MARCH 3//HUGE RAID ON OUR PRECIOUS METALS: GOLD FELL BY A HUGE $188.75 TO $5111.70 WITH SILVER DOWN $5.27 TO $83.50//PLATINUM CLOSED DOWN $210.65 TO $3100.85//PALLADIUM CLOSED DOWN $112.7O TO $1662.65//GOLD COMMENTARY TONIGHT FROM JESSE COLUMBO//AND A SILVER PODCAST FROM RANDY SMALLWOOD CEO OF WHEATON PRECIOUS METALS//HUGE UPDATES ON THE IRANIAN VS ISRAEL/USA CONFLICT AND HOW IT AFFECTS CHINA AND OTHERS//ISRAEL HITS BUILDING WHERE 188 MULLAHS WERE MEETING TO ELECT A NEW LEADER//BERNIE SANDERS GOES NUTS AGAIN//
118 H MACQUARIE FUTURES US 1 167 C MAREX 4 323 H HSBC 2 435 H SCOTIA CAPITAL (USA) 2 624 H BOFA SECURITIES 2 905 C ADM 1
TOTAL: 6 6 MONTH TO DATE: 2,413
JPMORGAN STOPPED 0/6
MARCH
GOLD: NUMBER OF NOTICES FILED FOR MARCH/2026: 6 CONTRACTs NOTICES FOR 600 OZ or 0.0136 TONNES
total notices so far: 2413 contracts for 241,300 OR 7.505 tonnes)
FOR MARCH
XXXXXXXXXXXXXXXXXX
SILVER NOTICES: 241 NOTICE(S) FILED FOR 1.205 MILLION OZ /
total number of notices filed so far this month : 5087 CONTRACTS (NOTICES) for 25/435 million oz
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END
GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD DOWN $188.75 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD
SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A SMALL DEPOSIT OF 0.35 TONNES OF GOLD INTO THE GLD/.
INVENTORY RESTS AT 1101.36 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER DOWN $5.27 AT THE SLV: HUGE CHANGES IN SILVER INVENTORY AT THE SLV/ A WITHDRAWAL OF 2.899 MILLION OZ OUT OF THE SLV/
CLOSING INVENTORY RESTS AT:
CLOSING INVENTORY: 511.268 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY A SMALL SIZED 215 CONTRACTS TO 115,194 AND STALLING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS SMALL SIZED LOSS IN COMEX OI WAS ACCOMPLISHED WITH OUR HUGE $3.87 LOSS IN SILVER PRICING AT THE COMEX WITH RESPECT TO MONDAY’S // TRADING.
NOW ON A NET BASIS OUR SPECULATORS HAVE REVERTED BACK TO GOING LONG. THE FRBNY ON A NET BASIS IS PROVIDING THE NECESSARY PAPER TO OUR LONGS AND THEN HUGE NUMBERS OF LONGS LEFT STANDING TENDER FOR PHYSICAL AT 4 PM EACH NIGHT. BECAUSE OF THE HUGE SHORTFALL IN PHYSICAL SILVER IN LONDON THERE IS A LOTTERY TO SEE WHO GETS ANY OF THE PHYSICAL SILVER AVAILABLE THAT WHICH THEY ARE OBLIGATED TO DELIVER. THEY WAIT PATIENTLY FOR THEIR PHYSICAL METAL AND IF NOBODY GETS ANY THEY THEN COME BACK THE NEXT DAY AND SO ON. THIS IS IN LONDON, THE HOME OF PHYSICAL SILVER!!
IT WAS SOME OF OUR SILVER SPECULATORS THAT WERE BRUTALLY BEATEN UP AT THE SILVER COMEX THIS PAST MONTH AS THEY GOT RINSED OUT BADLY AT LAST MONTH’S RAID ON FIRST DAY NOTICE/JAN 31.HOWEVER, WE FINALLY ARE NOW MOVING TO A MUCH HIGHER BASE IN SILVER PRICING SURPASSING THE $70.00 SILVER PRICE BARRIER TO A HIGH DEGREE, AND NOW READY TO ATTACK AGAIN, OUR LAST MAJOR HURDLE OF $100.00 SILVER.
WE HAVE A MEGA HUGE SIZED GAIN OF 992 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A HUGE SIZED 1207 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD HUGE LIQUIDATION OF T.A.S. CONTRACTS IN COMEX TRADING WITH RESPECT TO MONDAY TRADING WITH OUR STRONG LOSS IN PRICE ALONG WITH A HUGE 1,609 T.A.S. ISSUANCE!! /// THEY DESPERATELY AGAIN TODAY TRIED TO CONTAIN SILVER’S PRICE RISE FOR THE PAST SEVERAL WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $100.00 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY SUCCEEDED ON MONDAY WITH SILVER’S STRONG LOSS IN PRICE
THE PRICE FINISHED STILL MASSIVELY ABOVE THE MAGIC NUMBER OF $70.00 SILVER SPOT PRICE BUT BELOW THE $100.00 MARK CLOSING AT $88.77 DOWN $3.87 WE ARE NOW WITNESSING HAVING MANY HUGE T.A.S ISSUANCES // TODAY’S WAS AT A MEGA HUGE SIZED 1609 T.A.S. CONTRACTS !!. THE CROOKS ARE BECOMING MORE DESPERATE TO STOP SILVER BREAKING ABOVE THE 100.00 DOLLAR MARK!!.MAMMOTH SIZE T.A.S ISSUANCES ARE BECOMING THE NORM AT THE COMEX NOW!!
THERE IS NO NEXT LINE IN THE SAND ONCE THE 100.00 DOLLAR SILVER IS PIERCED AGAIN. WE HAD A STRONG SIZED 1246 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR HUGE SIZED 2328 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN FUTURE TRADING//RAID AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE.
IN ESSENCE WE HAD A MEGA HUGE SIZED GAIN OF 992 CONTRACTS ON OUR TWO EXCHANGES DESPITE OUR HUGE LOSS IN PRICE OF $3.87 WE HAD HUGE GOVERNMENT (FRBY) COMEX CONTRACTS TRADING ALL WEEK AND A MAJOR PORTION WILL BE REMOVED BY DAYS END. (I RECORD THIS FOR YOU ON A DAILY BASIS). THE STICKY SPECULATOR LONGS STILL REMAIN STOIC EVEN ON OUR HUGE PRICE FALLS. THE NON STICKY SPECULATORS WERE WIPED OUT WITH LAST TUESDAY’S FEB 24TH RAID!!. EASTERN CENTRAL BANKERS (LIKE CENTRAL BANK OF INDIA AND CHINA) AND LARGE INDUSTRIAL USERS LIKE SAMSUNG CONTINUE ON THE LONG SIDE AS THEY WILL TENDER FOR THE BADLY NEEDED PHYSICAL SILVER.
CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE.
THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, THROUGHOUT MONTH. TOTAL TAS ISSUED ON MONDAY NIGHT//TUESDAY MORNING: A HUGE SIZED 1609 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED FRBNY BANKERS).
THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS AS ONE UNIT, BUT SELL THE SHORT SIDE FIRST AND THEN LIQUIDATE THE LONG SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT NOW SEEMS THAT THE OCC HAS NOW ORDERED THE BANKS TO REDUCE ITS NEW LEVEL OF 1.1 TRILLION DOLLARS IN GOLD/SILVER DERIVATIVES.
THUS:
INITIAL STANDING FOR JANUARY: 22.915 MILLION OZ FOLLOWED BY TODAY’S 1.185 MILLION OZ QUEUE JUMP//NEW NORMAL STANDING ADVANCES TO 49.445 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK FOR .100 MILLION OZ//NEW STANDING ADVANCES TO 49.545 MILLION OZ!!
INTIAL STANDING FOR FEBRUARY/SILVER: 13.505 MILLION OZ FOLLOWED BY TODAY’S HUGE 0.005 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 SURPRISINGLY LOW 31.076 MILLION OZ/ FOLLOWED BY A FURTHER TRANSFER OF .490 MILLION OZ FOR LONDON DELIVERY/NEW STANDING REDUCES TO 30.625 MILLION OZ
NEW TOTALS FOR SILVER OZ STANDING IS AS FOLLOWS
NORMAL STANDING 31.076 MILLION OZ//FOLLOWED BY TODAY’S QUEUE JUMP OF 1.4 MILLION OZ
//NEW STANDING ADVANCES TO 32.025 MILLION OZ
WE HAD:
/ MEGA SMALL COMEX OI LOSS+// A STRONG SIZED 1207 EFP ISSUANCE CONTRACTS (/ VI) A HUGE NUMBER OF T.A.S. CONTRACT ISSUANCE 1609 CONTRACTS
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED 204 SILVER CONTRACTS
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS FEB.. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF MAR.
TOTAL CONTRACTS for 2 DAY(S), total 2453 contracts: OR 12.265 MILLION OZ (1226 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 12.265 MILLION OZ
LAST 24 MONTHS TOTAL EFP CONTRACTS ISSUED IN MILLIONS OF OZ:
MAY 137.83 MILLION
JUNE 149.91 MILLION OZ
JULY 129.445 MILLION OZ
AUGUST: MILLION OZ 140.120
SEPT. 28.230 MILLION OZ//
OCT: 94.595 MILLION OZ
NOV: 131.925 MILLION OZ
DEC: 100.615 MILLION OZ
YEAR 2022:
JAN 2022-DEC 2022
JAN 2022// 90.460 MILLION OZ
FEB 2022: 72.39 MILLION OZ//
MARCH 2022: 207.140 MILLION OZ//A NEW RECORD FOR EFP ISSUANCE
APRIL: 114.52 MILLION OZ FINAL//LOW ISSUANCE
MAY: 105.635 MILLION OZ//
JUNE: 94.470 MILLION OZ
JULY : 87.110 MILLION OZ
AUGUST: 65.025 MILLION OZ
SEPT. 74.025 MILLION OZ///FINAL
OCT. 29.017 MILLION OZ FINAL
NOV: 134.290 MILLION OZ//FINAL
DEC, 61.395 MILLION OZ FINAL
TOTALS YR 2022: 1135.767 MILLION OZ (1.1356 BILLION OZ)
JAN 2023/// 53.070 MILLION OZ //FINAL
FEB: 2023: 100.105 MILLION OZ/FINAL//MUCH STRONGER ISSUANCE VS THE LATTER TWO MONTHS.
MARCH 2023: 112.58 MILLION OZ//FINAL//STRONG ISSUANCE
APRIL 111.035 MILLION OZ(SLIGHTLY GREATER THAN THAN LAST MONTH)
MAY 66.120 MILLION OZ/INITIAL (MUCH SMALLER THIS MONTH)
JUNE: 110.395 MILLION OZ//MUCH LARGER THAN LAST MONTH
JULY 85.745 MILLION OZ (SMALLER THAN LAST MONTH)
AUGUST: 171.43 MILLION OZ (THIS MONTH IS GOING TO BE HUGE //2ND HIGHEST ON RECORD
SEPT: 72.705 MILLION OZ (SMALLER THIS MONTH)
OCT: 97.455 MILLION OZ
NOV. 50.050 MILLION OZ
DEC. 66.140 MILLION OZ//
TOTAL 2023: 1,104.10 MILLION OZ/
JAN ’24 : 78.655 MILLION OZ//
FEB /2024 : 66.135 MILLION OZ./FINAL
MARCH: 143.750 MILLION OZ// 4TH HIGHEST ON RECORD.
APRIL: 161.770 MILLION OZ (THIS MONTH WILL BE A WHOPPER OF ISSUANCE OF EFPS//3RD HIGHEST EVER RECORDED FOR A MONTH)
MAY: 135.995 MILLION OZ //WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
JUNE 110.575 MILLION OZ ( WILL BE ANOTHER STRONG MONTH ISSUANCE)
JULY: 108.870 MILLION OZ (WILL BE A STRONG ISSUANCE MONTH/ A TOUCH OVER 100 MILLION OZ/)
AUGUST; 99.740 MILLION OZ//THIS MONTH WILL BE STRONG FOR ISSUANCE BUT LESS THAN JULY.
SEPT: 112.415 MILLION OZ//WILL BE A HUGE MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
OCT; 97.485 MILLION OZ (WILL BE SMALLER ISSUANCE THIS MONTH )
NOV. 115.970 MILLION OZ ( HUGE THIS MONTH)
DEC: 132.54 MILLION OZ (THIS MONTH WILL BE A HUMDINGER FOR ISSUANCE BUT ISSUANCE SLOWED DRAMATICALLY THESE PAST FIVE DAYS/// WILL NOT EXCEED MARCH 2022 RECORD OF 209 MILLION OZ
YEAR 2024 TOTAL: 1363.84 MILLION OR 1.363 BILLION OZ
JANUARY 2025: 67.230 MILLION OZ///(THIS MONTH’S ISSUANCE OF EXCHANGE FOR PHYSICAL WILL BE SMALL)
FEB. 58.260 MILLION OZ//EXCHANGE FOR PHYSICAL ISSUANCE/FINAL
MARCH: 67.020 MILLION OZ///QUITE SMALL AND BECOMING SMALLER EACH AND EVERY MONTH.
APRIL: 100.895 MILLION OZ///AVERAGE SIZE ISSUANCE
MAY: 28.975 MILLION OZ (ISSUANCE WILL BE QUITE SMALL THIS MONTH)
JUNE: 81.065 MILLION OZ
JULY: 50.925 MILLION OZ (QUITE SMALL)
AUGUST: 59.455 MILLION OZ (QUITE SMALL)
SEPT. 50.510 MILLION OZ.(QUITE SMALL)
OCT; 82.020 MILLION OZ (WILL BE STRONG THIS MONTH)/ OCC WANTS TO REIN IN THESE ISSUANCES!
NOVEMBER: 36.425 MILLION OZ
DEC: 45.765 MILLION OZ
JANUARY 2026: 134.270 MILLION OZ (WILL BE A VERY STRONG MONTH FOR EXCHANGE FOR PHYSICAL!)
FEB : 82.130 MILLION OZ
MARCH: 12.265 MILLION OZ
RESULT: WE HAD A SMALL SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 156 CONTRACTS DESPITE OUR HUGE LOSS IN PRICE OF $3.87 IN SILVER PRICING AT THE COMEX// MONDAY,. THE CME NOTIFIED US THAT WE HAD A HUGE SIZED CONTRACT EFP ISSUANCE 1207 CONTRACTS ISSUED FOR MAY, AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH EXITED OUT OF THE SILVER COMEX TO LONDON AS FORWARDS. INITIAL STANDING 31.176 MILLION OZ FOLLOWED BY TODAY’S 1.4 MILLION OZ EXCHANGE QUEUE JUMP//STANDING ADVANCES TO 32.025 MILLION OZ
LAST 11 MONTHS OF SILVER DELIVERIES
WE FINISHED APRIL WITH A STRONG SILVER OZ STANDING OF 16.050 MILLION OZ NORMAL DELIVERY , PLUS OUR 4.00 MILLION EX FOR RISK
FINAL STANDING APRIL: 19.965 MILLION OZ
AND MAY:
NEW STANDING FOR MAY FINISHES AT: 75.615 MILLION OZ. (INCLUDES 5,000 OZ EFP TRANSFER TO LONDON + 12.93 MILLION OZ EXCHANGE FOR RISK ISSUANCE/PRIOR.//NEW TOTAL STANDING 88.540 MILLION OZ
AND JUNE: FINAL 16.995 MILLION OZ
AND JULY: 46.720 MILLION OZ//
AUGUST: 4.70 MILLION OZ INITIAL STANDING PLUS TODAY;S 5,000 OZ QUEUE JUMP //NEW STANDING ADVANCES TO 10.960 MILLION OZ
SEPTEMBER: 68.040 MILLION OZ NORMAL DELIVERY(INCLUDES ALL QUEUE JUMPING AND EXCHANGE FOR PHYSICAL TRANSFERS) PLUS 3.0 MILLION OZ EX FOR RISK = 71.040 MILLION OZ. (THIS IS THE FIRST AND ONLY ISSUANCE OF EXCHANGE FOR RISK FOR SILVER SINCE MAY.)
OCTOBER: 39.565 MILLION OZ OF NORMAL DELIVERY INCLUDES ALL QUEUE JUMPING
PLUS
2.110 MILLION OZ EXCHANGE FOR RISK//TOTAL OZ STANDING IN OCT ADVANCES TO 41.675 MILLION OZ
NOVEMBER: INITIAL STANDING AT 11.575 MILLION OZ FOLLOWED BY TODAY’S 195,000 OZ QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 9.155 MILLION OZ//STANDING ADVANCES TO 19.670 MILLION OZ/
DECEMBER: INITIAL AMOUNT STANDING FOR DELIVERY: 49.33 MILLION OZ// FOLLOWED BY ANOTHER STRONG 835,000OZ QUEUE JUMP+ DEC. FIRST EXCHANGE FOR RISK 0F .850 MILLION OZ + LAST WEEK.S 495,000 OZ EXCHANGE FOR RISK AND THEN A 3RD ISSUANCE IF 1.00MILLION OZ THEN FINALLY DEC 249ISSUANCE OF 1.35 MILLION OZ EXCHANGE FOR RISK//NEW TOTAL EX FOR RIS IS 3.685 MILLION OZ // STANDING ADVANCES TO 68.415 MILLION OZ//
JANUARY: INITIAL STANDING 22.915 MILLION OZ FOLLOWED BY TODAY’S 1.185 MILLION OZ QUEUE JUMP//NORMAL STANDING ADVANCES TO 49.445 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK OF 0.100 MILLLION OZ//NEW STANDING ADVANCES TO 49.545 MILLION OZ
FEB: 13.399 MILLION OZ IS OUR INITIAL STANDING FOR SILVER! TO WHICH WE ADD OUR NEXT QUEUE JUMP FOR 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 FOLLOWED BY TODAY’S 1.4 MILLION OZ QUEUE JUMP//NEW TOTAL STANDING ADVANCES TO 32.025 MILLION OZ
THE NEW TAS ISSUANCE MONDAY NIGHT (1609) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED NO DOUBT WITH FUTURE TRADING!!
WE HAD 241 NOTICE(S) FILED TODAY FOR 1.205 MILLION OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL. IT IS NOW TIME FOR THE FBI TO ENTER THE COMEX AND ARREST THESE CROOKS EVEN THOUGH THE MAJORITY OF THE TRADING IS GOVERNMENT. THE BANKERS ARE COMPLICIT. THE SILVER COMEX IS NOW ON A MASSIVE SIEGE LOOKING FOR PHYSICAL SILVER!!
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST ROSE BY A FAIR SIZED 527 OI CONTRACTS UP TO 409,669 OI AND FURTHER FROM THE RECORD (SET JAN 24/2020) AT 799,105 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. (ALL TIME LOW OF 390,000 CONTRACTS.) THUS WE ARE STILL CLOSE TO ITS NADIR OI IN COMEX BUT WITH AN EXTREMELY HIGH PRICE OF GOLD. THE SHORT RATS ARE ABANDONING THE SHIP.
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED A HUGE CRIMINAL 1604 CONTRACTS // MEGA HUGE GOVERNMENT REMOVALS//
WE HAD A FAIR SIZED GAIN IN COMEX OI (527 ONTRACTS) . THIS SMALLISH GAIN OCCURRED DESPITE OUR HUGE GAIN OF $71.00 IN PRICE// MONDAY///.
LAST 10 MONTHS OF GOLD DELIVERIES: (MAY THROUGH TO /FEB)
MAY: SUMMARY FOR MAY TONNES WHICH STOOD FOR DELIVERY:
FINAL STANDING FOR MAY: 70.174 TONNES OF GOLD TO WHICH WE ADD 1. MONDAY’S (MAY 19) 6.221 TONNES EXCHANGE FOR RISK , 2. THEN WE ADD: 1.35 TONNES TO LAST WEEK”S. THEN WE ADD 3. 1.55 TONNES TO EQUAL 9.591 TONNES// NEW EXCHANGE FOR RISK = 9.591 TONNES WHICH MUST BE ADDED TO OUR NORMAL DELIVERY SCHEDULE OF 80.644 TONNES. THUS STANDING FOR MAY INCREASES TO 90.235 TONNES OF GOLD
2 JUNE CONTRACT MONTH: 93.085 TONNES OF GOLD (WHICH INCLUDES ALL QUEUE JUMPING AND 0 EX FOR RISK)
3.JULY INITIIAL STANDING FIRST DAY NOTICE: 17.847 TONNES. PLUS TODAY’S 0 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK + 2.195 TONNES EX FOR RISK TODAY = 41.106 TONNES STANDING
4. AUGUST: 60.547 TONNES OF INITIAL GOLD FIRST DAY NOTICE FOLLOWED BY THE NET MONTH’S QUEUE JUMP OF 47.2312 TONNES TO WHICH WE ADD THE FOLLOWING EXCHANGE FOR RISK ISSUANCE RECEIVED FOR THE MONTH: 5.4432 TONNES EX FOR RISK/AUG 7 , AUG 11: 2.413 TONNES EX FOR RISK AND AUG. 12 OF 2.637 TONNES EX FOR RISK//AUG 25: 9.107 TONNES , AUGUST 26: 9.1010 TONNES AND NOW AUGUST 27: 9.0699 TONNES//NEW STANDING ADVANCES TO 107.5117 TONNES OF GOLD NORMAL STANDING (INCLUDES ALL MONTHLY QUEUE JUMPS/EX FOR PHYSICAL TRANSFERS//) +44.696 TONNES EX.FOR RISK = 152.208 TONNES
5.SEPT: INITIAL 8.093 TONNES OF GOLD PLUS TODAY’S QUEUE JUMP OF 0.4883 TONNES PLUS 2.2827 TONNES OF EXCHANGE FOR RISK TODAY//NEW TOTAL EX. FOR RISK/MONTH = 22.923//NEW TOTAL STANDING FOR GOLD SEPT ADVANCES TO = 48.801 TONNES!!
6.OCTOBER: 90.012 TONNES OF INITIAL GOLD STANDING WITH TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS DURING OCT OF 76.1656 TONNES
THEN WE MUST ADD OUR 14.553 TONNES OF OUR ISSUANCE OF EXCHANGE FOR RISK/6 OCCASIONS//NEW TOTAL OF GOLD STANDING ADVANCES TO 197.5141 TONNES OF GOLD.
7.NOVEMBER BEGINS WITH 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY TODAY’S QUEUE JUMP OF 2.323 TONNES FOLLOWED BY ALL PREVIOUS QUEUE JUMPS IN OF OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE OF 4.5596 TONNES//NEW STANDING ADVANCES TO 43.9716 TONNES OF GOLD.
