MARCH 10/DAY 11 OF THE IRANIAN VS ISRAEL ET AL WAR//IRAN HAS A LITTLE LESS THAN 100 LAUNCHERS LEFT AND THE MISSILE FIRINGS ARE ABOUT 10% OF WHAT WAS THE START OF THE WAR//GOLD CLOSED UP $137.75 TO $5233.45//SILVER CLOSED UP A STRONG $5.36 TO $89.39//PLATINUM CLOSED UP $73.75 TO $2234.45/PALLADIUM CLOSED UP $17.00 TO $1686.00//GOLD COMMENTARY TONIGHT COURTESY OF ALASDAIR MACLEOD/COMMODITY REPORT ON COAL//THE WOKE GOVERNMENT OF UK IS BECOMING MORE CRAZY EACH AND EVERY DAY//ISRAEL TBN GIVES A COMPREHENSIVE LOOK AT THE LAST 24HRS: MORE UPDATES ON IRAN VS ISRAEL ETC//BULLETS FLY INTO THE USA EMBASSY IN TORONTO//USA DATA RELEASES//SWAMP STORIES FOR YOU TONIGHT//
190 H BMO CAPITAL MARKETS 320 323 H HSBC 1 555 C BNP PARIBAS SEC CORP 396 624 H BOFA SECURITIES 112 661 C JP MORGAN SECURITIES 50 732 C RBC CAP MARKETS 15
TOTAL: 447 447 MONTH TO DATE: 5,625
JPMORGAN STOPPED 50/447
MARCH
GOLD: NUMBER OF NOTICES FILED FOR MARCH/2026: 447 CONTRACTs NOTICES FOR 44,700 OZ or 1.3903 TONNES
total notices so far: 5625 contracts for 562, 500 OR 17.491 tonnes)
FOR MARCH
XXXXXXXXXXXXXXXXXX
SILVER NOTICES: 65 NOTICE(S) FILED FOR 0.325 MILLION OZ /
total number of notices filed so far this month : 6680 CONTRACTS (NOTICES) for 33.400 million oz
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END
GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD UP $137.75 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD
HUGE CHANGES IN GOLD INVENTORY AT THE GLD:IN THE DEAD OF NIGHT: ANOTHER HUGE WITHDRAWAL OF 2.614 TONNES OF GOLD OUT OF THE GLD/.
INVENTORY RESTS AT 1070.707 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER UP $5.36 AT THE SLV: HUGE CHANGES IN SILVER INVENTORY AT THE SLV/ ANOTHER MONSTER WITHDRAWAL OF 1.63 MILLION OZ OUT OF THE SLV/
CLOSING INVENTORY RESTS AT:
CLOSING INVENTORY: 505.117 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI ROSE BY A HUGE SIZED 623 CONTRACTS TO 114,100 AND CONTINUING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS HUGE SIZED GAIN IN COMEX OI WAS ACCOMPLISHED DESPITE OUR $0.30 LOSS IN SILVER PRICING AT THE COMEX WITH RESPECT TO MONDAY’S // TRADING. WE ARE NOW CLOSE TO THE ABSOLUTE LOW POINT IN OI IN SILVER AT 112,874 SURPASSING THE PREVIOUS LOWS OF AROUND 114,000 CONTRACTS.
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 FOR THE FEB CONTRACT/.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 HUGE SIZED GAIN OF 1003 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A FAIR SIZED 380 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD ZERO LIQUIDATION OF T.A.S. CONTRACTS IN COMEX TRADING WITH RESPECT TO MONDAY TRADING/// DESPITE OUR LOSS IN PRICE ALONG WITH A HUGE 660 T.A.S. ISSUANCE!! /// THEY DESPERATELY AGAIN TODAY TRIED TO CONTAIN SILVER’S PRICE RISE FOR THE PAST SEVERAL WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $100.00 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY FAILED ON FRIDAY WITH SILVER’S STRONG GAIN 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 $84.03 DOWN $0.30 WE ARE NOW WITNESSING HAVING MANY HUGE T.A.S ISSUANCES // TODAY’S WAS AT A HUGE SIZED 660 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 FAIR SIZED 380 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR HUGE SIZED 660 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 GAIN OF 1003 CONTRACTS ON OUR TWO EXCHANGES DESPITE OUR LOSS IN PRICE OF $0.30 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 OUR HUGE FEB 24TH RAID!! BUT NOT YESTERDAY/MARCH 9!!. 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 660 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 HUGE QUEUE JUMP OF 47 CONTRACTS OR .235 MILLION OZ/NEW STANDING ADVANCES TO 38.970 MILLION OZ
WE HAD:
/ HUGE COMEX OI GAIN+// A FAIR SIZED 380 EFP ISSUANCE CONTRACTS (/ VI) A HUGE NUMBER OF T.A.S. CONTRACT ISSUANCE 660 CONTRACTS
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED 113 SILVER CONTRACT//second straight day of zero adjustments
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 7 DAY(S), total 4857 contracts: OR 24.285 MILLION OZ (693 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 24.285 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: 24.285 MILLION OZ
RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 623 CONTRACTS DESPITE OUR LOSS IN PRICE OF $0.30 IN SILVER PRICING AT THE COMEX// MONDAY,. THE CME NOTIFIED US THAT WE HAD A FAIR SIZED CONTRACT EFP ISSUANCE 380 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 0.235 MILLION OZ EXCHANGE QUEUE JUMP//STANDING ADVANCES TO 38.970 MILLION OZ. DESPITE THE LARGE SILVER DELIVERIES DURING THE PAST SEVERAL MONTHS, THIS WEEK, WE HAVE REACHED OUR ABSOLUTE LOW POINT IN SILVER COMEX OI. (112,874). TODAY IT ADVANCED A LITTLE BIT. THESE GUYS JUST COULD NOT BE RINSED
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 ADVAN
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 0.235 MILLION OZ QUEUE JUMP//NEW TOTAL STANDING ADVANCES TO 38.970 MILLION OZ
THE NEW TAS ISSUANCE MONDAY NIGHT (642) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED NO DOUBT WITH FUTURE TRADING!!
WE HAD 65 NOTICE(S) FILED TODAY FOR 0.325 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 FELL BY A FAIR SIZED 3392 OI CONTRACTS UP TO 404,829 OI AND CLOSER TO THE RECORD (SET JAN 24/2020) AT 799,105 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. (ALL TIME LOW OF 390,000 CONTRACTS.) THUS WE ARE STILL CLOSE TO ITS NADIR OI IN COMEX BUT WITH AN EXTREMELY HIGH PRICE OF GOLD. THE SHORT RATS ARE ABANDONING THE SHIP.
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED 3392 CRIMINAL CONTRACTS //
WE HAD A FAIR SIZED LOSS IN COMEX OI (1012 ONTRACTS) . THIS GAIN OCCURRED DESPITE OUR HUGE LOSS IN PRICE OF $53.80// 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 1.315 TONNES QUEUE JUMP//NEW STANDING ADVANCES TO 18.102 TONNES/
E.F.P. ISSUANCE/FOR OPENING MARCH. GOLD CONTRACT
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 1955 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 404,829 AND WE NOW WITNESSING A LOWER COMEX OI BUT WITH AN EXTREMELY HIGH PRICE OF GOLD.//NOW ALMOST IMPOSSIBLE TO FLEECE. THIS LEVEL IS NOW AT ITS DECADES LOW OI AT 404,829.
SILVER ALSO HAS AN ULTRA SMALL SIZED COMEX OI OF 114,110 CONTRACTS// GAINING A BIT FROM THURSDAY’S (MARCH 5) AN ALL TIME LOW OF 112,878 CONTRACTS.
IN ESSENCE WE HAVE A STRONG GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 943 CONTRACTS WITH 1012 CONTRACTS DECREASED AT THE COMEX// AND A FAIR SIZED 1955 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON.
THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 943 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A MEGA HUGE SIZED BUT CRIMINAL 16,762 CONTRACTS AND THESE ISSUANCES ARE GENERALLY USED TO INITIATE A RAID WHEN CALLED UPON. THE CROOKS MUST BE DESPERATE!
GOLD PRICE ON MONDAY FELL BY $53.80
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS CONTRACT(1955) ACCOMPANYING THE FAIR SIZED LOSS IN COMEX OI OF 1012 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 943 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 AND VERY STRONG FOR MARCH:
FEB; INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 93.567 TONNES OF GOLD TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 0.012 TONNES TO ALL OTHER QUEUE JUMPS//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 1.315 TONNES QUEUE JUMP//NEW STANDING ADVANCES TO 18/102 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 1.315 TONNES QUEUE JUMP //NEW STANDING ADVANCES TO 18.102 TONNES/
3) SOME T.A.S. LIQUIDATION AND SOME GOVT LIQUIDATION // YET A MONSTER LOSS OF EQUITY SHARES/MARCH 6 DESPITE HAVING 1)A $53.80 COMEX PRICE LOSS AND YET 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 SMALL SIZED GAIN OF 943 CONTRACTS ON OUR TWO EXCHANGES AND AS WELL A STRONG AMOUNT OF GOLD WILL STAND FOR DELIVERY IN MARCH. (18.102 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) FAIR SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL GOLD (1955) AND A MEGA HUMONGOUS T.A.S. ISSUANCE (16,762) 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: 28,882 CONTRACTS OR 2,888,200 OZ OR 89.83 TONNES IN 7 TRADING DAY(S) AND THUS AVERAGING: 4126 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN7 TRADING DAY(S) IN TONNES: 89.83 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2025, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 89.83 TONNES DIVIDED BY 3550 x 100% TONNES = 2.53% 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: 89.83 TONNES//WILL BE VERY STRONG ISSUANCE THIS MONTH
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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
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
SILVER:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER ROSE BY A HUGE SIZED 623 CONTRACTS OI TO 114,231 AND CLOSER TO THE COMEX HIGH RECORD //244,710( SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 7 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 112,794 CONTRACTS MARCH 4/2026
EFP ISSUANCE 380 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAY 380 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 0 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 623 CONTRACTS AND ADD TO THE 380 E.FP. ISSUED
WE OBTAIN A HUGE SIZED GAIN OF 1023 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES DESPITE OUR LOSS OF $0.30
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 5.015 MILLION PAPER OZ
OCCURRED WITH OUR LOSS IN PRICE.OF $0.30
2.ASIAN AFFAIRS MARCH 10/2025
SHANGHAI CLOSED UP 26/54 PTS OR 0.65%
HANG SENG CLOSED UP 530.53 PTS OR 2.09%
Nikkei CLOSED DOWN 1579.78 PTS OR 3.00%
//Australia’s all ordinaries CLOSED DOWN 0.18%
//Chinese yuan (ONSHORE) CLOSED UP 6.8782
/ OFFSHORE CLOSED UP AT 6.8755 Oil DOWN TO 86.43 dollars per barrel for WTI and BRENT DOWN TO 91.02 Stocks in Europe OPENED ALL DEEPLY IN THE GREEN
ONSHORE USA/ YUAN TRADING 6.8782 OFFSHORE YUAN TRADING UP TO 6.8755 ONSHORE YUAN TRADING ABOVE OFF SHORE AND UP ON THE DOLLAR// / AND THUS STRONGER//OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A SMALL SIZED 1012 CONTRACTS DOWN TO 404,829 OI , A DECADES ALL TIME LOW WITH OUR LOSS IN PRICE OF $53.80 WITH RESPECT TO MONDAY’S // TRADING/ //COMEX CLOSING TIME:… WE LOST ZERO NET LONGS, WITH THAT HUGE PRICE LOSS FOR GOLD . AND AS YOU WILL SEE BELOW, OUR LOSS IN PRICE ALSO HAD A STRONG NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (1955).
WE HAD NO 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 TOWARDS ITS ALL TIME LOW POINT IN OI TO NOW 404.829 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 1 TO 2 %.(SILVER IS AT 7%) RECENT ALL TIME LOWS FOR COMEX OI PRIOR TO TODAY WAS AROUND 409,000 . SO IT LOOKS LIKE OUR NEW NADIR IS 404.920 CONTRACTS
WE THUS HAD A TOTAL GAIN IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 943 CONTRACTS (OR 2.933 TONNES) DESPITE THE LOSS 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 SMALL SIZED GAIN ON OUR TWO EXCHANGES OF 943 CONTRACTS DESPITE OUR HUGE LOSS IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN THROUGHOUT THIS WEEK AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTACKS VERY EARLY IN THE COMEX SESSIONS AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THEIR DAILY ATTACKS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY AND OUR SHORT SPECULATORS FOR THE THOUGHTFULNESS.
LONDON ANNOUNCED EARLY IN THE YEAR (AND SCARCITY CONTINUES TO THIS DAY) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO OTHER CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES. BOTH COMEX AND LBMA ARE WITNESSING MASSIVE AMOUNTS OF GOLD LEAVING THEIR VAULTS.
THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT THE MONTHS OF JUNE THROUGH MARCH/ CONTINUES TO DISTORT OPEN INTEREST NUMBERS GREATLY ALTHOUGH THE T.A.S. ISSUANCES IN GOLD HAVE GENERALLY BEEN ON THE LOW SIDE COMPARED TO SILVER WHICH HAVE BEEN HUGE. TODAY’S NUMBER IS ANOTHER HUMONGOUS SIZED T.A.S ISSUANCE CONTRACTS .THE CME NOTIFIES US THAT THEY HAVE ISSUED 16,762 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. EXPECT CONTINUOUS RAIDS THIS COMING 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 MARCH NO EXCHANGE FOR RISK ISSUANCE SO FAR.. BUT DELIVERIES OF GOLD THESE PAST SEVERAL MONTHS HAVE BEEN HUGE:
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:
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 HUGE QUEUE JUMP OF 1.315 TONNES//NEW STANDING FOR GOLD ADVANCES TO: 18.102 TONNES
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 48 MONTHS 2021-2024
DEC 2021: 112.217 TONNES
NOV. 8.074 TONNES
OCT. 57.707 TONNES
SEPT: 11.9160 TONNES
AUGUST: 80.489 TONNES
JULY 7.2814 TONNES
JUNE: 72.289 TONNES
MAY 5.77 TONNES
APRIL 95.331 TONNES
MARCH 30.205 TONNES
FEB ’21. 113.424 TONNES
JAN ’21: 6.500 TONNES.
TOTAL YEAR 2021 (JAN- DEC): 601.213 TONNES
YEAR 2022: STANDING FOR GOLD/COMEX
JANUARY 2022 17.79 TONNES
FEB 2022: 59.023 TONNES
MARCH: 36.678 TONNES
APRIL: 85.340 TONNES FINAL.
MAY: 20.11 TONNES FINAL
JUNE: 74.933 TONNES FINAL
JULY 29.987 TONNES FINAL
AUGUST:104.979 TONNES//FINAL
SEPT. 38.1158 TONNES
OCT: 77.390 TONNES/ FINAL
NOV 27.110 TONNES/FINAL
Dec. 64.000 tonnes
(TOTAL YEAR 656.076 TONNES)
2023:STANDING FOR GOLD/COMEX
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024/STANDING FOR GOLD/COMEX
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
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COMEX GOLD TRADING BEGINNING MARCH,. CONTRACT;
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY A HUGE $53.80 )
WE HAD SOME T.A.S. SPREADER LIQUIDATION MONDAY // COMEX SESSION// WITH OUR L;OSS IN PRICE .. BUT OUR SPECULATORS REMAIN RELENTLESS POURING INTO THE COMEX STARTING TO BUILD ON ITS OI // BUT WITH OTHER EASTERN CENTRAL BANKS TENDERING FOR PHYSICAL 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 STANDING OF 16+ 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 HUGE HUGE QUEUE JUMP 1.315 TONNES// GOLD STANDING ADVANCES TO: 18.102 TONNES/
ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $53.80
WE HAD A HUGE 3,392 CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE
NET GAIN ON THE TWO EXCHANGES : 943 CONTRACTS OR 94300 OZ OR 2.933 TONNES
total withdrawal: 192,906.0000 oz or 6.0000 tonnes
Deposit to the Dealer Inventory in oz
0 ENTRY
Deposits to the Customer Inventory, in oz
DEPOSITS/CUSTOMER
0 ENTRY
xxxxxxxxxxxxxxxxI
No of oz served (contracts) today
447 CONTRACTS
OR 44,700 OZ
1.3903 TONNES OF GOLD
No of oz to be served (notices)
195 contracts 19,500 OZ 0.606 TONNES
Total monthly oz gold served (contracts) so far this month
5625 notices 562,500 oz 17.491 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
0 ENTRY
0 entry
customer withdrawals:
1 ENTRIES
i) JPMORGAN: 192,906.0000 OZ (6000 KILOBARS)
total withdrawal: 192,906.0000 oz or 6.0000 tonnes
comex is draining of gold/.
they are draining the comex of gold
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
ADJUSTMENTs 1
dealer to customer account: MALCA
i) 96.43 oz 3 KILOBARS
COMEX IS DRAINING GOLD
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
chaos inside the comex
AMOUNT OF GOLD STANDING FOR MARCH
THE FRONT MONTH OF MARCH STANDS AT 642 CONTRACTS FOR A GAIN OF 36 CONTRACTS. WE HAD
387 CONTRACTS SERVED ON MONDAY, SO WE GAINED A HUGE 423 CONTRACTS OR AN ADDITIONAL 42,300 OZ WILL STAND FOR DELIVERY AT THE COMEX. THE TONNAGE EQUATES TO 1.315 TONNES, A VERY STRONG SIZED QUEUE JUMP.
APRIL IS THE NEXT LARGEST DELIVERY MONTH AND IT LOST 15.550 CONTRACTS DOWN TO 235,632 CONTRACTS. APRIL IS NOW THE NEW FRONT MONTH FOR DELIVERY OF GOLD. APRIL IS GENERALLY A VERY STRONG DELIVERY MONTH
MAY GAINED 32 CONTRACTS UP TO AN OI OF 769.
JUNE IS A HUGE DELIVERY MONTH AND HERE THE OI ROSE BY A STRONG 14.422 CONTRACTS UP TO AN OI OF 99,621
We had 447 contracts filed for today representing 44700 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 447 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 50 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 (5625) to which we add the difference between the open interest for the front month of MAR (642 CONTRACTS) minus the number of notices served upon today (447 x 100 oz per contract) equals 582,000 OZ OR (18.102 Tonnes of gold)
thus the INITIAL standings for gold for the MAR contract month: No of notices filed so far (5625 x 100 oz +we add the difference for front month of MAR (642 OI} minus the number of notices served upon today (447 x 100 oz) which equals 582,000 OZ OR 18.102 TONNES//
new total of gold standing in MAR is 18.102 TONNES//
TOTAL COMEX GOLD STANDING FOR MARCH 18.102 TONNES TONNES WHICH IS NOW HUGE FOR THIS NORMALLY VERY NON ACTIVE ACTIVE DELIVERY MONTH OF MARCH.
confirmed volume MONDAY confirmed 229,480 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: 1,717,146.01 oz 53.410 tonnes pledged gold lowers
total inventories in gold declining rapidly
total pledged gold: 1,717,146.010 tonnes oz 52.58 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 32,720,708.541 oz
TOTAL REGISTERED GOLD 16,838,520.173 or 523.740 Tonnes
TOTAL OF ALL ELIGIBLE GOLD 15,882,188.418 oz//eligible gold leaving hand over fist
REGISTERED GOLD THAT CAN BE SERVED UPON 15,121,374 oz ((REG GOLD- PLEDGED GOLD)=
470.338 Tonnes // (declining rapidly)
total inventories in gold declining rapidly
SILVER COMEX
MARCH DELIVERY MONTH
MARCH 10 2026
INITIAL/
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
3 entries
i) out of Asahi 35,481.74 oz
ii) Out of JPMorgan: 594,709.900 oz iii) Out of Malca: 367,523.727 oz
total withdrawal: 997,715.341 oz
the comex is being drained of silver
Deposits to the Dealer Inventory
1 ENTRY
i) Into Stonex: 20,186.220 oz
total dealer deposit; 02,186.220 oz
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Deposits to the Customer Inventory
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
ENTRIES: 0 oz
No of oz served today (contracts)
65 CONTRACT(S) ( 0.325 MILLION OZ
No of oz to be served (notices)
1114 Contracts (5.570 MILLION oz)
Total monthly oz silver served (contracts)
6680 contracts 33.400 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
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
ENTRIES: 0
xxxxxxxxxxxxxxxxxxxxxxxxx
deposits into dealer account: 1
1 ENTRY
i) Into Stonex: 20,186.220 oz
total dealer deposit; 20,186.220 oz
withdrawals: customer side/eligible
3 entries
i) out of Asahi 35,481.74 oz
ii) Out of JPMorgan: 594,709.900 oz iii) Out of Malca: 367,523.727 oz
total withdrawal: 997,715.341 oz
the comex is being drained of silver
the comex is being drained of silver
adjustments: / / 5//all dealer to customer acct
i) Brinks 740,429.080 oz
ii) CNT 216,028..372 oz
iii) HSBC 01,040.380 oz
iv) Loomis: 553,120.110 oz
v) Stonex: 5194.730 oz
total removal from the registered silver to eligible silver: 1,524,812.662 oz
xxxxxxxxxxxxxx
TOTAL REGISTERED SILVER: 78.453 MILLION OZ//.TOTAL REG + ELIGIBLE. 345.310 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: 1179 OPEN INTEREST CONTRACTS FOR A LOSS OF 102 CONTRACTS.
