MARCH 13//PROBABLE FINALIZATION OF T.A.S. INDUCED COMEX PRECIOUS METALS RAID: GOLD CLOSED DOWN $61.40 TO $5065,35 WHILE SILVER WAS AGAIN HAMMERED DOWN $3.83 TO $81.09//PLATINUM WAS DOWN $91.10 TO $2057.60 WHILE PALLADIUM WAS DOWN $53.50//GOLD COMMENTARY TONIGHT COURTESY OF ALASDAIR MACLEOD AND A MUST VIEW PODCAST ON OUR PRECIOUS METALS COURTESY OF ANDREW MAGUIRE//MAJOR UPDATES ON THE ECONOMIC PLIGHT OF GERMANY AND THE NONSENSE INSIDE THE UK//DETAILS ON THE IRAN/USA VS IRAN WAR//ISRAEL TBN LAST 24 HOURS HIGHLIGHTED//MAJOR OIL UPDATES DUE TO THE WAR//USA DATA RELEASES//SWAMP STORIES FOR YOU TONIGHT//FOR THOSE INVESTING OR FOLLOWING WHEATON PRECIOUS METALS WE HIGHLIGHT THEIR STRONG EARNINGS///
072 C GOLDMAN 3 104 C MIZUHO SECURITIES US 3 4 132 C SG AMERICAS 25 152 C DORMAN TRADING, LLC 17 15 159 C MAREX CAPITAL MARKET 76 63 167 C MAREX 23 14 190 H BMO CAPITAL MARKETS 50 365 C MAREX CAPITAL MARKET 13 3 435 H SCOTIA CAPITAL (USA) 19 555 C BNP PARIBAS SEC CORP 2 22 661 C JP MORGAN SECURITIES 27 661 H JP MORGAN SECURITIES 17 686 C STONEX FINANCIAL INC 190 168 690 C ABN AMRO CLR USA LLC 24 21 732 C RBC CAP MARKETS 5 6 732 H RBC CAP MARKETS 4 737 C ADVANTAGE FUTURES 47 39
TOTAL: 450 450 MONTH TO DATE: 10,202
JPMORGAN STOPPED 185/450
MARCH
GOLD: NUMBER OF NOTICES FILED FOR MARCH/2026: 450 CONTRACTs NOTICES FOR 45,000 OZ or 1.3996 TONNES
total notices so far: 10,202 contracts for 1,020,200 OR 31.732 tonnes)
FOR MARCH
XXXXXXXXXXXXXXXXXX
SILVER NOTICES: 240 NOTICE(S) FILED FOR 1.200 MILLION OZ /
total number of notices filed so far this month : 7304 CONTRACTS (NOTICES) for 36.520 million oz
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END
GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD DOWN $61.40 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD
HUGE CHANGES IN GOLD INVENTORY AT THE GLD:: A HUGE WITHDRAWAL OF 1.428 TONNES OF GOLD OUT OF THE GLD/.
INVENTORY RESTS AT 1075.852 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER DOWN $3.83 AT THE SLV: NO CHANGES IN SILVER INVENTORY AT THE SLV/
CLOSING INVENTORY RESTS AT:
CLOSING INVENTORY: 499.592 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI ROSE BY A SMALL SIZED 11 CONTRACTS TO 115,843 AND CONTINUING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS SMALL SIZED GAIN IN COMEX OI WAS ACCOMPLISHED DESPITE OUR $0.51 LOSS IN SILVER PRICING AT THE COMEX WITH RESPECT TO THURSDAY’S // TRADING. WE ARE NOW RISING FROM THE ABSOLUTE LOW POINT IN OI // SILVER AT 112,874
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 743 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A HUGE SIZED 689 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD SOME LIQUIDATION OF T.A.S. CONTRACTS IN COMEX TRADING WITH RESPECT TO THURSDAY TRADING///DESPITE OUR LOSS IN PRICE ALONG WITH A FAIR 328 T.A.S. ISSUANCE!! / THEY DESPERATELY AGAIN TODAY TRIED TO CONTAIN SILVER’S PRICE RISE FOR THE PAST SEVERAL WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $100.00 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY SUCCEEDED ON THURSDAY WITH SILVER’S STRONG LOSS IN PRICE
THE PRICE FINISHED STILL MASSIVELY ABOVE THE MAGIC NUMBER OF $70.00 SILVER SPOT PRICE BUT BELOW THE $100.00 MARK CLOSING AT $84.92 DOWN 0.51 WE ARE NOW WITNESSING HAVING MANY HUGE T.A.S ISSUANCES // TODAY’S WAS AT A STRONG SIZED 328 T.A.S. CONTRACTS !!. THE CROOKS ARE BECOMING MORE DESPERATE TO STOP SILVER BREAKING ABOVE THE 100.00 DOLLAR MARK!!.MAMMOTH SIZE T.A.S ISSUANCES ARE BECOMING THE NORM AT THE COMEX NOW!!
THERE IS NO NEXT LINE IN THE SAND ONCE THE 100.00 DOLLAR SILVER IS PIERCED AGAIN. WE HAD A HUGE SIZED 689 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR HUGE SIZED 1562 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN TODAY’S TRADING//RAID AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE.
IN ESSENCE WE HAD A HUGE GAIN OF 743 CONTRACTS ON OUR TWO EXCHANGES DESPITE OUR LOSS IN PRICE OF $0.51. 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 DURING THIS WEEK AS THE RAID WAS A FAILURE SO THEY TRIED AGAIN TODAY. .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 THURSDAY NIGHT//FRIDAY MORNING: A STRONG SIZED 689 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 STRONG QUEUE JUMP OF 24 CONTRACTS OR 120,000 OZ/NEW STANDING ADVANCES TO 39.065MILLION OZ
WE HAD:
/ HUGE COMEX OI GAIN+// A HUGE SIZED 855 EFP ISSUANCE CONTRACTS (/ VI) A STRONG NUMBER OF T.A.S. CONTRACT ISSUANCE 328 CONTRACTS
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED 11 SILVER CONTRACT//
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS FEB.. ACCUMULATION
TOTAL CONTRACTS for 10 DAY(S), total 6963 contracts: OR 34.815 MILLION OZ (1367 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 34.815 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: 34.815 MILLION OZ
RESULT: WE HAD A TINY SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 54 CONTRACTS DESPITE OUR LOSS IN PRICE OF $0.51 IN SILVER PRICING AT THE COMEX// THURSDAY,. THE CME NOTIFIED US THAT WE HAD A HUGE SIZED CONTRACT EFP ISSUANCE 689 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 630,000 OZ QUEUE JUMP //STANDING ADVANCES TO 39.695MILLION OZ. DESPITE HUGE SILVER DELIVERIES DURING THE PAST SEVERAL MONTHS, THIS PAST WEEK, WE HAVE REACHED OUR ABSOLUTE LOW POINT IN SILVER COMEX OI. (112,874). TODAY IT ADVANCED A LITTLE BIT TO 115,854. RAIDS WILL ACCOMPLISH NOTHING FOR OUR CROOKS AS LONGS WILL BE QUITE STICKY!!
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 SILVER STANDING IS 31.076 MILLION OZ FOLLOWED BY TODAY’S 630,000 OZ QUEUE //NEW TOTAL STANDING ADVANCESTO 39.965 MILLION OZ
THE NEW TAS ISSUANCE THURSDAY NIGHT (328) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED NO DOUBT WITH FUTURE TRADING!
WE HAD 240 NOTICE(S) FILED TODAY FOR 1.200 MILLION OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL. IT IS NOW TIME FOR THE FBI TO ENTER THE COMEX AND ARREST THESE CROOKS EVEN THOUGH THE MAJORITY OF THE TRADING IS GOVERNMENT. THE BANKERS ARE COMPLICIT. THE SILVER COMEX IS NOW ON A MASSIVE SIEGE LOOKING FOR PHYSICAL SILVER!!
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST ROSE BY A STRONG SIZED 7266 OI CONTRACTS UP TO 422,948 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 OUR NADIR OI IN COMEX BUT WITH AN EXTREMELY HIGH PRICE OF GOLD. THE SHORT RATS ARE ABANDONING THE SHIP.
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED A MAMMOTH 9722 CRIMINAL CONTRACTS // (AND OUR ONE REGULATOR OF THE CFTC REMAINS QUIET.
WE HAD A STRONG SIZED GAIN IN COMEX OI (7266 ONTRACTS) . THIS GAIN OCCURRED DESPITE OUR HUGE FALL IN PRICE OF $44.25/ THURSDAY///.
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 STRONG 0.7275 TONNES QUEUE JUMP + CME CORRECTED GOLD ADDITION OF 5.832 TONNES//NEW STANDING ADVANCES TO 38.255 TONNES/
E.F.P. ISSUANCE/FOR OPENING MARCH. GOLD CONTRACT
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 1749 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 422,948 AND WE NOW WITNESSING A LOWER COMEX OI BUT WITH AN EXTREMELY HIGH PRICE OF GOLD.//NOW ALMOST IMPOSSIBLE TO FLEECE. THIS LEVEL ADVANCES FROM ITS DECADES LOW OI AT 404,829.
SILVER ALSO HAS AN ULTRA SMALL SIZED COMEX OI OF 115,843 CONTRACTS// GAINING A BIT FROM THURSDAY’S (MARCH 5) ALL TIME LOW OF 112,878 CONTRACTS.
IN ESSENCE WE HAVE A STRONG GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 743 CONTRACTS WITH 7266 CONTRACTS INCREASED AT THE COMEX// AND A FAIR SIZED 1749 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON.
THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 9015 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A MEGA HUGE SIZED BUT CRIMINAL 15,275 CONTRACTS AND THESE ISSUANCES ARE GENERALLY USED TO INITIATE A RAID WHEN CALLED UPON LIKE YESTERDAY AND TODAY . THE CROOKS MUST BE DESPERATE! THIS IS THE 5TH IN A ROW OF A MEGA HUGE T.A.S ISSUANCE AND THESE ,F HISTORY REPEATS ITSELF, SHOULD BE THE LAST OF THESE!
GOLD PRICE ON THURSDAY FELL BY $44.25
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS CONTRACT(749) ACCOMPANYING THE STRONG SIZED GAIN IN COMEX OI OF 7266 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 9015 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 0.7278 TONNES QUEUE JUMP =+ CME ADDITION OF 5.832 TONNES//NEW STANDING ADVANCES TO 38.255TONNES OF GOLD./
FINAL STANDING FOR GOLD, JANUARY CONTRACT AT 59.2108 TONNES OF GOLD
FEBRUARY: INITIAL STANDING FOR GOLD: 157.878 TONNES!! WHICH INCLUDES ALL QUEUE JUMPING, THREE EXCHANGE FOR PHYSICAL TRANSFERS TO LONDON AND OUR SIX ISSUANCES EXCHANGE FOR RISK!!
MARCH: INITIAL STANDING AT 8.099 TONNES FOLLOWED BY TODAY’S 0.7278 TONNES QUEUE JUMP + CME ADDITION OF 5.832 TONNES //NEW STANDING ADVANCES TO 38/255 TONNES/
3) SOME T.A.S. LIQUIDATION AND SOME GOVT LIQUIDATION // WITH A HUGE FALLOF EQUITY SHARES/MARCH 12 HAVING 1)A $44.25COMEX PRICE FALL 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 HUGE SIZED GAIN OF 18,737 CONTRACTS ON OUR TWO EXCHANGES AND AS WELL A STRONG AMOUNT OF GOLD WILL STAND FOR DELIVERY IN MARCH. (38.255TONNES). //, CENTRAL BANKERS TENDERED FOR PHYSICAL WITH THEIR PURCHASES OF CONTRACTS../ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED WEDNESDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL
4)A HUGE SIZED COMEX OI GAIN 5) V) FAIR SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL GOLD (1749 AND A MEGA HUMONGOUS T.A.S. ISSUANCE (15,275) 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: 34,960 CONTRACTS OR 3,49,6000OZ OR 108.740 TONNES IN 10TRADING DAY(S) AND THUS AVERAGING: 3496 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN10TRADING DAY(S) IN TONNES: 108.740 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2025, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 103.30 TONNES DIVIDED BY 3550 x 100% TONNES = 2.90% 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: 108.740 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 TINY SIZED 54 CONTRACTS OI TO 115,854 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 THIS MONTH( MARCH 4/2026)
EFP ISSUANCE 689 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAY 689 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 54 CONTRACTS AND ADD TO THE 689 E.FP. ISSUED
WE OBTAIN A HUGE SIZED GAIN OF 743 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES DESPITE OUR LOSS OF $0.51
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 3.770 MILLION PAPER OZ
OCCURRED WITH OUR LOSS IN PRICE.OF $0.51
2.ASIAN AFFAIRS MARCH 13 /2025
SHANGHAI CLOSED DOWN 33.65 PTS OR 0.82%
HANG SENG CLOSED DOWN 235.26 PTS OR 0.91%
Nikkei CLOSED DOWN 759.96 PTS OR 1.40%
//Australia’s all ordinaries CLOSED DOWN 0.81%
//Chinese yuan (ONSHORE) CLOSED DOWN6.9000
/ OFFSHORE CLOSED DOWN AT 6.9059 Oil UP TO 97.57 dollars per barrel for WTI and BRENT UP TO 102.44 Stocks in Europe OPENED ALL DEEPLY IN THE RED
ONSHORE USA/ YUAN TRADING 6.9000OFFSHORE YUAN TRADING DOWN TO 6.9059 ONSHORE YUAN TRADING ABOVE OFF SHORE AND DOWN ON THE DOLLAR// / AND THUS WEAKER//OFF SHORE YUAN TRADING UDOWNAGAINST US DOLLAR/ AND THUS WEAKER
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A STRONG SIZED 7266 CONTRACTS UP TO 422,948 OI , (UP FROM DECADES ALL TIME LOW OF 404,829), DESPITE OUR HUGE LOSS IN PRICE OF $44.25 WITH RESPECT TO THURSDAY’S // TRADING/ //COMEX CLOSING TIME:… WE LOST ZERO NET LONGS, DESPITE THAT HUGE PRICE LOSS FOR GOLD . AND AS YOU WILL SEE BELOW, OUR LOSS IN PRICE ALSO HAD A FAIR NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (1749).
WE HAD SOME T.A.S. LIQUIDATION DURING THURSDAY’S TRADING/RAID. 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 AWAY FROM ITS ALL TIME LOW POINT IN OI OF 404,829 AND FROM THIS POINT, OI WILL RISE BUT 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%). WITH AN OI OF 422,948 THERE IS SOME ROOM FOR THE CROOKS TO RAID OUR NEWBIE SPECULATORSWHO ARE VERY STICKY AT THIS POINT.
WE THUS HAD A TOTAL GAIN IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 9015 CONTRACTS (OR 28.04 TONNES) DESPITE THE HUGE LOSS IN PRICE, THURSDAY.
THEN WE WERE NOTIFIED OF A ZERO CONTRACT EXCHANGE FOR RISK ISSUANCE IN GOLD CONTRACTS FOR 0 OZ OR 0 TONNES OF GOLD. DURING THE MIDDLE OF THE MONTH. WE HAVE HAD TWO IDENTICAL MONSTER 3,000 CONTRACT ISSUED FOR THE SAME 9.33 TONNES OF GOLD, AND THESE ARE THE HIGHEST EVER IN TONNAGE EVER ISSUED BY THE COMEX. ALTOGETHER THE TOTAL ISSUANCE THUS FAR FOR FEB NOW REMAINS AT SIX.(31.251 TONNES)
A LITTLE HISTORY OF EXCHANGE FOR RISK DECEMBER THROUGH TO MARCH:
IN DECEMBER WE HAVE RECORDED 5 ISSUANCES OF EXCHANGE FOR RISK/4 FOR DEC AND THE LAST ONE ON DEC 31 FOR JANUARY. WE NOW HAVE 3 CHOICES FOR THE RECIPIENT OF THIS ISSUANCE AND IT MUST BE A CENTRAL BANK. YOU WILL RECALL THAT THE BUYER ASSUMES THE RISK OF THAT DELIVERY. (THUS TOTAL EXCHANGE FOR RISK FOR THE MONTH OF DECEMBER IS 6.56 TONNES/4 OCCASIONS.
MONTH OF JANUARY/EXCHANGE FOR RISK
IN JANUARY THEY HAVE 6 TOTAL ISSUANCE : 3.446 TONNES EARLY, THEN JAN 9 ISSUANCE OF 9,331 TONNES AND THEN JAN 16: 0.1996 TONNES JAN 26: 1.499 TONNES, JAN 27: 3.160 AND FINALLY JAN 29: 4.659 TONNES TONNES//TOTAL EXCHANGE FOR RISK JANUARY 22.315 TONNES WHICH WAS ADDED TO OUR NORMAL DELVERIES.
AND FEBRUARY:
FEB EXCHANGE FOR RISK: NOW 6 ISSUANCES: 10,080 CONTRACTS FOR 1,008,000 OZ OR 31.251 TONNES!
HERE ARE THE CHOICES FOR THE RECIPIENT OF THOSE ISSUANCES:
1 THE CENTRAL BANK OF ENGLAND. BUT THEY RECEIVED CLEARANCE THAT THEIR GOLD IS BACK SO IT IS NOT LIKELY THAT THEY WOULD LIKE TO ADD TO THEIR RESERVES.
2. THE CENTRAL BANK OF THE USA: THE FED. LOGICAL CHOICE AS THEY CLAMOUR TRYING TO REDUCE THEIR 106+ TONNES OF SHORTAGE. HOWEVER THEY SEEM NOT TO BE IN A HURRY TO COVER THEIR HUGE SHORTFALL
3. THE CENTRAL BANK OF CHINA AS THEY BATTLE WITS WITH THE USA.
TOTAL EXCHANGE FOR RISK FOR DECEMBER IS 6.56 TONNES AND THIS WAS ADDED TO OUR NORMAL DELIVERY TOTALS..
THE JANUARY ISSUANCE OF 17.656 TONNES WAS ADDED TO OUR DAILY DELIVERY TOTALS!!
FEBRUAY ISSUANCES 6 FOR; 31.251 TONNES !! AND THIS WAS ADDED TO OUR DELIVERY TOTALS FOR THIS MONTH.
MARCH: ZERO ISSUED SO FAR!
DETAILS ON OUR NEW MARCH COMEX CONTRACT MONTH//
IN TOTAL WE HAD A STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 9015 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 15,275 T.A.S CONTRACTS FOR THE 5TH DAY IN A ROW 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 THIS WEEK WITH ANOTHER RAID CALLED FOR TODAY.
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 STRONG QUEUE JUMP OF 0.7278 TONNES PLUS CME ADDITION OF 5.832 TONNES//NEW STANDING FOR GOLD ADVANCES TO: 38.255 TONNES
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 48 MONTHS 2021-2
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 $44.25 )
WE HAD SOME T.A.S. SPREADER LIQUIDATION THURSDAY // COMEX SESSION// WITH OUR LOSS IN PRICE BUT OUR SPECULATORS REMAIN RELENTLESS POURING INTO THE COMEX STARTING TO BUILD ON ITS OI // BUT WITH OTHER EASTERN CENTRAL BANKS TENDERING FOR PHYSICAL 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 18+ TONNES.
THURSDAY NIGHT//FRIDAY MORNING
THE CROOKS COULD NOT STOP OTHER CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL THURSDAY EVENING/FRIDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD
A LITTLE REVIEW OF GOLD STANDING THESE PAST 7 MONTHS:
STANDING FOR GOLD OCT THROUGH TO MARCH:
ANALYSIS// OCT DELIVERY MONTH GOING FROM FIRST DAY NOTICE// OCT COMEX CONTRACT TO FINALIZATION OCT 31:
OCT AT 90.164 TONNES TO BE FOLLOWED BY ALL PREVIOUS QUEUE JUMPS OF 75.696 TONNES WHICH WE ADD OUR 14.553 TONNES EX FOR RISK/6 OCCASIONS:
/ TOTAL STANDING 197.551 TONNE/OCTOBER FINAL//ABSOLUTELY A MONSTER DELIVERY FOR A NORMALLY QUIET OCT MONTH
2. AND NOW NOVEMBER:
NOVEMBER BEGINS WITH A HUGE 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY OUR TODAY’S QUEUE JUMP OF 2.323 TONNES WHICH FOLLOWED ALL OTHER NOVEMBER QUEUE JUMPS OF 21.3775 TONNES TO WHICH WE ADD OUR TWO ISSUANCES OF EXCHANGE FOR RISK OF 4.5596 TONNES..
NEW STANDING ADVANCES TO 43.9716 ONNES OF GOLD.
3. AND NOW DECEMBER:
3. DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 83.813 TONNES FOLLOWED BY A 0 CONTRACT QUEUE JUMP FOR NIL OZ OR 0.000 TONNES WHICH FOLLOWS OTHER DEC QUEUE JUMPS OF: 0 TONNES///STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR FOUR EXCHANGE FOR RISK ISSUANCE OF 6.559TONNES/NEW STANDING ADVANCES TO 121.977TONNES
4. JANUARY:
9. JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR QUEUE JUMP OF 0.000 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
10. FEBRUARY: INITIAL STANDING: 93.566 TONNES TO WHICH WE ADD OUR LATEST QUEUE JUMP OF 0.0298 TONNES TO WHICH THIS IS ADDED TO ALL OTHER QUEUE JUMPS OF 41.2082 / NEW QUEUE JUMP ADVANCES TO: 41.233 TONNES//STANDING ADVANCES TO: 126.628 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 10,080 CONTRACTS FOR 1,008,000 OZ OR 31.251 TONNES/NEW STANDING ADVANCES TO 157.879 TONNES
MARCH: INITIAL STANDING: 8.099 TONNES TO WHICH WE ADD OUR NEXT STRONG QUEUE JUMP 0.7278 PLUS CME ADDITION OF 5.832 TONNES// GOLD STANDING ADVANCES TO: 38.255 TONNES/
ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $44.25
WE HAD A HUGE 7200 CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE
NET GAIN ON THE TWO EXCHANGES : 9015 CONTRACTS OR 901500 OZ OR 28.04TONNES
i) Out of Brinks; 64,302.000 oz (2000 kilobars) ii) Out of Loomis: 40,542.420 oz (1261 kilobars
total tonnes removed: 104,844.428 oz (3261 kilobars)
in tonnes: 3.261 tonnes
Deposit to the Dealer Inventory in oz
0 ENTRY
Deposits to the Customer Inventory, in oz
DEPOSITS/CUSTOMER
0 ENTRY
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No of oz served (contracts) today
450 CONTRACTS
OR 45,000 OZ
1.3996 TONNES OF GOLD
No of oz to be served (notices)
2097 contracts 209700 OZ 6.522 TONNES
Total monthly oz gold served (contracts) so far this month
10,202 notices 1,020,200 oz 31.732 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:
2 ENTRIES
i) Out of Brinks; 64,302.000 oz (2000 kilobars) ii) Out of Loomis: 40,542.420 oz (1261 kilobars
total tonnes removed: 104,844.428 oz (3261 kilobars)
in tonnes: 3.261 tonnes
comex is draining of gold/.
they are draining the comex of gold
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ADJUSTMENTs 1
dealer to customer account: BRINKS
i) 1929.06 OZ dealer to customer
0.0600 TONNES REMOVED FROM DEALER TO CUSTOMER ACCT.
COMEX IS DRAINING GOLD
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chaos inside the comex
AMOUNT OF GOLD STANDING FOR MARCH//CME CORRECTED/HUGE INCREASE IN GOLD STANDING!!
