MARCH 25/GOLD CLOSED UP $155.30 TO $4553.70 WITH SILVER HAVING A STELLAR DAY UP $3.25 TO 72.49/PLATINUM WAS UP $49.40 TO $1950.40 WHILE PALLADIUM WAS UP $16.000 TO $1430.00/GOLD AND SILVER COMMENTARIES FROM CHRIS POWELL AND HIS GATA DISPATCHES INCLUDING TWO COMMENTARIES FROM CHRIS POWELL AND ONE FROM MATHEW PIEPENBURG//ISRAEL VS IRAN UPDATES: A DEAL IS ANNOUNCED BUT IT WILL NOT HOLD//ISRAEL TBN//ISRAEL VS IRAN UPDATES FROM LAST NIGHT TO THIS AFTERNOON//VIDEO ON THE NEW IRAN SPEAKER OF THE HOUSE//MIKE EVERY DISCUSSES THE LAST 24 HOURS//NEWSWIZE/DR PAUL ALEXANDER//OIL UPDATES//USA REPORT ON THE SAVE ACT ETC////NEWSWIZE//KING NEWS//SWAMP STORIES FOR YOU TONIGHT//
099 H DEUTSCHE BANK AG 11 190 H BMO CAPITAL MARKETS 1 363 H WELLS FARGO SECURITI 257 555 C BNP PARIBAS SEC CORP 291 661 C JP MORGAN SECURITIES 30 1 709 C BARCLAYS 7 905 C ADM 29 5
TOTAL: 316 316 MONTH TO DATE: 13,373
MONTH TO DATE
JPMORGAN STOPPED 1/316
MARCH
GOLD: NUMBER OF NOTICES FILED FOR MARCH/2026: 316 CONTRACTs NOTICES FOR 31,600 OZ or 0.9828TONNES
total notices so far: 13,373 contracts for 1,337,300 OR 41.5956 tonnes)
FOR MARCH
XXXXXXXXXXXXXXXXXX
SILVER NOTICES: 43 NOTICE(S) FILED FOR 0.215 MILLION OZ /
total number of notices filed so far this month : 8877CONTRACTS (NOTICES) for 44.385 million oz
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END
GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD UP $155.30 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD
HUGE CHANGES IN GOLD INVENTORY AT THE GLD:: A SMALL DEPOSIT OF 0.3000 TONNES OF GOLD INTO THE GLD/.
INVENTORY RESTS AT 1053.000 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER UP $3.25 AT THE SLV: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT THE SLV AT 498.776 MILLION OZ//
CLOSING INVENTORY RESTS AT:
CLOSING INVENTORY: 498.776 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI ROSE BY A FAIR SIZED 304 CONTRACTS TO 113,164 AND CONTINUING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS FAIR SIZED GAIN IN COMEX OI WAS ACCOMPLISHED DESPITE OUR SMALL $0.15 LOSS IN SILVER PRICING AT THE COMEX WITH RESPECT TO TUESDAY’S // TRADING. ON MARCH 23 WE REACHED AT OUR RECORD LOW OI OF 111,576 SURPASSING OUR PREVIOUS LOW OF 112,034 SET EARLIER IN THIS MONTH.
NOW ON A NET BASIS OUR SPECULATORS HAVE REVERTED BACK TO GOING SHORT. THE FRBNY ON A NET BASIS IS PROVIDING THE NECESSARY PAPER TO OUR LONGS AND THEN HUGE NUMBERS OF LONGS ,OUR BANKERS TOOK THE LONG SIDE AND TENDER EDFOR 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 MAR CONTRACT/.HOWEVER, WE FINALLY ARE NOW MOVING TO A MUCH HIGHER BASE IN SILVER PRICING AT MAJOR SUPPORT LEVEL OF $70.00 EVEN THOUGH IT BROKE THROUGH IT FRIDAY. SHORTLY WE WILL AGAIN ATTEMPT TO BREAK THE MAJOR 100 DOLLAR BARRIER.
WE HAVE A STRONG SIZED GAIN OF 604 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A FAIR SIZED 300 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD CONSIDERABLE LIQUIDATION OF T.A.S. CONTRACTS IN COMEX TRADING WITH RESPECT TO TUESDAY TRADING//RAID/DESPITE OUR TINY LOSS IN PRICE ALONG WITH A HUGE 756 CONTRACT 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 TUESDAY WITH SILVER’S SLIGHT LOSS IN PRICE
THE PRICE FINISHED BELOW THE MAGIC NUMBER OF $70.00 SILVER SPOT PRICE AND BELOW THE $100.00 MARK CLOSING AT $69.24 DOWN 15 CENTS WE ARE NOW WITNESSING HAVING MANY HUGE T.A.S ISSUANCES // TODAY’S WAS AT A HUGE SIZED 725 T.A.S. CONTRACTS !!. THE CROOKS ARE BECOMING MORE DESPERATE TO STOP SILVER BREAKING ABOVE THE 100.00 DOLLAR MARK!! AND NOW THE HUGE SUPPORT LEVEL OF 70 DOLLARS!!.MAMMOTH SIZE T.A.S ISSUANCES ARE BECOMING THE NORM AT THE COMEX NOW!!
THERE IS NO NEXT LINE IN THE SAND ONCE THE 100.00 DOLLAR SILVER IS PIERCED AGAIN. WE HAD A FAIR SIZED 300 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR HUGE SIZED 725 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN FUTURE TRADING//AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE.
IN ESSENCE WE HAD A STRONG GAIN OF 604 CONTRACTS ON OUR TWO EXCHANGES DESPITE OUR LOSS IN PRICE OF $0.15. 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!! THE RAID, THIS WEEK ON 5 CONSECUTIVE DAYS WAS A MASSACRE TO THE PAPER PRICE OF SILVER BUT NOBODY SOLD AN OUNCE OF PHYSICAL SILVER WITH THE ABOVE MENTIONED RAID !
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 TUESDAY NIGHT//WEDNESDAY MORNING: A HUGE SIZED 725 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 18 CONTRACTS OR 0.090 MILLION OZ/NEW STANDING ADVANCES TO 45.120 MILLION OZ
WE HAD:
/ FAIR COMEX OI GAIN+// FAIR SIZED 300 EFP ISSUANCE CONTRACTS (/ VI) A HUGE NUMBER OF T.A.S. CONTRACT ISSUANCE 725 CONTRACTS
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: ADDED 12 SILVER CONTRACT//
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS FEB.. ACCUMULATION
TOTAL CONTRACTS for 19 DAY(S), total 9925 contracts: OR 49.625 MILLION OZ (522 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 49.625 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: 49.625 MILLION OZ
RESULT: WE HAD A FAIR SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 304 CONTRACTS DESPITE OUR TINY LOSS IN PRICE OF $0.15 IN SILVER PRICING AT THE COMEX// WEDNESDAY,. THE CME NOTIFIED US THAT WE HAD A FAIR SIZED CONTRACT EFP ISSUANCE 300 CONTRACTS ISSUED FOR MAY, AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH EXITED OUT OF THE SILVER COMEX TO LONDON AS FORWARDS. INITIAL STANDING 31.176 MILLION OZ FOLLOWED BY TODAY’S 0.090 MILLION OZ QUEUE JUMP //STANDING ADVANCES TO 45.120 MILLION OZ. DESPITE HUGE SILVER DELIVERIES DURING THE PAST SEVERAL MONTHS, THIS PAST WEEK, WE HAVE REACHED OUR ABSOLUTE LOW POINT IN SILVER COMEX OI. (111,570). RAIDS ACCOMPLISH NOTHING FOR OUR CROOKS AS LONGS WILL BE QUITE STICKY WITH THIS LOW COMEX OI!! HOWEVER WE HAD A HUGE INCREASE IN SPEC SHORTS AND THESE GUYS MUST DELIVER TO OUR LONGS .
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 0.090 MILLION OZ QUEUE //NEW TOTAL STANDING ADVANCESTO 45.120 MILLION OZ
THE NEW TAS ISSUANCE MONDAY NIGHT (725) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED NO DOUBT WITH FUTURE TRADING!
WE HAD 43 NOTICE(S) FILED TODAY FOR 0.215 MILLION OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST FELL BY A FAIR SIZED 2299 OI CONTRACTS DOWN TO 403,925 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 ALL TIME 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: ADDED A 349 CRIMINAL CONTRACTS //.
WE HAD A FAIR SIZED LOSS IN COMEX OI (2299 ONTRACTS) . THIS LOSS OCCURRED WITH OUR LOSS IN PRICE OF $7.25 TUESDAY///.
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 TO WHICH WE ADD TODAY’S STRONG 27,200 OZ QUEUE JUMP (0.8403ONNE) AND THEN WE ADD OUR TWO EXCHANGE FOR RISK OF 13.063 TONNES //NEW STANDING ADVANCES TO 54.848TONNES/
E.F.P. ISSUANCE/FOR OPENING MARCH. GOLD CONTRACT
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 1049 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 403,925AND WE NOW WITNESSING A LOWER COMEX OI BUT WITH AN EXTREMELY HIGH PRICE OF GOLD.//NOW ALMOST IMPOSSIBLE TO FLEECE STICKY LONGS. BUT SHORTS ARE A DIFFERENT MATTER AS THEY CONTINUED TO PILE ONTO THE SHORT SIDE!!
SILVER ALSO HAS AN ULTRA SMALL SIZED AND RECORD LOW COMEX OI OF 113,164 ONTRACTS// RISING FROM PREVIOUS ALL TIME LOW SET MARCH 23OF 111,576CONTRACTS.
IN ESSENCE WE HAVE A FAIR LOSS IN TOTAL CONTRACTS IN COMEX GOLD ON THE TWO EXCHANGES OF 1250 CONTRACTS WITH 2299 CONTRACTS DECREASED AT THE COMEX// AND A FAIR SIZED 1049EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON.
THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 1250CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A STRONG SIZED BUT CRIMINAL 2582 CONTRACTS AND THESE ISSUANCES ARE GENERALLY USED TO INITIATE A RAID WHEN CALLED UPON
GOLD PRICE ON FRIDAY FELL BY $7.25
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A FAIRSIZED ISSUANCE IN EXCHANGE FOR PHYSICALS CONTRACT(1049) ACCOMPANYING THE FAIR SIZED LOSS IN COMEX OI OF 2299 CONTRACTS/TOTAL LOSS FOR OUR THE TWO EXCHANGES: 1250 CONTRACTS..
WE HAVE 1) NOW REVERTED TO OUR ABNORMAL FORMAT OF BANKER (FRBNY) GOING ON THE LONG SIDE AND NEWBIE SPECULATORS GOING TO THE SHORT 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 TO WHICH WE ADD TODAY’S STRONG 272 CONTRACT QUEUE JUMP OF 27200 OZ OR 0.8403 TONNESAND THEN WE ADD BY OUR TWO EXCHANGE FOR RISK: 13.063///NEW STANDING ADVANCES TO 54.848TONNES 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 TO WHICH WE ADD TODAY’S 0.8403 TONNES QUEUE JUMP AND THEN ADD +13.063 TONNES EXCHANGE FOR RISK//NEW STANDING ADVANCES TO 54.848 TONNES/
3) CONSIDERABLE T.A.S. LIQUIDATION AND SOME GOVT LIQUIDATION // WITH A STRONG GAIN OF EQUITY SHARES/MARCH 24 HAVING 1)A $7.25COMEX PRICE LOSS AND YET WE HAD 2) NEWBIE SPEC SHORTS WILL BE CLOBBERED ON A NET BASIS, + EASTERN CENTRAL BANKERS WERE PILING INTO THE LONG SIDE AS WE HAD A FAIR SIZED LOSS OF 1,250CONTRACTS ON OUR TWO EXCHANGES AND AS WELL A STRONG AMOUNT OF GOLD WILL STAND FOR DELIVERY IN MARCH. (54.848TONNES). //, CENTRAL BANKERS TENDERED FOR PHYSICAL WITH THEIR PURCHASES OF CONTRACTS../ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED TUESDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL
4)A FAIR SIZED COMEX OI LOSS 5) V) FAIR SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL GOLD (1049) AND A STRONG T.A.S. ISSUANCE (2582) 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: 57,937 CONTRACTS OR 5,7937,00OZ OR 180.27 TONNES IN 19 TRADING DAY(S) AND THUS AVERAGING: 3160 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN19 TRADING DAY(S) IN TONNES: 180.27TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2025, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 180.27TONNES DIVIDED BY 3550 x 100% TONNES = 5.07% 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: 180.27TONNES//WILL BE STRONG ISSUANCE THIS MONTH
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 FAIR SIZED 304 CONTRACTS OI TO 113,164 AND CLOSER 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 111,576 CONTRACTS MARCH 20.2026
EFP ISSUANCE 300 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAY 300 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 304 CONTRACTS AND ADD TO THE 300 E.FP. ISSUED
WE OBTAIN A STRONG SIZED GAIN OF 604 OI OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES DESPITE OUR TINY LOSS OF $0.15
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 3.020 MILLION PAPER OZ
OCCURRED WITH OUR LOSS IN PRICE.OF $0.15
2.ASIAN AFFAIRS MARCH 24 /2025
SHANGHAI CLOSED UP 50.56 PTS OR 1.30%
HANG SENG CLOSED UP 217.79 PTS OR 0.087%
Nikkei CLOSED UP 1474.72 PTS OR 2.82%
//Australia’s all ordinaries CLOSED UP 1.68%
//Chinese yuan (ONSHORE) CLOSED DOWN 6.8979
/ OFFSHORE CLOSED DOWN AT 6.9069 1Oil DOWN TO 87,30ollars per barrel for WTI and BRENT DOWN TO 98.34 Stocks in Europe OPENED ALL DEEPLY IN THE RED
ONSHORE USA/ YUAN TRADING 6.8979 OFFSHORE YUAN TRADING DOWN TO 6.9069ONSHORE 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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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A FAIR SIZED 2299 CONTRACTS DOWN TO 403,925 OI , ( MARCH 23 WE REACHED OUR MULTI YEAR LOW OI OF 400,317. THE ALL TIME LOW IN OI IS 390,00 SET IN THE YEAR 2001 WHEN GOLD WAS TRADING $260.00)
WE HAD LITTLE T.A.S. LIQUIDATION DURING TUESDAY’S TRADING/. IT SEEMS THAT THE SPECULATORS CONTINUED AGAIN TO GO MASSIVELY SHORT WITH THE BANKERS TAKING THE LONG SIDE,
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!!
THE FAIR SIZED LOSS ON OUR TWO EXCHANGES OCCURRED DESPITE A SMALL FALL IN PRICE IN GOLD. IT WAS THE SPECS AGAIN WHO WERE LED BY THE NOSE BY THE BANKERS/HIGH FREQUENCY TRADERS TO MASSIVELY GO TO THE SHORT SIDE OF THE TRADE WITH THE FRBNY AND OTHER CENTRAL BANKERS ON THE LONG SIDE. THE CENTRAL BANKS DUTIFULLY TENDERED FOR PHYSICAL GOLD ON A T PLUS ONE BASIS. TUESDAY MORNING THEY HAVE JUST RECEIVED THEIR RELIGIOUS MOMENT, ASKING FOR DIVINE INTERVENTION AS THE SPECS MUST SUPPLY THE PHYSICAL GOLD TO THE CENTRAL BANKERS.
WE THUS HAD A TOTAL STRONG LOSS IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 1,599 CONTRACTS (OR 49.73 TONNES) DESPITE THE SMALL LOSS IN PRICE, TUESDAY. SEEMS ON A NET BASIS HARDLY ANYBODY LEFT THE ARENA! AS NOBODY SOLD ANY PHYSICAL GOLD.
THEN WE WERE NOTIFIED TODAY OF A 0 CONTRACT EXCHANGE FOR RISK ISSUANCE IN GOLD CONTRACTS FOR 0 OZ OR 0 TONNES OF GOLD. DURING THE MIDDLE OF THE FEBRUARY CONTRACT MONTH, WE HAD TWO IDENTICAL MONSTER 3,000 CONTRACT ISSUED FOR THE SAME 9.33 TONNES OF GOLD, AND THESE WERE THE HIGHEST EVER IN TONNAGE EVER ISSUED BY THE COMEX. ALTOGETHER THE TOTAL ISSUANCE FOR FEB NOW REMAINED AT SIX.(31.251 TONNES).
AND NOW MARCH:
LAST THURSDAY MARCH 17 WE RECEIVED ITS INITIAL 2000 CONTRACT EXCHANGE FOR RISK ISSUANCE FOR 6.22 TONNES. ON FRIDAY: 0 ISSUANCE OF EXCHANGE FOR RISK. BUT YESTERDAY, MONDAY MARCH 23 WE RECEIVED NOTICE OF OUR SECOND EXCHANGE FOR RISK ISSUANCE FOR 2200 CONTRACTS (220,000 OZ OR 6.843 TONNES)/ THESE TWO ISSUANCES WILL NOW BE ADDED TO THE REGULAR AMOUNT OF GOLD STANDING 13.063 TONNES TO GIVE US WHAT WILL STAND FOR PHYSICAL GOLD FOR MARCH!
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: CME ANNOUNCES ITS FIRST EXCHANGE FOR RISK FOR 2000 CONTRACTS FOR 200,000 OZ OR 6.22 TONNES OF GOLD AND THEN TODAY MONDAY MARCH 22 , WE RECEIVED ITS SECOND NOTICE ISSUANCE OF 2200 CONTRACTS OR 220000 OZ (6.843 TONNES). TOGETHER BOTH ISSUANCES TOTAL 13.063 TONNES WHICH WILL BE ADDED TO OUR NORMAL DELIVERY SCHEDULE.
DETAILS ON OUR NEW MARCH COMEX CONTRACT MONTH//
IN TOTAL WE HAD A FAIR SIZED LOSS ON OUR TWO EXCHANGES OF 1599 CONTRACTS WITH OUR SMALL LOSS IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN THROUGHOUT THIS WEEK AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTACKS VERY EARLY IN THE COMEX SESSIONS AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THEIR DAILY ATTACKS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY AND OUR SHORT SPECULATORS FOR THE THOUGHTFULNESS.
LONDON ANNOUNCED EARLY IN THE YEAR (AND SCARCITY CONTINUES TO THIS DAY) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO OTHER CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES. BOTH COMEX AND LBMA ARE WITNESSING MASSIVE AMOUNTS OF GOLD LEAVING THEIR VAULTS.
THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT THE MONTHS OF JUNE THROUGH MARCH/ CONTINUES TO DISTORT OPEN INTEREST NUMBERS GREATLY ALTHOUGH THE T.A.S. ISSUANCES IN GOLD HAVE GENERALLY BEEN ON THE LOW SIDE COMPARED TO SILVER WHICH HAVE BEEN HUGE. TODAY’S NUMBER IS A GOOD SIZED T.A.S ISSUANCE CONTRACTS .THE CME NOTIFIES US THAT THEY HAVE ISSUED 2582 T.A.S CONTRACTS. THESE 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 OUR CONTINUOUS 4 DAY RAID!
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!! AND MARCH’S TWO ISSUANCES FOR 13.063 TONNES! OTHER CENTRAL BANKS ARE PAYING ATTENTION AS THEY TAKE DELIVERY OF HUGE AMOUNTS OF PHYSICAL GOLD.
FOR MARCH WE HAVE 2 EXCHANGE FOR RISK ISSUANCES SO FAR FOR 4200 CONTRACTS OR 420,000 OZ/13.063 TONNES.. 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 QUEUE JUMP OF 0.8403TONNES AND THEN WE ADD OUR TWO EXCHANGE FOR RISK OF 13.063 TONNES////NEW STANDING FOR GOLD ADVANCES TO: 54.848TONNES
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 $39.55)
WE HAD LITTLE T.A.S. SPREADER LIQUIDATION WEDNESDAY // 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 54+ TONNES.
TUESDAY NIGHT//WEDNESDAY 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 TUESDAY EVENING/WEDNESDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD
A LITTLE REVIEW OF GOLD STANDING THESE PAST 7 MONTHS:
STANDING FOR GOLD OCT THROUGH TO MARCH:
ANALYSIS// OCT DELIVERY MONTH GOING FROM FIRST DAY NOTICE// OCT COMEX CONTRACT TO FINALIZATION OCT 31:
OCT AT 90.164 TONNES TO BE FOLLOWED BY ALL PREVIOUS QUEUE JUMPS OF 75.696 TONNES WHICH WE ADD OUR 14.553 TONNES EX FOR RISK/6 OCCASIONS:
/ TOTAL STANDING 197.551 TONNE/OCTOBER FINAL//ABSOLUTELY A MONSTER DELIVERY FOR A NORMALLY QUIET OCT MONTH
2. AND NOW NOVEMBER:
NOVEMBER BEGINS WITH A HUGE 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY OUR TODAY’S QUEUE JUMP OF 2.323 TONNES WHICH FOLLOWED ALL OTHER NOVEMBER QUEUE JUMPS OF 21.3775 TONNES TO WHICH WE ADD OUR TWO ISSUANCES OF EXCHANGE FOR RISK OF 4.5596 TONNES..
NEW STANDING ADVANCES TO 43.9716 ONNES OF GOLD.
3. AND NOW DECEMBER:
3. DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 83.813 TONNES FOLLOWED BY A 0 CONTRACT QUEUE JUMP FOR NIL OZ OR 0.000 TONNES WHICH FOLLOWS OTHER DEC QUEUE JUMPS OF: 0 TONNES///STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR FOUR EXCHANGE FOR RISK ISSUANCE OF 6.559TONNES/NEW STANDING ADVANCES TO 121.977TONNES
4. JANUARY:
9. JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR QUEUE JUMP OF 0.000 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
10. FEBRUARY: INITIAL STANDING: 93.566 TONNES TO WHICH WE ADD OUR LATEST QUEUE JUMP OF 0.0298 TONNES TO WHICH THIS IS ADDED TO ALL OTHER QUEUE JUMPS OF 41.2082 / NEW QUEUE JUMP ADVANCES TO: 41.233 TONNES//STANDING ADVANCES TO: 126.628 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 10,080 CONTRACTS FOR 1,008,000 OZ OR 31.251 TONNES/NEW STANDING ADVANCES TO 157.879 TONNES
MARCH: INITIAL STANDING: 8.099 TONNES TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 0.8403TO WHICH WE THEN ADD OUR TWO EXCHANGE FOR RISK FOR 13.063 TONNES// GOLD STANDING ADVANCES TO: 54.848 TONNES/
ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $7.25
WE HAD A STRONG 1178 CONTRACTS ADDED 349 INTO THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE (YOU ADD CONTRACTS?)
