FEB 25//ALL OF OUR PRECIOUS METALS RISE: GOLD ROSE BY $48.40 TO $5207.50 WITH SILVER THE STAR OF THE DAY UP $3.43 TO $91.15//PLATINUM WAS UP ANOTHER 183.05 TO $2326.40 WITH PALLADIUM UP $64.20 TO $1816.05//GOLD COMMENTARY TONIGHT COURTESY OF CHRIS POWELL WITH HIS GATA DISPATCHES//JAPAN YEN FALLS AFTER TAKAITCHI NOMINATES TWO DOVSES TO THE CENTRAL BANK OF JAPAN//EUROPEAN COMMENTARIES: THE UK AND SWITZERLAND//ISRAEL UPDATES/IRANIAN UPDATES//VACCINE INJURY REPORTS; MARK CRISPIN MILLER//ONE COMMENTARY TONIGHT ON OIL//USA REPORT; TRUMP’S STATE OF THE UNION ADDRESS HIGHLIGHED AND DISCUSSED//KING NEWS REPORT//SWAMP STORIES FOR YOU TONIGHT//
132 C SG AMERICAS 8 190 H BMO CAPITAL MARKETS 9 363 H WELLS FARGO SECURITI 10 555 C BNP PARIBAS SEC CORP 4 661 C JP MORGAN SECURITIES 3 880 H CITIGROUP 2
TOTAL: 18 18 MONTH TO DATE: 36,727
JPMORGAN STOPPED 3/18
February
GOLD: NUMBER OF NOTICES FILED FOR FEBRUARY/2026: 18 CONTRACTs NOTICES FOR 1800 OZ or 0.0559 TONNES
total notices so far: 36,727 contracts for 3,672,700 OR 114.236 tonnes)
FOR FEB.
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SILVER NOTICES: 229 NOTICE(S) FILED FOR 1,145,000 OZ /
total number of notices filed so far this month : 4,960 CONTRACTS (NOTICES) for 24.800 million oz
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END
GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD UP $48.40 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD
SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 0.30 TONNES OF GOLD OUT OF THE GLD/.
INVENTORY RESTS AT 1086.17 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER UP $3.43 AT THE SLV: HUGE CHANGES IN SILVER INVENTORY AT THE SLV/ A MASSIVE PAPER DEPOSIT OF 8.923 MILLION OZ INTO THE SLV/
CLOSING INVENTORY RESTS AT:
CLOSING INVENTORY: 517.881 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY A MEGA HUGE SIZED 9166 CONTRACTS TO 125,484 AND STALLING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND MEGA MEGA HUGE SIZED LOSS IN COMEX OI WAS ACCOMPLISHED DESPITE OUR STRONG $0.55 GAIN IN SILVER PRICING AT THE COMEX WITH RESPECT TO TUESDAY’S // TRADING. WE MUST HAVE HAD A HUGE LIQUIDATION OF OUR TWO SPREADER LIQUIDATIONS ACCOMPLISHING NOTHING ON ITS ATTEMPTED RAID/TUESDAY.
NOW ON A NET BASIS OUR SPECULATORS HAVE REVERTED BACK TO GOING LONG. THE FRBNY ON A NET BASIS IS PROVIDING THE NECESSARY PAPER TO OUR LONGS AND THEN HUGE NUMBERS OF LONGS LEFT STANDING TENDER FOR PHYSICAL AT 4 PM EACH NIGHT. BECAUSE OF THE HUGE SHORTFALL IN PHYSICAL SILVER IN LONDON THERE IS A LOTTERY TO SEE WHO GETS ANY OF THE PHYSICAL SILVER AVAILABLE THAT WHICH THEY ARE OBLIGATED TO DELIVER. THEY WAIT PATIENTLY FOR THEIR PHYSICAL METAL AND IF NOBODY GETS ANY THEY THEN COME BACK THE NEXT DAY AND SO ON. THIS IS IN LONDON, THE HOME OF PHYSICAL SILVER!!
IT WAS SOME OF OUR SILVER SPECULATORS THAT WERE BRUTALLY BEATEN UP AT THE SILVER COMEX THIS MONTH AS THEY GOT RINSED OUT BADLY AT LAST MONTH’S RAID ON FIRST DAY NOTICE/JAN 31.HOWEVER, WE FINALLY ARE NOW MOVING TO A MUCH HIGHER BASE IN SILVER PRICING SURPASSING THE $70.00 SILVER PRICE BARRIER TO A HIGH DEGREE, AND NOW READY TO ATTACK AGAIN, OUR LAST MAJOR HURDLE OF $100.00 SILVER.
WE HAVE A MEGA HUGE SIZED LOSS OF 8229 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A HUGE SIZED 937 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD HUGE LIQUIDATION OF T.A.S. CONTRACTS IN COMEX TRADING WITH RESPECT TO TUESDAY TRADING DESPITE OUR STRONG GAIN IN PRICE ALONG WITH A HUGE 709 T.A.S. ISSUANCE!! /// THEY DESPERATELY AGAIN TODAY TRIED TO CONTAIN SILVER’S PRICE RISE FOR THE PAST SEVERAL WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $100.00 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY FAILED ON MONDAY WITH SILVER’S STRONG GAIN IN PRICE AS THE SPECS PILED INTO THE SILVER ARENA DESPERATELY TRYING TO GET A HOLD OF SOME PHYSICAL SILVER.
THE PRICE FINISHED STILL MASSIVELY ABOVE THE MAGIC NUMBER OF $70.00 SILVER SPOT PRICE BUT BELOW THE $100.00 MARK CLOSING AT $87.70 UP $0.55 WE ARE NOW WITNESSING HAVING MANY HUGE T.A.S ISSUANCES // TODAY’S WAS AT A HUGE SIZED 709 T.A.S. CONTRACTS !!. THE CROOKS ARE BECOMING MORE DESPERATE TO STOP SILVER BREAKING ABOVE THE 100.00 DOLLAR MARK!!.MAMMOTH SIZE T.A.S ISSUANCES ARE BECOMING THE NORM AT THE COMEX NOW!!
THERE IS NO NEXT LINE IN THE SAND ONCE THE 100.00 DOLLAR SILVER IS PIERCED AGAIN. WE HAD A HUGE SIZED 937 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR HUGE SIZED 709 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN FUTURE TRADING//RAID AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE.
IN ESSENCE WE HAD A MEGA MEGA HUGE SIZED LOSS OF 8229 CONTRACTS ON OUR TWO EXCHANGES DESPITE OUR GAIN IN PRICE OF $0.55 WE HAD HUGE GOVERNMENT (FRBY) COMEX CONTRACTS TRADING ALL WEEK AND A MAJOR PORTION WILL BE REMOVED BY DAYS END. (I RECORD THIS FOR YOU ON A DAILY BASIS). THE STICKY SPECULATOR LONGS STILL REMAIN STOIC EVEN ON OUR HUGE PRICE FALLS. THE NON STICKY SPECULATORS WERE WIPED OUT WITH LAST TUESDAY’S RAID!!. EASTERN CENTRAL BANKERS (LIKE CENTRAL BANK OF INDIA AND CHINA) AND LARGE INDUSTRIAL USERS LIKE SAMSUNG CONTINUE ON THE LONG SIDE AS THEY WILL TENDER FOR THE BADLY NEEDED PHYSICAL SILVER. IT SURE LOOKS LIKE ONE OF THESE GUYS IS STILL STANDING FOR PHYSICAL FOR MARCH AT THE COMEX
CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE.
THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, THROUGHOUT MONTH. TOTAL TAS ISSUED ON WEDNESDAY MORNING//TUESDAY NIGHT: A HUGE SIZED 709 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED FRBNY BANKERS).
THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS AS ONE UNIT, BUT SELL THE SHORT SIDE FIRST AND THEN LIQUIDATE THE LONG SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT NOW SEEMS THAT THE OCC HAS NOW ORDERED THE BANKS TO REDUCE ITS NEW LEVEL OF 1.1 TRILLION DOLLARS IN GOLD/SILVER DERIVATIVES.
THUS:
INITIAL STANDING FOR JANUARY: 22.915 MILLION OZ FOLLOWED BY TODAY’S 1.185 MILLION OZ QUEUE JUMP//NEW NORMAL STANDING ADVANCES TO 49.445 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK FOR .100 MILLION OZ//NEW STANDING ADVANCES TO 49.545 MILLION OZ!!
INTIAL STANDING FOR FEBRUARY/SILVER: 13.505 MILLION OZ FOLLOWED BY TODAY’S HUGE 0.820 MILLION OZ QUEUE JUMP / : NEW STANDING FOR SILVER AT THE COMEX ADVANCES TO 25.185 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 TO OUR THIRD HUGE 2.825 MILLION OZ EXCHANGE FOR RISK!!
NEW TOTALS FOR SILVER OZ STANDING IS AS FOLLOWS
NORMAL STANDING 25.185 MILLION OZ
PLUS OUR 3 EXCHANGE FOR RISK: 3.010 OZ
EQUALS
28.195 MILLION OZ!! HUGE FOR A FEBRUARY
I WILL ADD THIS TOTAL TO THE NEW SILVER STANDING FOR MARCH TO SEE IF THE COMEX WILL HAVE TROUBLE ON SILVER DELIVERIES. WE HAVE ONLY 87 MILLION OZ OF REGISTERED OR DELIVERABLE SILVER.
WE HAD:
/ MEGA HUGE COMEX OI LOSS+// A HUGE SIZED 937 EFP ISSUANCE CONTRACTS (/ VI) A HUGE NUMBER OF T.A.S. CONTRACT ISSUANCE 709
CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED 500 SILVER CONTRACTS
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS JAN.. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF FEB.
TOTAL CONTRACTS for 17 DAY(S), total 13,216 contracts: OR 66.080 MILLION OZ (777 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 66.080 MILLION OZ
LAST 24 MONTHS TOTAL EFP CONTRACTS ISSUED IN MILLIONS OF OZ:
MAY 137.83 MILLION
JUNE 149.91 MILLION OZ
JULY 129.445 MILLION OZ
AUGUST: MILLION OZ 140.120
SEPT. 28.230 MILLION OZ//
OCT: 94.595 MILLION OZ
NOV: 131.925 MILLION OZ
DEC: 100.615 MILLION OZ
YEAR 2022:
JAN 2022-DEC 2022
JAN 2022// 90.460 MILLION OZ
FEB 2022: 72.39 MILLION OZ//
MARCH 2022: 207.140 MILLION OZ//A NEW RECORD FOR EFP ISSUANCE
APRIL: 114.52 MILLION OZ FINAL//LOW ISSUANCE
MAY: 105.635 MILLION OZ//
JUNE: 94.470 MILLION OZ
JULY : 87.110 MILLION OZ
AUGUST: 65.025 MILLION OZ
SEPT. 74.025 MILLION OZ///FINAL
OCT. 29.017 MILLION OZ FINAL
NOV: 134.290 MILLION OZ//FINAL
DEC, 61.395 MILLION OZ FINAL
TOTALS YR 2022: 1135.767 MILLION OZ (1.1356 BILLION OZ)
JAN 2023/// 53.070 MILLION OZ //FINAL
FEB: 2023: 100.105 MILLION OZ/FINAL//MUCH STRONGER ISSUANCE VS THE LATTER TWO MONTHS.
MARCH 2023: 112.58 MILLION OZ//FINAL//STRONG ISSUANCE
APRIL 111.035 MILLION OZ(SLIGHTLY GREATER THAN THAN LAST MONTH)
MAY 66.120 MILLION OZ/INITIAL (MUCH SMALLER THIS MONTH)
JUNE: 110.395 MILLION OZ//MUCH LARGER THAN LAST MONTH
JULY 85.745 MILLION OZ (SMALLER THAN LAST MONTH)
AUGUST: 171.43 MILLION OZ (THIS MONTH IS GOING TO BE HUGE //2ND HIGHEST ON RECORD
SEPT: 72.705 MILLION OZ (SMALLER THIS MONTH)
OCT: 97.455 MILLION OZ
NOV. 50.050 MILLION OZ
DEC. 66.140 MILLION OZ//
TOTAL 2023: 1,104.10 MILLION OZ/
JAN ’24 : 78.655 MILLION OZ//
FEB /2024 : 66.135 MILLION OZ./FINAL
MARCH: 143.750 MILLION OZ// 4TH HIGHEST ON RECORD.
APRIL: 161.770 MILLION OZ (THIS MONTH WILL BE A WHOPPER OF ISSUANCE OF EFPS//3RD HIGHEST EVER RECORDED FOR A MONTH)
MAY: 135.995 MILLION OZ //WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
JUNE 110.575 MILLION OZ ( WILL BE ANOTHER STRONG MONTH ISSUANCE)
JULY: 108.870 MILLION OZ (WILL BE A STRONG ISSUANCE MONTH/ A TOUCH OVER 100 MILLION OZ/)
AUGUST; 99.740 MILLION OZ//THIS MONTH WILL BE STRONG FOR ISSUANCE BUT LESS THAN JULY.
SEPT: 112.415 MILLION OZ//WILL BE A HUGE MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
OCT; 97.485 MILLION OZ (WILL BE SMALLER ISSUANCE THIS MONTH )
NOV. 115.970 MILLION OZ ( HUGE THIS MONTH)
DEC: 132.54 MILLION OZ (THIS MONTH WILL BE A HUMDINGER FOR ISSUANCE BUT ISSUANCE SLOWED DRAMATICALLY THESE PAST FIVE DAYS/// WILL NOT EXCEED MARCH 2022 RECORD OF 209 MILLION OZ
YEAR 2024 TOTAL: 1363.84 MILLION OR 1.363 BILLION OZ
JANUARY 2025: 67.230 MILLION OZ///(THIS MONTH’S ISSUANCE OF EXCHANGE FOR PHYSICAL WILL BE SMALL)
FEB. 58.260 MILLION OZ//EXCHANGE FOR PHYSICAL ISSUANCE/FINAL
MARCH: 67.020 MILLION OZ///QUITE SMALL AND BECOMING SMALLER EACH AND EVERY MONTH.
APRIL: 100.895 MILLION OZ///AVERAGE SIZE ISSUANCE
MAY: 28.975 MILLION OZ (ISSUANCE WILL BE QUITE SMALL THIS MONTH)
JUNE: 81.065 MILLION OZ
JULY: 50.925 MILLION OZ (QUITE SMALL)
AUGUST: 59.455 MILLION OZ (QUITE SMALL)
SEPT. 50.510 MILLION OZ.(QUITE SMALL)
OCT; 82.020 MILLION OZ (WILL BE STRONG THIS MONTH)/ OCC WANTS TO REIN IN THESE ISSUANCES!
NOVEMBER: 36.425 MILLION OZ
DEC: 45.765 MILLION OZ
JANUARY 2026: 134.270 MILLION OZ (WILL BE A VERY STRONG MONTH FOR EXCHANGE FOR PHYSICAL!)
FEB : 66.080 MILLION OZ
RESULT: WE HAD A MEGA HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 7831 CONTRACTS DESPITE OUR GAIN IN PRICE OF $0.55 IN SILVER PRICING AT THE COMEX// TUESDAY,. THE CME NOTIFIED US THAT WE HAD A HUGE SIZED CONTRACT EFP ISSUANCE 937 CONTRACTS ISSUED FOR MARCH, AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH EXITED OUT OF THE SILVER COMEX TO LONDON AS FORWARDS.WE HAD A 820,000 OZ QUEUE JUMP// THEN WE MUST ADD OUR 3 EXCHANGE FOR RISK ISSUANCES FOR 3.010 MILLION OZ//NEW TOTALS STANDING FOR SILVER NOW ADVANCES TO 28.195 MILLION OZ!
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LAST 10 MONTHS OF SILVER DELIVERIES
WE FINISHED APRIL WITH A STRONG SILVER OZ STANDING OF 16.050 MILLION OZ NORMAL DELIVERY , PLUS OUR 4.00 MILLION EX FOR RISK
FINAL STANDING APRIL: 19.965 MILLION OZ
AND MAY:
NEW STANDING FOR MAY FINISHES AT: 75.615 MILLION OZ. (INCLUDES 5,000 OZ EFP TRANSFER TO LONDON + 12.93 MILLION OZ EXCHANGE FOR RISK ISSUANCE/PRIOR.//NEW TOTAL STANDING 88.540 MILLION OZ
AND JUNE: FINAL 16.995 MILLION OZ
AND JULY: 46.720 MILLION OZ//
AUGUST: 4.70 MILLION OZ INITIAL STANDING PLUS TODAY;S 5,000 OZ QUEUE JUMP //NEW STANDING ADVANCES TO 10.960 MILLION OZ
SEPTEMBER: 68.040 MILLION OZ NORMAL DELIVERY(INCLUDES ALL QUEUE JUMPING AND EXCHANGE FOR PHYSICAL TRANSFERS) PLUS 3.0 MILLION OZ EX FOR RISK = 71.040 MILLION OZ. (THIS IS THE FIRST AND ONLY ISSUANCE OF EXCHANGE FOR RISK FOR SILVER SINCE MAY.)
OCTOBER: 39.565 MILLION OZ OF NORMAL DELIVERY INCLUDES ALL QUEUE JUMPING
PLUS
2.110 MILLION OZ EXCHANGE FOR RISK//TOTAL OZ STANDING IN OCT ADVANCES TO 41.675 MILLION OZ
NOVEMBER: INITIAL STANDING AT 11.575 MILLION OZ FOLLOWED BY TODAY’S 195,000 OZ QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 9.155 MILLION OZ//STANDING ADVANCES TO 19.670 MILLION OZ/
DECEMBER: INITIAL AMOUNT STANDING FOR DELIVERY: 49.33 MILLION OZ// FOLLOWED BY ANOTHER STRONG 835,000OZ QUEUE JUMP+ DEC. FIRST EXCHANGE FOR RISK 0F .850 MILLION OZ + LAST WEEK.S 495,000 OZ EXCHANGE FOR RISK AND THEN A 3RD ISSUANCE IF 1.00MILLION OZ THEN FINALLY DEC 249ISSUANCE OF 1.35 MILLION OZ EXCHANGE FOR RISK//NEW TOTAL EX FOR RIS IS 3.685 MILLION OZ // STANDING ADVANCES TO 68.415 MILLION OZ//
JANUARY: INITIAL STANDING 22.915 MILLION OZ FOLLOWED BY TODAY’S 1.185 MILLION OZ QUEUE JUMP//NORMAL STANDING ADVANCES TO 49.445 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK OF 0.100 MILLLION OZ//NEW STANDING ADVANCES TO 49.545 MILLION OZ
FEB: 13.399 MILLION OZ IS OUR INITIAL STANDING FOR SILVER! TO WHICH WE ADD OUR NEXT QUEUE JUMP FOR 820,000 OZ AND THEN ADD OUR 3 EXCHANGE FOR RISK FOR 3.010 MILLION OZ STANDING ADVANCES TO 28.195 MILLION OZ!!
THE NEW TAS ISSUANCE TUESDAY NIGHT (709) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED NO DOUBT WITH FUTURE TRADING!!
WE HAD 229 NOTICE(S) FILED TODAY FOR 1.145 MILLION OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL. IT IS NOW TIME FOR THE FBI TO ENTER THE COMEX AND ARREST THESE CROOKS EVEN THOUGH THE MAJORITY OF THE TRADING IS GOVERNMENT. THE BANKERS ARE COMPLICIT. THE SILVER COMEX IS NOW ON A MASSIVE SIEGE LOOKING FOR PHYSICAL SILVER!!
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST ROSE BY A FAIR SIZED 3174 OI CONTRACTS UP TO 420,182 OI AND CLOSER TO THE RECORD (SET JAN 24/2020) AT 799,105 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. (ALL TIME LOW OF 390,000 CONTRACTS.) THUS WE ARE STILL CLOSE TO ITS NADIR OI IN COMEX BUT WITH AN EXTREMELY HIGH PRICE OF GOLD. THE SHORT RATS ARE ABANDONING THE SHIP.
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED A HUGE CRIMINAL 6148 CONTRACTS // MEGA HUGE GOVERNMENT REMOVALS//
WE HAD A FAIR SIZED GAIN IN COMEX OI (3174 ONTRACTS) . THIS OCCURRED DESPITE OUR HUGE LOSS OF $47.40 IN PRICE// TUESDAY///.
LAST 10 MONTHS OF GOLD DELIVERIES: (MAY THROUGH TO /FEB)
MAY: SUMMARY FOR MAY TONNES WHICH STOOD FOR DELIVERY:
FINAL STANDING FOR MAY: 70.174 TONNES OF GOLD TO WHICH WE ADD 1. MONDAY’S (MAY 19) 6.221 TONNES EXCHANGE FOR RISK , 2. THEN WE ADD: 1.35 TONNES TO LAST WEEK”S. THEN WE ADD 3. 1.55 TONNES TO EQUAL 9.591 TONNES// NEW EXCHANGE FOR RISK = 9.591 TONNES WHICH MUST BE ADDED TO OUR NORMAL DELIVERY SCHEDULE OF 80.644 TONNES. THUS STANDING FOR MAY INCREASES TO 90.235 TONNES OF GOLD
2 JUNE CONTRACT MONTH: 93.085 TONNES OF GOLD (WHICH INCLUDES ALL QUEUE JUMPING AND 0 EX FOR RISK)
3.JULY INITIIAL STANDING FIRST DAY NOTICE: 17.847 TONNES. PLUS TODAY’S 0 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK + 2.195 TONNES EX FOR RISK TODAY = 41.106 TONNES STANDING
4. AUGUST: 60.547 TONNES OF INITIAL GOLD FIRST DAY NOTICE FOLLOWED BY THE NET MONTH’S QUEUE JUMP OF 47.2312 TONNES TO WHICH WE ADD THE FOLLOWING EXCHANGE FOR RISK ISSUANCE RECEIVED FOR THE MONTH: 5.4432 TONNES EX FOR RISK/AUG 7 , AUG 11: 2.413 TONNES EX FOR RISK AND AUG. 12 OF 2.637 TONNES EX FOR RISK//AUG 25: 9.107 TONNES , AUGUST 26: 9.1010 TONNES AND NOW AUGUST 27: 9.0699 TONNES//NEW STANDING ADVANCES TO 107.5117 TONNES OF GOLD NORMAL STANDING (INCLUDES ALL MONTHLY QUEUE JUMPS/EX FOR PHYSICAL TRANSFERS//) +44.696 TONNES EX.FOR RISK = 152.208 TONNES
5.SEPT: INITIAL 8.093 TONNES OF GOLD PLUS TODAY’S QUEUE JUMP OF 0.4883 TONNES PLUS 2.2827 TONNES OF EXCHANGE FOR RISK TODAY//NEW TOTAL EX. FOR RISK/MONTH = 22.923//NEW TOTAL STANDING FOR GOLD SEPT ADVANCES TO = 48.801 TONNES!!
