GOLD CLOSED CLOSED DOWN $30.25 TO $5177.25
ACCESS MARKET
GOLD $5191.25 3:30 PM)
SILVER: 88.57 3;30 PM)
EXCHANGE: COMEX
EXCHANGE: COMEX
CONTRACT: FEBRUARY 2026 COMEX 100 GOLD FUTURES
SETTLEMENT: 5,206.400000000 USD
INTENT DATE: 02/25/2026 DELIVERY DATE: 02/27/2026
FIRM ORG FIRM NAME ISSUED STOPPED
072 C GOLDMAN 9
099 H DEUTSCHE BANK AG 4
118 C MACQUARIE FUTURES US 7
118 H MACQUARIE FUTURES US 44
132 C SG AMERICAS 7
190 H BMO CAPITAL MARKETS 1888
323 C HSBC 22
332 H STANDARD CHARTERED B 6
363 H WELLS FARGO SECURITI 10
365 C MAREX CAPITAL MARKET 16
407 C STRAITS FINANCIAL 2
523 C INTERACTIVE BROKERS 1
555 C BNP PARIBAS SEC CORP 660
555 H BNP PARIBAS SEC CORP 41
624 H BOFA SECURITIES 3963 112
657 C MORGAN STANLEY 23
661 C JP MORGAN SECURITIES 4 578
686 C STONEX FINANCIAL INC 3
709 C BARCLAYS 10
880 H CITIGROUP 453
905 C ADM 29
991 H CME 76
DLV615-T CME CLEARING
BUSINESS DATE: 02/25/2026 DAILY DELIVERY NOTICES RUN DATE: 02/25/2026
PRODUCT GROUP: METALS RUN TIME: 20:37:03
TOTAL: 3,984 3,984
MONTH TO DATE: 40,71
JPMORGAN STOPPED 3/18
GOLD: NUMBER OF NOTICES FILED FOR FEBRUARY/2026: 3984 CONTRACTs NOTICES FOR 3984 OZ or 12.392 TONNES
total notices so far: 40,711 contracts for 4,071,100 OR 126.628 tonnes)
SILVER NOTICES: 1 NOTICE(S) FILED FOR 5,000 OZ /
total number of notices filed so far this month : 4,961 CONTRACTS (NOTICES) for 24.805 million oz
SILVER//OUTLINE
INITIAL STANDING FOR JANUARY: 22.915 MILLION OZ FOLLOWED BY TODAY’S 1.185 MILLION OZ QUEUE JUMP//NEW NORMAL STANDING ADVANCES TO 49.445 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK FOR .100 MILLION OZ//NEW STANDING ADVANCES TO 49.545 MILLION OZ!!
INTIAL STANDING FOR FEBRUARY/SILVER: 13.505 MILLION OZ FOLLOWED BY TODAY’S HUGE 0.005 MILLION OZ QUEUE JUMP / : NEW STANDING FOR SILVER AT THE COMEX ADVANCES TO 25.180 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 25.180 MILLION OZ
PLUS OUR 3 EXCHANGE FOR RISK: 3.010 OZ
EQUALS
28.190 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 86 MILLION OZ OF REGISTERED OR DELIVERABLE SILVER.
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 : 75.830 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 5,000 OZ AND THEN ADD OUR 3 EXCHANGE FOR RISK FOR 3.010 MILLION OZ STANDING ADVANCES TO 28.190 MILLION OZ!!
- MAY: SUMMARY FOR MAY TONNES WHICH STOOD FOR DELIVERY:
4. AUGUST: 60.547 TONNES OF INITIAL GOLD FIRST DAY NOTICE FOLLOWED BY THE NET MONTH’S QUEUE JUMP OF 47.2312 TONNES TO WHICH WE ADD THE FOLLOWING EXCHANGE FOR RISK ISSUANCE RECEIVED FOR THE MONTH: 5.4432 TONNES EX FOR RISK/AUG 7 , AUG 11: 2.413 TONNES EX FOR RISK AND AUG. 12 OF 2.637 TONNES EX FOR RISK//AUG 25: 9.107 TONNES , AUGUST 26: 9.1010 TONNES AND NOW AUGUST 27: 9.0699 TONNES//NEW STANDING ADVANCES TO 107.5117 TONNES OF GOLD NORMAL STANDING (INCLUDES ALL MONTHLY QUEUE JUMPS/EX FOR PHYSICAL TRANSFERS//) +44.696 TONNES EX.FOR RISK = 152.208 TONNES
5.SEPT: INITIAL 8.093 TONNES OF GOLD PLUS TODAY’S QUEUE JUMP OF 0.4883 TONNES PLUS 2.2827 TONNES OF EXCHANGE FOR RISK TODAY//NEW TOTAL EX. FOR RISK/MONTH = 22.923//NEW TOTAL STANDING FOR GOLD SEPT ADVANCES TO = 48.801 TONNES!!
6.OCTOBER: 90.012 TONNES OF INITIAL GOLD STANDING WITH TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS DURING OCT OF 76.1656 TONNES
THEN WE MUST ADD OUR 14.553 TONNES OF OUR ISSUANCE OF EXCHANGE FOR RISK/6 OCCASIONS//NEW TOTAL OF GOLD STANDING ADVANCES TO 197.5141 TONNES OF GOLD.
7.NOVEMBER BEGINS WITH 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY TODAY’S QUEUE JUMP OF 2.323 TONNES FOLLOWED BY ALL PREVIOUS QUEUE JUMPS IN OF OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE OF 4.5596 TONNES//NEW STANDING ADVANCES TO 43.9716 TONNES OF GOLD.
8. DECEMBER BEGINS WITH INITIAL STANDING OF 83.813 TONNES OF GOLD FOLLOWED BY TODAY’S 0.0TONNE QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF: 37.163 TONNES//NEW STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR 4 EXCHANGE FOR RISK FOR DECEMBER OF 6.587 TONNES/NEW STANDING ADVANCES TO 121.977 TONNES
9. JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR FIRST EXCHANGE FOR PHYSICAL TRANSFER OF 0.08709 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
FEB; INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 93.567 TONNES OF GOLD TO WHICH WE ADD OUR NEXT 0.0248 TONNES 0.1555 TONNES QUEUE JUMP TO 41.2082 TONNES/ NEW NET QUEUE JUMP INCREASES TO 41.233 TONNES// AND THEN WE ADD OUR SIX EXCHANGE FOR RISK: 10,080 CONTRACTS OR 31.251 TONNES//NEW STANDING REDUCES TO 157.878 TONNES
FINAL STANDING FOR GOLD, JANUARY CONTRACT AT 59.2108 TONNES OF GOLD
AND NOW FEBRUARY: INITIAL STANDING FOR GOLD: 157.878 TONNES!! WHICH INCLUDES ALL QUEUE JUMPING, THREE EXCHANGE FOR PHYSICAL TRANSFERS TO LONDON AND OUR SIX ISSUANCES EXCHANGE FOR RISK!!
JAN. 2025: 257.919 TONNES (ISSUANCE WILL BE PRETTY GOOD THIS MONTH BUT MUCH LOWER THAN LAST MONTH)
FEB: 207.21 TONNES//EX FOR PHYSICAL ISSUANCE (WILL BE A FAIR SIZED ISSUANCE THIS MONTH)
MARCH 130.84 TONNES//QUITE SMALL THIS MONTH.
APRIL; 208.57 TONNES. STRONG THIS MONTH
MAY: 113.499 TONNES OF GOLD EFP ISSUANCE//QUITE SMALL THIS MONTH
JUNE: 97.79 TONNES OF GOLD EFP ISSUANCE/EXTREMELY SMALL
JULY : 150.877 TONNES// QUITE SMALL
AUGUST: 175.86 TONNES A LOT LARGER THIS MONTH.
SEPT. 116.13 TONNES VERY SMALL
OCT. 252.72 TONNES//CERTAINLY MUCH LARGER THIS MONTH/VERY STRONG
NOV: 124.74 TONNES
DEC: 190.04 TONNES//GOOD SIZED THIS MONTH FINAL.
TOTAL EXCHANGE FOR PHYSICAL ISSUED FOR YEAR 2025: 2,026.20 TONNES (LOWER THAN LAST YR 2,569.00 TONNES
JANUARY: 209.08 TONNES ( (WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL)
FEB. 170.21 TONNES (WHICH WILL BE SMALLER THAN OTHER MONTHS)
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SPREADERS:
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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 5366 CONTRACTS OI TO 120,088 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 1950 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAR 1950 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 5366 CONTRACTS AND ADD TO THE 1950 E.FP. ISSUED
WE OBTAIN A MEGA HUGE SIZED LOSS OF 3416 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES DESPITE OUR GAIN OF $3.43
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTALS 16.780 MILLION PAPER OZ
OCCURRED WITH OUR GAIN IN PRICE.OF $3.43
2.ASIAN AFFAIRS FEB 25/2025
SHANGHAI CLOSED DOWN 0.60 PTS OR 0.01%
HANG SENG CLOSED DOWN 384.70 PTS OR 1.44%
Nikkei CLOSED UP 238.38 PTS OR 0.41%
//Australia’s all ordinaries CLOSED DOWN 0.03%
//Chinese yuan (ONSHORE) CLOSED UP 6.8413
/ OFFSHORE CLOSED UP AT 6.8371 Oil DOWN TO 64.85 dollars per barrel for WTI and BRENT DOWN TO 70.37 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING 6.8413 OFFSHORE YUAN TRADING UP TO 6.8371 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
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A STRONG SIZED 12,120 CONTRACTS DOWN TO 408,053 OI DESPITE OUR GAIN IN PRICE OF $48.40 WITH RESPECT TO WEDNESDAY’S // TRADING/ //COMEX CLOSING TIME:… WE LOST CONSIDERABLE NET LONGS, WITH THAT PRICE LOSS FOR GOLD . AND AS YOU WILL SEE BELOW, OUR LOSS IN PRICE ALSO HAD A FAIR NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (1595).
WE HAD HUGE T.A.S. LIQUIDATION DURING WEDNESDAY’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 (FEB 17)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 TO ITS LOW POINT IN OI TO NOW 411,519 AND NOW AMPLE ENOUGH TO GROW AND FROM THIS POINT FORTH IT WILL BE EXTREMELY DIFFICULT 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 %. RECENT LOWS FOR COMEX OI IS AROUND 409,000
WE THUS HAD A TOTAL LOSS IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 10,525 CONTRACTS (OR 32.737TONNES) DESPITE THE GAIN IN PRICE, WEDNESDAY.
THEN WE WERE NOTIFIED OF A ZERO CONTRACT EXCHANGE FOR RISK ISSUANCE IN GOLD CONTRACTS FOR 0 OZ OR 0 TONNES OF GOLD. DURING THE MIDDLE OF THE MONTH. WE HAVE HAD TWO IDENTICAL MONSTER 3,000 CONTRACT ISSUED FOR THE SAME 9.33 TONNES OF GOLD, AND THESE ARE THE HIGHEST EVER IN TONNAGE EVER ISSUED BY THE COMEX. ALTOGETHER THE TOTAL ISSUANCE THUS FAR FOR FEB NOW REMAINS AT 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 MUST BE ADDED TO OUR DELIVERY TOTALS FOR THIS MONTH.
DETAILS ON OUR NEW FEBRUARY COMEX CONTRACT MONTH//
IN TOTAL WE HAD A STRONG SIZED LOSS ON OUR TWO EXCHANGES OF 10,525 CONTRACTS DESPITE OUR GAIN IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN THROUGHOUT THIS WEEK AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTACKS VERY EARLY IN THE COMEX SESSIONS AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THEIR DAILY ATTACKS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY AND OUR SHORT SPECULATORS FOR THE THOUGHTFULNESS.
LONDON ANNOUNCED EARLY IN THE YEAR (AND SCARCITY CONTINUES TO THIS DAY) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO OTHER CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES. BOTH COMEX AND LBMA ARE WITNESSING MASSIVE AMOUNTS OF GOLD LEAVING THEIR VAULTS.
THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT THE MONTHS OF JUNE THROUGH FEBRUARY/ CONTINUES TO DISTORT OPEN INTEREST NUMBERS GREATLY ALTHOUGH THE T.A.S. ISSUANCES IN GOLD HAVE GENERALLY BEEN ON THE LOW SIDE COMPARED TO SILVER WHICH HAVE BEEN HUGE. TODAY’S NUMBER IS A 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 6 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 ADD EXCHANGE OUR NEXT 0.0248 TONNESS .1555 TONNES QUEUE JUMP AND THIS IS ADDED TO ALL OTHER QUEUE JUMPS OF 41.2082 TONNNES//NEW TOTAL QUEUE JUMP: 41.233/ STANDING ADVANCES TO 126.628 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 31.251 TONNES/NEW STANDING RISES TO TO 157.879 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 FAIR SIZED EXCHANGE FOR PHYSICAL OF 1595 CONTRACTS.
THAT IS A FAIR SIZED 1595 EFP CONTRACT WAS ISSUED: : /APRIL 1595 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 1595 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 :
- CONSIDERABLE 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. THESE MONTH END SPREADERS HAVE DISTORTED OUR OI NUMBERS FOR GOLD COMEX GREATLY.
T.A.S.SPREADER ISSUANCE//FEBRUARY
AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS USUALLY DURING MID MONTH IN THE DELIVERY CYCLE), BUT NOW ON A DAILY BASIS, THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR WEDNESDAY NIGHT/THURSDAY MORNING WAS A SMALL SIZED 593 CONTRACTS
THE RAIDS WHETHER ON OPTIONS EXPIRY MONTH OR T.A.S. DRIVEN, ACCOMPLISHES TWO IMPORTANT ASPECTS FOR OUR CROOKS:
- STALLS THE ADVANCE IN PRICE
- LOWERS THEIR ADVANCING DERIVATIVE LOSSES.
THAT SET UP WEDNESDAY’S HUGE GAIN IN PRICE IN GOLD YET WITH A CORRESPONDING HUGE SIZED LOSS 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 TODAY’S RAID// TUESDAY FEB 26..
JAN 2025:
113.30 TONNES (WHICH INCLUDES 43.408 TONNES EX FOR RISK)
FEB: 2025:
256.607 TONNES (WHICH INCLUDES 18.4567 TONNES OF EX FOR RISK)
MARCH:
STANDING FOR GOLD : 60.33 TONNES + 7.6179 TONNES EX FOR RISK = 67.9479 TONNES WHICH IS EXTREMELY HIGH FOR A NON DELIVERY MONTH.
APRIL:
FINAL STANDING FOR GOLD: 201.573 TONNES + 8.3571 TONNES EX FOR RISK = 209.953 TONNES
MAY: FINAL STANDING 90.235 TONNES WHICH INCLUDES QUEUE JUMPING AND 9.591 TONNES EX FOR RISK.
JUNE: FINAL STANDING 62.534 TONNES PLUS 0.1493TONNES OF QUEUE JUMP EQUALS 93.085 TONNES
JULY: 17.947 TONNES INITIAL STANDING FIRST DAY NOTICE PLUS TODAY’S 0 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK/PRIOR + 2.195 EX FOR RISK TODAY = = 41.106 TONNES
AUGUST:INITIAL AMOUNT OF GOLD STANDING: 60.547 TONNES TO WHICH WE ADD OUR 7 MONTHLY ISSUANCES OF: EXCHANGE FOR RISK TOTALLING 44.696 TONNES//NEW STANDING ADVANCES AS FOLLOWS:
107.5117 TONNES NORMAL DELIVERIES (INCLUDES ALL QUEUE JUMPS /EXCHANGE FOR PHYSICAL TRANSFERS) +
5.4432 TONNES EXCHANGE FOR RISK/PRIOR/AUGUST 7
2.413 TONNES EXCHANGE FOR RISK AUGUST 11
PLUS 2.637 TONNES EX FOR RISK AUGUST 12
PLUS: 9.107 TONNES EX FOR RISK AUGUST 25
PLUS 9.1010 TONNES EX FOR RISK AUGUST 26!!
PLUS 9.0699 TONNES EX FOR RISK AUGUST 27
PLUS 6.923 TONNES EX. FOR RISK/AUGUST 28
MONTHLY TOTAL 44.696 TONNES EXCHANGE FOR RISK!MONTH OF AUGUST.
EQUALS
152.208 TONNES TONNES OF GOLD.
SEPT:
SEPT: 25.878 TONNES OF GOLD INITIAL GOLD STANDING TO WHICH WE ADD OUR 22.923 TONNES OF EXCHANGE FOR RISK ISSUED 7 TIMES DURING THE MONTH:
TOTAL EX FOR RISK// FOR MONTH = 22.923//NEW TOTALS FOR GOLD STANDING SEPT ADVANCES TO 48.801 TONNES
THIS IS HUGE FOR A GENERALLY WEAK SEPTEMBER DELIVERY MONTH.
OCTOBER: INITIAL AMOUNT OF GOLD STANDING: 90.164 TONNES OF GOLD FOLLOWED BY TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL PREVIOUS QUEUE JUMPS OF 76.1656 TONNES WHICH MUST BE ADDED TO OUR 6 ISSUANCES OF 14.553 TONNES EXCHANGE FOR RISK//TOTAL NEW STANDING FOR GOLD IN THIS ACTIVE OCTOBER DELIVERY MONTH ADVANCES TO 197.5141 TONNNES.
NOVEMBER WHERE INITIAL AMOUNT OF GOLD STANDING IS REGISTERED AT 15.651 TONNES OF GOLD FOLLOWED BY TODAY’S QUEUE JUMP OF 2 TONNES AND FOLLOWED BY ALL OTHER NOV QUEUE JUMPS OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE FOR 4.5596 TONNES.
/STANDING ADVANCES TO 43.9716 TONNES OF GOLD.
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DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY IN THIS ACTIVE MONTH IS 83.813 TONNES FOLLOWED BY TODAY’S 0.XXXX TONNES QUEUE JUMP. THIS FOLLOWS ALL OTHER QUEUE JUMPING: 37.163 TONNES//NEW STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR FOUR EXCHANGE FOR RISK ISSUANCE OF 6.559 TONNES//NEW STANDING THUS INCREASES TO 121.977 TONNES
JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR QUEUE JUMP OF 0.000 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
FEBRUARY: . FEBRUARY: INITIAL STANDING: 93.566 TONNES TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 0.0248 TONNES WHICH MUST BE ADDED ALL OTHER QUEUE JUMPS OF 41.2087 TONNES QUEUE JUMP//TOTAL QUEUE JUMP FOR FEB::ADVANCES TO 41.233 TONNES///STANDING ADVANCES TO 126.628 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 31.251 TONNES/NEW STANDING RISES TO 157.879 TONNES
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 48 MONTHS 2021-2024
DEC 2021: 112.217 TONNES
NOV. 8.074 TONNES
OCT. 57.707 TONNES
SEPT: 11.9160 TONNES
AUGUST: 80.489 TONNES
JULY 7.2814 TONNES
JUNE: 72.289 TONNES
MAY 5.77 TONNES
APRIL 95.331 TONNES
MARCH 30.205 TONNES
FEB ’21. 113.424 TONNES
JAN ’21: 6.500 TONNES.
TOTAL YEAR 2021 (JAN- DEC): 601.213 TONNES
YEAR 2022: STANDING FOR GOLD/COMEX
JANUARY 2022 17.79 TONNES
FEB 2022: 59.023 TONNES
MARCH: 36.678 TONNES
APRIL: 85.340 TONNES FINAL.
MAY: 20.11 TONNES FINAL
JUNE: 74.933 TONNES FINAL
JULY 29.987 TONNES FINAL
AUGUST:104.979 TONNES//FINAL
SEPT. 38.1158 TONNES
OCT: 77.390 TONNES/ FINAL
NOV 27.110 TONNES/FINAL
Dec. 64.000 tonnes
(TOTAL YEAR 656.076 TONNES)
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
NOV: 18.7122 TONNES + 16.2505 EX. FOR RISK = 34.9627 TONNES
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024/STANDING FOR GOLD/COMEX
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276 TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
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COMEX GOLD TRADING BEGINNING FEBRUARY,. CONTRACT;
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY A HUGE $48.40 )
WE HAD CONSIDERABLE T.A.S. SPREADER LIQUIDATION WEDNESDAY // COMEX SESSION// WITH OUR GAIN IN PRICE AND CONSIDERABLE MONTH END SPREADER LIQUIDATION WHICH ACCOUNTS FOR THE LOSS IN OI… BUT OUR SPECULATORS REMAIN RELENTLESS POURING INTO THE COMEX STARTING TO BUILD ON ITS OI // BUT WITH OTHER EASTERN CENTRAL BANKS TENDERING FOR PHYSICAL WEDNESDAY NIGHT WHICH ALSO EXPLAINS THE HUGE NUMBER OF TONNES OF GOLD STANDING FOR FEBRUARY. THE COMEX IS ONE BIG MESS!!
WEDNESDAY NIGHT//THURSDAY MORNING
THE CROOKS COULD NOT STOP OTHER CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL WEDNESDAY EVENING/THURSDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD
A LITTLE REVIEW OF GOLD STANDING THESE PAST 4 MONTHS:
STANDING FOR GOLD OCT THROUGH TO JANUARY:
- ANALYSIS// OCT DELIVERY MONTH GOING FROM FIRST DAY NOTICE// OCT COMEX CONTRACT TO FINALIZATION OCT 31:
OCT AT 90.164 TONNES TO BE FOLLOWED BY ALL PREVIOUS QUEUE JUMPS OF 75.696 TONNES WHICH WE ADD OUR 14.553 TONNES EX FOR RISK/6 OCCASIONS:
/ TOTAL STANDING 197.551 TONNE/OCTOBER FINAL//ABSOLUTELY A MONSTER DELIVERY FOR A NORMALLY QUIET OCT MONTH
2. AND NOW NOVEMBER:
NOVEMBER BEGINS WITH A HUGE 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY OUR TODAY’S QUEUE JUMP OF 2.323 TONNES WHICH FOLLOWED ALL OTHER NOVEMBER QUEUE JUMPS OF 21.3775 TONNES TO WHICH WE ADD OUR TWO ISSUANCES OF EXCHANGE FOR RISK OF 4.5596 TONNES..
NEW STANDING ADVANCES TO 43.9716 ONNES OF GOLD.
3. AND NOW DECEMBER:
3. DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 83.813 TONNES FOLLOWED BY A 0 CONTRACT QUEUE JUMP FOR NIL OZ OR 0.000 TONNES WHICH FOLLOWS OTHER DEC QUEUE JUMPS OF: 0 TONNES///STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR FOUR EXCHANGE FOR RISK ISSUANCE OF 6.559TONNES/NEW STANDING ADVANCES TO 121.977TONNES
4. JANUARY:
9. JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR QUEUE JUMP OF 0.000 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
10. FEBRUARY: INITIAL STANDING: 93.566 TONNES TO WHICH WE ADD OUR LATEST QUEUE JUMP OF 0.0298 TONNES TO WHICH THIS IS ADDED TO ALL OTHER QUEUE JUMPS OF 41.2082 / NEW QUEUE JUMP ADVANCES TO: 41.233 TONNES//STANDING ADVANCES TO: 126.628 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 157.879 TONNES
ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $47.25
WE HAD A HUGE 3416 CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE .
INITIAL GOLD COMEX
FEB 26
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 5 ENTRIES i) Out of Asahi: 9815.739 oz ii) Out of Delaware: 199.96 oz iii) Out of JPMorgan 42,761.492 oz (1330 kilobars) iv) Out of Malca 79,573.725 oz (2475 kilobars) v) Out of Manfra: 30,640.942 oz (642 kilobars) total withdrawal: 152,941.858 oz or 4.7 tonnes |
| Deposit to the Dealer Inventory in oz | 1 ENTRY i) Into Brinks: 13,092.095 oz total deposit: 13,092.095 oz |
| Deposits to the Customer Inventory, in oz | DEPOSITS/CUSTOMER 0 entry xxxxxxxxxxxxxxxxI |
| No of oz served (contracts) today | 3984 CONTRACTS OR 398,400 OZ 12.392 TONNES OF GOLD |
| No of oz to be served (notices) | 0 contracts 0 OZ 0 TONNES |
| Total monthly oz gold served (contracts) so far this month | 40,711 notices 4,071,100 oz 126.628 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: 1
1 ENTRY
1 ENTRY
i) Into Brinks: 13,092.095 oz
total deposit: 13,092.095 oz
xxxxxxxxxxxxxxxxxxxxx
DEPOSITS/CUSTOMER
0 entry
customer withdrawals:
customer withdrawals:
5 ENTRIES
i) Out of Asahi: 9815.739 oz
ii) Out of Delaware: 199.96 oz
iii) Out of JPMorgan 42,761.492 oz (1330 kilobars)
iv) Out of Malca 79,573.725 oz (2475 kilobars)
v) Out of Manfra: 30,640.942 oz (642 kilobars)
total withdrawal: 152,941.858 oz or 4.7 tonnes
they are draining the comex of gold
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ADJUSTMENTs 1
all dealer to customer (out of registered to the customer account)
Loomis 13,503.42 oz (,4299 tonnes)
they are draining the comex of gold
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
chaos inside the comex
AMOUNT OF GOLD STANDING FOR FEBRUARY
THE FRONT MONTH OF FEBRUARY STANDS AT 3984 CONTRACTS FOR A LOSS OF 10 CONTRACTS.
WE HAD 18 CONTRACTS SERVED ON WEDNESDAY, SO WE GAINED A SMALL 8 CONTRACTS AND THUS A 800 OZ QUEUE JUMP WHERE THESE BOYS HAVE DECIDED TO TAKE DELIVERY ON THIS SIDE OF THE POND.
MARCH SAW A LOSS OF ONLY 748 CONTRACTS DOWN TO 2937 CONTRACT OI AS MARCH BECOMES THE NEW FRONT MONTH FOR GOLD AND EXPECT TO HAVE A HUGE STANDING OF AROUND 9.234+ TONNES FO GOLD. MARCH IS AN OFF MONTH FOR GOLD. THIRTEEN TONNES IS ABNORMALLY HIGH FOR MARCH!! WE HAVE TWO MORE READING DAYS BEFORE FIRST DAY NOTICE.
APRIL IS THE NEXT LARGEST DELIVERY MONTH AND IT LOST 11,399 CONTRACTS DOWN TO 276,852 CONTRACTS
We had 3984 contracts filed for today representing 398400 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 4 notices issued from their client or customer account. The total of all issuance by all participants equate to 3984 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 578 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 (40,711) to which we add the difference between the open interest for the front month of FEB (3984 CONTRACTS) minus the number of notices served upon today (3984 x 100 oz per contract) equals 4,071,100 OZ OR (126.628 Tonnes of gold) to which we add February’s 6 exchange for risk of 10,080 contracts or 1,008,000 oz or 31.251 tonnes//new total gold standing in Feb ADVANCES to 157.879 tonnes.
thus the INITIAL standings for gold for the FEB contract month: No of notices filed so far (40,711 x 100 oz +we add the difference for front month of FEB (3984 OI} minus the number of notices served upon today (3984 x 100 oz) which equals 4,071,100 OR 126.628 TONNES// to which we add our SIX exchange for risk//1,008,000 oz or 31.251 tonnes//new standing ADVANCES to 157.879 tonnes!!!
new total of gold standing in FEB is 157.879 TONNES//
TOTAL COMEX GOLD STANDING FOR FEB 157.879 TONNES TONNES WHICH IS HUGE FOR THIS NORMALLY VERY NON ACTIVE ACTIVE DELIVERY MONTH OF FEBRUARY.
confirmed volume WEDNESDAY confirmed 124,605 extremely 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: 1,744,496.041 oz 54.26 tonnes pledged gold lowers
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 33,487,489.392 oz (draining huge of gold)
TOTAL REGISTERED GOLD 17,098,439.443. or 531.833 Tonnes
TOTAL OF ALL ELIGIBLE GOLD 16,389,249,939 oz//eligible gold leaving hand over fist
REGISTERED GOLD THAT CAN BE SERVED UPON 15,353,943 oz ((REG GOLD- PLEDGED GOLD)=
477.57 Tonnes // (declining rapidly)
total inventories in gold declining rapidly
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
SILVER/COMEX
FEB 26 2026
INITIAL/
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 4 entries i) Out of Delaware 3158.787 oz ii) Out of HSBC 623,546.3000 oz iii) Out of JPMORGAN 24,905.770 oz iv) Out of Manfra 619,757.709 oz total withdrawal 1,270,767.526 oz the comex is being drained of silver |
| Deposits to the Dealer Inventory | 0 ENTRY 1 entries i) Into Stonex: 13,092.095 oz total deposit: 13,092.095 oz xxxxxxxxxxxxxxxxxxxxxxxxxxxxxx |
| 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) | 1 CONTRACT(S) ( 5,000 OZ |
| No of oz to be served (notices) | 77 Contracts (0.385 MILLION oz) |
| Total monthly oz silver served (contracts) | 4961 contracts 24.805 MILLION oz |
| Total accumulative withdrawal of silver from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of silver from the Customer inventory this month |
DEPOSITS INTO DEALER ACCOUNTS
1 ENTRIES
i) Into Stonex: 13,092.095 oz
total deposit: 13,092.095 oz
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
ENTRIES: 0
withdrawals: customer side/eligible
4 entries
i) Out of Delaware 3158.787 oz
ii) Out of HSBC 623,546.3000 oz
iii) Out of JPMORGAN 24,905.770 oz
iv) Out of Manfra 619,757.709 oz
total withdrawal 1,270,767.526 oz
the comex is being drained of silver
the comex is being drained of silver
adjustments: / / 1
all dealer into customer acct (leaving registered into eligible)
Brinks 217,756.800 oz
total removal from the registered silver to eligible silver
xxxxxxxxxxxxxx
TOTAL REGISTERED SILVER: 86.130 MILLION OZ//.TOTAL REG + ELIGIBLE. 360.638 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: 76 OPEN INTEREST CONTRACTS FOR A LOSS OF 230 CONTRACTS.
WE HAD 229 NOTICES FILED ON WEDNESDAY SO WE GAINED 1 CONTRACTS OR WE ENTERTAINED A TINY 5,000 OZ QUEUE JUMP WHERE THESE BOYS DECIDED TO TRY THEIR LUCK AND TAKE DELIVERY OF SILVER ON THIS SIDE OF THE POND.
MARCH LOST ANOTHER HUGE 11,366 CONTRACTS DOWN TO 10,516. THIS BECOMES THE FRONT MONTH FOR SILVER DELIVERY AND WE SHOULD HAVE ONLY 50 MILLION OZ OF SILVER STANDING FOR MARCH. IF YOU ADD OUR 28 MILLION OZ STANDING FOR FEBRUARY WE HAVE A TOTAL OF 78 MILLION OZ OF SILVER WILLING TO STAND AT THE COMEX. THE COMEX HAS 86 MILLION OZ OF REGISTERED SILVER READY TO SERVE UPON THESE GUYS. REMEMBER HOWEVER IN MARCH WE WILL HAVE CONSIDERABLE QUEUE JUMPING SO THE SILVER COMEX WILL COME UNDER STRESS.
APRIL LOST 169 CONTRACTS TO AN OI 1159 CONTRACTS.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 1 or 5,000 oz
CONFIRMED volume; ON WEDNESDAY 112,935 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 4961 X5,000 oz = 24.805 MILLION oz
to which we add the difference between the open interest for the front month of FEBRUARY (76) AND the number of notices served upon today (1)x (5000 oz)
Thus the standings for silver for the FEBRUARY 2026 contract month: (4961)Notices served so far) x 5000 oz + OI for the front month of FEB(76) minus number of notices served upon today (1 )x 5000 oz equals silver standing for the FEB..contract month equating to 25.180 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 YESTERDAY’S 565 CONTRACT EXCHANGE FOR RISK//NEW TOTAL EXCHANGE FOR RISK 602 CONTRACTS FOR 3.010 MILLION OZ//NEW STANDING ADVANCES TO 28.190 MILLION OZ
NEW STANDING: 28,190 MILLION OZ WHICH IS HUGE FOR A GENERALLY SMALL DELIVERY MONTH OF FEBRUARY.
New total standing: 28.190 million oz. THE SILVER COMEX IS NOW UNDER MASSIVE SIEGE!! AND THIS IS HAPPENING WITH THE MASSIVE SIEGE ON GOLD AS WELL.
We must also keep in mind that there is considerable silver standing in London coming from our longs in New York that underwent EFP transfers.
There are 86.130 million oz of registered silver
JPMorgan as a percentage of total silver: 154.491/360.638.million: 42.91%
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 26/2026/WITH GOLD DOWN $30.25 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A MASSIVE DEPOSIT OF 11.45 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1097.62 TONNES
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: 1097.62 TONNES, TONIGHTS TOTAL
SILVER
FEB 26 WITH SILVER DOWN $4.05 HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A WITHDRAWAL OF 0.906 MILLION OZ OUT OF THE SLV. ./ :INVENTORY RESTS AT 516.975 MILLION OZ
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 517.881 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 516 MILLION OZ OF SILVER…
PHYSICAL GOLD/SILVER
SILVER IN SHANGHAI
ROBERT LAMBOURNE TO US;
China Silver Premium Jumps $8.71 as Local Buyers Push Prices 10% Higher | Bitget News
It seems silver is now reported on crypto websites. Still it’s useful confirmation of the closing price in Shanghai.
I questioned an AI program and it still claims that the big CITIC silver short needs to be resolved tomorrow. Apparently, the position is claimed to be a minimum of 14,800 contracts on SHFE. Each contract is 15 kilos. The exact position size has not been disclosed, but if this information is accurate then its is over 220 tonnes of silver to find.
It seems to me that it’s unlikely the Chinese authorities don’t have a resolution of the issue ready to be used. But if the new exchange trading restrictions are applied then the contracts can’t be rolled forward.
END
RICK RULE AND BILL FLECKINSTEIN..
“Gold For Me Is A Savings Product”: Rick Rule On Debt, Oil Cycles, & Uranium’s Political Reversal
Thursday, Feb 26, 2026 – 11:20 AM
Last night’s discussion featuring Rick Rule, Bill Fleckenstein, and Erik Townsend covered the macro landscape from hard assets to energy markets and nuclear policy.
Below are highlights from Rule’s remarks. (We recommend readers listen to Fleckenstein and Townsend’s full comments in the complete debate, linked at the bottom.)
Gold: “I Have No Interest In Selling”
Rule made clear he views gold not as a trade, but as monetary insurance.
Nominal yields on Treasuries offer little protection if purchasing power continues to erode.
“Owning the U.S. 10-year Treasury getting paid 4.1%, 4.2% in a currency where I think the real deterioration of the purchasing power is limping along to some number more like eight doesn’t make me feel comfortable.”
Rule pointed to structural fiscal imbalances, debt, deficits, and what he estimates at roughly $120 trillion in unfunded entitlement liabilities as the core risk. Policymakers can either default in real terms or inflate away the burden.
“I think they take door two.”
Until he sees a credible political resolution to debt and entitlement obligations and what he considers genuinely positive real yields on fiat savings products, Rule said he has “no interest in selling” his gold.
“Gold for me is a savings product.”
Oil: Short-Term Oversupply, Long-Term Capital Shortage
On oil, Rule was nuanced.
“I believe in the very, very near term that oil is ahead of itself,” he said, citing geopolitical headlines and “news traders in the market.” For the next year to 18 months, he sees a “plurality of supply over demand,” reflecting a softer global economy.
But beneath that near-term slack, he sees a longer-term issue: underinvestment.
Rule estimates global underfunding of sustaining capital in the oil industry exceeds “a billion dollars a day.” In U.S. shale, where “75, 80% of the net present value of the well is 18 months,” reduced reinvestment eventually constrains output.
Ccapital responses are delayed but cyclical. The post-COVID rebound saw oil shoot from $20 oil to $90 after investment froze. Rule suggested that if today’s capital discipline persists, the industry could face a production problem by 2028–2029.
While “nowhere near as bullish” as he was previously, he added: “I still feel quite good about the sector for the five-year time frame.”
Uranium: From “Wanted Poster” To Subsidies
“Five years ago in the uranium industry, I expected to see a picture of myself in a post office wall with a caption wanted. Now the same morons want to subsidize me.”
Tthe key development is not futuristic reactor technology but politics. Even conventional reactor builds, if pursued at scale, can lower costs through repetition, as demonstrated by China’s serial construction model.
While Rule cautioned that demand growth 10–15 years out does little for present net asset value calculations, he emphasized that the policy turn itself is meaningful. It is the primary catalyst and one that will likely lead to a faster pace of reactor construction… which should reward uranium mining investors or anyone that uses electricity.
“Reliable, abundant, baseload power that doesn’t generate carbon… talk about the well-being of humankind.”
For the full exchange, including commentary from Bill Fleckenstein and Erik Townsend, listen to the complete debate below.
1/PETER SCHIFF
JOHN RUBINO
2. MATHEW PIEPENBERG/EGON VON GREYERZ
ALASDAIR MACLEOD
Double Double, Toil and Trouble
So chanted Shakespeare’s witches in Macbeth over their cauldron. Witchcraft seems appropriate to today’s financial markets which defy economic reality.
| Alasdair MacleodFeb 26∙Paid |
For bank margin loans, read credit fuelling equity markets. The chart above shows where the expansion of bank credit is going. Furthermore, this is just the retail stuff deployed through brokers, because hedge funds and other institutional traders including those running banks’ trading books go direct to the banks.
Interestingly, and this is usual with equity bubbles, other equity markets are now outperforming the US, as international investors try to find value elsewhere. Japan is now taking off:
Bond yields have declined slightly in recent weeks, but the fact remains that equities have become disconnected from them as a valuation discipline. The chart below shows that relative to the long bond, equities are more overvalued than ever over the last 41 years, and probably in all financial history:
The red line is the S&P index, rebased to 100 on 1st January, 1985 measured on the left-hand axis logarithmically, while the yield on the 30-year US treasury bond, also based at 100 on 1st January 1985 is measured on the right-hand axis and inverted so that the tight negative correlation between the two can be clearly demonstrated.
The times when the negative correlation were broken are easily explained. The dotcom bubble in 1998-2000, when the S&P continued to soar while the bond yield rose, was clearly an equity bubble as those who experienced it will testify. The great financial crisis of 2008 induced a sharp selloff in equities, while the authorities reduced interest rates to avoid economic collapse. And then there was covid in 2020, when entire economies were shut down and a depression was avoided by zero and sub-zero interest rates while credit was rapidly expanded by QE. The consequence was the yield on the long bond fell to 1.2%, while corporations’ profits were shut down creating an anomalous disparity.
Inevitably, the consequence of massive credit and debt expansion by governments led to price inflation and a collapse in bond prices (i.e. bond yields soared), which appear to be ignored by equity bulls. And as the chart now shows, the valuation disparity between the two markets is more than twice it was during the last conventional equity bubble, the dotcom of 1998—2000.
Almost certainly, the disparity is the largest ever experienced since the 1927-1929 roaring twenties and probably eclipsing that as well. The Wall Street crash which followed led to a massive contraction of credit, taking the Dow down 89% by mid-1932. And the great depression was the consequence.
What will burst this bubble? Plainly, it is not sustainable and looking at the chart of the S&P 500 Index, it appears recently to be losing momentum — a warning sign perhaps. If it doesn’t implode of its own accord, the trigger is likely to come from the bond market. The long-term chart of the long bond offers no comfort:
Clearly, the long-term downtrend in the yield from the 1980s was broken in 2022, when the yield soared from the 2020 low to hit 5% in October 2023. Since then, a flat-topped pennant has formed, which with a high probability will break out on the upside with a rapid move to higher yields.
That is what the chart indicates. But it also makes fundamental sense as well. With a stagnating US economy probably tipping into recession coupled with an unsustainable government debt mountain, bond yields are bound to reflect escalating debtor risk leading to higher bond yields.
Already, the valuation gap is unsustainable, and higher bond yields which appear to be indicating a funding crisis for the US government is bound to collapse the equity market. The leverage in broker and bank loans will lead to stocks held as collateral being sold into a falling market, which famously was the experience in the Wall Street Crash nearly 100 years ago.
The Fed and the US Treasury will be on a mission to do all they can to stop what becomes a collapse in asset values by aggressive QE and suppression of interest rates: it will be inevitable. While it might soften the blow for equities, it cannot succeed beyond undermining the value of the fiat dollar.
For foreign holders of dollar debt, no yield will be sufficient compensation. This is what the gold price is telling us. The value of the dollar and for that matter of all fiat currencies in our dollar-based currency system are declining at an accelerating rate:
END
JESSE COLUMBO..
This is a post from Jesse Colombo’s The Bubble Bubble Report—a bestselling newsletter focusing on precious metals investing and global economic risks. We specialize in detailed reports and analyses.
The New 1 oz Gold Futures Are Catching On
After one year, the CME’s new 1 oz gold futures are growing in popularity with investors, and the trading volume clearly shows that.
| Jesse ColomboFeb 26∙Paid |
In January 2025, CME Group Inc., the parent company of COMEX, the leading U.S. exchange for gold and silver futures, launched its new 1-ounce gold futures contract. I have been following its progress closely, first writing about it before the contract went live and then providing an update in June 2025. Today, I want to take another look at how it is performing and whether it is gaining traction with traders and investors, particularly after the recent surge in volatility.
I created the chart below to show how much daily volume has been traded in the 1-ounce gold futures contract since January 2025, and it highlights a noticeable upward trend in activity, particularly since September. Based on this pattern, I would describe the product as a clear success that has resonated with investors and traders. This is not always the case, as many new financial products are launched but fail to gain traction and end up with very limited trading volume and liquidity.
Since the contract launched, a total of 9.2 million contracts have been traded, representing $40.7 billion worth of gold. In 2026 so far, the average daily volume is 111,615 contracts, equivalent to $550 million of gold. Current open interest across all 1-ounce gold futures contracts stands at 23,741 contracts, which represents $123 million of gold.
Trading volume has grown substantially in this new contract, as shown by the steadily rising peak-volume days: 12,680 contracts traded on April 23, 2025; 16,250 contracts on June 16, 2025; 198,210 contracts on October 17, 2025; and 370,850 contracts on February 2, 2026. These figures indicate that the contract offers ample liquidity for the retail investors and traders it was designed to serve.
In addition, a quick look at the 1-ounce gold futures contract’s 5-minute intraday chart shows that it trades in a smooth and fluid manner rather than appearing gappy or choppy. This is another sign of a successful and highly liquid product, and it is impressive to see this so early on.
In contrast, to see what a far less liquid futures contract looks like, take a look at the 5-minute intraday chart of palladium futures below. As you can see, it is gappy and choppy, which is a direct result of low trading volume.
Although the new 1 oz gold futures contract is a success and likely has a bright future ahead, especially assuming today’s high gold prices and renewed retail investor interest is here to stay (and I firmly believe it is), it still represents a tiny portion of the overall trading volume in the COMEX gold futures lineup, with the most popular contracts being the 100 oz full-size contract and the 10 oz micro contract.
For example, since the start of 2026, the 100 oz full-size contract has traded the equivalent of 859 million ounces of gold worth roughly $4.2 trillion, representing 78.86% of all COMEX gold futures trading volume. The 10 oz micro contract has traded the equivalent of 226 million ounces of gold worth roughly $1.1 trillion, representing 20.77% of the trading volume. Finally, the new 1 oz gold futures contract has traded the equivalent of 4.1 million ounces of gold worth roughly $20.3 billion, representing just 0.38% of the total trading volume.
As a proponent of free markets and financial innovation, I am intrigued by the new 1 oz gold futures contract and want to feel optimistic about it, but I am disappointed that it is not physically settled with actual gold, unlike its 100 oz and 10 oz counterparts. This means it is financially, or cash, settled upon the expiration of each contract.
Unfortunately, the fact that this contract is taking off with retail traders means that it contributes to the already large pool of “paper” gold, which currently dwarfs the supply of actual physical gold by 142 to 1. My concern is that this paper gold contract absorbs demand that might otherwise go to physical gold.
This highlights even more the scarcity of physical gold and why it is important to have it in your possession, though products like this 1 oz futures contract can still be useful for those who are looking to trade.
To conclude, I have been meaning for some time to check in and follow up on how the new COMEX 1 oz gold futures contract has been faring, especially given the surge in gold volatility and investor interest over the past year. Everything I see shows that this product is a resounding success for its intended purpose, retail investors, and its impressive trading volume confirms that. While this contract is useful for traders in my view, it should never be seen as a substitute for having physical gold in your possession.
Disclaimer: the information provided in The Bubble Bubble Report and related content is for informational and educational purposes only and should not be construed as investment, financial, or trading advice. Nothing in this publication constitutes a recommendation, solicitation, or offer to buy or sell any securities, commodities, or financial instruments.
All investments carry risk, and past performance is not indicative of future results. Readers should conduct their own research and consult with a qualified financial advisor before making any investment decisions. The author and publisher disclaim any liability for financial losses or damages incurred as a result of reliance on the information provided.
3.CHRIS POWELL AND HIS GATA DISPATCHES:
4.LIVE FROM THE VAULT YOU TUBE: 260 and 259
7
5. COMMODITY REPORT/URANIUM
2.ASIAN AFFAIRS FEB 25/2026
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS THURSDAY MORNING.7:30 AM
SHANGHAI CLOSED DOWN 0.60 PTS OR 0.01%
HANG SENG CLOSED DOWN 384.70 PTS OR 1.44%
Nikkei CLOSED UP 238.38 PTS OR 0.41%
//Australia’s all ordinaries CLOSED DOWN 0.03%
//Chinese yuan (ONSHORE) CLOSED UP 6.8413
/ OFFSHORE CLOSED UP AT 6.8371 Oil DOWN TO 64.85 dollars per barrel for WTI and BRENT DOWN TO 70.37 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING 6.8413 OFFSHORE YUAN TRADING UP TO 6.8371 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 THURSDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP AT 6.8413
OFFSHORE YUAN: UP TO 6.8371
HANG SENG CLOSED DOWN 384.70 PTS OR 1.44%
2. Nikkei closed UP 233.38 PTS OR 0.41%
WEST TEXAS INTERMEDIATE OIL DOWN 64.85
BRENT; 70.37
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX UP TO 97.68 /// EURO FALLS TO 1.1798 DOWN 17 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +2.158/ UP 2 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 156.06… 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: 3.373 UP 6 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 DOWN /JAPANESE Yen UP CHINESE ONSHORE YUAN: 6.8413 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 +2.7108 Italian 10 Yr bond yield DOWN to 3.316 SPAIN 10 YR BOND YIELD DOWN TO 3.112
3i Greek 10 year bond yield DOWN TO 3.373
3j Gold at $5187.80 Silver at: 87.63 1 am est) SILVER NEXT RESISTANCE LEVEL AT $100.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 31/100 roubles/
3m oil (WTI) into the 64 dollar handle for WTI and 70 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 2.156% UP 3 BASIS PTS STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING//YEN BOND TRADING OVERSEAS REPATRIATED.//JAPAN 30 YR: 3.372 UP 6 BASIS PTS.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.7739 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9131 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: 4.052 UP 0 BASIS PTS…
USA 30 YR BOND YIELD: 4.696 UP 0 BASIS PTS/
USA 2 YR BOND YIELD: 3.469 UP 0 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 43.88 UP 1 BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.320 UP 0 PTS
30 YR UK BOND YIELD: 5.128 DOWN 1 BASIS PTS
10 YR CANADA BOND YIELD: 3.205 DOWN 0 BASIS PTS
5 YR CANADA BOND YIELD: 2.745 UP 0 BASIS PTS.
1a New York Opening report
Futures Flat Despite Blowout Nvidia Earnings
Thursday, Feb 26, 2026 – 08:40 AM
US equity futures managed to erase overnight losses and were trading flat after Nvidia and Salesforce failed to assuage fears about an overheated AI economy while traders awaited color from today’s round of US / Iran talks. As of 8:00am S&P futures were unchanged and nasdaq futures were down 0.1%, with NVDA up 1% premarket but well off overnight highs after its earnings report and guidance smashed expectations while CEO Jensen Huang talked about “exponentially” growing computing demand and “skyrocketing” adoption of AI agents. It wasn’t enough, especially as software companies Salesforce and Snowflake both provided lukewarm sales guidance to an already-nervous market. “Aside from fireworks, champagne and dancing robots, we are not quite sure what more Nvidia could have done on the 4Q call to get the market re-excited,” said Jim Fontanelli, co-founder of Arete Research. Discretionary, Financials, and Industrials are outperforming with notable weakness in Energy and Materials. In premarket trading, Mag7 names were mostly weaker ex-NVDA though, as JPM says, bulls should not panic as we await Long Only demand once the market opens. AI-related plays are higher pre-mkt. Bond yields are flat, the USD is flat; in commodities lithium prices surged after Zimbabwe, one of the world’s top producers, suspended concentrate exports. Brent crude edged lower as nuclear talks take place between the US and Iran while silver stalled as it reached nearly $90/oz. Today’s macro data focus is on jobless claims, KC Fed, and several Fed speakers.