NET LOSS ON THE TWO EXCHANGES : 1250 CONTRACTS OR 125,000OZ OR 38.88TONNES
i) Asahi 6499.737 oz ii) HSBC 64,302.000 oz (2000 kilobars)
total withdrawal 70,801.737
in tonnes; 2.20 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
316 CONTRACTS
OR 31,600 OZ
0.9828TONNES OF GOLD
No of oz to be served (notices)
61 ontracts 61000 OZ 0.1857TONNES
Total monthly oz gold served (contracts) so far this month
13,373 notices 1,337,300 oz 41.5956 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) Asahi 6499.737 oz ii) HSBC 64,302.000 oz (2000 kilobars)
total withdrawal 70,801.737
in tonnes; 2.20 tonnes
comex is draining of gold/.
they are draining the comex of gold
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ADJUSTMENTs
ADJUSTMENTS 5 all customer to dealer
thus the need to replenish gold that is standing for metal.
a) Asahi 61,729.920 oz
b) Brinks 41,193.550 oz
c) JPMorgaan: 99,925.251 oz
d) Loomis: 7523.334 oz
v) Manfra: 6983.247 oz
total gold leaving customer into the dealer 217,355.312 oz or 6.76 tonnes
COMEX IS DRAINING GOLD
chaos inside the comex
THE FRONT MONTH OF MARCH OI STANDS AT 377 CONTRACTS FOR A LOSS OF 253 CONTRACTS. WE HAD 525 CONTRACTS SERVED ON TIESDAY, SO WE GAINED A HUGE 272 CONTRACTS OR 27,200OZ WILL STAND FOR DELIVERY AT THE COMEX.. IN TONNAGE THIS REPRESENTS A QUEUE JUMP OF 0.8403 TONNES. CENTRAL BANKERS WHETHER IN LONDON OR NEW YORK ARE PONDING THE TABLE DEMANDING THEIR PHYSICAL GOLD!!
APRIL IS THE NEXT LARGEST DELIVERY MONTH AND IT LOST 17,287CONTRACTS DOWN TO 122,972 CONTRACTS. APRIL IS NOW THE NEW FRONT MONTH FOR DELIVERY OF GOLD. APRIL IS GENERALLY A VERY STRONG DELIVERY MONTH. WE HAVE 4 MORE READING DAYS BEFORE FIRST DAY NOTICE,
MAY GAINED 780 CONTRACTS TO AN OI OF 2667
JUNE IS A HUGE DELIVERY MONTH AND HERE THE OI ROSE BY A HUGE 13,206 CONTRACTS UP TO AN OI OF 199,703
We had 316 contracts filed for today representing 31600oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 30 notices issued from their client or customer account. The total of all issuance by all participants equate to 316 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 1 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 (13,373) to which we add the difference between the open interest for the front month of MAR (377 CONTRACTS) minus the number of notices served upon today 316 x 100 oz per contract) equals 1,343,400 OZ OR (41.795Tonnes of gold) to which we add our two exchange for physical of 13.063 tonnes//standing advances to 54.848 tonnes
thus the INITIAL standings for gold for the MAR contract month: No of notices filed so far (13,373 x 100 oz +we add the difference for front month of MAR (377 OI} minus the number of notices served upon today (316 )x 100 oz) which equals 1,343,400OZ OR 41.785 TONNES// to which we add our two exchange for risk of 13.063 tonnes//new standing advances to 54.848
new total of gold standing in MAR is 54.848 TONNES//
TOTAL COMEX GOLD STANDING FOR MARCH 54.0848TONNES TONNES WHICH IS NOW MEGA HUGE FOR THIS NORMALLY VERY NON ACTIVE ACTIVE DELIVERY MONTH OF MARCH.
confirmed volume WEDNESDAY confirmed 291,808 good
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: 1,802,830.567 oz 56.07 tonnes pledged gold lowers
total inventories in gold declining rapidly
total pledged gold: 1,802,830.567 tonnes oz 56.07 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 31,945,632.767 oz
TOTAL REGISTERED GOLD 16,762,284.109 or 521.374 Tonnes
TOTAL OF ALL ELIGIBLE GOLD 15,183,348.658 oz//eligible gold leaving hand over fist
REGISTERED GOLD THAT CAN BE SERVED UPON 14,959,454 oz ((REG GOLD- PLEDGED GOLD)=
465.301 Tonnes //
total inventories in gold declining rapidly
SILVER COMEX
MARCH DELIVERY MONTH
MARCH 25 2026
INITIAL/
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
4 entries
i) out of Delaware: 977.400 oz ii) Out of JPMorgan: 605,033.800 oz iii) Out of Loomis 614,128.600 iv Manfra: 1,503,752.300 oz
total withdrawal: 2,723,892.360 oz
the comex is being drained of silver
Deposits to the Dealer Inventory
1 entries
Into Stonex: 115,456.06 oz
total dealer deposit 115,456.06 oz
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Deposits to the Customer Inventory
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
0 ENTRIES
No of oz served today (contracts)
43 CONTRACT(S) ( 0.215 MILLION OZ
No of oz to be served (notices)
147 Contracts (0.735 MILLION oz)
Total monthly oz silver served (contracts)
8877 contracts 44.385 MILLION oz
Total accumulative withdrawal of silver from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
DEPOSITS INTO DEALER ACCOUNTS
1 ENTRIES
1 entries
Into Stonex: 115,456.06 oz
total dealer deposit 115,456.06 oz
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
i)Deposit: Into Delaware: 919.780 oz
total deposit 919.780 oz
0 ENTRIES
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withdrawals: customer side/eligible
4 entries
i) out of Delaware: 977.400 oz
ii) Out of JPMorgan: 605,033.800 oz
iii) Out of Loomis 614,128.600
iv Manfra: 1,503,752.300 oz
total withdrawal: 2,723,892.360 oz
the comex is being drained of silver
the comex is being drained of silver
adjustments: / / 1
ADJUSTMENTS
1
adjustments: / / 1 customer acct: to dealer
i) Brinks 10,054.740 oz
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TOTAL REGISTERED SILVER: 76.672 MILLION OZ//.TOTAL REG + ELIGIBLE. 328.841 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: 190 OPEN INTEREST CONTRACTS FOR A LOSS OF 103 CONTRACTS.
WE HAD 121 NOTICES FILED ON TUESDAY SO WE GAINED 18 CONTRACTS OR AN ADDITIONAL 0.090 MILLION OZ OF SILVER WILL TRY FOR DELIVERY OVER HERE AS A BANKER ASSISTED QUEUE JUMP.
APRIL, THE NEW FRONT MONTH SAW A GAIN OF 5 CONTRACTS UP TO 1830 CONTRACTS.
MAY SAW A LOSS OF 21 CONTRACTS DOWN TO 73,964 CONTRACTS.
JUNE SAW A LOSS OF 7 CONTRACTS DOWN TO 417 OI CONTRACTS.
X
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 43 or 0.215 MILLION oz
CONFIRMED volume; ON WEDNESDAY 57,807 fair
AND NOW MARCH. DELIVERIES:
To calculate the number of silver ounces that will stand for delivery in MARCH. we take the total number of notices filed for the month so far at 8877 X5,000 oz = 44.385 MILLION oz
to which we add the difference between the open interest for the front month of MARCH (190) AND the number of notices served upon today (43)x (5000 oz)
Thus the standings for silver for the MARCH 2026 contract month: (8877)Notices served so far) x 5000 oz + OI for the front month of MARCH (190) minus number of notices served upon today (43 )x 5000 oz equals silver standing for the MAR..contract month equating to 45.120 MILLION OZ.
NEW STANDING: 45.120 MILLION OZ WHICH IS STILL LOWISH FOR A GENERALLY HUGE DELIVERY MONTH OF MARCH.
New total standing: 45.120million oz.
We must also keep in mind that there is considerable silver standing in London coming from our longs
There are ONLY 76.672 million oz of registered silver
JPMorgan as a percentage of total silver: 145.702/328.841million: 44.31%
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 25/2026/WITH GOLD UP $155.30 TODAY/SMALL CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 0.300 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS AT 1053.000
MAR 24/2026/WITH GOLD DOWN $7.25 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A HUGE WITHDRAWAL OF 4.286 TONNES OF GOLD OUT OF THE GLD/INVENTORY RESTS AT 1052.705
MAR 23/2026/WITH GOLD DOWN $165.65 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A HUGE WITHDRAWAL OF 5.149 TONNES OF GOLD OUT OF THE GLD/INVENTORY RESTS AT 1056.991
MAR 20/2026/WITH GOLD DOWN $39,55 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A HUGE WITHDRAWAL OF 4.855 TONNES OF GOLD OUT OF THE GLD/INVENTORY RESTS AT 1062.135
MAR 19/2026/WITH GOLD DOWN $XXX TODAY/HUGE CHANGES IN GOLD AT THE GLD:A HUGE WITHDRAWAL OF 2.57 TONNES OF GOLD OUT OF THE GLD/INVENTORY RESTS AT 1066.99
MAR 18/2026/WITH GOLD DOWN $111.80 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A HUGE WITHDRAWAL OF 1.144 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1069.564 TONNES
MAR 17/2026/WITH GOLD UP $6.80 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A HUGE WITHDRAWAL OF 0.857 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1070.708 TONNES
MAR 16/2026/WITH GOLD DOWN $60.45 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A HUGE WITHDRAWAL OF 4/327 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1071/.565 TONNES
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
GLD INVENTORY: 1053.000 TONNES, TONIGHTS TOTAL GOLD INVENTORY
SILVER
MAR 25 WITH SILVER UP $3.25: NO CHANGES IN SILVER INVENTORY AT THE SLV// :INVENTORY RESTS AT 498.776 MILLION OZ
MAR 24 WITH SILVER DOWN $0.15: HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A MASSIVE AND FRAUDULENT DEPOSIT OF 10.505 MILLION OZ INTO THE SLV :INVENTORY RESTS AT 498.776 MILLION OZ
MAR 23 WITH SILVER UP $0.06: HUGE CHANGES IN SILVER INVENTORY AT THE SLV// NO CHANGE IN INVENTORY/.. ./ :INVENTORY RESTS AT 488.271 MILLION OZ
MAR 20 WITH SILVER DOWN $1.92: HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A WITHDRAWAL OF 2.490 MILLION OZ FROM THE SLV/.. ./ :INVENTORY RESTS AT 488.271 MILLION OZ
MAR 19 WITH SILVER DOWN $6.22: HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A WITHDRAWAL OF 2.9444 MILLION OZ FROM THE SLV/.. ./ :INVENTORY RESTS AT 490.761 MILLION OZ
MAR 18 WITH SILVER DOWN $2.36: HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A DEPOSIT OF 1.087 MILLION OZ FROM THE SLV/.. ./ :INVENTORY RESTS AT 494.792 MILLION OZ.
MAR 17 WITH SILVER DOWN $0.89: HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A WITHDRAWAL OF 3.351 MILLION OZ FROM THE SLV/.. ./ :INVENTORY RESTS AT 493.705 MILLION OZ.
MAR 16 WITH SILVER DOWN $0.57: HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A WITHDRAWAL OF 2.536 MILLION OZ FROM THE SLV/.. ./ :INVENTORY RESTS AT 497.056 MILLION OZ.
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
CLOSING INVENTORY 498,776 MILLION OZ OF SILVER..
1.PETER SCHIFF
2. MATHEW PIEPENBERG/EGON VON GREYERZ
MATHEW PIEPENBURG…
JESSE COLUMBO
ALASDAIR MACLEOD….
3.CHRIS POWELL AND HIS GATA DISPATCHES:
Ringleader pleads guilty to C$22 million gold, cash theft at Toronto airport
Submitted by admin on Tue, 2026-03-24 23:59 Section: Daily Dispatches
By Adrian Humphreys National Post, Toronto Tuesday, March 24, 2026
A ringleader of Toronto’s Pearson Airport gold heist has pleaded guilty for his part in the alarming plot that saw bandits brazenly steal more than $22 million in gold and cash from an Air Canada cargo warehouse in 2023, most of which remains missing.
Arsalan Chaudhary, a 43-year-old man formerly of Mississauga, pleaded guilty Monday, officials confirmed. He has not yet been sentenced.
Chaudhary fled Canada and was named as a fugitive from justice after the heist became extraordinarily high-profile, making headlines around the world and drawing intense public and police interest. It was deemed the sixth largest gold theft in modern history and the largest in Canada.
Chaudhary returned to Canada in January from Dubai, in the United Arab Emirates, in a mediated surrender to police at the same airport from where the gold had been taken. …
French central bank books $15 billion gain on gold reserve upgrade
Submitted by admin on Tue, 2026-03-24 23:53 Section: Daily Dispatches
By Leigh Thomas Reuters Tuesday, March 24, 2026
PARIS — The Bank of France has booked one-off capital gains of nearly 13 billion euros ($15.1 billion) from an upgrade of its gold reserves since last July as it benefited from high gold prices, the central bank said today.
Over the past two decades the bank has been gradually replacing older or non‑standard gold holdings with bars that meet modern international standards. A 2024 internal audit recommended completing the process for the small share of French gold still held in New York.
The residual stock of 129 metric tons, or about 5% of France’s total gold reserves, was upgraded by selling the gold and buying compliant bars between July 2025 and January 2026 rather than going to the trouble of trying to get it refined. That programme is now complete, the bank said.
The overall size of France’s gold reserves remained unchanged at roughly 2,437 tons, but the new bars are now held in Paris rather than New York.
Governor Francois Villeroy de Galhau said the new bars were kept in Paris because the higher-standard gold is traded on a European market, and that the decision was not politically motivated. …
The very purpose of government gold reserves is currency market rigging
Submitted by admin on Tue, 2026-03-24 10:44 Section: Daily Dispatches
10:41a ET Tuesday, March 24, 2026
Dear Friend of GATA and Gold:
Since its founding in 1998 GATA has maintained that governments and central banks use gold for rigging the currency markets — sometimes openly and sometimes surreptitiously, to deceive investors and other governments and central banks.
The Reserve Bank of Australia used to acknowledge candidly in its annual reports that currency market rigging is the very purpose of gold reserves.
“Foreign currency reserve assets and gold,” the Reserve Bank’s 2003 report said, “are held primarily to support intervention in the foreign exchange market”:
Today, as seen below, Bloomberg News acknowledges this purpose in regard to Turkey, on the basis of anonymous sources. Will Bloomberg or any mainstream news organization ever acknowledge this purpose in regard to the United States, its allies, and other major powers and begin posing critical questions about it? Or must currency market rigging questions be reserved for lesser countries, like India, whose use of U.S. dollar derivatives for surreptitious currency market intervention was considered reportable by Bloomberg the other day?:
For that matter, will the gold and silver mining industry itself ever openly recognize that its products are primarily money that competes with government-issued money, and start acting accordingly?
CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. CPowell@GATA.org
* * *
Turkey Eyes $135 Billion Gold Reserves for Defense of Lira
By Beril Akman and Kerim Karakaya Bloomberg News Tuesday, March 24, 2026
Turkey’s central bank is preparing an expanded toolkit to defend the lira from Iran war-related volatility that includes potentially tapping its vast gold reserves, according to people familiar with the matter.
The bank has held discussions about conducting gold-for-foreign currency swap transactions in the London market, the people said, asking not to be named because the deliberations are private.
The central bank declined to comment.
Turkey has been one of the world’s most aggressive gold buyers over the past decade as the country’s leadership sought to trim exposure to U.S. dollar-denominated assets. The monetary authority had gold reserves equivalent to about $135 billion as of early March, according to data compiled by Bloomberg. …
China pulls silver from global markets to meet surging demand
Submitted by admin on Sun, 2026-03-22 13:38 Section: Daily Dispatches
By Yihui Xie and Jack Ryan Bloomberg News Friday, March 20, 2026
China’s ravenous appetite for silver lifted overseas purchases to an eight-year high at the start of 2026, as importers fed a surge in industrial and investment demand.
The world’s biggest buyer pulled in over 790 tons in the first two months, including nearly 470 tons in February, the highest ever for that month, according to Chinese customs data Friday. Strong demand has pushed local prices well above international benchmarks, whittling down already-low exchange stockpiles and hoovering up metal from abroad.
… Dispatch continues below …
Silver prices have never had such a volatile start to a year, soaring about 70% on a wave of speculative buying from China and elsewhere, before abruptly giving up their gains at the end of January. The strong import figures suggest physical consumption in China has been sustained despite shifts in trading flows.
Demand has come from both retail investors piling into silver bars, an alternative to increasingly pricey gold, and solar manufacturers front-loading production ahead of the removal of export tax rebates on April 1. The solar industry consumes about a fifth of annual supply, and is overwhelmingly located in China. …
Submitted by admin on Sun, 2026-03-22 09:28 Section: Daily Dispatches
By Matthew Piepenburg Von Greyerz / Gold Switzerland, Zurich Sunday, March 22, 2026
If you are new to gold, or if you are a speculator in gold (or even worse, a levered speculator in gold), you are likely asking yourselves what in the “H. E. double toothpicks” just happened to gold?
It lost over 9% in the futures market in a single session and saw its worst week of price declines since February 1983.
…
What gives? Gold loves chaos, and isn’t the current war, whatever you think of it, pure chaos?
And what about gold-loving oil shocks, as we and others have often written and spoken?
And what about gold as an anti-inflation asset?
Shouldn’t gold be ripping north in a world careening under the weight of oil-driven “everything” and “everywhere” inflation?
All fair questions to say the least.
But if, like us, you hold physical gold (that rising, strategic Tier-1 reserve asset) as a superior store of value over any paper currency system, including King Dollar, then the facts below will seem far less like an “apology” for the metal’s longer-term horizon. …
On Money Metals Exchange podcast, GATA secretary explains U.S. rigging of gold market
Submitted by admin on Fri, 2026-03-20 16:25 Section: Daily Dispatches
4:29p ET Friday, March 20, 2026
Dear Friend of GATA and Gold:
Your secretary/treasurer is the guest on this week’s market wrapup podcast with Mike Maharrey of Money Metals Exchange, discussing why the U.S. government long has manipulated the monetary metals markets and how it has been done. We also discuss the major gold and silver exchange-traded funds and how they can be used for market manipulation by their “authorized participants” — the large investment and bullion banks that are agents of central banks and help camouflage government interventions in the gold market.
The interview is a half-hour long and begins at the 8:55 mark here:
CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. CPowell@GATA.org
4. ANDREW MAGUIRE AND LIVE FROM THE VAULT PODCASTS NO 264/263
5. COMMODITY REPORT//FERTILIZER
ASIAN AFFAIRS MARCH 25/2026
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS WEDNESDAY MORNING.7:30 AM
SHANGHAI CLOSED UP 50.56 PTS OR 1.30%
HANG SENG CLOSED UP 217.79 PTS OR 0.087%
Nikkei CLOSED UP 1474.72 PTS OR 2.82%
//Australia’s all ordinaries CLOSED UP 1.68%
//Chinese yuan (ONSHORE) CLOSED DOWN 6.8979
/ OFFSHORE CLOSED DOWN AT 6.9069 1Oil DOWN TO 87,30ollars per barrel for WTI and BRENT DOWN TO 98.34 Stocks in Europe OPENED ALL DEEPLY IN THE RED
ONSHORE USA/ YUAN TRADING 6.8979 OFFSHORE YUAN TRADING DOWN TO 6.9069ONSHORE YUAN TRADING ABOVE OFF SHORE AND DOWN ON THE DOLLAR// / AND THUS WEAKER/OFF SHORE YUAN TRADING UDOWNAGAINST US DOLLAR/ AND THUS WEAKER
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS WEDNESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN AT 6.8979
OFFSHORE YUAN: UP TO 6.9019
1.HANG SANG UP 219.79 POINTS OR 0.87%
2. Nikkei closed UP 1474.72PTS OR 2.82%
WEST TEXAS INTERMEDIATE OIL UP TO 87.30
BRENT; 98.34
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX UP TO 98.89/// EURO RISES TO 1.1611 UP 2 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +2.2300 DOWN 23FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 158.25… 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: 3.501 DOWN 5 FULL BASIS PTS. AND STILL VERY TROUBLESOME
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: 6.8979( DOWN AND OFFSHORE: DOWN AT 6.9019
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil DOWN for WTI and BRENT DOWN this morning
3h European bond buying continues to push yields LOWER on all fronts in the EMU. German 10yr bund YIELD DOWNTO +2.9604Italian 10 Yr bond yield DOWN to 3.835 SPAIN 10 YR BOND YIELD DOWN TO 3.469
3i Greek 10 year bond yield DOWN TO 3.817
3j Gold at $4464.10ilver at: 73.37 1 am est) SILVER NEXT RESISTANCE LEVEL AT $100.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 92 100 roubles/81.42
3m oil (WTI) into the 87 dollar handle for WTI and 98 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 158.71 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 2.230% DOWN 2 BASIS PTS STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE NOW UNWINDING//YEN BOND TRADING OVERSEAS REPATRIATED.//JAPAN 30 YR: 3.501 DOWN 5 PTS..: USA/SF this 0.7882 as the Swiss Franc . Euro vs SF: 0.9159
USA 10 YR BOND YIELD: 4.331 DOWN 6 BASIS PTS…
USA 30 YR BOND YIELD: 4.900 DOWN 4 BASIS PTS/
USA 2 YR BOND YIELD: 3.867 DOWN 7 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 44.36 UP 2 BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.8590 DOWN 6 PTS
30 YR UK BOND YIELD: 5.463 DOWN 11 BASIS PTS
10 YR CANADA BOND YIELD: 3.569 DOWN 1 BASIS PTS
5 YR CANADA BOND YIELD: 3.218 DOWN 2 BASIS PTS.
1a New York Opening report
1b European opening report
Global equities rise on plans of a Middle East ceasefire; President Trump to speak at a dinner – Newsquawk US Market Open
Wednesday, Mar 25, 2026 – 07:01 AM
US special envoy Witkoff and Jared Kushner are working on a mechanism which aims for a one-month ceasefire, while this would be very similar to understandings in Gaza and Lebanon, and a 15-point agreement will be negotiated during the month of a possible ceasefire.
Iran has reportedly received the 15-point US ceasefire proposal, according to AP citing Pakistani officials.
Crude slips as an Iranian ceasefire framework emerges.
Global equities rise on plans of a Middle East ceasefire; ARM surging after the announcement of the sale of its own chips.
USD slightly firmer but off best, AUD lags following a cooler inflation report while EUR unmoved following German Ifo.
Fixed income firmer as softer energy prices dictates price action.
Looking ahead, highlights include US Import/Export Prices (Feb), SNB Quarterly Bulletin (Q1). Speakers include ECB’s Rehn & Kocher, BoE’s Greene, Fed’s Miran, US President Trump, Supply from the US.
2. Listen to this report in the market open podcast (available on Apple and Spotify)
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EUROPEAN TRADE
EQUITIES
European bourses (STOXX 600 +1.5%) are entirely in the green, benefiting from the reports that US is planning a one-month ceasefire and 15-point agreement, which has reportedly been received by Iran.
European sectors, for the first time in a while, are all gaining. Industrial Goods and Services top the sector pile, closely followed by Technology. On the other hand, Telecoms lags.
US equity futures (ES +0.8% NQ +1% RTY +1.2%) are following its European peers, trading with decent gains. Arm Holdings is surging in pre-market trade after the Co. announced that it will sell its own chips for the first time, forecasting annual revenue of around USD 15bln within 5 years.
DXY is slightly firmer this morning, with the trough of the day coinciding with its 21 DMA at 99.07 (vs peak of 99.42). Geopols once again the main driver of action for the index this morning; to recap, a US-led 15-point ceasefire plan has been formed, whilst Iran has denied negotiations entirely. Earlier today, the index dipped off best levels on reports that Iran had received the 15-point plan, pointing to some initial progress to diplomacy. DXY fell from 99.36 to 99.25 within a few minutes, before then reversing much of that move thereafter.