8. DECEMBER BEGINS WITH INITIAL STANDING OF 83.813 TONNES OF GOLD FOLLOWED BY TODAY’S 0.0TONNE QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF: 37.163 TONNES//NEW STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR 4 EXCHANGE FOR RISK FOR DECEMBER OF 6.587 TONNES/NEW STANDING ADVANCES TO 121.977 TONNES
9. JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR FIRST EXCHANGE FOR PHYSICAL TRANSFER OF 0.08709 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
FEB; INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 93.567 TONNES OF GOLD TO WHICH WE 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 FOLLOWED BY TODAY’S .02799 TONNES QUEUE JUMP//NEW STANDING ADVANCES TO 8.656 TONNES/
E.F.P. ISSUANCE/FOR OPENING MARCH. GOLD CONTRACT
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 3414 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 409,619 AND WE NOW WITNESSING A LOWER COMEX OI BUT WITH AN EXTREMELY HIGH PRICE OF GOLD.//NOW ALMOST IMPOSSIBLE TO FLEECE.
SILVER ALSO HAS AN ULTRA SMALL SIZED COMEX OI OF 115,194 CONTRACTS//
IN ESSENCE WE HAVE A STRONG GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 2407 CONTRACTS WITH 527 CONTRACTS INCREASED AT THE COMEX// AND A STRONG SIZED 3414 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON.
THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 2407 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR SIZED BUT CRIMINAL 1235 CONTRACTS AND THESE ISSUANCES ARE GENERALLY USED TO INITIATE A RAID WHEN CALLED UPON
GOLD PRICE ON MONDAY ROSE BY $71.00
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS CONTRACT(3414) ACCOMPANYING THE SMALL SIZED GAIN IN COMEX OI OF 527 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 2407 CONTRACTS..
WE HAVE 1) NOW RETURNED TO OUR NORMAL FORMAT OF BANKER (FRBNY) GOING ON THE SHORT SIDE AND NEWBIE SPECULATORS GOING TO THE LONG SIDE// . ,2.) STRONG FINAL STANDING FOR GOLD FOR FEBRUARY:
FEB; INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 93.567 TONNES OF GOLD TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 0.0248 TONNES TO ALL OTHER QUEUE JUMP OF 41.2082 TONNES//NEW QUEUE JUMP TOTALS INCREASES: 41.233 TONNES// /// TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK FOR 31.251 TONNES//NEW STANDING FINISHED AT 157.878 TONNES
MARCH:: SMALL INITIAL STANDING FOR GOLD FOR MARCH AT 8.099 TONNES FOLLOWED BY TODAY’S 0.528 TONNES QUEUE JUMP//NEW STANDING ADVANCES TO 8.628 TONNES OF GOLD./
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 FOLLOWED BY TODAY’S 0.528 TONNES QUEUE JUMP //NEW STANDING ADVANCES TO 8.628 TONNES/
3) ZERO T.A.S. LIQUIDATION BUT SOME GOVT LIQUIDATION // YET A MONSTER GAIN OF EQUITY SHARES/FEB 27 AS WE HAD 1)A $71.00 COMEX PRICE GAIN AND WE HAD 2) NEWBIE SPEC SHORTS GOING LONG AGAIN ON A NET BASIS, + EASTERN CENTRAL BANKERS WERE PILING INTO THE LONG SIDE AS WE HAD A STRONG SIZED GAIN OF 2,407 CONTRACTS ON OUR TWO EXCHANGES AND AS WELL A SMALL AMOUNT OF GOLD WILL STAND FOR DELIVERY IN MARCH. (8.656 TONNES). //, CENTRAL BANKERS TENDERED FOR PHYSICAL WITH THEIR PURCHASES OF CONTRACTS../ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED MONDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL
4)A FAIR SIZED COMEX OI GAIN 5) V) STRONG SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL GOLD (3414) AND A FAIR T.A.S. ISSUANCE (1235) FOR RAID PURPOSES
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF JAN :
TOTAL EFP CONTRACTS ISSUED: 6524 CONTRACTS OR 652,400 OZ OR 20.29 TONNES IN 2 TRADING DAY(S) AND THUS AVERAGING: 3267 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN2 TRADING DAY(S) IN TONNES: 20.29 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2025, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 20.29 TONNES DIVIDED BY 3550 x 100% TONNES = 0.57% OF GLOBAL ANNUAL PRODUCTION
SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_
OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)
NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP
DEC. 175.62 TONNES//FINAL ISSUANCE//
TOTALS: 2,578.08 TONNES/2021
JAN:2023 247.25 TONNES //FINAL
FEB: 196.04 TONNES//FINAL
MARCH/2022: 409.30 TONNES //FINAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.
APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)
MAY: 247.44 TONNES FINAL//
JUNE: 238.13 TONNES FINAL
JULY: 378.43 TONNES FINAL/SECOND HIGHEST ON RECORD
AUGUST: 180.81 TONNES FINAL
SEPT. 193.16 TONNES FINAL
OCT: 177.57 TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)
NOV. 223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)
DEC: 185.59 tonnes // FINAL
TOTAL: 2,847,25 TONNES/2022
JAN 2024: 228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!
FEB: 151.61 TONNES/FINAL
MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)
APRIL: 197.42 TONNES
MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)
JUNE: 172.667 TONNES (WEAKER ISSUANCE THIS MONTH)
JULY: 151.69 TONNES (WEAKER THAN LAST MONTH)
AUGUST: 195.28 TONNES (A STRONGER MONTH)//FINAL
SEPT: 254.709 TONNES (WILL BE LARGER THAN LAST MONTH AND A STRONG MONTH)
OCT. 248.09 TONNES. LIKE SILVER, THIS MONTH IS GOING TO BE A STRONG E.F.P. ISSUANCE.
NOV. 239.16 TONNES//WILL BE STRONG THIS MONTH,
DEC. 213.704 TONNES. A STRONG MONTH//
TOTAL FOR YEAR 2023: 2,569.57 TONNES
2025: AND NOW 2026
JAN. 2025: 257.919 TONNES (ISSUANCE WILL BE PRETTY GOOD THIS MONTH BUT MUCH LOWER THAN LAST MONTH)
FEB: 207.21 TONNES//EX FOR PHYSICAL ISSUANCE (WILL BE A FAIR SIZED ISSUANCE THIS MONTH)
MARCH 130.84 TONNES//QUITE SMALL THIS MONTH.
APRIL; 208.57 TONNES. STRONG THIS MONTH
MAY: 113.499 TONNES OF GOLD EFP ISSUANCE//QUITE SMALL THIS MONTH
JUNE: 97.79 TONNES OF GOLD EFP ISSUANCE/EXTREMELY SMALL
JULY : 150.877 TONNES// QUITE SMALL
AUGUST: 175.86 TONNES A LOT LARGER THIS MONTH.
SEPT. 116.13 TONNES VERY SMALL
OCT. 252.72 TONNES//CERTAINLY MUCH LARGER THIS MONTH/VERY STRONG
NOV: 124.74 TONNES
DEC: 190.04 TONNES//GOOD SIZED THIS MONTH FINAL.
TOTAL EXCHANGE FOR PHYSICAL ISSUED FOR YEAR 2025: 2,026.20 TONNES (LOWER THAN LAST YR 2,569.00 TONNES
JANUARY: 209.08 TONNES ( (WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL)
FEB. 176.35 TONNES (WHICH IS A FAIR ISSUANCE)
MARCH: 20.29 TONNES
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SPREADERS:
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
SILVER:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER FELL BY A SMALL SIZED 215 CONTRACTS OI TO 115,194 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 1207 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAY 1207 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 215 CONTRACTS AND ADD TO THE 1207 E.FP. ISSUED
WE OBTAIN A MEGA HUGE SIZED GAIN OF 992 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES DESPITE OUR LOSS OF $3.87
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 5.255 MILLION PAPER OZ
OCCURRED WITH OUR LOSS IN PRICE.OF $3.87
2.ASIAN AFFAIRS MARCH 3/2025
SHANGHAI CLOSED DOWN 59.91 PTS OR 1.43%
HANG SENG CLOSED DOWN 291.77 PTS OR 1.12%
Nikkei CLOSED DOWN 1787.74 PTS OR 3.08%
//Australia’s all ordinaries CLOSED DOWN 2.62%
//Chinese yuan (ONSHORE) CLOSED DOWN 6.9014
/ OFFSHORE CLOSED DOWN AT 6.9060 Oil UP TO 74.87 dollars per barrel for WTI and BRENT UP TO 81.64 Stocks in Europe OPENED ALL RED
ONSHORE USA/ YUAN TRADING 6.9014 OFFSHORE YUAN TRADING DOWN TO 6.9060 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
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A SMALL SIZED 527 CONTRACTS UP TO 409,609 OI DESPITE OUR HUGE GAIN IN PRICE OF $71.00 WITH RESPECT TO MONDAY’S // TRADING/ //COMEX CLOSING TIME:… WE LOST ZERO NET LONGS, WITH THAT PRICE GAIN FOR GOLD . AND AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD A STRONG NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (3414).
WE HAD ZERO T.A.S. LIQUIDATION DURING MONDAY’S TRADING. IT SEEMS THAT THE SPECULATORS STARTED AGAIN TO GO MASSIVELY LONG THIS MONTH AFTER A BRIEF PERIOD OF GOING NET SHORT AT THE BEGINNING OF FEBRUARY.
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 MARCH CONTRACT MONTH!!
YOU WILL NOTICE THAT THE COMEX OI IS NOW MOVING SLIGHTLY AWAY FROM ITS LOW POINT IN OI TO NOW 409.609 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 CONTRACTS (OR 17.303TONNES) WITH THE GAIN IN PRICE, MONDAY.
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 STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 2407 CONTRACTS DESPITE OUR STRONG GAIN IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN THROUGHOUT THIS WEEK AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTACKS VERY EARLY IN THE COMEX SESSIONS AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THEIR DAILY ATTACKS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY AND OUR SHORT SPECULATORS FOR THE THOUGHTFULNESS.
LONDON ANNOUNCED EARLY IN THE YEAR (AND SCARCITY CONTINUES TO THIS DAY) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO OTHER CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES. BOTH COMEX AND LBMA ARE WITNESSING MASSIVE AMOUNTS OF GOLD LEAVING THEIR VAULTS.
THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT THE MONTHS OF JUNE THROUGH 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 .THE CME NOTIFIES US THAT THEY HAVE ISSUED 1235 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
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!! TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 0.0.02789 TONNES//STANDING NOW INCREASES TO 8.656 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 STRONG SIZED 3414 EFP CONTRACT WAS ISSUED: : /APRIL 3110 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 3414 CONTRACTS. THESE EFP;S CIRCLE AROUND LONDON ON A 13 DAY BASIS AND ARE NOW USED BY GLOBAL CENTRAL BANKS TO EXERCISE FOR PHYSICAL GOLD WITH THE OBLIGATION TO DELIVER BEING FORCED ONTO COMEX BANKS. THE GOLD GENERALLY DELIVERED COMES FROM LONDON BUT THEY ARE OUT!! THUS COMEX BECOMES THE MAJOR SOURCE FOR OUR CENTRAL BANKERS. THE REGULATORY BODY THAT IS SUPPOSE TO CONTROL THESE EFP’S IS THE O.C.C. HEADQUARTERED IN BOTH LONDON AND WASHINGTON. SEEMS NOW THAT THE OCC IS CLAMPING DOWN ON THIS EFP’S CIRCLING AROUND IN LONDON AS THEY ORDERED THE BULLION BANKS TO COVER MUCH OF THEIR DERIVATIVE BETS ON THESE CONTRACTS!! THUS THE FRBNY SAVED OUR BULLION BANKS FROM EXTINCTION WITH THIS BORROWED GOLD FROM THE BIS OF 106+ TONNES
WE HAD :
ZERO LIQUIDATION OF OUR T.A.S. SPREADERS DURING THE COMEX SESSION + BUT DID HAVE SOME GOVERNMENT LIQUIDATION
MONTH END SPREADERS LIQUIDATION FINALIZATION/FEB 27/2026.
T.A.S.SPREADER ISSUANCE//MARCH
AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS USUALLY DURING MID MONTH IN THE DELIVERY CYCLE), BUT NOW ON A DAILY BASIS, THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR MONDAY NIGHT/TUESDAY MORNING WAS A FAIR SIZED 1235 CONTRACTS
THE RAIDS WHETHER ON OPTIONS EXPIRY MONTH OR T.A.S. DRIVEN, ACCOMPLISHES TWO IMPORTANT ASPECTS FOR OUR CROOKS:
STALLS THE ADVANCE IN PRICE
LOWERS THEIR ADVANCING DERIVATIVE LOSSES.
THAT SET UP MONDAY’S HUGE GAIN IN PRICE IN GOLD YET WITH A CORRESPONDING 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!
GOLD STANDING AT THE COMEX FOR GOLD LAST 13 MONTHS OF 2025
YEAR 2025:
JAN 2025:
113.30 TONNES (WHICH INCLUDES 43.408 TONNES EX FOR RISK)
FEB: 2025:
256.607 TONNES (WHICH INCLUDES 18.4567 TONNES OF EX FOR RISK)
MARCH:
STANDING FOR GOLD : 60.33 TONNES + 7.6179 TONNES EX FOR RISK = 67.9479 TONNES WHICH IS EXTREMELY HIGH FOR A NON DELIVERY MONTH.
APRIL:
FINAL STANDING FOR GOLD: 201.573 TONNES + 8.3571 TONNES EX FOR RISK = 209.953 TONNES
MAY: FINAL STANDING 90.235 TONNES WHICH INCLUDES QUEUE JUMPING AND 9.591 TONNES EX FOR RISK.
JUNE: FINAL STANDING 62.534 TONNES PLUS 0.1493TONNES OF QUEUE JUMP EQUALS 93.085 TONNES
JULY: 17.947 TONNES INITIAL STANDING FIRST DAY NOTICE PLUS TODAY’S 0 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK/PRIOR + 2.195 EX FOR RISK TODAY = = 41.106 TONNES
AUGUST:INITIAL AMOUNT OF GOLD STANDING: 60.547 TONNES TO WHICH WE ADD OUR 7 MONTHLY ISSUANCES OF: EXCHANGE FOR RISK TOTALLING 44.696 TONNES//NEW STANDING ADVANCES AS FOLLOWS:
107.5117 TONNES NORMAL DELIVERIES (INCLUDES ALL QUEUE JUMPS /EXCHANGE FOR PHYSICAL TRANSFERS) +
5.4432 TONNES EXCHANGE FOR RISK/PRIOR/AUGUST 7
2.413 TONNES EXCHANGE FOR RISK AUGUST 11
PLUS 2.637 TONNES EX FOR RISK AUGUST 12
PLUS: 9.107 TONNES EX FOR RISK AUGUST 25
PLUS 9.1010 TONNES EX FOR RISK AUGUST 26!!
PLUS 9.0699 TONNES EX FOR RISK AUGUST 27
PLUS 6.923 TONNES EX. FOR RISK/AUGUST 28
MONTHLY TOTAL 44.696 TONNES EXCHANGE FOR RISK!MONTH OF AUGUST.
EQUALS
152.208 TONNES TONNES OF GOLD.
SEPT:
SEPT: 25.878 TONNES OF GOLD INITIAL GOLD STANDING TO WHICH WE ADD OUR 22.923 TONNES OF EXCHANGE FOR RISK ISSUED 7 TIMES DURING THE MONTH:
TOTAL EX FOR RISK// FOR MONTH = 22.923//NEW TOTALS FOR GOLD STANDING SEPT ADVANCES TO 48.801 TONNES
THIS IS HUGE FOR A GENERALLY WEAK SEPTEMBER DELIVERY MONTH.
OCTOBER: INITIAL AMOUNT OF GOLD STANDING: 90.164 TONNES OF GOLD FOLLOWED BY TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL PREVIOUS QUEUE JUMPS OF 76.1656 TONNES WHICH MUST BE ADDED TO OUR 6 ISSUANCES OF 14.553 TONNES EXCHANGE FOR RISK//TOTAL NEW STANDING FOR GOLD IN THIS ACTIVE OCTOBER DELIVERY MONTH ADVANCES TO 197.5141 TONNNES.
NOVEMBER WHERE INITIAL AMOUNT OF GOLD STANDING IS REGISTERED AT 15.651 TONNES OF GOLD FOLLOWED BY TODAY’S QUEUE JUMP OF 2 TONNES AND FOLLOWED BY ALL OTHER NOV QUEUE JUMPS OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE FOR 4.5596 TONNES.
DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY IN THIS ACTIVE MONTH IS 83.813 TONNES FOLLOWED BY TODAY’S 0.XXXX TONNES QUEUE JUMP. THIS FOLLOWS ALL OTHER QUEUE JUMPING: 37.163 TONNES//NEW STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR FOUR EXCHANGE FOR RISK ISSUANCE OF 6.559 TONNES//NEW STANDING THUS INCREASES TO 121.977 TONNES
JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR QUEUE JUMP OF 0.000 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
FEBRUARY: . FEBRUARY: INITIAL STANDING: 93.566 TONNES TO WHICH WE 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 TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 0.0.02799//NEW STANDING FOR GOLD ADVANCES TO: 8.656 TONNES
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 48 MONTHS 2021-2024
DEC 2021: 112.217 TONNES
NOV. 8.074 TONNES
OCT. 57.707 TONNES
SEPT: 11.9160 TONNES
AUGUST: 80.489 TONNES
JULY 7.2814 TONNES
JUNE: 72.289 TONNES
MAY 5.77 TONNES
APRIL 95.331 TONNES
MARCH 30.205 TONNES
FEB ’21. 113.424 TONNES
JAN ’21: 6.500 TONNES.
TOTAL YEAR 2021 (JAN- DEC): 601.213 TONNES
YEAR 2022: STANDING FOR GOLD/COMEX
JANUARY 2022 17.79 TONNES
FEB 2022: 59.023 TONNES
MARCH: 36.678 TONNES
APRIL: 85.340 TONNES FINAL.
MAY: 20.11 TONNES FINAL
JUNE: 74.933 TONNES FINAL
JULY 29.987 TONNES FINAL
AUGUST:104.979 TONNES//FINAL
SEPT. 38.1158 TONNES
OCT: 77.390 TONNES/ FINAL
NOV 27.110 TONNES/FINAL
Dec. 64.000 tonnes
(TOTAL YEAR 656.076 TONNES)
2023:STANDING FOR GOLD/COMEX
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024/STANDING FOR GOLD/COMEX
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
COMEX GOLD TRADING BEGINNING MARCH,. CONTRACT;
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY A HUGE $71.00 )
WE HAD ZERO T.A.S. SPREADER LIQUIDATION MONDAY // COMEX SESSION// WITH OUR GAIN IN PRICE AND FINALIZATION OF MONTH END SPREADER LIQUIDATION… BUT OUR SPECULATORS REMAIN RELENTLESS POURING INTO THE COMEX STARTING TO BUILD ON ITS OI // BUT WITH OTHER EASTERN CENTRAL BANKS TENDERING FOR PHYSICAL EVERY NIGHT WHICH ALSO EXPLAINS THE HUGE NUMBER OF TONNES OF GOLD THAT STOOD FOR GOLD FOR FEBRUARY’S ACTIVE DELIVERY MONTH (157 TONNES) AND ALSO MARCH’S INITIAL STANDING OF 8 TONNES.
MONDAY NIGHT//TUESDAY MORNING
THE CROOKS COULD NOT STOP OTHER CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL MONDAY EVENING/TUESDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD
A LITTLE REVIEW OF GOLD STANDING THESE PAST 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 TO WHICH WE ADD OUR NEXT QUEUE JUMP 0.02799 TONNES//NEW TOTALS OF GOLD STANDING: 8.656 TONNES/
ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $71.00
WE HAD A HUGE 1604 CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE .
NET GAIN ON THE TWO EXCHANGES : 2407 CONTRACTS OR 240,700 OZ OR 7.486 TONNES
i) Out of Brinks 36,628.717 oz ii) Out of HSBC 62,909.398 oz
total withdrawal: 99,538.115 oz or 3.09 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
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No of oz served (contracts) today
6 CONTRACTS
OR 600 OZ
0.0186 TONNES OF GOLD
No of oz to be served (notices)
367 contracts 36700 OZ 1.141 TONNES
Total monthly oz gold served (contracts) so far this month
2413 notices 241,300 oz 7.505 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month
dealer deposits: 0
DEPOSITS/CUSTOMER
1 ENTRY
i) Into Brinks: 2,000.0000 oz??
in tonnes: 0.622 tonnes
0 entry
customer withdrawals:
2 ENTRIES
2 ENTRIES
i) Out of Brinks 36,628.717 oz ii) Out of HSBC 62,909.398 oz
total withdrawal: 99,538.115 oz or 3.09 tonnes
comex is draining of gold/.
they are draining the comex of gold
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ADJUSTMENTs 1
JPMorgan
dealer to customer: 13,903.255 oz
they are draining the comex of gold
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chaos inside the comex
AMOUNT OF GOLD STANDING FOR MARCH
THE FRONT MONTH OF MARCH STANDS AT 376 CONTRACTS FOR A LOSS OF 121 CONTRACTS. WE HAD
130 CONTRACTS SERVED ON MONDAY, SO WE GAINED A SMALL 9 CONTRACTS OR AN ADDITIONAL 900 OZ
WILL STAND FOR DELIVERY AT THE COMEX. THE TONNAGE EQUATES TO 0.02799 TONNES
APRIL IS THE NEXT LARGEST DELIVERY MONTH AND IT LOST 2080 CONTRACTS DOWN TO 274,463 CONTRACTS
MAY GAINED 30 CONTRACTS UP TO AN OI OF 615.
