade, but ultimately lower amid more constructive US/Iran relations, as Iran’s Deputy Foreign Minister remarked that Tehran is ready to take any necessary step to reach a deal with the US, and a strike on Iran is a real gamble. Treasuries were slightly lower in choppy action, as moves continue to be dictated by AI. Spot gold saw losses, as did Bitcoin, but is off its earlier lows. No real US data was of note on Tuesday as market reactions were limited, while there were a couple of Fed speakers, but they did not say much to move the needle. Ahead, Trump’s State of the Union address is in focus ahead of Nvidia earnings on Wednesday.
US
CONSUMER CONFIDENCE: Note, the cutoff date for the preliminary results was February 17, namely before the SCOTUS ruling on Friday that deemed Trump’s IEEPA tariffs illegal, as well as Trump’s 15% global tariff replacement. US Consumer Confidence rose more than expected in February to 91.2 (exp. 87.0) from January’s 84.5. supported by consumers’ feeling less pessimistic about future economic conditions. The Present Situation Index fell to 120.0 from 121.8, as consumers’ views on current business conditions ticked higher for “bad”, 19% from 17.3%, while only moved higher for good to 19.7% from 19.6%. On the labour market. 28% of consumers said jobs were plentiful, vs 25.8% seen in January, while 20.6% said jobs were “hard to get”, up from 19.0%. The Expectations Index rose to 72.0 from 67.2, with consumers less pessimistic about future business conditions, less negative about the labour market and slightly more optimistic about income prospects in the future. 21% expected business conditions to worsen (prev. 23.7%), 26.1% anticipated fewer jobs (prev. 28.7%), 17.3% of consumers expected their incomes to increase (prev. 17.2%). Consumers’ year-ahead inflation expectations declined in February, lowering to 5.5% from 5.6%. The labour market differential—the share of consumers saying jobs are “plentiful” minus the share saying jobs are “hard to get”—rose 0.6% to +7.4%. Oxford Economics notes that the labour market differential still suggests the unemployment rate will rise to 5% in 2026.
FED’s COOK (voter, neutral): Said the neutral rate could fall over time, particularly if AI-driven productivity gains are fully realised or if labour market transitions lead to greater income inequality, which could lower the neutral rate all else equal. However, she also noted that the current AI-driven investment surge may mean the neutral rate is presently higher than it was pre-pandemic. Cook highlighted that policymakers could face trade-offs between inflation and unemployment in such an environment, arguing that education and workforce policies may be better suited than monetary policy to address structural labour market challenges. She warned that in a productivity boom, rising unemployment may not necessarily signal economic slack, and conventional demand-side easing could risk fuelling inflation without resolving AI-driven job displacement. While the unemployment rate remains low at 4.3% and layoffs are subdued, she acknowledged uncertainty around the scale and intensity of the labour market transition, noting that job displacement could precede job creation, temporarily lifting unemployment and reducing participation.
FED’s GOOLSBEE (2027 voter, dovish): The Chicago Fed President is optimistic there can be more rate cuts this year, but reiterated not until inflation is heading back to target. He adds that progress on inflation has stopped and is concerned if it remains stuck above the target. Goolsbee notes it can’t bank on coming productivity to lower inflation or use that as a rationale for rate cuts, and argued that it is not obvious that Fed policy is even restrictive. He described core services inflation ex-housing as stubbornly high. He stated that consumer spending, not AI investment, has been the main driver of economic growth, with economic growth and the labour market not seemingly fragile. The low hiring, low firing environment fuelled by uncertainty looks set to continue with the SCOTUS tariff ruling, he said. Goolsbee believes the job market and growth are quite steady.
FIXED INCOME
T-NOTE FUTURES (H6) SETTLED 2+ TICKS LOWER AT 113-09+
T-notes see two-way trade whilst sentiment remains driven by AI. At settlement, 2-year +2.1bps at 3.461%, 3-year +1.8bps at 3.462%, 5-year +1.7bps at 3.598%, 7-year +1.4bps at 3.795%, 10-year +1.0bps at 4.037%, 20-year +0.2bps at 4.635%, 30-year −0.1bps at 4.694%.
THE DAY: T-notes flattened on Tuesday with moves led by the front-end. Trade was quite choppy after a quiet overnight and European session. T-notes largely saw two-way price action in the US session, with market focus remaining on AI disruption. However, some of the recent fears were softened somewhat today as Anthropic announced a slew of new partnerships – many of the companies that were hit by Anthropic’s abilities are actually partnering with Anthropic, helping software names rally. US data saw the FHFA house price index rise 0.1% M/M, under the 0.3% forecast, while the Case-Schiller house prices declined 0.1% M/M. Consumer Confidence beat, while ADP weekly employment also accelerated somewhat. The Dallas Fed Services index declined, while the Philly Fed non-manufacturing survey also worsened. The Atlanta Fed GDP Now estimate for Q1 was unchanged at 3.1%. Elsewhere, Fed speak largely centred around AI, but Cook said the neutral rate could fall over time if the labour market transition leads to a rise in income inequality. However, the AI-driven investment surge means it is possible that the current neutral rate is higher than before the pandemic. Goolsbee largely reiterated recent remarks, noting he is optimistic there can be more rate cuts this year, but not until inflation is heading back to target. He continues to emphasise concerns around core services prices.