G10s are entirely lower vs USD this morning. The net-importers of energy regions (EUR, GBP, JPY) appear to be faring better vs peers, given the pressure in crude prices in recent trade. Antipodeans are underperforming, with underperformance in the Aussie in the aftermath of the slightly softer-than-expected Australian monthly inflation data.
EUR has had some ECB speak to digest this morning, and a few regional data points. ECB President Lagarde highlighted that “small, one-off and short-lived supply shocks can be looked through”, but noted that it “will not be paralysed by hesitation”. No move on her comments. Chief Economist Lane also provided some commentary, where he stated that market-based inflation expectations have risen since the start of the Iran conflict. Also, in the rearview, German Ifo metrics were fairly resilient, with Business Climate holding steady at 88.6 (topping expectations), whilst Expectations dipped to 86.0 (prev. 90.2). ING believes the recent Middle East conflict should only “delay, not derail” the rebound in Germany. EUR is currently a touch lower vs USD, and trades within a 1.1587-1.1630 range.
GBP is also incrementally lower vs the USD, holding within a 1.3370-1.3436 range and trading in close proximity to its 100 DMA (1.3407), 21 DMA (1.3390) and 200 DMA (1.3433). Cable saw some fleeting upside on this morning’s inflation report, where headline printed a touch below expectations though core and services Y/Y figures topped expectations. Ultimately, the data lacks significance given it surveys the February period, before the Iran conflict began. Nonetheless, the series marginally adds to the stagflationary diagnosis the UK economy is currently subject to.
Barclays FX month-end rebalancing: strong USD buying against most majors, and moderate buying against the EUR, JPY and GBP.
FIXED INCOME
A bullish start to the day as the progress towards a ceasefire weighs on the energy space, allowing yields to ease from highs and in turn underpinning the fixed income space. Thus far, USTs have been as high as 110-30 with gains of 17 ticks at best. However, the benchmark remains shy of the WTD peak at 1110-04+ and by extension well off recent peaks.
Elsewhere, EGBs and Gilts are bid, with gains of 43 and 53 ticks respectively, but off best levels by around 20 and 40 ticks.
Bunds unreactive to remarks from ECB’s Lagarde and Lane, which largely stuck to the script from last week. Elsewhere, the March German Ifo series was better than expected, though the readings did decline from the prior, with the exception of the Current Assessment. However, the series clearly shows that the economy is feeling the impact of the Middle East situation, but participants are yet to determine if the crisis is a lasting one or not, in terms of its economic impact. In short, further evidence of stagflation in the EZ.
For Gilts, the bias was bullish given the above. However, the February CPI series marginally added to the stagflationary diagnosis the UK economy is currently subject to. Nonetheless, Gilts opened higher by around 35 ticks before climbing to an 88.62 peak with gains of 99 ticks at best. Ahead, BoE’s Greene may weigh in on the UK’s precarious economic situation.
Germany sells EUR 1.726bln vs exp. EUR 2.0bln 2.60% 2041 and 0.00% 2052 Bund.
German KfW Head of Capital Markets said Euro Green bond issuance “likely to come early” in Q2; Issuance window is now shorter amid the conflict.
COMMODITIES
WTI and Brent futures have pulled back this morning in a continuation of the premium unwind following reports the US is proposing a one-month ceasefire mechanism being developed by Witkoff and Kushner, similar to frameworks used in Gaza and Lebanon, whilst US also sent Iran a 15-point plan to end the war (full Newsquawk Analysis on the board). Iranian representatives reportedly told the Trump administration that the bar for returning to ceasefire talks remains high. There are also efforts to begin talks as soon as Thursday. The reports of US diplomatic drive have driven cautious optimism that the conflict may ease, helping lift equities and weigh on crude. Brent is trading below USD 96/bbl (in a USD 93.45-97.00/bbl range), while WTI trades a little beneath USD 89/bbl (in a USD 96.59-89.57/bbl range), despite the continued disruption in the Strait of Hormuz and additional US troop deployments to the Middle East.
Nat gas prices meanwhile are weaker by some 7.5% at the time of writing, trading on either side of EUR 50/MWh, whilst reports suggested Dutch gas storage levels fall to the lowest point for this time of the year since 2010.
Spot gold edged higher overnight and returned above the USD 4,500/oz level amid softer yields and lower oil prices, with the bullion currently within USD 4,456-4,602/oz. Analysts at ING suggest that “Near term, gold remains highly sensitive to Fed policy expectations, currency moves and geopolitical developments. Risks remain elevated as Iran retains control over the Strait of Hormuz and Israel continues operations against Iranian assets.”
Copper futures benefit alongside the positive risk environment amid hopes for a ceasefire in the Iran conflict, with 3M LME copper in a USD 12,192.00- 12,348.35/t. Desks also suggest that positioning data points to a cautious rebound in risk appetite across base metals.
Russia’s Baltic Sea ports of Primorsk and Ust-Luga have reportedly suspended crude oil and oil products loadings after drone attacks.
Russia is reviewing its energy supply chains amid Middle-East crisis to prioritise neighbouring nations, Tass reports.
Hungarian PM Orban said gas flows to Ukraine will stop until oil flows through the Druzhba pipeline resumes.
Japanese PM Takaichi requests the IEA to prepare additional oil release if needed, and met with IEA Executive Director Birol.
IEA said it stands ready to release additional volumes from strategic oil reserves as required to support market stability.
Valero (VLO) is said to be preparing its Port Arthur refinery to restart.
Italian PM Meloni to meet top Algerian officials today in an effort to secure alternative gas supplies, according to FT.
US President Trump’s administration is expected to lift summer gasoline regulations to curb energy prices as soon as Wednesday, according to sources.
Venezuela’s opposition leader Machado said the country requires USD 150bln to boost oil output to 5mln bpd.
Cosco (601919 CH / 1919 HK) have resumed new bookings for standard containers to the UAE, Saudi Arabia, Bahrain, Qatar, Kuwait and Iraq, effective immediately.
TRADE/TARIFFS
China’s Commerce Ministry, on Mexico’s tariff increases on Chinese and non-FTA products, said it creates investment barriers; said China reserves the right to take measures.
NOTABLE EUROPEAN HEADLINES
UK Business Secretary Kyle is to hold emergency talks with company bosses Wednesday morning about the impact of the Iran war on the UK economy, Sky News reported.
Nigel Farage’s Reform UK abandoned pledge to nationalise water and energy companies, according to FT.
Danish PM Frederiksen’s bloc wins the election but lacks the majority with the left bloc winning 84 seats, right bloc gets 77 seats, and Danish moderate party wins 14 seats to become kingmaker, according to AFP.
US President Trump endorses Hungarian PM Orban, stating he’s a truly strong and powerful leader with a proven track record delivering of phenomenal results.
NOTABLE EUROPEAN DATA RECAP
UK Inflation Rate MoM (Feb) M/M 0.4% vs. Exp. 0.4% (Prev. -0.5%, Low. 0.2%, High. 0.6%).
UK Inflation Rate YoY (Feb) Y/Y 3.0% vs. Exp. 3% (Prev. 3%, Low. 2.8%, High. 3.2%); Services 4.3% vs. Exp. 4.2% (prev. 4.4%).
UK Core Inflation Rate MoM (Feb) M/M 0.6% vs. Exp. 0.5% (Prev. -0.6%).
UK Core Inflation Rate YoY (Feb) Y/Y 3.2% vs. Exp. 3.1% (Prev. 3.1%, Low. 3.0%, High. 3.3%).
German Ifo Business Climate (Mar) 88.6 vs. Exp. 85.5 (Prev. 88.6, Low. 80, High. 88).
German Ifo Expectations (Mar) 86.0 vs. Exp. 85.8 (Prev. 90.5, Low. 80, High. 90).
German Ifo Current Conditions (Mar) 86.7 vs. Exp. 85.6 (Prev. 86.7, Low. 84.9, High. 87.6).
CENTRAL BANKS
Fed’s Goolsbee (2027 voter) said energy shocks can pose risks to both sides of the Fed mandate, while he doesn’t know if they can cut rates again and it depends on how long the war will last. Possible that energy prices could stay high after the war ends. Likely to see a downturn in consumer sentiment. It’s not an obvious playbook for what to do and it’s a bad situation for a central bank.
Fed’s Barr (voter) sees rates holding steady for some time and wants evidence of sustainable inflation retreat. Labour market seems to be stabilising. Middle East conflict raises additional risk.
ECB’s Lagarde said “Small, one-off and short-lived supply shocks can be looked through. But as expected deviations from our inflation target grow larger and more persistent, the case for action becomes stronger.”. “When the energy shock hit in 2021–22, several of these channels were operating simultaneously. But there are factors today which point to a lesser pass through.”; namely, the initial shock has thus far been smaller, and today’s macroeconomic backdrop is more benign. “We will not act before we have sufficient information on the size and persistence of the shock and its propagation. But we will not be paralysed by hesitation: our commitment to delivering 2% inflation over the medium term is unconditional.”
ECB’s Lane said the central bank will at every meeting consider what the scenario is before setting policy.
BoJ Minutes from the January 22nd-23rd meeting stated some members expressed the recognition that the Bank was currently at the stage of closely monitoring developments in economic activity and prices as well as financial conditions.
Riksbank Minutes (Mar): Thedeen said “Our starting point with low inflation gives us some respite until we have a clearer picture of the economic consequences of the war…”.
RBA Assistant Governor Jones said RBA is shifting focus from if to how on digital tokens.
RBNZ Chief Economist Paul Conway urged New Zealand’s government to pursue structural reforms to lift productivity, saying monetary policy can’t solve the cost-of-living crisis alone.
GEOPOLITICS
MIDDLE EAST
Iranian source says Pakistan has handed a US proposal to Iran, while the venue of talks is still being discussed, Reuters reports.
Iran has reportedly received the 15-point US ceasefire proposal, according to AP citing Pakistani officials. The Pakistani officials described the proposal broadly as touching on sanctions relief, civilian nuclear cooperation, a rollback of Iran’s nuclear program, monitoring by the International Atomic Energy Agency, missile limits and access for shipping through the Strait of Hormuz.
Iran’s Ambassador to Pakistan said there were no talks between the US and Iran, either directly or indirectly, IRNA reported; said “friendly countries” seek to lay the ground for talks, “hopes these efforts can help in ending the war”.
Iran suspects US President Trump’s peace talk push is a trick, while Iranian officials told countries attempting to mediate peace talks that they have been tricked twice by Trump and don’t want to be fooled again, according to a source cited by Axios.
Iranian officials have told the Trump administration via channels that they do not want to resume negotiations with Envoy Steve Witkoff and Jared Kushner, while it prefers to negotiate with VP JD Vance.
Iranian representatives have communicated to the Trump administration a high bar for re-entering ceasefire negotiations, according to people familiar with the matter cited by WSJ/Dow Jones.
United Command of Iranian Armed Forces spokesperson said US is negotiating with itself, according to IRNA.
Iranian Foreign Ministry spokesperson said there is no dialogue or negotiations with the US; no one trusts US diplomacy. Forces are focussed on defense.
Iranian Navy Commander says USS Lincoln strike group is under constant Iranian monitoring and will be targeted as soon as it comes within range of missile systems, SNN reports.
A senior analyst with knowledge of the ongoing ceasefire talks said that discussions between the US and Iran were making quiet but swift progress.
Israel’s UN envoy said Israel is not part of negotiations between the US and Iran.
US and Arab officials say mediators from Turkey, Egypt and Pakistan are pushing to have a meeting arranged between US and Iran in the next 48 hours, but both sides remain far apart, according to WSJ.
Trump administration increasingly using US Treasury Secretary Bessent to communicate its case on Iran as it seeks to contain market fallout, Semafor reported. Some critics called the choice unusual and a sign of dysfunction, while others said his standing in economic circles made him a credible spokesman. White House officials said he was key to reassuring markets and the public.
US orders 82nd Airborne army paratroopers to the Middle East as earlier flagged, according to Washington Post. US officials said that seizing Kharg Island is among the plans the administration is considering.
US Senate voted 53-47 to block resolution that would limit President Trump’s Iran war power.
Israel hit a Russian-Iranian weapons smuggling route in the Caspian Sea, according to WSJ.
IDF said it has started a new wave of strikes targeting Iranian regime’s infrastructure in Tehran.
Five explosions at a missile site in Isfahan this morning, Al Hadath reported citing Iranian media.
IAEA Chief Grossi said talks between Washington and Tehran on the nuclear program and other issues may be held in Islamabad in the coming days.
Kuwait’s General Authority of Civil Aviation said drones targeted fuel tanks at Kuwait’s international airport, causing a fire, although there were no casualties reported.
UK PM Starmer said UK is now working with partners on a plan to ensure flows of goods through key maritime routes, following a call with the Saudi Crown Prince.
APAC stocks traded higher with risk sentiment spurred by hopes of a halt to the Iran conflict after optimistic comments from US President Trump regarding negotiations, while it was reported that the US was working on a 1-month ceasefire and offered a 15-point plan to Iran for ending the conflict.
ASX 200 rallied with gains led by outperformance in mining stocks as gold producers cheered a rebound in the precious metal, while the federal and Queensland governments announced a AUD 2bln bailout for Rio Tinto’s Boyne aluminium smelter.
Nikkei 225 outperformed and returned to above the USD 53,000 level as Iran ceasefire hopes to alleviate the recent oil and inflation-related pressures.
Hang Seng and Shanghai Comp were positive, albeit to varying degrees throughout the day, as participants digested a slew of earnings releases, while the PBoC conducted a CNY 500bln on 1yr MLF operation.
NOTABLE APAC DATA RECAP
Australian Inflation Rate YoY (Feb) Y/Y 3.7% vs. Exp. 3.8% (Prev. 3.8%, Low. 3.5%, High. 4.0%).
Australian Inflation Rate MoM (Feb) M/M 0.0% vs. Exp. 0% (Prev. 0.4%, Low. -0.2%, High. 0.4%).
Australian RBA Weighted Median CPI YoY (Feb) Y/Y 3.5% vs. Exp. 3.6% (Prev. 3.6%).
Australian RBA Weighted Median CPI MoM (Feb) M/M 0.2% vs. Exp. 0.3% (Prev. 0.3%).
Australian RBA Trimmed Mean CPI YoY (Feb) Y/Y 3.3% vs. Exp. 3.4% (Prev. 3.4%, Low. 3.3%, High. 3.4%).
l c Asian opening report
Risk tone brightens on hopes of a ceasefire, Brent returns back below USD 100/bbl – Newsquawk EU Market Open
Wednesday, Mar 25, 2026 – 02:41 AM
US President Trump said they are having tremendous success in Iran and that Iran has no leaders left, while he said the US is talking to the right people and they want to make a deal. Trump said they are in negotiations right now with Iran and that Iran is talking sense.
US President Trump said they are going to make a deal with Iran, and Iran gave the US a significant prize/present worth a tremendous amount of money, which is related to the Strait of Hormuz. Trump did not offer any more details.
US special envoy Witkoff and Jared Kushner are working on a mechanism which aims for a one-month ceasefire, while this would be very similar to understandings in Gaza and Lebanon, and a 15-point agreement will be negotiated during the month of a possible ceasefire.
United Command of Iranian Armed Forces spokesperson said the US is negotiating with itself, according to IRNA.
APAC stocks traded higher; European equity futures indicate a positive cash market open with Euro Stoxx 50 futures up 0.9%.
Looking ahead, highlights include UK Inflation Report (Feb), German Ifo (Mar), US Import/Export Prices (Feb), SNB Quarterly Bulletin (Q1). Speakers include ECB’s Lagarde & Lane, BoE’s Greene, Fed’s Miran, Supply from Italy, Germany & US.
2. Listen to this report in the market open podcast (available on Apple and Spotify)
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IRAN CONFLICT
US President Trump said they are having tremendous success in Iran and that Iran has no leaders left, while he said the US is talking to the right people and they want to make a deal. Trump said they are in negotiations right now with Iran and that Iran is talking sense, while he added Iran has agreed it will never have a nuclear weapon, and they can say this is a change in the Iranian regime. Trump said they are going to make a deal, and Iran gave the US a significant prize/present worth a tremendous amount of money, which is related to the Strait of Hormuz. Furthermore, Trump said he thinks they are going to end it, but can’t say for sure.
US special envoy Witkoff and Jared Kushner are working on a mechanism which aims for a one-month ceasefire, while this would be very similar to understandings in Gaza and Lebanon, and a 15-point agreement will be negotiated during the month of a possible ceasefire. The 15 clauses of the proposed agreement with Iran include automatically cancelling the threat of reimposition of sanctions, dismantling Iran’s existing nuclear capabilities, and Iran vowing to “never seek” nuclear weapons, among other clauses. Furthermore, the US was said to have sent Iran a plan to end the Middle East war.
US and a group of regional mediators are discussing the possibility of holding high-level peace talks with Iran as soon as Thursday, but are still waiting for a response from Tehran, according to two sources cited by Axios. It was separately reported that US and Arab officials said mediators from Turkey, Egypt and Pakistan are pushing to have a meeting arranged between the US and Iran in the next 48 hours, but both sides remain far apart, according to WSJ.
US ordered the 82nd Airborne Army paratroopers to the Middle East, while officials said that seizing Kharg Island is among the plans the administration is considering, according to WaPo. This follows earlier reports that the US is to order 3,000 82nd Airborne soldiers to the Middle East and plans to deploy a brigade combat team to support Iran operations,
US Senate voted 53-47 to block a resolution that would have limited President Trump’s Iran war powers.
United Command of Iranian Armed Forces spokesperson said the US is negotiating with itself, according to IRNA.
Iranian representatives have reportedly communicated to the Trump administration a high bar for re-entering ceasefire negotiations, according to people familiar with the matter cited by WSJ.
Iranian officials have reportedly told the Trump administration via channels that they do not want to resume negotiations with envoy Steve Witkoff and Jared Kushner, while they prefer to negotiate with VP JD Vance. However, a White House official later said claims that Iran prefers negotiating with Vice President JD Vance are not true.
Iran suspects US President Trump’s peace talk push is a trick, while Iranian officials told countries attempting to mediate that they have been tricked twice by Trump and don’t want to be fooled again, according to a source cited by Axios.
French President Macron spoke with Iranian President Pezeshkian and called on Iran to engage in good faith negotiations, while he reiterated the necessity of preserving energy and civilian infrastructure and restoring freedom of navigation in the Strait of Hormuz. Furthermore, he told Iran’s President to end attacks on regional countries.
Iran said that the US and Israel attacked the vicinity of the Bushehr nuclear facility on Tuesday, although the attack caused no technical damage or human casualties based on initial reports.
Iran said it fired missiles at Israel and US bases, while rocket fire was monitored towards central Israel and Tel Aviv.
Iran circulated a letter to member countries of the International Maritime Organization that stated “non-hostile vessels” can transit through the Strait of Hormuz “in coordination with Iranian authorities”, according to FT.
Israeli officials quoted by Yedioth Ahronoth said reaching a deal between the US and Iran will not be quick, while Israel’s UN envoy said Israel is not part of negotiations between the US and Iran.
IDF said it has started a new wave of strikes targeting the Iranian regime’s infrastructure in Tehran, while the Israeli army issued an evacuation alert for 7 residential neighbourhoods in the southern suburbs of Beirut.
Israel hit a Russian-Iranian weapons smuggling route in the Caspian Sea, according to WSJ.
Explosions were reported again in Saudi Arabia, while the kingdom intercepted several drones.
Kuwait’s General Authority of Civil Aviation said drones targeted fuel tanks at Kuwait’s international airport, causing a fire, although there were no casualties reported, while Kuwait’s army said air defences responded to hostile missile and drone attacks.
Explosions were heard in the Jordanian capital of Amman, and cities of Balqa and Rusaifa.
UK PM Starmer said the UK is now working with partners on a plan to ensure flows of goods through key maritime routes, following a call with the Saudi Crown Prince.
US TRADE
EQUITIES
US stocks were ultimately mixed as tech took a hit but small caps outperformed, while the day was filled with mixed messaging around geopolitics, and crude prices settled well in the green, paring some of the weakness on Monday, as attacks on or near Iranian nuclear sites and reports of potential US troop deployment added to the concerns.
Furthermore, there is still uncertainty about negotiations, although Trump continued to sound optimistic as he noted they are having tremendous success in Iran, and are talking to the right people, who want to make a deal. He also said Iran is talking sense and thinks they can call the new leaders a regime change, as well as stated that Iran sent the US a significant gift to do with the Strait of Hormuz, but didn’t elaborate, while reports in Axios suggested that high-level US/Iran talks could take place on Thursday.
SPX -0.37% at 6,556, NDX -0.77% at 24,002, DJI -0.18% at 46,124, RUT +0.45% at 2,505.
Fed’s Barr (voter) sees rates holding steady for some time and wants evidence of sustainable inflation retreat, while he stated that the labour market seems to be stabilising, and the Middle East conflict raises additional risk.
Fed’s Goolsbee (2027 voter) said energy shocks can pose risks to both sides of the Fed mandate, while he doesn’t know if they can cut rates again, and it depends on how long the war will last. Goolsbee said it is possible that energy prices could stay high after the war ends, and they are likely to see a downturn in consumer sentiment. Furthermore, he said it is not an obvious playbook for what to do and that it is a bad situation for a central bank.
US President Trump said regarding a DHS deal that they will look at it and are getting close to a deal.
US President Trump is to deliver remarks at the NRCC annual fundraising dinner today at 19.20EDT/23:20GMT.
Democrat Emily Gregory won the Florida state legislature seat in the Mar-a-Lago district.
US prosecutor admitted there is a lack of evidence in the Fed chair case, according to WaPo citing a court proceedings transcript.
APAC TRADE
EQUITIES
APAC stocks traded higher with risk sentiment spurred by hopes of a halt to the Iran conflict after optimistic comments from US President Trump regarding negotiations, while it was reported that the US was working on a 1-month ceasefire and offered a 15-point plan to Iran for ending the conflict.
ASX 200 rallied with gains led by outperformance in mining stocks as gold producers cheered a rebound in the precious metal, while the federal and Queensland governments announced a AUD 2bln bailout for Rio Tinto’s Boyne aluminium smelter.
Nikkei 225 outperformed and returned to above the USD 53,000 level as Iran ceasefire hopes alleviate the recent oil and inflation-related pressures.
Hang Seng and Shanghai Comp were positive, albeit to varying degrees throughout the day, as participants digested a slew of earnings releases, while the PBoC conducted a CNY 500bln on 1yr MLF operation.
US equity futures edged higher and were underpinned by the Iran ceasefire hopes.
European equity futures indicate a positive cash market open with Euro Stoxx 50 futures up 0.9% after the cash market closed with gains of 0.1% on Tuesday.
FX
DXY mildly rebounded after retreating in late US trade on reports that the US is working on a 1-month ceasefire and sent Iran its 15-point plan on ending the Middle East conflict. However, FX price action was rangebound overnight amid few fresh catalysts and after Fed speakers provided very little to shift the dial, with Barr anticipating rates to hold steady for some time, while Goolsbee said he doesn’t know if they can cut rates again and that it depends on how long the war will last.
