MARCH 27/POST COMEX OPTIONS EXPIRY OUR PRECIOUS METALS HAD A STELLAR DAY: GOLD CLOSED UP $103.15 TO $4491.90 WHILE SILVER WAS UP $1.91 TO $69.66/PLATINUM WAS UP $25.85 TO $1873.40 WHILE PALLADIUM WAS UP $38.00 TO $13.91.00//MUST VIEW PODCAST TONIGHT; ANDREW MAGUIRE 265 LIVE FROM THE VAULT: PLEASE DO NOT MISS IT//OTHER GOLD COMMENTARIES TONIGHT FROM JESSE COLUMBO AND ALASDAIR MACLEOD//ISRAEL/USA VS IRAN: MANY UPDATES//ISRAEL TBN LAST 24 HOURS A MUST VIEW//TRUMP EXTENDS THE DEADLINE TO ANOTHER 10 DAYS//ISRAEL VS HEZBOLLAH UPDATES/COVID INJURY REPORT; MARK CRISPIN MILLER/NEWSWIZE/OIL UPDATES AS PER THE ISRAEL IRAN WAR//EMERGING MARKET REPORT FROM THE PHILIPPINES AND AUSTRALIA//USA DATA RELEASES/BIG NEWS: THE IRAN WAR CAUSES INFLATION EXPECTATIONS TO RISE//KING NEWS/SWAMP STORIES FOR YOU TONIGHT//
323 H HSBC 1 363 H WELLS FARGO SECURITI 525 435 H SCOTIA CAPITAL (USA) 250 555 C BNP PARIBAS SEC CORP 501 624 H BOFA SECURITIES 34 661 C JP MORGAN SECURITIES 276 686 C STONEX FINANCIAL INC 1 709 C BARCLAYS 500 905 C ADM 38
TOTAL: 1,063 1,063 MONTH TO DATE: 14,543
JPMORGAN STOPPED 276/1063
MARCH
GOLD: NUMBER OF NOTICES FILED FOR MARCH/2026: 1063 CONTRACTs NOTICES FOR 106,300 OZ or 3.306TONNES
total notices so far: 14,543 contracts for 1,454,300 OR 45.234 tonnes)
FOR MARCH
XXXXXXXXXXXXXXXXXX
SILVER NOTICES: 6 NOTICE(S) FILED FOR 30,000 OZ /
total number of notices filed so far this month : 9158 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 UP $103.55 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD
SMALL CHANGES IN GOLD INVENTORY AT THE GLD:: A SMALL DEPOSIT OF 0.285 TONNES OF GOLD INTO THE GLD/.
INVENTORY RESTS AT 1052.705 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER UP $1.91 AT THE SLV: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 3.351 MILLION OZ FROM THE SLV/INVENTORY RESTS AT THE SLV AT 495.425 MILLION OZ//
CLOSING INVENTORY RESTS AT:
CLOSING INVENTORY: 495.425 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY A STRONG SIZED 1430 CONTRACTS TO 112,599 AND CONTINUING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS STRONG SIZED LOSS IN COMEX OI WAS ACCOMPLISHED WITH OUR HUGE LOSS $4.74 IN SILVER PRICING AT THE COMEX WITH RESPECT TO THURSDAY’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 TENDERED FOR PHYSICAL AT 4 PM EACH NIGHT. BECAUSE OF THE HUGE SHORTFALL IN PHYSICAL SILVER IN LONDON THERE IS A LOTTERY TO SEE WHO GETS ANY OF THE PHYSICAL SILVER AVAILABLE THAT WHICH THEY ARE OBLIGATED TO DELIVER. THEY WAIT PATIENTLY FOR THEIR PHYSICAL METAL AND IF NOBODY GETS ANY THEY THEN COME BACK THE NEXT DAY AND SO ON. THIS IS IN LONDON, THE HOME OF PHYSICAL SILVER!!
IT WAS SOME OF OUR SILVER SPECULATORS THAT WERE BRUTALLY BEATEN UP AT THE SILVER COMEX THIS PAST MONTH AS THEY GOT RINSED OUT BADLY AT LAST MONTH’S RAID ON FIRST DAY NOTICE FOR THE 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 YESTERDAY. SHORTLY WE WILL AGAIN ATTEMPT TO BREAK THE MAJOR 100 DOLLAR BARRIER.
WE HAVE A STRONG SIZED LOSS OF 1,315 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A SMALL SIZED 115 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD HUGE LIQUIDATION OF T.A.S. CONTRACTS IN COMEX TRADING WITH RESPECT TO THURSDAY TRADING//RAID/ ALONG WITH INITATION OF SPREADER LIQUIDATION//WITH OUR HUGE LOSS IN PRICE ALONG WITH A HUGE 1535 CONTRACT T.A.S. ISSUANCE!! / THEY DESPERATELY AGAIN TODAY TRIED TO CONTAIN SILVER’S PRICE RISE FOR THE PAST SEVERAL WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $100.00 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY SUCCEEDED ON THURSDAY WITH SILVER’S HUGE LOSS IN PRICE
THE PRICE FINISHED BELOW THE MAGIC NUMBER OF $70.00 SILVER SPOT PRICE AND BELOW THE $100.00 MARK CLOSING AT $67.75 DOWN 4.74 CENTS WE ARE NOW WITNESSING HAVING MANY HUGE T.A.S ISSUANCES // TODAY’S WAS AT A HUGE SIZED 1535 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 SMALL SIZED 115 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR HUGE SIZED 1535 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN FUTURE TRADING//AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE.
IN ESSENCE WE HAD A STRONG LOSS OF 416 CONTRACTS ON OUR TWO EXCHANGES WITH OUR HUGE LOSS IN PRICE OF $4.74. 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 6 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 THURSDAY NIGHT//FRIDAY MORNING: A HUGE SIZED 1535 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 SMALL E.FP JUMP/TRANSFER TO LONDON OF 3 CONTRACTS OR 0.015 MILLION OZ/NEW STANDING REDUCES TO 45.850 MILLION OZ
WE HAD:
/ STRONG COMEX OI LOSS+// SMALL SIZED 115 EFP ISSUANCE CONTRACTS (/ VI) A HUGE NUMBER OF T.A.S. CONTRACT ISSUANCE 1535 CONTRACTS
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED 899 SILVER CONTRACT//
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS FEB.. ACCUMULATION
TOTAL CONTRACTS for 21 DAY(S), total 10,415 contracts: OR 52.075 MILLION OZ (495 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 52.075 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: 52.075 MILLION OZ
RESULT: WE HAD A STRONG SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1430 CONTRACTS WITH OUR HUGE LOSS IN PRICE OF $4.74 IN SILVER PRICING AT THE COMEX// THURSDAY,. THE CME NOTIFIED US THAT WE HAD A SMALL SIZED CONTRACT EFP ISSUANCE 115 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 0.015 MILLION OZ EXCHANGE FOR PHYSICAL TRANSFER// JUMP TO LONDON //STANDING REDUCES TO 45.850 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 0.015 MILLION OZ EXCHANGE FOR PHYSICAL TRANSFER TO LONDON //NEW TOTAL STANDING REDUCESTO 45.850 MILLION OZ
THE NEW TAS ISSUANCE MONDAY NIGHT (1535) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED NO DOUBT WITH FUTURE TRADING!
WE HAD 6 NOTICE(S) FILED TODAY FOR 0.030 MILLION OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST FELL BY A MEGA HUMONGOUS SIZED 28,287 OI CONTRACTS DOWN TO AN ALL TIME LOW OF 377,717 OI AND FURTHER FROM THE RECORD HIGH (SET JAN 24/2020) AT 799,105 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. WE HAVE NOW SURPASSED THE ALL TIME LOW OF 390,000 CONTRACTS SET IN THE YEAR OF 2001 WITH TRADING AT $260.00. THUS WE ARE HAVE AN ALL TIME LOW OI IN COMEX BUT WITH AN EXTREMELY HIGH PRICE OF GOLD. THE SHORT RATS ARE ABANDONING THE SHIP.
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED A HUGE 13,622 CRIMINAL CONTRACTS //.
WE HAD A MEGA HUGE SIZED LOSS IN COMEX OI (28,287 ONTRACTS) . THIS LOSS OCCURRED WITH OUR LOSS IN PRICE OF $213.05 //THURSDAY///.
LAST 10 MONTHS OF GOLD DELIVERIES: (MAY THROUGH TO /FEB)
MAY: SUMMARY FOR MAY TONNES WHICH STOOD FOR DELIVERY:
FINAL STANDING FOR MAY: 70.174 TONNES OF GOLD TO WHICH WE ADD 1. MONDAY’S (MAY 19) 6.221 TONNES EXCHANGE FOR RISK , 2. THEN WE ADD: 1.35 TONNES TO LAST WEEK”S. THEN WE ADD 3. 1.55 TONNES TO EQUAL 9.591 TONNES// NEW EXCHANGE FOR RISK = 9.591 TONNES WHICH MUST BE ADDED TO OUR NORMAL DELIVERY SCHEDULE OF 80.644 TONNES. THUS STANDING FOR MAY INCREASES TO 90.235 TONNES OF GOLD
2 JUNE CONTRACT MONTH: 93.085 TONNES OF GOLD (WHICH INCLUDES ALL QUEUE JUMPING AND 0 EX FOR RISK)
3.JULY INITIIAL STANDING FIRST DAY NOTICE: 17.847 TONNES. PLUS TODAY’S 0 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK + 2.195 TONNES EX FOR RISK TODAY = 41.106 TONNES STANDING
4. AUGUST: 60.547 TONNES OF INITIAL GOLD FIRST DAY NOTICE FOLLOWED BY THE NET MONTH’S QUEUE JUMP OF 47.2312 TONNES TO WHICH WE ADD THE FOLLOWING EXCHANGE FOR RISK ISSUANCE RECEIVED FOR THE MONTH: 5.4432 TONNES EX FOR RISK/AUG 7 , AUG 11: 2.413 TONNES EX FOR RISK AND AUG. 12 OF 2.637 TONNES EX FOR RISK//AUG 25: 9.107 TONNES , AUGUST 26: 9.1010 TONNES AND NOW AUGUST 27: 9.0699 TONNES//NEW STANDING ADVANCES TO 107.5117 TONNES OF GOLD NORMAL STANDING (INCLUDES ALL MONTHLY QUEUE JUMPS/EX FOR PHYSICAL TRANSFERS//) +44.696 TONNES EX.FOR RISK = 152.208 TONNES
5.SEPT: INITIAL 8.093 TONNES OF GOLD PLUS TODAY’S QUEUE JUMP OF 0.4883 TONNES PLUS 2.2827 TONNES OF EXCHANGE FOR RISK TODAY//NEW TOTAL EX. FOR RISK/MONTH = 22.923//NEW TOTAL STANDING FOR GOLD SEPT ADVANCES TO = 48.801 TONNES!!
6.OCTOBER: 90.012 TONNES OF INITIAL GOLD STANDING WITH TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS DURING OCT OF 76.1656 TONNES
THEN WE MUST ADD OUR 14.553 TONNES OF OUR ISSUANCE OF EXCHANGE FOR RISK/6 OCCASIONS//NEW TOTAL OF GOLD STANDING ADVANCES TO 197.5141 TONNES OF GOLD.
7.NOVEMBER BEGINS WITH 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY TODAY’S QUEUE JUMP OF 2.323 TONNES FOLLOWED BY ALL PREVIOUS QUEUE JUMPS IN OF OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE OF 4.5596 TONNES//NEW STANDING ADVANCES TO 43.9716 TONNES OF GOLD.
8. DECEMBER BEGINS WITH INITIAL STANDING OF 83.813 TONNES OF GOLD FOLLOWED BY TODAY’S 0.0TONNE QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF: 37.163 TONNES//NEW STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR 4 EXCHANGE FOR RISK FOR DECEMBER OF 6.587 TONNES/NEW STANDING ADVANCES TO 121.977 TONNES
9. JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR FIRST EXCHANGE FOR PHYSICAL TRANSFER OF 0.08709 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
FEB; INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 93.567 TONNES OF GOLD TO WHICH WE ADD OUR NEXT 0.0248 TONNES 0.1555 TONNES QUEUE JUMP TO 41.2082 TONNES/ NEW NET QUEUE JUMP INCREASES TO 41.233 TONNES// AND THEN WE ADD OUR SIX EXCHANGE FOR RISK: 10,080 CONTRACTS OR 31.251 TONNES//NEW STANDING REDUCES TO 157.878 TONNES
MARCH:: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 8.099 TONNES TO WHICH WE ADD TODAY’S STRONG 44,400 OZ QUEUE JUMP (1.3810 TONNES) AND THEN WE ADD OUR THREE EXCHANGE FOR RISK OF 22.3818 TONNES //NEW STANDING ADVANCES TO 67.617TONNES/
E.F.P. ISSUANCE/FOR OPENING MARCH. GOLD CONTRACT
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 4128 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT AN ALL TIME RECORD LOW OF 377.717 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 112,599 ONTRACTS// RISING FROM PREVIOUS ALL TIME LOW SET MARCH 23OF 111,576 CONTRACTS.
IN ESSENCE WE HAVE A STRONG LOSS IN TOTAL CONTRACTS IN COMEX GOLD ON THE TWO EXCHANGES OF 24,159 CONTRACTS WITH 28,282 CONTRACTS DECREASED AT THE COMEX// AND A STRONG SIZED 4128 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON.
THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 24,157 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A HUGE SIZED AND CRIMINAL 4172 CONTRACTS AND THESE ISSUANCES ARE GENERALLY USED TO INITIATE A RAID WHEN CALLED UPON
GOLD PRICE ON THURSDAY FELL BY $213.05
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS CONTRACT(4128 ) ACCOMPANYING THE VMEGA HUGE SIZED LOSS IN COMEX OI OF 28,287 CONTRACTS/TOTAL LOSS FOR OUR THE TWO EXCHANGES: 24,159 CONTRACTS..
WE HAVE 1) NOW REVERTED TO OUR ABNORMAL FORMAT OF BANKER (FRBNY) GOING ON THE LONG SIDE AND NEWBIE SPECULATORS GOING TO THE SHORT SIDE// . ,2.) STRONG FINAL STANDING FOR GOLD FOR FEBRUARY AND VERY STRONG FOR MARCH:
FEB; INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 93.567 TONNES OF GOLD TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 0.012 TONNES TO ALL OTHER QUEUE JUMPS//NEW QUEUE JUMP TOTALS INCREASES: 41.233 TONNES// /// TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK FOR 31.251 TONNES//NEW STANDING FINISHED AT 157.878 TONNES
MARCH:: SMALL INITIAL STANDING FOR GOLD FOR MARCH AT 8.099 TONNES TO WHICH WE ADD TODAY’S STRONG 667 CONTRACT QUEUE JUMP OF 66,700 OZ OR 2.074 TONNESAND THEN WE ADD BY OUR THREE EXCHANGE FOR RISK: 22.3818///NEW STANDING ADVANCES TO 67.617TONNES 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 1.3810 TONNES QUEUE JUMP AND THEN ADD +22.3818 TONNES EXCHANGE FOR RISK//NEW STANDING ADVANCES TO 67/617 TONNES/
3) HUGE T.A.S. LIQUIDATION, INITATION OF MONTHLY SPREADER LIQUIDAITON AND SOME GOVT LIQUIDATION // WITH A STRONG GAIN OF EQUITY SHARES/MARCH 25 HAVING 1)A $213.05COMEX PRICE LOSS AND YET WE HAD 2) NEWBIE SPEC SHORTS WERE CLOBBERED ON A NET BASIS, + EASTERN CENTRAL BANKERS WERE PILING INTO THE LONG SIDE AS WE HAD A VERY SIZED LOSS OF 24,159 CONTRACTS ON OUR TWO EXCHANGES AND AS WELL A STRONG AMOUNT OF GOLD WILL STAND FOR DELIVERY IN MARCH. (67.617TONNES). //, CENTRAL BANKERS TENDERED FOR PHYSICAL WITH THEIR PURCHASES OF CONTRACTS../ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED THURSDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL
4)A VERY STRONG SIZED COMEX OI LOSS 5) V) STRONG SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL GOLD (4172) AND A HUGE T.A.S. ISSUANCE (4172) 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: 66,522 CONTRACTS OR 6,652,200OZ OR 206.91 TONNES IN 21 TRADING DAY(S) AND THUS AVERAGING: 3167 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN21 TRADING DAY(S) IN TONNES: 206.91 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2025, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 206.91TONNES DIVIDED BY 3550 x 100% TONNES = 5.82% 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: 206.91 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 FELL BY A STRONG SIZED 1430 CONTRACTS OI TO 112,599 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 115 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAY 115 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 0 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 531 CONTRACTS AND ADD TO THE 115 E.FP. ISSUED
WE OBTAIN A STRONG SIZED LOSS OF 1315 OI OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR HUGE LOSS OF $4.75
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTALS 6.575 MILLION PAPER OZ
OCCURRED WITH OUR LOSS IN PRICE.OF $4.74
2.ASIAN AFFAIRS MARCH 26 /2025
SHANGHAI CLOSED UP 24.64 PTS OR 0.63%
HANG SENG CLOSED UP 95.45 PTS OR 0.35%
Nikkei CLOSED DOWN 45.15 PTS OR 0.08%
//Australia’s all ordinaries CLOSED DOWN 0.01%
//Chinese yuan (ONSHORE) CLOSED DOWN 6.9085
/ OFFSHORE CLOSED DOWN AT 6.9190 Oil UP TO 96.12 ollars per barrel for WTI and BRENT UP TO 109.Stocks in Europe OPENED ALL DEEPLY IN THE RED
ONSHORE USA/ YUAN TRADING 6.9085 (DOWN) OFFSHORE YUAN TRADING DOWN TO 6.9160 ONSHORE YUAN TRADING ABOVE OFF SHORE AND DOWN ON THE DOLLAR// / AND THUS WEAKER/OFF SHORE YUAN TRADING DOWNAGAINST US DOLLAR/ AND THUS WEAKER
XXXXXXXXXXXXXXXXXXXXXXX
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A MEGA HUGE SIZED 28,287 CONTRACTS DOWN TO 377,717 OI , ( HAVING NOW REACHED OUR RECORD LOW OI SURPASSING THE PREVIOUS ALL TIME LOW IN OI OF 390,00 SET IN THE YEAR 2001 WHEN GOLD WAS TRADING $260.00
WE HAD HUGE T.A.S. LIQUIDATION DURING THURSDAY’S TRADING ALONG WITH MONTHLY SPREADER LIQUIDAITON. 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 MEGA HUGE SIZED LOSS ON OUR TWO EXCHANGES OCCURRED WITH OUR HUGE LOSS IN PRICE IN GOLD. THE SPECS HAVE NOW GONE MASSIVELY ON THE SHORT SIDE WITH THE BANKERS BUYING UP ALL THEY COULD AND COVERING THEIR SHORTFALL IN GOLD
WE THUS HAD A TOTAL MEGA HUGE LOSS IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 24,159 CONTRACTS (OR 75.14 TONNES) WITH OUR HUGE LOSS IN PRICE, THURSDAY.
THEN WE WERE NOTIFIED TODAY OF A MASSIVE 2996 CONTRACT EXCHANGE FOR RISK ISSUANCE IN GOLD CONTRACTS FOR 299,600 OZ OR 9.3188 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:
THURSDAY MARCH 17 WE RECEIVED ITS INITIAL 2000 CONTRACT EXCHANGE FOR RISK ISSUANCE FOR 6.22 TONNES. LAST FRIDAY: 0 ISSUANCE OF EXCHANGE FOR RISK. BUT ON MONDAY MARCH 23 WE RECEIVED NOTICE OF OUR SECOND EXCHANGE FOR RISK ISSUANCE FOR 2,200 CONTRACTS (220,000 OZ OR 6.843 TONNES) AND NOW TODAY WITH A MONSTER 2996 CONTRACTS FOR 9.3138 TONNES. THESE THREE ISSUANCES WILL NOW BE ADDED TO THE REGULAR AMOUNT OF GOLD STANDING, I.E. 22.3818 TONNES TO OUR NORMAL GOLD STANDING 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 DURING THE FIRST WEEK OF MARCH, AND THEN MONDAY, MARCH 22, WE RECEIVED ITS SECOND NOTICE ISSUANCE OF 2200 CONTRACTS OR 220000 OZ (6.843 TONNES). THEN FINALLY WE RECEIVED NOTICE OF OUR THIRD EXCHANGE FOR RISK OF 2996 CONTRACTS OR 9.3188 TONNES. TOGETHER ALL 3 ISSUANCES TOTAL 22.3818 TONNES WHICH WILL BE ADDED TO OUR NORMAL DELIVERY SCHEDULE.
DETAILS ON OUR NEW MARCH COMEX CONTRACT MONTH//
IN TOTAL WE HAD A HUGE SIZED LOSS ON OUR TWO EXCHANGES OF 10,532 CONTRACTS WITH OUR HUGE LOSS IN PRICE ($213.05). 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 STRONG SIZED T.A.S ISSUANCE CONTRACTS .THE CME NOTIFIES US THAT THEY HAVE ISSUED 4,172 T.A.S CONTRACTS. THESE AND NOW USUAL MONTHLY SPREADER INITIATION 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 6 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 THREE ISSUANCES FOR 22.3818 TONNES! OTHER CENTRAL BANKS ARE PAYING ATTENTION AS THEY TAKE DELIVERY OF HUGE AMOUNTS OF PHYSICAL GOLD.
FOR MARCH WE HAVE 3 EXCHANGE FOR RISK ISSUANCES SO FAR FOR 7196 CONTRACTS OR 719,600 OZ/22.3818 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 1.3810 TONNES AND THEN WE ADD OUR THREE EXCHANGE FOR RISK OF 22.3818 TONNES////NEW STANDING FOR GOLD ADVANCES TO: 67.617TONNES WHICH IS ABSOLUTELY HUGE FOR A NON ACTIVE DELIVERY MONTH!!
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 48 MONTHS 2021-2024
DEC 2021: 112.217 TONNES
NOV. 8.074 TONNES
OCT. 57.707 TONNES
SEPT: 11.9160 TONNES
AUGUST: 80.489 TONNES
JULY 7.2814 TONNES
JUNE: 72.289 TONNES
MAY 5.77 TONNES
APRIL 95.331 TONNES
MARCH 30.205 TONNES
FEB ’21. 113.424 TONNES
JAN ’21: 6.500 TONNES.
TOTAL YEAR 2021 (JAN- DEC): 601.213 TONNES
YEAR 2022: STANDING FOR GOLD/COMEX
JANUARY 2022 17.79 TONNES
FEB 2022: 59.023 TONNES
MARCH: 36.678 TONNES
APRIL: 85.340 TONNES FINAL.