THERE WAS A MASSIVE ADDITION OF 1875 CONTRACTS STANDING OR 187,500 OZ OR 5.832 TONNES. THIS WILL AUTOMATICALLY BE ADDED TO NORMAL TOTALS.
THE FRONT MONTH OF MARCH STANDS AT 2547 CONTRACTS FOR A GAIN OF 92 CONTRACTS. WE HAD
142 CONTRACTS SERVED ON THURSDAY, SO WE GAINED A HUGE 234 CONTRACTS OR AN ADDITIONAL 23,400 OZ WILL STAND FOR DELIVERY AT THE COMEX. THE TONNAGE EQUATES TO 0.7278 TONNES . THIS IS A MASSIVE AMOUNT OF GOLD WILLING TO STAND AS CENTRAL BANKERS CLAMOUR FOR OUR ANCIENT METAL OF KINGS ON THIS SIDE OF THE PLANET
APRIL IS THE NEXT LARGEST DELIVERY MONTH AND IT LOST 3114 CONTRACTS DOWN TO 209,425 CONTRACTS. APRIL IS NOW THE NEW FRONT MONTH FOR DELIVERY OF GOLD. APRIL IS GENERALLY A VERY STRONG DELIVERY MONTH
MAY GAINED 83 CONTRACTS UP TO AN OI OF 946.
JUNE IS A HUGE DELIVERY MONTH AND HERE THE OI ROSE BY A STRONG 10.987 CONTRACTS UP TO AN OI OF 140,489
We had 450 contracts filed for today representing 45,000 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 450 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 185 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 (10,202) to which we add the difference between the open interest for the front month of MAR (2547 CONTRACTS) minus the number of notices served upon today 450 x 100 oz per contract) equals 1,229,900 OZ OR (38.255 Tonnes of gold)
thus the INITIAL standings for gold for the MAR contract month: No of notices filed so far (10,202 x 100 oz +we add the difference for front month of MAR (2547 OI} minus the number of notices served upon today (450 x 100 oz) which equals 1,229,900 OZ OR 38.255 TONNES//
new total of gold standing in MAR is 38.255 TONNES//
TOTAL COMEX GOLD STANDING FOR MARCH 38.255 TONNES TONNES WHICH IS NOW MEGA HUGE FOR THIS NORMALLY VERY NON ACTIVE ACTIVE DELIVERY MONTH OF MARCH.
confirmed volume THURSDAY confirmed 200,042 poor
COMEX GOLD INVENTORIES/CLASSIFICATION
NEW PLEDGED GOLD:
241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES
204,937.290 OZ PLEDGED MANFRA 3.08 TONNES
83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes
265,999.054, oz JPM No 2
1,152,376.639 oz pledged Brinks/
Manfra: 33,758.550 oz
Delaware: 193.721 oz
International Delaware:: 11,188.542 oz
total pledged gold: 1,735,403.397 oz 53.97 tonnes pledged gold lowers
total inventories in gold declining rapidly
total pledged gold: 1,735,403.397 tonnes oz 53.97 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 32,551,562.171 oz
TOTAL REGISTERED GOLD 16,695,520.221 or 519.300 Tonnes
TOTAL OF ALL ELIGIBLE GOLD 15,856,041.950 oz//eligible gold leaving hand over fist
REGISTERED GOLD THAT CAN BE SERVED UPON 14,960,117 oz ((REG GOLD- PLEDGED GOLD)=
465.320 Tonnes // (declining rapidly)
total inventories in gold declining rapidly
SILVER COMEX
MARCH DELIVERY MONTH
MARCH 13 2026
INITIAL/
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
4 entries
i) Out of Asahi: 604,498.910 oz ii) Out of Brinks 1,765.459.168 oz iii) Out of Delaware: 11,954.515 oz iv) Out of Loomis 562,137.410 oz
total withdrawal: 2,944,050.003 oz
the comex is being drained of silver
Deposits to the Dealer Inventory
1 ENTRY
i) Into Stonex: 341,481.360 oz
total dealer deposit; 341,481.360 oz
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Deposits to the Customer Inventory
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
ENTRIES: 1
i) Into Delaware: 953.900 oz
total deposit customer 953.90 oz
No of oz served today (contracts)
240 CONTRACT(S) ( 1.200 MILLION OZ
No of oz to be served (notices)
635 Contracts (3.175 MILLION oz)
Total monthly oz silver served (contracts)
7304 contracts 36.520 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
i) Into Stonex 341,481.360 oz
total deposit/dealer 341,481.360 oz
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
ENTRIES: 1
i) into Customer account: Delaware
953.90 oz
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withdrawals: customer side/eligible
2 entries
4 entries
i) Out of Asahi: 604,498.910 oz ii) Out of Brinks 1,765.459.168 oz iii) Out of Delaware: 11,954.515 oz iv) Out of Loomis 562,137.410 oz
total withdrawal: 2,944,050.003 oz
the comex is being drained of silver
the comex is being drained of silver
adjustments: / / 0//
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TOTAL REGISTERED SILVER: 78.952 MILLION OZ//.TOTAL REG + ELIGIBLE. 341.723 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: 875 OPEN INTEREST CONTRACTS FOR A LOSS OF 238 CONTRACTS.
WE HAD 364 NOTICES FILED ON THURSDAY SO WE GAINED 126 CONTRACTS OR AN ADDITIONAL 630,000 OZ OF SILVER WILL TRY FOR DELIVERY OVER HERE AS A BANKER ASSISTED QUEUE JUMP.
APRIL, THE NEW FRONT MONTH SAW A GAIN OF 30 CONTRACTS UP TO 1972 CONTRACTS
MAY SAW A 250 CONTRACT LOSS DOWN TO 77,604 CONTRACTS.
JUNE SAY A LOSS OF 20 CONTRACTS UP TO 345 OI CONTRACTS.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 240 or 1.20 MILLION oz
CONFIRMED volume; ON THURSDAY 41,281 poor+++//
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 7304 X5,000 oz = 36,520 MILLION oz
to which we add the difference between the open interest for the front month of MARCH (875) AND the number of notices served upon today (240)x (5000 oz)
Thus the standings for silver for the MARCH 2026 contract month: (7304)Notices served so far) x 5000 oz + OI for the front month of MARCH(875) minus number of notices served upon today (364 )x 5000 oz equals silver standing for the FEB..contract month equating to 39.695 MILLION OZ.
NEW STANDING: 39.695MILLION OZ WHICH IS STILL LOWISH FOR A GENERALLY HUGE DELIVERY MONTH OF MARCH.
New total standing: 39.695 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 78.952 million oz of registered silver
JPMorgan as a percentage of total silver: 152.021/341/723.million: 44.57%
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.
BOTH GLD AND SLV ARE MASSIVE FRAUD
MAR 13/2026/WITH GOLD DOWN $61.40 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A HUGE WITHDRAWAL OF 1.428 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1075.852 TONNES
MAR 12/2026/WITH GOLD DOWN $49.25 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A HUGE DEPOSIT OF 3.715 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1077.28 TONNES
MAR 11/2026/WITH GOLD DOWN $70.55 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A HUGE DEPOSIT OF 2.858 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1073.565 TONNES
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
MAR 13 WITH SILVER DOWN $3.83: NO CHANGES IN SILVER INVENTORY AT THE SLV// . ./ :INVENTORY RESTS AT 499.592
MAR 12 WITH SILVER DOWN $0.51 HUGE CHANGES IN SILVER INVENTORY AT THE SLV// ANOTHER MONSTER WITHDRAWAL OF 3.713 MILLION OZ OUT OF THE SLV. ./ :INVENTORY RESTS AT 499.592 MILLION OZ
MAR 11 WITH SILVER DOWN $3.96 HUGE CHANGES IN SILVER INVENTORY AT THE SLV// ANOTHER MONSTER WITHDRAWAL OF 1.812 MILLION OZ OUT OF THE SLV. ./ :INVENTORY RESTS AT 503.305 MILLION OZ
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
Gold and silver on pause as funk-money flies to $US. It is becoming clear that Iran is no push over and the economic consequences of this war are dire, with oil at $100 and going higher.
The background to this week’s market report is spreading consequences of the joint US-Israeli attacks on Iran, with Iran effectively closing off the Hormuz bottleneck and spreading drone attacks throughout the region. Capital markets are trying to adjust to the economic and financial consequences of an oil price increasingly likely to be higher for longer.
This week, gold and silver were down on balance, gold marginally and volatile silver more so as missiles and drones in the war against Iran appeared to fly in increasing numbers. In early European trade this morning, gold was $5095, down $76 from last Friday’s close. Silver at $83.30 was down $2.75 over the same time scale.
Comex silver futures are running on vapour, with volumes declining to negligible levels, while open interest remains at 20-year lows, demonstrating a total lack of speculator interest. This is shown next:
Meanwhile, silver has been progressively withdrawn from Comex vaults and the level of registered for delivery stocks has declined to 15,720 contracts against an open interest of 115,854. Furthermore, someone has been accumulating April contracts, which with outstanding March contracts total 2,847 this morning. This can only be with the intention of standing for delivery.
Silver liquidity continues in short supply in London and Shanghai. However, the Shanghai price is down slightly this morning at $94 with a premium over London spot maintained at about 13%. Despite this, backwardation has existed in Shanghai futures during the week:
It is Friday 13th after all
When markets are surprised by bad news, the tendency is for global liquidity to fly into the dollar, and we see this reflected with the trade-weighted index which has risen sharply in recent days:
It is only when the initial panic is over that more rational thoughts feed into prices. The course of the war which was originally going to be little more than a week in duration is a shock for complacent investors. Despite global agreements to draw on strategic oil reserves in an attempt to counter the shortfall from the Gulf, analysts are awakening to the reality of higher oil prices for longer, and the consequences for consumer prices. Worse still, there are increasing signs that Western economies are stagnating, a horrible combination which reverses interest rate prospects and clobbers market values.
Bond yields have started rising again to alarming levels. The UK 10-year gilt yield has risen nearly 50 basis points at a time when the UK economy is flatlining, and the UK government was banking on lower interest rates. And Germany’s yield this morning is in new high territory while their economy is in dire straits. These charts are next:
The scale of the war disaster is only beginning to be discounted in markets. It is said that oil feeds into 45,000 products, and an oil shock which could turn out to be the greatest in modern history will push up prices across the board, collapsing the purchasing power of currencies. No wonder bond yields are rising and will have much further to go. And logistics are also mess, with ships displaced and bunkers locked up in the Gulf creating fuel shortages.
Monetarists and Austrian economists tell us that it is not the oil shock that drives up inflation, but the expansion of credit to pay for it. That being the case, clearly central banks will expand their balance sheets to make the credit available. Commercial banks are already facing a private credit crises and deteriorating economic outlooks, so will probably sit on their hands, calling in loans where they can.
From being relatively benign, the outlook is now of a massive expansion of currency and currency reserves, accompanied by soaring bond yields and equity bubbles popping. It is the classic combination leading to imploding asset values, economic depression, and soaring consumer prices. The post-Bretton Woods fiat currency system is more visibly about to be tested and its failure a realistic possibility.
Once the current short-term flight into the perceived safety of the dollar is over, gold and silver will be the only safe havens. And the rush into them will be a wonder to behold!
JESSE COLUMBO
WHEATON PRECIOUS METALS EARNINGS//HUGE
Wheaton Precious Metals Announces Record Annual Revenue, Earnings and Cash Flow for 2025
VANCOUVER, BC, March 12, 2026 /CNW/ – “Wheaton’s portfolio of high-quality, long-life assets delivered another outstanding year in 2025, surpassing our production guidance and achieving record revenue, earnings, and operating cash flow,” said Randy Smallwood, Chief Executive Officer of Wheaton Precious Metals. “Strong contributions from cornerstone assets including Salobo, Antamina, and Peñasquito, alongside the continued ramp-up of Blackwater and Goose, demonstrate the strength of our diversified streaming model. As I prepare to transition to the role of Chair of the Board, I have truly never been more excited about Wheaton’s future and the portfolio’s ability to continue delivering long-term value.”
“These results reflect the consistent execution of our disciplined capital allocation strategy, focused on high-quality assets, well-structured agreements, strong counterparties, attractive margins, and long-term growth,” added Haytham Hodaly, President of Wheaton Precious Metals. “In 2025, we strengthened our portfolio with the Hemlo and Spring Valley gold streams and, following year-end, announced the largest precious metals streaming transaction ever at Antamina in partnership with BHP. As I prepare to step into the role of Chief Executive Officer, I am confident in the foundation we have built and excited to lead Wheaton into its next phase of growth, focused on disciplined execution and sustainable value creation for all stakeholders.”
Record Financial Performance and Strong Balance Sheet
Fourth quarter of 2025: A record $865 million in revenue, a record $558 million in net earnings, a record $555 million in adjusted net earnings, and a record $746 million in operating cash flow. Declared a quarterly dividend1 of $0.165 per common share and made a quarterly dividend payment of $75 million.
Full year of 2025: A record $2.3 billion in revenue, a record $1.5 billion in net earnings, a record $1.4 billion in adjusted net earnings, and a record $1.9 billion in operating cash flow. Declared record annual dividends1 of $0.66 per common share.
Balance Sheet: Cash balance of $1.2 billion.
High Quality Asset Base
Streaming and royalty agreements on 23 operating mines and 25 development and other projects5.
85% of attributable production from assets in the lowest half of their respective cost curves2,4.
Attributable gold equivalent production3 (“GEOs”) of 205,000 ounces in the fourth quarter of 2025, an 8% increase relative to the comparable period of the prior year primarily due to stronger production at Salobo which achieved a new quarterly record, and Antamina, coupled with the commencement of production at Blackwater.
Exceeded the upper limits of the 2025 annual production guidance of 600,000 to 670,000 GEOs3 primarily resulting from stronger performance at Salobo due to higher gold grades and recoveries, higher throughput and grades at Peñasquito, and higher grades at Constancia.
Further de-risked industry leading forecast growth profile as construction activities advanced at a number of projects, including Mineral Park, Platreef, Fenix, El Domo, Kurmuk, and Koné.
During the quarter, B2Gold announced that commercial production had been achieved at the Goose Mine in Nunavut. Additionally, Ivanhoe Mines announced the official opening of the Platreef mine in South Africa.
Accretive portfolio growth:
On November 6, 2025, the Company entered into a precious metals purchase agreement (“PMPA”) with Waterton Gold LP (“Waterton Gold”) in respect to the Spring Valley project located in Nevada, USA.
On November 26, 2025, the Company entered into a PMPA with Hemlo Mining Corp. (“Hemlo”) in respect to the currently operating Hemlo mine located in Ontario, Canada.
Subsequent to the quarter;
On February 5, 2026, Wheaton announced that as part of the Company’s strategic succession planning, Haytham Hodaly, currently President, will succeed Randy Smallwood as Wheaton’s Chief Executive Officer, effective March 31, 2026, reflecting an ongoing leadership evolution to support the next phase in the Company’s growth trajectory.
As announced on February 16, 2026, the Company entered into a PMPA with BHP Group Limited (“BHP”) for their 33.75% portion of the silver produced at the Antamina Mine located in Peru.
Leadership in Sustainability
Top Rankings: One of the top-rated companies by Sustainalytics, AAA rated by MSCI and Prime rated by ISS.
Subsequent to the quarter, Wheaton was recognized by Corporate Knights as one of the 2026 Global 100 most sustainable corporations, marking the third consecutive year of recognition for leadership in sustainable value creation.
Subsequent to the quarter, awarded US$1 million to the winning venture of the 2nd annual Future of Mining Challenge, Cetos Water, for its unique technology that turns wastewater from mining activities into clean, reusable water.
Financial Review
Revenues
Revenue in the fourth quarter of 2025 was $865 million (59% gold, 39% silver, 1% palladium and 1% cobalt), with the $484 million increase relative to the prior period quarter being primarily due to a 69% increase in the average realized gold equivalent3 price; and a 35% increase in the number of GEOs3 sold.
Revenue was $2.3 billion (62% gold, 36% silver, 1% palladium and 1% cobalt) during the year ended December 31, 2025, with the $1.0 billion increase from 2024 due primarily to a 46% increase in the average realized gold equivalent3 price; and a 23% increase in the number of GEOs3 sold.
Cash Costs and Margin
Average cash costs¹ in the fourth quarter of 2025 were $597 per GEO3 as compared to $444 in the fourth quarter of 2024. This resulted in a cash operating margin¹ of $3,941 per GEO3 sold, an increase of 76% as compared with the fourth quarter of 2024, a result of the higher realized price per ounce. The higher margin reflects the leverage provided by fixed per-ounce production payments across the majority of Wheaton’s operating streams, which accounted for 80% of revenue during the quarter. Notably, year-over-year margin growth exceeded the appreciation in gold prices over the same period, underscoring the effectiveness of Wheaton’s business model in generating higher levered cash flow and margins in a rising precious metals price environment.
Average cash costs1 in 2025 were $514 per GEO3 as compared to $438 in 2024. This resulted in a cash operating margin1 of $3,040 per GEO3 sold, a 53% increase from 2024, a result of the higher realized price per ounce.
Cash Flow from Operations
Operating cash flow in the fourth quarter of 2025 amounted to $746 million, with the $427 million increase from the comparable period of the prior year being due primarily to higher gross margin.
Operating cash flows in 2025 amounted to $1.9 billion, with the $877 million increase from the comparable period of the previous year being due primarily to higher gross margin.
Produced But Not Yet Delivered
As at December 31, 2025, approximately 155,000 GEOs3 were produced but not yet delivered (“PBND”) representing approximately 2.5 months of payable production. This reduction in the number of months of PBND compared with the preceding four quarters places PBND levels at the mid-point of our guided range of two and a half to three and a half months and was driven by a significant increase in quarterly sales volumes during the fourth quarter.
Balance Sheet (at December 31, 2025)
Approximately $1.2 billion of cash on hand
During the fourth quarter of 2025, the Company made total upfront cash payments of $646 million relative to the mineral stream interests consisting of:
Hemlo: $300 million;
Koné: $156 million;
Spring Valley: $50 million
Fenix: $50 million;
El Domo: $44 million;
Kurmuk: $44 million; and
Kudz Ze Kayah: $2 million.
Subsequent to the quarter, the Company made additional upfront cash payments of $90 million relative to the Spring Valley PMPA ($50 million) and the Marmato PMPA ($40 million), partially offset by a repayment of $30 million relative to the Santo Domingo PMPA, with this amount to be re-advanced at a later date.
Subsequent to the quarter, the Company announced its financing plan for the additional silver stream on the Antamina mine, announced on February 16, 2026. The upfront payment of $4.3 billion is expected to be paid on or around April 1, 2026, and will be funded with cash on hand, a new $1.5 billion term loan credit facility and an approximately $0.9 billion draw on the Company’s existing undrawn $2 billion revolving credit facility (“RCF”). The details of this financing plan are provided below in the ‘Corporate Development’ section.
Fourth Quarter Operating Asset Highlights
Salobo: In the fourth quarter of 2025, Salobo produced 88,900 ounces of attributable gold, representing a quarterly record and an increase of approximately 5% relative to the fourth quarter of 2024, primarily the result of higher throughput and recoveries resulting from improved efficiencies at Salobo 1 and 2, partially offset by lower grades.
Antamina: In the fourth quarter of 2025, Antamina produced 1.6 million ounces of attributable silver, an increase of approximately 49% relative to the fourth quarter of 2024, primarily due to higher grades and recoveries.
Peñasquito: In the fourth quarter of 2025, Peñasquito produced 1.8 million ounces of attributable silver, a decrease of approximately 26% relative to the fourth quarter of 2024, primarily the result of lower grades with mining activities having transitioned back into the Peñasco pit which contains lower silver grades relative to the Chile Colorado pit, partially offset by higher recoveries. On February 19, 2026, Newmont Corporation (“Newmont”) reported that silver production at Peñasquito is expected to increase in 2026, largely due to grades milled, including increased stockpile processing in 2026.
Constancia: In the fourth quarter of 2025, Constancia produced 0.7 million ounces of attributable silver and 15,400 ounces of attributable gold, a decrease of approximately 25% and 18%, respectively, relative to the fourth quarter of 2024, primarily due to lower gold and silver grades. On February 20, 2026, Hudbay Minerals Inc (“Hudbay”) announced that Constancia is expected to deliver at higher mill throughput rates starting in the second half of 2026 with the installation of pebble crushers. Hudbay reported that 2026 gold production is expected to be lower than 2025 production, reflecting depletion of the Pampacancha pit in 2025.
San Dimas: In the fourth quarter of 2025, San Dimas produced 8,200 ounces of attributable gold, an increase of approximately 13% relative to the fourth quarter of 2024, with higher throughput being partially offset by the change of the gold to silver conversion ratio from 70:1 to 90:1, effective for the period April 30, 2025 to October 28, 2025. On October 29, 2025, the gold to silver conversion ratio returned to 70:1.