We had 6 contracts filed for today representing 600 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 0 notices issued from their client or customer account. The total of all issuance by all participants equate to 6 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 20 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 (2413) to which we add the difference between the open interest for the front month of MAR (376 CONTRACTS) minus the number of notices served upon today (6 x 100 oz per contract) equals 278,300 OZ OR (8.656 Tonnes of gold)
thus the INITIAL standings for gold for the MAR contract month: No of notices filed so far (2413 x 100 oz +we add the difference for front month of MAR (376 OI} minus the number of notices served upon today (6 x 100 oz) which equals 278,300 OR 8.656 TONNES//
new total of gold standing in MAR is 8.656 TONNES//
TOTAL COMEX GOLD STANDING FOR MARCH 8.656 TONNES TONNES WHICH IS AVERAGE FOR THIS NORMALLY VERY NON ACTIVE ACTIVE DELIVERY MONTH OF MARCH.
confirmed volume MONDAY confirmed 254,042 fair
COMEX GOLD INVENTORIES/CLASSIFICATION
NEW PLEDGED GOLD:
241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES
204,937.290 OZ PLEDGED MANFRA 3.08 TONNES
83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes
265,999.054, oz JPM No 2
1,152,376.639 oz pledged Brinks/
Manfra: 33,758.550 oz
Delaware: 193.721 oz
International Delaware:: 11,188.542 oz
total pledged gold: 1,752,407.964 oz 54.50 tonnes pledged gold lowers
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 33,071,598.027 oz (draining huge of gold)
TOTAL REGISTERED GOLD 17,021,189.991. or 529.43 Tonnes
TOTAL OF ALL ELIGIBLE GOLD 16,050.408.036 oz//eligible gold leaving hand over fist
REGISTERED GOLD THAT CAN BE SERVED UPON 15,268.782 oz ((REG GOLD- PLEDGED GOLD)=
474.92 Tonnes // (declining rapidly)
total inventories in gold declining rapidly
SILVER/COMEX
MARCH 3 2026
INITIAL/
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
3 entries
i) Out of Brinks 1,207,435.143 oz ii) Out of CNT 609,899.550 oz iii) Out of Loomis 600,017.820 oz
total withdrawals 2,417,352.513 oz
the comex is being drained of silver
Deposits to the Dealer Inventory
0 ENTRY
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Deposits to the Customer Inventory
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
ENTRIES: 2
i) Into CNT 24,897.790 oz ii) Delaware 918.220 oz
total deposit: 25,815.990 oz
No of oz served today (contracts)
241 CONTRACT(S) ( 1.205 MILLION OZ
No of oz to be served (notices)
1318 Contracts (6.590 MILLION oz)
Total monthly oz silver served (contracts)
5087 contracts 25.435 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
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DEPOSIT ENTRIES/CUSTOMER ACCOUNT
ENTRIES: 2
i) Into CNT 24,897.790 oz ii) Delaware 918.220 oz
total deposit: 25,815.990 oz
xxxxxxxxxxxxxxxxxxxxxxxxx
deposits into dealer account: 0
withdrawals: customer side/eligible
3 entries
i) Out of Brinks 1,207,435.143 oz ii) Out of CNT 609,899.550 oz iii) Out of Loomis 600,017.820 oz
total withdrawals 2,417,352.513 o
the comex is being drained of silver
the comex is being drained of silver
adjustments: / / 1
all customer account into the dealer: to replenish silver supplies
i) CNT 790,367 dealer to customer
total customer to dealer; 1.161 million oz
total removal from the registered silver to eligible silver
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TOTAL REGISTERED SILVER: 87.985 MILLION OZ//.TOTAL REG + ELIGIBLE. 355.173 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: 1559 OPEN INTEREST CONTRACTS FOR A LOSS OF 26 CONTRACTS.
WE HAD 306 NOTICES FILED ON MONDAY SO WE GAINED 280 CONTRACTS OR AN ADDITIONAL 1.4 MILLION OZ OF SILVER WILL TRY THEIR LUCK AND STAND FOR DELIVERY AT THE COMEX.
APRIL, THE NEW FRONT MONTH SAW A GAIN OF 149 CONTRACTS UP TO 1039 CONTRACTS
MAY SAW A 32 CONTRACT LOSS DOWN TO 78,864 CONTRACTS.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 241 or 1.205 MILLION oz
CONFIRMED volume; ON MONDAY 94,532 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 5087 X5,000 oz = 25.435 MILLION oz
to which we add the difference between the open interest for the front month of MARCH (1559) AND the number of notices served upon today (241)x (5000 oz)
Thus the standings for silver for the MARCH 2026 contract month: (5087)Notices served so far) x 5000 oz + OI for the front month of MARCH(1559) minus number of notices served upon today (241 )x 5000 oz equals silver standing for the FEB..contract month equating to 32.025 MILLION OZ.
NEW STANDING: 32.025 MILLION OZ WHICH IS SMALL FOR A GENERALLY HUGE DELIVERY MONTH OF MARCH.
New total standing: 32.025 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 87.985 million oz of registered silver
JPMorgan as a percentage of total silver: 152.794/357.505.million: 42.50%
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
MAR 3/2026/WITH GOLD DOWN $188.75 TODAY/SMALL CHANGES IN GOLD AT THE GLD:A SMALL DEPOSIT OF 0.35 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1101.36 TONNES
MAR 2/2026/WITH GOLD UP $71.00 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A HUGE DEPOSIT OF 3.23 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1101,13 TONNES
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: 1010.36 TONNES, TONIGHTS TOTAL
SILVER
MAR 3 WITH SILVER DOWN $5.27 HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A WITHDRAWAL OF 2/899 MILLION OZ OUT OF THE SLV. ./ :INVENTORY RESTS AT 511.268 MILLION OZ
MAR 2 WITH SILVER DOWN $3.87 HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A WITHDRAWAL OF 3.352 MILLION OZ OUT OF THE SLV. ./ :INVENTORY RESTS AT 514.167 MILLION OZ
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
CLOSING INVENTORY 511.268 MILLION OZ OF SILVER..
.2. MATHEW PIEPENBERG/EGON VON GREYERZ
ALASDAIR MACLEOD
RANDY SMALLWOOD/CEO OF WHEATON PRECIOUS METALS
SPECIAL THANKS FOR KEVIN W. FOR GETTING THIS FOR US:
“We’re Consuming More Than We Produce” Silver Warning | Randy Smallwood – YouTube
Smallwood had a great interview yesterday. Very worthwhile
This is a post from Jesse Colombo’s The Bubble Bubble Report—a bestselling newsletter focusing on precious metals investing and global economic risks. We specialize in detailed reports and analyses.
Despite widespread pessimism and doubt among retail investors, the bull market in precious metals and mining stocks remains firmly intact and has many years left to run.
After an explosive weekend in which the United States and Israel launched Operation Epic Fury against Iran, I’m sure you’re wondering what it means for precious metals and how they responded. That’s what I’ll cover in today’s update. I had planned to publish this on Saturday, but following the attack, I instead wrote a piece on how crypto gold tokens were reacting while the spot and futures markets were closed.
As usual, we’ll start with gold, which leads the broader precious metals complex. Supported by safe-haven demand, COMEX gold futures rose $39.50 an ounce, or 0.75%, to close at $5,335.90 — a one-month high. The modest but solid gain was in line with the broader financial market reaction, which was surprisingly restrained given the weekend’s events.
Gold has staged an impressive rebound over the past month following the sharp correction in late January, unfolding exactly as I expected and clearly communicated to subscribers. In a similar setup, I also alerted subscribers that precious metals had bottomed in early November.
In both situations, many investors feared the bull market in precious metals was over and that a major decline was imminent. Despite those concerns, I consistently emphasized that this bull market is still in its early stages, and I continue to believe it has many more years left to run (learn more).
Gold is currently in a confirmed uptrend, as reflected by its upward-sloping 200-day moving average. That uptrend creates a clear positive bias to the upside, with pullbacks and corrections tending to be short lived.
After gold’s rebound over the past month, it is now up against its next hurdle, which is the $5,400 to $5,600 resistance zone that formed at the peak in late January. An eventual decisive close above that zone will open the door to gold hitting $6,000 and beyond fairly quickly, though I would not be surprised or discouraged to see gold consolidate or pause just under this resistance zone for a brief period before finally breaking through.
To learn more about support and resistance zones, I recommend reading my two-part tutorial (Part 1, Part 2), which explains how they work and how to identify them.
Silver continues to rebound after its late January selloff, as I expected and alerted subscribers.
Though silver fell 5% today, it is not terribly surprising after the tumultuous events of this weekend. Plus, as I said in my weekend update, gold is better known as a safe haven, while silver has much greater industrial demand, which makes it more sensitive to shocks in the economy and financial markets.
That said, silver is still in a confirmed uptrend according to its upward-sloping 200-day moving average, so the bias is clearly upward, and I expect silver to continue its recovery process until it reaches and then surpasses its late January highs (the $116 to $122 resistance zone).
Platinum also continues its upward trajectory, and the $2,800 to $3,000 resistance zone that formed at the late January highs is the next price target I’m watching. I expect it to reach that level and push through it as the bull market continues to develop.
Palladium is also in a confirmed uptrend, and its next hurdle is the $2,000 to $2,200 resistance zone. I expect the metal to reach and exceed that level in the not-too-distant future.
Next, let’s look at gold miners, as represented by the VanEck Gold Miners ETF (GDX).
There is a fascinating situation unfolding in which gold miners are actually outperforming gold itself. That has been clearly evident over the past few days, as GDX moved above its $113 resistance level that formed at the late January high. I believe this is a very bullish setup that will open the door to much further gains for gold mining stocks.
Junior gold miners, as represented by the GDXJ ETF, have also surpassed their January high (the $152 resistance level) in an impressive show of strength:
Silver miners, as represented by the Global X Silver Miners ETF (SIL), are also performing well but, unlike gold miners, have not yet surpassed their late January highs (the $120 resistance level). There is a good chance that they will, however, opening the door to even further gains.
Finally, junior silver miners, as represented by SILJ, are sitting just below the key $41 resistance level, and a breakout above it will provide a strong signal that even further gains are ahead:
To conclude, although I am still sensing a great deal of pessimism and concern among retail investors about the precious metals bull market, everything I am seeing shows that metals and miners are recovering well from their late January correction and that the uptrends across the board remain intact. I feel very optimistic about the precious metals complex and have no doubt that this secular bull market has many more years ahead, as I have explained in numerous reports and will continue to explain in future ones.
In the meantime, if you haven’t read these recent related reports, I encourage you to do so:
Disclaimer: the information provided in The Bubble Bubble Report and related content is for informational and educational purposes only and should not be construed as investment, financial, or trading advice. Nothing in this publication constitutes a recommendation, solicitation, or offer to buy or sell any securities, commodities, or financial instruments.
All investments carry risk, and past performance is not indicative of future results. Readers should conduct their own research and consult with a qualified financial advisor before making any investment decisions. The author and publisher disclaim any liability for financial losses or damages incurred as a result of reliance on the information provided.
END
3.CHRIS POWELL AND HIS GATA DISPATCHES:
\4.LIVE FROM THE VAULT YOU TUBE: 261 and 260
5. COMMODITY REPORT/SILVER//CITIC
ROBERT LAMBOURNE…OUR MAJOR CHINA’S SHORT SILVER PLAYER:
#CITIC ramped up its #silver net shorts on the #SHFE by 24.5% over the weekend. The position now stands at -22,670 contracts
Inbox
Robert Lambourne
4:13 AM (6 minutes ago)
to Chris, me
On the face of it this seems strange to say the least, given previous information. Two AI programs confirm the increased short in broad terms. It seems that CITIC have been able to roll into longer term futures as well as acquiring more.
I guess it inevitably leads to the question whether the Chinese authorities want to keep the silver price suppressed.
#CITIC ramped up its #silver net shorts on the #SHFE by 24.5% over the weekend. The position now stands at -22,670 contracts (7.288 MILLION OZ)
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS TUESDAY MORNING.7:30 AM
SHANGHAI CLOSED DOWN 59.91 PTS OR 1.43%
HANG SENG CLOSED DOWN 291.77 PTS OR 1.12%
Nikkei CLOSED DOWN 1787.74 PTS OR 3.08%
//Australia’s all ordinaries CLOSED DOWN 2.62%
//Chinese yuan (ONSHORE) CLOSED DOWN 6.9014
/ OFFSHORE CLOSED DOWN AT 6.9060 Oil UP TO 74.87 dollars per barrel for WTI and BRENT UP TO 81.64 Stocks in Europe OPENED ALL RED
ONSHORE USA/ YUAN TRADING 6.9014 OFFSHORE YUAN TRADING DOWN TO 6.9060 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 TUESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN AT 6.9014
OFFSHORE YUAN: DOWN TO 6.9060
HANG SENG CLOSED DOWN 291.77 PTS OR 1.12%
2. Nikkei closed DOWN 1787.74 PTS OR 3.08%
WEST TEXAS INTERMEDIATE OIL UP 74.87
BRENT; =81.63
3. Europe stocks SO FAR: ALL RED
USA dollar INDEX UP TO 99.15 /// EURO FALLS TO 1.1613 DOWN 82 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +2.133/ UP 7 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 157.75… 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: 3.335 UP 6 FULL BASIS PTS. AND STILL VERY TROUBLESOME
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold DOWN /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: 6.9014 (DOWN) AND OFFSHORE: DOWN AT 6.9060
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and BRENT UP this morning
3h European bond buying continues to push yields HIGHER on all fronts in the EMU. German 10yr bund YIELD UP TO +2.7817 Italian 10 Yr bond yield UP to 3.463 SPAIN 10 YR BOND YIELD UP TO 3.2204
3i Greek 10 year bond yield UP TO 3.432
3j Gold at $5274.00 Silver at: 84.11 1 am est) SILVER NEXT RESISTANCE LEVEL AT $100.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 89/100 roubles/78.36
3m oil (WTI) into the 74 dollar handle for WTI and 81 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 157.75 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 2.135% UP 7 BASIS PTS STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING//YEN BOND TRADING OVERSEAS REPATRIATED.//JAPAN 30 YR: 3.335 UP 6 BASIS PTS.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.7855 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9120 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.
USA 10 YR BOND YIELD: 4.100 UP 5 BASIS PTS…
USA 30 YR BOND YIELD: 4.773 UP 3 BASIS PTS/
USA 2 YR BOND YIELD: 3.555 UP 7 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 43.98 UP 2 BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.4950 UP 13 PTS
30 YR UK BOND YIELD: 5.186 UP 9 BASIS PTS
10 YR CANADA BOND YIELD: 3.221 UP 9 BASIS PTS
5 YR CANADA BOND YIELD: 2.755 UP 9 BASIS PTS.
1a New York Opening report
“From Orderly Selloff, To Panic”: Stocks, Bonds Plunge As Oil, Dollar Soar On Iran War
Tuesday, Mar 03, 2026 – 08:41 AM
US equity futures are down sharply, along with all global markets, as the Iran war expands and escalates (attack on US embassy in Saudi Arabia; uncertainty over duration of Strait of Hormuz closure; targeting non-military infra / businesses) rattling markets and sending oil and the dollar surging. Global bonds also plunge on fears that Trump’s “whatever it takes” vow on Iran will fuel energy prices and inflation. As of 8:00am ET, S&P futures are down 1.4%, off session lows, as market odds for Fed rate cuts in the coming months slide on the spike in oil prices; Nasdaq futures tumble 1.9% with all Mag 7 names lower. Pre-market, only Energy and Aero/Def are up in absolute terms while healthcare and staples outperfom. European and Asian equity benchmarks headed for their worst two-day drop since April. While yesterday dip-buyers helped US stocks close little changed, they may have their work cut out for them today. WTI crude trades above $75, Brent touching $85 for the first time since 2024, and European gas futures up 70% over the last two days; after soaring on Monday, precious metals are smashed today as the USD rips. Ten-year Treasury yields climbed six basis points to 4.10% as expectations dimmed for a second Federal Reserve cut in 2026. A surprise acceleration in euro-area inflation added to bets that the European Central Bank could raise rates this year. The yield on two-year UK gilts surged 16 basis points. Currently, there is no defined off-ramp with initial timelines expanding from 1 week to one month; and now potentially longer and the US has not ruled out a ground war. Mercifully there is no macro events today.
In premarket trading, all Mag 7 names are sharply lower. Nvidia lags most peers as US officials are considering caps on the number of AI accelerators the semiconductor giant can export to any one Chinese company (Nvidia -2.2%, Alphabet -2.4%, Amazon -2%, Tesla -1.6%, Microsoft -1.4%, Meta -1.4%, Apple -0.7%)
Banks and financial firms fall as bond yields climb on the prospect of a prolonged conflict and the inflationary effect of high oil prices.
Energy stocks are set to extend Monday’s gains, while airlines are once again lower. Movers include APA (APA) +2%, Exxon (XOM) +1.6%, American Airlines (AAL) -2.8%.
Archer Aviation (ACHR) falls 4% after the electric vertical takeoff and landing aircraft maker reported a fourth-quarter adjusted loss per share that was wider than analysts’ estimates
Best Buy Co. (BBY) climbs 13% after posting fourth quarter results and providing guidance.
Credo Technology (CRDO) drops 11% after the communications equipment company reported revenue for the third quarter that matched its preliminary results announced in February.
LendingTree (TREE) rises 8% after the consumer finance company’s revenue forecast for the full year exceeded the average analyst estimate.
MongoDB (MDB) drops 26% after the database software company gave weaker-than-expected forecasts for full-year revenue and first-quarter adjusted earnings.
On Holding (ONON) slumps 9% after the athletic apparel company forecast net sales for 2026 that fell short of Wall Street’s expectations.
Ouster (OUST) surges 16% after the lidar company’s first-quarter revenue outlook topped the average analyst estimate
Sea Ltd. (SE) plummets 16% after its quarterly earnings missed analysts’ estimates, a sign that competition from deep-pocketed rivals is weighing on the e-commerce company’s profitability.
Surgery Partners (SGRY) falls 24% after the health-care facilities operator reported adjusted earnings per share for the fourth quarter that fell short of Wall Street’s estimates. Adjusted Ebitda also disappointed.
Target Corp. (TGT) climbs 3% after forecasting better-than-expected profit for the full year, indicating the big-box retailer’s turnaround plans are generating results.
In other corporate news, Fitch downgraded Paramount Skydance’s corporate and long-term borrower ratings to junk following the Warner Bros. Discovery deal. OpenAI’s CEO said the company’s rush to forge a deal with the Pentagon looked “opportunistic and sloppy.” And Blackstone is allowing investors to redeem a record 7.9% of shares from its flagship private credit fund, the latest sign of unease in the industry.
Stocks fell and bonds deepened losses as the war in Iran entered its fourth day with no sign of de-escalation, heightening fears of a lengthy disruption to energy markets and a surge in inflation. Futures accelerated their drop after reports on Monday evening of drones striking near the US Embassy in Riyadh, pulling Saudi Arabia into a widening conflict. Drone strikes also damaged three Amazon Web Services data centers in the Middle East in recent days, with the company warning of prolonged disruptions to its services. The dollar remained the haven of choice, rising 0.7%. Concern that energy prices could remain elevated pushed global yields higher for a second day.
“Geopolitics is difficult to trade,” wrote Mohit Kumar, chief strategist for Europe at Jefferies. “We are happy to be overweight cash right now, waiting for more clarity and then use market moves to buy the dip.”
After soaring 50% on Monday, European natural gas prices surged as much as 34% amid uncertainty over how long exports will be halted from the world’s largest LNG export plant in Qatar. Brent spiked as much as $85 a barrel to the highest since January 2025. The Trump administration has no immediate plans to release oil from the nation’s emergency reserve. Crude tanker rates are set to extend gains despite already surging 1,586% from a recent low, according to Bloomberg Intelligence.
“Sentiment is gradually drifting from an orderly selloff to a panic selloff,” said Joachim Klement, head of strategy at Panmure Liberum. “We are now starting to see overreaction by investors. This increased panic selling may last for a little longer, but will eventually open up buying opportunities.”
A key focus for traders is what happens in the Strait of Hormuz, a narrow waterway off the coast of Iran that carries about a fifth of global oil supply. According to JPM the magic number is 25: that’s how many days the world has before it is effectively starved of energy supplies that transit the strait. Attention is also turning to the region’s vast array of energy infrastructure, with a fire at a major storage hub in the United Arab Emirates underscoring the risk to supplies.
“There was definitely a degree of complacency in US equity market valuations at close yesterday, and a perception that military conflict in Iran was a self-contained geopolitical risk,” said Emma Moriarty, portfolio manager at CG Asset Management. “Comments from the White House yesterday suggest a will to make the conflict more durable and to do whatever it takes.”
In Europe, the Stoxx 600 down by 3.2% with all subindexes in the red. European Banks and insurers are now in negative territory for the year as rising bond yields weigh on valuations. Deutsche Bank AG and BNP Paribas SA slumped more than 5%. Here are some of the biggest movers on Tuesday:
AJ Bell shares rise as much as 3.3% after the investment platform was upgraded by UBS, with analysts saying slower EPS growth is now fully reflected in the price.
Deutsche Boerse shares rise as much as 3% following upgrades to buy from Kepler Cheuvreux and Jefferies, with analysts citing the exchange operator’s resilience in uncertain markets and its insulation from AI disruption.
Beiersdorf shares fall as much as 18% after the German owner of the Nivea brand posted disappointing guidance for the year that is likely to lead to consensus cuts, according to Citi.
Insurers, banks are at the forefront of a broad selloff in European stocks, with both sectors having now fallen into negative territory year-to-date. Their steep underperformance reflects rising bond yields as traders weigh the possibility of a prolonged conflict in the Middle East that drives up inflation.
Schaeffler shares sink as much as 20% after the German auto parts supplier announced weaker-than-expected 2026 guidance, with analysts predicting downgrades to consensus estimates.
Aberdeen Group shares fell as much as 9.2% following its 2025 results. While analysts said the earnings were in line with expectations, the stock pulled back from near its highest since 2023 on Monday amid a wide selloff in financial services.
Intertek shares crater as much as 14% after the testing and inspection firm’s results gave bears “too much to get their teeth stuck into” this morning, according to RBC Capital Markets.
Forbo shares drop as much as 7.5% after the Swiss linoleum maker revealed only a minor improvement in second-half results and issued cautious guidance for the year ahead, dashing hopes of a swift recovery.
Fresnillo shares drop as much as 6% after analysts at RBC Capital Markets said the capital expenditure budget for this year is much higher than expected, which is stealing the show from the mining company’s strong annual results.
Asian stocks extended losses into a second day as mounting conflict in the Middle East intensified risk-off sentiment among investors. The MSCI Asia Pacific Index dropped as much as 3.1%, setting the gauge on track for its worst two days in 11 months after US and Israeli strikes on Iran. One of the day’s most pronounced moves came in South Korea, which slumped 7.2% in its worst session since August 2024, as markets reopened after a holiday. Samsung Electronics and SK Hynix dropped more than 10%.
The volatility is forcing some investors to lock in year-to-date gains in hot markets and sectors like technology after a frenzy around all things artificial intelligence. Heavyweights Samsung Electronics, SK Hynix and TSMC were among the biggest drags on the regional gauge. Still, Korea’s Kospi and Taiwan’s Taiex Index are up 37% and 18%, respectively, this year, among the best performing gauges globally.
If transport disruptions persist in the Strait of Hormuz, that could continue to weigh on Asian equities that have been trading at record highs, said Dilin Wu, a research strategist at Pepperstone Group. “Any further supply tightening can quickly push up costs, squeeze corporate margins, fuel inflation, and weigh on risk assets.”
“The investment question is not primarily about Iran itself — it is whether the conflict leads to a larger value-at-risk episode driven by correlation into other markets,” said Nick Ferres, chief investment officer of Vantage Point Asset Management in Singapore. “My guess is that markets traded as though the conflict would be relatively short last night. However, that view might be too optimistic.”
Consumer stocks will be in focus in early trading with big-box retailer Target and a slate of consumer discretionary stocks due to report. Nivea maker Beiersdorf fell in Europe after saying challenging conditions in the skincare market will likely continue.
In FX, Bloomberg Dollar Spot Index up by 0.7% with Norwegian krone and Swedish krona underperforming.