EUR/USD lacked conviction and looks to retest the 1.1600 level to the downside amid the choppy mood seen so far this week, as trade largely remained driven by geopolitical headlines, while ECB officials recently signalled higher prices and vigilance regarding second-round effects.
GBP/USD pared gains and reverted below the 1.3400 focal point, with a lack of conviction ahead of UK inflation data.
USD/JPY marginally rebounded as the dollar regained composure, but with the upside contained by a quiet calendar and stale BoJ minutes from the January meeting.
Antipodeans marginally softened with AUD/USD pulling back from resistance at the 0.7000 level in the aftermath of the slightly softer-than-expected Australian monthly inflation data.
SNB Chairman said the Swiss Franc is a safe haven in uncertain times and that the conflict in the Middle East can increase appreciation pressure on the Franc, while he said SNB’s readiness to intervene in the FX market is elevated and the policy interest rate is the main tool, but there are situations where FX interventions are more suitable.
PBoC set USD/CNY mid-point at 6.8911 vs exp. 6.8819 (Prev. 6.8943).
FIXED INCOME
10yr UST futures gained as hopes for a ceasefire in the Iran conflict pressured oil and dragged yields lower, while there was little reaction to the latest Fed comments from Barr and Goolsbee, pointing to uncertainty and risks from the Iran conflict.
Bund futures climbed higher amid Iran ceasefire hopes, although stalled just shy of near-term resistance at the 126.00 level, while participants look ahead to German IFO data and Bund issuances.
10yr JGB futures tracked the upside in global counterparts, but with gains capped amid a quiet calendar for Japan and with stale minutes from the BoJ’s January meeting, which was conducted prior to the start of the Iran conflict.
COMMODITIES
Crude futures declined with Brent and WTI back beneath the USD 100/bbl and USD 90/bbl levels, respectively, amid hopes for a ceasefire in the Middle East war after encouraging comments by US President Trump regarding negotiations, while it was also reported that the US was working on a one-month ceasefire and sent Iran a 15-point peace plan on ending the war.
US Private Inventory Data (bbls): Crude +2.3mln (exp. -1.4mln), Distillate +1.4mln (exp. -1.4mln), Gasoline +0.5mln (exp. -1.9mln), Cushing +4.0mln.
US President Trump’s administration is expected to lift summer gasoline regulations to curb energy prices as soon as Wednesday, according to sources.
Venezuela opposition Leader Machado said Venezuela could eventually produce as much as 5mln BPD of crude oil and that the country requires USD 150bln to boost oil output to 5mln bpd.
Philippine ambassador to the US said Manila is working with the US State Department to get waivers to purchase oil from US-sanctioned countries, and all options are being considered.
Spot gold edged higher and returned to above the USD 4,500/oz level amid softer yields and lower oil prices.
Copper futures benefitted alongside the positive risk environment amid hopes for a ceasefire in the Iran conflict.
CRYPTO
Bitcoin was choppy but eventually edged higher to return to above the USD 71,000 level.
NOTABLE ASIA-PAC HEADLINES
BoJ Minutes from the January 22nd-23rd meeting stated some members expressed the recognition that the Bank was currently at the stage of closely monitoring developments in economic activity, prices and financial conditions, while some members said financial institutions’ lending attitudes and firms’ financial positions have so far remained broadly favourable. A member said downward pressure on consumption from higher interest rates warranted attention, but the impact on the overall financial system was likely limited, and a member said if the pace of rate hikes is not too rapid, the BoJ does not need to be overly concerned about the impact on firms’ business performance. It was also stated that the BoJ can keep the policy rate steady at that meeting, with little risk of being seen as falling behind the curve.
Japan called China an important neighbour in a draft version of a key Japanese foreign policy document (prev. “one of Japan’s most important bilateral relations”).
China’s Vice Premier Ding Xuexiang said they have seen a series of landmark original innovations in life sciences, material science and space science, while he added that China’s influence in the global pole of innovation has improved substantially. Ding also stated that China is working to build a more equitable global science and technology governance system and will accelerate efforts towards self-reliance and strength in technology.
China is reviewing the USD 2bln Manus sale to Meta (META), with Manus founders barred from leaving the country.
DATA RECAP
Australian CPI YY (Feb) 3.7% vs. Exp. 3.8% (Prev. 3.8%)
Australian Trimmed Mean CPI YY (Feb) 3.3% vs. Exp. 3.4% (Prev. 3.4%)
Australian Weighted Median CPI YY (Feb) 3.5% vs. Exp. 3.6% (Prev. 3.6%)
GEOPOLITICS
RUSSIA-UKRAINE
A fire broke out at Russia’s Ust-Luga port following a drone attack.
OTHER
US issued general licenses on official missions of the Venezuelan government to the US.
EU/UK
NOTABLE HEADLINES
UK short-term inflation expectations rose to 5.4% (prev. 3.3%) and long-term expectations rose to 4.5% (prev. 3.6%) in March, according to Citi/YouGov.
Danish PM Frederiksen’s bloc won the election but lacked the majority with her left bloc winning 84 seats, while the right bloc won 77 seats, and the moderate party won 14 seats to become kingmaker, according to AFP. Furthermore, PM Frederiksen said she is ready to take on the responsibility to be PM for the next four years and had hoped for a better result, as well as stated that it won’t be easy to form a new government.
2.a NORTH KOREA/SOUTH KOREA/JAPAN
/JAPAN
3. CHINA/
4.EUROPEAN AND SCANDINAVIAN AFFAIRS + NATO
EU/AUSTRALIA
KOLBE
EU and Australia Seal Trade Deal Amid Strategic Resource Concerns
Wednesday, Mar 25, 2026 – 05:00 AM
Submitted by Thomas Kolbe
It took an astonishing eight years before the European Union and Australia were able, at the beginning of the week, to agree on a joint trade agreement. What EU Commission President Ursula von der Leyen and Australian Prime Minister Anthony Albanese presented in Australia’s capital Canberra represented a far-reaching reduction of direct tariffs over a medium-term period.
Over 90 percent of goods will be able to circulate freely between the two continents, of course always under the application of common harmonization regulations and, above all, European climate protection rules. This must be taken into account in every so-called free trade agreement. The regulations do not disappear for businesses. In the case of agreements with the EU, they are largely extended to the trading partners.
In every trade agreement where the European Union is a signatory, Brussels tries to weave massive climate protectionism into global trade. In a sense, a kind of postmodern climate colonialism. That is the concept of free trade as Europeans practice it.
The agreement to be signed is expected, according to participants, to increase EU exports to Australia by up to one third and expand investments by European companies in Australia by up to eighty percent. The strategic direction is clear: the EU is attempting to free itself in the critical area of raw materials, such as rare earths, from China’s grip. And Australia indeed has a rich catalogue of resources to offer.
Trade agreements like the one with Australia follow a very clear strategy. On one side, awareness seems to be growing of supply issues caused by the Iran war. On the other side, European industry is pushing to open new sales markets and strengthen the relative competitive position of companies, which have been under heavy pressure in Germany’s industrial heartland, especially during the energy crisis.
Clearly, Brussels is ready to combine gains in manufacturing with a corresponding reduction of protectionist rules in agriculture. This creates potential conflict, as seen with the EU’s Mercosur agreement with the South American countries Argentina, Uruguay, Paraguay, and Brazil in recent weeks.
The agreement, following a similar spirit to the one with Australia, is provisionally set to take effect in May. This occurs despite major political players such as France and Italy already announcing strong opposition to the pact, which will particularly place European farmers—and thus European agriculture—under severe competitive pressure, since South America follows a very different regulatory framework than the EU.
In the case of the Australian agreement, there was largely calm on this front; the Australian market is too small for the potentially imported volumes of beef, which are to be quota-shipped to Europe, to cause major concerns.
From the perspective of the German economy, the Australian trade contract can be roughly outlined as follows: while the crisis sectors of the automotive industry, mechanical engineering, and the chemical industry will benefit from a radical reduction of Australian import tariffs, the EU will gain access to rare earths, cobalt, and lithium mined in Australia and must accept that beef production will increasingly reach the European market.
Ultimately, Australia accounts for only around one percent of EU trade. The country ranks twentieth among the EU’s most important trading partners.
And yet, it is a small step toward freeing itself from China’s grip, which, as seen last year, does not hesitate for a moment to leverage its geopolitical tools in raw materials like rare earths, positioning its politically controlled export engine in trade policy.
Diversification is everything. Building reserves is all the more important, as we know today, given dwindling gas storage and missing petroleum reserves.
Strategic reserves are a political acknowledgment of reality. The fact that European policy once allowed itself the luxury of prioritizing climate ideology and transformational fantasies over real-world necessities now exacts a bitter price.
Trade competitors such as China or the United States hold reserves in fundamental areas of energy and raw materials that can secure the supply for the economy and society for more than a year. Acute crises, such as the current closure of the Strait of Hormuz, thus appear comparatively easier to manage and control.
Fundamentally, European trade policy must follow this path. It must clearly focus on the strategic interests of its own economy and overcome ideological missteps if it still wants to save what can be saved in the severe crisis of European industry.
Supply chains and the fundamental supply of raw materials and energy must be central topics on the European political agenda. Reintegration of Russia as a gas supplier, the development of domestic resources—whether fracking gas, North Sea gas, or domestic coal deposits—should buy time to develop a pan-European nuclear strategy, which would take many years.
As long as these considerations are not incorporated into a comprehensive overall strategy, the Australian trade agreement remains piecemeal—a small, hardly relevant move on the geopolitical chessboard, dominated by the Washington-Peking duopoly.
A robust market economy unfolds its maximum absorption capacity precisely during external shocks. In such cases, policymakers would essentially only need to sit still, as the storm clouds usually pass on their own—true to the principle that high prices are the cure for high prices. This, of course, only applies to energy markets if governments have not already removed themselves from the equation through grotesque political interventions long before the crisis.
For European economies, however, the opposite holds true. They are overregulated, fiscally overburdened, and structurally fragile systems that can barely deploy effective shock absorbers in the face of the Iran crisis. High energy prices hit relentlessly, and national policy responses now diverge sharply across competing European jurisdictions.
Italian Prime Minister Giorgia Meloni reacted swiftly to the tightening situation at the country’s gas stations. Following a cabinet decision on March 18, an immediate reduction in fuel excise taxes came into force via decree, applying to both gasoline and diesel. Prices are expected to fall by 25 cents per liter—across the board for households, businesses, and all market participants, according to government sources.
In Italy, policymakers appear to keep a close ear to the ground—attuned to the realities faced by citizens, businesses, and traders alike. In stark contrast to the government of Chancellor Friedrich Merz, Rome is opting for relief measures aimed at the private sector amid a crisis that is steadily eroding purchasing power. Meanwhile, Merz and his finance minister Lars Klingbeil are entangled in debates over tax increases—detached from the Hormuz disruption and largely disconnected from the realities of workers, commuters, and companies. Berlin’s fiscal apparatus appears self-referential and monotonous, advancing to the next act of its own tragicomedy.
Italy—once more statist in spirit than its northern rival—now acts swiftly, pragmatically, and decisively. The tax cut will initially remain in place for 20 days but is likely to be extended should the situation in the largely blocked Strait of Hormuz fail to improve. The Italian government thus demonstrates a capacity to act that is sorely lacking in Germany. Merz, by contrast, remains hesitant when it comes to rolling back state intervention—a committed statist who, even in a moment of acute crisis, fails to initiate the necessary fiscal steps to shield businesses and consumers from the gathering storm.
In Berlin, policymakers continue to deny both citizens and businesses the long-overdue relief from soaring fuel prices—despite the fact that roughly two-thirds of the price flows to the state through various taxes. Perhaps that is precisely why the issue is being postponed. What prevails in Berlin is a mentality of extraction, even as public coffers run dry. Spending cuts that could create room for relief are being avoided at all costs in the 2026 super-election year.
The situation in Rome is markedly different: In addition to cutting fuel taxes, the Italian government is granting tax credits to transport companies, directly linked to verified diesel consumption.
These credits are intended to relieve the logistics sector—one of the hardest hit by rising energy prices—and to prevent escalating costs and extreme volatility in energy markets from fully passing through to freight rates and consumer prices.
But the measures do not stop there. The Italian government has quickly assembled a broader package aimed at curbing potential price speculation at the pump. To prevent excessive markups, an anti-speculation mechanism is being introduced to detect and limit unjustified price increases.
In practice, this means that retail fuel prices will be tightly linked to actual movements in global crude oil prices, ensuring that unjustified markups are immediately suppressed.
Oil companies and gas station operators are required to regularly report their prices to authorities, which monitor the entire supply and distribution chain. Deviations from price movements justified by changes in crude oil markets may result in sanctions.
In the acute emergency triggered by the Iran crisis, the executive power of the Italian government proves to be a clear advantage. It can enact temporary measures swiftly via decree. The decision to cut fuel taxes is particularly notable given that Italy, like Germany, imposes very high fuel taxes. Up to 62% of gasoline prices and around 58% of diesel prices are collected by the state.
The importance of the tax cut became evident on commodity markets Thursday afternoon, when WTI crude rose to around $114 per barrel. The attack on Iran’s South Pars energy complex delivered another shock to the market overnight.
For Italians, there is hope that this acute crisis will ultimately lead to a broader realization—especially for Transport Minister Matteo Salvini and Prime Minister Giorgia Meloni—that relieving citizens of fuel costs is fundamentally the right approach. Mobility and affordable transport costs remain key competitive factors.
The state must learn to exercise restraint. A lean state protects citizens in times of crisis far better, thanks to its flexibility, than the bloated bureaucratic apparatus we know today. Though this is a conclusion Germany’s chancellor and finance minister would strongly dispute.
* * *
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
ISRAEL/USA VS IRAN
Oil Tumbles, Stocks Surges As Israeli TV Reports US Seeks ‘One Month Ceasefire’
Tuesday, Mar 24, 2026 – 04:30 PM
Summary
US seeks a one-month ceasefire with a framework to end the war, according to Israel Channel 12 reports
WSJ, Fox reporting 3,000 elite Army Airborne soldiers to be ordered to Middle East. Axios says US awaits Iran response to proposed Thursday peace talks. Trump says Iran has been destroyed “militarily”.
Backchannel diplomacy vs skepticism: Abbas Araghchi reportedly signaled openness to negotiations with the US via envoy Steve Witkoff, but Israel has appeared cool on deal prospects or offramp.
Heavy exchange of fire and testing red lines: Iran continues missile and drone waves targeting Israel and US bases, amid reports of overnight airstrikes on military and gas infrastructure near Isfahan.
Iran reshuffles its security leadership, appointing Mohammad Bagher Zolghadr: he’s a former IRGC commander and replaces the assassinated Ali Larijani.
Iran haltsnatural gas exports to Turkey: follows last week’s Israeli strike on the massive South Pars gas field; QatarEnergy declares force majeure on some LNG contracts due war.
* * *
US Seeks One-Month Ceasefire, Sent Iran Plan To End War; Israeli TV
Israel’s Channel 12 TV is reporting that the US is seeking a ceasefire period of one month, to be announced shortly, to work on a framework that Witkoff and Kushner are working on.
Despite many skeptics’ claims, President Trump had earlier confirmed that talks were taking place “right now”, claiming that U.S. envoy Steve Witkoff and Trump’s son-in-law Jared Kushner held talks Sunday with an Iranian leader.
He did not say who that was.
Trump earlier signaled that Iran had offered a “present” as a show of good faith in negotiations the US leader has claimed are ongoing to end a 25-day conflict that’s upended global markets, even as he deploys more troops to the Middle East.
Trump wouldn’t detail the gift, “worth a tremendous amount of money,” but confirmed it was related to energy flows through the Strait of Hormuz.
The New York Times reports that the plan was delivered via Pakistan, whose army chief has emerged as the key interlocutor between the United States and Iran, officials say.
Pakistan’s army chief, Field Marshal Syed Asim Munir, has emerged as the key interlocutor between the United States and Iran, with Egypt and Turkey encouraging the Iranians to engage constructively, the officials added. Field Marshal Munir is believed to maintain close ties to Iran’s Islamic Revolution Guards Corps, putting him in a position to pass messages between the warring sides, they said.
He recently reached out to Mohammad Bagher Ghalibaf, the speaker of Iran’s Parliament and a former Revolutionary Guards commander, proposing that Pakistan host talks between Iran and the United States, said an Iranian official and a Pakistani official, who spoke on condition of anonymity to discuss the sensitive communications.
Field Marshal Munir met twice in 2025 with President Trump, who has showered praise on him, saying he was his “favorite field marshal.”
It was unclear how widely the plan had been shared among Iranian officials and whether Iran was likely to accept it as a basis for negotiations.
Nor was it clear whether Israel was on board with the proposal.
Nevertheless, the delivery of the plan showed that the administration was ramping up efforts to conclude a war, now in its fourth week, that has drawn in several other countries.
The ceasefire period will be used to negotiate an agreement based on the following points: (emphasis ours):
What does the US want from Iran?
Dismantling existing nuclear capabilities that have already been accumulated
A commitment that Iran will never pursue nuclear weapons
No material will be enriched on Iranian soil.
All enriched material will be delivered to Saba on a schedule to be determined by the parties.
Natanz, Isfahan and Fordow will be decommissioned – destroyed
The Atomic Energy Agency will be exposed to all information within Iran’s borders.
Iran will abandon the proxy paradigm
Stop actually funding and arming the proxies in the region.
The Strait of Hormuz will remain open, will be a free maritime zone – and no one will block it
Postponement of decision on ballistic missile program
Ballistic missiles are only used for defense
What will Iran get in return?
Lifting all sanctions
Will assist them in promoting and developing a civil nuclear project in Bushehr (electricity generation)
The snapback threat of sanctions will be removed
According to Channel 12’s report, Israel is concerned about proposal and thinks it is unlikely Iran will accept the terms.
The immediate reaction was a drop in crude oil prices…
…and the mirror image rise in US equity futures…
The Hill reports that President Trump said Tuesday that Defense Secretary Pete Hegseth and Joint Chiefs of Staff Chair Gen. Dan Caine were “disappointed” by the idea of a U.S.-negotiated ceasefire with Iran.
Hegseth and Caine were “the only two people that were quite disappointed” the U.S.-Israeli war against Tehran may soon come to an end, Trump said in the Oval Office following the swearing in of Homeland Security Secretary Markwayne Mullin.
“I think this thing’s going to be settled very soon and they go, ‘Oh, that’s too bad.’ Pete didn’t want it to be settled,” Trump said.
“They were not interested in settlement. They were interested in just winning this thing,” he added.
How long before we get a denial (or a rejection from Iran)? And let’s just all forget about the imminent ‘boots on the ground’?
No Change in Trump Iran Rhetoric in latest from WH
Trump in the oval once again addressed the Iran conflict, saying “this is a change in the Iranian regime,” and went further, stating, “I think we can say this is regime change.”
Trump expressed confidence that negotiations would conclude successfully, saying, “they are going to make a deal; they gave us a significant prize worth tremendous amount of money,” later reiterating that Iran had “gave us a very big present” worth “a very big amount of money” – supposedly the Strait of Hormuz. He asserted “we’ll have control of anything we want.”
He also hailed that Iran has been completely destroyed “militarily” – but without addressing the fact that Iranian forces continue to fire rockets on targets across the region. He at one point proclaimed once again: “we won” – but blamed the “fake news media” for not acknowledging that.
Trump on Iran:
They gave us a big present worth a tremendous amount of money; it arrived today.
Axios reports another ‘maybe’ planned peace talks: “The U.S. and a group of regional mediators are discussing the possibility of holding high-level peace talks with Iran as soon as Thursday, but are still waiting for a response from Tehran, two sources with knowledge of the discussions” were cited as saying.
As has been the case for days, Tehran is denying that it is in dialogue with Washington, also as the White House has talked about “escalating to de-escalate” – and now amid reports of elite 82nd Airborne troops about to deploy to the region. Trump is reportedly interested in “winding down” the war, but is there an actual plan to do this? More from Axios:
Israeli Prime Minister Benjamin Netanyahu is concerned Trump might strike a deal that falls well short of Israel’s objectives, includes significant concessions, and limits Israel’s ability to conduct strikes against Iran, two Israeli sources say.
A third source said Israeli leaders were skeptical Iran had actually offered the concessions the U.S. claimed.
Trump confirms efforts, which may still be unreciprocated:
TRUMP: WE’RE IN NEGOTIATIONS WITH IRAN RIGHT NOW
TRUMP: RUBIO, VANCE, OTHER PEOPLE ARE NEGOTIATING WITH IRAN
TRUMP SAYS IRAN IS ‘TALKING SENSE’
TRUMP: IRAN AGREED THEY’LL NEVER HAVE A NUCLEAR WEAPON
82nd Airborne Division Deploying to Middle East
Amid speculation that President Trump could seek to force open the Strait of Hormuz by some kind of ultra high risk Kharg Island takeover operation, Fox chief national security correspondent Jennifer Griffin has posted the following:
Fox News has learned that the Commander of the 82nd Airborne Division Maj Gen Brandon Tegtmeier and his “command element,” members of his headquarters staff, have been ordered to deploy to the Middle East as the Pentagon and White House weigh whether to send the 82nd Airborne Division to the Middle East for possible land operations.
It was only on Monday that the NYT began reporting Pentagon was seriously weighing whether to send the elite 82nd Airborne. This would be a sure sign of escalation into potential ‘ground operations’.
The Pentagon is planning to deploy about 3,000 soldiers from the Army’s elite 82nd Airborne Division to the Middle East to support operations against Iran, according to two U.S. officials, with a written order expected in the coming hours.
Officials cautioned that a decision to put boots on the ground in Iran hasn’t been made. But deploying the 82nd opens the door to President Trump for several strategic options.
Iran & Israel Trade Blows Despite US Promoting Backchannel Talks
Despite the White House touting backchannel interactions with the Iranians as basis for some kind of peaceful offramp, Israel and Iran intensified direct and regional strikes, in continued escalation of the war. The Israeli military said it had “completed a wave of extensive strikes targeting production sites” across Iran, including in Isfahan, following overnight reports that gas facilities were hit, triggering fears of potential Iranian retaliation on Gulf energy and infrastructure sites – which doesn’t appear to have happened yet.
Iran has kept up its attacks on Israel, launching at least eight overnight missile waves, including reports of cluster munitions as well as new cutting-edge warheads and projectiles. Impacts were reported across Tel Aviv, causing heavy building damage and multiple casualties, as well as with sirens sounding from the Judean Foothills to Eilat. One strike marked a shift in capability, per the NY Times: “One of the Iranian missiles that hit Tel Aviv carried a warhead of around 100 kilograms… This missile was ‘something we have not yet encountered in the war,'” said Col. Miki David.
