MARCH 26//GOLD CLOSED DOWN $213.05 TO $4385.35 WITH SILVER DOWN $4.74 TO $67.75//PLATINUM WAS DOWN $102.55 TO $1847.55 WHILE PALLADIUM WALS ALSO DOWN $77.00 TO $1353.00//DANISH SOCIALIST PM RESIGNS AFTER POOR ECONOMY DUE TO THE MASSIVE MIGRANT IMMIGRATION//GERMAN ECONOMY IN A MESS/KOLBE//IRAN VS ISRAEL/USA HIGHLIGHTS/TBN ISRAEL/ISRAEL VS HEZBOLLAH/IRAN ATTACKS ABU DHABI//RUSSIA VS UKRAINE UPDATES/OIL UPDATES//USA DATA RELEASES/SWAMP STORIES FOR YOU TONIGHT///
099 H DEUTSCHE BANK AG 1 363 H WELLS FARGO SECURITI 73 555 C BNP PARIBAS SEC CORP 106 730 C PTG DIVISION OF SGAS 6 905 C ADM 28
TOTAL: 107 107 MONTH TO DATE: 13,480
JPMORGAN STOPPED 1/316
MARCH
GOLD: NUMBER OF NOTICES FILED FOR MARCH/2026: 107 CONTRACTs NOTICES FOR 10,700 OZ or 0.3328TONNES
total notices so far: 13,480 contracts for 1,3480,00 OR 41.0284 tonnes)
FOR MARCH
XXXXXXXXXXXXXXXXXX
SILVER NOTICES: 275 NOTICE(S) FILED FOR 1.375 MILLION OZ /
total number of notices filed so far this month : 9152 CONTRACTS (NOTICES) for 45.760 million oz
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END
GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD DOWN $213.05 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD
HUGE CHANGES IN GOLD INVENTORY AT THE GLD:: A SMALL WITHDRAWAL OF 0.5800 TONNES OF GOLD OUT OF THE GLD/.
INVENTORY RESTS AT 1052.42 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER DOWN $4.75 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 STRONG SIZED 865 CONTRACTS TO 114,029 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 HUGE GAIN $3.25 IN SILVER PRICING AT THE COMEX WITH RESPECT TO WEDNESDAY’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 HUGE SIZED GAIN OF 1240 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A FAIR SIZED 375 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD NO LIQUIDATION OF T.A.S. CONTRACTS IN COMEX TRADING WITH RESPECT TO WEDNESDAY TRADING//RAID/DESPITE OUR HUGE GAIN IN PRICE ALONG WITH A HUGE 1223 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 FAILED ON WEDNESDAY WITH SILVER’S HUGE GAIN IN PRICE
THE PRICE FINISHED ABOVE THE MAGIC NUMBER OF $70.00 SILVER SPOT PRICE BUT BELOW THE $100.00 MARK CLOSING AT $72.49 UP 325 CENTS WE ARE NOW WITNESSING HAVING MANY HUGE T.A.S ISSUANCES // TODAY’S WAS AT A HUGE SIZED 1223 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 375 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR HUGE SIZED 1223 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 HUGE GAIN OF 1240 CONTRACTS ON OUR TWO EXCHANGES WITH OUR HUGE GAIN IN PRICE OF $3.25. 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 WEDNESDAY NIGHT//THURSDAY MORNING: A HUGE SIZED 1223 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 133 CONTRACTS OR 0.655 MILLION OZ/NEW STANDING ADVANCES TO 45.805 MILLION OZ
WE HAD:
/ HUGE COMEX OI GAIN+// FAIR SIZED 375 EFP ISSUANCE CONTRACTS (/ VI) A HUGE NUMBER OF T.A.S. CONTRACT ISSUANCE 1223 CONTRACTS
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: ADDED 32 SILVER CONTRACT//
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS FEB.. ACCUMULATION
TOTAL CONTRACTS for 20 DAY(S), total 10,300 contracts: OR 51.500 MILLION OZ (515 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 51.500 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: 51.500 MILLION OZ
RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 865 CONTRACTS WITH OUR HUGE GAIN IN PRICE OF $3.25 IN SILVER PRICING AT THE COMEX// WEDNESDAY,. THE CME NOTIFIED US THAT WE HAD A FAIR SIZED CONTRACT EFP ISSUANCE 375 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 0.655 MILLION OZ QUEUE JUMP //STANDING ADVANCES TO 45.805 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 0.655 MILLION OZ QUEUE //NEW TOTAL STANDING ADVANCESTO 45.805 MILLION OZ
THE NEW TAS ISSUANCE MONDAY NIGHT (1223) 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 ROSE BY A FAIR SIZED 2079 OI CONTRACTS UP TO 406,004 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 HUGE 1330 CRIMINAL CONTRACTS //.
WE HAD AFAIR SIZED GAIN IN COMEX OI (2079 ONTRACTS) . THIS GAIN OCCURRED WITH OUR GAIN IN PRICE OF $155.30 WEDNESDAY///.
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 34,400 OZ QUEUE JUMP (1.069ONNE) AND THEN WE ADD OUR TWO EXCHANGE FOR RISK OF 13.063 TONNES //NEW STANDING ADVANCES TO 55.912TONNES/
E.F.P. ISSUANCE/FOR OPENING MARCH. GOLD CONTRACT
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 4457 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 406,004 AND 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 114,029 ONTRACTS// RISING FROM PREVIOUS ALL TIME LOW SET MARCH 23OF 111,576CONTRACTS.
IN ESSENCE WE HAVE A STRONG GAIN IN TOTAL CONTRACTS IN COMEX GOLD ON THE TWO EXCHANGES OF 6536 CONTRACTS WITH 2079 CONTRACTS INCREASED AT THE COMEX// AND A STRONG SIZED 4457 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON.
THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 6536 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A STRONG SIZED BUT CRIMINAL 2196 CONTRACTS AND THESE ISSUANCES ARE GENERALLY USED TO INITIATE A RAID WHEN CALLED UPON
GOLD PRICE ON WEDNESDAY ROSE BY $115.30
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS CONTRACT(4457 ) ACCOMPANYING THE FAIR SIZED GAIN IN COMEX OI OF 2079 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 6536 CONTRACTS..
WE HAVE 1) NOW REVERTED TO OUR NORMAL FORMAT OF BANKER (FRBNY) GOING ON THE SHORT SIDE AND NEWBIE SPECULATORS GOING TO THE LONG SIDE// . ,2.) STRONG FINAL STANDING FOR GOLD FOR FEBRUARY AND VERY STRONG FOR MARCH:
FEB; INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 93.567 TONNES OF GOLD TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 0.012 TONNES TO ALL OTHER QUEUE JUMPS//NEW QUEUE JUMP TOTALS INCREASES: 41.233 TONNES// /// TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK FOR 31.251 TONNES//NEW STANDING FINISHED AT 157.878 TONNES
MARCH:: SMALL INITIAL STANDING FOR GOLD FOR MARCH AT 8.099 TONNES TO WHICH WE ADD TODAY’S STRONG 344 CONTRACT QUEUE JUMP OF 34,400 OZ OR 1.069 TONNESAND THEN WE ADD BY OUR TWO EXCHANGE FOR RISK: 13.063///NEW STANDING ADVANCES TO 55.912TONNES 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 1.069 TONNES QUEUE JUMP AND THEN ADD +13.063 TONNES EXCHANGE FOR RISK//NEW STANDING ADVANCES TO 55.912 TONNES/
3) ZERO T.A.S. LIQUIDATION AND SOME GOVT LIQUIDATION // WITH A STRONG GAIN OF EQUITY SHARES/MARCH 25 HAVING 1)A $155.30COMEX PRICE GAIN AND YET WE HAD 2) NEWBIE SPEC SHORTS WERE BCLOBBERED ON A NET BASIS, + EASTERN CENTRAL BANKERS WERE PILING INTO THE LONG SIDE AS WE HAD A STRONG SIZED GAIN OF 6536 CONTRACTS ON OUR TWO EXCHANGES AND AS WELL A STRONG AMOUNT OF GOLD WILL STAND FOR DELIVERY IN MARCH. (55.912TONNES). //, CENTRAL BANKERS TENDERED FOR PHYSICAL WITH THEIR PURCHASES OF CONTRACTS../ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED WEDNESDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL
4)A FAIR SIZED COMEX OI GAIN 5) V) STRONG SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL GOLD (4457) AND A STRONG T.A.S. ISSUANCE (2196) 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: 62,394 CONTRACTS OR 6,239,400OZ OR 194.07 TONNES IN 20 TRADING DAY(S) AND THUS AVERAGING: 3120 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN20 TRADING DAY(S) IN TONNES: 194.07 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2025, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 194.07TONNES DIVIDED BY 3550 x 100% TONNES = 5.46% 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: 194.07 TONNES//WILL BE STRONG ISSUANCE THIS MONTH
SPREADERS:
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONG
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 STRONG SIZED 865CONTRACTS OI TO 114,029 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 375 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAY 375 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 865 CONTRACTS AND ADD TO THE 375 E.FP. ISSUED
WE OBTAIN A STRONG SIZED GAIN OF 1240 OI OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES DESPITE OUR HUGE GAIN OF $3.25
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 6.20 MILLION PAPER OZ
OCCURRED WITH OUR GAIN IN PRICE.OF $3.25
2.ASIAN AFFAIRS MARCH 26 /2025
SHANGHAI CLOSED DOWN 42.75 PTS OR 1.09%
HANG SENG CLOSED DOWN 479.52 PTS OR 1.89%
Nikkei CLOSED DOWN 206.62 PTS OR 0.48%
//Australia’s all ordinaries CLOSED DOWN 0.66%
//Chinese yuan (ONSHORE) CLOSED DOWN 6.9036
/ OFFSHORE CLOSED DOWN AT 6.90771Oil UP TO 93.57 ollars per barrel for WTI and BRENT UP TO 105.75Stocks in Europe OPENED ALL DEEPLY IN THE RED
ONSHORE USA/ YUAN TRADING 6.9036 OFFSHORE YUAN TRADING DOWN TO 6.9077 ONSHORE YUAN TRADING ABOVE OFF SHORE AND DOWN ON THE DOLLAR// / AND THUS WEAKER/OFF SHORE YUAN TRADING DOWNAGAINST US DOLLAR/ AND THUS WEAKER
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A FAIR SIZED 2079 CONTRACTS UP TO 406,004 OI , ( ON 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 WEDNESDAY’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 STRONG SIZED GAIN ON OUR TWO EXCHANGES OCCURRED DESPITE OUR HUGE GAIN IN PRICE IN GOLD. THE SPECS HAVE NOW STARTED TO GO ON THE LONG SIDE WITH THE BANKERS SUPPLYING THE PAPER AS THEY MOVED TO THE SHORT SIDE.
WE THUS HAD A TOTAL STRONG GAIN IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 6536 CONTRACTS (OR 32.69 TONNES) WITH OUR HUGE GAIN IN PRICE, WEDNESDAY. SEEMS ON A NET BASIS HARDLY ANYBODY LEFT THE GOLD ARENA!
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 MONDAYMARCH 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 STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 6536 CONTRACTS DESPITE OUR HUGE GAIN IN PRICE ($155.30). 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 2196 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 1.069 TONNES AND THEN WE ADD OUR TWO EXCHANGE FOR RISK OF 13.063 TONNES////NEW STANDING FOR GOLD ADVANCES TO: 55.912TONNES
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 48 MONTHS 2021-2024
DEC 2021: 112.217 TONNES
NOV. 8.074 TONNES
OCT. 57.707 TONNES
SEPT: 11.9160 TONNES
AUGUST: 80.489 TONNES
JULY 7.2814 TONNES
JUNE: 72.289 TONNES
MAY 5.77 TONNES
APRIL 95.331 TONNES
MARCH 30.205 TONNES
FEB ’21. 113.424 TONNES
JAN ’21: 6.500 TONNES.
TOTAL YEAR 2021 (JAN- DEC): 601.213 TONNES
YEAR 2022: STANDING FOR GOLD/COMEX
JANUARY 2022 17.79 TONNES
FEB 2022: 59.023 TONNES
MARCH: 36.678 TONNES
APRIL: 85.340 TONNES FINAL.
MAY: 20.11 TONNES FINAL
JUNE: 74.933 TONNES FINAL
JULY 29.987 TONNES FINAL
AUGUST:104.979 TONNES//FINAL
SEPT. 38.1158 TONNES
OCT: 77.390 TONNES/ FINAL
NOV 27.110 TONNES/FINAL
Dec. 64.000 tonnes
(TOTAL YEAR 656.076 TONNES)
2023:STANDING FOR GOLD/COMEX
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024/STANDING FOR GOLD/COMEX
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
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COMEX GOLD TRADING BEGINNING MARCH,. CONTRACT;
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY A HUGE $155.30
WE HAD LITTLE T.A.S. SPREADER LIQUIDATION WEDNESDAY // COMEX SESSION// WITH OUR GAIN 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 55+ TONNES.
WEDNESDAY NIGHT//THURSDAY 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 WEDNESDAY EVENING/THURSDAY 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 1.069 TO WHICH WE THEN ADD OUR TWO EXCHANGE FOR RISK FOR 13.063 TONNES// GOLD STANDING ADVANCES TO: 55.912 TONNES/
ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $155.30
WE HAD A STRONG 1330 CONTRACTS ADDED INTO THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE (YOU ADD CONTRACTS?)
NET GAIN ON THE TWO EXCHANGES : 6536 CONTRACTS OR 653,600OZ OR 32.68TONNES
Total monthly oz gold served (contracts) so far this month
13,480 notices 1,348,000 oz 41.9284 ONNES
Total accumulative withdrawals of gold from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month
dealer deposits: 0
DEPOSITS/CUSTOMER
0 ENTRY
0 entry
customer withdrawals:
1 ENTRIES
i) Brinks 39,159.918 oz (1218 kilobars)
total withdrawal 39,159.918 oz
in tonnes; 1.218 tonnes
comex is draining of gold/.
they are draining the comex of gold
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ADJUSTMENTs
ADJUSTMENTS 7 all dealer to customer
registered gold depleting
a) Asahi 199.913 oz
b) Brinks 5614.964 oz
c) JPMorgaan: 14,769.323 oz
d) Loomis: 96.453 oz
v) Delaware: 3197,490 oz
vi) Manfra; 309.130 oz
vii) Stonex 2301.120 oz
total gold leaving customer into the dealer 20,098.413 oz or 0.625 tonnes
COMEX IS DRAINING GOLD
chaos inside the comex
THE FRONT MONTH OF MARCH OI STANDS AT 403 CONTRACTS FOR A GAIN OF 28 CONTRACTS. WE HAD 316 CONTRACTS SERVED ON WEDNESDAY, SO WE GAINED A HUGE 344 CONTRACTS OR 34,400 OZ WILL STAND FOR DELIVERY AT THE COMEX.. IN TONNAGE THIS REPRESENTS A QUEUE JUMP OF 1.069 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 19,540 CONTRACTS DOWN TO 103,432 CONTRACTS. APRIL IS NOW THE NEW FRONT MONTH FOR DELIVERY OF GOLD. APRIL IS GENERALLY A VERY STRONG DELIVERY MONTH. WE HAVE 3 MORE READING DAYS BEFORE FIRST DAY NOTICE, FRIDAY, MONDAY AND TUESDAY!
MAY GAINED 1399 CONTRACTS TO AN OI OF 4066
JUNE IS A HUGE DELIVERY MONTH AND HERE THE OI ROSE BY A HUGE 19,188 CONTRACTS UP TO AN OI OF 218,891
We had 107 contracts filed for today representing 10700oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 0 notices issued from their client or customer account. The total of all issuance by all participants equate to 107 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for MAR. /2026. contract month, we take the total number of notices filed so far for the month (13,480) to which we add the difference between the open interest for the front month of MAR (403 CONTRACTS) minus the number of notices served upon today 107 x 100 oz per contract) equals 1,377,600OZ OR (42.849Tonnes of gold) to which we add our two exchange for physical of 13.063 tonnes//standing advances to 55.912 tonnes
thus the INITIAL standings for gold for the MAR contract month: No of notices filed so far (13,480 x 100 oz +we add the difference for front month of MAR (403 OI} minus the number of notices served upon today (107 )x 100 oz) which equals 1,377,600OZ OR 42.849 TONNES// to which we add our two exchange for risk of 13.063 tonnes//new standing advances to 55.912
new total of gold standing in MAR is 55.912 TONNES//
TOTAL COMEX GOLD STANDING FOR MARCH 55.912 TONNES TONNES WHICH IS NOW MEGA HUGE FOR THIS NORMALLY VERY NON ACTIVE ACTIVE DELIVERY MONTH OF MARCH.
confirmed volume WEDNESDAY confirmed 358,172 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: 1,812,463.853 oz 56.37 tonnes pledged gold lowers
total inventories in gold declining rapidly
total pledged gold: 1,812,463.853 tonnes oz 56.37 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 31,908,472.849 oz
TOTAL REGISTERED GOLD 16,742,185.696 or 520.752 Tonnes
TOTAL OF ALL ELIGIBLE GOLD 15,164,287.153 oz//eligible gold leaving hand over fist
REGISTERED GOLD THAT CAN BE SERVED UPON 14,929,722 oz ((REG GOLD- PLEDGED GOLD)=
464.37 Tonnes //
total inventories in gold declining rapidly
SILVER COMEX
MARCH DELIVERY MONTH
MARCH 26 2026
INITIAL/
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
5 entries
i) out of Asahi 107,247.300 oz ii) Out of Delaware 8996.696 oz iii) HSBC 63,905.200 o iv) Loomis 605,817.560 oz v) Stonex; 4991.430
total withdrawal: 791,003.186 oz oz
the comex is being drained of silver
Deposits to the Dealer Inventory
2 entries
i)Into Stonex: 373,340.960 oz ii) Into Loomis dealer: 124,242.190 oz
total dealer deposit 497,583.150 oz
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Deposits to the Customer Inventory
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
0 ENTRIES
No of oz served today (contracts)
275 CONTRACT(S) ( 1.375 MILLION OZ
No of oz to be served (notices)
9Contracts (0.045 MILLION oz)
Total monthly oz silver served (contracts)
9152 contracts 45.760 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
2 entries
i)Into Stonex: 373,340.960 oz ii) Into Loomis dealer: 124,242.190 oz
total dealer deposit 497,583.150 oz
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
o
0 ENTRIES
xxxxxxxxxxxxxxxxxxxxxxxxx
withdrawals: customer side/eligible
5 entries
i) out of Asahi 107,247.300 oz
ii) Out of Delaware 8996.696 oz
iii) HSBC 63,905.200 o
iv) Loomis 605,817.560 oz
v) Stonex; 4991.430
total withdrawal: 791,003.186 oz 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: 284 OPEN INTEREST CONTRACTS FOR A GAIN OF 94 CONTRACTS.
WE HAD 43 NOTICES FILED ON WEDNESDAY SO WE GAINED 133 CONTRACTS OR AN ADDITIONAL 0.655 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 151 CONTRACTS UP TO 1981 CONTRACTS.
MAY SAW A LOSS OF 220 CONTRACTS DOWN TO 73,756 CONTRACTS.
JUNE SAW A GAIN OF 3 CONTRACTS UP TO 420 OI CONTRACTS.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 275 or 1.375MILLION oz
CONFIRMED volume; ON WEDNESDAY 52,376 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 9152 X5,000 oz = 45.760 MILLION oz
to which we add the difference between the open interest for the front month of MARCH (284) AND the number of notices served upon today (275)x (5000 oz)
Thus the standings for silver for the MARCH 2026 contract month: (9152 )Notices served so far) x 5000 oz + OI for the front month of MARCH (284) minus number of notices served upon today (275 )x 5000 oz equals silver standing for the MAR..contract month equating to 45.805 MILLION OZ.
NEW STANDING: 45.805 MILLION OZ WHICH IS STILL LOWISH FOR A GENERALLY HUGE DELIVERY MONTH OF MARCH.
New total standing: 45.805 million oz.
We must also keep in mind that there is considerable silver standing in London coming from our longs
There are ONLY 77..169 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 26/2026/WITH GOLD DOWN $213.05 TODAY/SMALL CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 0.580 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS AT 1052.42
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: 1052.42 TONNES, TONIGHTS TOTAL GOLD INVENTORY
SILVER
MAR 26 WITH SILVER DOWN $4.75: NO CHANGES IN SILVER INVENTORY AT THE SLV// :INVENTORY RESTS AT 498.776 MILLION OZ
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….
Gold’s Next Move Has Nothing to Do With What They’re Telling You
by ITM Trading
Wednesday, Mar 25, 2026 – 13:30
Taylor Kenney breaks down what the financial press won’t tell you: the paper gold market is in a forced liquidation spiral driven by margin calls, thin Asian-session liquidity, and computer-triggered sell-offs. Meanwhile, physical gold is leaving the vaults. Demand is up. The paper price is down. If that contradiction doesn’t make you ask harder questions, nothing will.
The structural thesis that’s been driving central bank gold buying since 2022 hasn’t changed. It’s accelerated. The same nations that watched Washington freeze $300 billion of Russia’s reserves are still quietly stacking physical. They’re not trading rate expectations. They’re positioning for a world without dollar dominance. And they don’t care what the spot price says this week.
Four of the ten worst weeks for gold in recorded history happened in the 1970s. One was 2008. Another was March 2020. Each time: violent selloff, then new all-time highs. 2008 saw a 178% rebound in three years. But today’s system carries more leverage, more sovereign debt stress, and more geopolitical fracture than either of those moments.
The paper is being sold. The physical is being held. Who’s right?
About ITM Trading:ITM Trading has spent nearly 30 years helping clients prepare for monetary resets, inflation, and systemic risk using physical gold and silver. We focus on education, historical context, and strategies designed to protect wealth when trust in the system breaks down.
END
3.CHRIS POWELL AND HIS GATA DISPATCHES:
4. ANDREW MAGUIRE AND LIVE FROM THE VAULT PODCASTS NO 264/263
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TURKEY
IDIOTS!
IT DID NOT HELP: THEIR CURRENCY CONTINUES TO PLUMMET!!
Turkey Dumped 58 Tons Of Gold After Iran War Started, Slamming Price
Thursday, Mar 26, 2026 – 01:35 PM
There has been much speculation about the mystery seller(s) that sent gold sliding into a bear market from its January high: was it a sovereign seeking to plug holes in their budget from the recent surge in oil, a “market maker” trying to spark stop loss liquidations, or just retail investors taking profit after one of the best years in history for the precious metal?
Today we learned the identity of at least one of the sellers: Turkey’s central bank sold and swapped about 60 tons of gold, worth more than $8 billion, or more than 10% of the country’s total holdings, in two weeks after the start of the war in Iran, adding to the sharp downward pressure on bullion prices.
Turkish gold reserves showed a decline of 6 tons in the week of March 13 and another 52.4 tons in the week of March 20, marking a sharp drawdown in reserves, according to the latest data published by the central bank. While the composition of the sales is unclear, some of that was sold outright, while the majority was used to secure foreign exchange or liras via swap agreements, according to Bloomberg. It’s not uncommon for central banks to sell spot gold and simultaneously agree to buy it back in the future via swap agreements, effectively a gold-collateralized USD loan, which grants the country cheap dollar funding using the precious metal as collateral.
The move comes amid strains on Turkey’s disinflation strategy – meaning the currency isn’t allowed to depreciate at a rate faster than monthly inflation – which relies heavily on maintaining a stable or steadily depreciating lira, including with hard-currency interventions, usually via state-run banks. Rising energy import costs and increased dollar demand since the conflict began have made that approach more challenging to maintain, and forced Turkey to resort to its hard currency reserves.
Turkey officials turned to gold sales and gold swap arrangements from the central bank’s $135 billion stockpile to meet liquidity needs and stabilize domestic demand, according to Iris Cibre, the founder of Phoenix Consultancy in Istanbul. She estimated total sales at 58.4 tons, with more than half of that conducted via gold-for-foreign-exchange swaps abroad.
That amount exceeds total outflows from gold-backed exchange-traded funds tracked by Bloomberg, which were about 43 tons over the same two-week period. ETFs are one of the most popular ways for institutional and retail investors to get exposure to gold.
Turkey is especially vulnerable to inflation shocks and balance-of-payment concerns should the war in Iran prolong because it needs to import almost all of its oil and gas. Officials are already struggling to rein in an inflation rate that last registered at 31.5% in February, one of the highest in the world.
Turkish policymakers have so far responded to the crisis in the Middle East – which has sent oil prices soaring to above $100 a barrel from around $70 – by tightening liquidity, making lira funding costlier, and having state-run lenders intervene in the currency market.
The sales mark a reversal for Turkey, which has been one of the world’s most aggressive gold buyers over the past decade as it sought to reduce exposure to US dollar-denominated assets. Gold prices have fallen by about 15% this month, with investors taking profits following a strong rally since last year. They extended their drop to more than 3% on Thursday, pushing the price of gold below $4400.