In rates, treasury futures extend Monday’s slide, lifting yields by 4bp-8bp with short maturities rising most, flattening the curve. Bonds are under pressure with crude oil futures up more than 8% at highest level since June, stoking inflation expectations, as US military action continues for a fourth day. US front-end yields climbed as much as 10bp as traders priced in a more restrictive Fed policy path, flattening the 2s10s curve by nearly 3bp, 5s30s more than 4bp; 10-year is near 4.09%, about 6bp higher on the day, with UK and German counterparts up about 15bp and about 8bp respectively. UK gilts lead the global bond selloff, with front-end yields cheaper by about 17bp and curve spreads flatter. European bonds are plunging with the biggest decline at the short-end in the UK, with two-year yields spiking by 17 basis points. Yields higher across Europe as traders pull back their central bank bets and wager on the possibility of a hike by the ECB this year as Eurozone inflation comes hotter than expected. It’s not just Europe: globally, expectations for central bank easing are shifting further into the future based on rising inflation expectations; Fed swaps are price in around 40bp of easing by year-end vs 60bp at the end of last week. For ECB, swaps price in around 10bp of rate hikes by year-end while BOE contracts are priced for about 20bp of cuts. IG dollar issuance slate includes a couple of names. Nothing was done Monday as 15 borrowers — including one with a jumbo offering — that planned to sell new investment-grade bonds stood down. Syndicate desks had projected about $65 billion of high-grade issuance for the week.
In commodities, gold is missing out on any haven flows falling 2.9% after a four-day rally. It wa last trading around $5170. Base metals are also under pressure with copper falling over 2%, but aluminum spiking after QatarEnergy said it would stop output of the metal. Bitcoin sliding below $67,000.
US economic data slate empty for the session. Fed speakers include Williams (9:55am) and Kashkari (11:45am)
Market Snapshot
S&P 500 mini -1.7%
Nasdaq 100 mini -2.2%
Russell 2000 mini -2.6%
Stoxx Europe 600 -3.1%
DAX -3.6%
CAC 40 -2.8%
10-year Treasury yield +6 basis points at 4.1%
VIX +4.8 points at 26.22
Bloomberg Dollar Index +0.6% at 1203.44
euro -0.7% at $1.1605
WTI crude +6.4% at $75.77/barrel
Top Overnight News
Prolonged war in the middle East and a persistent fall in oil and gas supplies from the region could cause a “substantial spike” in inflation and a “sharp drop in output” in the Eurozone, ECB chief economist warned. FT
Brent hit $85 a barrel after news of a fire in Fujairah, a major UAE oil hub that lies outside the strait. QatarEnergy halted production of some downstream products and European natural gas surged again after the closure of the country’s LNG export plant yesterday. BBG
The Trump administration will unveil a plan on Tuesday to combat the rise in oil prices triggered by the U.S. military strikes against Iran, Secretary of State Marco Rubio said Monday. Politico
Two leading Republican senators are reportedly asking the Trump admin to pass a USD 200bln tax cut without congressional approval; GOP seeks improving its economic approval rating ahead of the mid-term elections. Two senators incl. Ted Cruz and Tim Scott. Aims to reduce some of the taxes paid on capital gains: WaPo
Fresh market volatility triggered by the Middle East conflict has heightened the chance the Bank of Japan will hold off on raising rates in March, sources said, as policymakers need more time to gauge the impact on the economy. RTRS
US and Chinese trade negotiators are slated to meet in mid-March, according to people familiar with the matter, signaling a planned summit between Donald Trump and Xi Jinping is pushing ahead despite American strikes against Iran. BBG
The Bank of Russia is suing the EU over the indefinite freeze on assets blocked following the invasion of Ukraine, arguing that it’s being deprived of legal protections. BBG
Fed chair-in-waiting Kevin Warsh’s path to rate cuts is narrowing amid elevated inflation, a stabilizing labor market and — now — surging oil. Traders pared rate-cut bets to price a 50% chance of a second quarter-point reduction this year. BBG
Israeli Prime Minister Benjamin Netanyahu insisted the U.S.-Israeli joint military operation in Iran will not lead to an “endless war” in a Fox News interview on Monday in which he lavishly praised U.S. President Donald Trump’s role in leading the airstrike campaign. Politico
Market ‘dispersion’ is hitting levels not seen in decades as investors sort AI winners from losers. While the S&P 500 has traded within a range of just 2.7% in 2026, the average company in the index has moved within a band that is about seven times as much. That ratio is the largest since at least 1994, signaling a market with unusually high divergence in returns between different companies. WSJ
Trade/Tariffs
US Treasury Secretary Bessent and Chinese Vice Premier He Lifeng are expected to convene in Paris at the end of next week to discuss bilateral matters, according to Bloomberg.
US and China trade negotiaters are to meet mid-March prior to the Trump-Xi summit.
A more detailed look at global markets courtesy of Newquawk
APAC stocks were pressured with risk appetite weighed down by geopolitics as the Iranian conflict entered a fourth day, and with US President Trump warning of larger strikes to come. ASX 200 was led lower by weakness in mining and materials, with broad weakness seen in nearly all sectors aside from energy and financials. Nikkei 225 slumped beneath the 57,000 level amid the Iranian conflict and global disruption, with sentiment also not helped by a rise in the unemployment rate and as higher energy prices stoked inflationary concerns, which could narrow policy space for the BoJ. Hang Seng and Shanghai Comp traded indecisively with price action initially rangebound, before eventually succumbing to the risk-off mood, while there was a fairly substantial liquidity drain by the PBoC, and participants continue to await China’s annual Two Sessions conclave.
Top Asian News
Japanese PM Takaichi said chances of a supplementary budget are not zero.
Japanese Finance Minister Katayama said sees large market volatility on the Middle East situation, while Trade Minister Akazawa said watching impacts on prices including energy and will take steps to ensure economic impact is minimal.
European bourses (STOXX 600 -3.4%) continue to selloff as risk tone remains sour, with participants using this opportunity to profit from the trend higher, which is also exacerbating losses. Banks remain the hardest-hit, affecting the FTSE MIB (-4.5%) and IBEX 35 (-4.7%) the most. The broader STOXX 600 has now dipped below the 50DMA at 611.7, the index closed at 633.9 only two days ago. Unlike Monday, in which Energy (-2.0%) was supported by the higher oil prices, all sectors are in the red. As stated above, Banks (-4.6%) and Insurance (-4.6%) are the worst performing sectors due to the effects of higher oil on growth and the increased war-risk claims. Surging Nat Gas prices have failed to support Utilities (-4.7%), due to the energy disruption caused by QatarEnergy (which accounts for nearly 20% of global LNG trade) stopping the production of LNG.
Top European News
Two UK government aligned think tanks are reportedly working on the options to reform student loans, Politico reported citing sources.
FX
DXY continues to extend higher, with the geopolitical environment remaining turbulent, and with recent US commentary suggesting no near-term solution to the war. In brief, the IRGC continues to threaten any ship attempting to pass through the Strait of Hormuz, whilst President Trump warned of larger strikes against Iran. (Newsquawk analysis on the war on the headline feed at 08:15 / 03:15 ET). For the time being, DXY resides at the upper end of a 98.43 to 99.22 range, and now trading at levels not seen since late Jan’26; another leg higher could see the retest of January 19 high at 99.47, and then the round 99.50 mark thereafter.
EUR and GBP continue to remain pressured by the ongoing Iranian war – both are net-importers of energy, as such, have been considerably pressured in the past couple of session. Geopols aside, the EUR saw some very modest upticks on the hotter-than-expected HICP – this is a bit stale, given the ECB will likely have to consider the inflationary/growth impacts of higher energy prices. UK-specific traders will also be attentive of the UK’s Spring Statement – it is likely to be a “non-event”, though focus will remain on the OBR, DMO forecasts and the implied headroom for Chancellor Reeves. (A Newsquawk primer is on the headline feed at 09:01 GMT / 04:01 EST)
CHF continues to underperform vs peers. As above, Switzerland is a net-importer of energy, with downside also exacerbated by reports that the SNB is increasingly prepared to intervene. This stems the haven-related strength, that would otherwise be expected during times of geopolitical turmoil. Sticking with havens, the JPY also continues to weaken against the USD. USD/JPY now trades around 157.82, and is gradually edging its head back towards the touted intervention zone of 158-160. Further upside would likely see the resurgence of jawboning via Japanese officials. This perhaps explains why the JPY is holding up better vs peers (albeit is still lower vs USD). Earlier, Japanese Unemployment ticked a touch higher in January, but had little impact on the currency.
Fixed Income
Fixed benchmarks under pressure as energy prices continue to climb and bias yields higher. A narrative that is sparking a hawkish repricing for central banks, with the near-term odds of a BoE cut trimming significantly and ECB pricing implying a small chance of tightening by end-2026.
Bunds are down by 88 ticks at most, to a 128.75 trough. If the move continues, we look to 128.03 from the week of February 13th before the figure and then a cluster of lows from the first few weeks of the year between 127.51 to 127.82. If those are taken out, the YTD base is 126.98 before the 126.75 March contract low.
Gilts gapped lower by 54 ticks and then fell almost a full point lower to a 91.58 trough, lower by 143 ticks at worst. Pressure is a function of the energy narrative as discussed above. A point that has seen the odds of BoE easing in the near-term trim significantly, with pricing now less than a 50% chance of a March cut vs. c. 85% at the end of last week.
For the UK, the docket is theoretically headline by the Spring Statement. Though, the expectation is firmly for Chancellor Reeves to be a non-event. Nonetheless, the forecasts and DMO remit will be of note; Newsquawk primer available at 09:01GMT.
USTs are in-fitting directionally, though magnitudes are less pronounced than its UK or even German peers. Down to a 112-24 base with losses of c. 13 ticks. Ahead, the docket features a handful of data points before Fed speak from Williams and Kashkari (2026), with a text and Q&A expected from both. Though, of course, any fresh geopolitical escalation/moderation will dominate the narrative.
WTI and Brent futures remain firmer within USD 70.41-74.19/bbl and USD 76.74-79.27/bbl, with prices underpinned as the Iran conflict entered a fourth day, with the IRGC threatening to attack any ship trying to pass through the Strait of Hormuz, while US President Trump warned of larger strikes against Iran (analysis on the Newsquawk feed).
Nat Gas has been in focus amid the upside from the war, further exacerbated by Qatar’s shuttering of output yesterday. Qatar accounts for roughly one-fifth of global LNG supply. Analysts warn that every week of downtime removes 1.6-1.8mln tons of LNG from the global market. Dutch TTF currently trades +23% intraday at EUR 54.805/MWh vs around EUR 32/MWh on February 27th.
Precious metals are trading slightly lower. Silver faces a steeper drop thus far, down 4.6%, whilst spot gold is down 0.4%. XAG and XAU trade within the narrow ranges of USD 5,284.62-5,292/oz and USD 84.84-85.13/oz, respectively. Continuous dollar strength continues to hamper gains in the precious metals space despite weaker global risk sentiment amid geopolitical tension between the US and Iran, which increases haven demand for precious metals. Some analysts also suggest that profit-taking has been the key driver behind the slight pressure on the yellow metal. That being said, BMI forecasts that gold should rise above USD 5,600/oz this week with further upside to USD 5,850-6,500/oz if the conflict lasts 2-3 weeks.
Base metals are also lower, hampered by global risk sentiment amid geopolitical tension between the US and Iran. 3M LME copper trades within the lower range of USD 12.798-13.281k/t.
IAEA confirms recent damage to entrance buildings of Iran’s underground Natanz fuel enrichment plan.
US President Trump will meet with US Treasury Secretary Bessent and the Energy Secretary Wright at 14:00EST/19:00GMT on Tuesday.
Central Banks
Fed Chair nominee Warsh’s attempt to shrink the Fed’s balance sheet would proceed only slowly as he would face resistance over his plan to scale back one of the Fed’s most powerful tools, according to FT.
BoJ Governor Ueda said the BoJ will conduct technical experimentation on settlement using central bank money in the form of current account deposits on a blockchain-based system.
ECB’s Stournaras said should the Iran war continue, then there will be an upward pressure on EZ inflation; no rush to change rates.
ECB’s Villeroy said French economic exposure to tensions in the Middle East is limited, would be a mistake to predict a rate move in a hurry.
ECB’s Lane warned that a prolonged war in the Middle East and a persistent decline in oil and gas supplies could cause a “substantial spike” in inflation and a sharp fall in output in the Eurozone, according to FT.
RBA Governor Bullock said underlying demand in the economy is further from supply potential than they had assessed. A large part of the unexpected increase in inflation was sector specific. Policy is well positioned to respond if needed.
Riksbank’s Thedeen said inflation is close to target, interest rates have come down and the labour market has started to improve. Core inflation may trail forecast in 2026.
PBoC purchased CNY 50bln worth of sovereign bonds in February on the open market.
Geopolitics: Middle East
Israeli defence forces announce that they did not deploy ground troops in Iran, Israeli source report.
The IDF announces that they have struck Iran’s leadership compound in Tehran.
IAEA confirms recent damage to entrance buildings of Iran’s underground Natanz fuel enrichment plan.
Israel’s Home Front announce early warning after detection of rockets fired from Iran toward Israel, Al Jazeera reported.
Israeli Military Spokesperson said it is not likely that Israel will deploy ground forces to Iran as it is not practical.
IDF spokesperson said launches detected from Iran and alerts expected in the northern area from the Golan to northern Sharon.
Iran’s military said it targeted the Al Udeid base with missiles.
Iran’s IRCG said they targeted the aircraft carrier “Lincoln” with 4 cruise missiles; The aircraft carrier “Lincoln” headed towards the southeastern Indian Ocean , Al Arabiya reported.
Member of Iran’s Assembly of Experts said choosing a successor to Supreme Leader Khamenei “won’t take long”, according to ISNA.
Hezbollah said it targeted the Ramat David Air Base in northern Israel.
US VP Vance said President Trump wants to make sure Iran never had nuclear weapons, adds the US has a lot of capacity in Iran.
US President Trump held a call with Kurdish leaders in Iraq on Sunday to discuss the US-Israel war with Iran and what might come next, according to three sources with knowledge of the called cited by Axios.
US is said to prepare for a ‘pickup’ of attacks in Iran during the next 24 hours, according to CNN.
Geopolitics: Ukraine
Russian Kremlin spokesperson Peskov on Ukraine talks, said its hardly possible to talk about meeting, adding that there’s no certainty on venue or timing.
US Event Calendar
9:55 am: United States Fed’s Williams Gives Keynote Remarks
11:45 am: United States Fed’s Kashkari Speaks at 2026 Bloomberg Invest Conference
DB’s Jim Reid concludes the overnight wrap
Events in the Middle East cascaded across global markets yesterday, triggering some of the biggest moves in years across multiple asset classes. Most notably, Brent crude oil prices surged by +7.26%, their biggest daily jump since March 2022, lifting prices to $77.74/bbl. Meanwhile in Europe, front-end natural gas futures rose by +39.26%, the most since February 2022, after Qatar shut down liquefied natural gas production. And this morning the moves have continued, with Brent crude up another +2.55% to $79.72/bbl, whilst S&P 500 futures are down -0.72%.
The latest moves have come as the conflict has shown no sign of easing thus far. Indeed, overnight in Saudi Arabia, the US embassy in Riyadh was attacked by two drones, and Trump said to NewsNation “you’ll find out soon” what the retaliation would be. So events like that are adding to fears about a more protracted conflict. Trump himself hasn’t pointed to a fixed timeline either, saying that “we projected four to five weeks. But we have capability to go far longer than that.”
The other critical question is what happens in the Strait of Hormuz, a key chokepoint accounting for around 20% of global oil supply. Concern mounted yesterday after an adviser to the to Iran’s Islamic Revolutionary Guard Corps said that Iran “will set fire to any ship attempting to pass through the Strait”. However, Bloomberg have also reported overnight that China was pushing Iran to keep the Strait open, according to senior gas executives.
Unsurprisingly, the sharp moves in commodities drove a significant spike in sovereign bond yields. The 10yr Treasury yield rose by +9.7bps, surging back to 4.03% in its biggest daily jump since October. And this morning it’s up another +1.9bps to 4.05%. Meanwhile in Europe, equities also slumped, with the STOXX 600 (-1.61%) posting its worst day since November, and European equity futures are pointing to further losses today. Strikingly, however, the S&P 500 (+0.04%) was essentially flat, as gains for the Mag 7 (+0.41%) and energy stocks offset weakness elsewhere. S&P futures had been as low as -1.7% early in the London session, so there was a notable recovery through the US session. But this morning they’re down another -0.72% as the conflict has continued and oil prices have posted a further gain. And that’s been echoed across Asia as well, with sharp losses for the KOSPI (-5.67%) and the Nikkei (-2.65%). However, Chinese equities have seen a relative outperformance, with the CSI 300 (-0.14%) and the Shanghai Comp (-0.21%) only posting modest declines.
More broadly, it’s always tough to trade geopolitical shocks given what we know about their historical impact. We’ve often cited the work of DB’s Parag Thatte and Binky Chadha, who have long argued that such shocks have had an average negative impact of around -6% to -8% on US equities over a three-week period, but that markets tend to recover back to prior levels within another three weeks. Notably, over the past three years we haven’t even seen such mild drawdowns when geopolitical shocks have hit, as with events over Venezuela and Greenland in January. So that raises the question of whether markets have begun to internalise this pattern as geopolitics becomes more important and we’re more used to dealing with it, or whether complacency has simply increased.
For me, much will depend on the price of oil. Any sustained spike would undoubtedly trigger a more meaningful risk-off move, but without that, markets are likely to revert fairly quickly to focusing on macro data and AI-related themes. It’s hard to know the ultimate aims of the US administration. With midterm elections around eight months away, there is likely a desire to show momentum in approval ratings. The cost of living is a key factor here, and a prolonged spike in oil prices would clearly be unhelpful. In addition, a Reuters/Ipsos poll on Sunday showed that only 27% of the American public supported the strikes, while 43% disapproved. That makes a prolonged mission seem less likely, although uncertainty remains very high. In a sign that the administration is wary of the oil price impact, Secretary of State Rubio said yesterday that a programme to mitigate energy costs would begin today.
We also heard a few other comments from US officials, including President Trump’s first White House remarks since Saturday’s strikes. The President said he took the decision to launch the war as it was “our last, best chance to strike” and eliminate the threats posed by Iran’s regime, though he did not refer to regime change as an objective. Before the US open, Pete Hegseth had similarly stated that the current situation in Iran was “not a regime-change,” though adding that the “regime did change.” However, Hegseth had signaled more clearly that a prolonged conflict is not currently envisaged, saying “this is not an endless war.”
Turning back to yesterday’s moves, we saw the biggest jump for Brent crude oil since March 2022. But interestingly, it only ranks as the 56th biggest daily move going back to 1990, something I looked at in my CoTD yesterday (link here). So while the move is large, it doesn’t yet compare with the extreme swings seen around the GFC, the Covid turmoil, or even some other geopolitical events such as the Gulf War in 1990–91. For reference, to enter the top 20, 10 and 5 daily moves, prices would need to rise by +9.6%, +13.6% and +13.9% respectively. There were also signs that investors are still pricing the conflict as temporary rather than protracted. In particular, it has mainly been the front end of energy curves that have seen sharp spikes, while longer-dated contracts have moved much less. For example, when news broke that QatarEnergy would halt LNG production, after its facility was targeted by an Iranian drone attack, front-end futures rose by as much as +50% intraday, while the 1yr-ahead contract (+7.12%) saw a far more muted increase.
While yesterday’s dominant market story was clearly oil, there was little surprising about the direction or magnitude of moves in fixed income. Treasury yields rose across the curve, led by the 5yr (+10.8bps), with the 2yr (+9.8bps) and the 10yr (+9.5bps) seeing similar moves. While Middle East developments were the main driver, the moves were exacerbated by the February ISM manufacturing release, which surprised to the upside at 52.4 (vs. 51.5 expected). Notably, the prices paid component surged to 70.5 (vs. 60.0 expected), its strongest reading since June 2022. So that reinforced geopolitical inflation concerns and raised questions about whether the Fed will still be able to cut rates as markets had been pricing. The amount of Fed cuts priced by year-end fell by -9.2bps to 52bps. Note that on page 32 of my new pack (link here) we show US data surprises and 2yr yields. On this basis there is no need for a rate cut. Something needs to give to justify one.
Those yield moves were echoed in Europe, where investors rapidly priced out the chance of an ECB rate cut this year. The implied December probability fell from a 55% chance of a cut on Friday to a 17% chance of a hike by yesterday’s close. As a result, yields rose sharply, with 10yr bunds (+6.8bps), OATs (+7.2bps) and gilts (+7.5bps) all moving higher. Front-end yields were up around 8-12bps.
US equities, however, were relatively resilient. The S&P 500 (+0.04%) posted a modest gain, supported by strength in information technology (+0.91%) and energy (+1.95%) stocks. That said, there was significant sector-level churn, with airline stocks down -2.40%, while aerospace and defence (+2.52%) outperformed. Meanwhile, the VIX rose by +1.58pts to 21.44 but remains below its YTD highs from last month even if it did spike above it at 25.24 early in the London session.
By contrast, European equities saw more uniform weakness, with the CAC 40 (-2.17%), DAX (-2.56%), STOXX 600 (-1.61%) and FTSE 100 (-1.20%) all slumping. All the major STOXX 600 sector groups except energy were lower on the day, with consumer discretionary stocks (-3.98%) most hit. There were some notable advancers amid defence stocks, including BAE Systems (+6.11%) and Leonardo (+2.50%). And given that Europe is more exposed to the energy shock than the US, the euro weakened sharply against the dollar, falling -1.05% to $1.1688. (See our European economists’ latest take here for how events will affect the European economy.)
Finally, away from the Middle East, there were several other noteworthy developments, as Treasury Secretary Bessent announced that Anthropic would lose all its contracts with the Treasury following Trump’s direction for agencies to cease use of its technology. Meanwhile on tariffs, a US appeals court rejected the administration’s bid to pause the next steps in the fight over tariff refunds, sending the case immediately back to the Court of International Trade that had first ruled against the IEEPA tariffs back in May 2025. And in a sign of the headwinds in credit markets, we saw Bloomberg data showing that US leveraged loan issuance declined by nearly 80% in February compared to January.
Looking to the day ahead, we’ll see US February total vehicle sales, France’s January budget balance, Eurozone February CPI and Italy CPI. Central bank speakers include the Fed’s Williams and Kashkari, and the ECB’s Kocher and Sleijpen. Notable earnings include CrowdStrike, Thales and Target.
lb European opening report
1c) Asian opening report
Gulf war continues, with Trump vowing to hit back after US embassy strike – Newsquawk EU Market Open
Tuesday, Mar 03, 2026 – 01:50 AM
US President Trump said the US continues to carry out large-scale combat operations in Iran, while he added that Iran could have missiles capable of reaching America soon and had refused to cease its pursuit of nuclear weapons.
The US is said to be preparing for a ‘pickup’ in attacks in Iran during the next 24 hours, according to a senior unnamed official cited by CNN.
US and China trade negotiators are to meet mid-March prior to the Trump-Xi summit, with Treasury Secretary Bessent and Chinese Vice Premier He Lifeng expected to convene in Paris at the end of next week to discuss bilateral matters.
APAC stocks were pressured with risk appetite weighed down by geopolitics as the Iranian conflict entered a fourth day, and with US President Trump warning of larger strikes to come.