A 100-kg warhead was used on the Iranian missile that slammed into Tel Aviv early this morning. Significant damage was caused to a residential area. pic.twitter.com/ujkuJpxUVO
More energy flows impact and blowback as Iran has halted natural gas exports to Turkey following last week’s Israeli strike on the massive South Pars gas field, according to regional sources and Bloomberg. Turkey sourced roughly 14% of its gas from Iran last year, per industry data, but continues to rely on Russia and Azerbaijan as primary suppliers while drawing on existing reserves. Ankara has not initially confirmed or commented.
The South Pars field, part of the world’s largest natural gas reserve, sits at the core of Iran’s energy system, underpinning both domestic supply and export flows. Per Middle East Eye: “Data from Turkey’s Energy Market Regulatory Authority suggests that the country imports around 13 percent of its gas needs annually, roughly 7 billion cubic metres (bcm), from Iran.”
The report concludes that “A sharp drop in Iranian gas flows to Turkey following Israel’s strike on the South Pars gas field and Tehran’s retaliatory attacks across the Gulf has raised energy security concerns. But analysts say Ankara will likely be able to cushion the blow.
New National Security Chief (former IRGC), Ongoing Retaliation on Gulf
Iran has continued to signal resilience, downplaying threats to its grid and stating damaged infrastructure could be quickly rebuilt, even as a gas pipeline at Khorramshahr was hit apparently without disruption. Saudi Arabia said it “intercepted and destroyed” more than a dozen drones in its east, while the UAE reported intercepting five ballistic missiles and 17 drones in a single day, bringing totals since the war began to hundreds of missiles and more than 1,800 drones. Bahrain said another facility was set ablaze “as a result of Iranian aggression.”
Tehran has reportedly simultaneously struck US bases, and Gulf states including Kuwait and Saudi Arabia, while warning any attack on its energy network will trigger region-wide blackouts. Northern Iraq has continued to see drone threats. “The entire region will go dark” – Iranian leadership has threatened. Meanwhile, Iran has reshuffled its security leadership, appointing Mohammad Bagher Zolghadr to replace the assassinated Ali Larijani, underscoring wartime consolidation at the top. Zolghadr is a former Revolutionary Guards commander.
Status of Diplomacy
Lebanon has declared the Iranian ambassador persona non grata and ordered him to leave the country by Sunday, after an Iranian ballistic missile fell on Lebanese territory. This appears also a way to pressure Hezbollah, given the Lebanese state has long wanted the Tehran-linked group to lay down is arms so war doesn’t engulf the whole country.
Both Pakistan and Qatar have stepped up mediation efforts, with chatter that Islamabad could play host to future Iranian and US talks. Despite the rumors of ongoing backchannel communications, and President Trump himself insisting Sunday into Monday this is happening, there’s as yet no clear evidence that Tehran and Washington are actually dialoguing. Pakistan’s Foreign Ministry has told Al Jazeera that Islamabad is ready to host talks between the US and Iran: “If the parties desire, Islamabad is always willing to host talks,” Foreign Ministry spokesman Tahir Andrabi said. Andrabi’s comment came a day after Trump put on hold, for a period five days, his threat to bomb Iranian power plants.
WSJ meanwhile writes, “Foreign ministers from Egypt, Turkey, Saudi Arabia and Pakistan gathered before dawn Thursday in Riyadh for talks aimed at finding a diplomatic off-ramp to the war in Iran.” The report continues, “But there was one big problem, according to Arab officials involved in the discussions: finding a counterpart in Iran to negotiate with. Earlier that week, Israel killed Iran’s national security chief, Ali Larijani, who had been considered a viable partner who could engage with the West.”
USAF B-52s began to carry out Iran strike missions yesterday using 2,000 pound JDAM guided bombs.
And Bloomberg’s assessment: “Fighting between the US-Israeli alliance and Iran raged unabated, even as President Donald Trump claimed talks are under way to end the conflict.” The report then notes no observable cooling or offramp in the tit-for-tat exchanges of fire:
Iran carried out overnight missile and drone attacks on the Israeli cities of Tel Aviv, Eilat and Dimona, as well as on US bases in the Middle East. Israel launched a wave of strikes in western and central Iran, including Tehran, with Defense Minister Israel Katz saying the campaign would continue “at full intensity.”
Israel is Cool on Prospect of a Deal
Reports out of regional and Israeli media claim Iranian Foreign Minister Abbas Araghchi quietly signaled to US envoy Steve Witkoff that Supreme Leader Mojtaba Khamenei has agreed to negotiations, while Iranian officials said they have received US proposals via intermediaries and are reviewing them. However, Tehran keeps threatening and delivering more ‘retaliatory’ action, perceiving that it has the long-term strategic leverage given the Strait of Hormuz crisis and Trump seeming to issue forth dictates on a back foot.
Israeli officials have by and large dismissed the prospects of a deal, warning the chances of agreement are “very small” and stressing that US force deployments and joint operational planning remain unchanged.
More Regional Spillover: Caspian & Lebanon
The Kremlin has newly warned that any expansion into the Caspian Sea would be viewed “extremely negatively” after Israeli strikes reportedly targeted Iranian naval assets there. Meanwhile, a parallel ground war in Lebanon is accelerating. Israeli Defense Minister Israel Katz signaled a long-term buffer zone and mass displacement, stating, “Hundreds of thousands… will not return south of the Litani River until security is guaranteed.”
Video purports to show large Israeli strike on Southern Lebanon overnight – an apparent hit on a gas station:
Israel has already destroyed key infrastructure, with Katz confirming, “All five bridges over the Litani… have been blown up,” as forces move to control the area. There are over 1,000 dead and more than a million displaced in Lebanon, with much of Israel’s north also still under emergency evacuation orders, given Hezbollah rocket fire there. At least two Lebanese died in the last day due to Israeli strikes Bshamoun.
Speaking to reporters in the Oval Office, Trump said, “We’re in negotiations right now” over Iran, but would not provide details.
US President Donald Trump speaks as he attends Markwayne Mullin’s swearing-in as Department of Homeland Security (DHS) Secretary, at the White House in Washington, DC, US, March 24, 2026.(photo credit: Evan Vucci/REUTERS)ByREUTERSMARCH 24, 2026 20:46Updated: MARCH 24, 2026 22:06
US President Donald Trump on Tuesday described what has happened in Iran since the start of the war as a “regime change.”
“We have, really, a regime change,” the president said. “You know, this is a change in the regime, because the leaders are all very different than the ones we started off with that created all these problems.”
PRESIDENT TRUMP: This is a change in the Iranian regime because the leaders are all very different than the ones we started off with that created all those problems. pic.twitter.com/hl5iTiOMk9
He also said that the United States was talking to “the right people” in Iran in order to reach an agreement to end hostilities.
“We’re actually talking to the right people, and they want to make a deal so badly, you have no idea how badly they want to make a deal,” Trump said of the Iranians.
Speaking to reporters in the Oval Office, Trump said “we’re in negotiations right now” over Iran but would not provide details, particularly on whether US envoys Steve Witkoff and Jared Kushner were scheduled to meet this week.
US Special Envoy to the Middle East Steve Witkoff speaks to members of the media, next to U.S. Vice President JD Vance and Jared Kushner in Kiryat Gat, Israel, October 21, 2025. (credit: REUTERS/AMMAR AWAD)
Trump says Iran made a major energy-related gift to the US
Trump also said that Iran had made a major energy-related concession to the United States, calling it a positive development, though he did not provide details.
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Trump suggested the gift was related to the Strait of Hormuz, the oil transit waterway that the United States has struggled to keep open.
“They gave us a present and the present arrived today, and it was a very big present, worth a tremendous amount of money,” Trump told reporters in the Oval Office.
“It wasn’t nuclear, it was oil-and gas-related, and it was a very nice thing they did.”
Trump had suggested that the US may share control of the Strait of Hormuz with Iran on Monday, while also suggesting that regime change had already happened.
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Trump, reiterating that he felt the United States had already won the war, said Defense Secretary Pete Hegseth was disappointed with how quickly the campaign had progressed.
“Pete didn’t want it to be settled,” he said, but did not give details.
Trump also stated that Iran had agreed not to have any nuclear weapons in the future, adding that their military capabilities had been completely destroyed during the war.
“There won’t be any nuclear weapons. Iran has agreed to that. We’re in a good bargaining position. We’re way ahead of schedule and they have no navy, air force, or missile protection. Most of their launches we’ve killed.”
.@SECWAR "We see ourselves a part of this negotiation as well. We negotiate with bombs…
The president has made it clear—YOU WILL NOT HAVE A NUCLEAR WEAPON, the War Department agrees, and our job is to ensure that." pic.twitter.com/sJ4MUtxDZv
Hegseth stated that it was the War Department’s responsibility to ensure that the US achieved its goals in Iran negotiations through the use of force.
“We see ourselves a part of this negotiation as well. We negotiate with bombs,” Hegseth said. “You have a choice… about your future. The president has made it clear that you will not have a nuclear weapon, the War Department agrees… and so we’re keeping our hand on that throttle.”
Jerusalem Post Staff contributed to this report.
ISRAEL TBN
end
ISRAEL VS IRAN
Defense Minister Katz, IDF Chief of Staff Zamir confirm IDF dropped 15,000 bombs on Iran
The overall pace of IDF, US attacks is still cooling off overall, the release noted.
IDF Chief-of-Staff Eyal Zamir visits Battalion 947 during a war with Iran, March 3, 2026(photo credit: IDF SPOKESPERSON’S UNIT)ByYONAH JEREMY BOBMARCH 25, 2026 13:00
A statement said that the volume of bombs dropped was more than four times the munitions used by the IDF during Operation Rising Lion in June 2025.
That said, the pace of the bombing has mostly dropped on a steady basis since mid-March.
In the early days of the war, both Israel and the US were dropping around 1,000 bombs or striking around 1,000 targets daily.
That was never a pace that either side could keep up, simply from the perspective of wear and tear on the fighter jets, as well as needing to give the limited number of fighting pilots time to sleep.
ANTI-MISSILE BATTERES fire interception missiles toward incoming ballistic missiles launched from Lebanon, as seen in northern Israel, during the war with Iran and Hezbollah and ongoing missile fire toward Israel, March 16, 2026. (credit: AYAL MARGOLIN/FLASH90)
Already after a few days of the war, the pace started to slow.
But in mid-March, the pace of attacks dropped radically.
Number of bombs dropped in mid-March
From March 13 to 19, the number of bombs dropped by Israel grew only from around 10,000 to around 12,000.
Putting these numbers together with days in which the IDF mentioned 200 or 50 attacks, the rate has dropped from 1,000 per day to 200 or fewer some days.
It appears that from March 19 to 25, there were likely some days where the level of bombing increased as compared to the week before.
At the same time, the bombing levels still remain far below the pace of early March.
Likewise with the US, from March 18 to 23, the number of targets which the US struck grew only from 7,800 to 9,000.
Adding these numbers together, the US average would be down to 240 targets struck per day, and likely it is now lower than that, as it was probably higher around March 18.
In addition, while the IDF sends out endless updates about the different 3,000-plus targets it has hit (it seems that it uses an average of four or more bombs per target), the US has been sending fewer updates each week as the conflict has been extended.
Next, on March 19, IDF sources said that around 90% of the pre-war designated targets had already been hit.
In other words, even if the planes and pilots were not getting tired and worn out, and even if the public numbers published were not telling the public clearly that the war has markedly slowed down, it would need to slow down because Israel and the US are running out of targets.
This is true because Israel and the US will not (and might not be able to find) try to target the entire 400,000 Iranian military and one to two million Basij from the air.
end
Iran wary of US motives as talks to end war intensify, officials tell ‘Post’
Iran’s skepticism is one of the reasons US VP Vance has now become involved in the negotiations. Washington has sought to reassure Tehran that “this is not a ploy, but real negotiations.”
US PRESIDENT Donald Trump holds a meeting, with Vice President J.D. Vance alongside him, in the Situation Room at the White House on Saturday. There should be a swift pivot to negotiations, presenting Tehran with clear and firm terms, says the writer.(photo credit: The White House/Reuters)ByAMICHAI STEINMARCH 25, 2026 08:12Updated: MARCH 25, 2026 12:07
Iran has growing concerns that ongoing negotiations with the United States may be an American ploy rather than a genuine attempt to reach a meaningful agreement, sources told The Jerusalem Post on Wednesday.
“Twice we sat down with Witkoff and Kushner for talks, twice we scheduled another meeting — and instead of a meeting, we got a war. You lied to us,” an Iranian message conveyed to Washington said, according to a source familiar with the details who spoke to the Post.
This skepticism is one of the reasons US Vice President JD Vance has now become involved in the negotiations. Washington has sought to reassure Tehran that “this is not a ploy, but real negotiations.”
On Tuesday, President Donald Trump told reporters that Iran is engaging seriously with the United States and appears interested in reaching a deal.
“Iran is speaking reasonably. There are no guarantees, but I think maybe we will end the war,” the president said.
FILE PHOTO: People attend a gathering to support Iran’s Armed Forces, after US President Donald Trump announced a ceasefire between Israel and Iran, in Tehran, Iran, June 24, 2025. (credit: MAJID ASGARIPOUR/WANA/REUTERS)
What is the US’s 15-point proposal for Iran?
The US administration has presented Tehran with a 15-point proposal and is awaiting a response. The plan, which had in fact been presented to Iran previously, includes the full dismantling of its nuclear program and facilities, a complete halt to uranium enrichment, and limits on ballistic missile range so they would be “for defensive purposes only.”
It also calls for ending Iranian support for proxy groups across the Middle East and ensuring freedom of navigation through the Strait of Hormuz.
In return, Iran would receive full sanctions relief, including the removal of the UN Security Council’s snapback mechanism, which allows sanctions to be reimposed if a member of the agreement claims a violation.
At the same time, Iran has put forward its own demands, including compensation for the war, guarantees against future attacks, the dismantling of US military bases in the Gulf, and a halt to Israeli strikes on Hezbollah in Lebanon.
Israeli officials, along with some American officials who spoke with the Post, assess that given the current positions of both sides, the chances of reaching an agreement remain low.
However, Israeli officials added that “if the Iranians do agree to the 15-point agreement, in the end it would be a good deal for Israel — provided, of course, that Trump insists on all 15 points.”
end
THURSDAY MORNING
Oil Tumbles, Stocks Surge As Israeli TV Reports US Seeks ‘One Month Ceasefire’; Tehran Refuses Talks With ‘Backstabbers’
Wednesday, Mar 25, 2026 – 06:35 AM
Summary
US seeks a one-month ceasefire with a framework to end the war, according to Israel Channel 12 reports; Telegraph says Iranians see Witkoff and Kushner as ‘backstabbers’
WSJ, Fox reporting 3,000 elite Army Airborne soldiers to be ordered to Middle East. Axios says US awaits Iran response to proposed Thursday peace talks. Trump says Iran has been destroyed “militarily”.
Backchannel diplomacy vs skepticism: Abbas Araghchi reportedly signaled openness to negotiations with the US via envoy Steve Witkoff, but Israel has appeared cool on deal prospects or offramp.
Heavy exchange of fire and testing red lines: Iran continues missile and drone waves targeting Israel and US bases, amid reports of overnight airstrikes on military and gas infrastructure near Isfahan.
Iran reshuffles its security leadership, appointing Mohammad Bagher Zolghadr: he’s a former IRGC commander and replaces the assassinated Ali Larijani.
Iran haltsnatural gas exports to Turkey: follows last week’s Israeli strike on the massive South Pars gas field; QatarEnergy declares force majeure on some LNG contracts due war.
* * *
Iran Refuses Talks With Trump’s ‘Backstabbing Negotiators’: Telegraph
This is to be expected, given how things went in Geneva just hours before it was bombs away:
Iran has refused to negotiate with Donald Trump’s top envoys, Steve Witkoff and Jared Kushner, accusing them of “backstabbing”.
Gulf sources told The Telegraph that the Iranians would not sit down with Mr Witkoff, the administration’s Middle East envoy, and Mr Kushner, Mr Trump’s adviser and son-in-law, because of the military strikes that hit Tehran hours after they held talks in February.
JD Vance, the vice-president who has remained largely quiet during the conflict, is now being touted as chief negotiator should fresh discussions go ahead in Islamabad, Pakistan, later this week.
“Vance is preferred,” a Gulf source said of the Iranians. “They don’t want to work with Jared and Witkoff because they stabbed them in the back.”
US Seeks One-Month Ceasefire, Sent Iran Plan To End War; Israeli TV
Israel’s Channel 12 TV is reporting that the US is seeking a ceasefire period of one month, to be announced shortly, to work on a framework that Witkoff and Kushner are working on.
Despite many skeptics’ claims, President Trump had earlier confirmed that talks were taking place “right now”, claiming that U.S. envoy Steve Witkoff and Trump’s son-in-law Jared Kushner held talks Sunday with an Iranian leader.
He did not say who that was.
Trump earlier signaled that Iran had offered a “present” as a show of good faith in negotiations the US leader has claimed are ongoing to end a 25-day conflict that’s upended global markets, even as he deploys more troops to the Middle East.
Trump wouldn’t detail the gift, “worth a tremendous amount of money,” but confirmed it was related to energy flows through the Strait of Hormuz.
The New York Times reports that the plan was delivered via Pakistan, whose army chief has emerged as the key interlocutor between the United States and Iran, officials say.
Pakistan’s army chief, Field Marshal Syed Asim Munir, has emerged as the key interlocutor between the United States and Iran, with Egypt and Turkey encouraging the Iranians to engage constructively, the officials added. Field Marshal Munir is believed to maintain close ties to Iran’s Islamic Revolution Guards Corps, putting him in a position to pass messages between the warring sides, they said.
He recently reached out to Mohammad Bagher Ghalibaf, the speaker of Iran’s Parliament and a former Revolutionary Guards commander, proposing that Pakistan host talks between Iran and the United States, said an Iranian official and a Pakistani official, who spoke on condition of anonymity to discuss the sensitive communications.
Field Marshal Munir met twice in 2025 with President Trump, who has showered praise on him, saying he was his “favorite field marshal.”
It was unclear how widely the plan had been shared among Iranian officials and whether Iran was likely to accept it as a basis for negotiations.
Nor was it clear whether Israel was on board with the proposal.
Nevertheless, the delivery of the plan showed that the administration was ramping up efforts to conclude a war, now in its fourth week, that has drawn in several other countries.
The ceasefire period will be used to negotiate an agreement based on the following points: (emphasis ours):
What does the US want from Iran?
Dismantling existing nuclear capabilities that have already been accumulated
A commitment that Iran will never pursue nuclear weapons
No material will be enriched on Iranian soil.
All enriched material will be delivered to Saba on a schedule to be determined by the parties.
Natanz, Isfahan and Fordow will be decommissioned – destroyed
The Atomic Energy Agency will be exposed to all information within Iran’s borders.
Iran will abandon the proxy paradigm
Stop actually funding and arming the proxies in the region.
The Strait of Hormuz will remain open, will be a free maritime zone – and no one will block it
Postponement of decision on ballistic missile program
Ballistic missiles are only used for defense
What will Iran get in return?
Lifting all sanctions
Will assist them in promoting and developing a civil nuclear project in Bushehr (electricity generation)
The snapback threat of sanctions will be removed
According to Channel 12’s report, Israel is concerned about proposal and thinks it is unlikely Iran will accept the terms.
The immediate reaction was a drop in crude oil prices…
…and the mirror image rise in US equity futures…
The Hill reports that President Trump said Tuesday that Defense Secretary Pete Hegseth and Joint Chiefs of Staff Chair Gen. Dan Caine were “disappointed” by the idea of a U.S.-negotiated ceasefire with Iran.
Hegseth and Caine were “the only two people that were quite disappointed” the U.S.-Israeli war against Tehran may soon come to an end, Trump said in the Oval Office following the swearing in of Homeland Security Secretary Markwayne Mullin.
“I think this thing’s going to be settled very soon and they go, ‘Oh, that’s too bad.’ Pete didn’t want it to be settled,” Trump said.
“They were not interested in settlement. They were interested in just winning this thing,” he added.
How long before we get a denial (or a rejection from Iran)? And let’s just all forget about the imminent ‘boots on the ground’?
No Change in Trump Iran Rhetoric in latest from WH
Trump in the oval once again addressed the Iran conflict, saying “this is a change in the Iranian regime,” and went further, stating, “I think we can say this is regime change.”
Trump expressed confidence that negotiations would conclude successfully, saying, “they are going to make a deal; they gave us a significant prize worth tremendous amount of money,” later reiterating that Iran had “gave us a very big present” worth “a very big amount of money” – supposedly the Strait of Hormuz. He asserted “we’ll have control of anything we want.”
He also hailed that Iran has been completely destroyed “militarily” – but without addressing the fact that Iranian forces continue to fire rockets on targets across the region. He at one point proclaimed once again: “we won” – but blamed the “fake news media” for not acknowledging that.
Reports of US-Iran Peace Talks for Thursday
Axios reports another ‘maybe’ planned peace talks: “The U.S. and a group of regional mediators are discussing the possibility of holding high-level peace talks with Iran as soon as Thursday, but are still waiting for a response from Tehran, two sources with knowledge of the discussions” were cited as saying.
As has been the case for days, Tehran is denying that it is in dialogue with Washington, also as the White House has talked about “escalating to de-escalate” – and now amid reports of elite 82nd Airborne troops about to deploy to the region. Trump is reportedly interested in “winding down” the war, but is there an actual plan to do this? More from Axios:
Israeli Prime Minister Benjamin Netanyahu is concerned Trump might strike a deal that falls well short of Israel’s objectives, includes significant concessions, and limits Israel’s ability to conduct strikes against Iran, two Israeli sources say.
A third source said Israeli leaders were skeptical Iran had actually offered the concessions the U.S. claimed.
Trump confirms efforts, which may still be unreciprocated:
TRUMP: WE’RE IN NEGOTIATIONS WITH IRAN RIGHT NOW
TRUMP: RUBIO, VANCE, OTHER PEOPLE ARE NEGOTIATING WITH IRAN
TRUMP SAYS IRAN IS ‘TALKING SENSE’
TRUMP: IRAN AGREED THEY’LL NEVER HAVE A NUCLEAR WEAPON
END
THEN LATER THURSDAY MORNING:
Iran Rejects US Proposed Ceasefire, Won’t Be ‘Fooled Again’ As Attacks Continue With US Troops En Route
Wednesday, Mar 25, 2026 – 08:30 AM
Summary
Iran Does Not Accept Ceasefire, Says US Talks Illogical: Fars. The statement says that talks are not viable in current conditions, oil jumps.
3,000 elite Army Airborne soldiers & Marines still en route after Trump said Monday says Iran has been destroyed “militarily”.
Iran is tightening control of Hormuz, demanding detailed ship data and in some cases fees for passage
Iran continues to say it is ready for long war, monitors US troop movements: Parliament Speaker says “Do not test our resolve to defend our land.”
* * *
Iran Rejects US Ceasefire Draft Deal: “Illogical”
Confusion reigns over diplomacy as Pakistan reportedly relays Washington’s ceasefire terms to Iran. “A document given to Pakistan by the Trump administration has been presented to the Iranians,” according to Al Jazeera. An alleged early draft can be viewed here.