SUPPLY
Bills
- US sold 6-week bills at high rate 3.635%; B/C 2.82x
- US to sell USD 105bln in 4-week bills and USD 95bln in 8-week bills on February 26th, and to sell USD 69bln in 17-week bills on February 25th; all to settle to March 3rd
Notes
- Overall, a relatively soft 2-year auction. The US sold USD 69bln of 2-year notes at a high yield of 3.455%, tailing the when issued by 0.1bps. The tail is worse when compared to the prior stop through of 1.4bps and six auction average stop through of 0.5bps. The bid-to-cover fell to 2.63x from 2.75x, in line with recent averages. The breakdown saw an uptake in direct demand to 34.3% from 28.3%, above the 32.0% average. However, indirect demand slumped to 55.91% from 64.4%, below the 57.1% average. This left dealers with 9.8% of the supply, above the prior but below recent averages.
- US to sell USD 70bln of 5-year notes on February 25th and USD 44bln of 7-year notes on February 26th; all to settle March 2nd
- US to sell USD 28bln of 2-year FRN’s on February 25th; to settle February 27th
STIRS/OPERATIONS
- Market Implied Fed Rate Cut Pricing: March 0bps (prev. 0bps), April 2.7bps (prev. 3.2bps), June 12.0bps (prev. 13.6bps), December 54.8bps (prev. 57.3bps).
- NY Fed RRP op demand at 0.92bln (prev. 0.88bln) across 17 counterparties (prev. 7)
- SOFR at 3.66% (prev. 3.66%), volumes at USD 3.197tln (prev. USD 3.224tln) on February 23rd
- EFFR at 3.64% (prev. 3.64%), volumes at USD 97bln (prev. USD 101bln) on February 23rd
CRUDE
WTI (J6) SETTLED USD 0.68 LOWER AT 65.63/BBL; BRENT (J6) SETTLED USD 0.72 LOWER AT 70.77/BBL
The crude complex saw two-way trade on Tuesday, but ultimately lower amid more constructive US/Iran relations. WTI and Brent saw choppy trade overnight and through the European session to hit highs of USD 67.15/bbl and Brent 71.90, respectively, albeit in thin oil-specific newsflow. However, this soon changed, and immediate downside ensued in the space as Iran’s Deputy Foreign Minister remarked that Tehran is ready to take any necessary step to reach a deal with the US, and a strike on Iran is a real gamble. As such, benchmarks fell to intraday lows as participants digested the comments, and continued grinding lower into the close to settle at troughs. Prior to these comments, oil did see some modest upside as White House, on Iran, said Trump’s first option is always diplomacy, but is willing to use lethal force when and if necessary. On the supply front, Transneft has reportedly cut crude oil intake by 250k BPD after Monday’s attack on a major pumping station, and Venezuela is reportedly readying larger crude cargoes for exports starting in March and exports of Venezuelan oil to expand to India. Ahead, traders await private inventory data after-hours, whereby current expectations are (bbls): Crude +1.5mln, Distillate -1.6mln, Gasoline -0.6mln.
EQUITIES
CLOSES: SPX +0.77% at 6,890, NDX +1.09% at 24,977, DJI +0.76% at 49,175, RUT +1.20% at 2,652
SECTORS: Health -0.53%, Energy -0.11%, Communication Services +0.22%, Real Estate +0.23%, Financials +0.47%, Consumer Staples +0.69%, Materials +0.79%, Utilities +1.09%, Technology +1.17%, Industrials +1.23%, Consumer Discretionary +1.58%.
EUROPEAN CLOSES: Euro Stoxx 50 +0.10% at 6,121, Dax 40 +0.12% at 25,022, FTSE 100 -0.04% at 10,681, CAC 40 +0.26% at 8,519, FTSE MIB -0.10% at 46,652, IBEX 35 -0.54% at 18,190, PSI +0.25% at 9,269, SMI +1.08% at 13,994, AEX +0.34% at 1,020
STOCK SPECIFICS:
- Diamondback Energy (FANG): Profit light.
- Hims & Hers Health (HIMS): Light next quarter revenue view.
- Home Depot (HD): Profit & rev. beat, raised div. 1.3% & SSS surprisingly rose
- JPMorgan (JPM): Q1 IB fees & trading rev. exp. to rise by a mid-teens percentage Y/Y; now sees FY NII of ~$104.5bln (prev. 103bln)
- Keurig Dr Pepper (KDP): EPS & rev. beat
- Keysight Tech (KEYS): Top, bottom line beat & issued stronger than exp. next quarter outlook.
- Meta (META) signs blockbuster AMD (AMD) deal to spend billions on AI gear & to acquire shares of AMD.
- Novo Nordisk (NVO) to cut Ozempic & Wegovy prices by up to 50% starting Jan. ‘27, WSJ reports.
- PayPal (PYPL) attracting takeover interest from banks & at least one large rival w/ with some parties considering the whole Co. & others specific assets
- Warner Bros. Discovery (WBD) confirmed that it has received a revised proposal from Paramount Skydance (PSKY), but the Netflix (NFLX) merger agreement remains in effect, and the Board continues to recommend in favour of the Netflix transaction.