MAY: 20.11 TONNES FINAL
JUNE: 74.933 TONNES FINAL
JULY 29.987 TONNES FINAL
AUGUST:104.979 TONNES//FINAL
SEPT. 38.1158 TONNES
OCT: 77.390 TONNES/ FINAL
NOV 27.110 TONNES/FINAL
Dec. 64.000 tonnes
(TOTAL YEAR 656.076 TONNES)
2023:STANDING FOR GOLD/COMEX
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024/STANDING FOR GOLD/COMEX
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
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COMEX GOLD TRADING BEGINNING MARCH,. CONTRACT;
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY A HUGE $213.05
WE HAD MEGA HUGE T.A.S. SPREADER LIQUIDATION THURSDAY ALONG WITH INITIATION OF MONTHLY SPREADER LIQUIDATION // COMEX SESSION// WITH OUR HUGE LOSS IN PRICE BUT OUR SPECULATORS REMAIN RELENTLESS POURING INTO THE COMEX STARTING TO BUILD ON ITS OI // BUT WITH OTHER EASTERN CENTRAL BANKS TENDERING FOR PHYSICAL EVERY NIGHT WHICH ALSO EXPLAINS THE HUGE NUMBER OF TONNES OF GOLD THAT STOOD FOR GOLD FOR FEBRUARY’S ACTIVE DELIVERY MONTH (157 TONNES) AND ALSO MARCH’S STANDING OF 55+ TONNES+ TODAY’S HUGE GAIN!!
THURSDAY NIGHT//FRIDAY MORNING
THE CROOKS COULD NOT STOP OTHER CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL THURSDAY EVENING/FRIDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD
A LITTLE REVIEW OF GOLD STANDING THESE PAST 7 MONTHS:
STANDING FOR GOLD OCT THROUGH TO MARCH:
ANALYSIS// OCT DELIVERY MONTH GOING FROM FIRST DAY NOTICE// OCT COMEX CONTRACT TO FINALIZATION OCT 31:
OCT AT 90.164 TONNES TO BE FOLLOWED BY ALL PREVIOUS QUEUE JUMPS OF 75.696 TONNES WHICH WE ADD OUR 14.553 TONNES EX FOR RISK/6 OCCASIONS:
/ TOTAL STANDING 197.551 TONNE/OCTOBER FINAL//ABSOLUTELY A MONSTER DELIVERY FOR A NORMALLY QUIET OCT MONTH
2. AND NOW NOVEMBER:
NOVEMBER BEGINS WITH A HUGE 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY OUR TODAY’S QUEUE JUMP OF 2.323 TONNES WHICH FOLLOWED ALL OTHER NOVEMBER QUEUE JUMPS OF 21.3775 TONNES TO WHICH WE ADD OUR TWO ISSUANCES OF EXCHANGE FOR RISK OF 4.5596 TONNES..
NEW STANDING ADVANCES TO 43.9716 ONNES OF GOLD.
3. AND NOW DECEMBER:
3. DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 83.813 TONNES FOLLOWED BY A 0 CONTRACT QUEUE JUMP FOR NIL OZ OR 0.000 TONNES WHICH FOLLOWS OTHER DEC QUEUE JUMPS OF: 0 TONNES///STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR FOUR EXCHANGE FOR RISK ISSUANCE OF 6.559TONNES/NEW STANDING ADVANCES TO 121.977TONNES
4. JANUARY:
9. JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR QUEUE JUMP OF 0.000 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
10. FEBRUARY: INITIAL STANDING: 93.566 TONNES TO WHICH WE ADD OUR LATEST QUEUE JUMP OF 0.0298 TONNES TO WHICH THIS IS ADDED TO ALL OTHER QUEUE JUMPS OF 41.2082 / NEW QUEUE JUMP ADVANCES TO: 41.233 TONNES//STANDING ADVANCES TO: 126.628 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 10,080 CONTRACTS FOR 1,008,000 OZ OR 31.251 TONNES/NEW STANDING ADVANCES TO 157.879 TONNES
MARCH: INITIAL STANDING: 8.099 TONNES TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 1.3810 TO WHICH WE THEN ADD OUR THREE EXCHANGE FOR RISK FOR 22.3818 TONNES// GOLD STANDING ADVANCES TO: 67.617 TONNES/
ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $213.05
WE HAD A HUGE 13,622 CONTRACTS REMOVED FROM THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE
NET LOSS ON THE TWO EXCHANGES : 24,159 CONTRACTS OR 2,415,900OZ OR 75.14TONNES
i) Brinks 178,264.658 oz ii) Malca: 2507.778 oz iii) Manfra: 12,169.260 oz
total withdrawal 192,944.698 oz
in tonnes; 6.00 tonnes
Deposit to the Dealer Inventory in oz
0 ENTRY
Deposits to the Customer Inventory, in oz
DEPOSITS/CUSTOMER
0 ENTRY
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No of oz served (contracts) today
1063 CONTRACTS
OR 106,300 OZ
3.306TONNES OF GOLD
No of oz to be served (notices)
0 ontracts 0 OZ 0.00 TONNES
Total monthly oz gold served (contracts) so far this month
14,543 notices 1,454,300 oz 45.235 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:
3 ENTRIES
i) Brinks 178,264.658 oz ii) Malca: 2507.778 oz iii) Manfra: 12,169.260 oz
total withdrawal 192,944.698 oz
in tonnes; 6.00 tonnes
comex is draining of gold/.
they are draining the comex of gold
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ADJUSTMENTs
ADJUSTMENTS 3 all dealer to customer
registered gold depleting
a) Asahi 14,853.76 oz
b) Brinks 106,492.852 oz
c) Int. Delaware 2,604.207
total gold leaving customer into the dealer 123,950.821 oz or 3.18 tonnes
COMEX IS DRAINING GOLD
chaos inside the comex
THE FRONT MONTH OF MARCH OI STANDS AT 1063 CONTRACTS FOR A GAIN OF 660 CONTRACTS. WE HAD 107 CONTRACTS SERVED ON THURSDAY, SO WE GAINED A HUGE 444 CONTRACTS OR 44,400 OZ WILL STAND FOR DELIVERY AT THE COMEX.. IN TONNAGE THIS REPRESENTS A QUEUE JUMP OF 1.3810 TONNES. CENTRAL BANKERS WHETHER IN LONDON OR NEW YORK ARE POUNDING THE TABLE DEMANDING THEIR PHYSICAL GOLD!!
APRIL IS THE NEXT LARGEST DELIVERY MONTH AND IT LOST 51,860 CONTRACTS DOWN TO 51,572 CONTRACTS. APRIL IS NOW THE NEW FRONT MONTH FOR DELIVERY OF GOLD. APRIL IS GENERALLY A VERY STRONG DELIVERY MONTH. WE HAVE 2 MORE READING DAYS BEFORE FIRST DAY NOTICE, FRIDAY, MONDAY AND TUESDAY! EXPECT NORTH OF 31 TONNES TO STAND FOR DELIVERY.
MAY LOST 140 CONTRACTS TO AN OI OF 3926
JUNE IS A HUGE DELIVERY MONTH AND HERE THE OI ROSE BY A HUGE 29,245 CONTRACTS UP TO AN OI OF 244,293
We had 1093 contracts filed for today representing 109,300oz
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 1063 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 273 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 (14,543) to which we add the difference between the open interest for the front month of MAR (1063 CONTRACTS) minus the number of notices served upon today 1063 x 100 oz per contract) equals 1,454,300 OZ OR (45.2315Tonnes of gold) to which we add our 3 exchange for physical of 22.3818 tonnes//standing advances to 67.617 tonnes
thus the INITIAL standings for gold for the MAR contract month: No of notices filed so far (14,543 x 100 oz +we add the difference for front month of MAR (1063 OI} minus the number of notices served upon today (1063 )x 100 oz) which equals 1,454,300 OZ OR 45.235 TONNES// to which we add our 3 exchange for risk of 22.3818 tonnes//new standing advances to 67.617
new total of gold standing in MAR is 67.617 TONNES//
TOTAL COMEX GOLD STANDING FOR MARCH 67.617 TONNES TONNES WHICH IS NOW MEGA HUGE FOR THIS NORMALLY VERY NON ACTIVE ACTIVE DELIVERY MONTH OF MARCH.
confirmed volume THURSDAY confirmed 399,495 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 31,713,528.151 oz
TOTAL REGISTERED GOLD 16,618,234.825 or 516.896 Tonnes
TOTAL OF ALL ELIGIBLE GOLD 15,095,293.276 oz//eligible gold leaving hand over fist
REGISTERED GOLD THAT CAN BE SERVED UPON 14,805,771 oz ((REG GOLD- PLEDGED GOLD)=
460.52 Tonnes //
total inventories in gold declining rapidly
SILVER COMEX
MARCH DELIVERY MONTH
MARCH 27 2026
INITIAL/
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
2 entries
i) out of HSBC 599,606.840 oz ii ) Out of Loomis 250,754.170 oz
total withdrawal: 805,361.01 oz
the comex is being drained of silver
Deposits to the Dealer Inventory
0 entries
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Deposits to the Customer Inventory
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
1 ENTRIES
i) Into CNT 599,774.290 oz
total deposit 599,774.290 oz
No of oz served today (contracts)
6 CONTRACT(S) ( 0.03 MILLION OZ
No of oz to be served (notices)
12 Contracts (0.060 MILLION oz)
Total monthly oz silver served (contracts)
9158 contracts 45.790 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
0 entries
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
1 ENTRIES
1 ENTRIES
i) Into CNT 599,774.290 oz
total deposit 599,774.290 oz
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withdrawals: customer side/eligible
2 entries
i) out of HSBC 599,606.840 oz
ii ) Out of Loomis 250,754.170 oz
total withdrawal: 805,361.01 oz
the comex is being drained of silver
the comex is being drained of silver
adjustments: / / 1
ADJUSTMENTS
4
adjustments: / /
adjustments: / /
4 entries
i) out of Asahi 682,021.200 oz
ii) Out Brinks: 50,130.392 oz
iii) Loomis: 212,675.640 oz
iv) stonex: 199,988.160 oz
v) Stonex; 4991.430
total silver removed from dealer acct: 1,144,815.942 oz
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TOTAL REGISTERED SILVER: 76.024 MILLION OZ//.TOTAL REG + ELIGIBLE. 328.297 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: 18 OPEN INTEREST CONTRACTS FOR A LOSS OF 278 CONTRACTS.
WE HAD 275 NOTICES FILED ON THURSDAY SO WE LOST 3 CONTRACTS OR AN ADDITIONAL 0.015 MILLION OZ OF SILVER WILL NOT TAKE DELIVERY OVER HERE AND THEY WILL TRY THEIR LUCK IN LONDON. THESE EXERCISED AN EXCHANGE FOR PHYSICAL AND THEN STAND IN LINE WITH EVERYBODY ELSE TRYING TO TAKE DELIVERY OF BADLY NEEDED SILVER OVER ON THAT SIDE OF THE POND.
APRIL, THE NEW FRONT MONTH SAW A LOSS OF 31 CONTRACTS DOWN TO 1950 CONTRACTS.
EXPECT AROUND 9.8 MILLION OZ TO STAND FOR APRIL.
MAY SAW A LOSS OF 2010 CONTRACTS DOWN TO 71,746 CONTRACTS.
JUNE SAW A GAIN OF 11 CONTRACTS UP TO 431 OI CONTRACTS.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 6 or 0.030MILLION oz
CONFIRMED volume; ON THURSDAY 67,431 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 9158 X5,000 oz = 45.790 MILLION oz
to which we add the difference between the open interest for the front month of MARCH (18) AND the number of notices served upon today (6)x (5000 oz)
Thus the standings for silver for the MARCH 2026 contract month: (9158 )Notices served so far) x 5000 oz + OI for the front month of MARCH (18) minus number of notices served upon today (6 )x 5000 oz equals silver standing for the MAR..contract month equating to 45.850 MILLION OZ.
NEW STANDING: 45.850 MILLION OZ WHICH IS STILL LOWISH FOR A GENERALLY HUGE DELIVERY MONTH OF MARCH.
New total standing: 45.850 million oz.
We must also keep in mind that there is considerable silver standing in London coming from our longs
There are ONLY 76.024 million oz of registered silver
JPMorgan as a percentage of total silver: 145.702/328.297million: 44.38%
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 27/2026/WITH GOLD UP $103.55 TODAY/SMALL CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 0.285 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS AT 1052.705
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: 1052.705 TONNES, TONIGHTS TOTAL GOLD INVENTORY
SILVER
MAR 27 WITH SILVER UP $1.91: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A HUGE WITHDRAWAL OF 3.351 MILLION OZ FROM THE SLV// :INVENTORY RESTS AT 495.425 MILLION OZ
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
This is a post from Jesse Colombo’s The Bubble Bubble Report—a bestselling newsletter focusing on precious metals investing and global economic risks. We specialize in detailed reports and analyses.
Learn how the war in Iran has set off a chain of events, with soaring oil prices driving higher inflation expectations, lower rate cut odds, and a correction in precious metals.
On Tuesday, I published a report on how, since the Iran war began a month ago, the U.S. dollar has increasingly traded like a petrocurrency, meaning a currency of an oil-exporting nation whose value fluctuates in tandem with global oil prices, and the dollar’s recent strength has been one of the reasons for weakness in precious metals. In today’s report, I explore a similar topic, focusing on how the surge in oil prices is increasing inflation expectations and what that means for precious metals.
Let’s start by looking at the chart of Brent crude oil, the international benchmark for crude oil. As you can see, since the start of the war on Iran a month ago, Brent crude has surged by approximately $30 per barrel, or 42%, and is now over $100 per barrel. At its most extreme in recent weeks, however, it was as high as nearly $120 and has since come off those highs due to expectations of a ceasefire.
Next, let’s look at the 10-year breakeven inflation rate, a commonly referenced indicator of inflation expectations. It is calculated as the difference in yields between 10-year nominal Treasury bonds and 10-year Treasury Inflation-Protected Securities (TIPS), indicating the expected average annual inflation rate over the next decade.
The chart clearly shows that inflation expectations surged at the start of the war roughly a month ago due to the rise in crude oil prices, though it has since eased somewhat as oil prices have fallen:
Next, let’s look at a chart of Brent crude oil alongside the 10-year breakeven inflation rate so you can see how they have traded in lockstep since the war began, with both surging in the first few weeks and then pulling back on hopes of a ceasefire:
Surging inflation expectations since the war broke out have caused expectations for Fed funds rate cuts this year to plummet. For example, before the war began, there was as much as a 60% chance of a 25 basis point (0.25%) cut at the June Fed meeting, but that has fallen to just 9%:
So let’s now get into how crude oil prices, and thus inflation expectations and rate cut odds, have been affecting precious metals since the war broke out. Gold and silver are both down in recent weeks, so I want to explain the mechanics of why that has happened, because it is a confusing and frustrating situation, though it does not change my outlook that gold and silver are in long-term secular bull markets and will go far higher from here (learn more).
As the chart below shows, both gold and silver have fallen over the past month, which aligns with the surge in crude oil prices that has, in turn, driven inflation expectations higher and rate cut odds lower.
Here’s the reason for this behavior: gold and silver are non-yielding investments, meaning they do not pay interest or dividends, and are sensitive to interest rates and interest rate expectations. Investors perceive them to have a higher opportunity cost when interest rates are high and a lower opportunity cost when rates are low, resulting in precious metals tending to perform worse when interest rates are high and better when rates are low.
(I said “perceive” in the last sentence because I believe by far the most compelling case for holding precious metals is to hedge against the inevitable demise of fiat money rather than to speculate on interest rate fluctuations.)
In the final chart, let’s compare the 10-year breakeven inflation rate to gold so you can see how surging inflation expectations since the war broke out have coincided with and actually led to the correction in gold (and silver as well, though not included here):
To summarize, the war on Iran over the past month has set in motion a chain of events starting with soaring oil prices, which in turn have caused inflation expectations to spike, which has then led interest rate cut expectations to decrease, which has resulted in a correction in precious metals. With that relationship in mind, we can expect oil prices to continue playing an important role in affecting gold and silver, at least while the war is ongoing.
That said, this correction in precious metals, not only since the Iran war began but also since late January, is just a hiccup in a healthy and powerful long-term bull market. I am adamant that the recent action is not the start of a new bear market or long-term down cycle; it is simply a period of healthy digestion following the massive gains precious metals have seen over the past two years.
I am not worried in the slightest, and I believe this is an excellent time to buy cheap physical precious metals because this will be one of the last such “sales” in this price range before they are permanently revalued much higher as fiat money moves closer to its inevitable demise.
I also recommend reading my report, if you haven’t already, which shows that pullbacks and corrections occur in every bull market across all types of assets throughout history; what precious metals are experiencing right now is one of those garden-variety pullbacks that occur regularly and should be expected.
As always, I will continue monitoring precious metals and the broader financial markets and keep you updated on what I am seeing.
It’s clear that as the Iran war rages, the dollar will be a casualty and gold benefits. But the bullion banks need to square their books. That’s what contract expiry is currently all about.
Looking at the silver chart below, it may be too early to call a resumption of the bull trend but coupled with the lowest open interest for over 20 years, one can only conclude that paper silver is deeply oversold and will struggle to go any lower. Furthermore, when it does turn, it’s set up for a massive run higher given a severe lack of physical and that despite prices almost halving, backwardations persist. Gold is similarly oversold with Comex open interest under 400,000.
This week saw further weakness in gold and silver prices. In European morning trade today, gold was $4410, down $55 from last Friday’s close having hit a low on Wednesday of $4100 approaching its 250-day moving average. Silver at $68.20 is up 30 cents net, after testing $61. Turnover in both Comex future contracts was reasonably high.
Yesterday was the last trade day for April’s Comex options. This explains the heavy mark-downs as bullion traders who had sold calls were incentivised to ensure as many as possible would expire worthless. This is followed by the expiry of the April contract with the start of the 3-day delivery process commencing next Monday.
The April contract is the active one for gold, and on preliminary figures last night there were still 63,034 contracts to sell, roll, or stand for delivery. Silver is relatively unaffected, its next active contract being May. But in gold’s case, we cannot rule out paper shenanigans until All Fools Day next week
In previous market reports, we have pointed out that gold is driven less so in war as a safe haven than the dollar. For liquidity, regulatory, and accounting purposes the dollar is preferred, and this is reflected in the chart for its trade weighted index:
If the TWI breaks above 100 convincingly, a golden cross will form suggesting a significant upturn is on its way. This is another way of saying that the euro, yen, and pound will weaken against the dollar. It should not surprise, given that despite everything that the dollar faces it remains the safe haven for fiat currency traders.
This doesn’t matter for gold, despite what hedge fund and investment managers may say, because the house of cards is comprised of all fiat currencies. Our next chart zooms out to illustrate the ultimate big picture for the dollar and all the currencies which refer to it, and how it correlates with the gold price of the German reichsmark over a century ago admittedly with differing timescales.
It is the fate of the reichsmark translated into today’s fiat curencies that gold stackers are hedging. The next chart shows how volatile gold can be in a currency collapse, again taken from 1918-1923 reichsmark collapse plotted until June 1923, following which volatility was in the thousands when the reichsmark finally collapsed.
History tells us not to worry about a little local difficulty but to keep the big picture in mind. So where is the dollar headed?
Iran is insisting that only oil cargoes paid for in Chinese yuan can have free passage out of the Persian Gulf, giving a big boost to the petroyuan at the expense of the petrodollar. If this process is allowed to continue, 54 years of dollar accumulation is there to be unwound as the entire Middle East is de-dollarised. The effect on US Treasury holdings is not so much an issue, with the Saudis and UAE recorded as holding a combined $247.2 billion.
The problem is regional holdings in other US debt and investments such as deposits, corporate debt, and equities in particular. Kuwait, the UAE, and Saudi Arabia have a combined investment in US equities of $875 billion at end-January according to US Treasury TIC figures. The total for Asia, including China and Japan is $5,032.346 billion. Corporate bond totals are not insignificant either.
Meanwhile, the US appears to be gearing up for a land invasion, perhaps this weekend. If so, expect more volatility in oil, gold, silver, and financial markets next week. Short-term traders are likely to be whipsawed, while stackers will seize opportunities as they arise, with the ultimate fate of fiat dollars in mind.
3.CHRIS POWELL AND HIS GATA DISPATCHES:
4. ANDREW MAGUIRE AND LIVE FROM THE VAULT PODCASTS NO 265
end.
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 FRIDAY MORNING.7:30 AM
SHANGHAI CLOSED UP 24.64 PTS OR 0.63%
HANG SENG CLOSED UP 95.45 PTS OR 0.35%
Nikkei CLOSED DOWN 45.15 PTS OR 0.08%
//Australia’s all ordinaries CLOSED DOWN 0.01%
//Chinese yuan (ONSHORE) CLOSED DOWN 6.9085
/ OFFSHORE CLOSED DOWN AT 6.9190 Oil UP TO 96.12 ollars per barrel for WTI and BRENT UP TO 109.Stocks in Europe OPENED ALL DEEPLY IN THE RED
ONSHORE USA/ YUAN TRADING 6.9085 (DOWN) OFFSHORE YUAN TRADING DOWN TO 6.9160 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 FRIDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN AT 6.9085
OFFSHORE YUAN: UP TO 6.9160
1.HANG SANG UP 95.45 POINTS OR 0.38%
2. Nikkei closed DOWN 45.15 PTS OR 0.08%
WEST TEXAS INTERMEDIATE OIL UP TO 96.12
BRENT; 109.90
3. Europe stocks SO FAR: ALL RED
USA dollar INDEX UP TO 99.81/// EURO FALLS TO 1.1519 DOWN 15 BASIS PTS
3b Japan 10 YR bond yield:RISES TO. +2.380 UP 11FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 159.85… 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: 3.706 UP 20 FULL BASIS PTS. AND STILL VERY TROUBLESOME
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: 6.9085( DOWN AND OFFSHORE: DOWN AT 6.9160
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 HIGER on all fronts in the EMU. German 10yr bund YIELD UP TO +3.1177 Italian 10 Yr bond yield UP to 4.11// SPAIN 10 YR BOND YIELD UP TO 3.668%
3i Greek 10 year bond yield UP TO 4.055%
3j Gold at $4425.70 //Silver at: 68.79 1 am est) SILVER NEXT RESISTANCE LEVEL AT $100.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 33 100 roubles/81.80
3m oil (WTI) into the 96 dollar handle for WTI and 109 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 2.380% UP 11 BASIS PTS STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE NOW UNWINDING//YEN BOND TRADING OVERSEAS REPATRIATED.//JAPAN 30 YR: 3.706 UP 20 PTS..: USA/SF this 0.7975as the Swiss Franc . Euro vs SF: 0.9181
USA 10 YR BOND YIELD: 4.461 UP 4 BASIS PTS…
USA 30 YR BOND YIELD: 4.973 UP 4 BASIS PTS/
USA 2 YR BOND YIELD: 4.008 UP 2 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 44.46UP 14 BASIS PTS/LIRA GETTING KILLED//IDIOTS FOR SELLING GOLD
10 YR UK BOND YIELD: 5.006 UP 9 PTS
30 YR UK BOND YIELD: 5.663 UP 10 BASIS PTS
10 YR CANADA BOND YIELD: 3.662 UP 7 BASIS PTS
5 YR CANADA BOND YIELD: 3.271 UP 7 BASIS PTS.
1a New York Opening report
TWO HEADLINES
1.Trump Fails To Jawbone Market As Futures, Bitcoin Tumble; Oil And Yields Soar
2.Continued energy upside & China’s probe hits the risk tone – Newsquawk US Market Open
Friday, Mar 27, 2026 – 07:03 AM
Iran’s IRGC Navy announced that the Strait of Hormuz is closed, and any traffic in this strait will be severely dealt with; traffic of any ship “to and from” the ports of origin of the allies of the enemies is prohibited from any corridor. Three container ships started to move but were turned back with a warning.