WE HAD 149 NOTICES FILED ON MONDAY SO WE GAINED A FAIR 47 CONTRACTS OR AN ADDITIONAL 0.235 MILLION OZ OF SILVER WILL TRY THEIR LUCK AND STAND FOR DELIVERY AT THE COMEX. THIS IS A HUGE QUEUE JUMP
APRIL, THE NEW FRONT MONTH SAW A GAIN OF 92 CONTRACTS UP TO 1427 CONTRACTS
MAY SAW A 541 CONTRACT GAIN UP TO 77,434 CONTRACTS.
JUNE SAY A GAIN OF 9 CONTRACTS UP TO 250 OI CONTRACTS.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 65 or 0.325 MILLION oz
CONFIRMED volume; ON MONDAY 56,259 fair+++//
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 6680 X5,000 oz = 33.400 MILLION oz
to which we add the difference between the open interest for the front month of MARCH (1179) AND the number of notices served upon today (65)x (5000 oz)
Thus the standings for silver for the MARCH 2026 contract month: (6680)Notices served so far) x 5000 oz + OI for the front month of MARCH(1179) minus number of notices served upon today (65 )x 5000 oz equals silver standing for the FEB..contract month equating to 38.970 MILLION OZ.
NEW STANDING: 38.970 MILLION OZ WHICH IS STILL LOWISH FOR A GENERALLY HUGE DELIVERY MONTH OF MARCH.
New total standing: 38.970 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 ONLY 78.483 million oz of registered silver
JPMorgan as a percentage of total silver: 152.180/345.310.million: 44.11%
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 10/2026/WITH GOLD UP $137.75 TODAY/HUGE CHANGES IN GOLD AT THE GLD:ANOTHER MONSTER WITHDRAWAL OF 2.614 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1070.707 TONNES
MAR 9/2026/WITH GOLD DOWN $53.80 TODAY/HUGE CHANGES IN GOLD AT THE GLD:ANOTHER MONSTER WITHDRAWAL OF 2.573 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1073.321 TONNES
MAR 6/2026/WITH GOLD UP $77.25 TODAY/HUGE CHANGES IN GOLD AT THE GLD:ANOTHER MONSTER WITHDRAWAL OF 5.144 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1075.894 TONNES
MAR 5/2026/WITH GOLD DOWN $49.00 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 18.032 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1081.038 TONNES
MAR 4/2026/WITH GOLD UP $9.55 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 2.545 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1099.07 TONNES
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: 1070.707 TONNES, TONIGHTS TOTAL
SILVER
MAR 10 WITH SILVER UP $5. HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A MONSTER WITHDRAWAL OF 1.63 MILLION OZ OUT OF THE SLV. ./ :INVENTORY RESTS AT 505.117 MILLION OZ
MAR 9 WITH SILVER DOWN $0.30 HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A MONSTER WITHDRAWAL OF 1.54 MILLION OZ OUT OF THE SLV. ./ :INVENTORY RESTS AT 506.747 MILLION OZ
MAR 6 WITH SILVER UP $2.02 HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A MONSTER WITHDRAWAL OF 5.526 MILLION OZ OUT OF THE SLV. ./ :INVENTORY RESTS AT 508,287 MILLION OZ
MAR 5 WITH SILVER DOWN $0.98 HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A WITHDRAWAL OF 1.097 MILLION OZ INTO THE SLV. ./ :INVENTORY RESTS AT 512.726 MILLION OZ
MAR 4 WITH SILVER DOWN $0.21 HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A DEPOSIT OF 2.545 MILLION OZ INTO THE SLV. ./ :INVENTORY RESTS AT 513.813 MILLION OZ
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
Oil is in the news with the price soaring sharply due to supply disruption in the Middle East. But it was already very cheap in real terms at only 26% of its 1950 value.
At only 26% of its 1950 post-war value, in real terms oil is remarkably cheap. Oil was only cheaper during Covid, when storage facilities ran out while speculative longs on Comex paid to avoid taking delivery. Meanwhile in dollars, the price of a barrel has risen 38 times.
There are common objections to this method of valuing a commodity. Supply and demand characteristics for a single commodity vary over time, but that is true even
measured in fiat dollars. The more egregious error is to not understand the relationship between a fiat currency and gold.
Over decades, centuries, and even millennia gold’s purchasing power has been stable, while fiat currency experiments have always ended in their purchasing power collapsing. This is what we see here. While priced in fiat dollars oil has risen 38 times over the last 75 years, pricing it in gold tells us that we can expect it to rise 300% if it is to return to pre-Bretton Woods values. Assuming constant 2026 dollars, the price should rise to about $300.
There are two variables we have to consider here. The first is changes in supply and demand characteristics. The chart tells us that with some volatility they have remained relatively constant until 2014, the last time that in real terms oil was at the 1950s price level. Since then, there might have been supply and demand factors driving the value of oil lower, but probably by not very much.
The second variable is the purchasing power of the fiat dollar. If anything, it appears to be losing value at an accelerating rate, signalled by the gold/dollar exchange rate rising by 68% in the last year. Assuming that the dollar continues to lose value, $300 should be regarded as the minimum likely price, in reality going higher, probably significantly so due to the dollar’s continuing decline.
Rather than a one-off event, the current war against Iran and the supply difficulties over the entire Middle East is a catalyst, a wake-up call to markets buying and selling oil and other commodities in dollars regarded as having constant value and unaware of the decline in its purchasing power.
Financial assets
The error of ignoring the fiat dollar’s decline is also evident in markets for financial assets. The next chart is of the US equity market in dollar and real (gold) terms.
The chart above shows that far from rising 393% since January 2000, the S&P 500 Index has declined to only 26% of its original value (coincidentally with oil, but oil is from 1950). This conclusion comes from the fact that dollars in which performance is conventionally measured have declined in value by 94.4% against gold.
What very few people realise is that gold is real money by common international law and having no counterparty risk is final settlement for all transactions, whereas dollars are credit issued by a government agency with an unfulfilled promise to settle in gold. The fact that this promise is denied to the dollar’s holders by subsequent law (hence the term “fiat”) does not alter the facts.
Even under a gold standard, the possession of dollars is the possession of a credit matched by an obligation of the issuer, in this case the Fed. Binding that obligation to gold by allowing the holder to freely exchange it for gold guarantees the value of it in real money. A fiat currency then becomes a gold substitute and is widely accepted as such.
To deny this obligation is a fraudulent action in long-standing common law perpetrated by the state on its citizens and foreigners who happen to hold the currency. We don’t see this admitted on dollar banknotes, but sterling banknotes issued by the Bank of England still bear the legend, “I promise to pay the bearer on demand the sum of ten pounds” in the case of a ten pound note (or the face value of any other note’s denomination) signed by the Chief Cashier at the Bank. That payment is in gold.
Invite your
JESSE COLUMBO..
3.CHRIS POWELL AND HIS GATA DISPATCHES:
Hong Kong and Singapore square off in race to become world’s gold trading hub
Submitted by admin on Sun, 2026-03-08 22:47 Section: Daily Dispatches
By Kevin Li South China Morning Post, Hong Kong Sunday, March 8, 2026
Hong Kong and Singapore have crossed swords over their ambitions to be the world’s gold trading hub, but experts say Hong Kong holds an advantage over its Southeast Asian rival, citing its access to mainland China’s robust market.
As Hong Kong pushes ahead with measures to create an ecosystem for gold trading — highlighted as recently in the government’s budget late last month — Singapore has reportedly been courting global heavyweights.
In response to the South China Morning Post’s queries about a rumored alliance with major market makers such as JP Morgan and UBS, the Monetary Authority of Singapore did not deny the reports and highlighted ongoing engagement with the sector.
“Since last year, MAS has been working with key gold market participants to look at ways to support the growth of the gold market in Singapore,” a spokesperson said.
Singapore’s central bank added it would share more details on key initiatives in due course.
Commodities trading, especially in gold and silver, is back in vogue, with precious metal prices shooting through the roof amid growing geopolitical uncertainty.
Financial Secretary Paul Chan Mo-po reiterated the city’s goal to be a global gold trading hub during his budget speech on February 25, which outlined tax concessions to spur bullion trading.
Haywood Cheung Tak-hay, chairman of Hong Kong Gold Exchange (HKGX), emphasised the mainland connection was irreplaceable, as China was the world’s largest gold producer and consumer.
He said the city even provided a vertically-integrated supply chain by promoting the use of yuan to settle gold trading. …
The battle for the monetary metals isn’t won yet, and GATA needs your help
Submitted by admin on Sun, 2026-03-08 12:06 Section: Daily Dispatches
12:09p ET Sunday, March 8, 2026
Dear Friend of GATA and Gold (and Silver):
Given the sharp rise in gold and silver prices over the last year, most people following the monetary metals may think that the battle against the forces that manipulate the monetary metals markets has been won already.
People who look closer will see that while those forces are having less success, they are still very much in the fight.
GATA is still on to them, and on several fronts, as indicated by your secretary/treasurer’s presentation to a gold and silver mining audience in Toronto last Sunday:
GATA survives on donations from advocates of free and transparent markets in the monetary metals and advocates of limited and accountable government generally. Such donations have diminished sharply in the past year though GATA’s efforts have remained strong.
So if you have not helped us lately, please consider helping us now even as so much progress is being made. Donations of $500 or more will entitle donors to a 1-ounce silver round commemorating GATA’s work, a round that before too long may help recover much of the cost of the donation:
Since GATA is a civil rights and educational organization recognized as tax-exempt by the U.S. Internal Revenue Service, donations to GATA are federally tax-deductible in the United States. To donate, please visit:
GATA does the work no industry-wide gold and silver organization yet dares to do. (The World Gold Council exists mainly to insure that there never is a world gold council.) Your donation will continue the work that needs to be done.
CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. CPowell@GATA.org
END
Alasdair Macleod: Gold shortages in China
Submitted by admin on Sun, 2026-03-08 11:42 Section: Daily Dispatches
By Alasdair Macleod GoldMoney, Toronto Friday, March 6, 2026
Last weekend the U.S. and Israel attacked Iran and the week’s news was dominated by another Middle East war. Markets’ gut reaction was to mark down investment assets and mark up dollars.
Consequently, in the confusion gold and silver declined on the week as the dollar rallied. In European trade this morning gold was $5,090, down $230 from last Friday’s close, and silver at $82.70 was down $11 over the same timescale. Turnover on Comex in both contracts remained very low.
Meanwhile, premiums for silver in Shanghai held in the 12%—14% band. Given that silver imported into China bears 13% VAT and the cost of delivering from London or New York adds an extra 2%, this price difference is not enough to trigger an arbitrage. Nonetheless, silver is still being drained from all vaults, China’s included.
The delivery situation on Comex is dire, with the equivalent of only 16,250 silver contracts registered for delivery. Compare this with the 6,466 contracts delivered in the March contract to date. The March contract is still being bought with the obvious intention of standing for delivery, as is the April contract which can be delivered from the last week in March onwards. …
Archaeologists reveal find of major hoard of Imperial Russian gold
Submitted by admin on Sat, 2026-03-07 20:49 Section: Daily Dispatches
By Mark MIlligan Heritage Daily, St Albans, Herts, England Friday, March 6, 2026
Archaeologists from the Institute of Archaeology of the Russian Academy of Sciences have revealed a remarkable hoard of gold coins uncovered in 2025 in the historic town of Torzhok in Russia’s Tver Region.
The find, which includes 409 gold coins dating from 1848 to 1911, is now considered one of the largest hoards of late-Imperial Russian gold coins ever found during archaeological excavations. The treasure was recovered during rescue excavations before the construction of a new residential building on Torzhok’s Left Bank.
The work was conducted by a joint expedition of the Institute of Archaeology and the All-Russian Historical and Ethnographic Museum in Torzhok. These rescue excavation works are required by law in areas with archaeological significance before construction begins. The coins were discovered buried under the stone foundations of a house in a glazed ceramic kandyushka, a small container like a mug or pot with a neck and rounded handle.
According to Natalia Sarafanova, head of the Novotorzhsk archaeological team, the hoard was likely concealed during the upheaval of the Russian Revolution in 1917. “Most of the coins date to the reign of Emperor Nicholas II. This appears to be a so-called return hoard: The owners hid their valuables intending to retrieve them later, but for some reason they never returned,” she said.
The oldest coin in the collection is a five-ruble piece from 1848 when Emperor Nicholas I ruled, and another coin dates to the period of Alexander III. Most of the hoard is made up of 10-ruble gold coins made during the reign of Nicholas II, with the most recent dating to 1911. The collection also contains coins produced under Prime Minister Sergei Witte’s monetary reform in 1897, including two coins worth 7.5 rubles and another 10 coins worth 15 rubles. The total of the hoard is 4,070 rubles in gold. …
4. ANDREW MAGUIRE AND LIVE FROM THE VAULT PODCASTS
KINESIS: PODCAST NO 262/ANDREW WITH BILL HOLTER
5. COMMODITY REPORT//COAL
Coal Prices Surge As Energy Shock Forces Power Plant Fuel Switching In Exposed Countries
Tuesday, Mar 10, 2026 – 04:15 AM
Asian benchmark Newcastle coal prices jumped more than 9% to $150/ton (as per BBG data) at the start of the week, as energy flows across the Gulf area remain disrupted and transit through the Strait of Hormuz has significantly slowed. The rise in coal prices is being driven by a broader energy shock, with surging gas prices making coal a more economical substitute fuel for power generators.
Last week’s IRGC kamikaze drone attack, which shuttered Qatar’s massive LNG export facility – responsible for roughly 20% of global supply – has been the driving force behind gas-to-coal switching, especially in Europe, as gas prices have soared 50%.
Samantha Dart (Global Co-Head of Commodities Research) penned a note late this weekend on natural gas:
“European natural gas prices (TTF) closed the week up 88% from pre-Iran-conflict levels, at 53 EUR/MWh. For context, approximately 20% of global liquefied natural gas (LNG) volumes flow through the Strait of Hormuz, largely produced by Qatar, and no reroutes exist. This flow is 100% halted at the moment, with Qatari production fully down following a drone attack.
We base-case that Qatari LNG production will be restored by early April, and we have accordingly raised our April TTF forecast to 55 EUR/MWh, well into the 45 EUR/MWh (fuel oil) to 71 EUR/MWh (diesel) gas-to-oil switching range because we think increased fuel switching away from gas will be required to normalize European gas storage ahead of the next winter. We have not changed our 21 EUR/MWh 2027 TTF forecast. In a scenario where the Qatari supply shock lasts over 1 month, we would expect TTF prices to rally further to the mid-70 EURs/MWh, where diesel is currently priced, to incentivize further switching. A scenario where the shock lasts longer than two months would likely lift TTF above 100 EUR/MWh to incentivize broader industrial demand destruction across Europe and Asia.”
Notice that Exhibit 2 above shows TTF is already in the coal-switching range. The rest of Dart’s note can be read here.
In a separate note, UBS analyst Manik Narain warned of EM energy risks if the Hormuz chokepoint remains clogged:
“EM Asia appears most directly at risk, accounting for ~73% of oil shipped through the Strait of Hormuz. 40-70% of India, Korea and Thailand’s oil supply transits this route; while Thailand and Taiwan generate 45-60% of electricity from gas, indicating potential price risks to tech and other industrial supply chains if the conflict doesn’t abate soon.”
The duration of the conflict is key because higher NatGas prices will only spur continued gas-to-coal switching.
UBS highlighted that EM power generation in countries such as Mexico, Thailand, and Taiwan remains heavily exposed to oil and gas, leaving electricity systems vulnerable as fuel prices surge. Taiwan stands out, given its major role in the global AI chip supply chain, meaning rising power costs there could have implications far beyond domestic electricity markets.
Operation Epic Fury has been one way to ‘Make Coal Great Again’…
END
ASIAN AFFAIRS MARCH 10/2026
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS MONDAY MORNING.7:30 AM
SHANGHAI CLOSED UP 26/54 PTS OR 0.65%
HANG SENG CLOSED UP 530.53 PTS OR 2.09%
Nikkei CLOSED DOWN 1579.78 PTS OR 3.00%
//Australia’s all ordinaries CLOSED DOWN 0.18%
//Chinese yuan (ONSHORE) CLOSED UP 6.8782
/ OFFSHORE CLOSED UP AT 6.8755 Oil DOWN TO 86.43 dollars per barrel for WTI and BRENT DOWN TO 91.02 Stocks in Europe OPENED ALL DEEPLY IN THE GREEN
ONSHORE USA/ YUAN TRADING 6.8782 OFFSHORE YUAN TRADING UP TO 6.8755 ONSHORE YUAN TRADING ABOVE OFF SHORE AND UP ON THE DOLLAR// / AND THUS STRONGER//OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS TUESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP AT 6.8752
OFFSHORE YUAN: UP TO 6.8755
1.HANG SANG UP 530.53 POINTS OR 2.09%
2. Nikkei closed UP 1579/78 PTS OR 3.00%
WEST TEXAS INTERMEDIATE OIL DOWN 86.43
BRENT; 91.02
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX DOWN TO 98.59 /// EURO RISES TO 1.1651 UP 35 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +2.176/ DOWN 1 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 157.47… 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: 3.453 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 UP /JAPANESE Yen UP CHINESE ONSHORE YUAN: 6.8782 (UP) AND OFFSHORE: UP AT 6.8755
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil DOWN for WTI and BRENT DOWN this morning
3h European bond buying continues to push yields HIGHER on all fronts in the EMU. German 10yr bund YIELD DOWN TO +2.8260 Italian 10 Yr bond yield DOWN to 3.517 SPAIN 10 YR BOND YIELD DOWN TO 3.274
3i Greek 10 year bond yield DOWN TO 3.517
3j Gold at $5183.60 Silver at: 89.02 1 am est) SILVER NEXT RESISTANCE LEVEL AT $100.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 56/100 roubles/78.81
3m oil (WTI) into the 86 dollar handle for WTI and 91 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 157.82 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 2.176% DOWN 1 BASIS PTS STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING//YEN BOND TRADING OVERSEAS REPATRIATED.//JAPAN 30 YR: 3.424 DOWN 3 BASIS PTS.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.7760 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9042 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: 4.091 DOWN 5 BASIS PTS…
USA 30 YR BOND YIELD: 4.726 DOWN 2 BASIS PTS/
USA 2 YR BOND YIELD: 3.542 DOWN 5 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 44.05 DOWN 3 BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.5650 DOWN 3 PTS
30 YR UK BOND YIELD: 5.232 DOWN 9 BASIS PTS
10 YR CANADA BOND YIELD: 3.427 DOWN 9 BASIS PTS
5 YR CANADA BOND YIELD: 2.923 DOWN 3 BASIS PTS.
1a New York Opening report
Futures Slide, Reversing Overnight Gains As “Off-Ramp Optimism” Fades
Tuesday, Mar 10, 2026 – 08:30 AM
S&P futures are unchanged this morning, but approaching session low, following Trump comments that appeared to be the first signs of an off-ramp which however were followed by renewed fighting in the Middle East. While the risk is of re-escalation, JPMorgan writes that we are “seeing a global unwind of war-related trades as the market awaits additional news from US, Israel, Iran” but with headlines like this it will hardly last *IRAN BEGINS NEW WAVE OF MISSILE STRIKES ON NORTHERN ISRAEL: TV. As of 8:00am, S&P futures are down 0.2%, and Nasdaq futs turn red even as Mag7 and Semis help Tech outperform with AI themes working across regions. TSMC sales worth noting up 30% in the first two months of the year. ORCL post close in focus on the tech/AI front. Global markets snapped higher with the batshit insane KOSPI leading up 535bps one day after being halted limit down (again), Europe rises ~200bps, depending on the market, having yesterday unwound all YTD gains. UK consumer sentiment dropped to a four-month low in March, reversing gains made at the start of the year. WTI is still down -7% but reversing rapidly amid the latest shooting headlines: crude traded in quite a band with WTI touching $120 yesterday as well as $80, setting $89 so far this morning; European gas prices are down 13% to sub $50as well. Copper, gold not really moving. 10-year off yesterday’s lows +3bps to 4.13%, Dollar lower, DXY at $99 and Bitcoin risk on up 250bps to $70.7k. Today’s macro data focus is on NFIB Small Biz Survey, weekly ADP, and existing home sales. NFIB out early here this morning small step back 98.8 vs. 99.6 survey and 99.3 last month – index has been hovering around these levels since mid-2025 post tariff concerns.
In premarket trading, Mag 7 stocks are mostly higher (Tesla +0.8%, Meta Platforms +0.6%, Amazon +0.3%, Alphabet +0.2%, Nvidia +0.1%, Microsoft unchanged, Apple -0.1%)
BioNTech SE ADRs (BNTX) slump 17% after the vaccine maker forecast revenue for 2026 that fell short of Wall Street’s expectations. Also, the company’s founding duo plan to leave to start a new biotech focused on messenger RNA, the technology behind their blockbuster Covid-19 vaccine.
Casey’s General Stores (CASY) slips 2% after the convenience-store operator reported revenue for the third quarter that missed the average analyst estimate.
Crowdstrike Holdings Inc. (CRWD) gains 2% after Morgan Stanley raised its recommendation to overweight, saying the platform is a winner from AI positioning and its growth outlook is promising.
Hewlett Packard Enterprise (HPE) rises 1.6% after the company’s outlook for revenue in the current quarter exceeded analysts’ estimates, a sign the company is benefiting from solid demand for hardware that helps customers run AI workloads.
Kohl’s (KSS) falls 7% after reporting worse-than-expected sales for last quarter, as the retailer continues to struggle to revive years of declining results.
Teladoc Health (TDOC) rises 8% after Deutsche Bank upgraded the virtual health-care provider to buy, citing a compelling valuation and a potential exit scenario.
Vertex Pharmaceuticals (VRTX) rises 6% after the drugmaker gave interim results from a late-stage trial of its experimental therapy for a rare autoimmune kidney disease. William Blair views the data as a “clear win” for the company.