In premarket trading Nvidia Corp. (NVDA) rises 1.3% after its latest sales forecast drew a muted response from investors. Other Magnificent Seven stocks are mixed (Amazon -0.1%, Apple -0.04%, Microsoft -0.06%, Alphabet -0.06%, Tesla -0.6%, Meta -0.6%)
- Array (ARRY) drops 22% after the renewable energy company’s 2026 adjusted Ebitda guidance missed the average analyst estimate.
- C3.ai (AI) slumps 25% after the AI company cut its revenue guidance for the full year, missing the average analyst estimate.
- Celsius Holdings (CELH) rises 12% after posting sales which more than doubled from a year earlier following its acquisition of Alani Nu, allaying concerns that a change in distribution channels would disrupt sales.
- FTAI Aviation (FTAI) falls 4% after the aerospace company reported total revenue for the fourth quarter that missed the average analyst estimate.
- GoodRx Holdings (GDRX) falls 15% after the health-care platform forecast revenue for 2026 that fell short of Wall Street’s expectations. It also gave an estimate for the lower bound of 2026 Ebitda that would be below expectations. Multiple analysts said they were surprised by the scale of margin deterioration implied by the profit outlook.
- IonQ (IONQ) rises 13% after the quantum computing company reported fourth-quarter results that beat expectations.
- Janus Henderson Group (JHG) climbs 6% after Victory Capital offered to acquire the company for $57.04 per share.
- Krispy Kreme Inc. (DNUT) climbs 15% as the company expects leverage to decline further this year as it advances its turnaround plan following the end of its US partnership with McDonald’s Corp.
- Nubank (NU) slips 2% after the lender reported higher costs and provisions that analysts say offset net income increase in the fourth quarter.
- Nutanix (NTNX) rises 18% after Advanced Micro Devices said it will buy $150 million in the software company’s stock as part of a new partnership. The news was seen as overshadowing a reduced full-year forecast.
- Papa John’s (PZZA) falls 5% after the pizza chain reported weaker-than-expected sales results, which reflect a “weak consumer backdrop and elevated promotional environment.”
- PROCEPT BioRobotics (PRCT) sinks 24% after the medical equipment maker forecast revenue for 2026 that fell short of Wall Street’s expectations. The firm also posted results for the fourth quarter that Leerink Partners called a “painful miss.”
- Salesforce Inc. (CRM) falls 3% after the company gave a lukewarm outlook for sales growth in the new fiscal year, fueling investors’ worries that the software giant will lose out to new competitors in the age of AI.
- Synopsys (SNPS) falls 3% after the electronic design automation software company’s Design IP revenue came in below expectations. The company also forecast weaker-than-expected free cash flow for the full-year.
- Trade Desk (TTD) declines 14% after the advertising technology company gave a first-quarter forecast that was weaker than expected. The report is adding to concerns about competition from Amazon and AI-related disruption.
In corporate news, Apollo and BNP Paribas are said to be nearing a deal to partner up in Europe’s private credit market. Apple is in discussions with key Indian banks and global card networks in preparation to start Apple Pay in the world’s most populous country. American Airlines will invest $1 billion in a concourse expansion at Miami International Airport to bolster its position at its top international gateway.
Despite Nvidia’s estimate-busting guidance, and CEO Jensen Huang talking about “exponentially” growing computing demand and “skyrocketing” adoption of AI agents, it wasn’t enough, especially as software companies Salesforce and Snowflake both provided lukewarm sales guidance to an already-nervous market. Yet there is one group of winners: memory chipmakers Samsung and SK Hynix jumped in Asian trading. A huge jump in supply-related commitments by Nvidia “likely reflects a deliberate effort by Nvidia to tie up valuable components,” according to Vital Knowledge analyst Adam Crisafulli.
Nvidia’s shares “not doing much was quite instructive, especially within the context of one of the other companies that reported — Salesforce,” said Gary Paulin, chief investment strategist at Northern Trust Asset Management. “The concern is that the more success Nvidia has, the more concern there is in the market that there is more disruption.”
For Mohit Kumar, chief strategist for Europe at Jefferies, markets are being “too sanguine” about risks of a limited strike by the US on Iran and an increase in short-term tensions. While a long-drawn war is unlikely, the issue could weigh on markets over the coming days.
“We have reduced our risk profile into the weekend,” Kumar wrote. “Our medium-term view remains bullish and we would be looking to add at better levels.”
Private credit continues to be rattled by the software selloff, with Marathon AM Chairman Bruce Richards saying the asset class is way too exposed to the sector, though he sees little risk of contagion to the wider market. The Fed’s Bowman, meanwhile, said banks need “flexibility” to compete with non-bank financial institutions, which continue to increase their share of the total lending market.
In tariffs, the US vowed to maintain high duties on China hours after Beijing warned against any future hikes. Canadian PM Mark Carney’s visit to India this week will cement a diplomatic reset and unlock a wave of new trade opportunities, including in nuclear power, oil and critical minerals, India’s top diplomat to Canada said.
In earnings, out of the 453 S&P 500 companies that have reported so far in the earnings season, 74% have managed to beat analyst forecasts, while 21% have missed. Royal Bank of Canada, Vistra and Warner Bros. Discovery are among companies expected to report results before the market open. Bloomberg Intelligence expect to see continuing wealth growth and sustained profitability in capital markets at RBC, offsetting muted personal and commercial loan growth. Earnings from Dell, Intuit and Monster Beverage follow later.
In Europe, the Stoxx 600 inches higher and is on course for a record close. Financial services stocks outperform while miners and construction shares lag. Here are the biggest movers Thursday
- Rolls-Royce shares rise as much as 8.4%, hitting a record high, after the UK-based engine maker said it was planning a major share buyback and raised its mid-term earnings targets
- Engie shares rose as much as 7.6% after it agreed to buy the UK’s largest power-distribution network for £10.5 billion ($14.2 billion) from Hong Kong billionaire Victor Li’s CK Group
- Indra shares soar as much as 20%, to its highest intraday level on record, after the Spanish defense company’s fourth-quarter results “beat across the board,” according to Morgan Stanley
- Howden Joinery shares surge as much as 11%, the most since July, on what Panmure Liberum analysts call “impressive” full-year results by the kitchen seller that beat the average analyst estimate for profit
- Puma gains as much as 9.1% after the German sporting goods and apparel retailer posted results that showed early signs of a long-awaited recovery, particularly driven by a strong performance in its Asian market
- Syensqo fell by a record after the chemicals maker reported fourth-quarter earnings that missed estimates with an outlook for this year that points to more struggles
- Hikma Pharmaceuticals sinks as much as 18%, the most since February 2016, after the drugmaker’s 2026 core operating profit guidance came in below expectations
- Freenet drops as much as 12%, most since May, after its fourth-quarter results missed expectations. Citi said this can be attributed to impact from a single mobile network operator agreement in which the firm fell short of a gross profit commitment
- Scout24 drops as much as 7.8% amid disappointment over a lack of earnings upgrades as fears of AI-driven displacement continue to weigh
Asian stocks extended gains to a fourth-straight day as South Korean chipmakers extended their rally, offsetting investor caution in the wake of Nvidia’s results. The MSCI Asia Pacific Index climbed as much as 1.1%, on course to close at another record, with Samsung and SK Hynix among the biggest boosts. South Korea’s Kospi index jumped as much as 3.8% closing at an all-time high, buoyed by the chip heavyweights. Japan’s Topix and Australia’s S&P/ASX 200 also climbed, while benchmarks fell in Hong Kong and Singapore. Nvidia’s results and outlook failed to impress investors amid concerns about an overheated AI economy, and some analysts also flagged concerns over competition. While the Korean memory makers gained, most Asian chip-related stocks slipped. Beyond tech, Asian markets largely shrugged off a US threat to raise global tariffs to 15% “where appropriate” in the coming days. The region’s stocks have been resilient this year, with the key MSCI APAC index up about 15%, far outpacing global peers.
Emerging-market stocks continued their outperformance, with MSCI’s gauge of EM equities up 15% in dollar terms this year. Rallies in memory chipmakers such as Samsung Electronics Co. and SK Hynix Inc. fueled gains on Thursday, pushing South Korea’s Kospi index up more than 50% in dollar terms so far in 2026.
A report from Citigroup Inc. found that money managers had added to long positions in emerging markets across Asia, Latin America, as well as Europe, the Middle East and Africa. They also favor emerging currencies against the dollar.
In FX, the yen is the best-performing G-10 currency, rising 0.2% against the greenback after some hawkish BOJ remarks.
In rates, treasuries are steady, with US 10-year yields near flat at 4.05% as US trading day begins, after plying narrow ranges during Asia session and European morning. US 10-year yield is near 4.05% with curve spreads likewise little changed. Gilts outperform as the pound weakens, with UK yields 1bp-2bp richer across maturities. This week’s Treasury auctions conclude with $44 billion 7-year notes at 1pm New York time; Wednesday’s 5-year sale tailed by 0.7bp
The Bloomberg Dollar Spot Index is little changed.
In commodities, US crude futures fall 1.6% to their lowest level this week as the US and Iran start a third round of nuclear talks in Geneva. Some major Middle Eastern producers have also been boosting exports, as concerns about a potential conflict in the region create uncertainty about future supply. Precious metals are mixed with silver down nearly 2% while gold is slightly higher. Lithium prices surged after Zimbabwe, one of the world’s top producers, suspended concentrate exports. Brent crude edged lower as nuclear talks take place between the US and Iran. Bitcoin falls 1%.
US economic data slate includes weekly jobless claims (8:30am) and February Kansas City Fed manufacturing activity (11am). Fed speakers scheduled for the session include Miran (8:45am), Bowman (10am) and Goolsbee (2:30pm)
Market Snapshot
- S&P 500 mini little changed
- Nasdaq 100 mini little changed
- Russell 2000 mini +0.2%
- Stoxx Europe 600 little changed
- DAX +0.1%, CAC 40 +0.8%
- 10-year Treasury yield little changed at 4.05%
- VIX +0.1 points at 18.01
- Bloomberg Dollar Index little changed at 1187.55
- euro -0.1% at $1.1796
- WTI crude -1.3% at $64.55/barrel
Top Overnight News
- The US and Iran kicked off nuclear talks in Geneva with days to go until Donald Trump’s deadline for a deal. Satellite images show Iran is already rebuilding nuclear facilities damaged by American and Israeli attacks last June. BBG
- The Pentagon asked two major defense contractors on Wednesday to provide an assessment of their reliance on Anthropic’s AI model, Claude — a first step toward a potential designation of Anthropic as a “supply chain risk”: Axios
- Iran’s atomic program hasn’t advanced significantly since the U.S. and Israel struck its three main nuclear sites last June, according to experts and diplomats, despite Washington’s top negotiator saying Tehran could make fissile material for a bomb within days. WSJ
- Pentagon officials and Hill lawmakers are increasingly warning that prolonged Iran strikes could stress U.S. military stockpiles to the brink and make the country more vulnerable. Politico
- The US will maintain high tariffs on China, at a range of 35% to 50%, according to USTR Jamieson Greer. Beijing warned it would take “all necessary measures” if new levies are imposed. BBG
- Suppliers to U.S. aerospace and semiconductor firms face worsening rare earth shortages, with two turning away some clients, industry insiders said, weeks before U.S. President Donald Trump is expected to meet his Chinese counterpart Xi Jinping for a summit in Beijing. RTRS
- With deflation now firmly in the rearview mirror, the path is clear for the Bank of Japan to raise interest rates sooner rather than later, said policy board member Hajime Takata. WSJ
- Christine Lagarde repeated that the ECB has succeeded in taming consumer prices, while cautioning that policymakers must watch elevated perceptions of inflation. BBG
- The UK’s top banks are resisting a regulatory initiative to boost lending by lowering their capital levels, people familiar said. BBG
- Nvidia CEO Jensen Huang said Wednesday markets have miscalculated the AI threat to software companies, hours after the chip behemoth issued an upbeat sales forecast on strong AI demand. Instead, he expects a broad swath of software firms to use agentic AI to develop their software and boost efficiency. CNBC
Trade/Tariffs
- German Chancellor Merz on his conversation with Chinese President Xi, said there are many challenges to overcome; Economic Minister will conduct a follow up visit.
- India’s Trade Minister after hosting US Commerce Secretary Lutnick, said both parties engaged in “very fruitful” discussions to expand trade and economic partnership
A more detailed look at global markets courtesy of Newsquawk
APAC stocks are mostly positive as the majority of the region took its cue from gains on Wall Street, where tech led the advances and NVIDIA posted stronger-than-expected earnings after hours. ASX 200 mildly gained as the outperformance in tech, telecoms and healthcare offset the losses in energy and industrials, while better-than-expected private capex data also provided some encouragement. Nikkei 225 initially rallied to a fresh all-time high north of the 59,000 level but then pulled back from record levels as the yen gradually strengthened and after BoJ hawkish dissenter Takata called for gradually hiking rates. Hang Seng and Shanghai Comp were ultimately mixed with the Hong Kong benchmark the laggard amid weakness in tech, consumer discretionary and insurers, while the mainland was indecisive as price action was contained with very little in the way of fresh catalysts.
Top Asian News
- Japanese Coincident Index Final (Dec) 114.3 (Prev. 114.9).
- Japanese Leading Economic Index Final (Dec) 111 vs. Exp. 110.2 (Prev. 109.9).
- Australian Private Capital Expenditure for 2025-26 (AUD)(Estimate 5) 199.3B (Prev. 191.3B).
- Australian Private Capital Expenditure for 2026-27 (AUD)(Estimate 1) 158.4B.
- Australian Private Capital Expenditure QoQ (Q4) Q/Q 0.4% vs. Exp. 0.0% (Prev. 6.4%).
- New Zealand ANZ Activity Outlook (Feb) 52.6 (Prev. 51.6).
- New Zealand ANZ Business Confidence (Feb) 59.2 (Prev. 64.1).
European bourses (STOXX 600 +0.1%) are mixed, with France’s CAC 40 (+0.4%) leading its peers while the IBEX 35 (-0.3%) lags. European sectors do not offer any additional bias. Financial Services (+1.3%) and Retail (+1.0%) top the sector list, while Basic Resources (-2.0%) suffer as silver prices fall. LSEG (+6.7%) supports the Financial sector, as the Co. unveiled a new GBP 3bln share buyback programme. For Retailing, Howden Joinery (+7.5%) released a positive FY report, with pretax profit rising annually. However, the boost in the Co.’s shares comes from the announcement of a GBP 100mln share buyback.
Top European News
- EU Consumer Confidence Final (Feb) -12.2 vs. Exp. -12.2 (Prev. -12.4).
- EU Consumer Inflation Expectations (Feb) 25.8 (Prev. 24.2, Rev. From 24.1).
- EU Economic Sentiment (Feb) 98.3 vs. Exp. 99.8 (Prev. 99.3, Rev. From 99.4, Low. 98.5, High. 100).
- EU Selling Price Expectations (Feb) 11.5 (Prev. 10.0).
- EU Services Sentiment (Feb) 5.0 vs. Exp. 7.5 (Prev. 7.2, Low. 6.8, High. 7.9).
- Italian Consumer Confidence (Feb) 97.4 vs. Exp. 97.2 (Prev. 96.8).
- Italian Business Confidence (Feb) 88.5 (Prev. 89.2).
- Swiss Non Farm Payrolls (Q4) 5.544 (Prev. 5.532).
- Swedish Consumer Confidence (Feb) 96.3 (Prev. 95.3).
FX
- DXY is modestly firmer after finding support around the 97.50 mark overnight before attempting to recoup some of yesterday’s losses, with macro newsflow on the lighter side as US-Iran nuclear talks get underway. So far, Omani Foreign Minister said Iran and the US have welcomed proposals in the Geneva talks. On the data front, the Chicago Fed will release its labour market indicators; weekly jobless claims are seen at 215k from 206k; continuing claims (which coincide with the traditional BLS survey window for the February jobs report) are seen at 1.86mln from 1.869mln. DXY currently trades within a 97.49-97.72 range, vs Wednesday’s 97.62-98.00 parameter.
- JPY is the current outperformer as USD/JPY continued to pull back overnight after climbing to its best levels in over two weeks, on Wednesday, following the Takaichi government’s reflationist picks for the BoJ board. The pair was not helped by the lack of fresh drivers and the absence of tier-1 data from Japan, while there were comments from BoJ Governor Ueda, who reiterated the hiking bias, and hawkish dissenter Takata also stated that they must conduct further rate hikes in a gradual manner.
- GBP takes a breather after advancing in tandem with high-beta FX. Newsflow for the UK has been on the lighter side, with price action fitting with the subdued/cautious tone. UK focus will likely be on the Gorton and Denton by-election: analysts suggest that a heavy defeat for the ruling Labour Party could trigger volatility in Sterling. Some suggest a loss in what has been a safe Labour seat for nearly 100 years could re-ignite speculation regarding UK PM Starmer’s leadership.
- Antipodeans are subdued following the recent outperformance that was facilitated by their high-beta statuses. Overnight, quarterly capex data from Australia topped forecasts, which feeds into next week’s GDP release.
Central Banks
- ECB’s Lagarde said we continue to expect inflation to stabilise at the 2% target in the medium term, will continue to follow data-dependent and meeting-by-meeting approach.
- BoJ’s Governor Ueda said basic stance is to continue hiking interest rates if the likelihood of our economic, price forecasts materialising heightens, according to Yomiuri. Underlying inflation has not yet fully reached 2% and policy will be guided to get underlying inflation to around 2%, while avoiding it exceeding 2% on a sustained basis.
- BoJ’s Takata said no preset pace for rate hikes and future moves depend on economic environment and data.
- BoJ Board Member Takata said fears of Japan’s economy returning to deflation have been dispelled and believes it’s necessary to move the BoJ’s focus more to upswing in prices. Proposed a rate hike in January on the view that BoJ must continue adjusting real interest rates, which remain significantly lower than the rates seen overseas.
- Bank of Korea keeps base rate unchanged at 2.50%, as expected. Raises 2026 GDP growth forecast to 2.0% from 1.8% sees 2027 growth at 1.8%. Raises 2026 CPI forecast to 2.2% from 2.1% and sees 2027 CPI at 2%.
- BoK said rate decision was unanimous and median projections show base rate is seen at 2.5% in six months. Said the Bank will make policy decisions supporting a recovery in economic growth. Growth momentum is to remain favourable. Strong chip exports supporting growth.
- BoK Governor Rhee said no board member expects rates to be increased in three months time, also noted that US tariff ruling is to have a limited impact on exports for now.
Fixed Income
- USTs are flat and currently holding within a 113-04+ to 113-09 range. Really not much driving things for US paper this morning, and this has been reflected by the lacklustre price action. After-market on Wednesday, saw the release of stronger-than-expected NVIDIA earnings, with the name a touch firmer pre-market – but had little follow through from a sentiment perspective. On the data front, the Chicago Fed will release its labour market indicators; weekly jobless claims are seen at 215k from 206k; continuing claims (which coincide with the traditional BLS survey window for the Feb jobs report) are seen at 1.86mln from 1.869mln. From a geopolitical perspective, US-Iran talks have reportedly begun in Geneva. A breakdown in talks could spur some haven inflows in USTs, given the increased likelihood of a US strike on Iran.
- Bunds follow the sideways action across global peers, and hold within a 129.57 to 129.69 range. Lack of catalysts for German paper this morning, with commentary from ECB President Lagarde also failing to spur action. She reiterated the usual data-dependent and meeting-by-meeting approach.
- Gilts ditto peers. Currently flat and within a narrow 92.82-92.90 range. Markets were expecting some remarks via BoE’s Lombardelli, though nothing thus far. UK focus will likely be on the Gorton and Denton by-election, with some analysts suggesting that a Labour loss, in what has been a safe seat for nearly 100 years, could re-ignite speculation regarding UK PM Starmer’s leadership. Hence, this could weigh on Gilts in the short-term.
- Italy sells EUR 6.5bln vs exp. EUR 5.5-6.5bln 2.85% 2031 and 3.45% 2036 BTP & EUR 2.5bln vs exp. EUR 2.0-2.5bln 1.468% 2035 CCTeu.
- Abu Dhabi is set to issue two benchmark USD bonds, Bloomberg reported. 5-year note offered at a spread +50bps over USTs. 10-year note offered at a spread +55bps over USTs.
- UK government debt sales are anticipated to decline for the first time in four years as large banks forecast GBP 247bln of gilt issuances in the approaching fiscal year amid Chancellor Reeves seeks to rein in borrowing, according to FT.
Commodities
- Crude benchmarks traded lower on the commencement of the US-Iran talks in Geneva. As updates from that meeting got announce, WTI and Brent dipped to fresh session lows and now trade off by around 1.5% and 1.3% respectively. Two main takeaways from the meeting, including the Omani Foreign Minister suggesting that Iran and the US have welcomed proposals in the Geneva talks. Elsewhere, Al Jazeera reported that the “Iranian negotiating delegation meets IAEA director” – this would be necessary for a market-friendly sustainable deal. Brent May’26 is now shy of USD 70.00/bbl, with the low currently a moving a target at the time of writing.
- Precious metals are trading mixed this morning, with spot gold trading firmer and silver lower. XAU and XAG trades within a narrow range of USD 5155.59-5205.58/oz and USD 86.33-90.34/oz, respectively.
- Base metals are lower this morning, tracking headwind from its largest buyer, China, which saw mixed to weak sentiment, pinning down price action for base metals. Sentiment in Europe has done little to shake off sentiment in the base metal complex, with European equities trading mixed this morning. 3M LME copper trades within the lower range of USD 13.23-13.35k/t.
- Nordic countries investigate a threat to the region’s energy infrastructure, according to TV4 citing sources. “According to the threat, the actor may strike in the near future,” says an informant.
Geopolitics: Middle East
- Omani Foreign Minister says Iran and the US have welcomed proposals in the Geneva talks.
- “Iranian negotiating delegation meets IAEA director at the headquarters of the negotiations in Geneva”, via Al Jazeera.
- Omani mediator in Geneva said that US and Iran are open to new and creative ideas, AFP reported.
- Iran’s Foreign Ministry spokesperson said the country will move to the nuclear negotiation site in half an hour, our negotiating team has reasonable amount of flexibility in the US nuclear talks in Geneva.
- “Reported in Iran that the Omani foreign minister, who is in Geneva, conveyed to the American side the Iranian proposal for an agreement.”, according to journalist Kais.
- White House officials reportedly argue it would be best if Israel makes the first move regarding striking Iran, according to POLITICO.
- US Secretary of State Rubio said Iran poses a grave threat and seeks nuclear capability, adds talks on Thursday will focus on the nuclear programme and that Iran also poses a conventional weapons threat designed to target the US.
- US VP Vance said we see evidence that Iran is trying to build a nuclear weapon.
Geopolitics: Ukraine
- Russian Foreign Minister says they do not have a deadline for reaching a Ukraine settlement, but does confirm they are working to resolving them.
Geopolitics: Other
- South Korea’s presidential office states it will continue working towards peaceful coexistence with North Korea, according to News1.
- US Secretary of State Rubio said the US will investigate a deadly speedboat shooting off Cuba after the Cuban Interior Ministry reported its forces killed four people who allegedly opened fire from a Florida-tagged vessel.