Stillwater: In the fourth quarter of 2025, the Stillwater mines produced 1,500 ounces of attributable gold and 2,500 ounces of attributable palladium, a decrease of approximately 30% for gold and 10% for palladium relative to the fourth quarter of 2024, primarily due to lower grades and recoveries.
Blackwater: In the fourth quarter of 2025, Blackwater produced 0.1 million ounces of attributable silver and 5,500 ounces of attributable gold, with the mine achieving commercial production in May 2025. On December 15, 2025, Artemis Gold Inc. (“Artemis Gold”) announced that its board of directors approved an expanded Phase 2 development at the Blackwater mine. This Phase 2 development is a significant addition to the previously announced Phase 1A project, designed to increase nameplate capacity from 8 Mtpa to 21 Mtpa before the end of 2028.
On March 12, 2026, Artemis Gold reported an unplanned mill shutdown due to the failure of a ball mill gearbox, with the estimated time to complete repairs and restart mill operations between 8 to 10 days. Artemis Gold reports that plans are underway to make use of this interruption to carry out maintenance activities originally planned for Q2 2026. Artemis Gold notes that while mining related activities are continuing normally, production in Q1 2026 is expected to be lower than originally anticipated as a result of this mill outage.
Voisey’s Bay: In the fourth quarter of 2025, the Voisey’s Bay mine produced 670,000 pounds of attributable cobalt, an increase of approximately 70% relative to the fourth quarter of 2024 as the underground mine at Voisey’s Bay continues ramp-up to full production, with full ramp-up expected by the second half of 2026.
Other Gold: In the fourth quarter of 2025, total Other Gold attributable production was 3,400 ounces, an increase of approximately 441% relative to the fourth quarter of 2024 due to the initial reported production from the Goose mine, which achieved commercial production on October 6, 2025, and the addition of attributable production from the Hemlo mine. Notable operational updates for assets included within ‘Other Gold’ include:
Goose: On February 18, 2026, B2Gold reported that production at the Goose Mine in 2025 was impacted by crushing plant capacity constraints in the third quarter and temporary delays in accessing higher‑grade ore from the Umwelt underground in the third quarter and early fourth quarter. Initial near‑term crushing circuit modifications, ordered in late 2025 and scheduled for implementation in the second half of 2026, are expected to increase average throughput to approximately 3,200 tonnes per day and eliminate the need for full‑time use of the mobile crusher, while studies are underway to evaluate further enhancements to increase capacity to approximately 4,000 tonnes per day, with decisions on scope and timing expected in the first half of 2026. B2Gold states that production in 2026 is expected to be weighted to the second half of 2026, with approximately 65% of estimated annual gold production to be achieved during the third and fourth quarters.
Marmato: On March 11, 2026, Aris Mining Corporation (“Aris”) reported that development of the new underground decline to the Bulk Mining Zone at the Marmato mine is approximately 60% complete and is scheduled for completion in Q3 2026, ahead of the commissioning of the carbon in pulp plant, which is expected in Q4 2026.
Hemlo: On November 26, 2025, the Company entered into a PMPA (the “Hemlo PMPA”) with Hemlo in respect of gold production from the currently operating Hemlo mine located in Ontario, Canada. On January 29, 2026 Hemlo announced that they had initiated a 130,000 meter exploration drilling program aimed at extending the mine life, de-risking the near-term mine plan and identifying near-mine growth opportunities.
Other Silver: In the fourth quarter of 2025, total Other Silver attributable production was 1.8 million ounces, an increase of approximately 30% relative to the fourth quarter of 2024. Notable operational updates for assets included within ‘Other Silver’ include:
Aljustrel: In the third quarter of 2025, Almina resumed production of the zinc and lead concentrates at the Aljustrel mine, resulting in the resumption of attributable silver production to the Company.
Detailed mine-by-mine production and sales figures can be found in the Appendix to this press release and in Wheaton’s consolidated MD&A in the ‘Results of Operations and Operational Review’ section.
Recent Development Asset Updates
Mineral Park: During the quarter, Waterton Copper LP continued ore commissioning of the newly refurbished concentrator at its Mineral Park project. The ramp-up efforts in Q4 2025 were focused on mill alignment to handle increasing throughput and gradually increasing both operating uptime and overall site throughput. First concentrate sales occurred in Q4 2025 and first silver delivery to Wheaton occurred in January 2026. Ramp-up to commercial production is expected to continue in Q1 2026, with increasing concentrate production throughout the first quarter. At steady state throughput, the fully refurbished mill capacity will be 16.5 Mtpa.
Platreef: On January 12, 2026, Ivanhoe announced that following the official opening and first production of concentrate from the Platreef mine on November 18, 2025, the development of the mine continues to rapidly advance. During the initial ramp‑up period, lower‑grade development ore is being processed, with a transition to production ore expected once Shaft #3 is ready to hoist in early Q2 2026, at which time the concentrator is expected to achieve approximately 80 percent of nameplate capacity by mid‑year.
Fenix: On January 26, 2026, Rio2 Limited (“Rio2”) announced the first official gold pour at the Fenix Gold Mine, where construction of critical path items were completed on time and on budget, as previously guided. Rio2 stated that the focus now is to ramp up operations to 20,000 tonnes per day of ore.
Kurmuk: On February 18, 2026, Allied Gold Corporation (“Allied”) reported that the Kurmuk project was progressing in line with plan, with advancement at the processing plant and crushing circuit, mining activities supporting ore stockpiling, and power line construction advancing toward completion ahead of commissioning. A review of processing capacity was completed in Q4 2025, and the project is now being executed to accommodate average throughput of up to 6.4 Mtpa (from 6.0 Mtpa), with pre‑commissioning expected in 2026.
On January 26, 2026, Allied announced it has entered into a definitive agreement with Zijin Gold International Company Limited (“Zijin Gold”), where Zijin Gold will acquire all of the issued and outstanding shares of Allied in cash. Subject to the satisfaction or waiver by the parties of all necessary closing conditions and the receipt of all required approvals, the completion of the transaction is anticipated in late April 20269.
Koné: On January 19, 2026, Montage announced that rapid construction progress continues to be made at its Koné project, where first gold pour through the oxide circuit is anticipated in late Q4 2026, while the hard-rock comminution circuit remains well on track for completion in Q2 2027. Since commencement of the project, key milestones achieved include the erection of all 14 carbon-in-leach tanks, piperack and grid mesh walkways, completion of the oxide sizer and the delivery of the ball mill to site.
El Domo: On February 4, 2026, Silvercorp reported that during 2025, construction activities at its El Domo project advanced across site preparation, infrastructure, and water management works, with approximately $44.5 million spent (about 16% of their revised budget), including completion of archaeological clearance, significant earthworks and road construction, camp commissioning, and placement of orders for long‑lead time major equipment.
Copper World: On January 12, 2026, Hudbay announced the closing of the joint venture transaction with Mitsubishi Corporation, securing a premier, long-term strategic partner for the development of Copper World. Hudbay notes that they intend to complete the definitive feasibility study at Copper World in mid-2026 with final sanctioning decision expected in 2026.
Santo Domingo: On February 17, 2026, Capstone reported that they plan to progress the financing strategy, detailed engineering and infrastructure optimization opportunities at its Santo Domingo project towards a sanctioning decision expected in the second half of 2026.
Corporate Development
Spring Valley: On November 6, 2025, the Company entered into a PMPA (the “Spring Valley PMPA”) with Waterton Gold Corp., a subsidiary of Waterton Gold LP, in respect of gold production from the Spring Valley project located in Nevada, USA (“Spring Valley”). Under the terms of the Spring Valley PMPA, the Company is committed to pay Waterton Gold total upfront cash consideration of $670 million in installments as various conditions are satisfied, with the initial payment being paid on December 11, 2025. The Company has also provided a cost overrun facility of up to $150 million, accessible during an availability period commencing once the full upfront consideration has been paid under the Spring Valley PMPA.
Hemlo: On November 26, 2025, the Company entered into a PMPA with Hemlo in respect of gold production from the currently operating Hemlo mine located in Ontario, Canada. Under the terms of the Hemlo PMPA, which will deliver immediate production and cash flow to the Company, the Company paid Hemlo total upfront cash consideration of $300 million.
As part of its financing commitment, on October 7, 2025 the Company invested $30 million (Cdn$42 million) in Hemlo’s equity offering.
Antamina: On February 16, 2026, the Company announced it had entered into a definitive PMPA with BHP (the “BHP Antamina PMPA”) for their 33.75% portion of the silver produced at the Antamina Mine located in Peru. Upon closing, Wheaton will receive a combined 67.5% of all the silver produced from Antamina, up from the 33.75% currently delivered under the existing Glencore Antamina silver stream.
Under the terms of the BHP Antamina PMPA, the Company will pay BHP total upfront cash consideration of $4.3 billion on closing, subject to certain customary conditions. Additionally, the Company will make ongoing payments for the silver ounces delivered equal to 20% of the spot price of silver. The BHP Antamina PMPA is effective April 1, 2026, from which time the Company will purchase BHP’s 33.75% of the payable silver until a total of 100 million ounces has been delivered, at which point the Company will purchase 22.5% of the payable silver for the life of mine. Payable silver will be calculated using a fixed payable factor of 90.0%.
The upfront payment of $4.3 billion will be funded through a combination of existing liquidity and new financing. Funding sources include estimated cash on hand at closing of approximately $1.9 billion, including the $1.2 billion cash on hand at December 31, 2025 in addition to $323 million realized on the disposal of Long-Term Equity Investments. The remaining balance will be funded through an approximate $0.9 billion draw on the Company’s Revolving Facility, in addition to a new $1.5 billion non-revolving term loan credit facility (“Term Loan”) which carries a two-year maturity and aligns with the terms of the Company’s existing Revolving Facility.
The Term Loan and the RCF provide flexible, non‑dilutive financing that may be repaid at any time without penalty. The remaining liquidity available from the RCF, in addition to continued strong cash flows, provides healthy balance sheet capacity. Net debt at closing of the BHP Antamina PMPA acquisition is currently expected to be approximately $2.4 billion, assuming estimated approximate incremental cash flows. With the liquidity provided by the remaining available credit under the $2 billion Revolving Facility coupled with the $500 million accordion and ongoing operating cash flows, the Company remains well positioned to fund all outstanding commitments, as well as providing flexibility to acquire additional accretive mineral stream interests.
Reserves and Resources (at December 31, 2025)
Proven and Probable Mineral Reserves attributable to Wheaton were 15.1 million ounces of gold compared with 15.4 million ounces as reported in Wheaton’s 2024 Annual Information Form (“AIF”), a decrease of 2%; 556.1 million ounces of silver compared with 469.2 million ounces, an increase of 19%; 0.83 million ounces palladium, unchanged; 0.52 million ounces of platinum, unchanged; and 27.8 million pounds of cobalt compared to 30.6 million pounds, a decrease of 6%. On a GEO8 basis, total Proven and Probable Mineral Reserves for all metals attributable to Wheaton were 25.0 million ounces compared to 23.8 million ounces, an increase of 5%.
Measured and Indicated Mineral Resources attributable to Wheaton were 7.1 million ounces of gold compared with 6.8 million ounces as reported in Wheaton’s 2024 AIF, an increase of 4%; 645.5 million ounces of silver compared with 704.6 million ounces, a decrease of 8%; 0.14 million ounces of palladium compared with 0.13 million ounces, an increase of 6%; 0.09 million ounces of platinum, unchanged; and 9.2 million pounds of cobalt compared to 1.2 million pounds of cobalt, an increase of 700%. On a GEO8 basis, total Measured and Indicated Mineral Resources for all metals attributable to Wheaton were 18.0 million ounces compared with 18.7 million ounces, a decrease of 4%.
Inferred Mineral Resources attributable to Wheaton were 4.6 million ounces of gold compared with 4.9 million ounces as reported in Wheaton’s 2024 AIF, a decrease of 8%; 449.5 million ounces of silver compared with 330.1 million ounces, an increase of 36%, 0.34 million ounces of palladium, unchanged; 0.04 million ounces of platinum, unchanged; and 5.3 million pounds of cobalt compared with 7.4 million pounds, a decrease of 28%. On a GEO8 basis, total Inferred Mineral Resources for all metals attributable to Wheaton were 12.2 million ounces compared with 10.6 million ounces, an increase of 15%.
Estimated attributable reserves and resources contained in this press release are based on information available to the Company as of March 5, 2026, and therefore will not reflect updates, if any, after that date. Updated reserves and resources data incorporating year-end 2025 estimates will also be included in the Company’s 2025 Annual Information Form. Wheaton’s most current attributable reserves and resources, as of December 31, 2025, with attributable footnotes, can be found on the Company’s website at www.wheatonpm.com.
Sustainability
Future of Mining Challenge
Subsequent to the quarter, Wheaton announced Cetos Water as the winner of the Future of Mining Challenge. Cetos Water has been awarded $1 million for its unique technology that turns wastewater from mining activities into clean, reusable water.
Corporate Knights Global 100
Subsequent to the quarter, Wheaton was named once again to Corporate Knights’ 2026 Global 100 Most Sustainable Corporations list, marking its third consecutive year of recognition for leadership in sustainable value creation.
Community Investment Program
Wheaton’s Partner Community Investment Program supports initiatives with the Vale Foundation, Vale Canada, Hudbay, First Majestic, Newmont, B2Gold, and Ivanplats to deliver vital services and programs to communities impacted by mining operations. These initiatives provide access to educational resources, health and dental care, poverty reduction efforts, entrepreneurial opportunities, and a range of social and environmental programs. In 2025, Wheaton contributed approximately $9.4 million to over 150 charitable causes and initiatives globally.
During the fourth quarter, construction of new student residences at the Colegio Nacional de Educación Profesional Técnica (CONALEP) was completed. An opening ceremony, held in partnership with Newmont, marked the milestone and welcomed students into their new accommodations. CONALEP is Mexico’s national public technical high‑school system providing competency‑based education and workforce training aligned with industry needs.
During the fourth quarter, Wheaton was the lead sponsor for the Nature Trust of British Columbia Gala and Special Olympics BC’s Sports Celebrities Festival.
Subsequent Events
Chief Executive Officer Transition
On February 5, 2026, Wheaton announced that as part of the Company’s strategic succession planning, Haytham Hodaly, currently President, will succeed Randy Smallwood as Wheaton’s Chief Executive Officer, effective March 31, 2026, reflecting an ongoing leadership evolution to support the next phase in the Company’s growth trajectory.
Declaration of Dividend
The Company has increased its quarterly dividend under its dividend policy, setting it at $0.195 per common share for 2026. This represents an 18% increase over the quarterly dividend paid in 2025 and represents the third consecutive year that the dividend has been increased, highlighting the Company’s commitment to a progressive dividend. The declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors.
2026 Production Outlook
For 2026, Wheaton provides annual production guidance of 860,000 to 940,000 GEOs8. This expected year-over-year growth is driven primarily by the additional stream at Antamina which is expected to add another 70,000 GEOs8 to the portfolio in 2026 and begin generating production on April 1, 2026. Further contributions from newly operating assets, including Blackwater, Mineral Park, Fenix, Hemlo, Goose and Platreef are also forecast to support this growth. These increases are expected to be partially offset by lower production from Constancia following the depletion of the Pampacancha pit in late December 2025.
At the Company’s cornerstone assets, after achieving record production levels in 2025, attributable production levels at Salobo are forecast to decrease slightly, with higher throughput levels anticipated to be offset by modestly lower gold grades. Attributable production is forecast to increase significantly at Antamina in 2026 due to the additional stream, with the Company receiving a combined 67.5% of silver production commencing April 1, 2026, up from the 33.75% delivered in 2025 under the existing stream. Lastly, attributable production from Penasquito is forecast to increase from 2025, driven by stronger silver grades, including contributions from stockpile material as mining progresses through planned sequencing.
Long-Term Production Outlook
Production is forecast to increase by approximately 50% to 1,200,000 GEOs8 by 2030, due to growth from multiple Operating assets including Antamina, Blackwater, Aljustrel, Marmato, Hemlo and Goose; Development assets that are in construction and/or various stages of ramp-up, including the Koné, Fenix, Kurmuk, Platreef, Mineral Park and El Domo projects; and Pre-development assets including the Spring Valley, Copper World and Santo Domingo projects, all of which have received their major permits.
From 2031 to 2035, attributable production is forecast to be maintained at 1,200,000 GEOs8 annually and incorporates additional incremental production from Pre-development assets including the Cangrejos, Kudz ze Kayah and Marathon projects, in addition to the Mt. Todd and Black Pine royalties.
Not included in Wheaton’s long-term forecast and instead classified as ‘optionality’, is potential future production from 11 other assets including El Alto, Navidad and Toroparu.
About Wheaton Precious Metals Corp.
Wheaton is the world’s premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets. Its business model offers investors commodity price leverage and exploration upside but with a much lower risk profile than a traditional mining company. Wheaton delivers amongst the highest cash operating margins in the mining industry, allowing it to pay a competitive dividend and continue to grow through accretive acquisitions. Wheaton is committed to strong ESG practices and giving back to the communities where Wheaton and its mining partners operate. Wheaton creates sustainable value through streaming for all of its stakeholders.
In accordance with Wheaton Precious Metals™ Corp.’s (“Wheaton Precious Metals”, “Wheaton” or the “Company”) MD&A and Financial Statements, reference to the Company and Wheaton includes the Company’s wholly owned subsidiaries.
Webcast and Conference Call Details
A conference call will be held on Friday, March 13, 2026, starting at 11:00 am ET (8:00 am PT) to discuss these results. To participate in the live call, please use one of the following methods:
Dial toll free from Canada or the US:
1-800-715-9871
3.CHRIS POWELL AND HIS GATA DISPATCHES:
4. ANDREW MAGUIRE AND LIVE FROM THE VAULT PODCASTS 263
5. COMMODITY REPORT//
ASIAN AFFAIRS MARCH 13/2026
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS FRIDAY MORNING.7:30 AM
SHANGHAI CLOSED DOWN 33.65 PTS OR 0.82%
HANG SENG CLOSED DOWN 235.26 PTS OR 0.91%
Nikkei CLOSED DOWN 759.96 PTS OR 1.40%
//Australia’s all ordinaries CLOSED DOWN 0.81%
//Chinese yuan (ONSHORE) CLOSED DOWN6.9000
/ OFFSHORE CLOSED DOWN AT 6.9059 Oil UP TO 97.57 dollars per barrel for WTI and BRENT UP TO 102.44 Stocks in Europe OPENED ALL DEEPLY IN THE RED
ONSHORE USA/ YUAN TRADING 6.9000OFFSHORE YUAN TRADING DOWN TO 6.9059 ONSHORE YUAN TRADING ABOVE OFF SHORE AND DOWN ON THE DOLLAR// / AND THUS WEAKER//OFF SHORE YUAN TRADING UDOWNAGAINST US DOLLAR/ AND THUS WEAKER
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YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS FRIDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN AT 6.9000
OFFSHORE YUAN: UP TO 6.9059
1.HANG SANG DOWN 235.26 POINTS OR 0.91%
2. Nikkei closed DOWN 759.96 PTS OR 1.40%
WEST TEXAS INTERMEDIATE OIL UP 97.57
BRENT; 102.44
3. Europe stocks SO FAR: ALL RED
USA dollar INDEX UP TO 100.26 /// EURO RISES TO 1.1549UP 6 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +2.260 UP 8 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 159.43… 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: 3.526UP 6 FULL BASIS PTS. AND STILL VERY TROUBLESOME
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold DOWN /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: 6.9000(DOWN) AND OFFSHORE: DOWN AT 6.9059
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and BRENT UP this morning
3h European bond buying continues to push yields HIGHER on all fronts in the EMU. German 10yr bund YIELD UP TO +2.9582 Italian 10 Yr bond yield UP to 3.796 SPAIN 10 YR BOND YIELD UP TO 3.480
3i Greek 10 year bond yield UP TO 3.765
3j Gold at $5075.50 Silver at: 82.34 1 am est) SILVER NEXT RESISTANCE LEVEL AT $100.00
3k USA vs Russian rouble;// Russian rouble DOWN 1 AND 43/100 roubles/80.92
3m oil (WTI) into the 97 dollar handle for WTI and 102 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 159.43 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 2.260% UP 8 BASIS PTS STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING//YEN BOND TRADING OVERSEAS REPATRIATED.//JAPAN 30 YR: 3.526 UP 6 PTS..: USA/SF this 0.7890 as the Swiss Franc . Euro vs SF: 0.9025
USA 10 YR BOND YIELD: 4.297UP 0 BASIS PTS…
USA 30 YR BOND YIELD: 4.904 UP 2 BASIS PTS/
USA 2 YR BOND YIELD: 3.750 DOWN 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 44.19 UP 7 BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.7980 UP 3 PTS
30 YR UK BOND YIELD: 5.474 UP 4 BASIS PTS
10 YR CANADA BOND YIELD: 3.536 UP 5 BASIS PTS
5 YR CANADA BOND YIELD: 3.097UP 6 BASIS PTS.
1a New York Opening report
1b European opening report
Indian tanker moves out the strait; DXY breaches 100 ahead of busy data schedule – Newsquawk US Market Open
Friday, Mar 13, 2026 – 07:06 AM
US has issued a new Russia-related general license permitting the sale of Russian crude oil and petroleum products loaded on vessels as of March 12.
ByteDance reportedly plans to tap NVIDIA (NVDA) Blackwell processors that are barred for export to China, with the Co. working with Aolani Cloud on plans to use some 500 Blackwell computing systems in Malaysia, according to WSJ.
European equities soften, BESI NA surges on takeover rumours; US equity futures muted ahead of PCE, GDP.
DXY extends above the 100 handle, GBP slips post-GDP.
Fixed income choppy and energy prices and risk tone continue to dictate price action.
Brent hovers around USD 100/bbl and metals dragged by a firmer dollar.
Looking ahead, highlights include Canadian Jobs Report (Feb), US Core PCE Price Index (Jan), Durable Goods Orders (Jan), Personal Spending (Jan), JOLTS (Jan), University of Michigan Consumer Sentiment Prelim. (Mar), Atlanta Fed GDP. Rating updates include Scope Ratings on UK & Spain, S&P on Spain, Moody’s on Greece & Germany, Fitch on Spain & Italy.