6.OCTOBER: 90.012 TONNES OF INITIAL GOLD STANDING WITH TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS DURING OCT OF 76.1656 TONNES
THEN WE MUST ADD OUR 14.553 TONNES OF OUR ISSUANCE OF EXCHANGE FOR RISK/6 OCCASIONS//NEW TOTAL OF GOLD STANDING ADVANCES TO 197.5141 TONNES OF GOLD.
7.NOVEMBER BEGINS WITH 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY TODAY’S QUEUE JUMP OF 2.323 TONNES FOLLOWED BY ALL PREVIOUS QUEUE JUMPS IN OF OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE OF 4.5596 TONNES//NEW STANDING ADVANCES TO 43.9716 TONNES OF GOLD.
8. DECEMBER BEGINS WITH INITIAL STANDING OF 83.813 TONNES OF GOLD FOLLOWED BY TODAY’S 0.0TONNE QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF: 37.163 TONNES//NEW STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR 4 EXCHANGE FOR RISK FOR DECEMBER OF 6.587 TONNES/NEW STANDING ADVANCES TO 121.977 TONNES
9. JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR 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 3RD EXCHANGE FOR PHYSICAL TRANSFER OF 0.1555 TONNES TO OTHER OF 41.3637 TONNES/ NEW NET QUEUE JUMP TOTAL:41.2092 TONNES// AND THEN WE ADD OUR SIX EXCHANGE FOR RISK: 10,080 CONTRACTS OR 31.251 TONNES//NEW STANDING REDUCES TO 157.873 TONNES
E.F.P. ISSUANCE/FOR OPENING FEB. GOLD CONTRACT
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A MAMMOTH SIZED 6210 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 420,182 AND WE NOW WITNESSING A LOWER COMEX OI BUT WITH AN EXTREMELY HIGH PRICE OF GOLD.//NOW ALMOST IMPOSSIBLE TO FLEECE.
SILVER ALSO HAS AN ULTRA SMALL SIZED COMEX OI OF 125.454 CONTRACTS//
IN ESSENCE WE HAVE A STRONG GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 5744 CONTRACTS WITH 3174 CONTRACTS INCREASED AT THE COMEX// AND A STRONG SIZED 2570 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON.
THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 5744 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A SMALL SIZED BUT CRIMINAL 938 CONTRACTS AND THESE ISSUANCES ARE GENERALLY USED TO INITIATE A RAID WHEN CALLED UPON
GOLD PRICE ON TUESDAY FELL BY $47.40
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS CONTRACT(2579) ACCOMPANYING THE FAIR SIZED GAIN IN COMEX OI OF 3174 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 5744 CONTRACTS..
WE HAVE 1) NOW RETURNED TO OUR NORMAL FORMAT OF BANKER (FRBNY) GOING ON THE SHORT SIDE AND NEWBIE SPECULATORS GOING TO THE LONG SIDE// . ,2.) STRONG INITIAL STANDING FOR GOLD FOR FEBRUARY:
FEB; INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 93.567 TONNES OF GOLD TO WHICH WE SUBTRACT OUR THIRD EXCHANGE FOR PHYSICAL TRANSFER TO LONDON OF 0.1555 TONNES TO ALL OTHER QUEUE JUMP OF 41.3637 TONNES//NEW QUEUE JUMP TOTALS: 41.2082 TONNES// /// TO WHICH WE ADD OUR FIVE EXCHANGE FOR RISK FOR 29.746 TONNES//NEW STANDING ADVANCES TO 157.873 TONNES
FINAL STANDING FOR GOLD, JANUARY CONTRACT AT 59.2108 TONNES OF GOLD
AND NOW FEBRUARY: INITIAL STANDING FOR GOLD: 157.873 TONNES!! WHICH INCLUDES ALL QUEUE JUMPING, ONE EXCHANGE FOR PHYSICAL TRANSFER TO LONDON AND OUR SIX ISSUANCES EXCHANGE FOR RISK!!
3) ZERO T.A.S. LIQUIDATION (AND CONSIDERABLE GOVT LIQUIDATION // YET A HUGE GAIN OF EQUITY SHARES/FEB 24 AS WE HAD 1)A $47.40 COMEX PRICE LOSS AND WE HAD 2) NEWBIE SPEC SHORTS GOING LONG AGAIN ON A NET BASIS, + EASTERN CENTRAL BANKERS WERE PILING INTO THE LONG SIDE AS WE HAD A STRONG SIZED GAIN OF 11,892 CONTRACTS ON OUR TWO EXCHANGES AND AS WELL A HUGE AMOUNT OF GOLD WILL STAND FOR DELIVERY IN FEB. (157.873 TONNES). //, CENTRAL BANKERS TENDERED FOR PHYSICAL WITH THEIR PURCHASES OF CONTRACTS../ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED TUESDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL
4)A STRONG SIZED COMEX OI GAIN 5) V) STRONG SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL GOLD (2570) AND A SMALL T.A.S. ISSUANCE (938) FOR RAID PURPOSES
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF JAN :
TOTAL EFP CONTRACTS ISSUED: 53,127 CONTRACTS OR 5,312,700 OZ OR 165.247 TONNES IN 17 TRADING DAY(S) AND THUS AVERAGING: 3125 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN17 TRADING DAY(S) IN TONNES: 165.247 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2025, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 165.247 TONNES DIVIDED BY 3550 x 100% TONNES = 4.64% OF GLOBAL ANNUAL PRODUCTION
SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_
OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)
NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP
DEC. 175.62 TONNES//FINAL ISSUANCE//
TOTALS: 2,578.08 TONNES/2021
JAN:2023 247.25 TONNES //FINAL
FEB: 196.04 TONNES//FINAL
MARCH/2022: 409.30 TONNES //FINAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.
APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)
MAY: 247.44 TONNES FINAL//
JUNE: 238.13 TONNES FINAL
JULY: 378.43 TONNES FINAL/SECOND HIGHEST ON RECORD
AUGUST: 180.81 TONNES FINAL
SEPT. 193.16 TONNES FINAL
OCT: 177.57 TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)
NOV. 223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)
DEC: 185.59 tonnes // FINAL
TOTAL: 2,847,25 TONNES/2022
JAN 2024: 228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!
FEB: 151.61 TONNES/FINAL
MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)
APRIL: 197.42 TONNES
MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)
JUNE: 172.667 TONNES (WEAKER ISSUANCE THIS MONTH)
JULY: 151.69 TONNES (WEAKER THAN LAST MONTH)
AUGUST: 195.28 TONNES (A STRONGER MONTH)//FINAL
SEPT: 254.709 TONNES (WILL BE LARGER THAN LAST MONTH AND A STRONG MONTH)
OCT. 248.09 TONNES. LIKE SILVER, THIS MONTH IS GOING TO BE A STRONG E.F.P. ISSUANCE.
NOV. 239.16 TONNES//WILL BE STRONG THIS MONTH,
DEC. 213.704 TONNES. A STRONG MONTH//
TOTAL FOR YEAR 2023: 2,569.57 TONNES
2025: AND NOW 2026
JAN. 2025: 257.919 TONNES (ISSUANCE WILL BE PRETTY GOOD THIS MONTH BUT MUCH LOWER THAN LAST MONTH)
FEB: 207.21 TONNES//EX FOR PHYSICAL ISSUANCE (WILL BE A FAIR SIZED ISSUANCE THIS MONTH)
MARCH 130.84 TONNES//QUITE SMALL THIS MONTH.
APRIL; 208.57 TONNES. STRONG THIS MONTH
MAY: 113.499 TONNES OF GOLD EFP ISSUANCE//QUITE SMALL THIS MONTH
JUNE: 97.79 TONNES OF GOLD EFP ISSUANCE/EXTREMELY SMALL
JULY : 150.877 TONNES// QUITE SMALL
AUGUST: 175.86 TONNES A LOT LARGER THIS MONTH.
SEPT. 116.13 TONNES VERY SMALL
OCT. 252.72 TONNES//CERTAINLY MUCH LARGER THIS MONTH/VERY STRONG
NOV: 124.74 TONNES
DEC: 190.04 TONNES//GOOD SIZED THIS MONTH FINAL.
TOTAL EXCHANGE FOR PHYSICAL ISSUED FOR YEAR 2025: 2,026.20 TONNES (LOWER THAN LAST YR 2,569.00 TONNES
JANUARY: 209.08 TONNES ( (WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL)
FEB. 165.247 TONNES (WHICH WILL BE SMALLER THAN OTHER MONTHS)
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SPREADERS:
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
SILVER:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER FELL BY A MEGA MEGA HUGE SIZED 9166 CONTRACTS OI TO 125,454 AND FURTHER FROM THE COMEX HIGH RECORD //244,710( SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 7 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE 937 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAR 937 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 0 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 9166 CONTRACTS AND ADD TO THE 937 E.FP. ISSUED
WE OBTAIN A MEGA HUGE SIZED LOSS OF 8229 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES DESPITE OUR GAIN OF $0.55
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTALS 41.14 MILLION PAPER OZ
OCCURRED WITH OUR GAIN IN PRICE.OF $0.55
2.ASIAN AFFAIRS FEB 25/2025
SHANGHAI CLOSED UP 29.82 PTS OR 0.72%
HANG SENG CLOSED UP 175.40 PTS OR 0.66%
Nikkei CLOSED UP 1,269.90 PTS OR 2.22%
//Australia’s all ordinaries CLOSED UP 0.62%
//Chinese yuan (ONSHORE) CLOSED UP 6.8695
/ OFFSHORE CLOSED UP AT 6.8687 Oil DOWN TO 65.97 dollars per barrel for WTI and BRENT DOWN TO 71.07 Stocks in Europe OPENED ALL MOSTLY RED
ONSHORE USA/ YUAN TRADING 6.8795 OFFSHORE YUAN TRADING UP TO 6.8687 ONSHORE YUAN TRADING BELOW OFF SHORE AND UP ON THE DOLLAR// / AND THUS STRONGER//OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A FAIR SIZED 3174 CONTRACTS UP TO 420,182 OI DESPITE OUR LOSS IN PRICE OF $47.40 WITH RESPECT TO TUESDAY’S // TRADING/ //COMEX CLOSING TIME:… WE LOST NO NET LONGS, WITH THAT PRICE LOSS FOR GOLD . AND AS YOU WILL SEE BELOW, OUR LOSS IN PRICE ALSO HAD A STRONG NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (2570).
WE HAD NO T.A.S. LIQUIDATION DURING TUESDAY’S TRADING. IT SEEMS THAT THE SPECULATORS STARTED AGAIN TO GO MASSIVELY LONG THIS WEEK AFTER A BRIEF PERIOD OF GOING NET SHORT LAST WEEK. 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 IN OI TO NOW 420,182 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 5,744 CONTRACTS (OR 17.86TONNES) DESPITE THE LOSS IN PRICE, TUESDAY.
THEN WE WERE NOTIFIED OF A STRONG 484 CONTRACT EXCHANGE FOR RISK ISSUANCE IN GOLD CONTRACTS FOR 48,400 OZ OR 1.505 TONNES OF GOLD. DURING LAST 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 ADVANCES TO SIX.(31.251 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 6 ISSUANCES: 10,080 CONTRACTS FOR 1,008,000 OZ OR 31.251 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 6 FOR; 31.251 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 5,744 CONTRACTS DESPITE OUR LOSS 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 SMALL SIZED T.A.S ISSUANCE CONTRACTS (1439 CONTRACTS).THE CME NOTIFIES US THAT THEY HAVE ISSUED 938 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 31.251 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 THIRD CONSECUTIVE EXCHANGE FOR PHYSICAL TRANSFER OF .1555 TONNES SUBTRACTING FROM ALL OTHER QUEUE JUMPS OF 41.3637 TONNNES//NEW TOTAL QUEUE JUMP: 41.2082/ STANDING REDUCES TO 126.222 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 31.251 TONNES/NEW STANDING ADVANCES TO TO 157.873 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 TODAY OF OUR 6TH EXCHANGE FOR RISK OF 1.505 TONNES//TOTAL EXCHANGE FOR RISK FEB OF 6 ISSUANCES EQUATES TO 31.251 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 STRONG SIZED EXCHANGE FOR PHYSICAL OF 2570 CONTRACTS.
THAT IS A STRONG SIZED 2570 EFP CONTRACT WAS ISSUED: : /APRIL 2570 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 2570 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 :
ZERO LIQUIDATION OF OUR T.A.S. SPREADERS DURING THE COMEX SESSION + BUT DID HAVE SOME GOVERNMENT LIQUIDATION
MONTH END SPREADERS LIQUIDATION IS STILL IN FULL FORCE TODAY AS COMEX OPTIONS EXPIRY ENDED YESTERDAY. 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 TUESDAY NIGHT/WEDNESDAY MORNING WAS A SMALL SIZED 939 CONTRACTS
THE RAIDS WHETHER ON OPTIONS EXPIRY MONTH OR T.A.S. DRIVEN, ACCOMPLISHES TWO IMPORTANT ASPECTS FOR OUR CROOKS:
STALLS THE ADVANCE IN PRICE
LOWERS THEIR ADVANCING DERIVATIVE LOSSES.
THAT SET UP TUESDAY’S HUGE LOSS IN PRICE IN GOLD YET WITH A CORRESPONDING 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 SIX ISSUANCES FOR A MONSTER 31.251 TONNES WHICH I BELIEVE IS THE HIGHEST EVER RECORDED AT THE COMEX.
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 YESTERDAY’S RAID// TUESDAY FEB 24..
GOLD STANDING AT THE COMEX FOR GOLD LAST 13 MONTHS OF 2025
YEAR 2025:
JAN 2025:
113.30 TONNES (WHICH INCLUDES 43.408 TONNES EX FOR RISK)
FEB: 2025:
256.607 TONNES (WHICH INCLUDES 18.4567 TONNES OF EX FOR RISK)
MARCH:
STANDING FOR GOLD : 60.33 TONNES + 7.6179 TONNES EX FOR RISK = 67.9479 TONNES WHICH IS EXTREMELY HIGH FOR A NON DELIVERY MONTH.
APRIL:
FINAL STANDING FOR GOLD: 201.573 TONNES + 8.3571 TONNES EX FOR RISK = 209.953 TONNES
MAY: FINAL STANDING 90.235 TONNES WHICH INCLUDES QUEUE JUMPING AND 9.591 TONNES EX FOR RISK.
JUNE: FINAL STANDING 62.534 TONNES PLUS 0.1493TONNES OF QUEUE JUMP EQUALS 93.085 TONNES
JULY: 17.947 TONNES INITIAL STANDING FIRST DAY NOTICE PLUS TODAY’S 0 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK/PRIOR + 2.195 EX FOR RISK TODAY = = 41.106 TONNES
AUGUST:INITIAL AMOUNT OF GOLD STANDING: 60.547 TONNES TO WHICH WE ADD OUR 7 MONTHLY ISSUANCES OF: EXCHANGE FOR RISK TOTALLING 44.696 TONNES//NEW STANDING ADVANCES AS FOLLOWS:
107.5117 TONNES NORMAL DELIVERIES (INCLUDES ALL QUEUE JUMPS /EXCHANGE FOR PHYSICAL TRANSFERS) +
5.4432 TONNES EXCHANGE FOR RISK/PRIOR/AUGUST 7
2.413 TONNES EXCHANGE FOR RISK AUGUST 11
PLUS 2.637 TONNES EX FOR RISK AUGUST 12
PLUS: 9.107 TONNES EX FOR RISK AUGUST 25
PLUS 9.1010 TONNES EX FOR RISK AUGUST 26!!
PLUS 9.0699 TONNES EX FOR RISK AUGUST 27
PLUS 6.923 TONNES EX. FOR RISK/AUGUST 28
MONTHLY TOTAL 44.696 TONNES EXCHANGE FOR RISK!MONTH OF AUGUST.
EQUALS
152.208 TONNES TONNES OF GOLD.
SEPT:
SEPT: 25.878 TONNES OF GOLD INITIAL GOLD STANDING TO WHICH WE ADD OUR 22.923 TONNES OF EXCHANGE FOR RISK ISSUED 7 TIMES DURING THE MONTH:
TOTAL EX FOR RISK// FOR MONTH = 22.923//NEW TOTALS FOR GOLD STANDING SEPT ADVANCES TO 48.801 TONNES
THIS IS HUGE FOR A GENERALLY WEAK SEPTEMBER DELIVERY MONTH.
OCTOBER: INITIAL AMOUNT OF GOLD STANDING: 90.164 TONNES OF GOLD FOLLOWED BY TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL PREVIOUS QUEUE JUMPS OF 76.1656 TONNES WHICH MUST BE ADDED TO OUR 6 ISSUANCES OF 14.553 TONNES EXCHANGE FOR RISK//TOTAL NEW STANDING FOR GOLD IN THIS ACTIVE OCTOBER DELIVERY MONTH ADVANCES TO 197.5141 TONNNES.
NOVEMBER WHERE INITIAL AMOUNT OF GOLD STANDING IS REGISTERED AT 15.651 TONNES OF GOLD FOLLOWED BY TODAY’S QUEUE JUMP OF 2 TONNES AND FOLLOWED BY ALL OTHER NOV QUEUE JUMPS OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE FOR 4.5596 TONNES.
DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY IN THIS ACTIVE MONTH IS 83.813 TONNES FOLLOWED BY TODAY’S 0.XXXX TONNES QUEUE JUMP. THIS FOLLOWS ALL OTHER QUEUE JUMPING: 37.163 TONNES//NEW STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR FOUR EXCHANGE FOR RISK ISSUANCE OF 6.559 TONNES//NEW STANDING THUS INCREASES TO 121.977 TONNES
JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR QUEUE JUMP OF 0.000 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
FEBRUARY: . FEBRUARY: INITIAL STANDING: 93.566 TONNES TO WHICH WE SUBTRACT OUR THIRD CONSECUTIVE EXCHANGE FOR PHYSICAL TRANSFER OF 0.1555 TONNES WHICH MUST BE SUBTRACTED FROM ALL OTHER QUEUE JUMPS OF 41.3637 TO TONNES QUEUE JUMP//TOTAL QUEUE JUMP FOR FEB:: LOWERS TO 41.2082 TONNES///STANDING REDUCES TO 126.622 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 31.251 TONNES/NEW STANDING ADVANCES TO 157.873 TONNES
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 48 MONTHS 2021-2024
DEC 2021: 112.217 TONNES
NOV. 8.074 TONNES
OCT. 57.707 TONNES
SEPT: 11.9160 TONNES
AUGUST: 80.489 TONNES
JULY 7.2814 TONNES
JUNE: 72.289 TONNES
MAY 5.77 TONNES
APRIL 95.331 TONNES
MARCH 30.205 TONNES
FEB ’21. 113.424 TONNES
JAN ’21: 6.500 TONNES.
TOTAL YEAR 2021 (JAN- DEC): 601.213 TONNES
YEAR 2022: STANDING FOR GOLD/COMEX
JANUARY 2022 17.79 TONNES
FEB 2022: 59.023 TONNES
MARCH: 36.678 TONNES
APRIL: 85.340 TONNES FINAL.
MAY: 20.11 TONNES FINAL
JUNE: 74.933 TONNES FINAL
JULY 29.987 TONNES FINAL
AUGUST:104.979 TONNES//FINAL
SEPT. 38.1158 TONNES
OCT: 77.390 TONNES/ FINAL
NOV 27.110 TONNES/FINAL
Dec. 64.000 tonnes
(TOTAL YEAR 656.076 TONNES)
2023:STANDING FOR GOLD/COMEX
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024/STANDING FOR GOLD/COMEX
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
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COMEX GOLD TRADING BEGINNING FEBRUARY,. CONTRACT;
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY A HUGE $47.40 )
WE HAD ZERO T.A.S. SPREADER LIQUIDATION TUESDAY // COMEX SESSION// WITH OUR LOSS IN PRICE ////.. BUT OUR SPECULATORS REMAIN RELENTLESS POURING INTO THE COMEX STARTING TO BUILD ON ITS OI // BUT WITH OTHER EASTERN CENTRAL BANKS TENDERING FOR PHYSICAL TUESDAY NIGHT WHICH ALSO EXPLAINS THE HUGE NUMBER OF TONNES OF GOLD STANDING FOR FEBRUARY. THE COMEX IS ONE BIG MESS!!