European equity futures indicate a negative cash market open with Euro Stoxx 50 futures down 1.0% after the cash market closed with losses of 2.5% on Monday.
Looking highlights include EZ Flash HICP (Feb), US RCM/TIPP (Mar), New Zealand Export/Import Prices, Australian Composite PMI Final (Feb). Speakers include Fed’s Williams & Kashkari, UK Spring Statement. Supply from theNetherlands & Germany, Earnings from CrowdStrike, Best Buy, Target, AutoZone, Bayer, Adidas, & Continental.
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IRAN CONFLICT
US President Trump said the US continues to carry out large-scale combat operations in Iran, while he added that Iran could have missiles capable of reaching America soon and had refused to cease its pursuit of nuclear weapons. Furthermore, Trump said they are ahead of time projections, and had projected 4-5 weeks, but can go far longer and said whatever it takes regarding the Iran war timeline.
US President Trump said we will soon find out what the retaliation will be for the attack on the US embassy in Riyadh and for US service members killed, while he doesn’t think boots on the ground will be necessary, according to NewsNation’s White House Correspondent Kellie Meyer.
US VP Vance said President Trump wants to make sure Iran never has nuclear weapons, while he added that the US has a lot of capacity in Iran and would like someone to take over the power there who has made a long commitment not to possess a nuclear weapon.
US Secretary of State Rubio said Iran was producing hundreds of missiles a month and the US is successful in removing the Iranian Navy threat, while he added that regime change is not an explicit objective of the mission and they are not postured for ground forces in Iran, as well as stated that the hardest hits are yet to come in Iran.
US CENTCOM said sustained operations targeted and eliminated IRGC command and control infrastructure, Iranian air defence systems, missile and drone launch positions, and military airfields.
US military said it has struck over 1,250 targets in Iran since the start of operations on Saturday.
US is said to prepare for a ‘pickup’ in attacks in Iran during the next 24 hours, according to a senior unnamed official cited by CNN.
Washington is expected to intensify its activity to destroy Iran’s nuclear facilities, according to Israel’s Channel 12 cited by Al Hadath.
Israeli PM Netanyahu said this is going to be a quick and decisive action, while he added that they are not going to have an endless war.
Israeli official said they are preparing for war until the start of next month and ground forces in Iran are under consideration, while a ground operation in Iran may be similar to what happened in Venezuela, according to Al Hadath citing Axios.
IDF announced a new wave of strikes on Iran and reportedly attacked government buildings in Tehran, while it targeted Iran’s internal security HQ and bases. IDF also targeted Hezbollah command centres and weapons storage facilities in Beirut.
Israeli military intercepted two drones from Lebanon and ordered an evacuation of dozens of towns in Lebanon, while Hezbollah said it targeted the Ramat David Air Base in northern Israel.
Iran launched new strikes on maritime targets, according to Tasnim.
Iranian Foreign Minister Araghchi said regional countries should pressure the US for striking Iran, while he stated Tehran is not at war with regional countries and that US bases in the region are legitimate Iranian targets. Araghchi said they do not consider the current war a regional war, but rather it is a war between Iran and America whose effects have extended to the region.
IRGC Quds Force said enemies who killed Khamenei will not be safe, “even at home”.
Advisor to the IRGC said the Strait of Hormuz has been closed and they will target any ship that tries to cross, while they will target the oil pipelines of the enemies and will not allow the export of the region. However, a Fox News reporter cited the US Central Command stating that the Strait of Hormuz is not closed despite the IRGC pronouncement.
Islamic Resistance in Iraq said it carried out a drone swarm attack on a hotel in Erbil housing US troops.
Iran reportedly launched a drone strike on the US Arifjan base in Kuwait while explosions were heard in Riyadh’s diplomatic quarter in Saudi Arabia and a fire was reported at the US Embassy in Riyadh following a blast, although an official said the US Embassy in Riyadh was empty at the time of an Iranian drone strike and there were no injuries.
IRGC said it targeted a US base in Bahrain with missiles, while there were also reports of explosions in Cyprus.
Qatar downed Iranian jets as Tehran targeted oil and gas sites amid the escalating Gulf crisis, while Qatar condemned Iranian attacks on its territory in a letter to the UN Security Council and said it reserves the complete right to respond.
US Air Force tankers were forced to leave Spain after the government refused to allow airbases to be used for Iran attacks.
US TRADE
EQUITIES
US stocks were choppy on Monday while energy prices and gold were bid with T-notes bear flattening and the dollar firmer in response to the US/Iran conflict. Over the weekend, the US struck Iran, killing the Supreme Leader Khamenei, with Iran responding by hitting US bases across the Middle East, but also by closing the Strait of Hormuz and threatening that ships that cross the Strait will be fired upon. The initial reaction saw stocks open lower while T-notes caught a bid, with energy prices surging. Oil remained bid but saw slight selling around the closing bell as Secretary of State Rubio said that Treasury Secretary Bessent and Energy Secretary Wright will announce measures to mitigate oil costs on Tuesday. Natgas rocketed on the geopolitical tensions, but surged even further after QatarEnergy announced it is to stop the production of LNG, due to military attacks on operating facilities in Ras Laffan industrial city and Mesaieed industrial city. Nonetheless, stocks clawed back most of the losses to close mixed, with the Russell rallying, while other indices were flat.
SPX +0.04% at 6,882, NDX +0.13% at 24,993, DJI -0.15% at 48,905, RUT +0.90% at 2,656.
US President Trump’s administration reportedly lost a push to delay the tariff refund fight.
US and China trade negotiators are to meet mid-March prior to the Trump-Xi summit, with Treasury Secretary Bessent and Chinese Vice Premier He Lifeng expected to convene in Paris at the end of next week to discuss bilateral matters.
US mulls capping NVIDIA (NVDA) H200 sales to 75,000 per Chinese buyer, while AMD’s (AMD) MI325 chips would also fall under the US AI accelerator cap.
NOTABLE HEADLINES
Fed Chair nominee Warsh’s attempt to shrink the Fed’s balance sheet would reportedly only proceed slowly as he would face resistance over his plan to scale back one of the Fed’s most powerful tools, according to FT
APAC TRADE
EQUITIES
APAC stocks were pressured with risk appetite weighed down by geopolitics as the Iranian conflict entered a fourth day, and with US President Trump warning of larger strikes to come.
ASX 200 was led lower by weakness in mining and materials, with broad weakness seen in nearly all sectors aside from energy and financials.
Nikkei 225 slumped beneath the 57,000 level amid the Iranian conflict and global disruption, with sentiment also not helped by a rise in the unemployment rate and as higher energy prices stoked inflationary concerns, which could narrow policy space for the BoJ.
Hang Seng and Shanghai Comp traded indecisively with price action initially rangebound, before eventually succumbing to the risk-off mood, while there was a fairly substantial liquidity drain by the PBoC, and participants continue to await China’s annual Two Sessions conclave.
US equity futures steadily retreated amid further military action against Iran, which continued to retaliate against neighbouring US allies.
European equity futures indicate a negative cash market open with Euro Stoxx 50 futures down 1.0% after the cash market closed with losses of 2.5% on Monday.
FX
DXY took a breather after broadly gaining yesterday on haven appeal, with geopolitics dominating the tape, while data releases were firm as ISM Manufacturing PMI topped forecasts and prices paid soared, although the report took a back seat to the ongoing escalation surrounding Iran. Furthermore, JPMorgan wrote that the Iran escalation challenges the bearish Dollar view and it recommended tactically unwinding EUR/USD longs, while ING flagged three USD-supportive factors, including the US being less energy-import dependent than Europe/Asia, markets trimming Fed rate cut expectations with a bearish flattening in US yields, and the potential EM outflows on higher energy costs and fewer Fed cuts.
EUR/USD lacked firm direction overnight after it recently slumped from near the 1.1800 level to the 1.1600 handle amid disruption concerns and as energy prices surged, while the latest EU HICP data looms.
GBP/USD gradually trickled lower after failing to sustain the 1.3400 status and with price action not helped by a cooling in UK shop price inflation, while participants await UK Chancellor Reeves, who is set to deliver the Spring Statement later today.
USD/JPY kept afloat in 157.00 territory after the prior day’s dollar-driven advances but with price action contained overnight following several data releases from Japan, including a rise in unemployment and stronger-than-expected quarterly capex, corporate profits and sales.
Antipodeans were indecisive with early tailwinds seen amid gains in commodities and after the PBoC set the strongest reference rate setting since May 2023, although gains were then pared amid the negative risk sentiment and mixed Australian data.
PBoC set USD/CNY mid-point at 7.9088 vs exp. 6.8816 (Prev. 6.9236)
FIXED INCOME
10yr UST futures were lacklustre after recent firm ISM data, and as the surge in energy stoked inflationary concerns.
Bund futures breached through the prior day’s lows firmly beneath the 130.00 level after European natural gas prices surged by as much as 50%, while participants now look ahead to EU HICP data and German supply.
10yr JGB futures declined amid a higher yield environment as the conflict surrounding Iran and closure of the Strait of Hormuz stoked global inflationary concerns, while prices failed to benefit despite the slight improvement in demand and higher accepted prices at the 10yr JGB auction.
COMMODITIES
Crude futures remained underpinned as the Iran conflict entered a fourth day, with the IRGC threatening to attack any ship trying to pass through the Strait of Hormuz, while US President Trump warned of larger strikes against Iran.
US Secretary of State Rubio said Treasury Secretary Bessent and Energy Secretary Wright will announce steps to mitigate oil costs, while the White House later announced that President Trump will meet with Bessent and Wright at 14:00EST/19:00GMT on Tuesday.
Russia’s Black Sea Novorossiysk oil loadings were reportedly suspended after overnight drone attacks, according to source reports.
Spot gold climbed but with gains capped amid fluctuations in silver and as the dollar held on to recent spoils.
Copper futures saw two-way price action but with upside capped by resistance around the USD 6/lb level and amid the downbeat risk sentiment.
CRYPTO
Bitcoin gradually retreated overnight beneath the USD 69,000 level before mildly bouncing off intraday lows.
NOTABLE ASIA-PAC HEADLINES
RBA Governor Bullock said underlying demand in the economy is further from supply potential than they had assessed, and a large part of the unexpected increase in inflation was sector-specific, while she added that policy is well-positioned to respond if needed.
DATA RECAP
Japanese Unemployment Rate (Jan) 2.7% vs. Exp. 2.6% (Prev. 2.6%, Low. 2.5%, High. 2.7%)
Japanese Capital Spending YY (Q4) 6.5% vs. Exp. 3% (Prev. 2.9%)
Australian Current Account (Q4) -21.1B vs. Exp. -16.3B (Prev. -16.6B, Rev. From -16.6B)
Australian Net Exports Contribution to GDP (Q4) -0.1% vs. Exp. -0.3% (Prev. -0.1%)
Australian Building Permits MM Prel (Jan) -7.2% vs. Exp. 5.5% (Prev. -14.9%, Low. 1.5%, High. 10%)
EU/UK
NOTABLE HEADLINES
ECB’s Lane warned that a prolonged Iran war and a persistent decline in oil and gas supplies could cause a “substantial spike” in inflation and a sharp fall in output in the Eurozone, according to FT.
DATA RECAP
UK BRC Shop Price Inflation (Feb) 1.1% vs. Exp. 1.2% (Prev. 1.5%)
2.a NORTH KOREA/SOUTH KOREA
NORTH KOREA/
2b JAPAN
3. CHINA
CHINA/IRAN
China Panics, Urges Ceasefire To Reopen Strait Of Hormuz As Beijing Is Addicted To Cheap Iranian Crude
Tuesday, Mar 03, 2026 – 08:55 AM
Chinese Foreign Ministry spokeswoman Mao Ning said at Tuesday’s regular press briefing in Beijing that all parties in the Iran conflict must ensure the safe transit of commercial shipping through the critical maritime energy chokepoint of the Strait of Hormuz.
“China urges all parties to immediately cease military operations, avoid escalating tensions, and safeguard the safety of navigation in the Strait of Hormuz,” spokeswoman Ning said.
We’ve briefed readers that China is heavily exposed to cheap Iranian crude exports. About 80% of Iran’s oil exports – about 1.6 million barrels per day – go to China.
Chinese officials have reportedly been pressing Iran not to disrupt tanker traffic, damage Qatari gas exports, or hit major export hubs, according to Bloomberg.
The latest AIS shipping tracking data via Bloomberg shows the Strait of Hormuz remains paralyzed, with Iran’s Revolutionary Guards commander threatening fire and destruction to any ship that transits the narrow waterway.
Our latest reporting shows that a day after a reported Iranian drone strike forced Saudi Arabia’s largest oil refinery offline, there are numerous reports of drone strikes on critical Gulf energy infrastructure on Tuesday morning (read report).
We highly recommend that readers review a report titled “The Iran Question Is All About China” to better understand that this conflict extends well beyond Iran.
Looking ahead, top U.S. and Chinese trade negotiators are expected to meet in mid-March, according to Bloomberg, ahead of a planned Trump-Xi summit later this month. Trump’s moves against Venezuela and now Iran can be viewed as an effort to tighten pressure on two of Beijing’s cheap crude supplies before those talks (that’s if those talks don’t get canceled).
END
4. European and Scandinavian affairs
FRANCE
that did not last long!!!!
(zerohedge)
Macron Throws Out French Nuclear Policy Over Russia And China Threats
Tuesday, Mar 03, 2026 – 02:45 AM
President Emmanuel Macron on Monday broke several decades of French nuclear taboos, promising to increase the country’s arsenal and positioning France for a lead role in European security. Macron also called for the deployment of French nuclear capable aircraft to allied nations (which could potentially include Ukraine). The new policies are some of the most significant changes in French nuclear doctrine since the end of the Cold War.
“Today, a new phase in French deterrence may therefore be taking shape. We are embarking on what I would call forward deterrence,” the French president said. That means increasingly including European countries in France’s deterrent – starting with participation in nuclear drills.
“It will ultimately provide for the circumstantial deployments of elements of our strategic air forces to allied countries,” Macron added, referring to the squadrons of nuclear-capable Rafale fighter jets.
Macron cites threats from Russian and China as reasons for the decision. His announcement comes only a week after Russian Intelligence claimed they had uncovered a British and French plot to provide Ukraine with relevant European components and equipment that would then be misrepresented to the world as proof of a domestically developed nuclear program. This also allegedly included a plan to give Ukraine at least one actual warhead and/or materials for a dirty bomb.
It may be that there was some truth to this report and now France is simply abandoning clandestine strategies and implementing nuclear plans out in the open. The Kremlin has warned that any presence of nuclear weapons in Ukraine would result in a direct military response to European suppliers. They say this could include a nuclear response.
French political analysts note that Macron and his leftist political compatriots may be attempting to lock France into military action before the next presidential elections in 2027, so that new leadership will be unable to reverse course. In other words, conservatives in France are gaining significant ground due to mass immigration issues and the leftist establishment is hoping to embed military forces in Ukraine before they lose power in government.
Macron argued to qualify nuclear proliferation in his speech while standing at a podium in front of a nuclear submarine. The statements came off as empty posturing, but the implications are still broad.
“Whoever wants to be free must be feared. Whoever wants to be feared must be strong…To be free, we have to be feared.”
France is, of course, not free. The government has arrested and jailed numerous citizens in the past few years over online posts that violate the country’s leftist “hate speech” laws. This mostly involves punishing people for speaking out against mass immigration. This is why Macron’s strategy to bolster French military strength is unlikely to gain popular traction – Most young French people have no interest in dying for a government that wants to replace them with third world migrants.
Critics of the NATO handling of Ukraine have predicted that Europe has no intention of pursuing peace with Russia. Rather, they believe that European elites are seeking to trigger a wider war with Russia and drag the US into the middle of it. The Trump Administration has been reticent rattle sabers over Ukraine and its peace proposals have been consistently thwarted by European leaders.
Russian forces in the region continue to gain ground and Ukrainian troop strength is dwindling. It would appear that the Europeans have decided to escalate rather than accept any agreement that would result in ceding territory to Vladimir Putin.
end
UK/USA
Trump Says He’s ‘Disappointed’ by Starmer For Blocking Use Of Diego Garcia For Iran Strikes
U.S. President Donald Trump said he was disappointed by British Prime Minister Keir Starmer’s refusal to use the joint UK–U.S. military base on Diego Garcia island to strike Iran.
In an interview with The Telegraph, published on March 2, Trump said that Starmer’s initial refusal to let Washington use the Chagos Islands base was unlike anything that had “happened between our countries before.”
Starmer confirmed late on March 1 that the UK had initially decided not to take part in U.S. strikes against Iran, but said the security situation had changed as Iranian actions began threatening British personnel and interests in the region.
“We have British jets in the air as part of coordinated defensive operations which have already successfully intercepted Iranian strikes,” Starmer said. “But the only way to stop the threat is to destroy the missiles at source – in their storage depots or the launchers which used to fire the missiles.”
Starmer said that he would now allow the United States “to use British bases for that specific and limited defensive purpose.”
Trump said it “took far too long” for Starmer to change his mind.
“It sounds like he was worried about the legality,” he said.
The base on Diego Garcia is regarded by the United States as one of its most strategically important military hubs. Located roughly 2,300 to 2,400 miles from the southern coast of Iran, it allows long-range bomber and naval operations across the Middle East, East Africa, and the Indo-Pacific.
In a Feb. 18 post on Truth Social, Trump warned that the facility could become critical if tensions with Iran escalated further. He wrote that if Tehran refused a diplomatic agreement, the United States might need to use Diego Garcia and the airfield at RAF Fairford in England to prevent a potential Iranian attack on the UK or its allies.
Diplomatic Tensions, Parliamentary Delay
Trump’s criticism also comes amid continuing debate over the UK’s decision to transfer sovereignty of the Chagos Islands, a British overseas territory, to Mauritius.
Under the terms of the agreement, signed in October 2025, the British–U.S. naval and bomber base on Diego Garcia would remain under UK control for at least 99 years, ensuring continued access for U.S. forces.
The UK government has said the agreement was necessary to safeguard the long-term operation of the base, following a series of international court rulings that weakened the UK’s legal position.
According to Starmer’s remarks in January, the issue of the Chagos deal had been raised repeatedly with the White House, and he maintained that the Trump administration had already reviewed and supported the agreement at an agency level.
Trump has criticized the UK’s decision to cede sovereignty of the Chagos Islands to Mauritius, calling it an “act of total weakness” in January.
“All of a sudden [Mauritius] was claiming ownership. He [Starmer] should have fought it out and owned it or make him take it, if you want to know the truth. But no, we were very disappointed in Keir,” Trump told The Telegraph, describing the Chagos deal as a “very woke thing.”
Last week, UK officials confirmed that Downing Street was pausing to discuss the matter with the United States before bringing the bill to ratify the Chagos deal back to Parliament.
“We are sometimes going to disagree with our friends and allies in public, but we will seek to resolve those issues in private,” British Foreign Office minister Hamish Falconer told lawmakers on Feb. 25.
Referring to the UK’s decision to pause the process, Trump said it “is useful,” adding that “it took far too much time.”
“It would have been much better on the legal front if he just kept the ownership of the land and not given it to people that weren’t the rightful owners,” Trump said.
Security Risks
Roughly 300,000 Britons are believed to be in countries targeted by Iran, with 102,000 registered with the Foreign Office for alerts as officials weigh all options, including a potential mass evacuation.
Trump suggested Starmer should have always approved American use of the base, because Iran was responsible for killing “a lot of people from your country”.
“[There are] people without arms and legs and faces that have been blown up. Iran is 95 per cent of those. Those horrible events were caused by Iran,” Trump said.
Starmer said in his March 1 statement that Iran is “striking British interests” and “putting British people at huge risk.”
“Our partners in the Gulf have asked us to do more to defend them, and it is my duty to protect British lives,” he added.
Hours after his statement, a Shahed-type unmanned aerial vehicle crashed into the UK’s Royal Air Force base at Akrotiri in Cyprus. The drone struck military facilities at the base at 12:03 a.m., causing minor damage but no casualties, Cypriot President Nikos Christodoulides said in a post on X.
In an emailed statement to The Epoch Times on March 2, a spokesperson for the UK’s Ministry of Defence said that it regularly reviews the security of its overseas bases, including the Sovereign Base Areas in Cyprus.
The ministry also said additional capabilities had recently been deployed to the island as part of efforts to maintain regional security and stability in the Middle East.
Those capabilities are focused on defensive operations and include radar systems, counter-drone technology, F-35 fighter jets and ground-based air defence systems designed to detect and defeat airborne threats.
PA Media contributed to this report.
END
UK/IRAN/USA
HE IS AWAKE!! STARMER NOW ALLOWS B2 BOMBERS TO HIT INSIDE IRAN
(zerohedge)
US B-2 Bombers Belatedly Authorized To Use British Bases To Hit Deep Inside Iran
Tuesday, Mar 03, 2026 – 09:35 AM
In the modern era Britain has always been America’s junior partner when it comes to launching Middle East wars, and so in the opening days of Trump’s Operation Epic Fury targeting Iran, there was anger in Washington as the Starmer government appeared to waffle and was fence sitting.
However by Monday and Tuesday, the United Kingdom is as expected now aligning directly with Washington, having belatedly authorized the use of British military bases to support American operations targeting Iran’s missile capabilities.
Prime Minister Keir Starmer approved the request after a 24-hour legal review, granting Washington access to UK bases for what he called a “specific and limited defensive purpose.”
“The only way to stop the threat is to destroy the missiles at source, in their storage depots or the launchers which are used to fire the missiles,” Starmer said in a social media statement. “The U.S. has requested permission to use British bases for that specific and limited defensive purpose. We have taken the decision to accept this request.”
The bases will likely be used for US B-2 bombers to reach deep inside Iran. In the opening waves of attacks Saturday, these same B-2s were flying all the way from airbases in the US mainland.
Starmer likely got political cover in the fact that regional bases where British troops are stationed have come under Iran’s intense retaliatory strikes.
This included a drone strike late Sunday on the Royal Air Force base at Akrotiri in Cyprus, which may have actually been launched by Iran-allied Hezbollah in Lebanon.
Starmer was apparently worried about the ‘legal status’ of the US-led operation, but now the British government has definitively stated the action is “solely focused on ending the threat of air and missile attacks against regional allies unlawfully attacked by Iran and who have not been involved in hostilities from the outset.”
Still, London is taking pains to say this “does not signal the U.K. having any wider involvement in the broader ongoing conflict between the U.S., Israel, and Iran.”
President Trump has wanted much more direct involvement in military action by Britain:
🚨 BREAKING: Keir Starmer hits back at Donald Trump's criticism of the UK not getting involved in the strikes on Iran
"It is my duty to judge what is in Britain's national interest. That is what I have done. And I stand by it" pic.twitter.com/B3s9RKgF9K
But like with other regional wars of the past couple decades it’s likely only a matter of time before Britain jumps in more fully into the conflict. The Brits have been involved in everything from Afghanistan to Iraq to Libya to Syria in recent years, especially going to back to the chummy Blair-Bush days just after 9/11.