- Anthropic unveiled 10 new ways for business customers to plug in its tech to key areas of work; could help with Investment Banking tasks like reviewing deals, Wealth-Management tasks such as portfolio analysis and HR related tasks. Other items include plug-ins for private equity, engineering and design. Novo Nordisk (NVO), Accenture (ACN), Infosys (INFY), Spotify (SPOT), Intuit (INTU), Factset (FDS), Thomson Reuters (TRI), DocuSign (DOCU), LegalZoom (LZ), and Intercontinental Exchange (ICE) moved higher as partnerships with these companies were mentioned, raising concerns that AI will disrupt software-related names.
- Citron Research is short SanDisk (SNDK), “The market is pricing SanDisk like it’s Nvidia (NVDA). There’s one problem: NVIDIA has a moat. SanDisk sells a commodity.”
- Unity Software (U) reportedly considering selling China business, according to Bloomberg.
- Apple (AAPL) shareholders approve all co. proposals at annual meeting, including note on executive pay, but reject shareholder proposal asking for report on China entanglements, via Apple AGM; CEO Cook said co. continues to plan for an annual increase to the dividend.
- Klaviyo (KVYO) and Google (GOOGL) announce strategic partnership to power autonomous customer experiences.
- Stripe is considering an acquisition of all or parts of PayPal (PYPL), Bloomberg reports.
FX
The Dollar was mixed against peers on Tuesday, with DXY’s modest gains a function of JPY weakness (more below) as opposed to US specifics. Risk-off sentiment seen to start the week, arising from AI disruption, was eased following optimistic announcements between AI firm Anthropic and software-related names, allowing the likes of AUD to reverse earlier weakness. Elsewhere, focus was on data and Fed speak. US Consumer Confidence rose in February, with consumers feeling less pessimistic about future economic conditions, while ADP’s weekly private job figures picked up, and the Richmond Fed Manufacturing Index contracted at a faster rate in February. Fedspeak highlights included Goolsbee (2027 voter) reiterating that more progress is needed on inflation before resuming rate cuts.
JPY was weighed by two reports, firstly in overnight trade following the Nikkei report that several senior US officials said the “rate checks” carried out when JPY weakened in Jan were initiated by US Treasury Secretary Bessent rather than at Japan’s request. Later, the more notable move came on Mainichi reports that Japan’s PM Takaichi relayed to BoJ Governor Ueda reservations about further rate hikes, being stricter than their previous meeting, sources said. Shortly after the news, USD/JPY hit session highs of 156.28 before retreating to ~155.79 at the time of writing.
GBP was muted amid a deluge of remarks from BoE policy makers. The main takeaway is that a cut in April/May remains an open question for markets, with Governor Bailey saying a rate cut in April is a genuinely open question. Pill kept hawkish, issuing concerns over future policy easing with risks still to the upside on achieving the inflation target. Cable finished the session flat at ~1.3498 from earlier 1.3537 highs.
HUF was modestly firmer against EUR in the aftermath of the NBH’s decision to cut rates by 25bps, as expected to 6.25%. Governor Varga reiterated a data-dependent approach, with the 25bps cut the only option discussed at the meeting.
USA DATA RELEASE
Despite Rise In December, US Home Prices Saw Weakest Full-Year Gain Since 2011
Tuesday, Feb 24, 2026 – 09:07 AM
For the fifth straight month, US home prices across its 20 largest cities rose in December (according to the admittedly lagged and smoothed Case-Shiller data released today). The 0.47% MoM rise is down very mopdestly from the upwardly revised +0.53% MoM in November
Source: Bloomberg
However, “national home prices grew just 1.3% for the year – the weakest full-year gain since 2011,” according to Nicholas Godec, CFA, CAIA, CIPM, Head of Fixed Income Tradables & Commodities at S&P Dow Jones Indices.
“Two structural forces have reshaped the market over recent years: mortgage rates and inflation,” Godec continued.
“The 30-year mortgage rate closed 2025 at 6.2%, well above the 4.8% 10-year average and a sharp contrast to the 3.9% average that prevailed from 2016 through 2020. Meanwhile, annual inflation for 2025 came in at 2.7% — modestly below the 3.1% 10-year average — but still outpaced home price appreciation by 1.4 percentage points, effectively eroding real home values for most owners. This marks a notable reversal: Over the prior decade, national home prices outpaced inflation by 3.7 percentage points annually, a dynamic that has quietly reversed, with real home price returns turning negative in June 2025.
…but, declining mortgage rates suggest the rebound in aggregate prices could be about to explode…
Source: Bloomberg
Is this what President Trump wants to see? Flat prices and lower mortgage rates means more affordability..
END
Despite Crazy Revisions, Consumer Confidence Rebounds From January’s Doom
Tuesday, Feb 24, 2026 – 10:09 AM
After Boomers and Gen X dragged The Conference Board Confidence measure down to eight month lows to end 2025, expectations were for a rebound to start 2026.
Instead, January was a bloodbath with all the cohorts tumbling. Today sees February’s data released with expectations for a rebound, particularly in expectations… and the consensus was right.
- The headline Consumer Confidence print rose from 84.5 (revised dramatically up to 89.0) to 91.2 (better than the 87.1 expected)
- Under the hood it was kind of crazy with the dismal Present Situation print for January of 113.7 dramatically revised up to 121.8, which meant the 120.0 print for February was actually a decline MoM (but better than expected).
- The Expectations sub-index rose from a revised 67.2 to 72.0 (also better than expected).
So, overall, confidence ticked up in February after falling in January, as consumers’ pessimistic expectations for the future eased somewhat.
“Comments about prices, inflation, and the cost of goods remained at the top of consumers’ minds,” Dana Peterson, chief economist at the Conference Board, said in a statement.