Iran’s Fars citing informed source on ceasefire Wednesday: Iran Does Not Accept Ceasefire, Says US Talks Illogical: Fars. The statement says that talks are not viable in current conditions. Oil jumps on the headline:
Tehran has consistently been denying any negotiations outright, with Iran’s ambassador insists no direct or indirect talks are happening, even as “friendly countries” conduct consultations. Iran’s military also brushed off claims by President Trump, vowing to press on with the fight, and asserting that Washington is merely negotiating with itself, trying to will something into existence which isn’t yet reality.
Bloomberg has summarized where things stand: “Iran kept up missile and drone attacks on Israel and Arab Gulf states, even after the US floated a plan to end a war that’s wreaked havoc across the Middle East and in global markets.” The below are also key points:
Iranian officials have told the countries trying to mediate peace talks with the U.S. that they have now been tricked twice by President Trump and “we don’t want to be fooled again,” according to a source with direct knowledge of those discussions. They worry Trump is buying time as he brings more military equipment to the Middle East.
Iran has received an American 15-point plan for a ceasefire for the Iran war through intermediaries from Pakistan, officials in Islamabad said Wednesday. The proposal was sent even as Washington began to move paratroopers to the Middle East to back up a contingent of Marines already heading to the region.
Iran military spokesman: “Have your internal conflicts reached the point where you’re negotiating with yourselves?“
🔺NEW: Spokesman for Khatam al-Anbiya Central Headquarters addresses the U.S.:
🔹“Have your internal conflicts reached the point where you’re negotiating with yourselves?”
🔹“Don’t call your defeat an ‘agreement’. You will see neither your investments in the region nor previous… pic.twitter.com/PHackJjyjf
Trump, meanwhile, claims Iran offered a “present…worth a tremendous amount of money,” tied to energy flows through the Strait of Hormuz – but provided no details. At the same time, the US is ramping troop deployments even as it touts negotiations to end the conflict. He also claimed “we are… talking to the right people” in Iran, adding to the confusion and ambiguity.
On the ground, Iran is tightening control of Hormuz, demanding detailed ship data and in some cases fees for passage – especially for oil and gas tankers. Traffic has thinned, with non-compliant vessels turned away, raising pressure on Asian economies like India and drawing pushback from China.
Hundreds of vessels still remain paralyzed, after Iran adopted an “eye for an eye” policy to re-establish deterrence and impose sever costs on both America’s Gulf partners and the global economy. Here’s the latest on Iran’s statements and policy regarding passage:
Iran has said that “non-hostile” ships may transit the Strait of Hormuz amid a collapse of maritime traffic through the waterway that has prompted the biggest global energy crisis in decades.
In a statement on Tuesday, Iran’s mission to the United Nations said vessels may avail of “safe passage” through the waterway, “provided that they neither participate in nor support acts of aggression against Iran and fully comply with the declared safety and security regulations.”
Tit-for-Tat Hits On Key Infrastructure
US-Israeli strikes on Iran continue, while Iranian missiles trigger alarms across Israel. Gulf states are still feeling the pain, with Saudi Arabia and Bahrain intercepted incoming threats, while Kuwait reported a fire at its main airport after a fuel tank was hit, according to Bloomberg.
Israel says it has crossed the 15,000-munitions mark in strikes on Iran since late February – highlighting the scale of the conflict, now far exceeding prior rounds of fighting. On Wednesday, the Israel Defense Forces (IDF) said the air force has carried out multiple new waves of airstrikes over Tehran, targeting what it described as Iranian regime infrastructure.
This has apparently included Iran’s only submarine development facility, as part of a broader wave of attacks on weapons production sites around Isfahan. According to the IDF, the targeted underwater R&D center is the “only site in Iran responsible for the planning and development of submarines and auxiliary systems for the Iranian navy.” It added: “The regime produced various models of unmanned vessels at the site.”
Reports say Iran again targeted Israel’s largest power plant in Hadera (Orot Rabin):
BREAKING: Reports claim Iran again targeted Israel’s largest power plant in Hadera (Orot Rabin), but the missile landed several kilometers away. pic.twitter.com/bLmnQ5HFWy
— The Breaking Minutes (@BreakingMinutes) March 25, 2026
Israel is also escalating in Lebanon, bombing Beirut and pushing deeper into the south as it signals plans for a longer-term occupation zone.
Tehran ‘Closely Monitoring’ US Troop Deployments
Iranian officials are issuing stark warnings, most importantly with parliament speaker Mohammad-Bagher Ghalibaf having declared: “We are closely monitoring all US movements in the region, especially troop deployments. Do not test our resolve to defend our land.” He added, “What the generals have broke, the soldiers can’t fix; instead, they will fall victim to Netanyahu’s delusions.”
As for the US troops, it’s anything but clear at this point what comes next after they finally arrive in the region. There’s talk that Trump could order a Kharg Island takeover, which itself would be ultra high-risk, given how deep inside the narrow strait that the island lies.
Meanwhile WSJ reviews of the above mentioned Ghalibaf: “Iran’s combative Parliament speaker, Mohammad-Bagher Ghalibaf, is emerging as an unlikely figure in Washington’s search for a deal to halt a widening Middle East war.”
“Ghalibaf, a former Islamic Revolutionary Guard Corps air-force commander and Tehran mayor, has denied any talks with the U.S. are under way,” the report continues. “He has taunted President Trump and Defense Secretary Pete Hegseth and called the U.S.-Israeli air war with Iran a quagmire. He served in the Revolutionary Guard during Iran’s brutal war with Iraq in the 1980s and is known as a hard-liner’s hard-liner.”
But, the report notes, “At the same time, he is credited with helping to modernize Tehran while he was mayor, becoming famous for riding his motorcycle around town and expanding major highways and the metro system in a traffic-clogged city. In 2008, he traveled to the World Economic Forum in Davos, Switzerland, portraying himself as a leader with a more business-friendly attitude than other parts of the regime.” Some analysts have said that Washington could eventually work with him.
END
THURSDAY MID MORNING:
Iran Rejects US Proposed Ceasefire, Counters With 5 Conditions For Ending War, As US Troops En Route
Wednesday, Mar 25, 2026 – 10:10 AM
Summary
Iran Does Not Accept Ceasefire, Issues 5 Conditions, Says US Talks Illogical: Fars. The statement says that talks are not viable in current conditions, oil rising.
3,000 elite Army Airborne soldiers & Marines still en route after Trump said Monday says Iran has been destroyed “militarily”.
Iran is tightening control of Hormuz, demanding detailed ship data and in some cases fees for passage
Iran continues to say it is ready for long war, monitors US troop movements: Parliament Speaker says “Do not test our resolve to defend our land.”
* * *
Iran Issues Its 5 Conditions for Ending the War
Iran lays out five specific conditions under which Iran would agree to end the war, via PressTV. These include:
1. A complete halt to “aggression and assassinations” by the enemy.
2. The establishment of concrete mechanisms to ensure that the war is not reimposed on the Islamic Republic.
3. Guaranteed and clearly defined payment of war damages and reparations.
4. The conclusion of the war across all fronts and for all resistance groups involved throughout the region
5. International recognition and guarantees regarding Iran’s sovereign right to exercise authority over the Strait of Hormuz.
State media says that upon reviewing the 15 points from the US delivered via the Pakistanis, they must be rejected as they are “excessive”.
Iran Rejects US Ceasefire Draft Deal: “Illogical”
Confusion reigns over diplomacy as Pakistan reportedly relays Washington’s ceasefire terms to Iran. “A document given to Pakistan by the Trump administration has been presented to the Iranians,” according to Al Jazeera. An alleged early draft can be viewed here.
Iran’s Fars citing informed source on ceasefire Wednesday: Iran Does Not Accept Ceasefire, Says US Talks Illogical: Fars. The statement says that talks are not viable in current conditions. Oil jumps on the headline:
Tehran has consistently been denying any negotiations outright, with Iran’s ambassador insists no direct or indirect talks are happening, even as “friendly countries” conduct consultations. Iran’s military also brushed off claims by President Trump, vowing to press on with the fight, and asserting that Washington is merely negotiating with itself, trying to will something into existence which isn’t yet reality.
Bloomberg has summarized where things stand: “Iran kept up missile and drone attacks on Israel and Arab Gulf states, even after the US floated a plan to end a war that’s wreaked havoc across the Middle East and in global markets.” The below are also key points:
Iranian officials have told the countries trying to mediate peace talks with the U.S. that they have now been tricked twice by President Trump and “we don’t want to be fooled again,” according to a source with direct knowledge of those discussions. They worry Trump is buying time as he brings more military equipment to the Middle East.
Iran has received an American 15-point plan for a ceasefire for the Iran war through intermediaries from Pakistan, officials in Islamabad said Wednesday. The proposal was sent even as Washington began to move paratroopers to the Middle East to back up a contingent of Marines already heading to the region.
Iran military spokesman: “Have your internal conflicts reached the point where you’re negotiating with yourselves?“
HARVEY:
IRAN/SPEAKER OF THE HOUSE:
THE REAL SIDE OF THE IRANIAN SPEAKER OF THE HOUSE TO WHOM TRUMP IS TRYING TO MAKE A DEAL
Iraq’s Popular Mobilization Forces (PMF) said Tuesday that US airstrikes in Anbar, western Iraq, killed 15 of its fighters, including a senior commander.
“In a blatant and cowardly attack, the commander of the Anbar Operations in the Popular Mobilization Forces, Saad Dua al-Bayji, was martyred along with a group of his heroic comrades following a treacherous American airstrike that targeted the command headquarters while they were performing their national duty,” the PMF said in a statement, according to The Cradle.
The group added that it was holding the Iraqi government “fully responsible” for “confronting these repeated American violations and taking clear and resolute positions to preserve the country’s sovereignty and put an end to these grave transgressions.”
Iraqi media later reported that Iraq’s National Security Council, chaired by Iraqi Prime Minister Mohammed Shia al-Sudani, has given the PMF the green light to respond to attacks on its positions, a significant step from the US-backed Iraqi government that will likely lead to further escalations inside the country.
The PMF is a coalition of mostly Shia militias aligned with Iran that formed in 2014 to fight ISIS and is officially part of Iraq’s security forces. Since the US and Israel launched the war against Iran on February 28, the US has launched extensive strikes against the PMF, killing dozens of its fighters.
US bases and diplomatic facilities in Iraq have come under constant missile and drone attacks and have mostly been claimed by a group that calls itself the Islamic Resistance in Iraq (IRI), which includes some of the factions in the PMF. Amid the heavy attacks, the US ordered all American citizens to leave Iraq, and NATO has withdrawn its forces from the country.
The IRI said on Monday that the US has also pulled all of its forces out of Camp Victory, a major US base near the Baghdad airport, but the withdrawal hasn’t been confirmed. “We confirm that the American and NATO forces have completed their withdrawal from Camp Victory near Baghdad Airport via cargo planes and vehicles overland towards Jordan,” the group said. “We will not allow the current government, or the future government, God willing, to allow the Americans and NATO to return to Iraq.”
If the US did pull its troops out of Baghdad, there would still be US forces in Iraqi Kurdistan. Kataib Hezbollah, one of the main Iran-aligned militias in Iraq, has said that it has halted attacks on the US Embassy in Baghdad to give the US time to evacuate the facility. “Our primary condition is the expulsion of all foreign troops from the north to the south of Iraq,” a Kataib Hezbollah official said.
END
ISRAEL/HEZBOLLAH
IDF to send two more divisions into Lebanon to conduct Hezbollah counterterrorism operations
The IDF’s 162nd Division and 98th Division are set to join the 91st and 36th Divisions in conducting sweeps for concealed Hezbollah weapons in southern Lebanon.
IDF soldiers operate in southern Lebanon on March 21, 2026.(photo credit: IDF SPOKESPERSON’S UNIT)ByYONAH JEREMY BOBMARCH 25, 2026 19:21Updated: MARCH 25, 2026 19:32
The IDF’s 162nd Division and 98th Division are due to join operations against Hezbollah terrorists within southern Lebanon.
This latest drive in southern Lebanon would be significant as it would represent the second line of villages in the region that would be destroyed as part of the process of unearthing concealed weapons belonging to the terrorist organization.
During the fall 2024 invasion of southern Lebanon, a much larger force had been used compared to the current force, but the IDF soldiers back then only destroyed the first line of villages in order to dispose of Hezbollah’s concealed weapons.
The smaller forces used to date in southern Lebanon have expanded the weapons removal process to the second line of villages.
Smoke rises from Beirut’s southern suburbs following an Israeli strike, amid escalating hostilities between Israel and Hezbollah, as the U.S.-Israeli conflict with Iran continues, Lebanon, March 25, 2026. (credit: REUTERS/AMR ABDALLAH DALSH)
Five divisions have been deployed to border since operations began
At the start of the current conflict, the military’s 91st, 36th, 162nd, 98th, and 146th Divisions were prepared to be deployed at some point and were being used in border areas.
However, as the war dragged on, the 91st Division penetrated farther into southern Lebanon, and later the 36th Division also advanced into the area.
With the addition of the 162nd and 98th Divisions, which are set to further the penetration into southern Lebanon, the current invasion would get even closer to the levels of the full-scale invasion of fall 2024.
The 146th Division has not yet been sent deeper into southern Lebanon.
RUSSIAN VS ISRAEL
Israel Seeks To Disrupt Russian-Iranian Arms Transfer Route In The Caspian Sea
by Tyler Durden
Wednesday, Mar 25, 2026 – 02:45 AM
Russia and Iran have long had positive bilateral relations, which deepened in the context of the Ukraine war, and now in the midst of Trump’s Operation Epic Fury, where Moscow is said to be sharing vital intelligence and targeting information with Tehran.
Fresh reporting in The Wall Street Journal suggests that recent large-scale Israeli attacks in the Caspian Sea could mean flirting with WW3 and potential attacks on Russian interests and assets.
“An Israeli strike on a naval outpost in the Caspian Sea targeted Russia’s support for Iran in the war, hitting a supply line that the countries have used to move ammunition, drones and other weaponry, people familiar with the matter said,” WSJ writes late in the day Tuesday.
“Last week’s strike was Israel’s first ever on the world’s largest inland sea,” the report continues to point out. It was “Far beyond the reach of the U.S. Navy, the sea connects Russian and Iranian ports about 600 miles apart, giving the countries a place to freely swap weapons along with goods such as wheat and oil.”
While Western media has labeled this as a ‘smuggling route’ – Moscow would see this as more simply legitimate bilateral trade on defense and other items.
The route has become especially important for transferring Iran’s Shahed drones—now made in both countries—which Russia has used to bombard Ukrainian cities and Tehran has used to strike airports, energy facilities and U.S. bases across the Persian Gulf.
Cooperation between the two countries has expanded during the war, with Russia sharing satellite imagery and improved drone technology to help Iran attack U.S. assets and other targets across the Gulf, people familiar with the matter have said.
Again, that Iran and Russia exercise transfer of goods under their mutual economic and defense pacts should come as no surprise.
What should comes as a surprise is Israel’s willingness to brazenly poke the bear in its own backyard. Eliezer Marum, a former commander of the Israeli Navy, was quoted in the same report as saying: “The most important goal of this strike was to limit Russian smuggling and show the Iranians that they don’t have sea defenses in the Caspian.”
Both Israel and the US have since touted that the whole of the Iranian Navy is basically destroyed and incapacitated, including its fleet in the Caspian Sea. Not much in the way of video, images, or ground-level confirmation have been forthcoming, other than what Israel’s military has shared. But it is probably safe to assume that Iran’s naval capabilities have indeed been greatly degraded.
Ex-FBI chief Robert Mueller; billionaire Leonid Radvinsky (43, C); actors Nicholas Brendon, Seth Peterson (28); TV producer Eric Overmyer; cohost Kiki Shepard (Showtime at the Apollo); & more
Robert Mueller, the former FBI director and special counsel who led the high-profile investigation into Russian interference in the 2016 election and the possible obstruction of justice by President Trump, died on Friday at 81. No cause of death was given. Mueller had been diagnosed with Parkinson’s disease four years ago, his family told The New York Times in August. “Bob was diagnosed with Parkinson’s disease in the summer of 2021. He retired from the practice of law at the end of that year. He taught at his law school alma mater during the fall of both 2021 and 2022, and he retired at the end of 2022,” Mueller’s family said in a statement to The New York Times.
The billionaire owner of adult content platform OnlyFans has died after a long battle with cancer, according to Bloomberg, citing a statement from the company. Leonid Radvinsky died at the age of 43, according to the company, which added, “We are deeply saddened to announce the death of Leo Radvinsky. He passed away peacefully after a long battle with cancer.” Radvinsky’s death raises new questions about the platform’s future ownership, especially since he reportedly placed his majority stake in a trust in 2024. According to his website, Radvinsky donated to several charities, including Memorial Sloan Kettering Cancer Center, West Suburban Humane Society, and EB Research Partnership.
Nicholas Brendon, the actor best known for playing lovable underdog Xander Harris on all seven seasons of the TV series Buffy the Vampire Slayer, died Friday. He was 54. His family announced news of Brendon’s death in a statement shared with The Hollywood Reporter: “We are heartbroken to share the passing of our brother and son, Nicholas Brendon. He passed in his sleep of natural causes. While it’s no secret that Nicholas had struggles in the past, he was on medications and treatment to manage his diagnosis and he was optimistic about the future at the time of his passing. Our family asks for privacy during this time as we grieve his loss and celebrate the life of a man who lived with intensity, imagination, and heart. Thank you to everyone who has shown love and support.” Brendon had revealed in 2023 that he had suffered a heart attack and had been diagnosed with a congenital heart defect. He also had cauda equina syndrome, which led to several spinal surgeries. Though Buffy was arguably the highlight of Brendon’s acting career, he appeared in film and television roles until as recently as 2021. During breaks from Buffy, he starred in genre movies with titles like Demon Island and Unholy.
Seth Peterson, an adult film actor, died at 28. The news was made public on March 21, 2026, by his fiancé and frequent creative partner, Kobe Marsh-known professionally as Cyrus Stark-who posted the announcement through Peterson’s X (formerly Twitter) account. Seth Peterson, whose birth name was Adam Aguirre, died at his Los Angeles residence, according to The Advocate and Out Magazine. The official reason for his death remains unknown because Marsh stated that Peterson died unexpectedly, and he felt overwhelming sadness about the death.
Sean Stevens has sadly passed away at the age of 47 after a battle with cancer. He was known for working on the Aqua Teen Hunger Force Movie Film, as part of the theater’s ad campaign. The campaign which lead to perhaps the most infamous incident in Cartoon Network history, the 2007 Boston incident. The incident that would change Cartoon Network’s future forever and set it on the path we’re still on today.
Eric Overmyer, whose storied career as a writer/producer included work on Law & Order, The Wire, Bosch and Bosch: Legacy, has died. He was 74. The Emmy-nominated TV veteran died on Monday after a brief illness, Deadline reported on Wednesday. Most recently, Overmyer developed Prime Video’s long-running Bosch adaptation for the streamer, serving as executive producer and showrunner on the Titus Welliver-led crime drama from 2014 to 2021. He also co-created and executive produced the spinoff series Bosch: Legacy, which ran from 2022 to 2025.
Kiki Shepard — the longtime cohost of the legendary music showcase “Showtime at the Apollo” — has died, TMZ has learned. LaShirl Smith, Kiki’s rep, tells TMZ she suffered a massive heart attack in Los Angeles on Monday, adding her passing was completelyunexpected. Shepard became a familiar face to millions of viewers during her long run on “Showtime at the Apollo” from 1987 to 2002, where she shared the stage with Steve Harvey and helped introduce aspiring performers at the iconic Harlem theater.
The American coloratura soprano Rainelle Krause is dead. According to her family, the singer died at the age of 37 after a shorthospital stay. She was not only a trained singer, but also a trapeze artist. Among other things, she sang Zerlina in Mozart’s “Don Giovanni” and Oscar in Verdi’s “Un ballo in maschera”. In particular, Krause made a name for herself as the Queen of the Night in Mozart’s opera “The Magic Flute”. She also sang the role at European opera houses, including in London, Basel and Amsterdam.
Georgianna (Georgi) Eberhard passed away on March 14. Her love for opera began in childhood and attended Barnard College. Soon after graduating, she began working in opera as a wig and makeup artist. For nearly four decades she worked in the opera industry with companies such as Tulsa Opera, Baltimore Opera, Atlanta Opera, Chautauqua Opera, Sarasota Opera, Opera Manhattan, Opera Carolina, Santa Fe Opera, Virginia Opera, Fresno Grand Opera, Toledo Opera, Fort Worth Opera, and New York City Opera. In lieu of flowers, her family asks memorial donations may be made to the ALS Association.
Jazz musician and music scholar James T. Johnson, Jr., who co-founded Pittsburgh’s Afro American Music Institute [AAMI] with his wife, Pamela, died Monday at age 76. Cecilia Coleman, one of his five children, said Johnson had been in a rehab facility for a hip ailment and died unexpectedly. Johnson was an accomplished pianist who toured internationally as far afield as Belgium, Ethiopia and Senegal. Johnson also taught music theory at the University of Pittsburgh, Community College of Allegheny County, Carlow University and Duquesne University and served as director of Pitt’s Gospel Choir.
Former West Point football standout Keimon Ewing has died after a battle with adenocarcinomacancer. He was 20 years old. As a senior, Ewing was a key member of the 2023 Green Wave team that won the Class 5A state championship. In a statement posted on Twitter, new West Point head coach Roger Burton said, “Keimon’s courage throughout his battle was a source of strength and inspiration for our program and everyone who knew him. His determination and spirit will never be forgotten.” Ewing was diagnosed last year. Adenocarcinoma is a type of gland cellcancer.
that was a fucking lie & they all knew it, Trump COVID people knew it, Biden et al. administration (Rochelle, Jha et al.) all knew it; all of COVID was a fraud lie, 100%, we were told we take the shot
Paxton Takes Lead in Texas GOP Senate Primary RaceA recent poll indicates that Texas Attorney General Ken Paxton is ahead of Senator John Cornyn in the Republican Senate primary runoff. Voter sentiment suggests a competitive race heading towards the May primary.READ THE FULL REPORT
Senate GOP Makes Concessions on ICE Funding Amid Government ShutdownSenate Republicans are shifting their strategy to secure funding for the Department of Homeland Security while sidestepping requests for Immigration and Customs Enforcement funding related to enforcement and removals, reflecting a concession to Democratic demands.READ THE FULL REPORT
Paxton Takes Lead in Texas GOP Senate Primary RaceA recent poll indicates that Texas Attorney General Ken Paxton is ahead of Senator John Cornyn in the Republican Senate primary runoff. Voter sentiment suggests a competitive race heading towards the May primary.READ THE FULL REPORT
Senate GOP Makes Concessions on ICE Funding Amid Government ShutdownSenate Republicans are shifting their strategy to secure funding for the Department of Homeland Security while sidestepping requests for Immigration and Customs Enforcement funding related to enforcement and removals, reflecting a concession to Democratic demands.READ THE FULL REPORT
In a bold display, Russia executed one of its largest drone assaults on Ukraine, firing nearly 400 UAVs in a coordinated attack. This surge indicates a potential strategic shift and possible new offensive as spring approaches. READ THE FULL REPOR
MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
Both Sides’ Starting Ceasefire Positions Are: “We Won, You Surrender”
By Michael Every of Rabobank
Don’t screen yourself off from reality
Today starts with markets in a positive mood, stocks up in Asia, bond yields down slightly, and Brent oil down around 7% to $97.5. Yet don’t screen yourself from reality. As underlined before, the price of energy on a screen currently has no relation to its actual availability in different forms in certain geographies. The Philippines just declared a national emergency to conserve fuel; South Korea is curtailing private driving; Slovenia has introduced rationing; and the boss of Shell is quoted saying Europe will face fuel shortages within days (see “Where Demand Destruction Is Greatest “).