China’s MOFCOM said it has launched a probe regarding US trade measures and green products; China to investigate US trade practices starting March 27th; probe to conclude within six months but can be extended.
Crude holds an upward bias as Iran targets US bases, with weekend risk elevated despite Trump’s comments.
Global equities under pressure, initially driven by China’s US probe and then further energy upside.
DXY firmer amidst geopolitical flare ups, JPY reacts to jawboning.
Fixed income continued to be driven by energy; Spanish CPI jumped but failed to move benchmarks.
Looking ahead, highlights include University of Michigan Consumer Sentiment Final (Mar). Speakers include Fed’s Barkin, Daly & Paulson, ECB’s Schnabel. Credit Ratings include Fitch Ratings on Switzerland, Moody’s on Italy & Spain, Scope Ratings on the EU.
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
EUROPEAN TRADE
EQUITIES
European bourses (STOXX 600 -1.0%) start Friday’s session entirely in the red, reversing the modest pre-cash gains. This comes following China’s MOFCOM launching new US probes and recent geopolitical flare ups.
European sectors are mainly in the red. Media and Retail sit at the bottom of the pile, while Health Care posts modest gains as AstraZeneca supports the sector.
US equity futures have reversed earlier gains, pressured by the announcement from China’s MOFCOM and then followed up by the continued upside in energy prices. China’s Commerce Ministry stated that it has initiated two trade barrier investigations into US practices, due to evidence that restrictions on trade, tech exports and investment are disrupting global industrial and supply chains.
DXY is incrementally firmer, and is currently trading within a 99.90-100.04 range. Focus remains on the geopolitical situation after US President Trump announced a 10-day pause in planned strikes on energy plants, adding that talks with Iran are going very well. Though WSJ reported that the Iranians are demanding that the US dial back on demands made in the 15-point ceasefire plan. Earlier today, there was a barrage of Iranian attacks on several Gulf countries, and interestingly, the IRGC announced that the Strait of Hormuz is shut, having turned away three ships of different nationalities.
G10s are mixed against the USD, with some mild strength seen in the Antipodeans, whilst the CHF lags a touch. The former appears to be a slight rebound following the hefty losses seen in the prior session. EUR and GBP are both incrementally lower against the USD this morning. Price action is in stasis as traders await any definitive developments heading into the weekend. There was some data for both pairs to digest this morning, but ultimately had little impact. Spanish inflation (Mar) rose at its fastest pace since 2024, amidst the Iranian war (but did miss expectations), whilst the UK’s Retail Sales topped expectations – though the survey period was before the Iranian war had begun.
Elsewhere, the JPY is essentially flat against the USD, though price action has been volatile this morning for a number of factors. Overnight, Japanese Finance Minister Katayama provided some jawboning, which helped to strengthen the JPY. She suggested that she will take decisive steps on forex, including bold actions. USD/JPY troughed at 159.45 as markets digested her comments, though the pair rebounded off lows in the APAC session. The pair then took a leg higher as the European session got underway to make a peak at 159.97, approaching the touted “line in the sand” at 160.00. Some traders may see physical intervention as ineffective at this stage given the turbulent geopolitical environment, which could push the pair beyond the 160.00 mark. Moreover, ING opines that recent pressure in USTs may lead to less support from the US Treasury to conduct rate checks/intervention, given large-scale FX intervention could extend the Treasury sell-off.
FIXED INCOME
A bearish session for fixed income as tensions remain high and rhetoric/reporting/activity around the Middle East ramps up into the weekend. As it stands, the main thing we are attentive to is any sign of a ‘last strike’ or ground incursion by the US.
Initially, benchmarks were only modestly lower as crude was only USD 0.30-40/bbl into the green. However, throughout the morning, on reports of attacks at US military bases, Hormuz remaining closed, and continued reporting around a possible ground incursion, energy has lifted to the detriment of fixed income.
USTs at a 109-27+ base, lower by c. 10 ticks, notching a fresh WTD and contract low. Similarly, Bunds are at a 124.28 base with downside of 70 ticks at most, also marking a WTD and contract low. Finally, Gilts are directionally in-fitting but with magnitudes larger, as has been the case in recent days. As above, the benchmark is at a WTD and contract low of 85.91, with losses of over a full point at most.
Finally, Spanish preliminary CPI wasn’t as hot as expected this morning for March, though the figure did come in markedly above the prior rate, with the headline a full point higher vs the prior; no move to the data. Within the series, INE wrote that the evolution of prices was “mainly due to the rise in prices of fuels and lubricants for personal vehicles.”; i.e. signs that the Middle East situation is filtering through. Ahead, participants, as is the ECB, are particularly attentive to any signs of second-round inflationary effects.
Italy sells EUR 5bln vs exp. EUR 4.0-5.0bln 2.85% 2031 and 3.45% 2036 BTP & EUR 3.5bln vs exp. EUR 2.5-3.5bln 1.468% 2035 CCTeu.
UK DMO to sell a new 2036 Gilt during the week of April 13th.
Australia sold AUD 1.0bln 1.00% November 2031 bonds, b/c 4.24, avg. yield 4.8309%.
COMMODITIES
Crude initially fell after Trump paused attacks on Iran’s energy sector and signalled ongoing talks, but prices later turned higher, with Brent briefly topping USD 104/bbl (USD 99.01-104.18/bbl range) and WTI near USD 97/bbl (USD 92.08-96.75/bbl range). Dutch TTF prices trade flat intraday but remain at elevated levels north of EUR 55/MWh.
Gold rose after Trump extended the Iran deadline, with bullion rebounding to around USD 4,450/oz after Thursday’s near 3% decline. The yellow metal came off its best levels as the USD strengthened amid the tilt to risk aversion in the early European morning.
Copper is on track for its first weekly gain this month, supported by hopes that US efforts to end the Middle East war may avert a broader hit to global growth, though uncertainty over negotiations and potential troop deployments remains, whilst Iran continues attacks on US bases across the region. Further, China opened two probes against the US: 1) regarding trade practices, and 2) regarding green products. The probes are to conclude within six months but can be extended, MOFCOM said. 3M LME copper resides in a USD 12,138.00- 12,333.95/t range.
India has reportedly sought a US waiver to purchase Russian LNG.
India’s Oil Minister said government has taken a huge hit on tax revenues to ensure very high losses of oil companies at the time of sky-high international prices are reduced.
Japanese PM Takaichi says some respite will be given to LNG via the permit of additional coal use
Japanese Trade Minister Akazawa said firms are mulling oil supply sources such as Central Asia, and not ruling out any options for all supply sources.
Australia PM Albanese said the country’s fuel supply looks safe in the coming months.
New Zealand Finance Minister said no current need for fuel restrictions and government updates national fuel plan with a four-phase response framework, said New Zealand is well-positioned for global shocks.
Outage said to have occurred at Chevron (CVX)-operated Wheatstone platform, causing suspension of LNG and gas production.
Shanghai International Energy Exchange is to diversify deliverable crude stream for crude oil futures; Buzios crude oil and Djeno crude oil will be added as deliverable crude stream.
TRADE/TARIFFS
China’s Commerce Ministry said it has launched a probe regarding US trade measures and measures that hinder trade in green products; China to investigate US trade practices starting March 27th; probe to conclude within six months but can be extended.
China’s MOFCOM spokesperson, on the US probes, said will take relevant measures based on the probe’s findings.
China’s Ministry of Commerce (MOFCOM) said China and the US should properly handle the relationship between competition and cooperation. China and the US should maintain close communication, look forward together, and promote healthy, stable, and sustainable development of bilateral economic and trade relations. China is willing to strengthen multilateral and regional economic and trade cooperation with the US. China expressed serious concern regarding US Section 301 investigations against multiple economies, including China.
China’s Commerce Minister Wang Wentao is said to have met with US Trade Representative Greer to discuss China-US trade relations.
China’s Commerce Minister said they are willing to expand imports from the EU and hopes the EU relaxes curbs on high-tech products. China is concerned about some EU members abusing industrial policies and violating subsidy discipline.
China and EU auto industry bodies sign an MoU to promote cross-border data flow, state media reported.
UK Retail Sales MoM (Feb) M/M -0.4% vs. Exp. -0.8% (Prev. 1.8%, Low. -1.0%, High. 1.1%).
UK Retail Sales YoY (Feb) Y/Y 2.5% vs. Exp. 2.1% (Prev. 4.5%, Low. 1.8%, High. 4.4%).
UK Retail Sales ex Fuel YoY (Feb) Y/Y 3.4% vs. Exp. 2.9% (Prev. 5.5%).
UK Retail Sales ex Fuel MoM (Feb) M/M -0.4% vs. Exp. -0.8% (Prev. 2%).
UK Gfk Consumer Confidence (Mar) -21 vs. Exp. -24 (Prev. -19).
CENTRAL BANKS
Fed’s Barr (voter) said he has particular concern for long-run inflation expectations, adds the longer inflation remains above 2%, the greater the risk that it becomes entrenched. In a good place to hold rates and assess incoming data. The economy has remained resilient through a series of shocks, but these have complicated the Fed reaching its 2% inflation goal. It makes sense for the Fed to take time to assess economic developments before further policy changes. Extended war could have broad impact on prices and the economy. If the Middle East conflict ends soon, the economic impact could be limited, but broader implications remain if it persists.
Fed’s Jefferson (vice chair) said sustained high energy prices could worsen inflation and spending outlook, also noted trade policy and geopolitical tensions pose inflation risks. Current policy is appropriately positioned.
Fed’s Cook (voter) said uncertainty is elevated and balance of risks are largely on net in balance, adds sees inflation risk greater now as a result of the war in Iran and that it could have a substantial effect on inflation.
Fed’s Miran (voter) said Fed could cut balance sheet by USD 2tln without market turmoil, adds easing liquidity regulations could aid balance sheet cuts and Fed balance sheet reduction could take several years.
BoJ said using the latest data, Japan’s estimated neutral rate was in the range of around -0.9% to +0.5%; BoJ is presently adjusting degree of monetary accommodation towards a sustainable and stable 2% target. Given uncertainty surrounding estimates of the natural rate of interest, it is necessary to assess the degree of monetary accommodation in comprehensive manner, carefully examining economic activity, prices, and financial developments.
EU ECB Consumer Inflation Expectations (Feb) 2.5% (Prev. 2.6%). 97% of the responses were recorded before the onset of the war in the Middle East on 28 February; Median consumer perceptions of inflation over the past 12 months remained unchanged.
ECB’s Muller says ECB may not need full visibility of second round effects to act.
ECB’s Patsalides said there is not sufficient information now to make a decision on whether to look through inflation surge or to raise rates, but will not hesitate to hike. Longer-term inflation expectations are well anchored. Economy still developing along the baseline.
BoE announces a simplification and reduction in the Discount Window Facility (DWF) pricing, as part of its previously announced review of the DWF. This Market Notice confirms lower and fixed pricing for DWF drawings against each collateral set, which will be set at 15bps for Level A collateral, 25bps for Level B collateral and 50bps for Level C collateral.
UBS now sees the RBA hiking rates twice more to lift the Cash Rate to 4.60%.
UBS expects the ECB to deliver two 25bp hikes in June and September this year (vs prev. forecast of unchanged).
NOTABLE US HEADLINES
US Senate reportedly said to approve DHS funding, in a major step towards ending the shutdown, according to Bloomberg.
US President Trump posted on Truth Social that he is going to sign an order instructing the Secretary of Homeland Security to immediately pay TSA agents in order to address this emergency situation and to quickly stop the Democrat chaos at the airports.
US President Trump is scheduled to deliver remarks at Future Investment Initiative at 17:30EST on Friday and will participate in MAGA Inc meeting at 18:30EST on Saturday, while he will deliver remarks to farmers at 12:30EST on Sunday.
BofA’s weekly flow report noted USD 2.7bln into bonds, USD 35bln out of cash, USD 29bln out of stocks, USD 6.3bln out of gold, USD 0.5bln out of crypto.
GEOPOLITICS
MIDDLE EAST
Iran’s IRGC Navy announced that the Strait of Hormuz is closed, and any traffic in this strait will be severely dealt with; traffic of any ship “to and from” the ports of origin of the allies of the enemies is prohibited from any corridor.
US President Trump is weighing several options for dramatically escalating the war against Iran should his latest push for diplomacy fail, according to CNN.
US President Trump said that Iran asked him to extend the pause and in a certain sense, we’ve already won, while he added that Iran made a request to him through his people and had asked for seven days, but he gave 10 days because of Hormuz ‘gift’. Iran was very thankful.
US is considering sending up to 10,000 additional ground troops to the Middle East, according to WSJ.
“Things are progressing very slowly” in terms of negotiations between the US and Iran, i24’s Stein reports; as it stands, no meeting has been scheduled between senior officials.
Iranian officials are interested in negotiations despite the announcement of their rejection of the US proposal, while mediators are pressuring Tehran to agree to a meeting with Washington in the coming days, according to Axios.
Mediators said Iran hasn’t requested a 10-day pause on strikes on its energy plants and is yet to deliver a final response to a 15-point plan to end the war, according to WSJ.
“Iran, in order to reach a decision to end the war, basically does not receive the right signals from the US”, IRNA reported.
US VP Vance reportedly told Israeli PM Netanyahu during a phone call a few days ago that his assessments of the development of the war in Iran and the prospect of toppling the regime were too optimistic, Israeli N12 reports.
US VP Vance is expected to be the main US negotiator in any potential peace discussions with Iran, Axios reports.
The US has fired more than 850 Tomahawk cruise missiles in four weeks of war with Iran, raising concern among some Pentagon officials about limited supplies, WaPo reports
Iran’s IRGC called on people in West Asia to urgently leave areas where American forces are stationed.
Iranian Foreign Minister Araghchi said Iranian defence shall persist as long as needed.
UN Security Council has scheduled a closed consultation on Iran for Friday morning at the request of Russia, according to Times of Israel.
Semafor writes “Why Trump’s latest Iran moves may signal ground troops”. “The [administration] has played this same move three times in just one year,” said Jonathan Hackett, a former Marine Corps interrogator and special operations capabilities specialist. “Trump has also not ordered large-footprint military assets in either of his presidencies without actually using those forces.”.
Explosions were heard at a site behind Mount Safah in Isfahan, central Iran, according to Al Hadath citing Iranian media; “Bombing a site near the Abadan refinery, southwest of Ahvaz”.
Sources report explosions caused by an attack on American bases in Saudi Arabia, Tasnim reported.
Explosions reported today at American bases in Kuwait, Qatar, Saudi Arabia and Bahrain, Iran’s ISNA reported.
Explosions heard in Tehran, while a report also noted the bombing of a Revolutionary Guard headquarters in the city of Kashan, central Iran.
Explosions sound in Iran’s capital Tehran, according to Al Jazeera.
“Kuwait Ports Corporation: Shuwaikh Port was attacked by drones, which caused material damage without human injuries”, via Sky News Arabia.
Reports of a drone attack on the headquarters of the US military in Kuwait, IRIB News reported.
Arab sources report missile attacks against American bases in the UAE, according to SNN.
Iranian Revolutionary Guard said they targeted oil tanks and depots and an Israeli army site in Ashdod, according to Al Jazeera.
Informed military source announced the new strategic plan of Iran’s armed forces in accordance with the developments in the field and, referring to the role of the UAE and Bahrain in supporting the recent US threat of a ground attack on Iranian islands.
UAE pushes for international force to reopen Hormuz, according to FT.
RUSSIA-UKRAINE
Russia’s President Putin asks oligarchs to contribute to budget amid soaring costs of Ukraine war, according to FT.
CRYPTO
Bitcoin slips further below USD 70k, currently at USD 67.7k while Ethereum nears USD 2k.
APAC TRADE
APAC stocks were cautious but off worst levels with headwinds seen following the tech and comms-led selling stateside, and despite US President Trump’s 10-day extension to the Strait of Hormuz deadline. The delay extends the pause on strikes against Iran’s energy facilities through to April 6th, which Trump said was due to a request by Iran, which had wanted a 7-day extension, but he gave them 10 due to Iran’s Hormuz ‘gift’. Nonetheless, mixed signals persisted as mediators stated that Iran had not made a request for a 10-day extension, while it was also reported that the US is considering sending up to an additional 10k ground troops to the region and that Trump is weighing several options for dramatically escalating the war if his latest diplomacy efforts fail.
ASX 200 marginally declined with underperformance seen in tech, real estate and gold miners, while a lack of fresh catalysts outside of geopolitics and the absence of data kept price action subdued.
Nikkei 225 retreated at the open and briefly dipped below the 53,000 level following the recent upside in oil and yields, but has since clawed back nearly all of the losses.
Hang Seng and Shanghai Comp shrugged off the initial indecision as participants digested a slew of earnings releases, while it was also reported that China’s Commerce Minister Wang met with USTR Greer and said that China is willing to strengthen economic and trade cooperation with the US.
NOTABLE ASIA-PAC HEADLINES
Japan’s government approves a five-year science and tech plan and is to invest JPY 60tln in science and tech over five years, while it set JPY 180tln public-private investment target.
Japanese Finance Minister Katayama announces measures to ensure stable business funding and will hold a meeting on financial aid amid the Middle East crisis. Will hold G7 Finance Ministers’ online meeting and will take decisive steps on Forex.
1 b) European opening report
Pentagon Weighs Sending Another 10,000 Ground Troops To Middle East, Suggests Seizing Iran-Controlled Islands
Thursday, Mar 26, 2026 – 04:20 PM
Summary
The Pentagon is looking at sending up to 10,000 additional ground troops to the Middle East to give the US President more military options even as he weighs peace talks with Tehran, according to unnamed Department of War officials
The earlier five-day deadline for resumption of US attacks on Iranian energy has now been moved to ten days (it was set to expire Fri/Sat). The following was issued by President Trump late Thursday afternoon on Truth Social. “As per Iranian Government request, please let this statement serve to represent that I am pausing the period of Energy Plant destruction by 10 Days to Monday, April 6, 2026, at 8 P.M., Eastern Time. Talks are ongoing and, despite erroneous statements to the contrary by the Fake News Media, and others, they are going very well.” Shortly after, Iran denied it has requested a pause on energy-site strikes.
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 extends energy destruction ‘deadline’ to 10 days – oil slides & almost immediately rebounds.
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.
Pentagon Weighs Sending Another 10,000 Ground Troops To Middle East
Just hours after President Trump said he was pausing strikes on Iran’s energy sector for 10 more days, to April 6, so peace negotiations can take place, the WSJ reported that the Pentagon is looking at sending up to 10,000 additional ground troops to the Middle East to give the US President more military options even as he weighs peace talks with Tehran, according to unnamed Department of War officials.
The force, which would likely include infantry and armored vehicles, would be added to the roughly 5,000 Marines and the thousands of paratroopers from the 82nd Airborne Division who have already been ordered to the region. The will join well over 50,000 servicemembers already deployed to air and army bases, as well as on naval ships, across the Middle East in the lead up and since the start of Operation Epic Fury.
It is unclear where precisely forces will go in the Middle East, but they will likely be within striking distance of Iran and Kharg Island, a crucial oil export hub off Iran’s coast.
Trump has repeatedly said he will open the Strait of Hormuz, with or without the help of U.S. allies, and it is increasingly looking like
“All announcements regarding troop deployments will come from the Department of War. As we have said, President Trump always has all military options at his disposal,” said Anna Kelly, the deputy White House press secretary. A spokesperson for U.S. Central Command, which is responsible for U.S. forces in the Middle East, declined to comment.
Pentagon suggests seizing Iran-controlled islands in Persian Gulf
The Pentagon has suggested seizing the Iran-controlled Islands of Larak or Abu Musa, located in the eastern Persian Gulf near the entrance to the Strait of Hormuz, roughly 40 miles from both Iran and the United Arab Emirates, sources tell Axios. In interviews with Axios, officials and sources familiar with the internal discussions describe four major “final blow” options Trump could choose from:
Invading or blockading Kharg Island, Iran’s main oil export hub.
Invading Larak, an island that helps Iran solidify its control of the Strait of Hormuz. The strategic outpost hosts Iranian bunkers, attack craft that can blow up cargo ships and radars that monitor movements in the strait.
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.
The U.S. military has also prepared plans for ground operations deep inside the interior of Iran to secure the highly enriched uranium buried within nuclear facilities. Instead of conducting such a complicated and risky operation, the U.S. could instead carry out large-scale air strikes on the facilities to try to prevent Iran from ever accessing the material.
Iran Denies It Requested Pause On Energy
Iran hasn’t requested a 10-day pause on strikes on its energy plants and is yet to deliver a final response to a 15-point plan to end the war, peace talk mediators said. President Trump said earlier Thursday he was pausing strikes on Iran’s energy sector for 10 more days, to April 6, so peace negotiations can take place. Trump’s previous deadline was Friday. He said the extension was at Iran’s request.
TACO Thursday: Trump Issues New 10 Day Timeline
Another walk-back and extension: the earlier five-day deadline for resumption of US attacks on Iranian energy has now been moved to ten days (it was set to expire Fri/Sat). The following was issued by President Trump late Thursday afternoon on Truth Social:
As per Iranian Government request, please let this statement serve to represent that I am pausing the period of Energy Plant destruction by 10 Days to Monday, April 6, 2026, at 8 P.M., Eastern Time. Talks are ongoing and, despite erroneous statements to the contrary by the Fake News Media, and others, they are going very well.
Now it’s ten days… but perhaps this at least means the sides are talking(?!), if not indirectly. Or else this is a move to buy more time to put some kind of ground force component in place. Oil slides – then quickly rebounds – on the headlines, as apparently markets aren’t buying it, remaining unchanged:
Iran ‘Hardliners’ Push For Nukes: Reuters
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.
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.
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.
…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
1 c Asian opening report
Trump extends pause on Iranian energy strikes while Iran calls US proposals excessive – Newsquawk EU Market Open
Friday, Mar 27, 2026 – 02:52 AM
US President Trump announced a 10-day pause in planned strikes on energy plants to Monday, 6th April 2026 at 8 PM, at the request of the Iranian government, while he added that talks with Iran are going very well.
Iran wants the US to dial back demands in the 15-point peace plan before starting any talks, according to WSJ, citing sources, while Iran is open to the possibility of talks but deems the US proposals excessive.