“Mentions of trade and politics also increased in February.”
With Expectations at their lowest since COVID…
Source: Bloomberg
The survey cutoff date was Feb. 17, before the Supreme Court struck down most of President Donald Trump’s sweeping global tariffs.
Finally, under the hood, The Conference Board survey shows the trend of a weaker labor market continued to accelerate…
Source: Bloomberg
Circling back to where we started, how exactly do you ‘revise’ consumer expectations (especially so dramatically?)
USA ECONOMIC COMMENTARIES
WHAT IF….
What happens if actual information comes out that elections have been stolen? Forget conflicts that cannot be won. Negotiation of realities is far more productive.
Did you read Justice Thomas’s dissent on the Tariff decision? He states that it is not constitutional! What if the court itself by Justices put in by stolen elections is illegal and not constitutional. Was Obama even a real deal or an agency cutout? Many people know he was a fake; why would anything he did stand? Biden was a phantom run by others with a failed agenda.
Military is the only way .. a national security emergency declaration that militarily backs up Trump’s authority including challenging the Supreme Court .. Trump can protect the constitution by protecting the American People from domestic and foreign enemies. If elections have been stolen and appointments to the Supreme Court have been made by parties not elected by the American people then why are they real? Ponder this! The question is whether he will do this? America is running out of time. Too many events are colliding now with short time lines. What we see today in America and elsewhere is an illusion of reality being dictated by a hidden hand with a globalism agenda. Even Russia has recognized that China is playing both sides by supplying Russia and Ukraine in conflict. As they say China struck gold because they make money. Everyone else too stupid pays.
Because one can question whether anything in America for a long time has been the free will of the American public? Since 1913 with the Federal Reserve, (it is as Federal as Federal Express) America does not even have a national currency controlled by a National Central Bank. Does anyone question why that is or why Americans do not understand that their labor has been stolen from them to be used as a global currency control to serve what Masters? Does anyone recognize that if there was a true American currency then the real power would come from consumption and production, solely via American interests? And that there would be a balanced global hegemony quite different than it is today. Otherwise, it is equally clear than the China model of dominance is well underway where hegemony will be shifted to the Yuan over the federal reserve dollar with power no doubt in the hands controlling the Yuan. Is China really in control of their own currency or is it a long term game of chess used to break America? The Unit is coming and it will be a force to reckoned with. China has holes and weaknesses that can still be exploited. Why countries like Canada and others allow their money and talent to be exploited by China in registering patents used to harm and covet value to China is remarkable? Research done by universities paid for by tax dollars should go to the country where is done and not to China. But that suggests that such actions matter not until they do and then it is too late.
China uses slave labor. Why should there not be tariffs? How many nations favor their exporters? The French support their wine exporters. Why should they not be tariffed? Airbus is heavily subsidized. Why are they not subject to a tariff? Many countries support their exporters as a routine. Some clearly much more than others. As much as one see fault in use of tariffs they serve a purpose in rebalancing trade and job security. Not everything needs to come from China. And frankly the world economy allows this to their own chagrin. And in the end it also will undo China because as jobs are destroyed in local countries by China through their export machine they actually destroy the ability of those countries to experience well being by giving up their manufacturing to China as wealth and leaving themselves poorer as a consumer nation as a result.
Should population immigration not be controlled? As industrial capacity is reignited should there not be jobs?
America has been bleed out for decades. The business of America is business and if that is the case are not people of the world not needed? Of course they are. Jobs require people who can contribute. So reality is that deportations are temporary as people will be needed in the future whether it is on student visa or become citizens in due course by coming in the right way. Perhaps if this succeeds it will be a future model of change.
If you look at Europe or others like Canada or Britain mass migration of non contributing people does not work. If it did you would not see Muslim ghettos in France or attempts at turning a country to Islam or tolerate “grooming gangs” and other such disasters. Who wants this or needs this? Ask Why.
We are in uncertain times that are changing everything around us.
END
A TOTAL MESS
FedEx Seeks Tariff Refund With Lawsuit Against US
Tuesday, Feb 24, 2026 – 02:05 PM
Authored by Jill McLaughlin via The Epoch Times,
FedEx is suing the United States Feb. 23, seeking a full refund on President Donald Trump’s emergency tariffs after the U.S. Supreme Court ruled his use of the International Emergency Economic Powers Act (IEEPA) lacked authorization.
The lawsuit, filed in the U.S. Court of International Trade, seeks to recoup all duties paid by FedEx as a result of IEEPA orders and any interest accrued, plus attorney’s fees.
The Tennessee-based shipping giant focused its lawsuit mainly on the emergency tariffs imposed on Mexico, Canada, and China, and the 10 percent baseline tariff on all imports to the United States, which went into effect on April 5, 2025.
In the Learning Resources v. Trump case, the Supreme Court ruled Feb. 20 that Trump’s tariffs violated the emergency powers law he invoked last year to impose levies on China, Canada, Mexico, and other countries.
Tariffs enacted under other laws were not affected by the ruling.
The president declared a national emergency under IEEPA starting on Feb. 1, 2025, to address the flow of illicit drugs across the northern and southern borders, and to stop the synthetic opioid supply chain from China.
Trump continued taking more steps to implement emergency orders with tariffs last year and earlier this year, addressing global threats. The latest tariffs targeted Iran on Feb. 6.