According to Daniel Ghali, a commodity strategist at TD Securities, the economic shock from the war in Iran will likely dent demand for bullion from some central banks while forcing others to sell from gold reserves to meet dollar-denominated obligations.
“Outright sales are not out of the question, although we expect the broader trend to be a step-change lower in the pace of central bank accumulation for the time being,” he said.
Turkey’s sales are likely to persist: Bloomberg reported on Tuesday that Turkey’s central bank had been discussing tapping its gold reserves via gold-for-foreign currency swap transactions in the London market, as it seeks to shield the lira from steeper war-related losses.
Turkey is estimated to hold about $30 billion of those reserves at the Bank of England, which Turkey’s central bank “may decide to use for FX intervention purposes without logistical constraints,” according to a report by JPMorgan Chase & Co. economist Fatih Akcelik on Tuesday.
5. COMMODITY REPORT//
ASIAN AFFAIRS MARCH 26/2026
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS THURSDAY MORNING.7:30 AM
SHANGHAI CLOSED DOWN 42.75 PTS OR 1.09%
HANG SENG CLOSED DOWN 479.52 PTS OR 1.89%
Nikkei CLOSED DOWN 206.62 PTS OR 0.48%
//Australia’s all ordinaries CLOSED DOWN 0.66%
//Chinese yuan (ONSHORE) CLOSED DOWN 6.9036
/ OFFSHORE CLOSED DOWN AT 6.90771Oil UP TO 93.57 ollars per barrel for WTI and BRENT UP TO 105.75Stocks in Europe OPENED ALL DEEPLY IN THE RED
ONSHORE USA/ YUAN TRADING 6.9036 OFFSHORE YUAN TRADING DOWN TO 6.9077 ONSHORE YUAN TRADING ABOVE OFF SHORE AND DOWN ON THE DOLLAR// / AND THUS WEAKER/OFF SHORE YUAN TRADING DOWNAGAINST US DOLLAR/ AND THUS WEAKER
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS THURSDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN AT 6.9036
OFFSHORE YUAN: UP TO 6.9077
1.HANG SANG DOWN 479.52 POINTS OR 1.89%
2. Nikkei closed DOWN 479.52 PTS OR 1.89%
WEST TEXAS INTERMEDIATE OIL UP TO 93.57
BRENT; 105.75
3. Europe stocks SO FAR: ALL RED
USA dollar INDEX UP TO 99.50/// EURO FALLS TO 1.1558 DOWN 3BASIS PTS
3b Japan 10 YR bond yield:RISES TO. +2.275 UP 3FULL 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: 3.507 UP 1 FULL BASIS PTS. AND STILL VERY TROUBLESOME
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold DOWN /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: 6.9036( DOWN AND OFFSHORE: DOWN AT 6.9077
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and BRENT UP this morning
3h European bond buying continues to push yields LOWER on all fronts in the EMU. German 10yr bund YIELD UP TO +3.015Italian 10 Yr bond yield UP to 3.939SPAIN 10 YR BOND YIELD UP TO 3.544
3i Greek 10 year bond yield UP TO 3.872
3j Gold at $4428.00ilver at: 68.06 1 am est) SILVER NEXT RESISTANCE LEVEL AT $100.00
3k USA vs Russian rouble;// Russian rouble DOWN 1AND 33 100 roubles/82.33
3m oil (WTI) into the 93 dollar handle for WTI and 105 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 2.275% UP 3 BASIS PTS STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE NOW UNWINDING//YEN BOND TRADING OVERSEAS REPATRIATED.//JAPAN 30 YR: 3.507 UP 1 PTS..: USA/SF this 0.7916as the Swiss Franc . Euro vs SF: 0.9151
USA 10 YR BOND YIELD: 4.374 UP 5 BASIS PTS…
USA 30 YR BOND YIELD: 4.930 UP 3 BASIS PTS/
USA 2 YR BOND YIELD: 3.941UP 6 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 44.367UP 1 BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.9080 UP 7 PTS
30 YR UK BOND YIELD: 5.502 UP 7 BASIS PTS
10 YR CANADA BOND YIELD: 3.486 DOWN 18BASIS PTS
5 YR CANADA BOND YIELD: 3.129 DOWN 9 BASIS PTS.
1a New York Opening report
Stocks, Bonds Slide As Ceasefire Hopes Fade
Thursday, Mar 26, 2026 – 08:29 AM
It’s Day 27 of the war: stocks and bonds fell globally as ceasefire optimism fades given mixed messages on progress toward ending the war in Iran and growing uncertainty over Iran’s willingness to engage in talks about a ceasefire in the Middle East sent oil prices higher. Futures gapped lower just after 5am ET, when Axios reported that the Pentagon is developing military options for a “final blow” in Iran that could include ground troops. Trump urged Iran “to get serious” before it was too late but Tehran is steadfast saying no negotiations are occurring and both side rejecting each other’s deal demands as the fighting continues & more military assets arriving. As of 8:00am ET, S&P 500 futures dropped 0.9%, at session lows, with about 48 hours before a US delay in strikes on Iranian energy infrastructure expires. Nasdaq futures slumped more than 1%.In premarket trading, Mag7 names were down with all sectors lower ex-Energy. Brent resumed its advance, rising 3.8% to above $106 a barrel; Oil is on track for its biggest monthly jump in more than three decades, as the Trump administration examines potential consequences if prices spike to $200 a barrel. The move rekindled inflation fears and pushed yields higher as money markets priced in tighter monetary policy. Two-year Treasury yields rose four basis points to 3.93% as the yield curve bear flattened with yields +4 – 6bp; the 10Y yield was back up to 4.39%, pushing the USD also higher. Gold slipped below $4,450 an ounce. Today’s macro data focus is on initial / continuing claims
In premarket trading, Mag 7 stocks are all lower (Alphabet -1%, Amazon -1%, Apple -0.2%, Nvidia -1.2%, Meta -1.3%, Microsoft -0.4%, Tesla -1%)
US mining stocks fell and energy stocks rose as attacks in the Middle East continued and US President Donald Trump warned Iran to get serious about discussions “before it is too late.”
Memory-chip stocks fall in reaction to a new compression technique proposed by Google researchers that could reduce the amount of memory needed for AI workloads. Micron (MU) falls 2% while Sandisk (SNDK) declines 3%.
Equitable Holdings Inc. (EQH) gains 3% and Corebridge Financial Inc. (CRBG) rises 1.7% as the US insurers are set to merge in an all-stock deal valuing that combined business at $22 billion.
Kodiak Sciences (KOD) climbs 43% after the drug developer gave efficacy data from a late-stage trial of its experimental drug for diabetic retinopathy — a complication of diabetes that affects the eyes.
MillerKnoll (MLKN) drops 18% after the office furniture designer’s earnings forecast for the fourth quarter missed the average analyst estimate.
Navan (NAVN) rises 18% after the business travel platform reported fourth-quarter results that beat expectations and gave an outlook analysts see as both positive and conservative.
Olaplex (OLPX) rose more than 50% after Henkel agreed to buy the hair-care brand in a $1.4 billion deal.
Precigen (PGEN) jumps 15% after the biopharmaceutical company said first-quarter revenue is expected to exceed $18 million, driven by sales of its recurrent respiratory papillomatosis treatment, Papzimeos.
In other corporate news, Blackstone is said to be close to a deal to buy Rowan Digital Infrastructure, which may value the major U.S. data center developer at more than $10 billion. Novo Nordisk’s Chairman is set for an earful at the AGM after a boardroom coup, with investors pointing to recent missteps.
With markets already on edge over Iran’s unwillingness to negotiate ceasefire terms, the mood deteriorated overnight after an Axios report that the Pentagon is developing military options for a “final blow” in Iran that could include the use of ground forces and a massive bombing campaign. Trump claimed Iran was desperate for a deal to end hostilities and the White House insisted peace talks are ongoing, even as Tehran publicly rejected US overtures and issued fresh conditions of its own to end the conflict. Those included sovereign control over the Strait of Hormuz, and drafting laws to introduce tolls for safe passage.
“If Iran were to signal willingness to negotiate and an end to the closure of the Strait of Hormuz became more likely, equity markets may quickly move back to previous highs,” said Wolf von Rotberg, strategist at Bank J Safra Sarasin. “Yet Iran has so far declined all offers to talk as time is on their side.”
In AI news, memory stocks are under pressure on concerns over demand after Google researchers touted its new TurboQuant technology, a new compression technique. Bulls suggest the improved efficiency may actually increase demand, but related stocks at risk of profit taking after exponential moves in related stocks. Accenture launched Cyber.AI powered by Claude, Anthropic’s AI model.
Private credit is again in focus after Jefferies’ results missed Wall Street estimates, dragged down by losses on wayward credit bets, an Ares private credit fund posted its steepest monthly loss on record and ex-Goldman CEO Lloyd Blankfein warned of “fire” risk in private markets. In contrast, executives from Apollo, Blackstone and Blue Owl said they don’t see evidence of rising systemic risks or defaults, which is to be expected since they all run… private credit funds.
BlackRock Inc. President Rob Kapito said investors may be underestimating the risks stemming from the war, which are likely to weigh on economic growth and drive inflation higher even if the conflict ends soon.
“What if this disruption is a week, six months, a year — what is it going to mean for the companies that I own?” Kapito said. “My biggest concern is that people aren’t looking at this – they’re just making the assumption” for an optimistic outcome.
JPMorgan expects around $65 billion of equity buying and bond selling due to March-end rebalancing; Goldman sees a more modest $13 billion. Elsewhere, global investors are on track to withdraw a record amount from Asian EM equities excluding China, as surging oil prices due to the Middle East conflict cloud the region’s outlook.
The Fed’s Stephen Miran said he moved up his projection for where interest rates should end the year by half a percentage point in response to disappointing inflation data, not due to oil and Iran. A plethora of Fed speakers are on deck later today.
In politics, FHFA’s Pulte sent letters to the DOJ encouraging prosecutors to open new fraud investigations into New York Attorney General Letitia James related to real estate. G-7 energy, finance ministers and monetary policy makers will meet on Monday to discuss the situation in the Middle East. Officials in Berlin have started mapping vulnerabilities in US supply chains to identify points where Germany and its European Union partners could apply pressure.
European stocks slumped more than 1.2% as higher energy prices dampen sentiment. Stoxx 600 falls 1.2% to 580.54 with mining and technology stocks leading declines. The biggest outperformers were chemicals and personal care shares. Here are the biggest movers Thursday:
Next shares rally as much as 6.9%, the most in five months, after the clothing retailer posted annual profits that were slightly ahead of the upgraded guidance outlined in January, having boosted its outlook five times throughout the year
Comet rises as much as 4.8% after BNP Paribas double-upgrades the semiconductor equipment components supplier to outperform from underperform, citing expectations the company will benefit from a multi-year memory capex super-cycle
THG shares rise as much as 8.8%, among the top gainers in the FTSE 250 Index on Thursday morning, after the online retailer reported 2025 results and said it’s had a strong start to the new year, which support revenue and adjusted Ebitda expectations
Pollen Street rises as much as 8.4%, the most since Jan. 2025, after the alternative asset manager delivered results which Panmure Liberum says came in ahead of consensus expectations
The Stoxx 600 basic resources index is the worst-performing sector in Europe, falling as much as 3.6% on Thursday
Boliden drops as much as 19%, the most since January 2008, after providing an update on the abnormally high seismic activity that has impacted production at its key Garpenberg mine
Edenred shares drop as much as 16%, slumping to a 2016-low, after the Italian Competition Authority launched an investigation into its Italian subsidiary over possible abuse of its dominant market position in the meal voucher market
H&M slips as much as 6.6%, the most since September 2024, after the Swedish fast-fashion retail group reported weaker-than-expected current trading which analysts said overshadowed margin strength in the first quarter
Currys shares drop as much as 11%, the most in over two years, after announcing the departure of Chief Executive Alex Baldock
3i Group shares fall as much as 3.3% after sales and margin at Action, its largest portfolio company, missed analyst estimates
CSG shares fall as much as 6.7% after the recently-listed defense firm posted weaker-than-expected earnings in its Ammo+ small caliber ammunition division, though it saw a better performance in military vehicles and weapons
Asian stocks fell after two consecutive days of gains as conflicting signals from the US and Iran about their ceasefire talks turned investors cautious. The MSCI Asia Pacific Index fell as much as 1.4% before paring some declines. Shares of South Korean chipmaking giants Samsung and SK Hynix were the biggest drags on the benchmark, slumping on concerns over demand after Google researchers touted a new compression technique that can reduce memory size for large language models and vector search engines. Equity benchmarks in Hong Kong and Indonesia were among the top losers in Asia alongside the Kospi, while markets in India were shut for a holiday. Strategists at Goldman Sachs downgraded the South Asian nation’s stocks to marketweight from overweight, citing higher‑for‑longer energy prices from the war.
In FX, markets are contained compared to stocks and bonds with the Bloomberg Dollar Spot Index barely up 0.1% as the greenback posts a mixed performance versus peers.
In commodities, Brent crude is up over 3% and around the $106 per barrel mark with the US and Iran providing conflicting comments on efforts to end the war. More recently, an Axios report noted that the Pentagon is developing military options for a “final blow” in Iran.
In rates, higher energy prices are again dragging bonds lower with US yields up 4-5bps across the curve. Norwegian bonds saw further losses after the Norges Bank held rates steady but pointed towards a potential rate hike.
Spot gold and silver are on the back foot, showing respective losses of 1.5% and 4%. Bitcoin is down 1.9%.
US economic data scheduled includes weekly initial jobless claims (8:30am) and March Kansas City Fed manufacturing activity (11am). Fed speaker slate includes Cook (4pm), Miran (6:30pm), Jefferson (7pm) and Barr (7:10pm)
Market Snapshot
S&P 500 mini -0.8%
Nasdaq 100 mini -1%
Russell 2000 mini -1.2%
Stoxx Europe 600 -1.3%
DAX -1.6%
CAC 40 -1.1%
10-year Treasury yield +4 basis points at 4.38%
VIX +2.2 points at 27.51
Bloomberg Dollar Index little changed at 1212.32
euro little changed at $1.1557
WTI crude +3.4% at $93.38/barrel
Top Overnight News
The Pentagon is developing military options for a “final blow” in Iran that could include the use of ground forces and a massive bombing campaign: Axios
President Trump has told associates in recent days that he wants to avoid a protracted war in Iran and that he hopes to bring the conflict to an end in the coming weeks. The president has privately informed advisers he thinks the conflict is in its final stages, urging them to stick to the four-to-six-week timeline he has outlined publicly, according to people familiar with the matter. WSJ
Israeli officials say a US-Iran deal remains unlikely, but fear President Donald Trump could still declare a temporary ceasefire as talks continue. Jerusalem Post
Trump administration officials are examining what a potential spike in oil prices as high as $200 a barrel would mean for the economy, according to people familiar with the matter, a sign senior officials are studying the possible fallout from extreme scenarios for the Iran war. BBG
On the stage and sidelines of a global energy conference in Houston, CEOs painted a much bleaker picture: Financial markets aren’t accurately reflecting the gravity of the crisis, the war is crippling the world’s fuel supplies, and the industry’s Middle East operations are at risk, they said. WSJ
Hong Kong is weighing “big bang” tax cuts that may allow many asset managers to earn their performance fees free of all levies. FT
Norway’s central bank said it’ll probably raise its benchmark rate at one of its forthcoming meetings. Officials left it at 4% today, as expected. BBG
Germany has plans for the EU to squeeze US tech, drug supplies and manufacturers in its next dispute with Trump. The goal is to create a consensus among bloc members on how to best use their leverage. BBG
Gulf and European allies are closely watching and growing concerned about the lack of momentum towards negotiations to end the conflict or even put a ceasefire into place. CNN
An Ares-managed $23 billion private credit fund posted its steepest monthly loss on record in February. BBG
Global investors are on track to withdraw a record amount from Asian EM equities excluding China, as surging oil prices due to the Middle East conflict cloud the region’s outlook. BBG
White House confirms that US President Trump is to hold a cabinet meeting is to be held from 10:00EDT/14:00GMT on Thursday.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks traded cautiously as the geopolitical situation in the Middle East remained fluid, with mixed messages from the US and Iran about talks, while strikes persisted overnight against Iran and its regional neighbours. ASX 200 closed slightly lower with miners, tech and materials front-running declines, but with downside cushioned by gains in energy, defensives and financials, while price action was contained by a lack of data or fresh major catalysts. Nikkei 225 retreated as the rebound in oil stoked inflationary and growth concerns, given Japan’s large dependency on Middle East oil, despite the government releasing emergency oil reserves, as planned. Hang Seng and Shanghai Comp were pressured amid a deluge of earnings releases and with developer debt concerns stoked as China Vanke seeks another bond repayment delay, whilst it works on a restructuring plan.
Top Asian News
Japan’s provisional budget is seen totalling around JPY 8.6tln, according to NHK.
European bourses (STOXX 600 -1.1%) have gotten off to a softer start to Thursday’s session. The DAX 40 underperforms, hindered by poor Porsche SE (-2.6%) earnings, while the SMI outperforms with only mild losses, as Kuehne+Nagel, along with the broader shipping sector, is supported by Hapag-Lloyd earnings. European sectors are entirely in the red, with Basic Resources, yet again, sitting at the bottom of the pile as metals prices continue to fall. Technology also prints decent losses, following news stateside by Google that its new TurboQuant tech can reduce the amount of memory needed for AI workloads, which is weighing on computer memory and storage makers (ASML -3.8%).
Top European News
Spanish GDP Growth Rate QoQ Final (Q4) Q/Q 0.8% vs. Exp. 0.8% (Prev. 0.6%).
Spanish GDP Growth Rate YoY Final (Q4) Y/Y 2.7% vs. Exp. 2.6% (Prev. 2.7%).
German GfK Consumer Confidence (Apr) -28.0 vs. Exp. -26.5 (Prev. -24.7, Low. -32.2, High. -25.6).
Italian Business Confidence (Mar) 88.8 (Prev. 88.5).
Italian Consumer Confidence (Mar) 92.6 (Prev. 97.4).
Trade/Tariffs
Germany reportedly drafts a plan to hit US tech, drug supplies and companies, Bloomberg reported citing sources; officials are mapping vulnerabilities in US supply chains to apply pressure on the US.
China’s Foreign Ministry, on Trump’s China visit announcement for May 14-15th, said the two sides have maintained communication.
China Commerce Ministry will impose an additional 55% tariff on beef imports from Australia after quota threshold reached.
EU’s Dombrovskis said we have received assurances from the US that they intend to honour the trade deal.
US President Trump said Supreme Court ruling on tariffs will cost the US hundreds of millions.
FX
DXY is essentially flat and trades within a narrow 99.56-99.75 range, with price action taking a breather after a string of ceasefire related volatility. Recent reports surrounding the Middle East situation suggests that US President Trump told aides he wants a speedy end to the Iran war and wants to wrap up the conflict in the coming weeks, via WSJ. Elsewhere, Israeli Media reported that US President Trump may announce a ceasefire with Iran by next Saturday. Jobless claims and a slew of Fed speak is due throughout the day.
G10s are incrementally lower against the USD (ex-Antipodeans). Ultimately, subdued price action as markets await updates related to concrete progress on the ceasefire plan, or the risk of another bout of escalation measures. Most recently, Axios reported that Trump is preparing for a massive “final blow” against Iran. Antipodeans are at the bottom of the G10 pile this morning, with the Kiwi underperforming – pressure which follows the broader downbeat risk-tone. EUR/USD trades within a very thin 1.1547-1.1572 range, and ultimately little moved to ECB’s Nagel and de Guindos. Elsewhere, Cable is incrementally lower, as traders await commentary from BoE’s Breeden, Taylor and Greene. Focus will be on the former, given Taylor spoke last week (remained dovish), whilst Greene spoke on Wednesday.
NOK is net-unchanged in the aftermath of the Norges Bank policy announcement, where the Bank kept rates steady at 4% (as expected). There was some volatility at the time, with EUR/NOK moving higher as traders unwound outside bets of a hike. That move since entirely pared. Decision aside, focus was on the MPR and accompanying commentary was hawkish, with the Bank noting that “it will likely be appropriate to raise the policy rate at one of the forthcoming monetary policy meetings”. This was also reflected by the updated MPR, whereby the end-2026 rate is now seen at 4.35% (prev. 3.71%); 2027 was revised higher to 3.98% (prev. 3.31%), and the “terminal rate” was raised to 3.54% (prev. 3.20%).
Fixed Income
Once again, another session dictated by energy movements and the associated implications for prices and yields.
USTs are lower by 12 ticks at most, to a 110-16+ trough. If the move continues, we look to the 110-05+ mark from the 24th, and then the 109-31+ WTD base. Ahead, a handful of data points, numerous Fed speakers and supply features in a relatively busy schedule; however, geopolitics will likely continue to dictate.
Bunds in-fitting. At a 125.30 low, with losses of nearly 70 ticks at most. If the move continues, we look to support at 125.02 and then the 124.77 WTD base. For Europe, newsflow is somewhat limited, with no move to a handful of data points or ECB officials. The region’s docket ahead is a little light, and as such, action will be determined by the above US points and/or Middle East developments.
Gilts took the lead from peers and opened with losses of over 60 ticks before falling another 35 or so to a 87.73 trough. If the move continues, we look to recent bases at 87.06, 86.81 and then the contract low of 85.91. A busy BoE docket today, with Taylor and Greene scheduled; though, we have yet to see anything of pertinence from Breeden.
Commodities
Crude futures gradually edged higher overnight and held onto that strength throughout the European morning, with Brent Jun’26 printing a USD 100.96/bbl peak (vs USD 97.69/bbl low) while WTI May’26 prints a current USD 94.13-90.71/bbl range.
On the geopolitical front, US President Trump reportedly told aides that he wants a speedy end to the war and believes the conflict is in its final stages. Meanwhile, Israeli media reported that Trump may announce a ceasefire with Iran by next Saturday, even without a final agreement, while N12 News separately said the working assumption in Israel is that he could announce a ceasefire as soon as this coming Saturday. More recently, it was reported US Pentagon is reportedly preparing for a massive “final blow” of the Iran war, via Axios.
Spot gold is lower after a two-day recovery, with bullion back under USD 4,450/oz at the time of writing, giving back most of the prior session gains, amid the conflicting US and Iranian statements. Spot gold currently resides in a USD 4,412-4,544/oz range after finding support on Monday at its 200-DMA (4,091.57/oz)
Base metals are also softer, with copper under pressure as investors weigh the inflationary implications of the conflict alongside the risk of weaker global activity and softer demand. 3M LME copper resides in a USD 12,114.00- 12,276.08/t range at the time of writing.
Russian Deputy PM Novak says “we will impose a gasoline export bank if necessary”; has possibility to increase oil production if required, but investment will be needed; is already trading oil without discount, and with a premium in a number of lines.
French Commerce Minister said release of strategic oil reserves to be discussed at G7 minister meeting on Monday.
Japan begins releasing national oil reserves, as expected, according to Kyodo.
Turkish oil tanker was hit by a drone in the Black Sea near Istanbul.
Saudi Arabia’s oil sales to China and India are set to be lower-than-usual levels next month, according to Bloomberg.
Japan is reportedly to lift restrictions on coal-fired power plant operation as an emergency response to the Middle East situation for a one-year limit period, according to the Nikkei.
Philippines suspends electricity market due to Middle East conflict and proposes modified administered pricing by April 1st, cites fuel supply risks and price volatility for the suspension.
Pilbara ports in Australia said they closed the ports of Ashburton, Cape Preston West, Dampier and Varanus Island due to cyclone Narelle.
Central Banks
Norges Bank maintains its rate unchanged at 4.0% as expected; “it will likely be appropriate to raise the policy rate at one of the forthcoming monetary policy meetings”. STANCE. The Committee judges that a tighter monetary policy stance is needed to return inflation to target within a reasonable time horizon. The inflation outlook indicates that an increase in the policy rate will likely be required. The Committee therefore wants to await further information on the prospects for inflation. FUTURE POLICY. The future path of the policy rate will depend on economic developments. If the outlook indicates higher inflation than currently projected, a higher policy rate than currently envisaged may be required.
US Treasury Secretary Bessent said to have discussed ways to recast ties between the Fed and the Treasury in the Bank of England’s image, and praises BoE’s market intervention capabilities, according to FT.
ECB’s de Guindos said the outbreak for the Iran war has made the growth and inflation outlook significantly more uncertain, sharp increase in energy prices poses upside risks for inflation and downside risks for economic growth. ECB is well positioned to navigate this uncertain period.
ECB’s Nagel said the ECB will have enough data by April to determine if they need to act or whether to wait and see.
ECB hopes to look through energy price shock from Iran war and Lagarde said it’s too early to know the impact of the Iran war, while it sees rates steady if shock is temporary but may hike rates twice if energy shock is persistent, according to FT.