Zevra Therapeutics (ZVRA) jumps 15% after the biotech reported adjusted diluted earnings per share for the fourth quarter.
In other corporate news, Disney is said to be close to naming Thomas Mazloum, current head of Disneyland California, as chairman of the company’s parks division. Apple increased iPhone production in India by about 53% last year and now makes a quarter of its marquee devices there. Lego plans to invest heavily in the US, eyeing further gains in market share. Elsewhere on the data front, China’s trade growth accelerated sharply in Jan-Feb (exports +21.8% y/y, imports +19.8% y/y) and came in well above expectations. Chinese nominal exports to major trading partners rose sequentially in Jan-Feb.
Global markets moved risk on in early trading with oil extending declines after Trump’s comments sparked optimism that the war with Iran will end soon. It’s possible that geopolitical risk has peaked, said JPMorgan’s head of International Market Intelligence, but “the tape still feels pretty tentative.” And indeed, futures have since sunk and oil is rebounding following reports this morning of renewed fighting in the Middle East. Trump said he would waive oil-related sanctions and have the Navy escort tankers through the Strait of Hormuz. He’s also said to be weighing options like the release of emergency stockpiles.
“The war in Iran is not over and can intensify again at any moment,” said Joachim Klement, head of strategy at Panmure Liberum. “Any gains will remain limited until there are clear signs of an end to hostilities in the Gulf and shipping through the Strait of Hormuz improves again.”
According to Goldman trader John Flood, while the market has proven it has the ability to move violently in both directions with dealers short gamma right now, right tail (squeeze) risk at the index level is primed to be the most extreme. HF gross leverage is essentially at an all time high driven by continued shorting (hedging) via macro products. Per GSPB short exposure in US Macro Products (Index + ETF) – as % of total US Gross MV on our Prime book – now stands at the highest level since Sep ’22 and ranks in the 93rd percentile vs. the past five years. Yet at the same time, Goldman Sachs cross-asset strategists turn tactically neutral on stocks and overweight on cash for three months, citing mounting risks that the Middle East conflict may spark an energy shock comparable to those of the 1970s.
And while investors often focus on the VIX as the main gauge of market fear, Europe’s underperformance versus the US since the Iran strikes has pushed European volatility higher and widened the V2X/VIX spread.
While AI had taken a backseat in markets amid Iran, but there are a few interesting datapoints to note today. TSMC, the go-to chipmaker for Nvidia, reported a 30% jump in sales in the first two months of the year. HPE gave quarterly revenue guidance that beat estimates, showing the company is benefiting from AI hardware demand. Oracle is reporting after the close, with Tech Watch noting that skittish investors are looking for reasons to sell.
In political news, several Senate Democrats are threatening to force numerous war powers votes and disrupt the chamber unless Republicans agree to hold public hearings on the reasons for the attacks on Iran. A key Republican senator said he’s launched an investigation into the FDA’s recent denials of treatments for rare diseases. And a top Pentagon official sees little chance of resuming negotiations with Anthropic.
BioNTech and NIO are among companies due to report results before the market open. Focus will be on BioNTech’s outlook for 2026, according to BI. Earnings from Oracle and Franco-Nevada follow later in the day. Oracle might be more susceptible to cost pressures versus hyperscalers according to BI, which expects adjusted gross margin to contract roughly 400-500 bps in fiscal 2026.
Stoxx 600 up by 2.2%, with banks, tech and travel stocks leading the way, while energy stocks lag as crude declines.
Earlier in the session, Asian stocks recovered Tuesday, lifted by an overnight Wall Street rally and easing inflationary risks after President Donald Trump signaled that the Iran war may end soon. The MSCI Asia Pacific Index rose as much as 3.4%, retracing yesterday’s losses. Chipmakers TSMC, Samsung and SK Hynix led the region’s advance, while Australia’s Woodside Energy paced decliners. Equity markets across the region are holding onto fresh optimism after Trump said the war with Iran would be resolved “very soon.” Tuesday’s rebound highlights how quickly markets react to headlines from the Middle East, while cross-asset volatility shows little sign of easing in a fast-moving geopolitical environment. Oil prices plunged in Asia trading following Trump’s comments.
In FX, the Bloomberg Dollar Spot Index slipped 0.3% on Tuesday, following US President Donald Trump’s comments that the war with Iran would be resolved “very soon.” The greenback’s G10 peers are paring last-week’s losses, led by the Australian dollar and Swiss franc which are up 0.47% and 0.27% respectively.
In rates, treasuries are under slight pressure in early US trading, unwinding a portion of the late-Monday bid sparked by US President Trump’s suggestion that the strikes on Iran that caused oil prices to surge in the past week may end soon. This week’s three Treasury auctions begin with 3-year new issue at 1pm New York time; 10- and 30-year reopenings follow over next two days. US yields are 2bp-4bp cheaper with losses led by long-end tenors, steepening 2s10s by about 1bp, 5s30s about 2bp; 10-year near 4.12% is about 2bp cheaper as European bonds outperform, narrowing performance gap that opened Monday when Treasuries rallied after the London close. UK leading the rally in European bonds, with two-year yields down eight basis points. Yields falling across Europe, with the biggest moves at the short end, though the rally has pared. For $58 billion 3-year note auction, WI yield around 3.578% is 6bp cheaper than last month’s auction, which stopped through by 0.1bp
In commodities, WTI crude futures are back to around $89/barrel after peaking near $120 on Monday. Gold higher to test $5,200/oz. Bitcoin rallying back towards $71,000.
US economic data slate includes weekly ADP employment change (8:15am) and February existing home sales (10am)
Market Snapshot
S&P 500 mini -0.3%
Nasdaq 100 mini -0.2%
Russell 2000 mini -0.2%
Stoxx Europe 600 +1.9%
DAX +2.1%
CAC 40 +1.7%
10-year Treasury yield +1 basis point at 4.11%
VIX -1.8 points at 23.66
Bloomberg Dollar Index -0.2% at 1198.68
euro little changed at $1.1645
WTI crude -8.3% at $86.8/barrel
Top Overnight News
“It’s [the war] going to be ended soon,” Trump said later at a news conference. Trump did not put a timeline on the end of the war, though, when he was pressed for details. Asked how he squared saying that the war would end “soon” with Defense Secretary Pete Hegseth’s remarks that the attacks are “only just the beginning” during a “60 Minutes” interview taped Friday, Trump said, “I think you could say both.” CNBC
Trump said he was eyeing a quick end to the war in Iran, as some of his advisers privately urged him to look for an exit plan amid spiking oil prices and concerns that a lengthy conflict could spark political backlash. A few senior officials in Israel are starting to voice concern about the escalating, open-ended attack on Iran — and suggesting possible exit ramps that might halt the war before it further damages the region and the global economy. WSJ, WaPO
Iran’s Revolutionary Guards said on Tuesday they would not let any oil out of the Middle East until U.S. and Israeli attacks cease, prompting U.S. President Donald Trump to threaten to hit Iran “twenty times harder” if it blocked exports. RTRS
China’s exports surged 21.8% YoY in dollar terms in January and February, putting the world’s 2nd largest economy on course for another year of record trade surpluses weeks before Trump and Xi are set to meet in Beijing. Export growth in first 2 months of the year far exceeded the median forecast of 7.1% from a Reuters survey and the 6.6% increase in December. FT
Apple Inc. increased iPhone production in India by about 53% last year and now makes a quarter of its marquee devices there, reflecting the US company’s efforts to avoid tariffs on China. BBG
TSMC’s sales rose 30% in the first two months of the year, driven by strong AI infrastructure buildout. BBG
Japan’s annualized GDP growth was revised higher to 1.3% for the fourth quarter, beating estimates, on stronger business investment. BBG
UK consumer sentiment dropped to a four-month low in March, reversing gains made at the start of the year. The BRC said British retail sales grew modestly in February. BBG
A top Pentagon official sees little chance of resuming negotiations with Anthropic PBC over military use of its artificial intelligence tools following the company’s legal challenge of an unprecedented government move to declare the firm a supply-chain risk. BBG
A more detailed look at global markets courtesy of Newsquawk
APAC stocks rose with global risk sentiment underpinned after oil price pressures eased on a potential G7 joint release of emergency reserves, and with relief seen after US President Trump said the war in Iran could end very soon. ASX 200 rallied with gains led by outperformance in miners, materials, tech and healthcare, while there was little reaction seen to the improved consumer sentiment and mixed business surveys. Nikkei 225 reclaimed the 54,000 status amid softer yields and as exporters cheered the pullback in energy prices. There were also several data releases, including the final Q4 GDP, which either matched the preliminary numbers or were revised upwards, although Household Spending disappointed. Hang Seng and Shanghai Comp were in the green, although the mainland bourse lagged behind its regional peers after reports that the US and China clashed over fentanyl and tariffs at a global drugs meeting, while the Trump administration told Beijing it expects to reimpose the fentanyl-related levy under a different law.
Top Asian News
Chinese Balance of Trade (Jan-Feb) 213.62B vs. Exp. 179.6B (Prev. 114.10B, Rev. From 114.1B).
Chinese Exports YoY (Jan-Feb) Y/Y 19.2% vs. Exp. 7.1% (Prev. 6.6%).
Chinese Imports YoY (Jan-Feb) Y/Y 19.8% vs. Exp. 6.3% (Prev. 5.7%).
Japanese GDP Growth Rate QoQ Final (Q4) Q/Q 0.3% vs. Exp. 0.3% (Prev. -0.6%, Rev. From -0.7%, Low. 0.1%, High. 0.4%).
Japanese GDP Growth Annualized Final (Q4) 1.3% vs. Exp. 1.2% (Prev. -2.3%, Rev. From -2.6%, Low. 0.3%, High. 1.5%).
European bourses (STOXX 600 +2.1%) have rebounded from Monday’s losses, with many of the indices returning out of correction territory (>10% pullback from ATHs). The IBEX 35 (+3.1%) is the outperformer, with gains in Santander (+5.9%) supporting the index after the Co.’s President bought 300,000 shares for almost EUR 3mln, as well as the improvement in overall risk tone. The brighter risk environment follows Monday’s comments by US President Trump, who suggested that the Iran war could be coming to an end. European sectors are in the green, ex-Energy (-0.7%). Sectors that have been hit the hardest due to the Iran war have seemed to have bounced the highest this morning, with Banks (+4.1%), Basic Resources (+3.5%) and Travel and Leisure (+3.5%) sitting near the top of the pile.
Top European News
French Balance of Trade (Jan) -1.8B vs. Exp. -4.6B (Prev. -4.3B, Rev. From -4.8B).
French Exports (Jan) 53.4B (Prev. 53.0B, Rev. From 53.1B).
French Imports (Jan) 55.3B (Prev. 57.3B, Rev. From 57.9B).
German Balance of Trade (Jan) 21.2B vs. Exp. 15.2B (Prev. 17.1B, Rev. From 17.1B).
German Imports MoM (Jan) M/M -5.9% (Prev. 1.4%).
German Exports MoM (Jan) M/M -2.3% vs. Exp. -2% (Prev. 4.0%, Rev. From 4%, Low. -2%, High. -1.5%).
Italian PPI YoY (Jan) Y/Y -1.6% (Prev. -1.4%).
Italian PPI MoM (Jan) M/M 1.5% (Prev. -0.7%).
FX
DXY initially traded flat, before slipping a touch as the morning progressed. Today’s current range is contained within 98.492-98.939 at the time of writing. The day ahead of the US sees weekly ADP and Existing Home sales, although price action will likely be dictated by sentiment surrounding geopolitics.
EUR/USD is flat with a mild upward bias, but consolidating after yesterday’s Trump-led slide in the USD, with the pair notching a 1.1507-1.1637 range on Monday, vs the current 1.1606-1.1636 range thus far on Tuesday. No move was seen to the German Trade Balance data. As above, price action will likely be dictated by geopolitical and/or energy updates.
GBP/USD is among the better performers with Cable rising above its 200 DMA (1.3443) to a current high of 1.3483 (vs low 1.3413). This follows yesterday’s surge above its 100 DMA (1.3398) amid the aforementioned USD price action, with Tuesday’s range between 1.3282 and 1.3446.
USD/JPY lacked direction overnight, and continues to trade sideways this morning after slipping beneath the 158.00 level yesterday, with little reaction to a batch of data releases from Japan, including Q4 GDP revisions that either matched or exceeded the preliminary numbers, while Household Spending surprisingly contracted. USD/JPY currently resides within 157.27-157.96 vs Monday’s 157.63-158.90 range.
Antipodeans are mixed with AUD/USD outperforming amid firmer copper prices and better-than-expected Chinese trade data overnight, which showed double-digit percentage jumps in exports and imports for Australia and New Zealand’s largest trading partner. AUD/NZD, meanwhile, has risen back above 1.1950 and edges closer to 1.2000.
NOK weakened in the aftermath of softer-than-expected CPI data, with the pair, in a delayed reaction, lifting from 11.1350 to 11.1650 in the five minutes following the release, before hitting an 11.1825 peak around 20 minutes later. The pair made a session high at 11.2334, before pulling back towards the 11.1900 mark.
Fixed Income
A bullish start for fixed, as the complex continues to unwind the energy-induced sell-off from the start of the week.
USTs are firmer by 10 ticks and at the top of a 112-14+ to 112-24+ band. Continuing to grind higher as energy benchmarks remain under pressure. The US day ahead is primarily a waiting game for any further administration updates on the timeline of the conflict, in addition to a 3yr tap.
The upside today is most pronounced in Gilts as they catch up to the late Monday commentary from Trump, that the Middle East conflict could be over soon. Gilts gapped higher by 57 ticks, eclipsing the 91.00 handle before continuing to a 91.39 peak, taking out Friday’s 91.25 best. If the move continues, there is a bit of a gap before the 92.00 mark and then a cluster of levels just above. Given this, yields have pared notably. The UK 10yr notched a 4.79% peak yesterday, its highest since 4.86% from the 3rd of September 2025. This morning, the 10yr has been as low as 4.53%.
Bunds are bid, even though the benchmark lifted by over 50 ticks late Monday on the Trump interview. Currently, firmer by 33 ticks but around 25 off a 127.53 peak. Similarly to Gilts, a bit of a gap now before the 128.00 mark and then a cluster of recent levels above. For the ECB, the action has helped markets to calm from the extreme pricing adjustments on Monday. Where, at one point, two 25bps hikes were priced. Currently, around 20bps of tightening is implied by end-2026, vs. c. 7bps this time last week.
Commodities
Crude futures declined and have completely retraced this week’s opening surge. Downside follows comments from US President Trump, who suggested that the war with Iran will end soon. However, comments from the Iranian side this morning has shown little sign of constructive relations, as the Iranian Parliament Speaker said they do not seek a ceasefire. WTI Apr resides towards the middle of USD 84.43-91.48/bbl, while Brent May similar trades mid-range of USD 88.05-98.04/bbl.
Nat Gas futures were similarly hit, with Dutch TTF this morning -15% and under EUR 50/MWh once again, with the market aggressively “pricing out” the previous risk premium amid US President Trump’s comments.
Spot gold continues to edge higher, with the metals complex helped by recent dollar softening and as buying resumed amid hopes of a nearing conclusion to the hostilities and disruption in the Middle East. Spot gold trades towards the upper end of a USD 5,117.51-5,195.40 /oz range vs Monday’s hefty USD 5,014.58-5,192.04/oz parameter, in which gold closed at USD 5,136.60/oz.
Copper futures advanced alongside the improvement in risk appetite, with little initial reaction seen to the latest trade data from the red metal’s largest buyer, China. To recap, Trade Balance, Imports, and Exports smashed expectations. China combined its Jan-Feb data to account for the Lunar New Year holiday distortions. 3M LME copper resides in a USD 12,992.00- 13,129.00/t.
G7 Energy Ministers to meet at 12:45GMT / 08:45EDT.
Saudi Aramco CEO sees global oil demand to reach record high of 107.3mln BPD in 2026.
Saudi Aramco CEO said there is a disruption of around 180mln barrels so far; there are no problems related to storage capacity locally or internationally; CEO declines to comment on current oil production levels. “We will operate the East-West Pipeline at full capacity within two days”. Have 2mln BPD of spare capacity, so if there are any shutdowns amid the current situation, bringing that spare capacity back will take a matter of days.
Saudi Aramco plans to increase refining capacity in strategic regions.
Saudi Arabia, UAE, Iraq and Kuwait reportedly cut oil output by as much as 6.7mln BPD in total, Bloomberg reported citing sources.
Shanghai Futures Exchange announced the adjustment of price limits and margin ratios for some fuel oil, petroleum asphalt and butadiene rubber futures.
Taiwan’s Formosa Petrochemical (6505 TT) declares a force majeure on some supplies.
Taiwan’s Cabinet said it is to further cut the commodity tax on gasoline and diesel to 50%.
Japan’s Trade Minister Akazawa said Japan supports the IEA-led coordinated release of strategic oil reserves.
Japan’s Chief Cabinet Secretary Kihara reiterates no decision has been made on releasing strategic oil reserves.
Central Banks
ECB’s Muller said the chance of rate hit has increased but should not rush, need to see if the surge in energy prices is transitory or not.
ECB’s Simkus said it is important to stay calm until the next policy decision and not to over react, we are aware of the recent changes in market pricing but should stay the course for now.
RBA Deputy Governor Hauser said Australia’s economy is overall in good shape and there will be a very genuine policy debate at the board meeting, with arguments on both sides. A 5% peak for inflation probably looks a little on the pessimistic side; our response depends on size and persistence of the price shock, which is very uncertain. Inflation is too high. Oil price rise clearly an upside risk to the inflation projection but still in flux. Recent data seem to confirm even more decisively that the economy has limited spare capacity. Not all domestic data came in as strongly as expected, including consumption. Uncertainty over developments in Iran is extremely high. Data seems to confirm the economy has limited spare capacity.
Geopolitics
Iranian Parliament Speaker said we do not seek a ceasefire and believe in the necessity of teaching the aggressor a harsh lesson.
Iranian Army said we attacked the oil and gas refinery and fuel tanks in Haifa with drones, Al Hadath reported.
Iranian military said heavy fire will continue to rain down on aggressors.
Iranian Foreign Minister Araghchi said negotiations with the US are no longer on the agenda.
Iran’s ambassador to China said that passage through the Strait of Hormuz will be controlled, but the Strait will not be closed.
Iran’s Revolutionary Guards say they will not allow a single litre of oil to be exported from the region if the US and Israeli attacks continue, adds that they will determine how and when the war ends.
IRGC said the Strait of Hormuz will be open to any state that expels US and Israeli diplomatic envoys from its territory starting tomorrow.
Iran targeted US sites and depots in Kuwait in recent hours, according to Tasnim.
US President Trump said it’s going to be ended soon, and if it starts up again, Iran will be hit harder, while Trump responded ‘no, but soon’, when asked if the war will be done this week. said:. Big risk on Iran has been over for three days. We can leave it here but we are going to go further.
US President Trump said will hit Iran harder if it attempts to stop world oil supply, adds Strait of Hormuz will be safe and getting close to finishing it regarding ‘excursion’. said:. Waiving some oil-related sanctions and will take some sanctions off until this straightens out. Winning very decisively and way ahead of schedule.
US President Trump said we’re making major strides towards completing military objective and people could say they’re pretty well complete, left some of the most important Iran targets for later. said:. Iran’s missile capabilities are down to 10% or maybe less. Could hit Iran’s electric production, but don’t want to. We’re ahead of our initial timeline by a lot. Thinks Iran should put in a head that will be peaceful.
US President Trump’s advisors urged him to find an Iran exit ramp, fearing political backlash, according to WSJ.
US-Israel aggression targets houses in the Mehrshahr area of Karaj, western Iran, according to Mehr News Agency.
Russia’s Kremlin says the trilateral format of the Ukraine talks need to be continued, but no specific dates or locations have been agreed for the next round
US Event Calendar
6:00 am: United States Feb NFIB Small Business Optimism, est. 99.6, prior 99.3
10:00 am: United States Feb Existing Home Sales, est. 3.88m, prior 3.91m
DB’s Jim Reid concludes the overnight wrap
The past 24 hours has seen a dramatic roundtrip in oil markets as the seismic moves seen as we went to press yesterday gave way to increased optimism as President Trump suggested in the US afternoon that the war with Iran could be over “very soon”. That eased concerns over a longer-term conflict that could trigger a major stagflationary shock and helped drive a turn lower in oil markets. Most notably, Brent crude oil prices pulled back from an intraday peak of $119.50/bbl before the European open to around $90 by the US close, though they’ve edged back up to $93.56 as I type. It even briefly traded as low as $83.66 late in the US session, which marks the largest daily nominal trading range since the start of the intra-day Bloomberg data in the 1980s when oil futures begun. The easing stress in oil markets rippled into other asset classes, with the S&P 500 (+0.83%) and 10yr Treasuries (-4.2bps) closing stronger on the day after a sharp initial sell-off.
While market stress had gradually eased through the course of yesterday’s session after peaking in Asia hours, the biggest turning point came after the European close as CBS reported Trump saying that “I think the war is very complete, pretty much”, with the US “very far ahead of schedule”. The President then delivered a similar message in a press conference after the US close, suggesting the war will “be finished pretty quickly”. Trump also focused on oil prices, again raising the option of US Navy escorts for tankers and floating the prospect of waivers for “certain oil-related sanctions to reduce prices”, without offering details other than he had discussed the topic in a call with Russia’s President Putin yesterday.