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EUROPEAN TRADE
EQUITIES
European bourses (STOXX 600 -0.2%) continue to trade on the softer side as energy prices remain at elevated levels. Once again, the IBEX 35 (-0.2%) is the worst performer as Banks continue to weigh on the index. The FTSE 100 (-0.1%) is also under modest pressure, after the UK showed no growth M/M in January.
European sectors are mixed, with Energy (+0.8%) outperforming as Brent holds above USD 100/bbl. Basic Resources (-1.2%) lags as the stronger dollar weighs on metals prices. Consumer Products and Services (-1.4%) and Banks (-0.7%) are also underperforming as higher inflation expectations and poor growth prospects weigh on the sectors. For the semiconductor space, BE Semiconductor has reportedly been fielding takeover interests and has refused to respond to the rumour.
US equity futures (ES U/C, NQ/RTY -0.1%) are muted ahead of a flurry of US data later in the day. BofA’s weekly flow showed inflows returning into US equities, with the bank also offering a trading view to fade the S&P 500 below 6600 as it should provoke a policy response.
Samsung Electronics (005930 KS) accelerates next-generation NAND development with NVIDIA (NVDA).
ByteDance reportedly plans to tap NVIDIA (NVDA) Blackwell processors that are barred for export to China, with the Co. working with Aolani Cloud on plans to use some 500 Blackwell computing systems in Malaysia, according to WSJ.
DXY is stronger this morning and currently just off best levels, within a 99.58-100.29 range; upside today lacked a fresh fundamental driver, but came alongside the strength in crude prices, where Brent once again topped USD 100/bbl. Interestingly, the USD-Brent correlation is currently 0.91. On the oil situation, the US issued a new Russia-related general licence permitting the sale of Russian crude oil – this only applies to oil in transit. A waiver which did little to cull the upside in the oil complex, given this does not nearly replace the lost supply from the Gulf. ING writes that “we cannot see investors wanting to fight this dollar rally, given there is so little certainty as to when this crisis will end”. Focus now turns to Core PCE Price Index (Jan), Durable Goods Orders (Jan), Personal Spending (Jan), JOLTS (Jan), University of Michigan Consumer Sentiment Prelim. (Mar) and Atlanta Fed GDP.
EUR has now sunk below the 1.1500 mark, and made a trough at 1.1433 – levels not seen since early August, where the single currency made a low at 1.1391 (1 Aug). Ultimately, the region’s status as a net-importer of oil continues to weigh on the single currency. In the meantime, focus will be on any hints of government intervention to ease the impact of higher energy costs, before focus then turns to the ECB next week, where the Bank is likely to raise concerns about the Middle East situation, with an outside chance that it signals possible policy adjustments.
GBP also remains pressured alongside peers. Sterling opened lower, given the USD strength, but then reacted negatively to the region’s GDP metrics, which showed that the UK stagnated in January, even before the Iran war started. Cable fell from 1.3315 to 1.3306 within a couple of minutes, before trundling lower as the USD strength picked up. The impact on the BoE following this data will likely not be impactful on policy in the near term, given the Iran war.
JPY remains the only G10 flat vs USD. Potentially a function of traders seeing the possibility of near-term intervention/rate checks as USD/JPY sits firmly in the intervention zone, beyond 158.00. Overnight, Finance Minister Katayama said that they are in closer contact with US authorities on FX, and separately commented that they are prepared to take all necessary steps on FX. As a reminder, the NY Fed conducted a rate check on USD/JPY back in January. As mentioned previously, intervention seems unlikely given a) it would prove to be ineffective given the current geopolitical environment, b) low volume short positions on the JPY, c) the move is fundamentally driven by higher energy prices, and d) the recent lack of verbal intervention suggests potentially a higher bar for USD/JPY to rise. Nonetheless, markets will be cognizant of any jawboning heading into the BoJ meeting and wage negotiations next week.
FIXED INCOME
A choppy start to the day with benchmarks in narrower ranges than usual, though still posting a c. 50 ticks band for Bunds, for instance. Action this morning has largely been a function of energy and, by extension, the general risk tone. A grind higher in the first few hours in energy benchmarks to a USD 98.09/bbl peak for WTI sparked a bout of fixed downside, equity pressure and USD strength.
However, the move in fixed income has pared with benchmarks marginally firmer as energy wanes from best. The main headline update amidst this was Axios reporting that US President Trump told the G7 on Wednesday that Iran was close to surrender; however, commentary from the new Supreme Leader on Thursday and Iran announcing a fresh wave of attacks today somewhat disputes that assessment.
Specifically, USTs in a 111-12 to 111-20 band, currently firmer by a tick or two in that. Nonetheless, the benchmark is set to end the week lower by around a full point.
For Bunds, they are yet to make a lasting move into the green, despite hitting a 126.18 peak with gains of two ticks briefly. Drivers much the same as above. Furthermore, the benchmark is also set to end the week lower by around a full point.
Finally, Gilts opened lower by just under 20 ticks today before slipping to a 88.49 low and then rebounding to near-enough unchanged. Downside a function of the benchmark catching up to post-close action and the morning’s initial energy move. However, this was somewhat offset by the morning’s data showing the UK started the year with no growth. A series that may have otherwise cemented a March cut by the BoE. However, the recent Middle East related energy disruption and associated moves mean a near-term cut is entirely off the table, though the MPC will likely remain divided next week in another split decision.
Japan sold JPY 300bln in 10yr Climate Transition Bonds b/c 3.42 (Prev. 3.56).
COMMODITIES
WTI and Brent futures are off their best and worst levels at the time of writing, with traders gearing up for another week of geopolitical risks as the war shows no signs of abating. It was reported that the US issued a second short-term waiver allowing buyers to receive Russian oil already at sea, expanding a previous India-only authorisation without materially benefiting the Russian government. Modest downticks were seen in the complex following an Axios report that US President Trump told G7 leaders in a virtual meeting Wednesday that Iran is “about to surrender,” according to three officials from G7 countries briefed on the contents of the call, although the report caveats that 24 hours later after that call, Iran’s new supreme leader issued his first public statement vowing to keep fighting. WTI resides in a USD 94.52-98.09/bbl range and Brent in a 99.51-102.75/bbl range. Nat Gas prices are flat at the time of writing, but remain above EUR 50/MWh amid the ongoing energy woes emerging from the Iranian crisis.
Spot gold rose above USD 5,100/oz overnight and hovers on either side of the figure in recent trade, but still remains on track for a second weekly decline, as the Middle East conflict keeps oil near USD 100/bbl and in turn pushes up the USD (DXY north of 100) amid inflationary woes. Spot gold resides in a USD 5,061.32-5,128.47/oz. Spot silver resides closer to weekly lows after finding resistance at USD 90/oz on Tuesday.
In terms of base metals, 3M LME copper is on a softer footing amid the firmer USD and with sentiment also dampened as the US opened a Section 301 probe into forced-labour practices across 60 economies, including the EU, China, Japan, South Korea, Canada, Mexico, India, Taiwan and the UK. Iron is set for its biggest weekly gain in more than a year after China state-backed buyers expanded restrictions on BHP Group (BHP AT) products.
India asks Iran to allow tankers through the Strait of Hormuz, according to the WSJ; India is in active talks to allow 23 tankers through the Strait, with first crossing expected this weekend
Kremlin envoy Dmitriev said US sanctions waiver affects around 100mln barrels of Russian oil.
US has issued a new Russia-related general license permitting the sale of Russian crude oil and petroleum products loaded on vessels as of March 12, according to the Treasury website. US license permits sale of such Russian crude oil and petroleum products until 12:01 AM EDT on April 11th.
US Treasury Secretary Bessent clarified that new general licence applies only to Russian oil already in transit and will not provide significant financial benefit to the Russian government.
EU Commission said gas storage filling levels in the EU remain stable and oil stocks are at a high level, via statement; gas storage should not be refilled at all costs.
Japan’s Defence Minister Koizumi said it would be possible to provide escort for Japanese ships through Hormuz, however PM Takaichi clarified that no decisions have been made.
Saudi Aramco offers to sell 2 mln barrels of Arab Light crude for March loading at Yanbu port.
Australia’s energy minister announces lowering minimum stock obligations for diesel and fuel. said: To address fuel supply chain disruption by reducing up to 20% of the baseline minimum stockholding obligation for petrol and diesel, which would allow the release of up to 762mln litre of petrol and diesel from Australia’s domestic reserves.
Venezuela and Repsol (REP SM) signed strategic agreements, while Venezuela’s interim president Rodriguez said that the deal can make Venezuela a gas exporter.
Rio Tinto (RIO AT) suspends all mining operations at its Kennecott copper facility following a fatal incident.
Goldman Sachs expects Brent crude prices to average over USD 100/bbl in March and USD 85/bbl in April, while it sees Brent crude gradually easing back to the low USD 70s late in the year.
TRADE/TARIFFS
USTR confirms to start 60 Section 301 investigations related to failures to take action on forced labour.
China’s MOFCOM said US 301 tariffs violate WTO rules, urges the US to correct wrong practices and return to dialogue. China is analysing and assessing the situation. Will take necessary measures to safeguard legitimate rights and interests.
China’s MOFCOM is to impose tariffs of up to 30.1% on imports of rubber from Japan and Canada, effective March 14th.
US ambassador to India said they’re moving to a critical stage of finalising critical minerals agreement, adds expect countries we have made deals with to honor those deals.
NOTABLE EUROPEAN DATA RECAP
UK GDP YoY (Jan) Y/Y 0.8% vs. Exp. 0.9% (Prev. 0.7%, Low. 0.8%, High. 1.0%).
UK GDP MoM (Jan) M/M 0.0% vs. Exp. 0.2% (Prev. 0.1%, Low. 0.1%, High. 0.3%).
UK Balance of Trade (Jan) 3.922B vs. Exp. -6.2B (Prev. -4.340B).
UK Goods Trade Balance (Jan) -14.45B vs. Exp. -22.2B (Prev. -22.72B, Low. -23.3B, High. -21.2B).
Spanish Inflation Rate YoY Final (Feb) Y/Y 2.3% vs. Exp. 2.3% (Prev. 2.3%).
Spanish Core Inflation Rate YoY Final (Feb) Y/Y 2.7% vs. Exp. 2.7% (Prev. 2.6%).
Spanish Inflation Rate MoM Final (Feb) M/M 0.4% vs. Exp. 0.4% (Prev. -0.4%).
French Inflation Rate YoY Final (Feb) Y/Y 0.90% vs. Exp. 1% (Prev. 0.3%).
French Inflation Rate MoM Final (Feb) M/M 0.6% vs. Exp. 0.7% (Prev. -0.3%).
EU Industrial Production MoM (Jan) M/M -1.5% vs. Exp. 0.5% (Prev. -1.4%, Low. -0.8%, High. 1.0%).
German Wholesale Prices MoM (Feb) M/M 0.6% vs. Exp. 0.4% (Prev. 0.9%).
German Wholesale Prices YoY (Feb) Y/Y 1.2% vs. Exp. 1.0% (Prev. 1.2%).
US Treasury Secretary Bessent said the Fed is a long way from returning to quantitative easing.
NOTABLE US HEADLINES
US Secretary of State Rubio will join US President Trump during his trip to China later this month.
US Treasury Secretary Bessent said Trump-Starmer relationship will get back on track.
GEOPOLITICS
MIDDLE EAST
NATO intercepts an Iranian missile targeting Turkey, the 3rd occasion since the Middle East conflict began. Missile was launched from Iran and destroyed by defences in the eastern Mediterranean.
US President Trump told G7 leaders in a virtual meeting Wednesday that Iran is “about to surrender,” according to three officials from G7 countries briefed on the contents of the call, Axios reported.
US has burned through ‘years’ of munitions since the Iran war began, while the rapid depletion of stockpile including Tomahawk missiles raises pressure on US President Trump regarding the cost of the war, according to FT.
US officials say Iran has begun laying mines in the Strait of Hormuz as of today, according to NYT.
US Treasury Secretary Bessent said we know that Iran has not mined the Strait of Hormuz, noted a lower oil price regime over the medium-term after the conflict.
US weapons package for Taiwan could be approved after US President Trump’s China trip, according to sources.
Israeli Security Official said that Iran has around 150 missile launch platforms, these will continue to be targeted.
Israeli army said it has begun a wave of air strikes targeting government infrastructure in Iran’s capital, Tehran, Al Jazeera reported.
Israeli air strikes are underway in Iran and explosions were reported in Tehran.
Israel’s army identified missiles launched from Iran and defence systems were activated to counter threat.
Israel conducts a series of raids on southern suburbs of Beirut.
Israeli army issues orders to evacuate areas in the southern suburbs of Beirut, Sky News Arabia reported.
Iran announces a fresh wave of attacks on US bases and Israel, ISNA reported.
“Iranian state television reported a large explosion in a Tehran square where demonstrations are happening”, via AP’s Gambrell.
Iranian missile successfully hits target after Israeli interceptors failed to stop it.
Iran claims responsibility for shooting down US refueling plane, said US refueling plane was downed with all crew killed in Western Iraq, according to Tasnim.
OTHERS
Afghan government said Pakistan conducts strikes on Kabul and other areas in Afghanistan.
North Korea accused Japan of pushing the region into danger for its long-range missile deployments and claims Japan’s military buildup is part of preparations for a reinvasion, according to KCNA.
APAC stocks were mostly subdued with the region cautious amid headwinds from the recent double-digit surge in oil prices after Iran’s new Supreme Leader dug in and called for a continued closure of the Strait of Hormuz, as well as warned that other fronts will be opened if the war persists, while the US also initiated 60 Section 301 investigations related to failures to take action on forced labour.
ASX 200 traded indecisively as strength in financials and energy offset the losses in mining and materials.
Nikkei 225 underperformed as oil and inflationary-related pressures weighed on the large exporting industries, including tech and autos, with Honda among the worst hit after it cancelled three planned EV launches in North America and revised its FY25/26 outlook to a loss of as much as JPY 690bln from the previous guidance of JPY 300bln profit.
Hang Seng and Shanghai Comp were lacklustre in rangebound trade with a lack of conviction heading into talks between US Treasury Secretary Bessent, USTR Greer and Chinese Vice Premier He Lifeng in Paris beginning on Sunday.
NOTABLE ASIA-PAC HEADLINES
Japanese Finance Minister Katayama said prepared to take all necessary steps on FX and are in closer contact with US authorities on FX.
South Korea could reportedly see KRW 20tln extra budget on chip boom, according to Chosun.
NOTABLE APAC DATA RECAP
China February YTD Aggregate Financing (CNY) 9.6tln (exp. 9.245tln); New Yuan Loans 5.61tln (exp. 5.576tln); M2 Money Supply 9% Y/Y (exp. 8.9%).
Chinese New Yuan Loans (Feb) 900B vs. Exp. 979B (Prev. 4710B).
Chinese Outstanding Loan Growth YoY (Feb) Y/Y 6.0% vs. Exp. 6% (Prev. 6.1%).
Chinese Total Social Financing (Feb) 2380B vs. Exp. 2130B (Prev. 7220B).
Chinese M2 Money Supply YoY (Feb) Y/Y 9% vs. Exp. 8.8% (Prev. 9%).
New Zealand Business NZ PMI (Feb) 55.0 (Prev. 55.2).
1 c Asian opening report
Brent returns above USD 100/bbl; DXY hovers at YTD highs ahead of data – Newsquawk EU Market Open
Friday, Mar 13, 2026 – 02:39 AM
APAC stocks were mostly subdued, with the region cautious amid headwinds from the recent double-digit surge in oil prices.
US officials noted they said from the start the war would last 4-5 weeks and may end in 2 weeks, with the decision up to Trump.
US Treasury Secretary Bessent told Sky News an international coalition could protect ships in the Strait of Hormuz.
USTR announced to initiate 60 Section 301 investigations related to failures to act on forced labour.
European equity futures indicate a mildly higher cash market open with Euro Stoxx 50 futures up 0.2% after the cash market closed with losses of 0.8% on Thursday.
Looking ahead, highlights include German Wholesale Prices (Feb), UK Trade Balance (Jan), GDP (Jan), French/Spanish HICP Final (Feb), Canadian Jobs Report (Feb), US Core PCE Price Index (Jan), Durable Goods Orders (Jan), Personal Spending (Jan), JOLTS (Jan), University of Michigan Consumer Sentiment Prelim. (Mar), Atlanta Fed GDP. Rating updates include Scope Ratings on UK & Spain, S&P on Spain, Moody’s on Greece & Germany, Fitch on Spain & Italy.
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IRAN CONFLICT
US President Trump said Iran is paying a high price right now and the situation with Iran is moving along rapidly, while Trump separately commented that he thinks Iranian Supreme Leader Mojtaba Khamenei, is alive but injured.
US President Trump posted “We are totally destroying the terrorist regime of Iran, militarily economically, and otherwise yet, if you read the Failing New York Times, you would incorrectly think that we are not winning. Iran’s Navy is gone, their Air Force is no longer, missiles, drones and everything else are being decimated, and their leaders have been wiped from the face of the earth. We have unparalleled firepower, unlimited ammunition, and plenty of time – Watch what happens to these deranged scumbags today.“
US Treasury Secretary Bessent told Sky News an international coalition could protect ships in the Strait of Hormuz.
US Treasury Secretary Bessent said they know that Iran has not mined the Strait of Hormuz and he sees a lower oil price regime over the medium-term after the conflict, while a separate report noted that US officials said Iran had begun laying mines in the Strait of Hormuz as of Thursday.
US officials noted they said from the start the war will last 4-5 weeks and may end in 2 weeks, with the decision up to Trump.
US has burned through ‘years’ of munitions since the Iran war began, while the rapid depletion of stockpile including Tomahawk missiles, raises pressure on US President Trump regarding the cost of the war, according to FT
US military said it was aware of the loss of a US KC-135 refuelling aircraft, while it added the incident occurred in friendly airspace during Operation Epic Fury and that rescue efforts were ongoing.
Islamic Resistance in Iraq claimed responsibility for downing the US military refuelling aircraft, while Iran’s military said the crew were killed.
IRGC official said that if their energy infrastructures are attacked, they will burn the region’s oil and gas infrastructure.
Iran’s Foreign Ministry said many ships can still pass through the Strait of Hormuz if they coordinate with Iran’s navy.
Israeli PM Netanyahu said Hezbollah will pay a heavy price for its aggression and when asked about Mojtaba Khamenei, Hezbollah and Hezbollah’s Leader Qassem, he said that he wouldn’t take out any life insurance on those leaders.
Israeli officials think Iran’s regime isn’t likely to fall soon, with US and Israel shifting focus to degrading Iran’s nuclear, military, and ballistic-missile capabilities, according to WSJ.
Israel’s army identified missiles launched from Iran and defence systems were activated to counter the threat, although it was later reported that an Iranian missile successfully hit its target after Israeli interceptors failed to stop it.
Israel conducted air strikes in Iran and a series of raids on the southern suburbs of Beirut.
Israel is considering launching a strong ground operation in Lebanon within a week, according to Al Jazeera.
Israeli army reportedly pushes large numbers of tanks to the border with Lebanon, according to Israel’s Channel 12.
Qatar’s Foreign Ministry said it strongly condemned Israeli attacks on southern Lebanon and called on the international community to compel the Israeli occupation to cease its repeated attacks on Lebanon
Saudi Arabia said it intercepted 12 drones after they entered its airspace and later announced that 10 more drones were intercepted over the east of the country, while it also shot down a drone attempting to approach the diplomatic quarter.
China’s Middle East envoy said red lines on civilian protection must not be crossed, non-military targets should not be attacked and shipping lanes must remain safe, while the envoy stated an immediate halt to military actions is needed to prevent further escalation.
US TRADE
EQUITIES
US stocks were pressured in risk-off trade as oil prices surged once again, which saw Brent settle back above USD 100/bbl as the new Supreme Leader Khamenei called on the Strait of Hormuz to remain shut and for attacks on US bases to continue; meanwhile, navy escorts through the strait may not happen until the end of the month. Additionally, the US is to release 172mln barrels of crude from the SPR, although the delivery is expected to take around 120 days, diminishing hopes over the US finding a short-term resolution, while fuel tankers were also struck in the Gulf.
The rising oil prices and geopolitical escalations hit US equities with the majority of sectors lower, aside from energy due to higher oil prices, and utilities and staples – haven sectors. The rise in oil stoked inflationary concerns, and traders unwound rate cut bets for the Fed this year, with a 25bps cut no longer fully priced, currently implying a 66% probability of a 25bps cut this year. Meanwhile, US data saw jobless claims remain within recent ranges, perhaps easing some of the concerns following the February NFP report.
SPX -1.52% at 6,673, NDX -1.73% at 24,534, DJI -1.56% at 46,678, RUT -2.12% at 2,489.
USTR announced to initiate 60 Section 301 investigations related to failures to take action on forced labour.
China’s MOFCOM said the US 301 tariffs violate WTO rules, urges the US to correct wrong practices and return to dialogue.
US Secretary of State Rubio will join US President Trump during his trip to China later this month
US critical mineral talks advance with the EU and Japan on a price floor, according to reports.
US CBP is developing a four-part system for tariff refunds and is between 40-80% complete.
Mexico’s Economy Minister said 85% of Mexico’s trade under USMCA is unrelated to US Section 301 and does not expect Section 301 to have an impact on trade with the US, while Mexico’s Deputy Trade Secretary said Canada’s participation in USMCA is fundamental.
ByteDance reportedly plans to tap NVIDIA (NVDA) Blackwell processors that are barred for export to China, with the Co. working with Aolani Cloud on plans to use some 500 Blackwell computing systems in Malaysia, according to WSJ.
NOTABLE HEADLINES
US President Trump said Fed Chair “Too Late” Powell should drop interest rates immediately, not wait for the next meeting.
US Treasury Secretary Bessent said the Fed is a long way from returning to quantitative easing, while he also stated that the Trump-Starmer relationship will get back on track.
