GOLD CLOSED CLOSED UP $52.50 TO $5229.75
ACCESS MARKET
GOLD $5261.25 3:30 PM)
SILVER: 93.65 3;30 PM)
EXCHANGE: COMEX
EXCHANGE: COMEX
CONTRACT: MARCH 2026 COMEX 100 GOLD FUTURES
SETTLEMENT: 5,176.500000000 USD
INTENT DATE: 02/26/2026 DELIVERY DATE: 03/02/2026
FIRM ORG FIRM NAME ISSUED STOPPED
072 C GOLDMAN 29
099 H DEUTSCHE BANK AG 31
104 C MIZUHO SECURITIES US 14
118 C MACQUARIE FUTURES US 53
132 C SG AMERICAS 38
167 C MAREX 4
323 H HSBC 875
363 H WELLS FARGO SECURITI 578
435 H SCOTIA CAPITAL (USA) 500
555 C BNP PARIBAS SEC CORP 290
624 H BOFA SECURITIES 548
661 C JP MORGAN SECURITIES 1495
685 C RJ OBRIEN 20
686 C STONEX FINANCIAL INC 4
737 C ADVANTAGE FUTURES 8
880 H CITIGROUP 48
905 C ADM 19
TOTAL: 2,277 2,277
MONTH TO DATE: 2,277
JPMORGAN STOPPED 0/2277
GOLD: NUMBER OF NOTICES FILED FOR MARCH/2026: 2277 CONTRACTs NOTICES FOR 227,700 OZ or 7.082 TONNES
total notices so far: 2227 contracts for 227,700 OR 7.082 tonnes)
SILVER NOTICES: 4540 NOTICE(S) FILED FOR 22,700 MILLION OZ /
total number of notices filed so far this month : 4540 CONTRACTS (NOTICES) for 22.700 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!!
INITIAL STANDING FOR MARCH: A SUSRPRISINGLY LOW 31.076 MILLION OZ/
NEW TOTALS FOR SILVER OZ STANDING IS AS FOLLOWS
NORMAL STANDING 31.076 MILLION OZ
JULY: 50.925 MILLION OZ (QUITE SMALL)
AUGUST: 59.455 MILLION OZ (QUITE SMALL)
SEPT. 50.510 MILLION OZ.(QUITE SMALL)
OCT; 82.020 MILLION OZ (WILL BE STRONG THIS MONTH)/ OCC WANTS TO REIN IN THESE ISSUANCES!
NOVEMBER: 36.425 MILLION OZ
DEC: 45.765 MILLION OZ
JANUARY 2026: 134.270 MILLION OZ (WILL BE A VERY STRONG MONTH FOR EXCHANGE FOR PHYSICAL!)
FEB : 82.130 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!!
MARCH: INITIAL AMOUNT OF ISLVER STANDING IS 31.076 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
MARCH:: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 8.099 TONNES
MARCH:: SMALL INITIAL STANDING FOR GOLD FOR MARCH AT 8.099 TONNES.
FINAL STANDING FOR GOLD, JANUARY CONTRACT AT 59.2108 TONNES OF GOLD
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!!
MARCH: INITIAL STANDING AT 8.099 TONNES
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. 176.35 TONNES (WHICH IS A FAIR ISSUANCE)
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SPREADERS:
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
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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 HUGE SIZED 2209 CONTRACTS OI TO 117,865 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 630 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAY 630 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 2209 CONTRACTS AND ADD TO THE 630 E.FP. ISSUED
WE OBTAIN A MEGA HUGE SIZED LOSS OF 1579 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WTH OUR LOSS OF $4.05
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTALS 78955 MILLION PAPER OZ
OCCURRED WITH OUR LOSS IN PRICE.OF $4.05
2.ASIAN AFFAIRS FEB 27/2025
SHANGHAI CLOSED UP 16.25 PTS OR 0.39%
HANG SENG CLOSED UP 249,52 PTS OR 0.95%
Nikkei CLOSED UP 213.61 PTS OR 0.36%
//Australia’s all ordinaries CLOSED UP 0.26%
//Chinese yuan (ONSHORE) CLOSED DOWN 6.8582
/ OFFSHORE CLOSED DOWN AT 6.8589 Oil UP TO 66.49 dollars per barrel for WTI and BRENT UP TO 72.00 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING 6.8582 OFFSHORE YUAN TRADING DOWN TO 6.8589 ONSHORE YUAN TRADING ABOVE OFF SHORE AND DOWN ON THE DOLLAR// / AND THUS WEAKER//OFF SHORE YUAN TRADING DOWN AGAINST US DOLLAR/ AND THUS WEAKER
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A FAIR SIZED 1036 CONTRACTS DOWN TO 407,015 OI WITH OUR LOSS IN PRICE OF $30.25 WITH RESPECT TO THURSDAY’S // TRADING/ //COMEX CLOSING TIME:… WE LOST SOME NET LONGS, WITH THAT PRICE LOSS FOR GOLD . AND AS YOU WILL SEE BELOW, OUR LOSS IN PRICE ALSO HAD A FAIR NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (1975).
WE HAD SOME T.A.S. LIQUIDATION DURING THURSDAY’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 414,078 AND NOW AMPLE ENOUGH TO GROW AND FROM THIS POINT FORTH IT WILL BE EXTREMELY DIFFICULT FOR THE CROOKS TO FLEECE OUR 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 GAIN IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 839 CONTRACTS (OR 2.609TONNES) DESPITE THE LOSS IN PRICE, THURSDAY.
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 MARCH:
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 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 !! AND THIS WAS ADDED TO OUR DELIVERY TOTALS FOR THIS MONTH.
MARCH: ZERO ISSUED SO FAR!
DETAILS ON OUR NEW MARCH COMEX CONTRACT MONTH//
IN TOTAL WE HAD A SMALL SIZED GAIN ON OUR TWO EXCHANGES OF 839 CONTRACTS DESPITE OUR LOSS IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN THROUGHOUT THIS WEEK AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTACKS VERY EARLY IN THE COMEX SESSIONS AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THEIR DAILY ATTACKS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY AND OUR SHORT SPECULATORS FOR THE THOUGHTFULNESS.
LONDON ANNOUNCED EARLY IN THE YEAR (AND SCARCITY CONTINUES TO THIS DAY) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO OTHER CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES. BOTH COMEX AND LBMA ARE WITNESSING MASSIVE AMOUNTS OF GOLD LEAVING THEIR VAULTS.
THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT THE MONTHS OF JUNE THROUGH MARCH/ CONTINUES TO DISTORT OPEN INTEREST NUMBERS GREATLY ALTHOUGH THE T.A.S. ISSUANCES IN GOLD HAVE GENERALLY BEEN ON THE LOW SIDE COMPARED TO SILVER WHICH HAVE BEEN HUGE. TODAY’S NUMBER IS A FAIR SIZED T.A.S ISSUANCE CONTRACTS (1439 CONTRACTS).THE CME NOTIFIES US THAT THEY HAVE ISSUED 1256 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 OTC/LONDON 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!!
12. MARCH: INITIAL GOLD STANDING FOR THIS NON ACTIVE DELIVERY MONTH IS 8.099 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/MARCH.//BORROWINGS FROM THE FRBNY:
THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED EXCHANGE FOR PHYSICAL OF 1975 CONTRACTS.
THAT IS A FAIR SIZED 1975 EFP CONTRACT WAS ISSUED: : /APRIL 1975 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 1975 CONTRACTS. THESE EFP;S CIRCLE AROUND LONDON ON A 13 DAY BASIS AND ARE NOW USED BY GLOBAL CENTRAL BANKS TO EXERCISE FOR PHYSICAL GOLD WITH THE OBLIGATION TO DELIVER BEING FORCED ONTO COMEX BANKS. THE GOLD GENERALLY DELIVERED COMES FROM LONDON BUT THEY ARE OUT!! THUS COMEX BECOMES THE MAJOR SOURCE FOR OUR CENTRAL BANKERS. THE REGULATORY BODY THAT IS SUPPOSE TO CONTROL THESE EFP’S IS THE O.C.C. HEADQUARTERED IN BOTH LONDON AND WASHINGTON. SEEMS NOW THAT THE OCC IS CLAMPING DOWN ON THIS EFP’S CIRCLING AROUND IN LONDON AS THEY ORDERED THE BULLION BANKS TO COVER MUCH OF THEIR DERIVATIVE BETS ON THESE CONTRACTS!! THUS THE FRBNY SAVED OUR BULLION BANKS FROM EXTINCTION WITH THIS BORROWED GOLD FROM THE BIS OF 106+ TONNES
WE HAD :
- SOME LIQUIDATION OF OUR T.A.S. SPREADERS DURING THE COMEX SESSION + BUT DID HAVE SOME GOVERNMENT LIQUIDATION
- MONTH END SPREADERS LIQUIDATION IS STILL IN FULL FORCE TODAY AS COMEX OPTIONS EXPIRY ENDED ON TUESDAY. LONDON OPTIONS EXPIRY CONCLUDES TODAY. 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 THURSDAY NIGHT/FRIDAY MORNING WAS A FAIR SIZED 1256 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 THURSDAY’S HUGE LOSS IN PRICE IN GOLD YET WITH A CORRESPONDING STRONG GAIN OF OI ON OUR TWO EXCHANGES..
.
THE COMEX IS IN TOTAL TURMOIL ESPECIALLY THESE PAST 6 MONTHS WITH THE FOLLOWING;
- WITH JULY’S RARE TWO ISSUANCES OF EXCHANGE FOR RISK (LATE IN JULY)
- AND THIS WAS FOLLOWED WITH AUGUST’S 7 ISSUANCES OF EXCHANGE FOR RISK FOR 44.696 TONNES
- TO BE FOLLOWED BY SEPTEMBER’S 7 ISSUANCES FOR EXCHANGE FOR RISK FOR 22.923 TONNES.
- TO BE FOLLOWED BY OCTOBER’S 6 ISSUANCES FOR 14.553 TONNES
- TO BE FOLLOWED BY NOVEMBER’S TWO ISSUANCES FOR 4.5575 TONNES
- AND NOW FOLLOWED BY DECEMBER’S 3 ISSANCES FOR 12.997 TONNES
- JANUARY’S 6 ISSUANCE FOR 22.215 TONNES
- AND NOW FEB’S SIX ISSUANCES FOR A MONSTER 31.251 TONNES WHICH I BELIEVE IS THE HIGHEST EVER RECORDED AT THE COMEX.
- THE LONDON BANKING AUDITORS DID REFUSE TO GIVE CERTIFICATION ON THE BANK OF ENGLAND’S SISTER HOLDING OPERATION, THE E.E.A. ON ITS GOLD AND OTHER ASSETS HELD UNDER THE E.E.A.(SEE ROBERT LAMBOURNE’S LETTER OCT 8/HOWEVER THEY DID GIVE THEIR OK NOV 30.
- FRBNY BORROWS ANOTHER 30 TONNES OF GOLD FROM THE BIS IN OCT TO SAVE THE BULLION BANKS FROM EXTINCTION AFTER THE O.C.C ORDERED THE BULLION BANKS TO BE ONSIDE WITH THEIR DERIVATIVES. THE FRBNY IS NOW SHORT 106+ TONNES OF GOLD.
- MASSIVE REMOVAL OF COMEX CONTRACTS FROM PRELIMINARY OI TO FINAL OI//RECORD 33,000 CONTRACTS REMOVED FRIDAY NOV 21//
- MASSIVE T.A.S. CONTRACTS ISSUED FOR 5 CONSECUTIVE DAYS/SIGNALLING A MASSIVE RAIDS TO BE!GENERALLY HAPPENS ONCE EVERY TWO MONTHS
- MASSIVE RAIDS AT THE COMEX CALLED UPON EVERY OPTIONS EXPIRY MONTH INCLUDING JANUARY’S OTC/LBMA DRIVE BY SHOOTING! ALONG WITH RAIDS IN EARLY FEBRUARY LIKE WE EXPERIENCED FEB 10 AND NOW THE RAID// TUESDAY FEB 26..AND ATTEMPTED RAIDS THROUGHOUT OTC//LONDON OPTIONS EXPIRY ENDING TODAY!
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.
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
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
MARCH: INITIAL STANDING FOR GOLD: 8.099 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
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
COMEX GOLD TRADING BEGINNING MARCH,. CONTRACT;
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY A HUGE $30.25 )
WE HAD SOME T.A.S. SPREADER LIQUIDATION THURSDAY // COMEX SESSION// WITH OUR LOSS IN PRICE AND CONSIDERABLE MONTH END SPREADER LIQUIDATION WHICH ACCOUNTS FOR THE LOSS IN PRICE… BUT OUR SPECULATORS REMAIN RELENTLESS POURING INTO THE COMEX STARTING TO BUILD ON ITS OI // BUT WITH OTHER EASTERN CENTRAL BANKS TENDERING FOR PHYSICAL THURSDAY NIGHT WHICH ALSO EXPLAINS THE HUGE NUMBER OF TONNES OF GOLD STANDING FOR FEBRUARY. THE COMEX IS ONE BIG MESS!!
THURSDAY NIGHT//FRIDAY 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 THURSDAY EVENING/FRIDAY 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 7 MONTHS:
STANDING FOR GOLD OCT THROUGH TO MARCH:
- 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
MARCH: INITIAL STANDING: 8.099 TONNES
ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $30.25
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 27
MARCH DELIVERY MONTH
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 3 ENTRIES i) Out of Brinks 28,260.729 oz ii) Out of JPMorgan: 97,442.448 oz iii) Out of Manfra: 60,961.126 oz total withdrawal: 166,554.341 oz or 5.180 tonnes comex is draining of gold/. |
| Deposit to the Dealer Inventory in oz | 0 ENTRY |
| Deposits to the Customer Inventory, in oz | DEPOSITS/CUSTOMER 0 entry xxxxxxxxxxxxxxxxI |
| No of oz served (contracts) today | 2277 CONTRACTS OR 227,700 OZ 7.082 TONNES OF GOLD |
| No of oz to be served (notices) | 327 contracts 32700 OZ 1.017 TONNES |
| Total monthly oz gold served (contracts) so far this month | 2277 notices 227700 oz 7.082 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:
3 ENTRIES
i) Out of Brinks 28,260.729 oz
ii) Out of JPMorgan: 97,442.448 oz
iii) Out of Manfra: 60,961.126 oz
total withdrawal: 166,554.341 oz
or 5.180 tonnes
comex is draining gold/.
they are draining the comex of gold
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
ADJUSTMENTs 2
customer to dealer (out of customer to the dealer account)//to replenish supplies
Brinks 2000.200 oz
Delaware 672.043 oz
they are draining the comex of gold
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
chaos inside the comex
AMOUNT OF GOLD STANDING FOR FEBRUARY
THE FRONT MONTH OF MARCH STANDS AT 2604 CONTRACTS FOR A HUGE LOSS OF 333 CONTRACTS.
THUS BY DEFINITION, THE INITIAL AMOUNT OF GOLD WILLING TO STAND AT THE COMEX IS AS FOLLOWS:
2604 NOTICES X 100 OZ PER NOTICE
EQUALS
260400 OZ OR 8.099 TONNES
WE LOST A LOT OF FRONT MONTH OI THESE PAST FEW DAYS
APRIL IS THE NEXT LARGEST DELIVERY MONTH AND IT LOST 244 CONTRACTS DOWN TO 275,174 CONTRACTS
MAY GAINED 99 CONTRACTS UP TO AN OI OF 519.
We had 3984 contracts filed for today representing 398400 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 1485 notices issued from their client or customer account. The total of all issuance by all participants equate to 2277 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for MAR. /2026. contract month, we take the total number of notices filed so far for the month (2277) to which we add the difference between the open interest for the front month of MAR (2604 CONTRACTS) minus the number of notices served upon today (2277 x 100 oz per contract) equals 260,400 OZ OR (8.099 Tonnes of gold)
thus the INITIAL standings for gold for the MAR contract month: No of notices filed so far (2277 x 100 oz +we add the difference for front month of MAR (2604 OI} minus the number of notices served upon today (2277 x 100 oz) which equals 260,400 OR 8.099 TONNES//
new total of gold standing in MAR is 8.099 TONNES//
TOTAL COMEX GOLD STANDING FOR MARCH 8.099 TONNES TONNES WHICH IS AVERAGE FOR THIS NORMALLY VERY NON ACTIVE ACTIVE DELIVERY MONTH OF MARCH.
confirmed volume THURSDAY confirmed 148,344 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: 1,745,557.024 oz 54.29 tonnes pledged gold lowers
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 33,321,135.041 oz (draining huge of gold)
TOTAL REGISTERED GOLD 17,101,111.68. or 531.916 Tonnes
TOTAL OF ALL ELIGIBLE GOLD 16,220,023.355 oz//eligible gold leaving hand over fist
REGISTERED GOLD THAT CAN BE SERVED UPON 15,355,554 oz ((REG GOLD- PLEDGED GOLD)=
477.62 Tonnes // (declining rapidly)
total inventories in gold declining rapidly
SILVER/COMEX
FEB 27 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 Delaware: 26,231.510 oz total deposit: 26,231.510 oz |
| No of oz served today (contracts) | 4540 CONTRACT(S) ( 22.700 MILLION OZ |
| No of oz to be served (notices) | 77 Contracts (0.385 MILLION oz) |
| Total monthly oz silver served (contracts) | 4540 contracts 22.700 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: 1
ENTRIES: 1
i) Into Delaware: 26,231.510 oz
total deposit: 26,231.510 oz
xxxxxxxxxxxxxxxxxxxxxxxxx
deposits into dealer account: 2
i) Into Stonex: 307,500.101 oz
ii) Into Brinks 824,168.850 oz
total dealer deposit: 1,131,669.030 oz
withdrawals: customer side/eligible
5 entries
i) Out of CNT 485,175.710 oz
ii) Out of Delaware 999.801 oz
iii) Out of JPMorgan 647,661.500 oz
iv) Out of Malca: 128,731.000 oz
v) Out of Manfra: 192,764.302 oz
total withdrawal 1,464,332.322 oz
the comex is being drained of silver
the comex is being drained of silver
adjustments: / / 3
all customer account into the dealer: to replenish silver supplies
i) Brinks: 111,428,054 oz
ii)Delaware 85,768.116 oz
iii) Loomis: 964,465.510 oz
total customer to dealer; 1.161 million oz
total removal from the registered silver to eligible silver
xxxxxxxxxxxxxx
TOTAL REGISTERED SILVER: 88,423 MILLION OZ//.TOTAL REG + ELIGIBLE. 360.332 Million oz
registered silver dropping in numbers
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR MARCH
silver open interest data:
FRONT MONTH OF MARCH /2026 OI: 6214 OPEN INTEREST CONTRACTS FOR A HUGE LOSS OF 4302 CONTRACTS.
THUS BY DEFINITION, THE INITIAL AMOUNT OF SILVER WILLING TO STAND AT THE COMEX IS AS FOLLOWS:
6214 CONTRACTS X 5000 OZ PER CONTRACT
EQUALS
31,076 MILLION OZ.
WHICH IS SURPRISINGLY LOW COMPARED TO THE NON ACTIVE MONTHS OF FEB AND JANUARY
WE WE HAVE WITNESSED STRONG DELIVERIES.
APRIL LOST 146 CONTRACTS TO AN OI 1013 CONTRACTS.
MAY SAW A GAIN OF 2057 CONTRACTS UP TO AN OI OF 77,822, THE NEXT BIG ACTIVE DELIVERY MONTH.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 4540 or 22.700 oz
CONFIRMED volume; ON THURSDAY 73,064 strong+++//
AND NOW MARCH. DELIVERIES:
To calculate the number of silver ounces that will stand for delivery in MARCH. we take the total number of notices filed for the month so far at 4540 X5,000 oz = 22.700 MILLION oz
to which we add the difference between the open interest for the front month of MARCH (6214) AND the number of notices served upon today (4540)x (5000 oz)
Thus the standings for silver for the MARCH 2026 contract month: (4540)Notices served so far) x 5000 oz + OI for the front month of MARCH(6214) minus number of notices served upon today (4540 )x 5000 oz equals silver standing for the FEB..contract month equating to 31.076 MILLION OZ.
NEW STANDING: 31.076 MILLION OZ WHICH IS SMALL FOR A GENERALLY HUGE DELIVERY MONTH OF MARCH.
New total standing: 31.076 million oz.
We must also keep in mind that there is considerable silver standing in London coming from our longs in New York that underwent EFP transfers.
There are 88.423 million oz of registered silver
JPMorgan as a percentage of total silver: 153.844/360.332.million: 42.68%
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 27/2026/WITH GOLD UP $52.50 TODAY/SMALL CHANGES IN GOLD AT THE GLD:A SMALL DEPOSIT OF 0.28 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1097.90 TONNES
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
GLD INVENTORY: 1097.90 TONNES, TONIGHTS TOTAL
SILVER
FEB 27 WITH SILVER UP $5.54 SMALL CHANGES IN SILVER INVENTORY AT THE SLV// A DEPOSIT OF 0.544 MILLION OZ OUT OF THE SLV. ./ :INVENTORY RESTS AT 517.519 MILLION OZ
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
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 517.519 MILLION OZ OF SILVER…
PHYSICAL GOLD/SILVER
SHANGHAI/CITIC
FROM ROBERT LAMBOURNE:
| Robert Lambourne | 3:29 AM (1 hour ago) | ||
to me, Chris | |||
I’ve double checked this with another AI and it confirms that there has been no update either from CITIC or SHFE on what has happened. It also confirms that there is no evidence from the market that it has been covered.
The new market rule introduced today has been put into effect, so in theory something should have happened. See the AI section below titled Delivery Surge which is in bold text.
I’m confused by the statement in the very last sentence of the Conclusion section about the position being rolled as I had read the new rule as prohibiting that.
I’ll check on the situation again later.
AI content
Based on the latest market data and reports available as of **February 27, 2026**, here is the updated status of CITIC Futures’ silver position:
### **Current Status: Position Still Open but Under Extreme Regulatory Pressure**
As of today, **CITIC Futures has not fully covered** its massive short position in silver on the Shanghai Futures Exchange (SHFE), but it is facing a critical deadline due to new exchange rules effective **today, February 27, 2026**.
* **Remaining Exposure:** Recent data from mid-February indicated CITIC held a net short position of over **12,000 to 14,800 contracts** (approximately 180–222 metric tons), making it the largest single short entity on the SHFE [[11]], [[12]], [[45]].
* **The “February 27” Catalyst:** Today marks the effective date of a major rule change by the SHFE specifically targeting near-term silver futures, which effectively forces the closure or physical settlement of speculative short positions in the delivery month [[32]], [[33]], [[87]].
* **No Full Cover Confirmed:** There is no public confirmation that CITIC has bought back all contracts in the open market; instead, the position is being addressed through the mandatory mechanisms imposed by the exchange’s new hedging limits [[87]].
### **New Mechanism: The SHFE “Rule Change” of Feb 27**
Rather than a voluntary market cover, the position is being “dealt with” via a regulatory强制 (mandatory) mechanism:
* **Zero Hedging Limit Rule:** Effective February 27, 2026, the SHFE has set hedging position limits for the delivery month and the preceding month to **zero contracts** for non-production entities, directly targeting paper silver shorts like CITIC [[87]].
* **Forced Deleveraging:** This rule essentially declares “war on paper silver,” requiring holders of large short positions in the front-month contract to either roll their positions (if eligible under strict new criteria), take physical delivery, or close out immediately before the First Notice Day [[32]], [[90]].
* **Delivery Surge:** Coinciding with this rule, delivery demand for silver futures has reportedly surged to **98%**, shattering the historical norm of 3–5%, which puts immense pressure on shorts like CITIC to resolve their obligations physically or face default [[92]].
### **Market Context & Implications**
* **Physical Inventory Crunch:** SHFE silver inventories have already declined sharply (from ~449 tons to ~423 tons in early February), exacerbating the difficulty for shorts to source metal for delivery [[19]], [[63]].
* **Price Volatility:** Silver prices have been highly volatile, surging past $90/oz on COMEX and reaching record premiums in Shanghai, driven by this squeeze dynamic [[3]], [[74]].
* **Strategic Shift:** While CITIC Securities maintains a bullish long-term outlook for precious metals, the immediate pressure on its futures arm suggests a forced restructuring of its book rather than a strategic exit [[7]], [[102]].