TUESDAY NIGHT//WEDNESDAY MORNING
THE CROOKS COULD NOT STOP OTHER CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL TUESDAY EVENING/WEDNESDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD
A LITTLE REVIEW OF GOLD STANDING THESE PAST 4 MONTHS:
STANDING FOR GOLD OCT THROUGH TO JANUARY:
ANALYSIS// OCT DELIVERY MONTH GOING FROM FIRST DAY NOTICE// OCT COMEX CONTRACT TO FINALIZATION OCT 31:
OCT AT 90.164 TONNES TO BE FOLLOWED BY ALL PREVIOUS QUEUE JUMPS OF 75.696 TONNES WHICH WE ADD OUR 14.553 TONNES EX FOR RISK/6 OCCASIONS:
/ TOTAL STANDING 197.551 TONNE/OCTOBER FINAL//ABSOLUTELY A MONSTER DELIVERY FOR A NORMALLY QUIET OCT MONTH
2. AND NOW NOVEMBER:
NOVEMBER BEGINS WITH A HUGE 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY OUR TODAY’S QUEUE JUMP OF 2.323 TONNES WHICH FOLLOWED ALL OTHER NOVEMBER QUEUE JUMPS OF 21.3775 TONNES TO WHICH WE ADD OUR TWO ISSUANCES OF EXCHANGE FOR RISK OF 4.5596 TONNES..
NEW STANDING ADVANCES TO 43.9716 ONNES OF GOLD.
3. AND NOW DECEMBER:
3. DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 83.813 TONNES FOLLOWED BY A 0 CONTRACT QUEUE JUMP FOR NIL OZ OR 0.000 TONNES WHICH FOLLOWS OTHER DEC QUEUE JUMPS OF: 0 TONNES///STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR FOUR EXCHANGE FOR RISK ISSUANCE OF 6.559TONNES/NEW STANDING ADVANCES TO 121.977TONNES
4. JANUARY:
9. JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR QUEUE JUMP OF 0.000 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
10. FEBRUARY: INITIAL STANDING: 93.566 TONNES TO WHICH WE SUBTRACT OUR 3RD IN A ROW EXCHANGE FOR PHYSICAL TRANSFER TO LONDON OF 0.1515 TONNES TO WHICH THIS IS SUBTRACTED FROM ALL OTHER QUEUE JUMPS OF 41.3637 / NEW QUEUE JUMP LOWERS TO: 41.2082 TONNES//STANDING REDUCES TO: 126.622 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 10,080 CONTRACTS FOR 1,008,000 OZ OR 31.251 TONNES/NEW STANDING ADVANCES TO 157.873 TONNES
ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $47.25
WE HAD A HUGE 6,148 CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE .(AND I BELIEVE A RECORD REMOVAL PRELIMINARY TO FINAL
NET GAIN ON THE TWO EXCHANGES : 5744 CONTRACTS OR 574,400 OZ OR 17.866 TONNES
Total monthly oz gold served (contracts) so far this month
36,727 notices 3,672,700 oz 114.236 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 HSBC: 73,624.408 oz
total withdrawal: 73,624.408 oz or 2.29 tonnes
they are draining the comex of gold
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ADJUSTMENTs 6 (COMEX IS IN STRESS)
all dealer to customer (out of registered to the customer account)
i) Brinks 4,339.749 oz
ii) HSBC 4512.401 oz
iii) JPMorgan 21,240.130 oz
iv) Loomis; 4533.291 oz
v) Malca: 5497.821 oz
vi) Manfra 3375.436 oz
total adjusted out of the dealer; 43,498.828 oiz
or 1.35 tonnes
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 4000 CONTRACTS FOR A LOSS OF 181 CONTRACTS.
WE HAD 131 CONTRACTS SERVED ON TUESDAY, SO WE AGAIN LOST 50 CONTRACTS THROUGH AN EXCHANGE FOR PHYSICAL TRANSFER WHERE THESE BOYS HAVE DECIDED THAT IT IS NOT WORTH THE WAIT SO THEY WILL TAKE DELIVERY OVER ON THE LONDON SIDE OF THE POND. THIS IS THE THIRD CONSECUTIVE EXCHANGE FOR RISK TRANSFER AND COUPLED WITH THE EXCHANGE FOR RISK WE NOW HAVE A GOOD IDEA THAT THE GOLD AT THE COMEX IS SCARCE!!!
THE TONNAGE FOR THE EXCHANGE FOR PHYSICAL TRANSFER EQUATES TO 50 CONTRACTS OR 5000 OZ OR0.1555 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 598 CONTRACTS DOWN TO 3685 CONTRACT OI AS MARCH BECOMES THE NEW FRONT MONTH FOR GOLD AND EXPECT TO HAVE A HUGE STANDING OF AROUND 11.3+ 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 GAINED 313 CONTRACTS UP TO 286,817 CONTRACTS
We had 18 contracts filed for today representing 1800 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 0 notices issued from their client or customer account. The total of all issuance by all participants equate to 18 contract(s) of which 0 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 (36,727) to which we add the difference between the open interest for the front month of FEB (4000 CONTRACTS) minus the number of notices served upon today (18 x 100 oz per contract) equals 4,070,900 OZ OR (126.622 Tonnes of gold) to which we add February’s 6 exchange for risk of 10,080 contracts or 1,008,000 oz or 31.271 tonnes//new total gold standing in Feb ADVANCES to 157.873 tonnes.
thus the INITIAL standings for gold for the FEB contract month: No of notices filed so far (36,727 x 100 oz +we add the difference for front month of FEB (4000 OI} minus the number of notices served upon today (18 x 100 oz) which equals 4,070,900 OR 126.622 TONNES// to which we add our SIX exchange for risk//1,008,000 oz or 31.251 tonnes//new standing ADVANCES to 157.873 tonnes!!!
new total of gold standing in FEB is 157.873 TONNES//
TOTAL COMEX GOLD STANDING FOR FEB 157.873 TONNES TONNES WHICH IS HUGE FOR THIS NORMALLY VERY NON ACTIVE ACTIVE DELIVERY MONTH OF FEBRUARY.
confirmed volume TUESDAY confirmed 160,960 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: 1,751,296.413 oz 54.47 tonnes pledged gold lowers
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 33,627,539.145 oz (draining huge of gold)
TOTAL REGISTERED GOLD 17,099,789.785. or 531.875 Tonnes
TOTAL OF ALL ELIGIBLE GOLD 16,527,749.360 oz//eligible gold leaving hand over fist
REGISTERED GOLD THAT CAN BE SERVED UPON 15,348,493 oz ((REG GOLD- PLEDGED GOLD)=
477.40 Tonnes // (declining rapidly)
total inventories in gold declining rapidly
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SILVER/COMEX
FEB 25 2026
INITIAL/
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
5 entries
i) Out of Asahi: 1,055,624.560 oz ii) Out of Delaware: 6,976.896 oz iii) Out of HSBC 647,944.580 oz iv) JPMorgan: 374,396.880 oz v) Stonex: 80,903..780 oz
total withdrawal 2,165,852.780 oz
the comex is being drained of silver
Deposits to the Dealer Inventory
0 ENTRY
0 entries
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Deposits to the Customer Inventory
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
ENTRIES: 1
i) Into Loomis 10,089.960 oz
total deposit: 10,089..960 oz
No of oz served today (contracts)
229 CONTRACT(S) ( 1,145,000 OZ
No of oz to be served (notices)
77 Contracts (0.385 MILLION oz)
Total monthly oz silver served (contracts)
4960 contracts 24.800 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
ENTRIES: 1
i) Into Loomis 10,089.960 oz
total deposit: 10,089..960 o
withdrawals: customer side/eligible
5 entries
i) Out of Asahi: 1,055,624.560 oz ii) Out of Delaware: 6,976.896 oz iii) Out of HSBC 647,944.580 oz iv) JPMorgan: 374,396.880 oz v) Stonex: 80,903..780 oz
total withdrawal 2,165,852.780 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: 86.282 MILLION OZ//.TOTAL REG + ELIGIBLE. 361.844 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: 306 OPEN INTEREST CONTRACTS FOR A GAIN OF 128 CONTRACTS.
WE HAD 36 NOTICES FILED ON TUESDAY SO WE GAINED 36 CONTRACTS OR WE ENTERTAINED A STRONG 820,000 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 HUGE 15,280 CONTRACTS DOWN TO 21,822. THIS BECOMES THE FRONT MONTH FOR SILVER DELIVERY AND WE SHOULD STILL HAVE A DANDY OF A MARCH DELIVERY MONTH!!! WE HAVE ONLY 2 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 JUST SOUTH OF 100 MILLION OZ) AND THAT MAY EVEN BREAK THE BANK!! IT SURE LOOKS LIKE A WHALE IS STILL STANDING FOR PHYSICAL SILVER AT THE COMEX
APRIL GAINED 251 CONTRACTS TO AN OI 1328 CONTRACTS.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 229 or 1.145 MILLION oz
CONFIRMED volume; ON TUESDAY 125,447 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 4960 X5,000 oz = 24.800 MILLION oz
to which we add the difference between the open interest for the front month of FEBRUARY (306) AND the number of notices served upon today (229)x (5000 oz)
Thus the standings for silver for the FEBRUARY 2026 contract month: (4960)Notices served so far) x 5000 oz + OI for the front month of FEB(306) minus number of notices served upon today (229 )x 5000 oz equals silver standing for the FEB..contract month equating to 25.185 MILLION OZ. THEN WE MUST ADD OUR FIRST EXCHANGE FOR RISK TOTALS OF 25 CONTRACTS FOR .125 MILLION OZ TO EARLY FEB: 12 CONTRACT ISSUANCE AND THEN TODAY’S 565 CONTRACT EXCHANGE FOR RISK//NEW TOTAL EXCHANGE FOR RISK 602 CONTRACTS FOR 3.010 MILLION OZ//NEW STANDING ADVANCES TO 28.185 MILLION OZ
NEW STANDING: 28,185 MILLION OZ WHICH IS HUGE FOR A GENERALLY SMALL DELIVERY MONTH OF FEBRUARY.
New total standing: 28.185 million oz. THE SILVER COMEX IS NOW UNDER MASSIVE SIEGE!! AND THIS IS HAPPENING WITH THE MASSIVE SIEGE ON GOLD AS WELL.
WE MUST TAKE THE 28.195 MILLION OZ STANDING TO THE NEW MARCH STANDING TO SEE IF THE COMEX WILL HAVE TROUBLE ON DELIVERIES!! THERE ARE ONLY 87.172 MILLION OZ OF REGISTERED OR DELIVERABLE SILVER.
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 86.282 million oz of registered silver
JPMorgan as a percentage of total silver: 154.516/361.824.million: 42.70%
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 25/2026/WITH GOLD UP $48.40 TODAY/SMALL CHANGES IN GOLD AT THE GLD:A SMALL WITHDRAWAL OF 0.300 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1086.17 TONNES
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: 1086.17 TONNES, TONIGHTS TOTAL
SILVER
FEB 25 WITH SILVER UP $3.43 HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A FRAUDULENT PAPER DEPOSIT OF 8.923 MILLION OZ INTO THE SLV. ./ :INVENTORY RESTS AT 508.958 MILLION OZ
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
AT 2 PM EST CME HALTS ALL METALS AND NATURAL GAS MARKETS: TECHNICAL ISSUES???
DURING THE HALT GOLD PRICES DECLINED!1
CME Halts All Metals, NatGas Markets Due To “Technical Issues”
Wednesday, Feb 25, 2026 – 02:26 PM
At around 1300ET, the Chicago Mercantile Exchange (CME) halted trading of all metals and NatGas contracts (futures and options) due to ‘technical issues’.
Additionally, all day orders and GTDs with today’s date will be cancelled.
All GTCs that have been acknowledged will remain working.
Since the halt, spot prices for gold have declined…
There is no more news on a potential re-open (they have reported planned openings twice and not achieved them).
Developing…
1/PETER SCHIFF
JOHN RUBINO
2. MATHEW PIEPENBERG/EGON VON GREYERZ
ALASDAIR MACLEOD
3.CHRIS POWELL AND HIS GATA DISPATCHES:
BRICS can’t formally do away with U.S. dollar but have several alternatives
Submitted by admin on Wed, 2026-02-25 14:11 Section: Daily Dispatches
Why BRICS Can’t Do Away with U.S. Dollar Even as Currency Cooperation Rises
By Junaid Kathju South China Morning Post, Hong Kong Wednesday, February 25, 2026
Brazil’s dismissal of the idea of a BRICS currency signals that the bloc may continue to pursue less politically fraught monetary cooperation that stops short of challenging the U.S. dollar’s dominance, such as swaps and seamless payment systems, according to analysts.
During Brazilian President Luiz Inacio Lula da Silva’s recent trip to India, Lula sought to downplay speculation that the 10-member grouping of developing nations was drafting plans for a shared currency.
In an interview with an Indian news channel on Friday, he said “there has been no proposal, no draft, and no internal discussion to create a BRICS currency.”
“India and Brazil can trade in their own currencies and do not need to rely on the US dollar for bilateral deals,” Lula added.
Speculation about a BRICS currency has swirled in the past few years as the push toward dedollarisation continues. …
Lula’s dismissal of a BRICS currency has fueled speculation on what other options the bloc could consider to reduce its reliance on the dollar.
A more plausible path is to expand local-currency settlements and swap arrangements between central banks, as well as linking national payment systems, according to analysts.
James Chin, director of the Asia Institute at the University of Tasmania, said BRICS members “can do direct payment in their own currencies. The second option is a currency swap, which is already in place. A big currency swap between China and Russia, India and China, or India and Brazil would effectively bypass the U.S. dollar.”
The creation of an integrated electronic payment system or a cryptocurrency across BRICS could further reduce the bloc’s dependence on the dollar, according to Chin. He also cited wider use of China’s cross-border interbank payment systems as another potential solution. …
Lance Roberts: Is China really dumping U.S. Treasuries?
Submitted by admin on Tue, 2026-02-24 11:00 Section: Daily Dispatches
By Lance Roberts Real Investment Advice, Houston Monday, February 23, 2026
“China is dumping U.S. Treasuries to get out of the dollar.” This claim has been circulating the mainstream feeds lately, with the narrative that the “end of the dollar is near,” or “the U.S. will lose its funding base” and the “bond yields will surge.”
But are those claims valid? Such is what we will explore in more detail.
Let’s start with the chart that has everyone concerned. As shown, China’s holdings of U.S. Treasury bonds have fallen from nearly $1.2 trillion to $600 billion, or a 50% decline. On the surface, you can certainly understand the reasons for concern, as the decline in holdings over the last decade supports a clean storyline.
However, the problem is the step between observation and conclusion. A lower line item for “China, Mainland” does not equal a forced sale, it does not prove intent, nor does it prove a structural exit. What it does show is a lack of understanding about the dynamics of reserve currency management, and, in the case of China, the need to protect those reserves.
Let’s start with the Treasury Department, which states that the holdings tables are built “primarily on the basis of custodial data.” That phrase matters. Custodial data records where securities are held for settlement and safekeeping. Critically, the custodian is not the same as the beneficial owner, and that distinction undermines the headline narrative. …
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS WEDNESDAY MORNING.7:30 AM
SHANGHAI CLOSED UP 29.82 PTS OR 0.72%
HANG SENG CLOSED UP 175.40 PTS OR 0.66%
Nikkei CLOSED UP 1,269.90 PTS OR 2.22%
//Australia’s all ordinaries CLOSED UP 0.62%
//Chinese yuan (ONSHORE) CLOSED UP 6.8695
/ OFFSHORE CLOSED UP AT 6.8687 Oil DOWN TO 65.97 dollars per barrel for WTI and BRENT DOWN TO 71.07 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING 6.8795 OFFSHORE YUAN TRADING UP TO 6.8687 ONSHORE YUAN TRADING BELOW OFF SHORE AND UP ON THE DOLLAR// / AND THUS STRONGER//OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS WEDNESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP AT 6.8695
OFFSHORE YUAN: UP TO 6.8687
HANG SENG CLOSED UP 175.40 PTS OR 0.66%
2. Nikkei closed UP 1269.90 PTS OR 2.22%
WEST TEXAS INTERMEDIATE OIL DOWN 65.97
BRENT; 71.07
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX UP TO 97.79 /// EURO RISES TO 1.1786 UP 12 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +2.134/ UP 3 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 156.61… 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: 3.276 UP 5 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: 6.8697 AND THUS UP OFFSHORE: UP
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil DOWN for WTI and BRENT DOWN this morning
3h European bond buying continues to push yields HIGHER on all fronts in the EMU. German 10yr bund YIELD DOWN TO +2.7208 Italian 10 Yr bond yield UP to 3.328 SPAIN 10 YR BOND YIELD UP TO 3.126
3i Greek 10 year bond yield UP TO 3.370
3j Gold at $5176.50 Silver at: 90.47 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 76.55
3m oil (WTI) into the 65 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 156.61 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 2.134% UP 3 BASIS PTS STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING//YEN BOND TRADING OVERSEAS REPATRIATED.//JAPAN 30 YR: 3.276 UP 5 BASIS PTS.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.7792 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9128 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: 4.056 UP 2 BASIS PTS…
USA 30 YR BOND YIELD: 4.705 UP 2 BASIS PTS/
USA 2 YR BOND YIELD: 3.475 UP 2 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 43.87 UP 1 BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.324 UP 2 PTS
30 YR UK BOND YIELD: 5.130 UP 2 BASIS PTS
10 YR CANADA BOND YIELD: 3.190 DOWN 0 BASIS PTS
5 YR CANADA BOND YIELD: 2.726 UP 1 BASIS PTS.
1a New York Opening report
Futures Rise Ahead Of Critical Nvidia Earnings
Wednesday, Feb 25, 2026 – 08:33 AM
US equity futures are higher into NVDA earnings release after the close, and the risk-on tone in the US yesterday has spread globally with tech giant’s earnings a catalyst for maintaining the rally aided by Tech. As of 8:00am ET, S&P 500 futures were up 0.3% as with Nasdaq 100 contracts +0.4%; NVDA is up 0.6% in premarket trading and while blowout results from the company later today may soothe nerves about the AI trade, “even if they have tremendous numbers, we know the markets are really fickle,” said Mahoney Asset Management’s Ken Mahoney. Other Mag7s are also higher ex-AAPL and TSLA with Cyclicals bid, led by Fins/Industrials/Materials while Defensives mostly lower pre-mkt, ex-Healthcare, reflecting the risk-on tone. JPM says to keep an eye on Software if TMT gains positive momentum. European stocks rose 0.5%, hitting a record on a rebound in banks and miners. South Korea pushed past France in stock-market value.Bond yields are +1-3bp, the dollar slipped after President Donald Trump doubled down on his commitment to tariffs, before erasing the move, and commodities are bid led by Metals with precious outperforming base especially silver and platinum. Bitcoin rallied more than 2%. Gold and silver climbed. Today’s macro data releases are light (only Mortgage Applicatgions which rose 0.4%) ahead of tomorrow’s jobless claims and Friday’s PPI, but with multiple Fedspeakers. Yesterday we saw better weekly ADP data, weaker regional Fed data, and improving consumer sentiment.
In premarket trading, Magnificent Seven stocks are mostly higher, with Nvidia +0.8% ahead of its report (Alphabet +0.5%, Amazon +0.5%, Microsoft +0.3%, Meta Platforms +0.3%, Tesla +0.4%, Apple -0.2%).
Lithium stocks are rising after Zimbabwe suspended exports of lithium concentrates and raw minerals.
AbCellera Biologics (ABCL) rises 8% after the drug developer reported total revenue for the fourth quarter that was ahead of the average analyst estimate. The firm also posted loss per share for the quarter that was narrower than Wall Street’s expectations.
Aspen Aerogels (ASPN) falls 21% after the maker of thermal insulation used in electric vehicles reported loss per share for the fourth quarter that’s wider than expected. The company has initiated a strategic review.
Axon (AXON) rises 15% after the Taser maker reported adjusted earnings per share for the fourth quarter that beat the average analyst estimate.
Camping World (CWH) slides 12% after the retailer of recreational vehicles reported a larger-than-expected adjusted Ebitda loss for the fourth quarter.
Cava Group (CAVA) climbs 11% after the fast-casual chain’s restaurant comp sales forecast for 2026 came in above the average estimate from analysts.
Circle Internet Group Inc. (CRCL) rises 16% as profit and revenue increased more than estimated while the amount of its USDC stablecoin in circulation jumped 72% to $75.3 billion in the fourth quarter.
First Solar (FSLR) slides 16% after the maker of electricity-producing solar modules reported a 2026 net sales forecast which missed the average analyst estimate.
HP Inc. (HPQ) falls 5% after providing a profit outlook for the current quarter that may fall short of estimates and said full-year earnings will likely hit the lower end of a previously forecast range as the company copes with tariffs and the rising price of memory chips.
Lowe’s Cos. (LOW) slips 3% after forecasting sales guidance for the full year that fell short of expectations, a sign the housing market will remain lackluster in the near term due to high borrowing costs and economic volatility.
Lucid (LCID) declines 2% after the electric-vehicle maker reported adjusted loss per share for the fourth quarter that missed the average analyst estimate.
MercadoLibre (MELI) falls 5% after the online marketplace for Latin America reported its fourth-quarter results. While analysts are broadly positive on growth trends, they noted that elevated spending will pressure the company’s margins.
Oddity Tech (ODD) slumps 34% after the direct-to-consumer beauty and wellness company said it expects its revenue for the first quarter of 2026 to decline 30% year-over-year.
Workday (WDAY) declines 9% after giving a subscription revenue guidance that missed expectations, adding to investor concerns that a rise of AI automation tools is disrupting traditional software vendors.
In other corporate news, DoorDash is pulling out of four countries in Asia, a sign that fierce competition and thin margins are weighing on its overseas ambitions. Anthropic has loosened its central safety policy, coinciding with a growing dispute with the Defense Department. AMC plans to close more theaters in underperforming locations.