BoE’s Breeden (neutral) says firms and workers are likely to have less price and wage bargaining power, so second round effects less likely.
BoJ Governor Ueda said large JGB holding doesn’t make policy adjustments difficult, adds conducting policy to achieve price stability target.
RBA Assistant Governor Kent said the board will set monetary policy to achieve low and stable inflation and full employment. Will continue to assess the countervailing forces operating on the economy. Middle East conflict has tightened financial conditions. The longer the conflict persists, the larger the economic impacts will be.
CNB Minutes (Mar): Ready to tighten policy if core inflation rises, agreed a rate hike is premature now.
UBS expects the Fed to deliver two 25bps cuts in September and December (prev. saw cuts in June and September).
Geopolitics
US Pentagon reportedly prepares for massive “final blow” of Iran war, Axios reported. The Pentagon developing military options for a “final blow” in Iran that could include the use of ground forces and a massive bombing campaign. Options include: Invading or blockading Kharg Island; Invading Larak, an island that helps Iran solidify its control of the Strait of Hormuz; seizing the strategic island of Abu Musa and two smaller islands, which lie near the western entrance to the strait and are controlled by Iran but also claimed by the UAE; Blocking or seizing ships that are exporting Iranian oil on the eastern side of the Hormuz Strait.
Pakistan Foreign Minister says US-Iran indirect talks are taking place through messages being relayed by Pakistan.
US President Trump says NATO nations have done absolutely nothing to help with Iran.
US Pentagon is considering diverting Ukraine military aid to the Middle East, WaPo reported. Comes as the war in Iran depletes some of the US military’s most critical munitions, according to sources cited.
US President Trump said Iran is negotiating and wants a deal, but is afraid to say so, adds no one in Iran wants to be Supreme Leader right now.
Iran’s Foreign Minister said Iran’s current policy is to continue resistance in the face of ongoing unprovoked American-Israeli aggression while ruling out negotiations and ceasefire in the absence of required guarantees, according to Press TV. Vessels belonging to “friendly countries” including China, Russia, India, Iraq and Pakistan had been allowed to pass through the Strait of Hormuz.
IRGC has reportedly imposed a de facto ‘toll booth’ regime in the Strait of Hormuz, requiring vessels to submit full documentation, obtain clearance codes and accept IRGC-escorted passage through a single controlled corridor, according to Lloyd’s List.
US Central Command said USS Abraham Lincoln aircraft carrier continues to carry out strikes on military targets in Iran, while CENTCOM also said most of the Iranian facilities used to build missiles, drones and warships, are badly damaged or destroyed.
Iranian-linked Handala Hack Group say they have “initiated a new phase of Operation Lockheed Martin (LMT)”, said Co. employees have 48 hours to respond, Mehr News reported.
Pakistani official said Israel took Iran’s Foreign Minister Araghchi and Parliamentary Speaker Ghalibaf off the hit list after Pakistan requested the US not to target them.
Iran targeting an American fuel supplier, according to a report cited by Tasnim.
The IRGC naval commander was eliminated in Bandar Abbas, according to the Jerusalem Post citing an Israeli source.
Hezbollah said it targeted headquarters of Israel’s Ministry of Defense with missiles on Thursday and barracks affiliated with the military intelligence department of Israel’s army in the north of Tel Aviv, was also one of the targets of the operation.
Egypt’s Foreign Minister said Cairo is ready to host talks to support de-escalation between US and Iran, and backs President Trump’s push for negotiations, adding he hopes there will be direct talks between the two sides.
UAE Foreign Minister discussed developments in the region and the repercussions of Iran’s missile attacks on the UAE and brotherly countries in a call with foreign ministers of Pakistan, Britain, Spain, France and Kazakhstan.
Local sources say huge explosions occurred in the Amir Sultan Air Base in Saudi Arabia following drone attacks.
Explosions heard in Iranian cities of Isfahan and Bandar Abbas.
Arab sources report a loud explosion was heard in the capital of the UAE, according to SNN.
Israel’s Ben Gurion airport halts all operations amid Iranian missile barrage, according to Press TV.
Russia’s Kremlin says “we have not lost interest in peace talks”; territory is one issue that has not been settled.
Ukrainian President Zelensky said Ukraine does not see any genuine desire from Russia to end the war.
Russia attacked damaged ports and energy infrastructure in Ukraine’s Odesa region, according to the regional governor.
UK authorises armed forces to board Russian shadow fleet tankers in British waters, according to The Guardian.
US Event Calendar
8:30 am: United States Mar 21 Initial Jobless Claims, est. 210k, prior 205k
8:30 am: United States Mar 14 Continuing Claims, est. 1849k, prior 1857k
4:00 pm: United States Fed’s Cook Speaks on Financial Stability
6:30 pm: United States Fed’s Miran Speaks on Balance Sheet
7:00 pm: United States Fed’s Jefferson Speaks on the US Economy
7:10 pm: United States Fed’s Barr in Moderated Conversation
DB’s Jim Reid concludes the overnight wrap
As we go to press this morning, oil prices are moving higher again, with Brent crude up +1.86% overnight to $104.12/bbl. Several factors are responsible, but a big one is that Iran have continued to reject the messages from the US about some kind of deal, raising questions about whether there is really an off-ramp to the conflict in the days ahead. Indeed, market attention is quickly turning to the end of Trump’s 5-day deadline from Monday, when he said he’d postpone strikes against Iranian power plans and energy infrastructure. So that’s just over 48 hours away now, and multiple outlets have reported that thousands of US troops have been sent to the region. So the prospect of a fresh escalation is still top of mind for investors.
That shift in sentiment has hit global markets this morning, with futures on the S&P 500 (-0.20%) and the DAX (-0.49%) both lower, whilst 10yr Treasury yields (+2.6bps) are back up to 4.36%. Indeed, the 2yr Treasury yield (+3.1bps) is currently at 3.91%, the highest since July. Meanwhile in Asia, the major equity indices have lost ground as well, with the Nikkei (-0.52%), the Hang Seng (-1.43%), CSI 300 (-0.62%), Shanghai Comp (-0.67%) and the KOSPI (-2.70%) all falling back. Moreover, Japanese bond yields have continued to rise, with the 2yr JGB yield (+3.2bps) up to 1.32% this morning, which is the highest it’s been since 1996. So it’s a tough morning across the board.
For markets, the issue is there’s still plenty of doubt about whether a US-Iran deal can be reached, given how Iran have publicly rejected the US on several occasions. So that’s seen markets become increasingly sceptical about positive headlines from the US side, because we haven’t seen similar noises from Iran. For a sense of the difference, it’s been widely reported that the US have a 15-point plan, which includes the dismantling of Iran’s nuclear facilities and reopening the Strait of Hormuz. That hasn’t been confirmed by the White House, but Press Secretary Leavitt said there were elements of truth to the reports. Meanwhile, CNN reported yesterday that Vice President JD Vance might travel to Pakistan this weekend for a meeting to discuss an off-ramp. And White House Press Secretary Leavitt said that the US was engaged in “productive conversations”. So all that suggested some kind of progress towards a ceasefire.
By contrast, we’ve had much more negative rhetoric on the Iranian side. Indeed, oil prices moved higher after Iran’s Fars News cited sources who said the moves by Trump to start indirect talks were illogical and not viable at this stage. Then, Iran’s Press TV cited an official who said Iran would end the war when it chose, and when its conditions were met, including security guarantees and recognition of Iran’s authority over the Strait of Hormuz. Later on, Reuters also reported that Iran has demanded for Lebanon to be involved in any ceasefire, implying an end to Israel’s offensive against Hezbollah. So by the close, that meant Brent crude had risen from $97.30/bbl during the European morning to end the US session at $102.22/bbl, before its latest climb this morning to $104.12/bbl.
Before that, markets had seen a more positive session yesterday when oil prices were lower, as that helped to ease concerns on the extent of any inflation shock. So that led investors to dial back their expectations for rate hikes this year, which in turn helped bonds and equities on both sides of the Atlantic. For the Fed, that meant just 4bps of hikes were priced for this year by the close, down -1.8bps on the day. And for the ECB, the probability of a hike at the next meeting in April came down from 86% to 62% by the close.
For the ECB, that shift in market pricing followed comments from ECB President Lagarde, who said they would “not act before we have sufficient information on the size and persistence of the shock and its propagation”. So that offered some reassurance against an imminent hike, although she also said they were “prepared, if appropriate, to make changes to our policy at any meeting”. Separately, we also had the latest Ifo business climate indicator from Germany, which fell to a 13-month low of 86.4 in March (vs. 86.3 expected). So again, that cemented investor conviction that the European economy was slowing down given the conflict, in line with what the flash PMIs had shown the previous day.
Given all that, sovereign bonds rallied across Europe, with yields on 10yr bunds (-7.0bps), OATs (-10.6bps) and BTPs (-11.6bps) all posting large falls. Moreover, 10yr UK gilts (-11.7bps) saw a decent decline as well, despite some upside surprises in the latest CPI print yesterday. That showed headline CPI remained at +3.0% in February, as expected, but core CPI unexpectedly moved up to +3.2% (vs. +3.1% expected). And in the US it was a similar story, with yields falling back as investors priced in less inflation and fewer rate hikes. So the 2yr yield (-0.4bps) fell to 3.9%, and the 10yr yield (-3.0bps) fell to 4.33%. Interestingly, that also pushed the 2s10s Treasury curve down to 44bps, which is the flattest it’s been since July.
For equities, it was a decent session across the board yesterday too. In the US, the S&P 500 (+0.54%) advanced, and remains on track for its first weekly gain since the strikes began, having risen +1.31% over the three days so far this week. That gain was supported by a decent performance for the Magnificent 7 (+0.78%), whilst small-caps in the Russell 2000 (+1.23%) hit a two-week high. Those moves came as the VIX index (-1.62pts to 25.33) eased to its lowest level since last Thursday. Meanwhile, gold (+0.68%) posted back-to-back gains for the first time in three weeks.
Over in Europe, the STOXX 600 (+1.42%) also did well, posting a third consecutive advance for the first time since the strikes began, taking it up to a one-week high. And that was echoed elsewhere, with the DAX (+1.41%), the CAC 40 (+1.33%) and the FTSE MIB (+1.48%) all posting solid gains.
Looking at the day ahead, data releases include the US weekly initial jobless claims, the Kansas City Fed’s manufacturing index for March, and the Euro Area money supply for February. Central bank speakers include the Fed’s Cook, Miran, Jefferson and Barr, along with the ECB’s de Guindos and Muller, and the BoE’s Breeden, Taylor and Greene.
1b European opening report
1c Asian opening report
A possible ceasefire announcement on Saturday fails to support risk sentiment – Newsquawk EU Market Open
Thursday, Mar 26, 2026 – 02:53 AM
US President Trump told aides he wants a speedy end to the Iran war and wants to wrap up the conflict in the coming weeks, while he informed advisers that he thinks the conflict is in the final stages.
Israeli media reported that US President Trump may announce a ceasefire with Iran by next Saturday, even without reaching a final agreement, while a separate report noted the working assumption in Israel is that Trump may announce a ceasefire by this coming Saturday, according to N12 News.
Yemen’s Houthis are ready to enter the field and take control of the Bab al-Mandab Strait, according to a Tasnim Telegram citing sources.
White House confirmed that US President Trump is to hold a Cabinet meeting from 10:00EDT/14:00GMT today.
APAC stocks traded cautiously; European equity futures indicate a lower cash market open with Euro Stoxx 50 futures down 0.8%.
Looking ahead, highlights include German GfK (Apr), Spanish GDP Final (Q4), US Initial Jobless Claims (Mar/21), and Norges Bank Policy Announcement. Speakers include ECB’s de Guindos, BoE’s Breeden, Taylor & Greene, Fed’s Cook, Miran, Jefferson & Barr, BoC’s Rogers. Supply from the US.
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IRAN CONFLICT
US President Trump said Iran is negotiating and wants a deal, but is afraid to say so, while he added that no one in Iran wants to be Supreme Leader right now and that the US is decimating them.
US President Trump told aides he wants a speedy end to the Iran war and wants to wrap up the conflict in the coming weeks, while he informed advisers that he thinks the conflict is in the final stages. However, some people close to Trump are urging him to go harder, saying regime change in Iran could be legacy-defining, according to WSJ.
US President Trump rejected Israeli PM Netanyahu’s idea to call for an Iranian uprising, according to Axios.
Israeli media reported that US President Trump may announce a ceasefire with Iran by next Saturday even without reaching a final agreement, while a separate report noted the working assumption in Israel is that Trump may announce a ceasefire by this coming Saturday, according to N12 News.
White House Press Secretary said Iranian ballistic missiles and drone attacks are down, while they are very close to meeting objectives of the Iran operation with the US military ahead of schedule on the Iran operation. She also said the Iranian regime is looking for an exit ramp and that Iran wants to talk, with Trump willing to listen.
US and Israel temporarily removed Iranian Foreign Minister Araghchi and Parliament Speaker Ghalibaf from the target list for up to four or five days, according to WSJ reports.
US Central Command commander said the US military targeted more than 10,000 military targets inside Iran, and military operations have contributed to reducing the launch of Iranian drones and missiles by 90%. CENTCOM also said that USS Abraham Lincoln aircraft carrier continues to carry out strikes on military targets in Iran and that most of the Iranian facilities used to build missiles, drones and warships, are badly damaged or destroyed
Iran’s Supreme Leader Mojtaba Khamenei is said to be alive, according to a Western source quoted by Channel 12.
Iranian President Pezeshkian said all decision-makers are united on the war and its management under the guidance of the country’s Supreme Leader, while he added that internal unity is a support for effective management, overcoming crises and securing national interests.
Iranian Foreign Minister Araghchi said the US has failed in its war goals, including quick victory and change of regime, while the message to the neighbouring countries is to distance themselves from the US and said Tehran showed the world that no country can threaten its security. He also said Iran is not seeking war and wants a permanent end to the conflict, as well as noted that Tehran demands a permanent end to the war and compensation for destruction. Furthermore, he said there are no talks with the US and that the US is sending messages through different mediators, but added the exchange of messages via Mediators “does not mean negotiation with the US”.
Iran’s Foreign Minister said Iran’s current policy is to continue resistance in the face of ongoing unprovoked American-Israeli aggression while ruling out negotiations and a ceasefire in the absence of required guarantees. He also stated that vessels belonging to “friendly countries”, including China, Russia, India, Iraq and Pakistan, had been allowed to pass through the Strait of Hormuz.
Iranian Parliament Speaker Ghalibaf said intelligence suggests enemies of Iran are preparing to occupy an Iranian Island with support from a regional country, while he warned that any regional country aiding enemies to seize Iran’s islands will face severe reprisal.
Iran has been laying traps and moving additional military personnel and air defences to Kharg Island in recent weeks in preparation for a possible US operation to take control of the island, according to CNN citing sources.
Iran confirmed it is drafting a law to impose Strait of Hormuz transit tolls, according to Fars News Agency. It was also reported that the IRGC has imposed a de facto ‘toll booth’ regime in the Strait of Hormuz, requiring vessels to submit full documentation, obtain clearance codes and accept IRGC-escorted passage through a single controlled corridor, according to Lloyd’s List.
Some Iranian officials said that Iran was considering meeting with US negotiators in Islamabad, Pakistan, over the next week to discuss Trump’s proposal, but would not entertain a temporary cease-fire, according to NYT.
Iran is being less strident in private talks to end the war than it is in public, giving them hope the diplomatic effort isn’t dead on arrival, according to WSJ citing Arab mediators and other sources.
Iran’s attacks have forced US troops to work remotely, as Iran has severely damaged several US military bases in the Middle East, according to NYT citing sources.
Lamerd International Airport in Fars province was attacked by the US and Israel without any casualties.
Iran said US officials are misleading the public and manipulating the media to justify the legal war.
Iran reportedly told intermediaries that Lebanon must be included in any ceasefire agreement.
Iran’s ambassador to Japan said the US and Israel have taken the global energy market hostage, and there is no unilateral imposition of a peace plan, while the ambassador added that Japan is a friend of Iran and Iran trusts Japan.
Iranian Revolutionary Guard said air defences have shot down an American F-18 fighter jet. In relevant news, Fars News Agency released statistics claiming 202 planes have been shot down so far by Iranian defences.
Russia is close to completing a phased shipment of drones, medicine and food to Iran, according to Western intelligence reports cited by FT.
Israeli PM Netanyahu’s advisor said that the goal is to remove the Iranian regime threat.
Israeli officials said chances of a detailed US-Iran deal are slim, but a framework agreement remains viable and Israel must prepare for it, according to Channel 12.
IDF said it carried out a large wave of attacks on the Iranian regime’s infrastructure in Isfahan.
Israel’s Ben Gurion airport halted operations amid an Iranian missile barrage, according to Press TV.
Hezbollah said it targeted the headquarters of Israel’s Ministry of Defence with missiles and targeted barracks affiliated with the military intelligence department of Israel’s army in the north of Tel Aviv.
Islamic Resistance in Iraq said it conducted 23 operations in the past 24 hours in which dozens of drones were used against enemy bases in Iraq and the region. Furthermore, Iraqi media reported missile and drone attacks on facilities and bases of the US and separatist groups in the Kurdistan region of Iraq.
A loud explosion was heard in the capital of the UAE, while the UAE Ministry of Defence announced activation of the country’s defence system to counter Iran’s missile and drone attacks, according to Tasnim.
Explosions reported at US bases in Bahrain and Saudi Arabia, while explosions were also reported at bases housing US military in Kuwait and the UAE.
UAE Foreign Minister discussed developments in the region and the repercussions of Iran’s missile attacks on the UAE and brotherly countries in a call with foreign ministers of Pakistan, Britain, Spain, France and Kazakhstan
Joint statement by Kuwait, UAE, Saudi Arabia, Bahrain, and Jordan called on Iraq to take necessary measures to stop attacks launched against neighbouring countries from Iraqi territory. It was also reported that the Gulf Cooperation Council Secretary said that if Iranian aggressions intensify, they will increase the pace of self-defence and are hoping that current efforts will put an end to Iranian aggression against the Gulf countries.
Egypt’s Foreign Minister said Cairo is ready to host talks to support de-escalation between the US and Iran, and backs President Trump’s push for negotiations, while he hopes there will be direct talks between the two sides.
Yemen’s Houthis are ready to enter the field and take control of the Bab al-Mandab Strait, according to a Tasnim Telegram citing sources.
Iranian-linked Handala Hack Group said they have “initiated a new phase of Operation Lockheed Martin (LMT)”; said Co. employees have 48 hours to respond, Mehr News reported.
US TRADE
EQUITIES
US stocks closed in the green on Wednesday but off the earlier peaks, as the driver of price action was the reported progress in moving to peace in the US/Iran war after the US sent a 15-point peace plan and ceasefire proposal to Iran, although the optimism did fade as Iran said it did not accept the proposal and gave in turn its own demands.
Nonetheless, the US said they are still awaiting Iran’s response, while Iran’s Foreign Minister toed the line that no talks with the US are ongoing, but added that the US is sending messages through different mediators, and noted that an exchange of messages via mediators does not mean negotiation. It is still a fluid situation amid the conflicting reports between both sides, but the market has taken it as a step in the right direction at least.
SPX +0.54% at 6,592, NDX +0.67% at 24,163, DJI +0.66% at 46,428, RUT +1.23% at 2,536.
US President Trump said the Supreme Court ruling on tariffs will cost the US hundreds of millions.
NOTABLE HEADLINES
Fed’s Miran (voter) said the inflation side of the mandate has been so problematic due to measurement issues, and the job market has been in an extended streak of getting weaker, while he added that the economy could use additional support from monetary policy. Miran also commented that the oil price surge has “spooked” people, and central banks usually should look through an oil shock, while he doesn’t see a wage price spiral forming.
US Treasury Secretary Besant is said to have discussed ways to recast ties between the Fed and the Treasury in the Bank of England’s image, and praised the BoE’s market intervention capabilities, according to FT
White House confirmed US President Trump is to hold a Cabinet meeting from 10:00EDT/14:00GMT today.
APAC TRADE
EQUITIES
APAC stocks traded cautiously as the geopolitical situation in the Middle East remained fluid, with mixed messages from the US and Iran about talks, while strikes persisted overnight against Iran and its regional neighbours.
ASX 200 closed slightly lower with miners, tech and materials front-running declines, but with downside cushioned by gains in energy, defensives and financials, while price action was contained by a lack of data or fresh major catalysts.
Nikkei 225 retreated as the rebound in oil stoked inflationary and growth concerns, given Japan’s large dependency on Middle East oil, despite the government releasing emergency oil reserves, as planned.
Hang Seng and Shanghai Comp were pressured amid a deluge of earnings releases and with developer debt concerns stoked as China Vanke seeks another bond repayment delay, whilst it works on a restructuring plan.
US equity futures gradually declined amid cautiousness in Asia and uncertainty regarding Middle East peace talks.
European equity futures indicate a lower cash market open with Euro Stoxx 50 futures down 0.8% after the cash market closed with gains of 1.2% on Wednesday.
FX
DXY traded rangebound amid a lack of FX-moving catalysts and following the recent mixed signals from US and Iran about talks, which Iran’s Foreign Minister Araghchi denied were taking place, but stated the US sent messages through mediators, and that the exchange of messages does not mean negotiations, while US President Trump insisted that Iran is negotiating and wants a deal, but is afraid to say so. Nonetheless, the strikes across the Middle East continued overnight, including in Iranian cities and several US bases in the region.
EUR/USD remained lacklustre and languished beneath the 1.1600 handle as the Iran conflict and energy crisis risks impacted the economy, while the recent bout of ECB rhetoric did little to support the single currency.
GBP/USD price action was subdued amid economic headwinds from the war in the Middle East and after having ultimately failed to benefit from the latest inflation report, while there are several BoE speakers scheduled for today.
USD/JPY retained a firmer footing above the 159.00 level, with momentum helped by recent dollar strength and a rebound in oil prices.
Antipodeans lacked demand amid the overall cautious risk appetite and absence of any pertinent data releases.
PBoC set USD/CNY mid-point at 6.9056 vs exp. 6.9108 (Prev. 6.8911)
FIXED INCOME
10yr UST futures steadily retreated and yields gained alongside higher oil prices, and with demand also contained ahead of supply, including a 7yr note auction stateside.
Bund futures extended its pullback from the 126.00 level amid the ongoing geopolitical uncertainty and heading into German GfK data.
10yr JGB futures retreated as the higher oil price environment pushes yields upwards and supports the case for BoJ policy normalisation, while prices were not helped by Services PPI data for Japan and the enhanced liquidity auction for short- to super-long JGBs.
COMMODITIES
Crude futures gradually edged higher overnight amid the ongoing fluid situation regarding US-Iran peace talks, as Iran’s Foreign Minister Araghchi continued to deny that talks are taking place, but stated the US is sending messages through different mediators, and noted the exchange of messages via mediators “does not mean negotiation with the US”. Conversely, the White House said the Iranian regime is looking for an exit ramp and that Iran wants to talk, while US President Trump said Iran is negotiating and wants a deal, but is afraid to say so.
Turkish oil tanker was hit by a drone in the Black Sea near Istanbul.
UAE’s ADNOC CEO met with US VP Vance and discussed the fact that energy security equals global security, and said restoring free passage through the Strait of Hormuz is the only durable solution to stabilising global markets.
Japan began releasing national oil reserves, as expected, while Japanese Finance Minister Katayama said oil prices and oil futures are having the largest-ever impact on markets.
Philippines suspended the electricity market due to the Middle East conflict and proposed modified administered pricing by April 1st, citing fuel supply risks and price volatility for the suspension.
Spot gold gradually declined as oil and yields edged higher following the mixed messages from the US and Iran.
Russian President Putin banned the export of gold bars weighing over 100 grams from the Russian Federation as of May 1st, with a number of exceptions, according to Tass.
Copper futures were pressured with demand not helped by the negative risk appetite in Asia, including for the red metal’s largest buyer, China.
Pilbara ports in Australia announced the closure of the ports of Ashburton, Cape Preston West, Dampier and Varanus Island due to cyclone Narelle.
CRYPTO
Bitcoin retreated during the session with prices dipping back beneath the USD 71,000 level.
NOTABLE ASIA-PAC HEADLINES
BoJ Governor Ueda said their large JGB holding doesn’t make policy adjustments difficult, while he added they are conducting policy to achieve the price stability target.
BoK Board Member Lee said the economy faces comprehensive challenges, including heightened risks to inflation and growth due to the war in the Middle East, while he added the BoK is to cooperate with the government on market-stabilising measures if needed.
DATA RECAP
Japanese Services PPI (Feb) 2.7% vs Exp. 2.6% (Prev. 2.6%)
GEOPOLITICS
RUSSIA-UKRAINE
Ukrainian President Zelensky said Ukraine hopes to agree long-term drone deals with most Gulf nations.