APAC TRADE
EQUITIES
APAC stocks were mostly subdued with the region cautious amid headwinds from the recent double-digit surge in oil prices after Iran’s new Supreme Leader dug in and called for a continued closure of the Strait of Hormuz, as well as warned that other fronts will be opened if the war persists, while the US also initiated 60 Section 301 investigations related to failures to take action on forced labour.
ASX 200 traded indecisively as strength in financials and energy offset the losses in mining and materials.
Nikkei 225 underperformed as oil and inflationary-related pressures weighed on the large exporting industries, including tech and autos, with Honda among the worst hit after it cancelled three planned EV launches in North America and revised its FY25/26 outlook to a loss of as much as JPY 690bln from the previous guidance of JPY 300bln profit.
Hang Seng and Shanghai Comp were lacklustre in rangebound trade with a lack of conviction heading into talks between US Treasury Secretary Bessent, USTR Greer and Chinese Vice Premier He Lifeng in Paris beginning on Sunday.
US equity futures recouped some lost ground, but with the rebound limited by oil-related pressures and hostilities.
European equity futures indicate a mildly higher cash market open with Euro Stoxx 50 futures up 0.2% after the cash market closed with losses of 0.8% on Thursday.
FX
DXY traded rangebound after printing fresh YTD highs yesterday as yields climbed for a third consecutive day and Brent returned to above the USD 100/bbl level, with Iran’s Supreme leader advocating for the Strait of Hormuz to remain closed. The inflationary concerns spurred a further unwinding of Fed rate cut bets, and money markets are no longer fully pricing in a cut by year-end, while the attention turns to the Fed’s preferred PCE metric due later.
EUR/USD languished at this week’s trough after sliding to the 1.1500 level amid recent dollar strength, energy disruption and light EU newsflow.
GBP/USD was choppy with a lack of conviction heading into the monthly UK GDP and industrial output data.
USD/JPY swung between gains and losses with support seen at the 159.00 level and after recently coat-tailing on firmer US yields and higher oil prices.
Antipodeans were lacklustre amid a quiet overnight calendar and the overall cautious mood.
PBoC set USD/CNY mid-point at 6.9007 vs exp. 6.8888 (Prev. 6.8959).
FIXED INCOME
10yr UST futures attempted to nurse losses after recently bear flattening as the return of Brent to above USD 100/bbl further unwound Fed rate cut bets, and with prices not helped by supply, including a 30yr auction which was better than recent averages but not as strong as the stellar February offering, while participants also await the Fed’s preferred inflation metric.
Bund futures remained subdued after retreating beneath the 126.00 level amid the oil-triggered inflationary headwinds.
10yr JGB futures tracked the losses in global peers amid price-related concerns and following weaker-than-previous 10yr climate transition bond auction results.
COMMODITIES
Crude futures took a breather overnight after rallying by double-digit percentages yesterday as Iran’s Supreme Leader dug in on the Strait of Hormuz closure, which he said should be continued and threatened that other fronts will be opened if the war persists. However, further upside was contained overnight after the US issued a new Russia-related general license permitting the sale of Russian crude oil and petroleum products loaded on vessels.
US issued a new Russia-related general license permitting the sale of Russian crude oil and petroleum products loaded on vessels as of March 12th, while the license permits the sale of such Russian crude oil and petroleum products until 12:01 AM EDT on April 11th. Furthermore, US Treasury Secretary Bessent clarified that the new general licence applies only to Russian oil already in transit and will not provide significant financial benefit to Russia.
Kremlin envoy Dmitriev said US sanctions waiver affects around 100mln barrels of Russian oil.
Saudi Aramco offered to sell 2 mln barrels of Arab Light crude for March loading at Yanbu port.
UAE’s ADNOC cut the volume of crude for its onshore partners by about a fifth this month, according to Bloomberg
Australia’s Energy Minister announced to lower minimum stock obligations for diesel and fuel by up to 20%, which would allow the release of up to 762 million litres of petrol and diesel from Australia’s domestic reserves.
Japan’s Trade Minister Akazawa said companies are exploring alternative crude oil procurement sources, including the US, Central Asia and South America.
Spot gold clawed back some losses after suffering from a firmer buck, as rising oil prices further unwound rate cut bets.
Copper futures traded lower and eventually breached the prior day’s trough, with demand dampened amid the cautious mood and after the US initiated more Section 301 investigations.
CRYPTO
Bitcoin rallied in early trade and approached just shy of the USD 72,000 level before paring less than half the gains.
NOTABLE ASIA-PAC HEADLINES
Japanese Finance Minister Katayama said they are in closer contact with US authorities on FX, and separately commented that they are prepared to take all necessary steps on FX.
GEOPOLITICS
OTHER NEWS
Afghan government said Pakistan conducted strikes on Kabul and other areas in Afghanistan.
North Korea accused Japan of pushing the region into danger for its long-range missile deployments and claimed Japan’s military buildup is part of preparations for a reinvasion, according to KCNA.
EU/UK
NOTABLE HEADLINES
UK Chancellor Reeves is to make another push for Britain to secure greater access to the single market next week, amid renewed trade strains between the UK and the EU, according to FT.
EU’s Kallas said the bloc must stick together against US President Trump’s hostile tactics and that Washington seeks to divide European governments, which wield less power individually, according to FT.
ECB’s Villeroy sees risks and opportunities for the EU in private credit, and urged EU supervision of investment funds.
2.a NORTH KOREA/SOUTH KOREA
/SOUTH KOREA
3. CHINA/TAIWAN
4. EUROPEAN AND SCANDINAVIAN AFFAIRS
GERMANY/KOLBE
Germany’s Industrial Collapse: Degrowth And Ideology At Work
Friday, Mar 13, 2026 – 03:30 AM
Submitted by Thomas Kolbe
Even with some temporal distance and broader perspective, the election result in Baden-Württemberg makes no sense. That the two eco-socialist parties, fused into a kind of political twin planet—Bündnis 90/Die Grünen and the CDU—could claim almost two-thirds of the votes cast is staggering given the economic situation in the country. It raises a fundamental question: Can—or will—Germans no longer connect economic decline with political responsibility in any meaningful way?
Baden-Württemberg’s capital, Stuttgart, is notably at the epicenter of this decline. The city serves, in a way, as a blueprint for the future envisioned by green transformation advocates.
It makes no difference whether it is green ideologues and hardliners like Jürgen Trittin exploiting the cultivated German guilt complex for their degrowth fantasies, or CDU politicians of the Merkel-Merz line staging placebo reforms for public consumption. Both strategies ultimately point to the same goal: replacing traditional German industry with a state-controlled command economy.
That the Mittelstand and major industry are collapsing under mounting fiscal pressure and the energy transition catastrophe is undeniable. Added to this is a kind of vacuum effect in the capital markets.
Every subsidy, especially the state-guaranteed high returns in the green art economy, drains valuable resources from the free market. Startup funding, growth financing, and venture capital are systematically squeezed or driven abroad.
Entrepreneurs may even choose the simpler path of marching along, extracting subsidies on the way to the green paradise. The problem is that state-run economics, whether executed by private companies as government proxies or directly by the state, adds no value to the economy. It is a destructive mechanism, felt even by city treasurers in Stuttgart, the new capital of ideological escapists.
Last year, trade tax revenue collapsed by roughly fifty percent—a clear sign of massive economic damage. The city budget deficit surged to €800 million. Only a €2.4 billion emergency credit keeps the city afloat over the next three years.
In real life, those responsible for this disaster might face court for insolvency mismanagement. But for politics in Germany—and much of the European Union—different standards evidently apply.
Hardly anyone seems to notice that the technological and emotional flagships with which the region identified over generations are collapsing under the green regime. Daimler alone cut 7,000 jobs in the Stuttgart region, Bosch another 4,000.
The state risks becoming a gigantic social park, partially deforested for monstrous wind turbines, its landscapes overrun with solar farms.
It is interesting to observe how conservative work ethic, once a prominent regional virtue, has translated over time into militant green-socialist moralism.
That the system still functions at all owes today’s Southwest Germany precisely to nuclear power from France. Even this shows: this universal law is sometimes tinged with bitter cynicism.
No matter how high Württembergers and Badeners have built their walls of illusion, the waves of real economics will shatter this political illusion of reform denial. Rumors are already circulating that Porsche may have to lay off up to 5,000 employees in the region. Regional industrial production is no longer competitive.
It will be a painful learning process. But even South German green enthusiasts cannot indefinitely evade the axioms of economics.
Competitiveness is not created in the seminars of flourishing NGOs or the numerous ecological interest groups preaching through the media in zealot tones.
No, companies will learn it the hard way: their real wealth, now overgrown with the swamp plant of moralism, was the product of rigorous discipline, market order, and rational bourgeois ethics. Globally sought-after engineering achievements contributed significantly.
Still, about twelve percent of the region’s total economic output comes from mechanical engineering—the very sector weakened most under the green-socialist regime, second only to the region’s automotive industry, another pillar. VDMA report
Like Shakespeare, the Romeo and Juliet of the German economy are now taking their own lives. Since 2018, industrial production in Germany has fallen over twenty percent, with mechanical engineering alone losing five percent last year.
This is no longer a recession—it is a conscious economic decline in the name of the green god, worshiped in Baden-Württemberg more fervently than anywhere else in the republic. A shame for this beautiful region with its rich and remarkable history.
END
GERMANY
VOLKSWAGEN
Volkswagen Plans 50,000 Job Cuts Due To Plunging Profits; Board Members Grab €1.75MM Each In Bonuses
German automaker Volkswagen plans to cut around 50,000 jobs in Germany by 2030 as profits slump and the company struggles with rising costs, tariffs, and declining margins.
The job cuts were announced alongside the company’s 2025 financial results, which showed net profit falling 44 percent to €6.9 billion — the lowest level since the fallout from the Volkswagen emissions scandal.
At the same time, Volkswagen’s board has come under fire after securing additional bonus payments tied to the 2025 financial year.
According to reporting by Tichys Einblick, board members are set to receive bonuses of up to €1.75 million each after the company unexpectedly reported around €6 billion in net automotive cash flow for 2025, a figure that the news outlet claims was achieved by adopting “creative accounting practices.”
It pushed Volkswagen above the €5.6 billion threshold in its executive compensation scheme, activating the highest bonus tier for board members.
The cash-flow result was partly achieved through a factoring operation in which Volkswagen sold outstanding receivables from its operating business to generate immediate liquidity, according to the report.
In the same financial year, workers were forced to forgo bonuses of up to €5,000 due to the company’s weak performance.
In a letter to shareholders on Tuesday, CEO Oliver Blume confirmed the planned workforce reduction, saying the figure applies across the entire Volkswagen Group in Germany. The company had already announced plans to cut around 35,000 jobs at the core Volkswagen brand by the end of the decade.
The company said the drop in net profit was driven by billions of euros in charges linked to its sports car subsidiary Porsche AG, the impact of U.S. import tariffs, and the costs of restructuring across the group.
Revenue remained largely stable at just under €322 billion, down 0.8 percent compared with the previous year, while global vehicle deliveries slipped slightly to just under 9 million units.
Sales rose 5 percent in Europe and 10 percent in South America, but declined 12 percent in North America and 6 percent in China, where the Asian country’s domestic market continues to thrive.
Profitability was particularly affected by a sharp collapse in earnings at Porsche, where operating profit fell to just €90 million from more than €5 billion a year earlier.
CFO Arno Antlitz warned that the current level of profitability is not sustainable. “2025 was shaped by geopolitical tensions, tariffs, and intense competitive pressure, but the operating margin of 4.6 percent adjusted for restructuring is not sufficient in the long run,” his statement from the company’s press release read.
Volkswagen said its transition toward electric vehicles is also weighing on margins. Fully electric models now account for 22 percent of the company’s order backlog, and electric vehicle sales rose 55 percent last year, but high development and production costs continue to reduce profitability.
Looking ahead to 2026, the group warned that “challenges are expected in particular from the macroeconomic environment, uncertainties regarding restrictions in international trade and geopolitical tensions.”
It also cited “increasing competitive intensity, volatile commodity, energy and foreign exchange markets, as well as high requirements resulting from emissions-related regulations.”
Netanyahu Confirms Attacks On IRGC Checkpoints, As Trump Says Iran Paying ‘Big Price’
Thursday, Mar 12, 2026 – 09:40 AM
Summary:
Trump: Iran paying a ‘big price’ right now; situation ‘moving along rapidly’
Netanyahu confirms hitting IRGC and Basij checkpoints, in effort to ‘topple regime’
Iran’s top security official to Trump: ‘we will not relent until you are sorry’
Oil pares gains after report that Iran lets some ships cross strait, denies mining Hormuz
Bloomberg: Trump admin set to temporarily suspend Jones Act shipping rules to help cool rising oil prices.
Ayatollah Mojtaba in first public message says the closure of the Strait of Hormuz should be continued as a tool to pressure the enemy
Mojtaba vows to keep attacking US bases, and signals ‘new fronts’ could soon open
President Trump simultaneously says the US is stopping Iran “from having Nuclear weapons” and “destroying” the Middle East and “the World”.
Shipping turmoil escalates as multiple vessels (at least six) struck overnight
Brent crude oil prices top $100 amid “the largest supply disruption in the history of the global oil market,” the IEA reports.
Energy Secretary Chris Wright says the US Navy is not yet ready to escort tankers through the Strait of Hormuz, as military assets remain focused on degrading Iran’s offensive capabilities.
Dubai suffers significant drone attacks
Northern Israel hammered by Hezbollah, “largest wave” of missiles since war began
IDF says it struck key Iranian nuclear development site
US Intel assesses Iranian regime remains intact
Oman port operations halted
Trump proclaims “we won”
* * *
Update(1205ET): Some fresh development impacting closely watched oil prices:
OIL PARES GAINS AFTER REPORT IRAN LETS SOME SHIPS CROSS STRAIT
IRAN ALLOWED SOME SHIPS TO CROSS STRAIT, DEPUTY FM SAYS: AFP
IRAN DEPUTY FM SAYS NOT LAYING MINES IN HORMUZ STRAIT: AFP
IRAN DEPUTY FOREIGN MINISTER TAKHT-RAVANCHI SPEAKS TO AFP
Reuters reports say at least a dozen explosive mines have been put in shipping lanes. As for Iran’s denial, this doesn’t mean the war shows signs of immediately stoppage, instead per the AFP:
Iran wants to ensure that a war will not be imposed again on it in the future, deputy foreign minister Majid Takht-Ravanchi told AFP, as the conflict raged with the United States and Israel. “We want to see that war is not going to be imposed again on Iran,” said Takht-Ravanchi in an interview in Tehran.
“When the war started last June, after 12 days there was so called cessation of hostilities… but after eight or nine months, they regrouped and they did it again.“
* * *
THURSDAY NIGHT:
Large US Refueling Aircraft Downed Over Western Iraq In First Of Iran War
Thursday, Mar 12, 2026 – 07:00 PM
Summary:
State media: Iran claims responsibility for shooting down US refueling plane, says US refueling plane was downed with all crew killed in Western Iraq.
CENTCOM confirms search and rescue operation underway after large KC-135 refueling tanker goes down over Western Iraq.
Trump: Iran paying a ‘big price’ right now; situation ‘moving along rapidly’
Netanyahu confirms hitting IRGC and Basij checkpoints, in effort to ‘topple regime’
Iran’s top security official to Trump: ‘we will not relent until you are sorry’
Oil pares gains after report that Iran lets some ships cross strait, denies mining Hormuz
Bloomberg: Trump admin set to temporarily suspend Jones Act shipping rules to help cool rising oil prices.
Ayatollah Mojtaba in first public message says the closure of the Strait of Hormuz should be continued as a tool to pressure the enemy
Mojtaba vows to keep attacking US bases, and signals ‘new fronts’ could soon open
President Trump simultaneously says the US is stopping Iran “from having Nuclear weapons” and “destroying” the Middle East and “the World”.
Shipping turmoil escalates as multiple vessels (at least six) struck overnight
Brent crude oil prices top $100 amid “the largest supply disruption in the history of the global oil market,” the IEA reports.
Energy Secretary Chris Wright says the US Navy is not yet ready to escort tankers through the Strait of Hormuz, as military assets remain focused on degrading Iran’s offensive capabilities.
Dubai suffers significant drone attacks
Northern Israel hammered by Hezbollah, “largest wave” of missiles since war began
IDF says it struck key Iranian nuclear development site
US Intel assesses Iranian regime remains intact
Oman port operations halted
Trump proclaims “we won”
* * *
Update(1855ET): In a huge battlefield development and significant first and setback for US forces operating against Iran, a large American military aerial refueling tanker has gone down over Western Iraq, where it was operating in connection with Operation Epic Fury. CENTCOM says there’s a rescue effort ongoing, amid likely casualties. In an official statement it said:
U.S. Central Command is aware of the loss of a U.S. KC-135 refueling aircraft. The incident occurred in friendly airspace during Operation Epic Fury, and rescue efforts are ongoing. Two aircraft were involved in the incident. One of the aircraft went down in western Iraq, and the second landed safely.
But the statement also sought to emphasize: “This was not due to hostile fire or friendly fire.” But Tehran is contradicting this:
Iran claims responsibility for shooting down US refueling plane, says US refueling plane was downed with all crew killed in Western Iraq.
Typically three members operate KC-135, but there can sometimes be another navigators, or possibly up to six on board. This could be an event with serous casualties.
CENTCOM claims an accident led to the loss of a KC-135 refueling aircraft over Iraq. I wish I could take them and face value, bc they were flying in close proximity to Iranian fire.
But one way or the other, this is yet another cost to American forces. More reports are coming out of the region, indicating we have more troops that have been killed in action than what’s been officially confirmed so far. I have no way to independently validate them, but the amount of fire we’re taking from Iran makes it increasingly likely there are more casualties than we are being told.
All of these losses keep piling up, in a war we should never have started, and cannot reasonably now win. How much longer before the president acts on logic and reason and ends this war before we get sucked in even deeper?
Like in an insane ground operation related to the Strait of Hormuz…
Update(1205ET): Some fresh development impacting closely watched oil prices:
OIL PARES GAINS AFTER REPORT IRAN LETS SOME SHIPS CROSS STRAIT
IRAN ALLOWED SOME SHIPS TO CROSS STRAIT, DEPUTY FM SAYS: AFP
IRAN DEPUTY FM SAYS NOT LAYING MINES IN HORMUZ STRAIT: AFP
IRAN DEPUTY FOREIGN MINISTER TAKHT-RAVANCHI SPEAKS TO AFP
Reuters reports say at least a dozen explosive mines have been put in shipping lanes. As for Iran’s denial, this doesn’t mean the war shows signs of immediately stoppage, instead per the AFP:
Iran wants to ensure that a war will not be imposed again on it in the future, deputy foreign minister Majid Takht-Ravanchi told AFP, as the conflict raged with the United States and Israel. “We want to see that war is not going to be imposed again on Iran,” said Takht-Ravanchi in an interview in Tehran.
“When the war started last June, after 12 days there was so called cessation of hostilities… but after eight or nine months, they regrouped and they did it again.“
END
FRIDAY MID MORNING
Pentagon Sends Marine Expeditionary Unit To Middle East, Oil Spikes On Ground War Fears
Friday, Mar 13, 2026 – 11:05 AM
Summary:
Iran reportedly approves Indian government sending two liquefied petroleum tankers through Hormuz
Japan-based USS Tripoli and its attached Marines headed toward Middle East
WSJ says Pentagon sends Marine expeditionary unit to Middle East. Oil jumps higher
Pentagon has just confirms two additional deaths in Thursday’s downing of a KC-135 refueling tanker aircraft over Western Iraq: all six US crewmembers are deceased.
Trump and the Pentagon claim the US and Israel are “totally destroying” Iran as the war enters day 14, with Trump warning Tehran to “watch what happens” and “I am killing them” and “what a great honor it is to”
Iran’s new Supreme Leader Mojtaba Khamenei is reportedly alive but wounded, “damaged,” and “disfigured”
France and Italy open talks with Iran in hope of securing safe Hormuz Strait passage, FT reporting
Hegseth briefing: US and Israel have hit more than 15,000 enemy targets since conflict began
Several senior Iranian officials have been openly marching through the streets of Tehran today even amid smoke from US-Israeli bombing lingers in background.
CENTCOM: four of six crew members aboard a US refueling aircraft that crashed in Iraq have died. Active search and rescue operation underway
Strategic risks remain high as Iran reportedly begins laying mines in the Strait of Hormuz, though oil eased slightly after India said one tanker successfully exited the strait.
* * *
Update(1105ET): Are we really doing this (again)? The WSJ is reporting a breaking bombshell which suggests US ground forces could be introduced, or else this could also be about securing other areas of the Gulf region:
The Pentagon is moving a Marine expeditionary unit to the Middle East, as Iran steps up its attacks on the Strait of Hormuz, according to two U.S. officials. Defense Secretary Pete Hegseth has approved a request from U.S. Central Command, responsible for American forces in the Middle East, for the expeditionary unit, typically consisting of up to 2,500 Marines, the officials said.
A follow-up update by WSJ appears to offer confirmation:
Defense Secretary Pete Hegseth has approved a request from U.S. Central Command, responsible for American forces in the Middle East, for an element of an amphibious ready group and attached Marine expeditionary unit, typically consisting of several warships and 5,000 Marines, the officials said.
The Japan-based USS Tripoli and its attached Marines are now headed for the Middle East, two of the officials said. Marines are already in the Middle East supporting the Iran operation, the officials said.
The headline was enough to cause oil to immediately jump higher:
* * * Please consider supporting ZeroHedge with the purchase of a hat, t-shirt, or multitool. Thank you.
President Trump and the Pentagon have claimed that the US and Israel are “totally destroying” Iran as the war enters day 14. Trump warned Iran to “watch what happens” in a social media post, claiming the United States is “totally destroying” the country militarily and economically as the conflict enters its second week.
Writing on Truth Social, Trump said: “We are totally destroying the terrorist regime of Iran, militarily, economically, and otherwise, yet, if you read the Failing New York Times, you would incorrectly think that we are not winning. Iran’s Navy is gone, their Air Force is no longer, missiles, drones and everything else are being decimated, and their leaders have been wiped from the face of the earth.”