Expectations are high for Nvidia as customers have announced huge capex plans, but a positive stock reaction is key for the Nasdaq after recent underperformance, said Arnaud Girod, head of cross-asset strategy at Kepler Cheuvreux. “We’re in the thick of uncertainty about the disruption of AI with the market de-rating entire segments of the stock market.”
To reinvigorate its stock performance, Nvidia will at least need to beat its prior outlook and set new targets above current Wall Street estimates. While the company has done this repeatedly, concerns have grown that the AI spending wave isn’t sustainable. “Nvidia’s results are expected to be good given the massive capex announced by its clients, but it’s all about how the market will react,” said Arnaud Girod, head of cross-asset strategy at Kepler Cheuvreux. “The Nasdaq needs Nvidia if it is to limit its current underperformance.”
Another key earnings event on Wednesday is Salesforce, the cloud-based customer-relationship firm whose stock has plunged 30% this year after getting caught up in the selloff of software companies on fears that AI could render their services obsolete. Analysts, on average, project that the company will post its best quarterly revenue growth rate in three years. Still, highlighting the risks for software-as-a-service firms, Workday Inc. slid nearly 10% in early trading after subscription sales fell short of estimates.
Turning to Trump’s State of the Union address, the President talked up the economy saying that the nation is back, bigger, better and stronger than before, while he added that we’ve seen nothing yet and this is the golden age of America.
Trump said they have achieved a transformation like never before and a turnaround for the ages, as well as stated that low interest rates will solve the housing problem, and they want to protect home values and keep them up.
He also commented that inflation is plummeting, salaries are rising, and the roaring economy is roaring like never before.
Regarding tariffs, Trump said the Supreme Court decision on tariffs is very unfortunate, but added that tariffs will remain in place and nearly all countries want to keep the trade deals, while he also stated that congressional action won’t be needed on tariffs.
Trump also commented on Iran, which he claimed is working on missiles that could soon reach the US, and noted Iran wants to make a deal but hasn’t yet said that it won’t pursue nuclear weapons, while he reiterated that his preference is to resolve Iran’s nuclear issue through diplomacy.
Out of the 450 S&P 500 companies that have reported so far in the earnings season, 74% have managed to beat analyst forecasts, while 21% have missed. TJX, Bank of Montreal and Lowe’s are among companies expected to report results before the market opens. Wall Street expects TJX’s fourth-quarter results to have received a boost from a strong holiday shopping season, with comparable sales estimate of +3.7% (Bloomberg Consensus). Earnings from Nvidia and Salesforce follow later with Wall Street eager to hear what it has to say about potential disruption to software makers from AI upstarts like Anthropic.
Rates on Japan’s longer-term bonds climbed further after Prime Minister Sanae Takaichi’s government nominated two new Bank of Japan policy board members who are seen as dovish. The yen fell 0.5%, the worst performance among major currencies.
European stocks are higher across the board with the FTSE 100 outpacing peers as post-earnings gains in HSBC send the index to a record high. Mining and banking shares are leading gains. Meanwhile, food and beverage as well as personal care stocks are the biggest laggards. Here are the biggest movers Wednesday:
HSBC shares advanced as much as 6.1% in London to a fresh high after the lender reported strong earnings ahead of estimates and offered new guidance figures that analysts say are above expectations
Relx shares rise as much as 5.3% after the professional publisher says it’s integrating an Anthropic automation tool into its legal research platform
Anglo American rallied as much as 4.4% in London after DZ Bank upgraded the miner to buy from hold, saying that the merger with Teck Resources to become one of the world’s biggest copper producers is going as planned
Lion Finance Group shares climb as much as 9.8% to the highest level on record, after the Georgian lender reported strong fourth-quarter results
Temenos shares rise as much as 8.6%, the most since October, after the software firm raised its mid-term targets for annual recurring revenue, free cash flow and Ebit, while issuing fiscal 2026 guidance that met expectations
St James’s Place shares climb as much as 7.3%, the most since July, after the British wealth manager reported underlying cash profit for the full year that beat the average analyst estimate
Diageo shares fall as much as 7.1% after the maker of Guinness stout and Johnnie Walker whiskey cut its sales guidance due to further weakness in the key US market, and reduced its dividend
Haleon shares drop as much as 5.6% after the consumer healthcare firm delivered weaker-than-expected organic growth in the final quarter of 2025 and issued guidance that was below its mid-term ambition
Iberdrola shares slip as much as 1.5%, ceding earlier gains, after the Spanish power company’s fourth-quarter net income missed estimates, overshadowing a 12% rise in full-year 2025 results
Earlier in the session, Asian stocks rise for a third straight day, led by tech stocks, as investors pared concerns over potential disruption from artificial intelligence. The MSCI Asia Pacific Index gained 1.1% at the close to remain near record highs, with chipmakers TSMC and Samsung continuing to drive advances. Benchmarks in Japan and Taiwan rose more than 2%, while Australian and Korean shares also gained over 1%. Asia’s equity markets have avoided some of the volatility sweeping Wall Street in recent weeks, as investors remain confident about the region’s role in supplying essential AI components to the US. On Wednesday, the region’s tech firms were further supported by comments from Anthropic PBC that it plans to build partnerships with existing businesses.
“Today’s firmer Asia open, following the US rebound, looks like a reset from oversold levels,” said Ritesh Ganeriwal, head of investment at Syfe Pte in Singapore. “The bounce in US tech is providing near-term relief to sentiment.” “That said, we would characterize this as tactical stabilization rather than a full reset of positioning. Markets are still digesting valuation, earnings visibility, and AI monetization assumptions.”
In FX, the Bloomberg Dollar Spot index is now up a touch as yen weakness helped the greenback shrug off initial downside. The yen was sold and the JGB curve steepened after Japanese PM Takaichi nominated two dovish reflationist academics to join the BOJ board.
In rates, treasuries are slightly cheaper in early US trading as stock futures advance and investors set up for 5-year note auction at 1pm New York time.US yields are 1bp-3bp higher and curve spreads are within 1bp of Tuesday’s close. 10-year near 4.05% is 2bp cheaper, lagging German counterpart by around 1bp.$70 billion 5-year note auction follows solid results for Tuesday’s 2-year; WI 5-year yield near 3.618% is ~20.5bp richer than last month’s auction, which tailed by 0.3bp. Elsewhere in the rates space, US yields are up 1-2bps across the curve with modest upside also seen in German and UK borrowing costs.
While Treasuries showcased their haven status during Monday’s tech selloff, longer-term pressures including uncertainty over inflation, tariffs and fiscal questions remain, according to Laura Cooper, head of macro credit at Nuveen. “We are unlikely to see the resumption of rate cuts until we see greater signs of disinflationary pressures coming through, which to our mind is more of a second-half-of-2026 story,” Cooper told Bloomberg TV. “All of the factors suggest we are in a higher-for-longer yield backdrop.”
In commodities, WTI crude is up 0.3%, but down from highs. US President Donald Trump stated that Iran is working to reconstitute its nuclear program. Spot gold and silver are up 0.5% and 3.5% respectively. Bitcoin is up 2.1% after a recent run of losses.
The US economic data calendar is blank, while Fed speaker slate includes Barkin (10:40am), Schmid (11am) and Musalem (1:20pm)
Market Snapshot
S&P 500 mini +0.1%
Nasdaq 100 mini +0.2%
Russell 2000 mini +0.4%
Stoxx Europe 600 +0.6%
DAX +0.4%
CAC 40 +0.4%
10-year Treasury yield +2 basis points at 4.05%
VIX little changed at 19.51
Bloomberg Dollar Index little changed at 1189.37
euro +0.1% at $1.1786
WTI crude +0.4% at $65.89/barrel
Top Overnight News
Donald Trump accused Iran of reviving its nuclear program in his State of the Union address, adding to speculation of new US strikes. BBG
Trump pledged a new retirement savings plan for workers without 401(k)s. It would be modeled after the federal Thrift Savings Plan, with a government match of up to $1,000 annually. BBG
US House Speaker Johnson said codifying some of the tariffs would be difficult and will have discussions on tariffs in coming weeks, via Fox Business Interview.
The Pentagon threatened to invoke a Cold War-era law against Anthropic unless it allows unrestricted military use of its technology by Friday, people familiar said. Anthropic said in a blog post that it’s loosening its hallmark safety pledge.
Nvidia Corp. has yet to sell any of its H200 chips to China two months after President Donald Trump’s decision to allow shipments of the artificial intelligence processors to the world’s second-largest economy. BBG
Two Federal Reserve officials on Tuesday signaled no near-term appetite to change the setting of central bank interest rate policy. Markets expect the Fed to lower rates again this year but officials, faced with a stabilizing job market and uncertainty over whether inflation pressures will moderate back to target, have not given much guidance about the prospect for more reductions in the cost of short-term borrowing. RTRS
Japan must keep raising interest rates and tighten fiscal policy as the economy is already in “great shape,” former central bank chief Haruhiko Kuroda said, warning that Premier Sanae Takaichi’s big spending plan could stoke an inflationary upswing. RTRS
Japan’s government has nominated candidates for two positions at the central bank, a move that could be viewed as a chance to influence monetary policy in a more dovish direction. WSJ
The Aussie gained as January core inflation came in stronger than expected. The Bank of Thailand unexpectedly cut rates to 1%. BBG
Consumers expecting a drop in prices after the U.S. Supreme Court struck down the White House’s emergency tariffs are likely to be disappointed, as businesses plan to use any relief to offset elevated costs and gird themselves to chase refunds. RTRS
Trade/Tariffs
China’s Commerce Ministry, on USTR Greer comments, said that China has fulfilled obligations of China-US phase one agreement.
China’s Commerce Ministry announces that the country encourages imports of services related to chip research, development and design.
Chinese Premier Li said in meeting with German Chancellor Merz that China is willing to bolster dialogue, communication and mutual trust.
German Chancellor Merz on trade with China said, they welcome any further market opening and it is in their mutual interest.
US President Trump said Supreme Court decision on tariffs is very unfortunate, but adds that tariffs will remain in place and nearly all countries want to keep the trade deals, also said congressional action won’t be needed on tariffs.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks traded higher as the region took impetus from the rebound on Wall Street after Anthropic’s presentation helped soothe some AI/software concerns, and with tech also bolstered by the USD 60bln Meta-AMD chip deal. ASX 200 advanced with gains led by notable outperformance in the tech, consumer staples and mining sectors, while participants continue to digest an overload of earnings and are unfazed by firmer-than-expected CPI data. Nikkei 225 rallied to a fresh record high as exporters benefitted from recent currency weakness after it was reported that Japanese PM Takaichi relayed to BoJ Governor Ueda her reservations about further rate hikes. Hang Seng and Shanghai Comp conformed to the broad upbeat risk sentiment, with attention in Hong Kong on the annual budget and with the mainland underpinned with the PBoC conducting a CNY 600bln MLF operation.
Top Asian News
China aims to boost output of relatively advanced chips to 100,000 wafers in 1-2 years, according to Nikkei; China has set target of adding an additional 500,000 wafers of capacity by 2030.
Shanghai City relaxes home buying rules for non-residents effective on Thursday and will exempt property tax for certain home buyers.
Japanese PM Takaichi said closely watching FX moves with a high sense of urgency.
Major Japanese brokerage warns that yen could test post-election low if BoJ appointments are dovish.
Hong Kong Financial Secretary Chan said in Budget Address that 2025 GDP rose 3.5% and the domestic economic trend is to continue to be good in 2026. Sees 2026 GDP at 2.5%-3.5% and average growth of 3.0% per year in real terms for 2027-2030.
Hong Kong budget is speculated to include funding for tech hub and aerospace sector incentives, according to SCMP.
European bourses (STOXX 600 +0.6%) are entirely in the green, with the FTSE MIB and FTSE 100 (+0.9%) gaining, helped by positive HSBC earnings. The SMI (+0.1%) is the slight laggard, weighed down by Alcon (-1.1%) after the Co. missed on Q4 revenue and core EPS. European sectors are broadly in the green. Banks (+1.8%) and Basic Resources (+2.2%) sit comfortably at the top of the table, while Food, Beverages and Tobacco (-0.7%) is soft as poor Diageo guidance hits the rest of the sector (Pernod Ricard -2.9%, Heineken -0.3%). HSBC shares (+5.5%) are higher today for three reasons: 1) beating market estimates for its top line metrics, 2) lifting its annual 2026-28 ROTE to 17% or greater, and 3) stating its USD 1.5bln cost-saving target will be hit ahead of schedule. This, alongside an update from Santander (+2.7%), in which they expect 2028 net income at EUR 20bln (exp. EUR 18.6bln), lifts the Banking sector.
Top European News
UK Chancellor Reeves is facing renewed called to cut bank tax as UK competitiveness lags, according to City AM.
German lawmakers are reportedly set to approve EUR 540mln order for attack drones, Bloomberg reported citing sources.
FX
DXY trade flat intraday and off worst levels within a current 97.643-97.867 range after briefly dipping under yesterday’s 97.695 low, with little reaction to US President Trump’s State of the Union Address, where he defended his leadership and described the past year as a “turnaround for the ages”; he promoted tariffs as strengthening the US economy, and said they would “substantially replace” income taxes; he offered limited details on Iran, China and Ukraine. Aside from that, newsflow this morning has been on the lighter side. Focus ahead will be on Fed speak and then NVIDIA earnings.
JPY underperforms with recent developments seeing PM Takaichi nominating academics Ayano Sato and Toichiro Asada to the BoJ policy board, replacing Asahi Noguchi and Junko Nakagawa; analysts said the picks are viewed as reflationist and dovish, and may reduce expectations of near-term rate hikes. Further, JPY weakness coincided with reports that Japan’s FTC conducted an on-site inspection of Microsoft (MSFT) on suspicion of violating the Antimonopoly Act, Nikkei reported, potentially stoking some Big Tech-related bilateral tensions. USD/JPY resides in a 155.34-156.64 range after topping Tuesday’s 156.28 high.
AUD is the G10 outperformer following firmer-than-expected monthly CPI data from Australia. The upside in consumer inflation was driven by electricity and garments & footwear offset somewhat by a larger than expected fall in holiday travel and a smaller than expected rise in health. Analysts at Westpac note “Consistent with our preliminary review we see little risk to our current inflation profile.” AUD/USD resides closer to the top end of a 0.7057-0.7117 range at the time of writing.
GBP and EUR trade with mild gains despite a flat DXY, possibly more a function of JPY weakness as GBP/JPY hovers around 211.50 and EUR/JPY meanders around 184.50. Aside from that, specifics for GBP and EUR are light, with the latter eyeing EZ final inflation metrics.
Central Banks
Former BoJ Governor Kuroda said Japan need to move toward tighter fiscal and monetary policy as the economy is already in great shape. Recent USD/JPY levels near 157 is somewhat too weak. BoJ can probably hike rates around twice a year in 2026 and 2027 to around 1.5-1.75%. PM Takaichi’s administration spending and tax-cut plans could fuel inflation and push up bond yields.
Japan nominates professors Toichiro Asada and Ayano Sato to replace outgoing BoJ board members Noguchi and Nakagawa.
Japanese Deputy Chief Cabinet Secretary said aware of report that PM Takaichi voiced apprehension to additional BoJ rate hikes, adds Takaichi did not have a specific request and there is ‘nothing more or less than that’.
RBA Governor Bullock said patience is required in assessing policy.
China may see lower rates from Q2, according to experts cited by China Securities Journal.
Thai Central Bank unexpectedly cuts its rate by 25bps to 1.00% (exp. a hold at 1.25%); 4-2 voted in favour of the cut; said downside risks to headline inflation are expected to increase relative to previous assessment.
Fixed Income
Global benchmarks are broadly lower this morning. Pressure which also comes alongside JGB selling, which are currently lower by around 50 ticks. The situation is Japan appears to be shifting from optimism surrounding political stability, after PM Takaichi’s landslide victory, to one where traders are questioning “reflationist” policy; this refers to government’s ability to boost spending whilst also allowing inflation to run higher. Fears which were sparked by reports on Tuesday, that PM Takaichi expressed her apprehension to further BoJ hikes. Moreover, overnight it was reported that the government had recommended two academics, who have been described as “staunch reflationists”, by Chief Fixed Income strategist SBI Securities.
USTs are lower by a handful of ticks and currently hold within a 113-05+ to 113-10+ range, with price action ultimately sideways for much of the morning. Pressure this morning in tandem with easing AI disruption related fears, after Anthropic announced a slew of new partnerships. Overnight, markets tuned into President Trump’s State of the Union Address, in which he largely talked up the US economy; on trade, he suggested that tariffs will remain in place and nearly all countries want to keep the trade deals. On the Iran situation, he suggested that Iran wants to make a deal, and reiterated his own preference to solve the situation through diplomacy. Overall, his comments did not spur a reaction in US paper.
Bunds initially held around the unchanged mark early doors, before slipping slightly into the red; currently off by around 10 ticks, to hold within a 129.50-129.71 range. Earlier, Final German GDP (Q4) figures were unrevised, whilst the GfK Consumer Confidence metrics deteriorated from the prior vs expectations of a slight improvement. Little move to the release of Final EZ HICP metrics.
Gilts follow peers lower, and currently lower by 10 ticks within a 92.94-92.84 range. Focus on Tuesday was on the BoE, where several MPC members appeared at the TSC hearing. Governor Bailey noted that would go into coming meetings asking if a cut is justified, adding that a rate cut at the next meeting is a genuinely open question. Market pricing was little moved following the hearing and are still yet to definitively determine if the next cut will be in March or April. Elsewhere, CityAM reported that UK Chancellor Reeves is facing renewed calls to cut the bank tax as UK competitiveness lags.
Commodities
Crude benchmarks remain underpinned, with WTI and Brent trading within the ranges of USD 65.45-66.60/bbl and USD 70.45-71.60/bbl, respectively. Ongoing geopolitical tension between the US and Iran will likely keep oil prices volatile in the near term. At the time of writing, the latest update includes US Senator Cruz suggesting that they are likely to see limited strikes on Iran in a matter of days. Meanwhile, Iranian Foreign Minister Araghchi said Tehran will resume talks with the US in Geneva tomorrow. In Russia and Ukraine, Washington warned Ukraine not to strike targets within Russia that could hit US economic interests, according to the FT.
In the precious metal space, XAU and XAG continue to surge, trading at the upper range of USD 5128.3-5310.7/oz and USD 86.22-87.10/oz, respectively. The yellow metal has been underpinned by recent dollar softness as well as continuous haven demand over geopolitical uncertainty between the US and Iran.
Copper prices are slightly firmer this morning, tracking global risk sentiment from Wall Street and APAC, which finished higher, as well as the European session, which is trading mostly positive thus far this morning. At the time of writing, 3M LME copper is trading at the upper end of a USD 13.19-13.29k range.
Russia and Iran are cutting its oil prices to China, Bloomberg reported citing traders; Russia’s Urals grade is selling USD 12/bbl below ICE Brent (prev. USD 10/bbl below), Iranian Light selling USD 11/bbl below ICE Brent (prev. USD 8-9/bbl).
Geopolitics: Ukraine
Ukraine President Zelensky’s negotiators will meet with US counterparts on Thursday and is targeting a leaders summit in March.
Washington warns Ukraine over striking US economic interests in Russia, FT reported. Kyiv’s ambassador to Washington said the Trump admin has formally warned Ukraine not to strike targets within Russia that could hit US economic interests.
Geopolitics: Middle East
US President Trump said Iran is working on missiles that could soon reach the US, and noted Iran wants to make a deal but hasn’t yet said that it won’t pursue nuclear weapons, reiterates his preference is to resolve Iran nuclear issue via diplomacy.
Iran’s Parliamentary Speaker said, with relation to US-Iran talks, all options are on the table. Ready for dignified diplomacy, also ready for defence.
US Event Calendar
7:00 am: United States Feb 20 MBA Mortgage Applications, prior 2.8%
10:40 am: United States Fed’s Barkin Speaks on Panel
11:00 am: United States Fed’s Schmid Speaks on Monetary Policy and the Economy
1:20 pm: United States Fed’s Musalem Speaks on Role of Fed
DB’s Jim Reid concludes the overnight wrap
Markets recovered their poise over the last 24 hours, with the S&P 500 (+0.77%) advancing thanks to positive US data and a rebound in software stocks. Clearly that mood could change with Nvidia’s results after tonight’s close, but the news led to a bit more confidence in the near-term outlook, and the financial stress at the start of the week eased across several asset classes. Moreover, inflation concerns also fell back after Brent crude oil prices (-1.01%) declined for a second day. So there was a much more positive tone relative to Monday’s selloff, and futures on the S&P 500 (+0.01%) are just about higher as well this morning.
In terms of the latest on the AI side, there wasn’t much in the way of fresh headlines to drive markets yesterday, but we did see software and other tech stocks pare back their Monday losses. For instance, the NASDAQ (+1.04%) and the Magnificent 7 (+1.14%) both put in a decent performance, and the S&P 500’s software component (+1.28%) picked up from its 10-month low on Monday. Meanwhile, AMD (+8.77%) was the second-best performer in the S&P 500 after it was announced that Meta would acquire AMD chips with a total capacity of 6 gigawatts. So it was a strong session for tech stocks, which also supported broader US equity gains. By the close, more than 70% of the S&P 500’s companies were higher on the day, with consumer discretionary (+1.58%) and industrials (+1.23%) sectors leading the way. However, there were more concerns in the credit space, with US IG and HY spreads both edging +1bps higher, reaching their widest levels since December.