Ukraine said the US offered to finalise security guarantees if Ukraine withdraws from Donbas, while it added that a withdrawal from Donbas would be high risk for Ukraine and for Europe.
UK authorised armed forces to board Russian shadow fleet tankers in British waters, according to The Guardian.
OTHER
China’s top legislator said they should reject conflict and confrontation, while he called for respect of sovereignty and non-interference in other countries’ affairs.
North Korean leader Kim met with Belarus President Lukashenko, according to KCNA.
EU/UK
NOTABLE HEADLINES
ECB hopes to look through the energy price shock from the Iran war and Lagarde said it’s too early to know the impact of the Iran war, while the ECB sees rates steady if the shock is temporary but may hike rates twice if the energy shock is persistent, according to FT.
4.EUROPEAN AND SCANDINAVIAN AFFAIRS + NATO
DENMARK
1 MILLION MUSLIM MIGRANTS DESTOYS DENMARK:
(zerohedge)
Danish PM Resigns After Disastrous Election Losses For Social Democrats
Thursday, Mar 26, 2026 – 02:45 AM
When challenging progressives to give an example of a socialized welfare state that actually works, they will invariably bring up Denmark with its extensive public subsidy programs. However, the Dutch system only functions when the population is small and generally homogeneous (mostly European). In the past decade, the far-left Dutch government under the Social Democrats has allowed over 1 million migrants to enter the country with a population of only 5 million.
The non-western population of Denmark is now 10% (or more), and a large percentage of this immigration is Muslim. For such a tiny country, this kind of abrupt demographic change can be destabilizing. The government was forced to respond with tougher restrictions on asylum and tighter controls on border.
They have also instituted measures to prevent third world “no-go” zones – Third world immigrants have a tendency to pack into small areas and “tribalize” neighborhoods, making those areas into colonized enclaves. The level of complaints from these people in the face of common sense immigration reforms is telling. They see Europe as an open buffet; a place where they are entitled to feed until their buttons burst. They cannot comprehend the idea that they could be limited in any way.
The Dutch population does not feel that the restrictions imposed by Social Democrats are enough. They want deportations. Critics argue that the party only decided to take the immigration issue seriously after growing pressure from the public, along with the threat of election defeat. Their actions were too little too late and the Social Democrats were pummeled in the latest election.
Danish Prime Minister Mette Frederiksen on Wednesday submitted her government’s resignation to the king after her three-party coalition suffered a crushing defeat in the general election, the royal palace said in a statement. Parties are set to launch potentially tough negotiations to determine whether the next government will be formed by Frederiksen or another party leader.
Socialist Democrats ran largely on geopolitical issues, including their handling of the Trump Administration’s attempted purchase of Greenland (Denmark still maintains extensive control over Greenland’s political and economic affairs).
Frederiksen called the snap election in late February 2026 partly to capitalize on a temporary poll boost from her “firm stance” against Trump’s comments regarding Greenland. She also assumed her strong support for Ukraine and increased defense spending would win over the voters. However, her plan backfired.
Once the short campaign began, domestic “bread-and-butter” issues overwhelmingly dominated the agenda for the Social Democrats and most other parties. They probably should have taken into account popular polls. A recent Gallup poll in Denmark found that 54.5% of Danes are “completely in disagreement” or “in disagreement” with the statement that Islam is compatible with Danish values.
Only about 17.4% (3.3% “completely in agreement” + 14.1% “in agreement”) think it is compatible, with the rest neutral or unsure. The same survey showed 33.3% of Danes view Muslim immigrants as a threat to the country. The right-wing “Blue-Bloc” gained 8 seats, bringing their total to 77. The right-wing bloc’s overall seat increase was driven mainly by the strong recovery of the Danish People’s Party, reflecting continued voter concern over immigration, integration, and welfare sustainability.
The core issue of the Blue Bloc is deportations of incompatible migrant groups; a subject which progressive parties traditionally refuse to address, but one that is becoming increasingly important for the success of any political party in the west.
END
GERMANY
KOLBE
GERMAN ECONOMY IN A MESS!
Germany’s Economy At The Point Of No Return
Thursday, Mar 26, 2026 – 02:00 AM
Submitted by Thomas Kolbe
If anyone still needed a concrete figure to illustrate the dramatic state of the German economy, the Federal Statistical Office has now delivered it. The country’s investment ratio is negative, as depreciation exceeds nominal investments. Slowly but surely, the lights are going out.
Public discourse in Germany often sounds monocaudal and lacks complexity. Regardless of which social conflicts, administrative difficulties, or economic issues are being debated, for the majority of Germans, the state is not the cause of many problems but the ultimate solution.
A majority of Germans regularly fall for the statist-arguing snake-oil salesmen of the major party cartel beyond the firewall. The solutions that Chancellor Friedrich Merz and his junta of green, red, and dark-red socialists apply to every problem arising from the long-term recession are simple and resonate with voters – as we have seen recently in Baden-Württemberg and Rhineland-Palatinate.
To put it bluntly: more of the same medicine, more state intervention, more regulation, all intended to cover up the loss of control in the fundamental areas of our time – migration, the definition of our social system, and the organization of the economic framework.
It sounds so simple, socially warm, yet resentment-laden: higher taxes on the wealthy, squeezing heirs harder. Fundamentally, Donald Trump and Vladimir Putin are blamed for the energy crisis. Once these childish narratives are established, it’s eyes closed and full speed ahead on the path of green transformation, which has paralyzed the economy. Germany’s economy is running on wear and tear, consuming its own substance just to stay afloat.
This statist mindset, cultivated since reunification, comes at a cost. Economists call it “crowding-out,” which can be observed everywhere. Private-sector engagement is being crowded out by the NGO complex, green subsidy entrepreneurs, and all the incentive hunters who offer no real products or services on the market but are very adept at exploiting public funding.
Meanwhile, the real economy, the free private sector, is packing its bags. The widespread investment restraint of private industry spans all sectors. Whether in mechanical engineering, automotive, or chemicals, companies are retreating and increasingly investing abroad. In 2024, over €60 billion in net direct investment was withdrawn from Germany, down from €120 billion previously.
The data point released by the Federal Statistical Office on Tuesday is more than alarming. It proves that the situation has long passed the point of no return. This crisis is no longer avoidable. The statisticians in Wiesbaden reported the lowest net capital formation ratio since the chaos year of 1990: minus 0.23% of GDP. The figure shows that depreciation exceeded net investment – in other words, depreciation outstripped the renewal of the capital stock.
Germany’s infrastructure, building stock, and industrial capital are eroding over time and are not being maintained. It is clear that an economy unable to renew its capital stock in a market-conform, competitive way is falling behind. People are impoverishing, and society risks severe social upheavals.
It is baffling and evidence of deep-seated cognitive dissonance not to recognize the collapse of German industry for what it is: the dismantling of our prosperity. Since 2018, Germany’s industrial sector has lost about one-fifth of its production volume. This is not a normal recession – it is the fall as the table’s last-place finisher, potentially followed by the immediate insolvency of the entity.
Germany now survives on wear and tear, consuming its own substance while remaining silent to avoid confronting these threatening facts. The hospitality industry, a prime indicator of private household purchasing power, lost around four percent in real turnover last year and started this year at least two to three percent weaker. Households are holding on to their money.
The self-inflicted energy crisis, which now accelerates in public awareness through the Strait of Hormuz, has caused a shock. Yet it has evidently not been enough to produce political course corrections at the ballot box.
German statism has deeply embedded itself into the collective consciousness through the state education system, state-aligned media, and the constant barrage of green-socialist NGOs. This naive faith in the state is a deeply rooted, metapolitical anchor that cannot be easily uprooted.
In the Federal Republic, there is a real risk that society, in the coming years of crisis, will increasingly follow socialist charlatans. They present a painless therapy of simple wealth redistribution as a solution. It is as if a cancer patient, still with a chance of recovery, entrusted themselves to flower remedies, stubbornly refusing to confront the severity of the disease, its causes, and realistic treatment options.
Free media and truly independent academia are now called upon to counter this socio-political super-GAU – the return to complete socialist barbarism, which is becoming increasingly evident. Only a few media outlets, such as Tichys Einblick, are standing up against this decay.
The statist portion of commentary glorifies the nonsense fed into public discourse by pseudo-economists such as Marcel Fratscher of the German Institute for Economic Research. All of them, in one way or another, hang like puppets on the strings of state institutions and have no economic incentive to side with the libertarian renegades.
* * *
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
ISRAEL/USA VS IRAN
Iran Says “No Talks With US… Which Has Failed In War Goals” – Warns Of “Relentless” Response To Any Island Campaign
Wednesday, Mar 25, 2026 – 04:00 PM
Summary
Iranian FM says there are no talks with the US, wants a permanent end to the conflict; Tehran demands a permanent end to the war and compensation for destruction. Ghalibaf warns against island campaign.
Central Command Says Nearly 300 US Military Troops Injured in Iran War
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 large 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.”
* * *
Tehran Issues Ominous Warning Against Potential Island Campaign
Iran has threatened to attack any country which assists in future possible US assault on strategic islands which lie off Iran, amid reports that President Trump could order American troops to force open the Strait of Hormuz.
The parliament speaker, who is increasingly someone being looked to as de facto running the country at this point, has warned “all the vital infrastructure of that regional country [which assists] will, without restriction, become the target of relentless attacks. The WSJ has a quite interesting and unexpected bit of fresh reporting concerning Mohammad-Bagher Ghalibaf:
The U.S. and Israel have temporarily removed two senior Iranian officials from their list of officials to eliminate as they explore possible peace talks, U.S. officials said. Iranian parliamentary speaker Mohammad-Bagher Ghalibaf and Foreign Minister Abbas Araghchi have been removed from the target list for up to four or five days as President Trump opens the door to high-level negotiations for ending the war, the officials said. Mediators from Turkey, Pakistan and Egypt are pushing for U.S. and Iranian negotiators to meet in the next day to discuss pausing the war for peace talks, but officials said the odds of success are low as there are major gaps between U.S. and Iranian demands.
And more:
Iran FM: No Talks Happening with US, Which has ‘Failed’ in Goals
Amid constant speculation of which side’s narrative on ‘talks’ is more accurate, Iran’s Foreign Ministry sought to make clear “there are no talks with the US.” FM Abbas Araghchi declared that the US and Israel have “failed” in their “war goals including quick victory and change of regime. He further stated Tehran is seeking a permanent end to the war (so on its terms), and so clearly the earlier ’15 points’ won’t cut it from Iran’s perspective.
This ‘clarification’ has moved oil sharply up:
According to more from the breaking statement:
Iranian Foreign Minister says there are no talks with the US; Iran is not seeking war, wants a permanent end to the conflict; Tehran demands a permanent end to the war and compensation for destruction
US is sending messages through different mediators.
Exchange of messages via Mediators “does not mean negotiation with the US”.
Iran’s foreign minister says US has failed in its war goals including quick victory and change of regime; message to the neighboring countries, distance yourself from the US; No talks with the US
Tehran showed the world that no country can threaten its security.
WSJ: Talks are Longshot But ‘Not Dead’
The US offered its reported 15 points, while Iran has countered with five, but has not issued them directly to Washington. WSJ says that Iran’s private stance may be more conciliatory and up for flexibility: “Iran is being less strident in private discussions to end the war than it is in public, Arab mediators and other people familiar with the matter said, giving them hope the diplomatic effort they are trying to spark isn’t dead on arrival,” it writes.
“The odds of success remain low, with Iran and the U.S. staking out maximalist demands that are unacceptable to the other side, the mediators said,” continues WSJ. “But while Iranian state media said Tehran has rejected the U.S. proposal to end the war, it is still listening as mediators try to work out compromise language that would at least open the door for the two sides to meet in the next couple of days, the mediators said.” Stocks briefly responded positively to the headline.
More Threats to Impose Steep Economic Costs on West
More threats concerning Red Sea shipping: An Iranian military source has warned via Tasnim that “If the enemy wants to carry out an operation in the territory of the Iranian islands or anywhere else in our territory or through maritime movements to cause damage to Iran in the Persian Gulf and the Sea of Oman – we will open additional fronts for it as a surprise, so that its operation not only will not benefit it but will also cause it double expenses.”
The source emphasized, “The Bab al-Mandab Strait is considered one of the world’s most strategic straits, and Iran possesses both the will and the ability to generate a credible threat against it. Therefore, if the Americans want to think about a foolish solution to the Strait of Hormuz, they should beware of not adding trouble and embarrassments to themselves in another strait.”
Adding a final warning, the source declared, “Iran is fully prepared to escalate the situation. If the enemy has doubts and lacks the sense to learn from its experiences, it can try us again like in the case of the Abdullah and more.”
Bushehr Nuclear Power Plant Attacked Again Tuesday Night, Reports Confirm
Another highly dangerous escalation as Iran’s Bushehr Nuclear Power Plant has once again come under attack, Iran’s state media has said.
Citing the Atomic Energy Organization of Iran, PressTV now confirms a projectile struck the facility Tuesday evening (local), denouncing it as an act of ‘terrorism’ against the Islamic Republic’s civilian infrastructure.
A prior attack on the plant occurred on March 5, raising significant concerns over issues like potential nuclear and radiation. Iran has reportedly been targeting Dimona in southern Israel.
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”. Other Iranian officials have called it a “list of impossible wishes”. CNN is meanwhile reporting Wednesday that Trump admin officials are working to arrange a meeting in Pakistan this weekend to seek out an offramp to the war, according to senior officials, but the timing remains fluid. Which side is actually in the driver’s seat here?
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.”
Official casualty latest per Pentagon: 232 U.S. service members have been injured since the start of the conflict, a U.S. Central Command spokesperson has said. Of those, 207 have returned to duty and 10 are seriously wounded. At least 13 have been killed.
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.
ISRAEL TBN
ISRAEL VS IRAN
No talks’: Tehran doesn’t want to negotiate with US, Iranian FM Aragchi says
Araghchi also claimed that the exchange of messages through mediators doesn’t constitute a negotiation between the countries, with Iran seeking a permanent end to the conflict.
Iranian Foreign Minister Abbas Araghchi (C) participates in the traditional Quds Day rally in the capital Tehran on March 13, 2026.(photo credit: Fatemeh Bahrami/Anadolu via Getty Image)ByJERUSALEM POST STAFF, REUTERSMARCH 25, 2026 21:17Updated: MARCH 26, 2026 02:22
Iranian Foreign Minister Abbas Araghchi said on Wednesday that there are currently no talks between Iran and the US, Reuters reported.
Araghchi told Iran’s Press TV that the exchange of messages through mediators doesn’t constitute a negotiation between the countries, and that Tehran’s leadership has no intention of holding talks with the US after reviewing its latest proposal.
The Iranian minister also assured that Iran “is not seeking war and wants a permanent end to the conflict.”
Inside the Israel-Iran war: AI, missiles and military coordination
Iran’s Foreign Minister Abbas Araghchi addresses a special session of the Conference on Disarmament at the United Nations, aside of US-Iran talks in Geneva, Switzerland, February 17, 2026 (credit: REUTERS/PIERRE ALBOUY)
Earlier on Wednesday, Press TV cited an Iranian official saying that the US proposal to end the war was “excessive,” and that Tehran will end the war only at a time of its own choosing and if its conditions are met.
An Iranian official confirmed to Reuters that the response to the US proposal was not positive and that Tehran was still reviewing it. The official also said that Tehran’s initial response has been delivered to Pakistan for conveyance to Washington.
Additionally, Iran has told intermediaries that Lebanon must be included in any ceasefire agreement with the US and Israel, six regional sources familiar with Iran’s position said.
US didn’t receive an official response from Iran
Axios reported that, according to a US official, the Trump administration had not yet received any official messages from Iran rejecting the offer.
ISRAEL VS IRAN
Live Updates: Israeli strike kills IRGC Navy chief, Iran launches six missile barrages in two hours
IDF soldier killed in southern Lebanon • Kuwait, Saudi Arabia face drone attacks from Iran as two killed in UAE • Israeli officials see ‘low chance’ of US-Iran deal
(illustrative) A missile is launched during an annual drill in the coastal area of the Gulf of Oman and near the Strait of Hormuz, Iran.(photo credit: REUTERS)
Strike kills IRGC Navy chief Tangsiri in Strait of Hormuz, Israeli official tells ‘Post’
Tangsiri, who has led the IRGC Navy since August 2018, had taken an increasingly aggressive stance in recent weeks regarding Iran’s actions in the Gulf.
IRGC Navy chief Alireza Tangsiri stands in front of a map depicting the Strait of Hormuz, pictured in 2020; illustrative.(photo credit: TASNIM NEWS AGENCY/WIKIMEDIA COMMONS)ByAMICHAI STEIN, TOBIAS SIEGAL, YONAH JEREMY BOBMARCH 26, 2026 10:14Updated: MARCH 26, 2026 11:18
Strike kills IRGC Navy chief Tangsiri in Strait of Hormuz, Israeli official tells ‘Post’
Tangsiri, who has led the IRGC Navy since August 2018, had taken an increasingly aggressive stance in recent weeks regarding Iran’s actions in the Gulf.
IRGC Navy chief Alireza Tangsiri stands in front of a map depicting the Strait of Hormuz, pictured in 2020; illustrative.(photo credit: TASNIM NEWS AGENCY/WIKIMEDIA COMMONS)ByAMICHAI STEIN, TOBIAS SIEGAL, YONAH JEREMY BOBMARCH 26, 2026 10:14Updated: MARCH 26, 2026 11:18
A strike killed the head of the Islamic Revolutionary Guard Corps’ Navy, Alireza Tangsiri, in Bandar Abbas, adjacent to the Strait of Hormuz, an Israeli official told The Jerusalem Post on Thursday.
It was not immediately clear whether Tangsiri was killed in a strike carried out by Israel or the US, or under what circumstances.
While not directly confirming the strike, Israeli defense sources did not deny the report.
Slain commander took increasingly aggressive stance
Tangsiri, who has led the IRGC Navy since August 2018, had taken an increasingly aggressive stance in recent weeks regarding Iran’s actions in the Gulf, particularly around the Strait of Hormuz.
Last week, he threatened retaliation against US facilities in the region, warning civilians and workers to stay away.
“Our list of targets is updated. Oil facilities associated with America are now on par with American bases and will come under fire with full force,” Tangsiri said at the time.
The US has said repeatedly that eliminating Iran’s naval capabilities was a top priority. Since the war began, the US is believed to have taken out around 100 vessels used by the Islamic Republic of Iran Navy and the IRGC.
This is a developing story.
END
IRAN/USA
US deploys 82nd Airborne as Trump warns Iran to pursue diplomacy or face force
At the center of Trump’s buildup is the 82nd Airborne Division and two amphibious ready groups, a move that experts suggest is aimed directly at Iranian strategic interests.
US President Donald Trump speaks during a meeting with Japanese Prime Minister Sanae Takaichi (not pictured) in the Oval Office at the White House in Washington, DC, US, March 19, 2026.(photo credit: REUTERS/EVELYN HOCKSTEIN)ByAMICHAI STEINMARCH 26, 2026 13:36Updated: MARCH 26, 2026 13:52
As US President Donald Trump issued a threat to the Iranian leadership to “start getting serious about the diplomatic option”, the United States has been mobilizing a number of elite units to the Middle East, signaling that if diplomacy fails, a “conquest” strategy would be ready for activation.
At the center of Trump’s buildup is the 82nd Airborne Division and two amphibious ready groups, a move that experts suggest is aimed directly at Iranian strategic interests, such as Kharg Island in the Persian Gulf.
The 82nd Airborne Division, often referred to as the “911” of the US Army, is recognized for its ability to be anywhere on the globe within 18 hours, and it’s currently positioning its command staff in the Middle East. Their mission is to provide a rapid-entry force capable of seizing airfields and holding territory until heavy reinforcements arrive.
Sleeper cells, a new supreme leader, and Iran on the brink
The 82nd Airborne, nicknamed the “All American” division, has carried a legacy that spans from the dark hours of D-Day in 1944 to the recent 2021 evacuation of Kabul.
Vice-Admiral (ret.) Bob Harward, former deputy chief US Central Command (CENTCOM), emphasized the division’s unique lethality. “It’s a fighting force; it’s an infantry division that’s air-dropped onto land,” Harward said. “You can take large numbers of people and put them on the ground very quickly. They parachute into the operation, and no one can really stop them from getting on the ground.”
An IAF F-35 participates in Operation Roaring Lion, March 5, 2026. (credit: ISRAEL AIR FORCE)
Trump ups pressure on Iran as US readies airborne, amphibious assault forces
Supporting the airborne entry are the USS Boxer and USS Tripoli amphibious assault groups, which have been carrying thousands of Marines and a complement of F-35 stealth fighters. These “mini-carriers” are designed specifically for the “ship-to-shore” maneuvers that have defined American power projection for decades.
“It’s a uniquely American capability and skill set,” Harward told the Post. “We designed this amphibious capability because no one could stop us from coming ashore with that method.”
The deployment comes as the Trump administration has been weighing military contingencies to secure critical energy infrastructure. Kharg Island, a primary hub for Iranian oil exports, has been cited as a potential target for such a “Plan B.”
According to Harward, the geography of the island and region plays into the hands of the US forces. “There’s risk associated with any boots-on-the-ground situation,” he noted, “but what makes this [Kharg Island] more palatable and easier is that it’s a small island. You can watch everything on the island, know what the threats are that your forces would deal with when they come ashore.”
Harward explained that the ability to isolate such a target significantly decreases the dangers typically associated with ground invasions. “There are a lot of ways to minimize the risk of taking the island,” he added.
The logistics of such an operation would involve multiple layers of forces working together. “They would send vehicles that float and drive off the ships to establish a foothold,” Harward described. “There could be SEALs going on before to survey the beachfront, determine the best landing, and then bring those forces ashore from the ships.”
While the White House continues to speak of diplomatic solutions, the movement of these forces suggests that a military ground is no longer just a theoretical exercise. If activated, it would mark the first significant US ground operation for territorial conquest in over two decades.
END
ISRAEL/IRAN THURSDAY MORNING
UPDATES
Trump Tells Iran ‘Get Serious’ About Negotiations Or ‘No Turning Back’ As WH Mulls Plans For ‘Final Blow’
Thursday, Mar 26, 2026 – 08:15 AM
Summary
White House, Pentagon reviewing options for ‘final blow’ as Trump tells Iranians ‘get serious’ about talks, which they’ve rejected.
Trump said to want ‘speedy end to war’ (WSJ) while at the same time warning Tehran of ‘no turning back’ if it doesn’t negotiate.
Israel says it has killed Alireza Tangsiri, commander of Iran’s Islamic Revolutionary Guard Corps navy.
Iran “laying Traps” & “building up defenses” on Kharg Island; NYT report says 13 US regional bases largely ‘uninhabitable’ in wake of Iran ballistic missile retaliation on Gulf.
* * *
‘Final Blow’
President Trump on Thursday is on the one hand calling on Iran “to get serious soon” in negotiations with the US “before it is too late” – while on the other he’s said to be mulling plans for a “final blow” in the military campaign. Axios writes that several possibilities are being considered, all which point toward serious escalation and in some cases even ground troops. All but one of the below “final blow” options carry the potential for US to get stuck in Iran for years:
— Seize or blockade Kharg Island (Iran’s main oil export hub).
— Invade/control Larak Island (key to Strait of Hormuz control).
— Take Abu Musa + nearby islands (strategic entrance to the strait).
— Block or seize Iranian oil tankers in the region.
— Launch massive airstrikes on nuclear/energy sites.
Axios elsewhere reminds: “Trump’s five-day pause on strikes against Iranian energy infrastructure expires Saturday, and a dramatic military escalation will grow more likely if no progress is made in diplomatic talks, particularly if the Strait of Hormuz remains closed.”
Negotiations or ‘No Turning Back’
Meanwhile, below are a couple of the latest Iran-related Truth Social posts by President Trump, at a moment Iran has made clear it will reject direct talks until its ‘five conditions’ are met. Iran has said it won’t be “fooled again” and even though Trump has declared ‘success’ and that Iran has been “militarily obliterated, it’s clear that Tehran has serious strategic leverage given its de facto control of the Hormuz Strait.
Trump threatens in all caps that if Iran doesn’t relent then there is “no turning back” – however, the WSJ is at the same time reporting Trump has told aides he wants a speedy end to the war.
“President Trump has told associates in recent days that he wants to avoid a protracted war in Iran and that he hopes to bring the conflict to an end in the coming weeks,” WSJ writes.
The publication continues, “Nearly one month into the war, the president has privately informed advisers he thinks the conflict is in its final stages, urging them to stick to the four-to-six-week timeline he has outlined publicly, according to people familiar with the matter. White House officials planned a mid-May summit with Chinese leader Xi Jinping in Beijing with the expectation that the war would be concluded before the meeting begins, some of the people said.”