Iran, via its parliamentary speaker Ghalibaf, whom the US is now negotiating with, also makes this clear: “We are aware of what is happening in the paper oil market, including the firms hired to influence oil futures. We also see the broader jawboning campaign. But let’s see if they can turn that into “actual fuel” at the pump – or maybe even print gas molecules!”
We are aware of what is happening in the paper oil market, including the firms hired to influence oil futures. We also see the broader jawboning campaign.
But let’s see if they can turn that into “actual fuel” at the pump —or maybe even print gas molecules!
That said, Iran has stated “non-hostile” ships can now transit Hormuz if the vessels co-ordinate with it. That would mean this crisis is essentially already over, albeit with Iran de facto taking control of Hormuz as a toll-way:only the US and Israel are ‘hostiles’, and they don’t use the Strait. But haven’t we seen this on our screens before? Did you notice any change in energy flows?
Indeed, looking at your screens won’t tell you what’s going to happen in this war. For example, the New York Times reports Saudi’s MBS is still pushing Trump to continue fighting due to the “historic opportunity” to remake the region; officially, Saudi rebuts these claims. Israel says it backs any US efforts to start talks with Iran but privately feels otherwise – and Israel is hitting Russian-Iranian weapons smuggling routes in the Caspian Sea, expanding the war to a new geography that links it back to the one in Ukraine.
Positively, and showing official denials don’t mean much, the US is negotiating with some in Tehran – though do they speak for a fracturing regime? It has sent a 15-point plan to end the war, according to Reuters, with Ghalibaf and foreign minister Araghchi reportedly told they won’t be killed while talks are ongoing(!) The first round is pencilled in by Thursday in Pakistan: Iran just said they don’t want to talk to Witkoff and Kushner, preferring anti-neocon VP Vance.
However, both sides’ starting positions are: ‘We won, you surrender.’ The US is offering a one-month ceasefire, with Iran: dismantling its nuclear capabilities; vowing to “never seek” nuclear weapons; stopping the enrichment of nuclear material; delivering its enriched uranium to the IAEA; decommissioning and destroying Natanz, Isfahan and Fordow; granting the IAEA full access; stopping funding and arming its proxies; stepping back from its ballistic missile program, keeping them only for defence; and promising to keep the Strait of Hormuz open. This is in return for US support for the development of a civilian nuclear program in Bushehr and lifting all sanctions. By contrast, Iran is demanding an apology from the US, reparations for wartime losses, guarantees against future US or Israeli military action, the removal of US military bases in the region, no restrictions on its ballistic missile program, no shift in its proxies approach, and formal control over the Strait of Hormuz.
Where is the workable compromise?
Yet, again, is there more going on in reality? What Iran says its positions are may not be what they actually are – and the same could be true for the US, to a lesser extent, given the deal on the table is a more muscular version of the much-derided Obama-era JCPOA.
In that regard, Trump says Iran has given the US a gift “worth a tremendous amount of money” which isn’t nuclear, but energy related: what might that be? Trump says it shows he is “dealing with the right people.” That implies the wrong people are there too, so Iranian factions are forming, which implies any deal may not hold for everyone who can shoot a missile or drone.
Iran is singing “Won’t get fooled again” over the negotiations. After all, new US military power allowing for boots on the ground will arrive in Hormuz after markets close on Friday. What position does the US intend to take? Doing nothing? Or seizing Iran’s enriched uranium? Or Kharg island, which wouldn’t reopen Hormuz, but would stop most Iranian oil flows, choking the regime while exacerbating the global energy crisis? Or smaller islands in and parts of the shoreline of Hormuz to ensure the Strait reopens? Inaction is pointless, but all actions risk Iran escalating against Gulf energy facilities. Or could the ‘gift’ Trump referred to be linked in some way, e.g., “Kharg-a-Lago”? Maritime expert John Konrad also floats an addition to his earlier hypothesis that the unstated US aim here may be to not reopen Hormuz and use the leverage it achieves as a result. Pick a US position, then pick a market position, then watch your screen.
Meanwhile, it’s not exactly quiet elsewhere:
The USS Nimitz aircraft carrier, on its last hurrah, is to be sent to SOUTHCOM (LatAm) not CENTCOM (the Middle East): does that point to geopolitical action in that region – like Cuba?
The EU said it won’t reverse its Russian gas ban or slow down its green transition, despite the current crisis – but a Russian oil import ban has suddenly dropped off of Brussels’ short-term agenda.
The EU’s enlargement chief said the bloc needs to change its rules to enable a new wave of countries to join and called on member states to present their own plans after they rejected proposals by the Commission to streamline the process.
EU lawmakers told the US to give up trying to change EU tech rules as the UK wants to bring back 76 EU laws, according to the Telegraph: new legislation is planned to allow Labour to transfer Brussels powers back onto the UK statute book.
Germany’s VW is in talks with Israel’s Iron Dome maker to shift from making cars to missile defences in one of its factories, which underlines the shift in political economy underway. So does Anduril and Palantir developing the US Golden Dome missile shield’s software.
Denmark’s centre-left PM won her snap election with 38% of the vote and is now trying to put together a new coalition, but notably the far-right Danish People’s Party rose to 16%, continuing a similar trend seen in many European polities.
The US is reportedly looking at trying to reform the WTO along its own lines rather than just ignoring it entirely. But for now, world trade revolves around what happens in Hormuz far more: no bunker fuel, no ships carrying cargo, not much trade at all.
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL
India Buys 60 Million Barrels Of Russian Oil, As Refiners Increasingly Transact In Yuan, Dirham
Wednesday, Mar 25, 2026 – 12:25 PM
Indian refiners have bought about 60 million barrels of Russian oil for delivery next month, which is set to ease some supply concerns as the Middle East war chokes flows.
Citing people familiar, Bloomberg reports that the cargoes were booked at premiums of $5 to $15 a barrel to Brent. The volume is similar to the amount of purchases for this month, but more than double than that for February, according to data intelligence firm Kpler.
The buying spree followed a US waiver that allowed India to take Russian oil that was already loaded onto vessels before March 5 to offset shortages caused by the effective closure of the Strait of Hormuz. The measure was subsequently expanded to include other countries and updated to allow purchases of crude already at sea before March 12.
The South Asian nation has been among the heaviest hit by the Hormuz blockade and the plunge in oil supply as it is heavily reliant on imported oil, and became a major buyer of discounted Russian crude following the invasion of Ukraine in early 2022. However, India sharply cut back purchases from late last year under US pressure, turning instead to barrels from Saudi Arabia and Iraq, much of which then became trapped inside the Persian Gulf after the outbreak of the war.
Indian officials expect the US waiver to be extended as long as disruptions in Hormuz persist, the people said. Refiners such as Mangalore Refinery & Petrochemicals and Hindustan Mittal Energy, which had avoided Russian oil since December, have returned to the market, they said.
Separately, Bloomberg also reports that Indian refiners are increasingly settling purchases of Russian oil in alternative currencies, as they seek to reduce reliance on the dollar amid rising geopolitical tensions and shifts in US policy. Transactions are being carried out by depositing Indian rupees into special overseas bank accounts held by Russian sellers which are then being converted into UAE’s dirham or the Chinese yuan. The trades are being facilitated by Indian banks with limited offshore presence.
In addition to the dirham and yuan, firms are also considering the Singapore dollar and Hong Kong dollar, though transactions depend on individual banks’ comfort levels, one of the people added.
While the US earlier this month granted India a waiver to ramp up purchases of Russian oil, it is set to expire on April 11. Ahead of that deadline, some Russian oil firms are pushing for more durable arrangements, seeking payment in alternative currencies to limit exposure to shifting US policy.
No matter what currency is used, Russia is reaping bumper profits on renewed demand and elevated prices for its oil. The Kremlin is earning the most from its crude exports since March 2022, shortly after Moscow’s troops poured into Ukraine.
In addition to buying more Russian oil, Indian processors are also looking elsewhere to diversify their supply as the war drags on. The country’s purchases of Venezuelan crude for April arrival are projected at 8 million barrels, the highest since October 2020, according to Kpler.
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
CUBA/USA
‘Cuba Next!’: 1000s Rally In Favor Of American Intervention In Communist Island Nation
Thunderous chants of “Cuba next,” “patria y vida,” and “libertad” echoed from thousands of Cuban Americans in Hialeah, Florida, on Tuesday evening at a rally for a post-regime Cuba.
“Patria y vida means that we get to have our country and also have life,” one of the attendees, Venus Barrera, said. “I came today to beg for an intervention so Cuba can finally be free. We have been dealing with a dictatorship for the last 67 years.”
Translated to English, “patria y vida” means “homeland and life.”
Dozens of Cubans who spoke to The Epoch Times expressed their hope that U.S. President Donald Trump will intervene to rid Cuba of what they described as a tyrannical regime that has imprisoned, punished, exiled, and killed its opposition for nearly 70 years.
Wearing “Make Cuba Great Again” hats and waving American, Cuban, and Trump flags, the thousands of attendees all synchronized in a single message: the time for freedom in Cuba is overdue.
Barrera told The Epoch Times that she has lost several close family members to the communist regime, including her brother, over the past three years.
“There’s no freedom,” Barrera said.
Cuban Americans gathered at a rally for a post-regime Cuba. Following the event, attendees stayed behind to sing and dance together, in Hialeah, Fla., on March 25, 2026. Troy Myers/Epoch Times
Cuban American influencers, opposition leaders, and local and state politicians spoke at the “Free Cuba Rally” on Tuesday night, alternating with Cuban American musicians singing songs about a free Cuba.
Barrera was born in the United States after her parents fled the island nation, which is less than 100 miles from the closest point of Florida, in search of a better life, she said. To achieve a free Cuba, there must not be any communist politicians left in power—they must leave the country entirely, she said.
“They have destroyed our country,” Barrera said. “I wouldn’t even dare go back there.”
Another attendee at the rally, 83-year-old Maria, who did not wish to provide her last name, told The Epoch Times that she arrived in the United States four months ago and had witnessed firsthand a once beautiful country turn into the failed communist state it is today, describing Fidel Castro’s far-left revolution in 1959 as a “cancer.”
Current Cuban leader Miguel Díaz-Canel must be removed, Maria said.
“Destroy everything that has to do with communism,” the 83-year-old said.
Hialeah Mayor Bryan Calvo, who organized the event alongside city council members, told the crowd that his city stands ready to lead and support the vision of a post-regime Cuba.
Expatriates previously told The Epoch Times at length about their hopes for the Cuban communist regime to be the next in line to fall after the successful capture of former Venezuelan leader Nicolás Maduro by U.S. military forces.
Tuesday night’s rally in South Florida reinforced these hopes of American intervention, as top U.S. officials have repeatedly hinted that such action against Cuba could be coming.
Cuban Americans draped their country and the U.S. flag around themselves at a rally for a post-regime Cuba, in Hialeah, Fla., on March 25, 2026. Troy Myers/The Epoch Times
Trump said on March 8 that Cuba was “at the end of the line” after the nation lost its main oil provider and ally, Maduro.
Days later, while speaking at a news conference, Trump said the communist country faces severe humanitarian challenges. He also suggested the possibility of a U.S. takeover.
“It may be a friendly takeover. It may not be a friendly takeover,” Trump said.
Then, on March 17, the president told reporters at the White House: “I do believe I’ll be having the honor of taking Cuba. That’s a big honor. Whether I free it, take it, I think I can do anything I want with it.”
That statement was approved of by many Cuban Americans at the Tuesday night rally.
Yeslier Sanchez, who arrived in the United States more than 30 years ago, said he believes he can speak for all Cubans in demanding dramatic change in the communist regime that’s oppressed its people for decades.
“Cuba next,” thousands of Cuban Americans chanted in unison at a rally for American intervention in the island nation’s communist regime. Attendees listened to politicians, influencers, musicians, and Cuban opposition leaders at the event in Hialeah, Fla., on March 25, 2026. Troy Myers/The Epoch Times
“We never forget,” Sanchez told The Epoch Times. “Everybody in the government must be held accountable for what they did over these 67 years.”
Prior to the elaborately planned and executed capture of Maduro, the Trump administration began pressuring the Venezuelan regime. The United States has been applying the same kind of tactics to Cuba.
Trump signed an executive order on Jan. 29 that would impose tariffs on any nation selling oil to Cuba. A recent 29-hour nationwide blackout, amid the U.S. oil blockade, highlighted Cuba’s crippled infrastructure.
“Cuba has an economy that doesn’t work and a political and governmental system that can’t fix it,” Secretary of State Marco Rubio said on March 17.
Thousands of Cuban Americans showed up for a rally to support American intervention in Cuba’s communist regime. Attendees held a sign saying “Cuba Next” in Hialeah, Fla., on March 25, 2026. Troy Myers/The Epoch Times
Rubio, who is of Cuban descent, also called for dramatic change in Cuban leadership. Anytime the speakers at the Tuesday rally mentioned the secretary of state’s name, the crowd erupted in support.
With success in Venezuela and the weeks-long devastation of the Iranian regime in Operation Epic Fury, Trump could be emboldened to make a move on the communist island nation in America’s backyard next.
“We don’t negotiate with killers and assassins,” Sanchez said. “In order to have a free Cuba, they either must die or they must go.”
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS TUESDAY MORNING 6;30AM//OPENING AND CLOSING
OPENING LEVELS OF CURRENCIES// AND CLOSING ASIAN STOCK MARKET AND OPENING EUROPEAN STOCKS:6 AM EST
EURO VS USA DOLLAR: 1.1616 UP 0.0002
USA/ YEN 158.25 UP 0.056 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 1.3468 UP 0.0004 OR 4 BASIS PTS
USA/CAN DOLLAR: 1.3785 UP 0.0027 CDN DOLLAR DOWN 27 BASIS PTS//
Last night Shanghai COMPOSITE CLOSED UP 50.56 PTS OR 1.30%
Hang Seng CLOSED UP 217.79 PTS OR OR 0.87%
AUSTRALIA CLOSED UP 1.68 %
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 217.79TS OR 0.87%
/SHANGHAI CLOSED UP 50.56 PTS OR 1.300%
AUSTRALIA BOURSE CLOSED UP 1.68%
(Nikkei (Japan) CLOSED UP 1474.72 TS OR 2.82%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 4564.10
silver:$73.37
USA DOLLAR VS TRY (TURKISH LIRA): 44.36
USA DOLLAR VS RUSSIAN ROUBLE: 81.42 OUBLE// UP 0 ROUBLE AND 62 BASIS PTS
UK 10 YR BOND YIELD: 4.8590 DOWN 6 BASIS PTS
UK 30 YR BOND YIELD: 5.463 DOWN 11BASIS PTS
CDN 10 YR BOND YIELD: 3.569 DOWN 1BASIS PTS
CDN 5 YR BOND YIELD; 3.218 DOWN 2 BASIS PTS
USA dollar index early TUESDAY MORNING: 98.99 DOWN 24 BASIS POINTS FROM MONDAY’s CLOSE
TUESDAY MORNING NUMBERS ENDS
And now your closing TUESDAY NUMBERS 10.00 AM
Portuguese 10 year bond yield: 3.435% DOWN 6 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.248% DOWN 1 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.497 DOWN 5 BASIS PTS//
SPANISH 10 YR BOND YIELD: 3.487 DOWN 7 in basis points yield
ITALY 10 YR BOND: 3.880 DOWN 11 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (
GERMAN 10 YR BOND YIELD: 2.9718 DOWN 4 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY WEDNESDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/10:00 AM
Euro/USA 1.1572 DOWN 0.0004 OR 4 basis points
USA/Japan: 159.14 UP 0.441 OR YEN IS UP 44 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.8560 DOWN 12 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.473 DOWN 10 BASIS POINTS.
Stocks & Bonds Shrug Off Oil Angst About Peace Talks; Bitcoin & Bullion Bid
WRAP UP
USA DATA RELEASES
USA ECONOMIC REPORTS
Senate Democrats Blink: DHS Deal Emerges After Weeks Of Gridlock
Tuesday, Mar 24, 2026 – 04:50 PM
After more than a month of political stalemate, the Senate Democrats are finally flinching, and a deal to reopen the Department of Homeland Security seems within reach – even if the path looks like a compromise designed to please no one.
Key Senate Republicans left the White House late Monday in a noticeably upbeat mood, telling colleagues that there is now a realistic framework to get DHS running again, even as President Donald Trump continues to demand that the SAVE America Act be “welded in” to any funding package.
According to a report from Punchbowl News, the outlines of the emerging agreement would fund nearly all of DHS while carving out ICE’s migrant removal operations, then use a separate reconciliation bill to backfill ICE and press ahead with the two key provisions of the SAVE America Act (proof of citizenship to register to vote and a photo ID to cast a ballot in federal election) that Trump has made very clear is his top legislative priority.
“This framework is similar to the outlines of an agreement that Senate Majority Leader John Thune discussed with Trump on Sunday – a strategy that the president rejected. Trump has insisted on tying the SAVE America Act to DHS funding, complicating matters even further. Thune said this was ‘not realistic,” explains Punchbowl. “It’s too early to say whether this DHS framework will satisfy Senate Democrats. There are several key details that still need to be ironed out. But many Democrats pointed to what they see as a sense of urgency to get something done, especially as nightmarish TSA security lines cause chaos for millions of air travellers.”
Republican leaders, including Sen. John Kennedy (R-La.), are openly talking about a two‑step reconciliation strategy: first, fund the rest of ICE using budget‑reconciliation so Democrats do not have to vote “yes,” and second, attach pieces of the SAVE America Act to a broader reconciliation package that could also include a $200 billion defense‑spending push and random pet priorities from the GOP base. Kennedy has framed reconciliation as the only way to get policies through amid Democratic obstruction, but he acknowledges there is a question as to whether the votes are there.
“It’ll take a little longer,” Kennedy said. “But we could do it. If you want to throw in the SAVE Act, I’m fine with that. I don’t know how feasible that is in terms of the whip count.”
Sen. James Lankford (R-Okla.) noted that the reconciliation process itself takes “about a month,” meaning even if leadership wanted to rush a deal, the machinery of the Senate would impose a natural delay.
Behind the closed‑door negotiations is another quiet calculation: the Senate parliamentarian. Republicans know that using reconciliation to pass the SAVE America Act’s citizenship‑verification and voter‑ID provisions is no sure thing, and many privately doubt the parliamentarian will bless such a move.
That raises the possibility of a vote to overrule Elizabeth MacDonough, a nuclear‑option maneuver that would infuriate Democrats and probably trigger a fresh round of partisan recriminations. Thune has previously cast doubt on that idea, suggesting he would rather avoid the backlash than force the vote. However, there is precedent, since Democrats used reconciliation to pass Obamacare back in 2010.
Both sides also know that the DHS shutdown cannot go on indefinitely, and both want to emerge from this standoff claiming victory. But, with Democrats appearing eager to do something, it’s clearly progress.
END
Meta To Lay Off Hundreds Of Workers Today As AI Pivot Accelerates
Wednesday, Mar 25, 2026 – 12:05 PM
Meta Platforms is laying off a few hundred employees today as its workforce restructuring continues, following years of terrible metaverse bets and overhiring during the Covid era. Reports of another round of layoffs surfaced earlier this month, and just last week, Meta shut down Horizon Worlds, its virtual reality social network for Quest headsets.
The Information reports that a few hundred employees will be let go today as part of the company’s effort to reposition itself in the AI space.
People familiar with the workforce restructuring say a majority of the cuts will focus on staff in Reality Labs, social media teams, recruiting, and a smaller number of sales roles.
“Teams across Meta regularly restructure or implement changes to ensure they’re in the best position to achieve their goals. Where possible, we are finding other opportunities for employees whose positions may be impacted,” a Meta spokesperson told the outlet.
In mid-March, Reuters reported that a new round of layoffs at Meta was imminent and would reduce the workforce by 20%. The outlet said that the workforce restructuring is intended to redirect capital flows toward AI infrastructure.
The latest Bloomberg data show Meta’s total workforce at the end of 2025 was about 79,000. Any layoffs today would amount to only a quarter of a percent.
Meta CEO Mark Zuckerberg has been downsizing the workforce since the 2022–23 “year of efficiency” layoffs.
Shares of Meta peaked in August 2025 at around $790 and have since been locked in a bear market, down around 25%.
When Zimbabwe makes the news, it’s rarely for good reasons.
There’s a good reason for that.
The country has spent years in a state of perpetual crisis.
Hyperinflation obliterated its currency and decimated the economy.
Yet beneath the surface lies extraordinary wealth.
Zimbabwe is rich in natural resources: gold, platinum, diamonds, and some of the most fertile farmland on Earth.
That’s what led me to organize a research trip there about 10 years ago alongside legendary investor Doug Casey.
We also sat down with Gideon Gono, the former head of the central bank, who made everyone “trillionaires.”
From left to right: Nick Giambruno, Doug Casey, Gideon Gono
Gideon Gono was Zimbabwe’s central bank chief during the infamous hyperinflation of 2008–2009.
His signature appears on the now-iconic 100-trillion-dollar Zimbabwe note—the highest denomination of any currency ever printed.
Today, that bill is completely worthless… except as a novelty or collector’s item.
During our meeting, Gono recounted his impossible position as Zimbabwe’s central banker in the 2000s.
The country was flat broke—and it needed to pay the army.
In any country, failing to pay the military spells trouble. But in Africa, it almost guarantees a coup.
So when the Zimbabwean government ordered Gono to print money to pay the army and its other bills, he obeyed. There was no alternative.
He described it as “being in a car without gas,” yet being ordered to drive from point A to point B.
Everyone—Gono included—knew exactly where this was headed.
You didn’t need to be a financial genius to understand that printing currency to fund soaring deficits would end in hyperinflation.
And that’s exactly what happened.
The Gono episode lays bare the uncomfortable truth about central banks.
Central banks were never truly “independent.” It was always an illusion—a societal myth. They exist to siphon wealth from the public through inflation and funnel it to the politically connected.
What Gono did is no different from what the Federal Reserve is doing right now.
Just as the Zimbabwean central bank’s independence was always a sham, so too is the Federal Reserve’s. It’s a mirage—and it’s now fast disappearing.
Even establishment stalwarts like the Bank of England have explicitly recognized this. Here’s what they recently wrote:
“Central bank operational independence underpins monetary and financial stability. A sudden or significant change in perceptions of Federal Reserve credibility could result in a sharp repricing of dollar assets, including US sovereign debt markets, with the potential for increased volatility, risk premia and global spillovers.”
The Federal Reserve maintained its mirage of independence for over 110 years. But that’s changing as an increasingly imminent debt crisis forces the US government to fund itself more explicitly through the Fed’s printing presses.