Risk assets got further support from the latest US data, as the Conference Board’s consumer confidence reading picked back up to 91.2 in February (vs. 87.1 expected). Moreover, the expectations component also rebounded to 72.0, up from a 9-month low the previous month. There were also promising signs on the labour market, as the ADP’s weekly private payrolls series hit a 2-month high, showing 4-week average growth of +12.75k in the period to February 7. So at the margins, that leant positively against the recent talk of AI-driven unemployment.
Given the more positive data and the tech stock rebound, investors also priced in a slightly more hawkish path for the Fed over the year ahead. For instance, the probability of a rate cut by the June meeting fell to just 52%, the lowest so far this year. And looking further out, just 55bps of cuts are now priced in by the December meeting, which was down -3.9bps on the day. So in turn, that pushed up front-end Treasury yields, with the 2yr yield (+2.3bps) up to 3.46%, although the 10yr yield (-0.2bps) was basically flat at 4.03%. Comments from Fed officials also leaned against imminent rate cuts, with Chicago Fed President Goolsbee warning that 3% inflation “is not good enough” and that they needed to make more progress. And Boston Fed President Collins said rate were likely to stay unchanged “for some time” and that she was looking for more confidence that disinflation resumes. There were also discussions around AI-related job losses too, with Governor Cook saying that “our normal demand-side monetary policy may not be able to ameliorate an AI-caused unemployment spell without also increasing inflationary pressure”.
Another supportive factor yesterday was the latest dip in oil prices, which helped to ease concerns on the inflation side. In part, that was driven by growing hopes for some sort of deal between the US and Iran that would avoid a military escalation. Indeed, Trump himself had posted on Monday evening after the US close that “I would rather have a Deal than not”. So that took a bit of the geopolitical risk premium out, with Brent crude down -1.01% to $70.77/bbl, whilst gold prices fell -1.60% to $5,144/oz. Trump echoed that rhetoric on a deal in last night’s State of the Union address, saying that his “preference is to solve this problem through diplomacy”.
Over in Japan, the yen weakened yesterday after the Mainichi newspaper reported that PM Takaichi was apprehensive about more rate hikes in a meeting last week with BoJ Governor Ueda. So it was down -0.78% against the US Dollar yesterday, making it the weakest-performing G10 currency. Then this morning, Japanese equities have seen a strong outperformance after the government nominated two reflationists to join the Bank of Japan’s board, who were seen as favouring more stimulus. So the Nikkei is up +2.60% this morning, on course for another record high, and bringing its 2026 gains to +16.83% already.
That optimism has been clear elsewhere in Asia, building on the overnight gains seen on Wall Street. So in South Korea, the KOSPI (+1.79%) is up for a 5th consecutive session, and also on track to close at a record. Similarly in Australia, the S&P/ASX 200 (+1.17%) is on course for an all-time high as well, despite a stronger-than-expected CPI report this morning, with inflation remaining at +3.8% in January (vs. +3.7% expected). So that’s seen investors price in more RBA rate hikes at the next few meetings, and the Australian Dollar has strengthened against every other G10 currency this morning, up +0.73% against the US Dollar. Otherwise, there’s also been gains for the Hang Seng (+0.72%), the Shanghai Comp (+0.99%) and the CSI 300 (+0.86%).
Earlier in Europe, most assets had also put in a decent performance yesterday, with the STOXX 600 (+0.23%) paring back some of Monday’s losses as well. That came as longer-dated yields continued to fall across the continent, with yields on 10yr gilts (-0.9bps) and BTPs (-0.5bps) at their lowest since December 2024, whilst 10yr OAT yields (-0.8bps) reached their lowest since July. For 10yr bund yields (-0.4bps) there was a comparatively smaller fall, but yields still closed at their lowest since November.
Looking at the day ahead, one of the main highlights will be Nvidia’s earnings after the US close tonight. Otherwise, central bank speakers include the Fed’s Barkin, Schmid and Musalem, and the ECB’s Vujcic. There’s not much data, but we will get the final Euro Area CPI print for January, along with the final Q4 GDP release from Germany.
1b) European opening report
US equity futures are firmer; Trump says tariffs will remain in place following SCOTUS decision – Newsquawk US Opening News
Wednesday, Feb 25, 2026 – 05:10 AM
US President Trump talked up the economy in his State of the Union Address, saying that the nation is back, bigger, better and stronger than before, while he added that we’ve seen nothing yet.
Regarding tariffs, Trump said the Supreme Court decision on tariffs is very unfortunate but added that tariffs will remain in place and nearly all countries want to keep the trade deals.
European bourses firmer as HSBC lifts the banking sector; US equity futures hold onto Anthropic- driven gains.
DXY flat, Aussie outpaces peers post CPI while JPY lags in continuation of recent weakness.
JGBs underperform on Takaichi’s “reflationist” BoJ candidates; USTs await Fed speak & NVDA.
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STATE OF THE UNION
US President Trump talked up the economy in his State of the Union Address, saying that the nation is back, bigger, better and stronger than before, while he added that we’ve seen nothing yet and this is the golden age of America. Trump said they have achieved a transformation like never before and a turnaround for the ages, as well as stated that low interest rates will solve the housing problem, and they want to protect home values and keep them up. He also commented that inflation is plummeting, salaries are rising, and the roaring economy is roaring like never before. Regarding tariffs, Trump said the Supreme Court decision on tariffs is very unfortunate, but added that tariffs will remain in place and nearly all countries want to keep the trade deals, while he also stated that congressional action won’t be needed on tariffs. Trump also commented on Iran, which he claimed is working on missiles that could soon reach the US, and noted Iran wants to make a deal but hasn’t yet said that it won’t pursue nuclear weapons, while he reiterated that his preference is to resolve Iran’s nuclear issue through diplomacy.
EUROPEAN TRADE
EQUITIES
European bourses (STOXX 600 +0.6%) are entirely in the green, with the FTSE MIB and FTSE 100 (+0.9%) gaining, helped by positive HSBC earnings. The SMI (+0.1%) is the slight laggard, weighed down by Alcon (-1.1%) after the Co. missed on Q4 revenue and core EPS.
European sectors are broadly in the green. Banks (+1.8%) and Basic Resources (+2.2%) sit comfortably at the top of the table, while Food, Beverages and Tobacco (-0.7%) is soft as poor Diageo guidance hits the rest of the sector (Pernod Ricard -2.9%, Heineken -0.3%). HSBC shares (+5.5%) are higher today for three reasons: 1) beating market estimates for its top line metrics, 2) lifting its annual 2026-28 ROTE to 17% or greater, and 3) stating its USD 1.5bln cost-saving target will be hit ahead of schedule. This, alongside an update from Santander (+2.7%), in which they expect 2028 net income at EUR 20bln (exp. EUR 18.6bln), lifts the Banking sector.
US equity futures (ES/NQ +0.2%, RTY +0.4%) hold onto Tuesday’s gains, which were helped by Anthropic’s announcement that it will be partnering with many companies. Ahead, the main US event is NVIDIA earnings after hours.
DXY trade flat intraday and off worst levels within a current 97.643-97.867 range after briefly dipping under yesterday’s 97.695 low, with little reaction to US President Trump’s State of the Union Address, where he defended his leadership and described the past year as a “turnaround for the ages”; he promoted tariffs as strengthening the US economy, and said they would “substantially replace” income taxes; he offered limited details on Iran, China and Ukraine. Aside from that, newsflow this morning has been on the lighter side. Focus ahead will be on Fed speak and then NVIDIA earnings.
JPY underperforms with recent developments seeing PM Takaichi nominating academics Ayano Sato and Toichiro Asada to the BoJ policy board, replacing Asahi Noguchi and Junko Nakagawa; analysts said the picks are viewed as reflationist and dovish, and may reduce expectations of near-term rate hikes. Further, JPY weakness coincided with reports that Japan’s FTC conducted an on-site inspection of Microsoft (MSFT) on suspicion of violating the Antimonopoly Act, Nikkei reported, potentially stoking some Big Tech-related bilateral tensions. USD/JPY resides in a 155.34-156.64 range after topping Tuesday’s 156.28 high.
AUD is the G10 outperformer following firmer-than-expected monthly CPI data from Australia. The upside in consumer inflation was driven by electricity and garments & footwear offset somewhat by a larger than expected fall in holiday travel and a smaller than expected rise in health. Analysts at Westpac note “Consistent with our preliminary review we see little risk to our current inflation profile.” AUD/USD resides closer to the top end of a 0.7057-0.7117 range at the time of writing.
GBP and EUR trade with mild gains despite a flat DXY, possibly more a function of JPY weakness as GBP/JPY hovers around 211.50 and EUR/JPY meanders around 184.50. Aside from that, specifics for GBP and EUR are light, with the latter eyeing EZ final inflation metrics.
FIXED INCOME
Global benchmarks are broadly lower this morning. Pressure which also comes alongside JGB selling, which are currently lower by around 50 ticks. The situation is Japan appears to be shifting from optimism surrounding political stability, after PM Takaichi’s landslide victory, to one where traders are questioning “reflationist” policy; this refers to government’s ability to boost spending whilst also allowing inflation to run higher. Fears which were sparked by reports on Tuesday, that PM Takaichi expressed her apprehension to further BoJ hikes. Moreover, overnight it was reported that the government had recommended two academics, who have been described as “staunch reflationists”, by Chief Fixed Income strategist SBI Securities.
USTs are lower by a handful of ticks and currently hold within a 113-05+ to 113-10+ range, with price action ultimately sideways for much of the morning. Pressure this morning in tandem with easing AI disruption related fears, after Anthropic announced a slew of new partnerships. Overnight, markets tuned into President Trump’s State of the Union Address, in which he largely talked up the US economy; on trade, he suggested that tariffs will remain in place and nearly all countries want to keep the trade deals. On the Iran situation, he suggested that Iran wants to make a deal, and reiterated his own preference to solve the situation through diplomacy. Overall, his comments did not spur a reaction in US paper.
Bunds initially held around the unchanged mark early doors, before slipping slightly into the red; currently off by around 10 ticks, to hold within a 129.50-129.71 range. Earlier, Final German GDP (Q4) figures were unrevised, whilst the GfK Consumer Confidence metrics deteriorated from the prior vs expectations of a slight improvement. Little move to the release of Final EZ HICP metrics.
Gilts follow peers lower, and currently lower by 10 ticks within a 92.94-92.84 range. Focus on Tuesday was on the BoE, where several MPC members appeared at the TSC hearing. Governor Bailey noted that would go into coming meetings asking if a cut is justified, adding that a rate cut at the next meeting is a genuinely open question. Market pricing was little moved following the hearing and are still yet to definitively determine if the next cut will be in March or April. Elsewhere, CityAM reported that UK Chancellor Reeves is facing renewed calls to cut the bank tax as UK competitiveness lags.
Germany sells EUR 1.674bln vs exp. EUR 2bln 1.00% 2038 and 2.60% 2041 Bund.
Japan sold JPY 249.2bln in 20yr, 30yr and 40yr JGBs in enhanced liquidity auction; b/c 3.18 (Prev. 3.32).
South Korea will be cutting bond issuance in Q1 for market stability purposes.
COMMODITIES
Crude benchmarks remain underpinned, with WTI and Brent trading within the ranges of USD 65.45-66.60/bbl and USD 70.45-71.60/bbl, respectively. Ongoing geopolitical tension between the US and Iran will likely keep oil prices volatile in the near term. At the time of writing, the latest update includes US Senator Cruz suggesting that they are likely to see limited strikes on Iran in a matter of days. Meanwhile, Iranian Foreign Minister Araghchi said Tehran will resume talks with the US in Geneva tomorrow. In Russia and Ukraine, Washington warned Ukraine not to strike targets within Russia that could hit US economic interests, according to the FT.
In the precious metal space, XAU and XAG continue to surge, trading at the upper range of USD 5128.3-5310.7/oz and USD 86.22-87.10/oz, respectively. The yellow metal has been underpinned by recent dollar softness as well as continuous haven demand over geopolitical uncertainty between the US and Iran.
Copper prices are slightly firmer this morning, tracking global risk sentiment from Wall Street and APAC, which finished higher, as well as the European session, which is trading mostly positive thus far this morning. At the time of writing, 3M LME copper is trading at the upper end of a USD 13.19-13.29k range.
Russia and Iran are cutting its oil prices to China, Bloomberg reported citing traders; Russia’s Urals grade is selling USD 12/bbl below ICE Brent (prev. USD 10/bbl below), Iranian Light selling USD 11/bbl below ICE Brent (prev. USD 8-9/bbl).
Zimbabwe suspends all raw mineral and lithium exports immediately.
JPMorgan forecasts year-end 2026 spot gold price at USD 6,300/oz.
China’s Commerce Ministry, on USTR Greer comments, said that China has fulfilled obligations of China-US phase one agreement.
China’s Commerce Ministry announces that the country encourages imports of services related to chip research, development and design.
Chinese Premier Li said in meeting with German Chancellor Merz that China is willing to bolster dialogue, communication and mutual trust.
German Chancellor Merz on trade with China said, they welcome any further market opening and it is in their mutual interest.
US President Trump said Supreme Court decision on tariffs is very unfortunate, but adds that tariffs will remain in place and nearly all countries want to keep the trade deals, also said congressional action won’t be needed on tariffs.
NOTABLE EUROPEAN HEADLINES
UK Chancellor Reeves is facing renewed called to cut bank tax as UK competitiveness lags, according to City AM.
German lawmakers are reportedly set to approve EUR 540mln order for attack drones, Bloomberg reported citing sources.
NOTABLE EUROPEAN DATA RECAP
EU Inflation Rate MoM Final (Jan) M/M -0.6% vs. Exp. -0.5% (Prev. 0.2%, Low. -0.6%, High. -0.5%).
EU Core Inflation Rate YoY Final (Jan) Y/Y 2.2% vs. Exp. 2.2% (Prev. 2.3%, Low. 2.2%, High. 2.2%).
EU Inflation Rate YoY Final (Jan) Y/Y 1.7% vs. Exp. 1.7% (Prev. 2%, Low. 1.7%, High. 1.7%).
German GDP Growth Rate YoY Final (Q4) Y/Y 0.4% vs. Exp. 0.4% (Prev. 0.3%, Low. 0.3%, High. 0.4%).
German GDP Growth Rate QoQ Final (Q4) Q/Q 0.3% vs. Exp. 0.3% (Prev. 0.0%, Low. 0.2%, High. 0.3%).
German GfK Consumer Confidence (Mar) -24.7 vs. Exp. -23.1 (Prev. -24.2, Rev. From -24.1, Low. -23.5, High. -22).
French Consumer Confidence (Feb) 91 vs. Exp. 90 (Prev. 90).
CENTRAL BANKS
Former BoJ Governor Kuroda said Japan need to move toward tighter fiscal and monetary policy as the economy is already in great shape. Recent USD/JPY levels near 157 is somewhat too weak. BoJ can probably hike rates around twice a year in 2026 and 2027 to around 1.5-1.75%. PM Takaichi’s administration spending and tax-cut plans could fuel inflation and push up bond yields.
Japan nominates professors Toichiro Asada and Ayano Sato to replace outgoing BoJ board members Noguchi and Nakagawa.
Japanese Deputy Chief Cabinet Secretary said aware of report that PM Takaichi voiced apprehension to additional BoJ rate hikes, adds Takaichi did not have a specific request and there is ‘nothing more or less than that’.
RBA Governor Bullock said patience is required in assessing policy.
China may see lower rates from Q2, according to experts cited by China Securities Journal.
Thai Central Bank unexpectedly cuts its rate by 25bps to 1.00% (exp. a hold at 1.25%); 4-2 voted in favour of the cut; said downside risks to headline inflation are expected to increase relative to previous assessment.
NOTABLE US HEADLINES
US House Speaker Johnson said codifying some of the tariffs would be difficult and will have discussions on tariffs in coming weeks, via Fox Business Interview.
GEOPOLITICS
RUSSIA-UKRAINE
Ukraine President Zelensky’s negotiators will meet with US counterparts on Thursday and is targeting a leaders summit in March.
Washington warns Ukraine over striking US economic interests in Russia, FT reported. Kyiv’s ambassador to Washington said the Trump admin has formally warned Ukraine not to strike targets within Russia that could hit US economic interests.
MIDDLE EAST
US President Trump said Iran is working on missiles that could soon reach the US, and noted Iran wants to make a deal but hasn’t yet said that it won’t pursue nuclear weapons, reiterates his preference is to resolve Iran nuclear issue via diplomacy.
Iran’s Parliamentary Speaker said, with relation to US-Iran talks, all options are on the table. Ready for dignified diplomacy, also ready for defence.
CRYPTO
Bitcoin has pared back some of Tuesday’s losses, regaining the USD 65,000 handle.
APAC TRADE
APAC stocks traded higher as the region took impetus from the rebound on Wall Street after Anthropic’s presentation helped soothe some AI/software concerns, and with tech also bolstered by the USD 60bln Meta-AMD chip deal.
ASX 200 advanced with gains led by notable outperformance in the tech, consumer staples and mining sectors, while participants continue to digest an overload of earnings and are unfazed by firmer-than-expected CPI data.
Nikkei 225 rallied to a fresh record high as exporters benefitted from recent currency weakness after it was reported that Japanese PM Takaichi relayed to BoJ Governor Ueda her reservations about further rate hikes.
Hang Seng and Shanghai Comp conformed to the broad upbeat risk sentiment, with attention in Hong Kong on the annual budget and with the mainland underpinned with the PBoC conducting a CNY 600bln MLF operation.
NOTABLE ASIA-PAC HEADLINES
China aims to boost output of relatively advanced chips to 100,000 wafers in 1-2 years, according to Nikkei; China has set target of adding an additional 500,000 wafers of capacity by 2030.
Shanghai City relaxes home buying rules for non-residents effective on Thursday and will exempt property tax for certain home buyers.
Japanese PM Takaichi said closely watching FX moves with a high sense of urgency.
Major Japanese brokerage warns that yen could test post-election low if BoJ appointments are dovish.
Hong Kong Financial Secretary Chan said in Budget Address that 2025 GDP rose 3.5% and the domestic economic trend is to continue to be good in 2026. Sees 2026 GDP at 2.5%-3.5% and average growth of 3.0% per year in real terms for 2027-2030.
Hong Kong budget is speculated to include funding for tech hub and aerospace sector incentives, according to SCMP.
NOTABLE APAC DATA RECAP
Australian RBA Trimmed Mean CPI YoY (Jan) Y/Y 3.4% vs. Exp. 3.3% (Prev. 3.3%, Low. 3.2%, High. 3.3%).
Australian RBA Weighted Median CPI YoY (Jan) Y/Y 3.6% (Prev. 3.6%).
Australian RBA Weighted Median CPI MoM (Jan) M/M 0.3% (Prev. 0.2%).
1 c) Asian opening report
Trump highlights the desire to keep current deals; Nvidia earnings awaits – Newsquawk EU Market Open
Wednesday, Feb 25, 2026 – 01:54 AM
APAC stocks traded higher as the region took impetus from the rebound on Wall Street after Anthropic’s presentation helped soothe some AI/software concerns, and with tech also bolstered by the USD 60bln Meta-AMD chip deal; Euro Stoxx 50 futures up 0.2% after the cash market closed flat on Tuesday.
US President Trump talked up the economy in his State of the Union Address, saying that the nation is back, bigger, better and stronger than before, while he added that we’ve seen nothing yet.
Regarding tariffs, Trump said the Supreme Court decision on tariffs is very unfortunate but added that tariffs will remain in place and nearly all countries want to keep the trade deals.
Trump also commented on Iran, which he claimed is working on missiles that could soon reach the US, and noted Iran wants to make a deal but hasn’t yet said that it won’t pursue nuclear weapons.
Antipodeans were firmer amid the positive risk appetite, and with AUD/USD leading the advances following firmer-than-expected monthly CPI data from Australia.
Looking ahead, highlights include German GfK (Mar), GDP Final (Q4), Swiss Sentiment (Feb), EZ HICP Final (Jan). Speakers include RBA’s Bullock, Fed’s Musalem, Barkin & Schmid. Supply from Germany & US. Earnings from NVIDIA, Salesforce, Snowflake, TJX Companies, Lowe’s, Synopsys & Bayer.
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US TRADE
EQUITIES
US stocks gained as the initial weakness, amid declines in NVIDIA shares, was reversed and buoyed by the Anthropic presentation just after the open, which boosted many names that Anthropic announced they are, or will be, partnering with, potentially quelling some AI disruption fears surrounding these names. As such, a lot of the stocks that were recently hit by AI disruption fears like software turned, while sectors were predominantly firmer, with Consumer Discretionary and Technology atop the breakdown, in which the latter was also 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”.
SPX +0.77% at 6,890, NDX +1.09% at 24,977, DJI +0.76% at 49,175, RUT +1.20% at 2,652.
US President Trump talked up the economy in his State of the Union Address, saying that the nation is back, bigger, better and stronger than before, while he added that we’ve seen nothing yet and this is the golden age of America. Trump said they have achieved a transformation like never before and a turnaround for the ages, as well as stated that low interest rates will solve the housing problem, and they want to protect home values and keep them up. He also commented that inflation is plummeting, salaries are rising, and the roaring economy is roaring like never before. Regarding tariffs, Trump said the Supreme Court decision on tariffs is very unfortunate, but added that tariffs will remain in place and nearly all countries want to keep the trade deals, while he also stated that congressional action won’t be needed on tariffs. Trump also commented on Iran, which he claimed is working on missiles that could soon reach the US, and noted Iran wants to make a deal but hasn’t yet said that it won’t pursue nuclear weapons, while he reiterated that his preference is to resolve Iran’s nuclear issue through diplomacy.
TARIFFS/TRADE
US House Speaker Johnson said codifying some of the tariffs would be difficult and they will have discussions on tariffs in the coming weeks, according to a Fox Business Interview.