And then it states the obvious which should have been known before Operation Epic Fury was launched: “The problem is Trump has no easy options for ending the war, and peace negotiations are at a nascent stage.” Certainly all of the above-mentioned ‘final blow’ options all carry extreme risk of quagmire (which might make the Iraq and Afghan wars easy by comparison). Path to offramp or more massive escalation coming?
Israel says one of its air strike has killed Alireza Tangsiri, commander of Iran’s Islamic Revolutionary Guard Corps navy, in another reported top-level death. Defense Minister Israel Katz described the strike was carried out on Wednesday night “in a precise … operation” and targeted other “senior officers of the naval command.” He played a central role in controlling the strategically vital Strait of Hormuz and recently issued direct warnings to Israel and the United States, including threats to close the waterway; however, just like all Iran’s military commanders, he’ll likely soon be replaced.
Overnight and in the last 24 hours, Iran has targeted more key refineries in Saudi Arabia and Kuwait, which Gulf states have described as a “brutal aggression” against the global economy. Gulf Cooperation Council officials said the situation is an “international responsibility,” warning that “what is a threat today will grow” and stressing that oil supply chains must be protected.
Reminder: Israel keeps an ‘assassination list’ and has reportedly removed these two men from it, to leave room for negotiations, apparently. Below: Mohammad-Bagher Ghalibaf and Iranian Foreign Minister Abbas Aragchi
The GCC called for de-escalation, stating their goal is a “diplomatic solution” to end the attacks, at a moment Pakistan, Turkey, and Egypt are said to be seeking mediation to get peace talks off the ground. “Our main message to our partners in the world is to send an international message, a unified message to Iran to stop immediately and unconditionally their attacks against the GCC countries.” They added their objective is not to “destroy” Iran but to build a “good relationship,” warning that “the deterioration of the situation in the Arab Gulf will be a warning that will exceed the Gulf area.”
Casualties in Iran: Iran’s Deputy Health Minister Ali Jafarian said at least 1,937 people have been killed during the war, including 240 women and 212 children. He added that at least 24,800 people have been injured, including around 4,000 women and 1,621 children.
Meanwhile Iran continues to send steady missiles and drones on Israel, with mounting Israeli casualties and much infrastructure, cities, and neighborhoods suffering severe damage.
’13 US Regional Bases Uninhabitable’: NYT
…Something analysts suspected was the case over the course of the last weeks of expanding war: “Many of the 13 military bases in the region used by American troops are all but uninhabitable, with the ones in Kuwait, which is next door to Iran, suffering perhaps the most damage.” This is based on statements by unnamed US defense officials who admit they’ve had to scramble to find ‘alternative’ housing and office solutions for personnel.
The revelation comes on the heels of the Islamic Revolutionary Guards Corps (IRGC) having earlier warned that if American troops are ‘stationed’ in hotels or civilian office complexes, then those hotels and locations effectively become targets.
The Times report suggests that the US saw early fatalities and casualties (CENTCOM figures say 13 dead and some 300 injuries thus far) in part due to lack of preparedness for such a robust Iranian ballistic missile retaliation on US regional bases.
Iran “Laying Traps” & “Building Up Defenses” On Kharg Island
Iranian forces are said to be “laying traps” and “building up defenses” on Kharg Island, in preparation for a possible US ground attack and takeover. Iran has recently bolstered its defenses around Kharg Island, anticipating a possible US move to seize the key oil export hub, CNN reported this week. The island is vital to Iran’s economy, handling roughly 90% of its crude shipments, and has become a focal point in escalating tensions.
There is also growing skepticism among US allies and policymakers about whether capturing the island would achieve its broader objective. Even some Republicans are starting to publicly push back against any possible plans involving ground forces.
* * *
More headlines and latest developments:
Iranian state TV quoted an anonymous official saying Tehran rejected the plan delivered via Pakistan and will “end the war when it decides to do so and when its own conditions are met”.
Iranian FM: “At present, our policy is the continuation of resistance. We do not intend to negotiate – so far, no negotiations have taken place, and I believe our position is completely principled.”
The White House said the US is “very close to meeting the core objectives in Iran” and warned Donald Trump is prepared to “unleash hell” if Iran does not accept defeat.
Trump said negotiations are under way and claimed Iran wants “to make a deal so badly” but that “they’re afraid to say it, because they figure they’ll be killed by their own people”.
VP Vance may travel to Pakistan this weekend for potential talks with Iran.
Iran has threatened to disrupt the Bab el-Mandeb Strait—the vital Red Sea route connecting the Mediterranean with MENA and Asia—if attacks target its territory or islands.
Iran attacked a power plant in Israel; the state monopoly said there was no infrastructure damage.
Iran said the US and Israel attacked the vicinity of the Bushehr nuclear plant.
Media coverage of potential Kharg Island takeover scenarios has intensified in the past 24 hours.
Iran’s parliament is working on a bill to impose fees on ships in the Strait of Hormuz.
The Israeli military said it carried out a “wide-scale wave of strikes on Iran” this morning.
The Telegraph: Russia has begun arming Iran with drones in the first known transfer of lethal munitions from Moscow to Tehran since the war began.
The United Kingdom is discussing with global partners “a viable plan” to secure maritime traffic in the Strait of Hormuz.
END
LATE MORNING THURSDAY
Diplomacy Has Not Stopped, Iran Says, While Vowing To Continue The Fight; Trump Mulls Plan To Deliver ‘Final Blow’
Thursday, Mar 26, 2026 – 10:15 AM
Summary
Iran rejects US plan but says diplomacy continues (indirectly, apparently) – White House, Pentagon reviewing options for ‘final blow’ as Trump tells Iranians ‘get serious’ about talks.
Trump said to want ‘speedy end to war’ (WSJ) while at the same time warning Tehran of ‘no turning back’ if it doesn’t negotiate.
Israel says it has killed Alireza Tangsiri, commander of Iran’s Islamic Revolutionary Guard Corps navy.
Iran “laying Traps” & “building up defenses” on Kharg Island; NYT report says 13 US regional bases largely ‘uninhabitable’ in wake of Iran ballistic missile retaliation on Gulf.
‘Diplomacy has Not Stopped’ – Iran says while saying No Direct Talks
Iran is confirming that only within the last 24 hours it formally received the US ’15-point’ plan via Pakistani mediators, but stated its assessment that it is “one-sided and unfair”. Iran has also slammed the proposals as ‘deceptive’. So in effect little has changed from reports earlier this week.
There is still no arrangement for negotiations, no realistic plan for talks at this moment, state media conveyed further on Thursday. However, there also this from state Tasnim: “Diplomacy has not stopped, if realism prevails within the US, then a way forward could be found.” Previously Tehran media stated “An informed source told Tasnim that Iran’s response to the 15 articles proposed by the US was officially sent last night through intermediaries.” So there’s ‘hope’ for an offramp through what are so far only indirect talks, but then Iran is also vowing to keep fighting, after some reports Tehran leaders are ready for a ‘long war’:
IRAN REJECTS U.S. PROPOSAL DELIVERED VIA MEDIATOR, VOWS TO CONTINUE FIGHTING
Slight dip in oil on the headlines:
‘Final Blow’
President Trump on Thursday is on the one hand calling on Iran “to get serious soon” in negotiations with the US “before it is too late” – while on the other he’s said to be mulling plans for a “final blow” in the military campaign. Axios writes that several possibilities are being considered, all which point toward serious escalation and in some cases even ground troops. All but one of the below “final blow” options carry the potential for US to get stuck in Iran for years:
— Seize or blockade Kharg Island (Iran’s main oil export hub).
— Invade/control Larak Island (key to Strait of Hormuz control).
— Take Abu Musa + nearby islands (strategic entrance to the strait).
— Block or seize Iranian oil tankers in the region.
— Launch massive airstrikes on nuclear/energy sites.
Axios elsewhere reminds: “Trump’s five-day pause on strikes against Iranian energy infrastructure expires Saturday, and a dramatic military escalation will grow more likely if no progress is made in diplomatic talks, particularly if the Strait of Hormuz remains closed.”
Negotiations or ‘No Turning Back’
Meanwhile, below are a couple of the latest Iran-related Truth Social posts by President Trump, at a moment Iran has made clear it will reject direct talks until its ‘five conditions’ are met. Iran has said it won’t be “fooled again” and even though Trump has declared ‘success’ and that Iran has been “militarily obliterated, it’s clear that Tehran has serious strategic leverage given its de facto control of the Hormuz Strait.
Trump threatens in all caps that if Iran doesn’t relent then there is “no turning back” – however, the WSJ is at the same time reporting Trump has told aides he wants a speedy end to the war.
“President Trump has told associates in recent days that he wants to avoid a protracted war in Iran and that he hopes to bring the conflict to an end in the coming weeks,” WSJ writes.
END
IRAN/THURSDAY
Iran “Laying Traps” And “Building Up Defenses” On Kharg Island, Preparing For U.S. Ground Attack
Thursday, Mar 26, 2026 – 09:05 AM
Iran has recently bolstered its defenses around Kharg Island, anticipating a possible US move to seize the key oil export hub, CNN reported this week. The island is vital to Iran’s economy, handling roughly 90% of its crude shipments, and has become a focal point in escalating tensions.
The Trump administration has explored the option of sending US forces to take control of the island as leverage to pressure Iran into reopening the Strait of Hormuz. But military officials caution that such an operation would carry serious risks. Iran has reinforced the island with additional air defense systems, including portable missiles, and has planted mines along likely landing zones.
There is also growing skepticism among US allies and policymakers about whether capturing the island would achieve its broader objective. Even if successful, it may not resolve the wider dispute over energy flows and could instead intensify the conflict. An Israeli source warned that US troops could face attacks from drones and shoulder-fired missiles if they attempt a landing.
“I would be very worried about this,” said retired Adm. James Stavridis. “Iranians are clever and ruthless. They will do everything they can to inflict maximum casualties on US forces both on the ships at sea, and especially once ground troops are anywhere in their sovereign territory.”
CNN writes that Iran has responded with its own warnings. Parliament speaker Mohammad Bagher Ghalibaf said any attempt to occupy Iranian territory would prompt retaliation against critical infrastructure in the region, adding that US troop movements are under close watch.
Despite its relatively small size—about one-third of Manhattan—Kharg Island would require a substantial military operation to capture. US forces in the region include Marine units trained for amphibious assaults, along with airborne troops preparing to deploy. Surveillance has shown newly fortified positions and defensive preparations on the island.
Although earlier US strikes weakened parts of Iran’s defenses, American forces would still face significant threats from missiles and drones launched from the nearby mainland. This has led to internal debate in Washington over whether the potential benefits justify the risks.
Regional allies are urging restraint, warning that a ground assault could result in heavy casualties and trigger wider retaliation across the Gulf. Some analysts suggest that targeting Iran’s oil exports through a naval blockade could be a less risky alternative to putting troops on the ground.
END
THURSDAY AFTERNOON
IRAN/ISRAEL
Hegseth Declares ‘Pentagon Will Keep Negotiating With Bombs’ – Trump Seeks To Assure War Ending ‘Soon’
Thursday, Mar 26, 2026 – 11:15 AM
Summary
Iran rejects US plan but says diplomacy continues (indirectly, apparently) – White House, Pentagon reviewing options for ‘final blow’ as Trump tells Iranians ‘get serious’ about talks. Hegseth: we’ll “negotiate through bombs”.
Trump said to want ‘speedy end to war’ (WSJ) while at the same time warning Tehran of ‘no turning back’ if it doesn’t negotiate. Cabinet meeting hails ‘successes’ while saying war to ‘end soon’, confirms 15-point plan delivered via Pakistanis.
Israel says it has killed Alireza Tangsiri, commander of Iran’s Islamic Revolutionary Guard Corps navy.
Iran “laying Traps” & “building up defenses” on Kharg Island; NYT report says 13 US regional bases largely ‘uninhabitable’ in wake of Iran ballistic missile retaliation on Gulf.
President Trump in a rambling review of the Iran war situation didn’t add too much that’s new. He said the US is engaged diplomatically with the Iranians, who are “sick” people who he says were bent on getting a nuclear weapon. At one point Trump stated the Iranians were just “two to four weeks away” from achieving a nuclear weapon, apparently in reference to the June war. Trump says “the conflict with Iran will end soon, it won’t be long. Had to take a little detour.” He had several times mentioned that Israel was under direct threat, and later said they “would have come after us (America) next.” And a new deadline before strike on Iranian energy/power infrastructure starts?
TRUMP ASKED ON NEW IRAN DEADLINE: I’LL ANNOUNCE IT
TRUMP: OIL PRICES, STOCK MARKET DROP HAVEN’T BEEN THAT ‘SEVERE’
TRUMP: TAKING CONTROL OF IRAN OIL AN OPTION
TRUMP ON IRAN, HORMUZ: I HAVE A FEELING IT’LL BE CLEANED QUICK
Vice President Vance briefly offered some specifics, in terms of revealing the White House’s view of the mission, declaring that the “Iranian conventional military is effectively destroyed” and “this gives the US options”. This means, Vance said, that we “have the ability to use every tool in the US’ disposal to ensure Iran never has a nuclear weapon.” The the meeting, the White House confirmed that it presented a 15-point peace plan to Tehran via Pakistani mediators.
Witkoff: in an address, the Trump envoy declared that “Iran has miscalculated” after the Iranians “repeatedly rebuffed the US’ requests in discussions; they have been stalling. No doubt the US is making all possible efforts towards a resolution.” Finally, he said we have warned Iran “don’t miscalculate again”. Witkoff emphasized, “We will see where things lead.” Pentagon chief Pete Hegseth later added: “The Department of War will continue negotiating with bombs.”
‘Diplomacy has Not Stopped’ – Iran says while saying No Direct Talks
Iran is confirming that only within the last 24 hours it formally received the US ’15-point’ plan via Pakistani mediators, but stated its assessment that it is “one-sided and unfair”. Iran has also slammed the proposals as ‘deceptive’. So in effect little has changed from reports earlier this week.
There is still no arrangement for negotiations, no realistic plan for talks at this moment, state media conveyed further on Thursday. However, there also this from state Tasnim: “Diplomacy has not stopped, if realism prevails within the US, then a way forward could be found.” Previously Tehran media stated “An informed source told Tasnim that Iran’s response to the 15 articles proposed by the US was officially sent last night through intermediaries.” So there’s ‘hope’ for an offramp through what are so far only indirect talks, but then Iran is also vowing to keep fighting, after some reports Tehran leaders are ready for a ‘long war’:
IRAN REJECTS U.S. PROPOSAL DELIVERED VIA MEDIATOR, VOWS TO CONTINUE FIGHTING
Slight dip in oil on the headlines:
‘Final Blow’
President Trump on Thursday is on the one hand calling on Iran “to get serious soon” in negotiations with the US “before it is too late” – while on the other he’s said to be mulling plans for a “final blow” in the military campaign. Axios writes that several possibilities are being considered, all which point toward serious escalation and in some cases even ground troops. All but one of the below “final blow” options carry the potential for US to get stuck in Iran for years:
— Seize or blockade Kharg Island (Iran’s main oil export hub).
— Invade/control Larak Island (key to Strait of Hormuz control).
— Take Abu Musa + nearby islands (strategic entrance to the strait).
— Block or seize Iranian oil tankers in the region.
— Launch massive airstrikes on nuclear/energy sites.
Axios elsewhere reminds: “Trump’s five-day pause on strikes against Iranian energy infrastructure expires Saturday, and a dramatic military escalation will grow more likely if no progress is made in diplomatic talks, particularly if the Strait of Hormuz remains closed.”
Negotiations or ‘No Turning Back’
Meanwhile, below are a couple of the latest Iran-related Truth Social posts by President Trump, at a moment Iran has made clear it will reject direct talks until its ‘five conditions’ are met. Iran has said it won’t be “fooled again” and even though Trump has declared ‘success’ and that Iran has been “militarily obliterated, it’s clear that Tehran has serious strategic leverage given its de facto control of the Hormuz Strait.
Trump threatens in all caps that if Iran doesn’t relent then there is “no turning back” – however, the WSJ is at the same time reporting Trump has told aides he wants a speedy end to the war.
“President Trump has told associates in recent days that he wants to avoid a protracted war in Iran and that he hopes to bring the conflict to an end in the coming weeks,” WSJ writes.
END
IRAN/USA BASES IN KUWAIT BAHRAIN ETC
’13 US Bases Uninhabitable’: Pentagon Admits Much Of Iran War Overseen By Personnel ‘Working Remotely’
Thursday, Mar 26, 2026 – 12:20 PM
The New York Times really buried the lede in a fresh report entitled “Iran’s Attacks Force US Troops to Work Remotely.” With the report noting that before the Iran war started the Pentagon had some 40,000 troops in the region, we are told that many have been widely dispersed due to the Iranian retaliatory bombing campaign on the Gulf, even as far as Europe, and must ‘work remotely’.
Somehow readers expect they are about to read a story mainly about how troops are now confined to hotels and office spaces throughout the region: “So now much of the land-based military is, in essence, fighting the war while working remotely, with the exception of fighter pilots and crews operating and maintaining warplanes and conducting strikes,” NY Times writes.
But then several paragraphs in comes a huge confirmation of what many analysts suspected was the case over the course of the last weeks of expanding war: “Many of the 13 military bases in the region used by American troops are all but uninhabitable, with the ones in Kuwait, which is next door to Iran, suffering perhaps the most damage.” This is based on statements by unnamed US defense officials who admit they’ve had to scramble to find ‘alternative’ housing and office solutions for personnel.
The revelation comes on the heels of the Islamic Revolutionary Guards Corps (IRGC) having earlier warned that if American troops are ‘stationed’ in hotels or civilian office complexes, then those hotels and locations effectively become targets.
“We are forced to identify and target the Americans,” the IRGC intelligence arm earlier stated, according to state Tasnim. “Therefore, it is better not to shelter them in hotels and to stay away from their locations,” the ominous message added, while calling on local Muslims to report on the American “hiding places”.
The Times report meanwhile suggests that the US saw earlier fatalities and casualties (CENTCOM figures say 13 dead and some 300 injuries thus far) in part due to lack of preparedness for such a robust Iranian ballistic missile retaliation on US regional bases.
The report goes so far as to say the situation is already worse than that of prior Iraq and Afghan wars in terms of danger to ‘front line’ bases and exposure to enemy fire:
While Bagram Air Base in Afghanistan and the U.S. Embassy in Baghdad, for example, were often targeted in suicide bombings and other attacks, neither the Taliban nor Iraqi militias possessed the kind of ballistic missile capability that Iran has.
During the war in Iraq in particular, the United States built up its bases there and in Kuwait, Bahrain, Saudi Arabia and Qatar. Now, the war in Iran has made all of those bases vulnerable — to the point where service members can’t really live or work there for extended periods, military officials said.
As for why this information wasn’t disclosed within the first three weeks of war, there have been reports that the Pentagon and Trump administration is downplaying negative developments while boosting only positive stories of battlefield successes.
The public was blocked from an accurate assessment also due to open source satellite image firms agreeing to censor their own data and imaging.
As for running a war over Iran while many CENTCOM units have been forced to relocate, the NYT report cites Pentagon officials who bluntly admit that “The result, according to current and former military officials, is a war that is much harder to prosecute.”
This of course is another big hurdle in terms of US grand strategy (assuming there is one in the first place), given already Iran has some major advantages of geography related to long term leverage, which has been obvious given the de facto closure of the Strait of Hormuz.
END
ISRAEL VS IRAN THURSDAY AFTERNOON
Explosions heard across Tehran after IDF announces wave of strikes on regime terror targets
Targets included regime launching sites, weapon manufacturing sites in Isfahan and Parchin, as well as a Quds Force site in central Iran.
An Israel Air Force F-15 fighter jet flies over the outskirts of Tel Aviv on March 20, 2026.(photo credit: ILIA YEFIMOVICH / AFP via Getty Images)ByJERUSALEM POST STAFFMARCH 26, 2026 19:53Updated: MARCH 26, 2026 20:39
Explosions were heard across Tehran and Karaj City on Thursday, according to Iranian state media, after the IDF announced earlier on Thursday that it had completed a wave of strikes across Tehran, as well as central and western Iran.
Over the past 24 hours, 20 IDF strikes were conducted across western Iran, targeting regime launching sites. These included strikes in Kermanshah and Dezful, targeting weapons storage and launching sites intended for ballistic missiles and aerial defense systems, also eliminating regime operatives within the sites.
In addition, over 60 IAF fighter jets, acting on IDF intelligence, dropped over 150 munitions to eliminate key Iranian weapon production sites in Tehran and central Iran over the course of Thursday.
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The IDF also struck Iran‘s primary missile and defense system production facility in Parchin, as well as a factory for casting and filling warheads with explosive materials.
An additional site for mixing and casting ballistic missile engines was also targeted, along with a manufacturing site for critical components used in developing solid-fuel ballistic missiles.
An excavator clears rubble from destroyed buildings in northern Tehran on March 23, 2026. (credit: AFP VIA GETTY IMAGES)
Central Iranian targets struck overnight included a Quds Force production site and military defense system in Isfahan, as well as various weapon production sites.
The strikes mark a total of 15,000 Iranian targets hit since Operation Roaring Lion began on February 28, with the daily target count dropping from the initial 1,000 to fewer than 100.
Tehran residential area struck by US-Israeli airstrikes
A residential area in Tehran was reportedly hit by US-Israeli airstrikes on Tuesday night, international media reported.
According to CNN, the Red Crescent shared a video on its Telegram channel early Wednesday, showing the impact site where buildings were damaged, and piles of rubble were visible as rescuers worked in the area.
In one of the videos, a rescuer can be heard saying, “The entire upper floor has collapsed.” Another video shows a rescue dog sniffing through the debris while a worker observes.
“As you can see, this residential neighborhood has been hit. Behind me, you can see the result of the Israeli and US airstrikes that struck this home,” one emergency responder explains in the video.
The US and Israel have not claimed responsibility for the strikes.
END
ISRAEL IRAN UPDATES/LATE THURSDAY AFTERNOON
Iran Hardliners Push For Nukes Amid Tehran’s Demands That US Scale Back Ceasefire Conditions
Thursday, Mar 26, 2026 – 01:35 PM
Summary
Iran rejects US plan but says diplomacy continues (indirectly, apparently) – White House, Pentagon reviewing options for ‘final blow’ as Trump tells Iranians ‘get serious’ about talks. Hegseth: we’ll “negotiate through bombs”. Trump asserts Iran is begging for a deal.
Trump touts “present” of several tankers allowed by Tehran through Strait,while at the same time warning Tehran of ‘no turning back’ if it doesn’t negotiate. Cabinet meeting hails ‘successes’ while saying war to ‘end soon’, confirms 15-point plan delivered via Pakistanis.
Iranian hardliners ramp up call to get nuclear weapons, Reuters reports. Israel says it has killed Alireza Tangsiri, commander of Iran’s Islamic Revolutionary Guard Corps navy.
Iran “laying Traps” & “building up defenses” on Kharg Island; NYT report says 13 US regional bases largely ‘uninhabitable’ in wake of Iran ballistic missile retaliation on Gulf.
This can’t be good for anyone hoping that the escalatory rhetoric being hurled between the waring sides would be dialed down a notch: Reuters is freshly reporting that hardliners inside Iran are calling for leaders to achieve nuclear weapons status in order to stave of ongoing US-Israeli attacks. “The debate among Iranian hardliners over whether Tehran should seek a nuclear bomb in defiance of an escalating U.S.-Israeli attack is getting louder, more public and more insistent, sources in the country say,” Reuters write Thursday.
“With the Revolutionary Guards now dominant following the killing of veteran Supreme Leader Ayatollah Ali Khamenei at the start of the war on February 28, hardline views on Iran’s nuclear approach are in the ascendant, two senior Iranian sources said,” the report adds.
Coupled with these very alarming nuclear headlines, the Iranians are demanding that the US scale back its demands presented in the 15-point ceasefire plan delivered via Pakistan. As for the nuclear question, many analysts of the ‘realist’ foreign policy school had long ago predicted precisely that if Iran suffered major attack from the US and Israel, it would then be incentivized to run after a nuke as fast possible. Trump earlier claimed that prior to the June US bombings, Iran was “two to four weeks” from obtaining a nuclear weapon. Currently there are reports that Tehran is being very heavily bombed.
Trump Touts Gift of Several Tankers Allowed by Tehran Through Strait
President Donald reiterated in a televised cabinet meeting on Thursday that Iran had given the US “present” in the form of several boats carrying oil, able to pass through the otherwise closed Strait of Hormuz.
Trump claimed Iran had planned to send over eight large vessels of oil as a show of good faith related to potential peace negotiations. He then described hearing of media headlines which said eight ships were moving through the Strait of Hormuz. He also stated his team is having “very substantial talks” with Tehran to resolve the conflict – but at this point it appears merely indirect via Pakistani mediation. As for the ‘gift’, some factcheckers have begun investigating the claim:
Tanker tracking data compiled by Bloomberg shows no sign of the eight big boats full of oilthat are going right up the middle of the Hormuz strait that President Trump just mentioned in his briefing.