EU/lack of free speech
European Commission Wants Your Free Speech. X Is In The Way
Last week, Elon Musk’s X launched a landmark legal challenge against a $140 million fine issued by the European Commission last December under the Digital Services Act, an EU censorship law. The case was filed at the General Court of the EU, which hears high-stakes challenges to EU regulatory and enforcement actions.
The commission claims the fine, the first to be issued under the DSA, was for alleged transparency and procedural breaches, all of which X denies. But the real reason the company was targeted is clear: X is a free speech platform, and Elon Musk refuses to implement online censorship in the EU and around the world.
This case, which ADF International is proud to support, concretizes the severe threat to free speech posed by the DSA. The EU law, which came into force in 2024, requires “very large online platforms,” like X, Meta, and Google (platforms with more than 45 million users per month), which operate or are accessible in the EU, to remove so-called “illegal content.”
“Illegal content” is defined in line with a plethora of anti-free speech legislation across EU countries, such as in Germany, where it is illegal to insult a politician (Section 188 German Criminal Code). The legislation additionally requires platforms to “mitigate” so-called “systemic risks,” such as “negative effects” on “civic discourse,” “electoral processes,” and “gender-based violence.”
Codes of conduct have also been added to the legislation regarding “disinformation,” “hate speech,” and guidelines on electoral processes and the protection of minors, resulting in 153 pages of additional regulations that were never voted on. Platforms face massive fines of up to 6% of global annual turnover for non-compliance with the DSA and can even be suspended in the EU.
The vague terms used in the legislation and codes of conduct are extremely broad and lack precise legal definitions, meaning they are ideal tools for the commission to censor disfavored views. And the commission’s reach extends far beyond Europe through the DSA.
A recent report from the House Judiciary Committee showed big tech platforms face immense pressure from the commission to set their global content moderation rules to censorial DSA standards. This means the EU law is censoring speech not just in Europe, but also in the United States and around the whole world.
The case of Finnish parliamentarian Päivi Räsänen demonstrates what DSA censorship will look like in practice. After six years of criminal prosecution, Päivi is awaiting a verdict from the Supreme Court of Finland for tweeting a Bible verse. She was prosecuted under the “War Crimes and Crimes against Humanity” section of Finland’s criminal code. Under the DSA, censorial laws like this will become the global baseline.
Since Elon Musk bought X and turned it into a free speech platform, Brussels has been clear about its hostility toward the platform. Former European Commissioner Thierry Breton issued a stark warning in 2023 stating: “You can run but you can’t hide … fighting disinformation will be legal obligation under #DSA. … Our teams will be ready for enforcement.” Former commission Vice President for Values and Transparency Věra Jourová added: “Twitter has attracted a lot of attention, and its actions and compliance with EU law will be scrutinized vigorously and urgently.”
In this context, it’s clear why the commission gave X the first-ever DSA fine last December. They were sending a message to all big tech platforms about what will happen to platforms that refuse to accept censorship.
That is what makes X’s legal challenge so important – they are fighting for the right of citizens around the world to freely express their views online. In this case, X is challenging the centralized powers given to the commission by the DSA, which it argues violate its right to due process and are contrary to the rule of law.
The commission is able to set the rules for content moderation, set up the infrastructure, launch investigations, and issue penalties under the DSA, all with no meaningful oversight. If this is allowed to stand, the EU will have the unchallenged ability to police the global public square, with dire consequences for online free speech.
Now the court has an opportunity to hold the commission to account. An oral hearing is expected in the case, potentially by the end of 2026, and the subsequent ruling will affect how all big tech platforms are moderated by the DSA. X is arguing for the fine to be withdrawn, and if the basis for the fine is found not to be compliant with other EU laws, specific provisions in the legislation could be annulled.
This case is the first ever challenge of the commission’s bid to become a global censor. The outcome matters deeply for the free speech rights of billions of people around the world.
end
UK
he should be expelled from the UK!!
(JerusalemPost)
Ayatollah who once received UK ‘tolerance’ grant issues fatwa for Muslims to avenge Khamenei
After the killing of Ayatollah Ali Khamenei by the US and Israel, Grand Ayatollah Hossein Nouri Hamedani and Grand Ayatollah Naser Makarem Shirazi have issued fatwas calling on Muslims to revenge.
Grand Ayatollah Naser Makarem Shirazi have issued fatwas calling on Muslims worldwide to take revenge.(photo credit: Ayatollah Marekem Shirazi via X)ByMATHILDA HELLERMARCH 2, 2026 14:35Updated: MARCH 2, 2026 16:35
One of two high-profile Shi’ite religious leaders in Iran who issued fatwas following the death of Ayatollah Ali Khamenei formerly received a £15,000 ‘religious tolerance’ grant from Brent Council.
On Sunday, following the assassination of Khamenei by the US and Israel, Grand Ayatollah Hossein Noori Hamedani and Grand Ayatollah Naser Makarem Shirazi issued fatwas calling on Muslims worldwide to take revenge.
Hamedani responded in writing to a request from the presidium of the Assembly of Seminary Students and Scholars in Qom, saying that “avenging the blood of the martyred leader of the revolution is obligatory for all Muslims.”
“Without doubt, criminal America and the bloodthirsty Zionists have reached the end of their path, and this time the powerful armed forces will deliver a decisive and unforgettable response,” he warned.
Shirazi issued a fatwa calling Israel and the US the “most wicked enemies of humanity” and “the principal perpetrators of this crime.”
“The people of Iran and the Islamic world are the avengers of the blood of the martyred leader of the Revolution,” he said, adding that “seeking revenge is the religious duty of all Muslims worldwide so that the evil of these criminals may be removed from the world.”
Brent Council alerted to IRGC links
Shirazi, one of the most important religious figures in Iran, launched a representative office on Harrow Road in London called the Babul Murad Centre in 2008.
Via the center, Shirazi also had a charity in the UK named International Islamic Link, which received a £15,000 grant in 2009 from Brent Council, a local government body in London, to promote “religious tolerance.”
After being alerted to IRGC links, Brent Council stated that it has “not commissioned this [charity] since and have no future plans to fund them.”
Prior to being investigated by the Charity Commission, Shirazi’s own website featured several pages about his belief that the Holocaust was a myth invented by Jews to gain support for the Zionist project.
The trustees of International Islamic Link claim that there is no current link to Shirazi, however organizations such as Middle East Forum dispute this.
See more on
5. RUSSIAN AND MIDDLE EASTERN AFFAIR
ISRAEL/IRAN
end
ISRAEL/IRAN
MONDAY NIGHT
Sirens sound across Israel as Iran fires new missile barrage
Initial reports indicated Hezbollah fired rockets at northern Israel simultaneously with Iranian ballistic missile fire, but the reports were denied by the IDF Spokesperson’s Unit.
Anti-missile batteries fire interception missiles toward incoming ballistic missiles launched from Iran, as seen over Tel Aviv, during the war with Iran and ongoing missile fire toward Israel, March 3, 2026.(photo credit: CHAIM GOLDBERG/FLASH90)ByJERUSALEM POST STAFFMARCH 3, 2026 00:54Updated: MARCH 3, 2026 05:01
Rocket sirens sounded across Israel after Iran fired a new barrage of missiles against the country late on Monday night.
Initial reports indicated Hezbollah fired rockets at northern Israel simultaneously with Iranian ballistic missile fire, but the reports were denied by the IDF Spokesperson’s Unit.
The IDF said in a statement that, even if the event had ended, people were asked to remain close to a safe space and continue following the instructions from the Home Front Command.
No casualties or injuries resulting from the barrage were reported, according to Magen David Adom. The police said that it was responding to a missile impact in central Israel.
Later in the night, several alerts were deployed over an unmanned aircraft vehicle (UAV) intrusion in the northern confrontation line and the upper Galilee, with no official statement by the authorities about the situation. According to the IDF, two hostile UAVs crossed into Israel from Lebanon and were intercepted by the military.
Iran strikes Cyprus, several Middle East nations
According to reports by several media, the Iranian attack against Israel was done in coordination with attacks against several Middle East targets.
Smoke rises from a burning building hit by an Iranian drone strike, after Israel and the US launched strikes on Iran, in Seef district, Manama, Bahrain, February 28, 2026 (credit: REUTERS/HAMAD I MOHAMMED)
Reports in Israeli media said that explosions were heard in Cyprus after an Iranian missile targeted the Mediterranean island, while no injuries were reported.
The US Embassy in Riyadh, Saudi Arabia, said in a statement that two drones hit its main building, causing a small fire, with no casualties registered.
Two military facilities were directly struck in the United Arab Emirates, while two drones hit the proximity of a base in Bahrain.
Israel Opens Second Front On Day 4 Of Trump’s Iran War As IRGC Refuses To Back Down
Tuesday, Mar 03, 2026 – 08:05 AM
Israeli and US forces pressed forward with their assault on Iran, striking targets across the country, including Iran’s state broadcaster and central military command centers, as the official death toll has climbed to 787 Iranians killed since the start of the Trump-ordered Operation Epic Fury. The US has sustained at least six troop deaths and several more seriously wounded.
Fears that this could open to a broader multi-front war appear to be coming to reality, as at the same time Israel escalated operations on a second front, intensifying airstrikes on Lebanon and launching a new ground incursion into the south. Beirut is once again under Israeli bombs, after Israel accused Hezbollah of firing rockets on the north. What’s more is that Kann News is citing a senior Israeli official as follows: We assess that Saudi Arabia will attack Iran soon after it was attacked yesterday. The war is expanding.
The conflict has continued to spread across the Gulf. Saudi authorities said two drones struck the US Embassy in Riyadh, igniting a small fire and causing minor damage. However, there’s been surprisingly little information or video to come out of this major incident.
Qatar has formally joined the war on the US-Israeli side, having already said it took out a pair of Iranian jets. The tiny oil and gas rich GCC country Foreign Ministry stated that “the two Iranian planes shot down by Qatar yesterday were flying toward Doha and were warned before being shot down. Qatar is searching for the pilots.”
Iran has continued its retaliation by targeting energy infrastructure across the Gulf, driving global oil and gas prices sharply higher. As we reported previously, Qatar’s state-owned petroleum company suspended all LNG production after two of its facilities were hit.
The status of the vital Strait of Hormuz remains a big unknown, with Iran’s Revolutionary Guard Corps (IRGC) announcing that the vital oil transit chokepoint for roughly one-fifth of global oil consumption is now “closed”. While the consensus is that after the US blew up all or most of the Iranian Navy’s vessels, it doesn’t have the maritime power to effect a blockage, the IRGC can certainly wreak havoc through its drone and missile arsenal.
New Footage Shows US Base in Bahrain Under Iranian Missile Strike
New video has surfaced online showing US military base in Bahrain that were targeted in recent hours by heavy Iranian missiles. pic.twitter.com/LHC3iSD0Ws
Iran has also continued missile attacks on Israel, with the Israeli military reporting interceptions over West Jerusalem, Tel Aviv, and Eilat. At least 10 people have been killed in Israel since Saturday. Many dozens, possibly in the hundreds, have been injured and wounded. Fox live shots and correspondent on the ground Trey Yingst have been offering proof that Israel’s anti-air defenses are routinely being overwhelmed and significant impacts have resulted.
Costly interceptors are also being expended at a high rate across the Gulf, and these countries are urgently appealing for more from Washington, but they will soon be in short supply at this rate. The Wall Street Journal warns as follows:
Persian Gulf nations targeted by Iran have, so far, managed to limit the damage by deploying sophisticated U.S.-made air defenses against the hundreds of drones and missiles that have rained on their cities.
With costly interceptors and radar, all integrated with the U.S. military, the oil-rich Gulf Arab states have fielded some of the most advanced air defenses in the world, despite their small populations and militaries.
A crucial variable in this war, however, is whether these monarchies start running out of interceptors before the Iranian regime runs out of projectiles. At current burn rates, it could be very soon.
Alarmingly, initial White House talking points of a ‘limited’ campaign of mere days (and based on pre-war comments during the build-up) have now gone out the window as on Monday President Trump and Secretary Rubio indicated the operation could run for roughly four or five weeks. But they also admitted there’s a basically open-ended timeline to “do whatever it takes” to eliminate Tehran’s missile and nuclear capabilities, and to destroy the country’s missile arsenal.
oR take into account, or perhaps chose to completely ignore. Trita Parsi told The Economist:
“This is not a monarchy in which the shah is gone and you take out all of the male heirs.” He explained: “This is a system—not a particularly popular system—but nevertheless one with a security establishment that is not dependent on a single person or a single family.”
Pentagon brass doesn’t seem to know what the plan is, how long it will last, or why they’re there: “The hours, days, and perhaps weeks ahead will challenge you. There will be noise and confusion.”
There are reports that in the instance of the Ayatollah’s death under US-Israeli bombs, which is the first thing that happened Saturday as he was apparently not in hiding, Iran put a strict emergency protocol in place. This reportedly involved plans for the IRGC and various military units across the country to begin acting autonomously within their respective chains of command, so that a state decapitation strike won’t disrupt the ongoing retaliation.
That retaliation has already killed at least six US service members stationed at Gulf bases:
The U.S. is facing increasing risks to its military forces and diplomatic presence in the Middle East as Iran is launching waves of missile and drone attacks across the region that are testing its ability to defend a swath of territory.
U.S. Central Command said that six servicemembers had been killed in the three-day-old campaign on Monday. The six died in a drone strike on a base in Kuwait, The Wall Street Journal reported. Separately, three American F-15 jets were downed by apparent friendly fire over Kuwait on Monday, in one of the most significant losses of equipment for the U.S. in the operation.
Bases that house U.S. forces have also come under attack in Iraq, Saudi Arabia and Bahrain.
In at least one instance troops were in a mobile trailer which served as a makeshift command center or office when an Iranian projectile hit.
The White House has meanwhile said it is not at all in diplomatic contact with the Iranians, who may want to impose a deeper cost before even starting a discussion for an offramp – and it’s the same with the Gulf states – there doesn’t seem to be any top-level contact.
Rubio and Hegseth have kept repeating that “this is not Iraq” and have insisted this is not another Neocon “endless war”. They might be right in that what just opened up might prove far worse than the Iraq war. So far there’s no US boots on the ground that we know of, but we’re already at that admin talking point of ‘we haven’t ruled it out’. White House leadership has also been surprisingly open as to Israel’s role in the US decision to attack Iran.
Israeli defence forces announce that they did not deploy ground troops in Iran, Israeli source report.
The IDF announces that they have struck Iran’s leadership compound in Tehran.
IAEA confirms recent damage to entrance buildings of Iran’s underground Natanz fuel enrichment plan.
Israel’s Home Front announce early warning after detection of rockets fired from Iran toward Israel, Al Jazeera reported.
Israeli Military Spokesperson said it is not likely that Israel will deploy ground forces to Iran as it is not practical.
IDF spokesperson said launches detected from Iran and alerts expected in the northern area from the Golan to northern Sharon.
Iran’s military said it targeted the Al Udeid base with missiles.
Iran’s IRCG said they targeted the aircraft carrier “Lincoln” with 4 cruise missiles; The aircraft carrier “Lincoln” headed towards the southeastern Indian Ocean , Al Arabiya reported.
Member of Iran’s Assembly of Experts said choosing a successor to Supreme Leader Khamenei “won’t take long”, according to ISNA.
Hezbollah said it targeted the Ramat David Air Base in northern Israel.
US VP Vance said President Trump wants to make sure Iran never had nuclear weapons, adds the US has a lot of capacity in Iran.
US President Trump held a call with Kurdish leaders in Iraq on Sunday to discuss the US-Israel war with Iran and what might come next, according to three sources with knowledge of the called cited by Axios.
US is said to prepare for a ‘pickup’ of attacks in Iran during the next 24 hours, according to CNN.
/IRAN
CIA: Khamenei Replacement Will Likely Be More Hardline
Before the US and Israel launched a war against Iran on Saturday morning and killed Ayatollah Ali Khamenei, the CIA assessed that if the Iranian leader were killed, his rule would likely be replaced by “hardline” figures from Iran’s Islamic Revolutionary Guard Corps, Reuters has reported.
The report said that the assessment was produced over the past two weeks as the US was building up its forces in the region and preparing to launch the war. The New York Timesreported that the CIA had been tracking Khamenei for months and knew that he would be at his compound in Tehran meeting senior Iranian officials on Saturday morning, where he was hit by a joint US-Israeli strike.
Since Khamenei’s death, the Iranian government has created a council, headed by Ayatollah Alireza Arafi, to govern the country until Iran’s “Assembly of Experts” chooses a new supreme leader.
Killing Khamenei does not appear to have impacted Iran’s military operations as Iranian missiles and drones continue to hit targets across the region, including in Israel and countries hosting US military bases.
During previous confrontations with the US, including the 12-Day War in June 2025 and when President Trump assassinated Gen. Qassem Soleimani, the head of the IRGC’s Quds Force, Iran’s response to the US attacks was minimal and more symbolic, as it provided notice ahead of time. But now, Iran has targeted multiple US bases, and there’s no sign Tehran is interested in de-escalation.
According to an unconfirmed report from Israel’s Ynet, after killing Khamenei, President Trump sought a ceasefire, but the idea was rejected by Iran.
Trita Parsi, executive vice president of the Quincy Institute, says that leadership in Tehran now believes that if it agrees to a ceasefire without inflicting enough costs on the US, the US and Israel will just attack again in the future.
“Iran understands that many in the American security establishment had been convinced that Iran’s past restraint reflected weakness and an inability or unwillingness to face the US in a direct war,” Parsi wrote on X.
“Tehran is now doing everything it can to demonstrate the opposite – despite the massive cost it itself will pay. Ironically, the assassination of Khamenei facilitated this shift,” he added.
IRAN/USA/ISRAEL
Rubio says Israel drew US into war with Iran over planned Israeli strikes
Iran’s Foreign Minister Abbas Araghchi responded to Rubio’s statements, saying that the US has “entered a war of choice on behalf of Israel.”
US Secretary of State Marco Rubio testifies before a Senate Foreign Relations Committee hearing titled “U.S. Policy Towards Venezuela”, on Capitol Hill in Washington, DC, US, January 28, 2026.(photo credit: REUTERS/Nathan Howard)ByJERUSALEM POST STAFFMARCH 3, 2026 10:23Updated: MARCH 3, 2026 10:40
Planned Israeli action against Iran that would have seen retaliation against American forces prompted the United States to launch its weekend strikes against Tehran, US Secretary of State Marco Rubio said on Monday evening.
“We knew that there was going to be an Israeli action, we knew that that would precipitate an attack against American forces, and we knew that if we didn’t preemptively go after them before they launched those attacks, we would suffer higher casualties,” Rubio told reporters.
SECRETARY RUBIO: There was absolutely an imminent threat. We knew that if Iran was attacked, even by someone else, they would immediately come after us and we were NOT going to sit there and absorb a blow before we responded. pic.twitter.com/goer7Ku0Ta
Iran’s Foreign Minister Abbas Araghchi responded to Rubio’s statements in a social media post, saying: “Mr. Rubio admitted what we all knew: US has entered a war of choice on behalf of Israel. There was never any so-called Iranian ‘threat.'”
“Shedding of both American and Iranian blood is thus on Israel Firsters,” Araghchi said, adding that “American people deserve better and should take back their country.”
Iran’s Foreign Minister Abbas Araghchi on the day he addresses a special session of the Conference on Disarmament at the United Nations, aside of US-Iran talks in Geneva, Switzerland, February 17, 2026. (credit: Pierre Albouy/Reuters)
Iran has said the US assault was unprovoked, occurring as Tehran and Washington were in negotiations on a nuclear accord.
Trump has said the US faced an imminent threat from Iran that justified war, although he gave no specifics, and some US lawmakers said he has shown no evidence to back that assessment.
US-Iran joint operations continue into fourth day as Middle East, Gulf nations draw fire
Israel and the US launched Operations Roaring Lion and Epic Fury on early Saturday morning, with the stated aim of creating conditions for regime change.
Ayatollah Ali Khamenei was killed by an Israeli strike on a Tehran bunker. Iran’s defense minister and several IRGC generals were also killed in the largest-ever aerial attack by the IAF.
Iran retaliated by firing across the Middle East at Gulf nations and US military bases in the region.
Goldie Katz and Reuters contributed to this report.
Mehr News Agency claimed that explosions were heard in the three Iranian cities amid ongoing Israeli-US strikes as part of operations Roaring Lion and Epic Fury.
A plume of smoke rises following Israeli-US strikes on Tehran, March 2, 2026; illustrative.(photo credit: Majid Saeedi/Getty Images)ByJAMES GENNMARCH 3, 2026 09:56Updated: MARCH 3, 2026 12:05
Explosions were heard in Iran’s Isfahan, Shiraz, and Kangavar, according to a report by the semi-official Mehr News Agency on Tuesday morning.
Mehr News Agency claimed that explosions were heard in the three Iranian cities amid ongoing Israeli-US strikes as part of operations Roaring Lion and Epic Fury.
Later on Tuesday, the International Committee of the Red Cross announced that the death toll in Iran had reached 787 people.
This is a developing story.
END
IRAN/ISRAEL//LATE TUESDAY MORNING
IDF ‘flattens’ building where Iran’s Assembly of Experts was picking Khamenei’s successor
Iranian news agencies reported that the building was “flattened” during the Israeli strikes.
Birds fly as smoke rises following an explosion, after Israel and the US launched strikes on Iran, amid the US-Israel conflict with Iran, in Tehran, Iran, March 2, 2026.(photo credit: MAJID ASGARIPOUR/WANA (WEST ASIA NEWS AGENCY) VIA REUTERS)ByAMICHAI STEIN, JERUSALEM POST STAFFMARCH 3, 2026 16:39Updated: MARCH 3, 2026 17:04
The IDF targeted a building in which Tehran’s 88-member Assembly of Experts was meeting to choose Iran’s next supreme leader, I
ml?player=jpost&media=4022678&url=www.jpost.comThe aftermath of an Israeli strike on Qom, Iran, on March 3, 2026. (CREDIT: SECTION 27A COPYRIGHT ACT)
Iranian news agencies reported that the building was “flattened” during the Israeli strikes.
This is a developing story.
end
Regime Change Will Not Be Easy: Tehran’s Goal Is To Survive By Any Means Necessary
Tuesday, Mar 03, 2026 – 10:30 AM
By Molly Schwartz, cross-asset macro strategist at Rabobank
My Circus! My Monkeys!
Europe was hit with the first strike to its energy supply chain after the Russian invasion of Ukraine and had to start diversifying its inflows from elsewhere. Now that Middle Eastern LNG is losing reliability, Europe might have to get involved just to keep the lights on.
While the EU and UK would probably be more than happy to spectate from the proverbial “monitoring chair,” they may not have a choice. TTF prices reached highs of – €48.95/MWh yesterday—the highest since February of 2025- and are up more than 20% today.