### **Conclusion**
The CITIC short position has **not been voluntarily covered** in the traditional sense. Instead, it is being **forced out or converted** by the SHFE’s new **February 27 rule** which eliminates hedging allowances for the delivery month, effectively squeezing the position out of the paper market and demanding physical resolution [[87]], [[33]]. Investors should watch today’s closing data and delivery notices for confirmation of how much of this volume was rolled versus settled physically.
end
then this later in the morning
Silver Calms Following Turbulent Volatility; China Faces Tightening Supply Crunch – Forex News by FX Leaders
Inbox
| Robert Lambourne | 9:07 AM (42 minutes ago) | ||
| to Chris, me | |||
This was published today and is quoted extensively by the AI update I’ve just received. This update is in full below the link
AI content – I’ve highlighted the conclusion that CITIC has not covered.
I’ll search for the latest updates on the CITIC silver short position and any SHFE inventory or exchange announcements from today, February 27, 2026.
I now have critical new information from today, February 27, 2026. Let me provide you with the updated factual summary, with specific focus on the CITIC short position and SHFE inventory updates.
CRITICAL UPDATE – February 27, 2026 (Today)
1. TODAY IS THE BREAKING POINT – DUAL EXCHANGE DEADLINE
Event Date Status
SHFE new hedging limits February 27, 2026 (Today) Effective now – near-month hedging automatically set to ZERO for non-approved participants
COMEX March silver First Notice Day February 27, 2026 (Today) Delivery intentions due – 400M oz contracts vs 98M oz registered
This is a synchronized liquidity event – both major exchanges implementing restrictive measures on the same day.
—-
2. SHFE SILVER INVENTORY – CRITICAL UPDATE (FEB 26 DATA)
Metric Data Change Implication
SHFE silver inventory (Feb 26) 346.369 tonnes ↓ 9.461 tonnes from Feb 25 (355.830t) Continued drawdown
SHFE low (Feb 9) 318.546 tonnes Lowest since 2015 All-time low territory
vs. historical peak 3,091.112 tonnes (Jan 2021) -88.8% Structural depletion
Key quote: “Silver inventories on the Commodity Exchange, Inc. (COMEX) and the Shanghai Futures Exchange (SHFE) have declined sharply, reflecting sustained drawdowns across key global trading hubs” .
—-
3. COMEX INVENTORY – FEB 26 UPDATE
Metric Data Change Status
COMEX total silver 360.64 million oz ↓ 1.21 moz (-0.33%) 32% below Oct 2025 (532 moz)
COMEX registered 86.13 million oz ↓ 0.18% Below 90 moz threshold
COMEX eligible 274.51 million oz ↓ 1.05 moz (-0.38%) Not available for delivery
Coverage ratio 86.13 moz registered / ~400 moz open interest 21.5% Cannot perform if >25% demand delivery
—-
4. CITIC/ZHONGCAI SHORT POSITION – NO UPDATE YET
Metric Current Status Evidence
Last verified position ~12,000+ contracts (~181.5 tonnes) – “over 12,000” InProved Feb 24
Peak position 28,000-30,000 contracts (450 tonnes) Reduced but still massive
Restriction status Cannot add/roll since Feb 5 Position limit ban active
Today’s status (Feb 27) NO OFFICIAL UPDATE Awaiting SHFE position report
Critical: The SHFE Volume & OI data was last updated at the end of Feb 26, 2026 , but specific silver contract position data (including CITIC) has not been published yet today. The exchange typically releases detailed position reports with a 1-2 day lag.
However, market structure indicates no covering has occurred:
Indicator Observation Implication
SHFE silver price ~$90.52 +3.44% today – rising, not falling
Shanghai premium $8.71 over international Widening, not compressing
Backwardation Record premiums for timely delivery Shorts paying to avoid delivery
Inventory trend ↓ 9.5 tonnes (Feb 26) No metal returned from covering
If CITIC had covered, we would see: rising inventory, falling price, compressing backwardation. None of these are present.
—-
5. MARKET COMMENTARY – TODAY (FEB 27)
From FX Leaders (published today):
“Short sellers on the Shanghai Gold Exchange who wagered that silver prices would decline have been paying deferral fees to long-holders to avoid having to make deliveries, underscoring the lack of metal to close positions.”
“The market’s overwhelming preference for timely delivery of the metal is evident in the front-month contract on the Shanghai Futures Exchange, which has reached a record premium.”
“The depletion of deliverable material and an inventory crisis are the main causes of this significant backwardation, according to Zhang Ting, senior analyst at Sichuan Tianfu Bank Co.”
From FX Leaders (also today):
“Silver is officially in ‘beast mode.’ As of today, February 27, 2026, the silver spot price has exploded into the $89–$91 per ounce range… COMEX registered inventories are at multi-year lows, and with a major delivery month ahead, a historic physical squeeze could be developing.”
—-
6. COMEX DELIVERY NOTICES – FEB 27 FIRST NOTICE DAY
Metric Data Source
February silver deliveries (month to date) Substantial but down from January CME delivery reports
March open interest ~400 million oz equivalent Market estimates
First Notice Day Today (Feb 27) Delivery intentions due
Delivery capacity 86.13 moz registered vs 400 moz open interest 21.5% coverage
Key risk: If 25-50% of March contract holders demand delivery, COMEX cannot perform and may face force majeure or cash settlement .
—-
7. BOTTOM LINE FOR FEBRUARY 27, 2026 (TODAY)
Factor Status Implication
CITIC short position ~12,000+ contracts (181.5t) – NO UPDATE Awaiting SHFE data; no evidence of covering
SHFE inventory 346.37t (↓9.5t Feb 26) Continued depletion
COMEX inventory 86.13 moz registered Below critical threshold
Today is First Notice Day COMEX March silver Delivery squeeze risk
SHFE rule change Near-month hedging ZEROED CITIC cannot roll
Price action Silver $90.52 (+3.44%) Squeeze pressure building
Market structure Deep backwardation Physical scarcity confirmed
The trap is sprung. The CITIC short has not covered (no inventory inflow, no price drop, no backwardation compression). Today is the breaking point – with SHFE hedging limits zeroed and COMEX First Notice Day, the market will discover whether physical delivery is possible or if a nickel-style squeeze unfolds.
Watch for: SHFE position report (likely tomorrow or Monday), COMEX delivery notices (today/tomorrow), and any exchange announcements regarding force majeure or position limits.
END
AND HERE HE IS: CITIC: BIAN
Beijing’s Big Short: Meet The Chinese “Anti Hunt Brother” Billionaire Betting Against Silver Bulls
2026 – 07:42 PM
Born in 1963 in Zhuji, Zhejiang Province, right in the middle of some pretty chaotic times in China’s history, reclusive billionaire Bian Ximing grew up to become a commodity titan after making some huge bets in the metals markets over the past few years.
In 2003, he bought Zhongcai Futures Co., which would become the centerpiece of his trading empire.
Bian spends much of his time in Gibraltar, and previously made nearly $3 billion from bullish bets on Shanghai Futures Exchange gold contracts since early 2022.
It is unknown if he has closed any of that position out.
In May 2025, the billionaire went all-in on copper, believing the metal is vital for China’s tech-heavy future and the global green energy push. Even with market volatility and political tensions, sources confirmed Bian’s massive copper position – nearly 90,000 tons – on the Shanghai Futures Exchange, confident that copper prices will climb.
It is unknown if he has closed any of that position out.
And now, Bloomberg reports that he has now built the bourse’s largest net short position in silver, according to Bloomberg analysis of exchange data and people with knowledge of his investments. They asked not to be named as the information is not public.
Bian’s big short comes with significant risk, and he has been forced to liquidate some positions at a loss in a volatile silver market.
From August last year, he built a long position in silver that generated more than 1.3 billion yuan in profit, according to calculations based on exchange data.
In November, however, he began shifting his position, attempting to call the top of the rally with tentative moves that occasionally left him on the losing side of trades.
From last week, however, Bian held his short position with conviction, spreading his exposure across longer-dated contracts and holding it through upward price swings.
Bian, through his brokerage Zhongcai Futures, began ramping up silver shorts in the final week of January, according to exchange data.
Exchange data showed Zhongcai’s silver short position surged to about 18,000 lots on Jan. 28.
It climbed further to about 28,000 lots on Jan. 30, when the metal in Shanghai reached an all-time high.
But he now holds a short that stands at about 450 tons of silver, or 30,000 contracts – so the metal’s sharp drop since last week has resulted in a paper gain of about 2 billion yuan ($288 million).
Including previous losses, Bian stands to make a net profit of around 1 billion yuan, based on his position and prices at the end of Tuesday.
Silver is again sliding in Thursday trade and has tumbled more than 40% from record highs a week ago – almost certainly significantly increasing Bian’s proceeds.
Bian’s “Big Short” is the antithesis of the billionaire Hunt Brothers’ bullish cornering of the silver market in the last 1970s (that didn’t end well for them).
Will ‘the herd’ go full ‘Gamestop’ on this newly exposed massive short position, which unlike so many of the myths about JPMorgan being short the precious metals, Bian is actually short… in size… for now.
END
1/PETER SCHIFF
JOHN RUBINO
2. MATHEW PIEPENBERG/EGON VON GREYERZ
ALASDAIR MACLEOD
Blue skies ahead for silver
Gold was steady but silver volatile as Comex March contracts matured. Suspension due to “technical failures” saw high volatility in silver which has since recovered.
| Alasdair MacleodFeb 27∙Paid |
At 13.00 Eastern Time yesterday, Comex suspended trading in metals and national gas contracts and options, citing technical issues. The suspension lasted about 40 minutes and all-day orders and GTD orders (good ‘till day) were cancelled. It came at a delicate time for the March silver contract, with the earlier prospect of deliveries demanded exceeding silver registered for delivery. Instead, they appear to have been cashed out.
Was this Comex’s way of defusing a silver crisis? We will probably never know…
In a difficult week for traders due to Comex contract expiries, gold and silver both firmed on balance. In European morning trade, gold was $5170, up $63 from last Friday’s close, and silver at $89.70 was up $4.20 Comex turnover was very subdued in both contracts.
Gold futures expiry, not being an active month caused few difficulties for traders who appear to be generally uninterested in the contract. Open interest is unusually low, which suggests that there is significant room for speculative buying before the contract is deemed overbought. The relationship between price and open interest is shown below:
This is an immensely bullish setup, unusual in character. Hedge funds and trend-chasers could buy up to 200,000 contracts before gold becomes overbought. Under those conditions, buying would not be restricted to Comex. Add in Chinese savers’ demand and we can justify a call for significantly higher gold prices.
Silver is much more interesting. Comex open interest has collapsed, which is explained by the short interest side effectively refusing to deal, other than to close existing positions. This is the next chart:
Meanwhile, Shanghai reopened on Tuesday following New Year celebrations and premiums for silver up to 12% over London spot have returned with a vengeance. These persistently high premiums are draining Comex and London’s liquidity.
On Comex, silver registered for delivery has declined to the equivalent of only 17,226 contracts, which explains yesterday’s controversy over Comex suspensions. There are still 6,214 March contracts outstanding this morning, suggesting that the grip around the shorts is still tight.
At least the shorts have succeeded in deterring buyers. The next chart shows that at 12,121 contracts the managed money category comprised mainly of hedge funds had the lowest long exposure for the last 20 years:
This was the position on 17th February, the date of the last Commitment of Traders figures, when open interest was 13,496 more than this morning’s preliminary number. We shall have an update for last Tuesday’s position after markets close tonight.
It is all very curious. Technical analysts are saying the silver price is going far higher, but trend-chasing hedge funds and investment managers are sitting firmly on their hands. It suggests that if silver resumes its march higher, disbelieving investors and speculators will change their minds but find there is no stock available at anything near current prices. And as commented above, gold is in a similar position but with more liquidity, likely to underwrite and possibly turbocharge the silver bull.
There is one important insight to share on silver. Last September, when China announced severe limitations on exports of rare earth metals, she unexpectedly withdrew from supplying silver. It was this which caused the crisis in London a fortnight later on 9th October, when lease rates spiked to 40% in a scramble for physical silver.
The reason China created this crisis is simple. The US had just put silver on its critical minerals list, signalling that the US government was about to buy large quantities for strategic purposes. China wasn’t going to supply silver that would end up in the USG’s stockpile.
It leaves the US with a problem. This week, fringe speculation suggested that President Trump was looking at Mexico’s silver as a solution, and if his form over Greenland was anything to go by, seek to incorporate Mexico into the US. That is unlikely to be a viable short-term fix, and individual supply deals with the mines are more likely, taking up to 200 million ounces of supply off the market. This would worsen the supply deficit for the current year, already estimated at 300 million ounces. But it’s difficult to see where else the US can go.
END
3.CHRIS POWELL AND HIS GATA DISPATCHES:
INDIA’S REGULATOR NOW ALLOWS GOLD TO BE PARKED INTO FUNDS
(Bloomberg/GATA)
India expands rules for $385 billion stock funds to add gold
Submitted by admin on Thu, 2026-02-26 22:08 Section: Daily Dispatches
By Ashutosh Joshi
Bloomberg News
Thursday, February 26, 2026
India’s market regulator has allowed the country’s $385 billion actively managed equity funds to park more of their money in gold and silver, giving them greater flexibility at a time when global demand for hard assets is rising.
Under revised rules by the Securities and Exchange Board of India, stock funds can invest the remainder of their portfolios — up to 35% of their assets — in gold and silver instruments, as well as in units of infrastructure investment trusts.
By widening the list of permitted assets, the regulator has given equity funds a broader toolkit that already includes money market and other liquid securities. The change could also create a new source of demand for gold and silver, which have attracted robust investor interest amid a blistering rally. …
… For the remainder of the report:
end
ECB sells some U.S. dollar assets, cuts weight of dollar in reserves
Submitted by admin on Thu, 2026-02-26 22:14 Section: Daily Dispatches
By Balazs Koranyi
Reuters
Thursday, February 26, 2026
FRANKFURT, Germany — The European Central Bank sold some of its dollar assets early last year and reduced the weight of the dollar in its foreign exchange reserves in what it said was a standard rebalancing of its portfolio.
The bank played down the significance of the move, which came before the market turbulence generated by U.S. President Donald Trump’s tariff announcement last April.
The ECB generated a gain of 909 million euros ($1.07 billion) from this first quarter transaction and invested all proceeds into Japanese yen assets, it said in its financial accounts today. …
… For the remainder of the report:
end
wow!! this is interesting!!
India tells mutual funds to stop using LBMA gold and silver prices
Submitted by admin on Thu, 2026-02-26 22:04 Section: Daily Dispatches
India’s Markets Regulator Changes Gold, Silver Valuation for Mutual Funds
From Reuters
Thursday, February 26, 2026
India’s markets regulator today directed mutual funds to use domestic stock exchange spot prices to value their physical gold and silver holdings from April 1, 2026.
The Securities and Exchange Board of India said mutual funds may now use polled spot prices from recognized stock exchanges that settle physically delivered gold and silver derivatives contracts, ensuring that valuations reflect domestic market conditions.
The change moves away from the currently used London Bullion Market Association prices to arrive at the valuation of gold and silver held by exchange traded funds.
end
Gold rigging researcher Stuart Englert interviewed by TF Metals Report
Submitted by admin on Wed, 2026-02-25 19:12 Section: Daily Dispatches
7:10p ET Wednesday, February 25, 2026
Dear Friend of GATA and Gold:
The TF Metals Report’s Craig Hemke today interviewed Stuart Englert, author of the book “Rigged,” which documents gold price suppression policy, and now author of “Patient Millionaire — A Financial Memoir,” recounting his personal approach to the weaknesses of the world’s debt-based financial system.
Englert now is also writing frequent commentary at Substack here:
The interview is 24 minutes long and can be heard at the TF Metals Report here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
4.LIVE FROM THE VAULT YOU TUBE: 261 and 260
5. COMMODITY REPORT/
2.ASIAN AFFAIRS FEB 27/2026
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS FRIDAY MORNING.7:30 AM
SHANGHAI CLOSED UP 16.25 PTS OR 0.39%
HANG SENG CLOSED UP 249,52 PTS OR 0.95%
Nikkei CLOSED UP 213.61 PTS OR 0.36%
//Australia’s all ordinaries CLOSED UP 0.26%
//Chinese yuan (ONSHORE) CLOSED DOWN 6.8582
/ OFFSHORE CLOSED DOWN AT 6.8589 Oil UP TO 66.49 dollars per barrel for WTI and BRENT UP TO 72.00 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING 6.8582 OFFSHORE YUAN TRADING DOWN TO 6.8589 ONSHORE YUAN TRADING ABOVE OFF SHORE AND DOWN ON THE DOLLAR// / AND THUS WEAKER//OFF SHORE YUAN TRADING DOWN AGAINST US DOLLAR/ AND THUS WEAKER
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS FRIDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN AT 6.8582
OFFSHORE YUAN: DOWN TO 6.8589
HANG SENG CLOSED UP 249.52 PTS OR 0.95%
2. Nikkei closed UP 213.61 PTS OR 0.36%
WEST TEXAS INTERMEDIATE OIL UP 66.49
BRENT; 72.00
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX DOWN TO 97.70 /// EURO FALLS TO 1.1798 DOWN 5 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +2.113/ DOWN 4 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 155.99… 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: 3.345 DOWN 3 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 DOWN CHINESE ONSHORE YUAN: 6.8582 AND THUS UP OFFSHORE: DOWN AT 6.8589
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and BRENT UP this morning
3h European bond buying continues to push yields HIGHER on all fronts in the EMU. German 10yr bund YIELD DOWN TO +2.6862 Italian 10 Yr bond yield DOWN to 3.307 SPAIN 10 YR BOND YIELD DOWN TO 3.099
3i Greek 10 year bond yield DOWN TO 3.305
3j Gold at $5174.80 Silver at: 89.56 1 am est) SILVER NEXT RESISTANCE LEVEL AT $100.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 84/100 roubles/
3m oil (WTI) into the 66 dollar handle for WTI and 72 handle for Brent/
3n Higher foreign deposits moving out of China// huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/
JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 155.99 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 2.113% UP 3 BASIS PTS STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING//YEN BOND TRADING OVERSEAS REPATRIATED.//JAPAN 30 YR: 3.345 DOWN 3 BASIS PTS.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.7723 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9114 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: 3.988 DOWN 3 BASIS PTS…
USA 30 YR BOND YIELD: 4.650 DOWN 3 BASIS PTS/
USA 2 YR BOND YIELD: 3.406 DOWN 4 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 43.96 UP 6 BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.2630 DOWN 6 PTS
30 YR UK BOND YIELD: 5.060 DOWN 6 BASIS PTS
10 YR CANADA BOND YIELD: 3.1717 DOWN 3 BASIS PTS
5 YR CANADA BOND YIELD: 2.717 DOWN 3 BASIS PTS.
1a New York Opening report
Futures Slide As Renewed AI Disruption And Private Credit Fears Spark Selling
Friday, Feb 27, 2026 – 08:30 AM
The rollercoaster continues: US equity futures are in the red again, trading near session lows, and set to extend Thursday’s losses with as stocks underperform after yesterday’s spectacular plunge in the momentum trade as NVDA’s post record-breaking earnings/guidance plunge spooked markets that nothing is resolved about where AI goes next. As of 8:00am ET, S&P futures were down 0.6%, and set for a monthly loss after a whirlwind February marked by twin fears of a bubble in the AI trade and of the technology’s disruptive power. Nasdaq futures dropped 0.7%. In the latest AI contradiction, CoreWeave plunged 12% after data center operator reported a bigger-than-expected loss and higher capex fueling concern about overspending on infrastructure. But in a mirror image, Dell is 12% higher after its outlook for sales of AI servers exceeded estimates, a sign of robust demand for machines helping fuel the AI data center build-out. 10-year Treasury yields slid below 4%, while the USD is flat. Commodities are mixed, with Energy higher and Metals mixed (Silver outperforming vs Gold flat). Today’s macro data focus is on PPI and Construction Spending.
In premarket trading Mag 7 stocks are mixed: Nvidia is up 0.4% after sliding Thursday, other names are mostly lower (Alphabet little changed, Tesla -0.2%, Amazon -0.5%, Apple -0.5%, Meta Platforms -0.5%, Microsoft -0.8%).
- Block (XYZ) rallies 18% after the financial technology company said it was reducing its workforce by nearly half in a bet on AI. Jack Dorsey’s firm also raised its full-year outlook for gross profit, which was already above the average analyst estimate.
- CoreWeave (CRWV) slides 12% after the AI infrastructure software company reported a bigger-than-expected loss and boosted capital expenditures, spurring concerns about the company overspending on infrastructure.
- Flutter (FLUT) is down 15% after the gambling company reported fourth-quarter results that fell short of Wall Street estimates. Guidance for 2026 was worse than expected, according to analysts, who pointed to increasing competitive pressures in the US sports-betting market as a key concern.
- NCR Atleos (NATL) jumps 16% as The Brink’s Company said it will acquire the company in a cash and stock deal valued at about $6.6 billion.
- Netflix (NFLX) is up 8% after the streaming giant dropped out of the fight to buy Warner Bros. Discovery, effectively ending the bidding war for the Hollywood studio.
- Zscaler (ZS) is down 9% after the security software company’s second-quarter results weren’t seen as strong enough to reverse recent negative sentiment toward software companies.
In other corporate news, Netflix rose more than 7% after dropping out of the bidding for Warner Bros. Dell Technologies surged 11% following a strong sales forecast for its AI servers.
Nvidia suffered its worst day since April on Thursday, with the price action suggesting the world’s most valuable company is no longer being rewarded for spectacular results and remarkable guidance.
NVDA’s plunge happens as the disruptive potential of AI has rattled US equities for weeks in what traders have dubbed the “AI scare trade.” The technology’s bellwethers have also lost momentum after powering S&P 500 gains for years, prompting investors to rotate into markets abroad and companies tied to broader economic growth.
“The outperformance highlights the possibility of a lingering overvaluation in some asset classes in the US, as well as doubts about the independence of the Federal Reserve’s future monetary policy,” said Guillermo Hernandez Sampere, head of trading at asset manager MPPM. “Barring an economic downturn in Europe, the outperformance should continue.”
“The outperformance highlights the possibility of a lingering overvaluation in some asset classes in the US, as well as doubts about the independence of the Federal Reserve’s future monetary policy,” said Guillermo Hernandez Sampere, head of trading at asset manager MPPM. “Barring an economic downturn in Europe, the outperformance should continue.”
As Wall Street tries to assess likely job losses at the hands of AI, Jack Dorsey’s financial technology firm Block is cutting 4,000 employees, nearly half its workforce, in a bet on AI changing the future of labor productivity. Then again, considering that Elon Musk fired 80% of Dorsey’s last company before ChatGPT was even out – and it thrived – or that Block spent $68 million on a party a few months before the mass layoffs, suggests that the culprit here is bloat and terrible management, and not AI.
Block:
1. spend $68 million on a party
2. 200 days later fire 40% of workers
3. blame AI pic.twitter.com/TdgXnIVGNM— zerohedge (@zerohedge) February 27, 2026
The market’s unease about private credit persists. In an rerun of the collapse of First Brands, a spectacular new private credit blowup in London has Wall Street chasing billions. And a private credit fund overseen by Apollo Global Management cut its dividend and marked down the value of its assets amid signs of strain in parts of its loan book.
Elsewhere, Anthropic, the AI start-up that has wiped billions off the market value of US stocks, remains in focus. US lawmakers, flummoxed by the Pentagon’s negotiating tactics, are warning that carrying out those threats would have significant consequences for the military ecosystem. Meanwhile, investment-grade bond markets, which had emerged as a safe haven during recent AI-driven swings in equities, are starting to show signs of strain.
US stocks saw inflows of $2.2 billion in the week ended Feb. 25, according to BofA citing EPFR Global data. Strategists led by Michael Hartnett see international stocks outperforming US for the rest of this decade.
“I don’t see any major correction coming, but any hint of a recession linked to AI in the US would certainly trigger some unpleasant trading,” said Andrea Tueni, head of sales trading at Saxo Banque France. “Europe is currently better positioned than the US and outperforming as its tech sector is much smaller and there is much less uncertainty on monetary policy.”
Earnings season wraps up next week, and has so far been somewhat disappointing, with the fewest S&P 500 companies beating estimates since 2022. Of the 481 to have reported so far, 73.4% have beaten forecasts, while nearly 22% have missed. No major US companies are expected to report on Friday, but Berkshire Hathaway’s annual report is due on Saturday, including Greg Abel’s first annual letter to shareholders on performance since taking over as CEO from Warren Buffett.