Iranian officials were said to be interested in talks despite the announcement of their rejection of the US proposal, while mediators are pressuring Tehran to agree to a meeting with Washington in the coming days, according to Axios.
The US is considering sending up to 10,000 additional ground troops to the Middle East, according to WSJ.
APAC stocks were cautious but off worst levels; European equity futures indicate a positive cash market open with Euro Stoxx 50 futures up 0.5%.
Looking ahead, highlights include UK Retail Sales (Feb), Spanish CPI Prelim. (Mar), University of Michigan Consumer Sentiment Final (Mar), ECB Consumer Inflation Expectations. Speakers include Fed’s Barkin, Daly & Paulson, ECB’s Schnabel. Supply from Italy. Credit Ratings include Fitch Ratings on Switzerland, Moody’s on Italy & Spain, Scope Ratings on the EU.
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
IRAN CONFLICT
US President Trump announced a 10-day pause in planned strikes on energy plants to Monday, 6th April 2026 at 8 PM, at the request of the Iranian government, while he added that talks with Iran are going very well.
US President Trump said that Iran asked him to extend the pause, and that in a certain sense, they have already won, while he added that Iran made a request to him through his people and had asked for seven days, but he gave 10 days because of the Hormuz ‘gift’. Trump said Iran was very thankful and he doesn’t like it when they say they aren’t speaking, as they are, while he stated they know where all the remaining Iranian leaders are, and the US has already won the war ‘militarily’.
Mediators said Iran hasn’t requested a 10-day pause on strikes on its energy plants and is yet to deliver a final response to a 15-point plan to end the war, according to WSJ.
An official from a mediating country told The Times of Israel that US President Trump appears to be leaning towards ordering a major US ground operation against Iran, with the US convinced Iran will buckle under pressure.
The US is considering sending up to 10,000 additional ground troops to the Middle East, according to WSJ.
“Iran, in order to reach a decision to end the war, basically does not receive the right signals from the US”, IRNA reported.
US senior defence official expects a decision to send 10,000 additional troops to the Middle East next week, according to Axios.
US President Trump is weighing several options for dramatically escalating the war against Iran should his latest push for diplomacy fail, according to CNN. Pentagon officials are preparing for the next phase of the war, and have drawn up scenarios for deploying troops to seize various targets in Iran, and admin officials have debated ideas for extracting the enriched uranium buried within Iran’s nuclear facilities. Furthermore, officials also developed options for capturing Kharg Island.
US Secretary of State Rubio said it is in the G7’s interest to help the US with the Strait of Hormuz. Rubio also said that “progress has been made” in negotiations with Iran but declined to get into the specifics of whom he’s had discussions with, according to CNN.
US Pentagon said it is deploying drone speedboats for patrols in Iran war efforts.
Israel shifted the focus of its air campaign from destabilising Iran’s ruling regime to crippling its military-industrial base, as officials have become convinced President Trump could soon try to end the war, according to sources cited by WSJ.
Iranian President Pezeshkian said Islamic countries should stay united and not allow enemies to sow division and inflame the fire of war. It was also reported that Iran’s President explained that Iran seeks a complete end to the war and achieve security and stability in the region.
Iranian Foreign Minister Araghchi told UN Secretary General Guterres that Iran affirms its determination and will continue the legitimate defence of the security, sovereignty and territorial integrity. Araghchi also said they criticise the positions and demands of some unilateral parties on Iran to exercise restraint and stop the war, while he stated preventing the passage of ships belonging to or linked to the enemy and its allies is a legal right for Iran as a coastal state.
Iran’s Parliament Speaker Ghalibaf said that no one has the right to issue ultimatums to Iran or Iranians, while he added that the vicious cycle of ‘war-ceasefire-war’ must end.
Iran wants the US to dial back demands in the 15-point peace plan before starting any talks, according to WSJ citing sources, while Iran is open to the possibility of talks but deems the US proposals excessive. It was stated that demands to dismantle most of its nuclear programme and end support to regional allies and cap its missile programme are excessive, while Tehran ruled out discussing Iran’s missile program as a starting point to the talks and doesn’t want to commit to ending enrichment of uranium forever. Furthermore, the sources said Iran also wants guarantees, preferably through a third party, that Israel and the US will not later turn around and attack again.
Iranian officials were said to be interested in talks despite the announcement of their rejection of the US proposal, while mediators are pressuring Tehran to agree to a meeting with Washington in the coming days, according to Axios.
Debate among Iranian hardliners over whether Tehran should seek a nuclear bomb in defiance of an escalating US-Israeli attack is getting louder, more public and more insistent, according to source reports. Sources said with the IRGC now dominant following the death of former Supreme Leader Khamenei, hardline views on Iran’s nuclear approach are rising, although sources added there was no plan to change Iran’s nuclear doctrine yet, and Iran had decided not to seek a bomb.
Iranian media reported explosions in central and southern Iran, while reports also noted explosions in Tehran, Kermanshah, and a bombing of a Revolutionary Guard headquarters in the city of Kashan, central Iran.
Iranian Revolutionary Guard said they targeted oil tanks and depots and an Israeli army site in Ashdod. There were also reports of heavy explosions at US bases in Saudi Arabia and Kuwait, missile attacks against US bases in the UAE, and an explosion reported in the US base in Erbil, Iraq.
Iranian armed forces’ new updated strategic plan warned that in exchange for any attack on Iranian islands, a special and unprecedented provision has been made for the UAE and Bahrain, which will be very harmful and instructive. Iran also added UAE strategic and economic infrastructure to targets and warned that UAE infrastructure is at risk ‘in case of evil against Iran’.
Iran warned UAE and Bahrain hoteliers not to house American soldiers, or they will become legitimate targets.
The UAE reportedly pushed for international force to reopen Hormuz and told allies it would be involved in a multinational maritime task force intended to reopen the Strait of Hormuz, according to FT.
IAEA Director Grossi warned that damage to Iran’s Bushehr NPP could result in a major radiological accident affecting a large area in Iran and beyond.
US TRADE
EQUITIES
US stocks declined in another risk-off session, with equities hit and oil rising as hopes dwindled of a near-term agreement between the US and Iran, while Iran reportedly sent its final offer to the US and is awaiting its response, but found the US proposal to be excessive. The uncertainty and higher oil prices also led to downside in treasuries across the curve, with the weakness felt most in the front-end and belly as higher energy prices led to added rate hike bets with 15bps of hikes priced by year-end, albeit analysts still look for at least one rate cut. However, markets were briefly jolted after the close as US President Trump announced a 10-day extension to the pause on strikes on Iranian energy facilities.
SPX -1.74% at 6,477, NDX -2.38% at 23,589, DJI -1.01% at 45,960, RUT -1.70% at 2,493.
China’s Commerce Minister Wang Wentao met US Trade Representative Greer to discuss China-US trade relations. China’s MOFCOM said China and the US should properly handle the relationship between competition and cooperation, maintain close communication, promote healthy, stable and sustainable development of bilateral economic and trade ties. MOFCOM added that they should strengthen multilateral and regional economic and trade cooperation, and expressed serious concern regarding US Section 301 investigations against multiple economies, including China.
NOTABLE HEADLINES
US President Trump posts on Truth Social that he is going to sign an order instructing the Secretary of Homeland Security to immediately pay TSA agents to address the emergency situation and stop the Democrat chaos at the airports.
US Treasury Secretary Bessent said the FT report that he discussed tightening the US Treasury’s oversight of the Fed by adopting BoE elements is a false story.
Fed’s Barr (voter) said he has particular concern for long-run inflation expectations, and noted the longer inflation remains above 2%, the greater the risk that it becomes entrenched. Barr said they are in a good place to hold rates and assess incoming data, while he added it makes sense for the Fed to take time to assess economic developments before further policy changes. Barr also said the economy has remained resilient through a series of shocks, but these have complicated the Fed reaching its inflation goal.
Fed’s Cook (voter) said uncertainty is elevated and the balance of risks is largely in balance, while she sees inflation risk greater now as a result of the war in Iran and that it could have a substantial effect on inflation.
Fed’s Jefferson (voter) said sustained high energy prices could worsen the inflation and spending outlook, while he added that trade policy and geopolitical tensions pose inflation risks, but stated that current policy is appropriately positioned.
Fed’s Miran (voter) said the Fed could cut the balance sheet by USD 2tln without market turmoil, as well as stated that easing liquidity regulations could aid balance sheet cuts and that the Fed balance sheet reduction could take several years.
New York Fed’s Perli said reserve management buying is likely to be tapered after the April tax date, and the treasury market has been functioning well despite recent auctions. Perli also stated that treasury market liquidity has declined in line with the rise of uncertainty and that it is not surprising to see auctions tail during times of uncertainty.
David Sacks’s role as White House AI and Crypto Czar will conclude following the recent appointment to the Council of Advisors on Science and Technology, according to CNBC.
Senate reportedly passes to approve DHS funding, in a major step towards ending the shutdown, according to Bloomberg.
APAC TRADE
EQUITIES
APAC stocks were cautious but off worst levels with headwinds seen following the tech and comms-led selling stateside, and despite US President Trump’s 10-day extension to the Strait of Hormuz deadline. The delay extends the pause on strikes against Iran’s energy facilities through to April 6th, which Trump said was due to a request by Iran, which had wanted a 7-day extension, but he gave them 10 due to Iran’s Hormuz ‘gift’. Nonetheless, mixed signals persisted as mediators stated that Iran had not made a request for a 10-day extension, while it was also reported that the US is considering sending up to an additional 10k ground troops to the region and that Trump is weighing several options for dramatically escalating the war if his latest diplomacy efforts fail.
ASX 200 marginally declined with underperformance seen in tech, real estate and gold miners, while a lack of fresh catalysts outside of geopolitics and the absence of data kept price action subdued.
Nikkei 225 retreated at the open and briefly dipped below the 53,000 level following the recent upside in oil and yields, but has since clawed back nearly all of the losses.
Hang Seng and Shanghai Comp shrugged off the initial indecision as participants digested a slew of earnings releases, while it was also reported that China’s Commerce Minister Wang met with USTR Greer and said that China is willing to strengthen economic and trade cooperation with the US.
US equity futures gradually edged higher, but with only brief support seen following Trump’s 10-day deadline extension on Iran, as headwinds from recent tech selling and geopolitical uncertainty persisted.
European equity futures indicate a positive cash market open with Euro Stoxx 50 futures up 0.5% after the cash market closed with losses of 1.5% on Thursday.
FX
DXY paused overnight after ultimately gaining yesterday alongside higher oil prices and rising yields, with updates for most of the day heading in the opposite direction of the initial optimism sparked from Trump’s announcement on Monday. Nonetheless, the dollar momentarily wobbled in late US trade after President Trump announced a 10-day extension to the pause on strikes on Iranian energy plants, which he said was at the request of Iran and that Iran had wanted a 7-day extension, although mediators stated that Iran had not requested a 10-day pause and is yet to deliver its final response to the US’s 15-point plan.
EUR/USD traded rangebound following recent softening as geopolitics continued to dictate price action, while ECB’s Lagarde warned that Europe is facing a real shock and that markets are maybe optimistic.
GBP/USD rebounded off the prior day’s lows but remained confined within tight parameters at the 1.3300 handle, while there was little reaction to recent comments from BoE’s Taylor, who currently sees a high bar to hiking and said the UK faces low risks of inflation becoming unanchored given the weakening labour market and slowing wage growth.
USD/JPY slightly pulled back overnight following recent advances to the 159.00 level, and with some mild headwinds seen following comments from Japanese Finance Minister Katayama, who said they will hold a G7 Finance Ministers’ online meeting and will take decisive steps on forex.
Antipodeans marginally recovered as the cautious sentiment modestly improved during the session, but with price action contained in the absence of any tier-1 data.
PBoC set USD/CNY mid-point at 6.9141 vs exp. 6.9089 (Prev. 6.9056)
Mexican Interest Rate Decision 6.75% vs. Exp. 7.00% (Prev. 7.00%); 3 voted to cut rates, 2 voted for hold. Banxico said looking ahead, depending 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).
FIXED INCOME
10yr UST futures lingered around the prior day’s trough after declining yesterday as geopolitical uncertainty kept oil prices elevated for most of the day and saw participants add to Fed rate hike bets. Furthermore, Trump’s announcement of a 10-day extension to the halt on strikes on Iran’s energy plants pressured oil in late US trade, but with downside cushioned by continued mixed signals from the US and Iran, while prices were also not helped by a soft 7-year auction in the US.
Bund futures remained subdued after sliding to contract lows on recent oil-related inflationary pressures and after comments from several ECB officials, including Lagarde, who warned that Europe is facing a real shock and that markets are maybe optimistic, while Nagel said the ECB will have enough data by April to determine if they need to act.
10yr JGB futures tracked recent downside in global peers, with a lack of data and few fresh catalysts to stem the losses.
COMMODITIES
Crude futures were lower but off their worst levels with a bout of pressure seen following US President Trump’s announcement to extend the Strait of Hormuz deadline for 10 days.
Spot gold nursed recent losses as lower oil prices reduced the urgency for a more hawkish Fed.
Copper futures steadily gained as the cautious sentiment somewhat improved overnight.
CRYPTO
Bitcoin marginally declined in choppy trade after failing to sustain a brief return above the USD 69,000 level.
NOTABLE ASIA-PAC HEADLINES
Japan’s government approved a five-year science and tech plan, in which it is to invest JPY 60tln in science and tech over five years, while it set a JPY 180tln public-private investment target.
Japanese Finance Minister Katayama announced measures to ensure stable business funding, while she said they will hold a G7 Finance Ministers’ online meeting and will take decisive steps on FX.
DATA RECAP
Chinese Industrial Profits YTD YY (Feb) 15.2% (Prev. 0.6%)
GEOPOLITICS
RUSSIA-UKRAINE
Russian President Putin asked oligarchs to contribute to the budget amid soaring costs of the Ukraine war.
OTHER
Mexico’s Navy said two boats carrying humanitarian aid have gone missing on the way to Cuba.
EU/UK
NOTABLE HEADLINES
BoE’s Greene said second round effects are a risk, but less so than in 2022, while she added that private credit exposure to the energy industry is a worry.
BoE’s Taylor said he is very open about where they go for the rest of the year, and that in a benign scenario, the BoE may need to cut faster to make up, but added their high bar to hikes could also be surpassed.
DATA RECAP
UK Gfk Consumer Confidence (Mar) -21 vs. Exp. -24 (Prev. -19)
2,5266
2.a NORTH KOREA/SOUTH KOREA/JAPAN
/JAPAN
IDIOTIC!!!
A Panicking Japan Considers Shorting Oil To Prop Up The Crashing Yen
Friday, Mar 27, 2026 – 02:00 PM
With the yen collapse accelerating, and pushing the USDJPY above 160 for the first time since 2024, markets are on edge expecting a BOJ intervention at any moment as this was the price when the BOJ intervened last time.
However, with BOJ interventions having been consistently proven futile with a half life of just weeks if not days, Japan – facing soaring inflation yet desperate not to raise rates as that would crash the stock market – is weighing a controversial (some would say idiotic) new plan to arrest the yen’s slide: stepping into oil futures markets.
Reuters was informed by “market sources” that Japan’s government is considering intervening in the crude oil futures market as the Middle East crisis drives energy prices up sharply. Under the scheme, Japan would tap its $1.4-trillion foreign exchange reserves and build short positions in the oil futures market by selling futures contracts to push down prices.
By dampening demand for dollars to buy oil, the “brilliant” thinking goes, Tokyo can ease selling pressure on the yen.
The oil futures and currency markets (which in turn are driven by soaring yields) have recently moved in tandem, with the Middle East conflict pushing oil prices higher while lifting safe-haven demand for the dollar.
Details of the proposal remain scant, after Reuters reported on Monday that it was under discussion, but the idea underscores Tokyo’s mounting frustration. Policymakers increasingly see speculative surges in energy prices as a major driver of the yen’s weakness against the dollar – and a problem monetary easing and verbal intervention no longer seem able to contain.
Of course, anyone with even half a brain – which unfortunately excludes everyone at the BOJ these days – including analysts and even some in the government, are questioning whether such a strategy would have any meaningful impact in arresting the yen’s current weakness, which they mostly attribute to dollar strength, rather than speculative yen short-selling.
“The government must be aware that the impact would inevitably be temporary,” Shota Ryu, FX strategist at Mitsubishi UFJ Morgan Stanley Securities, said. “They would likely use it mainly to buy time till the Middle East situation improves.”
Japanese law allows use of foreign exchange reserves, preserved as a war chest for direct currency-market intervention, to take positions in futures markets if the objective is to stabilise the yen. After all, the BOJ is one of the few central banks that takes pride in directly manipulating the stock market through purchases of ETFs. Might as well start shorting oil too.
The idea is being contemplated within the government, though there is no consensus on its feasibility, said three government sources with knowledge of the deliberations.
“I personally wonder whether it would mean anything if Japan did it on its own,” one of the sources said, casting doubt on whether Tokyo can get much bang for its buck without joint action with other countries.
The unconventional step has emerged as policymakers privately worry that conventional yen-buying intervention could prove futile under current circumstances, as any such action could be blunted by a surge in dollar demand that could intensify if the Middle East conflict drags on.
The shift in the government’s tactics has been signalled in government officials’ recent comments. Instead of warning against speculative trading in the foreign exchange market, Finance Minister Satsuki Katayama on Tuesday blamed speculative moves in crude oil futures markets for swaying the foreign exchange market.
“The Japanese government is determined to take thorough action at all times and on all fronts,” she said, signaling the possibility of being more creative in propping up the yen as the currency approached the psychologically important 160 line.
There was no immediate clarity on which international platform Japan may intervene – NYMEX, on which WTI crude oil futures trade, ICE, where Brent trades, or the Dubai futures trade, a benchmark for Asia. Not that Japan has even thought ahead that far.
But no worries, “as with currency intervention, such an operation could be made on any platform,” a second source said. Just brilliant.
Any such move would follow Japan’s decision to partially release its oil stockpiles, in coordination with the International Energy Agency and on its own, to soften the supply disruptions which started to hit end-users.
But analysts are skeptical whether the move would pay off.
“The government’s strategy is likely aimed at dampening near-term volatility more than anything. It’s not possible to financially engineer a way out of a physical oil shock,” Yuriy Humber, CEO of Tokyo-based consultancy Yuri Group, said. “If officials want intervention to make an impact, it must be synced with an inflow of real barrels of oil, and ideally, it should be an international effort.”
On March 5, a senior White House official said that the US was considering potential action involving the oil futures market, but the idea was promptly shot down by Scott Bessent.
Of course, holding large short positions could also potentially cause losses if the market continues to move higher, and could even force a state-wide margin call on Japan especially if oil hits $200 as some speculate, resulting in total fiscal destruction, something never seen before.
Japan burnt through more than $10 billion in foreign reserves per round of intervention in its most recent currency actions in 2024.
Tony Sycamore, market analyst with IG in Sydney, suggested Japan would need to spend at least $10 billion to $20 billion for the effects to be noticeable.
“I don’t think it makes sense at all irrespective of whether Japan does it alone or it teams up with other nations,” Sycamore said. “The key to all of this is opening the Strait of Hormuz.”
3. CHINA/
CHINA//IRAN
4. European and Scandinavian affairs + NATO
GERMANY
The German Bureaucratic Dream Of “Society with Bound Capital”
Friday, Mar 27, 2026 – 03:30 AM
Submitted by Thomas Kolbe
They form a massive workforce, the last continuously growing sector of our society: civil servants.
Approximately 5.5 million employees work in the public sector, and last year alone, 205,000 new civil servants were added.
This is by no means a blind attack on the bureaucracy. Civil servants indispensable to our society work to maintain internal and external security and uphold the judiciary as guardians of law and order.
Yet the question must be allowed. How can a civil service army grow by over 200,000 in a single year, even as artificial intelligence and digital automation could handle repetitive tasks?
Across the country – it is an open secret that the public sector functions as a kind of safety net for slowly rising unemployment. Employees often tread on each other’s toes, paralyzed and bored by pseudo-tasks that the political apparatus spontaneously invents to feed its overflowing administration.
They have created a fantasy world. A world where budgets not only never run dry but are continuously expanded—producing what could be called a destructive life of its own. Bureaucracies, after all, are social organisms that fight to survive and strive for expansion.
There is a surplus of bureaucratic energy, combined with the drive to weave the still young ideology of green socialism into the state. This creates a dangerous mix of ideological messianism and administrative activism, which fools taxpayers into thinking something is being accomplished—even where tasks could clearly be automated and restraint would be better.
One of the newer ideas, traceable to the ministerial environment, is the creation of a new corporate legal form.
The debate surrounding the upcoming introduction of the Society with Bound Capital offers a deep insight into the ideological and intellectual status quo of the German civil service and state apparatus. The new legal form is intended to prevent profit distributions and redefine owners as a kind of participating activists.
In short: The basic rules of the market economy are being turned upside down. One could also see it this way: in the Society with Bound Capital, the typical bureaucrat’s desire for absolute stability and predictability crystallizes, freezing the status quo.
Economic resilience and adaptation within capital structures via free markets are mortal enemies of this ideology, which dangerously mixes socialist elements with green subsidy mania—what we know as eco-socialism.
No deeper sociological studies are needed to see who this corporate law targets. The gigantic green subsidy apparatus eagerly seeks to divert capital into an NGO-like structure.
It would expand the civil service into a state-tethered clientelism that relies on subsidies, grants, price guarantees, and a steady stream of tax money—supported by politically manipulated market structures that perpetuate themselves. For businesses, this effectively means slowed investment, stifled innovation, and severely reduced responsiveness to market and crisis shocks.
What the Ministry of Justice bureaucrats have painstakingly devised resembles a medieval fideicommissum, a type of noble inheritance trust. It is the antithesis of private property, contractual freedom, and all the civilizational achievements that have given us prosperity, security, and crisis resilience, allowing rapid response to external shocks through capital reallocation.
The rhetorical escalation between Budapest and Brussels continues to grow. Now, the EU accuses Hungary of actively sabotaging Europe by passing strategic information about the bloc to the Russian side. This type of serious accusation could never be made without proof, yet it has become common practice for the Western liberal regimes to accuse its rival countries of “collaborating with Russia” even without any evidence.
In a recent statement, the Hungarian Foreign Minister responded to recent European accusations of pro-Russian “espionage” by Hungarian authorities. According to the Hungarian minister, the EU is spreading lies and fake news about Hungary to try to influence the anti-Orban opposition, hoping to obtain a pro-EU result in the upcoming Hungarian elections.
Szijjarto’s words were especially directed at Polish Prime Minister Donald Tusk, who had previously repeated rumors that Hungarian officials had informed Russia about sensitive details of the European bloc’s meetings. Tusk acted extremely irresponsibly by spreading unconfirmed rumors on his social media – and even calling on the EU to take action against Hungary.