He continued: “We have unparalleled firepower, unlimited ammunition, and plenty of time – Watch what happens to these deranged scumbags today. They’ve been killing innocent people all over the world for 47 years, and now I, as the 47th President of the United States of America, am killing them. What a great honor it is to do so!”
War Secretary Pete Hegseth meanwhile claimed Iran’s new supreme leader, Mojtaba Khamenei, is wounded and disfigured. According to Reuters, Trump said he believes Khamenei is alive but “damaged.” He also spent a lot of time complaining about media coverage: “This is always what they do, hold the strait hostage. CNN doesn’t think we thought of that? It’s a fundamentally unserious report,” Hegseth said. “The sooner David Ellison takes over that network, the better.” Doubling down…
Defense Secretary Pete Hegseth said the U.S. and Israel have hit more than 15,000 enemy targets since the Iran conflict began and that the regime’s new supreme leader is likely wounded, as he doubled down on the war’s impact on Iranian military capabilities.
Mojtaba Khamenei – whose father, Ali Khamenei, was killed on the first day of the war after strikes by the United States and Israel – has not appeared publicly since being selected by a clerical assembly. His first comments were read on state television.
On the ground in Tehran, thousands gathered in Enqelab Square in a show of defiance as fighter jets roared overhead and multiple explosions shook the capital. Additional blasts were reported in the nearby city of Karaj.
END
Italian Diplomatic Sources Deny Talks With Iran To Open Hormuz
Friday, Mar 13, 2026 – 11:39 AM
Update(1140ET): Italy denies talks with Iran, but still nothing official on a public level from government ministers:
No negotiations are under way with Iran to guarantee safe passage through the Hormuz Strait for Italian ships or oil tankers, an Italian Foreign Ministry source has told Reuters, denying a report in The Financial Times.
“In their diplomatic contacts, Italian leaders want to favour the conditions for a general military de-escalation, but there is no under-the-table negotiation aimed at preserving only some merchant ships at the expense of others,” the source said.
* * *
Amid very confused and mixed messaging coming from Washington over the status and future fate of Hormuz oil transit, the EU is trying its hand at a solution.
France and Italy have opened ‘tentative’ talks with Iran seeking to negotiate a deal to guarantee safe passage for their tankers through vital strait which remains a crucial chokepoint for stalled global crude transit, the Financial Times reports Friday, citing people briefed on the efforts.
This comes as US Secretary of War Pete Hegseth said in a Friday morning Pentagon briefing there is “no clear evidence that Iran has laid mines” in the Strait. This contradicts an avalanche of reporting from earlier this week which said at least a dozen mines were laid.
The two key overnight and morning headlines which have most impacted oil markets remain confirmed India-Iran talks for safe passage, and now EU efforts to do the same…
Regardless, it’s more than obvious that the waterway is de facto shut – with perhaps the exception of some Chinese or possibly an Indian vessel being allowed through – also amid persisting threats of rocket and drone attacks.
According to the Financial Times, “European capitals have opened the tentative discussions in an attempt to restart oil and gas exports without expanding the conflict, three officials briefed on the talks told the FT, as shipping companies look to western navies to provide potential escorts for their tankers.”
“France is one of the countries involved in the talks, two of the officials said,” the report continues. “The first official said Italy had also made attempts to open discussions with Tehran on the issue.”
As for whether the war expands or not, that’s in no way under Europe’s control – but remains something pertaining only to Israel, the United States, and Iran – the main players in the conflict.
The case for some shred of optimism or hope? However, Trump and Hegseth’s bellicose tones on Friday morning, vowing to keep ramping up military action over Tehran, underscores continued extreme uncertainty:
The CEO of CME Group just warned the Trump administration that intervening in oil derivatives markets would cause a “biblical disaster. Iran moved its uranium into a mountain.
Inbox
gijsbert groenewegen
12:23 PM (4 minutes ago)
to gijsbert
JUST IN: The CEO of CME Group just warned the Trump administration that intervening in oil derivatives markets would cause a “biblical disaster.” The administration’s response to the largest energy disruption in modern history is now fully visible. It has five parts. None of them work together. Part one: threaten Iran harder. Trump posted that if Iran stops oil flowing through Hormuz, they will be hit “TWENTY TIMES HARDER.” Iran’s new Supreme Leader responded by ordering the Strait permanently closed. Brent hit $100. The threat produced the opposite of its intended effect because the man receiving it is wounded, issuing orders from a hospital bed, and commanding 31 autonomous units that interpret every American threat as confirmation they are winning. Part two: release reserves. The Department of Energy announced 172 million barrels from the US Strategic Petroleum Reserve over 120 days. The IEA coordinated a total release of 400 million barrels across member nations. Combined: 572 million barrels. The Strait handles 20 million barrels per day. The reserves cover 28 days of full replacement. The war is 14 days old with no end in sight. The reserves are finite. The closure is not. Part three: offer insurance. The DFC announced $20 billion in political-risk insurance for Gulf tankers. Zero confirmed VLCCs have accepted it. The seven P&I clubs that cancelled war-risk coverage have not reinstated. No private insurer will underwrite transit through a waterway the New York Times reports is mined, the President says is safe, and the Treasury Secretary says is not mined while CENTCOM destroys 16 minelayers in it. The insurance exists on paper. The mines exist on the seabed. Part four: promise escorts. Energy Secretary Chris Wright said naval escorts are “quite likely” by end of March. The Navy confirmed it is “not ready now.” Three carrier strike groups are deployed. None is running convoy operations. The Gerald R. Ford caught fire in its laundry. A KC-135 crashed in Iraq with six crew missing. The infrastructure that would escort the tankers is itself under strain from a war the escorts would be protecting tankers from. Part five: tell them to show guts. The President of the United States told civilian tanker crews on Fox News: “Go through the Strait and show some guts. They have no Navy, we sunk all their ships.” Seventeen merchant vessels have been attacked. The SafeSea Vishnu is burning with one dead. Mines are on the seabed. The IRGC Navy that operates the fast boats, drones, and mines was never a fleet of ships to be sunk. It is a coastline. Meanwhile, the CME’s Terry Duffy warned that any attempt to manipulate oil derivatives would “erode investor confidence” in the commodity markets that underpin the global financial system. The administration heard the warning and backed away. It has no derivatives tool. It has no functioning insurance tool. It has no operational escort tool. It has reserves that last 28 days and threats that produce the opposite of compliance. Bitcoin is at $71,500, up 7% for the month while gold is down 1.2%. Net ETF inflows reached $619 million in the week ending 8 March. The fixed-supply asset is outperforming the traditional inflation hedge because the market is pricing what the CME warning made explicit: the government cannot intervene in the commodity markets, the reserves are finite, the escorts are not ready, the insurance is not accepted, and the only monetary response left is fiscal spending that debases the currency the oil is priced in. Bitcoin does not transit Hormuz. It does not require a P&I club. It does not need to show guts. The plan for the largest energy disruption in history is threats that backfire, reserves that expire, insurance nobody accepts, escorts that do not exist yet, and an invitation for civilians to risk their lives in a mined strait on the assurance of a president whose own government cannot agree on whether the mines are there. https://open.substack.com/pub/shanakaanslemperera/p/actuarial-warfare-how-seven-insurance?r=6p7b5o&utm_medium=ios
JUST IN: Iran moved its uranium into a mountain. The biggest conventional bomb on Earth cannot reach it. Fox News reported on 11th March, citing US intelligence, that Iran has relocated its remaining enriched uranium stockpile to the facility known as Pickaxe Mountain, Kūh-e Kolang Gaz Lā, a tunnel complex buried 80 to 100 metres deep in granite bedrock one mile south of Natanz. CSIS satellite imagery from February confirms accelerated construction: multiple tunnel portals, concrete sarcophagus shields over entrances, security walls, heavy machinery, and spoil piles indicating rapid interior expansion since the 2025 strikes destroyed Iran’s above-ground enrichment infrastructure. The GBU-57 Massive Ordnance Penetrator, the weapon that hit Parchin, weighs 30,000 pounds. It penetrates up to 200 feet of earth or 60 feet of reinforced concrete. Granite is neither earth nor concrete. It is igneous rock with a compressive strength that exceeds both. One hundred metres of granite is 328 feet. The GBU-57’s maximum earth penetration is 200 feet. The uranium sits 128 feet beyond the reach of the most powerful conventional weapon the United States possesses. Fourteen GBU-57s were dropped on Iranian nuclear sites during Operation Midnight Hammer in 2025. The strikes destroyed centrifuge halls. They did not destroy the programme. They taught Iran where the ceiling was, and Iran built beneath it. Every bomb that hit Fordow and Natanz was a lesson in depth. Pickaxe Mountain is the final exam: a facility designed specifically to survive the weapon designed specifically to destroy it. The IAEA estimated 440.9 kilograms of 60% enriched uranium before the war. After the strikes, Grossi assessed approximately 200 kilograms may remain. That material, seven to eleven nuclear weapons’ worth at one week’s further enrichment, is now inside a granite mountain that no bomb can penetrate and no inspector can enter because Iran has denied IAEA access to every site struck since 28 February. The war’s existential minimum was defined by Defence Secretary Hegseth: no nukes. The nuclear infrastructure must be destroyed with or without regime change. The GBU-57 was the instrument. Pickaxe Mountain is the limit. The instrument has met a material it cannot defeat. The existential minimum has hit a ceiling of stone. What remains is a decision the United States has never made in the nuclear age. The material cannot be destroyed from the air. It can only be reached through the door. Special forces insertion into a tunnel complex defended by IRGC units operating under the Mosaic Doctrine, with sealed orders, inside a country whose 31 autonomous commands have been firing continuously for fourteen days. The Pentagon is weighing this option. Fox’s Jesse Watters reported it as a “near-impenetrable site requiring potential special forces insertion.” The language is careful. The implication is not. A ground operation to seize enriched uranium from a granite bunker inside hostile territory would be the most consequential special forces mission since Abbottabad. Except Abbottabad was one compound, one target, one night. Pickaxe Mountain is a tunnel system buried under 100 metres of rock, defended by a military that cannot surrender because its commander is a wounded man issuing orders from a hospital bed through a television anchor, and its doctrine was designed to fight without him. The bomb cannot reach it. The inspectors cannot enter it. The Supreme Leader will not open it. The material inside is seven days from becoming a weapon. And the mountain does not negotiate. https://open.substack.com/pub/shanakaanslemperera/p/actuarial-warfare-how-seven-insurance?r=6p7b5o&utm_medium=ios
Iran’s asymmetric warfare in the Strait of Hormuz has shifted from kamikaze drone strikes on tankers, bulk carriers, and container ships to littering the world’s most important maritime chokepoint with naval mines.
Even though much of Iran’s conventional naval capability has been severely degraded in the 12 or so days of the Operation Epic Fury campaign, IRGC forces retain asymmetric leverage in Hormuz and the Gulf region through sea mines, drones, small vessels, and missile threats.
“It’s a good tool of asymmetric warfare,” Jahangir E. Arasli, a senior research fellow at Baku-based Institute for Development and Diplomacy who specializes in maritime threats, told the Wall Street Journal.
“The conventional capability is wiped out, but they have this asymmetrical capability,” Arasli said, noting that he was speaking in a personal capacity.
The U.S. military said earlier this week that it had severely degraded IRGC naval forces, prompting Iran to shift away from sea denial operations in the maritime chokepoint and toward creating havoc in the waterway by laying naval mines.
Congressional Research Service, a nonpartisan public policy research arm of the U.S. Congress, released a 2020 report titled “Iran’s Foreign and Defense Policies” that assessed Iran has roughly 3,000 to 6,000 naval mines, with some more recent estimates putting the stockpile toward the upper end of that range.
On Thursday, President Trump told reporters that U.S. forces have struck 28 Iranian mine-laying vessels. This move to disrupt naval mine operations comes as such activity would be a nightmare for commercial ship traffic in the narrow waterway.
Tehran deployed naval mines during its conflict with Iraq in the 1980s, during the so-called “tanker war,” forcing the U.S. to escort tankers and other commercial ships.
“Mines are the weapon of the poor,” a former senior officer with the French navy and specialist on the subject told AFP News on condition of anonymity.
Earlier, CNN reported that Iran’s new supreme leader Mojtaba Khamenei issued a new message that said the Hormuz chokepoint will remain closed as a “tool of pressure.”
Naval mines in the waterway, along with the growing number of ships awaiting safe passage, suggest that U.S. and allied naval escorts may soon be required if Washington wants to unclog the chokepoint. Even so, Tehran appears to retain enough asymmetric capability to keep tensions high for weeks to come.
END
HEZBOLLAH/ISRAEL
At least 30 wounded in northern Israel after Iranian missile barrage
One person was moderately wounded, and 29 are in mild condition. All 30 will be evacuated to nearby hospitals for further medical treatment.
Magen David Adom medical teams responding to Iranian ballistic missile strike site in northern Israel, March 13, 2026.(photo credit: MAGEN DAVID ADOM)ByJERUSALEM POST STAFFMARCH 13, 2026 03:12Updated: MARCH 13, 2026 04:10
At least 30 people were wounded after shrapnel fell in Israel following a third Iranian missile barrage targeted the country’s north on early Friday morning, Magen David Adom said in a statement.
MDA said that it is currently treating a 34-year-old woman moderately injured by shrapnel wounds on her back, along with 29 others in mild condition from “glass shards and suffering from anxiety symptoms.”
All 30 will be evacuated to nearby hospitals for further medical treatment.
“When we arrived at the scene, we saw damage to several homes and shattered glass,” MDA EMT Eran Abo said. “We saw a 34-year-old woman suffering from a back injury caused by shrapnel, and her condition is defined as moderate, as well as a 17-year-old girl who was mildly injured by broken glass.”
Magen David Adom paramedics at the scene of a missile hit, March 9, 2026. (credit: MAGEN DAVID ADOM)
“We provided them with advanced medical treatment and evacuated them to the hospital. Additional MDA teams are currently at the scene treating several people suffering from anxiety symptoms.”
Israel Police added that a building was damaged in the strike, and that “police from the Northern District and bomb disposal experts of the Israel Police are working at the scene.”
Teenage girl hit by car, killed en route to bomb shelter
During that same barrage, one projectile struck an open area in Israeli territory. There were no injuries or damage to property.
Additionally, local authorities reported shrapnel damage to the roof of a residential building in the West Bank. No injuries were reported.
This is a developing story.
END
SAUDI ARABIA/IRAN
Saudi Aramco To Buy Ukrainian Interceptor Drones To Defend Oil Fields
Friday, Mar 13, 2026 – 02:45 AM
Low-cost interceptor drones are poised to see massive demand across U.S.-aligned Gulf states as the conflict with Iran grinds deeper into its second week, exposing the absurdity of expending multi-million-dollar interceptor missiles to eliminate IRGC drones that cost roughly $20,000 to $30,000 each.
One day after The Wall Street Journal reported that Saudi Arabia is in talks with Ukrainian counter-drone firms to acquire low-cost interceptor drones, the outlet provided additional color on Thursday on the companies involved and how the interceptors would be fielded.
Apparently, oil giant Saudi Aramco is in talks with Ukrainian drone companies SkyFall and Wild Hornets to acquire interceptor drones to defend its oil fields against IRGC drone attacks.
The move to acquire interceptor drones comes after IRGC drone strikes on the Berri oilfield, and amid a broader wave of IRGC attacks on Gulf energy infrastructure that has severely disrupted production.
🇮🇷🇸🇦⚡️- Visual confirmation of Iranian drone strike on Saudi Arabia’s ARAMCO, in Ras Tanura, causing a massive fire.
The CEO of a major Saudi oil exporter said earlier this week that the conflict in Iran could have “catastrophic consequences” for crude markets.
By Thursday, the International Energy Agency warned that the conflict in the Middle East had sparked the biggest oil supply disruption in history. It said global supply will plunge by 8 million barrels per day in March.
The importance of interceptor drones and other counter-drone technologies for protecting high-value assets was recognized during this conflict, as civilian infrastructure, such as data centers and skyscrapers, also became targets.
We first told readers, weeks before the conflict began, about the urgent need for kinetic interceptors to guard data centers.
Drone threats in the US will also begin to push urgency among the government and corporate America to field counter-drone technologies.
US Tariff Investigations Put China, EU And Other Major Trading Partners In New Crosshairs
Friday, Mar 13, 2026 – 07:45 AM
The Trump administration has opened a new round of tariff investigations that could lead to higher duties on at least 16 trading partners, as officials seek to rebuild a trade enforcement framework after the Supreme Court invalidated a number of the president’s second-term tariffs.
The probes, announced Wednesday by the Office of the U.S. Trade Representative, will be conducted under Section 301 of the Trade Act of 1974, a statute that allows the U.S. to impose tariffs on countries whose policies are deemed to discriminate against American commerce. The investigations require consultations with foreign governments as well as public hearings and comment periods before any new tariffs can be imposed.
The effort is intended to replace temporary global tariffs of 10% that President Donald Trump imposed last month after the Supreme Court ruled many of his earlier duties unlawful. U.S. Trade Representative Jamieson Greer said officials have not yet determined how high the replacement tariffs might be, declining to prejudge the outcome of the investigations. Administration economic officials have previously indicated they aim to generate tariff revenue comparable to levels collected before the court’s decision, the WSJ reports.
The Probes
One investigation launched Wednesday will examine what U.S. officials describe as industrial overcapacity in export-oriented economies. The administration argues that subsidies in some countries allow producers to flood global markets with underpriced goods, undermining American manufacturers. Nations likely to face scrutiny include major U.S. trading partners such as China, India, Mexico, Japan, South Korea, Vietnam and the European Union.
“Our view is that key trading partners have developed production capacity that is really untethered from the market incentives of domestic and global demand,” Greer told reporters ahead of the investigation’s release.
A second probe, expected later this week, will examine foreign policies related to forced labor. The inquiry could result in tariffs on countries that do not prohibit the sale or importation of goods produced through coerced labor. Greer said the investigation would target roughly 60 nations.
Section 301 investigations typically take months or even years to complete. Greer said the administration intends to accelerate the process and aims to finish the probes by mid-July, when the temporary tariffs are scheduled to expire.
Additional investigations could follow in the coming weeks, Greer said, potentially targeting specific countries or policy areas. Some could focus on blocs such as the European Union, while others may address issues like digital trade policies that the U.S. considers discriminatory toward American companies.
Let’s Make a Deal
Many of the countries likely to be affected have already negotiated trade agreements with the U.S. during Trump’s second term in an effort to limit tariff exposure. Greer said he expects those agreements to remain in force, noting that trading partners had already anticipated some level of U.S. tariffs.
“The United States will no longer sacrifice its industrial base to other countries that may be exporting their problems with excess capacity and production to us. Today’s investigations underscore President Trump’s commitment to reshore critical supply chains and create good-paying jobs for American workers across our manufacturing sectors,” said Greer in a statement.
Trump’s earlier global duties had exempted products already covered by national-security tariffs imposed under Section 232 of the Trade Expansion Act of 1962. Greer said it is too early to determine whether the new Section 301 tariffs will include similar exemptions, though the administration wants to avoid creating additional compliance complexity for companies.
While Section 301 provides a stronger legal foundation than the emergency powers used for the tariffs struck down by the Supreme Court, the move is likely to face political scrutiny. Democrats have warned that new duties could raise costs for consumers during an election year.
“Section 301 tariffs are meant to address specific and legitimate unfair trade practices,” Senator Tim Kaine, a Virginia Democrat, said in a statement. “They should not be used to drag the United States back into a cost-raising, broad-based tariff regime now that the Supreme Court struck down President Trump’s illegal Ieepa taxes on American consumers.”
Companies will have until mid-April to submit comments related to the industrial overcapacity probe, Greer said, with public hearings scheduled for early May.
MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIR
Weekend At Bernie’s In Iran As IRGC Now Run The Country, Use Strait As Toll Road
Friday, Mar 13, 2026 – 11:40 AM
By Ben Picton, senior market strategist at Rabobank
Mine, Yours
Major US, European and Asian equity indices all closed in the red yesterday as Brent crude prices again breached the $100/bbl level. Ten year sovereign yields were sharply higher for most countries (Sweden being an exception), with UK Gilts conspicuous for posting an 8.7bps increase. Short end yields rose even faster as markets priced in higher policy rate paths.
Canadian two year yields were up 9.8bps and in New Zealand yields rose 10.1bps. Canada now has 41bps worth of policy rate hikes priced into the forward curve for this year and New Zealand has 77bps priced. Prior to the outbreak of war, the market was still pricing cuts in Canada and it was still seen as uncertain that the RBNZ would be raising rates at all in 2026. Market bets on Fed rate cuts this year are evaporating fast.
Market optimism following Donald Trump’s comment earlier this week that the war is “very complete” and news that the G7 will coordinate on the release of 400mn barrels from strategic reserves appears to have been short-lived. Iranian Supreme Leader Khamenei (the new one) has issued his first public statement, in which he echoed previous IRGC vows to keep the Strait of Hormuz closed.
There was a bit of a ‘Weekend at Bernie’s’ vibe about this as Khamenei himself did not appear on camera. Rumors that he was injured – perhaps severely – in the opening strikes of the war are now circulating alongside suggestions that the Iranian Revolutionary Guard Corps are now running the country and that Khamenei is being used as a convenient figurehead to give the impression of continuity under external pressure.
Despite Khamenei’s vow to keep the Strait closed market pricing is still signalling optimism that the war will be relatively short – although this optimism waned somewhat over the last 24 hours. Prediction markets have a ceasefire before month end as a 21% probability (down 5pts since yesterday), before April 30th as a 45% probability (-2pts since yesterday) and before June 30th as a 61% probability (unchanged).
The Brent crude forward curve remains heavily backwardated, with prices converging back to $75/bbl by mid next year. There has been some speculation in recent days that the US government could play a bit of “mine, yours” in oil derivatives in an attempt to reduce energy prices. Some point to the wild gyrations in crude prices on Monday to suggest that this might have already happened, while others have nod towards a hastily-deleted X post by Energy Secretary Chris Wright claiming that the US navy had escorted an oil tanker through Hormuz as an indication of funny business going on in paper oil markets.