Europe’s Stoxx 600 was on track for an eighth straight monthly advance, its longest such streak in more than a decade; telecommunications and mining stocks lead gains, while travel and consumer products shares edged lower. Here are the biggest movers Friday:
- Deutsche Telekom shares rally while Vodafone dips following an El Español report that Telefonica is in talks over a potential acquisition of 1&1 in Germany
- Prysmian shares reverse earlier losses to trade as much as 2.3% higher following 4Q results from the Italian cable make
- Holcim gains as much as 1.5% after the French building materials firm reported fourth-quarter earnings that were slightly ahead of expectations and an outlook that is unlikely to trigger any major revisions to estimates, according to analysts
- Clariane shares jump 17%, the most since June, as analysts highlight improving margins and cost-saving initiatives at the French nursing home operator
- Saint-Gobain shares fall as much as 3.2%, the most since Jan. 13, after the French construction materials producer reported fourth-quarter results. Jefferies noted that like-for-like sales in the period trailed expectations
- Melrose Industries plunges as much as 16%, the biggest drop in almost a year, after earnings guidance from the aerospace business fell short of expectations, overshadowing a profit and cashflow beat delivered in 2025
- BASF shares fall as much as 5.4%, after the German chemicals company’s full-year results disappointed analysts, who expect consensus downgrades, even though a January pre-release had already revealed price and currency woes at the company
- Grifols shares declined as much as 8.3%, the most since April, after the Spanish company’s adjusted Ebitda for the fourth quarter missed estimates and it issued guidance that analysts say fell short of expectations
- Valeo falls as much as 4.9% following its results, despite guidance implying upgrades to consensus free cash expectations, after this metric also surprised to the upside in the second half of the year. Net income was, however, impacted by higher tax
- Wizz Air shares slid as much as 10%, the most since July, after shareholder Indigo Partners offered 10 million shares priced at £12.50, a discount of 6.4% to Thursday’s closing price
- Fugro shares fall as much as 12%, the most since September, after the Dutch geological data company saw its year-over-year adjusted Ebit plunge by 92% in what Jefferies says was a “challenging winter season”
Asian stocks traded mixed, with a key regional benchmark on track to close its best February on record as investors snapped up shares of the region’s AI infrastructure companies. The MSCI Asia Pacific Index gain as much as 0.6% Friday. South Korea’s Kospi fell 1%, as chipmakers Samsung and SK Hynix fell. Key gauges rose in Japan and Hong Kong, while Taiwan’s market was closed for a holiday. Asian stocks have been outperforming global peers, with the region’s hardware firms seen as beneficiaries of the AI buildout even as concerns grow over spending levels and business disruption. The MSCI regional gauge is up 6.7% this month, poised for the best February since it started trading in 1998. Chinese technology stocks in Hong Kong capped their worst month in two years, weighed by weak earnings and a lack of buying by mainland investors. Sentiment toward China’s Internet giants has cooled amid concerns over valuations and rising competition that’s eroding corporate bottom line. Meanwhile, global investors offloaded nearly $5 billion of South Korean equities on Friday, in a sign of profit taking after the equity benchmark rallied nearly 50% this year. The index rose past the 6,000 threshold this week, just a month after surpassing President Lee Jae Myung’s political goal of 5,000.
In FX, the dollar was set for a fourth straight monthly loss. The Norwegian Krone led G10 currencies with a +0.54% rise. The pound fell slightly against the dollar after a special election in the UK laid bare the unpopularity of Prime Minister Keir Starmer’s government.
In rates, treasuries extended gains, with the 10-year note on track for its best month in a year after yields have tumbled 26 basis points in February to 3.98%. Outperformance by front-end and belly steepened 2s10s spread by about 1bp, 5s30s by about 1.5bp. 10-year gilts and bunds are slightly cheaper vs US benchmark
In commodities, oil rose again, after sliding on Thursday. Gold traded flat, with prices headed for a seventh consecutive monthly advance.
The cross-asset moves reflect sustained demand for havens amid policy uncertainty from the Trump administration, tensions in the Middle East and questions about the strength of US economic growth. Swap traders added to bets on Federal Reserve interest-rate cuts, with a July move again almost fully priced after being briefly scaled back earlier this week.
US economic data slate includes January PPI (8:30am), February MNI Chicago PMI (9:45am, several minutes earlier for subscribers), December construction spending (10am) and February Kansas City Fed services activity (11am). No Fed speakers are scheduled. Bloomberg Economics expects producer price inflation, which shows price trends before they reach consumers and feeds into the Fed’s preferred gauge of inflation, the personal consumption expenditures index, to have slowed to 0.2% in January from 0.5%. Potentially, that could bolster the case for further rate cuts.
Market Snapshot
- S&P 500 mini -0.3%
- Nasdaq 100 mini -0.3%
- Russell 2000 mini -0.8%
- Stoxx Europe 600 +0.2%
- DAX +0.2%
- CAC 40 -0.1%
- 10-year Treasury yield -1 basis point at 3.99%
- VIX +1.1 points at 19.74
- Bloomberg Dollar Index little changed at 1188.36
- euro little changed at $1.1801
- WTI crude +1.8% at $66.38/barrel
Top Overnight News
- The United States and Iran made progress in talks over Tehran’s nuclear program on Thursday, mediator Oman said, but hours of negotiation ended with no sign of a breakthrough that could avert potential U.S. strikes amid a massive military buildup. RTRS
- Vice President JD Vance said Thursday that while military strikes against Iran remain under consideration by President Donald Trump, there is “no chance” that such strikes would result in the United States becoming involved in a years-long, drawn-out war. WSJ
- Anthropic rejected the Pentagon proposal to settle a dispute over terms for military use of its AI software. BBG
- A long-running conflict between Pakistan and Afghanistan’s Taliban regime has turned into what Pakistan declared Friday to be “open war,” with attacks reported in Kabul and along the neighbors’ shared border. WSJ
- China announced it would remove a reserve requirement for forward contracts selling the yuan in a move aimed at cooling the currency’s advance. The yuan snapped its longest winning streak since 2010. Still, options traders are betting on a stronger yuan. FT, BBG
- Inflation in Japan’s capital cooled below the central bank’s 2% target for the first time in over a year, but the slowdown is unlikely to derail further interest rate hikes. WSJ
- Mizuho Financial Group Inc. is planning to replace about 5,000 administrative jobs in Japan with artificial intelligence over the next 10 years, as the country’s third-largest lender tries to boost productivity. BBG
- The pound fell to its lowest level against the euro in more than two months as the Greens won a by-election in Manchester and Reform UK received the second-highest number of votes. The result underscored the threats facing PM Keir Starmer. BBG
- Netflix shares jumped premarket (NFLX +740bps premkt) after it dropped its bid for Warner Bros., clearing the way for Paramount’s $111 billion deal. The decision allows the streamer to focus on buybacks and its “build vs. buy” strategy. BBG
- IG bond markets are showing signs of stress, with spreads widening as investors grow wary of default risks in the software sector and pressure in private credit. Risk premiums, however, remain below long-term averages. BBG
Trade/Tariffs
- China’s MOFCOM announces adjustments to anti-discrimination measures against Canada effective Mar 1st till Dec 31st 2026, will not impose relevant tariffs on some imports from China.
- Japan’s PM Takaichi said US needs to honour its commitments on tariffs.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were ultimately higher heading into month-end but with price action choppy following the weak handover from the US, where sentiment was clouded by tech weakness, while participants also digested the recent US-Iran talks in Geneva. ASX 200 mildly gained as strength in tech and telecoms atoned for the losses in financials and consumer stocks. Nikkei 225 traded indecisively amid a firmer currency and a slew of mixed data releases from Japan, in which Industrial Production disappointed, Retail Sales topped forecasts, and Tokyo CPI printed firmer-than-expected but slowed across the board with the Core reading falling beneath the central bank’s 2% price target for the first time since October 2024. Hang Seng and Shanghai Comp were varied with outperformance in Hong Kong as participants digested earnings releases from the likes of Baidu and Sun Hung Kai Properties, while the mainland initially lacked direction in the absence of fresh catalysts and ahead of next week’s annual “two sessions”, while Trump-Xi summit preparations were said to falter. However, late upside was seen after comments from China’s Politburo meeting in which it stated that China’s development process during the 14th Five-Year Plan is extraordinary and that it is necessary to continue to implement a more active fiscal policy and a moderately loose monetary policy.Top Asian News
Top Asian News
- China Politburo held a meeting on Friday and noted that China’s development process during the 14th Five-Year Plan is extremely unusual and extraordinary. Said that it is necessary to continue to implement a more active fiscal policy and a moderately loose monetary policy. Necessary to focus on building a strong domestic market and step up the cultivation and expansion of new growth momentum.
European bourses (STOXX 600 +0.3%) are broadly firmer, with the SMI (+0.7%) the clear outperformer after Swiss Re (+3.6%) posted a 47% Y/Y rise in 2025 net profit while announcing a USD 500mln share buyback. Lagging behind its peers is the CAC 40 (-0.1%), with very company-specific news to drive the index. European sectors are mixed. Telecommunications (+1.3%) outperform after Spain’s Cellnex (+0.6%) saw 2025 operating profit rise more than double annually and Telefonica (+3.7%) reportedly negotiating the purchase of 1&1 (+9.4%)in Germany in a EUR 5bln deal. On the flip side, Travel and Leisure (-1.8%) is underperforming despite positive IAG (-5.5%) earnings, in which the Co. beat FY profit expectations and announced a EUR 1.5bln share buyback.
Top European News
- UK former Deputy PM Rayner noted the Gorton and Denton by-election results are a “wake up call” and Labour “has to be braver”; Sky News suggests these remarks will be taken as a direct aim at UK PM Starmer and his leadership.
- EU Commission eyes a legal loophole to bypass Hungary’s veto of a EUR 90bln euro loan, according to FT.
- UK Green Party wins parliamentary seat in Gorton and Denton, defeating UK PM Starmer’s Labour in the by-election.
FX
- DXY is choppy but ultimately slightly softer following subdued APAC trade amid mixed sentiment, whilst the tone in Europe is tentative. Modest downticks in the index were seen as the EUR strengthened following the hotter-than-expected French CPI data (more below). Aside from that, newsflow in the European morning has been on the quieter side as USD traders gear up for US PPI data later in the session. DXY resides in a current 97.611-97.824 range at the time of writing, within Thursday’s 97.489-97.984 parameter.
- EUR/USD eked mild gains after oscillating around the 1.1800 focal point overnight, with a more convincing move above the level seen after the hotter-than-expected French and Spanish Prelim CPI metrics. EUR/USD resides in a 1.1789-1.1822 range awaiting the German Prelim CPI later today. The single currency then slipped to the unchanged mark after German state CPI metrics, where the Y/Y metrics generally showed a bit more cooling than what is forecasted for the mainland.
- GBP/USD languished near the 1.3500 level following the prior day’s underperformance owing to credit concerns, and with overnight price action contained after UK GfK consumer confidence fell to its lowest level that was last seen in November. Overnight, UK journalists focused on the Gorton and Denton by-elections in which the Green party won, with Reform second and Labour third. With Labour losing a seat they held for almost 100 years, UK PM Starmer’s leadership could be at risk. Nonetheless, GBP/USD saw little reaction to the results announcement, and currently resides in a 1.3461-1.3507 range, after finding support at its 200 DMA (1.3442) yesterday. Ahead, BoE’s Chief Economist Pill is due to give some remarks.
- USD/JPY retreated amid the early subdued risk appetite and following a slew of data, including Tokyo CPI, which printed firmer-than-expected across the board, but slowed from the previous with Core inflation back beneath the BoJ’s price goal. The pair pared back some losses as the DXY recouped some overnight losses. USD/JPY trades in a 155.54-156.12 range vs yesterday’s 155.70-156.43 parameter.
- Antipodeans rebounded from the prior day’s trough and narrowly outperform in the European morning, but with further upside contained by the mixed risk appetite and amid a weaker CNH, which was pressured after the PBoC actions to slow currency appreciation, in which it cut the FX risk reserve ratio to 0% and set a weaker-than-expected CNY fix by maintaining it at the prior day’s level.
Fixed Income
- USTs are firmer by a handful of ticks this morning, and trades within a 113-16 to 113-19 range. Really not much driving things for the US paper this morning, and remains towards the prior day’s peaks. The upside in USTs on Thursday was facilitated by subdued risk appetite and a decent 7yr auction. Focus remains on the geopolitical situation, following US-Iran talks. Meetings have concluded, and whilst there have reportedly been some positive developments, uncertainty remains. Reports suggest that US President Trump is expected to convene senior advisers on Friday for detailed discussions on Iran and to decide on a course of action toward Tehran. Internal deliberations are said to be focused not on whether a strike would occur but on its scope and potential targets. Next up, US PPI.
- Bunds are incrementally firmer/flat, and currently reside within a 129.76 to 129.99 range. Initially held towards recent highs, but has since slipped towards the unchanged mark following the hotter-than-expected French/Spanish inflation metrics. Though the German State CPIs thereafter spurred some modest upticks in Bunds, given the Y/Y metrics generally showed a bit more cooling than what is forecasted for the mainland.
- Gilts are firmer by around 10 ticks, to currently trade near the upper end of a 93.00-93.30 range. Overnight, UK journalists focused on the Gorton and Denton by-elections in which the Green party won, with Reform second and Labour third. With Labour losing a seat they held for almost 100 years, UK PM Starmer’s leadership could be at risk – which in theory would place pressure on UK-assets. This has not been reflected in price action this morning, though analysts at GS opined that the risk had already been priced in by markets.
- Japan sold JPY 2.15tln in 2-year JGBs; b/c 3.32x (prev. 3.88x); average yield 1.244% (prev. 1.253%).
- Australia sold AUD 800mln 2.75% November 2028 bonds, b/c 3.86, avg. yield 4.1849%.
Commodities
- WTI Apr’26 and Brent May’26 futures are firmer within USD 64.85-65.90/bbl and USD 70.42-71.49/bbl intraday ranges thus far, respectively. Gains follow yesterday’s US-Iran negotiations, which ultimately failed to reach an accord, but the sides agreed to continue technical talks. Mediators reported “unprecedented openness to new and creative ideas”. Both sides reportedly moved closer on specific elements of an agreement related to nuclear limits and sanctions relief. That being said, major sticking points remain.
- Spot gold trades within a narrow range after only modestly gaining on yesterday’s US-Iran saga, which ended in no deal, but talks are poised to continue next week. Traders will be focused on any potential US military action this weekend in a bid to pressure Iran. Spot gold resides tight USD 5,167-5,200.64/oz range at the time of writing. Spot silver is firmer by some 1.5% intraday but contained to within Wednesday’s ranges.
- Base metals are firmer across the board despite the choppy risk tone in Asia, but prices are underpinned by the softer USD. Some desks attribute the rise to the stalled US-Iran talks and strengthening demand signals from China. The upside also comes ahead of next week’s China “Two Sessions”, where formal approval of the 15th Five-Year Plan and new stimulus measures for infrastructure and technology (AI, EVs, grid networks) are anticipated. 3M LME copper resides in a USD 13,243.73-13,508.13/t.
- London Metal Exchange announces the consultation for introducing regulatory position limits, exemptions and position management controls.
- Iron ore port stockpiles hit record levels in China as mines continue to add supply.
- Abu Dhabi reportedly offers more oil to partners, heading into the OPEC+ meeting, Bloomberg sources say.
- India is reportedly looking to cut coal imports for power plants at least 30% this year, sources say.
- China SHFE warehouses weekly changes: Copper +43.7%, Aluminium +19.7%, Zinc +44.9%.
- A local ceasefire has been established near the Zaporizhzhia nuclear power plant, TASS reported. Further by RIA stating one power line is being repaired at the power plant.
Geopolitics: Middle East
- US authorises the departure of some embassy personnel and families from Israel amid safety risks.
- Iran urges US to abandon “excessive demands” to reach deal, Sky News Arabia reported citing AFP.
- Iranian spokesperson said “In the event of any conflict, American soldiers and their equipment will be destroyed, and all US resources and interests in the region will be within the range of Iranian forces”, via Iran International.
- Top Middle East commander briefed US President Trump on military options on Iran, according to ABC News.
- US VP Vance said negotiations depend on what the Iranians do and there is no chance that any potential strikes on Iran will result in engaging in a war for years.
- US President Trump is expected to convene senior advisers on Friday for detailed discussions on Iran and to decide on a course of action toward Tehran, according to Israel Hayom citing US officials. Internal deliberations are said to be focused not on whether a strike would occur but on its scope and potential targets, while options under discussion include nuclear facilities, missile sites, state institutions and infrastructure.
- Iranian Foreign Minister said further progress has been made in our diplomatic engagement with the US, also said mission of the technical teams is as important as our mission.
- Oman’s Foreign Minister is scheduled to meet with US VP Vance and other US officials in Washington on Friday.
Geopolitics: Others
- China said it is not possible to join denuclearisation talks at this stage.
- AFP reported of clashes near a major border crossing between Afghanistan and Pakistan.
- Afghan Ministry of Defence said their military operation resulted in casualties among Pakistani forces and came in defence of their territory and people, while it vowed to respond to future attacks.
- Loud explosion heard in Afghanistan’s capital of Kabul and Pakistani fighter jets are reportedly conducting a raid on Kabul.
US Event Calendar
1b European opening report
Crude extending ahead of OPEC+ and another round of nuclear talks next week; DXY steady going into US PPI – Newsquawk US Market Open
Friday, Feb 27, 2026 – 06:25 AM
- PBoC announced it will cut the FX Risk Reserve Ratio for forward FX sales to 0% from 20%, effective March 2nd to promote FX market development and support corporate exchange rate risk management.
- European equities firmer, Telecoms lead following potential M&A; US equity futures lower in the continuation of Thursday’s tech-led selloff.
- DXY is flat; G10s broadly firmer, ex-EUR and GBP.
- USTs mildly firmer, Bunds choppy after mixed regional inflation prints.
- Crude gains and awaits the next chapter of the US-Iran saga and the OPEC+ meeting; Metals shine ahead of US PPI.
- Looking ahead, highlights include German CPI (Feb), Canadian GDP (Jan), US PPI (Jan), Comments from BoE’s Pill.
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EUROPEAN TRADE
EQUITIES
- European bourses (STOXX 600 +0.3%) are broadly firmer, with the SMI (+0.7%) the clear outperformer after Swiss Re (+3.6%) posted a 47% Y/Y rise in 2025 net profit while announcing a USD 500mln share buyback. Lagging behind its peers is the CAC 40 (-0.1%), with very company-specific news to drive the index.
- European sectors are mixed. Telecommunications (+1.3%) outperform after Spain’s Cellnex (+0.6%) saw 2025 operating profit rise more than double annually and Telefonica (+3.7%) reportedly negotiating the purchase of 1&1 (+9.4%)in Germany in a EUR 5bln deal. On the flip side, Travel and Leisure (-1.8%) is underperforming despite positive IAG (-5.5%) earnings, in which the Co. beat FY profit expectations and announced a EUR 1.5bln share buyback.
- US equity futures (NQ -0.1%, ES -0.2%, RTY -0.7%) have held onto Thursday’s losses, which were hit by losses in NVIDIA (closed -5.5%) and then Financials following the MFS exposure risk.
- BASF (BAS GY) Q4 2025 (EUR): Revenue 14.0bln (exp. 14.04bln), Net profit 560mln (exp. 285mln), EBITDA 1.03bln (prev. 1.43bln Y/Y), sees FY26 Adj. EBITDA between 6.2-7.0bln (exp. 7.22bln).
- Dell Technologies (DELL) – Q4 adj. EPS 3.89 (exp. 3.51), Q4 revenue USD 33.38bln (exp. 31.68bln). AI-optimised server orders USD 64bln, with a record AI backlog of USD 43bln. Increased dividend +20%, added USD 10bln to its share repurchase authorisation. Sees Q1 adj. EPS 2.90 (exp. 2.39), sees Q1 revenue between USD 34.7-35.7bln (exp. 29.07bln). For FY27, sees adj. EPS at 12.90 (exp. 9.95), sees FY27 revenue between USD 138.0-142.0bln (exp. 124.87bln), expecting AI revenue of USD 50bln and operating income growth of 18%. DELL shares +10.7% pre-market
- Netflix (NFLX) declines to raise its offer for Warner Brothers (WBD) and said the deal is no longer financially attractive.
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
FX
- DXY is choppy but ultimately slightly softer following subdued APAC trade amid mixed sentiment, whilst the tone in Europe is tentative. Modest downticks in the index were seen as the EUR strengthened following the hotter-than-expected French CPI data (more below). Aside from that, newsflow in the European morning has been on the quieter side as USD traders gear up for US PPI data later in the session. DXY resides in a current 97.611-97.824 range at the time of writing, within Thursday’s 97.489-97.984 parameter.
- EUR/USD eked mild gains after oscillating around the 1.1800 focal point overnight, with a more convincing move above the level seen after the hotter-than-expected French and Spanish Prelim CPI metrics. EUR/USD resides in a 1.1789-1.1822 range awaiting the German Prelim CPI later today. The single currency then slipped to the unchanged mark after German state CPI metrics, where the Y/Y metrics generally showed a bit more cooling than what is forecasted for the mainland.
- GBP/USD languished near the 1.3500 level following the prior day’s underperformance owing to credit concerns, and with overnight price action contained after UK GfK consumer confidence fell to its lowest level that was last seen in November. Overnight, UK journalists focused on the Gorton and Denton by-elections in which the Green party won, with Reform second and Labour third. With Labour losing a seat they held for almost 100 years, UK PM Starmer’s leadership could be at risk. Nonetheless, GBP/USD saw little reaction to the results announcement, and currently resides in a 1.3461-1.3507 range, after finding support at its 200 DMA (1.3442) yesterday. Ahead, BoE’s Chief Economist Pill is due to give some remarks.
- USD/JPY retreated amid the early subdued risk appetite and following a slew of data, including Tokyo CPI, which printed firmer-than-expected across the board, but slowed from the previous with Core inflation back beneath the BoJ’s price goal. The pair pared back some losses as the DXY recouped some overnight losses. USD/JPY trades in a 155.54-156.12 range vs yesterday’s 155.70-156.43 parameter.
- Antipodeans rebounded from the prior day’s trough and narrowly outperform in the European morning, but with further upside contained by the mixed risk appetite and amid a weaker CNH, which was pressured after the PBoC actions to slow currency appreciation, in which it cut the FX risk reserve ratio to 0% and set a weaker-than-expected CNY fix by maintaining it at the prior day’s level.
FIXED INCOME
- USTs are firmer by a handful of ticks this morning, and trades within a 113-16 to 113-19 range. Really not much driving things for the US paper this morning, and remains towards the prior day’s peaks. The upside in USTs on Thursday was facilitated by subdued risk appetite and a decent 7yr auction. Focus remains on the geopolitical situation, following US-Iran talks. Meetings have concluded, and whilst there have reportedly been some positive developments, uncertainty remains. Reports suggest that US President Trump is expected to convene senior advisers on Friday for detailed discussions on Iran and to decide on a course of action toward Tehran. Internal deliberations are said to be focused not on whether a strike would occur but on its scope and potential targets. Next up, US PPI.
- Bunds are incrementally firmer/flat, and currently reside within a 129.76 to 129.99 range. Initially held towards recent highs, but has since slipped towards the unchanged mark following the hotter-than-expected French/Spanish inflation metrics. Though the German State CPIs thereafter spurred some modest upticks in Bunds, given the Y/Y metrics generally showed a bit more cooling than what is forecasted for the mainland.
- Gilts are firmer by around 10 ticks, to currently trade near the upper end of a 93.00-93.30 range. Overnight, UK journalists focused on the Gorton and Denton by-elections in which the Green party won, with Reform second and Labour third. With Labour losing a seat they held for almost 100 years, UK PM Starmer’s leadership could be at risk – which in theory would place pressure on UK-assets. This has not been reflected in price action this morning, though analysts at GS opined that the risk had already been priced in by markets.
- Japan sold JPY 2.15tln in 2-year JGBs; b/c 3.32x (prev. 3.88x); average yield 1.244% (prev. 1.253%).
- Australia sold AUD 800mln 2.75% November 2028 bonds, b/c 3.86, avg. yield 4.1849%.
COMMODITIES
- WTI Apr’26 and Brent May’26 futures are firmer within USD 64.85-65.90/bbl and USD 70.42-71.49/bbl intraday ranges thus far, respectively. Gains follow yesterday’s US-Iran negotiations, which ultimately failed to reach an accord, but the sides agreed to continue technical talks. Mediators reported “unprecedented openness to new and creative ideas”. Both sides reportedly moved closer on specific elements of an agreement related to nuclear limits and sanctions relief. That being said, major sticking points remain.