Those Trump comments helped ease market fears of a prolonged conflict that would turn into a more sustained energy shock. However, the timing for any resolution of the war remains far from clear, with Trump also saying that “we haven’t won enough” and that he didn’t believe the conflict would be over this week. There are also doubts over Tehran’s willingness to de-escalate, with the IRGC releasing a statement last night that “It is we who will determine the end of the war” and that it would not allow oil to be shipped from the Middle East if US and Israeli attacks continue. In turn, that prompted Trump to escalate his threats last night, posting that “If Iran does anything that stops the flow of Oil within the Strait of Hormuz, they will be hit by the United States of America TWENTY TIMES HARDER than they have been hit thus far”. And we’ve seen Israel launch a new wave of strikes against Iran overnight, with Gulf countries in turn reporting Iranian strikes.
The lingering uncertainty has seen oil prices tick slightly higher overnight, with Brent crude up to $93.56 from around $90 at the US close yesterday, though that’s still below the $99.40 level they were before the CBS report yesterday evening and some 25% below yesterday’s intra-day highs. Investors will be keenly watching for any signs that shipping via the Strait of Hormuz can pick up from the current all but suspended levels, not least as yesterday Saudi Arabia became the latest country to start cutting oil production. Remember that the oil moves have been much more contained further out the futures curve, with December 2026 Brent futures currently trading at $74.95/bbl. We will also be watching whether plans to release oil reserves materialise. Yesterday’s virtual G7 finance ministers’ meeting didn’t get to that point yet, with their statement saying they “stand ready to take necessary measures”, and France’s finance minister said they were “not there yet”. Overnight, Japan’s Finance Minister Katayama said that G7 energy ministers are expected to meet to discuss the process of oil reserve release today.
Markets in Asia are of course rebounding this morning given the timing of the Trump speech, with the KOSPI rising by +4.63% and the Nikkei increasing by +2.55%, both recovering sharply after having closed nearly -6.0% and over -5.0% lower yesterday, respectively. Elsewhere, Chinese stocks are also on the rise, with the Hang Seng index increasing by +1.76%, outperforming the CSI (+1.09%) and the Shanghai Composite (+0.39%). The S&P/ASX 200 is +0.85%. Europe’s STOXX 50 futures (+1.00%) are reversing Monday’s decline but those on the S&P 500 (-0.20%) have dipped in the absence of imminent de-escalation.
Coming back to China, the trade surplus (+$213.62 bn) rose to its highest on record in the combined January-February period (v/s $176.10 bn expected) while exports rose +21.8% y/y, beating the +7.2% growth expected, underscoring the resilience of the world’s second-largest economy despite trade tensions with the US.
Looking back at yesterday’s moves, the volatility in oil prices reverberated through rates markets, especially when it comes to inflation pricing. For instance, the 1yr US inflation swap moved as high as 3.10% intra-day before closing all the way down at 2.75%, -15.5bps lower on the day, with a near 20bps decline after the CBS story broke shortly after 3pm EST. And the news saw yields on 2yr (-2.4bps to 3.54%) and 10yr (-4.2bps to 4.10%) Treasuries close at the session’s lows after a 10-12bp intra-day range that saw 10yr yields peak at 4.21% just before London opened. Treasury yields are edging higher overnight, with the 10yr +1.5bps higher as the pattern of underperformance during Asia hours is again repeating, albeit mildly.
For equity markets, the turn in sentiment helped the S&P 500 recover to +0.83% by yesterday’s close after rebounding by more than 1% in the final hour of trading. S&P 500 futures had been down as much as -2.4% in Asia hours yesterday. The NASDAQ (+1.38%) and the Russell 2000 (+1.12%) posted even stronger recoveries, while the VIX index fell by -3.99pts on the day to 25.50 after peaking above 35 at the European open.
Over in Europe, markets recovered from the lows early in the session but closed before Trump’s comments to CBS News triggered the more risk-on tone. That left the STOXX 600 -0.63% lower on day, up from -2.46% shortly after the open, while the CAC (-0.77%) and DAX (-0.98%) saw slightly larger declines. Most sovereign bonds saw a fuller reversal of the sell-off, with yields on 10yr bunds (-0.4bps), OATs (-0.5bps) and BTPs (-0.9bps) all little changed by the close, having been between +7bps and +15bps higher on Monday morning as inflation concerns mounted. One bond market that struggled to fully recover was UK gilts, with markets at one point pricing in 20bps of BoE rate hikes this year, from pricing more than 50bps of rate cuts before the strikes on February 28. While 2026 BoE hikes were largely priced out by yesterday’s close, 2yr gilts yields were still +11.7bps higher at 3.99%, with 10yr yields +2.0bps on the day.
Looking at the day ahead, data releases from the US include the existing home sales for February, and the NFIB’s small business optimism index for February. Otherwise from central banks, we’ll hear from the ECB’s Simkus and Muller.
1b European opening report
1 c Asian opening report
Sentiment brightens as Trump hints completion of Iran excursion – Newsquawk EU Market Open
Tuesday, Mar 10, 2026 – 02:48 AM
US trade saw a late boost to sentiment after US President Trump said the war could be over soon and that he thinks the war is very complete, pretty much as Iran has no navy, no communications, and have no air force, while he added that the US is “very far” ahead of his initial 4-5 week estimated time frame.”
Iran’s Revolutionary Guards said they will not allow a single litre of oil to be exported from the region if the US and Israeli attacks continue, while it added that they will determine how and when the war ends, and stated that US President Trump’s comments about Iran were nonsense.
APAC stocks rose with global risk sentiment underpinned after oil price pressures eased on a potential G7 joint release of emergency reserves, and with relief seen after US President Trump said the war in Iran could end very soon.
European equity futures indicate a higher cash market open with Euro Stoxx 50 futures up 1.3% after the cash market closed with losses of 0.6% on Monday.
Crude futures declined and have completely retraced this week’s opening surge, with pressure seen as the G7 mulls the release of emergency oil reserves, while further downside was seen after US President Trump suggested that the Iranian conflict is nearing an end.
Looking ahead, highlights include Norwegian CPI (Feb), German/French Trade Balance (Jan), US NFIB (Feb), Weekly ADP, Existing Home Sales (Feb), EIA STEO, Supply from Germany & US, Earnings from Oracle.
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IRAN CONFLICT
US President Trump said the war could be over soon, according to CBS, citing a phone interview. Trump said “I think the war is very complete, pretty much. They have no navy, no communications, they’ve got no Air Force”, while he added the US is “very far” ahead of his initial 4-5 week estimated time frame.
US President Trump said at the Republican conference that it is going to be a short-term ‘excursion’ regarding Iran, and they will not relent until the enemy is defeated. Trump added they have already won in many ways, but haven’t won enough and are determined to achieve total victory. Furthermore, he said Iran has very few launches left, and the US is striking where Iran makes drones, while he stated that this will be finished pretty quickly.
US President Trump said they are making major strides towards completing the military objective, and people could say that they’re pretty well complete, while they have left some of the most important Iranian targets for later. Trump also stated that Iran’s missile capabilities are down to 10% or maybe less, and they could hit Iran’s electric production, but don’t want to, and they are ahead of the initial timeline by a lot.
US President Trump said they will hit Iran harder if it attempts to stop the world oil supply, while he stated the Strait of Hormuz will be safe, and they are getting close to finishing it regarding the ‘excursion’. Trump also stated it’s going to be ended soon, and if it starts up again, Iran will be hit harder, while he responded ‘no, but soon’, when asked if the war will be done this week. Furthermore, he said the big risk on Iran has been over for three days and that they can leave it here, but are going to go further.
US President Trump posted, “If Iran does anything that stops the flow of Oil within the Strait of Hormuz, they will be hit by the United States of America TWENTY TIMES HARDER than they have been hit thus far. Additionally, we will take out easily destroyable targets that will make it virtually impossible for Iran to ever be built back, as a Nation, again — Death, Fire, and Fury will reign upon them — But I hope, and pray, that it does not happen! This is a gift from the United States of America to China, and all of those Nations that heavily use the Hormuz Strait. Hopefully, it is a gesture that will be greatly appreciated.
US President Trump’s advisors urged him to find an Iran exit ramp, fearing political backlash, according to WSJ.
Iran’s Revolutionary Guards said they will not allow a single litre of oil to be exported from the region if the US and Israeli attacks continue, while it added that they will determine how and when the war ends, and stated that US President Trump’s comments about Iran were nonsense.
IRGC said the Strait of Hormuz will be open to any state that expels US and Israeli diplomatic envoys from its territory starting on Tuesday.
IRGC Aerospace Force Commander said from now on missiles with warheads lighter than one tonne will not be launched, and the frequency and scope of the launches will increase, and their range will become wider, according to state media.
Iran’s Foreign Minister Araghchi said Iran has many surprises in store to respond to US plots, while he separately commented that negotiations with the US are no longer on the agenda.
Iran’s Deputy Foreign Minister for Legal and International Affairs Gharibabadi said countries like China, Russia and France have reached out to Iran about stopping the fighting, and Iran’s first condition for a ceasefire is no further aggression.
Head of the Iranian Interests Office in Cairo said if America and Israel proceed with assassinating the new Supreme Leader, it will be a catastrophe on a global level, not just regional.
Iran’s ambassador to China said passage through the Strait of Hormuz will be controlled, but the Strait will not be closed.
A few senior officials in Israel are starting to voice concern about the escalating, open-ended attack on Iran and are suggesting possible exit ramps that might halt the war before it further damages the region and the global economy, according to WaPo.
IDF announced a new broad wave of strikes in Tehran, while it was reported that US-Israel aggression targeted houses in the Mehrshahr area of Karaj, western Iran.
Iran targeted US sites and depots in Kuwait, while it also launched strikes on Manama in Bahrain, hitting a residential high-rise and killing at least one person, with several injured.
Saudi Arabia intercepted and destroyed a ballistic missile launched towards its eastern province.
Israel expects its offensive in Lebanon to outlast the Iran conflict, with the IDF preparing an extended campaign against Hezbollah, according to people familiar with the discussion cited by the Financial Times.
Hezbollah is preparing for a prolonged campaign and intends to escalate, while Israeli PM Netanyahu was reportedly holding a security consultation on a possible ground operation, and the Trump admin is losing patience with the Lebanese government’s lack of action.
French President Macron said he cannot change Iran’s system with only strikes and that the Iran war is to last, perhaps, several weeks.
US TRADE
EQUITIES
US stocks ultimately finished higher on what was a historic day for markets and one of two halves, highlighted by WTI seeing its 2nd biggest daily ever move, with a late boost cash equity trade after US President Trump said the war could be over soon and that he thinks the war is very complete, pretty much as Iran has no navy, no communications, and have no air force, while he added that the US is “very far” ahead of his initial 4-5 week estimated time frame.” Following these remarks, crude prices were hammered, with WTI and Brent hitting lows of c. USD 81/bbl and c. USD 83/bbl, respectively, against earlier peaks of USD 119/bbl. US equity indices surged, and even closed in the green, with all sectors (aside from Financials and Energy) also reversing losses to close in positive territory.
SPX +0.84% at 6,797, NDX +1.32% at 24,967, DJI +0.50% at 47,741, RUT +1.05% at 2,552.
Small businesses sue the Trump administration regarding the new 10% global tariffs, according to NYP.
APAC TRADE
EQUITIES
APAC stocks rose with global risk sentiment underpinned after oil price pressures eased on a potential G7 joint release of emergency reserves, and with relief seen after US President Trump said the war in Iran could end very soon.
ASX 200 rallied with gains led by outperformance in miners, materials, tech and healthcare, while there was little reaction seen to the improved consumer sentiment and mixed business surveys.
Nikkei 225 reclaimed the 54,000 status amid softer yields and as exporters cheered the pullback in energy prices. There were also several data releases, including the final Q4 GDP, which either matched the preliminary numbers or were revised upwards, although Household Spending disappointed.
Hang Seng and Shanghai Comp were in the green, although the mainland bourse lagged behind its regional peers after reports that the US and China clashed over fentanyl and tariffs at a global drugs meeting, while the Trump administration told Beijing it expects to reimpose the fentanyl-related levy under a different law.
US equity futures took a breather overnight after rebounding yesterday amid a relief rally.
European equity futures indicate a higher cash market open with Euro Stoxx 50 futures up 1.3% after the cash market closed with losses of 0.6% on Monday.
FX
DXY edged higher overnight in a mild rebound following the prior day’s slide to beneath the 99.00 level, as yields pulled back alongside the reversal in oil and as the dollar’s haven appeal further dwindled following US President Trump’s comments that the war could end very soon.
EUR/USD took a breather after its return journey from a brief dip beneath the 1.1600 handle, while pertinent newsflow is very light and the data calendar for the bloc is also sparse, aside from German and French trade data.
GBP/USD stalled beneath resistance at 1.3450, with recent price action mostly dictated by dollar moves.
USD/JPY lacked direction after slipping beneath the 158.00 level and with little reaction seen to a bout of data releases from Japan, including Q4 GDP revisions, which either matched or topped the preliminary numbers, while Household Spending surprisingly contracted.
Antipodeans eased back following yesterday’s advances, while there was little reaction seen to the better-than-expected Chinese trade data, which showed double-digit percentage jumps in exports and imports for Australia and New Zealand’s largest trading partner.
PBoC set USD/CNY mid-point at 6.8982 vs exp. 6.8891 (Prev. 6.9158).
FIXED INCOME
10yr UST futures steadily rebounded from yesterday’s early trough with inflationary fears soothed as oil pulled back from extremes, while a recent NY Fed survey showed consumer inflation median expectations for the one-year-ahead horizon softened to 3% (prev. 3.1% in Jan), and both the three and five-year horizons were unchanged at 3%.
Bund futures returned to above the 127.00 level with geopolitics and oil volatility the main catalysts for markets, while participants look ahead to incoming German trade data and a total of EUR 10bln of issuances split evenly between the Schatz and Bund auctions scheduled for today and tomorrow, respectively.
10yr JGB futures held on to most of the prior day’s after-hour gains amid an easing of oil-related inflationary pressure with Japan ordering to prepare the release of reserves, while there were several data releases, including final Q4 GDP data and a surprise contraction in Household Spending.
COMMODITIES
Crude futures declined and have completely retraced this week’s opening surge with pressure seen as the G7 mulls the release of emergency oil reserves, with their energy ministers set to hold talks later today, and the US is said to believe that a joint release of 300mln-400mln barrels of oil is appropriate, while further downside was seen after US President Trump suggested that the Iranian conflict is nearing an end.
US Energy Secretary Wright said they are discussing coordinated releases from the SPR, while banning exports of oil is not being considered to hold down prices.
US Interior Secretary Burgum said the oil price increase is to be temporary and there is a lot of oil in the US.
US reportedly believes a joint release of 300mln-400mln barrels of oil is appropriate, while G7 Energy Ministers are to meet on Tuesday on oil reserves and will discuss a possible release of oil reserves.
US President Trump’s admin is reportedly weighing further easing of Russian oil sanctions.
Japanese Finance Minister Katayama said G7 energy ministers are expected to meet today to discuss the process of the oil reserve release, while she added there is no doubt that the drop in oil futures was a result of G7 solidarity, although she is not sure if they have fallen enough.
Oil flows from northern Iraq’s Kirkuk fields to Turkey’s Ceyhan export terminal have dropped sharply following a wave of drone attacks targeting energy infrastructure in the region, according to Kpler.
Qatari PM said Doha will resume complete energy supply when conditions stabilise and current circumstances call for taking temporary precautions.
India seeks increased Russian oil imports amid Middle East disruptions, while Russia could potentially double supplies, according to reports via Kommersant.
Spot gold edged higher with the metals complex helped by recent dollar softening and as buying resumed amid hopes of a nearing conclusion to the hostilities and disruption in the Middle East.
Copper futures advanced alongside the improvement in risk appetite, although further upside was capped with little reaction seen to the latest trade data from the red metal’s largest buyer.
CRYPTO
Bitcoin climbed overnight and briefly returned to above the USD 70,000 level.
NOTABLE ASIA-PAC HEADLINES
Canada’s Industry Minister completed a national security review of TikTok’s Canada investment and granted permission for it to proceed with an investment, subject to new legally binding undertakings.
DATA RECAP
Chinese Trade Balance (USD)(Jan-Feb) 213.6B vs. Exp. 179.6B (Prev. 114.1B)
Chinese Exports YY (USD)(Jan-Feb) 19.2% vs. Exp. 7.1% (Prev. 6.6%)
Chinese Imports YY (USD)(Jan-Feb) 19.8% vs. Exp. 6.3% (Prev. 5.7%)
Japanese GDP QQ (Q4 F) Q/Q 0.3% vs. Exp. 0.3% (Prev. -0.6%, Rev. From -0.7%, Low. 0.1%, High. 0.4%)
Japanese GDP Annualised (Q4 F) 1.3% vs. Exp. 1.2% (Prev. -2.3%, Rev. From -2.6%, Low. 0.3%, High. 1.5%)
Japanese Household Spending MM (Jan) -2.5% vs. Exp. 0.8% (Prev. -2.9%, Low. -0.4%, High. 3.5%)
Japanese Household Spending YY (Jan) -1.0% vs. Exp. 2.5% (Prev. -2.6%, Low. -0.3%, High. 5.2%)
Australian Westpac Consumer Confidence Index (Mar) 91.6 (Prev. 90.5)
Australian NAB Business Confidence (Feb) -1 (Prev. 3)
Australian NAB Business Conditions (Feb) 7 (Prev. 7)
GEOPOLITICS
RUSSIA-UKRAINE
Ukrainian President Zelensky said Ukraine is ready for a new meeting on peace talks “at any moment”.
Russia’s Kremlin said that Trump called Putin to discuss Iran and Ukraine, and that Trump again expressed interest in ending the Ukraine conflict soon.
OTHER
US President Trump said that Cuba will make a deal or we are going to do it just as easily.
North Korean leader’s sister Kim Yo-jong said joint US-South Korea drills will hurt regional stability.
EU/UK
NOTABLE HEADLINES
UK Chancellor Reeves said she will take necessary decisions to help families with the cost of living and that market movements are likely to put upward pressure on inflation, while she is ready to support a coordinated release of IEA oil reserves and is exploring further action on heating oil.
DATA RECAP
UK BRC Retail Sales Monitor YoY (Feb) Y/Y 0.7% vs. Exp. 2.4% (Prev. 2.3%)
2.a NORTH KOREA/SOUTH KOREA
NORTH KOREA/SOUTH KOREA
SOUTH KOREA/
3. CHINA/TAIWAN
4. EUROPEAN AND SCANDINAVIAN AFFAIRS
ITALY
BROOKE/REMIX
Good for her:
“How Can Women Trust The System If Gang-Rapists Can’t Be Deported?” – Meloni Rages Against Italian Judiciary
Italian Prime Minister Giorgia Meloni has sharply criticized judicial decisions blocking the detention of migrants transferred to Albania, citing the case of a Moroccan rapist with a long criminal record whom authorities say they cannot detain or deport after he applied for international protection.
Speaking to RTL 102.5, Meloni said some court rulings preventing the continued detention of migrants transferred to Italian processing centers in Albania were “surreal” and undermined public safety.
“I also wonder where the feminists are in the face of these events,” Meloni said during the interview, referring to the case of one of the migrants, Moroccan national Fathallah Ouardi, who had been transferred to Albania but was later returned to Italy after judges refused to validate his detention.
Meloni said the man had a lengthy criminal record. “The record of one of these migrants includes convictions for drug dealing, resisting a public official, conspiracy to commit sexual assault, and gang rape,” she said, as cited by Secolo d’Italia.
According to the prime minister, the court rejected the detention order after the migrant applied for international protection.
“This is someone who entered Italy illegally, started dealing drugs, and gang-raped a woman — we can’t detain him, we can’t send him to Albania, we can’t repatriate him, and we’re almost forced to grant him international protection,” she said, adding that such decisions raise serious questions about the protection of victims and public confidence in the justice system.
“How can we guarantee the safety of citizens like this?” she asked. “These decisions are surreal; they affect not the government’s work but citizens’ rights, first and foremost, the right to safety.”
“What trust can a woman who has been gang-raped have in the system if her rapist can’t even be deported?” she added. “I also wonder where the feminists of ‘Non una di meno’ are on these issues.”
The Italian leader also defended her government’s migration policies, including the controversial use of offshore migrant processing centers in Albania.
“I am determined to do what the citizens have asked me to do: a tough policy on irregular immigration, including with new tools like the centers in Albania,” Meloni said.
“Even though some are trying everything they can to prevent it, I am determined on this and am willing to work three times, four times, ten times harder if necessary.”
Remix News provided reporting this week on another Moroccan national accused of raping a 26-year-old woman in Bottanuco in what was a sustained attack over the course of an evening. The suspect was born in 1987 and has accumulated a series of criminal charges and convictions in Italy over more than a decade.
Authorities say he was investigated for drug trafficking between 2014 and 2015 and charged with illegal immigration in 2015. Records also list illegal entry and residence in Trentino in 2016 and theft in 2017.
Court documents further list convictions including resisting a public official and drug trafficking in 2014, as well as participation in sexual assault and gang sexual assault in 2018. A further drug trafficking conviction was recorded in 2025.
In yet another brazen attempt to erase history, the London Museum Docklands has half-covered a portrait of 18th-century merchant Beeston Long with Madras cloth, all in the name of “reclaim[ing] Caribbean history.” This symbolic shrouding targets Long’s investments in Jamaican plantations, turning a piece of British maritime legacy into a virtue-signaling prop.
Critics see this as part of the left’s relentless campaign to erase uncomfortable truths about the past, prioritizing feelings over history and sidelining the achievements of figures who built modern Britain. With new panels lecturing visitors that such artworks can “obscure” or “sanitise” links to slavery and “evoke emotional responses,” the museum is pushing a narrative that gives “voice to those whose cultures have been impacted by colonialism.”