QatarEnergy announced that it has ceased production of LNG and associated products due to the recent escalation. Our Energy Strategists, Florence Schmit and Joe DeLaura, note that we could see prices return to 2022 levels should Qatar be taken out of the LNG equation entirely (easily back to €100/MWh). Read more here.
This puts the entire European energy complex at risk and might be just the incentive needed for Europe to get out of the monitoring chair and into the ring.
France24 reports that “France, Germany, UK ready to take ‘defensive action’ against Iran.” As the EU touts commitments to increase defense spending and build up its military capabilities, Rabobank Global Strategist Michael Every has mused, “why have all these war planes sitting on the tarmac not doing anything?”
A little farther south, the Gulf Cooperation Council (GCC) is considering its own involvement. Omani foreign minister Badr Albusaidi said on X that “neither the interests of the United States nor the cause of global peace are well served by this. I urge the United States not to get sucked in further. This is not your war.” But the GCC has made it clear that they don’t want it to be their war either. Threats to the economies of the Gulf are not just about energy—this also impacts their budding tourism and hospitality industries as few want to vacation in an active warzone. The UAE and Qatar have reportedly been lobbying allies to end this war as soon as possible.
Meanwhile, in a statement, the Saudi Ministry of Foreign Affairs affirmed “its full solidarity with and unwavering support for the brotherly countries, and its readiness to place all its capabilities at their disposal in support of any measures they may undertake. It also warns of the grave consequence resulting from the continued violation of states’ sovereignty and the principles of international law.” As much as the GCC may want to stay out of it (or, at least as far out of it as they can when their territory is being striked by Iranian drones), the Saudis, at least, are prepared to escalate further.
Trump and Hegseth have not shown any signs of backing down just yet. Early yesterday morning, Hegseth affirmed that “Iran is not a regime change war, but the regime did change,” and that the war will be finished “on America-first conditions.” What those conditions are is still TBD. And the ambiguity of those conditions still leaves us with the question of what constitutes a win.
Hegseth and Rubio would tell you that the aim is the same as last time—to set back Iran’s nuclear proliferation program. But as we saw recently, it doesn’t take Iran very long before they can start to rebuild capacity. The best way to cut off nuclear proliferation is to cut off the head, and that necessitates regime change.
However, as noted in yesterday’s installment, regime change will not be easy. The goal of Tehran is to survive by any means necessary. Even if the regime is rendered a shell of what it once was, but manages to hang on by a thread, then the US has failed. While Trump has announced that this military operation could take weeks and Hegseth rejected the idea that this would be another endless war to echo Iraq and Afghanistan, this may still be a much longer ride than expected.
Yesterday’s stellar performance of USD also exemplified how calls of “Sell America” in recent months were shortsighted. While USD has not been behaving as a safe-haven traditionally would, given the dramatic USD sell-off in H1 2025, we have long argued that this was more about positioning—a repricing of EUR/USD in the aftermath of European announcement of defense spending, and rising USD hedge ratios from foreign investors—than it was a loss of USD’s safe haven status. Indeed, recent price action makes it clear that when the going gets rough, investors still flee to the warm embrace of greenback liquidity.
Still, other US assets have not felt the love. The inflationary risks posed by an extensive war with Iran are at front of mind for investors, especially as analysts keep a watchful eye on the strait of Hormuz. Even though the Fed prefers to look at core inflation, which strips out direct energy costs, energy is an input into everything, including core goods and services. While inflation is already above the 2% target, and the lagged effects of tariffs are starting to put pressure on core goods, the additional price increases posed by turning the major oil exporter of the world into a warzone may put the Fed in a tricky position. US 2 year and 10 year Treasury yields moved in parallel, closing the day up 11bp, which is the greatest single day move since the US-Iranian skirmish last June.
end
seems that Iran’s leadership and military are all gone!!
Trump: Iran’s leadership, military ‘gone’ and now it wants to talk, but it’s ‘too late’
“Their air defense, Air Force, Navy, and Leadership are gone,” Trump wrote in a post on his Truth Social account. “They want to talk. I said, ‘Too Late!'”
US President Donald Trump makes a fist at the end of an event during a visit to Coosa Steel Corporation, in Rome, Georgia, US, February 19, 2026.(photo credit: REUTERS/KEVIN LAMARQUE)ByDANYA SAPERSTEINMARCH 3, 2026 15:31Updated: MARCH 3, 2026 16:27
US President Donald Trump asserted on Tuesday that the Islamic Republic’s military, defenses, and leadership had been destroyed and that, despite a subsequent Iranian desire for dialogue, it was now “too late.”
“Their air defense, Air Force, Navy, and Leadership are gone,” Trump wrote in a post on his Truth Social account. “They want to talk. I said, ‘Too Late!'”
Trump’s comments came in response to a Washington Post op-ed shared in his Truth Social post. The post included a screenshot of another post comparing Trump to former president Ronald Reagan, saying the two had “found a way to change the world without putting boots on the ground.”
The Islamic Revolution’s 2026 anniversary could well be its last
According to Trump, when he spoke to the New York Post on Monday, sending US troops into Iran has not yet been entirely ruled out, as he is fully committed to carrying out his objectives to destroy Iran’s missile capabilities, annihilate the Iranian navy, ensure Iran can never obtain a nuclear weapon, nor can Iran continue to support terror outside its borders.
Iran doubtful about usefulness of negotiations with the US
Iran has also expressed doubt that peace talks were possible, with Iran’s ambassador to the UN in Geneva, Ali Bahreini, telling reporters that currently the only language for talking with the US is the language of defence, and that it was not the time for negotiation.
“For the time being, we are very doubtful about the usefulness of negotiation,” Bahreini said.
Reuters contributed to this report.
end
ISRAEL VS HEZBOLLAH
IRON BEAM (LASER) USED IN NORTHERN ISRAEL TO PERFECTION: MISSILES DESTROYED SECONDS AFTER FIRING.
(zerohedge)
Watch: Israel Neutralizes Hezbollah Missiles With Game-Changing “Iron Beam”
Monday, Mar 02, 2026 – 08:30 PM
Hezbollah opened a new front in the broadening U.S.-Israeli war with Iran overnight, launching a barrage of missiles and kamikaze drone swarms at an Israeli military base in northern Israel.
Footage of one of those missile launches posted on X by the Israeli Public Broadcasting Corporation (IPBC) shows what appears to be some of those Hezbollah missiles prematurely exploding moments after launch.
IPBC explained that the apparent misfires were due to the “Interception of the Rocket from Lebanon Carried Out Using the “Iron Beam” Laser System.”
⚡HISTORIC: For the first time ever, Israel used the Iron Beam to intercept rockets fired by Hezbollah. pic.twitter.com/DU63REU22k
We reported last fall that Israel Defense Forces rolled out its new high-powered laser defense system, known as the “Iron Beam.”
The laser-based air defense system was developed by Rafael and built to complement the Iron Dome missile defense shield. Instead of launching expensive interceptor missiles, it uses a high-energy laser to destroy short-range threats such as rockets, mortar rounds, and drones.
The footage likely shows the 100 kW-class Iron Beam in action, able to neutralize incoming projectiles for only a few dollars per shot, versus roughly $100,000 for a traditional interceptor rocket.
— Brandon Straka #WalkAway (@BrandonStraka) March 2, 2026
One of the major problems for U.S. and Israeli forces is that the cost per counter-missile and drone is extraordinarily expensive and uneconomical if the war dragged on for a prolonged period of time.
But there is a big caveat, per the Times of Israel: “The main downside of a laser system is that it does not function well in low visibility, including heavy cloud cover or other inclement weather.”
END
RUSSIA / UKRAINE
RUSSIA/TELEGRAM//UKRAINE
KORYBKO…
Telegram Has Reportedly Become A Pressing National Security Threat For Russia
Authorities in Russia believe that Ukraine has quick access to Russian servicemen’s messages and exploits this for military purposes, which wouldn’t be possible without some degree of complicity on Telegram’s part, thus impugning its founder’s character after he denied working with foreign spooks.
The FSB claimed to have “reliable information that the Ukrainian armed forces and intelligence agencies are able to quickly obtain information posted on the Telegram messenger and use it for military purposes.” This coincides with the government allegedly throttling Telegram on the grounds that it’s not in compliance with local laws, which preceded reports that it’ll be banned on 1 April. The authorities denied that they have nay such plan but there’s no doubt that Telegram is now controversial in Russia.
Speculation about Ukraine’s access to the messages sent by Russian servicemen on that platform, which the FSB also touched upon in their two-sentence press release, is credible in light of founder Pavel Durov’s brief detention by the French authorities in 2024. Although he vehemently denied that he cut a deal with them for granting their authorities access to certain users’ messages and has since accused them of askingz him to ban conservative Romanian accounts, he might be lying and it could all be an act.
After all, criticizing the French authorities in the aftermath of his scandalous detainment could be meant to convince observers that he didn’t cut a deal with them even though he might have, or he could at least have been coerced by the American ones to that end or even voluntarily decided to help the Ukrainian ones. In any case, however it ended up happening, the FSB arguably does indeed believe that Ukraine has access to Russian servicemen’s messages and uses them for military purposes.
It would therefore be best for them to speedily replace Telegram with Russia’s Max messenger app instead, which was developed for strengthening Russia’s “digital sovereignty”. That concept refers to the trend of countries asserting their sovereignty in this sphere through regulations like banning certain sites like Russia banned Facebook, Twitter/X, and others for non-compliance with local legislation and creating their own alternatives that can’t be exploited by their adversaries. It’s a sensible policy in today’s world.
In fact, so sensible is it that some cynics speculate that the pressure that Telegram has recently come under in Russia is part of the state’s campaign to get citizens to use Max, but that still doesn’t discredit the FSB’s claim about Ukraine having quick access to Russian servicemen’s messages. Telegram is used by many of them to communicate with each other as well as by many Russian businesses to engage with their clients. It’s also a useful channel for sharing facts about Russian policy with the rest of the world.
Even in the scenario of Russia banning Telegram, it could still be used with a VPN just like Facebook, Twitter/X, and other banned sites are, which the FSB obviously knows and thus challenges the cynical speculation that it might be lying about the app as part of a ploy to get Russians to use Max instead. Accordingly, their claim about it being compromised by Ukraine is credible, and this in turn impugns Durov’s character since it wouldn’t be possible without some degree of complicity on his part.
Whatever Telegram’s fate in Russia may be, Russia and others are correct in doubting the integrity of that app and all foreign ones in general since there are credible reasons to believe that they’re exploited by adversarial intelligence agencies for hostile purposes. The solution is therefore creating national alternatives and getting citizens to use them instead for strengthening “digital sovereignty”. Some states might struggle with this, however, so their citizens would then have to choose the “lesser (foreign) evil”.
END
RUSSIA/ET ALL
Russian Guidance Chip With Western Parts Found In Iranian Drone That Hit UK Air Base In Cyprus
Tuesday, Mar 03, 2026 – 04:15 AM
The wreckage of an Iranian drone that targeted the British Royal Air Force base at Akrotiri, Cyprus, on Sunday reportedly contained a Russian-made “Kometa” satellite navigation chip using Western-made components, according to OSINT accounts on X.
The British military air base Akrotiri in Cyprus was hit by a drone strike, resulting in "minor damage" to the military facility, the Cyprus Mail newspaper reported:https://t.co/0YOqD5eS2I
A video circulating on X appears to show the drone’s wreckage, with an unidentified person holding a Russian Kometa military antenna. The attack came shortly after the RAF moved radar systems, counter-drone defenses, and F-35 stealth fighter jets to the base as part of ongoing efforts to support Operation Epic Fury against Iran.
Shahed kamikaze drones launched by Iran toward Cyprus were partially manufactured in Russia using western components.
Video footage shows a Russian-made “Kometa” satellite navigation module recovered from one of the Shahed drones used in the attack. The “Kometa” is an anti-jamming GNSS antenna system designed to protect the drone’s navigation from electronic warfare interference, improving targeting accuracy under contested conditions.
‼️ Shahed kamikaze drones launched by Iran toward Cyprus were partially manufactured in Russia using western components.
Video footage shows a Russian-made “Kometa” satellite navigation module recovered from one of the Shahed drones used in the attack. The “Kometa” is an… https://t.co/BXd2tMdYdlpic.twitter.com/3rYxapnMEk
— Special Kherson Cat 🐈🇺🇦 (@bayraktar_1love) March 2, 2026
Another X account pointed out:
Those Taoglas CGGP.18.4.C.02 GNSS signal receivers are Irish and integrated into the Russian Orlan models back in 2024
Σήμερα, όλοι οι Κύπριοι (αδέλφια μας) μην ξεχάσουμε να «ευχαριστήσουμε» τις ευρωπαϊκές εταιρείες που προμηθεύουν υλικά, δίνοντας τη δυνατότητα σε δικτάτορες να κατασκευάζουν Σαχέντ. Ανάμεσά τους και η Taoglas, με έδρα την Ιρλανδία.#Iran#Shahed#CyprusAttackpic.twitter.com/8JSlix978o
A separate report from independent Russian journalist Roman Dobrokhotov via The Insider provided more context about Russia’s Kometa military antennas, which are typically used on drones and guided bombs to avoid GPS jamming.
The report noted:
Russian engineers assemble the Kometa from parts imported by circumventing sanctions. For a long time, these parts were delivered directly to the Russian research institute making the antennas. But as The Insider discovered, more recent deliveries have been carried out using intermediary firms.
The Kometa is a patch antenna array for satellite navigation. All patch antennas shipped to Russia are processed under customs code 854231, which covers electronic circuits in general. All items under this code are under export bans from the United States, the UK, the European Union, and the Republic of China (Taiwan). However, as The Insider found, Kometas continue to be assembled from Irish- and Taiwanese-made antennas.
Taoglas
One Kometa can be assembled from four cheap antennas made by the Irish firm Taoglas. They enter Russia through Taiwanese or Chinese suppliers and are shipped to Russian firms that do not have websites, such as Hailang LLC in St. Petersburg.
Another X user, by the name Clash Report, said the Kometa chips are the “same system used on Russian drones and missiles in Ukraine,” suggesting possible reverse tech transfers between Iran and Russia.
END
GLOBAL ISSUES, COVID ISSUES, VACCINE INJURIES/HEALTH ISSUES
GLOBAL ISSUES
MARK CRISPIN MILLER
DR PAUL ALEXANDER
NEWSWIZE
MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIR
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL
Iran Expands Strikes On Gulf Energy Infrastructure As More Oil Hubs Hit
Tuesday, Mar 03, 2026 – 07:45 AM
One day after a reported Iranian drone strike forced Saudi Arabia’s largest oil refinery offline, with high-resolution post-strike satellite imagery showing visible damage, multiple reports on Tuesday morning suggest additional energy infrastructure in two Gulf states has also been targeted in suspected Iranian drone attacks.
Bloomberg reports that “falling debris” from an intercepted drone sparked a major fire at the United Arab Emirates’ major oil-trading hub of Fujairah.
The Fujairah Media Office wrote on X that civil defense units are suppressing the fire at the energy facility, while operations at the storage terminal and an oil refinery were suspended one day earlier.
🇦🇪 A major fire broke out at Fujairah port, UAE, one of the world’s largest oil storage facilities, following an Iranian drone strike on an oil depot. pic.twitter.com/Jsx4jG39na
Fujairah is a major storage, blending, trading, and ship-refueling hub on the Gulf of Oman, near the entrance to the Strait of Hormuz but outside the Persian Gulf. This makes it a partial bypass route if Hormuz is threatened.
The energy hub hosts the Abu Dhabi Crude Oil Pipeline, which lets Abu Dhabi export crude directly to the Arabian Sea, and S&P Global says the port is linked to a 1.5 million b/d pipeline.
Footage circulating on X shows another incident earlier, this time at the Port of Salalah, of what appears to be an Iranian drone striking energy-related infrastructure.
Meanwhile, Brent crude futures and European natural gas have spiked as the world’s most critical maritime energy chokepoint, the Strait of Hormuz, remains paralyzed, with Iran’s Revolutionary Guards commander threatening fire and destruction to any ship that transits the narrow waterway.
As of 0630 ET, Brent crude futures are up 7.7% to nearly $84/bbl.
Beyond Iran targeting critical infrastructure, soft targets have also been hit, including skyscrapers, at least one data center, airports, and the list goes on across Gulf states. Bloomberg’s top commodities analyst warned that water desalination plants could be next (read report).
END
Oil Spikes To Session High As Iraq Starts Shutting Output At Massive Oil Field
Tuesday, Mar 03, 2026 – 09:20 AM
Here are the most critical developments unfolding in the US-Iran conflict:
Iraq’s crude oil output is being significantly curtailed. An update from Iraq specifies a shutdown of 460,000 bpd at West Qurna 2 and a cut of 700,000 bpd at Rumaila, while warning that more than 3 million bpd could be forced offline in the coming days if tanker access remains limited.
Export crude bottlenecks are developing across Iraq. Storage at southern export terminals is nearing critical capacity because tanker traffic in the Strait of Hormuz has been paralyzed. Iraq has also halted most Kurdistan-to-Turkey exports via Ceyhan, leaving only about 50,000 bpd for domestic use.
Iranian retaliation expanded on Tuesday, with Gulf states’ energy infrastructure hit by multiple drones. This included a drone strike on Fujairah in the UAE, a key bunkering and crude-loading hub outside the Strait of Hormuz, as well as a drone strike at the Port of Salalah in Oman.
The U.S.-Israeli operation against Iran is intensifying. Strikes are said to be hitting major targets, including state media, military command sites, and leadership compounds, with the reported Iranian death toll rising to 787 since the start of Operation Epic Fury.
The war is spreading into a broader regional conflict. Israel has expanded attacks into Lebanon, including renewed strikes on Beirut and a ground move into the south, while regional actors such as Qatar and possibly Saudi Arabia are portrayed as being drawn more directly into the conflict.
A Chinese Foreign Ministry spokeswoman called on all parties in the conflict to ensure the safe transit of commercial shipping through the Strait of Hormuz, as Beijing’s cheap crude imports from the region are under threat.
There are reports that a costly critical air defense missile shortage has materialized in Gulf states. Israel was seen using its Iron Beam laser system in recent days.
* * *
Update(0920ET): In a massive though not completely unexpected development, Iraq has shut down 460,000 barrels per day of production at the West Qurna 2 field, Iraqi oil officials told Reuters. Officials warned the country will be forced to cut more than 3 million barrels per day within days if oil tankers cannot move freely and access loading terminals, as confirmed in Bloomberg.
On Tuesday, Iraq reduced output at the Rumaila oil field by 700,000 barrels per day. Rumaila is the second-largest oil field in the world, and storage levels at southern export terminals have reached critical capacity due to disruptions and slowdowns in tanker traffic through the Strait of Hormuz, according to local officials.
Importantly, Iraq also halted crude exports from its semi-autonomous Kurdistan region through the key pipeline to Turkey’s port of Ceyhan, according to sources cited by Bloomberg. Roughly 200,000 barrels per day have been shut in as producers cut output amid escalating regional conflict. Only about 50,000 barrels per day are now being produced for domestic use.
Energy infrastructure in northern Kurdistan has faced repeated attacks during prior unrest. And now with major fields throttling output and exports constrained, oil prices are surging.
Targeting Gulf production from across water in Iran….
Oil Tumbles As Trump Considers Insurance Aid For Tankers
Tuesday, Mar 03, 2026 – 11:55 AM
The price of crude instantly tumbled on Tuesday after the Trump administration is reportedly considering providing, or assisting in obtaining insurance for oil tankers crossing through the strait of Hormuz.
According to Reuters, “U.S. President Donald Trump will review policy options on Tuesday aimed at controlling energy prices following recent attacks linked to Iran, including a proposal to help oil tankers transiting conflict zones to obtain insurance, according to two sources familiar with the matter.”
Ships have been frozen on either side of the strait after insurers instituted “war policies” that wouldn’t pay out.
Supertanker costs in the Middle East have hit all-time highs, according to shipping data and industry sources on Tuesday, as the U.S.-Iran conflict intensifies with Tehran attacking ships passing through the Strait of Hormuz.
The immediate reaction was a plunge in crude prices…
And as we suggested earlier today…
Britain Reconsiders 78% North Sea Oil Tax As Investment Slows
The UK may be quietly inching toward an awkward admission: the windfall tax experiment on oil and gas has been a flop.
The Treasury is holding talks with North Sea oil and gas producers about potentially scrapping the Energy Profits Levy before its scheduled 2030 expiry, according to people familiar with the discussions. After multiple extensions and rate hikes, the levy has pushed the sector’s headline tax burden to 78% – a level producers argue borders on confiscatory, and a level critics argue borders on ridiculosity.
The EPL was introduced in 2022 after Russia’s invasion of Ukraine sent oil and gas prices soaring. Back then, it was framed as a temporary measure to capture extraordinary profits and ease pressure on households. But prices have since cooled, while the tax has lingered and grown.
Under current rules, the levy can end early if six-month average oil and gas prices fall below preset thresholds of $78.65 per barrel and 61 pence per therm for 2026–2027. Otherwise, it runs through March 2030.
There has been anticipated industry pushback. Offshore Energies UK has warned that the levy risks long-term damage to domestic production. Harbour Energy saw nearly all of its 2022 profits evaporate under the expanded tax regime, forcing it to cut jobs and shelve projects. BP and Shell have publicly reviewed UK investment plans. TotalEnergies trimmed spending.
Politically, it’s a minefield. Labour must juggle climate goals with energy security, jobs, and the rising pressure from Nigel Farage’s Reform UK, which has pledged to scrap the levy outright. Meanwhile, the Greens want it made permanent, and the Scottish National Party argues that it threatens tens of thousands of North Sea jobs.
Then comes the strategic backdrop. The UK’s grid operator and the state-owned system operator have both warned that shrinking domestic production could increase reliance on imports and leave the country more exposed to supply shocks.
For the UK Continental Shelf, some are left to wonder if the levy quietly accelerated decline in a basin already fighting gravity.
END
The Most Important Number For The Market: “25 Days”???
AI
The phrase “The Most Important Number For The Market: ’25 Days'” appears to be the title of a recent article published on ZeroHedge on March 2, 2026 (or very close to your current date of March 2/3, 2026).ZeroHedge posted it directly, and it’s being shared and discussed on X as a timely market insight. The article likely highlights “25 days” as a critical threshold or metric influencing broader financial markets right now—possibly tied to current events like geopolitical tensions, oil supply risks, or other macro factors given the timing.From related context circulating today:
There’s significant buzz around JPMorgan’s warning that if the Strait of Hormuz were fully blocked (amid escalating US-Iran/Middle East conflicts), major Gulf oil producers could only sustain flows for about 25 days before storage fills up, forcing production shut-ins and potentially spiking oil prices dramatically (e.g., Brent to $120+).
This fits as a “most important number” because the Strait handles ~20% of global oil, and any prolonged disruption would ripple through energy markets, inflation expectations, equities, and the dollar.