- Spot gold trades within a narrow range after only modestly gaining on yesterday’s US-Iran saga, which ended in no deal, but talks are poised to continue next week. Traders will be focused on any potential US military action this weekend in a bid to pressure Iran. Spot gold resides tight USD 5,167-5,200.64/oz range at the time of writing. Spot silver is firmer by some 1.5% intraday but contained to within Wednesday’s ranges.
- Base metals are firmer across the board despite the choppy risk tone in Asia, but prices are underpinned by the softer USD. Some desks attribute the rise to the stalled US-Iran talks and strengthening demand signals from China. The upside also comes ahead of next week’s China “Two Sessions”, where formal approval of the 15th Five-Year Plan and new stimulus measures for infrastructure and technology (AI, EVs, grid networks) are anticipated. 3M LME copper resides in a USD 13,243.73-13,508.13/t.
- London Metal Exchange announces the consultation for introducing regulatory position limits, exemptions and position management controls.
- Iron ore port stockpiles hit record levels in China as mines continue to add supply.
- Abu Dhabi reportedly offers more oil to partners, heading into the OPEC+ meeting, Bloomberg sources say.
- India is reportedly looking to cut coal imports for power plants at least 30% this year, sources say.
- China SHFE warehouses weekly changes: Copper +43.7%, Aluminium +19.7%, Zinc +44.9%.
- A local ceasefire has been established near the Zaporizhzhia nuclear power plant, TASS reported. Further by RIA stating one power line is being repaired at the power plant.
- Kazakhstan’s energy minister said oil exports from Kazakhstan in 2026 will remain at last year’s level and said oil output at Tengiz is almost at full capacity.
TRADE/TARIFFS
- China’s MOFCOM announces adjustments to anti-discrimination measures against Canada effective Mar 1st till Dec 31st 2026, will not impose relevant tariffs on some imports from China.
- Japan’s PM Takaichi said US needs to honour its commitments on tariffs.
NOTABLE EUROPEAN HEADLINES
- UK former Deputy PM Rayner noted the Gorton and Denton by-election results are a “wake up call” and Labour “has to be braver”; Sky News suggests these remarks will be taken as a direct aim at UK PM Starmer and his leadership.
- EU Commission eyes a legal loophole to bypass Hungary’s veto of a EUR 90bln euro loan, according to FT.
- UK Green Party wins parliamentary seat in Gorton and Denton, defeating UK PM Starmer’s Labour in the by-election.
NOTABLE EUROPEAN DATA RECAP
- Spanish Core Inflation Rate YoY Prel (Feb) Y/Y 2.7% (Prev. 2.6%).
- Spanish Inflation Rate MoM Prel (Feb) M/M 0.4% (Prev. -0.4%).
- Spanish Inflation Rate YoY Prel (Feb) Y/Y 2.3% vs. Exp. 2.2% (Prev. 2.3%).
- French GDP Growth Rate QoQ Final (Q4) Q/Q 0.2% vs. Exp. 0.2% (Prev. 0.2%, Rev. From 0.5%, Low. 0.1%, High. 0.2%).
- French GDP Growth Rate YoY Final (Q4) Y/Y 1.1% vs. Exp. 1.1% (Prev. 0.9%).
- French Inflation Rate MoM Prel (Feb) M/M 0.7% vs. Exp. 0.5% (Prev. -0.3%).
- French Inflation Rate YoY Prel (Feb) Y/Y 1.0%% vs. Exp. 0.8% (Prev. 0.3%, Low. 0.7%, High. 0.8%).
- German North Rhine Westphalia CPI MoM (Feb) M/M 0.2% (Prev. 0.1%).
- German North Rhine Westphalia CPI YoY (Feb) Y/Y 1.8% (Prev. 2.0%, Rev. From 2%).
- German Unemployment Rate (Feb) 6.3% vs. Exp. 6.3% (Prev. 6.3%, Low. 6.3%, High. 6.4%).
- German Import Prices YoY (Jan) Y/Y -2.3% (Prev. -2.3%).
- German Import Prices MoM (Jan) M/M 1.1% vs. Exp. 0.6% (Prev. -0.1%).
- Swiss GDP Growth Rate YoY (Q4) Y/Y 0.8% (Prev. 0.9%, Rev. From 0.8%).
- Swiss GDP Growth Rate QoQ Final (Q4) Q/Q 0.2% vs. Exp. 0.2% (Prev. -0.5%).
- UK Gfk Consumer Confidence (Feb) -19 vs. Exp. -15 (Prev. -16).
CENTRAL BANKS
- EU ECB Consumer Inflation Expectations (Jan) 2.6% (Prev. 2.8%).
- The PBoC has announced a new set of rules to facilitate cross-border CNY funding between local and foreign financial institutions.
- PBoC is to cut FX Risk Reserve Ratio for forward FX sales to 0% from 20% effective March 2nd to promote FX market development and support corporate exchange rate risk management.
- BoJ outright bond buying operations unchanged in March vs Feb (as expected).
GEOPOLITICS
MIDDLE EAST
- US authorises the departure of some embassy personnel and families from Israel amid safety risks.
- Iran urges US to abandon “excessive demands” to reach deal, Sky News Arabia reported citing AFP.
- Iranian spokesperson said “In the event of any conflict, American soldiers and their equipment will be destroyed, and all US resources and interests in the region will be within the range of Iranian forces”, via Iran International.
- Top Middle East commander briefed US President Trump on military options on Iran, according to ABC News.
- US VP Vance said negotiations depend on what the Iranians do and there is no chance that any potential strikes on Iran will result in engaging in a war for years.
- US President Trump is expected to convene senior advisers on Friday for detailed discussions on Iran and to decide on a course of action toward Tehran, according to Israel Hayom citing US officials. Internal deliberations are said to be focused not on whether a strike would occur but on its scope and potential targets, while options under discussion include nuclear facilities, missile sites, state institutions and infrastructure.
- Iranian Foreign Minister said further progress has been made in our diplomatic engagement with the US, also said mission of the technical teams is as important as our mission.
- Oman’s Foreign Minister is scheduled to meet with US VP Vance and other US officials in Washington on Friday.
OTHERS
- China said it is not possible to join denuclearisation talks at this stage.
- AFP reported of clashes near a major border crossing between Afghanistan and Pakistan.
- Afghan Ministry of Defence said their military operation resulted in casualties among Pakistani forces and came in defence of their territory and people, while it vowed to respond to future attacks.
- Loud explosion heard in Afghanistan’s capital of Kabul and Pakistani fighter jets are reportedly conducting a raid on Kabul.
CRYPTO
- Bitcoin oscillates around USD 67,000 and Ethereum hovers above USD 2,000.
APAC TRADE
- APAC stocks were ultimately higher heading into month-end but with price action choppy following the weak handover from the US, where sentiment was clouded by tech weakness, while participants also digested the recent US-Iran talks in Geneva.
- ASX 200 mildly gained as strength in tech and telecoms atoned for the losses in financials and consumer stocks.
- Nikkei 225 traded indecisively amid a firmer currency and a slew of mixed data releases from Japan, in which Industrial Production disappointed, Retail Sales topped forecasts, and Tokyo CPI printed firmer-than-expected but slowed across the board with the Core reading falling beneath the central bank’s 2% price target for the first time since October 2024.
- Hang Seng and Shanghai Comp were varied with outperformance in Hong Kong as participants digested earnings releases from the likes of Baidu and Sun Hung Kai Properties, while the mainland initially lacked direction in the absence of fresh catalysts and ahead of next week’s annual “two sessions”, while Trump-Xi summit preparations were said to falter. However, late upside was seen after comments from China’s Politburo meeting in which it stated that China’s development process during the 14th Five-Year Plan is extraordinary and that it is necessary to continue to implement a more active fiscal policy and a moderately loose monetary policy.
NOTABLE ASIA-PAC HEADLINES
- China Politburo held a meeting on Friday and noted that China’s development process during the 14th Five-Year Plan is extremely unusual and extraordinary. Said that it is necessary to continue to implement a more active fiscal policy and a moderately loose monetary policy. Necessary to focus on building a strong domestic market and step up the cultivation and expansion of new growth momentum.
NOTABLE APAC DATA RECAP
- Tokyo Core CPI YoY (Feb) Y/Y 1.8% vs. Exp. 1.7% (Prev. 2.0%, Rev. From 2%, Low. 1.6%, High. 2%).
- Tokyo CPI YY (Feb) 1.6% vs Exp. 1.4% (Prev. 1.5%).
- Tokyo CPI Ex. Fresh Food & Energy YY (Feb) 2.5% vs Exp. 2.3% (Prev. 2.4%).
- Tokyo CPI Ex. Fresh Food YY (Feb) 1.8% vs Exp. 1.7% (Prev. 2.0%).
- Australian Housing Credit MoM (Jan) M/M 0.6% (Prev. 0.7%).
- Australian Private Sector Credit MoM (Jan) M/M 0.5% vs. Exp. 0.7% (Prev. 0.8%).
- Australian Private Sector Credit YoY (Jan) Y/Y 7.7% (Prev. 7.7%).
1 c Asian opening report
Crude steady as Geneva talks end with no deal; PBoC cuts FX Risk Reserve Ratio – Newsquawk EU Market Open
Friday, Feb 27, 2026 – 01:41 AM
- APAC stocks were ultimately higher heading into month-end but with price action choppy following the weak handover from the US, where sentiment was clouded by tech weakness, while participants also digested the recent US-Iran talks in Geneva – which ended in no deal.
- Iranian Foreign Minister Araghchi said they entered serious talks about sanctions relief and the nuclear issue, while he added it was one of the most serious talks they have had with the US, and technical talks will start in Vienna from Monday.
- Ukrainian President Zelensky said the next trilateral talks will likely occur in the UAE in early March.
- PBoC announced it will cut the FX Risk Reserve Ratio for forward FX sales to 0% from 20%, effective March 2nd to promote FX market development and support corporate exchange rate risk management.
- European equity futures indicate an uneventful cash market open with Euro Stoxx 50 futures flat after the cash market closed with losses of 0.2% on Thursday.
- Looking ahead, highlights include German Import Prices (Jan), French/Spanish/German CPI (Feb), German Unemployment Rate (Feb), Canadian GDP (Jan), US PPI (Jan), Comments from BoE’s Pill, Earnings from Holcim & BASF.
SNAPSHOT
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US TRADE
EQUITIES
- US stocks were mixed in what was a largely risk-off day as NVIDIA’s (NVDA) post-earnings upside failed to hold and weighed on broader indices. As such, tech led the downside with weakness in hardware names, but software stocks caught a reprieve following a recent slew of strong earnings.
- Aside from NVIDIA (NVDA), risk sentiment was also soured by reports via SCMP that the Trump-Xi summit preparations were faltering, 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, while technical talks are set to resume in Vienna next week, from Monday.
- SPX -0.54% at 6,909, NDX -1.16% at 25,034, DJI +0.03% at 49,499, RUT +0.52% at 2,677.
- Click here for a detailed summary.
TARIFFS/TRADE
- US ITC is undertaking a new fact-finding investigation to examine the impact of revoking permanent normal trade relations treatment for all products of China.
- Canadian Minister responsible for US Trade Le Blanc said private government-to-government conversations on USMCA are not discouraging and that there have always been bilateral arrangements between the US, Canada and Mexico, while he is not pessimistic about eventual bilateral sector arrangements with the US.
NOTABLE HEADLINES
- Fed’s Goolsbee (2027 voter) said rates can come down, but does not want to front-load before inflation eases, while he commented they can overheat the economy, but added ‘let’s not’ and that he wants the Fed to be careful. Goolsbee said he is one of the more optimistic folks on the Fed about rate cuts this year and stated the economy has been solid and the job market is stable.
- Federal Reserve is mounting a behind-closed-doors legal challenge to subpoenas issued as part of US Attorney Jeanine Pirro’s criminal investigation into Fed Chair Powell, according to people familiar with the matter cited by WSJ.
APAC TRADE
EQUITIES
- APAC stocks were ultimately higher heading into month-end but with price action choppy following the weak handover from the US, where sentiment was clouded by tech weakness, while participants also digested the recent US-Iran talks in Geneva.
- ASX 200 mildly gained as strength in tech and telecoms atoned for the losses in financials and consumer stocks.
- Nikkei 225 traded indecisively amid a firmer currency and a slew of mixed data releases from Japan, in which Industrial Production disappointed, Retail Sales topped forecasts, and Tokyo CPI printed firmer-than-expected but slowed across the board with the Core reading falling beneath the central bank’s 2% price target for the first time since October 2024.
- Hang Seng and Shanghai Comp were varied with outperformance in Hong Kong as participants digested earnings releases from the likes of Baidu and Sun Hung Kai Properties, while the mainland initially lacked direction in the absence of fresh catalysts and ahead of next week’s annual “two sessions”, while Trump-Xi summit preparations were said to falter. However, late upside was seen after comments from China’s Politburo meeting in which it stated that China’s development process during the 14th Five-Year Plan is extraordinary and that it is necessary to continue to implement a more active fiscal policy and a moderately loose monetary policy.
- US equity futures remained subdued following the recent tech weakness and NVIDIA’s failure to inspire despite its earnings beat, while geopolitical uncertainty continues, as although US-Iran talks in Geneva were said to be positive, the sides failed to reach an agreement, and the risk of a US strike on Iran remains.
- European equity futures indicate an uneventful cash market open with Euro Stoxx 50 futures flat after the cash market closed with losses of 0.2% on Thursday.
FX
- DXY was slightly softer in rangebound trade amid the mixed performances in its major Asian counterparts, with the yen firmer after Tokyo CPI data and with the yuan pressured after the PBoC lowered the FX risk reserve ratio to 0% from the 20% level, which had been in place since September 2022 and with the move seen as an effort to slow the currency’s appreciation. Elsewhere, there was more Fed rhetoric, but it continued to have a muted impact on the FX space in which Fed’s Goolsbee (2027 voter) stated that rates can come down, but added that he does not want to front-load before inflation eases and wants the Fed to be careful.
- EUR/USD eked mild gains after oscillating around the 1.1800 focal point, while participants now await CPI data from some of the bloc’s key members.
- GBP/USD languished near the 1.3500 level following the prior day’s underperformance owing to credit concerns, and with overnight price action contained after UK GfK consumer confidence fell to its lowest level that was last seen in November.
- USD/JPY retreated amid the early subdued risk appetite and following a slew of data, including Tokyo CPI, which printed firmer-than-expected across the board, but slowed from the previous with Core inflation back beneath the BoJ’s price goal.
- Antipodeans rebounded from the prior day’s trough but with further upside contained by the mixed risk appetite and amid a weaker CNH after the PBoC actions to slow currency appreciation, in which it cut the FX risk reserve ratio to 0% and set a weaker-than-expected CNY fix by maintaining it at the prior day’s level.
- PBoC set USD/CNY mid-point at 6.9228 vs exp. 6.8428 (Prev. 6.9228).
FIXED INCOME
- 10yr UST futures extended recent gains after advancing amid the subdued risk appetite stateside and after a better-than-previous 7yr auction, while there is little scheduled today for the US aside from PPI and Chicago PMI data.
- Bund futures remained firmer and approached just shy of the 130.00 level, while the attention turns to several releases from Germany, including CPI, Import Prices and the Unemployment Rate.
- 10yr JGB futures continued to rebound from this week’s low as participants digested Tokyo CPI data, which printed firmer-than-expected, but slowed from the previous readings, with Core CPI in the capital region declining below the BoJ’s 2% target for the first time since October 2024, while there was little reaction to the somewhat mixed results from the latest 2yr JGB auction.
COMMODITIES
- Crude futures traded rangebound after whipsawing yesterday alongside US/Iran talks, which started poorly but were later said to be positive, although there is still uncertainty regarding Iran’s stance on key issues, and technical discussions will begin on Monday.
- Spot gold traded sideways with upside capped amid an uneventful dollar and with resistance around USD 5,200/oz.
- Copper futures saw two-way price action in relatively contained parameters amid the choppy risk sentiment in Asia.
CRYPTO
- Bitcoin edged higher overnight and briefly returned to above the USD 68,000 level.
NOTABLE ASIA-PAC HEADLINES
- China’s Politburo held a meeting on Friday and noted that China’s development process during the 14th Five-Year Plan is extremely unusual and extraordinary, while it added that it is necessary to continue to implement a more active fiscal policy and a moderately loose monetary policy. Furthermore, it stated it is necessary to focus on building a strong domestic market and step up the cultivation and expansion of new growth momentum, and pledged to enhance forward-looking and targeted coordination of policies.
- PBoC announced it will cut the FX Risk Reserve Ratio for forward FX sales to 0% from 20%, effective March 2nd to promote FX market development and support corporate exchange rate risk management.
DATA RECAP
- Japanese Industrial Production MM (Jan P) 2.2% vs. Exp. 5.3% (Prev. -0.1%)
- Japanese Retail Sales YY (Jan) 1.8% vs. Exp. -0.4% (Prev. -0.9%)
- Tokyo CPI YY (Feb) 1.6% vs Exp. 1.4% (Prev. 1.5%)
- Tokyo CPI Ex. Fresh Food YY (Feb) 1.8% vs Exp. 1.7% (Prev. 2.0%)
- Tokyo CPI Ex. Fresh Food & Energy YY (Feb) 2.5% vs Exp. 2.3% (Prev. 2.4%)
GEOPOLITICS
MIDDLE EAST
- Oman Foreign Minister said they finished the day after significant progress in the negotiation between the US and Iran, while they will resume soon after consultation in the respective capitals and discussions on a technical level will take place next week in Vienna. It was also stated that both sides showed openness to new and creative solutions during talks.
- Iranian Foreign Minister Araghchi said they entered serious talks about sanctions relief and the nuclear issue, while he added it was one of the most serious talks they have had with the US, and technical talks will start in Vienna from Monday. Furthermore, he said reaching an agreement is imminent and that in some issues, they came very close to an understanding, but also noted there are other issues that remain a matter of dispute.
- Iranian source said that talks between US and Iranian negotiating teams are serious and Iran “affirms it will never have nuclear weapons,” but added the “termination of all US sanctions and UNSC resolutions are key to any agreement”.
- US senior official told Axios the nuclear talks with Iran in Geneva were positive.
- US President Trump is expected to convene senior advisers on Friday for detailed discussions on Iran and to decide on a course of action toward Tehran. Internal deliberations are said to be focused not on whether a strike would occur but on its scope and potential targets, while options under discussion include nuclear facilities, missile sites, state institutions and infrastructure, according to Israel Hayom citing US officials.
- US VP Vance said diplomacy is preferred, but also said that negotiations depend on what the Iranians do and there is no chance that any potential strikes on Iran will result in engaging in a war for years.
- US Rep. Fallon said all options are on the table to deal with the Iranian regime if it does not halt its enrichment of uranium and state sponsorship of terror.
- US wants Iran to destroy its three main nuclear sites, and asked Iran to deliver its remaining enriched uranium to the US.
- Oman’s Foreign Minister is scheduled to meet with US VP Vance and other US officials in Washington this Friday.
- US Navy’s 5th Fleet headquarters in Bahrain reduced to “mission critical” staffing with less than 100 personnel remaining, ahead of potential strikes on Iran, according to multiple US officials cited by Fox News.
RUSSIA-UKRAINE
- Ukrainian President Zelensky said the next trilateral talks will likely occur in the UAE in early March.
OTHER
- Afghanistan’s Ministry of Defence said their military operation resulted in casualties among Pakistani forces and came in defence of their territory and people, while it vowed to respond to future attacks. It was also reported that Pakistan’s Defence Minister said their patience has reached a limit, and declared “open war” on the Taliban government in Afghanistan.
- US President Trump reportedly plans to steer Cuba towards greater dependence on the US, while it was separately reported that the US is pressing Syria to move away from Chinese telecom systems.
- White House said US President Trump remains open to dialogue with North Korean leader Kim ‘without any preconditions’, according to Yonhap.
EU/UK
NOTABLE HEADLINES
- UK Green Party won the parliamentary seat in Gorton and Denton, defeating UK PM Starmer’s Labour in the by-election.
- UK reportedly held talks with oil and gas firms regarding ending the windfall tax.
DATA RECAP
- UK GfK Consumer Confidence (Feb) -19 vs. Exp. -15 (Prev. -16)
- UK Lloyds Business Barometer (Feb) 44 (Prev. 44)
2.a NORTH KOREA/SOUTH KOREA
NORTH KOREA/
As US Readies Iran Action, Kim Jong Un Vaunts ‘Irreversible & Permanent’ Nuclear Arsenal
Thursday, Feb 26, 2026 – 10:10 PM
Kim Jong-un just gave a fresh nuclear speech, vowing that North Korea will expand its atomic arsenal in both scale and sophistication, and that this is necessary given pressure from nuclear-armed “imperialist” superpowers like the United States.
Kim presented the strategy during a weeklong congress of the ruling Workers’ Party of Korea, declaring that his country’s nuclear-armed status is “irreversible and permanent” (though not for the first time).
He pledged that Pyongyang will continue to strengthen its arsenal “as long as nuclear weapons exist on the earth” and as long as the country faces threats from “US imperialists and their followers,” according to state media on Thursday.
“We have a long-term plan to strengthen the national nuclear force on an annual basis in the future and will concentrate on increasing the number of nuclear weapons and expanding the means and space for nuclear operation,” Kim stated.
Kim earlier warned during a military parade in the capital on Wednesday that North Korea would “deliver terrible retaliatory attacks to any forces” that infringe on the country.
He further signaled Washington that he’s able to offer either “peaceful coexistence” or “eternal confrontation” and that the choice is on America – whether it wants to remain a hostile force in the world or not.
The Washington Post, commenting on these latest remarks out of North Korea, calls Kim “emboldened”:
In the seven years since President Donald Trump and North Korean leader Kim Jong Un walked away from nuclear negotiations, Kim’s nuclear ambitions and weapons arsenal have only grown more potent. This week, Kim left room for restarting talks with Washington — but only on his own terms.
But what WaPo fails to acknowledge or grasp is that so long as Washington is going around the world conducting regime change operations against countries which never attacked the United States, it incentivizes rival nations to go nuclear, or to quickly expand existing arsenals.
‘Rogue’ actors like Kim look at the world and see the US mounting its biggest military buildup in the Middle East since the 2003 Iraq invasion. The target is Iran, which doesn’t yet have nukes, and so is essentially defenseless (when it comes down to it, despite conventional ballistic missiles).
More immediately, North Korea feels threatened by the growing joint US war games just south of the demilitarized zone, in South Korea – where over the past several years nuclear submarines have been docked.
Leaders like Kim can only conclude that the way to ensure against attack by the United States is to be a formidable nuclear power. This is the sad reality in a post-Cold War, nuclear world.
end
2b JAPAN
3. CHINA
Xi Purge Latest: China’s Top Legislature Abruptly Sacks 9 Top Military Officials
Friday, Feb 27, 2026 – 02:45 AM
China has removed nine military lawmakers from its national parliament, escalating President Xi Jinping’s purge of senior defense officials, which has been a months-long trend, tracked closely by global headlines.
In this latest move, first reported internationally by Bloomberg Thursday, the country’s top legislative body stripped Ground Force Commander Li Qiaoming and Information Support Force Political Commissar Li Wei of their seats, along with seven other officers.
The dismissals were handed down this week, with state-run Xinhua reporting from the 14th National People’s Congress that those targeted include Ground Force’s chief Ding Laifu; Central Military Commission officials Bian Ruifeng and Wang Donghai; Navy officers Shen Jinlong and Qin Shengxiang; Air Force’s Yu Zhongfu; and Rocket Force’s Yang Guang.
State media has not immediately issued details for the dismissals, or specifics on investigations. Back in late January, when Xi’s own right-hand military man, Gen. Zhang Youxia – at the time vice chairman of the Central Military Commission – was abruptly removed, the charge was simply “grave violations of discipline and the law.”
Such language is often presented in such crackdowns as a euphemism for corruption, which President Xi has in the recent past described as “the biggest threat”. But critics as well as Western observers say this has served as a convenient and public PR mechanism for sidelining political rivals, and strengthening Xi’s power and hold on the levers of power.
Such is likely also the case with the new firings of these nine military officials. In this fresh case, Beijing has only offered that the officials are suspected of “serious discipline and law violations” – again, just like with the ambiguous Zhang Youxia case.
Xi sent a campaign to eliminate corruption in the armed forces into overdrive around mid-2023, months after securing a precedent-defying third term. Since then, authorities have ousted two vice chairmen of the military commission, three CMC members, a former defense minister, and at least a dozen senior generals who commanded major military units, and possibly many dozens – or perhaps even hundreds – of other officers.