US Event Calendar
- 8:30 am: United States Feb 21 Initial Jobless Claims, est. 216k, prior 206k
- 8:30 am: United States Feb 14 Continuing Claims, est. 1858k, prior 1869k
- 8:45 am: United States Fed’s Miran on Fox Business
- 10:00 am: United States Fed’s Bowman Testifies Before Senate Banking on Regulation
- 2:30 pm: United States Fed’s Goolsbee Appears on Fox News
DB’s Jim Reid concludes the overnight wrap
After 4 months of non-stop rain, we had a mini heatwave in London yesterday. I hope you’ve survived the highs of 16 degrees Celsius if you were in the UK and parts of Europe. Even before this “heatwave”, I’ve been on maximum strength hay fever tablets for weeks now as it’s unfortunately that time of year for me again. There were no streaming eyes for the markets yesterday though as we saw another decent session, with the S&P 500 (+0.81%) closing within half a percent of its record high last month, whilst the STOXX 600 (+0.69%) hit a new all-time high. That was primarily driven by easing fears around AI, which meant that software and other tech stocks continued their rebound from Monday’s sell-off. Indeed, software stocks in the S&P were up +3.05% on the day, and the VIX index (-1.62pts) fell to a two-week low of 17.93pts. But the recovery in risk appetite was clear more broadly, with Bitcoin (+7.65%) bouncing back to $68,945, whilst US IG and HY spreads tightened back in from their YTD highs.
The tech mood did fade a bit after the US close though even as Nvidia’s results delivered a stronger-than-expected revenue guidance for the current quarter ($78bn s $72.8bn est.). The initially positive reaction faded as the company’s conference call offered limited detail on the revenue outlook, leaving the chipmaker’s shares little changed by the end of extended trading. So perhaps a sign of investors’ increased anxiety over AI valuations, even as the world’s most valuable company delivered a remarkable 73% year-over-year revenue growth with 75% gross margins. Meanwhile, we saw mediocre results from Salesforce, whose guidance for $46bn of revenue in the current year just about met analysts’ expectations but failed to assuage lingering worries over the outlook for software revenues. The company’s shares fell by about -4.5 % in extended trading. This has left futures on the NASDAQ down -0.34% overnight, with those on the S&P 500 a more modest -0.20% lower.
Ahead of those results, it had been a decent session on both sides of the Atlantic, with Nvidia (+1.41%) itself up to a 3-month high. That came alongside a broader recovery in the tech space, with the NASDAQ (+1.26%) and the Magnificent 7 (+1.53%) both advancing, alongside Europe’s STOXX Technology index (+1.48%). There wasn’t a single headline driving that, but the rebound came amidst growing scepticism about the scenario painted by Citrini Research, which outlined a situation where US unemployment reached double digits by mid-2028. Indeed, as Adrian and I outlined in our Tuesday note (link here), even our own AI tool said it was “a work of persuasive, emotional rhetoric”, with a reliance on emotional framing to create a sense of alarm.
Yesterday’s equity gains were also helped by some of the other names that had slumped following the Citrini paper, such as Doordash (+5.28%) and Capital One (+4.70%). Blue Owl (+5.78%) recovered for a second day from Monday’s two-and-a-half year low, with an improved credit market mood also seeing US IG and HY credit spreads narrow by -1bp and -4bps from YTD highs. However, the breadth of equity gains was narrower than on Tuesday, with the equal-weighted S&P essentially unchanged (+0.03%). The S&P homebuilder index (-3.69%) was a notable laggard, weighed on by underwhelming earnings from home improvement retailer Lowe’s (-5.59%) and the absence of new housing measures in President Trump’s State of the Union address the previous evening.
Still, the growing optimism on the near-term outlook (and diminishing fears of mass unemployment) led to a clear risk-on move for several asset classes. A notable feature yesterday was that investors kept dialling back the likelihood of an H1 rate cut. The odds of a cut by the June meeting (the first with a new Chair) fell beneath 50% for the first time this year to end the day at 48%, suggesting more doubt about an immediate rate cut by Kevin Warsh, particularly now core PCE is back to 3.0%. And with investors pricing out rate cuts, that meant US Treasuries struggled across the curve. So the 2yr yield (+0.9bps) was up to 3.47%, whilst the 10yr yield (+2.3bps) rose to 4.05%. The moves in the belly and at the long-end also weren’t helped by a soft 5yr auction that saw $70bn of bonds issued +0.7bps above the pre-sale yield, with primary dealer take up rising to its highest since last March. So some signs of a softening in Treasury demand after the recent rally, with a 7yr auction today the next test. Having said that, yields have edged back down just shy of a basis point this morning across the curve.
Earlier in Europe, sovereign bonds had put in a stronger performance, with a fresh tightening in sovereign bond spreads too. So yields on 10yr Italian BTPs (-0.6bps) hit their lowest since December 2024, and those on French OATs (-1.2bps) fell to their lowest since July. By contrast, 10yr bund yields (+0.1bps) were steady, but that also meant France’s 10yr spread over Germany fell to just 55bps, the tightest since Macron called the snap legislative election back in June 2024.
Looking forward, UK politics will be back in the spotlight today, as a by-election is taking place in the Greater Manchester seat of Gorton and Denton. That’s a significant one, because the governing Labour Party won it convincingly at the general election in 2024 but opinion polls suggest they could lose it today, which would put Prime Minister Starmer’s position under growing pressure. That matters for gilt markets because of concerns about a new PM easing the fiscal rules and borrowing more. So there’s been a clear pattern of gilt sell-offs when questions around Starmer’s survival have resurfaced, and today’s vote represents another moment where that could happen.
Asian equity markets continue to rise overnight with the KOSPI (+3.11%) again leading the way, and again achieving another record high, primarily driven by chipmakers Samsung and SK Hynix. It’s just over a percentage point shy of +50% YTD before the end of February! Elsewhere, Japanese stocks are also at fresh record highs, with the Nikkei (+0.10%) and the Topix (+0.94%) continuing to build on gains from the previous session as investors have adjusted their expectations regarding further interest rate increases by the Bank of Japan. The S&P/ASX 200 (+0.50%) is also performing well, reaching a record high due to ongoing strength in mining and banking shares. Conversely, mainland Chinese equities are experiencing slight declines, with the CSI (-0.17%) and the Shanghai Composite (-0.08%) both dipping marginally, taking a moment to consolidate after significant rallies in the last two sessions. The Hang Seng (-0.81%) is also in negative territory as local technology stocks have retreated after gains earlier this week.
In monetary policy action, the Bank of Korea (BOK) kept its benchmark interest rate unchanged at 2.50% while signalling that policy would stay unchanged for the next six months as a chip boom in exports and steady inflation allow policymakers more time to assess financial stability risks. Meanwhile, the central bank raised its growth forecast for 2026 to 2.0% from a previous estimate of 1.8% citing stronger-than-expected chip exports. Following the decision, yields on the policy-sensitive 3yr government bonds fell -4.6bps to trade at 3.12% as we go to print.
Over on the tariff front, there hasn’t been much in the way of concrete news, but we did get a few comments from US Trade Representative Greer on the path forward yesterday. He said that President Trump would raise the current 10% rate to 15% “where appropriate”, and when it came to the deals already agreed, he said they wanted “to give continuity and be able to be in a position where we can honor the deals”. So that suggested that a country like the UK, which agreed a 10% tariff deal with the US last year, might not be affected by a rise in the global rate to 15%. That had been a concern earlier in the week, as the new global rate had raised fears of fresh retaliation, with the EU already having paused ratification of the deal they agreed with the US last year.
Looking at the day ahead now, data releases include the US weekly initial jobless claims, the Euro Area M3 money supply for January, and the European Commission’s economic sentiment indicator for the Euro Area in February. From central banks, we’ll hear from ECB President Lagarde and the ECB’s Dolenc, along with the Fed’s Bowman and the BoE’s Lombardelli. Finally in the UK, there’s a parliamentary by-election in Gorton and Denton.
1 b European opening report
NVIDIA +0.9% pre-market; Positive rhetoric from third round of talks in Geneva between US and Iran pressures crude benchmarks – Newsquawk US Opening News
Thursday, Feb 26, 2026 – 06:00 AM
- At the third round of nuclear talks in Geneva, Omani Foreign Minister says Iran and the US have welcomed proposals and talks are still currently ongoing. Further, “Iranian negotiating delegation meets IAEA director at the headquarters of the negotiations in Geneva”, via Al Jazeera.
- European equities mixed; US equity futures unable to gain following NVIDIA earnings (+0.8% pre-market.)
- DXY posting modest gains, JPY outperforms on hawkish rhetoric, Cable softer ahead of Gorton and Denton by-election.
- Global fixed benchmarks are flat awaiting data, supply and Fed speak.
- Crude benchmarks fall following positive rhetoric from Omani FM, potentially easing tensions.
- Looking ahead, highlights include US Jobless Claims, Japanese Tokyo CPI (Feb), Retail Sales (Jan). Speakers include Fed’s Bowman, Miran & Goolsbee. Supply from the US. Earnings from CoreWeave, Intuit, Vistra Energy, Autodesk, Dell & Warner Bros Discovery.
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EUROPEAN TRADE
EQUITIES
- European bourses (STOXX 600 +0.1%) are mixed, with France’s CAC 40 (+0.4%) leading its peers while the IBEX 35 (-0.3%) lags.
- European sectors do not offer any additional bias. Financial Services (+1.3%) and Retail (+1.0%) top the sector list, while Basic Resources (-2.0%) suffer as silver prices fall. LSEG (+6.7%) supports the Financial sector, as the Co. unveiled a new GBP 3bln share buyback programme. For Retailing, Howden Joinery (+7.5%) released a positive FY report, with pretax profit rising annually. However, the boost in the Co.’s shares comes from the announcement of a GBP 100mln share buyback.
- US equity futures (NQ -0.1%, ES/RTY U/C) are flat/incrementally weaker, despite a positive Q4 earnings report by tech behemoth Nvidia. Following the earnings, Goldman Sachs analysts released a note, stating that they see a clearer path to stock outperformance and reiterated its Buy rating on the stock. However, HSBC did cut its price target to USD 295/shr from USD 310.
- Rolls Royce (RR/ LN) FY 2025 (GBP): Revenue 20.05bln (prev. 17.84bln Y/Y), Op. Profit 3.46bln (prev. 2.46bln Y/Y), Basic EPS 29.55 (prev. 20.29 Y/Y). Announced GBP 7bln – 9bln multi-year share buyback.
- NVIDIA Corporation (NVDA) Q4 2026 (USD): Adj. EPS 1.62 (exp. 1.54), Revenue 68.1bln (exp. 66.12bln). Sees Q1 revenue between USD 76.44-79.56bln (exp. 72.6bln), excluding any data centre revenue from China, though it has received licences to ship small volumes of H200 chips to Chinese customers. reports cited traders being underwhelmed by a routine beat, as well as concerns over customer concentration and competition, while its outlook excluded China data centre revenue. NVIDIA shares +0.8% pre-market.
- NVIDIA (NVDA) confirms it was granted a US licence in February to ship a small amount of H200 chips to China-based customers and H200 chips face 25% tariffs. Still negotiating OpenAI investment, deal not finalised.
- Baidu (BIDU / 9888 HK) Q4 2025 (USD): Revenue 4.68bln (exp. 4.68bln), Adj. EPS 1.52 (exp. 1.47).
- Sony (6758 JT) expands its share buyback by JPY 100bln to up to JPY 250bln.
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
FX
- DXY is modestly firmer after finding support around the 97.50 mark overnight before attempting to recoup some of yesterday’s losses, with macro newsflow on the lighter side as US-Iran nuclear talks get underway. So far, Omani Foreign Minister said Iran and the US have welcomed proposals in the Geneva talks. On the data front, the Chicago Fed will release its labour market indicators; weekly jobless claims are seen at 215k from 206k; continuing claims (which coincide with the traditional BLS survey window for the February jobs report) are seen at 1.86mln from 1.869mln. DXY currently trades within a 97.49-97.72 range, vs Wednesday’s 97.62-98.00 parameter.
- JPY is the current outperformer as USD/JPY continued to pull back overnight after climbing to its best levels in over two weeks, on Wednesday, following the Takaichi government’s reflationist picks for the BoJ board. The pair was not helped by the lack of fresh drivers and the absence of tier-1 data from Japan, while there were comments from BoJ Governor Ueda, who reiterated the hiking bias, and hawkish dissenter Takata also stated that they must conduct further rate hikes in a gradual manner.
- GBP takes a breather after advancing in tandem with high-beta FX. Newsflow for the UK has been on the lighter side, with price action fitting with the subdued/cautious tone. UK focus will likely be on the Gorton and Denton by-election: analysts suggest that a heavy defeat for the ruling Labour Party could trigger volatility in Sterling. Some suggest a loss in what has been a safe Labour seat for nearly 100 years could re-ignite speculation regarding UK PM Starmer’s leadership.
- Antipodeans are subdued following the recent outperformance that was facilitated by their high-beta statuses. Overnight, quarterly capex data from Australia topped forecasts, which feeds into next week’s GDP release.
FIXED INCOME
- USTs are flat and currently holding within a 113-04+ to 113-09 range. Really not much driving things for US paper this morning, and this has been reflected by the lacklustre price action. After-market on Wednesday, saw the release of stronger-than-expected NVIDIA earnings, with the name a touch firmer pre-market – but had little follow through from a sentiment perspective. On the data front, the Chicago Fed will release its labour market indicators; weekly jobless claims are seen at 215k from 206k; continuing claims (which coincide with the traditional BLS survey window for the Feb jobs report) are seen at 1.86mln from 1.869mln. From a geopolitical perspective, US-Iran talks have reportedly begun in Geneva. A breakdown in talks could spur some haven inflows in USTs, given the increased likelihood of a US strike on Iran.
- Bunds follow the sideways action across global peers, and hold within a 129.57 to 129.69 range. Lack of catalysts for German paper this morning, with commentary from ECB President Lagarde also failing to spur action. She reiterated the usual data-dependent and meeting-by-meeting approach.
- Gilts ditto peers. Currently flat and within a narrow 92.82-92.90 range. Markets were expecting some remarks via BoE’s Lombardelli, though nothing thus far. UK focus will likely be on the Gorton and Denton by-election, with some analysts suggesting that a Labour loss, in what has been a safe seat for nearly 100 years, could re-ignite speculation regarding UK PM Starmer’s leadership. Hence, this could weigh on Gilts in the short-term.
- Italy sells EUR 6.5bln vs exp. EUR 5.5-6.5bln 2.85% 2031 and 3.45% 2036 BTP & EUR 2.5bln vs exp. EUR 2.0-2.5bln 1.468% 2035 CCTeu.
- Abu Dhabi is set to issue two benchmark USD bonds, Bloomberg reported. 5-year note offered at a spread +50bps over USTs. 10-year note offered at a spread +55bps over USTs.
- UK government debt sales are anticipated to decline for the first time in four years as large banks forecast GBP 247bln of gilt issuances in the approaching fiscal year amid Chancellor Reeves seeks to rein in borrowing, according to FT.
- Australia sold AUD 150mln in 2030 indexed bonds, b/c 4.21, avg. yield 1.8002%.
COMMODITIES
- Crude benchmarks traded lower on the commencement of the US-Iran talks in Geneva. As updates from that meeting got announce, WTI and Brent dipped to fresh session lows and now trade off by around 1.5% and 1.3% respectively. Two main takeaways from the meeting, including the Omani Foreign Minister suggesting that Iran and the US have welcomed proposals in the Geneva talks. Elsewhere, Al Jazeera reported that the “Iranian negotiating delegation meets IAEA director” – this would be necessary for a market-friendly sustainable deal. Brent May’26 is now shy of USD 70.00/bbl, with the low currently a moving a target at the time of writing.
- Precious metals are trading mixed this morning, with spot gold trading firmer and silver lower. XAU and XAG trades within a narrow range of USD 5155.59-5205.58/oz and USD 86.33-90.34/oz, respectively.
- Base metals are lower this morning, tracking headwind from its largest buyer, China, which saw mixed to weak sentiment, pinning down price action for base metals. Sentiment in Europe has done little to shake off sentiment in the base metal complex, with European equities trading mixed this morning. 3M LME copper trades within the lower range of USD 13.23-13.35k/t.
- Nordic countries investigate a threat to the region’s energy infrastructure, according to TV4 citing sources. “According to the threat, the actor may strike in the near future,” says an informant.
TRADE/TARIFFS
- German Chancellor Merz on his conversation with Chinese President Xi, said there are many challenges to overcome; Economic Minister will conduct a follow up visit.
- India’s Trade Minister after hosting US Commerce Secretary Lutnick, said both parties engaged in “very fruitful” discussions to expand trade and economic partnership.
NOTABLE EUROPEAN DATA RECAP
- EU Consumer Confidence Final (Feb) -12.2 vs. Exp. -12.2 (Prev. -12.4).
- EU Consumer Inflation Expectations (Feb) 25.8 (Prev. 24.2, Rev. From 24.1).
- EU Economic Sentiment (Feb) 98.3 vs. Exp. 99.8 (Prev. 99.3, Rev. From 99.4, Low. 98.5, High. 100).
- EU Selling Price Expectations (Feb) 11.5 (Prev. 10.0).
- EU Services Sentiment (Feb) 5.0 vs. Exp. 7.5 (Prev. 7.2, Low. 6.8, High. 7.9).
- Italian Consumer Confidence (Feb) 97.4 vs. Exp. 97.2 (Prev. 96.8).
- Italian Business Confidence (Feb) 88.5 (Prev. 89.2).
- Swiss Non Farm Payrolls (Q4) 5.544 (Prev. 5.532).
- Swedish Consumer Confidence (Feb) 96.3 (Prev. 95.3).
CENTRAL BANKS
- ECB’s Lagarde said we continue to expect inflation to stabilise at the 2% target in the medium term, will continue to follow data-dependent and meeting-by-meeting approach.
- BoJ’s Governor Ueda said basic stance is to continue hiking interest rates if the likelihood of our economic, price forecasts materialising heightens, according to Yomiuri. Underlying inflation has not yet fully reached 2% and policy will be guided to get underlying inflation to around 2%, while avoiding it exceeding 2% on a sustained basis.
- BoJ’s Takata said no preset pace for rate hikes and future moves depend on economic environment and data.
- BoJ Board Member Takata said fears of Japan’s economy returning to deflation have been dispelled and believes it’s necessary to move the BoJ’s focus more to upswing in prices. Proposed a rate hike in January on the view that BoJ must continue adjusting real interest rates, which remain significantly lower than the rates seen overseas.
- Bank of Korea keeps base rate unchanged at 2.50%, as expected. Raises 2026 GDP growth forecast to 2.0% from 1.8% sees 2027 growth at 1.8%. Raises 2026 CPI forecast to 2.2% from 2.1% and sees 2027 CPI at 2%.
- BoK said rate decision was unanimous and median projections show base rate is seen at 2.5% in six months. Said the Bank will make policy decisions supporting a recovery in economic growth. Growth momentum is to remain favourable. Strong chip exports supporting growth.
- BoK Governor Rhee said no board member expects rates to be increased in three months time, also noted that US tariff ruling is to have a limited impact on exports for now.
GEOPOLITICS
MIDDLE EAST
- Omani Foreign Minister says Iran and the US have welcomed proposals in the Geneva talks.
- “Iranian negotiating delegation meets IAEA director at the headquarters of the negotiations in Geneva”, via Al Jazeera.
- Omani mediator in Geneva said that US and Iran are open to new and creative ideas, AFP reported.
- Iran’s Foreign Ministry spokesperson said the country will move to the nuclear negotiation site in half an hour, our negotiating team has reasonable amount of flexibility in the US nuclear talks in Geneva.
- “Reported in Iran that the Omani foreign minister, who is in Geneva, conveyed to the American side the Iranian proposal for an agreement.”, according to journalist Kais.
- White House officials reportedly argue it would be best if Israel makes the first move regarding striking Iran, according to POLITICO.
- US Secretary of State Rubio said Iran poses a grave threat and seeks nuclear capability, adds talks on Thursday will focus on the nuclear programme and that Iran also poses a conventional weapons threat designed to target the US.
- US VP Vance said we see evidence that Iran is trying to build a nuclear weapon.
RUSSIA-UKRAINE
- Russian Foreign Minister says they do not have a deadline for reaching a Ukraine settlement, but does confirm they are working to resolving them.
OTHERS
- South Korea’s presidential office states it will continue working towards peaceful coexistence with North Korea, according to News1.
- US Secretary of State Rubio said the US will investigate a deadly speedboat shooting off Cuba after the Cuban Interior Ministry reported its forces killed four people who allegedly opened fire from a Florida-tagged vessel.
CRYPTO
- Bitcoin holds above USD 68,000 while Ethereum regains the USD 2,000 handle.
APAC TRADE
- APAC stocks are mostly positive as the majority of the region took its cue from gains on Wall Street, where tech led the advances and NVIDIA posted stronger-than-expected earnings after hours.
- ASX 200 mildly gained as the outperformance in tech, telecoms and healthcare offset the losses in energy and industrials, while better-than-expected private capex data also provided some encouragement.
- Nikkei 225 initially rallied to a fresh all-time high north of the 59,000 level but then pulled back from record levels as the yen gradually strengthened and after BoJ hawkish dissenter Takata called for gradually hiking rates.
- Hang Seng and Shanghai Comp were ultimately mixed with the Hong Kong benchmark the laggard amid weakness in tech, consumer discretionary and insurers, while the mainland was indecisive as price action was contained with very little in the way of fresh catalysts.
NOTABLE APAC DATA RECAP
- Japanese Coincident Index Final (Dec) 114.3 (Prev. 114.9).
- Japanese Leading Economic Index Final (Dec) 111 vs. Exp. 110.2 (Prev. 109.9).
- Australian Private Capital Expenditure for 2025-26 (AUD)(Estimate 5) 199.3B (Prev. 191.3B).
- Australian Private Capital Expenditure for 2026-27 (AUD)(Estimate 1) 158.4B.
- Australian Private Capital Expenditure QoQ (Q4) Q/Q 0.4% vs. Exp. 0.0% (Prev. 6.4%).
- New Zealand ANZ Activity Outlook (Feb) 52.6 (Prev. 51.6).
- New Zealand ANZ Business Confidence (Feb) 59.2 (Prev. 64.1).
1 c Asian opening report
Equities mixed despite positive Nvidia earnings; Third round of US-Iran talks awaits – Newsquawk EU Market Open
Thursday, Feb 26, 2026 – 01:52 AM
- APAC stocks are mostly positive as the majority of the region took its cue from gains on Wall Street, where tech led the advances, and NVIDIA posted stronger-than-expected earnings.
- US equity futures initially saw support following NVIDIA’s earnings results, as the world’s most valuable company beat on top and bottom lines, although gains were pared as NVIDIA ultimately returned to flat territory after hours.
- BoJ’s Governor Ueda said there is no change from January to the BoJ’s projected timing for hitting its price target, and inflation is expected to re-accelerate from the current slowdown.
- US VP Vance said they see evidence that Iran is trying to build a nuclear weapon; US Secretary of State Rubio said Iran poses a grave threat and seeks nuclear capability.
- European equity futures indicate a slightly lower cash market open with Euro Stoxx 50 futures down 0.2% after the cash market closed with gains of 0.9% on Wednesday.
- Looking ahead, highlights include EZ Consumer Confidence Final (Feb), US Jobless Claims, Japanese Tokyo CPI (Feb), Retail Sales (Jan). Speakers include ECB’s Lagarde, BoE’s Lombardelli & Fed’s Bowman. Supply from Italy & US. Earnings from CoreWeave, Intuit, Vistra Energy, Autodesk, Dell, Baidu, Warner Bros Discovery, Munich Re, Schneider Electric, AXA, Engie & Saint-Gobain.
SNAPSHOT
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1. Subscribe to the free premarket movers reports
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US TRADE
EQUITIES
- US stocks continued to advance as tailwinds from the recent easing of AI disruption fears persisted. As such, the Nasdaq outperformed its major peers with tech and financials leading the gains, as tech was buoyed by gains in software, while NVIDIA (NVDA) shares were also supported heading into earnings after-hours, which proved to be better-than-expected and added a further lift to futures.
- SPX +0.81% at 6,946, NDX +1.41% at 25,329, DJI +0.63% at 49,482, RUT +0.41% at 2,663.
- Click here for a detailed summary.
TARIFFS/TRADE
- NVIDIA (NVDA) confirmed it was granted a US licence in February to ship a small amount of H200 chips to China-based customers, and it stated that H200 chips face 25% tariffs.
- China’s DeepSeek withholds its upcoming model from NVIDIA (NVDA) and AMD (AMD), while it granted early access to Huawei and others in China.