US Commerce Department official understands that no NVIDIA (NVDA) H200s have been sold to China yet. In other news, the US Commerce Department set preliminary countervailing duties on solar panels from India, Indonesia and Laos.
German Chancellor Merz said decoupling from China would hamper economic opportunities, while he added it is crucial that Sino-German competition is fair and transparent.
Chinese Premier Li said in a meeting with German Chancellor Merz that China is willing to bolster dialogue, communication and mutual trust.
NOTABLE HEADLINES
Fed’s Barkin (2027 voter) said it is clear sense that the job market has loosened and it is hard to calibrate what’s going on with labour supply, while he added that inflation data has been consistently above target. Furthermore, Barkin said he is hopeful inflation is retreating to 2%, but wants data to show this clearly and said monetary policy is currently well positioned for risks.
Fed’s Collins (2028 voter) said they are quite likely to hold current rates for some time and noted that policy is mildly restrictive and may be close to neutral, while she added that recent job data has been promising and the job market softened last year, but wasn’t soft. Collins said she wants more confidence that inflation is easing, and the Baseline view is that inflation will wane later this year, as well as noted that the latest tariff news hasn’t changed the outlook much.
APAC TRADE
EQUITIES
APAC stocks traded higher as the region took impetus from the rebound on Wall Street after Anthropic’s presentation helped soothe some AI/software concerns, and with tech also bolstered by the USD 60bln Meta-AMD chip deal.
ASX 200 advanced with gains led by notable outperformance in the tech, consumer staples and mining sectors, while participants continue to digest an overload of earnings and are unfazed by firmer-than-expected CPI data.
Nikkei 225 rallied to a fresh record high as exporters benefitted from recent currency weakness after it was reported that Japanese PM Takaichi relayed to BoJ Governor Ueda her reservations about further rate hikes.
Hang Seng and Shanghai Comp conformed to the broad upbeat risk sentiment, with attention in Hong Kong on the annual budget and with the mainland underpinned with the PBoC conducting a CNY 600bln MLF operation.
US equity futures were rangebound after the prior day’s rebound and with a muted reaction to US President Trump’s State of the Union Address, where he talked up the US economy and refrained from any major fresh policy announcements, while participants also look ahead to key earnings later from NVIDIA.
European equity futures indicate a positive cash market open with Euro Stoxx 50 futures up 0.2% after the cash market closed flat on Tuesday.
FX
DXY mildly softened in rangebound trade with little reaction to US President Trump’s State of the Union Address, where he talked up the US economy as he stated the nation is back, bigger, better and stronger than before, as well as noted that inflation is plummeting, salaries are rising, and the roaring economy is roaring like never before. There were also several Fed comments, but they did little to shift the dial as Goolsbee (2027 voter) reiterated that more progress is needed on inflation before resuming rate cuts, while Cook (voter) said the neutral rate could fall over time, and Collins (2028 voter) said they are quite likely to hold current rates for some time.
EUR/USD eked mild gains and looks to retest the 1.1800 level amid a lacklustre dollar and after comments yesterday from EU’s Sefcovic that US counterparts reassured the EU that they will stand by the trade deal.
GBP/USD gradually rebounded after the prior day’s fluctuations and deluge of BoE remarks, in which the main takeaway is that a cut in April/May remains an open question, with Governor Bailey stating that he will be going into the coming meetings asking if a cut is justified.
USD/JPY mildly pulled back after surging yesterday on a report that Japanese PM Takaichi relayed to BoJ Governor Ueda reservations about further rate hikes, being stricter than their previous meeting, while Takaichi more recently commented that she is closely watching FX moves with a high sense of urgency.
Antipodeans were firmer amid the positive risk appetite, and with AUD/USD leading the advances following firmer-than-expected monthly CPI data from Australia.
PBoC set USD/CNY mid-point at 6.9341 vs exp. 6.8824 (Prev. 6.9414).
SNB Chairman Schlegel said Swiss inflationary pressure has barely changed, and the central bank expects growth around 1% in 2026, while he believes inflation will rise in the next few months and stated it is possible there will be a few months with negative inflation, but added that it is not an alarm signal as they look at inflation over the mid-term.
FIXED INCOME
10yr UST futures were slightly lower after the choppy performance during US trade, where the curve flattened as some of the recent AI disruption fears were allayed after Anthropic announced a slew of new partnerships, while there was little reaction seen during Trump’s State of the Union Address.
Bund futures lacked direction following the prior day’s indecision and with Bund issuances and GfK data scheduled today.
10yr JGB futures faded some of the prior day’s gains that were facilitated by reports that Japanese PM Takaichi relayed to BoJ Governor Ueda her reservations about further rate hikes, while there were some headwinds seen following the latest enhanced-liquidity auction for long- to super-long JGBs.
COMMODITIES
Crude futures were mildly positive but with gains capped after the prior day’s choppy price performance in which pressure was seen after comments from Iran’s Deputy Foreign Minister 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, while there was some indecision seen amid US President Trump’s comments on Iran in which he claimed that Iran is working on missiles that could hit the US, but also stated Iran wants a deal and his preference would be a solution through diplomacy.
US Private inventory data (bbls): Crude +11.4mln (exp. +1.5mln), Distillate -2.8mln (exp. -1.6mln), Gasoline -1.5mln (exp. -0.6mln), Cushing +1.8mln.
Spot gold gradually edged higher with upward momentum seen as Shanghai commodities trading got underway and amid a marginally softer dollar.
Copper futures remained afloat around the USD 6.00/lb level after gaining yesterday amid the turnaround in risk sentiment.
CRYPTO
Bitcoin rallied overnight and briefly returned to USD 66k territory amid the broad risk-on sentiment.
NOTABLE ASIA-PAC HEADLINES
China aims to boost output of relatively advanced chips to 100k wafers in 1-2 years and has set a target of adding an additional 500k wafers of capacity by 2030, according to Nikkei.
Key Chinese provinces are to raise technology spending in 2026 budget reports, including Guangdong, Zhejiang and Hainan, according to China Securities Journal.
Hong Kong Financial Secretary Chan said in the Budget Address that 2025 GDP rose 3.5% and the domestic economic trend is to continue to be good in 2026, while the government sees 2026 GDP at 2.5%-3.5% and an average growth of 3.0% per year in real terms for 2027-2030. Furthermore, the city will deepen integration in line with China’s 5-year plan and will unveil its first dedicated five-year development plan.
Japanese PM Takaichi said they are closely watching FX moves with a high sense of urgency.
Japanese Deputy Chief Cabinet Secretary Sato said he is aware of a report that PM Takaichi voiced apprehension about additional BoJ rate hikes, while he stated Takaichi did not have a specific request and there is ‘nothing more or less than that’.
Japan’s government nominated academics Toichiro Asada and Ayano Sato to replace outgoing BoJ board members Asahi Noguchi and Junko Nakagawa.
DATA RECAP
Australian Inflation Rate YY (Jan) 3.8% vs. Exp. 3.7% (Prev. 3.8%, Low. 3.4%, High. 4%)
Australian RBA Trimmed Mean CPI YY (Jan) 3.4% vs. Exp. 3.3% (Prev. 3.3%, Low. 3.2%, High. 3.3%)
GEOPOLITICS
MIDDLE EAST
US Senator Cruz said we are likely to see limited strikes on Iran in a matter of days and will not see ground forces on the ground, according to Asharq News.
Iranian Foreign Minister Araghchi said Tehran will resume talks with the US in Geneva with a determination to achieve a ‘fair and equitable deal in the shortest possible time’, while he added that Iran will under no circumstances ever develop a nuclear weapon, nor will it ever forgo the right to harness the dividends of peaceful nuclear technology for its people. Araghchi also said they have a historic opportunity to strike an unprecedented agreement and that a deal is within reach, but only if diplomacy is given priority.
RUSSIA-UKRAINE
Washington warned Ukraine not to strike targets within Russia that could hit US economic interests, according to FT citing Kyiv’s ambassador to Washington.
OTHER
US imposed cyber-related sanctions on Russian and UAE individuals and entities.
EU/UK
NOTABLE HEADLINES
UK Chancellor Reeves is facing renewed calls to cut the bank tax as UK competitiveness lags, according to CityAM.
2.a NORTH KOREA/SOUTH KOREA/JAPAN
SOUTH KOREA/USA
2b JAPAN
Yen tumbles after Takaichi nominates two prominent doves to the Bank of Japan
(zerohedge)
Yen Tumbles After Takaichi Nominates Two Prominent Doves To The BOJ
Wednesday, Feb 25, 2026 – 01:40 PM
It’s not just Trump who is stacking his central bank with uberdoves.
After plunging yesterday following a Mainichi report that Japanese Prime Minister expressed concerns at more BOJ rate hikes, the yen has tumbled more, sending the USDJPY as high as 156.80 this morning, the highest since Feb 9, after the Takaichi administration announced two nominees to succeed the outgoing BoJ Policy Board members later this year, both of whom have a history of dovish commentary.
Toichiro Asada was presented as a successor to Asahi Noguchi (whose term ends on March 31st), and Ayano Sato has been presented as a successor Junko Nakagawa (whose terms ends on June 29th).
In both cases, the nominees’ comments over recent years had leaned towards a pro-reflation and pro-accommodative-policy stance, though neither has directly opined on the current stance of BoJ policy as of yet, according to Goldman’s Stuart Jenkins.
The outgoing Board members Noguchi and Nakagawa are both generally seen as being on the dovish end of the committee though, arguing for a more limited compositional shift in the Board’s policy preferences, though Goldman economists see the announcements as slightly lowering the odds of an H1 hike (versus their base case of July).
Policy speeches from the two nominees will be key to assessing their appetite or resistance to further hikes, but markets are likely also deriving some signal from the nominations as a ‘litmus test’ for PM Takaichi’s own policy preferences, with economists acknowledging the hurdle to policy tightening that government influence may present.
Goldman adds that pricing around a more concerted exit from Japan’s real rate regime was a key ingredient to the Yen’s post-election rebound, but a dovish BoJ disappointment ahead remains an important risk to that, including if the Yen’s reaction itself lowers the BoJ’s urgency for hikes.
While the increased role of a fiscal risk premium across Japanese assets has driven a divergence between USD/JPY and US-Japan rate differentials (see first chart below), the pair has still exhibit a fairly high beta to front-end rate differentials (second chart below), which are increasingly coming from the Japan leg (third chart below).
Charts of the Day: A rising Japan fiscal risk premium prior to the lower house election helps explain the recent disconnect between USDJPY and rate differentials.
USD/JPY’s beta to daily shifts in long-end rate differentials have become more muted over the past year relative to the post-YCC 2024 period – consistent with more frequent episodes of shifts in Japan’s fiscal risk premium that pushes on the Yen and JGBs in the same direction – while the pair has exhibited a higher sensitive to shifts in front-end rate differentials.
The BoJ’s hiking cycle has come alongside a gradual increase in implied Japan rates vol relative to the US, arguing for an outsized contribution from price action in Japan rates to the Yen.
3. CHINA
4. EUROPEAN AND SCANDINAVIAN AFFAIRS
UK
UK IS A FAILED STATE NOW!!
(BROOKE)
Another Migrant Sex Offender Granted Asylum In Britain Despite Skipping Bail In Europe
An Afghan man accused of rape in Austria jumped bail and fled to Britain, where he was granted asylum and lived freely for over six years.
It is the second such case to be exposed this month after a similar incident involving a Syrian convicted of sexually assaulting a teenager in Germany, who failed to attend his probation hearings and illegally entered the U.K.
As revealed by The Sun newspaper, Omar Ali Noori, 31, arrived illegally in Britain in 2019 after fleeing Austria. He had been arrested in connection with the rape of a woman in Linz in 2018, but absconded while on bail before proceedings concluded.
Despite this, he was granted indefinite leave to remain for five years by the Home Office in 2023. His 23-year-old wife joined him in Britain last year.
Court records cited during an extradition hearing revealed that Noori had used four identities and five different dates of birth on official documents.
At Westminster Magistrates’ Court, Judge Neeta Minhas ordered that Noori, currently held at Wandsworth Prison in south-west London, be returned to Austria to serve a three-year prison sentence for absconding, in addition to facing the rape charge.
Judge Minhas said, “Noori was directly asked if he had committed or been accused of an offence in any country or whether he had been detained in any country. His response to both questions was in the negative. This was clearly not accurate. I find that Noori is a fugitive.”
Noori is now appealing his extradition back to Austria.
An almost mirror case was reported earlier this month after it emerged that Syrian national Azizadeen Alsheikh Suliman, 34, was convicted in Germany of sexually assaulting a 15-year-old girl in Osnabrück in 2022.
According to German media reports, he approached the victim in the city center, under the pretext of asking for a cigarette, before attempting to kiss her and later sexually assaulting her in a nearby courtyard. He was also convicted of supplying drugs to a minor.
German courts handed Suliman a two-year suspended custodial sentence, conditional on probation, and ordered him to pay €3,000 in compensation to the victim. He later breached the terms of his probation and left Germany, prompting the issuance of a European arrest warrant.
Suliman subsequently travelled to Britain via a small boat across the English Channel. He applied for asylum using a different spelling of his name, enabling him to avoid detection for several years. He was housed in taxpayer-funded accommodation in the Greater Manchester area, where he lived with his wife and child before being identified by authorities.
An extradition request was upheld earlier this month, but has been appealed by Suliman. His legal team argues that he faces a risk to his life if returned to Germany because of a feud originating in Syria involving his cousin, and that extradition would breach Article 8 of the European Convention on Human Rights by separating him from his wife and child.
It is likely that Noori’s appeal will also focus on human rights legislation.
Private Credit Rocked By UBS Shock Outlook: A Surge In “Cascading Defaults” And Widespread Contagion
UBS has issued a stark warning on the private credit sector, escalating its worst-case default rate forecast to 15% (up from 13% just weeks earlier in early February 2026). This revision stems from deepening concerns over AI-driven disruption to corporate borrowers, particularly in vulnerable sectors like technology and software.The headline you referenced—”Private Credit Rocked By UBS Shock Outlook: A Surge In ‘Cascading Defaults’ And Widespread Contagion”—appears to come from a ZeroHedge article published today (February 25, 2026), summarizing the latest UBS note. Strategists at UBS, including Matthew Mish, highlighted that the most acute risk is a sector-specific shock (especially from aggressive AI adoption or retrenchment) that could trigger cascading defaults across the market. Technology firms are seen as especially exposed due to rapid disruption.Key Details from UBS’s Updated Outlook
Current reported defaults in private credit sit around 3-5%, with signs of stress (e.g., payment-in-kind interest) approaching post-pandemic highs.
Worst-case scenario: Defaults could surge to 15% if AI causes aggressive disruption among borrowers. This is a tail-risk view, not a base case, but it’s notably more pessimistic than the prior 13% projection tied to similar AI fears.
Broader implications: UBS also raised worst-case defaults for related markets—up to 6% for leveraged loans and 10% for high-yield bonds—raising contagion risks if stress spills over.
Exposure estimate: 25-35% of private credit portfolios face elevated AI disruption risk, with heavy concentrations in tech (24% in some proxies like BDCs) and business services (30%).
Private credit (a roughly $3 trillion market) has boomed as an alternative to traditional lending, often with less transparency and higher leverage. Recent strains include idiosyncratic issues (e.g., bankruptcies, fraud allegations, redemption pressures at firms like Blue Owl), but UBS’s note frames this as potentially systemic if AI accelerates borrower distress—leading to lower recoveries, refinancing failures, and chain reactions.This isn’t yet a full-blown crisis—current defaults remain low (e.g., around 2.46% in late 2025 data)—but the warning underscores growing fears that the sector’s rapid growth could amplify shocks in a downturn. Investors are watching for spillover to banks, funds, and broader credit markets.If you’re following this closely (perhaps due to interest in macro/finance trends), it’s a reminder of how interconnected shadow banking has become. Let me know if you’d like more on specific aspects, like affected firms or historical parallels!
5. RUSSIAN AND MIDDLE EASTERN AFFAIR
ISRAEL
ISRAEL TBN
ISRAEL UPDATES
IRAN UPDATES
IRAN/USA
A Dozen US F-22 Stealth Jets Land In Israel As Iran Tensions Soar
Tuesday, Feb 24, 2026 – 08:30 PM
On Tuesday, TOIand other Israeli media featured some photos of American F-22 Raptors taking off from England’s Royal Air Force Lakenheath, which were expected to then fly to southern Israel…
Israel’s public broadcaster KAN has reported that at least 12 US F-22 fighter jets landed at an Israeli air base in the south of the country, connected with the ongoing Pentagon build-up threatening anti-Tehran action.
“Twelve US F-22 fighter jets landed this afternoon at one of the Israeli Air Force bases in the south of the country, as part of the American deployment in the Middle East,” KAN said.
The publication added of what is the world’s most sophisticated and high-tech stealth jet, that it is capable of “penetrating enemy territory and disabling air defense systems and radar installations.”
Local media further described the fighter jets’ presence as in anticipation of potential new attacks by Iran-aligned Houthi forces in Yemen. The Houthis had previously, in solidarity with Gaza and Iran, pummeled Israel with long-range drones and ballistic missiles.
These projectiles have at times even reached international airports in Israel, but the launches out of Yemen have quieted down of late, especially once a Gaza ceasefire was finally cemented.
Over in Iran, there are reports of some sporadic protests at universities, but nothing yet near in size to what January witnessed:
The Iranian government has emphasised that protesting students must adhere to the theocratic establishment’s “red lines” as violent clashes took place inside universities for a fourth day.
Iranian students “have wounds in their hearts” and are angry, government spokesperson Fatemeh Mohajerani acknowledged to reporters during a news conference in Tehran on Tuesday, in an apparent reference to thousands killed during nationwide protests in January.
The Iranians are meanwhile still hoping for diplomatic resolution to the standoff, and by week’s close another round of nuclear and peace talks are expected.
Are the F-22s already active in skies over Gaza and the region?
Breaking | A squadron of U.S. F-22 fighter jets is flying over the skies of the Gaza Strip, deploying thermal flares. pic.twitter.com/zjJu90jylA
Scaling summit: why Modi’s visit must turn bilateral trust into strategic powerhouse – editorial
As PM Modi arrives in Israel, Jerusalem must elevate the relationship to a top-tier priority. Moving beyond defense to a full-scale economic and tech alliance is now a geopolitical necessity.
Israeli Prime Minister Benjamin Netanyahu and his Indian counterpart Narendra Modi arrive for a photo opportunity ahead of their meeting at Hyderabad House in New Delhi, India, January 15, 2018.(photo credit: Adnan Abidi/Reuters)
Indian Prime Minister Narendra Modi arrives in Israel this week for a state visit on Wednesday, his second visit to the country and a rare high-level moment that comes after months of visible movement in the bilateral relationship.
India’s Prime Minister’s Office said Modi and Prime Minister Benjamin Netanyahu are expected to review progress in the India-Israel strategic partnership and discuss next steps across defense and security, science and technology, innovation, agriculture, water management, trade, the economy, and people-to-people ties. Modi is also expected to meet President Isaac Herzog.
In November, India’s Commerce Minister Piyush Goyal visited Israel and signed the Terms of Reference to begin structured negotiations for an India-Israel free trade agreement. India’s Press Information Bureau described the signing as a significant milestone and reported more than 250 B2B meetings during the visit, alongside forums bringing together business and government leaders from both sides.
In September, India and Israel also signed the Bilateral Investment Agreement in New Delhi. India’s Finance Ministry said the agreement was designed to provide greater certainty and protection for investors, including arbitration-based dispute resolution, while preserving states’ regulatory rights. It also said bilateral investments then stood at about $800 million and highlighted cooperation areas including fintech, infrastructure, financial regulation, and digital payments.
Agriculture, one of the oldest and most practical pillars of the relationship, also advanced in 2025. In April, India and Israel signed an agriculture cooperation agreement and work plan, with India’s government highlighting joint work on food security, seeds, post-harvest technologies, and expansion of Centers of Excellence. India’s Agriculture Ministry also said the network included 43 Centers of Excellence, with 35 fully functional across India.
Indian Prime Minister Narendra Modi visiting Israel in July 2017. (credit: YONATAN SINDEL/FLASH90)
The broader India-Middle East-Europe Economic Corridor (IMEC) concept, first announced at the G20 in 2023 by India, the US, key European states, and Gulf partners, remains part of the long-term map connecting India to Europe through the Middle East. India’s Foreign Ministry has described the corridor’s basic eastern and northern components in official parliamentary responses.
Security cooperation remains central. SIPRI reported in 2025 that Israel was the world’s eighth-largest arms exporter in 2020-24 and that India was the largest single importer of Israeli arms, accounting for 34% of Israeli exports in that period.
Moment to treat India as top-tier strategic priority
Hezbollah Will Stay Out Of US-Iran Fight, But Only If Strikes ‘Limited’
Wednesday, Feb 25, 2026 – 03:05 PM
As the Trump White House weighs its options against Tehran, Hezbollah is signaling it may not be eager to open another front – at least not immediately, issuing a rare message which seeks to calm the mood in the region.
A senior Hezbollah official told AFP that the Iran-backed group would stay out of the fight if the United States conducts only “limited” strikes against Iran – a notable caveat, but which leaves the door open if escalation goes further.
The past several years of the Gaza war saw Hezbollah enter direct, sustained conflict with Israel – after which the Shia paramilitary group saw it’s leadership decimated after a series of targeted IDF strikes on Beirut, as well as the pager blast operation.
And so at this moment, Hezbollah is very much on a back foot, and likely doesn’t have the resources to enter into a new round of fighting with Israel along the country’s northern border.