A former CIA analyst who follows Chinese elite politics, Christopher K. Johnson, recently told the NY Times of the ongoing purge trend, “This move is unprecedented in the history of the Chinese military and represents the total annihilation of the high command.”
The PLA has seen significant internal turmoil, especially since the Communist Party’s 20th Congress in late 2022. Several top military figures – including Defense Ministers Li Shangfu and Wei Fenghe, and CMC Political Work Department head Miao Hua – have disappeared or been removed, and many more followed.
In China, the military is controlled by the Communist Party, not the state, and survival at the top depends on absolute loyalty. Even the most senior and trusted officers are not safe in today’s political climate.
4.European and Scandinavian affairs
GERMANY
McDonald’s Germany Hides Food Ads During Ramadan
Friday, Feb 27, 2026 – 03:30 AM
Authored by Steve Watson via Modernity.news,
McDonald’s latest marketing stunt in Germany syncs billboards to show empty packaging by day and full meals only after sunset, drawing backlash for prioritizing a minority’s religious observance over the broader customer base.
As Ramadan unfolds, McDonald’s Germany has rolled out a campaign that effectively erases tempting food visuals from digital billboards during fasting hours, a move seen by critics as yet another concession to cultural shifts driven by mass immigration.
The fast food chain’s digital out-of-home posters display empty fries containers and burger boxes throughout the day, filling them with food images precisely at sunset when Muslims break their fast.
According to Newsweek, the ads carry the message “Happy Ramadan” and use sun-synced data tied to local prayer times to trigger the switch from empty to full.
The post sparked sharp reactions online. One user remarked: “What a great way to ignore the majority of your customers ????”
Another called it: “This is a sign that your country has been conquered without a shot fired.”
A third questioned: “Great idea if you are in the Middle East. What about the non-Muslims? Or do we not count any more?”
This campaign echoes recent events underscoring tensions around cultural accommodation in the West.
Just days ago, videos of thousands of Muslims gathering for Ramadan prayers in New York City’s Times Square went viral, with observers labeling it a “disturbing display” amid chants of “Allahu Akbar.” Professor Gad Saad quipped sarcastically: “What’s the big deal!? Just a bunch of pious men praying to Allah. I’m sure that it will all work out.”
That incident is tied to broader controversies, including Rep. Randy Fine’s response to activist Nerdeen Kiswani’s claim that dogs are “unclean.”
Fine announced the “Protecting Puppies from Sharia Act,” aimed at withholding federal funds from areas banning dogs as pets, highlighting concerns over cultural shifts in regions with expanding Muslim communities.
Across the Atlantic, a similar dynamic played out in London, where a Metropolitan Police officer defended a Christian preacher’s right to free speech against an angry crowd in Whitechapel, declaring: “In this country, we have freedom of speech.”
She added: “I understand that you guys don’t want to hear it, so I would just recommend that you walk away and don’t listen to him. He’s not in your home.”
The episode raised questions about inconsistent policing, contrasting with past arrests of preachers like Pastor John Sherwood for expressing biblical views on family.
These developments paint a picture of Western institutions—from corporations to law enforcement—yielding ground to avoid offense, often at the expense of longstanding traditions and majority norms.
In Germany, home to millions of Muslim residents following waves of migration, such gestures risk alienating the wider public while fueling debates over integration.
As globalism pushes for unchecked diversity, moves like McDonald’s billboard tweak serve as reminders that true coexistence demands mutual respect, not one-sided surrender. Defending core Western values remains essential to preserve the freedoms that built these societie
Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.
END
FRANCE, BRITAIN UKRAINE
The Brits & French Want Ukraine To Go Nuclear Out Of Desperation To Hold Onto Donbass
Friday, Feb 27, 2026 – 02:00 AM
Russia’s control over it, whether through Ukraine’s withdrawal or forcible expulsion, is considered to be the basis of the US’ peace plan that the Brits and French are dangerously trying to subvert.
Russia’s Foreign Intelligence Service (SVR) reported on the four-year anniversary of the special operation that the Brits and French are plotting to help Ukraine go nuclear. The alleged plan is to provide it with relevant European components and equipment that would then be misrepresented to the world as proof of a domestically developed nuclear program. They’ll also give it at least one actual warhead and/or materials for a dirty bomb.
The purpose is to give Ukraine an edge over Russia in the negotiations.
Zelensky recently claimed that “Both the Americans and the Russians say that if you want the war to end tomorrow, get out of Donbas”, which he flat-out refuses to do, emboldened as he’s been by European support led first and foremost by the Brits and French.
The first are considered to be the masterminds behind various anti-Russian provocations, including false flag plots that Moscow warned about but which never materialized, while the second has been leading the charge to send NATO troops to Ukraine.
Russia has been tight-lipped about what compromises it might consider in exchange for Ukraine at the very least withdrawing from Donbass due to the confidential nature of the negotiations, but it’s possible that its compliance with this demand could lead to a ceasefire. Zelensky and his top two European backers don’t want that even though the EU’s top diplomat Kaja Kallas claimed, regardless of whether one agrees with her, that “Moscow has failed to achieve any of its strategic objectives” so far.
Therefore, the Brits and French want Ukraine to go nuclear out of desperation to hold onto Donbass at minimum, the Kiev-controlled remainder of which consists of the country’s top military fortifications. They expect that Russia would then agree to a ceasefire along the frontlines if Ukraine obtains nuclear capabilities, even if only a dirty bomb, and threatens to use them if it doesn’t comply. At most, this could also hypothetically be leveraged to get it to withdraw from all the territory that Kiev claims as its own.
The reality is that Russia won’t accept a nuclear-armed Ukraine. Putin alluded to Zelensky’s speech at the 2022 Munich Security Conference in which he threatened to revoke Ukraine’s participation in the 1994 Budapest Memorandum under which it transferred Soviet nukes (that were always under Moscow’s control and never Kiev’s) to Russia in his address to the nation announcing the special operation. Most Russian-friendly observers accordingly expect Russia to not let this happen under any circumstances.
Head of the Duma’s Defense Committee Andrey Kartapolov debunked the scenario of Ukraine developing its own nuclear program in fall 2024 after Zelensky sensationally suggested going down this route if it’s kept out of NATO before walking his words back later that same day. With that in mind, Russia certainly knows that the only way for Ukraine to obtain nukes is from the Brits and/or French, and any attempt to do so would amount to them going behind Trump’s back to subvert his peace plan.
The gist is that Trump reportedly wants Putin to freeze the conflict if Ukraine withdraws from Donbass or is forcibly expelled from there, with the incentive to do so being a resource-centric strategic partnership between Russia and the US. Regardless of whether or not Putin would agree to this, the point is that the Brits and French’s efforts to help Ukraine go nuclear out of desperation to hold onto Donbass undermine the basis of Trump’s peace plan, so he should thus do everything to stop them if he truly wants peace.
END
UK
UK Locks In Critical Minerals Deal With Kazakhstan To Cut Reliance On China
Friday, Feb 27, 2026 – 04:15 AM
UK Foreign Secretary Yvette Cooper has unveiled a critical minerals agreement with Kazakhstan on Thursday as Western governments move to shift supply chains away from China, moving ahead on London’s plans to diversify its critical mineral sourcing.
This after the British government in its Critical Mineral Strategy published last year identified Kazakhstan as producing 22 of the 36 minerals identified in the report as vital and needed by Britain.
Britain’s top diplomat is hosting foreign ministers from Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan at Lancaster House in London – and Beijing officials are no doubt watching closely from afar.
“Central Asia is an important region with huge potential to boost economic growth,” Cooper said in a statement to Politico. “These agreements deliver for British businesses, strengthen economic security and are a clear demonstration of U.K. support for the independence of the Central Asian states.”
A memorandum of understanding has been signed by Kazakhstan’s Deputy Industry Minister Olzhas Saparbekov and UK Trade Minister Chris Bryant, amid the summit.
Kazakhstan supplies more than 40% of the world’s uranium and ranks among the top producers of titanium. It is also a top-ten exporter of copper and zinc.
Needless to say, this makes the central Asian country a top competitor to China – and thus ‘alternative’ source for the West – given it has huge rare Earth deposits that could power the next tech boom.
“Unlike in the West, Central Asian governments are enthusiastic about the prospect of turning their vast deposits of [rare earth minerals and rare metals] into a new source of revenue for the local economies,” a prior report in The Interpreter stated.
“The U.K. set out a Critical Minerals Strategy last November to ensure that by 2035 no more than 60 percent of Britain’s supply of any one critical mineral comes from a single country.” —Politico
Chinese firms have have also recently invested heavily in Kazakh copper, aluminum, and rare earth projects – driven by President Xi’s long-running and ambitious Belt and Road Initiative.
As we’ve highlighted previously – and something the UK, US, and Europe are belatedly becoming fully aware of – Beijing has been eagerly acquiring rare earth reserves and contracts in emerging markets across the world for years now, resulting in what is currently an effective chokehold on global supply chains.
END
UK
nobody wants these clowns in power over in the UK
(zerohedge)
“Torn The Roof Off” British Politics: Starmer Stunned After Green Party Steals Labour Seat
Friday, Feb 27, 2026 – 08:25 AM
UK Prime Minister Keir Starmer is under pressure to reinvent his ailing Labour government with a leftwards pivot after the Green Party captured one of its House of Commons seats via a special election.
The result underscores the recent fragmentation of UK politics and the disruption of long-held electoral certainties.
It has “torn the roof off” British politics, said Green Party Leader Zack Polanski.
Spencer’s win marks the first-ever by-election victory for the Greens, as well as their first seat in northern England, highlighting the increasing reach of the left-wing party in a context where Labour voters are abandoning it in both directions.
Spencer’s margin of victory was much more comfortable than commentators had expected, with polls consistently understating the Greens’ appeal.
The swing from Labour was 26% in Gorton and Denton, and the Greens now have five MPs in Parliament.
Andrea Egan, general secretary at workers’ union Unison, said Labour should be “taking the fight” to Reform UK Leader Nigel Farage “rather than letting him set the agenda.”
As Tom Jones reports below for TheCritic.co.uk, the election has grim implications.
The Gorton and Denton by-election, by virtue of having been won by the Greens, marks a more momentous shift for the left than the right. Ava Santina has written about this for us, and a recent Critic Show episode is devoted entirely to the fracturing of the left.
But like the overweight kid trying to avoid getting near the ball in PE, just because you don’t win, that doesn’t mean there aren’t lessons to be learned.
The first is that Reform may need to start thinking about expectation management. As an insurgent party, they were happy to talk up their chances of winning in order to build the narrative that the two main parties are finished. But this made the race seem closer than the result ended up being: 4,000 votes behind the Greens and just over 1,000 votes ahead of Labour therefore will be made to seem like an underperformance by the media.
It was not. In terms of the size of the swing needed from the 2024 General Election, Gorton and Denton was 413th on Reform’s target list. Even with their polling shoring up at around 30 per cent, as it is in national polls, turning the sixth Labour seat over was a stretch too far. On the upside, a national campaign against the Greens will be a much more favourable proposition for Reform, coming as it does against a weaker campaigning machine than Labour — and increased scrutiny on the Green Party, which it will fail.
A lesson may also be on the need to find local candidates. I hate that local candidates boost election performances, I hate that Hannah Spencer claimed she had never seen Matt Goodwin in the local Asda “doing his big shop”, but most of all I hate that it works. A local candidate would not have swung Gorton and Denton their way, but there will be a significant number of seats where it will. It’s yet another problem for Reform’s candidate selection team to deal with.
As for the other right-wing parties, the question is, “why bother?”
The Conservatives took just 706 votes. 1.9 per cent of the vote. That is their lowest ever vote share in a by-election. They lose their deposit for the first time at an English by election for nearly 40 years.
We have heard much about the need for a Reform-Conservative pact. It has come, overwhelmingly, from establishment media figures whose professional relevance depends on preserving their access to the Conservative Party — and who can see that access, and therefore their own influence, draining away. Such a pact would necessitate the Conservatives to stand aside in hundreds of seats like this. It is so ingrained in the Conservative psyche to stand candidates everywhere that it is part of the party’s constitution. Farage has been burned before with a Conservative pact — it is incumbent on the Conservatives to make any such a deal happen.
The Conservative statement after the result spoke much about this result rendering Starmer a lame duck, but nothing about their failure to play any role in this result being delivered.
Meanwhile Advance UK, the Ben Habib vehicle, took 154 votes — less than the Monster Raving Loony Party. A vision of Restore Britain’s future? Perhaps. There is a question here. If things are really as bad as the leaders of these parties claim, then how can they justify siphoning off votes from adjacent right-wing parties over ever-finer points of right-wing doctrine? When the house is on fire, it is a strange moment to insist on arguing about the exact brand of extinguisher.
Perhaps parties formed with the sole aim of giving histrionic social media addicts something to do will not be Britain’s salvation. Who knew.
Finally, the lesson that all parties of the right should take is in the dangers of sectarian voting.
For a long time the conventional parties have been happy with sectarian voting, so long as it delivered conventional parties.
The salience of the Muslim vote in this election — coupled with the Green Party’s campaign videos in Urdu and Bangla — has reinforced a narrative that has been gathering force since the rise of the so-called “Gaza independents”: that Britain has a sectarian voting problem that can no longer be ignored.
It is fast becoming an ingrained part of our political culture: Sky’s coverage of the result included Sam Coates examining and speaking about the proportion of the seat that is ethnic minority.
There is a risk here.
A political class steeped in American news and habits of thought may interpret this development as merely the British version of familiar US-style demographic politics, where politics is more attuned to minute changes amongst identity and interest groups.
It is not. American immigrants, and therefore their voting patterns, are markedly different to those in Britain. We are not getting “suburban moms”.
The Electoral Commission grants Democracy Volunteers access to polling stations during elections, and the group has reported seeing “concerningly high levels” of family voting (an illegal practice in which two voters occupy a single polling booth, often with one directing the other’s vote) in the by-election.
John Ault, director of Democracy Volunteers, said: “Today we have seen concerningly high levels of family voting in Gorton and Denton. Based on our assessment of today’s observations, we have seen the highest levels of family voting at any election in our 10 year history of observing elections in the UK.”
He added: “We rarely issue a report on the night of an election, but the data we have collected today on family voting, when compared to other recent by-elections, is extremely high. In the other recent Westminster parliamentary by-election in Runcorn and Helsby we saw family voting in 12 per cent of polling stations, affecting 1 per cent of voters. In Gorton and Denton, we observed family voting in 68 per cent of polling stations, affecting 12 per cent of those voters observed.”
Manchester City Council have hit back, arguing that “No such issues have been reported today”, and blaming Democracy Volunteers for not reporting these issues at the time. This issue is too obvious to ignore (although some will try), and at least some parties will find it politically expedient to oppose it. These voting patterns have been documented for a long time. Perhaps, after the next election, we will finally have the chance to deal with them. Small mercies, but mercies nonetheless.
Angela Rayner, the former deputy prime minister who is bookmakers’ favorite to succeed Starmer, said the result was “a wake-up call.”
end
UK
Restoring Britain
Friday, Feb 27, 2026 – 07:20 AM
Authored by Laura Hollis via The Epoch Times,
There’s a revolution brewing across the Big Pond.
The British people were already fed up with the Labour government headed by Prime Minister Keir Starmer. And then the man Starmer appointed to be ambassador to the United States—Peter Mandelson—was exposed as having a deep friendship with sex predator Jeffrey Epstein, even after Epstein was convicted on charges of sex with a minor in 2008. Mandelson is now under investigation for possibly passing sensitive government information to Epstein. Starmer is viewed as being crippled by these revelations and losing support within his own party.
But it’s the split on the political Right that is most interesting at the moment. For quite some time, Nigel Farage’s Reform UK Party has been the favorite to unseat Labour in the next general parliamentary election in 2029. Farage came into the international spotlight as the leader of the movement to take Britain out of the European Union (“Brexit”). But Farage is increasingly viewed as having become “establishment,” particularly on the question of what to do about the millions of Muslim migrants who have poured into England and the rest of the United Kingdom.
Farage and former fellow Reform UK MP Rupert Lowe had a serious falling-out last year.
Lowe was—and is—pushing for mass deportations, a policy that Farage has dismissed as “beyond the point of reasonableness, of decency, of morality.”
Lowe publicly criticized Farage’s leadership of Reform UK; Farage responded by kicking Lowe out of the party, accusing him of “bullying” staff members and of making threats against party chairman Zia Yusef. It would further appear that Farage was responsible for a police raid on Lowe’s home to confiscate his firearms. (No charges were filed against Lowe, and his guns were returned to him.)
Lowe has returned with a vengeance. Two weeks ago, he announced the formation of a new political party, “Restore Britain.”
“Restore,” as it is now commonly referred to, makes nearly daily policy pronouncements on social media platform X.
Among the policies Lowe says the party will advocate for are banning the burqa, return of the death penalty for the most heinous crimes, stronger self-defense protections for British homeowners, reversal of convictions for those accused of “hate speech crimes” and commutation of their sentences, laws ensuring freedom of speech, and mass deportations, starting with migrants who have committed crimes, including and especially the men who have participated in the “rape gangs.”
Perhaps more than any other issue, this one has galvanized the British public. People are shocked to discover that the government was too timid to arrest and prosecute men—largely Pakistani—who were known to be keeping young girls as sex slaves, fearing being called racist. Lowe has sworn he’ll bring all the facts to light and earlier this week released a victim’s statement indicating that members of local police forces were not only aware of the Pakistani rape gangs but, in some cases, were participants.
All of this has created a perfect storm of outrage, and Lowe has very clearly hit a nerve.
Restore Britain has acquired 100,000 members in less than two weeks. To put things in perspective, that places Restore Britain fifth—behind the top four political parties—by membership: Reform UK currently has 280,000 members, Labour 250,000, the Green Party 198,000 and the Conservative Party 123,000.
In his inimitable fashion, X CEO Elon Musk has weighed in, expressing support for Restore Britain.
Their X account now has over 300,000 followers, and videos posted are generating millions of views. Even Americans—who cannot vote or become members of any British political party—are throwing in financial support for Lowe’s Restore party. X is filled with fan art, posters, memes and slogans backing Restore Britain and Lowe. (A favorite is “Aim High—Vote Lowe.”)
The British parliamentary system is very different from America’s political structure, and their general election is—absent some intervening event—three years away. But this feels for all the world like a MAGA-esque revolution in the making. On the Left, the dominant party is Labour—presently in power—which defends unlimited migration into the UK, insists that Muslims add to the rich tapestry of British culture, refuses to conduct an inquiry into the Pakistani rape gang investigations, and prosecutes citizens who complain about the impact of mass migration: the crime, the outrageous government expenditures, the benefits given freely to migrants (while native British struggle to find housing and wait for health care), the unprosecuted rape of thousands of white British girls, and the denigration of British society and culture.
On the Right, the Tories have traditionally dominated. But that party saw five weak prime ministers within 14 years (Rishi Sunak, Liz Truss, Boris Johnson, Theresa May, David Cameron), leaving it without much public support, and creating the possibility that Reform UK will have the greatest number of seats in the next parliament, and party leader Nigel Farage will become prime minister.
At least, that was the narrative until a couple of weeks ago. Now Restore Britain is being viewed by its supporters—much as Donald Trump was in 2015—as the dark horse that might surprise everyone in 2029.
Polls conducted this week asking Britons their voting intentions show Restore Britain—which is not even an officially approved party yet—already with 7 percent support. (Keep in mind that these numbers are divided among 10 political parties, with Reform UK having the largest percentage, at 25 percent.) Reform UK is trying to stave off defections, insisting that Restore Britain will “split the vote,” and cannot possibly get enough seats in Parliament to elect the prime minister, thus handing victory to Labour again (or, God forbid, the Green Party).
But this is exactly what establishment Republicans in the United States said when Trump entered the presidential race in 2015.
In the UK now, as in the U.S. then, citizens are disgusted with traditional political parties and their government’s inability—or refusal—to perform what is viewed as its most fundamental responsibility—protecting the British public and preserving the country.
It’s going to be fun to watch.
end
5. RUSSIAN AND MIDDLE EASTERN AFFAIR
ISRAEL
ISRAEL TBN
ISRAEL VS IRAN//USA
CENTCOM chief briefs Trump on military options against Iran, source tells ‘Post’
The briefing came while the Trump administration’s special envoy Steve Witkoff and Trump’s son-in-law Jared Kushner were in Geneva holding nuclear talks with Iran.
US CENTCOM chief Adm. Brad Cooper makes an announcement aboard aircraft carrier USS Abraham Lincoln in the Arabian Sea February 7, 2026; illustrative.(photo credit: U.S. Navy/Mass Communication Specialist 2nd Class Sonny Escalante/Handout via REUTERS)ByJAMES GENNFEBRUARY 27, 2026 03:16
Updated: FEBRUARY 27, 2026 08:09
United States Central Command (CENTCOM) chief Admiral Brad Cooper briefed US President Donald Trump on potential military options in Iran, sources familiar with the details told The Jerusalem Post on Friday.
Chairman of the Joint Chiefs of Staff Gen. Dan Caine was also present, according to a second person familiar with the discussions, ABC News reported Thursday evening.
The briefing on military options took place after the nuclear talks in Geneva had already concluded.
The meeting indicates that Trump is approaching a critical decision point: whether nuclear talks with Iran still have a realistic chance, or whether a military option must be pursued.
JD Vance: ‘No chance’ US will be in drawn-out Middle East war
Meanwhile, US Vice President JD Vance stated that there is “no chance” that US strikes on Iran would result in Washington being drawn into a drawn-out war in the Middle East during a Thursday interview with The Washington Post.
Speaking aboard Air Force Two, Vance told the outlet that he does not know what Trump will decide, noting that possibilities include military strikes “to ensure Iran isn’t going to get a nuclear weapon,” or to solve “the problem diplomatically.”
“The idea that we’re going to be in a Middle Eastern war for years with no end in sight – there is no chance that will happen,” he told the outlet.
Additionally, Oman’s Foreign Minister Badr bin Hamad al-Busaidi is due to meet with Vance and other US officials in Washington on Friday for talks “in an effort to stave off war with Iran,” MS NOW reported on Thursday night.
US-Iran nuclear talks in Geneva went well, source tells ‘Post’
Cooper’s briefing came while the Trump administration’s special envoy Steve Witkoff and Trump’s son-in-law Jared Kushner were in Geneva holding nuclear talks with Iran.
Busaidi described the talks as having made “significant progress” and announced that more discussions will take place next week in Vienna.
A source familiar with the details told The Jerusalem Post that several issues were clarified during the second round of talks, which he described as positive, and work is continuing toward formulating an agreement.
Trump has amassed the largest buildup of American forces in the Middle East since 2003 to increase pressure on the Islamic Republic to reach a deal, with the open question being whether the two sides’ redlines can overlap just enough to avoid a broader war.
On Wednesday, the Post asked four major AI platforms when the US is likely to strike Iran.
Senior advisors to the Trump administration would prefer if Israel struck Iran first, as such a move would provide better optics and help muster voter support for a US strike, Politico reported on Wednesday, citing two people familiar with the discussions.
“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,” the sources told Politico.
The motivation behind the idea centers on Iran’s retaliation, the sources claimed, as “more Americans would stomach a war with Iran if the United States or an ally were attacked first.”
Meanwhile, 12 American F-22 Raptor fighter jets landed at an Israel Air Force base on Tuesday evening. Photographs of the jets were later published by the Chinese intelligence agency MizarVision on Thursday.
Amichai Stein, Yonah Jeremy Bob, Tobias Siegal, Shir Perets, Miriam Sela-Eitam, and Danya Saperstein contributed to this report.
END
Huckabee tells US Embassy staff in Israel to leave today amid Iran strike fears
According to an official statement by the US State Department, US citizens are advised against traveling to Israel.
US Ambassador to Israel Mike Huckabee attends the lobby for Israel–United States relations at the Knesset, Israel’s Parliament in Jerusalem, February 25, 2026.(photo credit: YONATAN SINDEL/FLASH90)ByJERUSALEM POST STAFFFEBRUARY 27, 2026 11:42Updated: FEBRUARY 27, 2026 13:14
US Ambassador to Israel Mike Huckabee told US Embassy staff who wish to leave to “do so TODAY,” the New York Times reported on Friday.
Huckabee informed embassy staff in an email sent at 12:04 a.m. to leave, urging them to book flights anywhere they could.
This move “will likely result in high demand for airline seats today,” he wrote. “Focus on getting a seat to anyplace from which you can then continue travel to DC, but the first priority will be getting expeditiously out of the country.”
Iran, Gaza, and Australian politics: Can Netanyahu, Herzog make a diplomatic impact?