- UK Foreign Secretary Cooper is to announce a critical minerals deal with Kazakhstan today and will announce agreements with the other countries covering carbon capture and higher education, as the West seeks to diversify supply chains away from China, according to POLITICO.
NOTABLE HEADLINES
- Fed’s Musalem (2028 voter) said inflation is almost a full percentage point above target and the labour market is cooling in an orderly way. Musalem said the base case outlook is that the economy grows at or above 2%, while he added that financial conditions are accommodative and that there is deregulation and fiscal tailwinds. He also stated that inflation could stay higher for longer, although this is not his baseline, and policy is neutral now in real terms and is balancing appropriately.
- Fed Vice Chair for Supervision Bowman did not address monetary policy or the economic outlook in prepared testimony.
- White House official said Amazon (AMZN), Google (GOOGL), and Oracle (ORCL) are to sign data centre agreements.
- US government is to meet with robot-makers as China competition intensifies, according to Semafor.
- NVIDIA Corporation (NVDA) Q4 2026 (USD): Adj. EPS 1.62 (exp. 1.54), Revenue 68.1bln (exp. 66.12bln)
APAC TRADE
EQUITIES
- APAC stocks are mostly positive as the majority of the region took its cue from gains on Wall Street, where tech led the advances and NVIDIA posted stronger-than-expected earnings after hours.
- ASX 200 mildly gained as the outperformance in tech, telecoms and healthcare offset the losses in energy and industrials, while better-than-expected private capex data also provided some encouragement.
- Nikkei 225 initially rallied to a fresh all-time high north of the 59,000 level but then pulled back from record levels as the yen gradually strengthened and after BoJ hawkish dissenter Takata called for gradually hiking rates.
- Hang Seng and Shanghai Comp were ultimately mixed with the Hong Kong benchmark the laggard amid weakness in tech, consumer discretionary and insurers, while the mainland was indecisive as price action was contained with very little in the way of fresh catalysts.
- US equity futures initially saw support following NVIDIA’s earnings results as the world’s most valuable company and AI darling beat on top and bottom lines, although gains were pared as NVIDIA ultimately returned to flat territory after hours.
- European equity futures indicate a slightly lower cash market open with Euro Stoxx 50 futures down 0.2% after the cash market closed with gains of 0.9% on Wednesday.
FX
- DXY slightly softened in rangebound trade with demand constrained after weakening alongside the heightened risk appetite during US trade and amid a light data calendar. There was also very little impact seen following the latest Fed comments, including from Musalem who stated that inflation could stay higher for longer, although this is not his baseline, while he noted that policy is neutral now in real terms and is balancing appropriately.
- EUR/USD was slightly firmer after returning to 1.1800 territory owing to a softer buck, but with further gains limited by a lack of catalysts from the bloc.
- GBP/USD took a breather after advancing in tandem with cyclical peers and following comments from BoE’s Greene, who said there is a strong case for the Bank to do exactly the opposite of what the Fed is doing, and it does not make sense to set domestic policy based on another central bank.
- USD/JPY continued to pull back after climbing to its best levels in over two weeks yesterday following the Takaichi government’s reflationist picks for the BoJ board, with the pair not helped by the lack of fresh drivers and absence of tier-1 data from Japan, while there were comments from BoJ Governor Ueda who reiterated the hiking bias, and hawkish dissenter Takata also stated that they must conduct further rate hikes in a gradual manner.
- Antipodeans kept afloat overnight following the recent outperformance that was facilitated by their high-beta statuses and hot Aussie CPI data, while quarterly capex data from Australia also topped forecasts, which feeds into next week’s GDP release.
- PBoC set USD/CNY mid-point at 6.9228 vs exp. 6.8605 (Prev. 6.9321).
FIXED INCOME
- 10yr UST futures eked slight gains, albeit with price action contained ahead of US supply, including a 7yr auction.
- Bund futures struggled for direction amid recent indecision with very few fresh catalysts from the bloc.
- 10yr JGB futures languished near this week’s trough after yesterday’s selling pressure and curve steepening on stronger growth prospects after the Takaichi government nominated two staunch reflationists for the BoJ board. There were also recent comments from BoJ officials who reiterated that the basic stance is to continue hiking interest rates if the chances of reaching the BoJ’s targets increase, while hawkish dissenter Takata stated that the BoJ should make a further “gear shift” on rates and communicate on the assumption its price target is almost achieved.
COMMODITIES
- Crude futures were rangebound following the recent choppy performance and substantial build in crude stockpiles, while the attention remains on geopolitics with the US and Iran set to resume talks in Geneva today.
- Spot gold kept afloat and retested the USD 5,200/oz level, but with price action relatively contained in comparison to the early swings in silver.
- Copper futures held on to most of the prior day’s spoils but with upside capped overnight as Chinese markets lagged behind regional peers.
CRYPTO
- Bitcoin ultimately climbed higher in choppy trade and gained a firm footing above the USD 68,000 level.
NOTABLE ASIA-PAC HEADLINES
- BoJ’s Governor Ueda said the basic stance is to continue hiking interest rates if the likelihood of economic and price forecasts materialising heightens, while he added that underlying inflation has not yet fully reached 2% and policy will be guided to get underlying inflation to around 2%, while avoiding it exceeding 2% on a sustained basis. Ueda also stated that there is no change from January to the BoJ’s projected timing for hitting its price target, and inflation is expected to re-accelerate from the current slowdown, according to Yomiuri.
- BoJ Board Member Takata (hawkish dissenter) said fears of Japan’s economy returning to deflation have been dispelled and he believes it’s necessary to move the BoJ’s focus more to the upswing in prices. Takata noted that real short-term interest rates have been significantly negative in Japan even after the December rate hike, and that he proposed a rate hike in January on the view that the BoJ must continue adjusting real interest rates, which remain significantly lower than the rates seen overseas. He also commented that they must conduct further rate hikes in a gradual manner and should take time and be prudent in reducing its JGB purchases, as well as commented that the BoJ should make a further “gear shift” on rates and communicate on the assumption that its price target is almost achieved.
- Bank of Korea kept its base rate unchanged at 2.50%, as expected, with the decision made unanimously, while it stated it will make policy decisions supporting a recovery in economic growth and that growth momentum is to remain favourable, with strong chip exports supporting growth. BoK also commented that housing prices around Seoul have slowed, and it is necessary to remain cautious about risks related to housing prices, household debt and FX volatility. In terms of forecasts, it raised the 2026 GDP growth forecast to 2.0% from 1.8% and sees 2027 growth at 1.8%, as well as raised the 2026 CPI forecast to 2.2% from 2.1% and sees 2027 CPI at 2%. Projections also showed that 16 of 21 policy rate forecasts by board members saw the policy rate at 2.50% over the next six months, 1 projection saw the policy rate at 2.75%, and 4 forecasts saw the policy rate at 2.25% during that period. Furthermore, BoK Governor Rhee said the conditional rate projection for a 25bps cut by a board member assumed the local property market is to stabilise in six months time and that no board member expects rates to be increased in three months time.
DATA RECAP
- Australian Private Capital Expenditure QQ (Q4) 0.4% vs. Exp. 0.0% (Prev. 6.4%)
- Australian Private Capital Expenditure for 2026-27 (AUD)(Estimate 1) 158.4B
- Australian Private Capital Expenditure for 2025-26 (AUD)(Estimate 5) 199.3B (Prev. 191.3B)
GEOPOLITICS
MIDDLE EAST
- US VP Vance said they see evidence that Iran is trying to build a nuclear weapon.
- US Secretary of State Rubio said Iran poses a grave threat and seeks nuclear capability, while he added that Iran poses a conventional weapons threat designed to target the US. Furthermore, he said that talks on Thursday will focus on the nuclear programme, and he does not think diplomacy is ever off the table.
- US Envoy Witkoff said any Iran nuclear deal should last indefinitely, according to Axios.
- White House officials argued it would be best if Israel made the first move on striking Iran, according to POLITICO
- Iranian Foreign Minister Araghchi said if the US decides to attack Iran, US bases in the region will be legitimate targets as they consider them US bases, not the soil of their neighbours or the territory of any other country.
- Israeli diplomatic sources estimate that the new Iranian outline does not meet the American threshold conditions and one source estimated that there is a high chance that the US will launch an attack on Iran, according to Ynet.
RUSSIA-UKRAINE
- Ukrainian President Zelensky said he spoke with US President Trump, and Special Envoys Witkoff and Kushner, while they discussed issues representatives will address on Thursday in Geneva during the bilateral meeting, as well as preparations for the next trilateral meeting.
OTHER NEWS
- US Secretary of State Rubio said the US will investigate a deadly speedboat shooting off Cuba after the Cuban Interior Ministry reported its forces killed four people who allegedly opened fire from a Florida-tagged vessel.
- China’s consulate warned Chinese citizens to avoid travel to Japan.
EU/UK
NOTABLE HEADLINES
- UK government debt sales are anticipated to decline for the first time in four years, as large banks forecast GBP 247bln of gilt issuances in the approaching fiscal year as Chancellor Reeves seeks to rein in borrowing, according to FT.
2.a NORTH KOREA/SOUTH KOREA/JAPAN
SOUTH KOREA/USA
2b JAPAN
3. CHINA
“All Necessary Measures”: China Warns US Against New Tariffs
Wednesday, Feb 25, 2026 – 10:10 PM
Beijing cautioned Washington that it is prepared to respond forcefully – with “all necessary measures” – if a renewed US review of their 2020 trade pact leads to additional tariffs, after American officials indicated the inquiry would press ahead, according to Bloomberg.
In remarks released Wednesday, China’s Commerce Ministry pushed back on comments from US Trade Representative Jamieson Greer, arguing that China has upheld its commitments under the so-called Phase One agreement despite the economic shock of the pandemic. Officials said the country followed through on promises related to intellectual property protections and broader access to its financial and agricultural sectors.
At the same time, the ministry accused the United States of hampering the deal’s rollout by expanding export controls, tightening scrutiny of cross-border investment and layering on other restrictions that, in Beijing’s view, have disrupted ordinary trade flows. It pointed to a policy paper issued in 2025 outlining China’s position.
Bloomberg writes that the ministry warned that if Washington presses ahead with the investigation — or uses it as grounds to impose new trade barriers such as tariffs — China “will take all necessary measures” to safeguard what it described as its lawful interests.
The back-and-forth adds a fresh dose of tension to the relationship ahead of President Donald Trump’s upcoming visit to Beijing, his first trip to China since 2017 and the first by a US president in years. The diplomatic friction follows a Supreme Court ruling that struck down sweeping emergency tariffs enacted during Trump’s second term, effectively lowering duties on Chinese goods compared with those faced by some US allies.
Greer has said the administration retains authority to levy tariffs under Section 301 and other trade laws despite the court’s decision. The Office of the US Trade Representative launched its compliance review of the Phase One agreement in October 2025.
China’s Commerce Ministry called on the United States to evaluate the accord “objectively and rationally,” avoid assigning blame and make use of existing consultation channels to build on areas of agreement and steer ties toward a more stable future.
4. EUROPEAN AND SCANDINAVIAN AFFAIRS
HUNGARY/UKRAINE
DO NOT BLAME HIM ONE BIT:
Orban Deploys Troops To Guard Energy Sites After Accusing Ukraine Of Sabotage
Thursday, Feb 26, 2026 – 05:00 AM
Hungarian Prime Minister Viktor Orbán on Wednesday again accused Ukraine of plotting to sabotage Hungary’s energy infrastructure, following a Ukrainian drone attack on a key Transneft oil pumping station in the Russian republic of Tatarstan early Monday, which was further detrimental to the Druzhba oil pipeline.
But Orban has now upped the ante, sending a powerful message to Ukraine and its EU backers, having newly ordered troops to protect key energy sites. He has also been denouncing “blackmail” over Hungary’s Russian energy purchases and dependency, vowing “we will not give in”.
“I have heard the briefings of the national security services and see that Ukraine is preparing further actions aimed at disrupting the operation of Hungary’s energy system,” Orbán stated in a video posted on X.
He then issued the following: “I have ordered the strengthening of the protection of critical energy infrastructure,” before articulating, “This means that soldiers and the equipment necessary to repel potential attacks will be deployed near key energy facilities.”
Politico has further detailed some the aspects of what this will look like, based on the Hungarian leader’s words:
Additional police will patrol designated power plants, distribution stations and control centers, Orbán said. A flight ban has also been imposed in Szabolcs-Szatmár-Bereg county in northeastern Hungary on the border with Ukraine.
The accusation adds fuel to a conflict Orbán has stoked with neighboring Ukraine as well as Brussels ahead of an April 12 parliamentary election in which he faces the prospect of defeat.
Slovakia has also leveled similar charges against Kiev of late, as the damaged Druzhba pipeline is also among its own key transit hubs of vital Russian oil.
The reality is that Ukrainian media and officials have positively boasted of recent actions which harm the two EU members Hungary and Slovakia.
For example, one Ukrainian official on Monday described, “Tonight, long-range SBU drones caused a ‘bavovna’ (explosion) at the main oil pumping station ‘Kaleykino’ near Almetyevsk in Tatarstan. It receives oil from Western Siberia and the Volga region and mixes it before sending it for export. The station is a key hub for supplying raw materials to the ‘Druzhba’ oil pipeline.”
Russian oil shipments to Hungary and Slovakia via Druzhba were first halted after a Jan. 27 airstrike on equipment in western Ukraine.
Ukraine blamed the attack on Moscow, while Hungary is blaming Kiev for deliberately not repairing the pipeline because it doesn’t want it to supply Budapest, or Slovakia, with Russian oil. A political firestorm has ensued ever since.
The controversy led the Orban government to early this week block the EU’s proposed €90 billion loan package for Ukraine and also it vetoed the 20th round of anti-Moscow sanctions. This has in turn infuriated EU leadership.
END
SPAIN
Spain’s Government: Spinning Out Of Control
Thursday, Feb 26, 2026 – 03:30 AM
Authored by Drieu Godefridi via The Gatestone Institute,
Between corruption and radicalization, Spain’s government seems to be spinning out of control.
In 1936, Spain plunged into civil war. A proud nation collapsed into violence, fire, and devastation. The Spanish Civil War, which set a communist-dominated Republican left against an authoritarian nationalist right, claimed roughly half a million lives. Priests were dragged through the streets, beaten, and mutilated — ears, noses, even genitals cut off — before being shot or having their throats slit. Nuns were raped prior to execution, in cases documented across several regions. Churches were set ablaze with priests still inside. In many towns, militiamen forced clergy to drink motor oil or gasoline before burning them alive. Spain’s right wing, not to be outdone, killed just as many.
Almost a century later, when one might have hoped that these wounds had finally healed, political and cultural fault lines are reopening. Polarization has reached levels rarely seen since Spain’s transition to democracy.
1. The original trauma of the Spanish left
The Spanish Civil War, in Spain’s collective memory, remains an open wound. For a significant portion of the Spanish “left” — standing for workers’ rights, a shorter work week, women’s and transgender rights, reducing carbon emissions — the dominant narrative remains that of a revolution betrayed, confiscated by fascism, and still pending, never repaired. This historical resentment has been transmitted from generation to generation like an act of faith. Today, under the government of Prime Minister Pedro Sánchez and his coalition, which governs with the support of the extreme-left, this resentment is resurfacing in the form of historical revisionism.
By constantly summoning the specters of the past — going so far as to exhume Francisco Franco’s remains, in a direct evocation of civil-war-era practices, when communists gleefully desecrated the graves of their so-called “class enemies” — is the left not in danger of reviving the hatreds and violence of the past?
2. A left without a compass: ideological orphanhood
Spain’s left is becoming more radical precisely because it has run out of ideas. Marxism, long the doctrinal backbone of the global left, lost all credibility with the implosion of the USSR, amid the stench of cabbage and corpses. Spain is no exception. Stripped of this ideological foundation, the Spanish left now finds itself without a compass.
Before the July 2023 elections, Sánchez promised a bold progressive agenda: mass public housing construction, reducing the working week to 37.5 hours, large minimum wage hikes, slashing healthcare waiting lists with binding maximum times, free public transport for youth, and expanded public education. Critically, delivery on these massive flagship promises has been dismal to date: virtually no new public housing built, prices soaring, the work-week reduction defeated in parliament, real wages eroded by inflation, and chronic healthcare waiting lists unchanged.
Sánchez’s Spanish Socialist Workers’ Party (PSOE), once anchored in moderate, reformist social democracy, has gradually shifted toward a strategy of sheer political survival. To remain in power, it allied itself first with Podemos and then with Sumar—two extreme left-wing parties obsessed with supporting Palestinians, against NATO, and soft on Russia — as well as with separatist movements. In doing so, the PSOE diluted its original moderate reformist vision through blatant opportunism, sacrificing doctrinal coherence in favor of questionable alliances.
3. A patchwork of incoherent dogmas
Deprived of Marxism, the Spanish left has sought refuge in a disparate ideological mosaic: radical environmentalism, complicit indulgence toward political Islam, the dismantling of borders, unconditional support for the Palestinians against Israel – all stacked together into an improbable and incoherent magma. Added to this are recurring undertones of anti-Semitism in left-wing discourse — one thinks in particular of Yolanda Díaz, seemingly a figure of clinical hysteria, whose face visibly contorts the moment she pronounces the word “Israeli.”
By radicalizing itself across every issue, the left fuels the anger of the right, the middle classes, and a growing segment of the population that feels marginalized, despised, and alienated within its own country.
4. A regime corrupt to the core?
The Sánchez government has another reason for aligning with jihadists: the corruption scandals that have engulfed even the prime minister’s immediate family.
First comes the Koldo-Ábalos scandal involving irregular public contracts, illegal commissions, and bribes linked to public-works contracts, totaling several hundred million euros. Several figures are particularly implicated. Former Minister of Transport José Luis Ábalos, a close ally of Sánchez, is in pre-trial detention for criminal organization, corruption, embezzlement, and influence peddling.
Koldo García, Ábalos’s former adviser, is a central figure in the scheme. He too is in pre-trial detention and under prosecution. Santos Cerdán, former secretary of organization of the PSOE and Ábalos’s successor, is under investigation and was detained for corruption in public-works contracts. The Civil Guard is examining 22 contracts, worth €355 million, that were allegedly manipulated by favoritism.
Added to this are the cases involving Sánchez’s own family. Begoña Gómez, his wife, was formally charged with influence peddling, corruption in business, embezzlement of public funds, misappropriation, and illegally practicing a regulated profession, in a case that was opened in April 2024. In August 2025, the probe was extended to include her advisor Cristina Álvarez.
The investigation into Gómez has been extended until at least April 2026 and continues with active measures, including February 2026 requests to the Interior Ministry for travel records of Gómez and Álvarez since 2018 (covering destinations such as the Dominican Republic, Congo, Guinea, and Russia), access to emails, and Civil Guard reports.
David Sánchez, the prime minister’s brother, is also being prosecuted, for influence peddling and malfeasance in connection with his employment at the Badajoz Provincial Council. “The prime minister faces multiple legal challenges this year that could lead to the downfall of his family, his party, and his government,” summarizes Spanish daily El Mundo.
5. An ideological junta radicalizing itself to survive
The high point of the Spanish left’s radicalization was reached with a January 2026 decree legalizing between 500,000 and a million illegal immigrants. Although presented as a humanitarian and economic measure, this slap-happy decision provoked widespread outrage among Spaniards. The Vox party has identified this as a massive “pull factor” that will inevitably attract millions of additional illegal immigrants. Public services, already under severe strain, are on the brink of collapse. Entire swathes of Spanish territory are, additionally, drifting toward an Islamic cultural environment.
Heading toward the point of no return?
The warning signs are multiplying. Traumatized by its history, cornered by the judiciary, and deprived of ideological reference points, the Spanish left appears to be locking itself into radical dogmas and adopting increasingly divisive policies simply to remain in power.
END
GERMANY
Germany Greenlights First Major Suicide Drone Acquirement After Learning From Ukraine War
Thursday, Feb 26, 2026 – 02:45 AM
A major new trend which has been heating up on Europe’s periphery over the last years of war in Ukraine has been the use of suicide drones and drone swarms, which have proven effective as well as frightening for anyone on the receiving end.
This has resulted in more European countries making it a priority to invest in this type of warfare, as the Ukraine battlefield has demonstrated that this relatively cheap weaponry can inflict devastating costs and destruction on an enemy. There’s also lately been a phenomenon of European countries like Denmark, Poland, and Germany alleging an increased number of ‘mystery’ drone incidents where their airspaces get breached.
Germany’s parliament on Wednesday approved the first €540 million tranche to procure the Bundeswehr’s own suicide drones, as Berlin is racing to integrate loitering munitions into its force structure.
The broader procurement framework was initially projected to reach a whopping €4.4 billion over the coming years. This sudden reversal of German ‘neutrality’ and willingness to go to opposite extremes with massive spending on defense has been a trend spurred on by fears of ‘Russian aggression’ against the continent.
However, the Bundestag’s budget committee reportedly capped the program at €1 billion per supplier, according to German news agency dpa – an effort to impose some fiscal guardrails amid rapid militarization.
German drone startups Helsing and Stark Defence will be among the first significant beneficiaries to the newly greenlit program. Underscoring the low-cost nature of the drone technology, Helsing’s units reportedly carry a price tag of about €44,000 apiece before taxes, and the Stark systems run significantly higher, closer to €80,000 per drone.
The Helsing drones have already been battle tested in live combat:
Feedback from Ukraine reportedly cites the HX-2 as “highly economical,” a view attributed in part to the company’s decision not to profit from deliveries to Ukrainian forces.
Currently, Helsing’s Resilience Factory (RF-1) in southern Germany produces up to 450 HX-2 units per month. The facility has the capacity to scale production to 1,000 units monthly with additional staffing. Plans are also underway for a second factory, which could increase output to approximately 2,500 units per month.
According to company specifications, the HX-2 has a flight range of up to 100 kilometers and a maximum approach speed of 220 km/h. It weighs up to 12 kg and can be equipped with a 4 kg payload, allowing it to target armored vehicles or fortified positions.
Several thousands of these drones from both firms are expected to first be deployed to Germany’s NATO brigade in Lithuania.
The NATO defense establishment is still pushing the idea of a “drone wall” protecting Europe:
Germany is reorganizing aspects of its army to integrate drone units, responsible for deploying suicide drone swarms against enemies in the battlefield.
END
5. RUSSIAN AND MIDDLE EASTERN AFFAIR
ISRAEL
ISRAEL TBN
IRAN US UPDATES
Iran submits new nuclear proposal ahead of Geneva talks with US
This diplomatic meeting is seen as a pivotal moment for both nations and a last chance to avoid a military confrontation.
Illustrative image of US President Donald Trump and Iran’s Supreme Leader Ayatollah Ali Khamenei.(photo credit: MAJID ASGARIPOUR/WANA (WEST ASIA NEWS AGENCY) VIA REUTERS, Office of the Iranian Supreme Leader/WANA (West Asia News Agency) via REUTERS, REUTERS/JONATHAN ERNST)ByTOBIAS SIEGALFEBRUARY 26, 2026 09:23Updated: FEBRUARY 26, 2026 13:14
Iranian Foreign Minister Abbas Araghchi has submitted Tehran’s new nuclear proposal ahead of a third round of indirect talks with the US in Geneva on Thursday.
The document, submitted to Oman’s Foreign Minister Sayyid Badr bin Hamad Al-Busaidi, is said to counter US “excuses” regarding Iran’s nuclear program while laying out “key elements of a potential agreement,” according to Iranian media.
Al-Busaidi said Tehran’s latest proposal was “formulated based on the principles agreed upon in the previous round of negotiations” and emphasized Muscat’s consistent approach of supporting and facilitating talks to mitigate the differences between Washington and Tehran and achieve a sustainable solution, ISNA reported.
Al-Busaidi later met with the head of the International Atomic Energy Agency, Rafael Grossi, to discuss technical issues surrounding Iran’s nuclear program. Speaking to reporters, the Omani official said both Washington and Tehran were showing “flexibility” and expressed optimism in the continued negotiations.
‘Maximum possible flexibility’
Iran’s latest proposal reportedly offers more concessions and flexibility than previous rounds of talks, with officials asserting it addresses key American concerns about Iran’s nuclear program.