In the meantime oil went to highs of the day after Iran’s parliament called to continue the war until the enemy is “definitively forced to regret its actions”. Al Jazeera is also citing statements from Iran’s military of possessing “one million troops” ready to oppose a potential US invasion.
Israeli soldier killed in gunfight with Hezbollah terrorists in southern Lebanon, IDF says
Golani Brigade’s St.-Sgt. Ori Greenberg, 21, killed while operating in southern Lebanon • Another soldier injured in Hezbollah gunfight
St.-Sgt. Ori Greenberg, 21.(photo credit: IDF SPOKESPERSON’S UNIT)ByJAMES GENNMARCH 26, 2026 09:41Updated: MARCH 26, 2026 11:16
An Israeli soldier was killed in an exchange of fire with Hezbollah terrorists in southern Lebanon, the IDF said on Thursday morning.
St.-Sgt. Ori Greenberg, 21 years old and from Petah Tikva, served in the Golani Brigade’s Reconnaissance Battalion and was killed while operating under the 36th Division, aiming at expanding the IDF’s security zone in southern Lebanon.
At approximately 2:10 a.m. on Thursday morning, soldiers from the Golani Brigade, including Greenberg, identified a number of terrorists in their operational area.
This led to an exchange of fire during which Greenberg was killed.
Another soldier was also injured in the shooting, but was provided medical treatment at the scene and did not need to be evacuated to the hospital.https://player.jpost.com/public/player.html?player=jpost&media=4031427&url=www.jpost.comThe IDF published footage of the Golani Brigade’s strikes targeting over 200 Hezbollah terror sites in southern Lebanon, published March 26, 2026. (credit: IDF SPOKESPERSON’S UNIT)
Netanyahu shares ‘deep sorrow’ over fallen soldier
Prime Minister Benjamin Netanyahu sent his condolences to the Greenbergs and said their son fell while defending Israel’s northern border.
“My wife and I, together with all the citizens of Israel, share in the deep sorrow of the family of Golani Reconnaissance Unit fighter, Staff Sergeant Ori Greenberg, of blessed memory, who fell in battle in southern Lebanon,” read a statement issued by Netanyahu.
“We extend our heartfelt condolences to Ori’s family. He fought with bravery and courage to defend our northern border. May his memory be a blessing.”
Hezbollah mortar, rocket fire harming Israeli soldiers
Meanwhile, the military published footage of the Golani Brigade destroying over 200 terrorist infrastructure locations belonging to Hezbollah in southern Lebanon.
Three IDF soldiers were killed, and at least five others were injured by mortar and rocket fire from Hezbollah terrorists since hostilities between Israel and Hezbollah intensified after the latter joined the war on Iran’s side by firing rockets at Israel on March 2.
This includes at least two soldiers who were injured by mortar and rocket fire on Wednesday night.
Additionally, the IDF evacuated at least 15 soldiers suffering from hypothermia symptoms.
Yonah Jeremy Bob and Tobias Siegal contributed to this report.
END
HEZBOLLAH
Hezbollah fires over 600 times at Israel, IDF troops over last 24 hours
Hezbollah’s spike in attacks on Israel and IDF forces is likely not sustainable, but could be part of an effort to coerce Israel and the US into a ceasefire on all fronts.
An Israeli soldier sits on a military vehicle near the Israeli side of the border with Lebanon, amid escalating hostilities between Israel and Hezbollah, as the US-Israeli conflict with Iran continues, in northern Israel, March 24, 2026.(photo credit: REUTERS/TYRONE SIU)ByYONAH JEREMY BOBMARCH 26, 2026 12:54Updated: MARCH 26, 2026 13:47
Hezbollah has fired over 600 times on Israel and IDF troops in the last 24 hours, around double its prior high of around 300 aerial threats during the 2023-2024 conflict between the sides, IDF sources have confirmed.
The vast majority of the rockets, mortars, and drones were launched at IDF forces holding positions in or seeking to advance within southern Lebanon.
This major spike in Hezbollah attacks, up from a general average of around 100 attacks per day during the current war, occurred in the shadow of a possible end to the Israel-Iran war.
Despite increased expectations of such a potential ceasefire, Israel has made noises that it may wish to continue pummeling Hezbollah with airstrikes as well as to continue its invasion of southern Lebanon.
Hezbollah’s spike in attacks on Israel and IDF forces is likely not sustainable, but could be part of an effort to coerce Israel and the US into a ceasefire on all fronts, or to convince Israel to withdraw from southern Lebanon.
IDF soldiers operate in southern Lebanon on March 21, 2026. (credit: IDF SPOKESPERSON’S UNIT)
Spike in Hezbollah fire targets IDF in south Lebanon
Meanwhile, top Israeli political and military officials have increasingly publicly commented in recent days on the likelihood of Israel holding onto southern Lebanon up to the Litani River for some undefined period to try to force Hezbollah to disarm, something the terror group refused to do despite pressure from the Lebanese government since a fall 2024 prior ceasefire.
One reason Hezbollah may be succeeding in firing more could be due to the IDF’s advancing deeper into southern Lebanon.
In other words, just as IDF forces penetrating farther into southern Lebanon make it harder for Hezbollah to fire on Israeli civilians by moving back many of the terror group’s rocket crews to being out of range, it simultaneously makes those same IDF forces more vulnerable, because they are coming closer to being in range of Hezbollah’s frontline positions.
END
HEZBOLLAH/ISRAEL
One killed, eleven injured in Nahariya by Hezbollah rocket fire
Another man, aged about 50, is in critical condition, according to an MDA spokesperson.
Aftermath of a Hezbollah rocket attack on the city of Nahariya, March 26, 2026.(photo credit: SCREENSHOT/N12)ByJERUSALEM POST STAFFMARCH 26, 2026 16:45Updated: MARCH 26, 2026 18:31
One person was killed in Nahariya on Thursday by a direct hit after Hezbollah launched a wave of rockets at northern Israel, injuring eleven additional people.
The victim, aged about 30, was listed as in critical condition by Magen David Adom teams before being pronounced dead.
Another man, aged about 50, is in critical condition, and an additional 25 people are injured, according to an MDA spokesperson.
There are at least three impact sites, according to Israeli media, with damage reported to gas infrastructure and a house in Moshav Margaliot suffering minor damage.
“I arrived at the scene within a few minutes and saw extensive destruction, smoke, shattered glass, and a lot of commotion,” said MDA paramedic Omri Gorga.
“We joined an MDA paramedic who was treating the injured man, a man about 50 years old who was lying on the floor with shrapnel in his limbs,” said MDA emergency medical technician Oshri Abutbul.
In addition to the Hezbollah attack, sirens sounded twice in central Israel later on Thursday after ballistic missile launches from Iran.
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No injuries were reported, and both barrages were intercepted.
Six injured as cluster munition fragments hit central Israel
At least six people in central Israel were wounded by cluster munition fragments earlier on Thursday amid an intense wave of Iranian missile barrages.
MDA provided treatment to a woman in her 40s in Tel Aviv suffering from upper-body shrapnel injuries. She was rushed to Sourasky Medical Center’s Ichilov Hospital with light injuries, MDA said.
Paramedics also provided treatment to a 26-year-old man who was also lightly injured by shrapnel in the Tel Aviv area.
Additionally, the Technion-Israel Institute of Technology’s campus was hit by falling shrapnel, the university stated. The campus is located in the Haifa Naveh Sha’anan area.
In addition, at least two people were injured when shrapnel hit in Samaria, the Sha’ar Shomron local council announced.
END
UAE/IRAN
Two people killed in Abu Dhabi in latest Iranian attack
The series of attacks came following Iran’s refusal to accept US President Donald Trump’s ceasefire proposal.
Smoke rises above Riyadh, amid the U.S.-Israeli conflict with Iran, in Riyadh, Saudi Arabia, March 5, 2026.(photo credit: REUTERS/STRINGER/FILE PHOTO)ByJERUSALEM POST STAFF, REUTERSMARCH 26, 2026 05:09Updated: MARCH 26, 2026 10:09
Two people were killed in Abu Dhabi after debris from an intercepted missile fell on Sweihan Road, the emirate’s media office said on Thursday, adding that three others were injured and several vehicles were damaged.
Earlier, Kuwait came under attack by Iran, the Kuwait Army General Staff Headquarters announced on Thursday morning in a statement on X/Twitter.
According to the military’s statement, the attack involved both missiles and drones.
Separately, Kuwait’s Foreign Affairs Ministry on Thursday welcomed the Human Rights Council’s decision on the human rights implications of Iranian attacks targeting Gulf states, saying the measure, adopted during an emergency session on Wednesday, reflects broad international rejection of Iran’s “flagrant aggressions.”
Citizens were advised to follow all security instructions issued by the authorities.
Saudi Arabia was also said to have faced numerous attacks from Iran overnight.
According to the state-owned Al Hadath news, the country faced eight UAVs from Iran over the course of the night.
This is a developing story.
RUSSIA VS UKRAINE
Russia Launches Springtime Offensive On Ukraine, As “That Other War” Drags On
Wednesday, Mar 25, 2026 – 10:35 PM
Just days after we reported that trilateral peace negotiations between Russia, Ukraine, and the Trump administration had been suspended – likely indefinitely – thanks to Washington’s escalating involvement in the Iran war, Reuters is now confirming the inevitable: Moscow is pressing ahead with a fresh springtime offensive while Kiev scrambles to hold the line.
As we reported before, from the collapse of talks in Geneva and Miami to Putin’s envoy shuttling back for what turned out to be fruitless charades, the Iran war has not only sucked up U.S. attention and air-defense munitions Ukraine desperately needs, but has also juiced Russian oil revenues at the worst possible moment for Kremlin planners.
According to the latest from Kiev, Ukraine’s strategy now boils down to “building on recent tactical successes and battlefield innovations like mid-range strikes” to blunt the assault on the so-called Fortress Belt, the heavily fortified cluster of cities in Donetsk including Sloviansk (northern anchor), Pokrovsk, and Kostiantynivka. Russia, fresh off capturing nearly all of the key logistics hub at Pokrovsk this winter, has already launched a battalion-sized push northeast of Sloviansk and smaller probing attacks around the southern end of the belt. The U.S.-based Institute for the Study of War (ISW) and Finnish analysts at Black Bird Group are calling it exactly what it is: Moscow creating conditions for a broader offensive now that the ground has thawed.
Sloviansk authorities just ordered the compulsory evacuation of children as Russian forces sit a mere 20 km away — a grim sign the “deteriorating security situation” is no longer hypothetical. Russian General Staff chief Valery Gerasimov boasted last week that the offensive is “underway in all directions,” explicitly naming Sloviansk, Kramatorsk, and Kostiantynivka as targets. Over the past four days alone, Ukrainian General Staff data shows Russia conducted more than 600 assaults across the front, with the heaviest concentration (163) near Pokrovsk.
Ukraine’s Counter-Narrative: Drones, Starlink Sabotage, And “Metrics”
Kyiv isn’t exactly waving the white flag. Officials point to modest territorial gains last month – around 400 sq km in Zaporizhzhia, the first net positive since summer 2024 – aided in no small part by Elon Musk’s crackdown on Russian Starlink usage, which reportedly scrambled Moscow’s comms. Ukraine’s new Defense Minister Mykhailo Fedorov (the former digital guru) is pushing a “technology-driven, metrics-focused” plan, claiming Ukrainian forces are now eliminating more Russian troops than Moscow can recruit.
Analysts like Rob Lee at the Foreign Policy Research Institute and Vladyslav Urubkov of the Come Back Alive charity acknowledge Russia’s manpower edge but argue improved Ukrainian drone integration and tactical assaults could cap Moscow’s gains at a few hundred square kilometers per month. ISW, for its part, expects “some tactical gains” around the Fortress Belt in 2026, but no major breakthrough.
The Real Story: Manpower, Money, And Distraction
Reality check: Ukraine is still bleeding manpower, struggling to recruit enough bodies for the meat grinder, while its finances teeter after Hungary vetoed a €90 billion EU loan package this month. Russia, meanwhile, watches oil prices soar courtesy of the Iran war, boosting export revenues (earlier we reported that India purchased 60 million barrels of Russian oil courtesy of the recent unsanctioning by the Trump admin). And those U.S. air-defense stocks Ukraine relies on? Now being diverted to the Middle East theater.
President Zelensky himself admitted on Sunday that Russia is exploiting warmer weather to intensify operations, a far cry from the “we’re winning” rhetoric that dominated Western media for years. Commanders on the ground describe the expected Russian playbook: multi-axis pressure to rupture Ukrainian formations at weak points, with armored pushes (now rarer thanks to drone dominance) signaling Moscow’s desire to accelerate.
The “Peace” Theater Was Always a Sideshow
Recall our coverage of the endless cycle: Zelensky exploding under U.S. pressure in February (“no time for unsuccessful decisions”), Putin reportedly floating intel-sharing swaps tied to Ukraine aid, and European meddling that only prolonged the agony while Russian forces kept grinding forward.
The Iran conflict didn’t just pause talks — it exposed the whole farce. Washington can’t mediate while fighting on another front, Europe can’t deliver the cash, and Kyiv can’t hold the line forever against a Russia that has already captured thousands of square kilometers since 2025.
The grinding war of attrition continues. Fortress Belt under assault. Peace talks? Suspended, likely indefinitely, especially with the world’s attention glued to that “other”, far bigger war.
END
RUSSIA/IRAN
Western Intel Says Russia Preparing Kamikaze Drone Shipment To Iran
Thursday, Mar 26, 2026 – 07:45 AM
A senior Western official told Financial Times reporters that new intelligence indicates Moscow is preparing to ship a batch of kamikaze drones to Iran as part of a broader support package, with the US-Iran conflict nearing the one-month mark.
When asked about the drone shipment, Kremlin spokesperson Dmitry Peskov told FT reporters, “There are a lot of fakes going around right now. One thing is true: we are continuing our dialogue with the Iranian leadership.”
One thing is certain: Iranian forces have launched what reports estimate to be as many as 3,000 drones at US air bases, energy infrastructure, tankers, and neighboring Gulf states that coordinate with US and allied forces.
FT’s report suggests that Iran may need additional drone supplies after an overnight update from Operation Epic Fury, US Central Command Chief Admiral Brad Cooper said Wednesday that US forces had struck their 10,000th target.
“Together, we have struck thousands more, clearly demonstrating that we’re stronger together,” Cooper said.
Cooper said US forces have severely degraded Iran’s missile capabilities and heavily bombarded its missile, drone, and naval production sites. He added that Iran’s drone and missile launch rates have collapsed by 90%, and that two-thirds of its military-industrial base has been destroyed or heavily damaged.
Another Western security official told FT that the type of Russian drones in this month’s upcoming shipment has yet to be determined. The official said Moscow would likely deliver Geran-2 drones, which are basically copycats of the Iranian-designed Shahed-136.
Geran-2 drones
Antonio Giustozzi, a senior research fellow at the Royal United Services Institute, said of the Iranians, “They don’t need more drones. They need better drones. They are after the more advanced capabilities.”
Nicole Grajewski, a professor at Sciences Po University in Paris who focuses on Russia and Iran, noted, “The Russians dramatically improved the Shaheds, including modifications to the engines, navigation, and anti-jamming capabilities. So these systems are already more advanced than the ones Iran was producing domestically.”
Grajewski warned that any new batch of Russian-made drones shipped to Iran could significantly improve the effectiveness of Iranian drone strikes.
Recall that our supply chain report on a crashed Iranian drone found a Russian guidance chip with Western parts in the early days of the conflict. Also, China appears to be making low-cost kamikaze drones for the war (read the report)
RUSSIA/UKRAINE
Zelensky: Trump Pressuring Him To Give Up On Donbas And End War Soon
Thursday, Mar 26, 2026 – 06:55 AM
With the Ukraine war now marching into its fifth year, and with the next weather-driven “fighting season” underway, a frustrated Ukrainian President Volydymyr Zelensky says the Trump administration is pressuring him to give up the Donbas region in exchange for US security guarantees. He also claims that Russia is offering to stop providing intelligence to Iran if the United States stops giving intel to Ukraine.
Last week, we reported that trilateral talks about the Ukraine war had been suspended, thanks to the United States now having to focus on executing Trump’s war on Iran with Israel. However, in an interview with Reuters, Zelensky said that Trump is now pressuring Ukraine to cave on its biggest demand just to wipe the war off his to-do list. In his 2024 campaign, Trump told voters that he’d have the war settled “before I even arrive at the Oval Office.”
“The Middle East definitely has an impact on President Trump, and I think on his next steps. President Trump, unfortunately, in my opinion, still chooses a strategy to put more pressure on the Ukrainian side,” he told Reuters. The principal thrust of that pressure: Ukraine giving up on its demand that the eastern Donbas region be returned to Ukraine, in exchange for US security guarantees for what’s left of the Ukraine after the shooting stops. Comprising the Donetsk and Luhansk oblasts, the great majority of the Donbas is already under Russian military control.
“The Americans are prepared to finalize these guarantees at a high level once Ukraine is ready to withdraw from Donbas,” Zelensky said, adding that such a move would leave Ukraine and Europe vulnerable to Russian aggression, because ceding Donbas would also cede key defensive terrain.
Zelensky also bemoaned what he says is an insufficient supply of interceptor missiles for Patriot air defense systems. “We were not stopped from deliveries. I’m very grateful to President Trump, and to his team, but this supply of Patriot missiles is not as large as we need.” That gripe comes as both US and Israeli interceptor missile supplies are being rapidly diminished in responding to wave after wave of Iranian attacks — weeks after White House boasts that Tehran’s ballistic missile capability had been “functionally destroyed.” Meanwhile, Ukraine has apparently come up with an alternative air defense tactic straight out of a video game:
🇺🇦 #Ukraine: Wild footage shows a Ukrainian soldier flying aboard a Yak-52 aircraft, shooting down an incoming Russian Shahed drone with his rifle.
The footage was taken last month, and the location is described as “somewhere in the south,” possibly in Kherson or Zaporizhzhia. pic.twitter.com/uliweMjomj
Zelensky also claimed that his military intelligence had acquired “irrefutable” evidence that Russia is sharing intelligence with Iran, as the country continues to defend itself in the war launched by Israel and the United States on Feb. 28. What’s more, he claimed Putin is using that as a bargaining chip to persuade Trump to acknowledge Russian sovereignty over Donbas:
“I have reports from our intelligence services showing that Russia is doing this and saying: ‘I will not pass on intelligence to Iran if America stops passing intelligence to Ukraine.’ Isn’t that blackmail? Absolutely.”
This latest stirring of the pot by Zelensky comes on the heels of Russia launching the largest 24-hour aerial attack since the Feb 2022 Russian invasion. Counting both drones and cruise missiles, 979 warheads poured into Ukrainian airspace, with about half of them coming in a very rare broad-daylight blitz on Tuesday.
While we can’t verify its authenticity, this video seemingly shows that Trump isn’t the only one who’s unenthusiastic about Zelensky’s pipe dream of retaking the Donbas
Civilians resist to the military dictatorship in Ukraine.
A man gave a draft officer a ride on the hood of his car, showing him that forcing people to war is wrong.
Landmark Ruling in Social Media Addiction CaseA groundbreaking verdict was reached in a civil lawsuit against Meta and YouTube, holding them accountable for designing addictive platforms that harm young users. The jury’s decision signals a significant judicial stance on social media responsibility.READ THE FULL REPORT
MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL
Chevron Warns California Facing Historic Fuel Crisis As Diesel Hits Record $7
Wednesday, Mar 25, 2026 – 10:10 PM
The world’s biggest energy execs are currently at the annual CERAWeek conclave in Houston where, understandably, they are dropping bulletin bombs reeking of fire and brimstone, and warning the already critical oil/gas situation will only get worse if the pre-war status quo isn’t restored (which incidentally will be great for their bottom lines… until the world is tipped into a recession).
Take US oil giant Chevron, which warned that California is careening toward an energy crisis because of the Iran war (which will likely be resolved soon),and that the company may quit refining oil in the state unless officials roll back taxes and regulations (which is unlikely to ever be resolved as long as Dems are in charge of the Golden State).
California is highly exposed to the disruption rippling across commodity markets because it imports about 20% of its refined fuels from Asia. But as extensively discussed here, oil product shipments from China, South Korea, Singapore and elsewhere are at risk of slowing significantly as Iran blocks the Strait of Hormuz, leaving Asian nations struggling to meet their own demand at home let alone export to California.
Chevron’s oil refining head Andy Walz said the potential for fuel shortages in California is his worst fear: “We have refineries in Asia that are having to cut crude, and so they’re going to make less products,” Walz said in an interview Tuesday. “What if San Francisco doesn’t have the jet fuel it needs? Or Los Angeles? Or maybe gasoline?”
And as if to confirm his warning, just hours later the price of California Diesel hit a record high just above $7 per gallon, or $7.072 to be precise.
That topped the previous record of $7.012 in June 2022, in the first months of Russia’s war in Ukraine.
Since California is disconnected from the US fuel-making centers of Texas and Louisiana, it is essentially an energy island. That’s compounded by multiple refinery closures in recent years due to increased costs driven by regulations designed to fight climate change and cap oil industry profits, not to mention the state’s toxic and oppressive regulatory regime.
As a result, California consumers are more exposed than most other Americans to surging energy prices because of the Iran war. They already pay nearly $6 for a gallon of gasoline, compared with a national average of close to $4, due to the state’s ruinous legacy “green” regime. It’s a growing political problem for Governor Gavin Newsom, a Democrat who is expected to run for president in 2028.
“California has decided that they’re going to rely on imports,” Walz said at the CERAWeek by S&P Global conference in Houston. “It’s a dangerous game”, Walz added tongue-in-cheek.
California officials should declare an “energy emergency,” reform its climate and tax rules and promote in-state oil production, Walz said. Without such action, Chevron could quit refining in California within a decade, he said.
A spokesman for California Governor Newsom’s office said oil companies are “cashing in” on the war in Iran and running a “coordinated campaign” to attack California. In other words nothing will change until prices get to be so high, the state’s residents demand change.
“If they’re serious about protecting consumers, they should direct that concern where it belongs: at Donald Trump. There’s no end in sight to Trump’s war taxing American families at the pump,” the spokesman, Anthony Martinez, said in an email, confirming Newsom’s plan is… to pretend there is no problem.
Meanwhile, anyone with a brain can see what’s coming: the problem in California is one of the state’s own making, Walz said.
The Trump administration has already used emergency wartime powers to authorize Sable Offshore, a Houston-based driller, to restart oil production off the California coast. The president has also temporarily waived a century-old maritime law called the Jones Act to help make it cheaper and easier to ship gasoline, diesel and other commodities between US ports.
Meanwhile, California already has the nation’s toughest fuel standards as well as a carbon cap-and-trade program that critics say forces consumers to pay the highest prices in the nation. Its goal to reduce carbon emissions 85% by 2045 relies heavily on a near-complete phaseout of gasoline-powered cars and a large reduction in heavy industry — including refining.
Nonetheless, California remains the country’s second-largest consumer of gasoline and the largest market for jet fuel, for which there’s currently no practical low-carbon alternative. The Democratic state’s recent revulsion toward Elon Musk, and Tesla, has not helped the looming fuel crisis.
“The California intent to offshore carbon to other nations has offshored their security of supply,” Walz said. “They’ve offshored jobs and they haven’t had any impact on carbon.”
Chevron, which has tankers sitting idle on each side of the Strait of Hormuz, is taking the unusual step of shipping Gulf Coast oil to California through the Panama Canal as the war disrupts shipments from the region that West Coast refiners typically use, Walz said.
China has already imposed a fuel export ban as shipments from the Gulf dwindle. If the Strait of Hormuz remains blocked long enough, other Asian countries could follow suit. Chevron’s scenario planning initially looked at the Strait being closed until the end of March.
“Now our scenario plans are worse,” Walz said. “It’s going to be longer and we’re trying to look around the corner.”
California is home to more than 30 military bases. That includes one of the largest in the US, Travis Air Force Base, which Chevron supplies from its Richmond refinery.
“I think the US government should be concerned,” Walz said.
But wait, there’s more because the state’s green lunatics threaten to make an already dire crisis something truly historic: new emissions rules proposed by the California Air Resources Board, if implemented, threaten to drive costs for the state’s remaining refineries even higher. Chevron estimates the additional expenses could hit $500 million within five years.
“They need to abandon the tax on refineries or they won’t have any refineries in 10 years,” Walz said. “If it stays that way — Chevron will be gone in 10 years for sure. We won’t be able to make it.”
* * *
But it’s not just California that faces a historic crisis: Europe is about to get crushed as well.
According to Shell CEO Wael Sawan, Europe will soon begin to experience the same kind of disruption to fuel supplies that Asia has faced due to the war in Iran in recent weeks. Sawan said the effects of the conflict continue to ripple out across global fuel markets, first in South Asia, then Southeast Asia and Northeast Asia, and increasingly in Europe as April approaches.