He also stated that he would host a town hall meeting at 12:30 p.m. to provide additional information.
That same day, The State Department announced that it had authorized the departure of non-essential government workers and their families from Israel. It also advised US citizens against traveling to Israel.
The mass-issued handout suggests that US citizens should “consider leaving Israel while commercial flights are available.”
Countries urge citizens to leave Middle East
Several countries have called for their citizens to leave or not travel to the Middle East in recent days, as tensions between Iran and the US continue to rise.
Canada issued a warning urging all citizens to leave Iran on Friday, cautioning that commercial flight options may be limited.
China has advised its citizens to avoid traveling to Iran and urged those in the country to evacuate as soon as possible, citing the security situation, state news agency Xinhua reported on Friday.
The Australian government told dependents of Australian diplomats in Israel and Lebanon to leave the two countries, citing a deteriorating security situation in the region. It also offered voluntary departures to Australian diplomats’ dependents in the United Arab Emirates, Jordan, and Qatar.
Other countries cautioning their citizens to avoid or leave the area in the last few months include Finland, Serbia, Poland, Sweden, India, Cyprus, Singapore, Germany, and Brazil.
Reuters contributed to this report.
END
IRAN/USA
Iran Rejects US ‘Excessive Demands’ – But Next Talks Scheduled For Wednesday
Friday, Feb 27, 2026 – 10:50 AM
After the third round of indirect US-Iran talks held in Geneva on Thursday, Omani Foreign Minister Badr Al-Busaidi – who was the chief mediator – cited “significant progress” – which echoed the generally positive assessment of the Iranian side.
Iran’s Foreign Minister Abbas Araghchi initially declared, “We reached agreement on some issues, and there are differences regarding some other issues. It was decided that the next round of negotiations will take place soon, in less than a week.”
He acknowledged that it was the most “intense” round yet, but still a “mutual understanding” was reached to “continue to engage in a more detailed manner on matters that are essential to any deal – including sanctions termination and nuclear-related steps.” But there has been no deal, and Washington’s attack plans are still in preparation phase.
It must be recalled that President Trump said a week ago Tehran had two weeks to agree to Washington’s terms, and so the clock is ticking as the huge American military build-up in the region continues.
The latest statement by FM Araghchi issued Friday lays out that the Trump administration must drop its “excessive demands” for a nuclear agreement to take place.
“Success in this path requires seriousness and realism from the other side and avoidance of any miscalculation and excessive demands,” Araghchi reportedly said in a call with Egyptian Foreign Minister Badr Abdelatty.
There are reports that Washington may have actually dropped the ballistic missile reduction demand (or is at least not pressing it), but is still demanding zero enrichment, and that all remaining enriched uranium in Iran’s stockpile be transferred to US custody. In the process, the US wants to see Iran further dismantle the damaged nuclear sites of Fordow, Natanz and Isfahan.
The Wall Street Journal reported soon after Thursday’s talks wrapped up that no deal was reached, and that Tehran negotiators balked at the nuclear demands.
“Iran rejected the idea of transferring uranium stockpiles abroad. It also has objected to ending enrichment, dismantling its nuclear facilities and permanent restrictions on its program, Iranian state media and people familiar with the talks said,” WSJ wrote.
Are the negotiations just a smokescreen to put all military assets in place before the big (unprovoked) attack?
With the next round (the fourth) of talks set to be held in Vienna this coming Wednesday, there remains the possibility that Trump could order some kind of strikes between now and then. Such an operation could be ‘limited’ – but there’s no guarantee that Iran’s response will also be limited in terms of the inevitable retaliation.
IRAN/HEZBOLLAH
Should Hezbollah announcement shift Israeli view of intensity of Iran attack? – analysis
Hezbollah said that it will stay out of the war and not attack Israel if any American or Israeli attack on Iran is limited to certain Iranian capabilities.
Protesters hold placards and Hezbollah flags during a demonstration condemning recent Israeli military actions in Lebanon, in Beirut, Lebanon February 4, 2026.(photo credit: REUTERS/MOHAMED AZAKIR)ByYONAH JEREMY BOBFEBRUARY 26, 2026 20:41
In a stunningly open and clear announcement, Hezbollah late Wednesday potentially threw off all of the assumptions and calculations about its intentions in the event of war with Iran.
The terror group gave two clear pronouncements that could substantially impact the course of war and peace in the region.
In the first one, Hezbollah said that it will stay out of the war and not attack Israel if any American or Israeli attack on Iran is limited to certain Iranian capabilities. As a second point, the terror group said that it will join the war, which likely would include attacking Israel, if attacks on the Islamic Republic are aimed at killing Iran’s Supreme Leader Ayatollah Ali Khamenei or at toppling the entire regime.
Of course, the group could be lying, but in this case, it is in its own interests to tell the truth.
Until now, Hezbollah was in a terrible position if the US attacked Iran.
On one hand, it could feel like it must intervene.
If it does not intervene now after it did not help when Israel attacked the Islamic Republic in June 2025, then why should Tehran continue to provide it money, arms, and training?
How would Hezbollah proceed if Khamenei were killed?
If the ayatollahs have their back against the wall and Khamenei himself is killed, how could Hezbollah’s leaders look their rank and file Shiite fighters in the eye if they do not at least join the battle symbolically?
But joining could be even worse.
Maybe if they did not join and stayed on the sidelines, they might lose the loyalty of some foot soldiers and have to undertake a public relations campaign to maintain their legitimacy, but they and their followers would remain alive.
Their power over Lebanon as the strongest military force and their ability to potentially threaten Israel with some tens of thousands of rockets to defend their own survival would remain.
In contrast, if they got involved, Israel, the US, or both could use the excuse to further crush them and maybe weaken them so much that they lose control over Lebanon, which they have managed to maintain to date despite their massive losses.
Now, maybe it can influence the US and Israeli strategy.
Hezbollah already knows that Trump has been hesitant about whether to carry out a more targeted attack on Iran regarding its nuclear and ballistic missile programs versus trying to kill Khamenei and take down the entire Islamic regime.
Now, if Hezbollah succeeds and Trump either cuts a deal with Iran or “only” attacks Tehran’s nuclear and ballistic missile programs, while leaving Khamenei and the ayatollahs in power, it can stay out of the war and claim that it helped Iran simply by making its calibrated threats.
Further, if it has to join the war in the end and gets battered, it will try to explain to those of its fighters who are killed that it tried to avoid getting involved, and only intervened because the US attack crossed the ultimate threshold of trying to end the Islamic regime in Iran.
After all of that, how will this impact Israel?
To date, Israel has heavily preferred that America go all in and topple the entire regime.
However, Israel was also saying publicly that it expected Hezbollah to attack the Jewish state no matter how big or small Washinton’s attack on Tehran would be, and even if Jerusalem did not play a part.
Does that still hold?
If Hezbollah is believed, and the US could reduce Iran’s nuclear and ballistic missile threat that much more, without overthrowing the ayatollahs, and without Israel being attacked by Hezbollah, would the IDF shift its perspective to preferring a smaller assault on Iran carrying a smaller cost to Israel?
No Israeli officials would comment for this article, not even to provide a hint about their thoughts.
That unusual situation, with officials not wanting to talk, suggests either that they want Israel’s exact strategies and priorities kept under wraps at this late stage or that they were taken by surprise by Hezbollah’s announcement and do not know what to make of it or whether to adjust their priorities.
Regardless of the reason, if Israel does not quickly take a stance on this issue and what Hezbollah’s statement means for the balance of war and peace, it will probably mean that America will mostly ignore the issue, since Hezbollah would mostly threaten Israel and not US forces.
If Hezbollah does later manage to harm Israel in the event that America goes for an all-out attack on Khamenei and Tehran, questions will be asked later about to what extent Israeli officials weighed in on this unexpected shift and strategic moment.
END
IRAN UPDATES
RUSSIA VS UKRAINE UPDATES
GLOBAL ISSUES, COVID ISSUES, VACCINE INJURIES/HEALTH ISSUES
Scientists at KAIST in South Korea are exploring a different way to approach cancer treatment — not by destroying cancer cells, but by attempting to reprogram them. Their research suggests that… | Nasrin Haghani
Inbox
robert h..
The science exists to determine whether a cell is going rogue long before it is cancerous. Unfortunately due to lack of funding this science has not yet come to the forefront.
However, it is known that all cells are renewed every 12 months. This is fact not fiction. You lose your body weight and renew the weight with new cells. Each cell has the ability to alter itself.
Most medicinal aids be they drugs or natural elements/vitamins usually pass over a cell and the elements DO not enter a cell. It is only when you use and break a carrier like water into a molecule small enough to enter a cell does a benefit occur. This is why synthetic.vitamins and like are a waste of money. Unless the science is built in to make the ingredients small to be absorbed.
It is well established that water plays a big part in health. Simply because clean water (without forever chemicals) that has been altered to contain molecules small enough enter a cell (usually requires a Ionizer) contribute greatly to containment of disease by allowing the body to return to a natural state of healthy cells. And such water will absorb nutrients far better than a large water molecule unable to enter a cell. It is why on a hot day drinking a glass of water sometimes does not quench thirst; this is water not entering dehydrated cells. Sadly, today access to healthy water is costly and not availed to many parts of the world. And unless one lives in remote mountainous areas the concept of “living water” is far removed from urban environments. And does not come out of the tap. The Russians some 30 years ago did extensive study globally on this subject.
There is no research into the real impact of chemically altered water on human health. It is only recently that fuss has been made over plastics in air, water and food. Once lodged in the body such microscopic matter will not stay inert with the body and why science tells us that there is a negative impact.
GLOBAL ISSUES
MARK CRISPIN MILLER
Montell Jordan can’t perform (cancer); TN pastor Jay Strother leaves the pulpit (cancer); FL anchor Bruce Hamilton off the air (cancer); NY rocker Ross “The Boss” Friedman has ALS
Tone Loc skips Mardi Gras appearance (“medical emergency”); country-blues musician Nat Myers, 35, quits playing (cancer); GA radio host Martha Zoller off the air (heart attack); & more
| Mark Crispin MillerFeb 27 |
Cancelations:
UNITED STATES
A TV news anchor diagnosed with cancer will be off the air:
Bruce Hamilton shares cancer journey to inspire hope, resilience
February 17, 2026
JACKSONVILLE, Fla. – I shared some news on The Morning Show on Tuesday because, at times, I might be gone from the news in the coming months. I was diagnosed with an aggressive and progressive form of cancer. The encouraging news from my very capable doctor with Cancer Specialists of North Florida is that the survivability rate and cure rate are very high. I intend to fight. I intend to win. Chemotherapy has already started. Needless to say, the news is weighing heavily on my wife, Christy, and my kids, who are everything in life to me. If there is a reason to fight and win — it is them. I refuse to let this cancer dominate my life and be a dictate.
News from Underground by Mark Crispin Miller is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Wisconsin Assembly Speaker Robin Vos to retire after longest tenure in state history
February 19, 2026
The powerful speaker of the state Assembly, who shaped the GOP’s agenda in Wisconsin for the better part of two decades, announced Thursday he won’t seek reelection, marking the end of an era in state government and Republican politics. Robin Vos, 57, is the longest-serving speaker in Wisconsin history, having served in that job for 13 years. There had been widespread speculation about the powerful speaker’s plans since the current legislative session began. He told his colleagues Thursday he reached his decision last November when he had a mild heart attack. “Luckily, my doctors say I am perfectly fine, but I do need to reduce my stress,” Vos said. “And let me tell you, this job is stressful.” There were audible gasps in the chamber when Vos shared his news, and many of his GOP colleagues were wiping away tears. Vos himself became choked up as he talked about what the job had meant to him, and how he’d miss it.
Tennessee megachurch pastor Jay Strother diagnosed with cancer
February 18, 2026
Jay Strother, senior pastor of Brentwood Baptist Church in Brentwood, Tennessee, has been diagnosed with cancer, according to the church’s website. He will step away from ministry temporarily for treatment. Doctors discovered a large mass in Strother’s abdomen in early December, the church said. Later testing confirmed that the mass was malignant. The church created a webpage dedicated to giving public information about Strother’s health and treatment schedule. Strother, the church said, is still awaiting final details about his condition and treatment plan, which he expects to receive during a March 3 medical appointment. In a letter he shared with Brentwood Baptist members, Strother said the diagnosis followed weeks of medical testing and uncertainty. He told congregants that he anticipates that significant medical care, including surgery and recovery time, will likely require him to step away from his pastoral duties.
No age reported.
Rapper Tone Loc Reportedly Hospitalized After Health Scare, Forced to Miss Mardi Gras Appearance
February 15, 2026
Rapper Tone Loc [59] was reportedly hospitalized on Valentine’s Day in Georgia due to a medical crisis. The news was announced by men’s Mardi Gras society Krewe of Kolosse, which shared in a Facebook post that the rapper, best known for his hit 1989 song “Funky Cold Medina,” suffered the medical emergency while traveling to serve as the Grand Marshal of a parade in Dothan, Alabama. “While traveling from Los Angeles, California, to Dothan early this morning, the artist experienced a medical emergency and was admitted to a hospital in Atlanta, Georgia,” the organization’s post reads. “Out of respect for his privacy, no further details are available at this time.” TMZ reports that a representative for Tone Loc confirmed he’s fine and was headed back to Los Angeles. The rep didn’t confirm or deny the medical incident that the Krewe of Kolosse announced.
‘90s Music Star Details ‘Aggressive’ Cancer Battle and the Strict Change That Saved His Life
February 13, 2026
Montell Jordan is celebrating a major health victory, but the road to recovery was far more volatile than fans initially realized. The ‘90s R&B star, who confirmed he was cancer–free in December, has revealed new details about the “aggressive” return of the disease that tested his faith and forced a total lifestyle overhaul. Jordan, 57, was first diagnosed with Stage 1 prostate cancer in early 2024. Following a routine PSA test, he underwent a radical prostatectomy and was initially believed to be in the clear. However, nearly a year later, the situation took a dangerous turn. Follow-up scans revealed the cancer had returned, this time appearing in his lymph nodes as an “aggressive” Stage 2 prostate cancer. The recurrence forced Jordan to undergo radiation treatment, a grueling process that he described as a “rollercoaster”. But on Christmas Day 2025, he got the call he had been praying for. “Christmas Day we found out that we are undetected, cancer–free,” Jordan said. “We’re finally at an all-clear and I feel fantastic”. The Grammy-nominated artist revealed he has cut sugar and dairy entirely from his diet and committed to a rigorous exercise routine to starve off potential illness. Crucially, he isn’t doing it alone. His wife, Kristin, has adopted the same regimen to ensure he stays on track. “Everything that we do, we have to do in tandem and in unison in order for it to last,” Kristin explained. “We better take care of these temples that we have because we only get one, right?
Rock Legend Diagnosed With ALS: ‘It Crushes Me Not to Be Able to Play’
February 10, 2026
New York, NY – Ross “The Boss” Friedman has revealed that he is battling ALS. The 72-year-old guitarist—who is a founding member of the rock band the Dictators and the heavy metal band Manowar—was diagnosed with amyotrophic lateral sclerosis (ALS) after suffering from a variety of symptoms for months. “It’s difficult to know what lies ahead, and it crushes me not to be able to play guitar, but the outpouring of love has been so, so strong,” Friedman said in a Monday, February 9, statement. Per a statement from his publicist, Friedman learned of his diagnosis after experiencing “seemingly unrelated symptoms,” including weakness in his hands and legs, for “several months.” He initially thought his issues were caused by a “series of very minor strokes,” but “changes in diet, exercise and added physical therapy did nothing to slow the progression or increase his strength.” ALS—which is also known as Lou Gehrig’s disease—is a nervous system disease that affects nerve cells in the brain and spinal cord, leading to loss of muscle control, according to the Mayo Clinic. Symptoms gets worse over time, and there is no cure for the fatal disease.
Researcher’s note – In this April 2020 interview, Friedman looks forward to the arrival of the COVID “vaccines” – https://audioinkradio.com/2020/04/ross-the-boss-friedman-interview/
‘I Have an Army Praying’: Country Blues Artist Nat Myers, 35, Says One Cruel Comment After His Cancer Diagnosis Fueled His Determination to Fight Even Harder
February 14, 2026
Country‑blues singer Nat Myers, 35, is facing stage 4 sarcoma – a rare, aggressive cancer of the soft tissues – yet his journey has carried him from grueling chemotherapy back to making music again. Since his diagnosis early last year, the “Ramble No More” singer has invited fans into his world through raw social media updates. Last year, Myers began feeling unwell and initially believed he was battling a stubborn infection. But the truth was far more serious. “What I thought was a prolonged lung infection turned out to be much more sinister, with growths around my heart and pulmonary artery,” he revealed in a GoFundMe post. Doctors diagnosed Myers with stage 4 sarcoma. But even as medical professionals gave him a prognosis of mere weeks to live, Myers refused to surrender. Last September, a glimmer of hope emerged. Myers shared that his tumors were responding to chemotherapy. At least for the moment, Myers appears to have received a reprieve from the intensity of treatment, although its emotional effects remain everlasting. “I barely made it through. I have never been so blue, and never been so grateful,” he admitted.
Researcher’s note – Nat Myers was likely “vaccinated”. Under this song he posted to Youtube in January of 2021, he writes, “Wear a mask, get a vaccine if you can, and keep safe” –
Gary Numan’s wife Gemma left paralysed after routine operation
February 13, 2026
Gary Numan’s wife Gemma has revealed she’s been left paralysed in one arm following surgery to treat a herniated disc. The sad news comes just months after the death of Gary’s brother, with the singer being told the news while he was performing on stage last year. In the latest blow to the couple, Gemma, 57, shared her health update on Instagram on Thursday alongside a photo of herself and music icon Gary, 67, taking a stroll through Kew Gardens. “Still recovering [from] the sadder outcome of left arm paralysis after my multi-level discectomy”, Gemma wrote of the operation that took place at the end of last year. Paralysis is a rare complication of the operation but can be a risk due to the proximity to the spinal cord or nerve roots. In another post showing her laid up in bed, Gemma revealed the paralysis struck immediately after the operation on her cervical spine on 11 December. Gemma has spent years suffering chronic neck pain and migraines and she underwent an operation last year to make her more comfortable. The pair married in 1997 and share three children together. They decamped from Britain in 2012 and now live in Los Angeles, in a house which was built in the Nineties but modelled on a medieval castle.
Researcher’s note – Gary Numan@numanofficial: For those asking, yes, I’ve got it. It’s certainly not pleasant but I dread to think what I’d be going through if it wasn’t for the vaccines [sic] and booster I’ve had. Get vaccinated [sic] people, it saves you from a world of suffering should you be unlucky enough to catch Covid.
WDUN Talk Star Martha Zoller Suffers Heart Attack
February 11, 2026
WDUN (AM 550 / FM 102.9), Gainesville, GA, talk show host Martha Zoller was struck by a heart attack this past Thursday (2/5). Fortunately, she received immediate medical attention, and doctors say she is likely on the path to a smooth recovery. The conservative star of Northern Georgia’s most powerful and influential news/talk outlet is also an author, columnist, former U.S. Congressional candidate, and ubiquitous media presence.
No age reported.
Del. Nadarius Clark recovering after medical emergency at General Assembly
February 13, 2026
[Virginia state] Del. Nadarius Clark [31] was taken by ambulance to the Virginia Commonwealth University Emergency Room following a medical emergency during the House of Delegates floor session Thursday afternoon. In a social media post Friday evening, Clark thanked people for reaching out and said that though he was taking time to rest and recover, he would return to the General Assembly soon. The Democratic lawmaker represents the 84th District, which includes parts of Suffolk, Isle of Wight, Chesapeake and the city of Franklin. He was first elected to the House in 2021 at the age of 26.
Famous Dog Trainer Has Colon Cancer
February 14, 2026
Zak George used his social media platform to announce that he was diagnosed with colon cancer in December after a routine colonoscopy. He’s another celebrity who doesn’t fit the profile, like James Van Der Beek, but colon cancer is on the rise in people under 50 like him. He’s 47. “That’s why screening guidelines have been lowered to age 45,” he said. George didn’t have any symptoms, but his wife nudged him to get screened, and he thanked her for it. So far, George has had a follow-up surgery and is scheduled to get radiation and possibly chemotherapy. Catching it early will likely help him in the long run. George is known for his positive reinforcement training style and shares his tips and tricks with his more than 3.6 million subscribers on his social media platforms.
Shug the Hammock Camper Diagnosed with Rare Form of Cancer
February 14, 2026
Our friend Shug [60] found out this week he has a rare blood disease called chronic myeloid leukemia. Shug introduced the joys of hammock camping to people all over the world. Shug hasn’t been out much this winter, and we told him on Super Bowl Sunday that our plan is to pull him in a sled to Duncan Lake this winter. We’d like to catch some lake trout and share stories with our friend. With chemo starting soon, it’s not likely we’ll get out there before March 31, though we’ll be dedicating many a trip to his recovery. Shug’s daughter started a GoFundMe page to help with the forthcoming medical bills and continued daily obligations of life for her Mom and Dad. YouTube Reach: His channel, shugemery, has hundreds of thousands of subscribers, acting as the go-to resource for beginners and experts alike.
DR PAUL ALEXANDER
Raphael Lataster’s ecological study’s updated findings confirms that the Robert Malone Bourla Bancel Sahin BioNTech Moderna Pfizer Weissman Kariko et al. mRNA vaccine is linked to excess mortality
Then why does RFK Jr. (as HHS head) & Makary (as head of FDA) & Bhattacharya (as head of NIH) et al. continue to deny the risk, avert their gaze & refuse to remove it from US market? why? Susie Wiles?
| Dr. Paul AlexanderFeb 27 |
NEWSWIZE
| Rubio Demands Answers After Cuban Forces Open Fire on Florida-Registered SpeedboatSecretary Rubio ordered an inquiry after Cuban forces fired on a speedboat they say was registered in Florida, killing four and wounding others, with U.S. officials racing to verify claims and the occupants’ citizenship status.READ THE FULL REPORT |
| Larry Summers to Depart Harvard as Epstein-Related Scrutiny IntensifiesLarry Summers will leave his Harvard faculty posts at the end of the 2025–2026 academic year amid renewed scrutiny over his ties to Jeffrey Epstein, a development critics say highlights the need for accountability among elite institutions.READ THE FULL REPORT |
| Civil Suit Targets Don Lemon in St. Paul Church DisruptionA St. Paul congregant has sued Don Lemon and others after a coordinated takeover-style disruption of a Cities Church service on January 18, 2026, alleging interference with religious exercise and seeking damages plus a ban from the church.READ THE FULL REPORT |
| Cuban Forces Kill Four in Clash with Florida-Registered SpeedboatCuban officials say a Feb. 25, 2026 confrontation near Cayo Falcones involving a Florida-registered speedboat left four dead and six wounded while a Cuban border guard commander was injured during an interception.READ THE FULL REPORT |
| Crockett Widens Her Edge in Texas Democratic Senate Battle, New Poll ShowsA University of Texas/Texas Politics survey finds Rep. Jasmine Crockett up by 12 points in the Democratic Senate primary, highlighting sharp intra-party divisions as campaigns and allied groups pour in heavy spending and trade harsh attacks.READ THE FULL REPORT |
| U.S. Resident Killed in Speedboat Clash off Cuban CoastCuban officials identified a U.S. resident among four killed after a Florida-registered speedboat was intercepted near Villa Clara, with authorities saying occupants opened fire and Cuban forces returned fire, leaving casualties and multiple injured.READ THE FULL REPORT |
| Musk and DOGE Team Assisted Noem in Exposing DHS SurveillanceKristi Noem says Elon Musk and his DOGE team helped detect surveillance software on devices used by her and other political appointees at DHS, leading to firings and legal review of concealed files and rooms.READ THE FULL REPORT |
| Bereaved Mother Says Trump Acted Quickly After Daughter Killed by Illegal ImmigrantJennifer Bos says President Trump responded to her plea after her daughter Megan was found dead in a bleach-filled trash container and that his intervention led to ICE detaining the suspect, contrasting federal action with Illinois silence.READ THE FULL REPORT |
| Justice Department Sues UC Regents, Accuses UCLA of Allowing Antisemitic Hostile Work EnvironmentThe Justice Department has sued the Regents of the University of California, alleging that UCLA allowed widespread antisemitic harassment and a hostile work environment for Jewish and Israeli faculty after the October 7 attacks. The suit seeks remedies under Title VII.READ THE FULL REPORT |
| Tillis Criticized for Hosting Capitol Hill Dog Parade During SAVE Act ImpasseSenator Thom Tillis drew heavy criticism for holding a Mardi Gras–themed dog parade on Capitol Hill while the SAVE Act remains stalled in the Senate. Conservatives argue the timing exposed a disconnect from urgent efforts to secure election integrity.READ THE FULL REPORT |
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 FRIDAY MORNING 6;30AM//OPENING AND CLOSING
PAKISTAN/AFGHANISTAN
ALL OUT WAR!!