The president issued an order Feb. 20 ending IEEPA tariff actions.
In a dissenting opinion, Supreme Court Justice Brett Kavanaugh said the federal government may be forced to refund billions of dollars to importers who paid tariffs under IEEPA “even though some importers may have already passed on costs to consumers or others.”
Kavanaugh also said he expected it could be a “mess.”
During a press conference Feb. 20 following the Supreme Court’s decision, Trump said the ruling didn’t do enough to address the refund issue, which could tie up the federal government in court for years to come.
“I guess it has to get litigated for the next two years,” the president said.
Ships are docked at the Port of Long Beach in Long Beach, Calif., on Feb. 20, 2026. Damian Dovarganes/AP Photo
Other companies have filed lawsuits seeking refunds on the tariffs, including Revlon, Costco, Goodyear Tire & Rubber, Toyota, BYD, Patagonia, REI, Trek, Specialized, Shimano, Bell Sports, Osprey, and Dole Fresh Fruit Company.
Since the Supreme Court ruling, Trump has imposed a 10 percent tariff on all countries, which was raised to 15 percent on Feb. 21. The new worldwide tariff level went into effect immediately, the president announced in a post on Truth Social.
END
VICTOR DAVIS HANSON
KING NEWS
| The King Report February 26, 2026 Issue 7686 | Independent View of the News |
| On Monday, stocks, commodities, and cryptocurrencies got hammered; precious metals rallied sharply; and bonds rallied moderately. Fangs and AI-related tulips got eviscerated. Anthropic Says That DeepSeek, Moonshot and Minimax Created 24,000 Fake Claude Accounts to ‘Steal’ Its Models – Anthropic revealed it has identified what it describes as “industrial-scale” distillation attacks carried out by three Chinese AI laboratories: DeepSeek, Moonshot AI, the company behind the successful Kimi series of models, and MiniMax. According to Anthropic, the three labs collectively created over 24,000 fraudulent accounts and generated more than 16 million exchanges with Claude, its flagship AI model, in violation of the company’s terms of service and regional access restrictions. The three companies are the top-performing Chinese companies on most AI benchmarks… https://officechai.com/ai/anthropic-says-that-deepseek-moonshot-and-minimax-created-24000-fake-claude-accounts-to-steal-its-models/ @YahooFinance: IBM sinks after Anthropic announces an AI tool designed to streamline COBOL code modernization. Software, Payments Shares Tumble after Citrini Post on AI Risks – BBG DoorDash, American Express Co. and Blackstone Inc slumped more than 7%. Shares of other companies name-checked in the article, including Uber Technologies Inc., Mastercard Inc., Visa Inc, Capital One Financial Corp., Apollo Global Management Inc., and KKR & Co. Inc. were all lower by at least 3%…. https://finance.yahoo.com/news/software-payments-shares-tumble-citrini-162303649.html Citrini… represented a scenario where AI’s disruption caused mass unemployment for white collar workers, declining consumer spending, software-backed loan defaults and economic contraction… Die Welt’s @Schuldensuehner: The software selloff continues, w/cybersecurity stocks particularly hard hit following the release of Anthropic’s Claude Code Security due to fears that this code-focused tool will change the industry. This indicates that there is nowhere to hide when it comes to software stocks. Even the Goldman Sachs basket of supposedly AI-immune software stocks has come under heavy pressure recently. Banks, great and small, declined sharply. KRE (Regional Bank ETF) tumbled as much as 5.13% (12:56 ET). The KBW Bank Index was -5% at 12:40 ET. AXP plunged as much as 8.35%. AXP hit a high of 386.26 on 1/6/26; it hit a low of 317.15 on Monday. AXP reported soft results on January 30. American Express reported revenues of $17.57 billion, up 10.6% year on year. This print fell short of analysts’ expectations by 7.2%. Overall, it was a softer quarter for the company with a significant miss of analysts’ revenue estimates and a miss of analysts’ EPS estimates… https://www.msn.com/en-us/money/credit-cards/q4-earnings-highs-and-lows-american-express-nyse-axp-vs-the-rest-of-the-credit-card-stocks/ar-AA1WUfNk Trump blasts ‘incompetent’ Supreme Court over ‘ridiculous’ tariff case ruling “Let our supreme court keep making decisions that are so bad and deleterious to the future of our Nation – I have a job to do,” President Trump said… “For one thing, I can use Licenses to do absolutely ‘terrible’ things to foreign countries, especially those countries that have been RIPPING US OFF for many decades, but incomprehensibly, according to the ruling, can’t charge them a License fee – BUT ALL LICENSES CHARGE FEES, why can’t the United States do so? You do a license to get a fee! The opinion doesn’t explain that, but I know the answer!” he continued. “The court has also approved all other Tariffs, of which there are many, and they can all be used in a much more powerful and obnoxious way, with legal certainty, than the Tariffs as initially used. Our incompetent supreme court did a great job for the wrong people, and for that they should be ashamed of themselves (but not the Great Three!),” Trump added, referring to Justices Clarence Thomas, Samuel Alito, and Brett Kavanaugh, who dissented… “The next thing you know they will rule in favor of China and others, who are making an absolute fortune on Birthright Citizenship, by saying the 14th Amendment was NOT written to take care of the ‘babies of slaves,’ which it was as proven by the EXACT TIMING of its construction, filing, and ratification, which perfectly coincided with the