Whatever the case, the FT is today reporting comments from CME Chief Executive Terry Duffy that government intervention in oil derivatives would be a “biblical disaster”. Crypto bros might counsel newly-minted oil traders on the virtues of physical custody, while our own Michael Every has drawn parallels to how pricing in the former Soviet Union worked: “the price of bread is only three roubles, comrade. There is simply none available.”
Not one to be deterred, Secretary Wright said overnight that naval escorts of tankers through the Strait could begin by the end of the month. One might have thought that the (largely unsuccessful) experience of Operation Prosperity Guardian in the Red Sea would serve as a cautionary example that naval escorts could prove ineffective in restarting shipping, but the reaction to Wright’s deleted X post suggests that the market would see this as progress. Nevertheless, the end-of-month timeline implies that prospects of de-escalation in the short term are remote.
The situation in the Strait itself remains troubling. Three commercial ships have been struck over the last two days, with the IRGC saying that “American aggressors and their allies have no right of passage.” The FT reports that ships stuck on the wrong side of Hormuz are ‘Sitting Ducks’ and comments earlier this week from US officials that Iran had begun laying marine mines also complicate the picture for any near-term resumption in shipping.
News emerged yesterday that India and Bangladesh-bound cargoes have been granted permission to transit, and China-bound cargoes have been moving for days. The fact that some shipping is being allowed seemingly confirms that mine laying operations remain limited in scope, but that does not mean that Iran cannot escalate if it chooses to. CNN reports that Iran still has 80-90% of its mine-laying fleet and retains the capability to lay ‘hundreds’ of mines, so the IRGC could conceivably play a bit of “mine, yours” with world energy markets for months.
As it stands. the IRGC is now effectively playing Little John with the Strait by insisting that anyone attempting transit must have Iranian permission. The world’s most important hydrocarbon chokepoint has – for now, at least – become an Iranian toll road. Is this acceptable to the United States, or broader Western civilization? Almost certainly not. That makes a Trump TACO all the more improbable, even if it were actually possible without catastrophic loss of US prestige.
So, tanker traffic through the Strait remains at a virtual standstill. Khamenei said in his statement that Tehran believes in “friendship” with Gulf neighbours, but that American bases in Gulf states will continue to be targeted. The message to GCC states is not subtle: break from the US, or suffer the economic and military consequences of continued association.
Of course, while the Iran war continues to dominate all of the headlines, other issues are bubbling away in the world economy. Problems in private credit markets remain a point of risk, perhaps even more so now that swings in commodity and equity markets are precipitating margin calls that need to be funded somehow. A number of funds have placed limits on redemptions, others have sought injections of new capital, and shares in Blackstone, Blue Owl, and KKR have come under pressure. Rising bond yields and widening credit spreads don’t help, and Bloomberg has noted that financials are the worst performing sector of the S&P500 over the last week.
Many portfolios have incorporated private credit exposures in recent years, to the extend that “the golden age of private credit” became a somewhat notorious meme in markets. Some investors have undoubtedly seen their portfolios bolstered as a result of incorporating these exposures, but others may now be hoping that private credit doesn’t ‘mine, theirs’.
The closure of the Strait of Hormuz by Iran has effectively trapped 10 Maersk ships in the Persian Gulf, its chief executive said.
In separate interviews with CNN and the Wall Street Journal, Vincent Clerc said the Danish carrier’s ships “cannot get out,” are “stuck in the Upper Gulf” and cannot leave the region.
As a safety measure, Clerc said the vessels have been grouped offshore and away from ports under attack. At least one ship is under contract to the U.S. government’s Military Sealift Command, according to data on maritime identification websites.
Even if a ceasefire allowed vessel traffic to begin moving, Clerc said it would take a week to 10 days for the world’s second-largest liner (MAERSK-B.CO) to resume normal operations.
Clerc’s comments underscore the frustrations of shipping lines who have requested and repeatedly been denied naval escorts by the Trump administration. Carriers have been told in briefings that the Strait is still too dangerous for transit.
Iran on Wednesday used unmanned boats to attack two tankers, and also deployed missiles and drones to attack ports, airports and other landside targets in the Gulf region. A ONE container ship sustained damage from unidentified projectiles.
Maersk is prioritizing the safety of crews, ships, and customers’ cargo, said Clerc, and will only restart voyages if that safety is guaranteed.
Shipping executives gathered in Connecticut for an industry conference said that the Iran war has idled 10,000 merchant crew and hundreds of vessels in the Persian Gulf. Mariners have little choice but to stay with their ships, since most airlines have suspended flights into and out of the area.
Maersk, like others major carriers, has suspended or re-routed some services to and from Gulf states and is rerouting vessels via alternate hubs, to stage cargo until the strait is re-opened. It has also assessed shippers with a number of emergency surcharges.
The closure of Hormuz and related disruptions in the Red Sea have had “profound” effects on global shipping and supply chains, Clerc said, and that Maersk is in “uncharted territory.”
Bunkering terminals in Asia and the Middle East could risk running dry amid the disruption of fuel supply chains, and he warned added costs for diversions and delays will be passed on to customers.
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
CUBA/USA
“Negotiations Underway”: Cuban President Acknowledges U.S. Talks Amid Fuel Supply Crisis
Friday, Mar 13, 2026 – 02:40 PM
Cuban President Miguel Díaz-Canel stated on state television that his government has entered talks with the Trump administration, aimed at “finding solutions through dialogue” to longstanding bilateral differences between the two neighboring countries. This admission comes as the Caribbean island faces crude oil and diesel stockpiles running dry by the end of the month, after Trump’s multi-month crude shipment blockade sharply tightened pressure on the communist regime in Havana.
In a speech broadcast on Cuban state TV, Díaz-Canel said that discussions with the Trump administration were intended to “determine the willingness of both sides to take concrete actions for the benefit of the people of both countries.”
“Agendas are being built, negotiations are underway, conversations are taking place and agreements are being reached, things from which we are still far away because we are in the initial phases,” Díaz-Canel said.
🇺🇸🇨🇺 El momento histórico en donde el dictador de Cuba, Miguel Díaz Canel, anuncia en cadena nacional que han cedido a la presión y están oficialmente en negociaciones con los Estados Unidos.
This is the first time the communist regime in Havana has publicly acknowledged that talks between the US and Cuba exist, despite leaked US media reports.
It appears that Trump’s oil blockade of the Caribbean island is working as part of the administration’s broader regime-change campaign across the Western Hemisphere, beginning with the removal of socialist leader Nicolás Maduro from power in Venezuela.
The Trump administration has launched a political campaign to rid the West of socialists and communists. The balance of power in the Americas has been shifting from left-wing to right-wing in the Trump era.
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS FRIDAY MORNING 6;30AM//OPENING AND CLOSING
OPENING LEVELS OF CURRENCIES// AND CLOSING ASIAN STOCK MARKET AND OPENING EUROPEAN STOCKS:6 AM EST
EURO VS USA DOLLAR: 1.1439 DOWN 0.0081
USA/ YEN 159.43 UP 0.197 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 1.3265 DOWN 0.0086 OR 86 BASIS PTS
USA/CAN DOLLAR: 1.3660 UP 0.0031 CDN DOLLAR DOWN 31 BASIS PTS//
Last night Shanghai COMPOSITE CLOSED DOWN 33.65 PTS OR 0.82%
Hang Seng CLOSED DOWN 235.26 PTS OR OR 0.91%
AUSTRALIA CLOSED DOWN 0.81%
// EUROPEAN BOURSE: ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL RED
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 182.00 PTS OR 0.20%
/SHANGHAI CLOSED DOWN 33.65 PTS OR 0.72%
AUSTRALIA BOURSE CLOSED DOWN 0.81 %
(Nikkei (Japan) CLOSED DOWN 759.96PTS OR 1.40%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 5078.20
silver:$82.34
USA DOLLAR VS TRY (TURKISH LIRA): 44.19
USA DOLLAR VS RUSSIAN ROUBLE: 80.92 ROUBLE// DOWN 1 ROUBLE AND 43 BASIS PTS
UK 10 YR BOND YIELD: 4.7980 UP 3 BASIS PTS
UK 30 YR BOND YIELD: 5.474 UP 3 BASIS PTS
CDN 10 YR BOND YIELD: 3.536 UP 5 BASIS PTS
CDN 5 YR BOND YIELD; 3.097 UP 6 BASIS PTS
USA dollar index early FRIDAY MORNING: 100.26 UP 50 BASIS POINTS FROM THURSDAY’s CLOSE
FRIDAY MORNING NUMBERS ENDS
And now your closing FRIDAY NUMBERS 10.00 AM
Portuguese 10 year bond yield: 3.389% UP 6 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: 3.4725 UP 3 BASIS PTS//
SPANISH 10 YR BOND YIELD: 3.424 UP 4 in basis points yield
ITALY 10 YR BOND: 3.713 UP 12 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (
GERMAN 10 YR BOND YIELD: 2.9426 UP 2 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY FRIDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/10:00 AM
Euro/USA 1.1532 DOWN 0.0010 OR 10 basis points
USA/Japan: 158.962 DOWN 0.143 OR YEN IS UP 14 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.7630 UP 8 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.447 UP 10 BASIS POINTS.
REAR VIEW: Headline PCE in line, core Y/Y slightly above Wall St. expectations; GDP growth revised down; Dismal Durable Goods; JOLTS beat; UoM Sentiment tops consensus w/ inflation expectations beneath forecasts; Awful Canadian jobs data; Pentagon reportedly moving a Marine expeditionary unit to the Middle East; Trump told G7 leaders in a virtual meeting Wednesday that Iran is “about to surrender”; Indian government official said oil tanker Jag Prakash moved out from the east of Strait of Hormuz; UK GDP misses in January.
COMING UP: Data: Chinese Retail Sales/Industrial Production (Jan-Feb), Indian WPI (Feb), Canadian CPI (Feb), US Industrial/Manufacturing Production (Feb). Speakers: Nvidia (NVDA) CEO Huang.
2. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
MARKET WRAP
Stocks saw further pressure on Friday as geopolitics continues to dominate, hitting risk sentiment. Sectors were more split with haven sectors (Utilities and Staples) outperforming alongside Energy, while Tech, Materials and Communications were the notable laggards. Oil prices saw further gains with Brent settling above USD 100/bbl for the second consecutive session despite more reports of Indian tankers sailing through the Hormuz. Aside from geopolitics, focus was on a plethora of US data. January PCE was primarily in line, aside from Core Y/Y, while the 2nd estimate of Q4 GDP was revised to show growth of just 0.7%, below the initial estimate of 1.4%. Durable Goods disappointed, while JOLTS offered a glimmer of hope but analysts did highlight there were signs of AI disruption. The UoM report saw a slight beat with mixed components and mixed inflation expectations. T-notes ultimately steepened, seemingly a function of profit taking after the flattening seen recently while data takes a step back from the limelight with focus on geopolitics and energy prices. In FX, Dollar continued to outperform with DXY rising back above 100 while Yen pushed closer to 160 despite jawboning from officials overnight. Gold was pressured but remained above USD 5,000 while Bitcoin saw further gains.
US
PCE: Headline M/M was in line with expectations at 0.3%, easing slightly from December’s 0.4%, while Y/Y came in at 2.8% (exp. 2.8%, prev. 2.9%). Core PCE M/M printed 0.4% (exp. & prev. 0.4%), while Y/Y topped Wall Street consensus at 3.1% (exp. & prev. 3.0%). Reminder, Core PCE is the Fed’s preferred gauge of inflation. The Fed’s December median projection sees 2026 core PCE inflation at 2.5%, although an updated figure will be released on Wednesday at the next FOMC meeting. Attention will focus on the projections, although the ongoing Middle East conflict presents the potential for energy-led inflation. Fed officials have already indicated they expect any impact to be a one-off effect and not something that will materially feed into policy decisions at this stage. Looking at other recent inflation metrics, January US CPI was in line with expectations for core but slightly cooler for the headline, while January PPI came in much hotter than forecast. The February CPI was largely in line with expectations but had hot implications for the February PCE. On the Fed, the Committee remains split, albeit unevenly, between labour market and inflation risks. Governor Waller is among those more focused on the labour market, and this dataset is unlikely to materially alter his view. However, the hawks are concerned about elevated inflation. Further in the report, personal income M/M rose 0.4% (exp. 0.4%, prev. 0.3%), while personal spending increased 0.4% (exp. 0.3%, prev. 0.4%).
GDP (2ND Est.): The second estimate of Q4 2025 GDP saw a revision lower to just 0.7% growth, from the initially reported 1.4%, and falling from the 4.4% seen at the end of Q3. Real Consumer Spending rose 2%, below the 2.4% forecast and prelim. Regarding prices, headline PCE was at 2.9%, accelerating from Q3’s 2.8%, but unchanged from the prelim, while the core rose to 3.1% from, revised up from the 2.7% prelim and above the 3.0% forecast. Growth was led by increases in consumer spending and investment. These movements were partly offset by decreases in government spending and exports. Imports, which are a subtraction in the calculation of GDP, decreased. The revision lower to 0.7% reflected downward revisions to exports, consumer spending, government spending, and investment. Meanwhile, imports decreased less than previously estimated. Pantheon Macroeconomics”are pencilling-in a slowdown in real spending growth to 1½% in 2026, from 2.6% in 2025, but the outlook is fluid, given the volatility of energy prices.”
JOLTS: The January JOLTS rose to 6.946mln from the prior 6.550mln, reversing the chunky drop from November to December. The Vacancy rate rose to 4.2% from 4.0%. Hires rose slightly from 5.272mln to 5.294mln, but the hire rate was unchanged at 3.30%. Quits fell to 3.137mln from 3.225mln, but the quits rate was unchanged at 2.0%. Summarising the data, Pantheon suggests demand for labour is still weak, with tentative signs of an AI impact.
MICHIGAN: University of Michigan Preliminary for March was more positive than expected as Consumer Sentiment fell less than expected to 55.5 (exp. 55.0) from 56.6. Current Conditions unexpectedly rose to 57.8 (exp. 55.2) from the prior 56.6. Consumer Expectations fell to 54.1, below the expected 54.7 (prev. 56.6). Inflation expectations both came in beneath forecasts, 1yr at 3.4% (exp. 3.9%, prev. 3.4%), 5yr at 3.2% (exp. 3.4%, prev. 3.3%). The report notes that interviews completed before the military action in Iran showed an improvement in sentiment from last month, but lower readings seen during the nine days thereafter completely erased those initial gains, as gasoline prices have exerted the most immediate impact felt by consumers. About half of the interviews were completed after the start of the US military conflict in Iran. Oxford Economics says we expect consumer sentiment to continue to deteriorate as the war persists. Nonetheless, the firm expects consumption to continue to grow at a solid pace of 2.4% in 2026 despite sentiment around historical lows.
DURABLE GOODS: Durable Goods disappointed in January, with the headline coming in at 0%, shy of the expected 0.8%, albeit an improvement from December’s -1.4%. Ex-transport rose 0.4% (exp. 0.5%, prev. 0.9%), with ex-defense 0.5%, improving from -2.5% M/M. Oxford Economics quips the more important detail was that core orders, which offer a better signal of future business spending, were virtually unchanged after months of solid growth. OxEco concludes, though the flat reading for core orders throws some cold water on their expectations for strong equipment investment this year, its shipments that count toward GDP, were relatively stronger.
FIXED INCOME
T-NOTE FUTURES (M6) SETTLED UNCHANGED AT 111-13
T-notes unwind some of the recent flattening into the weekend. At settlement, 2-year -0.3bps at 3.736%, 3-year -0.4bps at 3.753%, 5-year +0.6bps at 3.872%, 7-year +1.6bps at 4.067%, 10-year +2.4bps at 4.285%, 20-year +3.1bps at 4.894%, 30-year +2.8bps at 4.908%.
THE DAY: The yield curve steepened on Friday following the recent flattening, perhaps attributed to some profit-taking into the weekend. There were several data points to watch though, with the 2nd estimate of Q4 GDP being revised down, while the US PCE numbers were largely in line with expectations, but the Core Y/Y was a touch hotter than forecasts. Durable Goods were also soft. After the data, the Atlanta Fed GDP Now estimate for Q1 was unchanged at 2.7%, but shows growth looks set to improve vs the slow pace in Q4. Meanwhile, JOLTS saw a welcome jump after the prior months drop. Nonetheless, none of the data really does much to change the Fed’s thought process ahead of next week’s FOMC, with a lot of focus on the impact of oil prices on data in the month’s ahead and how long the Iran war lasts. T-notes hit peaks today of 111-24+ in wake of the initial batch of data (PCE, GDP), while low of 111-11 was hit after the stronger-than-expected JOLTS report, but T-notes had already been selling off before the data as oil prices gained. Elsewhere, regarding Fed independence, a Federal Judge blocked subpoenas in the renovation probe against Fed Chair Powell due to a lack of evidence, and evidence suggesting it is a plot to remove Powell from office and to lower interest rates. Senator Tillis called for the rulings not to be appealed, as it will only delay the nomination of Fed Chair Nominee Warsh.
SUPPLY
Notes
US to sell USD 13bln of 20-year bonds on March 17th and USD 19bln of 10-year TIPS on March 19th; all to settle March 31st
Bills
US to sell USD 89bln of 13-week bills and USD 77bln of 26-week bills on March 16th and USD 86bln of 6-week bills and USD 50bln of 52-week bills on March 17th; all to settle March 19th.
STIRS/OPERATIONS
Fed Rate Cut Pricing: March 0bps (prev. 0bps), April 0bps (prev. 0bps), June 4.4bps (prev. 4.4bps), December 20.4bps (prev. 16.5bps).
NY Fed RRP op demand at 0.14bln (prev. 0.55bln) across 4 counterparties (prev. 4) on March 12th
SOFR at 3.65% (prev. 3.64%), volumes at USD 3.112tln (prev. USD 3.175tln) on March 12th
EFFR at 3.64% (prev. 3.64%), volumes at USD 99bln (prev. USD 97bln) on March 12th
CRUDE
WTI (J6) SETTLED USD 2.98 HIGHER AT 98.71/BBL; BRENT (K6) SETTLED USD 2.68 HIGHER AT 103.14/BBL
The crude complex was firmer on Friday, in what was a historic week for the space as the Middle East conflict dominates the tape. Highlighting the huge volatility this week, WTI traded between USD 76.73-119.48bbl, with Brent USD 81.16-119.50/bbl, as focus largely resided around any de-escalation, which there hasn’t been, and the state of the Strait of Hormuz, which largely remains “closed”. Although, benchmarks did see some weakness after an Indian government official said oil tanker Jag Prakash moved out from the east of the Strait of Hormuz. From the US side of things, Trump on US escorts in Strait of Hormuz, remarked they would do it if needed, and going to be hitting Iran “very hard” over the next week, once again showing no signs of de-escalation. Furthermore, WSJ reported that the Pentagon is moving a marine expeditionary unit to the Middle East, which saw Polymarket increase the likelihood of US troops on the ground in Iran, and now seen as a 40% chance by the end of the month. Into the weekend participants will await any further updates, escalations/de-escalations, to reassess come the reopening of the market next week. For the record, the weekly Baker Hughes rig count saw oil up 1 to 412, natgas rise 1 to 133, leaving the total up 2 to 553.
EQUITIES
CLOSES: SPX -0.60% at 6,633, NDX -0.62% at 24,381, DJI -0.25% at 46,560, RUT -0.36% at 2,480
SECTORS: Utilities +0.94%, Consumer Staples +0.54%, Energy +0.41%, Real Estate +0.20%, Financials +0.05%, Health -0.28%, Industrials -0.39%, Consumer Discretionary -0.65%, Communication Services -0.98%, Materials -1.04%, Technology -1.29%.
EUROPEAN CLOSES: Euro Stoxx 50 -0.54% at 5,718, Dax 40 -0.53% at 23,447, FTSE 100 -0.39% at 10,265, CAC 40 -0.91% at 7,912, FTSE MIB -0.29% at 44,327, IBEX 35 -0.43% at 17,066, PSI -0.09% at 9,144, SMI +0.02% at 12,843, AEX +0.10% at 1,002.
STOCK SPECIFICS:
Adobe (ADBE) announced CEO Shantanu Narayen will step down; net new annual recurring revenue missed estimates
Ulta Beauty (ULTA): Top & bottom line light.
SentinelOne (S): Disappointing next Q profit guide.
Meta (META) delayed the release of its new frontier AI model, Avocado, to at least May from this month
Nvidia (NVDA) and Samsung accelerated next-gen ferroelectric NAND development
Nio (NIO) was upgraded at HSBC to ‘Buy’ from ‘Hold’.
Boeing (BA) is working on repairs for 25 737 MAX aircrafts with wiring flaws; deliveries halted but impact on customers will be minor.
US Agriculture Secretary Rollins says fertilizer (NTR, CF, MOS) prices announcement is coming soon; Looking at every avenue to keep fertilizer costs down.
FX
The Dollar was firmer, to the detriment of all G10 FX peers, with Antipodeans lagging at the end of a crazy week. Price action this week has been dominated by the Buck, which has followed in tandem with risk amid the Middle East war, which shows no signs of abating. Whilst the Middle East remains of paramount importance and the main driver of markets, there has been a deluge of US data, albeit failed to garner much of a reaction. In summary, Q4 GDP growth and Durable Goods for January were dismal, while PCE (Jan) was mixed. Headline M/M and Y/Y was in line, as was core M/M, while Y/Y was slightly hotter than expected. Prelim UoM for March was strong, as conditions and sentiment topped, with inflation expectations falling, while JOLTS topped forecasts. Heading into next week, where there is many central bank decision, FOMC is on Wednesday with the updated SEPs, albeit with the usual caveats, especially with the potential energy-inflation due to the ongoing war.
G10s were largely hit by risk sentiment, and Dollar strength. Aside from the aforementioned news, the Pound was hit by weak UK GDP data. Antipodeans were weighed on by risk and metals weakening, ahead of the RBA next week whereby they are expected to hike by 25bps. CAD was pressured by a dismal jobs report, as the unemployment rate ticked higher to 6.7% from 6.5%, whilst employment change contracted by 83.9k (exp. +10k).