“The news that Orbán’s people inform Moscow about EU Council meetings in every detail shouldn’t come as a surprise to anyone. We’ve had our suspicions about that for a long time. That’s one reason why I take the floor only when strictly necessary and say just as much as necessary,”Tusk said.
Szijjarto made it clear that Tusk’s words are an attempt to provoke dissent in Hungary and mobilize the opposition against the government during the election period. However, he expressed optimism about the Hungarian government’s ability to overcome these challenges, recalling that recent attempts by Brussels to defeat the pro-Orban coalition had failed due to strong popular support for the government.
“Instead of spreading lies and fake news, come to Budapest to support the opposition! Last time it worked… for us (…) You [Tusk] should come to Budapest before April 12 as well! Four years ago, you were the star speaker at the opposition rally, after which we won the elections by 20 percent. Think about it, Budapest is a great place to be,” he said.
Not only did Tusk spread such rumors about Hungary, but even major Western newspapers decided to spread these allegations, despite lacking any concrete evidence to support them. Politico, for example, published an article on the subject, citing various sources among European parliamentarians and officials, mentioning that the EU will take appropriate measures to prevent the leak of its data – including limiting the presence of Hungarian officials in secret meetings.
The sources told Politico that the case is not surprising, as Hungary and Russia have supposedly been “working together” for a long time to harm the EU. Szijjarto was described by the sources as a personal friend of Russian Foreign Minister Sergey Lavrov and as a “traitor” to his homeland.
“The fact that the Hungarian foreign minister, a close friend of [Russian Foreign Minister] Sergey Lavrov, has been reporting to the Russians practically minute by minute from every EU meeting is outright treason (…) This man has not only betrayed his own country, but Europe as well,”one of the sources told Politico.
It is absolutely reprehensible that this type of content is shared by the mainstream media. Respected newspapers should only share fact-based and verified content, not politically motivated and provocative rumors. Similarly, comments from sources whose sole purpose is to attack other European officials, without providing concrete evidence, should be removed by editors.
However, the mainstream Western media has a clear objective in the Hungarian elections: to help the opposition and create a political atmosphere hostile to Orban’s team. Brussels and its allies, like Tusk, want to reverse the sovereign foreign policy established by the Orban government and induce Hungary to shift towards pro-Ukraine and anti-Russian tendencies. To this end, methods such as spreading lies to provoke the Hungarian electorate are being used.
It would be no surprise if Hungary suffered even harsher measures, such as a total ban from EU meetings or even sanctions. Despite the lack of evidence, Brussels has already made it clear that it opposes Orban and will do everything possible to overthrow him. There have already been direct threats of sanctions against Hungary on previous occasions, and it is possible that this will be repeated.
However, what will happen is the opposite of what European bureaucrats expect: the more threatened Hungary is, the more Eurosceptic and critical of Brussels’ agendas it will become.
5. Russian + Middle Eastern Affairs
Iran vs Israel/USA et al
THURSDAY NIGHT
Trump Delays Iran Attack Deadline By Another Ten Days
Thursday, Mar 26, 2026 – 04:20 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 extends energy destruction ‘deadline’ to 10 days – oil slides & almost immediately rebounds.
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.
*
TACO Thursday: Trump Issues New 10 Day Timeline
Another walk-back and extension: the earlier five-day deadline for resumption of US attacks on Iranian energy has now been moved to ten days (it was set to expire Fri/Sat). The following was issued by President Trump late Thursday afternoon on Truth Social:
As per Iranian Government request, please let this statement serve to represent that I am pausing the period of Energy Plant destruction by 10 Days to Monday, April 6, 2026, at 8 P.M., Eastern Time. Talks are ongoing and, despite erroneous statements to the contrary by the Fake News Media, and others, they are going very well.
Now it’s ten days… but perhaps this at least means the sides are talking(?!), if not indirectly. Or else this is a move to buy more time to put some kind of ground force component in place. Oil slides – then quickly rebounds – on the headlines, as apparently markets aren’t buying it, remaining unchanged:
Israel : TSN Israel last 24 hrs
IRAN/USA/ISRAEL//COMMENTARY/THURSDAY NIGHT
Writing on Iran: power, repression, protest, and regional strategy. Executive Editor, Iran International TV. Former Iran Service Director at RFE/RL’s Radio Farda; former lead presenter at BBC Persian.
In recent weeks, much of the Western commentary on the Iran war has followed the same line. Trump, we are told, entered the conflict without a strategy. His goals are unclear. The Islamic Republic is still functioning. It is still firing missiles. Its leaders are still speaking in the language of defiance. Therefore, the argument goes, the United States must be failing. Much of the commentary has described the war as lacking a plan, marked by confusion over its aims, and driven by shifting goals. Some have gone further, arguing that even an American victory over Iran would be bad for the United States and for the wider world.
This reading is wrong. The war is not the absence of strategy. It is coercive diplomacy: terms first, pressure second, pause third, then renewed pressure from a stronger position.
To judge the war only by missile launches, angry speeches, and the continued movement of a battered regime is to miss the larger picture. What critics call a war without a strategy is, in fact, an attempt to end twenty years of failed policy.
The Logic of Coercion
For two decades, Washington tried different ways to stop the Islamic Republic’s nuclear advance. Some administrations leaned more on sanctions. Others leaned more on diplomacy. Some tried both. Yet through all of it, the Islamic Republic moved from zero enrichment to 60 percent. By June 2025, the IAEA said Iran had 440.9 kilograms of uranium enriched to that level, enough for multiple nuclear bombs if enriched further. At the same time, the IRGC’s missile stockpile grew, its range and destructive power increased, and those capabilities spread to proxies from Lebanon to Iraq and Yemen. That was the result of the old approach.
The war has costs for the United States, politically and financially. But inaction was costlier. Washington began negotiating with Iran when enrichment was at 3 to 5 percent. It was still negotiating two decades later, after that level had reached 60 percent. By then, from a technical point of view, reaching weapons-grade material was no longer a scientific hurdle. It was a political decision. For years, diplomacy was politically and financially preferable to war. But there was no longer another twenty-year window. Iran was a nuclear-threshold state, shielded by a large missile arsenal and aligned with China and Russia. And Iran is not North Korea. It sits in the middle of the world’s most strategic region, close to major energy routes, trade corridors, and American allies. Its weaponisation would have carried far wider consequences. The price the United States is paying now is heavy. But it is still far less than the political, economic, and geopolitical price it would have paid for allowing the Islamic Republic to harden into an entrenched nuclear-threshold power.
The war has costs for the United States. But inaction was costlier.
Trump’s answer was different. He was no longer trying to manage the problem or secure another temporary arrangement. After returning to office in January 2025, he demanded rollback: an end to enrichment, limits on the missile programme, and the dismantling of the proxy network through which the Islamic Republic had built regional power. Tehran refused, as it had through two decades of diplomacy and negotiation. The result was a shift from bargaining to attrition. The regime began to lose, by force, the very instruments through which it had built deterrence and projected power. In that sense, coercion was producing the rollback that diplomacy had failed to secure.
The 12-day war began in June 2025, after diplomacy failed and Israel struck the Islamic Republic’s nuclear and military infrastructure. The attack came at the end of a two-month negotiating window set by Trump. It marked the shift from coercive diplomacy to open war.
Trump stopped the war after twelve days. That pause, too, was part of the strategy. The June war did not target the political leadership. It was meant to create shock and force a choice, while giving the regime’s political leaders time to measure the damage and decide whether saving the system now required giving up some of its strategic assets.
That did not happen. A few months later, negotiations resumed, but within the same coercive framework. They were not a fresh search for compromise. They were another attempt to force acceptance of the same core demands.
Ali Khamenei with his son Mojtaba Khamenei
Ali Khamenei rejected those terms again and was killed in the opening moments of the second war. This followed the same logic. If Khamenei himself was the main barrier to surrender, then removing him could create space for others inside the system to accept what the Islamic Republic had long refused.
But the regime remained defiant. Seventeen days after Khamenei’s death, Ali Larijani, another senior political figure, was also killed. Now, Ghalibaf’s name is being floated as the man who could be pushed to accept those demands. But the deeper reality is that Ghalibaf is not the man calling the shots in Iran today. Nor was Larijani. After Khamenei, no one is fully in command. This, too, is a sign of a system struck at the centre and beginning to unravel.
The administration’s refusal to recognise Mojtaba Khamenei, along with Trump’s dismissal of him as “a lightweight” who would be “unacceptable” as Iran’s leader, is part of the same coercive sequence. By denying him legitimacy from the outset, Washington is floating names, testing possibilities, and searching for someone within the regime willing to sign. At the same time, the regime’s nuclear, missile, naval, and proxy assets, together with the wider military machinery on which its regional power depended, are being steadily degraded. The Islamic Republic still has a choice: relinquish what remains by agreement, or lose it by force.
Negotiation and war are not opposites. They are successive phases of the same campaign.
This is the point many critics miss. In Trump’s approach, negotiation and war are not opposites. They are successive phases of the same campaign. Negotiation presented the terms. Force raised the cost of refusal. The pause tested whether the strikes had altered the regime’s calculations. Negotiation then resumed from a position of greater pressure. That is not incoherence. It is strategy.
The End of the Old Status Quo
Whatever happens next, Trump has already changed the strategic picture. If this war ends with the fall of the Islamic Republic, he will have secured a historic victory. If the regime survives, it will survive in a diminished form. In less than a month, Washington has already achieved what twenty years of negotiations did not: an Islamic Republic with its nuclear and missile programmes sharply pushed back and its regional reach greatly reduced. Either way, the old status quo is gone.
Two analytical mistakes have made this harder to see.
The first is to mistake visible continuity for strength. In an earlier essay on the Islamic Republic’s collapse plan, I argued that a system can still fire missiles, repress, broadcast, and project fragments of normality after its centre has been hit. None of that proves it is strategically healthy.
END
ISRAEL/IRAN STRAIT OF HORMUZ/COMMENTARY THURSDAY NIGHT
Israeli naval intelligence reduces Iranian threat to Strait of Hormuz
Israeli naval intelligence has directed massive and precise fire on specific targets as part of a variety of general goals in Operation Roaring Lion.
Israel Navy soldiers; illustrative.(photo credit: IDF SPOKESPERSON’S UNIT)ByYONAH JEREMY BOBMARCH 26, 2026 21:40
Israel’s navy is contributing on all fronts in the current war, such as hammering Hezbollah so that the air force can focus more on the Islamic Republic, according to the IDF.
Meanwhile, the IDF has also said that naval intelligence has assisted in recent days with assassinating Iranian Naval Chief Alireza Tangsiri, with eliminating key Iranian naval cruise missile production sites, and Iranian sites related to submarines and other underwater threats.
All of these actions can indirectly reduce Iran’s capability to threaten the Straits of Hormuz, the Islamic regime’s current most powerful pressure point on the US, the West, Arab countries, and a wide array of other countries.
More specifically, in recent days, the IAF, acting on information from the Naval Intelligence Division and the Military Intelligence Directorate, struck two key naval cruise-missile production sites in Tehran.
The targeted sites operated under the command of the Iranian Defense Ministry and were used by the regime to develop and manufacture long-range naval cruise missiles, which are capable of rapidly destroying targets at sea and on land.
Israel Navy vessel sits at port. (credit: IDF SPOKESPERSON’S UNIT)
Such weapons could be used against the US and other allies seeking to open the Strait of Hormuz.
These were significant strikes that caused extensive damage to the cruise-missile array and represent another step in deepening the damage done to the regime’s military production infrastructure.
Israel strikes submarine development center in Isfahan
In another operation, acting on information from the Naval Intelligence Division, the IAF attacked a research and development center in Isfahan for underwater threats.
The center was the sole facility in Iran for developing submarines and special systems for the navy, including unmanned naval vessels.
This attack heavily limited Iran’s potential capability to build more advanced submarines or even to maintain existing ships.
Multiplying IDF attack capacity against Hezbollah
Besides operations in Iran, the Israel Navy, especially its missile boats, are multiplying the IDF’s attack capacity against Hezbollah to free up the IAF to focus its full power against Iran, the IDF has told The Jerusalem Post.
The navy has directed massive and precise fire on specific targets as part of a variety of general goals, IDF sources said, although they could not discuss specific capabilities.
Furthermore, the navy said it has assassinated top Hezbollah and Islamic Revolutionary Guard Corps officers, including in Beirut, and the top Hamas commander in Tripoli. In addition, it has attacked their command centers, training camps, and weapons depots.
Other dimensions of the navy’s power in Lebanon have been helping defend the border and augmenting the power of the ground forces in southern Lebanon.
Moreover, the navy said it has been protecting natural-gas platforms, which have national strategic value. The navy is part of Israel’s multilayered defense against aerial threats, working with the IAF to defend against drones and ballistic missiles.
With economies across the globe already crunched by the war, the navy is also ensuring the security of commercial shipping to and from Israel’s coasts, maintaining a variety of critical supply chains.
Advantages of utilizing navy during Operation Roaring Lion
There are also specific advantages that the navy has over the air force during the current war.
For example, the navy said it does not need to travel to and from an airport constantly, where it can be static and vulnerable like aircraft are.
Rather, the navy can remain at sea, continuing to maneuver and with a readiness at any moment, on very short notice, to open fire at Israeli adversaries.
Naval missile boats were also involved in recent years in rapid precision strikes against Hamas in Gaza.
The navy said there is now a set process in which headquarters reviews who can deliver the right amount of firepower in the most useful time window, and if that is the navy, then it can intervene on almost any critical front.
On defense, naval vessels have a variety of systems, each of which could be parallel to the Iron Dome.
The navy also said it was proud that increasing more women are filling its ranks, including as senior officers.
END
IRAN/THURSDAY NIGHT
Iranian TV Declares ‘One Million’ Soldiers Have Mobilized To Create ‘Hell For American Forces’
Thursday, Mar 26, 2026 – 06:20 PM
The US-Israel war against Iran is nearly one month in, and amid the ongoing escalating threats and warnings Iran is touting that it is able to tap more than one million fighters for a potential ground confrontation with the United States, according to Tasnim News Agency citing a military source.
Some 7,000 additional US troops, mainly Marines and elite Army Airborne troops, are currently headed toward the region, amid speculation that President Trump will order a military operation to forcibly open the Strait of Hormuz, which could involve a high risk island campaign and effort to takeover Kharg Island oil export hub.
Tasnim has described a surge in volunteerism which driving the buildup, with young Iranians seeking to join military formations – angry at Iranian cities coming under heavy US-Israeli bombardment.
The report, which has been picked up in Western media headlines, also cites a surge in requests from Iranian youth to the Basij, which is the Islamic Revolutionary Guard Corps’ (IRGC) domestic security force, and has stood accused of the large-scale killing of protesters last January.
According to some of the direct quotes presented from military sources in the report:
Iranian authorities claimed that the possibility of the US launching a ground offensive, prompted “a wave of enthusiasm” among the population to create what it calls a “historic hell for American forces”.
“The US wants to open the Strait of Hormuz with suicide and self-destructive tactics; that’s fine”, the military source told Tasnim in response. “We are ready for both their suicide strategy to be executed and for the Strait to remain closed”.
President Trump said this during a televised cabinet meeting on Thursday:
US President Donald Trump has said Iran is “begging to make a deal”, describing them as “lousy fighters but great negotiators”, while casting doubt on whether the two sides would be able to reach a deal. pic.twitter.com/3GGINOwduu
At the moment, US CENTCOM has indicated some 40,000 to 50,000 American troops were already stationed in the region, but after over a dozen US Gulf bases came under Iranian missile attack, most have been moved to other, safer and more locations which are more removed.
Visualizing Iran’s armed forces and military hierarchy…
International estimates have long put Iran’s total active duty force at around 600,000 – with another few hundred-thousand in reserves. These significant figures, among a large population of over 90 million, do indeed suggest any potential American ground force could prove an utter disaster for the US, spelling quagmire for years to come. It is indeed very possible that Iran could draw on a million extra ‘volunteers’ during this state of war and existential survival for the nation.
END
ISRAEL IRAN/FRIDAY MORNING
MAJOR ESCALATION
Escalation On All Fronts As Mediators Say Iran Hasn’t Requested Pause On US Energy Strikes
by Tyler Durden
Summary
No pause from Tehran, war footing deepens: Iran denies requesting Donald Trump’s 10-day halt
Escalation on all fronts: IRGC HQ targeted by US-Israsel; Iran signals expansion by naming UAE targets, hitting Kuwait ports and sending drones on Riyadh
Israel doubles down amid reports of manpower strain: IDF chief warns of manpower pressure even as Defense Minister Katz vows to “intensify and expand” strikes.
Risk rises that Iran is holding back more advanced missilesfor a prolonged war: WSJ writes “The US and Israel are pounding Iran’s missile-launching sites… But Tehran’s missiles keep flying.”
* * *
Iran Didn’t Request Trump’s 10-Day Pause: WSJ
Iran has not requested a 10-day pause on strikes on its energy plants, peace talk mediators have been cited in WSJ as saying, and has still not issued formal response to the 15-point US plan delivered via Pakistan. This as the Pentagon is moving thousands of Marines and Army Airborne soldiers into the region.
The Wall Street Journal points out that “The U.S. and Israel are pounding Iran’s missile-launching sites, hitting some over and over across almost a month of war. But Tehran’s missiles keep flying.”
One pundit questions, are we ‘winning’ yet?… writing the following brief assessment of where things stand: IRGC Joint Staff headquarters under US-Israeli strikes. Iran naming UAE targets as Abu Dhabi enters the war. IDF Chief of Staff warning publicly the Israeli military could “collapse” from manpower shortages. Iran claiming over one million fighters mobilised with IRGC lowering the age for support roles to 12. Pentagon considering 10,000 additional ground troops within striking distance of Kharg. Trump pausing energy-plant destruction for 10 days until April 6. Iran denying it requested the pause. Houthis warning they will enter the war. Lavrov saying the quiet part: “Iran did not violate any of its international obligations.” Russia’s oil revenue doubling to $24 billion this month.
Oil prices continued to spike this morning, with international Brent crude oil once again surpassing $110 per barrel. For the day so far that’s up another 3%.
“After several glimmers of hope, fueled by comments from President Trump, which were quickly dashed, the market is becoming more demanding in terms of rhetoric,” said Amélie Derambure, senior multi-asset portfolio manager at Amundi. “The TACO trade is more difficult to do because a return to square one is not possible from here.”
Gulf Flashpoint Widens: Iran Signals No Let Up
Multiple GCC countries issued incoming-attack alerts as drones and missiles light up the region Friday, with Kuwait taking at least two new hits: Shuwaikh Port was struck by “hostile drones” – per the Kuwait Ports Authority, with a second target, Mubarak Al-Kabeer Port, reportedly hit by drones and cruise missiles. Infrastructure damage has been reported in both cases, but no reported casualties.
Saudi Arabia maintains its air defense footing, with the Ministry of Defense saying drones were intercepted and destroyed over Riyadh and the Eastern Province, following a warning for Al-Kharj – home to Prince Sultan Air Base. Six ballistic missiles were detected: two intercepted, with four splashing into the Persian Gulf and empty areas.
Absolute chaos in Tel Aviv…
Caos absoluto en Tel Aviv. La ciudad está en llamas. La sociedad israelí está viviendo su peor momento en décadas. Las nuevas oleadas de misiles de Irán son cada vez mas violentas y la situación se está volviendo insostenible. Se ha prohibido incluso la divulgación de todos los… pic.twitter.com/C5SDgtBigk
New explosions have been reported in Dubai and Abu Dhabi on Friday. It’s as if Iran and the IRGC are sending a clear “f-you” message to Trump in the wake of the series of ultimatums and deadlines Tehran never asked for. Trump earlier went from 48 hours to 5 days to now a 10-day window amid the threats to attack power and energy infrastructure.
Israel Escalates Too: Will ‘Intensify & Expand’ Strikes on Iran
The White House has been busy talking about its backchannel diplomacy and getting the beginnings of a peace deal off the ground via Pakistan, and at one point within the past week there was talk of Vice President J.D. Vance actually traveling to Islamabad – but the situation on the ground suggests the opposite, given also Israel has on Friday announced escalation of its posture. Israel has continued coming under consistent missile strikes.
Now, Defense Minister Israel Katz is vowing Israel’s attacks will “intensify and expand” – citing that Islamic Republic had not heeded warnings “to stop firing missiles at Israel’s civilian population.” Katz said: “The fire has continued – and therefore, IDF strikes in Iran will intensify and expand to additional targets and domains that assist the regime in developing and deploying weapons against Israeli civilians.”
There remains a huge risk for Israel amid the expectation that Iran has been saving its biggest and most advanced, longer range missiles – rationing its arsenal as it settles in for a long war.
Strait of Hormuz Status & Overnight News
Tehran could still be playing a double game of public rejection coupled with private behind-the-scenes signaling. According to Axios’ latest, Iranian officials are quietly showing interest in talks even as they reject Washington’s proposal, with mediators leaning hard to force or ‘will into existence’ a meeting in the coming days. “Things are progressing very slowly” in terms of negotiations between the US and Iran, and as of now, no meeting between senior officials is even on the calendar, per Isreal’s i24NEWS.
An Iranian girl swings on a beach in Bandar Abbas as smoke rises from a nearby naval base hit by strikes.pic.twitter.com/8B2Pdt2iql
The IRGC Navy is still declaring the Strait of Hormuz effectively shut: traffic “to and from” ports tied to enemy allies is banned outright, with warnings any movement will be “severely dealt with.” In a rare twist, The Wall Street Journal reports Iran has even blocked two Chinese vessels from transiting Hormuz – signaling enforcement isn’t just for Western targets. Washington seems to be trying to adapt in real time, as Reuters reports the US has deployed uncrewed drone boats into the theater, opening yet another front in an already widening conflict.
END
IRAN ET AL FRIDAY AFTERNOON
Iran Threatens Industrial Sites Across Gulf-Region After Its Nuclear & Largest Steel Plants Attacked
Friday, Mar 27, 2026 – 12:25 PM
Summary
No pause from Tehran, war footing deepens: Iran denies requesting Donald Trump’s 10-day halt; Israel attacks steel & industrial sites. Also, Khondab Heavy Water Research Reactor, part of the Arak Nuclear Complex, targeted.Yellow Cake factory in Yazd province hit.
Escalation on all fronts: IRGC HQ targeted by US-Israsel; Iran signals expansion by naming UAE targets, hitting Kuwait ports and sending drones on Riyadh. Iran newly warning it will hit Gulf industry.
Rubio tells G7 foreign ministers war will continue for another 2-4 weeks.
Israel doubles down amid reports of manpower strain: IDF chief warns of manpower pressure even as Defense Minister Katz vows to “intensify and expand” strikes.
Risk rises that Iran is holding back more advanced missilesfor a prolonged war: WSJ writes “The US and Israel are pounding Iran’s missile-launching sites… But Tehran’s missiles keep flying.”