The portrait of Beeston Long, a former Bank of England governor who oversaw Docklands expansion, now hangs partially obscured by cloth exported to the Caribbean during colonial times. Museum officials claim this intervention helps “reclaim the histories of colonised Caribbean nations” and celebrates the Windrush Generation’s influence.
They assert the Caribbean community was “essential” to the area and “invited to migrate to Britain to help rebuild the ‘mother country’” between 1948 and 1971, noting arrivals “created the Tower Hamlets we know today.”
Displays further declare: “Many of the objects in this gallery were created for and through the oppression of enslaved people. European colonialists exploited African and Asian peoples and lands relentlessly.”
To top it off, an installation called Holding Emotions offers visitors ways to “reclaim wellbeing” and “ground yourself,” complete with doodling tips and comfy seats for those triggered by history.
This isn’t an isolated incident. Recall the removal of Robert Milligan’s statue outside the same museum in 2020 amid Black Lives Matter unrest, which remains in storage. National Museum Cardiff yanked a painting of colonial governor Thomas Picton in 2021 to “decolonise” its collection.
As we’ve covered before, this woke purge has targeted icons across the West. In Wales, the government flagged statues of “old white men” like Admiral Horatio Nelson – an “aggressor who conquered peoples” – General Arthur Wellesley, Charles, 2nd Earl Grey (an abolitionist), and Winston Churchill for removal, claiming they fuel perceptions of white male dominance and “can be offensive to people today.”https://modernity.news/2023/03/13/welsh-government-says-statues-of-old-white-men-should-be-removed-because-they-may-cause-offense-to-britains-diverse-population/embed/#?secret=CAmBzWaXDy
But there’s hope on the horizon. Last year, President Trump signed an executive order to restore improperly removed statues and monuments, overhauling the Smithsonian to ditch “divisive, race-centered” narratives and return to “truthful and uplifting views of American history.”
The order, titled “Restoring Truth and Sanity to American History,” tasks officials with reviewing and reinstating monuments taken down in the past five years, aiming to make museums “educate rather than indoctrinate” by July 4, 2026. As the White House stated, many were removed to “perpetuate a false revision of history.”https://modernity.news/2025/03/30/trump-signs-exec-order-restoring-improperly-removed-statues-and-public-monuments/embed/#?secret=X4yPRiRDzK
This latest London fiasco underscores how leftist institutions continue their assault on Western heritage, using “reclamation” as cover to divide and demoralize. Many see it as cultural vandalism, a removal of the unvarnished story of our past – warts and all – for future generations.
Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.
END
UK
Starmer going after X’s Grok
I use Grok and it is terrific
(zerohedge)
UK Govt Plots Another X Shutdown Over Grok’s “Offensive” Roasts
The UK government under Keir Starmer is once again eyeing a total ban on X, this time claiming Grok’s ability to spit out “insults” and “offensive language” poses a dire threat. But as users on the platform point out, this is just another excuse to silence dissent against the regime.
Fresh reports reveal Starmer’s administration is probing ways to penalize X for “spreading offence online,” including a potential shutdown. Sky News reported on Grok being prompted to generate vulgar responses targeting Hinduism, Islam, and even historic football disasters.
Watch:
🚨BREAKING: KEIR STARMER IS CONSIDERING MOVE TO SHUT DOWN X AGAIN
Grok can be prompted to produce 'insults' and 'offensive language'
The UK Government are now looking at ways to penalise the platform for spreading offence online INCLUDING a possible shutdown
The correspondent notes that Grok has been used to generate “highly offensive content” directed toward groups of football fans, such as blaming Liverpool supporters for the 1989 Hillsborough disaster, where 97 fans died in a crush, and for which authorities were found to be culpably responsible. Similar insults targeted Rangers fans, referencing the 1971 Ibrox disaster that claimed 66 lives.
The government says it is investigating the issue. This comes after Ofcom, as the regulator, stated at the start of the year that it was considering potential actions. Under the Online Safety Act, penalties could include fines up to 10% of a company’s worldwide revenue or £18 million if non-compliance is determined.
Sky News states that X is “urgently investigating” the chatbot responses.
This isn’t Starmer’s first rodeo in targeting X. As we detailed in our earlier coverage, the UK government threatened a total ban on X over the so-called “Grok bikini flap,” where the AI was prompted to create ‘sexualized’ images.
As we further noted, the push for a total ban likely has nothing to do with protecting children, but everything to do with stifling free speech and criticism of the Labour government’s policies.
X users aren’t buying the latest pretext. One post blasts “Starmer Bin Lying gets fact checked by Grok every time he speaks He can’t even post on this app without being exposed as a liar.”
A reply warns of tyranny, quoting Robert A. Heinlein: “When any government, or any church for that matter, undertakes to say to its subjects, This you may not read, this you must not see, this you are forbidden to know, the end result is tyranny and oppression no matter how holy the motives.”
This pattern reeks of authoritarian overreach. Starmer’s regime, facing backlash over open borders and surveillance creep, can’t stand a platform where truths about their failures go viral.
X remains a bastion for uncensored discourse, exposing leftist hypocrisy and globalist agendas. Shuttering it just because a minority of people made Grok make up some insults would constitute a total victory for tyrants.
Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
ISRAEL, IRAN, ETC/RUSSIA
TBN ISRAEL LAST 24 HRS
ISRAEL VS IRAN updates
Monday night
Trump Threatens Harder Strikes If Iran Hits Global Oil Supply, Pledges US ‘Excursion’ Nearly Complete
Monday, Mar 09, 2026 – 03:45 PM
Summary:
Trump pledges Iran ‘excursion’ going to be ended soon, but warned “Iran will be hit harder” if it starts up again, or if Tehran targets global global oil supplies.
When asked by reporter, Trump refuses to say if new Ayatollah has a target on his back.
Trump tells Republican conference it is going to be a short-term excursion in Iran, but he’s ready to see the mission through against “evil” Iran.. Says of Tehran, “They should’ve cried uncle two days ago.” And Iran campaign will be “finished pretty quickly”.
Trump tells CBS “the war could be over soon.” Oil prices drop on the headline.
Trump calls choice of new supreme leader ‘a big mistake’
Lebanon wants direct peace talks with Israel to end fighting but Israeli rejects it, also amid US skepticism: Axios.
Trump says too soon to talk about seizing Iran’s oil but does not rule it out, tells NBC.
Analyst consensus on question of potentially protracted conflict: Iran Signals a Fight to the End With Appointment of Khamenei’s Son
Senator Graham: “The American Embassy is being evacuated in Riyadh because of sustained attacks by Iran against the Kingdom of Saudi Arabia.”
Timeline to end Iran war?Trump signals decision will be only after ‘mutual’ decision with Netanyahu.
Trump Truth Social post calls for Australia to give Iran National Woman’s Soccer team Asylum, but it remains unclear if the whole team is actually requesting it, or if individuals are.
Iranian official to Al Jazeera: “we are able to continue the war for a long time and there is no room for diplomacy now.”
G7 ‘closely monitoring’ energy markets, ‘ready’ to take necessary measures, including poss oil stockpile release.
Younger, reportedly more ‘hardline’ Ayatollah takes command as regime stability continues: Military and political elites have pledged allegiance to Mojtaba Khamenei, who replaces his slain father as supreme leader and is viewed as a figure favored by the IRGC.
Offramp, or more global shock & pain ahead? Trump after seeing oil prices: Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, ONLY FOOLS WOULD THINK DIFFERENTLY!
Threat of whole regional war ongoing: Turkey says second Iranian ballistic missile shot down by NATO defenses in airspace, but then NATO quickly contradicts – saying no 2nd missile was intercepted.
Nation-building, nation-smashing, divergent US-Israeli aims? More from Trump“…will work tirelessly to bring Iran back from the brink of destruction, making it economically bigger, better, and stronger than ever before.” But US officials distance themselves from big weekend attacks on Iranian oil.
Iran shuts door on ceasefire talk possibility, accuses US of seeking ‘partition’: as several countries have begun mediation efforts; however Foreign Ministry says: “While military aggression continues, there is little room to talk about anything other than a decisive response.”
CENTCOM confirms 8th US troop death; More Iranian missile/drone hits on Gulf sites, IDF ground operations expand inside Lebanon
* * *
Update(1550ET): A more carefully scripted public address on the Iran war was given by President Trump from Florida late afternoon, in which he reviewed how the ‘excursion’ in Iran is going. He pledged it’s going to be ended soon, but warned “Iran will be hit harder” if it starts up again, or if Tehran targets global global oil supplies.
But on this issue, Trump issued nothing new on a potential move to militarily enter the Strait of Hormuz to ensure free passage, only assuring it will be made “safe”. He said military objectives are “pretty well complete” but that there are still some very important targets to be hit. Also interesting is that when asked by a reporter, Trump refused to say if new Ayatollah has a target on his back.
US CENTCOM has meanwhile said that thus far in Operation Epic Fury over 5,000 Iranian targets have been hit, and 50 Iranian naval ships have been destroyed or damaged.
Footage from Iran right now looks like something out of a movie. I have no idea what they are hitting or how they are hitting, but this is something completely new for me. pic.twitter.com/yHxbEy32BA
Update(1545ET): President Trump just told CBS News that he believes the US-Israeli war with Iran is “very far ahead of schedule” and so it could be over soon. Considering this whole thing started with talk of a mere four day timeline, then quickly morphed to four or five weeks, before Hegseth declared eight weeks would be needed… is this the White House preparing for a quick draw down and off ramp? Here’s what Trump told CBS by phone:
“I think the war is very complete, pretty much,” he said. “They have no navy, no communications, they’ve got no air force. Their missiles are down to a scatter. Their drones are being blown up all over the place, including their manufacturing of drones. If you look, they have nothing left. There’s nothing left in a military sense.”
Oil rapidly dropped… down 30% from overnight highs:
Offramp brewing? Notice below there’s now no mention of removing the regime, and especially important is no mention of destroying the Iranian nuclear program. Additionally, no mention of destroying Iran’s ability to project power via proxy forces.
SECRETARY RUBIO: The goals of the mission against the Iranian regime are clear: – Destroy their ability to launch missiles – Destroy factories making these missiles – Destroy their navy pic.twitter.com/KPUpMGNtDf
Araghchi: Iran no longer willing to negotiate with US, shifts blame on destabilized oil production
According to Araghchi, the US has soured the potential of future negotiation by repeatedly attacking in the middle of diplomatic talks – first last year in June, and then in the current war.
Iran’s Foreign Minister Abbas Araghchi addresses a special session of the Conference on Disarmament at the United Nations, aside of US-Iran talks in Geneva, Switzerland, February 17, 2026(photo credit: REUTERS/PIERRE ALBOUY)ByTZVI JASPERMARCH 10, 2026 01:42
“I don’t think the question of talking with Americans or negotiation with the Americans once again would be on the table,” Iranian Foreign Minister Abbas Araghchi told PBS News Hour in an interview on Monday.
According to Araghchi, the US has soured the potential of future negotiations by repeatedly attacking in the middle of diplomatic talks – first last year in June, and then as the opening to Operation Epic Fury.
“This year, they tried to convince us that this time is different. They promised us that they don’t have any intention to attack us,” Araghchi said. “So I don’t think talking with Americans anymore would be on our agenda anymore.”
Iranian Foreign Minister blames Israel, US for region destabilization
Araghchi also denied that Iran was intentionally putting pressure on the US and Israel by targeting oil production in other nations in the region. He claimed that oil tankers are “scared to pass through the Strait of Hormuz,” but that “We are not preventing them to navigate in that strait.”
Instead, the minister shifted the blame onto the US and Israel’s aggression towards Iran, arguing that by attacking, they have destabilized the region.
“This is a war imposed on us,” he stated, “What we are doing is only defending ourselves. We are facing an act of aggression, which is absolutely illegal. And what we are doing is the act of self-defense, which is legal and legitimate. Well, we have already warned everybody in the region that if the US attacks us, since we cannot reach the American soil, we have to attack their bases in the region, their facilities, their installations, their assets. And as a result, the war would be spread into the whole region. So these are the consequences, the consequence of the US aggression against us. We are not responsible for that.”
END
IRAN/ISRAEL/ILLEGAL CLUSTER BOMB:
One killed, two seriously wounded by cluster munitions as Iranian attack targets central Israel
The wounded individuals were evacuated by MDA to Sheba Medical Center for further treatment.
Magen David Adom paramedics at the scene of a missile hit, March 9, 2026.(photo credit: MAGEN DAVID ADOM)ByMAYA ZANGER-NADIS, YONAH JEREMY BOB, MIRIAM SELA-EITAMMARCH 9, 2026 02:25Updated: MARCH 9, 2026 21:25
One person was killed, and multiple others were seriously wounded during one of several Iranian ballistic missile barrages toward central Israel, Magen David Adom confirmed on Monday afternoon.
Cluster munitions were reportedly used by Iran, with around half a dozen sites hit.
In some of the locations that were hit, no early warnings or rocket sirens were sounded, and IDF Spokesperson Brig.-Gen. Effie Defrin said the military was reviewing what might have gone wrong.
In the past, cluster munitions or missiles that otherwise broke apart sometimes confused IDF warning systems looking for a full-sized missile.
The individual who was killed was found and declared dead at the scene after resuscitation efforts. He and one of the wounded are Chinese foreign workers, according to Israeli media outlet N12.
Smoke rises from the outskirts of a central Israel city following an Iranian projectile strike, amid the US-Israeli conflict with Iran, Mar 8, 2026. (credit: REUTERS/DYLAN MARTINEZ)
One of the wounded was evacuated from a construction site in serious and unstable condition to Sheba Medical Center in Tel Hashomer, MDA said.
“Immediately after the sirens, we received reports at MDA about several scenes in central Israel and were dispatched to search them all,” MDA paramedic Liz Goral said. “One of the scenes in central Israel was at a construction site. It was a difficult scene. The two casualties were lying unconscious and suffering from severe shrapnel injuries to their bodies.”
“After performing resuscitation efforts, we had to pronounce the death of a man, approximately 40-years-old, and we evacuated the second casualty in serious condition by Mobile Intensive Care Unit to the hospital.”
A second seriously wounded individual was also being evacuated with shrapnel wounds to Sheba Medical Center from a separate site in central Israel.
IEC says electricity infrastructure damaged by missile barrages, drones
The Israel Electric Corporation also noted that electricity infrastructure had been damaged at several locations across northern and central Israel after the recent missile barrages and drone intrusions. Power outages have been reported in multiple locales as a result.
Teams from the corporation are working to identify the damage and restore power.
All of Monday’s missile impacts occurred despite the IDF’s progress in reducing the volume of daily rocket fire from the earliest days of the war.
Defrin said on late Monday night that two civilians had been killed, but the IDF later said that was an error.
According to the military, the IDF has begun a new wave of strikes against the Iranian regime’s infrastructure across Tehran, Isfahan, and, strangely, in southern Iran, which has mostly been the US’s responsibility.
It was unclear if there were any broader strategic implications to Israel’s attack in southern Iran in addition to US operations there.
At press time, some reports had said that the US has cut back on its airstrikes, while Israeli airstrikes have been cut back significantly from 1,000 bombs per day to likely between half and one-third that amount as the IDF readies itself for a potentially longer conflict.
US Central Command (CENTCOM) is expected to give a more comprehensive update later on Monday. No Israeli update was given.
Earlier on Monday, the IDF revealed it had struck several long-range ballistic missile launch sites and military infrastructure belonging to the Islamic Revolutionary Guard Corps (IRGC).
The regime’s Internal Security Force’s headquarters in Isfahan was struck, as well as the IRGC’s police force’s headquarters, a base belonging to the Basij militia, and a production facility for rocket engines, the military added.
The IDF later reported that the military had targeted an IRGC UAV headquarters, from which the Iranian regime had launched drones toward Israel and was storing more for future attacks.
“The combined effort to further degrade the regime’s firing capabilities and defense capabilities continues at this moment,” the military statement added, “alongside the continued expansion of strikes on the ballistic-missile production infrastructure throughout Iran.”
The IDF also gave details about additional attacks against 16 aircraft used by the IRGC to export terror throughout the region.
Also, the military has struck six different airports and runways in Iran.
Defrin said that, to date, around 1,900 regime fighters had been killed.
Earlier in the war, IDF sources had estimated the number at multiple thousands. It was unclear what caused the discrepancy.
Jerusalem Post Staff contributed to this story.
END
TUESDAY MORNING
IRGC Says Iran, Not US, Will Determine War’s End As Trump Threatens Strikes ’20 Times Harder’ If Hormuz Transit Blocked
Tuesday, Mar 10, 2026 – 09:00 AM
Summary:
Pentagon claims “winning”: After ten days into Operation Epic Fury, Pentagon chief Pete Hegseth lists objectives that include destroying Iran’s missile infrastructure, defense industry, navy, and ensuring Tehran is “permanently” denied nuclear weapons.
Trump’s mixed messaging aswar could end ‘soon’ while saying Iran’s military is crippled, but also warns Tehran would be hit “20 times harder” if it disrupts oil traffic through the Strait of Hormuz. Signs of Washington officials looking for an offramp. A mere few days ago Trump stressed the US would stop at nothing short of Iran’s “unconditional surrender” – but that continues to look dubious.
Iran rejects U.S. narrative: The IRGC says its missile program remains intact and claims it is firing larger salvos with heavier warheads, while officials insist Iran, not Washington, will decide when the war ends.
Regional escalation especially in Lebanon: Heavy IDF fighting continues with Hezbollah in Lebanon, while Gulf states intercept missiles and drones, and all the while Iranian leaders say US and Israeli regime-change efforts have failed and vow to prepare for a “long war” – even involving those who host American bases in region.
* * *
Ten days of Operation Epic Fury have passed, and War Secretary Pete Hegseth asserted that the United States is “winning” against the “barbarian” Iranians, and that Tehran has been “racing” toward a nuclear bomb.
He listed in a Pentagon press briefing Tuesday morning that war objectives are to destroy missiles and the defense industrial base, to destroy Iran’s navy, and to ensure Iran can never obtain a nuclear weapon. He stressed that the goal includes to “permanently deny Iran nuclear weapons forever.“
He added: “We will not relent until the enemy is totally and entirely defeated.” This comes the day after President Trump said that he believes the war could end soon, even as Iranian officials signal they are preparing for a prolonged conflict.
“I think the war is very complete, pretty much,” Trump told CBS News. “They have no navy, no communications, they’ve got no air force.” Hours later in afternoon remarks from Florida, Trump warned that Iran would face massive retaliation if it tried to disrupt global oil flows, saying the United States would strike Tehran “20 times harder” if it attempted to block tankers in the Strait of Hormuz.
The Pentagon’s Tuesday morning briefing really emphasized steady destruction of Iranian missile sites – even underground ballistic launch bunkers – with heavy bunker busters. However, the Islamic Revolutionary Guard Corps (IRGC) has rejected Washington claims that its missile program has been destroyed, saying it is launching larger volleys of missiles with warheads weighing more than one ton.
Iran has continued retaliatory strikes on Israel and Gulf allies, including in Bahrain, Kuwait, the United Arab Emirates, and Saudi Arabia. One person was killed in Manama and two others were killed in central Israel Monday into Tuesday.
While Israel’s military has heavily censored potential damage on the ground and the rate of Iran’s missile and drone attacks, unverified but widespread online accounts suggest it continues to get hit hard on a nightly basis.
Tehran meanwhile has experienced some of the heaviest bombardment of the war overnight, with at least 40 people reported killed near Risalat Square. Since the start of the war, at least 460 people have been killed and 4,309 wounded in Tehran alone, according to the figures of Mehr Soroush, deputy head of the Tehran Emergency Health Department. The Iranian capital is densely packed with a size and population comparable to New York City.
Across Iran, more than 1,200 people have been killed and over 10,000 injured. Even the newly named Supreme Leader, Ayatollah Mojtaba Khamenei, may have been injured – reportedly before he was declared head of the country, state media has suggested.
Mohammad Jamalian, a member of Iran’s parliamentary health committee, has said nine hospitals are no longer operational due to the ongoing bombardment. Pharmaceutical stockpiles remain sufficient for about six months, he has described according to Al Jazeera, while non-elective surgeries have been suspended to free hospital capacity for emergency cases.
The conflict continues to expand regionally, with the Bahrain military saying it has intercepted and destroyed 105 missiles and 176 drones since Iran began attacks on countries hosting American forces. There remains a big open question on whether Gulf Cooperation Council (GCC) countries will send their militaries to formally enter Operation Epic Freedom. Hawkish Senator Lindsey Graham has certainly been calling for it, saying the Gulf should do much more in its own defense.
Israel’s northern front also remains active, with Israeli strikes in Lebanon having pushed the death toll there to at least 486 people as Israel and Hezbollah continue exchanging fire.
“Rally round the flag” effect in the wake of Trump’s ‘shock and awe-style’ bombs on Tehran and elsewhere…
Powerful explosions erupt live on Iranian state TV — right from Revolution Square in Tehran
The Iranians didn't flinch, showing even more defiance and waving their country's flags even harder pic.twitter.com/Q17UvbUqI3
Israeli officials are also signaling that the war is far from over, with Prime Minister Benjamin Netanyahu saying in a visit to IDF troops, “Our aspiration is to bring the Iranian people to cast off the yoke of tyranny; ultimately, it depends on them. But there is no doubt that with the actions taken so far, we are breaking their bones – and we are not done yet.”
As for the narrative from Tehran, leaders remain defiant – also as there’s some degree of evidence of a “rally around the flag” effect, meaning Iranians have been filmed out in the street pledging allegiance to the nation and the new Supreme Leader. Iranian officials are loudly and boldly declaring Washington and Tel Aviv failed in their initial war objectives.