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
CUBA/RUSSIAUSA
World At War: Are There Drone Spillover Threats In Caribbean
Monday, Mar 02, 2026 – 06:50 PM
An Iranian-made Shahed drone strike on the British Royal Air Force base at Akrotiri, Cyprus, is among the first signs that the U.S.-Iran conflict may no longer be contained to the Middle East. This development brings us to a note we published one month ago on Cuba.
On Feb. 3, we cited a report from the Russian military-focused Telegram channel Rybar that offered a very scary reality for the US southern front facing the Gulf of America and Caribbean that “Russia may deploy Geranium strike drones in Cuba, a move that could reshape deterrence and force Trump to reconsider his options.”
Rybar posted the combat radius of Russian Gernaium drones on U.S. high-value assets, from oil and gas infrastructure to military installations to data centers, airbases, and other critical infrastructure. To note, there are no indications that these drones have been deployed in Cuba or anywhere else in the Caribbean.
Russian-made Geranium drones are a family of long-range loitering munitions, most commonly referring to the Geran-2, which is a version of Iran’s Shahed-136. We have detailed how Russia has established domestic manufacturing plants to ramp up production, as well as the next iteration of these drones (read here).
The Geran-2 has a range of roughly 940 to 1,250 miles, carries up to 110 pound high-explosive warhead, and is cheaper to produce than cruise missiles. One distinctive signature that Ukrainians have learned to recognize is its sound: the drones sound like lawn mowers in the sky.
There is good news because the U.S. military had spent many months securing the Western Hemisphere well before Operation Epic Fury even began: first by staging warships and troops in the Caribbean region, then toppling the Maduro regime and pressuring Cuba into paralysis. One week before strikes began in Tehran, Mexican special forces, aided by the U.S. intelligence community, launched a successful decapitation strike against the top Mexican drug cartel.
X user Ian Ellis posted the latest available snapshot, as of March 1, of the U.S. Navy’s global fleet distribution, showing notable U.S. warship activity in the Gulf of America, Caribbean, and U.S. East Coast.
It is increasingly evident, particularly after the Iranian drone strike on Cyprus and attacks on other Gulf states, that the conflict is at risk of broadening and raises the likelihood of flare-ups well beyond the Middle East.
END
Jim Rickards: “Cuba’s Next” After Iran Strikes
by ITM Trading
Monday, Mar 02, 2026 – 16:40
While the mainstream dithers over the “fog of war” in the Middle East, Jim Rickards is connecting the dots on the global chessboard. Following the successful decapitation strike on Iran’s entire leadership—a hit accelerated after intel found the Ayatollah and his cronies all in one room—Rickards reveals the U.S. has already locked down Venezuelan oil. Now, he warns the administration is eyeing its next target: Cuba.
This isn’t chaos; it’s a strategy to control global energy spigots and squeeze China. With Brent spiking and gold shattering $5,300, the signal is clear. The dollar is bleeding out in gold terms, and $10,000 is no longer a forecast—it’s a timeline. The COMEX lost control long ago.
About ITM Trading: ITM Trading has been a trusted leader in precious metals for over 28 years, helping clients protect and grow their wealth with custom gold and silver strategies designed for economic downturns and currency resets.
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS TUESDAY MORNING 6;30AM//OPENING AND CLOSING
OPENING LEVELS OF CURRENCIES// AND CLOSING ASIAN STOCK MARKET AND OPENING EUROPEAN STOCKS:6 AM EST
EURO VS USA DOLLAR: 1.1615 DOWN 0.0082
USA/ YEN 157.75 UP 0.486 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 1.3706 UP 0.0034 OR 34 BASIS PTS
USA/CAN DOLLAR: 1.3706 UP 0.0034 CDN DOLLAR DOWN 34 BASIS PTS//(DESPITE TRUMP’S TARIFFS)
Last night Shanghai COMPOSITE CLOSED DOWN 59.91 PTS OR 1.43%
Hang Seng CLOSED DOWN 291.77 PTS OR OR 1.12%
AUSTRALIA CLOSED DOWN 2.62%
// EUROPEAN BOURSE: ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL RED
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 291.77 PTS OR 1.12%
/SHANGHAI CLOSED DOWN 59.91 PTS OR 1.43%
AUSTRALIA BOURSE CLOSED DOWN 2.62 %
(Nikkei (Japan) CLOSED DOWN 1787.24 PTS OR 3.08%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 5268.00
silver:$83.88
USA DOLLAR VS TRY (TURKISH LIRA): 43.98
USA DOLLAR VS RUSSIAN ROUBLE: 78.36 ROUBLE// DOWN 89 BASIS PTS
UK 10 YR BOND YIELD: 4.4980 UP 13 BASIS PTS
UK 30 YR BOND YIELD: 5.186 UP 10 BASIS PTS
CDN 10 YR BOND YIELD: 3.221 UP 9 BASIS PTS
CDN 5 YR BOND YIELD; 2.755 UP 9 BASIS PTS
USA dollar index early TUESDAY MORNING: 99.15 UP 82 BASIS POINTS FROM MONDAY’s CLOSE
TUESDAY MORNING NUMBERS ENDS
And now your closing TUESDAY NUMBERS 10.00 AM
Portuguese 10 year bond yield: 3.188% UP 11 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.142% UP 8 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.345 UP 7 BASIS PTS//DIASTER
SPANISH 10 YR BOND YIELD: 3.248 UP 11 in basis points yield
ITALY 10 YR BOND: 3.506 UP 15 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (
GERMAN 10 YR BOND YIELD: 2.7949 UP 9 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY TUESDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/10:00 AM
Euro/USA 1.1575 DOWN 0.0119 OR 112 basis points
USA/Japan: 157.92 UP 0.656 OR YEN IS DOWN 66 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.5400 UP 17 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.247 UP 16 BASIS POINTS.
Everyone’s Getting Pounded…” Until Trump Saved The Day (For Now)
WRAP UP
S stocks declined and oil surged as the Middle East conflict continues to escalate – Newsquawk Asia-Pac Market Open
Tuesday, Mar 03, 2026 – 05:38 PM
US stocks were sold on Tuesday, albeit closed off lows, as the escalating Middle Eastern conflict continued to dominate trade and newsflow with the war showing no signs of slowing down, as the attacks from all sides continued far and wide, with Iran continuing to attack US bases in the Middle East, while it was reported that the UAE is considering taking military action to stop Iranian missile and drone strikes on the country, with reports also suggesting that Iran hit the US consulate in Dubai. As such, WTI and Brent saw extensive gains, but then pulled back from intraday peaks after US President Trump confirmed actions to attempt to resume shipping in the Strait of Hormuz, which is currently “closed”.
USD remained strong and continued to be underpinned by the ever-escalating Middle Eastern conflict, which continues to expand across the region with Axios sources stating that the UAE is considering taking military action to stop Iranian missile and drone strikes on the country, while an Israeli senior official said it is estimated that Saudi Arabia will attack Iran soon. Elsewhere, the data calendar for the US was extremely thin, while there were several Fed speakers, in which the main message was that policy was well-positioned, and it is too soon to gauge the impact of the war in Iran on inflation.
Looking ahead, highlights include South Korean Industrial Production, New Zealand ANZ Commodity Prices, Australian Q4 GDP, Chinese Official & RatingDog PMIs, Japanese Household Confidence, Supply from Australia.
2. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
LOOKING AHEAD
Highlights include South Korean Industrial Production, New Zealand ANZ Commodity Prices, Australian Q4 GDP, Chinese Official & RatingDog PMIs, Japanese Household Confidence, Supply from Australia.
US President Trump posted that Iran’s air defence, air force, navy, and leadership are gone, while he said they want to talk, but added it is too late.
US President Trump said everything was knocked out in Iran and they felt strongly that Iran was going to attack first, based on the way talks were going. Trump said Iran no longer has air protection and detection facilities, and stated that there was another hit on the new leadership.
US President Trump said that Iran is running out of launchers and suggested the war could last four or five weeks or be over in a few more days, according to POLITICO.
US President Trump is reportedly open to supporting armed militias in Iran, although no final decision has been made yet, including whether plans are to provide arms, training or intelligence support, according to the WSJ.
US Senator Schumer said the Senate will vote on the Iran war powers resolution on Wednesday.
Iran’s Council of Experts office building was attacked, according to Iranian press.
Iran’s Assembly of Experts elected Ali Khamenei’s son Mojtaba as the next Supreme Leader under pressure from the Revolutionary Guards, according to Iran International citing sources.
Iran’s new defence minister has reportedly been killed.
Iran’s military said it targeted the Al Udeid base in Qatar with missiles.
Iran’s IRCG said they targeted the aircraft carrier “Lincoln” with 4 cruise missiles, while an IRGC senior official said Iran has vowed to hit all regional economic centres if its main centres are hit.
Iran’s Ambassador to the UN says it is not acceptable that the land of neighbours is being used to facilitate aggression against Iran, while he stated that if any base is used to attack and invade other countries, that would be a legitimate target. Furthermore, they will continue their defence until the point of aggression is stopped, while the ambassador said that for the time being, they are very doubtful about the usefulness of negotiation with the US, and the only language for talking with the US is the language of defence.
There has reportedly been a 70% decrease in launch volumes from Iran.
IAEA’s Grossi said there has been no evidence of Iran building a nuclear bomb, while he added that Iran’s large stockpile of near-weapons-grade enriched Uranium and refusal to grant IAEA full access are cause for serious concern.
IDF announced that they have struck Iran’s leadership compound in Tehran, while the Israeli Ministry of Defence said they are preparing for a potential expansion of fronts.
Israeli senior official said it is estimated that Saudi Arabia will attack Iran soon after they were attacked yesterday, according to Kann News.
Israeli Defence Minister said they approved enabling the army to advance and control additional strategic areas inside Lebanon, according to Al Jazeera.
Israel reportedly worked on the ground in Iran with the participation of Mossad, according to Al Hadath sources.
Israeli army spokesperson said they will give 24 hours to the representatives of the Iranian regime present in Lebanon to leave it, according to Al Jazeera.
Israel Defence Force said they have killed the commander of the Iranian Qods Force’s Lebanon Corps.
Hezbollah senior official said if the enemy wants an open war, then let it be an open war.
UK PM Starmer said the UK is sending helicopters with counter-drone capabilities to Cyprus, and HMS Dragon will be deployed to the region.
French President Macron said France will send air defences and a warship to Cyprus.
United Arab Emirates is considering taking military action to stop Iranian missile and drone strikes on the country, according to Axios citing sources.
US TRADE
US stocks were sold on Tuesday, albeit closed off lows, as the escalating Middle Eastern conflict continued to dominate trade and newsflow with the war showing no signs of slowing down, as the attacks from all sides continued far and wide, with Iran continuing to attack US bases in the Middle East, while it was reported that the UAE is considering taking military action to stop Iranian missile and drone strikes on the country, with reports also suggesting that Iran hit the US consulate in Dubai. As such, WTI and Brent saw extensive gains, but then pulled back from intraday peaks after US President Trump confirmed actions to attempt to resume shipping in the Strait of Hormuz, which is currently “closed”.
SPX -0.94% at 6,817, NDX -1.09% at 24,720, DJI -0.83% at 48,501, RUT -1.75% at 2,609.
US President Trump said they must charge tariffs on nations that play with their money, while they have a 5-month period to go at 15% tariffs and are doing the various studies on tariffs during this time.
US President Trump said he will be going to China in a little while and has a very good relationship with China.
US President Trump said he told Treasury Secretary Bessent to cut off all dealings with Spain, and he is not happy with the UK either. Trump also stated that Spain has been very uncooperative and that the UK has ruined relationships, which he said is a shame.
US Treasury Secretary Bessent said the Supreme Court reaffirmed President Trump’s ability to implement an embargo.
NOTABLE HEADLINES
Fed’s Williams (voter) said if inflation ebbs, further reductions in the policy rate will eventually be warranted, and eventual rate cuts are aimed at keeping policy from being too restrictive, while he added that the rate policy stance is currently ‘well positioned’. Williams said it is too soon to gauge the impact of the war with Iran on US inflation and growth, but the US economy is less dependent on imported oil than it has been, and it has proved resilient to energy price shocks.
Fed’s Bowman (voter) said liquidity framework does not look enough at bank stress, and the discount window is a critical but underutilised liquidity backstop requiring fundamental reform.
Fed’s Kashkari (2026 voter) said it is too soon to assess the Iran conflict’s impact on inflation and that it could have an impact on monetary policy. Kashkari added that policy is in a good place and uncertainty around tariffs has increased, but he does not think the latest round of tariffs will have a fresh inflation impact.
Fed’s Schmid (2028 voter) said they are positioned pretty well and they don’t have a cyclical issue in the labour market, but if they did, they would look at it differently from a monetary policy standpoint.
FX
USD remained strong and continued to be underpinned by the ever-escalating Middle Eastern conflict, which continues to expand across the region with Axios sources stating that the UAE is considering taking military action to stop Iranian missile and drone strikes on the country, while an Israeli senior official said it is estimated that Saudi Arabia will attack Iran soon. Elsewhere, the data calendar for the US was extremely thin, while there were several Fed speakers, in which the main message was that policy was well-positioned, and it is too soon to gauge the impact of the war in Iran on inflation.
EUR retreated amid the firmer buck and briefly dipped beneath the 1.1600 handle and failed to meaningfully benefit from firmer HICP data.
GBP was pressured but is off intraday lows after rebounding from troughs below the 1.3300 handle, while the UK Spring Statement was largely a non-event with the OBR downgrading its 2026 growth and inflation view and with the implied headroom estimated at GBP 23.6bln (exp. 20bln-25bln).
JPY gave up ground against the dollar but outperformed other G10 peers as the Iranian conflict continued to spur haven appeal.
FIXED INCOME
T-notes ultimately settled flat in two-way trade as eyes remained glued to the Middle East.
COMMODITIES
Oil prices once again surged higher amid the ongoing and escalating Middle East conflict, but settled off highs, while the US is to provide political risk insurance and guarantees at a very reasonable price for the financial security of all maritime trade, and could begin escorting tankers through the Strait of Hormuz.
US President Trump said if we have a little high oil prices, it could be for a little while, but they will drop and could even be below the levels before.
US President Trump said, effective immediately, the US is to provide political risk insurance and guarantees (at a very reasonable price) for the financial security of all maritime trade, especially energy, travelling through the Gulf. Trump also said that “If necessary, the United States Navy will begin escorting tankers through the Strait of Hormuz, as soon as possible” and “the United States will ensure the FREE FLOW of ENERGY to the WORLD.”
Saudi Aramco reportedly explores a plan to export oil via the Red Sea to avoid the Strait of Hormuz, according to Bloomberg.
Oil production has been fully suspended at the Rumaila oil field, Iraq’s largest and the world’s second-largest oil field, local sources told Shafaq News. Iraqi officials said that Iraq decreased oil production from the Rumala oilfield by 700k BPD on Tuesday and shut down production of 460k BPD from West Qurna 2, while it is to cut production from the Maysan oilfield by 325k BPD due to full crude storage tanks.
QatarEnergy is to stop output of some downstream products, including urea, polymers, methanol, aluminium and others.
IEA said it is ready to stabilise the oil market, roiled by the Iran war, and is monitoring the situation in the Middle East, including Hormuz risk.
Ukraine’s Energy Minister said the Druzhba oil pipeline was severely damaged as a result of a fire after the Russian strike.
GEOPOLITICAL
RUSSIA-UKRAINE
US President Trump said Russia/Ukraine is very high on his priority list.
Russian Kremlin spokesperson Peskov said regarding Ukraine talks that it’s hardly possible to talk about a meeting, while he added that there’s no certainty on the venue or timing.
ASIA-PAC
NOTABLE HEADLINES
PBoC purchased CNY 50bln worth of sovereign bonds in February on the open market.
Rengo Hokkaido reportedly requested economic organisations to increase wages by at least 5%, including regular wages, while this includes a base increase of at least 3% in monthly wages and regular pay increases, according to Nikkei.
EU/UK
NOTABLE HEADLINES
UK Chancellor Reeves said in the Spring Statement that the global environment has become more uncertain in recent days and the OBR expects inflation to fall faster than they forecast in the Autumn Budget, while growth forecasts are largely unchanged over the period. Reeves said they are to outline reforms to tackle youth unemployment in the near term and are to outline proposals for closer trade ties with Europe in the next few weeks.
ECB’s Kazaks said he sees no need to rush the rate decision, and the February inflation reading will keep them in a cautious mood.
ECB’s Stournaras said there will be upward pressure on EZ inflation should the Iran war continue, while he added there is no rush to change rates.
DATA RECAP
EU Inflation Rate YoY Flash (Feb) Y/Y 1.9% vs. Exp. 1.7% (Prev. 1.7%, Low. 1.6%, High. 1.9%)
EU Core Inflation Rate YoY Flash (Feb) Y/Y 2.4% vs. Exp. 2.2% (Prev. 2.2%, Low. 2.0%, High. 2.3%)
Just when you thought it couldn’t possibly get any worse, the largest private credit BDC – Blackstone Private Credit Fund – was hit with record redemptions, with the firm and employees stepping in to fund much of the withdrawals.
AI EXPLAINS:
The headline refers to recent developments in the private credit sector, specifically Blackstone’s flagship private credit fund, known as BCRED (Blackstone Private Credit Fund), the world’s largest of its kind with around $82 billion in assets.In the first quarter of 2026 (as reported in early March 2026 filings and news), investors submitted redemption requests totaling 7.9% of the fund’s shares—far exceeding the typical quarterly limit of 5% for such non-traded or semi-liquid funds. This equated to roughly $3.7 billion in withdrawal requests.Blackstone responded by:
Upsizing the allowable redemptions to 7% of the fund’s value through an expanded tender offer.
Committing, along with its employees, approximately $400 million to cover the remaining 0.9% gap, ensuring all requests were fully satisfied (no gating or partial fulfillment occurred).
Despite nearly $2 billion in new investor commitments during the quarter, the net result was outflows of about $1.7 billion.Blackstone emphasized that this was handled per the fund’s structure and not due to any liquidity constraints—the fund reportedly held over $8 billion in liquidity at the end of 2025. The fund continues to perform with a high annualized distribution rate (around 9.7% as of February 2026) and strong historical returns.This event has fueled broader discussions of a “private credit panic,” amid ongoing pressures in the ~$2-3 trillion industry:
Rising redemption trends across major players (e.g., earlier pressures at Blue Owl, Ares, and others).
Concerns over retail investor confidence, potential asset quality issues (e.g., in software or CRE exposures), and self-reinforcing cycles if outflows accelerate.
Headlines frame it dramatically as a sign of stress, but Blackstone positions it as routine fulfillment without forced sales.
Overall, it’s a notable record for BCRED but not a crisis for the fund itself—Blackstone stepped in to maintain stability and investor trust. Private credit remains a key growth area, though with heightened scrutiny on liquidity and valuations in this environment. If you’re invested or considering it, these funds offer high yields but come with limited liquidity compared to public markets.
VICTOR DAVIS HANSON
KING NEWS
SWAMP STORIES FOR YOU TONIGHT
INSANITY
5% PER YEAR: IN 20 YRS 1000% OF THEIR WEALTH?
(zerohedge)
Bernie Sanders Goes Nuclear On Billionaires With Craziest Tax Proposal Yet
by Tyler Durden
Monday, Mar 02, 2026 – 10:10 PM
Sen. Bernie Sanders (I-VT.) is rolling out yet another exercise in class-warfare fantasy legislation on Monday, this time a proposal to extract a staggering $4.4 trillion from the nation’s roughly 1,000 billionaires through an annual 5 percent annual wealth tax, according to The Washington Post.
The bill will be introduced in the House by Rep. Ro Khanna (D-CA), a co-chair of Sanders’s 2020 campaign and a vocal supporter of California’s own billionaire-tax scheme. The funds would be funneled into a familiar laundry list of progressive wish items – including $3,000 cash payments to Americans earning under $150,000 annually, a $60,000 minimum salary for every public-school teacher, and an expansion of Medicare to include dental, vision, and hearing coverage, along with other big-government expansions, according to the Post.
“In a democratic society, we can no longer tolerate a rigged economy where so few have so much while so many have so little,” Sanders said in a statement obtained by the Post. “This revenue would be used to substantially improve the lives of the American people and address some of the major crises facing working families.”
“The billionaire class no longer sees itself as part of American society. They see themselves as something separate and apart, like the oligarchs of the 18th century, the kings and the queens and the czars, they believe they have the divine right to rule and are no longer subject to democratic governance,” he added.
The bill echoes the Vermont socialist’s 2020 campaign pitch, when he floated a progressive wealth tax starting at 1 percent on fortunes above roughly $32 million for couples and climbing to 8 percent above $10 billion, projected then to raise about $4.35 trillion over a decade to bankroll Medicare for All, housing, childcare, and the rest of the socialist wishlist.
Sanders’ push for more taxes on billionaires comes as California is actively debating its own wealth-tax proposal targeting billionaires, including levies on unrealized gains, a plan that has already sent shockwaves through Silicon Valley. As we previously reported, Google founders Larry Page and Sergey Brin ditched California for the business-friendly state of Florida, while Meta founder and CEO Mark Zuckerberg did the same, shelling out $150 million for a Miami mansion.
Even Reid Hoffman, LinkedIn co-founder, major Democratic donor, and longtime Jeffrey Epstein associate, has broken ranks to call California’s billionaire tax a “horrendous idea” that would accelerate the flight of tech founders and executives from the state.
California Gov. Gavin Newsom (D), who is viewed as a top 2028 candidate in Democrat and Republican circles, says he hates the proposals too.
“This will be defeated – there’s no question in my mind,” Newsom said last month. “I’ll do what I have to do to protect the state.”
end
amazing!!!
California Strikes Out: Major League Pitcher Turns Down Padres $40 Million Offer Due To State Taxes
California’s ruinous tax burden is fueling an exodus of wealthy taxpayers and businesses from the state.
It is the latest example of how Democrats have reversed the Gold Rush with a long line of U-Hauls heading to more responsible states.
Explaining his decision, the pitcher told the media that “I don’t think it’s any secret on how much money you get taken out of your pocket when you go to California.”
With the calls for billionaire taxes and attacks on the wealthy as “not paying their fair share,” Democrats and unions have doubled down on their “eat the rich” rhetoric. The problem is that wealth, like the wealthy, is mobile. Both are leaving, and the current estimate stands at a possible $2 trillion fleeing the state over the last year. California continues to lead the nation in the loss of citizens to other states.
In the meantime, Democrats are continuing their high-spending pattern under Gov. Gavin Newsom from boondoggle projects to reparations to bloated union pension agreements.
With California’s 13% tax rate on income above $1 million, players view California as illusory in terms of elite contracts. What the team giveth, the state taketh away. That does not include the higher collateral taxes and costs, including gasoline costs (which are also the highest in the nation).
It appears that the high-spending, high-taxing policies are not just benefiting red states but also their baseball teams. As a Cubs fan, I would be delighted except for the fact that Chicago and Illinois are also in the hands of Democrats pursuing the same disastrous policies.
The irony is that Texas and Florida could end up not only with more jobs but better baseball players.
harveyorganblog.com 