END OF THE CIVIL WAR. How much better can you do than that? “But this supreme court will find a way to come to the wrong conclusion, one that again will make China, and various other Nations, happy and rich. Let our supreme court keep making decisions that are so bad and deleterious to the future of our Nation – I have a job to do…” https://justthenews.com/politics-policy/all-things-trump/trump-blasts-incompetent-supreme-court-over-ridiculous-tariff-case ESHs opened lower on Sunday night and intractably declined until they hit 6867.40 (-55.75) at 0:18 ET. After an A-B-C rally for the NYSE opening and the expected Monday Rally took ESHs to a daily high of 6930.25 (+7.00) at 9:38 ET, ESHs plunged to a daily low of 6832.75 (-97.50) at 11:16 ET. The manipulation for the European close pushed ESHs to 6860.25 at 11:30 ET. After a retreat to 6835.00 at 12:40 ET, buying for the expected afternoon rally took ESHs to 6969.25 at 14:25 ET. Alas, there were real sellers in the market; ESHs sank to 6834.75 at 14:42 ET. The illegal late manipulation pushed ESHs to 6856.60 at 16:00 ET. @ElectionWiz: In 2025, the 7 biggest health insurers made $54B profit despite covering 10M fewer people than 2024, while hiking prices & steering patients to their own subsidiaries & taxpayer-funded programs, Wendell Potter’s data shows. (Obamacare legacy by Justice Roberts who was against the ACA until Obama called him to the WH and changed his mind!) Mexico’s Defense Minister sobs, reveals 25 national guard members were killed in Jalisco https://nypost.com/2026/02/23/world-news/mexicos-top-defense-official-sobs-announces-25-national-guard-members-killed-in-jalisco/ Positive aspects of previous session The S&P 500 Index did NOT fall below 6800, the lower bound since November. Commodities declined sharp smartly. Negative aspects of previous session Stocks, led by Fangs and AI- related issues cratered. IBM plunged 13.14%, biggest drop since 2000 Precious metals rallied sharply. Ambiguous aspects of previous session USHs were only +18/32 at the NYSE; they should have rallied much more. First Hour/Last Hour NYSE Action [S&P 500 Index]: 1st Hour: Down; Last Hour: Up Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6858.18 Previous session S&P 500 Index High/Low: 6916.96; 6819.82 @danzwku: “the PRC (China) is not just “related” to the Mexican cartels; they are the logistical and financial backbone that allows the CJNG to function as a global superpower. Without the PRC, the CJNG would just be another violent regional gang. With the PRC , they are a “narco-terrorist” organization that can bypass the U.S. banking system and produce synthetic drugs at an industrial scale.” “Internal intelligence suggests the PRC views the CJNG as a “strategic asset” that weakens the U.S. from within via the fentanyl crisis, serving as a form of unrestricted warfare.” “The PRC and the CJNG have a “symbiotic” relationship. The PRC provides the bullets (chemicals) and the bank (shadow banking), while the CJNG provides the infantry (violence) that destabilizes the North American border.”… https://x.com/danzwku/status/2025659657591898335 @realDonaldTrump: Numerous stories from the Fake News Media have been circulating stating that General Daniel Caine, sometimes referred to as Razin, is against us going to War with Iran. The story does not attribute this vast wealth of knowledge to anyone and is 100% incorrect. General Caine, like all of us, would like not to see War but, if a decision is made on going against Iran at a Military level, it is his opinion that it will be something easily won. He knows Iran well in that he was in charge of Midnight Hammer, the attack on the Iranian Nuclear Development. It is a Development no longer, but rather, was blown to smithereens by our Great B-2 Bombers. Razin Caine is a Great Fighter and represents the Most Powerful Military anywhere in the World. He has not spoken of not doing Iran, or even the fake limited strikes that I have been reading about, he only knows one thing, how to WIN and, if he is told to do so, he will be leading the pack. Everything that has been written about a potential War with Iran has been written incorrectly, and purposefully so. I am the one that makes the decision, I would rather have a Deal than not but, if we don’t make a Deal, it will be a very bad day for that Country and… its people, because they are great and wonderful, and something like this should never have happened to them. Today – The usual suspects will play for a Turnaround Tuesday to the upside. Will organic selling thwart traders that play ingrained patterns? The disgorging of Fangs and AI-related tulips has kept a lid on stocks since November. The relative valuation has kept major indices buoyant. If the 1st-hour lows are violated, equities could have a tough time. Will AI-relating selling continue? Nvidia reports Q4 results on Wednesday; 1.53 EPS is consensus. Expected Econ Data: Dec FHFA House Price Index 0.3% m/m; Dec S&P Cotality 20-city house price index 0.35% m/m & 1.3% y/y; Feb Conference Board Consumer Confidence 87; DJT SOTU 8 ET Fed Speakers: Chicago Pres Goolsbee 8 ET, Boston Pres Collins 9 ET, Atlanta Pres Bostic 9 ET, Gov. Waller 9:15 ET, Gov Cook on AI 9:30 ET, Richmond Pres Barkin & Boston Pres Collins 15:15 ET ESHs are +8.25; NQHs are +45.50; USHs are -7/32; precious metals are down a tad at 20:10 ET. S&P Index 50-day MA: 6896; 100-day MA: 6824; 150-day MA: 6705; 200-day MA: 6536 DJIA 50-day MA: 49,024;100-day MA: 47,990; 150-day MA: 47,055; 200-day MA: 46,029 (Green is positive slope; Red is negative slope) S&P 500 Index (687.75 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 6966.44 