Foreign Minister Abbas Araghchi said the appointment of Mojtaba Khamenei has proven that regime change efforts have collapsed. “They thought that, in a matter of two or three days, they can go for a regime change, they can go for a rapid, clean victory, but they failed… they failed to achieve their goals at the beginning, and now, after 10 days, I think they are aimless,” Foreign Minister Araghchi told PBS News Hour.
Araghchi also rejected claims that Iran is responsible for rising oil prices and disruptions to global shipping, describing that “This is not our plan” and that “The oil production, the transportation of oil has been slowed down or stopped not because of us, because of the attacks and aggression made by Israelis and Americans against us.”
Iran says it is still prepared for a “long war” and to fight to the end. On the question of closing Hormuz, the Iranian top diplomat claimed, “We have not closed that strait. We are not preventing them to navigate in that strait. But this is the result of the aggression by Israelis and Americans, which has made the whole region insecure, unstable.” Additionally the IRGC has said that Iran, not the United States, will determine when the war ends.
Pressed on Iranian strikes targeting oil facilities in the region, Araghchi insisted Tehran is acting in self-defense. “We are facing an act of aggression, which is absolutely illegal. And what we are doing is the act of self-defense, which is legal and legitimate.”
“Well, we have already warned everybody in the region that, if the US attacks us, since we cannot reach the American soil, we have to attack their bases in the region, their facilities, their installations, their assets.”
Iran’s foreign ministry has also taken the opportunity to fire back at European Commission President Ursula von der Leyen after she said the Iranian people “deserve freedom, dignity, and the right to decide their own future.”
“Please spare the hypocrisy,” foreign ministry spokesman Esmaeil Baqaei wrote on X. “You’ve made a career out of standing on the wrong side of history — green-lighting occupation, genocide, and atrocities, and now laundering U.S./Israeli crime of aggression and war crimes against Iranians.”
“Where was your voice when more than 165 innocent IRANIAN little angels were massacred in the city of Minab?” he questioned. “Why don’t you say anything when hospitals, historical sites, oil facilities, diplomatic police headquarter, firefighting stations and residential neighborhoods are wickedly targeted?” He concluded that it’s been: “Silence in the face of lawlessness and atrocity is nothing less than complicity.”
END
TUESDAY
IDF targets IRGC weapons research headquarters in Tehran as Israel, Iran continue to trade blows
Strikes were also reported in Isfahan, Karaj, Zahedan, Kermanshah, and other Iranian cities, eyewitnesses and local media cited by Iran International claimed.
An IDF F-35 “Adir” shot down an Iranian Air Force YAK-130 fighter jet on March 4, 2026.(photo credit: IDF SPOKESPERSON UNIT)ByJAMES GENNMARCH 10, 2026 12:33Updated: MARCH 10, 2026 15:33
The IDF stated that it struck in Tehran and several other Iranian cities in a series of statements overnight between Monday and Tuesday.
The military identified several operatives in Iran’s ballistic missile program operating in the west of the country, preparing to launch missiles towards Israel on Monday. Following their identification, an Israel Air Force fighter jet struck and dismantled the launcher and killed the operatives before a launch could occur, the military confirmed on
The military stated that the Air Force struck several pieces of IRGC infrastructure in Tehran overnight on Monday, including at an IRGC research facility for ballistic missiles, the Quds Force headquarters, and several weapons and air defense systems.
The IDF stated that the research complex was within the IRGC’s central military university, which is also used as an emergency asset and a gathering site for operational activity.
A video sent to Iran International shows the sky over western Tehran lighting up after a massive explosion caused by an attack in the early hours of Tuesday pic.twitter.com/Llhj96sTa6
— Iran International English (@IranIntl_En) March 9, 2026
On the eleventh day of Operation Roaring Lion, Israel continues to face sustained missile attacks launched from Iran and its regional proxies, including Hezbollah, the terrorist organization that functions as an extension of the Iranian regime.
Among the most dangerous elements of this campaign is Iran’s increasing use of cluster warheads—munitions designed to disperse multiple smaller explosives over a broad area. When used against civilian population centers, these weapons are not merely dangerous; they represent a serious violation of international law. Dozens of Iranian missiles fired toward Israel in recent days have carried cluster warheads.
Cluster munitions are engineered to fragment in midair. Unlike a conventional missile that strikes as a single explosive, a cluster warhead breaks apart during flight. Inside the warhead are roughly twenty to twenty-four individual submunitions. Once released, they fall freely, scattering across the ground and creating dozens of separate impact sites. The result resembles multiple bomb explosions. These disperse over miles. While each individual blast is smaller than a standard missile strike, anyone nearby faces lethal danger.
Since the start of the Iranian missile campaign, twelve civilians have been killed and approximately two hundred people injured, several of them seriously. In one incident in Yehud, a cluster warhead dispersed submunitions across a construction site. Most workers had taken shelter in protected spaces, but two individuals who were not in protected areas were killed. And just last night, the Iranian regime fired a cluster warhead at the Israeli city of Rishon Lezion—damaging multiple areas, including a children’s playground. This is what we’re operating against.
In conventional interstate warfare, cluster munitions are sometimes used against large military targets.
The situation unfolding in Israel is markedly different.
Iranian missiles carrying cluster warheads are being directed toward densely populated civilian areas. These weapons disperse explosives across neighborhoods, construction sites, streets, and residential districts.
This pattern demonstrates their deliberate effort to maximize harm to civilians.
Because the submunitions are small and disperse rapidly during descent, intercepting or neutralizing each one individually before impact is extremely difficult. Even when Israel’s multilayered air defense systems intercept the primary missile, debris and unexploded submunitions can still fall across populated areas. Israelis have therefore been instructed to stay away from suspicious objects and immediately report them to emergency services.
At the same time that Israel is facing cluster munitions from Iran, Hezbollah has launched additional attacks from Lebanon, firing anti-tank missiles and short-range rockets toward Israeli civilian communities and military positions in the north.
Despite these challenges, the Home Front Command and emergency services remain fully mobilized. National defense policies are being implemented with one primary objective: saving lives while maintaining essential economic activity wherever possible. The resilience of Israel’s civilian population—and strict adherence to safety instructions—remain central to reducing casualties.
International law is clear on this point. Directing attacks at civilian populations or using weapons in a manner that indiscriminately harms civilians constitutes a war crime. The deployment of cluster munitions against densely populated areas is therefore not simply a tactical choice. It is a violation of the fundamental rules governing armed conflict.
Iran’s use of these weapons against Israeli cities demonstrates a willingness to deliberately endanger civilians in order to inflict psychological and physical harm.
Israel will continue to operate to defend its citizens and neutralize the threats posed by the Iranian regime and its proxies. At the same time, the international community must recognize the gravity of the regime’s crimes.
IRAN CHINA
Suspected Missile Fuel Precursor Materials Sail From China To Iran, Even As US Bombs Fall
Monday, Mar 09, 2026 – 10:40 PM
A pair of cargo ships tied to a sanctioned Iranian state shipping line have quietly departed a Chinese chemical hub and are now sailing toward Iran carrying what analysts suspect is missile fuel precursor, according to fresh Washington Post analysis of ship-tracking data and satellite imagery.
The vessels have been identified as Shabdis and Barzin, which operate under Islamic Republic of Iran Shipping Lines (IRISL), the state carrier sanctioned by Washington and many allies. The IRISL has long been accused of shipping materials tied to Iran’s ballistic missile program – something which the US and Israel say they are trying to currently eliminate in the ongoing Operation Epic Fury.
Both ships recently docked at Gaolan port in Zhuhai on China’s southeastern coast, a major chemical-handling facility that processes large volumes of industrial compounds, including sodium perchlorate – which is critical for producing solid rocket fuel, the report says.
Officials and and analysts were cited in the Post as concluding the cargo likely includes sodium perchlorate destined for Iran’s missile program.
“Given the track record, the most parsimonious explanation is that they’re loading the same commodity they’ve been shuttling for the past year-plus,” Isaac Kardon, a senior fellow at the Carnegie Endowment for International Peace, pointed out.
So in a way this is nothing “new” for Beijing-Tehran ‘illicit’ trade, however what is new is seen in the following:
While a dozen other IRISL ships have visited the port since the start of the year, experts emphasized that China’s allowing a ship to depart for Iran with weapons-related material during a war in which they have called for restraint would be extremely notable.
Indeed, as Kardon continues, “China could have held these vessels at port, imposed an administrative delay, invented a customs hold – any number of bureaucratic tools, but didn’t.”
Just days before US and Israeli bombs began to fall on Tehran, we featured analysis which questioned, Will China Come To Iran’s Rescue? “While China avoids direct confrontation, it has not shied away from visible military cooperation – also as “Earlier this month, Russia, China and Iran deployed naval vesselsfor joint security exercises in the strategically vital Strait of Hormuz,” we featured.
Beijing’s official position remains that it supports “safeguarding Iran’s sovereignty, security, and territorial integrity” while opposing “the threat or use of force in international relations.” As was also featured:
China is unlikely to dispatch troops or engage directly in any conflict, but to interpret this as passivity would be to misread the nature of 21st-century great power competition. China’s support for Iran is real, multifaceted, and in some ways more sustainable than military intervention; it just operates on a different strategic wavelength.
Beijing has meanwhile formally rejected the allegations that it is moving missile-production material to the Islamic Republic, arguing that the United States exaggerates routine commercial or dual-use trade.
And the below is a monitoring report from just weeks before the Trump-ordered campaign on Iran began:
Washington has directed parallel criticism at Russia and China’s ‘dual-use’ trade and cooperation in certain sensitive industrial sectors which overlap with defense. But both also see this as their right, in the end, based on national sovereignty.
END
Humanity Crossed A Threshold, And Most Of Us Scrolled Past It
Something happened last week that most people scrolled past.
Two Amazon data centers in the United Arab Emirates were struck during Iran’s retaliation for U.S. military action. Another facility in Bahrain was reportedly damaged after a drone landed nearby. The earlier strikes that triggered the retaliation were said to have used AI-assisted targeting systems.
It was a brief moment in the news cycle, quickly overtaken by the next political story. But the implications are difficult to ignore.
Artificial intelligence has now crossed into active geopolitical conflict.
The infrastructure that powers the digital world—the same systems that store family photos, run businesses, and answer questions on our phones—has become strategic wartime infrastructure. Algorithms woven quietly into civilian technology are now helping guide decisions about where weapons land.
Humanity crossed a threshold, and most of us scrolled past it.
But we know from history that major technological shifts rarely announce themselves with a single dramatic moment. They appear first as signals in small news items, policy disputes, unexplained departures by insiders.
Another signal appeared almost at the same time.
The federal government recently removed the artificial intelligence systems developed by Anthropic from its networks. Shortly afterward, OpenAI stepped in with a defense agreement of its own.
The public does not know the full story behind the change. We do not know exactly what demands were made behind closed doors, what ethical guardrails were contested, or why one of the world’s leading AI companies was suddenly pushed out of federal systems.
But the episode itself is another signal.
And yet another signal has been appearing quietly inside the AI industry itself: the departure of safety researchers.
Over the past several years, numerous high-profile researchers tasked with studying the risks and safety of advanced AI systems have left their posts at leading companies and research labs. Many of these departures have come with little public explanation.
Those researchers rarely describe the internal debates they witnessed. Few are in a position to do so.
But patterns like this matter. When the people closest to a powerful technology begin stepping away quietly, it often means they have seen tensions the public has not yet been invited to examine.
History has seen moments like this before.
In the early 1940s, scientists working on what became the Manhattan Project realized they were building something unprecedented. Some raised concerns about what the technology might mean once it left the laboratory. But those debates happened largely behind closed doors. The public understood the stakes only after the technology had already been used.
Artificial intelligence may be unfolding along a similar pattern. We are seeing the signals now—researchers leaving, governments disputing ethical guardrails, and AI systems appearing inside real geopolitical conflict.
Yet the public conversation about artificial intelligence is still shaped by a set of assumptions that make these signals harder to recognize.
Misconception #1: AI Is ‘Just a Tool’
This analogy is comforting. We imagine AI the way we imagine a calculator or a word processor—machines that perform tasks efficiently while remaining firmly under human control.
Tools can become strategic assets in war. But they do not generate their own outputs in ways their creators sometimes struggle to explain, nor do they require constant negotiation over the ethical boundaries of their behavior.
Modern AI systems are not programmed line by line in the traditional sense. They are trained on vast datasets and learn patterns within that data. Their behavior emerges from statistical relationships rather than explicit instructions. AI researchers describe these systems as “grown,” not built. And that makes them fundamentally different from the tools we are used to controlling.
Misconception #2: AI Is Neutral
AI systems are trained on human-generated information. That information reflects human biases, historical conflicts, and uneven representation.
When an AI system generates an answer, it synthesizes patterns it absorbed from that material.
AI has developed fluent language skills that can create the illusion of objectivity. But confident language is not the same as truth.
The recent disputes between governments and AI companies illustrate this clearly. Debates over surveillance limits or autonomous weapons are not simply technical questions. They are moral ones. Guardrails exist precisely because the systems themselves are not neutral.
Misconception #3: Humans Fully Control AI
Traditional software behaves according to explicit instructions written by programmers.
Modern AI systems operate differently. Their outputs are probabilistic, generated through layers of learned relationships inside the model.
Developers are now using AI systems to build AI systems and to manage other AI systems. They are using AI to write code that in the past they would have written themselves, and it’s happening so fast that they cannot monitor or even understand every line of code being generated by systems that do not sleep.
Control, in this environment, is not a switch. It is more like a moving boundary that no one has ever seen before, and the language to even define it is still in its infancy.
Misconception #4: The Experts Know Where This Is Going
In most scientific fields, experts disagree within a fairly narrow range. In artificial intelligence, the range of opinion is unusually wide.
Some researchers believe AI will revolutionize medicine and scientific discovery. Others warn the technology could produce serious societal disruption if development outruns human wisdom.
Among those raising such concerns is Geoffrey Hinton, a Nobel Prize winner and one of the foundational figures of modern AI research.
That range of opinion does not prove disaster is coming. But it does reveal that even the people building these systems do not fully agree on where they lead.
Artificial intelligence is integrating rapidly into the systems that shape modern life—communication, commerce, national security, and governance.
We are seeing signals across all of these domains. We can see clearly that AI is shaping our future whether we like it or not. The question is whether we will recognize the signals in time to understand what is unfolding, or whether we will wait, as societies often do, until the consequences make the signals impossible to ignore.
Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times or ZeroHedge.
GULF STATES
Gulf Firms Seek Millions In Political Violence Coverage Amid Rising Tensions
Tuesday, Mar 10, 2026 – 02:45 AM
Companies across the Gulf are rushing to purchase political violence insurance as regional fighting intensifies, seeking protection for major infrastructure and commercial properties against the growing risk of attacks and collateral damage, according to FT.
Insurers and brokers say they have received hundreds of inquiries in recent days from asset owners looking for coverage that protects against war-related threats. The policies typically cover damage caused by terrorism, missile debris, civil unrest, strikes, riots and other forms of political instability.
Demand has surged as the conflict in the Middle East expands, with Iran and allied groups launching missile and drone strikes against Israel and nearby countries following a joint U.S.–Israeli bombing campaign. Investors and businesses in Gulf states including Saudi Arabia and Oman are increasingly concerned about the possibility that the violence could spill over into neighboring economies.
Industry experts say the financial impact of the conflict could be unusually large. Fergus Critchley, global head of terrorism and political violence at broker WTW, warned the current crisis could produce losses “significantly larger and more catastrophic” than those seen in recent years.
FT writes that much of the new demand is coming from Western companies operating in the Gulf, which insurers say are often considered more likely targets. Raj Rana, who leads war and terrorism coverage at broker Bowring Marsh, said his firm alone has fielded more than 50 requests for political violence coverage since last weekend.
Requests have come from a range of sectors, including renewable energy and hospitality. Solar projects in Saudi Arabia and hotels in Bahrain and Qatar have all sought protection as companies worry about both direct attacks and indirect damage such as falling shrapnel from intercepted missiles.
Digital infrastructure has also faced threats. Drone strikes this week targeted data centers operated by Amazon in the United Arab Emirates and Bahrain, according to security experts who suspect Iranian involvement. Microsoft said its regional operations had not been disrupted.
Some businesses in the region already carried terrorism insurance before the conflict escalated. However, brokers now recommend broader political violence coverage, which also protects against unrest such as riots, strikes and civil disturbances.
The surge in demand has pushed premiums sharply higher. Insurers say prices rose early in the week to several times their previous levels. Previously, coverage for political violence on an energy project in Saudi Arabia or the UAE could cost less than 1 percent of the insured value. By Thursday, the cost had climbed to roughly five times that rate. For example, securing $10 million in coverage for a $20 million project could now cost about $500,000, compared with under $100,000 before the latest escalation.
END\
IRAN ET AL
TUESDAY LATE AFTENOON
Trump ‘Gets To Control The Throttle’ Of War, Hegseth Insists, As Iran Vows ‘Eye For Eye’
Tuesday, Mar 10, 2026 – 01:20 PM
Summary:
Divergent signals flying between Tehran and Washington: Witkoff says Trump “always willing to talk” to Iran, the question is whether or not it is worth it. Trump-Putin spoke Monday, and Putin-Pezeshkian spoke Tuesday. Meanwhile Tehran defiant: no ceasefire, vows maximum pain.
Operation ‘mostly achieved goals’ – Trump says as WSJ reports officials seeking plans for offramp.
Tehran vows ‘eye for an eye’ if US-Israel hit infrastructure. Iran leaders on various levels sounding hawkish and not backing down.
Oil/Energy: Iraq has shut down some oil wells, while Kuwait, Qatar, Bahrain, the United Arab Emirates, and Saudi Arabia taking similar steps to curtail production. Qatar too: halted operations at several gas wells and shut down the liquefaction “trains” used to process natural gas for export.
Qatar urges halt to attacks, quick return to diplomacy – Foreign Ministry: “Reaching the negotiating table quickly and halting attacks would serve the interests of the peoples of the region as well as international peace and security, in addition to strengthening global economic stability.”
Pentagon claims “winning”: After ten days into Operation Epic Fury, Pentagon chief Pete Hegseth lists objectives that include destroying Iran’s missile infrastructure, defense industry, navy, and ensuring Tehran is “permanently” denied nuclear weapons.
Trump’s mixed messaging aswar could end ‘soon’ while saying Iran’s military is crippled, but also warns Tehran would be hit “20 times harder” if it disrupts oil traffic through the Strait of Hormuz. Signs of Washington officials looking for an offramp. A mere few days ago Trump stressed the US would stop at nothing short of Iran’s “unconditional surrender” – but that continues to look dubious.
Iran rejects U.S. narrative: The IRGC says its missile program remains intact and claims it is firing larger salvos with heavier warheads, while officials insist Iran, not Washington, will decide when the war ends.
Regional escalation especially in Lebanon: Heavy IDF fighting continues with Hezbollah in Lebanon, while Gulf states intercept missiles and drones, and all the while Iranian leaders say US and Israeli regime-change efforts have failed and vow to prepare for a “long war” – even involving those who host American bases in region.
* * *
END
Unintended consequences
Dubai rumors suggest that the Gulf Cooperation Council made up of countries like Saudi Arabia, Kuwait, United Arab Emirates, and Qatar are, all day today, reviewing EVERY Financial Connection, Contract, Agreement, involving Washington, DC and the entire USA.
Apparently, the Middle East feels that the USA deceived them over the Iran conflict. Specifically, the US made assurances that U.S. weapons systems could protect all those countries from Iranian attack, and now ALL of those countries have found out the hard way, the US was wrong or worse lied.
The US has pulled its’ troops OUT of most bases in those countries, which the Arabs view as proof the US lied. The only reason the US pulled troops out was because the US knew they couldn’t protect them. This means they could not protect the countries either. The missiles hitting Israel suggest that there has been an underestimation of the peer status the Iranian missiles have in conflict. All sides are being battered, not withstanding the lack of media coverage, One takes this to mean that the Arabs are considering pulling their investments OUT of the US or least curtailing them. And the liklihood of major new deals and investment in America may well be OFF the table. For a long time America has used purchases of their equipment to make parties reliant upon them over decades. Every F35 has a kill switch to make sure one complies. No doubt a point driven home to Canadians looking at the Saab Gripen over the F35.
The Arabs also have reached out to the Russians who suggested that they should have known better than allow all those bases there. There was NO sympathy for their dilemma. Faced with burnt out American bases the Middle East is on its’ own. The likelihood of rebuilding those bases like they were is zero.
What ever they do, it may come as early as Tuesday of this week. And whatever that is will have unintended consequences for all parties concerned. The reality is there is NO other marketplace outside of America that has the depth of currency or liquidity to handle the scope of funds involved.
And the risk of American boots on the ground is just that a risk that can easily backfire with huge American losses. Do note that Kharg Island which is the main transfer station of Iranian oil has not been hit which suggests an American ground invasion to seize it. After all, dollar hegemony is best served controlling all oil flow in dollars. Outside of Russia who protects their oil value with the steel might of missiles that America cannot stop as has been adequately shown in Ukraine not just to America but to Europe as well.
Whatever happens tomorrow or at some other time, the Middle East will not return to what it was nor will relationships with America be the same. And the image of places like Dubai as a new Switzerland look like a mirage. Wealth is leaving in a hurry. We await to see what comes next.