Pakistan Declares ‘All-Out War’ Against Afghanistan, Hundreds Dead In Overnight Clashes With Taliban
Friday, Feb 27, 2026 – 11:25 AM
Overnight, Pakistan launched airstrikes across Afghanistan, including targets in the capital of Kabul, soon after which Pakistan’s Defense Minister Khawaja Asif by Friday morning declared an “all-out war” between the two countries.
Hours prior to the commencement of airstrikes and heavier clashes, Afghan Taliban forces reportedly attacked Pakistani border troops Thursday night in retaliation for Pakistani airstrikes earlier in the week.
A Pakistani military spokesman has said that 274 Taliban fighters have been killed and more than 400 injured by Pakistani strikes, adding that 74 Taliban posts were destroyed and 18 captured – and counting.
The Taliban for its part has said that 55 Pakistani soldiers were killed and 19 posts seized. Kabul have acknowledged Taliban fighters killed, 11 wounded, and 13 civilians injured in the mountainous northwest border region where the line of fighting is concentrated.
Since the Taliban returned to power in 2021, relations between Afghanistan and Pakistan, which share the disputed 1,600-mile Durand Line, have shifted from cautious engagement to open hostility. The history has been marked by shifting from one-time allies to on-and-off again enemies. Many analysts are pointing to ‘blowback’ for Pakistan after sponsoring the Taliban’s rise in the first place, decades ago (which also had the help of the CIA in ‘Operation Cyclone’).
Islamabad accuses Afghanistan of sheltering Tehrik-i-Taliban Pakistan (TTP) militants who carry out cross-border attacks.
Analysts say the latest escalation marks the first time Pakistan has directly targeted Taliban government sites, or essentially going all out against Kabul, rather than limiting strikes to alleged TTP positions.
Pakistan has said its forces have taken out a number of tanks and armored vehicles, as well as artillery positions. The Taliban relies on equipment left behind and confiscated after US and NATO forces rapidly withdrew from the country in the summer of 2021.
It remains that Pakistan’s army has total force domination; however, the Taliban can still inflict pain through acts of terrorism, which Pakistani cities have suffered immensely under.
Acts of terror by Islamist groups have become almost a regular occurrence in Pakistan – with many suspected of having support through Afghanistan. For example, we reported on this major incident just weeks ago as follows:
At least 31 people were killed and 169 others injured on Friday when a suicide bomber struck a Shia mosque on the outskirts of Islamabad during Friday prayers, Pakistani officials said, in one of the capital’s deadliest attacks in over a decade.
The blast happened in the Khadija al-Kubra Imambargah mosque in the outskirts of Islamabad, with police saying the attacker had been stopped at the mosque gate before opening fire and setting off explosives among worshipers, according to officials cited by Reuters.
As for how the warring sides compare, regional publication Al-Monitor lays out the following:
Pakistan’s armed forces benefit from good recruitment and retention, bolstered by equipment from its main defense partner China. Islamabad continues to invest in its military nuclear programs and is also modernizing its navy and air force…
Pakistan has 660,000 active personnel in its defense forces, of whom 560,000 are in the army, 70,000 are in the air force, and 30,000 are in the navy.
The strength of the Afghan Taliban’s military is thinner, with only 172,000 active personnel. The group has, however, announced plans to expand its armed forces to 200,000 personnel.
The Taliban’s international isolation has meant that it cannot modernize its military – but still, there have been reports of drone usage against Pakistan positions.
As is typical, Pakistan points the finger at Israel and India for fomenting instability in the region:
Taliban authorities said their forces carried out drone strikes against military targets inside Pakistan as clashes between the two countries continued, according to statements from the defense ministry and a government spokesperson on Friday.
Pakistan’s Information Minister Attaullah Tarar said Pakistani Taliban militants attempted to deploy drones against targets within Pakistan, but air defense systems intercepted them and no casualties were reported.
Overall, Pakistan is experiencing some serious blowback for its years-long policies… Sky News’ Yalda Hakim points out that “Pakistan spent decades backing and sheltering the Afghan Taliban – its defense minister acknowledged that to me on camera. Now it says Taliban-ruled Afghanistan is providing sanctuary to militants attacking Pakistan. The consequences are unfolding in real time.”
END
OPENING LEVELS OF CURRENCIES// AND CLOSING ASIAN STOCK MARKET AND OPENING EUROPEAN STOCKS:6 AM EST
EURO VS USA DOLLAR: 1.1798 DOWN 0.0005
USA/ YEN 155.99 UP 0.140 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 1.3479 DOWN 0.0011 OR 11 BASIS PTS
USA/CAN DOLLAR: 1.3674 DOWN 0.0002 CDN DOLLAR UP 2 BASIS PTS//(DESPITE TRUMP’S TARIFFS)
Last night Shanghai COMPOSITE CLOSED UP 16.25 PTS OR 0.39%
Hang Seng CLOSED UP 249.52 PTS OR OR 0.95%
AUSTRALIA CLOSED UP 0.26%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 247.52 PTS OR 0.95%
/SHANGHAI CLOSED UP 16.25 PTS OR 0.39%
AUSTRALIA BOURSE CLOSED UP 26 %
(Nikkei (Japan) CLOSED UP 213.61 PTS OR 0.36%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 5176.90
silver:$89.37
USA DOLLAR VS TRY (TURKISH LIRA): 43.96
USA DOLLAR VS RUSSIAN ROUBLE: 77.31 ROUBLE// DOWN 54 BASIS PTS
UK 10 YR BOND YIELD: 4.2630 DOWN 2 BASIS PTS
UK 30 YR BOND YIELD: 5.064 DOWN 2 BASIS PTS
CDN 10 YR BOND YIELD: 3.175 DOWN 3 BASIS PTS
CDN 5 YR BOND YIELD; 2.717 DOWN 3 BASIS PTS
USA dollar index early THURSDAY MORNING: 97.79 DOWN 4 BASIS POINTS FROM THURSDAY’s CLOSE
FRIDAY MORNING NUMBERS ENDS
And now your closing FRIDAY NUMBERS 10.00 AM
Portuguese 10 year bond yield: 3.030% DOWN 1 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.112% DOWN 2 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.346 DOWN 3 BASIS PTS//DIASTER
SPANISH 10 YR BOND YIELD: 3.095 DOWN 1 in basis points yield
ITALY 10 YR BOND: 3.307 DOWN 1 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (
GERMAN 10 YR BOND YIELD: 2.6776 DOWN 2 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY FRIDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/10:00 AM
Euro/USA 1.1792 DOWN 0.0010 OR 10 basis points
USA/Japan: 156.17 UP 0.320 OR YEN IS DOWN 32 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.250 DOWN 3 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.058 DOWN 3 BASIS POINTS.
Canadian dollar UP 28 BASIS pts to 1.3673
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The USA/Yuan CNY DOWN 6.8582 ON SHORE ..
THE USA/YUAN OFFSHORE// CNH DOWN TO 6.8343
TURKISH LIRA: 43.96 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
Your closing 10 yr US bond yield DOWN 4 in basis points from THURSDAY at 3.984.% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.648 DOWN 2 basis points /10:00 AM
USA 2 YR BOND YIELD: 3.414 DOWN 6 BASIS PTS.
GOLD AT 10;00 AM 5224.00
SILVER AT 10;00: 92.25
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates FRIDAY CLOSING TIME 10:00 AM//
London: CLOSED UP 63.85 PTS OR 0.59%
GERMAN DAX: CLOSED DOWN 40.08 OR 0.47%
FRANCE: CLOSED DOWN 4.79 PTS OR 0.02%
Spain IBEX CLOSED DOWN 125.80 PTS OR 0.72%
Italian MIB: CLOSED DOWN 216.08 PTS OR 0.86%
WTI Oil price 67.63 10.00 EST/
Brent Oil: 73.40 10:00 EST
USA /RUSSIAN ROUBLE /// AT: 77.35 ROUBLE DOWN 0 AND 48 / 100
CDN 10 YEAR RATE: 3.159 DOWN 2 BASIS PTS.
CDN 5 YEAR RATE: 2.700 DOWN 2 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1826 UP 0.0022 OR 22 BASIS POINTS//
British Pound: 1.3487 UP 0.0003 OR 3 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.305 UP 3 FULL BASIS PTS//
BRITISH 30 YR BOND YIELD: 4.991 DOWN 7 IN BASIS PTS.
JAPAN 10 YR YIELD: 2.128 DOWN 3 FULL BASIS PTS (DANGEROUS TO THEIR ECONOMY
JAPANESE 30 YR BOND: 3.361 DOWN 1 PTS AND STILL VERY DANGEROUS TO THEIR ECONOMY
USA dollar vs Japanese Yen: 155.98 UP 0.124 OR YEN DOWN 12 BASIS PTS EXTREMELY DANGEROUS/YEN FALLING DEEPLY IN VALUE
USA dollar vs Canadian dollar: 1.3630 DOWN 0.0040 PTS// CDN DOLLAR UP 40 BASIS PTS
West Texas intermediate oil: 67.16
Brent OIL: 73.08
USA 10 yr bond yield DOWN 4 BASIS pts to 3.962
USA 30 yr bond yield: DOWN 1 PTS to 4.634%
USA 2 YR BOND 3.385 DOWN 6 PTS
CDN 10 YR RATE 3.136 DOWN 4 BASIS PTS
CDN 5 YEAR RATE: 2.674 DOWN 4 BASIS PTS
USA dollar index: 97.51 DOWN 9 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 43.94 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 77.30 DOWN 0 AND 43/100 roubles //
GOLD $5261.25 3:30 PM)
SILVER: 93.65 3;30 PM)
DOW JONES INDUSTRIAL AVERAGE: DOWN 521.28 OR 1.05%
NASDAQ 100 DOWN 74.34 PTS OR 0.30%
VOLATILITY INDEX 20.14 UP 1.51 PTS OR 8.01%
GLD: $ 483.75 UP 6.27 PTS OR 1.29%
SLV/ $84.98 UP 4.53 PTS OR OR 5.63 %
TORONTO STOCK INDEX// TSX INDEX: CLOSED DOWN 146.41 PTS OR 0.42%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
“A Wild F**king Month…”
WRAP UP
Credit risk concerns and US/Iran tensions hits risk sentiment – Newsquawk US Market Wrap
Friday, Feb 27, 2026 – 03:52 PM
- SNAPSHOT: Equities down, Treasuries up, Crude up, Dollar down, Gold up.
- REAR VIEW: Trump says undecided on Iran, not happy with how they negotiate; US Core and Headline PPI comes in hot; Hotter-than-expected French and Spanish Prelim CPI, but Germany State CPI prints soft; PBoC to cut FX Risk Reserve Ratio for forward FX sales; NFLX walks away from WBD deal, PSKY wins.
- COMING UP: Data: German Retail Sales (Jan), EZ/UK/US Final Manufacturing PMIs (Feb), US ISM Manufacturing PMI (Feb), Chinese RatingDog Manufacturing PMI (Feb), Japanese Unemployment Rate (Jan). Speakers: BoJ’s Himino; BoE’s Taylor, Ramsden; BoC’s Kozicki, Macklem. Earnings: Riot Platforms, Norwegian Cruise Line, ASM International.
- WEEK AHEAD: Highlights include US NFP, Retail Sales, ISM PMIs, OPEC, EZ Flash HICP, ECB Minutes and Australian GDP. Click here for the full report.
- CENTRAL BANK WEEKLY: Previewing ECB Minutes; Reviewing PBoC LPR and BoK. Click here for the full report.
- WEEKLY US EARNINGS ESTIMATES Earnings season abates with highlights including TGT, CRWD, AVGO, COST. Click here for the full report.
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MARKET WRAP
US indices were lower on Friday, amid credit risk and geopolitical tensions, but pared weakness into the close well off earlier troughs. Sectors were mixed, but Financials was the clear laggard as private credit fears continue to linger after the collapse of MFS earlier in the week exposed several US financials, including Wells Fargo, Apollo, and Jefferies. The ongoing private credit concerns may be prompting a rotation out of corporate credit and into safer government debt, underpinning USTs, which saw gains across the curve as Fed rate cut bets were eased for 2026. Energy was the sectorial gainer, and buoyed by the strength in WTI and Brent as US/Iran concerns remain ever-present and tensions rise on whether the US is going to strike Iran. Since the talks yesterday, Oman and Iran said talks were positive but in the most recent comments, Trump said he hasn’t made a decision on Iran, but is not happy with how they negotiate. In the FX space, the Swissy outperformed on haven demand, alongside higher gold prices, although the Yen’s gains were contained perhaps by the recent nominations put forth for the BoJ board, which are viewed as meaning looser policy in the short term. On the data footing, US PPI was much hotter than expected across the board, but despite the very hot core metrics, inflation fears were not reignited and perhaps due to the generally softer PCE components within the report. Into the weekend, participants will keep an eye on any geopolitical developments ahead of the US payrolls report next Friday.
US
PPI: Overall, the headline and core metrics were hotter than expected in January. The headline M/M rose 0.5%, above the 0.3% forecast and accelerating from the prior 0.4%. The Y/Y rose 2.9%, easing from the prior 3.0% but hotter than the 2.6% forecast. The core metrics surged 0.8% M/M above the 0.3% forecast and prior 0.6%, while the Y/Y rose 3.6% up from the prior 3.3% and forecast of 3.0%. Despite the very hot core metrics, inflation fears were not reignited. This is perhaps due to the generally softer PCE components within the report. Portfolio management and domestic air passenger transport fees eased, while in healthcare, physician care costs rose, but others were little changed, or eased – hospital outpatient care declined 0.86% from the prior 0.02%. Regarding the large upside, Pantheon Macroeconomics highlights that this was driven by a 2.5% jump in trade services prices, unwinding the squeeze in H2 of 2025. The desk notes that PPI and CPI data indicate the Core PCE deflator rose 0.27% in January, and 2.9% Y/Y from the 3.0% in December. Pantheon adds that “Looking ahead, inflation is likely to be broadly unchanged over the next four months” and expects core PCE to drop sharply from June, ending the year marginally above the 2% target, helping Warsh make the case immediately for looser policy.
FIXED INCOME
T-NOTE FUTURES (H6) SETTLED 14 TICKS HIGHER AT 113-27+
T-notes rally on geopolitical risk premium into the weekend while Treasuries attract bond investors worried about corporate credit risk. At settlement, 2-year -5.3bps at 3.379%, 3-year −6.2bps at 3.382%, 5-year 5.3bps at 3.512%, 7-year −5bps at 3.719%, 10-year −4.2bps at 3.962%, 20-year −2.9bps at 4.571%, 30-year −2.4ps at 4.634%.
THE DAY: T-notes largely meandered overnight before rising throughout the European morning and throughout the US session. Upside was seemingly driven by the FTQ bid as geopolitical tensions rise on whether the US is going to strike Iran. Since the talks on Thursday, Oman and Iran said talks were positive, but the silence from the US has been deafening. However, most recently, Trump said he hasn’t made a decision on Iran and is not happy with how they negotiate. Meanwhile, embassies are being evacuated in the Middle East, which has bolstered fears around a potential strike, although nothing is confirmed yet. Elsewhere, private credit fears lingered, with financials tumbling on Friday after the collapse of MFS earlier in the week exposed several US PE names and banks — including Wells Fargo, Apollo, and Jefferies. The ongoing private credit concerns may be prompting a rotation out of corporate credit and into safer government debt, underpinning US T-notes. Data today saw a very hot PPI report, albeit this was buoyed by a jump in trade price services, while the PCE components were not too daunting. Pantheon Macroeconomics expects the Core PCE deflator at 0.3%, with the Y/Y at 2.9% – easing from 3.0% in December.
SUPPLY
Bills
- 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
STIRS/OPERATIONS
- Market Implied Fed Rate Cut Pricing: March 0bps (prev. 0bps), April 5.2bps (prev. 3.2bps), June 15.1bps (prev. 11.3bps), December 61.2bps (prev. 54.2bps).
- NY Fed RRP op demand at USD 16.32bln (prev. 3.80bln) across 10 counterparties (prev. 7)
- SOFR at 3.67% (prev. 3.67%), volumes at USD 3.262tln (prev. USD 3.232tln) on February 26th
- EFFR at 3.64% (prev. 3.64%), volumes at USD 108bln (prev. USD 108bln) on February 26th
CRUDE
WTI (J6) SETTLED USD 1.82 HIGHER AT 67.02/BBL; BRENT (K6) SETTLED USD 2.03 HIGHER AT 72.87/BBL
The crude complex ended the day, and week, with gains as Iran/US escalating tensions concerns continue to linger. On Friday, negotiations ended without a deal but with both sides agreeing to continue technical talks. Mediators cited “unprecedented openness” and narrowing gaps on nuclear limits and sanctions relief, though key sticking points remain. However, in more recent trade, US President Trump remarked he hasn’t made a decision on Iran and is not happy with how they negotiate, but said there will be additional talks on Friday [today]. He reiterated he wants to make a deal, and they cannot have a nuclear weapon, and when asked about using military force in Iran, said don’t want to, but sometimes you have to. Overall, the lack of agreement, paired with ongoing geopolitical uncertainty, kept a bid under crude as some gear towards potential US action this weekend. Note, Polymarket currently sees a 26% chance of the US striking Iran by March 2nd. In other news, the weekly Baker Hughes rig count saw oil fall 2 to 407, natgas rise 1 to 134, leaving the total down 1 at 550. WTI traded between USD 64.85-67.83/bbl and Brent USD 70.42-73.54/bbl.
EQUITIES
CLOSES: SPX -0.43% at 6,879, NDX -0.30% at 24,960, DJI -1.05% at 48,977, RUT -1.68% at 2,632
SECTORS: Technology -2.17%, Financials -1.99%, Consumer Discretionary +0.03%, Industrials +0.23%, Real Estate +0.50%, Materials +0.80%, Utilities +1.07%, Communication Services +1.44%, Consumer Staples +1.51%, Energy +1.68%, Health +1.77%.
EUROPEAN CLOSES: Euro Stoxx 50 -0.51% at 6,130, Dax 40 +0.09% at 25,312, FTSE 100 +0.59% at 10,911, CAC 40 -0.47% at 8,581, FTSE MIB -0.46% at 47,210, IBEX 35 -0.73% at 18,361, PSI +0.09% at 9,276, SMI +0.94% at 14,045, AEX +0.45% at 1,027
STOCK SPECIFICS:
- Meta (META): Agreed multi-year deal worth billions of dollars to rent Google’s tensor processing units; Separately, last week, META scrapped its most advanced internally developed AI training chip
- Block (XYZ): Slashed >40% of workforce tied to a strategic shift towards AI & raised FY guidance
- Dell (DELL): Stellar Q4 results & guidance, driven by a sharp jump in AI server demand & a rapidly expanding backlog
- Netflix (NFLX) declined to match Paramount Skydance’s (PSKY) revised $31/shr all-cash offer for Warner Bros. Discovery (WBD), walking away from its previous. $27.75/shr agreement
- Intuit (INTU): Profit & rev. topped but issued a disappointing outlook
- Zscaler (ZS): Guidance disappointed investor expectations
- CoreWeave (CRWV): Deeper loss per shr. than exp. w/ weak next Q rev. guide
- Flutter (FLUT): Rev. light alongside underwhelming FY outlook
- Duolingo (DUOL): Weak Q numbers & guidance amid a strategic shift towards faster user growth that will weigh on bookings growth & profitability.
- Hunterbrook Research is short on Hercules Capital (HTGC).
- Caesars (CZR) says early talks focus on select assets, not full sale
FX
USD was mostly weaker against major peers as a hot PPI report was dismissed as participants placed more significance on the move lower in US yields amid a flight to safety on credit concerns, albeit USD failed to take advantage despite its typical haven status given the increased bets in 2026 rate cuts. Financials ETF XLF, whilst resilient at first on Thursday to credit concerns stemming from UK lender MFS’s collapse, saw downside today alongside another move higher in credit spreads. Meanwhile, geopolitical concerns remain elevated ahead of the weekend, with today’s remarks from Trump doing little to placate those fears. Back to PPI, the report was overall hot on headline and core, as seen in the Core M/M printing 0.8% in January, above the expected 0.3%, albeit components that feed into PCE showed little concern.
CHF led G10 gains boosted by the risk-off tone alongside higher gold prices, while GBP lagged, unreactive to the Labour Party losing the Gorton & Denton by-election. USD/CHF trades ~0.7680 down from last Friday’s close of 0.7772, while EUR/CHF hit new yearly lows of 0.9061. On Euro, EUR/USD originally moved convincingly higher above 1.1800 on hotter-than-expected French and Spanish inflation, though the move faded after cooler-than-expected German State CPI signals a softer national print ahead.
JPY was marginally stronger vs USD, though upside was perhaps limited by the recent nominations put forth for the BoJ board, which are viewed as meaning looser policy in the short term. Tokyo CPI core inflation slipped back below the BoJ’s target, but was 1.8% Y/Y, above the forecasted 1.7%.
USD/CNH was weaker following the PBoC’s decision to cut FX Risk Reserve Ratio for forward FX sales to 0% from 20%, effective March 2nd to promote FX market development and support corporate exchange rate risk management. USD/CNH hit highs of 6.8699, but then later trimmed to 6.8590, still above the 6.8400 seen prior to the PBoC announcement.
USA DATA RELEASE
Surging Services Costs Spark Unexpected Surge In US Producer Prices In January
Friday, Feb 27, 2026 – 08:42 AM
US Producer Prices came in hotter than expected in January, with the headline PPI rising 0.5% MoM (vs +0.3% exp), higher than the revised +0.4% MoM in December. This left Producer Prices up 2.9% YoY (hotter than expected but below December’s +3.0%)…
Source: Bloomberg
Under the hood, we see a surge in Services costs (not tariff related) dominated the rise in PPI (while Energy saw deflation)
Core PPI (ex food and energy) surged 0.8% MoM and is up 3.6% YoY (both hotter than expected) – the fast pace of price increase since March 2025…
Source: Bloomberg
The bottom line is that this will likely lead to a hotter than expected Core PCE print – something The Fed watches closely.
end
‘Soft’ Data Soars To 2-Year Highs As Chicago PMI Smashes Expectations
Friday, Feb 27, 2026 – 10:05 AM
Market News International’s Chicago Business Barometer smashed expectations this morning, print 57.7 – the highest since May 2022 – and above the highest analysts’ expectation.
This is the second straight month above 50 (signaling expansion) with new orders and employment surging (but prices also rising)…
- Prices paid rose at a faster pace; signaling expansion
- New orders rose at a faster pace; signaling expansion
- Employment rose and the direction reversed; signaling expansion
- Inventories fell and the direction reversed; signaling contraction
- Supplier deliveries rose at a faster pace; signaling expansion
- Production rose at a faster pace; signaling expansion
- Order backlogs fell and the direction reversed; signaling contraction
This post-government-shutdown rebound in survey-based data has pushed ‘soft’ data to its highest since Jan 2024…
…and while ‘hard’ data has limped lower recently, its remains comfortably positive.
end
USA ECONOMIC COMMENTARIES
Is The Trump Admin Planning To Use Banks To Enforce Immigration Laws?
Thursday, Feb 26, 2026 – 09:45 PM
Authored by Steve Watson via Modernity.news,
President Trump’s administration is ramping up its assault on illegal immigration by eyeing a bold new tactic: enlisting banks to verify the citizenship of every customer.
This potential executive order would mandate financial institutions to collect proof like passports from both new and existing account holders, effectively cutting off undocumented migrants from the banking system they’ve exploited under open-border policies.
It’s a commonsense step to safeguard American resources, but watch as Democrats and their corporate allies howl in protest – the same crowd that fights tooth and nail against voter ID requirements won’t back this either.
NEW: President Trump is reportedly considering forcing banks to help in his administration’s illegal immigration crackdown.
According to CNN, the banking industry is “very alarmed” by the potential action.
“Sources do tell CNN that the industry is concerned here because they’re… pic.twitter.com/Q8v8avDw3d— Collin Rugg (@CollinRugg) February 25, 2026
The move was first reported by the Wall St Journal, with a CNN segment noting “Sources do tell CNN that the industry is concerned here because they’re worried that this kind of action, it could almost compel them to be part of the administration’s immigration crackdown.”