However, it’s believed that Hezbollah – which has throughout it’s history stretching back into the 1980s closely coordinated with Iran – still has tens of thousands of rockets it could unleash.
The Israeli government has meanwhile conveyed its own indirect warning, saying if Hezbollah joins any US-Iran war, Lebanon will pay a steep price. Potential Israeli retaliation would once again target civilian infrastructure, including Beirut’s airport – as has happened several times in the past.
“Over the past several months, IDF troops have been operating in southern Lebanon to dismantle terrorist infrastructure and prevent attempts by the Hezbollah terrorist organization to rearm,” the Israeli military (IDF) said in a fresh statement this week.
Israeli forces targeted “weapons and terrorist infrastructure, including observation and firing positions in which anti-tank launchers were located,” the IDF said.
A key part of Israel’s strategy has long been to pressure the entire country of Lebanon and make life miserable for its population. But the Lebanese government and armed forces are limited in their options, given Hezbollah is by far the most well-armed faction, even far and above the national army.
But should a major US-Iran-Israel war erupt, there’s a high chance that Lebanon would once again feel the disastrous after effects. Hezbollah militants would likely take shots at Israel, and the IDF would respond brutally, likely with more bombing raids over Beirut and especially the south.
On Wednesday, the United States rolled out with yet more sanctions on Iran, which at this point has become a monthly, if not weekly, exercise. Iran is widely seen as a key bankroller of Hezbollah’s operations in the Levant region.
THE TRUMP SPEECH IN FULL: WITH HIGHLIGHTS FROM TOUSI IRAN
IRAN/USA
WATCH: Trump says Iran will ‘never’ have nuclear weapons during State of the Union address
As US-Iran tensions rise, US President Donald Trump stated that he will “never allow the world’s number one sponsor of terror to have a nuclear weapon.”
US President Donald J. Trump delivers the first State of the Union address of his second term to a joint session of Congress in the House Chamber of the United States Capitol in Washington, DC, on Tuesday, February 24, 2026.(photo credit: Kenny Holston/Pool via REUTERS)ByGOLDIE KATZFEBRUARY 25, 2026 04:32Updated: FEBRUARY 25, 2026 06:30
United States President Donald Trump stated that he will never allow Iran to possess a nuclear weapon during his annual State of the Union address delivered to the US Congress on Wednesday.
As US-Iran tensions rise, Trump stated that while his preference is to solve the issue of Iran’s nuclear weapons development through diplomacy, he will “never allow the world’s number one sponsor of terror to have a nuclear weapon.”
“As president I will make peace wherever I can, but I will never hesitate to confront threats to America where I must,” he affirmed, adding that the “Iranian regime and its murderous proxies have spread nothing but terrorism, death, and hate” for the past 47 years.
Trump addresses domestic US affairs
Trump additionally addressed his administration’s accomplishments since he took office in January of 2025, including reductions in inflation, crime rates, and illegal immigration.
“For all of these reasons I say tonight, members of Congress, the state of our union is strong,” Trump asserted. “Our country is winning again so much, in fact, we’re winning so much we don’t know what to do about it.”
“A short time ago, we were a dead country; now we’re the hottest country anywhere in the world,” he stated.
IRAN/CHINA
Iran To Buy Chinese Supersonic Anti-Ship Missiles As US Carriers Near
Tuesday, Feb 24, 2026 – 11:00 PM
As US carriers and warships mass in the Gulf and as the next round of Geneva talks are expected by week’s end, Tehran appears to be quietly upgrading its ability to threaten maritime chokepoints.
According to Reuters, Iran is in advanced negotiations with Beijing to purchase Chinese-made CM-302 anti-ship cruise missiles – which are supersonic weapons (projectiles which go faster than the speed of sound) designed to skim low over the water and evade naval defenses.
“The deal for the Chinese-made CM-302 missiles is near completion. No delivery date has been agreed,” informed sources told the outlet.
“Iran has military and security agreements with its allies, and now is an appropriate time to make use of these agreements,” an Iranian Foreign Ministry official said separately, at a moment additional deals with Russia are being reported, including a half-billion Euro agreement for Moscow to send thousands of its advanced shoulder-fired missiles to Tehran.
As for the Chinese CM-302, it has a listed range of roughly 290 kilometers (or 180 miles) and is engineered specifically to penetrate layered ship defenses – which the Iranians would seek as they want to complicate US naval operations in the Persian Gulf and beyond, in the event of a hot conflict.
Talks to acquire the weapons have reportedly been in the works for some two years, but were accelerated in the wake of Israel’s US-backed 12-day war against Iran last June.
Danny Citrinowicz, a former Israeli intelligence officer now with the Institute for National Security Studies, has been cited in international reports describing that the acquisition would be “a complete game-changer if Iran has supersonic capability to attack ships in the area.”
“These missiles are very difficult to intercept,” he added. “China does not want to see a pro-Western regime in Iran. That would be a threat to their interests. They are hoping that this regime will stay.”
While neither China nor Russia would likely come to Iran’s direct military aid in the event of attack, the pattern on display would likely be along the lines of these expedited weapons deals.
Washington will be none to happy about this, and could move to expand sanctions and punitive measures on China’s defense and ‘dual use’ industrial sectors.
END
RUSSIA VS UKRAINE UPDATES.
GLOBAL ISSUES, COVID ISSUES, VACCINE INJURIES/HEALTH ISSUES
While civil rights leader Jesse Jackson’s cause of deathhas not been confirmed, he had battled Progressive Supranuclear Palsy, a rareneurological disorder. Jackson first revealed he had been diagnosed with Parkinson’s disease in 2017, but last year a spokesperson for Rainbow PUSH Coalition said Jackson was diagnosed with PSP in April 2025. PSP is considered a more serious and faster progressing disorder. Shurer said symptoms progress nearly three times faster than Parkinson’s disease. “What makes PSP different than Parkinson’s disease is it usually doesn’t respond to the Parkinson’s medications,” said Dr. Amy Brown, a Neurology professor at Vanderbilt University and director of one of CurePSP’s Centers of Care. “It is more serious in the sense that Parkinson’s we have lots of ways to treat it, and patients respond well. We don’t have treatments for PSP.” PSP is considered rare, affecting between 6 and 10 individuals per 100,000. Although experts say these numbers are likely underestimates due to frequent misdiagnosis. The diagnosis didn’t stop Jesse Jackson from fighting for what he believes in. He continued to push for civil rights, and attended marches fighting for criminal justice reform after the death of George Floyd in Minneapolis. He also made an appearance at the Democratic National Convention in Chicago in 2024.
Francine Beppu, who appeared on Showtime’s “The Real L Word,” has died at the age of 43. A family spokesperson tells TMZ she passedaway February 17 at her home in Honolulu. The cause of death is not being disclosed at this time. Francine was known for appearing on the “The Real L Word,” the reality series that followed the lives and relationships of LGBTQ+ women in L.A.
Tom Noonan, an actor who launched his career on the New York stage in the original 1978 Off Broadway production of Sam Shepard’s Buried Child before pivoting to indelible film performances as menacing villains in Manhunter, Robocop 2, Last Action Hero and The Monster Squad, died Saturday, February 14. He was 74. His death was confirmed on social media by Karen Sillas, his co-star in the 1992 play What Happened Was… and its 1994 Sundance award-winning film adaptation, and Fred Dekker, director of 1987’s The Monster Squad. Additional details on his passing, including a cause of death, were not immediately available, but Silas noted in her post that Noonan passedaway peacefully.
Eric Dane has died at 53, his family confirmed in a statement to TODAY.com. The actor, known for his work in “Grey’s Anatomy” and “Euphoria,” announced hisALS diagnosislast year, and died on Feb. 19, 2026. The disease, which is fatal and has no cure, gradually affects control of the muscles needed to move, speak, eat and breathe. In September 2025, he set a goal of raising $1 billion toward research for treatments for ALS, and announced on Instagram the he had partnered with “I Am ALS” on its Push for Progress initiative to find a cure for the disease.
Researcher’s note – Eric Dane participated in a COVID “vaccine” promotion on NBC – “Roll Up Your Sleeves” – that aired on April 18, 2021.
More: The Jab That Keeps on Giving…300% Increase in ALS (Motor Neuron Disease) Drug sales reveals Singapore’s Hidden Health Horror Story! And this jab brag:
Wayne Proctor, a guitarist and songwriter best known for his role in the 1960s garage rock band We the People, diedunexpectedly. His family confirmed his passing on Facebook, as did WORJ radio station. Proctor died on February 13, 2026. He was 78 years old. Proctor’s wife, Valerie Proctor, wrote on Facebook that the couple went shopping and had lunch together on the day of hisdeath. Later, while doing yard work, she discovered him collapsed on the ground, not breathing and with no pulse, she said in the post. Valerie said that in that moment, her “world ended.” At the time of his death, Proctor was living in Anderson, South Carolina, with his wife.
William Anthony “Willie” Colón Román, the pioneering salsa musician, composer, trombonist, and cultural force whose work helped propel Latin music onto the global stage, died on February 21, 2026, at 75 years old. His family confirmed the news in a statement shared on social media, noting that Colón passedaway peacefully with loved ones at his side in New York City.
Two pro footballers who played on the same team “died suddenly”:
Ronyell Whitaker, a former NFL defensive back who played for the Tampa Bay Buccaneers and Minnesota Vikings, has died at the age of 46. In a statement, his family confirmed he had died on Sunday, but did not give acause of death. Whitaker began his professional football career after signing as an undrafted free agent with the Tampa Bay Buccaneers in 2003. He went on to play for the Minnesota Vikings, as well as a brief one-month spell for the Detroit Lions in 2008. He also spent time in the Canadian Football League before retiring from professional football in 2010. Whitaker is the second Vikings player to have died in a matter of days. The team paid tribute to 25-year-old wide receiver Rondale Moore after he was found at his home on Saturday with an apparently self-inflicted gunshot wound [below].
NEW ALBANY, Ind. – A former Atlanta Falcons wide receiver died Saturday night at the age of 25. Rondale Moore, who played for the Atlanta Falcons before being traded to the Minnesota Vikings in 2025, was found deadin his hometown in Indiana, according to members of law enforcement. Floyd County Coroner Matthew Tomlin confirmed Moore’s death to the Associated Press on Saturday night. New Albany Police Chief Todd Bailey said he was found in the garage of a property in the city of a suspected self-inflicted gunshot wound. His death remains under investigation. Before joining the Falcons and trading to the Vikings, Moore played for the Arizona Cardinals and Purdue University. Tomlin told the Associated Press that Moore’s autopsy would be performed on Sunday.
DULUTH, Minn. – A UMD hockey legend passedaway on Tuesday. According to UMD Hockey Officials, Dale “Hoagie” Haagenson passedaway on Tuesday, February 17, after suffering a stroke on Christmas Day. He was 65 years old. The UMD Men’s Hockey team shared the news on X on Wednesday morning. Hoagie held the distinction of being the longest-serving volunteer in UMD Athletics history.
WASHINGTON, DC – The Plymouth Congregational United Church of Christ community is mourning the loss of Rev. Graylan Scott Hagler, its Pastor Emeritus and a central figure in D.C.’s religious and social justice movements. Hagler died Feb. 17, 2026, following a courageous battle with cancer, the church announced. Hagler, born March 1, 1954, spent 30 years as Senior Minister of Plymouth Congregational UCC before retiring in 2022.
[Pulp Fiction actor Peter] Greene, 60, died from an accidental gunshot wound to the left armpit area that damaged a major artery in his arm, the New York City medical examiner’s office confirmed to Daily Voice Wednesday, Feb. 18. The accidental shot was self-inflicted, sources familiar with the investigation said.
Joey Knight, who covered the Tampa Bay Buccaneers, University of South Florida, Florida Gators, and countless other teams for the Tampa Bay Times and Tampa Tribune across more than three decades, died this morning. He was 57. Knight’s family announced his passing on Facebook this morning. Knight had been battling cancer for several years while continuing to report on the teams and athletes he covered throughout his career. Despite his illness, he remained a regular presence at University of Florida press conferences and games during the 2025 football season. Knight spent his entire career in Tampa Bay sports journalism.
MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIR
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL
Report Details Russia’s Shadowy Digital Pipeline Concealing $90BN In Crude Exports
Wednesday, Feb 25, 2026 – 04:15 AM
Global sanctions meet the digital age in a recent interesting bit of FT analysis, which concluded that a single email server may have exposed what amounts to a $90 billion shadow pipeline for Russian crude.
While Western media and officials would consider this an ‘illicit’ sprawling sanctions-evasion machine hiding in plain sight, Moscow sees US-EU efforts to stamp out its international energy trade as an unjust tactic to impose total economic isolation related to the Putin’s ‘special military operation’ in Ukraine.
The Financial Times report alleges that “48 seemingly independent companies working from different physical addresses” in reality appear to be “operating together to disguise the origin of Russian oil, particularly from Kremlin-controlled Rosneft.”
Discovery of a common backend infrastructure reportedly exposes the scheme, as on the surface it looked like a fragmented web of independent traders – while digitally, it was one ecosystem.
For example, the FT identified 442 web domains all routed through the same private server – “mx.phoenixtrading.ltd” – with 19 of those domains reportedly tied to Russian businesses, spanning energy and real estate ventures, and curiously several are linked to Azeri nationals.
Among the heavy hitters identified are Dubai-based Foxton FZCO, listed in Russian export records as purchasing $5.6 billion worth of oil – and Advan Alliance appears in Indian customs data as having sold $1.5 billion in Russian crude into India.
Investigators further found the companies had remarkably short lifespans, suggesting fraud, and in some cases customs records revealed the average entity operated for just six months.
The report alleges additionally that once sanctioned a firm would often vanish, only to be replaced by a fresh corporate shell – leaving oversight authorities and enforcement lagging far behind.
The report further highlights in the wake of Trump sanctioning export giants Rosneft and Lukoil back in October 2025:
Since those sanctions were imposed, an otherwise unknown company in the network, “Redwood Global Supply”, has become the single largest exporter of Russian crude. The companies are linked to a group of Azeri businessmen with strong ties to Rosneft.
Ukraine and EU officials are calling for greater efforts to bust up such deceptive digital networks in order to starve the Russian war machine financially.
“The frequent changes of names of ships, managers and oil marketing companies… are long-standing deceptive shipping practices designed to obfuscate the destination, origin and ownership of cargoes and their logistics,” Michelle Wiese Bockmann of maritime intelligence firm Windward told the FT.
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
BRAZIL/EU/BEEF
REMIX
they should stay away from South American beef
(zerohedge)
Contaminated Meat From Brazil Hits The EU, As Mercosur Opponents Are Proven Right
Opponents of Brussels’ deal with Latin American countries to import agricultural products are being proven right, unfortunately. Meat containing a banned growth hormone has shown up in the EU, a Dutch authority has reported, leading Polish authorities to order urgent inspections by the relevant inspectorates.
EU farmers and multiple groups warned that the lack of safety regulations in use across the Mercosur countries would lead to such outcomes.
The Dutch Food and Consumer Product Safety Authority announced that it had detected Brazilian beef contaminated with estradiol, a growth hormone used to stimulate estrus in cattle that is banned in the European Union, writes Do Rzezcy.
Four contaminated shipments, containing a total of 62,781 kilograms of meat, were imported by two European companies.
A significant portion of the meat was distributed to several buyers and introduced into the EU market.
Two remaining shipments of beef from Brazil (each containing approximately 25 tons of frozen meat) were blocked by Dutch authorities from being released for distribution, the Farmer.pl website reported on Monday.
The website stressed that the detection of contaminated beef imports could become another argument for opponents of the EU trade agreement with Mercosur, a bloc of South American countries.
According to the RMF FM radio station, EU member states, including Poland, were informed by the European Commission about the distribution of contaminated meat from Brazil as early as November 11 of last year. The European Commission detected the irregularities during an audit at the end of October 2025. By Jan. 21, contaminated beef had been detected in approximately 10 countries, including the Czech Republic, Germany, and Italy.
And yet, that same day, on Jan. 21, despite the European Parliament voting to have the ECJ review the legality of the Mercosur deal, leaders in Brussels were urging for the deal to be formalized, including the German president of the European Commission, Ursula von der Leyen, and German Chancellor Friedrich Merz as well.
“We are convinced of the agreement’s legality. No more delays. The agreement must now be applied provisionally,” Merz posted on X at the time.
The Polish Ministry of Agriculture and Rural Development has ordered inspections of beef imported from Brazil.
“Due to reports of estradiol (a growth hormone) being detected in batches of Brazilian beef imported to the EU, we have ordered urgent inspections by the relevant authorities. We are monitoring the inflow of products into Poland and verifying all signals.”
“At this time, there is no information that the indicated batches have reached the Polish market. We are taking preventive measures to ensure full food safety,” Deputy Minister Małgorzata Gromadzka announced on X.
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS WEDNESDAY MORNING 6;30AM//OPENING AND CLOSING
EURO VS USA DOLLAR: 1.1786
USA/ YEN 156.61 UP 0.700 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 1.3513 UP 0.0019 OR 19 BASIS PTS
USA/CAN DOLLAR: 1.3692 DOWN 0.0011 CDN DOLLAR UP 11 BASIS PTS//(DESPITE TRUMP’S TARIFFS)
Last night Shanghai COMPOSITE CLOSED UP 29.82 PTS OR 0.72%
Hang Seng CLOSED UP 175.40 PTS OR 0.66%
AUSTRALIA CLOSED UP 0.62%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 175.40 PTS OR 0.66%
/SHANGHAI CLOSED UP 29.82 PTS OR 0.72%
AUSTRALIA BOURSE CLOSED UP 0.62 %
(Nikkei (Japan) CLOSED UP 1,269.91 PTS OR 2.22%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 5172.40
silver:$90.32
USA DOLLAR VS TRY (TURKISH LIRA): 43.87
USA DOLLAR VS RUSSIAN ROUBLE: 76.55 ROUBLE// UP 5 BASIS PTS
UK 10 YR BOND YIELD: 4.324 UP 1 BASIS PTS
UK 30 YR BOND YIELD: 5.130 UP 2 BASIS PTS
CDN 10 YR BOND YIELD: 3.190 DOWN 0 BASIS PTS
CDN 5 YR BOND YIELD; 2.726 UP 1 BASIS PTS
USA dollar index early WEDNESDAY MORNING: 97.79 UP 2 BASIS POINTS FROM TURSDAY’s CLOSE
WEDNESDAY MORNING NUMBERS ENDS
And now your closing WEDNESDAY NUMBERS 10.00 AM
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state of the union speech: highlights
Trump Talks Economy, Immigration, Taxes, And AI In State Of The Union Address
by Tyler Durden
Tuesday, Feb 24, 2026 – 08:45 PM
Update (2320ET): While predicted to be ‘2 or 3 hours,’ President Trump’s State of the Union was just 109 minutes – though it was still the longest on record since at least 1964. Trump emphasized border security, energy production, and tax policies while throwing Democrats under the bus over the economy and unchecked illegal immigration.
Trump declared the “Golden Age of America” and stated that the state of the union is “strong,” tying themes to the nation’s upcoming 250th anniversary.
Key Economic Highlights
Trump highlighted a robust economic recovery, claiming:
Core inflation has dropped to 1.7% in recent months, the lowest in over five years. (based on the average of annualized rates of monthly CPI growth)
Mortgage rates are at four-year lows, reducing typical new mortgage costs by nearly $5,000 annually.
Record stock market highs since his election, with “everybody’s portfolios gaining”.
More Americans employed than ever, with 100% of new jobs in the private sector and 2.4 million off food stamps.
$18 trillion in global investment commitments in his first year, compared to under $1 trillion under Biden.
Ended DEI initiatives and cut regulations to boost growth.
Trump also announced a deal with major AI and tech companies to cover their own data center electricity costs and pushed for banning Wall Street firms from mass-buying single-family homes, calling for it to become permanent law. Trump also touted the largest tax cuts in history, with no taxes on tips, overtime, or Social Security benefits, noting all Democrats voted against them.
Immigration and Security
Zero illegal border crossings in the past nine months, with fentanyl inflows down 56%.
Oil and natural gas production at all-time highs, fulfilling “drill baby drill” promises.
Gasoline below $2 in some states.
Tariffs will persist despite a recent Supreme Court ruling striking down some, potentially replacing income taxes long-term.
President Trump’s remarks on Iran and the Islamic Republic during his State of the Union address were relatively limited and mirrored what he has said before.
But at one point, his remarks on the regime did lead Senator Elizabeth Warren to stand and clap. pic.twitter.com/YZ2PrFw4Gc
Trump also honored WWII veteran Buddy Taggart on his 100th birthday, and awarded the Presidential Medal of Freedom to U.S. Olympic hockey goalie Connor Hellebuyck and welcomed the men’s gold medal team. He also called for a Congressional ban on insider trading.
PRESIDENT TRUMP: "The Somali pirates who ransacked Minnesota remind us that there are large parts of the world where corruption and lawlessness are the norm, not the exception. Importing these cultures through unrestricted immigration and open borders brings us problems right… pic.twitter.com/TqE9qcjwqz
All in all not terrible, but not terribly exciting.
* * *
Update 2220ET: After a fairly boring hour of standard SOTU festivities, President Trump brought up voter ID, sanctuary cities, and Somali fraud, eliciting boos from Democrats a shouting match with Rep. Ilhan Omar (D-MN).
🚨 HOLY CRAP! Congressional Democrats just CONFIRMED in front of MILLIONS they want to protect illegals over citizens
TRUMP: "Stand if you agree: The first duty of the American government is to protect American citizens, not illegal aliens."
Trump then told Democrats they should ‘end deadly sanctuary cities that protect criminals, and enact serious penalties for public officials who block the removal of criminals aliens – in many cases drug lords, murderers all over our country – they’re blocking the removal of those people out of our country, and you should be ashamed of yourselves.