IRAN/AUSTRALIA
WOMEN’S IRAN SOCCER TEAM
Five Iran Women Soccer Players Defect In Australia, Trump Urges Immediate Asylum
Monday, Mar 09, 2026 – 09:00 PM
The ongoing Iran war is a rare modern conflict where warring powers can in an unprecedented manner (generally-speaking in terms of the modern age) address each other directly over social media. For example Iranian top official accounts are busy trying to troll Washington in defiance, even as the US bombs fall. “9 days into Operation Epic Mistake, oil prices have doubled while all commodities are skyrocketing. We know the U.S. is plotting against our oil and nuclear sites in hopes of containing huge inflationary shock. Iran is fully prepared. And we, too, have many surprises in store,” Iran Foreign Minister Abbas Araghchi wrote on X Monday.
But President Trump on the same day had his own card to play, highlighting the plight of the Iranian National Women’s Soccer team, which appears stuck in increasingly sensitive and possibly dangerous situation after playing in Australia. Trump wrote: “Australia is making a terrible humanitarian mistake by allowing the Iran National Woman’s Soccer team to be forced back to Iran, where they will most likely be killed. Don’t do it, Mr. Prime Minister, give ASYLUM. The U.S. will take them if you won’t.”
Stretching back days, and weeks – even before the start of Operation Epic Fury – there were conflicting reports over the team’s response during the singing of the national anthem. There are widespread headlines they have been refusing to sing the national anthem, resulting in threats from Tehran officials.
At this point it remains anything but clear whether the entire team is requesting asylum, or whether just several individuals are. Australian broadcast reports say at least five are in hiding:
Five female soccer players who it was feared would face persecution when they returned to Iran have left their accommodation in the Gold Coast and plan to seek asylum in Australia, multiple sources have told the ABC.
Fatemeh Pasandideh, Zahra Ghanbari, Zahra Sarbali, Atefeh Ramazanzadeh, and Mona Hamoudi, who all play for the Iran women’s national football team, refused to sing the national anthem before their opening match with South Korea at the Women’s Asian Cup earlier this month.
Now, a family member of one of the athletes, who we have agreed not to name, and activists within the Iranian Australian community have told the ABC the players have evaded the team’s handlers and are being protected by police in Queensland.
Trump says PM Albanese is “on it”….
The NY Times and others have since reported that an Australian government representative is in contact with the five, and has briefed them on their options. The pressure on the ladies grows, at a moment their homeland – and possibly their own family members – are under US-Israeli bombs.
Some intense public scenes have played out after the team lost its last group match at the Women’s Asian Cup on Sunday. “Just 24 hours earlier, Australian protesters laid siege to a tour bus transporting Iranian female soccer players,” one foremost Australian broadcaster reported.
Many among the crowd that rushed the bus carried pre-Islamic revolution Iran flags, and are apparently pro-monarchy Iranians which make up part of the diaspora.
Some of the chaotic scenes, which have been seized upon by Pro-Pahlavi oppositionists…
Iranian football fans plead with Australia “Save our Girls” as they surround a bus transporting the Iranian National Women’s Football Team.
The team defiantly refused to sing the Islamic Republic national anthem and could face severe retribution if they return to Iran. pic.twitter.com/kYIKrTev0z
While it’s becoming clear the team could face threats from there own government at home – if not also the pressing threat of US-Israeli bombs from the sky, Al Jazeera has made clear that at least some of them want to urgently be reunited with their familiesat home:
While the players have not publicly aired any concerns for their own safety, they have spoken about the difficulty of playing in a tournament thousands of kilometers away from home while being “fully disconnected” from their families during the US-Israeli attacks.
Their head coach, Marziyeh Jafari, has been quoted as saying by Australian media that the players want to return to Iran “as soon as we can”.
“I want to be with my country and home. … We are eager to come back,” the Australian Associated Press quoted Jafari as saying in a postmatch news conference.
Without doubt, the international media spotlight looks to make their plight and decision-making even more difficult – again, also as people in Tehran take notice:
Islamic Republic of Iran Broadcasting presenter Mohammad Reza Shahbazi said in a video that the players showed a lack of patriotism and their actions amounted to the “pinnacle of dishonour” in footage that circulated widely on social media.
Shahbazi then stressed what is likely the prevailing Iranian government view at this moment: “Let me just say one thing: Traitors during wartime must be dealt with more severely.”
These and other comments have caused opposition voices to warn that the Woman’s Soccer Team might not only face scrutiny, investigation, and harassment upon returning home – but possibly even death, should they be deemed ‘traitors’.
MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIR
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL
‘Upside Oil Price Risk’ Remains As Goldman’s Hormuz Price Scenarios Suggest ‘Low Flows For Longer’
The phrase “Upside Oil Price Risk” Remains As Goldman’s Hormuz Price Scenarios Suggest ‘Low Flows For Longer’ appears to be the title of a recent article or alert, notably posted by ZeroHedge on X (formerly Twitter) around March 10, 2026. It summarizes Goldman Sachs’ latest analysis on escalating risks to oil prices due to ongoing severe disruptions in the Strait of Hormuz amid regional conflict (involving Iran, US/Israeli actions, and related escalations).Key Context from Goldman Sachs’ Recent ViewsGoldman Sachs’ commodities team (including analysts like Daan Struyven) has highlighted that tanker traffic through the Strait of Hormuz — which normally carries about 20% of global oil supply (roughly 20 million barrels per day) — has dropped dramatically, by around 90% from normal levels in recent days/weeks. This is far worse than initially anticipated, with limited success in redirecting flows via alternative pipelines (only ~0.9-4 million b/d utilized vs. theoretical max).Their base-case assumptions had expected a gradual normalization of flows starting soon, supporting Brent crude forecasts in the $80s for March 2026 and high $70s for Q2. However, with no quick signs of recovery, upside risks are “rapidly expanding” or “significantly skewed.”Goldman’s Specific Price Scenarios Tied to “Low Flows For Longer”
If no resolution or normalization signs emerge this week (as of early March 2026 reports), oil prices could surge above $100/barrel as early as next week.
If flows remain depressed/low throughout March (i.e., “low flows for longer”), prices — especially for refined products — could exceed historical peaks from 2008 (around $147 nominal high) and 2022 (around $120+ highs).
In more extended scenarios (e.g., disruptions lasting 5+ weeks or prolonged closure), Brent could reach $100 or higher to trigger demand destruction and prevent critically low inventories.
Earlier modeled impacts (from early March reports): A full one-month halt could add $12-15/barrel to prices (with partial offsets like pipelines or SPR releases), but current real-world data shows a much larger effective supply shock (up to ~16-18 million b/d at risk).
The phrase “low flows for longer” directly echoes Goldman’s concern that their prior assumption of a ~28-day gradual recovery is at risk of delay, keeping the market tighter and supporting higher prices.Broader Market ImplicationsThis ties into the ongoing Middle East tensions (US/Israeli strikes on Iran, Iranian responses, attacks on shipping/infrastructure), which have already driven oil higher and created an unprecedented supply shock — described as larger than the 2022 Russia-Ukraine disruption in some aspects. While OPEC+ spare capacity and inventories offer some buffer, prolonged issues could lead to nonlinear price spikes, inflation pressures, and impacts on global energy (including LNG).Goldman has indicated they may revise forecasts upward soon if flows don’t improve. Current market pricing already embeds a significant risk premium (~$14-18/barrel in some estimates).This is a fast-moving situation as of March 10, 2026 — oil prices remain volatile, with upside risks dominating if the Strait issues persist.
END
TUESDAY MID MORNING
Stocks Jump, Oil Tumbles After IEA Calls Extraordinary Meeting To Decide On SPR Release
Tuesday, Mar 10, 2026 – 10:48 AM
With oil reversing much of the overnight losses as we neared the start of US cash open trading, futures slumped and it felt like we were back to square one.
That’s when the jawboning out of the G7 members – many of whom are already at their breaking point in terms of soaring input costs – decided to double down on the jawboning rhetoric from yesterday – and hinted strongly that an SPR release could be imminent.
The narrative peaked just around 10:20am ET, when the head of the IEA, Fatih Birol, said that after the IEA hosted a G7 Energy Ministers Meeting, chaired by Minister Roland Lescure of France, on the current oil & gas market situation, tonight there would be an “extraordinary meeting of IEA Member governments later today to assess market conditions.“
Birol also attached the following peak jawboning statement:
In oil markets, conditions have deteriorated in recent days. In addition to the challenges of transit through the Strait of Hormuz, a substantial amount of oil production has been curtailed. This is creating significant and growing risks for the market. We discussed all the available options, including making IEA emergency oil stocks available to the market. IEA Member countries currently hold over 1.2 billion barrels of public emergency oil stocks, with a further 600 million barrels of industry stocks held under government obligation.
Given conditions in oil markets, I have convened an extraordinary meeting of IEA Member governments, which will take place later today to assess the current security of supply and market conditions to inform a subsequent decision on whether to make emergency stocks of IEA countries available to the market.
As well as IEA Members, I am also in close contact about the situation with energy ministers from key energy producers and consumers around the world.
And in a mirror image of a similar verbal intervention from yesterday (see “G-7 Leaders Reject SPR Release Plan, But ‘Stand Ready’ After Initial Jawbone Efforts Fade”), oil immediately tumbled erasing all gains, and sliding to overnight lows, on expectations that this time the IEA/G7’s jawboning will lead to something more than just promises.
Which is all as one would expect. The bigger problem is what happens if – like yesterday – a few European countries who SPRs are already at dangerously low levels, kill the idea. After all, all an SPR release would do is buy a few weeks of artificially depressed oil prices while further draining global emergency stocks. So while oil is already frontrunning the drop, expect oil to surge should the IEA/G7 disappoint again and fail to move from mere jawboning to action.
END
A Wright Mess: US Energy Secretary Posts US Escorted Tanker In Straits Of Hormuz, Then Immediately Deletes It
Tuesday, Mar 10, 2026 – 01:41 PM
Game-changer? Oil dropped on the huge headline that the United States Navy has escorted an oil tanker through the Strait of Hormuz:
US NAVY ESCORTED AN OIL TANKER THROUGH THE STRAIT OF HORMUZ
WRIGHT’S POST ON HORMUZ OIL TANKER APPEARS TO HAVE BEEN DELETED
Newsquawk notes right away crude complex extends on recent weakness, lifting stocks to fresh highs, as US Navy escorted oil tanker through the Strait of Hormuz. This was quickly met with White House ‘confirmation’ (of sorts), in a now deleted tweet by Energy Secretary Chris Wright:
“President Trump is maintaining stability of global energy during the military operations against Iran. The U.S. Navy successfully escorted an oil tanker through the Strait of Hormuz to ensure oil remains flowing to global markets,” Energy Secretary Chris Wright announced.
This key development – if true – could begin releasing millions of barrels of Middle Eastern oil currently stranded inside the Persian Gulf has dramatically reintroduced US leverage over the messy Strait of Hormuz crisis.
At roughly 20 million barrels per day, and with a single Suezmax tanker carrying about 2 million barrels, the US would only need to escort around ten ships per day. However, it could prove a tall order given the missiles drones currently flying over the region.
On the bearish side concerning this military escort plan, apparently in the making, the thing is that one well-placed ballistic missile or drone blowing up a US ship and oil ramps back up at whiplash.
We await clarification from the White House and Secretary Wright.
developing…
END
UPDATES
Iran Begins Laying Explosive Mines In Strait Of Hormuz Shipping Lanes
Tuesday, Mar 10, 2026 – 03:55 PM
Summary:
CNN says the IRGC had already begun laying explosive mines in the vital Strait of Hormuz.
Reuters: AS MANY AS 150 US TROOPS WOUNDED SO FAR IN IRAN WAR
CBS says US intelligence has begun to see indications Iran is taking steps to deploy mines in Strait of Hormuz shipping lane
Divergent signals flying between Tehran and Washington: Witkoff says Trump “always willing to talk” to Iran, the question is whether or not it is worth it. Trump-Putin spoke Monday, and Putin-Pezeshkian spoke Tuesday. Meanwhile Tehran defiant: no ceasefire, vows maximum pain.
Operation ‘mostly achieved goals’ – Trump says as WSJ reports officials seeking plans for offramp. Biggest airstrikes of the war.
Tehran vows ‘eye for an eye’ if US-Israel hit infrastructure. Iran leaders on various levels sounding hawkish and not backing down.
Oil/Energy: Iraq has shut down some oil wells, while Kuwait, Qatar, Bahrain, the United Arab Emirates, and Saudi Arabia taking similar steps to curtail production. Qatar too: halted operations at several gas wells and shut down the liquefaction “trains” used to process natural gas for export.
Qatar urges halt to attacks, quick return to diplomacy – Foreign Ministry: “Reaching the negotiating table quickly and halting attacks would serve the interests of the peoples of the region as well as international peace and security, in addition to strengthening global economic stability.”
Pentagon claims “winning”: After ten days into Operation Epic Fury, Pentagon chief Pete Hegseth lists objectives that include destroying Iran’s missile infrastructure, defense industry, navy, and ensuring Tehran is “permanently” denied nuclear weapons.
Trump’s mixed messaging aswar could end ‘soon’ while saying Iran’s military is crippled, but also warns Tehran would be hit “20 times harder” if it disrupts oil traffic through the Strait of Hormuz. Signs of Washington officials looking for an offramp. A mere few days ago Trump stressed the US would stop at nothing short of Iran’s “unconditional surrender” – but that continues to look dubious.
Iran rejects U.S. narrative: The IRGC says its missile program remains intact and claims it is firing larger salvos with heavier warheads, while officials insist Iran, not Washington, will decide when the war ends.
Regional escalation especially in Lebanon: Heavy IDF fighting continues with Hezbollah in Lebanon, while Gulf states intercept missiles and drones, and all the while Iranian leaders say US and Israeli regime-change efforts have failed and vow to prepare for a “long war” – even involving those who host American bases in region.
* * *
NOT GOOD!!
Hormuz Mine Threat Emerges; White House Denies Tanker Escort
Tuesday, Mar 10, 2026 – 01:41 PM
Update (1431ET):
And there we have it: *LEAVITT: US NAVY HAS NOT ESCORTED TANKER THROUGH HORMUZ
Shortly after the farce of Secretary Wright’s deleted tweet on a US military-escorted tanker, CBS’ Jim LaPorta reports that U.S. intelligence assets have begun to see indications Iran is taking steps to deploy mines in Strait of Hormuz shipping lane.
LaPorta added that Iran is reportedly using smaller crafts that can carry 2 to 3 mines each. While Iran’s mine stock isn’t publicly known, estimates over the years have ranged from roughly 2,000 to 6,000 naval mines of Iranian, Chinese and Russian-made variants.
That sent oil prices dramatically higher…
* * *
Game-changer? A premature post by the White House?… since deleted… A Wright Mess Indeed!
Oil dropped on the huge headline that the United States Navy has escorted an oil tanker through the Strait of Hormuz, attributed to a tweet from US Energy Secretary Chris Wright:
US NAVY ESCORTED AN OIL TANKER THROUGH THE STRAIT OF HORMUZ
“President Trump is maintaining stability of global energy during the military operations against Iran. The U.S. Navy successfully escorted an oil tanker through the Strait of Hormuz to ensure oil remains flowing to global markets,” Energy Secretary Chris Wright announced.
Sending crude prices tumbling…
But, moments later, Wright deleted his tweet…
The Ultimate Decision Tree For War In Iran: BCA Sees 70% Odds Of ‘Massive Oil Shock’ teaser image The “buy signal” will come when Iran, not Trump, agrees to cease attacks and negotiate. That could be this week or next.
AI
The quote you shared appears to come directly from a recent analysis by BCA Research (specifically from their chief geopolitical strategist, likely Matt Gertken or Marko Papic, based on related reports), as highlighted in coverage like ZeroHedge and Business Insider articles around early March 2026.In the context of the ongoing US-Israel-Iran conflict (which escalated with strikes killing Iran’s Supreme Leader and disrupting the Strait of Hormuz), BCA assigns a 70% probability to escalation leading to a “massive oil shock” (severe, prolonged global supply disruption, potentially pushing oil prices significantly higher, e.g., toward or beyond $100+/barrel in worst cases, with broader economic ripple effects like inflation spikes and market volatility). This contrasts with a 30% chance of de-escalation.Their “ultimate decision tree” frames the key trigger for a bullish turn (the “buy signal” in equities or risk assets) as Iran (not just Trump or US signals) agreeing to cease attacks and negotiate. Iran has incentives to prolong the conflict—possibly through this week or next—to extract concessions, demonstrate resilience, or rally domestic/regional support amid regime pressures.Current Context (as of March 10, 2026)
Oil prices have already surged dramatically (e.g., Brent briefly over $80–$82, with futures hitting crisis highs near $90–$120 in volatile sessions before pullbacks), driven by Strait of Hormuz disruptions, tanker traffic halts, refinery damage, and supply fears.
Markets are somewhat measured—no full panic yet—but pricing in a potentially contained or short-lived shock (e.g., other analysts like Aberdeen see ~60% contained vs. 30% severe).
Earlier BCA notes (e.g., January 2026) pegged massive shock odds lower (~40%), but recent escalation has apparently lifted it to 70% in their updated view.
Trump has signaled possible wind-down (calling it an “excursion” that may end soon), but without Iran’s buy-in, disruption could persist.
Implications
Bearish near-term: Continued risk-off pressure on stocks if escalation odds hold, with energy/inflation headwinds hitting broader economy (e.g., higher input costs, margin squeezes).
Bullish trigger: Iran signaling negotiation/ceasefire—watch for official statements, backchannel diplomacy, or reduced attacks/retaliation.
This aligns with historical patterns in Middle East crises: Initial spikes fade if contained, but prolonged issues (e.g., Hormuz closure) amplify shocks.
If this matches a specific article, post, or chart you’re referencing (e.g., the ZeroHedge piece titled exactly that), it reflects BCA’s latest geopolitical strategy insight amid high uncertainty. Markets remain volatile—oil volatility is extreme, and any de-escalation news could reverse quickly. If you have more details or want visuals (e.g., oil price charts or related images), let me know!
END
LATE TUESDAY EVENING
Trump Threatens ‘Unprecedented Military Consequences’ As Iran Reportedly Starts Mining The Strait Of Hormuz
Tuesday, Mar 10, 2026 – 03:55 PM
Summary:
CNN says the IRGC had already begun laying explosive mines in the vital Strait of Hormuz.
Reuters: AS MANY AS 150 US TROOPS WOUNDED SO FAR IN IRAN WAR
CBS says US intelligence has begun to see indications Iran is taking steps to deploy mines in Strait of Hormuz shipping lane
Divergent signals flying between Tehran and Washington: Witkoff says Trump “always willing to talk” to Iran, the question is whether or not it is worth it. Trump-Putin spoke Monday, and Putin-Pezeshkian spoke Tuesday. Meanwhile Tehran defiant: no ceasefire, vows maximum pain.
Operation ‘mostly achieved goals’ – Trump says as WSJ reports officials seeking plans for offramp. Biggest airstrikes of the war.
Tehran vows ‘eye for an eye’ if US-Israel hit infrastructure. Iran leaders on various levels sounding hawkish and not backing down.
Oil/Energy: Iraq has shut down some oil wells, while Kuwait, Qatar, Bahrain, the United Arab Emirates, and Saudi Arabia taking similar steps to curtail production. Qatar too: halted operations at several gas wells and shut down the liquefaction “trains” used to process natural gas for export.
Qatar urges halt to attacks, quick return to diplomacy – Foreign Ministry: “Reaching the negotiating table quickly and halting attacks would serve the interests of the peoples of the region as well as international peace and security, in addition to strengthening global economic stability.”
Pentagon claims “winning”: After ten days into Operation Epic Fury, Pentagon chief Pete Hegseth lists objectives that include destroying Iran’s missile infrastructure, defense industry, navy, and ensuring Tehran is “permanently” denied nuclear weapons.
Trump’s mixed messaging aswar could end ‘soon’ while saying Iran’s military is crippled, but also warns Tehran would be hit “20 times harder” if it disrupts oil traffic through the Strait of Hormuz. Signs of Washington officials looking for an offramp. A mere few days ago Trump stressed the US would stop at nothing short of Iran’s “unconditional surrender” – but that continues to look dubious.
Iran rejects U.S. narrative: The IRGC says its missile program remains intact and claims it is firing larger salvos with heavier warheads, while officials insist Iran, not Washington, will decide when the war ends.
Regional escalation especially in Lebanon: Heavy IDF fighting continues with Hezbollah in Lebanon, while Gulf states intercept missiles and drones, and all the while Iranian leaders say US and Israeli regime-change efforts have failed and vow to prepare for a “long war” – even involving those who host American bases in region.
* * *
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
CANADA//USA EMBASSY
(close to where I live)
Shots Fired At U.S. Consulate In Toronto As Iran War Fuels Terror Fears
Police responded at 5:29 a.m. Tuesday to reports that someone fired shots at the American Consulate at University Avenue and Queen Street West in the heart of Toronto, in an incident that comes as Western security agencies confront growing fears that the Iran war is triggering retaliatory violence far beyond the Middle East.
In a public statement posted by Toronto Police Operations, police said they had located evidence of a firearm discharge, that no injuries were reported, and that officers remained on scene investigating. CityNews reported damage to a consulate door and about 10 shell casings outside the building.
On Monday, ABC News reported that a federal alert sent to law enforcement agencies said the United States had intercepted encrypted communications believed to have originated in Iran that may serve as “an operational trigger” for “sleeper assets” outside the country. According to ABC, the alert cited “preliminary signals analysis” of a transmission “likely of Iranian origin” relayed across multiple countries shortly after the death of Ayatollah Ali Khamenei in the Feb. 28 U.S.-Israeli strike. ABC further reported that the encoded transmission appeared intended for “clandestine recipients” holding the proper encryption key, potentially to convey instructions to “covert operatives or sleeper assets” without using internet or cellular networks.