“We are trying to work with governments to just alert them to the various levers they will need to pull, including on the demand side, including what they need to do around storage,” he said Tuesday at the same CERAWeek conference.
Just like California, expect Europe to do nothing besides pointing fingers, until it is too late.
END
Saudis Bypass Hormuz As Oil Exports From Yanbu Surge Toward 5 Million Target
Wednesday, Mar 25, 2026 – 11:43 PM
One week ago, when fears that the Strait of Hormuz blockade would mean a permanent collapse in oil supply (we have since seen that Iran is allowing “friendly” ships to cross the strait, especially if they grease the toll-keeper with $2 million per crossing) hit a fever pitch and pushed the price of Brent to $120, we said that “Saudi Arabia Has Already Revived More Than Half Its Oil Exports Via Hormuz Bypass.”
With Iran blocking Saudi ships from cross Hormuz for the time being, the Kingdom had drastically ramped up its oil exports to more than half of normal levels despite the disruptions from the Iran war, a successful sign for the kingdom’s ambitious contingency plan to bypass the Strait of Hormuz. To do this, Saudi Arabia has ramped up crude shipments from Yanbu export terminals on the Red Sea coast as it diverted supplies away from the Persian Gulf and the Strait of Hormuz via the East-West pipeline.
Saudi Arabia, along with the UAE, is one of only two countries in the region that can divert significant amounts of oil to bypass Hormuz, providing a crucial lifeline for supply. And since the start of the war, the Saudis had been rerouting oil through the 1,200 kilometer (746 mile) East-West pipeline to the western port of Yanbu. At the same time, it’s quickly amassed a huge armada of tankers that have streamed toward the Red Sea to load the oil and are now piling up around the port.
Fast forward to today when Bloomberg reported that Riyadh now aims to boost export shipments from its Red Sea ports to 5 million barrels a day, a target within reach. The East-West pipeline, linking the Abqaiq processing hub to Yanbu, has a nominal capacity of 7 million barrels a day. But 2 million of those are required to supply refineries in Riyadh and on the Red Sea coast at Yanbu and Jizan, near the Yemen border, as well as power generation and desalination plants.
Crude shipments for export from the Yanbu South and Yanbu North terminals averaged 4.4 million barrels a day in the five days to Tuesday, according to vessel tracking data compiled by Bloomberg. Flows through Yanbu have been rising steadily after the kingdom moved quickly to pump crude through the 746-mile conduit to the Red Sea.
Remarkably, the kingdom’s rerouting efforts have seen it double crude exports from Yanbu in just over two weeks. Even so, the diversions will only be enough to offset about half the lost Persian Gulf shipments this month. Even at target levels, Yanbu exports would still leave Saudi Arabia’s crude exports roughly 2 million barrels per day below pre-war levels, which however is a far cry from some of the worst case scenarios contemplated just days ago.
According to Bloomberg calculations, there are about 56 million barrels of Saudi crude held on tankers that are stuck in the Gulf. Those cargoes loaded in late February and early March, but have been unable to transit the Strait of Hormuz to the open seas.
At least 40 oil tankers, most of them very large and capable of hauling about 2 million barrels of crude each, are now anchored near Yanbu waiting to take on cargoes, the tracking data show.
Additionally, several ships stopped transmitting automated position signals in the Arabian Sea while en route to the Saudi port and may not reappear on tracking systems until they are well clear of the region. This could result in upward revisions to export figures.
Tankers that have loaded since the diversions began have mostly headed to Asia, with shipments to China and India dominating the flow. Cargoes are also bound for South Korea, Pakistan and Thailand. Customers in Japan have been supplied from storage tanks on the island of Okinawa, where the Saudi national oil company Aramco leases storage tanks that can hold 8.2 million barrels of crude.
In the early days of the conflict, shipments from Yanbu mostly went north to the Sumed pipeline that crosses Egypt to bypass the Suez Canal. Saudi Arabia typically loads crude for its customers in Europe and along the east coast of North America from a terminal at Sidi Kerir on Egypt’s Mediterranean coast.
END
OIL/IRAN
all of which goes for weapons
Iran Earning $139 Million A Day From Oil As Hormuz Crisis Locks Out Rivals
Iran’s oil exports have not collapsed and are fetching much higher prices than before the war, handing Tehran handsome extra revenues from its crude, which is the only one unimpeded from transiting the Strait of Hormuz.
Unlike all other Gulf producers, Iran is passing its oil through the Strait of Hormuz and its export volumes remain resilient. Steady volumes and higher prices have been bringing millions of dollars of additional oil revenues for the Islamic Republic since the war began, as oil prices jumped and discounts for Iranian barrels significantly narrowed versus Brent.
Iran has likely earned $139 million per day by selling its flagship Iran Light crude so far in March, according to Bloomberg calculations based on export estimates by Tankertrackers.com and prices for Iranian Light.
The estimated daily revenues were nearly $25 million higher compared to the average of $115 million daily proceeds from Iranian Light in February, according to Bloomberg’s calculations.
Iran is benefiting in several ways from the Hormuz crisis.
First, its tankers are transiting the Strait of Hormuz while most other Gulf oil supply is still trapped. Then, the massive supply shock from the Middle East has hiked international crude prices to above $100 per barrel (at about $105 a barrel of Brent early on Thursday), which adds more revenues from oil sales. And last but not least, the huge discount of more than $10 per barrel for Iran’s oil to Brent before the war has now narrowed to just $2.10 per barrel this week.
Iranian oil exports have remained resilient since the U.S. and Israel started bombing Iran and killed the Ayatollah, meaning that the jump in oil prices and the free flow of Iranian oil through the Strait of Hormuz is likely hiking Iran’s oil revenues.
Iranian crude exports remain relatively steady, maritime intelligence firm Windward said on Wednesday.
The U.S. waiver on Iranian sales may not be attracting buyers beyond the already established customers, the Chinese independent refiners, but it surely is driving up the price of Iranian crude to narrowed discounts to Brent.
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
CANADA/USA/UKRAINE/LAUDERING MONEY
ROBERT. H…
U.S. intercepted Ukraine government messages discussing plot to route money to Biden re-election | Just The News
This classical money laundering. Ukraine has been a laundry for a long time. Thus, it is not surprising that the Biden crowd would laundry money. However it does raise a question of how many more nations have done this or are doing this? Countries like Canada recently gave Ukraine over $2.5 billion ( borrowed money Canadians owe) and have many others.
Perhaps it is a time to see the capital flows in the light of day. As the old saying goes”follow the money”.
U.S. intercepted Ukraine government messages discussing plot to route money to Biden re-election
Newly-unclassified documents show that in 2022 Ukrainian officials discussed diverting hundreds of millions of U.S. tax dollars — earmarked for clean energy — back to Biden’s ill-fated 2024 campaign. There is no evidence the intercepted allegations were investigated during the Biden administration.
U.S. intelligence intercepted Ukrainian government communications discussing a plot to route hundreds of millions of American tax dollars earmarked for clean energy in the war-torn country and move them to the United States to enrich then-President Joe Biden’s 2024 re-election campaign and the Democratic National Committee, according to a declassified intelligence report summarizing the intercepts that was obtained by Just the News.
Director of National Intelligence Tulsi Gabbard recently learned of the intercepts and has asked the U.S. Agency for International Development officials to scour for records to see if the plot actually was carried out and whether a criminal referral should be made to the FBI.
Gabbard’s team has not found substantive evidence the intercepted allegations were thoroughly investigated during the Biden administration, and the communications are not believed to be tied to Russian disinformation efforts, officials said.
USAID involved in routing the money, memo alleges
The declassified report is a summary of raw intercepts from U.S. spy agencies in late 2022 concerning the alleged plot, and officials who have reviewed the files said there seemed to be a lack of curiosity to investigate such an explosive allegation of foreign interference in a U.S. election.
“The Ukrainian Government and unspecified U.S. Government personnel, through USAID in Kyiv, reportedly developed a plan that would provide hundreds of millions of US taxpayer dollars to fund an infrastructure project for Ukraine that would be used as a cover to send approximately 90% of funds allocated to the DNC to fund Joe Biden’s reelection campaign,” the declassified summary of the intercepts stated.
“They were confident the project would be funded initially, even though at some time in the future the project would be disapproved as unnecessary. At this time, the money would already be allocated and impossible to return or use for a different purpose,” the report added.
The intercepts mentioned two American subcontractors as possible recipients of the money that would eventually be moved to Democratic coffers, officials said. The names are included in still classified raw spy data but were redacted from the declassified report obtained by Just the News.
“The plan included details of how subcontractors would be funded through U.S. companies so that how the funds were spent and allocated would be difficult to track,” the declassified summary stated. “Additionally, contracts would be executed that would be difficult to verify. In this manner, most of the U.S. funding would be diverted to Joe Biden’s election campaign without the ability to track where exactly the funds came from.”
The discovery of alleged 2022 efforts by Ukraine to help Biden’s 2024 campaign comes at a sensitive time for Ukrainian President Volodymyr Zelenskyy, who has been working closely with President Donald Trump’s envoys to craft a peace plan to end the four-year war started by Russian aggression in 2022 during the Biden Administration.
Allegations of corruption in Ukraine a recurring theme
While winning praise from the Trump administration for making concessions, Zelenskyy’s administration has still been dogged by new allegations of corruption. Andriy Yermark, the now-former Head of the Office of the President of Ukraine and a longtime close Zelenskyy ally, resigned from his position in late November following searches of his home by two Ukrainian agencies — the National Anti-Corruption Bureau of Ukraine (NABU) and the Specialized Anti-Corruption Prosecutor’s Office (SAP).
“#NABU and #SAPO are conducting investigative actions (searches) at the head of the Office of the President of Ukraine. Investigative actions are sanctioned and are being carried out as part of the investigation,” NABU said in a late November statement on X, with SAPO issuing a similar statement the same day.
The two Ukrainian agencies had announced earlier in November that a “high-level criminal organization operating in [the] energy sector” had been “exposed” as part of “Operation Midas.”
Yermak said in late November that “the investigators have no obstacles” during their search of his home and that “from my side, there is full cooperation.”
“When all attention is focused on diplomacy and on defending ourselves in this war, we need internal strength. Internal strength is the foundation of our external unity and of our relations with the world,” Zelenskyy said in a national address announcing Yermak’s resignation late last year. “And for that internal strength to exist, there must be no reason to get distracted by anything other than defending Ukraine. I want no one to have any questions for Ukraine.”
The Ukrainian president added: “So today, these are the next internal decisions. First. There will be a reset of the Office of the President of Ukraine. The Head of the Office, Andriy Yermak, has submitted his resignation. I am grateful to Andriy for always representing Ukraine’s position on the negotiation track exactly as it should be represented. It has always been a patriotic position. But I want to eliminate any rumors and speculation.”
In addition, sources close to Zelenskyy have floated the idea of assisting the Trump DOJ in its investigation of earlier efforts by a Ukrainian oligarch named Mykola Zlochevsky to curry favor with the Biden family by hiring Hunter Biden as a board member and legal advisor at the Burisma Holdings energy company beginning in 2014, officials told Just the News. The assistance offered by Zelenskyy reportedly included arranging cooperation with certain Ukrainian witnesses who could assist U.S. authorities in resolving unanswered questions regarding the Biden family’s foreign corruption dealings.
President Joe Biden had long pledged that he would not pardon his son, Hunter, who was set to be sentenced for gun and tax convictions. But in December of 2024, the president did it anyway. Biden didn’t just pardon his son for his convictions on tax and gun charges, but for any “offenses against the United States which he has committed or may have committed or taken part in during the period from January 1, 2014, through December 1, 2024.”
Burisma became a hot-button issue when President Trump referenced it in a July 2019 call with Zelenskyy. The call spurred a whistleblower complaint by Eric Ciaramella (also involving Alexander and Eugene Vindman) which sparked Democratic-led impeachment proceedings in the House in 2019. Trump was acquitted by the Senate in early 2020.
Trump and his Republican allies claimed Joe Biden improperly used his position as vice president to successfully pressure Ukraine to fire Ukrainian prosecutor Viktor Shokin to protect his son from an investigation into Burisma. Democrats denied this and argued the focus on Burisma was part of an effort to dirty up then-candidate Biden.
Hunter Biden said in 2019 that he spoke with his father about his position on the Burisma board just once, saying his father told him, “I hope you know what you are doing.” Hunter Biden says he replied, “I do.”
Joe Biden’s son was asked if he would have been asked to be on the Burisma board if his last name was Biden. “Probably not, in retrospect,” he said. “But that’s — you know — I don’t think that there’s a lot of things that would have happened in my life if my last name wasn’t Biden.”
Hunter Biden, Devon Archer and Burisma: An arrangement worth millions of dollars
Sen. Chuck Grassley, R-Iowa, and Sen. Ron Johnson, R-Wisc., released a joint report in 2020, with much of its focus on then-Vice President Biden’s role in helping guide the Obama administration’s Ukraine policy while Hunter Biden held a lucrative position on the board of Burisma.
“On April 16, 2014, Vice President Biden met with his son’s business partner, Devon Archer, at the White House. Five days later, Vice President Biden visited Ukraine, and he soon after was described in the press as the ‘public face of the administration’s handling of Ukraine.’ The day after his visit, on April 22, Archer joined the board of Burisma,” Grassley and Johnson wrote. “Six days later, on April 28, British officials seized $23 million from the London bank accounts of Burisma’s owner, Mykola Zlochevsky. Fourteen days later, on May 12, Hunter Biden joined the board of Burisma, and over the course of the next several years, Hunter Biden and Devon Archer were paid millions of dollars from a corrupt Ukrainian oligarch for their participation on the board.”
In his 2021 memoir, Hunter Biden defended Zlochevsky, claiming the Ukrainian “was concerned with protecting his company from Vladimir Putin’s advances” and “wanted to lure more U.S. and European investors” — claiming that was why he was hired. Hunter Biden called the Burisma work “inspiring” and “consequential” while also admitting that “the pay was good” and that “there’s no question my last name was a coveted credential.”
Grassley in 2023 released an FBI-generated record — known as an FD-1023 — dated June 2020 and detailing allegations made by an FBI confidential human source (CHS) about Joe Biden, Hunter Biden, and Zlochevsky.
The CHS — later revealed to be Alexander Smirnov — said Zlochevsky brought Hunter Biden onto the Burisma board to “protect us through his dad, from all kinds of problems.” Regarding the Shokin investigation’s possible impact on Burisma’s ambitions in North America, Zlochevsky reportedly said, “Don’t worry Hunter will take care of all of those issues through his dad.”
Grassley recounted that “Zlochevsky reportedly stated that he had to pay $5 million to Hunter Biden and $5 million to Joe Biden, an arrangement he described as ‘poluchili,’ which is Russian crime slang for being ‘forced or coerced to pay,’ according to the document.”
The Biden DOJ charged Smirnov in February 2024 with making a false statement to federal agents and with creating a false and fictitious record. Smirnov pleaded guilty to four felony counts in December 2024, “including creating a false and fictitious record and three counts of tax evasion.”
The Trump DOJ in April 2025 told a federal judge that “the United States intends to review the government’s theory of the case underlying Defendant’s criminal conviction.”
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YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS THURSDAY 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: 1.1558 DOWN 0.0003
USA/ YEN 159.48 UP 0.096 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 1.3348 UDOWN 0.0014 OR 14 BASIS PTS
USA/CAN DOLLAR: 1.3834UP 0.0020 CDN DOLLAR DOWN 20 BASIS PTS//
Last night Shanghai COMPOSITE CLOSED DOWN 42.75 PTS OR 1.09%
Hang Seng CLOSED DOWN 479.52PTS OR OR 1.89%
AUSTRALIA CLOSED DOWN 0.66%
// EUROPEAN BOURSE: ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL RED
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 479.52 PTS OR 1.89%
/SHANGHAI CLOSED DOWN 42.75 PTS OR 1.09%
AUSTRALIA BOURSE CLOSED DOWN 0.66%
(Nikkei (Japan) CLOSED DOWN 260.62 PTS OR 0.48%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 4435.00
silver:$68.28
USA DOLLAR VS TRY (TURKISH LIRA): 44.37
USA DOLLAR VS RUSSIAN ROUBLE: 82.33 OUBLE// DOWN 1 ROUBLE AND 33 BASIS PTS
UK 10 YR BOND YIELD: 4.9080 UP 7 BASIS PTS
UK 30 YR BOND YIELD: 5.502 UP 7BASIS PTS
CDN 10 YR BOND YIELD: 3.486 DOWN 8 BASIS PTS
CDN 5 YR BOND YIELD; 3.129 DOWN 9 BASIS PTS
USA dollar index early THURSDAY MORNING: 99.50 UP 17 BASIS POINTS FROM WEDNESDAY’s CLOSE
THURSDAY MORNING NUMBERS ENDS
And now your closingTHURSDAY NUMBERS 10.00 AM
Portuguese 10 year bond yield: 3.504% UP 7 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.279% UP 4 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.527 UP 3 BASIS PTS//
SPANISH 10 YR BOND YIELD: 3.553 UP 9 in basis points yield
ITALY 10 YR BOND: 3.956 UP 12 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (
GERMAN 10 YR BOND YIELD: 3.031 UP 3 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY THURSDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/10:00 AM
Euro/USA 1.1545 DOWN 0.0016 OR 16 basis points
USA/Japan: 159.51 UP 0.126 OR YEN IS UP 44 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.923 UP 5 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.504 UP 6 BASIS POINTS.
Oil Spikes On Nukes & No Deal; ‘Headline Fatigue’ Hammers Bonds, Big-Tech, Bitcoin, & Bullion
WRAP UP
Stocks fall and oil gains as fate of US/Iran ‘negotiations’ remains uncertain – Newsquawk US Market Wrap
Thursday, Mar 26, 2026 – 03:59 PM
SNAPSHOT: Equities down, Treasuries down, Crude up, Dollar up, Gold down
REAR VIEW: Trump says taking control of Iran’s oil is an option; Trump says don’t know if we will be able to do a deal with Iran; Reports say that Iran has sent its response to US 15-point plan, awaiting US response; US President Trump says Iran better get serious soon, before it is too late; US Pentagon reportedly prepares for massive “final blow” of Iran war; Turkish oil tanker hit by a drone in the Black Sea near Istanbul; Trump says NATO nations have done absolutely nothing to help with Iran; US initial claims match expectations, Continuing Claims fall more than expected; Norges Bank holds rates as expected; Surprise Banxico cut; US 7yr note auction sees weak demand.
COMING UP: Data: UK Retail Sales (Feb), Spanish CPI Prelim. (Mar), University of Michigan Consumer Sentiment Final (Mar). Events: ECB Consumer Inflation Expectations. Speakers: Fed’s Barkin, Daly, Paulson; ECB’s Schnabel. Supply: Australia, Italy. Credit Ratings: Fitch Ratings on Switzerland; Moody’s on Italy, Spain; Scope Ratings on EU.
2. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
MARKET WRAP
Another risk-off session with stocks hit and oil rising as hopes dwindle of a near-term agreement between the US and Iran. Iran has reportedly sent its final offer to the US and is awaiting its response, but Iran found the US proposal to be excessive. We are still awaiting the official response from the US, but Trump posted this morning, calling on Iran to get serious after constantly telling the media the two sides are not negotiating. There is a risk that if the US remains silent for too long, markets will assume it is bad news – similar to how the start of this war unfolded after US/Iran discussions at the end of February, particularly as we move into the weekend and enter the fifth day of Trump’s 5-day deadline to get a deal, or else strikes on key energy and power infrastructure may resume. We are also cognizant of the US troop activity once they reach Iran, with suggestions that they could be used to occupy one of the Iranian islands, like Kharg Island. The uncertainty and higher oil prices today led to downside in treasuries across the curve, with the weakness felt most in the front-end and belly as higher energy prices lead to added rate hike bets with 15bps of hikes priced by year-end, albeit analysts still look for at least one rate cut. The 7-year auction was weak, as expected, capping off a week of soft auction demand given the recent volatility. In FX, the Dollar continues to outperform while antipodes lagged due to the risk conditions, while weakness in gold prices also hit the Aussie, also in the fallout of the soft inflation numbers earlier in the week. Gold and Silver were hit, as was Bitcoin. Elsewhere, memory stocks continued to get hit following the recent announcment from Google that its TurboQuant algorithm can cut the amount of memory required to run large language models by at least a factor of six.
US
CLAIMS: Initial Jobless Claims rose to 210k from 205k, in line with analyst expectations. The four-week average fell by 0.25k to 210.5k. The unadjusted data declined by 5k while seasonal factors expected a 9k decrease. Continued Claims dropped to 1.819mln from 1.857mln, below the 1.860mln forecast. Summarising the data, Oxford Economics note the data is consistent with while labour market conditions have stabilised and layoffs remain low, the ongoing conflict has made the labour market more vulnerable. It also notes that Continued claims are also heading lower, indicating that while the pace of hiring remains weak, it has not deteriorated. OxEco says downside risk to the labour market leaves the Fed on track to cut rates twice this year, starting in June. Note, consensus does not expect rate cuts to start until Q4.
FIXED INCOME
T-NOTE FUTURES (M6) SETTLED 23 TICKS LOWER AT 110-05+
T-notes lower as geopolitical uncertainty keeps oil prices higher, seeing participants add to Fed rate hike bets. At settlement, 2-year +10.7bps at 3.994%, 3-year +11.8bps at 4.001%, 5-year +12.6bps at 4.103%, 7-year +10.9bps at 4.260%, 10-year +9.2bps at 4.424%, 20-year +5.9bps at 4.974%, 30-year +3.4bps at 4.936%.
THE DAY:
USTs were lower across the curve, with the front-end and belly leading the sell-off as elevated oil prices continued to lift inflation expectations and support a more hawkish Fed outlook. Geopolitical uncertainty remains high, with slim hopes for a near-term US/Iran agreement keeping crude prices bid. Iran has responded to the US proposal, describing it as unfair and one-sided, while the US is yet to officially reply. Although President Trump has suggested progress towards a deal, reports indicate Iran views US demands as excessive, maintaining uncertainty and supporting higher yields.
The move in oil has seen money markets shift towards a more hawkish Fed path, now pricing in around 15bps of hikes by year-end, up from roughly 6bps on Wednesday. However, market pricing remains at odds with economists’ expectations. The latest Reuters poll suggests the Fed is likely to remain on hold until September, although 45% of respondents pushed back their rate cut expectations following the March FOMC. Views on the year-end rate remain mixed, with the majority expecting one or two cuts, broadly in line with the FOMC median projection of one cut, though individual member views remain dispersed.
On the data front, jobless claims were largely in line with expectations. Initial claims rose slightly to 210k from 205k, while continued claims fell to 1.819mln from 1.857mln, below the 1.86mln forecast, indicating the labour market remains relatively resilient.
Meanwhile, the 7-year auction was soft but had little impact in price action.
SUPPLY
Notes
Another soft 7-year auction. The US Treasury sold USD 44bln of 7-year notes at a high yield of 4.255%, well above the prior 3.970% and the six-auction average of 3.877%. However, higher yields across the March offerings have not been sufficient to offset elevated volatility, with demand remaining soft across most auctions, particularly at the front-end. The 7-year, sitting in the belly of the curve, has been influenced by the hawkish repricing in Fed expectations following the oil-driven inflation shock tied to the Middle East conflict.
The auction tailed by 0.8bps, compared to the prior on-the-screws result and the six-auction average tail of 0.4bps. This marks the largest tail since October 2025, and prior to that, the largest since August 2024.
Similar to the 2- and 5-year auctions earlier in the week, direct demand was weak, suggesting real money accounts remain sidelined amid elevated volatility. Directs fell to 25.03% from 26.0%, below the 28.3% average. Indirect demand — a proxy for foreign participation — declined slightly to 62.56% from 63.6%, but remained above the 60.3% average, indicating foreign demand was broadly stable. Dealers were left with 12.4%, above both the prior 10.4% and the 11.5% average.
Overall, the March auction cycle has been characterised by weak real money participation and elevated volatility, though demand has shown relative improvement further out the curve, consistent with lower sensitivity to oil-driven inflation dynamics compared to the front-end.
Bills
US sold 4-week bills at a high rate of 3.620%, B/C 3.03x; Sold 8-week bills at a high rate of 3.630%, B/C 3.14x
US to sell USD 75bln in 6-week bills, USD 89bln in 13-week bills, USD 77bln in 26-week bills. Settle on 2nd April.