* * *
More Iran Nuclear Sites Targeted; UAE Presses for Hormuz Security Force
The United Arab Emirates, which has been among the hardest-impacted Gulf states in Iran’s ongoing retaliation, is pressing for a multinational maritime taskforce to reopen vital oil transit waterway, the Financial Times reports Friday.
The UAE, with a navy that’s not really going to strike fear into any enemy (much less the Iranians), says it is willing to participate in a“Hormuz Security Force” to defend the strait and escort shipping. Dozens of countries are being asked to join, sources cited in FT say. So far there have been no takers. Meanwhile, more alarming escalation with fresh US-Israeli attacks on nuclear sites, as Tehran threatens to launch revenge attacks in kind (on Gulf and Israel):
IRAN SIGNALS POSSIBLE ATTACKS ON STEEL FACTORIES IN GULF AND ISRAEL, ACCORDING TO TASNIM.
Aardakan yellow cake factory (nuclear) in Yazd province attacked by US and Israeli Friday evening (local)
No radiation leak detected, local authorities say
Tasnim says that Iran’s response will “not be limited to the region’s steel industries” and that a “broader more severe response” is on the agenda. And…
The IDF announces the following [machine translation]:
After identifying rehabilitation attempts: The Air Force struck the heavy water plant in Arak – a key infrastructure for producing plutonium for nuclear weapons With precise guidance from Military Intelligence, the Air Force struck a short while ago the heavy water plant in Arak, located in central Iran. Heavy water is a unique material used to operate nuclear reactors such as the currently inactive reactor in Arak, which was originally designed to have the capability to produce weapons-grade plutonium. These materials are also used as a source for extracting neutrons for nuclear weapons.
Vital Iranian Steel Plants, Industry Attacked
Israeli media citing military officials on Friday: “The IDF attacked Iran’s two largest steel plants, in Isfahan and Ahvaz. Both plants are vital to Iran’s military industry and are partially owned by the Revolutionary Guards. The strikes on the plants are expected to cause billions in damage to the Iranian economy.”
This could mark a new, expanded phase of the war as Israel goes after key defense industrial targets, which also serve central civilian infrastructure development. The US has still held off on pursuing more attacks on energy sites, but it seems Israel is maintaining a more gloves off approach – opting for total societal destruction, and going after industry. This seems to also be part of efforts to ensure ballistic missile production is degraded.
Reuters: US is certain about having destroyed one- third of Iran’s missiles, say sources. Another third is believed to be damaged, destroyed or buried.
Also, Khondab Heavy Water Research Reactor, part of the Arak Nuclear Complex, targeted.
“One of the sources said the intelligence was similar for Iran’s drone capability, saying there was some degree of certainty about a third having been destroyed,” Reuters writes, noting that all of this contradicts White House claims of Iran having “very few rockets left”.
Iran Didn’t Request Trump’s 10-Day Pause: WSJ
Iran has not requested a 10-day pause on strikes on its energy plants, peace talk mediators have been cited in WSJ as saying, and has still not issued formal response to the 15-point US plan delivered via Pakistan. This as the Pentagon is moving thousands of Marines and Army Airborne soldiers into the region.
The Wall Street Journal points out that “The U.S. and Israel are pounding Iran’s missile-launching sites, hitting some over and over across almost a month of war. But Tehran’s missiles keep flying.”
One pundit questions, are we ‘winning’ yet?… writing the following brief assessment of where things stand: IRGC Joint Staff headquarters under US-Israeli strikes. Iran naming UAE targets as Abu Dhabi enters the war. IDF Chief of Staff warning publicly the Israeli military could “collapse” from manpower shortages. Iran claiming over one million fighters mobilised with IRGC lowering the age for support roles to 12. Pentagon considering 10,000 additional ground troops within striking distance of Kharg. Trump pausing energy-plant destruction for 10 days until April 6. Iran denying it requested the pause. Houthis warning they will enter the war. Lavrov saying the quiet part: “Iran did not violate any of its international obligations.” Russia’s oil revenue doubling to $24 billion this month.
Oil prices continued to spike this morning, with international Brent crude oil once again surpassing $110 per barrel. For the day so far that’s up another 3%.
“After several glimmers of hope, fueled by comments from President Trump, which were quickly dashed, the market is becoming more demanding in terms of rhetoric,” said Amélie Derambure, senior multi-asset portfolio manager at Amundi. “The TACO trade is more difficult to do because a return to square one is not possible from here.”
Gulf Flashpoint Widens: Iran Signals No Let Up
Multiple GCC countries issued incoming-attack alerts as drones and missiles light up the region Friday, with Kuwait taking at least two new hits: Shuwaikh Port was struck by “hostile drones” – per the Kuwait Ports Authority, with a second target, Mubarak Al-Kabeer Port, reportedly hit by drones and cruise missiles. Infrastructure damage has been reported in both cases, but no reported casualties.
Saudi Arabia maintains its air defense footing, with the Ministry of Defense saying drones were intercepted and destroyed over Riyadh and the Eastern Province, following a warning for Al-Kharj – home to Prince Sultan Air Base. Six ballistic missiles were detected: two intercepted, with four splashing into the Persian Gulf and empty areas.
END
UAE/TURKEY
UAE Pushes For Hormuz Security Force, While Turkey Argues Against Gulf Entry Into War
Friday, Mar 27, 2026 – 11:45 AM
It’s one of those things that sounds nice on paper, but when missiles and drones are inbound, no one is going to want to be on a military ship sitting in the middle of the Strait of Hormuz: the United Arab Emirates, which has been among the hardest-impacted Gulf states in Iran’s ongoing retaliation, is pressing for a multinational maritime taskforce to reopen vital oil transit waterway, the Financial Times reports Friday.
The UAE, with a navy that’s not really going to strike fear into any enemy (much less the Iranians), says it is willing to participate in a “Hormuz Security Force” to defend the strait and escort shipping. Dozens of countries are being asked to join, sources cited in FT say.
And yet for all the public posturing and signing of ‘symbolic statements’ – not a single country with a strong military has actually stepped up with a concrete offer to provide warships and military assets (other than Israel, which is a direct party to the war).
This is despite that for much of the past month of the war immense pressure has been exerted on allies by the Trump administration. But by and large they’ve shrugged and have said “this is not our war” – despite rising oil prices and global shipping disruption.
At the same time, the Mideast/Asia regional country representing NATO’s second largest military, Turkey, is reportedly behind the scenes telling the Gulf (GCC) not to join the war.
“Turkey is conducting intensive diplomatic efforts to try and prevent Gulf Arab countries from joining the US-Israeli war against Iran, according to people familiar with the matter,” Reuters writes separately on Friday.
“Ankara has urged Gulf nations to act with restraint, said the people, who spoke on condition of anonymity to discuss sensitive matters,” the report continues. “Turkey has stepped up diplomacy, with Foreign Minister Hakan Fidan visiting Saudi Arabia, the United Arab Emirates and Qatar and holding calls with other regional counterparts.”
Turkey, which shares a far eastern border with Iran, does indeed have an interest in avoiding broader escalation in region – but it has also of late been a sworn enemy of Israel, especially during and in the wake of the Gaza War.
Reuters further reveals that there’s lots more “talk” but no action as yet:
Several U.S. allies have said they have no immediate plans to send ships to unblock the Strait of Hormuz, rebuffing a Trump request for military support to keep the vital waterway open.
France said on Thursday it had held talks with around 35 countries seeking partners and proposals for a mission to reopen the strait, but only once the U.S.-Israeli war on Iran ends.
It’s a big open question whether the United States itself will actually send warships deeper into Gulf waters near the strait. Some military analysts have warned of the immense risk and exposure, given reports that Iran has mined the strait, but also given the IRGC would without doubt send missiles and drones against any military vessels seeking to pass.
Currently the ‘international community’ seems to be sitting around saying ‘you first’ while looking for others to lead. And all the while the White House seems to lack a coherent big vision strategy, or at the very least has not clearly communicated one. Trump is not going to be happy to hear that America’s wayward ally Turkey could be thwarting efforts to cobble together a Hormuz coalition.
Israel vs Hezbollah
Live Updates: Two IDF soldiers wounded in Lebanon, sirens sound across Israel as Iran launches cluster munitions
Two IDF soldiers killed in southern Lebanon • Trump says he was told Mojtaba Khamenei may be gay • One killed, 25 injured in Nahariya by Hezbollah rocket fire
IDF soldiers operate in southern Lebanon on March 21, 2026.(photo credit: IDF SPOKESPERSON’S UNIT)
March 27, 2:42 PM
IDF soldier, combat officer severely wounded during operational accident in southern Lebanon
The soldiers have been taken to a hospital, and their families have been notified.
IDF soldiers and a tank operate in southern Lebanon on March 21, 2026.(photo credit: IDF SPOKESPERSON’S UNIT)BySHIR PERETSMARCH 27, 2026 12:55Updated: MARCH 27, 2026 13:34
An IDF soldier and a combat officer were severely wounded during an operational accident in southern Lebanon, the IDF announced on Friday.
The soldiers have been taken to a hospital, and their families have been notified.
Meanwhile, the IDF’s Arabic Spokesperson Col. (res.) Avichay Adraee issued an urgent evacuation warning for residents of Sajd in southern Lebanon on Friday morning.
Hezbollah is operating in the village, forcing the IDF to take military action, he said.
“The IDF does not intend to harm you. To ensure your safety, you must evacuate immediately and move north of the Zahrani River,” he stated.
This follows ongoing strikes against Hezbollah terrorists and terror infrastructure in Lebanon. This includes a strike reported by Israel’s public broadcaster KAN News during the early hours of Friday morning, when the Hezbollah stronghold of Dahiyeh, in southern Beirut, was hit by Israel without issuing an early warning or a call to evacuate.
UNICEF says over 370,000 children displaced in Lebanon, 121 killed
In addition, more than 370,000 children have been forced from their homes in Lebanon amid Israel’s offensive against Hezbollah, with at least 121 children killed and 399 injured, UNICEF’s representative in Lebanon, Marcoluigi Corsi, said on Friday.
This is a developing story.
James Genn and Reuters contributed to this report.
UK: TV’s Jordan Brook has meningitis; sportscaster Danny Kelly has throat cancer; rugby star Abi Burton has encephalitis; AU: footie Jonathan Brown has “shock brain tumor diagnosis”; & more
Amanda Peet [54] is opening up about her breast cancer journey. The Your Friends & Neighbors actress penned a candid, vulnerable essay chronicling her health crisis, which coincided with both of her parents dying in hospice care. Peet saw her doctor in August 2025. “Dr. K. usually chatted me up while she examined me, but this time she went silent,” the actress recalled. The next day, Peet’s doctor reported that she had a tumor that “appeared” small but would require an MRI in the near future to ascertain “the extent of the disease.” That same weekend, Peet’s father died, and she flew from Los Angeles to New York to see her family. After returning home, the Togetherness actress decided not to tell her mother about her diagnosis or her father’s death, as she was in the final stages of a battle with Parkinson’s disease. The radiologist ended up finding a secondtumorin the same breast. “She ordered an MRI-guided biopsy, which is when a tumorsample is extracted while you’re inside the big white imaging doughnut,” she recalled. Peet said the procedure was a horrific experience, despite the best efforts of a tech nicknamed Tom. “Tom helped me lie on my belly and lowered my traitorous breast into a horizontal, doll-size lunette,” she remembered. “She injected the pain medication, which was so excruciating that there was no way white-knuckling it could have been worse. Then came an injection of dye, to make the suspicious mass stand out, and finally Tom slowly flattened my breast – while it was hanging in the air – with a barbaric waffle iron, whose latticed squares were numbered to locate the target site for the needle. Tom and my doctor called coordinates back and forth, as if playing a perverse game of Battleship, to confirm the quadrant of interest.” At the end of the procedure, the doctor said “it was 50-50 whether or not there was morecancer.” Peet’s doctor told her that the second mass was benign, which meant she would only require a lumpectomy and radiation rather than chemotherapy or a mastectomy. “Radiation wasn’t bad compared with Tom’s waffle iron – until the last stretch, when my nipple became charred and blistered, like an over-roasted marshmallow,” she detailed. Peet began to make funeral arrangements for her mother two weeks after she received her first clear scan in January. She was with her mother during her final moments of life. Peet’s full essay about her cancer journey and her parents’ deaths can be found in The New Yorker.
News from Underground by Mark Crispin Miller is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Good Morning America’s Sam Champion has left fans relieved after he shared an update from his hospital bed. On Sunday, the 64-year-old weatherman revealed he underwent an emergency heart procedure in New York following a suddenhealth scare. Luckily, Champion explained he expected to make a ‘full recovery’ as he smiled and waved at the camera for a photo which was shared on Instagram. Champion has suffered health problems in the past. In 2024, the GMA star underwent skincancer surgery which left him with a large scar under his right eye. At the time, doctors diagnosed him with a nodular basal cell carcinoma. Champion underwent surgery on his right cheek to remove the cancerous spot. His surgeon also performed laser surgery to target darker, precancerous skin around his face.
Researcher’s note – samchampion 257w Beach time ..and a normal sleep schedule . We have been waiting for 2weeks after the 2nd vaccine to get away. Still wearing masks near people and dining outside.. but this feels like a “great escape” #besafe #bringcoffee #happyhusband .. see u next week on @abc7ny
Perez Hilton revealed that taking flu medication on an empty stomach landed him in the hospital for 21 days. “My stupidity landed me in the hospital for 21 days. It was the worst and best thing that’s ever happened to me,” he prefaced in a YouTube video Monday, where he described the “crazy saga.” “Before I was hospitalized I had the flu. I had the flu for about a week, he explained insisting that he is “not a partier” or someone that “abuses things.” “I took the medication for the flu for a week. However – a big but – I didn’t take any of my medication with food. I never have and you’re supposed to take all of this medication with food.” Because of this, the gossip blogger, 47, “developed an ulcer and then a perforation and then sepsis.” “People die of sepsis,” he tearfully continued. “The day before I was hospitalized, I was in so much stomach pain. I was like ‘This is weird, but it’ll go away.’” But by the next morning Hilton – born Mario Armando Lavandeira Jr. – “couldn’t walk” and had to be taken by ambulance to the hospital. “I ended up being there for 21 days. I felt like I knew everybody by the time I left,” he said. “The first few days were a lot of pain and constant tests, X-rays, CT scans, ultrasounds, because they couldn’t find where the perforation was. So that was scary.” After five days, he had laparoscopic surgery to “flip around all of [his] organs” trying to find the perforation, followed by another major procedurebecause his organs were still infected. “They inserted I don’t know what inside of me and drained a ton more infection out of me and then the sepsis just kept working and my body kept falling apart. My heart got out of control, they had to put me on heart medications. And then, I developed another infection in the hospital.” Hilton said that over the two weeks in the hospital he could only eat through a feeding tube. Once he was able to start eating regularly again, it was a “whole other process” because it can be “hard on the body” as well as “humiliating” because he was having “a lot of accidents.” “Now that I am home, I am not 100 percent,” he noted, showing a pick line into his arm. “It’s like a scary IV with two lines, and one goes to my heart.”
theperezhilton 262w A friend of mine around my age from New Jersey texted me today that he got the COVID vaccine. How, I asked? He said because he’s a smoker he qualifies. And they don’t need to show any proof. Anyone can lie and get their shot! I HATE THIS SYSTEM!!!!!!!!!!!!!!
Philadelphia Phillies relief pitcher Daniel Robert was briefly hospitalized Sunday after experiencing a cardiac event. MLB.com‘s Todd Zolecki reported Robert collapsed after throwing a bullpen session. Phillies manager Rob Thomson called the moment “very scary” but said the right-hander is “fine.” “I was standing right behind him,” Thomson said. “It was scary because he went down, he started to get back up again and he went back down.” This past October, Robertcollapsed while throwing at Philadelphia’s spring training facility in Clearwater, Florida. He told NBC Sports Philadelphia’s Jim Salisbury that Phillies trainers “one-hundred percent” saved his life by performing CPR and shocking his heart. Doctors placed an implantable cardioverter-defibrillator in his chest over the offseason. It was triggered twice during Sunday’s ordeal. The 31-year-old signed a minor-league contract to return to Philly.
Jordan Brook [31] has announced that he has been diagnosed with viral meningitis. The Geordie Shore star has been in hospital in recent days with inflammation on his brain, but did not have a clear diagnosis until now. On Saturday, Jordan – who is also preparing to welcome his first child with his partner Sophie Kasaei – took to his Instagram account to confirm his diagnosis. In a video from his hospital bed, he began: “This is the first time I’ve really been able to speak strong enough about what’s going on. There’s been a lot of speculation as to why I’m here and what’s going on, and there’s a few comments and people saying things, but this is my diagnosis that I got yesterday. I’ve been diagnosed with not one, but two going in viruses that are attacking similar part of my body. I’ve got viral meningitis and encephalitis together. That’s the inflammation of the brain and the lining around it. So this isn’t something small or minor,” Jordan explained. “I’ve had CT scans, MRI scans, lumbar punctures. We’ve got round the clock care since I’ve been in this hospital. I’m on IV drips, everything, antiviral, pain management, physio, seizuremonitoring as I have minor seizure risk at the minute. But unfortunately, the swelling on my brain is getting worse with it’s really, really tough, even the simple day to day activities and normal things aren’t easy right now,” he continued, noting that he is on day 11 of his treatment. “This isn’t like a joke, or people are writing that I’m a lot worse than I am, and there’s big C words being dropped and things like that. It isn’t that, but the swelling on my brain is really bad. They’ve upped my meds, my steroids, to try and get the swelling down. I don’t know how much longer I’m going to be here. My focus right now is simple. I need to get healthy,” he detailed, before going on to refer to his partner.
Researcher’s note – Peer-Reviewed Study Finds COVID-19 “Vaccines” Linked to 63 Serious Brain and Spinal Cord Adverse Events: 63 CDC/FDA safety thresholds breached as mRNA-LNP-Spike disrupts the blood–brain barrier, increasing risks of meningitis, encephalitis, prion disease, brain abscesses, herpes reactivation, and more. https://www.msjonline.org/index.php/ijrms/article/view/15969
BROADCAST legend Danny Kelly has revealed he is suffering with cancer. He has taken a step back from his duties on talkSPORT after the diagnosis. Kelly, 69, urged his listeners to get checked after discovering he has throatcancer. He said live on air: “I need to talk plainly to you all now because the majority of our listeners, better or worse, are men. “And men are often very difficult people to talk about and talk to and talk with about medical issues. “So I don’t intend to mince my words here. I’m going to tell you that I am a sick man. Six weeks ago, I went to the doctor, hat on the side of my head, something going on with my eating. I thought it was probably acid reflux and he would give me a big bag of Gaviscon. Instead, it turns out that I have cancer. To be specific, I have cancerof the oesophagus, a really dangerous thing. Now look, that’s the bad news. The less bad news, because it isn’t really good news, is that after another long series of tests, after a very tense three or four weeks waiting for results, the medics say that the thing hasn’t spread inside my body and that they can and they will help me. What I’m facing, to be truthful with you all again, is a tough and lengthy programme of treatment. There will be chemicals, there will be surgery, and there will be chemicals again. It is a hard road, but one that the doctors are hopeful that will see me emerge recovered and healthy at the far end. Now, obviously, there will be times during this, whole stretches of time where I won’t be fit to broadcast.
Two-time Olympian and tenacious Red Rose rugby player Abi Burton has revealed how a life-threatening diagnosisand medically induced coma profoundly reshaped her outlook on life, calling the experience “traumatic”. The 26-year-old from West Yorkshire, who made an astonishing comeback to international rugby, was diagnosed and treated for autoimmune NMDA receptor encephalitis at the age of 22. “I’ve been through something so traumatic and have to remember I’m not the same person that I was before, but that’s OK,” she shared. Burton had never heard of encephalitis before her diagnosis. Her family, however, began to notice concerning changes in the months following the high of her first Olympics in Tokyo 2021. Given that encephalitis is often misdiagnosed, Burton has joined prominent figures like former Olympic swimmer Rebecca Adlington and Strictly Come Dancing finalist George Clarke to support Encephalitis International’s new F.L.A.M.E.S campaign. F.L.A.M.E.S stands for Flu-like symptoms, Loss of consciousness, Acute headaches, Memory problems, Emotional or behavioural changes, and Seizures – designed to help the public recognise early warning signs. “Of course lots of people experience these symptoms in isolation, but collectively when these symptoms came together this might suggest there’s something neurological going on and indicate that people should seek urgent medical attention,” Dr Easton highlighted.
The national handball team was hit by something of a shock during the European Championship semi-final against Iceland in January. During the break, Simon Hald [31] had to leave the Box to go to the hospital after being struck by an irregular heartbeat. That was the boring end to the linebacker’s European Championship, and it actually ended up being over a month before he was back on the field again. After just five weeks on blood-thinning medication, Hald made a comeback for the club team, Aalborg Håndbold, and although he readily admits that it was a bit of a shock, he has no qualms about continuing his career. The national team player also experienced an irregular heartbeat back in 2021 before a match against Magdeburg in the German league. Now it has happened for the second time, and it also means that doctors are considering various interventions to prevent similar incidents in the future. “If it were to happen again, there are also some interventions with a fairly high success rate that can be done on the heart so that I don’t have to put up with it. Of course, I hope it doesn’t happen again, but that’s the way we’re going.”
The veteran journalist and commentator Oren Nahari [70] revealed on Roni Koben’s program “Meeting” on Channel 11 that he has been diagnosed with ALS, a severe degenerativeneurologicaldisease. Nahari, one of the most prominent voices in news broadcasting in Israel, chose to share his struggle with the disease with the public, thereby raising awareness once again of one of the most difficult and challenging diseases in the world of medicine. The exact causes of ALS are still unknown, and this is one of the greatest challenges in research. However, scientists have proposed several possible mechanisms that may be related to the development of the disease. Among the factors being studied are exposure to environmental toxins, metals or chemicals, increased activity of chemical substances in the brain such as glutamate, as well as a deficiency of factors that support the survival of nerve cells. In five to ten percent of the cases a genetic influence has also been found, meaning a hereditary connection.
AFL legend Jonathan Brown is recovering after requiring surgery to remove a brain tumour. The three-time Brisbane Lions premiership player went under the knife on Wednesday before sharing the news alongside wife Kylie on Friday night. The 44-year-old, a prominent commentator since retiring in 2014 following a concussion, said the tumour was uncovered following a routine scan, and he will now prioritise his recovery. “After undergoing a routine scan, I was recently made aware of a shadow on my brain that turned out to be a low-grade brain tumour,” Brown wrote. “I underwent surgery Wednesday with a positive outcome. I understand a surgery of this nature creates interest and once I have recuperated, I will share my experience but for now I need to take some time to rest and recover.” High-profile names from around the AFL immediately rallied around Brown.