triggers a buy signal Hourly: Trender and MACD are negative – a close above 6868.45 triggers a buy signal @EndWokeness: Gov. Newsom to a black crowd (actually host) in GA: “I am like you… I’m a 960 SAT guy… I cannot read…” https://x.com/EndWokeness/status/2025749760443908555 “My mom was always working, so I lived off of frozen lasagna, mac n cheese“. https://x.com/EndWokeness/status/2025753809750765834 @RantyAmyCurtis: Newsom was born wealthy. (The Greasy Grifter’s father was a state appeals court judge and an attorney for Getty Oil.) If not for liberal privilege, Greasy Grifting Gavin Newsom’s political career would be over. Newsom ripped over ‘racist’ viral clip telling Black mayor ‘I’m like you’ before touting poor SAT score – “I’m not, you know, I’m not trying to impress you, I’m just trying to impress upon you, I’m like you. I’m no better than you… I’m a 960 SAT guy. And, you know, and I’m not trying to offend anyone, you know, ‘trying to act all there if you got 940,’” Newsom continued. “Literally a 960 SAT guy, you’ve never seen me read a speech. Because I cannot read a speech. Maybe the wrong business to be in.” “His way of bonding with black ppl is to tell them how stupid he is & that he can’t read,” rapper Nickii Minaj posted on X. “Do you wanna know the craziest part of this footage that will haunt him forever? He’s literally slowing his speech down & talking in a sporadic cadence.” “I can’t believe this is real,” conservative influencer account LibsofTikTok posted on X. “Where’s BLM and Democrats denouncing this racism?”… This is MAGA-manufactured outrage,” Newsom spokesperson Izzy Gardon said… “The same people who excused or ignored Trump’s racist ape video can go f— themselves.” https://www.foxnews.com/politics/newsom-ripped-over-racist-viral-clip-telling-black-mayor-im-like-you-before-touting-poor-sat-score Gavin Newsom explodes on Fox News host in furious F-bomb rant over racism claims https://www.dailymail.co.uk/news/article-15585645/Gavin-Newsom-explodes-Fox-News-host-furious-F-bomb-rant-racism-claims.html @susancrabtree: EXCLUSIVE and BREAKING: What about that @GavinNewsom dyslexia diagnosis – can the gov. provide any paperwork related to his dyslexia diagnosis at any time of his life? Newsom’s comms team just now tells me to “f**k off.” Think @GavinNewsom ’s comms team is losing it today? https://x.com/susancrabtree/status/2026057397689802773 Why do Dems believe that incessantly hurling the f-word is a good thing? Is this a Dem requirement? Dems are so eager to pander and relate to minorities that their minds discombobulate, and they say stupid Schiff – or make remarks that resemble ‘street’ lingo. Hillary and Obama routinely did this. @LauraPowellEsq: Gavin Newsom claims he “can’t read,” but a few months back, he claimed he had read a book of over 300 pages in less than two hours. https://x.com/LauraPowellEsq/status/2025982675262251387 Dems will roll out their perfect agent of subterfuge, Abigail Spanberger, in response to SOTU Abigail Spanberger, the new governor of Virginia, who has been tapped to deliver the Democrats’ State of the Union reply Tuesday night, is the perfect avatar for her party’s deception… But don’t be fooled by appearances. Spanberger is an expert at subterfuge, having spent eight years as an undercover CIA case officer, aka a spy, under Barack Obama and John Brennan, in the era when Democrats turned national security back on itself… Yet America remains far more conservative than it is liberal, with 35% of adults describing themselves as “very conservative” or “conservative” while 28% call themselves “very liberal” or “liberal” and 33% identify as “moderate.”… So they choose Potemkin Village candidates like Spanberger, former astronaut Mark Kelly and Tim “Midwestern Dad” Walz, with national security credentials or other conservative-coded attributes to trick moderate voters. The Dems’ fake centrists need to plausibly campaign on affordability and safety and then smoothly raise taxes, enable fraud, handcuff police, refuse to imprison violent offenders and invite millions of criminal illegal aliens into their sanctuary cities, to cement their power. They will lie to your face that crime is down, that allegations of welfare fraud are racist and that illegal aliens are saints who definitely don’t get Medicare or vote… https://nypost.com/2026/02/22/opinion/miranda-devine-dems-will-roll-out-their-perfect-agent-of-subterfuge-abigail-spanberger-in-response-to-sotu/ @DrEliDavid: 46 days since President Trump encouraged Iranians to continue protesting. 46 days since the greatest daily massacre in modern times. 46 days since the promise that “help is on its way”. Backlash Over Disney’s ‘Captain Durag’ Subsides Once Creator Revealed as Black (Woman) Disney’s latest cartoon misfire, “Captain Durag,” sparked a firestorm of criticism for allegedly stereotyping black culture—until the black creator stepped forward, promptly defusing the leftist mob’s fury… But then creator Camille Corbett, a 28-year-old Jamaican-American artist and comedian, defended her work on X, stating “I created the character Durag Man, now known as Captain Durag on the Disney Show, Hey AJ and I’m just finding out people are finding it problematic? I just wanted our culture to have a superhero of its own!”