STIRS/OPERATIONS
Fed Money Market Pricing (implied bps): April +3.8bps (prev. +3.3bps), June +7.2bps (prev. +5.6bps), July +9.3bps (prev. +5.3bps), December +17.3bps (prev. +6bps)
NY Fed RRP op demand at 0.78bln (prev. 1.12bln) across 6 counterparties (prev. 6) on March 25th
SOFR at 3.64% (prev. 3.63%), volumes at USD 3.063tln (prev. USD 3.014tln) on March 25th
EFFR at 3.64% (prev. 3.64%), volumes at USD 93bln (prev. USD 96bln) on March 25th
NY Fed Reserve Management Purchases of T-bills (10-20-year, Max USD 2bln): Accepts USD 2bln of 36bln offers, accepts 5 of 36 eligible securities. Offer-to-Cover 18x
CRUDE
WTI (K6) SETTLED USD 4.16 HIGHER AT USD 94.48/BBL; BRENT (M6) SETTLED USD 4.63 HIGHER AT USD 101.89/BBL
Crude prices rose on Thursday as markets continue to doubt the initial optimism on Monday over a US-Iran resolution, as further updates paint a different picture. An informed source told Tasnim that Iran’s response to the US plan was officially sent last night, and the Iranians await a response. Before the article, we heard from US President Trump on Truth Social that Iran “better get serious soon, before it is too late, because once that happens, there is NO TURNING BACK, and it won’t be pretty”. Demands from both sides seem far apart, with little to suggest the gap will narrow. A senior Iranian official said there is no realistic plan for talks at this moment, diplomacy has not stopped, but if realism prevails within the US, then a way forward could be found (short-lived down-tick on the latter remark). Meanwhile, Iran reportedly views the US proposal as excessive.
Trump’s cabinet meeting only increased concerns over the Middle-East conflict, “Do not know if the US is willing to work a deal with Iran”. “Don’t know if we will be able to do a deal”, “don’t know yet if Friday deadline for Iran will change”.
Meanwhile, it was reported that a Turkish oil tanker was hit by a drone in the Black Sea near Istanbul; reports didn’t specify the country behind the strike. WTI and Brent traded within USD 90.71-95.44/bbl and USD 97.69-102.49/bbl, respectively.
EQUITIES
CLOSES: SPX -1.74% at 6,477, NDX -2.38% at 23,589, DJI -1.01% at 45,960, RUT -1.70% at 2,493
SECTORS: Communication Services -3.46%, Technology -2.74%, Industrials -2.32%, Consumer Discretionary -1.87%, Materials -0.66%, Financials -0.57%, Consumer Staples -0.52%, Health -0.34%, Real Estate UNCH, Utilities +0.23%, Energy +1.56%.
EUROPEAN CLOSES: Euro Stoxx 50 -1.53% at 5,563, Dax 40 -1.64% at 22,581, FTSE 100 -1.33% at 9,972, CAC 40 -0.98% at 7,769, FTSE MIB -0.71% at 43,702, IBEX 35 -1.21% at 16,963, PSI -0.19% at 8,997, SMI -0.44% at 12,662, AEX -1.26% at 971
STOCK SPECIFICS
Meta Platforms (META), Alphabet (GOOG) – Meta and Google’s YouTube were found negligent by a Los Angeles jury for operating a product that harmed children and teens and failing to warn about those dangers, WSJ reports. The jury awarded USD 3mln to a 20 year old plaintiff, and said the companies should pay another USD 3mln in punitive damages. Both plan to appeal.
Ares Management (ARES): ARES Strategic Income Fund posted its steepest monthly loss on record in February.
JetBlue Airways (JBLU): Says it is not active in M&A talks.
Worthington Steel (WS): EPS and revenue missed.
Marathon Digital Holdings (MARA): Sold 1.1bln of Bitcoin to repurchase 1bln of convertible senior notes.
Navan (NAVN): Quarterly revenue and revenue outlook beat.
MillerKnoll (MLKN): Earnings and guidance missed.
Qualcomm (QCOM): Downgraded at Bernstein to ‘Market Perform’ from ‘Outperform’.
Adobe (ADBE): Downgraded at William Blair to ‘Market Perform’ from ‘Outperform’.
FX
The Dollar was bid on higher oil prices, and therefore higher yields, with updates once again heading in the opposite direction of the initial optimism sparked from Trump’s announcement on Monday. As it stands, reports say that Iran has sent its response to the US plan and awaits the US’s response. Meanwhile, US President Trump, throughout the day, did little to ease the market’s nerves, “Do not know if the US is willing to work a deal with Iran.” Outside of geopolitics, the weekly US claims data didn’t signal stress. Initial claims remain at YTD ranges while continuing claims unexpectedly fell, now at the low end of ranges in the last year. DXY now trades at 99.96, where the US evening ahead, focus will also be on a slew of Fed speak (Cook, Miran, Jefferson, and Barr).
G10s were lower against the USD. The broad risk-off sentiment hit Antipodes the hardest, while the JPY relatively outperformed despite the uptick in oil prices. Modest NOK pressure was seen on the Norges Bank decision to hold rates at 4.00% as prior strength left some caught off-guard by no hike. The MPR and accompanying commentary were hawkish, with the Bank noting that “it will likely be appropriate to raise the policy rate at one of the forthcoming monetary policy meetings”.
USD/MXN moved higher on the surprise Banxico announcement to cut rates by 25bps to 6.75% (exp. 7.00%). Ahead, yet on the evolution of macroeconomic and financial conditions, the Board will evaluate the appropriateness and timing for an additional reference rate cut. (prev. Looking ahead, the Board will evaluate additional reference rate adjustments). USD/MXN rose from 17.831 to around 17.924 at the time of writing.
USA DATA RELEASES
Jobless Claims Hover Near Record Lows Sustaining ‘No Hire, No Fire’ Narrative
Thursday, Mar 26, 2026 – 08:35 AM
The number of Americans filing for unemployment benefits for the first time was flat from the prior week at 210.5k (215k exp). Simply put, these numbers are hovering near their lowest levels since 1969…
Source: Bloomberg
Continuing claims also printed below expectations at 1.819 million Americans. This is the lowest level since May 2024…
Source: Bloomberg
Finally, as a reminder, sentiment surveys suggest the labor market is bifurcated with ‘jobs hard to get’ but joblessness not surging…
Source: Bloomberg
That chart reinforces the ‘no hire, no fire’ economy remains the status quo – no worse, no better.
USA ECONOMIC REPORTS
Fetterman Blasts Democrats After Illegal Immigrant Murders College Freshman
Wednesday, Mar 25, 2026 – 08:30 PM
Earlier this week, Jose Medina-Medina, an illegal immigrant whom the Biden administration caught and released at the border, murdered Loyola University freshman Sheridan Gorman. Medina-Medina had previously been arrested at least twice in Chicago, yet was released by local authorities, thanks to their sanctuary policies. According to reports, he approached her, raised a gun, and opened fire as she tried to flee. She was pronounced dead at the scene.
The Democratic Party’s response has been nothing short of horrific.
Chicago Alderwoman Maria Hadden, a Democrat, essentially blamed Gorman for her own murder.
“From what police know, from — from speaking to the students who were with her, it seems she [Sheridan Gorman] might have …they were just out, you know, people go out to the beach all the time, right?” She said in a now-viral video.
“And they go out on the pier, they walk around so that the kids were out doing normal, normal things people do in the neighborhood, and it sounds like this might have been a wrong place, wrong time, running into a person who had a gun. They might have startled this person at the end of the pier unintentionally. But that’s all we know.”
Meet Chicago Democrat and 49th Ward Alderwoman Maria Hadden, who pretty much blamed Sheridan Gorman for her own murder:
“The kids were out doing normal things people do in the neighborhood. And it sounds like this might have been a wrong-place, wrong-time situation, running into… pic.twitter.com/QkJnRGqIaG
Gov. JB Pritzker attacked the Trump administration for politicizing Gorman’s death.
“The Trump Administration needs to stop politicizing heinous tragedies and instead focus on real solutions, like reinstating federal funds to prevent violence that support our public safety efforts,” he said in a statement.
Fox News reported Tuesday that nearly a dozen Illinois Democrats are refusing to defend their votes against the Laken Riley Act in the wake of Gorman’s murder.
Illinois’ delegation split 11–5 against the Laken Riley Act. All three Republicans, plus Democrats Nikki Budzinski and Eric Sorenson, backed the bill, while 11 Democrats opposed it. Rep. Brad Schneider missed the vote due to a medical emergency but said he would have voted no, insisting that the Laken Riley Act was exploiting her death to “score cheap political points.”
The Trump administration believes Gorman’s death was completely preventable.
“Sheridan Gorman — just like Laken Riley and countless other American victims — would still be with us today and with their families if it were not for sanctuary politicians’ refusal to cooperate with ICE,” DHS Assistant Secretary Lauren Bis told Fox News Digital.
The reaction from Democrats to Gorman’s death has been so despicable that Sen. John Fetterman (D-Pa.) unloaded on his own party over it.
“Why can’t we just talk about that life lost?” Fetterman told Fox News’s Bill Hemmer. “Why can’t we just acknowledge that this is serious, serious failure?”
Fetterman also invoked the Laken Riley Act, the legislation requiring the detention and deportation of illegal immigrants who commit crimes. Fetterman was one of only a handful of Democrats to vote for it — a fact he’s clearly not going to let his colleagues forget.
“I think only seven or eight Democrats even voted for [the] Laken Riley [Act],” he said. “Why can’t you just agree that if you’re breaking the law and you’re already here illegally, deport them? I just don’t understand.”
He continued, “Tragedies like what happened to that young woman, they are gonna continue to happen,” he said. “That’s beyond common sense.”
Hemmer pressed him on why Democrats can’t seem to get there, and Fetterman gave an honest, if uncomfortable, answer.
“I guess they’re afraid of the base,” he replied.
Fetterman acknowledged that his positions put him in a tough spot inside his own party. He said he’s been “constantly punished” for breaking ranks — on the government shutdown vote, on his views about Iran, and now this. He doesn’t seem particularly bothered. “I’d rather be on the moral clarity or on the right side of history, or the correct kinds of principles,” he said. “That puts me at odds with parts of my party.”
🚨NEW: John Fetterman on Sheridan Gorman🇺🇸
"Why can’t we just talk about that life lost? Why can’t we just acknowledge that this is a SERIOUS FAILURE? It's DEVASTATING as a father."
"We have to protect America from the DANGEROUS elements that shouldn’t even be here." pic.twitter.com/9SQnSbXC8d
The U.S. Postal Service is seeking permission to impose a fuel surcharge on parcel products for the first time ever to cover soaring transportation costs for gasoline and diesel fuel, which have jumped more than 30% since the invasion of Iran by the United States and Israel nearly a month ago.
Parcel shipments would be charged an 8% fee, on top of their regular transportation charge, if the fee is approved.
The quasi-private agency on Wednesday sought permission from the Postal Regulatory Commission for a time-limited price adjustment on parcel shipments because of rapidly changing market prices for fuel. It would be the first time in its history that the Postal Service has applied a fuel fee, a common practice with private carriers like DHL, FedEx and UPS.
The Postal Service also said that the temporary surcharge would help it transition to a permanent mechanism for imposing surcharges on competitive products to support its universal service obligation in a more financially sustainable way.
Last fiscal year, the USPS lost $9 billion, with an operating loss of about $2.7 billion.
The 8% planned price change, which was approved by the Governors of the Postal Service on Tuesday, would affect base postage prices Priority Mail Express, Priority Mail, USPS Ground Advantage, and Parcel Select. The price change is scheduled to go into effect on April 26 and remain in place through Jan. 17, 2027. At that time, the Postal Service can determine if a different long-term approach is needed.
Nearly all USPS delivery vans run on gasoline, which has jumped about $1 in price to nearly $4 per gallon in less than a month. The organization also uses diesel fuel for large trucks that move mail and packages long distances to distribution centers.
The big parcel carriers have standard fuel surcharge mechanisms that automatically update each week as the price of fuel changes. Instead of constantly adjusting base transportation rates, the carriers use fuel surcharges as a flexible pricing mechanism tied to external fuel indexes. Their fuel surcharges currently range from about 21% to 34% of the base transportation rate, depending on mode and import/export status.
UPS on March 9 imposed another 1% increase to its fuel surcharge table for domestic shipping. It is the carrier’s third fuel surcharge increase this year. UPS and FedEx have also introduced temporary fees for shipments between the U.S. and Middle East.
The Postal Service said its fee is less than one-third of what its competitors charge for fuel alone.
“So even with this change, the Postal Service continues to offer great value in shipping with some of the lowest rates in the industrialized world,” the USPS said in a news release.
The Postal Regulatory Commission will review the proposed price change before it is scheduled to take effect.
END
NOT GOOD
Ugly 7Y Auction Has Lowest Bid To Cover Since September, Biggest Tail Since 2024
Thursday, Mar 26, 2026 – 01:20 PM
After two “terrible” coupon auctions earlier this week, moments ago the Treasury concluded the week’s final auction when it sold $44 billion in 7 Year paper. It may not have been quite as terrible as the previous two, but it wasn’t much stronger either.
Starting at the top, the auction stopped with a high yield of 4.255%, up sharply from 3.790% in February and the highest since Jan 2025. It also tailed the When Issued 4.247% by 0.8bps, the biggest tail since August 2024.
The bid to cover was 2.432, down from 2.498 last month and the lowest since Sept 2025.
Internals were also ugly as Indirects were awarded just 62.56%, down from 63.57% and the lowest since December 2025. And with Directs dipping (but not as much as the 2Y auction earlier this week which saw a collapse) from 26.01% to 25.03%, Dealers rose to 12.41%, the highest since last November.
Overall, this was another very ugly auction and while foreign demand wasn’t catastrophic it certainly was on the light side, suggesting that in addition to liquidating other hard assets, foreign buyers are becoming cautious with putting more money to funding the US deficit.
VICTOR DAVIS HANSON
KING NEWS
he King Report March 26, 2026 Issue 7708
Independent View of the News
Iran suspects Trump’s peace talk push is another trick 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,”…Iranian officials have told the mediators — Pakistan, Egypt and Turkey — that U.S. military movements and Trump’s decision to deploy major troop reinforcements have increased their suspicion that his proposal for peace talks is just a ruse… https://www.axios.com/2026/03/25/iran-war-trump-peace-talks-tehran-suspicious
@JewishWarrior13: I don’t know about the talks with Iran, but what I do know is the reality on the ground: 4,500 Marines (2 MEUs), 3,000 paratroopers from the All-American 82nd Airborne Division, the 75th Ranger Battalion, the 160th SOAR, Delta Force, and more. This is a massive elite force, and in a few days, they will reach the Middle East. If Iran thought it was bad until now, they are about to discover the real might of the US military. God bless the United States and our armed forces.
Iran Insists Talks Are Not Taking Place in Mocking Message to Trump: ‘You Are Negotiating with Yourselves’ – “Do not call your defeat an agreement.” “There will be no news of your investments in the region, and you will not see the former price of energy and oil.”… In a video statement carried by Iranian media, Ebrahim Zolfaghari, spokesperson for Iran’s Khatam al-Anbiya Central Headquarters, dismissed the idea of ongoing diplomacy without naming the president directly, referring instead to a “self-proclaimed global superpower.” “Has the level of your internal conflict reached the point where you are negotiating with yourselves?” he mocked… https://www.yahoo.com/news/articles/iran-rejects-talks-mocking-message-102840258.html
Iran rejects Trump’s 15-point plan to end war: State TV – Axios
@Osint613: IRIB Iranian state TV:“If the United States makes a mistake, Iran’s armed forces are ready to seize the coastlines of theUAE and Bahrain and reshape the region.” https://x.com/Osint613/status/2036602000268259638
Iran rejects U.S. ceasefire offer, demands sovereignty over Strait of Hormuz Here is Iran’s complete list of conditions, according to Press TV:A complete halt to “aggression and assassinations” by the enemy.The establishment of mechanisms to ensure that the war is not reimposed on the Islamic Republic.Guaranteed and clearly defined payment of war damages and reparations.The conclusion of the war across all fronts and for all resistance groups… throughout the region.Iran’s exercise of sovereignty over the Strait of Hormuz is and will remain Iran’s natural and legal right, and it constitutes a guarantee for the implementation of the other party’s commitments, and must be recognized…https://www.cnbc.com/2026/03/25/iran-war-us-trump.html Iran believes they know DJT’s weaknesses and are publicly mocking him over them: TACOs, penchant for instant gratification, incessant need to boast, the stock market, and gasoline prices – and Trump incessantly blabbers about making a deal.
@citrinowicz: This is yet another piece of evidence that Washington still doesn’t understand the shift Iran has gone through during the war. The regime today is more radical, less centralized, and increasingly convinced that it is winning, which means it believes it can dictate the terms of how this conflict ends. That leaves Trump with two real options: Either de facto surrender, a ceasefire without a deal, or an agreement shaped around Iran’s demands, or a major escalation, withsevere consequences for the global system and the international economy. This is the direct result of a campaign built on flawed assumptions — especially a fundamental misreading of Iran’s resilience. Iran is not Venezuela. There is no Delcy Rodríguez waiting in Tehran. And there is no silver bullet for the Iran problem.
WH Press Sec. Leavitt: Iran Talks Continue, They Are Productive – BBG 13:44 ET.
US Insists Talks Ongoing Even as Iran Rejects Trump Outreach – BBG 14:22 ET. “The Unites States has been engaged over the last three days in productive conversations,” White House Press Secretary Karoline Leavitt told reporters on Wednesday. “You’re beginning to see the regime look for an exit ramp.” (Which “regime?” Iran or Trump?) Press Sec. Leavitt: ‘President Trump does not bluff. He is ready to unleash hell.” – 13:48 ET
Politico’s West Wing Playbook newsletter reports Trump’s ‘inner circle’ are “baffled by the president’s remarks” about Iran giving him an “oil and gas related” present.
How will DJT explain his braying ‘the US has already won the Iran War’ with Iran’s mocking of DJT?
When the self-proclaimed ‘perfect genius’ foolishly cut short the ’12-Day War’ on Iran in June, due to his zeal to win the Noble Peace Prize, Iran concluded that DJT doesn’t have the guts to go the distance. At that time, we warned that history shows ‘half measures’ almost always fail.
Due to Team Trump’s miscalculations and misunderstanding of Iran, you can expect Team Trump to blame Israel via leaks to the media if things go off track.
On Wednesday, the markets chose to ignore Iran’s belligerent rejection of Trump peace deal and mocking of DJT. Hope and bullish urges spring eternal. So, beaucoup traders want to be long for expected bullish stories today emanating from a scheduled Iran-US negotiations in Islamabad, Pakistan.
ESMs opened sharply higher on Tuesday night and then gyrated in wild swings, but with a series of modest new highs, until they broke lower after hitting a daily high of 6684.75 (+78.75) at 9:34 ET. Pros quickly exploited the patsy buying. ESMs sank via a large-range A-B-C decline to a daily low of 6616.50 (+10.50, -68.25 from high) at 11:16 ET.
The manipulation for the 11:30 ET was manic, ala most of the swings on Wednesday. ESMs surged to 6657.50 at 11:30 ET, +41.00 in 14 minutes. After a drop to 6634.50 at 12:05 ET, ESMs rallied to 6669.50 at 13:43 ET. Much of the rally was due to Team Trump sanguine remarks on an Iran deal.
ESMs fell after Iranian officials debunk US claims about peace talks and victory.
@Osint613: Iran’s Foreign Minister Abbas Araghchi: “The fact that they are now talking about negotiations is an admission of defeat; didn’t they claim unconditional surrender before? So why are they now mobilizing their top officials to negotiate?”
i24News’ @ariel_oseran: Iran’s Foreign Minister Abbas Araghchi: There are no talks with the U.S., which is sending messages through different mediators. The exchange of messages via mediators does not mean negotiation with the U.S. Top authorities are reviewing the offered proposals, but Tehran has no intention to hold talks with the U.S. Iran is not seeking a war and demands a permanent end to the conflict, and compensation for destruction. The U.S. failed in its war goals, including a quick victory and regime change. My message to the neighboring countries: distance yourselves from the U.S. We will target American interests wherever we find them, and any country that hosts them is considered a legitimate target.
ESMs dropped to 6630.50 at 15:01 ET and then plodded to 6647.25 at the NYSE close.
Israel is concerned that Trump may stop the war suddenly, so Netanyahu has instructed the IDF to wipe out Iran’s arms industry within 48 hours. – NY Times
BBG’s @lisaabramowicz1: BlackRock’s Larry Fink: If Iran remains a threat after the bombing stops, there could be “years of above $100, closer to $150 oil, which has profound implications in the economy” and an outcome of “a probably stark and steep recession.” Fink isn’t alone. Other executives are also telling the US administration to “finish the job” since the current state of affairs – of Iran controlling one of the world’s most important waterways – is very dangerous for the global economy.
The NYT reports that US troops in the Middle East are working remotely, away from bases.
@Osint613: Iranian military spokesperson: “We assess all U.S. bases in the region have been neutralized. American forces have abandoned their positions and are now hiding off-site, and we are actively hunting them down.”
Iran threatens to take control of ‘strategic’ Bab al-Mandeb Strait (passageway connecting the Red Sea and Gulf of Aden) if US invades Kharg Island https://trib.al/DFPvdzJ
Trump got himself into a trash-talking contest with foes that are more experienced and more versed! Pro Tip to Trump: Quit threatening ‘make a deal or I’ll bomb you’ and just attack until Iran begs for a deal!
Meta and YouTube found liable in social media addiction trial A California jury has found Meta and YouTube liable on all counts in a landmark case that accused the tech giants of intentionally addicting a young woman and injuring her mental health… The decision could set a precedent for hundreds of similar cases and lead to major changes to how social media platforms operate, especially for young users — as well as millions, even billions, in losses for the tech companies… https://www.msn.com/en-us/news/us/meta-and-youtube-found-liable-in-social-media-addiction-trial/ar-AA1ZoT40
Positive aspects of previous session Stocks and bonds rallied smartly. Oil and gasoline declined sharply.
Negative aspects of previous session Precious metals rallied sharply. The S&P 500 peaked (6633.94) at 9:37 ET! Ambiguous aspects of previous session Who can one believe concerning US-Iran negotiations?
First Hour/Last Hour NYSE Action [S&P 500 Index]: 1st Hour:Up; Last Hour: Up
Pivot Point for S&P 500 Index [above/below indicates daily trend to day traders]: 6598.08 Previous session (S&P 500 Index) High/Low: 6633.94; 6568.41
AI fears are prompting Gen-Z to drop out of college, shift to blue collar industries: survey “When you have college graduates coming out with debt, but they’re all kind of ubiquitous in the sense that they all have the same credential — what’s going to elevate them above that?” he said. Murphy said more young workers are turning to certifications and hands-on training to stand out, particularly in fields less exposed to AI. “EMT and paramedic exam prep is our bestseller right now,” he said. https://trib.al/YnqUvcb
Today – We might discover who has been lying about the state of US-Iran negotiations: Team Trump or Iran high officials. Traders are positioned for a ceasefire announcement at today’s scheduled ceasefire talks in Islamabad, Pakistan. Prudence demands staying on the sideline until truth emerges.
ESMs are +1.00; NQMs are +14.50; USMs are -8/32; and oil & gas are up modestly at 20:40 ET.
S&P Index 50-day MA: 6835; 100-day MA: 6828; 150-day MA: 6759; 200-day MA: 6631 DJIA 50-day MA: 48,551;100-day MA: 48,187; 150-day MA: 47,499; 200-day MA: 46,619 (Green is positive slope; Red is negative slope
S&P 500 Index (6591.90 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 6568.19 triggers a sell signal
DJT at a GOP fund raiser last night: “They (Iran) want to make a deal so badly, they are afraid to say it.” We’re gonna have to do something about Iran because they’re gonna have a nuclear weapon very soon and they’re crazy, they’re crazy, they’re out of their minds, and we have to stop them. Every president should have done it. I heard that today Blinken made a statement that he should have done it. Thanks a lot, Blinken, I appreciate it. Blinken is Biden’s guy, I guess who the hell knows who he is, he’s his guy, but he should, he came out with a statement that they should have done it, they made a mistake. They should have done it and other presidents should have done it. Obama should have done it, Obama was worse. Obama gave them the absolute right title and interest, gave everything to Iran, you remember that?” https://x.com/SteveGuest/status/2036963428472963136 “I sent ICE to the airports, and they have been so great. They have been so great. If we have to, we’re going to send in the National Guard if we needto.”
Outrage as Chicago’s progressive mayor unveils ‘Abolish ICE’ snowplow days after innocent woman was murdered ‘by illegal migrant’ in crime-plagued Windy City ‘I want to take this moment to reiterate that Chicago does not want ICE on our streets, in our airports nor in our city,’ Johnson continued. ‘Chicago believes in abolishing ICE.’… ‘And this tragedy is not going to deter us from our work…it’s going to challenge us all to double down on our efforts to ensure that we are protecting every single individual across neighborhoods.’… https://www.dailymail.co.uk/news/article-15679453/Chicago-Mayor-Brandon-Johnson-Abolish-ICE-snowplow-Sheridan-Gorman-Jose-Medina.html
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