END
VICTOR DAVIS HANSON
KING NEWS
The King Report February 25, 2026, 2019 Issue 7687
Independent View of the News
@ChrisRMcGuire: So according to a senior USG official, Deepseek: (1) illegally obtained banned Blackwell chips, (2) used those chips to train its upcoming model and plans to delete the evidence (and likely lie about what chips it actually used), and (3) also trained its model using “distillation” attacks that allowed it to steal IP from leading U.S. AI labs. When Deepseek releases its new model and claims to have trained it from scratch using 2,000 H800 chips, hopefully the world will recognize that is a lie. The fact is, Deepseek is almost entirely dependent on banned American technology and IP. It is training its models by illegally using U.S. chips, and illicitly stealing U.S. IP. These actions must have consequences.
Positive aspects of previous session Stocks rebounded smartly. Fangs and AI-related stocks rebounded sharply.
Negative aspects of previous session USHs declined modestly.
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:Up; Last Hour: Up
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6868.24 Previous session S&P 500 Index High/Low: 6899.17; 6815.43
Musk on Mexican President Claudia Sheinbaum: “She’s just saying what her cartel bosses tell her to say. Let’s just say the punishment for disobeying is a little worse than a ‘performance improvement plan.”
@MikeBenzCyber: Republicans in Congress forced Eric Holder to resign for failing to turn over documents in Operation Fast & Furious, in which the US gov’t ran thousands of guns to the Sinaloa cartel. Now, Republicans control the Justice Dept & intel agencies, and are sitting on those same docs.
@RNCResearch: House Speaker Mike Johnson slams Democrats boycotting President Trump’s State of the Union address: “They have nothing to offer… all they can tell you about is how they oppose President Trump… it’s the same tired playbook that they’ve run for a decade.” https://x.com/RNCResearch/status/2026336947690487923
@RNCResearch: Democrat Senator Chris Murphy encourages Democrats to be obstructive at President Trump’s State of the Union speech. MURPHY: “I’m not going to be mad at any of my colleagues if they speak up, if they talk back.”
The whacko left, which is a fraction of the US, demands that Dems ‘spill blood,’ be violent, and act hostile to Trump, and Dem ‘leaders’ do as command by their insane and anti-American base.
Republicans on the other hand do NOTHING, even when a supermajority of Americans favor something (Voter IDs, school choice, campaign reform, etc. Also, Dems en masse fallen in line behind their leaders. Republicans have too many factions that fight Trump and other leaders. Dems will do everything and anything ‘to win.’ Republicans have a tradition of cowering, appeasement, and timid responses.
GOP @SenRonJohnson: Democrats create enormous messes and then refuse to work with Republicans and @POTUS to fix them. Instead, they train and encourage their supporters to obstruct law enforcement and put themselves in harm’s way — then exploit the resulting injuries and deaths for political gain.
@DHSgov: Today, some Democrats in Congress are planning to bring illegal aliens as guests to the State of the Union. Once again, they are putting illegal aliens above the safety of American citizens.
Fed Speakers: Richmond Pres Barkin 10:40 ET, KC Pres Schmid 11 ET; St. Louis Pres Musalem 13:20
ESHs are +5.50; NQHs are +46.25; USHs are -2/32; precious metals are up modestly at 20:10 ET.
S&P Index 50-day MA: 6896; 100-day MA: 6826; 150-day MA: 6709; 200-day MA: 6542 DJIA 50-day MA: 49,047;100-day MA: 48,018; 150-day MA: 47,087; 200-day MA: 46,069 (Green is positive slope; Red is negative slope)
S&P 500 Index (6890.11 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 6965.07 triggers a buy signal Hourly: Trender and MACD are positive – a close below 6857.75 triggers a sell signal
@nicksortor: Gavin Newsom just threw SHADE at Kamala Harris for sleeping her way to the top. “You’d have NO IDEA who Kamala Harris is without Willie Brown!”—the Democrat politician she b***ed for a job. The 2028 Democrat primary is starting off HOT!https://t.co/sM4jjlzuUA
@susancrabtree: (Ex-Speaker of CA House) Willie Brown was @GavinNewsom’s first political benefactor too. Brown appointed Newsom to a San Francisco traffic commissioner job after Newsom hosted a fundraiser for Brown at one of his restaurants. But Newsom was mad because it wasn’t the commissioner job he wanted.
@AndrewKolvet: CNN’s Harry Enten just ROASTED Gavin Newsom’s 2028 ambitions “He’s definitely flailing”:“This is just a downright clown car at this point on the Democratic side.” “This is just a total clown car. It is a total mess. There is no clear front-runner at this particular point on the Democratic side.” “Down he goes. He’s definitely flailing… it also seems to me people are a little less interested in Gavin Newsom than they used to be.” https://x.com/AndrewKolvet/status/2026310210013286885
@WallStreetApes: American taxpayer funded mosques in Texas are being turned into polling stations – THIS is why Democrats are dominating in early voting in Texas. Muslim leaders are organizing their mosques into voting centers. “The mosques are our barracks, the faithful our soldiers.” https://x.com/AmyMek/status/2026444209675518283
Democrats are pandering to people that vow to destroy America and most Democrat factions solely because the infidels will vote for Dems in the short term – even though they indicate they will destroy the USA, or return territory to Mexico (Reconquista) when given the chance.
@saylordocs: World’s highest IQ holder Young Hoon Kim predicts Bitcoin will reach $276,000 by February 2026.
SWAMP STORIES FOR TONIGHT
SOTU: Democrats Erupt After Trump Mentions ‘Somali Pirates’ And Sanctuary Cities [Watch Live]
Tuesday, Feb 24, 2026 – 08:45 PM
Update 2220ET: After a fairly boring hour of standard SOTU festivities, President Trump brought up voter ID, sanctuary cities, and Somali fraud, eliciting boos from Democrats a shouting match with Rep. Ilhan Omar (D-MN).
PRESIDENT TRUMP: "The Somali pirates who ransacked Minnesota remind us that there are large parts of the world where corruption and lawlessness are the norm, not the exception. Importing these cultures through unrestricted immigration and open borders brings us problems right… pic.twitter.com/TqE9qcjwqz
Trump then told Democrats they should ‘end deadly sanctuary cities that protect criminals, and enact serious penalties for public officials who block the removal of criminals aliens – in many cases drug lords, murderers all over our country – they’re blocking the removal of those people out of our country, and you should be ashamed of yourselves.
During which Omar shouted “You have killed Americans!”
NOW – Ilhan Omar and Rashida Tlaib scream, shout and point their fingers at Trump during his speech. pic.twitter.com/upJM0wNazy
California Gov. Gavin Newsom’s administration has boosted support for illegal immigrants in response to the federal government’s escalated law enforcement and deportation operations under President Donald Trump.
The new support includes $35 million in existing humanitarian funding for basic needs and legal aid. The money is in addition to $125 million already allocated for “free” immigration-related legal services, the governor’s office said in a statement.
“While the federal government targets hardworking families, California stands with them—uniting partners and funding local communities to help support their neighbors,” Newsom said in a statement.
“The urgent need grows as the Trump Administration accelerates mass detention, tramples due process, and funds authoritarian enforcement with over $170 billion. As the Trump Administration chooses cruelty and chaos, California chooses community.”
The funding will not be cash payouts but instead will go to philanthropic and nonprofit organizations that will help connect illegal immigrants facing deportation to legal services, food assistance, and other aid.
The White House and the Department of Homeland Security (DHS) did not immediately return a request for comment.
Assemblymember Carl DeMaio, a Republican serving communities in east San Diego County, criticized the new funding.
“If you were audited by the IRS and found to owe money and back taxes, as a citizen, you couldn’t say, ‘Well, I want a free lawyer to fight the federal government,’” DeMaio told CalMatters.
State Sen. Lena Gonzalez, a Democrat from Long Beach who chairs the California Latino Legislative Caucus, described the move as protecting families.
“We continue to stand in solidarity with our immigrant families. The federal government is waging a war on our communities—and we won’t stand for it,” she said.
“We are putting money behind an effort to stop the fear, stop the separation of our families, and stop violating our basic rights.”
The funding expands access to U.S. support regardless of immigration status. Such measures reflect California’s longstanding commitment to immigrant integration, even as the state grapples with budget deficits and federal pushback.
Disputes Over Sanctuary Policies
Meanwhile, Trump administration immigration law enforcement efforts, including detention and removals, will cost $170 billion over four years, Newsom’s office said.
Department of Homeland Security data indicates that more than 675,000 illegal immigrants have been deported since Trump returned to office for a second term in January 2025. An estimated 2.2 million have self-deported for a total of approximately 3 million departures. Each deportee was paid between $1,000 and $3,000 and had their airfare paid by the U.S. taxpayer.
“In the last year, fentanyl trafficking at the southern border has also been cut by more than half compared to the same period in 2024,” DHS Secretary Kristi Noem said in a statement. “The U.S. Coast Guard alone seized enough cocaine to kill more than 177 million Americans.”
Noem added that the efforts have saved taxpayers more than $13.2 billion, partly because forced removals cost a lot more than incentivized self-deportations.
“Countless lives have been saved, communities have been strengthened, and the American people have been put first again,” she said.
California is a sanctuary state, meaning it limits cooperation with federal immigration authorities in enforcing federal immigration law, save for those who have already been found guilty of serious or violent felonies. However, California’s sanctuary laws—SB 54 and TRUTH Act—do not require state compliance with ICE detainers for those not yet convicted of serious or violent felonies, so arrests and charges alone don’t secure state cooperation.
Immigration and Customs Enforcement (ICE) in February asked Newsom not to release 33,179 noncitizens with ICE arrest detainers from state custody. ICE said they include people previously convicted of murder, sex offenses, or drug trafficking.
“Governor Newsom and his fellow California sanctuary politicians are releasing murderers, pedophiles, and drug traffickers back into our neighborhoods and putting American lives at risk,” DHS Assistant Secretary Tricia McLaughlin said.
The federal government has withheld more than $160 million in transportation funds from California over issues such as foreign truck-driver licenses and freezing billions in other aid to Democratic-led states.
An appeals court prevented federal restrictions on commercial driver’s licenses for certain immigrants from going into effect—a reprieve for temporary workers. Los Angeles County has spent more than $1 billion on welfare for illegal immigrants over two years.
DHS on Feb. 23 criticized Newsom for pardoning a convicted attempted murderer facing deportation, saying the governor is putting American lives at risk.
Trump also hosted “Angel families,” who have become victims of crimes by criminal illegal immigrants, at the White House for a remembrance ceremony on Feb. 23.
Jody Jones, the brother of Rocky Jones, who was fatally shot by an illegal alien in California, said:
“I’m sick and tired of hearing these Democratic politicians stand up on these podiums and say how sorry they are for seeing these criminal illegal aliens being ripped apart from their families.
“What about us? What about the American family? What about us? We mean something, too.”
Earlier, the president signed a proclamation declaring Feb. 22—the anniversary of Laken Riley’s murder by Venezuelan illegal immigrant Jose Ibarra—as National Angel Family Day, honoring 62 victims and two survivors of such crimes.
END
Leftist Media Outraged After USA Olympic Hockey Team Goes Pro-MAGA
Tuesday, Feb 24, 2026 – 06:50 PM
Perhaps it’s destiny – The last time the USA Men’s Olympic Hockey Team won the gold in 1980 they had to first defeat the communist Soviet Union. It was not the final game of the Olympics, it was the second to final game, but it was the only game that was treated as an epic battle of cultural and political ideals and not just a sports competition. In 2026, the Team USA finally won again, this time against the increasingly communistic country of Canada.
Maybe this time around the global audience was not as aware of the political nature of the event, but the woke left was certainly spellbound, poised to exploit the outcome as symbolic of an ideological victory over American conservative principles. In other words, they expected the Canadians to win, and they planned to gloat about the downfall of the US image at the feet of a far-left country. Obviously, it didn’t work out that way.
To pour salt on their wounded progressive egos, the men’s team is largely pro-MAGA and says they are excited to attend Trump’s State of the Union Address. Leftist activists have been pressuring American athletes throughout the Olympics to denounce the Trump Administration. Particularly, they have called on American representatives to speak against ICE and the mass deportation of illegal immigrants.
The USA Women’s Hockey team capitulated and chose to snub Trump’s invitation after their gold medal win. Leftists expected the men to do the same. Instead, they invited FBI Director Kash Patel and partied with him after the win. Patel is an avid hockey player and was already present in Milan to oversee security for the proceedings. Donald Trump also made a locker room call to the team to congratulate them.
You can hear the genuine pride in Donald Trumps voice when he called the Team USA Hockey Team pic.twitter.com/ch6GbXShwh
It all seems like good, clean American patriotism, but that’s the problem. Now, the establishment media is running a blitz against the men’s team, attacking them in a series of hit pieces and denouncing their support of the President.
The Nation calls it the “Ugly Underbelly Of The US Men’s Hockey Victory”, asserting that:
“Trump holds incredible nostalgia for the “Miracle on Ice” Olympic hockey team of 1980. This was the squad that, in one of the great Olympic upsets of all time, defeated the USSR in the semifinals before winning the gold. Pundits turned the victory into a right-wing symbol. It showed that the country had moved away from the social struggles of the 1960s and ’70s and embraced the crypto-fascist variant of patriotism best exemplified in the 1980 election of Ronald Reagan…”
In other words, leftists despair over the loss of the communists and their eventual downfall. They see the victory of capitalism as “crypto-fascist”. The Nation attacks the men’s team as if they work for Trump. This is what leftists do when people don’t submit to their demands and refuse to virtue signal for the woke agenda.
“Unlike other US Olympians speaking out against this regime, men’s hockey players chose to be lickspittles…”
“…The real Olympic heroes were the athletes who stood up for each other – and against Trump.”
They go on to list the handful of Olympic athletes who decided to pull a “Kaepernick” and politicize their sport with activism instead of simply competing and representing their country.
Slate raged over Kash Patel’s celebration with the team, suggesting he had no reason or right to be at the event (even though he was invited to be there). The cope and seethe was readily apparent in SBNation’s screeching diatribe in which they argued that:
“Instead of trying to carve off football and basketball viewers, the NHL has been marketing itself to non-sports fans, emphasizing women, supporting the LGBTQ+ community with Pride Nights, and making substantial inroads with Gen Z as a result…”
Yes, and this is a detrimental error because hockey fans generally do not like woke nonsense and mentally ill, sexually degenerate activists. The LGBT agenda has been forced on hockey fans, they never asked for it. And, just because Gen Z is more inclined to watch hockey does not mean those particular viewers are more inclined to be gay or woke. They continue:
“We’re left with a sport that’s at odds with itself, during a time of momentous change. A new generation of young, diverse fans running headfirst into a sport that has often held a reputation for being insular, tribal, exclusionary, and prejudiced. Team USA’s celebration was everything the NHL has been trying to push against, now it’s on full display…”
The Guardian played to the deportation angle and the idea that players might receive “backlash” (backlash that the leftist media often generates and fabricates) if they attend Trump’s State of the Union, suggesting that they avoid political entanglements.
“Some players will face pressure to be “team players” and go along with the propaganda-driven Capitol Hill invitation. But perhaps some will recognize that they are being asked to give tacit approval to an administration that is denying many US residents and citizens a chance to be a part of Team USA writ large…”
No legal American citizens are being denied their citizenship. Around 10 anchor babies have been deported along with their illegal parents, but this is not necessarily a denial of their citizen’s status. Regardless, no foreigner is entitled to access the US for any reason.
Open immigration is a fabrication of the political left, even the “melting pot” narrative was a creation of early socialists. It is not an integral part of the American tradition. Migrants have to earn the right to come to the US. They are not owed anything.
At bottom, hockey has been targeted for co-option by the political left since the early 2020s and they thought they had taken full control of the platform. This is why they are outraged by the behavior of the men’s Olympic team. The leftists assumed that they owned these guys.
Beyond that, the media was hoping for a Canadian win as a springboard to bag on the US and Trump. Instead, they lost, and now journalists are accusing Trump and the men’s hockey team of politicizing the victory that leftists were planning to politicize. Their hypocrisy knows no bounds.
END
“Anathema In The University Mission”: Bari Weiss Canceled At UCLA
This week, CBS News Editor-in-Chief Bari Weiss was supposed to give the UCLA Burkle Center’s annual Daniel Pearl Memorial guest lecture on “The Future of Journalism.” It was a wonderful opportunity for students to hear from one of the impactful voices in the media. However, they will not be able to do so after a successful cancel campaign supported by faculty members.
The College Fix reports that roughly 11,000 people signed a petition demanding the university cancel the event, and a leader at the center hosting her talk threatened to resign if the journalist spoke.
The LA Timesreported that UCLA was turning to the common excuse of security concerns to effectively yield to the heckler’s veto.
Peters told The Daily Bruin:
“that she believes Weiss has used the guise of free speech to attack people on the left whose opinions she does not agree with – and having her speak at a signatory lecture would legitimize these actions…
To invite somebody who is working against that mission in highly powerful places just seems like anathema in the university mission.”
This statement is an example of the culture that is inculcated into students who become intolerant in college. It explains why students feel righteous in shouting down or interrupting speakers.
What is “anathema” to the academic mission is the viewpoint intolerance and orthodoxy shown by Peters and the faculty and students at UCLA. In accusing Weiss of attacking those with “opinions she does not agree with,” Peters demanded that Weiss be silenced as someone with opinions that she does not agree with.
The lack of self-awareness is a common element among many in higher education who claim to support free speech and intellectual diversity while purging universities of conservative or libertarian faculty or speakers.
The fact that UCLA would pick Peters to lead this Center speaks volumes about the culture in higher education. Peters felt complete license to speak as the Associate Director for the canceling of speakers with opposing views. Her overt intolerance was likely an advantage with other faculty members.
After years of surveys showing the purging of faculty ranks, there is no evidence that faculty members are willing to allow a diversity of opinions.
After years of viewpoint intolerance, schools like Yale have finally reached the point where there is not a single faculty member left who donates to the Republican Party or candidates.
In 2018, a faculty member who called for greater viewpoint diversity at Sarah Lawrence was the subject of threats and vandalism.
Samuel J. Abrams, a professor at Sarah Lawrence College, wrote about the problem almost ten years ago. His research showed that, while the faculty was overwhelmingly liberal, the administrators were even more so. In his survey of 900 college administrators, he found that liberal staff members outnumber conservative staff members by a 12-to-1 ratio: “A fairly liberal student body is being taught by a very liberal professoriate — and socialized by an incredibly liberal group of administrators.”
That was almost a decade ago.
This does not happen overnight or by accident. It is the result of faculty and administrators replicating their own views while effectively purging their ranks of conservatives or moderates.
Today, even liberal columnists like Ezra Klein have been subject to disruptive protests. It is rare for libertarian or conservative figures to be invited on campuses and these faculty members have succeeded in deterring others.
It is important for speakers to continue to appear on campuses despite these threats. We cannot yield to the mob.
END
Larry Summers out at Harvard after flying on the Lolita Express of Epstein…
(zerohedge)
“Do You See What Happens Larry…”: Summers Out At Harvard After Epstein Scandal
The former Harvard President and Clinton-era Treasury Secretary has been cited four times on the flight logs of Jeffrey Epstein’s ‘Lolita Express’. During his first trip, he was still working in the Clinton administration. And during his most recent – in 2005 – he and his wife accompanied Epstein to Epstein’s private island just days after their wedding.
During his first trip on Sept. 19, 1998, (while he was Treasury Secretary) Summers flew from the airport in Aspen, Colo. to Dulles international.
His second trip didn’t take place until April 15, 2004, when Summers flew from JFK to Bedford, Mass., an airport not far from Harvard, where he was president of the university at the time.
On his third trip, Summers flew from Bedford to White Plains for reasons that are unclear.
And during his fourth trip, Larry and Lisa Summers flew from Bedford to Epstein’s Island, and were accompanied by Epstein’s close confidant and alleged Madam Ghislaine Maxwell.
All of which led to the former Harvard President Larry Summers resigning from his academic and faculty appointments at Harvard at the end of the academic year, relinquishing his University Professorship – Harvard’s highest faculty distinction – and remaining on leave until that time, a Harvard spokesperson confirmed to The Crimson.
The Crimson reports that Summers also resigned Wednesday from his role as co-director of the Mossavar-Rahmani Center for Business and Government at the Harvard Kennedy School, a position he has held since 2011, according to the spokesperson. He will not teach or take on new advisees.
The resignation marks an extraordinary unraveling for Summers, long one of the most influential figures in American economics. His career spanned prize-winning research, service as United States Treasury Secretary, and the presidency of Harvard.
In a statement to The Crimson, Summers wrote that the decision to leave was “difficult” and that he remained “grateful to the thousands of students and colleagues I have been privileged to teach and work with since coming to Harvard as a graduate student 50 years ago.”
Summers, who has been on leave since November, appeared hundreds of times in newly released Epstein files.
The correspondence between Summers and Epstein – which tallies thousands of emails and phone calls – revealed an intimacy that far exceeded the bounds of a professional relationship.
In the emails, Summers appears to ask Epstein for advice on pursuing a romantic relationship with a woman that he describes as a mentee.
In one message from 2018, Epstein refers to himself as Summers’ “wingman”.
Furthermore, in late December, a second tranche of Epstein-related records released by the Justice Department revealed that Summers had been designated as a successor executor in a 2014 draft of Epstein’s will, positioning him to oversee the financier’s estate if the primary executors were unable to serve.
Quoting from The Big Lebowski, we comment that “you see what happens Larry…” when you correspond with a convicted pedophile.
harveyorganblog.com 