Yen was the relative outperformer, potentially a function of traders seeing the possibility of near-term intervention/rate checks as USD/JPY sits firmly in the intervention zone, which many tout as between 159-160. Overnight, Finance Minister Katayama said that they are in closer contact with US authorities on FX, and separately commented that they are prepared to take all necessary steps on FX. Intervention seems unlikely at this moment given a couple of reasons; such as unlikely to prove to be effective given the current geopolitical environment.
In EMFX, Banxico Deputy Governor Heath believes that the key rate should be kept steady at the next meeting, given the Middle East situation, and that the next decision should factor in the complex situation resulting from conflict in the Middle East, which boosts the risks to inflation. In LatAm, Brazil Finance Ministry left forecasts for 2026 GDP unchanged at +2.3% (prev. +2.3%), and slightly lifted 2026 inflation forecast to +3.7% (prev. +3.6%).
USA DATA RELEASES
“Consumer Sentiment Going Down”: EU Auto Heads Begin Blaming Iran Conflict For Industry Woes
Friday, Mar 13, 2026 – 04:15 AM
The first-order effect of the U.S.-Iran conflict was widespread disruption across the Middle East. The second-order effect was an energy price shock that drove gasoline and diesel prices at the pump sharply higher. The third-order effect could be a deterioration in consumer sentiment amid higher energy costs, rising inflation fears, and broader economic/geopolitical uncertainty.
The transmission of the energy shock to consumers appears to have materialized just 12 days into Operation Epic Fury, according to executives at Volkswagen and Volvo Car, who report that consumer sentiment has already softened.
“We are already seeing customer sentiment decline in many markets,” Volkswagen Head of Sales Martin Sander told an industry event in London earlier on Thursday. “Consumers were already facing a great deal of uncertainty, and this is now, of course, adding another layer of anxiety.”
Volvo’s UK managing director, Nicole Melillo Shaw, told the audience that economic uncertainty may soon weigh on consumer sentiment enough for households to begin pulling back on big-ticket purchases.
“If I don’t need to and I’ve got other considerations around the cost of living going up, then maybe I won’t buy another new car,” Shaw said. Both EU car company heads were speaking at an industry event hosted by the Society of Motor Manufacturers and Traders.
Earlier this week, UBS analyst Joseph Spak noted that investor concerns were mounting over a spike in crude prices and the threat it poses to auto demand. However, he noted that oil prices and auto demand in the U.S. show only a weak long-term linkage:
Investor concern around higher oil prices pressuring U.S. auto demand is understandable, especially considering affordability is already an issue. But historical data suggests the relationship is modest at best.
Looking back to 1970, U.S. light vehicle SAAR exhibits only a slight negative correlation with real oil prices (-0.15, Figure 1), and a similarly weak correlation with real gasoline prices since 1990 (-0.17, Figure 2).
While directionally intuitive, these correlations are small and insufficient to explain meaningful shifts in industry demand on their own.
The question now is whether European carmakers are merely scapegoating Trump’s Operation Epic Fury, given that their sales were already sagging well before the conflict and Chinese brands were steadily taking market share.
Job Openings Unexpectedly Surge By Almost 400K: Biggest Increase Since 2024
Friday, Mar 13, 2026 – 10:39 AM
Is the mini recession in the US job market ending?
After slumping in late 2025, it has been a rocky road for the US labor market, especially after the February payrolls print shocked with how bad it was. But according to the latest JOLTS job openings and turnover report published by the BLS moments ago, by the time the February NFP picture was taking place, the seeds of a recovery may have been planted already thanks to a surge in US job openings, which rose by 396K in January, the biggest increase since Nov 2024, to 6.946 million from 6.550 million and the highest since last October.
Looking at the details, we find the the biggest increases were in finance and insurance (+184K), which is odd for a sector about to be swept by the private credit crisis. Other sector that saw a big jump in job openings were Trade, Transportation and Utilities, driven by a 130K increase in retail trade jobs; Private education and health services job opening also jumped by 123K, while Leisure and Hospitality increased by 185K. Professional and business services was the only major sector to see a sharp drop in job openings.
The jump in job openings means that after hitting a 5 year high, the labor demand deficit was cut in half, and in January there were 422K fewer job openings than unemployed workers, a big drop from the 953K the month prior.
Despite the jump in openings, the shift wasn’t big enough to change the openings to unemployed ratio, which remained at 0.9x, the lowest it has been since 2021.
And another indication that the labor market slump may be ending, after slamming hard at the end of 2025, both the number of hires and quits has rebounded, although it is still too early to determine if this is a regime change or just a dead cat bounce.
Overall, today’s JOLTs report was unexpectedly strong and should put to rest some of the fears sparked by last Friday’s catastrophic jobs report
END
US Q4 GDP Growth Cut In Half To Just 0.7% After Revision
Friday, Mar 13, 2026 – 09:19 AM
While it’s useless most of the time, and especially so when the US has just entered war throwing a wrench into the entire economic calculus, moments ago the BEA reported that Q4 GDP in the US was slashed by half after the 1st revision of data: instead of 1.4%, the US grew just 0.7% in the last quarter of 2025 (0.660% to be precise), and far below estimates of a 1.4% print. It was also the lowest GDP print since Q1 2025.
According to the BEA, GDP was revised down 0.7% point from the advance estimate, or exactly half, reflecting downward revisions to exports, consumer spending, government spending, and investment. Specifically, the revisions were as follows
Personal consumption was slashed from 1.58% to 1.33% of the bottom line 0.7% print after the revision.
Fixed Investment was also revised lower from 0.4% to just 0.29%.
The Change in private inventories was the only upward revision, from 0.21% to 0.28%
Net trade (exports less imports) was also revised lower, from 0.08% to -0.21%.
Government’s contribution to GDP – which in Q4 was deeply negative due to the longest govt shutdown on record – was also lower than initially expected, subtracting -1.03% from the bottom line print, as opposed to -0.90%.
Final sales to private domestic purchases, which excludes government, trade and inventories, grew at a 1.9% pace. This measure of domestic demand, closely watched by policymakers, was initially estimated to have increased at a 2.4% rate. Domestic demand grew at a 2.9% pace in the July-September quarter.
While a pick up in growth is expected this quarter, the U.S.-Israeli war with Iran, which has driven up oil prices, is clouding the economic outlook, with many expecting a GDP hit should the oil price surge persist.
USA ECONOMIC REPORTS
US Knows Location Of Most Iranian Sleeper Cells Inside America, Trump Says
President Donald Trump said on March 11 that his administration knows the location of most Iranian sleeper cells in the United States.
Joint U.S.–Israeli strikes killed many top leaders in Iran, including Ayatollah Ali Khamenei, and denigrated the country’s military, prompting concerns that Iranian undercover terrorist cells, or sleeper cells, may act inside the United States.
Texas Gov. Greg Abbott and Sen. Ted Cruz have both publicly warned of a heightened risk of terrorism in recent days.
When asked about reports of an internal government bulletin warning of an Iranian cell in California and a question regarding how many sleeper cells are in the United States at the moment, Trump said, “We know where most of them are; we’ve got our eye on all of them,” adding that “a lot of people came in” through the border policies of the previous administration.
Earlier this month, Abbott warned of potential sleeper cells in Texas after a Senegalese man fatally shot three people and injured more than a dozen people at a bar in Austin, Texas. A law enforcement official told The Associated Press that the man, Ndiaga Diagne, was wearing clothing featuring an Iranian flag and the words, “Property of Allah.”
Earlier this week, Cruz told a reporter that the “risk of terrorism right now is quite high” as he made note of the Austin shooting and another alleged terrorist attack in New York City over the past weekend.
In the New York incident, two people were arrested following the attack in which improvised explosive devices were thrown.
On March 12, Iran’s new leader, Mojtaba Khamenei, issued his first statement on the conflict in the Middle East, saying that the closure of the Strait of Hormuz should be used as leverage, and that attacks on Iran’s Gulf Arab neighbors will continue. Mojtaba Khamenei, who is the son of Ali Khamenei, has not yet made a public appearance.
The statement from Mojtaba Khamenei, according to Iran’s state-run PressTV, said that the “will of the people is to continue effective defense, and their presence on the scene must be maintained.” He added that the Strait of Hormuz, a crucial waterway for oil and natural gas transport, “must remain closed.”
Khamenei said he will “will not abandon the pursuit of justice for the blood of our martyrs,” according to PressTV. “The revenge we seek is not limited to the martyrdom of the great leader of the revolution but extends to every member of the nation who is killed by the enemy,” he added.
Earlier on March 11, Trump said the war with Iran is “not finished yet.” He said that Tehran’s air force and navy have been destroyed, adding there will be “more of the same” coming to the country.
“Right now, they’ve lost their navy. They’ve lost their air force. They have no anti-aircraft apparatus at all,” he said. “They have no radar. Their leaders are gone, and we could do a lot worse.”
The Associated Press contributed to this report.
VICTOR DAVIS HANSON
KING NEWS
The King Report March 13, 2026 Issue 7699
Independent View of the News
US officials say Iran has laid mines in the Strait of Hormuz – WSJ
Strike targets Iran’s Bank Sepah data center in Tehran, disrupts military, IRGC salary payments Bank Sepah is a state-run institution, largely responsible for paying the salaries of Iran’s military and the Islamic Revolutionary Guard Corps…On Tuesday, both Bank Sepah, and another state-run institution Bank Melli, had services disrupted in an apparent cyber attack. The disruptions continued on Wednesday, with online banking inoperable, and only card-based services running, Iran International stated.. https://www.yahoo.com/news/articles/strike-targets-irans-bank-sepah-160628682.html
Jerusalem Posts’ @itsmezina: Reports circulating from opposition and activist sources claim that Basij militia units in multiple locations across Iran have abandoned their positions after being targeted by drones/UAVs. If confirmed, this suggests the U.S. and Israel may be systematically targeting the regime’s internal suppression apparatus. The Basij are the regime’s primary force used to crush protests and control the streets, operating as a paramilitary arm of the IRGC.
@AmitSegal: Israeli Defense Minister Israel Katz in a situation assessment: “The surviving Iranian leadership is fleeing like rats into tunnels, just like the Hamas leadership in Gaza. From there, they give orders to fire on civilians and children in Israel and across the region. The hospital morgues in Iran are filled with many thousands of members of the Revolutionary Guards and the Basij. The operation, led by President Trump and Prime Minister Netanyahu, will continue without any time limit—until we achieve all objectives and win the campaign.”
@DrEliDavid: The regime has blocked all the runways of Mehrabad Airport with cars, fearing that US or Israeli planes would land with special forceshttps://t.co/aLEHAFyZPS
Reuters: US intelligence indicates that Iran’s leadership is still largely intact and is not at risk of collapse any time soon after nearly two weeks of relentless US and Israeli bombardmenthttps://t.co/khbbg6JVwV
@c14israel: INTERNAL COLLAPSE: THE BLOODY STRUGGLE FOR CONTROL IN TEHRAN Since the elimination of Ali Khamenei, a fierce internal power struggle is tearing the Iranian regime apart, threatening its very integrity. Who is fighting for the throne? Senior Iran Analyst @DBalazada reveals the two warring factions: The Mojtaba Khamenei Camp: Backed by the “hard line” of the security establishment, including IRGC commander Ahmad Vahidi and Parliament Chairman Mohammad Qalibaf. The Larijani Camp: Led by Ali Larijani and his brother Sadiq, who was the leading candidate to succeed the Supreme Leader before Mojtaba’s selection. While viewed as “pragmatic,” they are accused of using their positions to build lives of luxury through corruption… https://t.co/IGZtuXVVAW
US and Israeli Endgames for Iran Are Diverging as War Drags On – BBG Israeli Prime Minister Benjamin Netanyahu has made clear that when it comes to the Iran war, he’s not done yet… Trump offered his strongest signal yet on Monday that he’s preparing to de-escalate. His military objectives were “pretty well complete,” Trump said, adding that the conflict would end “very soon.”… “When this war ends, the US can pack up and leave to turn its attention to other priorities,” he said. “Israel on the other hand is part of the Middle East and has to live with Iran and deal with this conflict’s fallout no matter what.”… https://www.bloomberg.com/news/articles/2026-03-10/gap-widens-between-us-and-israeli-goals-in-iran-as-war-drags-on
Trump advisers urge him to find Iran exit ramp, fearing political backlash – WSJ
Ex-CIA operative @tspooky: There are now dueling narratives ongoing… One, driven by Iran, that the conflict is not having any effect on them – that there’s no danger of the theocracy and it’s not going to fall and that they are winning and setting conditions for ending it… there’s zero evidence to back that. The other narrative, that the US and Israel continue to make progress on reduction of Iranian military capabilities and targets and will be successful in defending the Persian Gulf from Iran asymmetric warfare and the Iran government and its leader is barely holding on… I tend to believe the latter…
@hahussain:Iran has targeted a China-owned and flagged ship and scared another. What does this tell us? Iranian command-and-control is likely destroyed, and the IRGC is operating as autonomous cells, often taking cues from public statements by Iranian officials—some of whom have said Iran won’t target friendly ships (Chinese). The cells apparently didn’t get the message and are now attacking friendly vessels (Chinese, Iraqi, Omani) or whatever moves.https://x.com/MarineTraffic/status/2031731484784988581
@_MAGA_NEWS_: In a jaw-dropping twist, China’s Foreign Ministry has publicly condemned Iran’s missile and drone barrages on Gulf nations, calling them “unacceptable attacks on civilians and non-military targets” and demanding an “immediate ceasefire.”https://x.com/_MAGA_NEWS_/status/2032035310469857619
AG Bondi Moves to Secure Military Housing After Threats, Joining Other Trump Officialshttps://t.co/E80pCatPug
After Hezbollah launched an estimated 100 to 150 rockets into Israel, the IDF pounded Hezbollah cells and positions in Beirut via airstrikes.
BBG’s @lisaabramowicz1: JPMorgan is marking down the value of some software-related loans in private credit portfolios. This highlights how fungible private loan valuations have become at a time of little liquidity, and raises questions about which firms are doing a better jobhttps://t.co/s7FcIRu79G
Jeffrey Gundlach (@TruthGundlach): JP Morgan said it will likely (my interpretation) be demanding more collateral for their loans to Private Credit. That means JP Morgan believes the collateral values are down from the loan origination date.
Everything, except energy commodities and the DJUA (gas stocks), sank on Thursday morning. The US 10-year yield hit 4.252%: the 2-yr hit 3.76%. Precious metals fell moderately on the general liquidation.
ESHs opened sharply lower on Wednesday night and sank to 6705.75 (-73.75) at 22:40 ET. ESHs then methodically rallied to 6760.25 at 6:01 ET. After forming a triple top (6:29 ET & 7:42 ET), ESHs commenced an intractable decline that took ESHs to a daily low of 6684.50 at 11:12 ET.
New Iran leader Mujtaba Khamenei surfaced near 10:00 ET and commanded that all US bases in the Middle East should be closed and Iran will attack them. Khamenei said the Strait of Hormuz should remain shut. He vowed to avenge the killings of Iranians.
The manipulation for the 11:30 ET European close conflated with a Noon Balloon and lifted ESHs to 6729:25 at 12:11 ET. ESHs stair stepped down to the daily low of 6674.00 at 16:00 ET.
When the usual suspects demanded Fed rate cuts, their main argument point was ‘the 2-year yield is below Fed Funds. Now, the 2-year note is above Fed Funds by double digits. By their logic, the Fed should be hiking rates.
Two-year Treasury yields have broken a hard ceiling Thursday, trading above the Fed’s Interest on Reserve Balances by the widest margin in more than three years, and that’s forcing a stop out of longs in the sector. – BBG https://x.com/SpecialSitsNews/status/2032164952547442710/photo/1
Positive aspects of previous session The DJUA, due to gas stocks, rallied 10.51 points. The dollar rallied moderately; Precious metals fell smartly.
Negative aspects of previous session Stocks declined sharply; bonds declined moderately; and energy commodities soared. Equity indices have suffered severe technical damage. There is no end in sight to the Iran War.
Ambiguous aspects of previous session Was Monday’s massive rally mostly panicky short covering/
Pivot Point for S&P 500 Index [above/below indicates daily trend to day traders]: 6694.63 Previous session (S&P 500 Index) High/Low: 6740.88; 6670.40
Fed Balance Sheet: +$17.45B on +$14.686 of T-Bills; Reserves: +$22.134B
Today – Traders desperately want to manufacture a Friday Rally. However, few pros will want to be long over the weekend. Stocks have suffered severe technical damage. Though they can have a manic short-covering or intervention-induced rally at any moment, the arrow is now down.
Furthermore, there is nothing on the radar to induce a rally except Team Trump verbal or actual intervention. The hope of rate cuts is gone for the foreseeable future. Q1 earnings are two months away.
ESHs and NQHs rallied moderately in early Thursday night trading. They soon sank into moderate losses. However, they are up moderately at 20:20 ET because the US removed sanctions on Russian oil.
Expected Economic Data: Jan PCE Price Index 0.3% m/m & 2.9% y/y; Core PCE Price Index 0.4% m/m & 3.1% y/y; Q4 GDP 1.4%. Consumption 2.4%, GDP Price Index 3.6%; Jan Personal Income 0.5%, Spending 0.3%; March UM Sentiment 54.6, Current Conditions 54.6, Expectations 54.4, 1-yr Inflation 3.7%, 5-10-year Inflation 3.4%; Jan JOLTS Job Openings 6.75m, Quits Level 3.109m, Layoffs 1.764m
S&P Index 50-day MA: 6889; 100-day MA: 6843; 150-day MA: 6748; 200-day MA: 6601 DJIA 50-day MA: 49,021;100-day MA: 48,249; 150-day MA: 47,393; 200-day MA: 46,440 (Green is positive slope; Red is negative slope)
S&P 500 Index (6672.62 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 6865.27 triggers a buy signal Hourly: Trender and MACD are negative – a close above 6724.85 triggers a buy signal
Pak May Have Failed to Defend China’s Interests, But Beijing Stays Committed Dealing with Pakistan may be frustrating but China has no option for now “The (China’s) Ministry of State Security has ordered the immediate withdrawal of Chinese teams and interests from Afghanistan. Rather than a response to recent incidents in Tajikistan, the measure betraysPakistan’s inability to protect Beijing’s interests. This strategic move is a costly setback for the CCP.”… Nineteen Chinese workers have died since July 2021 in attacks carried out from locations ranging from Karachi to Gwadar and Khyber Pakhtunkhwa… https://stratnewsglobal.com/china/pak-may-have-failed-to-defend-chinas-interests-but-beijing-stays-committed/
@EricLDaugh: Trump just DECIMATED Barack Hussein Obama for politicizing Jesse Jackson’s funeral against MAGA. “They HATED each other!” “He went to Jesse Jackson’s funeral, he spoke and it was like a political HIT JOB!” “And the family of Jesse Jackson got angry as HELL at him because they understand they hated each other, you know, he was there.” “The family goes outside and they start screaming at him!” Hussein is the most divisive president in modern history! https://t.co/qwWZTJnAtc
CA gov. candidate Eric Swalwell rents a room in a family of three’s home to claim he lives in California: report – The alleged discovery of Swalwell’s Livermore rental came from the congressman’s top Democratic opponent, billionaire Tom Steyer… https://t.co/lcIgcsX95k
Active shooter reported at Temple Israel synagogue in Michigan after car smashes into buildinghttps://t.co/Rvj1SfaMvT
FBI Director Kash Patel: “FBI personnel are on the scene with partners in Michigan and responding to the apparent vehicle ramming and active shooter situation out of Temple Israel Synagogue in West Bloomfield Township, Michigan.”
CNN said the gunman at Temple Israel was killed by security at the synagogue.
Explosive-laden vehicle that rammed through Michigan’s Temple Israel preschool registered to Lebanon-born US citizen: reporthttps://trib.al/nTEp68s
@nicksortor: A gunman is DEAD after opening fire at Old Dominion University in Norfolk, Virginia. Police responded VERY quickly, resulting in only TWO people injured by the shooter. The extent of their injuries is unknown.
Fox’s @BillMelugin_: Multiple federal sources confirm to @FoxNews that the suspected ODU shooter is Mohamed Jalloh, a naturalized U.S. citizen from Sierra Leone who was convicted in 2017 of providing support to ISIS. He was released in December 2024. Here’s what DOJ said after his arrest in 2016: “Jalloh praised the gunman who killed five U.S. military members in a terrorist attack in Chattanooga, Tennessee, in July 2015, and stated that he had been thinking about conducting an attack similar to the November 2009 attack at Ft. Hood, Texas.”
@AndrewKolvet: Here’s the entire press conference with Norfolk FBI Special Agent in Charge Dominique Evans about Mohamed Bailor Jalloh, who shot three people today after driving his truck into Constant Hall, an academic building at ODU… Ithighlights the bravery of the ROTC members who stepped in and eliminated the threat. (‘Terminated’ the shooter with their hands reportedly) – He was previously a subject of an FBI investigation into material support for terrorism. – He shouted “Allahu Akbar” during the attack. – He provided aid to ISIL 10 years ago. – He sought to carry out an attack on Fort Hood. – He shot three Americans today, killing one. – He was released from prison in 2024 for charges related to attempting to procure weapons, send money, express intentions to carry out terror attacks, and contacted people—all in support of ISIL. – He was released early for “good behavior” due to far-left soft-on-crime policies. He should have been denaturalized and deported long ago. Don’t forget, countless others have entered under the Biden/Harris/Mayorkas/Becerra regime. We don’t even know who the vast majority of these people are (look up “unknown gotaways”), and Democrats are going as far as to shutter DHS at a time when national security is critical. https://x.com/AndrewKolvet/status/2032222673942556785 (The victim has been identified as Lt. Col. Brandon Shah, the leader of the school’s ROTC program, and a highly decorated veteran.)
Migrant who shoved 2 onto NYC subway tracks was deported 4 times, had 15 arrests on his record: feds (Why do Americans have to live with this stuff!?) https://t.co/4inX621BFy
@willcain: This month: Austin shooter – naturalized citizen; OD shooter – naturalized citizen; NYC teen bombers – children of naturalized citizens; Michigan synagogue attack – naturalized citizen Who are we giving citizenship to in America? We have a legal immigration problem.
harveyorganblog.com 