According to Iranian officials cited by Iranian media, Tehran’s current proposal “includes the maximum possible Iranian flexibility regarding the negotiating agreement within the limits of Iranian red lines to address American concerns or pretexts regarding Iran’s nuclear program.”
The unnamed officials added that any deal will also have to focus on the issue of “lifting sanctions, and without that this flexibility cannot be translated into practical measures,” and stressed “Iran’s established right to possess the fuel cycle” while offering “guarantees for the nuclear program to remain peaceful, including monitoring and verification mechanisms.”
Tehran poised for either war or peace
Ahead of his trip to Geneva, Araghchi said in an interview with India Today that Iran was “fully prepared for both options: war and peace,” adding, “I think it is possible to reach a fair, balanced and just agreement and we can achieve it. Of course, our armed forces are ready to do their job and we know how to defend ourselves, just as we did last time. We have learned a lot from the last war, so we are more prepared now.”
Earlier Thursday, Iranian President Masoud Pezeshkian reiterated Tehran’s supposed opposition to building nuclear weapons, noting that the country’s Supreme Leader Ayatollah Ali Khamenei banned weapons of mass destruction, which “clearly means Tehran won’t develop nuclear weapons.” Khamenei, who has the last say on Tehran’s nuclear program, banned the development of nuclear weapons in a fatwa, or religious decree, in the early 2000s.
Senior Advisor to Khamenei and Iranian Defense Council Secretary Ali Shamkhani further stressed Thursday afternoon Iran’s comittment to not building a nuclear bomb, stating that this was “in line with Iran’s defense doctrine.”
Thursday’s diplomatic meeting is seen as a pivotal moment for both nations and as a last chance for avoiding a military confrontation, as the ongoing standoff over Iran’s nuclear ambitions, missile programs, and regional influence continues to escalate.
Could Iran’s new proposal change the previous US condition of zero enrichment?
On Wednesday, US Secretary of State Marco Rubio said Tehran’s reluctance to discuss its ballistic missile program was “a big, big problem,” adding, however, that “the president wants diplomatic solutions. He prefers them greatly.”
The negotiations, which follow two earlier rounds in Vienna and Geneva, are crucial for both sides as they attempt to reach an agreement on the future of the Joint Comprehensive Plan of Action (JCPOA), the nuclear deal that has remained in limbo since the US’s withdrawal in 2018 under US President Donald Trump.
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This time, the Trump administration has adopted a stricter approach, with US Special Envoy Steve Witkoff recently saying the administration aims to avoid a “sunset clause” to ensure there is no limit on the deal’s duration.
Publicly, US officials have maintained that zero enrichment remains the standard for any deal with Tehran, but recent reports suggest that Trump may be open to an Iranian proposal that would allow so‑called “token” uranium enrichment, with strict safeguards to prevent any route to weaponization.
On Tuesday, Trump restated in his State of the Union speech to Congress that he would not allow Iran to obtain a nuclear weapon.
In an interview with Fox News on Saturday, Witkoff claimed Tehran was about a week away from being able to enrich its existing uranium to a weaponized level.
Military options still on the table
Meanwhile, Trump has been presented with military options that involve directly targeting the supreme leader, and US naval and air forces continue to arrive in the Middle East.
Washington and Tehran enter this round of talks amid increased US military presence in the region.
US officials have repeatedly warned of the threat posed by Iran’s missile and drone capabilities, as well as its continued support for militia groups throughout the Middle East. Tehran, for its part, has insisted that its nuclear program is for peaceful purposes, though it has increasingly taken a hardline stance, accusing Washington of being unwilling to negotiate in good faith.
Tensions also remain high following Iran’s recent military maneuvers, which many analysts believe are part of Tehran’s ongoing strategy to assert regional dominance.
Meanwhile, the US has been deploying additional military assets to the region, including aircraft carriers and fighter jets, in a show of force aimed at deterring further escalation.
Last chance to avoid a broader conflict
Diplomatic sources indicate that these talks could be the last chance to avoid a broader conflict, with both sides under domestic pressure to show tangible progress.
Washington is keen to prevent Iran from obtaining nuclear weapons while ensuring its allies, particularly Israel and the Gulf states, remain secure. For Tehran, the talks represent an opportunity to ease crippling sanctions that have severely impacted its economy.
Tehran has publicly maintained an optimistic tone regarding negotiations, with Pezeshkian stating this week that Tehran saw a good chance of reaching a good outcome.
As the clock ticks toward the start of these critical discussions, analysts are closely watching for signs of potential breakthroughs or breakdowns that could have serious ramifications for the region’s future.
END
HERE ARE THE MINUMUM REQUIREMENTS OF THE USA:
REUTERS
Here the demands US brought to Iran in Geneva:
1) Destroy all 3 nuclear sites: Fordow, Natanz, Isfahan
2) Deliver all enriched uranium to US
3) No sunset clauses
4) Zero enrichment, but can keep Tehran reactor
5) Minimal sanctions relief up front; more if Iran compliant
Reuters contributed to this report.
END
Breaking// Diplomatic sources say the Araghchi–Witkoff talks in Geneva stalled after the U.S. side insisted on “zero enrichment” and the transfer of all 60% enriched uranium to Washington.
Reuters, citing a senior Iranian official, reports that the U.S. also raised non-nuclear issues alongside the nuclear file.
On Wednesday night, U.S. Secretary of State Marco Rubio said Iran’s refusal to discuss its missile program is considered a problem.
END
ROBERT H
IRANIAN UPDATES
Lines are drawn tighter
All US ships at the headquarters of the US Navy Fifth Fleet in Bahrain have moved out to open sea.It is not an if but a when. And either side may decide to go first now. If tomorrow’s discussions are poor then logic suggests a strike by either side is imminent.
We MUST understand–“stealth” is a myth. In normal human parlance it is called “reduction of physical fields” of the platform or weapon and professionally is known as LO–low observability and even at that it totally depends on an angle to target where its LO diminishes radically once the frontal semisphere angles itself away from the source of radiation (radar). Add here modern advanced signal processing and voila. In other words, your “stealth” counts for very little against serious modern and well-trained air defense. As Israel learnt last time around when radar locked on a F35.
END
ISRAEL/USA
Courtesy of G.G
The United States just deployed the one weapon system that tells you exactly what comes next. 11 F-22 Raptors landed at Ovda Airbase in Israel’s Negev Desert today.
The United States just deployed the one weapon system that tells you exactly what comes next. 11 F-22 Raptors landed at Ovda Airbase in Israel’s Negev Desert today. They flew from RAF Lakenheath in England, supported by seven aerial refueling tankers, covering thousands of miles to reach Israeli soil. One of the original twelve turned back with a suspected fuel leak. The rest completed the transit and are now sitting on Israeli tarmac. This has never happened before. Not during the ISIS campaign. Not during Blue Flag exercises. Not during Operation Midnight Hammer in June 2025. The F-22 Raptor, the most advanced air superiority fighter ever built, has never been based in Israel for a combat-oriented mission. Until today. Now understand what the F-22 does, because it does not do what you think. The F-22 does not bomb nuclear
The F-22 Raptor is widely regarded as the world’s most advanced air superiority fighter, even in 2026. Its unmatched combination of features gives it decisive advantages in modern air combat, particularly against peer adversaries. Here’s a breakdown of its key advantages:1. Stealth (Low Observability)The F-22’s design minimizes its radar cross-section (RCS), making it extremely difficult to detect by enemy radars until it’s very close. This allows it to achieve “first look, first shot, first kill” — detecting, engaging, and destroying threats before they even know it’s there. Combined with internal weapons bays (no external stores to increase RCS), it maintains stealth even when armed. This is its single biggest edge over non-stealth or less-stealthy fighters like the F-15, Su-35, or J-20 in beyond-visual-range (BVR) engagements.2. Supercruise CapabilityThe F-22 can sustain supersonic speeds (over Mach 1.5) without using fuel-guzzling afterburners. Most other fighters need afterburners for supersonic flight, which burns fuel quickly, increases heat signature (worsening detectability), and limits range/endurance. Supercruise gives the Raptor:
- Greater range and loiter time at high speeds
- Faster intercepts
- Better tactical positioning
- Sustained high-speed performance without compromising stealth as much
This dramatically expands its operating envelope compared to 4th-generation fighters.3. Supermaneuverability and AgilityThanks to:
- Thrust-vectoring nozzles (engines can direct thrust up/down for extreme control)
- High thrust-to-weight ratio (over 1:1)
- Advanced flight controls and aerodynamic design
The F-22 can perform high-angle-of-attack maneuvers, rapid direction changes, and dominate close-in dogfights if it ever gets there (though its design prioritizes avoiding them via stealth/BVR kills). It out-turns and out-energizes virtually any known or projected opponent in within-visual-range (WVR) combat.4. Integrated Avionics and Situational Awareness
- Advanced AESA radar (AN/APG-77) with long detection ranges (125–150+ miles for fighter-sized targets, even farther in narrow beams)
- Sensor fusion — combines data from radar, IRST, electronic warfare systems, and more into a single, intuitive picture for the pilot
- Superior electronic warfare suite (e.g., AN/ALR-94 detects threats at long range)
- Excellent “first-kill opportunity” through better sensors and data sharing
This makes the pilot effectively see and process threats faster than adversaries.Overall Combat EdgeThe F-22 was built specifically for air dominance: it combines stealth + supercruise + supermaneuverability + sensor fusion in one platform like no other fighter. Official U.S. Air Force statements and analyses describe it as providing an “exponential leap” in capabilities, unmatched by any current or near-future aircraft. In simulations and exercises, it consistently achieves kill ratios of 10:1 or higher against opponents.While upgrades continue (e.g., open systems architecture for faster tech integration), the core design remains the pinnacle of 5th-generation air superiority.(Images: F-22 Raptor in flight showcasing its sleek stealth design, thrust-vectoring nozzles during maneuvers, and high-speed supercruise profile.)
END
IRAN
Trump Claims Iran Developing Missiles To Hit US, Contradicting Intel Reports
Wednesday, Feb 25, 2026 – 08:30 PM
With nuclear talks hanging in the balance, and the potential for yet another US war of choice in the Middle East, President Donald Trump escalated the rhetoric Tuesday night, warning that Iran is moving beyond just regional missile capabilities and setting its sights farther west by developing missiles capable of hitting the United States.
During his State of the Union address Tuesday night, Trump claimed, “They’ve already developed missiles that can threaten Europe and our bases overseas, and they’re working to build missiles that will soon reach the United States of America.”
It seemed a transparent attempt to make the American people believe they are under direct threat from Tehran, in order to justify potential near-future strikes, however flimsy the case might be. So far Washington’s main talking point has been that Iran simply can never have a nuclear weapon and so something has to be done – and this actually does resonate with some sectors of the American public.
But Tehran setting its sites on directly attacking the US homeland is a huge stretch, with no serious analyst so much as suggesting the Islamic Republic has the capability or is even close.
US intelligence assessments have been very conservative on this. For example, in 2025, the Defense Intelligence Agency (DIA) stated that Iran could potentially field a militarily viable intercontinental ballistic missile by 2035 “should Tehran decide to pursue the capability.”
Given US intelligence also has not concluded that such a decision had been made, this means Iran is likely at least a decade away from even being close to possessing such an ultra long range missile.
The US mainland is some 6000 miles away from western Iran, and currently Iran’s longest range missile is said to reach just under 1900 miles – a huge gap.
Iran’s ballistic missile focus has always been developing with an eye on the country’s number one nemesis in the region: Israel.
There’s a broad understanding even among the Western public that in reality Washington’s anti-Iran stance has much more to do with defending Israel than the US homeland, which is clearly not under immediate threat from Tehran. There’s not so much as been a terror attack carried out by a single Iranian Shia operative on American soil in all of history.
So it seems the White House continues to be in search of a rationale and narrative to sell the public amid the major Pentagon build-up in the region. But polls by and large suggest most Americans still aren’t buying it.
END
ISRAEL USA/IRAN
Trump Advisers Want Israel To ‘Attack Iran First’ For Better Optics: Politico
Thursday, Feb 26, 2026 – 02:45 PM
Politico is out with a crazy story on Thursday, but which will make sense to those following the trajectory of US foreign policy over the past couple decades plus.
Senior US officials want Israel to strike Iran before Washington launches a renewed assault in order to build domestic backing for war. Advisers to President Donald Trump are “privately arguing that an Israeli attack would trigger Iran to retaliate, helping muster support from American voters for a U.S. strike,” the outlet writes, citing two people familiar with the discussions.
“The calculus is a political one – that more Americans would stomach a war with Iran if the United States or an ally were attacked first,” Politico continues.
The subtext here is that American troops would likely come under retaliation in whatever form such a serious escalation takes. Currently the US is drawing down troops from bases immediately in harm’s way, including reportedly in Qatar and Bahrain.
“There’s thinking in and around the administration that the politics are a lot better if the Israelis go first and alone and the Iranians retaliate against us, and give us more reason to take action,” one person familiar with the discussions said.
The mood in Washington is said to be that nuclear negotiations with Iran appear increasingly unlikely to succeed – despite some ‘positive’ headlines out of Geneva – and that “the primary question is becoming when and how the US attacks.”
The Politico report suggests Tucker Carlson has assessed it exactly right when days ago he complained, “What I really object to, what makes me mad, is when American leaders, whose job it is to represent Americans, are more loyal to a foreign country than they are to their own.”
Indeed the outlet goes so far as to emphasize that “There’s a high likelihood of American casualties. And that comes with lots of political risk” – according to the words of one of the officials interviewed for the story.
Once again the decision-makers are on the brink of throwing American troops under the bus for the sake of another bloody regime change war. They might heed the words of one soldier who over a decade ago expressed that the troops themselves are sick of the pointless ‘forever wars’…
Bring the soldiers home… I’d like to see a peacetime Army.
…Israel is more than capable [of fighting its own wars].
Trump himself of course campaigned on starting no new wars, especially in the Middle East. Ironically he’s been bragging about ending seven conflicts globally, while standing on the brink of provoking and ordering a new large-scale war breaking out across the whole Mideast region.
SYRIA/ ISIS
Syria blames SDF withdrawal for chaos and escapes at al-Hol camp
The camp, located near the Iraqi border, had long housed relatives of suspected Islamic State (IS) members alongside civilians displaced by years of conflict.
Syrian army increases security measures in and around al-Hol camp, located south of Al-Hasakah, where families of Daesh members, most of them women and children, are being held, in Syria, on January 25, 2026.(photo credit: Bakr Al Kasem/Anadolu via Getty Images)ByTHE MEDIA LINE STAFFFEBRUARY 26, 2026 14:15Updated: FEBRUARY 26, 2026 14:34
Syrian authorities said Wednesday that disorder at the al-Hol detention camp in northeastern Syria followed an abrupt withdrawal by the Kurdish-led Syrian Democratic Forces (SDF), which they say allowed detainees and displaced families to leave in large numbers and raised fresh security concerns.
For more stories from The Media Line go to themedialine.org
The camp, located near the Iraqi border, had long housed relatives of suspected Islamic State (IS) members alongside civilians displaced by years of conflict.
Interior Ministry spokesman Noureddin al-Baba told reporters that Syrian army units were preparing to deploy to the facility when SDF forces pulled back hours earlier without coordinating with Damascus.
He said the site was left in disarray when government troops arrived. “When the forces arrived, they found the camp had been opened in a chaotic manner, leading to widespread unregulated departures,” al-Baba said.
Authorities documented more than 138 openings along the camp’s 17-kilometer perimeter fence, which officials said enabled movement through smuggling routes and posed risks to regional stability.
Syrian officials added that earlier population estimates of roughly 23,500 residents proved inconsistent with later field assessments.
Foreign families linked to former IS fighters
Women, children, and elderly people made up nearly 70% of those remaining, many of them Syrian and Iraqi nationals, along with foreign families linked to former IS fighters.
Al-Baba rejected sweeping accusations against residents, stating that Syrian law requires individual legal proceedings rather than collective punishment.
“Syrian law prohibits collective punishment and requires individual criminal responsibility through the judicial process,” he said.
For years, international organizations warned that al-Hol’s overcrowded conditions and limited oversight risked fueling extremism and humanitarian crises.
The camp became a focal point of debate between Damascus, Kurdish authorities, and Western governments over responsibility for thousands of detainees following the territorial defeat of IS in 2019.
Officials confirmed that al-Hol was fully emptied and shut down Sunday after remaining families were transferred through organized convoys, marking a major shift in control over detention sites in Syria’s northeast.
END
INDIA/ISRAEL
this will be great for the world as these two ancient civilizations meet and secure a free trade agreement with each other
(JerusalemPost)
Netanyahu, Modi announce new economic and security deals in Jerusalem
Modi also said that India will soon give final shape to a mutually beneficial free trade agreement with Israel.
Prime Minister Benjamin Netanyahu and Indian Prime Minister Narendra Modi meet in Jerusalem, February 26, 2026.(photo credit: YONATAN SINDEL/FLASH90)ByMIRIAM SELA-EITAMFEBRUARY 26, 2026 13:25Updated: FEBRUARY 26, 2026 14:54
Prime Minister Benjamin Netanyahu and Indian Prime Minister Narendra Modi have overseen the signing of 16 economic, security, and diplomatic agreements during a press conference in Jerusalem on Thursday.
Memorandums of understanding in the fields of agriculture, geophysical exploration, heritage, science, education, economy, cyber, technology, security, and artificial intelligence were signed by their respective ministers and counterparts, as well as India’s Ambassador to Israel, J.P. Singh.
The agreement included allowing 50,000 Indian workers in the next five years, according to India’s Foreign Ministry.
Former pro-Palestinian activist from Stanford explains why she left the movement
We know that the meeting of minds and hearts that we’ve had here will also continue in this remarkable G2G that is long overdue and will create an even greater boost to the enormous benefits that we can bring to each other, and I think, to humanity at large,” Netanyahu said during the conference.
Modi also said that India will soon give final shape to a mutually beneficial free trade agreement with Israel, and that the two countries will pursue joint development, production, and technology transfer in defense.
Ahead of the meeting, President Isaac Herzog welcomed Modi to Jerusalem and planted an oak tree in the President’s Residence in Jerusalem as a symbol of friendship, growth, and the building of a shared future between the two countries.”
The two also held a private meeting, during which Herzog thanked Modi for his support and friendship toward Israel.
Earlier on Thursday, Netanyahu and Modi visited the Yad Vashem Holocaust Museum in Jerusalem, beginning their tour in the Hall of Names.
A memorial ceremony was held after the tour, during which Modi laid a wreath and placed a stone on the memorial to commemorate the victims lost in the Holocaust.
Modi posted on Twitter/X describing his visit to Yad Vashem and concluded it, “The Holocaust stands as one of humanity’s darkest chapters. It is an eternal reminder of the need to uphold humanity, dignity, and peace.”
Modi: First Indian PM to address Knesset
Modi arrived in Israel on Wednesday and praised the shared bond between Israel and India during a Knesset plenum address, outlining plans to strengthen relations by working together in innovation, technology, and economic advancement.
“The friendship between Israel and India remains a source of strength in an uncertain world,” Modi said.
The speech marked the first time an Indian prime minister had ever addressed the Israeli parliament and was held shortly after Modi landed in the country for an official state visit. He was greeted with standing ovations from the audience.
Keshet Neev, Corinne Baum, James Genn, Fraidy Moser, and Reuters contributed to this report.
RUSSIA VS UKRAINE UPDATES
KORYBKO…
Why Might Ukraine & Its Western Patrons Try To Blow Up Russia’s Black Sea Pipelines?
Thursday, Feb 26, 2026 – 02:00 AM
The purpose is to derail the peace talks by provoking Russia into either preemptively escalating against Ukraine as a deterrent or authorizing an overmatched retaliatory escalation right after that could in any case be spun by the Europeans to manipulate Trump against Putin.
Putin warned on the fourth anniversary of the special operation that Ukraine and its Western patrons are plotting “a possible explosion targeting our gas pipeline systems – TurkStream and Blue Stream pipelines – along the floor of the Black Sea. They simply cannot back down. They do not know what else they can do to undermine this peaceful process aimed at settlement through diplomatic means.”
This isn’t the first time that Russia warned about such a plot, with prior ones analyzed here, here, and here.
What’s most important about this latest warning is that it coincided with the Foreign Intelligence Service warning on the same day about an Anglo-Franco plot to transfer nuclear technology and even bombs to Ukraine. That was analyzed here, and just like with Putin’s warning about the latest plots against Russia’s pipelines to Turkiye, the purpose is to derail the peace talks by provoking Russia into either preemptively escalating against Ukraine as a deterrent or authorizing an overmatched retaliatory escalation right after.
In either scenario, the aforesaid talks’ US mediator could then be manipulated by the Europeans, who’ve been trying to subvert Trump’s peace efforts this entire time, into misperceiving such moves as “unprovoked aggression on false pretexts”, thus possibly torpedoing their negotiations. In response, Trump might then also be manipulated into authorizing his country’s own overmatched “retaliatory” escalation if the Europeans claim that Putin “humiliated” him, which could risk spiraling out of control.
The Europeans and Ukrainians’ shared goals are to perpetuate the conflict, drag the US back into its Biden-era level of involvement, and then provoke a Cuban-like brinksmanship crisis between Russia and the US that they believe would ultimately result in significant concessions from the former. To that end, they’re plotting to provoke the usually restrained Putin into preemptive escalations or overmatched retaliatory ones, absent which he’ll be forced to accept a nuclear Ukraine and more blown-up pipelines.
The only realistic way for Russia to avoid this zero-sum dilemma is publicly warning the world about these provocations in the hope that Trump will hear about them from the media even if the provably untrustworthy CIA doesn’t brief him about what Putin and his spies just said.
They’d then expect him to either do his utmost to avert these planned provocations or not fall into the trap of being manipulated by the Europeans if Russia preemptively escalates or authorizes an overmatched retaliatory escalation.
Russia’s main motive is to preserve the US-mediated peace talks with Ukraine, therefore preventing the dangerous scenario of US escalations that could spiral out of control, while its secondary one is to show Trump how the Brits, French, and Ukrainians are working behind his back to subvert his peace efforts.
This speaks to Putin’s sincere desire to peace, albeit not at any cost, ergo why his team continues negotiating hard and won’t accept the far-reaching concessions being demanded of it by Ukraine.
All in all, nobody knows whether Ukraine and its Western patrons will still try to go through with these two provocations after Russia just exposed them, but at least Trump can’t credibly claim to be ignorant of these plots in the event that Russia either preemptively escalates or escalates afterwards.
As of now, Russia doesn’t want any escalation either from its adversaries or that which their provocations might soon force it into, but it’s signaling that some escalation is possible if Trump doesn’t thwart these plots.
END
RUSSIA/GERMANY ET AL
Did Germany awaken from slumber ?
This week has seen the expose of Britain and France looking to arm Ukraine with a nuke and the delivery system to strike Russia.
While one can question whether these fools have lost their minds? The reality is that horror exists at the thought. Not because so much the worry for Russians but the worry that the Russians will respond not so much with nukes but their latest plasma warheads on strike missiles like Oreshnik or Granite. THERE IS NO WAY TO STOP THESE MISSILES. While one can ponder whether people have a death wish the death wish was already delivered by their own hands, in the covert activity.
Why? Well think about the repulsion the Germans had when they realized the extent of what France and Britain were trying to convince them to take part in. Did the Germans pick up the phone and call Moscow? Not that it matters as the Russians already knew. Germany has realized perhaps for the 1st time in this conflict that yes there is a bridge too far. And the loss of Berlin and Stuttgart turning to dust would never be forgiven by the German public. DID Germany realize that the EU is broken? And if such plots are seen as patterned behavior of France and Britain, word is that Germany is more wary of the true nature of both countries. Perhaps past memories of history have been awaken. What is now clear is that the thought pattern is changing and very quickly.
Note what Orban of Hungary has said:
“I see that Ukraine is preparing further actions aimed at harming our energy infrastructure,” Orban noted, and thus the Hungarian military and police will be positioned around power plants, distribution stations, and control centers as a defensive measure.
Can it be that we are watching a true split of Europe into blocks with distinct interest? When current members lose trust in other members working in common interest divides and divisions are common. Slovakia is in the same boat as Hungary in not trusting Ukraine as non EU member egged on by interest contrary to their own national interests.