… Once Corbett’s identity surfaced, the outrage mostly evaporated—exposing the hypocrisy of critics who slam “stereotypes” until ownership aligns with their identity politics playbook… https://modernity.news/2026/02/22/backlash-over-disneys-captain-durag-subsides-once-creator-revealed-as-black/ Grievance and identity politics are liberal staples. Former UK ambassador Peter Mandelson arrested amid Jeffrey Epstein investigation “Officers have arrested a 72-year-old man on suspicion of misconduct in public office,” London’s Metropolitan Police said… https://justthenews.com/world/europe/former-uk-ambassador-peter-mandelson-arrested-amid-jeffrey-epstein-investigation @JunkScience: Climate Snowjob: Central Park had 15 inches of snow at 8am this morning. Recall these “End of Snow” headlines the NYTimes shoveled at us in 2014 and 2024. What’s over is the climate hoax. https://x.com/JunkScience/status/2025930951977570458 @CWBChicago: Two men on electronic monitoring allegedly showed up with a machine gun to provide “security” for a car repossession team. Unfortunately for them, the repo men were ATF agents. https://t.co/TBbuq2NXPR @Osint613: Chicago teens are going viral after appearing on video with semi-automatic weapons and pistols with extended magazines announcing: “We run this city” Chicago records shows at least 1,847 shooting victims in 2025. https://t.co/JDBCS4BPUm As we regularly harp, Dems and their media stooges incessantly whine for more gun laws but they do NOT enforce existing laws and routinely ‘go easy on criminals’ at every opportunity. Gavin Newsom pardons criminal illegal migrant convicted for attempted murder: DHS https://trib.al/7PRu32h AOC’s Ignorance Is No Laughing Matter Ocasio-Cortez’s Munich performance was laughable—but her nostalgia for workerist politics ignores a century of Marxist failure, revisionism, and the authoritarian wreckage that followed. https://amgreatness.com/2026/02/23/aocs-ignorance-is-no-laughing-matter/ @Rainmaker1973: Brazilian scientist Tatiana Sampaio discovers a protein, Polylaminin, that can regenerate spinal cord. This substance aims to create a supportive matrix that encourages damaged neurons to regenerate connections, potentially restoring motor function after severe injuries. | |
SWAMP STORIES FOR YOU TONIGHT
The DNC Covered Up Its 2024 Election Autopsy, And Now We Know Why
Monday, Feb 23, 2026 – 08:30 PM
After the 2024 presidential election, the Democratic National Committee conducted an autopsy of the party’s defeat and intended to release it.
It pledged an honest accounting of how Donald Trump reclaimed the White House. It assured its own officials, strategists, and donor class that a thorough post-mortem was coming.
However, after the autopsy was complete, the DNC clammed up and kept it under wraps.
There was something in the report they didn’t want the public to see, and Democrats weren’t happy about it.
The official explanation for suppressing the report is that releasing it would distract from the party’s focus on winning back Congress in 2026 and not be distracted by the past.
That explanation doesn’t hold up.
Several Democrats, including advisers to potential 2028 presidential hopefuls, have argued that burying this report conveniently shields Harris from accountability runs again, while also protecting the consultant class whose strategic decisions contributed to the loss.
“I suspect the reasons why this isn’t being released are precisely the reasons why it should be released,” Lis Smith, a longtime adviser to Pete Buttigieg, said in a post on X last year.
“The DNC’s actual position is that if the public knew more about what Democrats got wrong in the last election, it would hurt the party’s chances in the next election,” former Obama speechwriter Jon Favreau wrote.
Favreau was more right than he realized. Because we know now what the DNC didn’t want the public to know.
According to a report from Axios, DNC staff members working on the report held a private meeting with the IMEU Policy Project, a pro-Palestinian advocacy organization, specifically to discuss the electoral impact of U.S. policy toward Israel.
Hamid Bendaas, a representative for the group, said the DNC acknowledged in that meeting that “their own data also indicated that this policy was, in their assessment, a ‘negative’ for the 2024 election.”
Two additional senior IMEU Policy Project members independently confirmed that the DNC reached the same conclusion.
Axios separately verified that Democratic officials involved in the analysis found the Gaza issue hurt the party’s appeal with certain voter blocs.
Harris spent much of 2024 trying to navigate Israel-Gaza without alienating either side. She expressed firm support for Israel while also calling for a ceasefire and voicing empathy for Palestinian civilians.
It was a strategy that failed to satisfy the pro-Palestinian wing of the party, which is largely made up of younger voters and older progressives who had already grown skeptical of the administration’s backing of Israel, and proved particularly difficult to retain.
The autopsy appears to suggest that the party’s ability to succeed in the future requires it to be unequivocally anti-Israel.
DNC spokesperson Kendall Witmer denied the claim that findings related to Israel are driving the suppression of the report; however, even Kamala Harris seems to have confirmed the autopsy report’s findings.
During an event for her 107 Days book tour, Harris said the administration “should have done more” and “should have spoken publicly” about its criticism of Netanyahu’s handling of the war.
In the memoir, she wrote that Biden’s “perceived blank check” to Israel hurt her 2024 campaign and revealed she had privately urged him to show greater empathy for Gazan civilians even as she refused to break with him publicly.
Democrats are now staring at an uncomfortable reality: their internal diagnosis is pushing them further down an explicitly anti-Israel path, and now everyone knows it.
END
GREG HUNTER…
SEE YOU TOMORROW
harveyorganblog.com 