The policy would expand on existing know-your-customer rules, which focus on preventing money laundering but ignore citizenship status entirely.
Banks currently don’t prohibit non-citizens from opening accounts, allowing illegals to stash funds siphoned from taxpayer-supported programs.
Under the proposed order, institutions might have to retroactively demand documents like passports, potentially closing accounts for those who can’t prove U.S. citizenship.
A financial industry source told CNN: “Verifying every bank customer’s citizenship status would be unworkable. It’s a bad idea. We are very alarmed.”
This reaction underscores how entrenched globalist interests are in maintaining the status quo, where banks profit from foreign nationals while American workers foot the bill for unchecked migration.
Reactions poured in on X, with users voicing strong support for the crackdown
Illegals should have all their assets legally seized.— Paul A. Szypula ?? (@Bubblebathgirl) February 25, 2026
Banks alarmed? Good.
That’s actually a smart idea. Deport by any means possible.— Kyle Lines (@GrowSoulNow) February 25, 2026
If it’s a crime to employ an illegal immigrant it should be a crime to bank them too.— American Assn of Retired Republicans ? (@aarr_org) February 25, 2026
Some referred to the ‘de-banking’ of conservatives:
CNN says banks are “very alarmed.” How touching. The same banks that freeze accounts for political wrongthink are suddenly terrified of verifying citizenship? If enforcing immigration law makes corporate America nervous, that tells you exactly who they’ve been serving this whole…— Jane Adams (@iLoveJaneAdams) February 25, 2026
If they can target conservatives, then they can target illegals. Where am I wrong?— Rich G (@richgoingstrong) February 25, 2026
These voices reflect a groundswell of America First sentiment, tired of seeing resources drained by those who flout laws.
This builds on other Trump-era wins, like barring non-citizens from Small Business Administration loans and revoking guidance that shielded immigrants from credit discrimination based on status.
By forcing banks to prioritize citizens, Trump is delivering on his promise, reemphasised in his SOTU address, to put American citizens first – a vital step in reclaiming control from globalist enablers and ensuring resources stay in the country.
Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.
END
USA
US Tariff Rates To Hit 15% Or More For Some Nations Under New Strategy
Thursday, Feb 26, 2026 – 08:55 PM
Authored by Kimberly Hayek via The Epoch Times (emphasis ours),
U.S. Trade Representative Jameson Greer said tariff rates could climb to 15 percent or more for some nations as the Trump administration conducts probes into unfair trade practices after a Supreme Court ruling that invalidated parts of the previous tariff policy.
Greer appeared on Fox Business program Mornings With Maria, and spoke with host Maria Bartiromo about a shift to tools such as Section 301 targets unfair trade practices, including forced labor in supply chains and industrial excess capacity, as the Trump administration seeks to continue its sweeping tariff policy.
“Section 301 allows the office of the United States trade representative to investigate unfair trade practices on a country by country basis,” Greer said. “And we’ve identified a lot of these. This includes things like people who use forced labor in their supply chains.”
Greer says the new tool also could target countries with excess industrial capacity which builds beyond demand and floods U.S. markets.
Greer said investigations will include public comments, hearings, and consultations, whereafter Greer’s office will prepare reports of their findings. If countries do not adhere to suggestions in the reports, they could face higher duties.
“We expect to have continuity in what we’re doing,” Greer said, noting tariffs could exceed 15 percent for certain countries.
Greer also underscored the importance of enforcement.
“A big point of all the deals we’ve made over the past year, and these are real agreements, they’re substantive,” Greer said. “And countries have made specific commitments to change some of these unfair trading practices, but we have to make sure they do it.”
Greer said that the U.S. regularly discusses China’s excess capacity with Beijing. He said he does not expect the country to address the problem fully, noting that tariffs on China would remain 35–50 percent based on products, which aligns with previous agreements. Greer said he expects those deals to remain in place.
“We intend to really stick to the deal that we had before,” Greer said.
Greer affirmed that President Donald Trump’s initially imposed a 10 percent global tariff under Section 122, which lasts for up to 150 days, is meant to serve as a bridge to a new policy under Section 301.
Greer also confirmed the administration’s view that Section 338 of the Tariff Act of 1930 remained law, and could be used in cases where countries discriminate against the United States in trade practices, allowing for a tariff of up to 50 percent on imports from specified countries.
He underscored his office’s focus was on Section 301 investigations, as well as strategic industry-focused Section 232 national security investigations.
“They’ve stood up to legal scrutiny in the past and they will again now,” Greer said.
END
Poor lending practices led to this!!
AI
Here We Go Again: Billions Vaporized In Spectacular Private Credit Collapse
The phrase “Here We Go Again: Billions Vaporized In Spectacular Private Credit Collapse” is the title of a recent ZeroHedge article (published around February 27, 2026), which has been circulating on X and financial discussions. It highlights fresh stress in the private credit sector, specifically a blowup involving Market Financial Solutions (MFS), a UK-based non-bank lender focused on buy-to-let and bridge loans.
Key Details from the Incident
The core issue stems from alleged fraudulent practices where MFS double- (or multi-) pledged the same collateral (property-backed assets) to multiple lenders without disclosure. This left major banks and investors (including Barclays and Atlas) holding impaired loans when the scheme unraveled, leading to insolvency proceedings and significant losses—reported in the billions (with one figure tied to around $2.7 billion in affected loans). The article frames it as a “spectacular” collapse, drawing parallels to prior failures like Tricolor and First Brands, where over-leveraging, inflated collateral valuations, and risky non-bank lending practices created massive holes.This isn’t isolated; it’s part of broader mounting concerns in the ~$3 trillion private credit market (non-bank direct lending to companies, often riskier than traditional bank loans).Broader Context in Private Credit (as of late February 2026)
- Recent Stress Signals:
- High-profile issues like the collapses of auto-related firms First Brands and Tricolor (involving fraud charges, inflated collateral, and defaults that left lenders with pennies on the dollar).
- Blue Owl Capital (a major player) halted quarterly redemptions from one of its retail-oriented private credit funds, liquidating assets instead (including unloading ~$1.4 billion). This sparked “canary in the coal mine” warnings about liquidity strains and retail investor risks.
- Rising “shadow defaults” (e.g., unexpected covenant changes or PIK toggles) and write-downs.
- Default Projections:
- Current private credit default rates are estimated around 3-5.8% (e.g., Fitch noted a record 5.8% in January 2026).
- UBS recently upped its worst-case scenario to 15% defaults, potentially triggered by “rapid, severe AI disruption” hitting leveraged borrowers (especially in software/tech, where private credit has heavy exposure of $600-750 billion).
- Other voices (e.g., Marathon Asset Management) echo concerns about over-exposure to vulnerable sectors like software amid AI shifts and refinancing walls.
- Market Debate:
- Skeptics (including some like Jamie Dimon calling out “dumb things” in risky lending) see echoes of past crises, with retail inflows, loosening standards, and illiquidity risks potentially amplifying problems.
- Defenders argue private credit remains resilient (better workout control than public markets, lower historical losses in some portfolios), and no full systemic collapse is imminent—though cracks are showing in a higher-rate, slower-growth environment.
This fits into ongoing narratives about late-cycle risks: elevated delinquencies in consumer/auto debt, maturing loans, and potential contagion if more funds face redemption pressure or markdowns. ZeroHedge often amplifies dramatic angles, but the underlying events (MFS insolvency, Blue Owl moves, rising default warnings) are corroborated across Bloomberg, CNBC, WSJ, and others.If you’re tracking this for investment reasons or just curious about specifics (e.g., more on MFS or related funds), let me know for deeper dives!
VICTOR DAVIS HANSON
KING NEWS
| The King Report February 27, 2026 Issue 7689 | Independent View of the News |
| @AmitSegal: A senior Iranian official rejects U.S. demands in an interview with Al Jazeera: We completely reject the dismantling of nuclear facilities, the handover of uranium stockpiles, and the principle of zero enrichment forever. A senior Iranian official says a framework for a deal is possible if the U.S. “seriously separates nuclear and non-nuclear issues.” – Reuters Jerusalem Post’s @AmichaiStein1: A few interesting statements right before the negotiations in Geneva: U.S. Vice President J.D. Vance: We have seen evidence that Iran is attempting to rebuild its nuclear weapons program. Secretary of State Marco Rubio: Iran possesses conventional weapons specifically designed to target America and Americans, and it is working to acquire intercontinental ballistic missiles. The fact that Iran refuses to discuss its ballistic missile program is a very serious problem. Despite Nvidia’s solid results and CEO Huang’s usual bullish forecasts, NVDA was -5.6% at 10:34 ET. Fangs and AI-related tulips fell sharply in concert; the DJTA rallied sharply because traders are now conditioned to traded DJTA issues contra to Fang/AI stocks. In early trading, USHs were +10/32; precious metals were down moderately. The DJIA jumped to a 333.07 gain at 9:37 ET and then sank to -238.95 at 10:29 ET. The Nasdaq 100 was – 2.0% at 10:34 ET. The guppies and traders that reflexively buy stuff for on near the NYSE opening got spanked. ESHs opened modestly higher on Wednesday night but quickly fell to 6941.75 (-18.00) at 18:42 ET. ESHs then went inert until they turned modestly positive after the & ET US repo market opening. ESHs hit the daily high of 6970.75 (+11.00) at 8:45 ET. After a slow roll over, ESHs commenced a plunge at 9:27 ET. ESHs tumbled to a daily low of 6870.25 (-89.00) at 10:34 ET. The 2nd-Hour Reversal and the manipulation for the 11:30 ET European close took ESHs to 11:26 ET. ESHs then fell to 6874.25 at 13:08 ET. The afternoon rally propelled ESHs to 6926.25 at 15:06 ET. After a slow rollover, ESHs sank to 6902.75 at 16:00 ET. CNN: Papa Johns is closing hundreds of locations, as customers pull back on spending Positive aspects of previous session Precious metals fell moderately; USHs rallied moderately. Washington Post Losses Topped $100 Million in 2025: WSJ Negative aspects of previous session NVDA led Fangs and AI-related sardines to sharp declines. The DJIA reversed by 572 points in the first hour of NYSE trading Oil rallied moderately; gasoline rallied sharply (Iran and buying ahead of the ‘drive season’) Ambiguous aspects of previous session The DJTA rallied sharply on the relative valuation rotation trade First Hour/Last Hour NYSE Action [S&P 500 Index]: 1st Hour: Down; Last Hour: Up Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6905.28 Previous session S&P 500 Index High/Low: 6947.25; 6859.73 Fed Balance Sheet: +$401m with T-Bills $16.02B and MBS -$13.309B; Reserves: +$15.961B Today – Thursday’s session was very disappointing for bulls. Beaucoup swing traders got caught long NVDA and similar stocks. A key for today: Are the large sellers in Fangs and AI-related issues finished? Though futures are down on Thursday night, Traders want to play for the Friday Rally and February performance gaming. The usual suspects will try to force stuff higher, particularly in the afternoon. Expected Economic Data: Jan PPI 0.3% m/m & 2.6% y/y, Core PPI 0.3% m/m & 3.0% y/y; Feb Chicago PMI 52.1; Dec Construction Spending 0.2% m/m; Feb KC Fed Services Activity 1 ESHs are -29.75; NQHs are -102.00; USHs are +6/32; precious metals are mixed at 20:10 ET. S&P Index 50-day MA: 6899; 100-day MA: 6830; 150-day MA: 6717; 200-day MA: 6555 DJIA 50-day MA: 49,083;100-day MA: 48,078; 150-day MA: 47,150; 200-day MA: 46,151 (Green is positive slope; Red is negative slope) S&P 500 Index (6908.86 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 is negative; MACD is positive – a close above 6965.07 triggers a buy signal Hourly: Trender and MACD are negative – a close above 6925.61 triggers a buy signal @Rightanglenews: Just days after Senator John Thune said there was no time to debate and vote on the SAVE Act, it was revealed that senators held a dog parade inside the chamber, bringing their pets in for photos and celebration instead of moving forward on the election bill. https://x.com/Rightanglenews/status/2027031744382173312 Leader Thune is a haughty fop, a dandy. King Rule 1 on pols: A male pol that is a fob is suspect. VP JD Vance: “Why would the government of Wisconsin not want to help us kick fraud off of the welfare rolls and kick fraud off of the voter rolls? The only answer I can possibly come up with is that they like to cheat.” https://x.com/RNCVoteProtect/status/2027119466006331725 DHS Secretary Kristi Noem reveals that @elonmusk helped her discover spyware that was installed on her and other officials’ devices by DHS employees. The corruption runs DEEP. It all needs to be EXPOSED. https://x.com/libsoftiktok/status/2027121342777069609 As Georgia prosecutor pursued Trump, Biden DOJ ‘invited’ her to get lucrative grant, memos show Fulton County District Attorney Fani Willis’ records, turned over to Just the News after an open records lawsuit, show her office received millions of dollars from the Biden Justice Department as she built her case against then-former President Donald Trump… https://justthenews.com/accountability/political-ethics/biden-justice-department-awarded-grants-fulton-da-during-trump Law School students and professors with integrity and ‘justice for all’ must be flummoxed and disturbed by what has occurred over the past few decades. Fox’s @JesseBWatters: Epstein’s Death was ruled as a “SUICIDE” but a newly surfaced DOJ Email from 2020 is calling it a “MURDER.” Investigative Journalist Barry Levine says this looks “SUSPICIOUS” “We know the chief medical examiner did not personally perform the autopsy — someone else in her office did” “There was no blood on the noose, even though there was blood visible on Epstein’s neck in the photographs” “DNA testing was done, but it may have been performed on the wrong noose.” https://x.com/JesseBWatters/status/2026840579733127594 @pooL_rM311_7221: Epstein’s “Zorro Trust” won the $80m New Mexico lottery two days after he accepted his 13-month plea deal. The Governor of New Mexico at the time was Bill Richardson, identified by Virginia Giuffre as one of the men that sexually abused her. https://x.com/pooL_rM311_7221/status/2026772189597282443 @zerohedge: Dear @FBI and @FBIDirectorKash there is a Logitech cloud server that has recordings from cameras on Epstein’s island (installer Jermaine Ruan now works for the USVI Bureau of Corrections), the kind that Epstein couldn’t destroy. Not to do your job, but can you subpoena it? https://x.com/zerohedge/status/2026880434697568719 Also, since Epstein’s IT manager Jermaine Ruan installed most of his Pedo Island recording devices and now works as a tech guy for, oh… the US Government – can you bring him in for a few questions? https://x.com/zerohedge/status/2026884615437271130 Epstein’s Nest account is still active. Just need the 2FA verification code from his IT guy https://x.com/zerohedge/status/2026900871917748642 @WGNMorningNews: There have been reports of nearly 10,000 burglaries to businesses in Chicago since 2021. WGN Investigates took a deep dive into how the burglaries impact Chicago businesses. Read more: https://t.co/1qQrPpuPLk @Austin__Berg: Two ratings agencies (Fitch, Kroll) hit Chicago with credit downgrades today. Why? One major reason: The $11B in pension sweeteners signed into law by Gov. JB Pritzker following token opposition from Chicago Mayor Brandon Johnson’s administration last year… Yet the Chicago Teachers Union and others are in Springfield right now lobbying for further pension sweeteners. Our political leaders are selling out the city’s future in exchange for political support from government unions… https://x.com/Austin__Berg/status/2026868242543681685 @BarroomNetwork: Steven Mahr, Chicago’s Chief financial officer, is presenting Mayor Brandon Johnson’s proposal to build a new stadium at the city’s Museum Campus while he’s CHEWING GUM!!! https://x.com/BarroomNetwork/status/2027064640002261476 Declassified CIA memo reveals plan to turn citizens into unwitting assassins According to declassified documents quietly added to the agency’s public records in 1999, Project Artichoke was a top-secret mind control plan conducted from 1951 to 1956, which focused on influencing human behavior and psychological manipulation… https://www.dailymail.co.uk/sciencetech/article-15595255/Declassified-CIA-mind-control-plot-assassins.html | |
SWAMP STORIES FOR YOU TONIGHT
Sec. Duffy “Disturbed” After Video Shows Tractor-Trailer Barreling Wrong Way Down Highway
by Tyler Durden
Thursday, Feb 26, 2026 – 06:00 PM
U.S. Secretary Sean Duffy could not believe his eyes after a dramatic video surfaced on X, showing an 18-wheeler barreling down the wrong way on a Missouri highway.
“DISTURBING: We have learned that a truck driver with a Minnesota CDL who couldn’t read basic road signs spent MILES driving the wrong way in an 80 TON truck!” Duffy said.
The video was posted on X by MolonLabeBTC, in which the person in the video can be heard saying the truck driver was a “foreign invader” and was “driving southbound in the northbound lane for about three miles.”
Fortunately, Duffy said, “This dangerous trucker is now out of service. @FMCSA is also investigating the carrier, Cargo Transportation LLC.”
Duffy did not comment on the truck driver’s immigration status, and it would be inappropriate to draw conclusions at this moment, but…
The incident highlights what the trucking advocacy group American Truckers United has warned about for quite some time: the Biden-Harris regime flooded the nation with unqualified foreign truck drivers, resulting in a series of deadly highway accidents.
Duffy and the Trump administration have been working to address these concerns and remove unqualified and undocumented truckers from the nation’s highways.
END
Brutal: Democrats Walked Straight Into This
Friday, Feb 27, 2026 – 11:45 AM
Authored by Steve Watson via Modernity.news,
A new advertisement from conservative group American Sovereignty hammers Democrats for staying seated during President Trump’s State of the Union call to prioritize American citizens over illegal aliens, using footage that lays bare their priorities.
The ad, which dropped Thursday, features Trump stating, “If you agree with this statement, then stand up and show your support: The first duty of the American government is to protect American citizens, not illegal aliens.”
Republicans rose in applause while Democrats remained glued to their seats, with overlays labeling the divide and accusing Dems of siding with “illegal immigrant criminals.”
The spot cuts to Trump’s “These people are crazy” remark before closing with “Republicans are for you.”
As we highlighted in previous coverage, Democrats’ behavior during the SOTU revealed whose side they’re on—and it’s not the American people.
Many boycotted the event or sat through applause for victims of illegal alien crime, exposing their allegiance to open borders over citizen safety.
They doubled down afterward, with figures like Debbie Wasserman Schultz labeling the speech “absolutely revolting” for prioritizing Americans.
Even more telling, Rep. Rashida Tlaib appeared to chant “KKK” while Republicans chanted “USA!”—a moment ripe for its own ad.
Watch: Rashida Tlaib Chants ‘KKK’ While Republicans Chant ‘USA!’
Democrats’ meltdown continues
The ad’s release comes as Republicans eye midterms, with a GOP spokesperson telling the Washington Examiner that vulnerable House Democrats should “get comfortable re-watching the moment they revealed they’re nothing more than America-hating scums who stayed glued to their seats.”
The Democrats handed Republicans a raft of campaign material just in time for the midterms. They don’t even try to hide their hate for Americans
If they can’t stand for ‘protect Americans first,’ what exactly are they standing for?
This ad marks the first in a seven-figure blitz targeting battleground states like North Carolina, Michigan, and Georgia, per Politico, aiming to leverage the SOTU optics for electoral gains.
Trump himself called out Democrats during the speech, saying “you should be ashamed of yourself” for not standing, a moment echoed in White House criticisms and conservative commentary.
As midterms loom, this footage serves as a stark reminder: Democrats’ refusal to stand for American priorities hands Republicans ammunition to rally voters against policies that put citizens last.
Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.
END
Justice Department Sues 5 More States For Refusing To Provide Voter Rolls
Friday, Feb 27, 2026 – 11:05 AM
Authored by Naveen Athrappully via The Epoch Times,
The federal government has filed lawsuits against five states—Utah, Oklahoma, Kentucky, West Virginia, and New Jersey—accusing local officials of failing to provide full voter registration lists as requested, the Department of Justice (DOJ) said in a Feb. 26 statement.
“The Attorney General is uniquely charged by Congress with broad authority to request election records under the Civil Rights Act of 1960,” the DOJ said. “This Act allows her to demand the production, inspection, and analysis of statewide voter registration lists that can be cross-checked effectively for improper registrations.”
However, the states have failed to produce voter rolls requested by the attorney general, according to the complaints.
The Justice Department’s Civil Rights Division has now filed complaints against 29 states and the District of Columbia over the issue.
The lawsuit against Utah argued that the attorney general sent a letter seeking the state’s computerized statewide voter registration list on July 15. The state did provide the information on July 31, but this was the publicly available redacted version of the list.
On Aug. 14, the attorney general sent another letter, demanding that Utah provide a current, unredacted, electronic copy, the lawsuit said.
The state subsequently raised privacy concerns related to the demand for federal election records, and has yet to provide the full list as requested.
Multiple laws require state officials and election officers to maintain and preserve records relating to voter registrations and related actions. The lawsuit accused Utah’s chief election officer of violating the Civil Rights Act, the complaint said.
Similar allegations were made in lawsuits against officials from Oklahoma, Kentucky, West Virginia, and New Jersey.
“Accurate, well-maintained voter rolls are a requisite for the election integrity that the American people deserve,” Attorney General Pamela Bondi said. “This latest series of litigation underscores that this Department of Justice is fulfilling its duty to ensure transparency, voter roll maintenance, and secure elections across the country.”
Assistant Attorney General Harmeet K. Dhillon of the Civil Rights Division said that many state election officials are fighting them in court “rather than show their work.”
“We will not be deterred, regardless of party affiliation, from carrying out critical election integrity legal duties,” Dhillon said.
The Epoch Times reached out to officials from the five states for comments and did not receive a response by publication time.
On Sept. 16, the DOJ sued Oregon and Maine, accusing them of failing to provide voter registration rolls. The same month, similar complaints were filed against California, Michigan, Minnesota, New York, New Hampshire, and Pennsylvania.
In December, the DOJ filed lawsuits against Delaware, Maryland, New Mexico, Rhode Island, Vermont, Washington, Georgia, Illinois, Wisconsin, and the District of Columbia. Last month, Arizona and Connecticut were sued by the department.
Following Bondi’s letter requesting Minnesota provide access to the state’s voter rolls, Minnesota Secretary of State Steve Simon said in response on Jan. 25: “The answer to Attorney General Bondi’s request is no. Her letter is an outrageous attempt to coerce Minnesota into giving the federal government private data on millions of U.S. Citizens in violation of state and federal law. This comes after repeated and failed attempts by the DOJ to pressure my office into providing the same data.”
Simon said that Minnesota’s elections were “fair, accurate, honest, and secure,” and that “the law does not give the federal government the authority to obtain this private data,” such as Social Security and driver’s license information.
Election Integrity
The Justice Department’s attempt to secure full voter rolls from states follows President Donald Trump’s March 2025 executive order “Preserving and Protecting the Integrity of American Elections,” which required the attorney general to prioritize the enforcement of laws restricting voter registration and voting by noncitizens.
Republicans are also pushing forward the SAVE America Act, which requires Americans to prove their citizenship when registering to vote. It also mandates that citizens show photo identification when casting ballots, or include a photocopy of their identification when voting by mail.
The bill passed the House of Representatives on Feb. 11 but faces an uncertain future in the Senate.
Democrats have opposed the measure, with Senate Minority Leader Chuck Schumer (D-N.Y.) saying that the bill was “dead on arrival” in the chamber.
“The goal of the SAVE Act is the same: disenfranchising American citizens and making it harder for eligible people to vote, particularly low-income Americans and people of color,” Schumer said on the Senate floor on Feb. 9.
Earlier this month, Sen. Alex Padilla (D-Calif.) criticized the SAVE Act, saying that it would do more harm than good, according to a Feb. 2 statement from the lawmaker’s office.
“Voting by noncitizens in federal elections is already a felony and it is extremely, extremely rare. This bill does nothing to secure our elections while seeking to disenfranchise millions of married women, military members and spouses, and rural, low-income, and minority voters,” Padilla said.
Several progressive and left-wing groups have opposed the voter ID requirements, including the League of Women Voters, the American Civil Liberties Union, and the Brennan Center for Justice.
Meanwhile, Trump said in a Truth Social post on Feb. 13 that he plans to sign an executive order mandating voter ID for the midterm elections if the SAVE Act is not passed by the Senate.
“We cannot let the Democrats get away with NO VOTER I.D. any longer,” the president wrote.
“This is an issue that must be fought, and must be fought, NOW! If we can’t get it through Congress, there are Legal reasons why this SCAM is not permitted,” he said. “I will be presenting them shortly, in the form of an Executive Order.”
GREG HUNTER…
harveyorganblog.com 