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Trump’s Confident Prediction for the 2028 ElectionPresident Trump is optimistic about the Republican Party’s chances in the 2028 presidential election. He believes a strong combination of candidates will lead the party to victory, even amidst current global tensions.READ THE FULL REPORT
Trump Delays Iran Action Amid Ongoing Diplomatic EffortsPresident Trump is extending a crucial deadline related to military operations against Iran, potentially creating an opening for diplomacy while tensions remain high in the region. Negotiations are progressing, despite media skepticism.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
HUGE!!!
QatarEnergy Declares ForceMajeure For LNG Shipments Through May, Representing As Many As 90 Cargoes
Friday, Mar 27, 2026 – 10:00 AM
The already dismal LNG supply situation just got worse.
With up to 20% of global LNG flows shuttered due to the ongoing blockade of the Hormuz Strait and the extensive damage of Qatar LNG infrastructure, QatarEnergy has declared force majeure on some of its long-term liquefied natural gas (LNG) supply contracts, including for customers in Italy, Belgium, South Korea and China, effectively canceling contractual obligations. That would represent as many as 90 cargoes according to Bloomberg.
The move on Tuesday comes amid ongoing production and supply disruptions caused by the United States-Israeli war on Iran.
Force majeure is a clause in contracts that allows a party to be excused from its obligations due to unforeseeable events. Petroleum companies in Kuwait and Bahrain have also recently invoked force majeure.
Last week, QatarEnergy CEO Saad al-Kaabi said an Iranian attack on Qatar’s Ras Laffan gas facility wiped out about 17 percent of the country’s LNG export capacity, causing an estimated $20bn in lost annual revenue and threatening supplies to Europe and Asia. Repairs are expected to take 3-5 years.
Saad al-Kaabi told the Reuters news agency that two of Qatar’s 14 LNG trains, the equipment used to liquefy natural gas, and one of its two gas-to-liquids facilities were damaged in Iranian attacks.
The repairs will sideline 12.8 million tonnes of LNG production per year for three to five years, he said.
The Iranian attack on Ras Laffan came after the Israeli military targeted Iran’s offshore South Pars gasfield, the largest in the world, located off the coast of the country’s southern Bushehr province.
Majed al-Ansari, spokesperson for Qatar’s Ministry of Foreign Affairs, had condemned Israel for targeting South Pars, noting that the Iranian gasfield is an extension of Qatar’s North Field. Qatar and other Gulf countries have also condemned Iran’s continued attacks on energy infrastructure across the region, stressing that the strikes violate international law and the United Nations Charter.
END
Soaring Prices Set To Crash China’s LNG Imports To 8-Year Low
Surging LNG prices amid the war in the Middle East are set to lead to the lowest monthly LNG imports into China in eight years as Qatari and UAE supply is off the market and Chinese buyers look to raise supply from domestic gas production and pipeline deliveries.
China is on track to import about 3.7 million tons of LNG in March, per tanker-tracking data by Kpler cited by Bloomberg. That would be the lowest monthly import level in the world’s top LNG importer since the spring of 2018, as well as a 25% slump compared to March 2025, according to Bloomberg data and analysis.
The de facto closure of the Strait of Hormuz has stranded all Qatari and UAE supply of LNG. Additionally, Qatar’s LNG capacity has been severely damaged by Iranian missile attacks, which forced state firm QatarEnergy to declare force majeure on contracts and start quantifying the losses.
The Iranian missile attacks on Ras Laffan Industrial City (RLIC) dashed hopes of quick resumption of Qatari LNG flows even if the Strait of Hormuz were to open to unimpeded and safe traffic today. QatarEnergy last week said the damage from Iranian missile strikes on the Ras Laffan LNG complex, the world’s single largest LNG-producing facility, would cost it about $20 billion per year in lost revenue and to take up to five years to repair.
As a result, Asian LNG prices have nearly doubled this month and Asian buyers are outbidding Europe for spot supply.
China had some buffer to allow itself not to spend too much on costly LNG imports this month. The country’s LNG storage was estimated by Kpler at about 51% by end-March, and this buffer allows Northeast Asian buyers to draw on existing inventories.
The effect would shift peak restocking season in China, Japan, and South Korea to June–July rather than April–May, according to Kpler.
END
OIL/IRAN/CHINA
THIS IS SHOCKING;
In Surprise Move, Iran Blocks Two Chinese Ships From Transiting Hormuz
In a surprise twist, Iran appears to have turned its back on its best (and only) client, Beijing, when it blocked two China-owned container vessels from the Strait of Hormuz in what the WSJ said was an unusual move by Tehran, which has focused its shipping blockade on countries it deems supporters of Israel and the U.S.
Following COSCO’s announcement to resume booking acceptance to Gulf destinations, new developments overnight suggest the situation in the Strait of Hormuz remains highly unstable.
The two ships – CSCL Indian Ocean and CSCL Arctic Ocean – made U-turns near Larak Island, about 20 miles from the port of Bandar Abbas in southern Iran, the WSJ reported.
Following COSCO’s announcement to resume booking acceptance to Gulf destinations, new developments overnight suggest the situation in the Strait of Hormuz remains highly unstable.
In recent days, some ships have transited the strait via the narrow channel between Iran’s Qeshm and Larak islands, including those signaling Chinese owners and crew members.
Also on Friday, Iran’s Revolutionary Guard said that it had turned back three container ships of various nationalities trying to cross the strait, adding that all ship traffic to and from ports of supporters of the U.S. and Israel was prohibited, according to Nour News, which is affiliated with the country’s Supreme National Security Council.
Container ship owners told the WSJ the only vessels that can now cross the strait are those with cargoes of Iran-destined household goods, cars, clothing and pharmaceuticals.
In the past week, Iran has allowed four ships loaded with grains to cross the Strait of Hormuz in the other direction, after waiting nearly three weeks in the Gulf of Oman, according to brokers who arranged the cargoes. The bulkers unloaded at Iran’s Bandar Imam Khomeini port, where three-quarters of the cargo handled is grain imports mainly from Russia and South America.
END
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
PHILIPPINES
Philippines Declares State Of Emergency As Energy Crisis Looms
Thursday, Mar 26, 2026 – 06:40 PM
As we outlined in our recent analysis on Australia’s dangerous vulnerability to disruptions in the Strait of Hormuz, most of Asia is heavily exposed and faces an unprecedented energy crisis should the war in Iran continue to prevent safe passage of oil and natural gas from the Gulf. As Australia debates the potential for a national emergency, the Philippines has already declared one.
This week, Philippine President Ferdinand Marcos Jr. signed Executive Order No. 110, declaring a state of national emergency as a targeted measure focused on the energy sector in response to disruptions from the ongoing US-Israel war with Iran. Approximately 98% of all oil bound for the Philippines passes through the Strait of Hormuz.
The emergency declaration allows the Philippine government to exert control over fuel prices and fast-track imports from alternative suppliers, such as Russia. Philippine authorities say they have enough fuel to last about 45 days at typical consumption levels.
Energy rationing programs are being instituted across Asia and questions are rising about a possible domino effect on global markets. The Philippines announcement comes a day after South Korea launched a nationwide energy-saving campaign, calling on people to ride bicycles for short trips and reduce the length of showers. Japan, meanwhile, said Wednesday that it would soon begin releasing oil from its emergency reserve, equivalent to a 30-day supply. Thailand and Vietnam have also asked citizens to take steps to curtail energy use.
China’s exposure to Iran and the Hormuz situation could be detrimental. Over 35% of their energy supplies pass through the Strait and 15% of their oil comes directly from Iranian wells. That said, China also has a large oil buffer, with enough emergency supply to last around four months.
The emergency declaration in the Philippines is initially set to last one year and serves as a tool to provide the government with more legal flexibility to respond to the crisis. Executive Order 110 enables the government to:
Fast-track procurement and imports of fuel and petroleum products from alternative suppliers. Exert control over fuel prices if needed to prevent excessive hikes or profiteering. Ensure orderly distribution of fuel, food, medicines, and other basic goods. Form a contingency committee for coordinated response. Authorize advance payments on contracts if required for timely supply. Activate a “whole-of-government” framework, including support packages for livelihoods, industry, food, and transport.
The last time the world faced a similar threat of energy shortages was the Arab Oil Embargo of 1973 following the Yom Kippur War. It was this event, coupled with a massive devaluation of the US dollar, that triggered a stagflationary malaise that lasted until 1981. It was also the event that led to the US diversifying its energy resources to avoid future dependency on OPEC. Only 7% of all oil bound for the US travels through the Hormuz.
Asian nations, however, have less access to alternatives, which is setting up the region for a historic breakdown in productivity if the flow of oil and natural gas is not restored within the next couple of months.
END
AUSTRALIA
First Qatar Supply Shock, Now Cyclone Chaos Slams Major Australian LNG Plants
Friday, Mar 27, 2026 – 08:20 AM
In a troubling overnight development that could further deepen the Gulf energy shock, especially in global LNG markets, a tropical cyclone has disrupted operations at three major Australian LNG facilities, which together account for roughly 8.4% of global supply. The timing is alarming: Iranian strikes have already knocked out about 17% of Qatar’s LNG export capacity, with repairs potentially taking years. The Australian outages now add near-term supply risks for buyers, particularly in Asia and Europe, who are already panicking and scrambling for new supplies.
Tropical Cyclone Narelle is bearing down on Western Australia’s coastline and has sparked major disruptions across three of Australia’s top LNG facilities, including Gorgon, Wheatstone, and North West Shelf (as per Bloomberg):
Woodside Energy Group Ltd.’s North West Shelf export plant in Western Australia had a production interruption due to severe Tropical Cyclone Narelle, according to a company spokesperson.
Meanwhile, Chevron Corp. said one of the three production units at its Gorgon plant was shut, as well as a platform that feeds its Wheatstone facility and domestic gas production.
Following the closure of the Strait of Hormuz and Iranian strikes damaging the world’s largest liquefaction plant in Qatar, Australia has become the second-largest LNG exporter, with the US in the top spot.
“Temporary shut-ins at Australian LNG plants come at the worst time for LNG buyers looking to replace supply from Qatar,” said Josh Runciman, lead analyst for Australian gas at the Institute for Energy Economics and Financial Analysis. “LNG spot prices are likely to increase on the back of the shut-ins, leading to further pain for buyers.”
MST Marquee analyst Saul Kavonic warned the cyclone “will exacerbate gas market tightness in Asia and Europe, especially if it takes more than a matter of days to normalize Australian production levels again.”
Asian LNG prices have soared by 90% since the conflict in the Middle East erupted in late February, and the conflict is set to enter its first month. In Europe, natural gas prices have doubled since the start of the conflict.
The big question now is whether Australia’s Gorgon, Wheatstone, and North West Shelf facilities, which together accounted for roughly half of the country’s LNG exports last month and about 8.4% of global trade, can resume operations quickly once the cyclone passes. Any meaningful storm damage would risk extending outages, further tightening the global LNG market in crisis, and compounding supply woes for buyers in Asia and Europe.
Amid the chaos, one country stands to benefit (read here).
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS FRIDAY MORNING 6;30AM//OPENING AND CLOSING
OPENING LEVELS OF CURRENCIES// AND CLOSING ASIAN STOCK MARKET AND OPENING EUROPEAN STOCKS:6 AM EST
EURO VS USA DOLLAR: 1.1519 DOWN 0.0015
USA/ YEN 159.85 UP 0.134 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 1.3308 DOWN 0.0026 OR 26 BASIS PTS
USA/CAN DOLLAR: 1.3850 UP 0.0004 CDN DOLLAR DOWN 4 BASIS PTS//
Last night Shanghai COMPOSITE CLOSED UP 24.64 PTS OR 0.63%
Hang Seng CLOSED UP 95.45 PTS OR OR 0.38%
AUSTRALIA CLOSED DOWN 0.01%
// EUROPEAN BOURSE: ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL RED
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 95.45 PTS OR 0.38%
/SHANGHAI CLOSED UP 24.64 PTS OR 0.63%
AUSTRALIA BOURSE CLOSED DOWN 0.01%
(Nikkei (Japan) CLOSED DOWN 45.15 PTS OR 0.08%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 4425.00
silver:$68.79
USA DOLLAR VS TRY (TURKISH LIRA): 44.46 PLUS 14 BASIS PTS AND NOW WE SEE THEIR STUPIDITY OF SELLING GOLD.
USA DOLLAR VS RUSSIAN ROUBLE: 81.80 ROUBLE// UP 0 ROUBLE AND 33 BASIS PTS
UK 10 YR BOND YIELD: 5.066 UP 9 BASIS PTS
UK 30 YR BOND YIELD: 5.660 UP 10 BASIS PTS
CDN 10 YR BOND YIELD: 3.663 UP 7 BASIS PTS
CDN 5 YR BOND YIELD; 3.231 UP 7 BASIS PTS
USA dollar index early FRIDAY MORNING: 99.81 UP 10 BASIS POINTS FROM THURSDAY’s CLOSE
FRIDAY MORNING NUMBERS ENDS
And now your closingFRIDAY NUMBERS 10.00 AM
Portuguese 10 year bond yield: 3.611% UP 11 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.378% UP 11 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.709 UP 19 BASIS PTS//
SPANISH 10 YR BOND YIELD: 3.663 UP 11 in basis points yield
ITALY 10 YR BOND: 4.105 UP 16 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (
GERMAN 10 YR BOND YIELD: 3.1096 UP 7 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY FRIDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/10:00 AM
Euro/USA 1.1512 DOWN 0.0023 OR 23 basis points
USA/Japan: 160.25 UP 0.527 OR YEN IS DOWN 53 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.981 DOWN 3 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.611 DOWN 7 BASIS POINTS.
Fractured Jawbone: Crude Jumps, Stocks Dump, & Bond Fears Shift To Economic Slump
WRAP UP
Stocks hit and oil surges into the weekend as geopolitical tensions remain high – Newsquawk US Market Wrap
Friday, Mar 27, 2026 – 04:23 PM
SNAPSHOT: Equities down, Treasuries mixed, Crude up, Dollar up, Gold up
REAR VIEW: Trump extends halt of attacks on Iran energy and power infrastructure by 10 days; Israel hits Iranian steel factories and a nuclear power site, Iran to respond with heavy price; Iran delays response to US plan; US is reportedly considering sending up to 10,000 additional ground troops to the Middle East; Trump leaning against ground invasion, but things could change; Witkoff expects meeting with Iran this week; China’s launches probe regarding US trade measures; ECB’s Schnabel says no need to rush into action; Fed’s Paulson neutral rate estimate is close to median; UOM revised down, 1yr inflation expectations rise
COMING UP: Data: Spanish Retail Sales (Feb), EU Consumer Inflation Expectations (Mar), German Inflation Prelim. (Mar), US Dallas Fed Manufacturing Index (Mar). Speakers: Fed’s Williams.
WEEK AHEAD: Highlights include US NFP, ISMs and Retail Sales, EZ CPI, RBA Minutes, and BoJ Tankan. Click here for the full report.
2. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
MARKET WRAP
It was a risk-off session with oil prices surging and equities tumbling as we head into a weekend of risk. WTI reclaimed USD 100/bbl post-settlement while E-mini futures briefly fell to sub 6,400. The moves came despite Trump’s olive branch Thursday evening, where he postponed the attacks on Iran’s energy infrastructure and power plants by another 10 days, taking the new deadline to April 6th. However, the initial optimism faded as the market became increasingly aware that the Iranians do not share the same level of optimism as the US President, and the real issue for markets is the Strait of Hormuz, which has had very little progress regarding a reopening. Meanwhile, Israel today attacked a steel, nuclear and power facility, which Iran has said was in coalition with the US and therefore violates Trump’s promise last night. This prompted Iran to suggest it will be delaying the response to Trump’s 15-point peace plan, keeping uncertainty high. Regarding a ground invasion, reports also suggested that Trump is leaning against this decision, but he could change his mind. Elsewhere, T-notes saw two-way price action with initial downside fading throughout the US session despite the negative newsflow and positioning elsewhere in markets, perhaps indicating some profit taking or month end rebalancing taking place. In FX, the Dollar outperformed while CHF and GBP lagged. USD/JPY rose above 160. Gold and Silver were bid as bonds pared the overnight moves, while Bitcoin was hit. Cyber Security names were hit by an AI-disruption story. Reports dropped of a new leaked Anthropic AI model, “Claude Mythos”, which the company believes poses unprecedented cybersecurity risks.
FIXED INCOME
T-NOTE FUTURES (M6) SETTLED 0+ TICKS LOWER AT 110-05
T-notes largely pare overnight weakness, perhaps on profit-taking or month-end rebalancing activity. At settlement, 2-year -6.6bps at 3.916%, 3-year -4.3bps at 3.941%, 5-year -1.5bps at 4.074%, 7-year +1.6bps at 4.264%, 10-year +2.8bps at 4.440%, 20-year +5.1bps at 5.010%, 30-year +5.6bps at 4.983%.
THE DAY: T-notes saw two-way trade on Friday, with early gains reversing into a broader sell-off before a partial recovery later in the session. Following Thursday’s settlement, US President Trump announced an extension to the postponement of attacks on Iranian energy and power infrastructure until Monday, April 6th, briefly supporting Treasuries. However, the move quickly faded, with price action turning more directional into the European session.
Selling pressure built through the morning as oil prices remained bid into the weekend, reflecting elevated geopolitical uncertainty and a broader risk-off tone. T-notes hit session lows around 13:10GMT/09:10EDT, before paring much of the downside, with moves led by the front-end.
Despite continued negative headlines, including reports of Israeli strikes on Iranian nuclear and industrial sites, Treasuries stabilised into the afternoon while oil prices remained bid. The lack of follow-through selling points to some profit-taking following the recent bear flattening, particularly ahead of the weekend. There is also the potential for month-end flows playing a role in the late-session reversal.
SUPPLY
Bills
US to sell USD 75bln in 6-week bills on 31st March, USD 89bln in 13-week bills on 30th March, and USD 77bln in 26-week bills on 30th March. All to settle on 2nd April.
STIRS/OPERATIONS
Fed Money Market Pricing (implied bps): April 2.8bps (prev. +3.8bps), June 3.9bps (prev. +7.2bps), July 4.3bps (prev. +9.3bps), December 8.1bps (prev. +17.3bps)
NY Fed RRP op demand at 0.99bln (prev. 0.89bln) across 5 counterparties (prev. 16) on March 27th
SOFR at 3.65% (prev. 3.64%), volumes at USD 3.113tln (prev. USD 3.063tln) on March 26th
EFFR at 3.64% (prev. 3.64%), volumes at USD 101bln (prev. USD 93bln) on March 26th
CRUDE
WTI (K6) SETTLED USD 5.16 HIGHER AT USD 99.64/BBL; BRENT (M6) SETTLED 4.56 HIGHER AT USD 112.57/BBL
Crude prices rallied once again, now having largely pared the downside seen on Trump’s Truth Social announcement on Monday, declaring a pause to attacks on Iran’s energy infrastructure. On Friday, support was found in overnight trade on a WSJ report that the US is considering sending up to 10,000 additional ground troops to the Middle East. A later Bloomberg article said the Trump admin is signalling to allies that there is no immediate plan for a ground invasion of Iran. However, with the ambiguity and uncertainty of all these updates out of the US, participants have begun to make comparisons to the Friday ahead of the weekend when the war began. Upside extended into settlement after comments from the Iranian Foreign Minister, who said the Israeli attacks today on two steel factories, arguing this contradicts US President Trump’s extended deadline for diplomacy. Additionally, Israel targeted the Ardakan yellow cake factory (nuclear) in Yazd province and Iran’s Khondab heavy water research reactor, leaving markets worried over Iran’s retaliation, in which the IRGRC Aerospace Commander said: “the equation will no longer be an eye for an eye; wait and see”. Elsewhere, US Weekly Baker Hughes Rig Count: Oil -5 at 409, Nat Gas -4 at 127, Total -9 at 543. WTI and Brent hit their highs of USD 100.04/bbl and USD 105.71/bbl shortly before settlement.
EQUITIES
SECTORS: Consumer Discretionary -3.05%, Financials -2.49%, Communication Services -2.25%, Technology -2.02%, Health -1.71%, Industrials -1.27%, Real Estate -0.56%, Materials -0.32%, Utilities +0.61%, Consumer Staples +0.78%, Energy +1.87%.
EUROPEAN CLOSES: Euro Stoxx 50 -1.19% at 5,500, Dax 40 -1.32% at 22,315, FTSE 100 -0.05% at 9,967, CAC 40 -0.87% at 7,702, FTSE MIB -0.74% at 43,379, IBEX 35 -0.95% at 16,803, PSI -1.28% at 8,882, SMI -0.73% at 12,550, AEX -1.09% at 960
EUROPEAN CLOSES: Euro Stoxx 50 -1.19% at 5,500, Dax 40 -1.32% at 22,315, FTSE 100 -0.05% at 9,967, CAC 40 -0.87% at 7,702, FTSE MIB -0.74% at 43,379, IBEX 35 -0.95% at 16,803, PSI -1.28% at 8,882, SMI -0.73% at 12,550, AEX -1.09% at 960
STOCK SPECIFICS
AstraZeneca (AZN): Tozorakimab met the primary endpoint in both OBERON and TITANIA Phase III trials.
First Trust Nasdaq Cybersecurity ETF (CIBR): Reports of a leaked Anthropic AI model, “Claude Mythos”; the company believes it poses unprecedented cybersecurity risks.
Argan (AGX): Earnings beat; upgraded at JPMorgan to ‘Overweight’ from ‘Neutral’
TripAdvisor (TRIP): Upgraded at BofA to ‘Buy’ from ‘Neutral’
Citigroup (C) said to consider buying a US regional bank, according to Bloomberg.
Oracle’s (ORCL) Credit Default Swaps approach record high seen in 2008
FX
DXY made new weekly highs as the grace period that Trump offered Iran on Monday, and extended on Thursday, has appeared to be breached by Israeli attacks on Iranian steel and uranium infrastructure. Iran’s foreign minister warned of exacting a heavy price for Israel’s crimes. Despite the move higher in energy prices, bonds were more mixed, perhaps as rebalancing was at play after a long month of pressure, and a large two-way risk scenario for stocks into the weekend decreased the appetite for equities. On data, the UoM Final revision for March saw 1yr inflation expectations see the sharpest increase since April 2025 as surging energy prices filter into consumers’ outlook. In other news, many Fed speakers were present again. Paulson (2026 voter), who has been typically dovish, said her R-Star estimate is close to the Fed’s median of 3.1% and described inflation expectations as ‘fragile’. DXY managed to erase the losses seen on Monday from Trump’s initial announcement, now trading back above 100.
Overnight, JPY jawboning from Finance Minister Katayama spurred some mild strength in the JPY, before then weakening. With later USD strength present over the day, USD/JPY now trades above 160 for the first time since July 2024.
February U.S. commercial real estate transaction activity appeared soft on the surface, but Goldman analysts believe the weak initial print will likely be revised meaningfully higher. The most notable area of weakness in last month’s transaction data was across the retail space, which is not especially surprising as the K-shaped economy continues to pressure lower-income consumers.