Breaking: Shots have been fired at the US Consulate, on University Avenue, in Toronto reportedly around 5:30 this morning.
That warning aligns with a Department of Homeland Security threat assessment reviewed by Reuters, which said Iran and its proxies “probably” pose a persistent threat of targeted attacks in the Homeland, even though a large-scale physical attack is considered unlikely.
In Toronto, the consulate incident follows a string of shootings that has deepened fears of ideologically driven or conflict-linked violence.
The city has seen multiple Jewish institutions struck by gunfire in recent days, alongside a separate shooting at a boxing gym reportedly tied to an Iranian-Canadian critic of Tehran. Authorities have not publicly connected those incidents to the consulate shooting, but the pattern has heightened concern across the city.
Reflecting that alarm, Canadian newspaper columnist Brian Lilley wrote on X: “This is in the heart of Toronto. I know people who work in that [Consulate] building. Many of them are non-partisan civil servants who may not agree with this war. Political violence in Toronto has been normalized.”
The pattern is not confined to Canada. In Oslo, Reuters reported that a loud explosion struck the U.S. embassy early Sunday, causing minor damage but no injuries, in what Norwegian police said may have been a deliberate attack linked to the crisis in the Middle East. Reuters quoted Oslo police saying one hypothesis was terrorism, while other possibilities were also being explored. Investigators said they were searching for one or several perpetrators.
* * *
Reminding readers that Jared Cohen, President of Global Affairs and Co-Head of the Goldman Sachs Global Institute, warned investors on the GS Weekend Macro Call, the Islamic Revolutionary Guard Corps maintains cells across multiple emerging market countries and could begin activating them.
“What I am looking for next is that they have meaningful cells in the Tri-Border Area of Latin America, West Africa, and elsewhere. They could hit an embassy, they could hit a consulate, or they could hit a cultural center in any one of the twelve countries they have already attacked,” Cohen explained.
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: 1.16510 UP 0.0035
USA/ YEN 157/47 DOWN 0.400 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 1.3370 UP 0.0046 OR 46 BASIS PTS
USA/CAN DOLLAR: 1.3582 DOWN 0.0006 CDN DOLLAR UP 6 BASIS PTS//(DESPITE TRUMP’S TARIFFS)
Last night Shanghai COMPOSITE CLOSED UP 26.54 PTS OR 0.65%
Hang Seng CLOSED UP 530.53 PTS OR OR 2.09%
AUSTRALIA CLOSED DOWN 0.18%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 530.53 PTS OR 2.09%
/SHANGHAI CLOSED UP 26.54 PTS OR 0.65%
AUSTRALIA BOURSE CLOSED DOWN 0.18 %
(Nikkei (Japan) CLOSED UP 1579.78 PTS OR 3.00%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 5182.00
silver:$89.13
USA DOLLAR VS TRY (TURKISH LIRA): 44.05
USA DOLLAR VS RUSSIAN ROUBLE: 78.81 ROUBLE// DOWN 56 BASIS PTS
UK 10 YR BOND YIELD: 4.5650 DOWN 7 BASIS PTS
UK 30 YR BOND YIELD: 5.232 DOWN 7 BASIS PTS
CDN 10 YR BOND YIELD: 3.427 DOWN 9 BASIS PTS
CDN 5 YR BOND YIELD; 2.923 DOWN 3 BASIS PTS
USA dollar index early TUESDAY MORNING: 98.58 DOWN 58 BASIS POINTS FROM MONDAY’s CLOSE
TUESDAY MORNING NUMBERS ENDS
And now your closing TUESDAY NUMBERS 10.00 AM
Portuguese 10 year bond yield: 3.3255% DOWN 5 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.185% UP 0 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.425 DOWN 3 BASIS PTS//DIASTER
SPANISH 10 YR BOND YIELD: 3.326 DOWN 4 in basis points yield
ITALY 10 YR BOND: 3.551 DOWN 12 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (
GERMAN 10 YR BOND YIELD: 2.8641 DOWN 2 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 1.1637 UP 0.0021 OR 50 basis points
USA/Japan: 157.72 DOWN 0.154 OR YEN IS UP 15 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.587 DOWN 13 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.258 DOWN 13 BASIS POINTS.
ADP Signals Best Job Gains In Almost 4 Months, As BLS Payrolls Plunged
Tuesday, Mar 10, 2026 – 08:39 AM
For the four weeks ending February 21, 2026, ADP reports that private employers added an average of 15,500 jobs a week.
Employment gains reached their highest since Thanksgiving week last year, holding steady in February after five straight weeks of strengthening.
This positive labor market signal stands in the face of last week’s surprised plunge in non-farm payrolls – driven by a strike-triggered drop in Healthcare jobs and a huge revisions in the labor force as native workers suddenly disappeared.
Combined with the ongoing strength of the jobless claims data, once could argue that the ‘no hire, no fire’ economy is edging back towards jobs growth.
end
US Existing Home Sales Bounced In February As Mortgage Rates Tumbled
Tuesday, Mar 10, 2026 – 10:09 AM
Despite tumbling mortgage rates, existing home sales plunged (the most since COVID) in January, with some blaming ‘below-normal temperatures’ despite The West suffering the biggest declines (and unaffected by the winter storms).
Consensus was for a modest 0.8% MoM decline in February (again despite an ongoing drop in mortgage rates) but sales actually surprised to the upside, rising 1.7% MoM. Perhaps even more notably, January’s 8.4% MoM plunge was revised up to a slightly less crazy 5.9% MoM drop…
Source: Bloomberg
With the beat and upward revision, existing home sales were down just 1.45% YoY but SAAR topped 4mm (4.09mm) once again…
Source: Bloomberg
On the bright side, with mortgage rates at their lowest since 2022, existing home sales look set to continue to improve (unless Trump’s war triggers more panic in rates)…
Source: Bloomberg
Mortgage rates fell at the end of last month to 6.09% after President Trump asked Fannie Mae and Freddie Mac to purchase $200 billion in mortgage-backed securities to help lower home-financing costs.
The NAR’s monthly housing affordability gauge, which reflects changes in home prices, median income and borrowing costs, stands at the most-favorable reading since 2022.
“Housing affordability is improving, and consumers are responding,” NAR Chief Economist Lawrence Yun said in a statement.
“Still, there is a long way to go to return to pre-pandemic levels of transaction activity.”
The NAR report showed the median selling price rose 0.3% from a year earlier — one of the smallest advances since the pandemic housing frenzy — to $398,000 last month.
The inventory of previously owned homes increased 4.9% from a year ago to 1.29 million — the most for any February since 2020.
Market analysts see home sales climbing this year, with estimates ranging from 1.7% to 14%, according to a survey by Bloomberg late last year.
USA ECONOMIC COMMENTARIES
USA AIRLINES
First Deutsche Bank, Now UBS Warns U.S. Airlines “Nearly 100% Unhedged” Against Energy Shock
Tuesday, Mar 10, 2026 – 12:00 PM
Building on Deutsche Bank analyst Michael Linenberg’s warning last week that surging jet fuel prices pose an “existential threat” to airlines, analysts at UBS offered their own take on the unfolding energy shock set to unleash turbulence across the industry, noting that U.S. airlines are “nearly 100% unhedged” against jet fuel costs above $4 per gallon.
“US airlines are nearly 100% unhedged, with only DAL’s refinery providing it a partial hedge against jet crack spreads. As such, the earnings degradation at $4+ fuel is likely to be significant and widespread,” analyst Atul Maheswari wrote in a note on Monday.
Maheswari said Delta, United, and Southwest could still deliver a “meager profit” with Jet A fuel prices over $4, but “none of the other airlines will make money if fuel remains at these levels, with some airlines likely to be deep in the red.“
The hit to airlines’ first-quarter results will be noticeable but somewhat muted because the energy shock is coming late in the quarter, and airlines typically carry two weeks of inventory.
Maheswari said the real deterioration will come in the second quarter:
We note the impact on 1Q, while material, is cushioned by the fact the fuel spike happened late in 1Q and that airlines tend to carry 2 weeks of inventory. The impact on 2Q, though, could be significant. We continue to believe that DAL, UAL, and LUV are relatively better positioned to navigate higher fuel. AAL and several smaller airlines are more vulnerable.
Based on our math, fuel sustaining at these levels through 2Q could push DAL’s 2Q EPS to $1.13, down 55% versus our current $2.49 estimate. For LUV, our 2Q EPS would go to $0.57 vs. $1.81 currently. UAL’s 2Q EPS has potential to move lower to $0.96, down 80% vs. our $4.78 estimate. AAL would turn to a 2Q loss of -$0.31 vs. our current forecast of +$1.39. ALK would have a modest 2Q loss, while JBLU, ALGT, and ULCC are likely to generate a significant 2Q loss.
We assumed current fuel price (Gulf Coast $3.82/gallon) and added an incremental spread for distribution and other items based on the average historical spread reported by each for 2025. We also assumed 200 bps higher RASM relative to our published current estimate for 2Q in our analysis.
In an unlikely scenario where jet fuel stays at these levels in 2H’26 as well, it would imply about $3 in FY’26 EPS for DAL (vs. UBSe $7.17). LUV’s EPS could be about $1.60 (vs. UBSe $5.05), and UAL’s $2.35 (vs. UBSe $13.56). This is after assuming 200 bps higher RASM relative to our current estimates. AAL, ALK, and other smaller airlines would witness losses for FY’26 in this scenario. Full details on the impact for each airline by quarter are in figure 1.
The result of the energy shock will be “earnings degradation” that will force airlines to “quickly move to cut capacity,” the analyst said. This warning echoes DB’s Linenberg warning last Friday that the “financially weakest carriers could halt operations.” Read the note here.
UBS Chartbook on airlines:
EPS drag from higher fuel – US Airlines
Gulf Coast Fuel Prices
FY’25 Fuel as a Percentage of Sales – by Airlines
Feb-April of 2022 – Airline stock analysis during the fuel hike of 2022
The S&P 500 Airlines Index has erased much of the November-to-February gains.
This is incredibly bad news for U.S. travelers, as capacity cuts by the weakest airlines will only lead to higher ticket prices.
Oil and gasoline peaked, and equity futures bottomed during the panic on Sunday night.
April WTI Oil hit 119:48 at 22:33 ET; it tumbled to 94.65 (-24.83 from high) at 11:30 ET. April Gasoline hit 322.05 at 22:32 ET; it sank to 281.99 (-40.06 from high) at 11:30 ET.
ESHs hit a bottom of 6584.50 (-159.25) at 22:15 ET. They soared to 6741.00 at 12:47 ET. NQHs hit a bottom of 24,000.00 (-680.00) at 22:15 ET; they jumped to 24749.25 at 12:44 ET.
USMs hit a low of 115 2/32 (-1 4/32) at 22:16 ET, but rallied to 116 25/32 (+1 23/32 from low) at 12:45.
Was there determined intervention in the markets on Sunday night and through early Monday?
After a retreat to 6700.00 at 13:41 ET, ESHs did an A-B-C rally, with an explosive ‘C’ wave due to the late manipulation, a looming DJT press conference at 17:30 ET regarding his ‘plan’ for Iran, and this DJT comment to CBS: “I think the (Iran) War is very complete, pretty much.”
DJT added that he is considering taking over the Strait of Hormuz.
ESHs hit a daily high of 6818.50 (+74.50 for day; +234.00 from low) at 15:38 ET. ESHs fell to 6806.00 at the NYSE close. NQHs hit 25058.00 (+387.75 for day, +1,058 from low) at 15:38 ET.
Positive aspects of previous session ESHs and NQHs soared after the Sunday night panic. DJT supercharged the rally late in the session. USMs rebounded sharply. Oil and gasoline sank after the Sunday panic highs. April WTI low: 81.19; Apr Gasoline low: 254.40
Negative aspects of previous session The odds of a US recession have increased sharply and inflation metrics will jump higher.
Ambiguous aspects of previous session Do you think Team Trump will allow stocks to crater while it is at war with Iran?
Trump on Truth Social: “Australia is making a terrible humanitarian mistake by allowing the Iran National Woman’s Soccer team to be forced back to Iran,where they will most likely be killed. Don’t do it, Mr. Prime Minister, give ASYLUM. The U.S. will take them if you won’t…”
@WallStreetApes: Minnesota State Representative Krista Knudsen exposes “Today in the Labor Committee, Representative Dave Pinto requested a study for the benefits of shoplifting.”… https://x.com/WallStreetApes/status/2030843602084204867
@CarlaBNewsmax: As the US enters Day 10 in the Iran War, The WSJ now reporting two of President Trump’s sons are backing Powerus, a drone company in West Palm Beach vying to meet Pentagon demand and fill a hole left by the administration’s ban on new Chinese drones in the U.S. Last year Donald Trump Jr also became a shareholder and advisory board member of Unusual Machines, a drone components company.
After the NYSE close, Trump did a TACO!
Trump: ‘We will not rest until the enemy is completely destroyed’ – YNET U.S. President Donald Trump said in his speech at the Republican conference in Florida that “we have won in many ways, but it is still not enough. We continue toward absolute victory.” He also said: “Iran’s terror leaders have disappeared or are counting the minutes until they disappear. We had leaders, and they disappeared. Then we had new leaders, and they also disappeared. We will not relent until the enemy is completely and decisively defeated.” https://www.ynetnews.com/article/28rjs7cjq#google_vignette
Trump presser from Doral highlights“We’re winning DECISIVELY – we’re way ahead of schedule.”“We’re achieving major strides toward completing our military objectives… Most of Iran’s naval power has been sunk… I was just notified it’s 51 ships… We continue to target Iran’s drone and missile capabilities… we’ve struck over 5,000 targets to date.We’ve left some of the most important targets for later in case we need to… We’re also annihilating the manufacturing base that the regime uses to build drones and missiles.”“After we obliterated their key nuclear sites… they never negotiated in good faith. They still continued to say we want to build nuclear, we want enrichment at levels that were unacceptable… If we did not hit them, they were going to take over the Middle East.”The Iran War will end “very soon,” but not this week.“We’re waiving certain oil-related sanctions to bring prices down. We’ll take some sanctions off until this straightens out. Maybe we won’t even need to put them back on.”The US Navy will escort ships in the Strait of Hormuz when the time comes.Trump said the US would hit Iran “much, much harder” if it blocks oil supplies.Putin wants to be helpful with Iran. Today – After huge reversals and intervention, even if it is just verbal, markets tend to take a rest and range trade in the ensuing session. Pro traders know prudence demands waiting for the dust to settle.
However, Trump did a TACO on ending the Iran War after the close.
ESHs are -38.00; NQHs are -151.25; USHs are +10/32; oil and gasoline are down sharply at 20:13 ET.
Expected Economic Data: Feb NFIB Small Business Optimism 99.6; Feb Existing Home Sales 3.88m
S&P Index 50-day MA: 6900; 100-day MA: 6840; 150-day MA: 6739; 200-day MA: 6587 DJIA 50-day MA: 49,101;100-day MA: 48,216; 150-day MA: 47,331; 200-day MA: 46,358 (Green is positive slope; Red is negative slope)
S&P 500 Index (6795.99 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender and MACD are positive – a close below 6035.78 triggers a sell signal Weekly: Trender is positive; MACD is negative – a close below 6458.06 triggers a sell signal Daily: Trender and MACD are negative – a close above 6889.69 triggers a buy signal Hourly: Trender and MACD are positive – a close below 6699.87 triggers a sell signal
Mamdani refuses to condemn alleged ISIS-loving bomb tossers https://trib.al/0nIwghM Mamdani, the first Muslim mayor of the city, railed against the anti-Muslim protesters but did not mention that the counter-protesters were allegedly self-radicalized by ISIS videos…
@WesternLensman: Mamdani begins statement on attempted bombing by Muslim radicals in NYC by condemning white supremacy and anti-Muslim bigotry. Mamdani: “On Saturday, a protest was held outside Gracie Mansion… This was a vile protest rooted in white supremacy entitled ‘Stop the Islamic Takeover of New York City.’ I’m the first Muslim mayor of our city. Anti-Muslim bigotry is nothing new to me, nor is it anything new for the million or so Muslim New Yorkers who know this city as our home.” https://x.com/WesternLensman/status/2030997819788611932
Shackled terrorist defiantly flashes ISIS salute after he’s busted for tossing explosive device near Gracie Mansionhttps://trib.al/PMtWJnT
@AndrewKolvet: So, two Muslims nearly murdered dozens of people in NYC with IEDs and Mamdani’s first impulse is to rail against Islamophobia and white supremacy?!?Islamophobia suggests an irrational fear of Islam. Is it irrational when Islamic jihadists keep trying to massacre Americans?
Babylon Bee: Mamdani Condemns New Yorkers for Making Muslims Throw Bombs at Them https://buff.ly/8htQY5g
@BPolatseck: The clearest video yet of the terrorist who attempted to throw an explosive at the protest yesterday in NYC. The NYPD Officer jumping after him over the barricades is an absolute hero. https://x.com/BPolatseck/status/2030784088437580229
Parents of alleged ISIS-loving NYC bomb thrower own $2.5M Pennsylvania home, are naturalized citizens from Afghanistanhttps://trib.al/JNhNNhn
The New York City bomb suspects were radicalized by the Islamic State and recently returned from visits to the Middle Easthttps://trib.al/lFVqpS9
@HansMahn>https://x.com/HansMahncke/status/2031006012233121829 His wife was caught spewing grotesque anti-Jewish hatred and bigotry, and now he stands there with a straight face complaining about supposed anti-Muslim hatred directed at him and his wife. This man is seriously dangerous, far more so than Obama and others who came before him.
@TRobinsonNewEra: NYPD tell what Emir Balat said after bomb attack. “He requested paper and wrote, ‘I pledge my allegiance to the Islamic State, die in your rage, you Kufar,’ ‘Kufar’ is an Arabic term that refers to non-Muslims.” Mamdani: “muh white supremacy”. https://x.com/TRobinsonNewEra/status/2031113757867335901
@Rightanglenews: Zohran Mamdani ordered the NYPD to block Jake Lang, one of the victims of the attempted bombing of conservatives, from entering the press conference about the incident. https://x.com/Rightanglenews/status/2031005444563476536
@bennyjohnson: Democrat Texas Senate Nominee James Talarico: “I have met so many Hindus, Buddhists, Sikh, Jews, Muslims, Atheists, Agnostics who are more Christ-like than some of the Christians I served with in the Texas legislature.” All he does is insult Christians. https://x.com/bennyjohnson/status/2031025418661224892
@realMaalouf: Islamic scholar in California, Uthman Farooq, has a message to Americans: “No one can stop Islam in America. This is NOT your country, this is OUR country. This is the land of Allah. If you want to live in a place with no Muslims, I suggest you go to hell.” https://x.com/realMaalouf/status/2030863577205117393
‘Suicidal empathy’ is clearly at a crisis stage in the USA. Also, ‘Suicidal Pandering for Votes’ is reaching epidemic levels among Dem pols. As we opined before, to procure votes Dems will invite and abet groups into the USA that hate and call for ‘jihad’ against Americans.
@DefiantLs: CNN: “73% disapprove [of Democrats]. This is a record low…you’re under water with even Democratic voters.” Katherine Clark: “We have polls that show a much better picture.” https://x.com/DefiantLs/status/2030971862587744269
SWAMP STORIES FOR YOU TONIGHT
Seems all the good guys are moving to red states
(zerohedge)
After 144 Years In New Jersey, Exxon Asks Shareholders To Back Texas Move To Cut Litigation Risks
Tuesday, Mar 10, 2026 – 08:45 AM
Whether it is Chevron, Tesla, Oracle, Caterpillar, CBRE, Fisher Investments, and/or an expanding roster of other major companies, corporate America has spent the better part of the post-Covid era shifting headquarters to Texas for one simple reason: the state offers a much more business-friendly environment than left-leaning blue states.
In a proxy filing on Tuesday, Exxon Mobil asked shareholders to approve moving its legal domicile from New Jersey to Texas after more than a century in New Jersey.
The main reason executives want to move to the red state is its friendlier business climate, which offers more predictable decision-making and could also reduce exposure to frivolous lawsuits.
“The Texas Redomiciliation may reduce the risk of future frivolous litigation against the Texas Corporation and its directors and officers,” Exxon wrote in the filing.
If approved at Exxon’s May 27 shareholder meeting, the company would be governed by Texas law on issues such as bylaws, director duties, and shareholder rights. Exxon noted that most of its senior leadership and about a third of its global workforce are already based in Texas.
Exxon’s evolution from its Standard Oil days has left it incorporated in New Jersey since the 1880s, and its attempt to move is yet another example of corporate America abandoning states run by left-wing politicians pushing a failed green agenda and other destructive progressive policies in favor of red states governed by common sense.
Here’s a partial list of physical headquarters moved to Texas:
Chevron — from San Ramon, California, to Houston, announced in August 2024.
Tesla — from Palo Alto, California, to Austin, announced in 2021.
Oracle — from Redwood City, California, to Austin, announced in 2020.
Caterpillar — from Illinois to Irving, Texas, announced in 2022.
Hewlett Packard Enterprise — from San Jose, California, to Spring, Texas, announced in 2020.
CBRE — from Los Angeles to Dallas in 2020.
Frontier Communications — from Connecticut to Dallas in 2023.
Fisher Investments — from Washington to Plano in 2023.
Professional Bull Riders (PBR) — from Colorado to Fort Worth in 2024.
Verily Life Sciences — from California to Dallas in 2024.
The Texas governor’s office reports that Texas logged 314 headquarters relocations from 2015 to 2024, including 24 in 2024 alone.
Now, Texas is taking on Wall Street with its own exchange, the Texas Stock Exchange.
harveyorganblog.com 