When Ukraine recently blew up a pumping station that supplied much needed energy to Hungary and Ukraine they acted as a Terrorist is harming these countries. And if it were to be true that Ukraine had a hand in blowing up Nord Stream one might suggest that they hurt Germany. And to ask these same nations harmed to support Ukraine is quite comical if it were not so sad to see that this is what the state of leadership has fallen to.
It is well known that the Azov in Ukraine routinely kill Ukrainians soldiers who retreat. In most militaries such actions would mean court Marshall or worse. It is well established that retreat often leads to a regrouping of force as opposed to senseless death. And we in the past have seen that even friendly fire accidents are investigated. One day perhaps there will be questions asked of nations and leaders why they supported such actions. Zelensky operates on borrowed time because if you take away his foreign protection the Ukrainians will execute him and the gang around him. No doubt he will run to the West.
All these action and events combine to ensure that the conflict in Ukraine will be resolved on the battlefield and that the EU will break up likely sooner than later.
END
GLOBAL ISSUES, COVID ISSUES, VACCINE INJURIES/HEALTH ISSUES
GLOBAL ISSUES
MARK CRISPIN MILLER
DR PAUL ALEXANDER
NEWSWIZE
| Trump Fires at Democrats After They Sit Through Tribute to Slain Ukrainian RefugeeDonald Trump blasted House Democrats for remaining seated during tributes to victims like Iryna Zarutska and pushed for nationwide adoption of laws to prevent violent repeat offenders from being released back onto American streets.READ THE FULL REPORT |
| Omar Erupts After Trump Announces Nationwide ‘War on Fraud’After President Trump vowed a nationwide ‘war on fraud’ centered on Minnesota cases, Rep. Ilhan Omar erupted during the State of the Union and disputed allegations tied to Somali-linked scandals, including the Feeding Our Future prosecutions.READ THE FULL REPORT |
| Trump Honors Team USA Goalie with Presidential Medal of Freedom at SOTUPresident Trump surprised Team USA goalie Connor Hellebuyck during the State of the Union by announcing he would receive the Presidential Medal of Freedom. The men’s team, fresh off their first Olympic gold since 1980, earned a rousing ovation.READ THE FULL REPORT |
| Mamdani Faces Backlash After Visit to Iran-Connected Queens MosqueMayor Zohran Mamdani is under fire for attending the Imam Al-Khoei Islamic Center in Queens, a mosque with reported financial ties to the Alavi Foundation and alleged Iranian links, where an imam reportedly called for violence against “infidels.”READ THE FULL REPORT |
| Judge Keeps Utah County Prosecutors on Charlie Kirk Murder Case as Death Penalty Bid Moves ForwardA Utah judge refused a defense push to disqualify the entire Utah County Attorney’s Office in the Charlie Kirk murder case, allowing prosecutors to keep pursuing capital punishment while rejecting claims of office-wide bias.READ THE FULL REPORT |
NEWSWIZE
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS THURSDAY MORNING 6;30AM//OPENING AND CLOSING
CUBA/USA
“Regime Must Be Relegated To Dustbin Of History”: Florida Congressman Erupts After Cuba Attacks U.S. Speedboat
Wednesday, Feb 25, 2026 – 04:45 PM
Update (1605ET):
Florida Republican Rep. Carlos Gimenez blasted the Cuban regime shortly after news hit the wires that Cuban border guards aboard a vessel had fired on and killed four people and injured six on a U.S.-linked speedboat off Cuba’s north coast. The Cuban Embassy in the U.S. did not specify the exact timing of the incident in its X post.
“The dictatorship in Cuba has just attacked a boat from Florida & murdered those on board,” Gimenez wrote on X, adding, “This regime must be relegated to the dust bin of history!”
This incident is especially significant because it could provide the Trump administration with enough cover to intensify pressure on the communist regime in Havana, which the administration appears to view as already near collapse.
The key question now is how the federal government frames the narrative around the maritime incident, whether it uses it to shape public opinion, and whether this marks the early innings of a new narrative that supports future intervention to topple the communists in Havana.
In other news, are Cuban Cohibas about to go limit up?
* * *
The Cuban Embassy’s official X account reported that a Florida-registered speedboat illegally entered Cuban territorial waters. This prompted a maritime unit of Cuban border guards to intercept the vessel, after which a firefight erupted, leaving four people aboard the speedboat dead and six injured.
“The vessel, registered in Florida, United States, with registration number FL7726SH, approached to within 1 nautical mile northeast of the El Pino channel, in Cayo Falcones, Corralillo municipality, Villa Clara province,” Cuba’s embassy wrote on X, citing a note from the Ministry of the Interior.
The incident took place on Cuba’s north coast, near Cayo Falcones and the Corralillo area, along the edge of Santa Clara Bay.
The embassy included more details:
When a surface unit of the Border Guard Troops of the Ministry of the Interior, carrying five service members, approached the vessel for identification, the crew of the violating speedboat opened fire on the Cuban personnel, resulting in the injury of the commander of the Cuban vessel.
As a consequence of the confrontation, as of the time of this report, four aggressors on the foreign vessel were killed and six were injured. The injured individuals were evacuated and received medical assistance.
In the face of current challenges, Cuba reaffirms its determination to protect its territorial waters, based on the principle that national defense is a fundamental pillar of the Cuban state in safeguarding its sovereignty and ensuring stability in the region.
What armed men aboard the Florida-registered speedboat were doing inside Cuban territorial waters remains a very open question at the moment.
*Developing…
end
Ten Cuban Nationals Aboard U.S.-Linked Speedboat Intended “Armed Infiltration For Terrorist Purposes,” Cuba Claims
Thursday, Feb 26, 2026 – 08:25 AM
The Cuban Embassy’s official X account says a Florida-registered speedboat carrying 10 Cuban nationals residing in the U.S. entered Cuban territorial waters armed with assault rifles, body armor, improvised explosive devices, camouflage uniforms, and telescopic sights, in what the government says was a “foiled armed infiltration” into the Caribbean island nation.
Late Wednesday afternoon, the embassy’s account reported that Cuban border guards aboard a vessel had fired on a U.S.-linked speedboat off Cuba’s north coast, killing four people and injuring six others.
By late Wednesday, the embassy provided additional details about what the group of “Cuban nationals residing in the United States” was allegedly attempting to do, describing it as an effort to “carry out an infiltration for terrorist purposes.”
Here’s what the embassy said:
Participants in Foiled Armed Infiltration in Villa Clara Identified
As part of the ongoing investigation into the armed attack against a patrol vessel of the Border Guard Troops of the Ministry of the Interior, in the northeastern area of the El Pino channel, at Cayo Falcones, municipality of Corralillo, Villa Clara province, the following update is provided:
Authorities have confirmed that the intercepted speedboat, registered in the State of Florida under number FL7726SH, was carrying 10 armed individuals who, according to preliminary statements by those detained, intended to carry out an infiltration for terrorist purposes.
The following items were seized: assault rifles, handguns, improvised explosive devices (Molotov cocktails), body armor, telescopic sights, and camouflage uniforms.
. . .
All participants are Cuban nationals residing in the United States. Most have prior records involving criminal and violent activity…
U.S. Secretary of State Marco Rubio commented on the incident, saying, “What I’m telling you is we’re going to find out exactly what happened and who was involved. We’re not going to just take what somebody else tells us. I’m very confident we will be able to know the story independently.”
The Trump administration’s current posture toward Cuba is geared toward increasing pressure on Havana and ridding the island of communism. As noted yesterday, the key question is how the administration frames the narrative around the maritime incident, whether it uses it to shape public opinion, and whether this marks the early stages of a new narrative that supports future intervention to topple the communists in Havana.
end
OPENING LEVELS OF CURRENCIES// AND CLOSING ASIAN STOCK MARKET AND OPENING EUROPEAN STOCKS:6 AM EST
EURO VS USA DOLLAR: 1.1798
USA/ YEN 156.06 DOWN 0.1060 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 1.3527 DOWN 0.0030 OR 30 BASIS PTS
USA/CAN DOLLAR: 1.3676 UP 0.0003 CDN DOLLAR DOWN 3 BASIS PTS//(DESPITE TRUMP’S TARIFFS)
Last night Shanghai COMPOSITE CLOSED DOWN 0.60 PTS OR 0.01%
Hang Seng CLOSED DOWN 384.70 PTS OR OR 1.44%
AUSTRALIA CLOSED DOWN 0.03%
// 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 DOWN 0.60 PTS OR 0.01%
AUSTRALIA BOURSE CLOSED DOWN 0.02 %
(Nikkei (Japan) CLOSED UP 233.38 PTS OR 0.41%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 5187.80
silver:$87.63
USA DOLLAR VS TRY (TURKISH LIRA): 43.88
USA DOLLAR VS RUSSIAN ROUBLE: 76.96 ROUBLE// DOWN 31 BASIS PTS
UK 10 YR BOND YIELD: 4.320 UP 0 BASIS PTS
UK 30 YR BOND YIELD: 5.128 DOWN 1 BASIS PTS
CDN 10 YR BOND YIELD: 3.205 DOWN 0 BASIS PTS
CDN 5 YR BOND YIELD; 2.745 UP 1 BASIS PTS
USA dollar index early THURSDAY MORNING: 97.68 UP 6 BASIS POINTS FROM WEDNESDAY’s CLOSE
THURSDAY MORNING NUMBERS ENDS
And now your closing THURSDAY NUMBERS 10.00 AM
Portuguese 10 year bond yield: 3.038% DOWN 2 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.134% UP 0 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.753 DOWN 1 BASIS PTS//DIASTER
SPANISH 10 YR BOND YIELD: 3.100 DOWN 2 in basis points yield
ITALY 10 YR BOND: 3.302 DOWN 2 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (
GERMAN 10 YR BOND YIELD: 2.6953 DOWN 2 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY THURSDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/10:00 AM
Euro/USA 1.1810 DOWN 0.0005 OR 5 basis points
USA/Japan: 156.08 DOWN 0.084 OR YEN IS UP 8 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.282 DOWN 3 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.084 DOWN 5 BASIS POINTS.
Canadian dollar UP 5 BASIS pts to 1.3692
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The USA/Yuan CNY UP 6.8413 ON SHORE ..
THE USA/YUAN OFFSHORE// CNH UP TO 6.8343
TURKISH LIRA: 43.88 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
Your closing 10 yr US bond yield DOWN 2 in basis points from WEDNESDAY at 4.031% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.670 DOWN 3 basis points /10:00 AM
USA 2 YR BOND YIELD: 3.465 DOWN 1 BASIS PTS.
GOLD AT 10;00 AM 5167.80
SILVER AT 10;00: 86.98
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates THURSDAY CLOSING TIME 10:00 AM//
London: CLOSED UP 40.29 PTS OR 0.37%
GERMAN DAX: CLOSED UP 113.08 OR 0.45%
FRANCE: CLOSED UP 61.86 PTS OR 0.72%
Spain IBEX CLOSED UP 35.60 PTS OR 0.19%
Italian MIB: CLOSED UP 255.80 PTS OR 0.54%
WTI Oil price 64.26 10.00 EST/
Brent Oil: 69L86 10:00 EST
USA /RUSSIAN ROUBLE /// AT: 76.90 ROUBLE DOWN 0 AND 0 / 100
CDN 10 YEAR RATE: 3.174 DOWN 3 BASIS PTS.
CDN 5 YEAR RATE: 2.715 DOWN 3 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1802 DOWN 0.0013 OR 13 BASIS POINTS//
British Pound: 1.3491 DOWN 0.0067 OR 67 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.270 DOWN 4 FULL BASIS PTS//
BRITISH 30 YR BOND YIELD: 5.074 DOWN 5 IN BASIS PTS.
JAPAN 10 YR YIELD: 2.155 UP 2 FULL BASIS PTS (DANGEROUS TO THEIR ECONOMY
JAPANESE 30 YR BOND: 3.375 UP 1 PTS AND STILL VERY DANGEROUS TO THEIR ECONOMY
USA dollar vs Japanese Yen: 156.07 DOWN 0.097 OR YEN UP 10 BASIS PTS EXTREMELY DANGEROUS/YEN FALLING DEEPLY IN VALUE
USA dollar vs Canadian dollar: 1.3678 DOWN 0.0004 PTS// CDN DOLLAR UP 4 BASIS PTS
West Texas intermediate oil: 65.41
Brent OIL: 70.85
USA 10 yr bond yield DOWN 4 BASIS pts to 4.012
USA 30 yr bond yield: DOWN 5 PTS to 4.642%
USA 2 YR BOND 3.440 DOWN 4 PTS
CDN 10 YR RATE 3.176 DOWN 2 BASIS PTS
CDN 5 YEAR RATE: 2.709 DOWN 4 BASIS PTS
USA dollar index: 97.60 UP 7 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 43.86 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 76.66 UP 0 AND 0/100 roubles //
GOLD $5191.25 3:30 PM)
SILVER: 88.57 3;30 PM)
DOW JONES INDUSTRIAL AVERAGE: UP 17.05 OR 0.034%
NASDAQ 100 DOWN 294.66 PTS OR 1.16%
VOLATILITY INDEX 18L56 UP 0.63 PTS OR 3,51%
GLD: $ 477.48 UP 4.08 PTS OR 0.86%
SLV/ $80.44 UP 0.40 PTS OR OR 0.50 %
TORONTO STOCK INDEX// TSX INDEX: CLOSED UP 360.35 PTS OR 1.06%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
Software Jumps, Momo Slumps, & AI Dumps Most Since ‘DeepSeek’; Bonds & Bullion Bid
WRAP UP
Tech weakness hits indices as NVDA slumps – Newsquawk US Market Wrap
Thursday, Feb 26, 2026 – 04:24 PM
- SNAPSHOT: Equities mixed, Treasuries up, Crude down, Dollar up, Gold up
- REAR VIEW: NVDA earnings beat still underwhelms investors; Omani, Iranian, and US officials speak well of nuclear talks, set to continue next week; Initial claims tick higher, continued claims drop; Trump-Xi summit preparations reportedly behind schedule; US 7yr note auction shows improvement from 2- and 5yr auctions; Credit concerns renew amid bank exposure to UK Lender MFS collapse.
- COMING UP: Data: UK GfK Consumer Confidence (Feb), German Import Prices (Jan), French/Spanish/German CPI (Feb), German Unemployment Rate (Feb), Canadian GDP (Jan), US PPI (Jan). Speakers: BoE’s Pill. Supply: Australia, Japan. Earnings: Holcim, BASF
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MARKET WRAP
It was largely a risk-off trade on Thursday as Nvidia (NVDA) post/pre-market upside failed to hold after a strong earnings report, with the stock ultimately closing -5.5%, weighing on broader indices. Tech led the downside with weakness in hardware names, although software names caught a reprieve after recent weakness following a slew of strong earnings last night, particularly Salesforce (CRM). While Financials outperformed in terms of sectors, a bout of weakness (including indices) was seen after a list of banks had reported exposure to the collapse of UK lender MFS. In which the judge cited accusations of fraud and double-pledging, similar to the causes behind the First Brands bankruptcy in 2025. Jefferies (JEF, -3.4%), Apollo (APO, -2.4%), Wells Fargo (WFC, -0.2%) and Barclays (BARC LN) had exposure, and as such underperformed while XLF kept onto its gains of 1.2%. Aside from Nvidia (NVDA), risk sentiment soured further amid reports via SCMP that the Trump-Xi summit preparations falter, with analysts warning that China wants a “many months” process to prepare for such a summit, expressing frustration around how limited US diplomatic channels are. Around the same time, tensions were rising amid reports from the morning US/Iran talks, which started off poorly, hitting sentiment further, supporting havens and lifting crude. However, crude gave back the gains after the afternoon talks were completed, which were ultimately seen as more positive with progress being made – technical talks set to resume in Vienna next week from Monday. Elsewhere, Jobless Claims data continued to show a low-hire, low-fire economy, while Fed speakers largely reiterated recent commentary. Goolsbee is optimistic about further rate cuts this year, but he needs to see inflation returning to target. Miran reiterated he wants 100bps of cuts this year. The 7-year T-note auction was better received than the 2- and 5-year supply earlier in the week, but there was little reaction. The dollar tracked the above risk-off drivers higher, before paring strength as geopolitical tensions eased after the second round of US-Iran negotiations; JPY outperformed following recent weakness, while GBP lagged as attention turns to local elections.
US
JOBLESS CLAIMS: Initial Claims (w/e Feb 21st) rose to 212k from 208k, but below the 215k forecast. The four-week average rose by 750 to 220.25k. Meanwhile, the unadjusted data fell 16.7k to 193.1k, while seasonal factors expected a 19.8k drop. Continued Claims, for the preceding week (which coincides with the usual NFP survey window), fell to 1.833mln from 1.864mln, below the 1.86mln forecast. The unadjusted data fell 50.4k to 2.15mln while seasonal factors expected a 14.9k decrease. Regarding the initial claims, Pantheon Macroeconomics advise “against reading too much into the latest week-on-week change in adjusted initial claims, given that the seasonal factors have a tough job precisely capturing the fleeting impact on unadjusted claims from the President’s Day holiday.” The desk notes unadjusted claims are still very subdued, and layoffs remain at very low levels, and forward-looking indicators expect this to continue. It also highlights how hiring remains soft. Pantheon thinks that “leaves room for payroll growth to continue to undershoot the economy’s ‘break-even’ pace, putting renewed upward pressure on the unemployment rate”.
FED’S MIRAN (Voter): The Fed Governor reiterated that the Fed should cut by 100bps this year, whereby four cuts are appropriate and sooner rather than later. This confirms Miran is continuing to take a step back in his calls for 50bps rate cuts, and prefers a 25bps increment for 2026. Miran doesn’t believe the US has an inflation problem. He views prices as stable and expects AI to be profoundly disinflationary. Miran thinks the labour market has been a bit better, but it is still too early to sound the all clear. He argues that monetary policy could offset the impact of credit card gaps. Meanwhile, Miran has not seen anything worrisome yet in private credit despite some bumps, noting it is not yet worrying from a macro perspective. On banking, he said banks are over-regulated, harming credit creation, and he is a big supporter of Bowman’s agenda.
FIXED INCOME
T-NOTE FUTURES (H6) SETTLED 8+ TICKS HIGHER AT 113-13+
T-notes rally in risk-off trade. At settlement, 2-year −2.7bps at 3.444%, 3-year −3.2bps at 3.452%, 5-year −3.7bps at 3.579%, 7-year −3.7bps at 3.775%, 10-year −3.2bps at 4.016%, 20-year −3.0bps at 4.607%, 30-year −2.78ps at 4.666%.
THE DAY: T-notes were firmer across the curve on Tuesday. Overnight trade was quiet, but T-notes rallied throughout the US session while the jobless claims data had little effect. The upside really kicked off after the US equity open, where any post- and pre-market gains in Nvidia (NVDA) were wiped out (and more) despite a stellar report. Meanwhile, the SCMP reported that the Trump-Xi summit preparations faltered as planning gaps unsettled Beijing. This further hit risk sentiment, weighing on equities and boosting Treasuries, while at the same time, more haven demand was seen as the first stage of Iran/US talks this morning, which seemingly did not get off to a great start. Attention then shifted to the 7-year auction, which was better received than the 2 and 5-year supply earlier this week (see below). Later, the second part of the US/Iran talks concluded, which ultimately were a lot more optimistic than the morning session – talks resume next week. Fed speak saw Goolsbee largely reiterate recent commentary, noting he wants inflation to come down before easing policy, but he is still optimistic that the Fed can cut rates more this year.
SUPPLY
Bills
- US sold 8-week bills at high rate of 3.630%, B/C 2.80x; sold 4-week bills at high rate of 3.625%, B/C 2.88x
- US to sell USD 77bln 26-week bills and USD 89bln 13-week bills on March 2nd; to sell USD 90bln on March 3rd; all to settle on March 5th
Notes
- The US sold USD 44bln of 7-year notes at a high yield of 3.790%, on the screws vs the When Issued. This was better than the prior and six auction average of a 0.4bps tail, and also a better sign of demand when compared to the 2- and 5-year issuance earlier in the week. The Bid-to-cover rose above recent averages to 2.50x, with these strong metrics despite a rally in T-notes ahead of the auction. The breakdown was more average, with direct demand rising to 26%, in line with recent averages, while indirect demand slipped to 63.6%, slightly above the 62.6% average, which left dealers with 10.4% of the auction, slightly lower than the prior and average.
STIRS/OPERATIONS
- Market Implied Fed Rate Cut Pricing: March 0bps (prev. 0bps), April 3.2bps (prev. 2.7bps), June 11.3bps (prev. 10.8bps), December 54.2bps (prev. 52.3bps).
- NY Fed RRP op demand at 3.80bln (prev. 1.16bln) across 7 counterparties (prev. 7) on February 26th
- SOFR at 3.67% (prev. 3.67%), volumes at USD 3.232tln (prev. USD 3.239tln) on February 25th
- EFFR at 3.64% (prev. 3.64%), volumes at USD 108bln (prev. USD 106bln) on February 25th
CRUDE
WTI (J6) SETTLED USD 0.21 LOWER AT USD 65.21/BBL; BRENT (J6) SETTLED USD 0.10 LOWER AT USD 70.75/BBL
The crude complex was choppy around US/Iran negotiations and ultimately settled mixed. The US and Iran met in Geneva in two stages today. After the first stage, reports suggested that there’s still uncertainty over Iran’s stance on key issues in Geneva, and US officials question whether Iran’s Supreme Leader will agree to the proposed terms. One of the key sticking points is seemingly over-enriched uranium, whereby the US wants Iran to destroy its three main nuclear sites, and asks Iran to deliver its remaining enriched uranium to the US, but Iran has said it will not allow enriched uranium to leave the country. The reporting after the first meeting took benchmarks to new highs ahead of the second stage of talks. The second stage was seemingly much more positive, with the Omani Foreign Minister (the mediator of talks), noting progress had been made, which sent crude prices lower. Iran also toed the same line, with the foreign minister Araghchi later stating that an agreement is imminent. There wasn’t much reporting from the US side, but Axios said a US official told them that nuclear talks were positive. Technical discussions are set to resume next Monday in Vienna between the US and Iran. Around the settlement, Iran noted how they came very close to understanding and some issues remain a matter of dispute with Washington. Elsewhere, crude specific newsflow was pretty sparse amid no breakthrough in talks between US/Russia/Ukraine. WTI traded between USD 63.60-66.71/bbl and Brent between USD 69.16-72.36/bbl.
EQUITIES
CLOSES: SPX -0.54% at 6,909, NDX -1.16% at 25,034, DJI +0.03% at 49,499, RUT +0.52% at 2,677
SECTORS: Technology -1.81%, Communication Services -0.75%, Consumer Discretionary -0.40%, Utilities -0.38%, Consumer Staples -0.37%, Health -0.23%, Materials -0.09%, Energy +0.26%, Real Estate +0.47%, Industrials +0.63%, Financials +1.29%.
EUROPEAN CLOSES: Euro Stoxx 50 -0.28% at 6,156, Dax 40 +0.40% at 25,278, FTSE 100 +0.38% at 10,847, CAC 40 +0.72% at 8,621, FTSE MIB +0.53% at 47,423, IBEX 35 +0.19% at 18,497, PSI -0.30% at 9,268, SMI -0.56% at 13,904, AEX -0.74% at 1,022
STOCK SPECIFICS:
- Nvidia (NVDA): EPS, rev. beat & issued stronger-than-exp. guidance, driven by a 75% surge in data centre rev. amid booming AI demand. Shares pared gains w/ traders underwhelmed by a routine beat & concerns over customer concentration, competition. Newsquawk review/sell-side piece available here
- Salesforce (CRM): FY rev. guide came in light; but EPS, rev. topped w/ a new $50bln share buyback commitment
- Snowflake (SNOW): Top & bottom-line surpassed expectations.
- Nutanix (NTNX): AMD will buy $150mln of NTNX stock & provide up to $100mln to fund joint engineering & sales initiatives to develop an AI infrastructure platform
- Zoom (ZM): Profit light
- The Trade Desk (TTD): Weak next Q rev. outlook
- Amazon (AMZN): Plans to invest up to $50bln in OpenAI
- JM Smucker (SJM): Strong results; Appoints 2 new independent directors following constructive engagement w/ Elliott
- Financials pared gains after reports Barclays (BARC LN), Atlas, Jefferies (JEF), Wells Fargo (WFC), Apollo Global Management (APO), and Santander (SAN MC) also among lenders to collapsed MFS.