Trump is simply doing what any leader in his position would do. No one believes China’s central bank is independent of Xi. If any nation faced a similar situation, its central bank would fall in line with government demands for easy money.
What is happening in the US is not that different from what happened in Zimbabwe—or in any other country where government finances became desperate. They always turn to the central bank to print currency to help finance their spending.
As the issuer of the world’s reserve currency and the most powerful government in the world, the US can extend the charade of solvency longer than any other entity on the planet. However, even the mightiest empires in human history couldn’t do so indefinitely—especially once they begin to struggle to service their debt.
One of the most potent and underappreciated forces responsible for the downfall of the most powerful empires throughout history has been debt.
While military defeats, political upheavals, and external invasions often dominate historical accounts of the fall of great powers, excessive debt—the “Empire Killer”—has quietly but relentlessly eroded the foundations of empires across the centuries.
From Rome to the Soviet Union, the over-extension of resources, poor financial management, and the inability to service massive debts have led to economic collapse, social unrest, and, ultimately, the demise of these once-mighty empires. The same pattern is playing out in the US right now.
In short, the US government cannot stop spending, which means deficits cannot stop growing, which means more debt must be issued, which means the government leans on the central bank to help ease the debt burden, which means the illusion of central bank independence evaporates.
And once that happens, ever-increasing currency debasement becomes unstoppable. That’s where we are today. But it won’t end with just higher prices. Capital controls, people controls, price controls, tax hikes, wealth confiscations, and countless other destructive government interventions are all on the menu.
The Gideon Gono story isn’t just a Zimbabwean cautionary tale—it’s a clean, unvarnished look at what happens when a government hits the point of no return and the central bank’s “independence” gives way to political necessity.
That same endgame is now advancing in the US, and when the “reset” phase arrives, the biggest losses will hit those who wait for official confirmation.
To help you prepare, I’ve put together a free special report, The Most Dangerous Economic Crisis in 100 Years… the Top 3 Strategies You Need Right Now, outlining the key trends unfolding now, what they could mean for your money and personal freedom, and the three strategies to consider immediately. Click here to download the free PDF.
END
TROUBLE..
Terrible 5Y Auction: Worst Bid To Cover In 4 Years, Highest Tail Since 2024, Dealers Jump
Wednesday, Mar 25, 2026 – 01:18 PM
Another day, another very ugly auction.
After yesterday’s appallingly bad 2Y auction, moments ago the Treasury sold $70BN in 5Y paper in what was another terrible auction.
Just after 1pm, the auction stopped at a high yield of 3.966%, up from 3.608% in February and the highest since May 2025. It also tailed the When Issued 3.966% by 1.4bps, the biggest tail since Oct 2024.
The bid to cover was 2.29, down from 2.32 last month and the lowest since Sept 2022.
The weak demand picture was also seen in the internals, where Indirects dropped to 61.9% from 62.5%, but was above the recent average of 61.7%. Like yesterday, Directs dropped – if to a lesser extent – taking down 22.48% of the auction, down from 24.70% and the lowest since May 2025. Dealers were left to cover the balance, taking 15.6%, the most since May 2024.
Overall, this was another very ugly auction, if slightly better than yesterday’s dismal sale of 2Y paper. Still, that is hardly a endorsement at a time when the US is about to see a surge in war-related deficit funding demands.
On Monday night, an explosion at Valero’s Port Arthur, Texas refinery, America’s 9th largest refinery (~379k bbls/day), ignited a roaring fire. Energy analysts believe it will create modest disruptions.
United Airlines Warns of 20% Fare Hike to Cope with Oil Surge – BBG 11:11 ET
Israel Says War Isn’t Ending Even as Trump Touts Peace Talks – BBG 10:47 ET Defense Minister Israel Katz said the campaign, now in its 25th day, would continue “at full intensity.”
Trump’s talks with the mullahs ring alarm bells in Israel, as Iranian missile attacks continue Behind the scenes, the phone call between Trump and Netanyahu was not enough to reassure Jerusalem that Washington had its interests in mind… Netanyahu reportedly dispatched Ron Dermer to deter the administration from reaching a “not good” deal… https://jewishinsider.com/2026/03/trump-iran-missile-attacks-israel-negotiations-dermer-netanyahu/
Over the past several months, we have regularly noted that the markets have significant activity minutes before Trump announces market moving actions. This occurred again on Monday; and market pros complained to the media because Team Trump does NOT regulate the markets appropriately.
@Daily_MailUS: Stock and oil futures surged just MINUTES before Trump’s post about Iran… as trading expert points finger at insider knowledge – At approximately 6:50am in New York, S&P 500 e-mini futures on the CME registered a sharp and highly unusual spike in volume, breaking from an otherwise quiet premarket session, reports CNBC. At nearly the exact same moment, West Texas Intermediate oil crude futures also saw a sudden surge in activity, interrupting the typically subdued early-morning trading conditions. Then, at 7:05am, roughly 15 minutes later, Trump posted on Truth Social that the United States had engaged in talks with Iran and that he was halting planned strikes on Iranian power plants and energy infrastructure… https://t.co/zQQNhk7I3R
Who on Team Trump is leaking inside info!!! The relative valuation trade appeared on Tuesday. The DJTA rallied sharpy; Fangs and related tech stocks declined sharply. USMs declined moderately. Oil and gasoline rallied smartly.
ESMs traded sideways in an 80-handle range from their opening on Monday night until
ESMs rallied to 6652.50 (+17.75) at 18:56 ET and then marched down to 6582.50 (-52.25) at 1:28 ET. ESMs then jumped to a daily high of 6653.50 (+28.75) at 3:16 ET. ESMs then marched down to a daily low of 6573.50 (-61.25) at 9:41 ET. Condition buying for the NYSE opening and dips appeared.
ESMs jumped to 6646.00 at 11:51 ET. They then sank on this:
@JenGriffinFNC: Fox News has learned that the Commander of the 82nd Airborne Division Maj Gen Brandon Tegtmeier and his “command element,” members of his headquarters staff, have been ordered to deploy to the Middle East as the Pentagon and White House weigh whether to send the 82nd Airborne Division to the Middle East for possible land operations. There has been speculation that the US would use ground forces to possibly take Kharg Island or for other missions inside Iran. This would be a first step needed to plan for such a contingency. NYT was first to report yesterday that the Pentagon was weighing whether to send the 82nd Airborne. 11:51 ET
The US 2-year note auction ($69B): 3.936% vs 3.918% WI. 2s hit 3.961% 5 minutes after the auction results were releasees at 1:00 ET. USMs went -1 2/32 (low was -1 5/32 at 9:45 ET). 2-yr tick chart at: https://x.com/GunjanJS/status/2036492439804879284/photo/1
ESMs fell to 6598.50 at 13:45 ET on the ugly 2-year auction results. They then went inert until the jumped to 6641.25 at 14:39 ET on a report that the WH is trying to find a diplomatic solution for Iran and Trump remarks from the WH (ceremony to announce new DHS Chief Mullin) after the report appeared.
Axios: U.S. awaits Iran’s response on peace summit as Israel watches warily 13:53 ET The U.S. and a group of regional mediators are discussing the possibility of holding high-level peace talks with Iran as soon as Thursday, but are still waiting for a response from Tehran… Israeli leaders were skeptical Iran had actually offered the concessions the U.S. claimed… The U.S. gave Iran a 15-point proposal for a possible deal to end the war. It includes many of the same demands the U.S. made during the last round of nuclear talks in Geneva, U.S. and Israeli sources said… Israel is highly skeptical Iran will agree to Trump’s full demands, an Israeli official said… https://www.axios.com/2026/03/24/iran-peace-discussions-us-israel
Iran demands from the U.S. in any negotiations per Reuters Iran would seek guarantees against future attacks, sources say Islamic Republic would also refuse limits on missile programme Trump says talks have already taken place, Iran denies this Israeli sources believe agreement between US and Iran unlikely Control over Strait of Hormuz would be a key issue
Near 14:30 ET, Trump asserted, “The leaders are all gone, nobody knows who to talk to. But we’re actually talking to the right people, and they want to make a deal so badly… they’ve agreed they will never have a nuclear weapon; they’ve agreed to that.”
Trump: “They gave us a present, and the present arrived today. It was a very big present worth a tremendous amount of money. And I’m not going to tell you what that present is, but it was a very significant prize… it wasoil and gas related…. We’ve won this war. I think we’re going to end it but can’t say for sure… Pretty much everything they have is gone … We are roaming free over Tehran.” DJT added, “I think Putin, Zelensky are getting close to a deal.” (Umpteenth deal is nigh)
After Trump’s Iran remarks, ESMs rolled over and fell to 6600.25 at 15:57 ET. After the NYSE close, ESMs spiked to 6680.50 at 16:26 ET on a report that the US and Iran might soon announce a 30-day ceasefire per Channel 12 (Israel). ESMs then retreated to 6640.00 at 16:46 ET.
@Breaking911: Delta Air Lines has suspended its special desk service for members of Congress until the Democratic shutdown of the Department of Homeland Security is resolved. https://x.com/Breaking911/status/2036437844109984139
Positive aspects of previous session The DJTA rallied sharply on the relative valuation rotation.
Negative aspects of previous session Bonds declined smartly; the US 2-year Auction was putrid; 2s hit 3.961% Fangs and related tech stocks declined sharply on the relative valuation rotation. Oil and gasoline soared; precious metals rallied moderately.
Ambiguous aspects of previous session How believable is Trump regarding Iran issues?
First Hour/Last Hour NYSE Action [S&P 500 Index]: 1st Hour: Up; Last Hour: Down
Pivot Point for S&P 500 Index [above/below indicates daily trend to day traders]: 6559.08 Previous session (S&P 500 Index) High/Low: 6595.75; 6525.11
@P_McCulloughMD: FDA Withdrew its False Ivermectin Claims Under Legal Pressure In March 2024, the U.S. Food and Drug Administration (FDA) agreed to remove social media posts and web pages that advised against using ivermectin to treat COVID-19, settling a lawsuit brought by three doctors, including Houston-based Dr. Mary Talley Bowden. The lawsuit, argued by Boyden Gray PLLC, contended that the FDA overstepped its authority by interfering in the doctor-patient relationship and prescribing practices… https://x.com/P_McCulloughMD/status/2035680060284256496
@DC_Draino: People were banned off social media for saying Ivermectin helped treat Covid. Now the FDA actually admits it years later. The “conspiracy theorists” remain undefeated.
@joelpollak: Good take on Iran from WSJ: War not as easy as hawks hoped, but more necessary than doves realized. The regime is resilient and is using our own economy and democracy against us. But the regime is also crazy and has united the Arab states against it. https://t.co/vf5rEqfsDh
@nypost: President Trump named the members of his team who are negotiating with Iran on a ceasefire. Envoy Steve Witkoff, son-in-law Jared Kushner, Secretary of State Marco Rubio, and Vice President JD Vance are leading the talks, the president said.
CNN: Iranian representatives have let the Trump administration know it does not want to re-enter negotiations with special envoy Steve Witkoff and President Donald Trump’s son-in-law Jared Kushner and would prefer to engage with Vice President JD Vance, two regional sources said. The message, which was passed through back channels to the US, signals Iran believes discussions involving Witkoff and Kushner wouldn’t be productive given the deficit of trust following the breakdown of negotiations prior to Israel and the US launching military action… (Or is it antisemitism?) https://www.cnn.com/world/live-news/iran-war-us-israel-trump-03-24-26
Channel 12 (Israel): “The proposed agreement in principle is a major concern to Israel’s political and security echelons, as they fear that the Islamic regime will gain the upper hand by stopping the war without agreeing to any of the points and just agreeing that they will be discussed later.”
Today – To reiterate: The Iran War is at a very dangerous inflection point… Don’t play unless you must! With most of the market now expecting an Iran deal, the risk is headlines that dimmish this prospect. Equity futures are up sharply on Tuesday night due to the expected 30-day ceasefire. Trading should quiet in the afternoon as traders get cautious ahead of the Iran-US negotiations purportedly scheduled for tomorrow.
DJT is palpably eager to make a deal. Iran and Israel realize this. Ergo, Iran will be resolute with its demands. Israel fears DJT has chickened out again; so, Iran will keep building missiles and then nukes! What will Israel do if it believes Trump has negligently committed an existential TACO?
NB: The S&P 500 Index has closed below its 200-day moving average for 4 straight sessions. This has not occurred since the Trump Tariff panic of early 2025.
ESMs are +49.00; NQMs are +212.50; USMs are +19/32; and oil & gas are down sharply at 20:20 ET.
S&P Index 50-day MA: 6843; 100-day MA: 6831; 150-day MA: 6758; 200-day MA: 6628 DJIA 50-day MA: 48,614;100-day MA: 48,199; 150-day MA: 47,489; 200-day MA: 46,601 (Green is positive slope; Red is negative slope
S&P 500 Index (6556.37 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 6701.44 triggers a buy signal Hourly: Trender and MACD are positive – a close below 6545.84 triggers a sell signal
@julie_kelly2: According to newly released documents by Sen Grassley office, it appears Special Counsel Jack Smith conferred with both DC Chief Judges Beryl Howell and James Boasberg as to their legal strategy in targeting the president and his associates. This relates to a Jan 2023 briefing with AG Garland: https://x.com/julie_kelly2/status/2036457191129980969 I said for years both Howell then Boasberg were in cahoots with Biden DOJ to rubber stamp, even advise, any strategy set forth by Jack Smith. Howell “loves the idea.” If Boasberg had been informed and continued to be briefed by Special Counsel on Arctic Frost investigation, that appears to contradict his claims he did not know the targets of the NDOs he signed for subpoenas on members of Congress.
@TheAndersPaul: DOJ meeting with Judge Howell Notes: “She liked our approach of pursuing the executive privilege litigation in an omnibus fashion.” “She knows it’s coming and loves the idea.” Just the FBI and DOJ conspiring with Judges on how to make legal arguments to charge Trump more palatable and get around executive privilege? Am I reading this right? https://x.com/TheAndersPaul/status/2036460687979876371
Judges Howell and Boasberg should be indicted and impeached! NO ONE IS ABOVE THE LAW! @paulsperry_: Newly disclosed secret subpoena information reveals FBI Director Kash Patel’s predecessor Christopher Wray signed off on Special Counsel Jack Smith spying on Patel’s bank, credit card and billing records in addition to his emails and texts for two years. Democrat judges approved the subpoenas and ordered providers to hide what they were doing from their customer Patel.
Sheridan Gorman’s Murder—and Chicago’s Silence The cold-blooded execution of Loyola University freshman Sheridan Gorman last week has sparked heartbreak and outrage across the country – including condemnation by President Donald Trump outside Air Force One on Monday morning – as yet another American family is shattered by an illegal immigrant allowed into the country during the Biden administration… What could possibly excuse the shameful blackout of Gorman’s murder aside from protecting the city officials responsible for the circumstances leading up to it?… The insidious effect of local media’s near blackout of the story is not just defining deviancy down but ignoring it altogether. It’s a “shut up and take it” message by the media to the residents of Chicago – and even to the family of a young girl attending her dream school shot dead by a criminal illegal who should never have been in the city in the first place. https://www.realclearpolitics.com/articles/2026/03/24/sheridan_gormans_murderand_chicagos_silence_153971.html
Department of Education under Trump just took its ‘largest’ step closer to shutting down The Treasury… will “assume operational responsibility for collecting on defaulted Federal student loan debt and provide operational support to ED’s efforts to return borrowers to repayment,” the ED said in a release… “Whereas this student loan move–this is the biggest staffing and the biggest budgetary component of the Department of Education. So, if it’s sent over to Treasury, this really does indicate that this is moving a substantial portion of the Department of Education elsewhere,” Gillen said… This interagency agreement follows the Trump administration’s effort to shift power from a handful of its offices and programs to other federal agencies as it works to dissolve the federal department completely. https://www.foxnews.com/media/department-education-under-trump-just-took-big-step-closer-shutting-down-expert-says
California Democrats panic as doomsday gubernatorial poll drops New internal polling shows two Republicans — former Fox News host Steve Hilton and Riverside County Sheriff Chad Bianco — leading the field in the June 2 primary election… “This initial survey shows two Republicans in the lead, with multiple Democrats trailing behind,” state Democratic Party chair Rusty Hicks said… https://nypost.com/2026/03/24/us-news/california-democrats-panic-as-2-republicans-lead-governors-race/
Pope Leo hosts exorcist summit at the Vatican over fears of worldwide surge in Satanismhttps://trib.al/uvuxD1G
SWAMP STORIES FOR YOU TONIGHT
???
UFO ‘Gatekeeper’ General Vanishes Days After Trump’s Full Disclosure Order
President Trump’s order to release every UAP and UFO file appears to have triggered a wave of vanishings and deaths among the very insiders who guarded those secrets — and now Congress is being actively blocked from investigating.
The general is retired Maj. Gen. William Neil McCasland, former commander of the Air Force Research Laboratory at Wright-Patterson Air Force Base. He walked out of his Albuquerque home on February 27 with only hiking boots, a wallet, and a revolver. No phone. No glasses. No trace since.
Fox News host Jesse Watters covered the development:
🚨 HOLY SMOKES: AIR FORCE GENERAL — KNOWN AS THE UFO “GATEKEEPER” — VANISHES 💣👀
Led TOP-SECRET SPACE WEAPONS programs tied to ADVANCE AEROSPACE TECH… then GONE😳🛸
Days after UFO files announcement… he DISAPPEARS 🤯
Monica Jacinto Reza, 60, vanished while hiking in California’s Angeles National Forest. She co-developed Mondaloy, a patented nickel-based super-alloy for high-performance rocket engines, on a project funded and overseen by programs under McCasland’s command.
Newsmax reported Rep. Tim Burchett directly accusing intelligence agencies of obstruction: some intelligence agencies have thwarted his attempts at finding out what happened to the several prominent scientists and researchers in the U.S. who have reportedly died or gone missing over the past year.
Burchett told reporters the numbers seem very high in these certain areas of research. “I think we’d better be paying attention, and I don’t think we should trust our government.”
He added there have been several others throughout the country that have disappeared under suspicious circumstances. “I think we ought to be paying attention to it.” Burchett specifically noted McCasland’s suspected involvement in UFO-related matters, saying those folks are very secretive about what they know.
This cluster of at least six dead or missing insiders — all tied to the same classified aerospace network — exploded into public view just as Trump’s February 20 directive kicked into high gear.
The Executive Office of the President has quietly registered the aliens.gov domain, after Trump ordered the Pentagon and every federal agency to hand over all records on “alien and extraterrestrial life, UAP, and UFOs.”
The New York Post reported that the impending release could include videos and photos of non-human craft that would prove we are not alone.
McCasland ran billions in black-budget aerospace R&D. Reza’s alloy fed straight into next-generation propulsion systems under his oversight. Their parallel hiking disappearances, plus the broader pattern of six linked cases, cannot be waved away as coincidence.
Burchett’s revelation that intelligence agencies are actively thwarting congressional inquiries suggests gatekeepers are scrambling. The deep state does not vanish its own people and then block oversight when the story is harmless. It does so when the story threatens the entire house of cards.
Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.
END
HUMOUR
Meet The Stupidest Spring-Breakers In America: “Who The F**k Is Ayatollah?”
Wednesday, Mar 25, 2026 – 01:25 PM
Fox News found who might be the dumbest spring breakers in all of the United States – and you will feel dumber listening to what they have to say.
Fox producer Johnny Belisario hit the beaches in Florida and fired off multiple questions at partiers on current events, ranging from the U.S. and Israel’s war against Iran to President Donald Trump’s performance.
When asked what he thinks Trump “has been doing recently,” one woman with no shame replied, “The Gulf of America. That’s the last thing I kept up with.”
Spring Break goes WILD☀️ 🍺🤪
and the students have NO IDEA what’s going on🤣
“The BIGGEST issue in America is what BIKINI I’m wearing tomorrow”👙
When Belisario brought up slain Iranian Supreme Leader Ayatollah Ali Khamenei, the clueless respondents came up hilariously short in the bewildering clip.
“We’re going to war with Iraq – that’s been crazy,” another young woman said, botching the country of Iran.
“Who the fuck is ayatollah?” was another response.
When asked how they would “take on Iran” if they were president, one genius explained that he would “get a bunch of girls in bikinis and … make them run across the battlefield.”
Florida’s beach towns are getting stuck playing spring break whack-a-mole as rowdy crowds organize chaotic “takeovers” on social media, unleashing booze-fueled flash mobs that turn sunny shores into scenes of violence and mass arrests, according to the New York Post.
Cops were forced to lock down Daytona Beach this week after a rash of shootings and a wild beach “takeover” sparked a full-blown stampede, with panicked high school and college kids running for their lives.
That single blowout led to 133 arrests and pushed authorities to clamp down, turning the beach into a party lockdown zone, with steep fines and tight limits on crowd sizes, the Post said.
“It’s really these communities that start welcoming spring breakers that have things get out of control,” said Bay County Sheriff Tommy Ford.
END
GREG HUNTER…INTERVIEWING DAVID MORGAN
Not the End of Gold & Silver Bull Market – David Morgan
In November, economic analyst and financial writer David Morgan predicted a 20% rise for both gold and silver prices in 2026. Even with the big selloff in both metals, Morgan is still correct, and we are only three months into the new year. What happened to gold and silver prices falling out of bed in such a short time with a raging war in the Middle East going on? Morgan explains, “War normally means buy gold. This time it meant higher oil, higher inflation, the Fed stayed tighter on interest rates. Yields rose and did not fall, gold fell. That’s exactly what we just saw. It was a paper liquidation. . .. You got what I call a ‘waterfall decline.’ Silver went up 140% for the year in 2025, and then in the month of January 2026 it went up 70%. That is about as parabolic as you can get. I was warning everybody and put out warnings for my premium members on how to scale out. . .. Some people took my advice and said they were really happy they did.”
So, where are we now. Is the bull market in gold and silver over? Morgan says, “This pullback is not about the end of the bull market in gold and silver. It’s not a failure of the main thesis that the debt bomb is upon us and the debt bomb is going to blow up everything. The bankers want to remain in control. So, this is a reset of the positioning, and they have shaken out a lot. I have said this many times and that is the function of a bull market is to shake off as many people riding that bull as it possibly can. Believe me, that January repricing shook off a lot of bulls. Gold had its largest weekly drop since the 1970’s. That tells you this is structural and not random. The bigger trend remains unchanged. Gold is up 75% over the last year, and silver is still up 140%. Gold going up is based on the sovereign debt situation and the non-trust of the US dollar being weaponized. There is currency distrust in general and distrust altogether, and war is in there at the top of the list.”
In closing, Morgan still says all the signs are there that are signaling the end of empire for America. One very big sign, according to Morgan, is rising debt and currency debasement that causes inflation. Morgan points out, “Most Americans should get ready to live with a much lower standard of living in the future. . .. It’s not going to be Mad Max or a total dollar collapse; it’s going to be just a much lower standard of living. . .. We are approaching the final collapse phase, but we are not there yet. We are transitioning. The US is still dominant, but it is increasingly being questioned.”
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