- Caesars Entertainment (CZR) is considering takeover interest from several potential bidders, including Fertitta Entertainment, according to the FT, citing sources.
- Paypal (PYPL) and Stripe not currently in talks, Semafor reports.
- Victory Capital offers to buy Janus Henderson Group (JHG) for USD 57.04/shr.
FX
USD was broadly firmer as the number of risk-off events unfolded. First-off was pressure in equities following the open as investors lacked enthusiasm over Nvidia earnings despite another earnings beat, which left tech names, particularly semiconductors, sold. Thereafter, concerns over a lack of progress in US-Iran talks after the morning round (later eased), dimming views on the preparations behind the upcoming US-China summit, as well as international bank exposure to a UK lender MFS’s collapse, left the dollar in an attractive place. Separately, US data was contained to initial claims, which were modestly higher W/W, but lower than expected, while continued claims dropped after three consecutive weeks of gains; muted reaction across USD and yields was seen. DXY hit highs of 97.98 but later trimmed as geopolitical concerns were eased as Iran-US talks made progress, said Iranian, Omani and US officials.
JPY outperformed against USD, rising modestly as a lack of tier 1 data and BoJ policy-related remarks did little to move the needle. BoJ Governor Ueda reiterated the hiking bias, while hawkish dissenter Takata also stated that they must conduct further rate hikes in a gradual manner. ING believes 157.7 (Feb 9 high) could be retested soon; above that raises intervention risk, but Japanese authorities will likely wait until 160.
Cyclical currencies generally were on the backfoot as risk sentiment slipped, with GBP the notable laggard. A likely factor behind the underperformance was the aforementioned UK lender MFS, which collapsed, where the judge cited accusations of fraud and double-pledging of assets (similar to First Brands in 2025). Cable hit lows of 1.3345 before paring losses to around 1.3488 amid a pullback in the Dollar as geopolitical fears eased, while the financial sector drawdown on the news in the US proved short-lived. Attention turns to the Gorton and Denton by-election results tonight, which will be viewed as a testament to where the voters sit, largely focusing on Labour’s/Reform’s strength or weakness.
USA DATA RELEASE
Jobless Claims Continue To Show No Signs Of Labor Market Stress
Thursday, Feb 26, 2026 – 08:37 AM
Initial jobless claims continue to hover near multi-decade lows, refusing to show any signs of labor market stress.
Last week saw 212k American file for jobless benefits for the first time (below the 216k expected). Unadjusted claims tumbled to the lowest since September…
Source: Bloomberg
Michigan and New York saw the largest drop in initial jobless claims last week while Rhode Island and Oklahoma saw the bigger rise in claims…
The number of Americans filing for continuing jobless claims also dropped last week to 1.833 million (well below the 1.9mm Maginot Line)…
Source: Bloomberg
It seem the ‘no fire’ side of the ‘no fire-no hire’ economy continues to support trend growth.
end
USA ECONOMIC COMMENTARIES
VICTOR DAVIS HANSON
KING NEWS
| The King Report February 26, 2026 Issue 7688 | Independent View of the News |
| You know Trump had a great SOTU Speech when Obama’s political brain, David Axelrod, hailed it. With Nvidia’s results due after the NYSE close yesterday (NVDA hit +2.53% at 12:19 ET), traders poured into Fangs and AI-related sardines. When this occurs, the contra-trade is selling DJTA stocks. ESHs fell to 6895.75 (-8.00) at 18:07 ET and then rallied during Trump’s SOTU Speech. After hitting 6917.50 at 21:37 ET (and DJT’s SOTU over), ESHs sank to a daily low of 6892.25 at 22:33 ET. After a spike to6912.50 at 22:54 ET, ESHs went inert until they popped on the 3 ET European opening. ESHs plodded higher until the rally accelerated after 6:30 ET. After hitting 6949.00 (+45.25) at 9:48 ET, the Pro Dump appeared. ESHs fell to 6930.25 at 10:55 ET. A Noon Balloon took ESHs to 6956.00 (+52.25) at 13:01 ET. After a retreat to 6951.00 at 13:37 ET, ESHs plodded to 6962.25 at 15:02 ET. After a dip to 6956.50 at 15:35 ET, ESHs spiked to the daily high of 6965.75 at 15:50 ET. Positive aspects of previous session Fangs and AI-related sardines rallied sharpy; the DJIA rallied smartly. Negative aspects of previous session The DJTA declined smartly; USHs declined modestly. Precious metals rallied smartly. Ambiguous aspects of previous session Bitcoin soared on technical buying. 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]: 6937.93 Previous session S&P 500 Index High/Low: 6952.51; 6915.15 @theallocator_: If Price to Sales Ratio normalize to its 10-year average (2.5x Sales) this would mean a 28% correction for the S&P 500. https://x.com/theallocator_/status/2026669764903375090 Nvidia reported EPS of 1.62, 1.53 exp; Revenue of $68.1B, $65.912B exp. CEO Huang issued his usual over-the-top bullish remarks. NVDA sees Q1 Revenue of $76.44B to $79.56 B; $72.78B expected. Nvidia declined on the release of its results but rallied as much as 4.1% on the usual bullish forecast. Today – Nvidia’s results, and action were Groundhog Day, a rerun of past results and Huang’s act. The key for today will be how Nvidia acts, especially after the 1st hour of trading and all the lemmings exhaust their buying. Spoiler alert: NVDA rescinded its entire 4.1% gain in 14 minutes. After a series of lower rebounds, NVDA fell to a 1.46% loss at 18:42 ET. It has rebounded to unchanged. Expected Economic Data: Initial Jobless Claims 216k, Continuing Claims 1.858m; Feb KC Fed Mfg. 2 Fed Speakers: Gov Bowman testifies on regulation at Senate Banking Committee at 10:00 ET ESHs are -11.50; NQHs are -74.00; USHs are -2/32; precious metals are down modestly at 20:16 ET. S&P Index 50-day MA: 6897; 100-day MA: 6828; 150-day MA: 6713; 200-day MA: 6549 DJIA 50-day MA: 49,062;100-day MA: 48,048; 150-day MA: 47,120; 200-day MA: 46,110 (Green is positive slope; Red is negative slope) S&P 500 Index (6946.13 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 6919.33 triggers a sell signal @SteveGuest: BOMBSHELL CNN POLL POST PRESIDENT TRUMP’S STATE OF THE UNION ADDRESS: “Following the address, 62% of speech-watchers said both that Trump’s economic policies and his immigration policies would move the country in the right direction.” https://x.com/SteveGuest/status/2026769081274167525/photo/1 Trump Talks Economy, Immigration, Taxes, And AI in State of The Union Address (Recap) https://www.zerohedge.com/political/5-things-watch-trumps-state-union-address-tonight Big ideas from Trump’s State of the Union speech, from federal 401k payments to Dalilah’s law https://justthenews.com/politics-policy/all-things-trump/big-ideas-trumps-state-union-speech-federal-401k-payments-dalilahs @DavidJHarrisJr: President Trump “If you believe your first duty is to the American people, and not illegal immigrants… please stand up.” All Republicans stood. Not a single Democrat stood…. @seanmdav: TRUMP: “You should be ASHAMED of yourselves for not standing up” to applaud the protection of American citizens, Trump says to Democrats. Republicans responded by chanting U-S-A! Democrats booed. @nicksortor: President Trump just memorialized Iryna Zarutska (killed illegal), and introduced her mother, who was crying in the House chamber. Trump LAMBASTED Democrats for REFUSING to stand: “You are sick, SICK people!” https://x.com/nicksortor/status/2026498731630039127 @BuzzPatterson: The young Army pilot who led the Maduro raid and whose legs were sliced up by enemy fire, struggled to stand with the use of crutches. Democrats didn’t bother to stand at all. I’ve never been so pissed in my life. CNN’s @ScottJenningsKY: Moment of the night: Democrats refusing to stand to affirm their allegiance to American citizens over illegal aliens. Will be signature moment of this speech. Trump nailed them. @joeroganhq: Trump as he points to Democrats: “Nobody stands up. These people are crazy. I’m telling you. They’re crazy… Democrats are destroying out country…” https://x.com/joeroganhq/status/2026655923800801662 @RNCResearch: CBS’s Major Garrett admits President Trump successfully drew a clear contrast with Democrats tonight: “They can’t even applaud basic commonsense things.” https://x.com/RNCResearch/status/2026525451267473526 Fox’s @BillMelugin_: “Every Republican I’ve been talking to… they’re all saying to me, ‘Unbelievable. Can you believe how far the Democrats have gone, that they won’t even stand for a statement like that?'” https://x.com/TrumpWarRoom/status/2026662710738358571 @libsoftiktok: Democrat Rep. Robin Kelly laughs and mocks American heroes and veterans who received medals from Trump. Beyond sickening https://x.com/libsoftiktok/status/2026649222523793573 @EndWokeness: The NYT just did a hit piece on the US men’s hockey team for not rejecting Trump’s call. (The U.S. men’s Olympic hockey team won gold – and then lost the room – “This isn’t a neutral climate. This isn’t a neutral president…”) https://x.com/EndWokeness/status/2026437402512740375 @sarahadams: This is absurd, it’s a privileged and honor for anyone to be invited to the White House no matter what party is in power. @NYT wants to bully people into not loving their country and it’s not accidental. @nytimes: From @TheAthletic: Eileen Gu (Competed for China) was the highest earner at the 2026 Winter Olympics. “The scientist, politician, skier, model, and student is like a magician, the audience dazzled by her mastery but somewhat irked by how she does it,” our columnist writes. @MZHemingway: This is a pretty good example of why so many Americans view left-wing media such as the New York Times as an enemy of the American people. Here is pro-Communist China propaganda on the sports page. Like it’s no big deal. @greg_price11: Sports media has more harsh words to say about the USA hockey team for taking a call from President Trump than Eileen Gu for betraying the U.S. to compete for the CCP. (Yes, Virginia, the whacko left has pushed the US to the edge – and it’s hard to see a soft landing!) @ClayTravis: Back in 2012, MSNBC attacked an American hockey player for choosing not to visit the White House under Obama, arguing White House visits for champions were standard & not the time to play politics. Now the entire Democrat party argues the exact opposite: https://x.com/ClayTravis/status/2026710161323159942 Comedian and talk show host @billmaher: Trump just said what I said Friday: the other side never claps for the other team, advertising to the world that the state of our nation is HOPELESSLY DIVIDED. Mamdani refuses to call mob launching snowballs at cops a ‘criminal’ act, says it just ‘looks like a snowball fight’ – NYPD Commissioner Jessica Tisch deeming it “criminal” and saying the department was investigating… Patrick Hendry, president of the Police Benevolent Union, called Mamdani’s response a “complete failure of leadership.” “This was not just a ‘snowball fight.’ This was an assault — by adults throwing chunks of ice and rocks — that landed two police officers in the hospital with head and face injuries,” he said. “By ignoring their injuries and dismissing the incident, the mayor has sent a disgraceful message to every police officer who serves this city, and a dangerous message to every person who might be looking to attack a police officer in the future.”… https://nypost.com/2026/02/24/us-news/mamdani-jokes-about-snowball-attack-on-nypd-says-cops-should-be-treated-with-respect/ @RealJamesWoods: Democrat says putting nutritious white milk in schools is white supremacy. It’s now become impossible to parody Democrats. https://x.com/RealJamesWoods/status/2026699693208776803 @Osint613: California Governor Gavin Newsom: “No doubt that the Democratic Party needs to be, dare I say, more culturally normal. I believe that. Less prone to spending a disproportionate amount of time on pronouns, identity politics, more focused on tangible issues, things that really matter, like electricity bills, childcare costs, health care, and, obviously, housing. I mean, here I was, way out front on marriage equality. So, I understand this from both the receiving end and on the…” https://x.com/Osint613/status/2026008165133758676 The Fani Files: Georgia prosecutor plotted Trump case closely with Biden DOJ, J6 Democrats: memos – Just the News and America First Legal win access to 8,000 pages of documents after extensive open records litigation. The memos include revelations on how Joe Biden waived Trump’s executive privilege specifically to aid Georgia prosecutors… https://justthenews.com/accountability/political-ethics/wedfani-files-georgia-prosecutor-coordinated-trump-case-closely FBI obtained Kash Patel’s phone records while he was a private citizen in 2022 The bureau also obtained White House Chief of Staff Susie Wiles’ phone records in 2023. https://justthenews.com/government/federal-agencies/fbi-obtained-kash-patels-phone-records-while-he-was-private-citizen @EndWokeness: Mayor Mamdani and AOC release ad to encourage illegal aliens to sign up for 𝙁𝙍𝙀𝙀𝘾𝙃𝙄𝙇𝘿𝘾𝘼𝙍𝙀, in Spanish. https://x.com/EndWokeness/status/2026378627370385558 | |
SWAMP STORIES FOR YOU TONIGHT
Blue states like California are totally insane and they are not protecting their citizens
(Heine/American Greatness)
Outrage In Sacramento: California Parole Board Grants Release Of Serial Child Rapist
Wednesday, Feb 25, 2026 – 04:20 PM
Authored by Debra Heine via American Greatness,
The California Parole Board’s decision to release a serial child molester who used candy and toys to lure children as young as three years old has sparked outrage from victims, prosecutors, and law enforcement officials.
David Allen Funston, 64, was convicted in 1999 of sixteen counts of kidnapping and child molestation after a horrific crime spree in Sacramento County, during which he kidnapped, raped, and beat eight children aged 3 to 7.
The judge described him as “the monster parents fear the most” and sentenced him to three consecutive life terms plus 20 years.
Funston was recently granted parole under California’s Elderly Parole Program, which allows inmates over 50 who have served at least 20 years to be considered for release.
He was initially denied parole in May 2022 but was granted suitability for release in September 2025.
Governor Gavin Newsom (D.) requested a review of the decision and the Board of Parole Hearings reaffirmed it on February 18, 2026.
Newsom did not override the decision.
Former prosecutor Anne Marie Schubert, who prosecuted Funston in what she called “the worst child predator case I’ve ever seen,” has urged the state to screen him for the Sexually Violent Predator (SVP) program, which would allow civil commitment to a state hospital instead of public release.
“He was hunting for young children,” Schubert, now a victim’s rights advocate, told the Modesto Bee.
“It boggles the mind. He’s the poster child for why sex offenders should be exempt from elderly parole.”
Court records at the time showed Funston had a prior sexual assault conviction in Colorado before moving to California. According to authorities, he served time in a Colorado prison for third-degree sexual assault but was never required to register as a sex offender when he relocated to Sacramento County.
“He is a serial predator is what he is,” Deputy District Attorney Hillary Bagley said in 1996 as charges mounted ahead of his 2½ month trial, according to previous Bee reporting. “He is every parent’s worst nightmare.”
Schubert provided graphic details to the Los Angeles Times of a horrible case in 1995, where Funston used candy to lure a 5-year-old girl into his car, and then took her up into the hills and molested her.
“He beat her. He took her underwear and shoved it down her throat because she was screaming. He then raped her to the point that she has vaginal trauma,” Schubert recalled.
Sacramento County Sheriff Jim Cooper held a press conference Monday and blasted the parole board’s decision to release the dangerous predator back onto the streets.
“He lured them with candy and Barbie dolls. He stole their childhoods. I’ve seen the reports. They’re horrific,” Cooper said.
The sheriff described how Funston kidnapped one little girl in 1995, “viciously” raped her and then drove her to another location where he punched her and kicked her out of the car.
“There’s no explanation. There are some folks who deserve a second chance at life—someone who does these types of things doesn’t deserve a second chance at life,” Cooper said. “The people of Sacramento and every parent across California, deserve answers.”
The sheriff questioned why California would “be okay” with this releasing an infamous child predator like Funston back onto the streets and said California’s parole program needs to be changed.
Sergeant Rafael Rodriguez, who had worked the case in the 1990s as a detective, said he was “outraged” when he read that the monster he helped put behind bars was about to be released. Rodriguez told reporters that the entire Sacramento police bureau has not forgotten the appalling Funston case.
The sergeant said he immediately called Sheriff Cooper and said, “we can’t allow this. This is wrong.”
He lamented that while Funston is being released back onto the streets, his victims are serving the life sentences that come with severe trauma.
“Wherever he is going to be released to better watch him,” Rodriguez warned.
During the presser, Undersheriff Mike Ziegler stressed that child molesters like Funston cannot be rehabilitated.
“There are certain crimes that cannot be rehabilitated and this is one of them,” Ziegler said.
Amelia, who was 3-year-old when she was molested by Funston, also spoke during the presser to plead with the state to keep him incarcerated for life.
“I feel that he does not deserve his freedom,” she said. “He does not need to be back in public society. He is a criminal child molester who is dangerous and deserves to spend the rest of his life behind bars,” she added.
The Sacramento Sheriff’s Office provided additional details about the case in a statement on X Monday.
“The Elderly Parole Program was meant for those who no longer pose a danger. In cases like this, it fails. Our number one responsibility is to protect children. That should never be controversial or partisan,” the sheriff’s office stated. “Protecting children is not rhetoric. It is common sense. Protect children first. Always.”
Funston remains incarcerated at the California Institution for Men in Chino, and the California Department of Corrections and Rehabilitation has not disclosed his release date or location, citing safety and security reasons. Ziegler told reporters however that the likelihood of Funston being released right back into Sacramento was “very high.”
END
that is wokeism!!
After WaPo Axed 30% Of Staff, We Now Learn They Lost $100 Million Last Year – Again
Thursday, Feb 26, 2026 – 12:40 PM
The The Washington Post lost more than $100 million last year, WSJ reports, citing people familiar with the matter – which explains why Jeff Bezos axed 30% of the newspaper’s workforce three weeks ago, including CEO and publisher Will Lewis.
The 2025 loss matches 2024 – when it also lost $100 million, which followed a $77 million loss in 2023, the people said. So, nearly $300 million in losses in three years.
The Post, long associated with its reporting on the Watergate scandal and publication of the Pentagon Papers, has struggled to adapt to a media landscape defined by declining web traffic, shifting reader habits and intense competition for digital advertising. Like many legacy publishers, it has sought to build a sustainable subscription business while navigating the dominance of large technology platforms in distributing news.
In a staff meeting Wednesday, acting Chief Executive and Publisher Jeff D’Onofrio and Executive Editor Matt Murray outlined what they described as years of overspending and falling productivity. The presentation marked their first major address to employees since the layoffs.
According to people who attended, D’Onofrio said expenses exceeded revenue between 2022 and 2025, reflecting a hiring surge in earlier years that added hundreds of staff members. He did not detail the full extent of the losses during the meeting.
The number of news stories published has declined by 42% since 2020, D’Onofrio said, even as newsroom costs in 2025 were 16% higher than in 2020. The figures highlight the strain of maintaining a large reporting staff amid slowing audience growth.
Murray, who previously served as editor in chief of The Wall Street Journal and took the top editorial role at the Post in June 2024, acknowledged what he called “the painfulness of the moment.” He signaled a shift in editorial priorities, urging staff to be more selective.
“We don’t want or need to do every story or jump on everything that happens,” Murray said, according to attendees. “We’re not a paper of record; there’s no such thing anymore in today’s world.”
Still, he emphasized ambition. “We want to be distinctive, urgent, must-read with every chance we have,” he said.
D’Onofrio assumed his current role earlier this month following the departure of publisher and chief executive Will Lewis. He told staff he is developing a broader strategic plan to stabilize the organization.
“Bear with me, because that will take some time and obvious care, but I’m keen to get going on it,” he said. “And we are going to go after it, and we’re going to go after it hard, because we owe it to this place to do that.”
Three weeks ago in a staff call, Murray told employees that the company had been losing too much money for too long, and had not been meeting readers’ needs. As a result, all sections will be affected in some way, and what rises from the ashes would be a publication more focused on national news and politics, business, and health, and less on other things.
“If anything, today is about positioning ourselves to become more essential to people’s lives in what is becoming a more crowded, competitive and complicated media landscape,” Murray said. “And after some years when, candidly, The Post has had struggles.”
Murray also said that search traffic has plummeted nearly in half over the last three years, partly due to the rise of generative AI – and that the Post’s “daily story output has substantially fallen in the last five years.”
The Atlantic, of course, painted WaPo’s mass firings as a ‘murder’ – as opposed to a suicide.
GREG HUNTER….INTERVIEWING DR JEROME CORSI
2026 Midterms A Fight to the Death – Dr. Jerome Corsi
By Greg Hunter On February 25, 2026 In Political Analysis9 Comments
By Greg Hunter’s USAWatchdog.com
Dr. Jerome Corsi has been coming on USAWatchdog for more than a year to talk about the stunning amount of voter and election fraud he and his group are still uncovering. Dr. Corsi has a Harvard PhD in Political Science, and he has written 30 books (six became best-sellers). Dr. Corsi says, “The 2026 Midterm Elections are going to be a fight to the death. . .. The Democrat Party is all but dead. It is committing suicide right now. . .. This is of the upmost importance. If the Democrats can steal the 2026 Midterm Elections by voting illegals, voting nonexistent voters and mail-in ballot schemes, they will win control of the House and Senate. . .. This will mean Donald Trump’s final two years will be more impeachment and more chaos across the country. The American people don’t want this. . .. You notice Donald Trump has a plan. He’s been systematically releasing information through the Department of Homeland Security about the voter fraud that is in our elections, which is massive. The algorithms that are in the state data bases, who put them there? That could be foreign governments. We don’t know who put these secret codes in the data bases. We know they are wrong, and they violate the Help America Vote Act. They are criminal. I know the states use a criminal data base to steal the elections from you. . .. You can’t let the election go when the states are prepared to cheat. . .. If the Democrats play by the rules, they lose. . .. If you allow the Democrats to cheat, they will do very well, but that is the only way they can win. If the Democrats have to run a legitimate election, they don’t have a chance.”
Dr. Corsi points out recent Department of Justice actions in Georga and Arizona investigating voter and election fraud. Dr. Corsi explains, “Donald Trump is laying the ground work for the amount of cheating that is going on. There are reports that about 10 states refuse to turn over their state registration Board of Election data bases. These will be found to have algorithms in them and found to have millions of modified duplicate false records. They don’t want to turn it over. They are under a Department of Justice requirement to do so. The Department of Justice has investigators in Georga and Arizona, and in both states, there will be indictments. Donald Trump said he is going to prove the 2020 Election was fraudulent, and I believe he intends to do so.”
Don’t forget that voter fraud against the US by Venezuela was discovered recently and used along with drugs and gangs to attack America, according to a former general and top spy chief under former President Maduro.
It looks like the SAVE Act is going to get a vote in the Senate. If it passes, there will be massive restriction on mail-in voting, required ID, proof of citizenship and only allow real people to vote. If the SAVE Act does not pass, then President Trump will stop the cheating by Executive Order under Article II powers. Can this can be challenged in court? No, is the short answer. Dr. Corsi explains, “Article II powers is Commander and Chief, and it cannot be challenged in the court because it is the President’s responsibility to defend the country. If there is a foreign intrusion in our elections, that is clearly something the President has to prevent. It can only be stopped by proof of citizenship, voter ID and paper ballots. Then President Trump has the right to issue an Executive Order. Then the federal government will run the election if the state does not comply with those requirements.”
This would be in line with the prediction Dr. Corsi made in October that “Military Stops the Cheating in 2026 Midterms.”
In closing, Dr. Corsi warns, “When Donald Trump says, ‘You will find out what I mean by foreign influence,’ I think President Trump will say the Democrats have been in cahoots with enemies of the United States in order to destroy the country. That is a serious allegation. I think Donald Trump is correct, and I think he is going to make it.”
There is much more in the 37-minute interview.
Join Greg Hunter of USAWatchdog as he goes one-on-one with Dr. Jerome Corsi of GodsFiveStones.com. Find out why Dr. Corsi predicts why President Trump will stop the election fraud in the 2026 Midterms one way or another.
To donate to fund election integrity by Dr. Corsi and his group, you can make a tax-deductible donation by clicking here. GodsFiveStones.com is a 501(c)(3).
If you go to GodsFiveStones.com, you can see all the election fraud data for free.
SEE YOU TOMORROW
harveyorganblog.com 