Goldman real estate analyst Julien Blouin wrote Wednesday that the initial February reading on CRE transaction volumes showed a 13% year-over-year decline. He noted that transaction data from MSCI Real Assets is typically “revised materially higher” and said the early print is not a major cause for concern.
Blouin added that prior months were revised higher by roughly 24% to 25% on average, suggesting the final February reading will likely show transaction growth in the high single-digit territory once the data is finalized.
February Transaction Volumes
Volumes are muted and well below Covid surge. Need rates lower.
Deal activity is improving in some areas, especially office and industrial. Multifamily faced a much tougher comparison versus the same period last year, so the decline looks a lot worse than the underlying trend. The sharpest drop in CRE transactions was in retail, which includes shops, strip malls, convenience stores, restaurants, and malls.
CRE bucket breakdown for February:
Multifamily/apartments: down 24% year over year
Office: up 9%
Industrial: up 15%
Retail: down 61%
Retail CRE volumes plunged
Blouin did not get into the details of the slump in retail deal activity, but it does appear buyers may still be selective in retail, due in part to the K-shaped economy, which is pressuring lower-income consumers’ ability to go out and spend at restaurants and shops.
The takeaway is that the sharp drop in retail CRE transactions likely reflects buyer caution around consumer-exposed properties, given everything we know about the K-shaped economy.
Michael Oliver: A T-Bond Implosion Underway Will Ignite Gold Beyond $8,000.
END
USA ECONOMIC REPORTS
THIS IS HUGE HUGE!!
Iran War Triggers Jump In Americans’ Inflation Expectations, Slump In Sentiment
Friday, Mar 27, 2026 – 10:08 AM
While the preliminary UMich survey was undertaken between February 17 and March 9, with about half completed after the start of the US military conflict in Iran, today’s final print includes the full month with all the conflict’s escalations (and de-escalations).
Expectations were for the headline sentiment index to tumble with expectations projected to fall most and consensus was right with the expectations tumbling from 54.1 to 51.7 and current conditions down from 57.8 to 55.8 (worse than expected). Put together, the headline sentiment index fall from 55.5 to 53.3 (worse than expected) – the lowest reading of the year…
Source: Bloomberg
Declines were seen across age and political party. Consumers with middle and higher incomes and stock wealth, buffeted by both escalating gas prices and volatile financial markets in the wake of the Iran conflict, exhibited particularly large drops in sentiment. Overall, the short-run economic outlook plunged 14%, and year-ahead expected personal finances sank 10%, while declines in long-run expectations were more subdued.
As UMich Survey Director Joanna Hsu notes: “These patterns suggest that, at this time, consumers may not expect recent negative developments to persist far into the future.”
Interviews for this release were collected between February 17 and March 23, with about two-thirds completed after the start of the US military conflict in Iran.
Year-ahead inflation expectations climbed from 3.4% in February to 3.8% this month, the largest one-month increase since April 2025.
Long-run inflation expectations inched down to 3.2%.
Note that for both time horizons, interviews completed after February 28th exhibited higher inflation expectations than those completed before that date…
Only 28% of consumers expect interest rates to fall in the year ahead, down from 35% last month and nearly half of consumers 6 months ago.
Expectations for other elements of the economy, including personal finances, business conditions, labor markets, and stock markets, also deteriorated this month.
Decreases in expectations for personal finances and business conditions were much sharper for the short run than the long run.
However, Hsu concludes, “these views are subject to change, however, if the Iran conflict becomes protracted or if higher energy prices pass through to overall inflation.”
President Donald Trump plans to sign an order that will pay Transportation Security Administration (TSA) agents who have not received a check since the Department of Homeland Security (DHS) entered a partial shutdown in mid-February.
“I am going to sign an Order instructing the Secretary of Homeland Security, Markwayne Mullin, to immediately pay our TSA Agents in order to address this Emergency Situation, and to quickly stop the Democrat Chaos at the Airports,” Trump wrote in a Truth Social post on March 26.
More than 3,120 TSA agents, who haven’t been paid in weeks, called out on Wednesday, which prompted long lines to continue at airports across the country, according to a statement the DHS shared with The Epoch Times.
“It is not an easy thing to do, but I am going to do it!“ Trump added. ”I want to thank our hardworking TSA Agents and also, ICE, for the incredible help they have given us at the Airports.”
Trump has blamed the Democrats for keeping DHS shut down, while Democrats have pushed for changes to immigration enforcement operations as a condition for funding the department.
On March 25, Senate Democrats blocked funding for DHS in a 54–46 vote after Republicans rejected a counteroffer they put forward.
On the same day, Democrats separately offered a standalone bill that would immediately fund TSA, but not ICE and Customs and Border Protection. Republicans blocked the proposal.
This is a breaking story and will be updated
END
.Senate Passes DHS Funding Bill To End 40-Day Shutdown, Airport Chaos
Friday, Mar 27, 2026 – 07:20 AM
At 2:22 a.m. EST, the Senate unanimously passed a spending bill to fund the Department of Homeland Security after a 40-day shutdown that disrupted airport security and sparked travel chaos for millions of Americans.
The bill, which excludes funding for Immigration and Customs Enforcement and Customs and Border Protection, still needs House approval and President Trump’s signature. The overnight breakthrough came as airport TSA lines worsened nationwide this week, with TSA agents calling out sick or quitting due to missed paychecks.
Unpaid TSA agents have been calling out by the hundreds at major airports so far, including Atlanta, Baltimore, Houston, and New York, sparking long checkpoint lines. The funding lapse has led to 480 TSA workers resigning.
The breakthrough also came after President Trump added pressure on Thursday (read here), saying he would sign an order to fund TSA officers’ paychecks.
“I am going to sign an Order instructing the Secretary of Homeland Security, Markwayne Mullin, to immediately pay our TSA Agents in order to address this Emergency Situation, and to quickly stop the Democrat Chaos at the Airports,” Trump wrote in a Truth Social post on Thursday.
President Trump pins blame on Democrats for DHS shutdown at cabinet meeting: "They need to end this shutdown immediately, or we'll have to take some very drastic measures." pic.twitter.com/Pt4pFK2wB0
Senate Majority Leader John Thune (R-S.D.) said, “Hopefully they’ll be around, and we can get at least a lot of the government opened up again, and then we’ll go from there.”
Thune blamed unhinged Democrats for the airport chaos: “President Trump should never have had to step in to rescue TSA workers and U.S. air travel. We are here because, thanks to Democrats’ determined refusal to reach an agreement, there will be no Homeland Security funding bill this year.”
Democrats have widely objected to passing a DHS spending bill that includes funding for ICE and CBP. This is mostly because the president has used those federal agencies to deport illegal aliens, the very ones that Democrats let in through disastrous open borders to build a new voting bloc in their aspirations of a one-party rule nation, just like the insanity in California, Maryland, and other deeply blue states.
Punchbowl News explained there were “no winners” in this six-week standoff.
“Who won the Senate standoff? No one, in truth. Nothing really changed. Both sides wanted to have this fight, so it happened. It was another example of how little moderation is left in the Trump era, where the first instinct is to go to war,” the outlet wrote in a morning note.
END
HUGE STORY:
ROBERT H
The parade continues and warns
Recently across the globe we have seen this phenomenon of “gating” investors. Fancy way of telling you we cannot give you your investment back. Such household names like Apollo, BlackRock, Owl etc have all joined this parade Today, UBS has locked $469 million in a real estate fund and told investors they can’t have their money back for up to 3 years. They’re calling it a “withdrawal halt.” This has another name: Bank Failure. One would think people learnt their lesson from the COCO bonds Credit Suisse defaulted on. European real estate is largely illiquid due to a declining economy.
Do remember that this same pattern was visible in 2007 with Bears Stern a year before they went away.
History is simply repeating. The same will happen with Private Equity where the so called private means borrowed money masquerading as equity when it is debt
VICTOR DAVIS HANSON
KING NEWS
The King Report March 27, 2026 Issue 7709
Independent View of the News
Trump on Truth Social: The Iranian negotiators are very different and “strange.” They are “begging” us to make a deal, which they should be doing since they have been militarily obliterated, with zero chance of a comeback, and yet they publicly state that they are only “looking at our proposal.” WRONG!!! They better get serious soon, before it is too late, because once that happens, there is NO TURNING BACK, and it won’t be pretty!
Reuters: Senior Iranian Official: Iran has reviewed the US proposal that had been conveyed to Iran via Pakistan – Iran’s assessment is that it is ‘one-sided and unfair,’ serving only the US and Israel interests. Iran’s response was that the proposal lacks the minimum requirements for success, but if the U.S. becomes more realistic, progress may still be possible… No Plan for Talks Appears Realistic at This Stage
WSJ: Trump Tells Aides He Wants Speedy End to Iran War President has said he wants to wrap up the conflict in the coming weeks 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. 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… 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… https://www.wsj.com/politics/elections/trump-tells-aides-he-wants-speedy-end-to-iran-war-eb9f2b4b
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
Fox’s @SpecialReport: “We should not allow Iran, a state sponsor of terrorism, to set the global price for food and gas.” UAE Minister of State Lana Nusseibeh in an exclusive interview with @BretBaier, warns Iran’s actions could have global economic consequences, with critical energy and supplyhttps://t.co/zbhv43sr9S
UAE rejects ceasefire with Iran and they will join the ground attack on Iran – Reuters/WSJ They demand Tehran’s full threat network be dismantled first. Ambassador Yousef Al Otaiba confirms UAE will join efforts to reopen the Strait of Hormuz, a lifeline for global oil. Also reaffirms a staggering $1.4 TRILLION UAE investment commitment in the United States. https://x.com/Megatron_ron/status/2037133606204649670
Netanyahu declares Israeli military efforts to dismantle Hezbollah in ‘full swing’https://trib.al/Ng4sfIY
Japan’s 5-year yield rose to 1.74%, a record high (2000 Debut). US bonds declined moderately.
In early NYSE trading, the DJIA and DJTA rose modestly; Fangs and related techs declined smartly; precious metals declined sharply; and energy commodities rallied smartly.
Trump: Don’t Know If We’re Willing to Work on Deal with Iran – BBG 10:43 ET
Trump: Iran Is Talking to US Because They’re Defeated – BBG 10;47 ET
Trump: Iran Talking to U.S., Now Have Chance to Make Deal, but It’s Up to Them – DJ 10:48 ET
Trump: Iran Was a Test for NATO – BBG 10:51 ET
Trump: Oil Prices, Stock Market Drop Haven’t Been That ‘Severe’ – BBG 10:53 ET “I thought it would go down more… Energy prices will come back down, maybe lower.”
Trump Says He Expected Higher Energy Prices Due to War – WSJ
Trump: Iran Will End Soon, Won’t Be Long – BBG 10:54 ET
Team Trump’s negotiating style entails mocking and humiliating the other party. Very novel tactic!
ESMs fell after a flat opening on Wednesday night. After hitting 6608.50 (-32.25) at 22:36 ET, ESMs spiked to a double top of 6647.00 at 23:29 ET. ESMs then commenced an intractable decline that took ESMs to a daily low of 6574.25 (-66.50) at 8 ET.
Conditioned buying for the NYSE opening pushed ESMs to 6622.00 at 10:13 ET. The Pro Dump appeared; ESMs fell to 6580.75 at 10:55 ET. After a moderate rebound, ESMs traded sideways.
Trump: Says Iran Allowed 10 Oil Boats Through Hormuz as Gift – BBG 11:50 ET
Trump: “We have a moron at the Fed. Who would be lowering interest rates now?” – Fox 11:51 ET
Trump: We Don’t Know Whether Iran Dropped Any Mines – BBG 11:53 ET
Trump: Taking Control of Iran’s Oil Is an Option – DJ 11:57 ET
At 12:13 ET, ESMs broke lower and intractably declined to a daily low of 6517.00 (-113.75) at 16:03 ET. Because stocks cratered on the negative Iran news, Trump did at TACO at 16:12 ET when he extended the deadline on Iran until April 6. DJT claims Iran asked for the deadline extension! Iran’s ‘Robe-a-Dope’ and ‘Extend & Pretend’ tactics are paying yuge dividends ‘like never seen before!’ Sad!
ESMs soared to 6597.25 at 16:12 ET. They quickly reversed and dropped to 6531.75 at 16:25 ET. Anyone paying attention knows Iran keeps jerking the Mouth That Roar’s chain, and he keeps TACOing!
@jeremyscahill: I asked a senior Iranian official about Trump’s claim Iran requested an extension on Trump’s threat to bomb energy infrastructure: “[Trump] is not being truthful. We have not submitted any request regarding potential U.S. attacks,” the official said. (DJT’s 2nd extensions this week!)
WSJ: Iran Hasn’t Requested Pause on Energy-Site Strikes, Mediators Say
Positive aspects of previous session The DJTA only declined 72.36 points on the relative valuation rotation.
Negative aspects of previous session Stocks and bonds declined; Fangs and related tech stocks got hammered; gas & oil rallied robustly. Over $1 trillion wiped from the U.S. stock market today, its worst day since the Iran War began: AP Trump TACOed again! We wonder what Netanyahu is thinking!
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: Down
Pivot Point for S&P 500 Index [above/below indicates daily trend to day traders]: 6508.06 Previous session (S&P 500 Index) High/Low: 6573.22; 6573.79
Brother, sister indicted in alleged IED plot at Florida Air Force base tied to Iran war; 1 suspect in China – The device was planted at MacDill Air Force Base, headquarters to CENTCOM and the US military’s special ops… Alen Zheng, who is believed to have planted the device, is currently in China. FBI Tampa also arrested his sister, Ann Mary Zheng, who is charged with accessory after the fact and tampering with evidence, facing up to 30 years in prison… https://www.foxnews.com/us/brother-sister-indicted-alleged-ied-plot-florida-base-tied-iran-war-one-suspect-in-china
Fed Balance Sheet: +1.222B on +$16.142B T-Bills and -$13.69B MBS: Reserves: -$26.04B
Today – Traders will play for the Friday Rally, abetted by Trump’s latest TACO, which covers Passover and Easter Week. Equity futures are not up on Thursday nite as much as one would expect. Here’s why:
The Pentagon is weighing sending an additional 10,000 ground troops to the Middle East: WSJ
At 20:27 ET, ESMs are +18.25; NQMs are +50.00; USMs are -2/32; oil & gas are down moderately.
Expected data: March UM Sentiment 54, Current Conditions 56.9, Expectations 50.9, 1-yr Inflation 3.9%, 5-10-yr Inflation 3.5%l March KC Fed Services Activity 3; Richmond Fed Pres Barkin 11 ET; Phil Fed Pres Paulson and SF Fed Pres Daly 11:30 ET
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: 6825; 100-day MA: 6824; 150-day MA: 6760; 200-day MA: 663 DJIA 50-day MA: 48,486;100-day MA: 48,172; 150-day MA: 47,506; 200-day MA: 46,635 (Green is positive slope; Red is negative slope
S&P 500 Index (6477.16 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 6678.21 triggers a buy signal Hourly: Trender and MACD are negative – a close above 6530.85 triggers a buy signal
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. https://justthenews.com/government/security/nsa-intercepted-ukraine-government-messages-discussing-effort-route-money-2024
83-year-old veteran randomly shoved onto NYC subway tracks dies from injuries, illegal migrant charged with murderhttps://trib.al/jSRje4o
@AliBradleyTV: Four-time deported illegal immigrant with 15 prior chargeswas arrested after he reportedly shoved two individuals onto the NYC subway tracks—Including an 83y/o Air Force veteran. Now, DHS is calling on New York to honor the detainer… https://x.com/AliBradleyTV/status/2032117323331518630
WSJ: Crime Has Plunged in Venezuela, Once Home to the World’s Murder Capital “A stunning turnaround that crime experts say is partly explained by mass migration… Over the years, the arrival of some Venezuelan criminals in New York, Bogotá, Colombia and Santiago, Chile, led to a spate of street crime.” (Dems effusively invite illegal immigrant violent criminals into the US; lavish them with freebies and protect them from prosecution and deportation – solely for their votes!) https://www.wsj.com/world/americas/crime-has-plunged-in-venezuela-once-home-to-the-worlds-murder-capital-70095405
@mattvanswol: Jhoan Garcia, a “white” Charlotte NC resident who has just been arrested for sexual exploitation of a minor….is actually an illegal immigrant who has been ARRESTED 9 PREVIOUS TIMES and WAS LET OUT OF JAIL on BOND MULTIPLE TIMES! THIS IS INSANITY!
@realDonaldTrump: The Radical Left Democrats, and their “Leader,” Cryin’ Chuck Schumer, have made it very clear where they stand, and that is, ON THE SIDE OF CRIMINAL ILLEGAL ALIENS,AND NOT THE AMERICAN PEOPLE. They are refusing to fund Immigration Enforcement unless the Republicans agree to their Open Border Policies, which will never, ever happen again. They almost destroyed our Country, allowing 25 Million People to enter from Prisons, Mental Institutions, and Insane Asylums, those that are Drug Dealers, and thousands of Murderers, many of whom killed more than one person. Because the Democrats have recklessly created a true National Crisis, I am using my authorities under the Law to protect our Great Country, as I always will do! Therefore, I am going to sign an Order instructing the Secretary of Homeland Security, Markwayne Mullin, to immediately pay our TSA Agents in order to address this Emergency Situation, and to quickly stop the Democrat Chaos at the Airports. It is not an easy thing to do, but I am going to do it! I want to thank our hardworking TSA Agents and also, ICE, for the incredible help they have given us at the Airports. I will not allow the Radical Left Democrats to hold our Country hostage any
@WallStreetApes: Minnesota Rep Krista Knudsen says they just found out the state TURNED OFF tracking for money being sent overseas. They turned it on for 2 weeks. Saw all the money leaving, and Democrats quickly SHUT OFF TRACKING to allow it to keep happening. READ THAT AGAIN “Today in the fraud committee, the Department of Human Services testified that they haven’t been tracking the IP addresses of money that’s being literally flown out of our state and where it’s going. They did turn on that reporting for 2 weeks, and they found that yes, a lot of those IP addresses were tied to overseas computers, and then they quickly shut it off after just 2 weeks of seeing where this money is actually going. Every time we turn around, it’s just more and more fraud scandals in our state” https://x.com/WallStreetApes/status/2037122398458200356
Youth centre did not report 16-year-old girl’s rape to authorities because ‘Muslim boys are already under enough police scrutiny’, German media claims https://x.com/i/status/2037138243871748598
@ChicagoCritter: Crowds of teens have converged in downtown Chicago tonight, with a teen seen being jumped on video, prompting an increased police presence. https://t.co/J9xzhm917S
@Libs_OfChicago: Chaos in The Loop tonight. Police radios are going crazy, reports of multiple assaults, fighting in the subway, looting of a 7-11 & street vendor threatened with her own knife. It’s going to be a really long summer. https://t.co/9dvYkoy3an
@RealSpitfire: Let’s check in on Chicago last night. About 400 teens ran amok downtown on State St. and Michigan Ave. CPD said some teens had mace and tasers. Teens were tasing people.
@DuszaLukasz: Teen trend is underway in Downtown Chicago this evening. Heavy CPD & Cook County presence. Teens are tasing one another, per the Sergeant. Group of kids fighting on the CTA tracks. 100+ teens in the Loop as of 9pm. https://t.co/rI06lq6CwS
DOJ launches investigation of trans prisoners raping women in California, Mainehttps://trib.al/MYygZaR
@libsoftiktok: Elon’s attorneys are calling on Clinton-appointed Judge Charles Breyer to investigate the jury in Musk’s recent Twitter acquisition case after jurors were mocking Musk in court.
The US justice system is corrupt and unjust. It will take decades (and rampant vigilantism) to fix it.
@BillMelugin_; DHS tells @FoxNews that an ICE agent saved the life of a 1-year-old boy who had gone unresponsive & wasn’t breathing while waiting in a TSA line at JFK airport yesterday. Video shows the boy’s father panicking as the boy goes limp in his arms, before the ICE agent runs over to help. DHS says the ICE agent assessed the boy, performed the Heimlich maneuver on him, and he began breathing again and made a full recovery. (MSM mum) https://x.com/BillMelugin_/status/2037220810381783466
SWAMP STORIES FOR YOU TONIGHT
Fetterman Says Some Democrats Possibly Afraid To Reopen DHS Due To Party Activists
Sen. John Fetterman said Wednesday night that activist pressure within his own party is prolonging the partial Department of Homeland Security (DHS) shutdown, offering his observations from within the Democratic caucus for why the standoff has stretched into its sixth week.
Appearing on Fox News’ “Hannity” on March. 25, the Pennsylvania Democrat said ongoing protests against the Trump administration—such as the “No Kings” rallies nationwide—have left some senators unwilling to vote to restore DHS funding. He said they “might be afraid to reopen” the government because demonstrators are pushing demands that he said were never achievable.
Fetterman called the shutdown “fundamentally wrong,” adding that the dynamic is one he has opposed before.
The partial shutdown entered week six since most DHS funding lapsed on Feb. 13. The Transportation Security Administration (TSA), which operates under the DHS, has operated without pay throughout, generating lengthy airport delays.
“Here we are at the airport every week, I talked to countless TSA agents and they are all hurting,” he said. “They are angry. They are frustrated. They’re exhausted, too, what they’ve been put through.”
He said TSA workers should be in the Democrats’ “wheelhouse” because they are union government workers, but now the party was “refusing to give them a paycheck.”
“So it’s always wrong, regardless of the party doing it,” he said of shutting down the government. “You can see the kind of chaos that’s created across right now. [People are] selling their blood.”
He added that the timing compounds the problem, with spring break travel and World Cup preparations now underway.
“Do the right thing,” he said. “Put the country ahead of the party.”
Fetterman has been the only Democrat to vote with Republicans throughout the current standoff. He cast that vote again on Wednesday, when Senate Majority Leader John Thune (R-S.D.) moved to advance a DHS funding bill that failed 54–46, short of the 60 votes needed to proceed. The Senate has now failed to pass DHS funding legislation four times.
Senate Democrats submitted a counteroffer to Republicans on Wednesday centered on reforms to Immigration and Customs Enforcement (ICE), the central sticking point in the talks.
The offer includes requirements for judicial warrants before agents enter private property; restrictions on enforcement near schools, hospitals, churches, and polling places; and a mandate that ICE agents identify themselves by name, agency, and badge number.
Senate Minority Leader Chuck Schumer (D-N.Y.) called the proposal a “reasonable, good faith” offer and accused Republicans of acting in bad faith after presenting a plan with no ICE reforms, despite verbally agreeing to some during weekend talks.
Republicans have pushed to separate ICE funding into the budget reconciliation process, which would allow it to advance with a simple majority. The White House has signaled openness to that approach. Democrats in the House have also tried and failed several times to get their Republican colleagues on board with their own proposals, which would fund all DHS agencies other than ICE and Customs and Border Protection.
Republicans also want any deal to include the SAVE America Act, which would require photo identification for voting and proof of citizenship for voter registration—a provision Democrats have pledged to block.
Democrats say they are not against photo identification for voting, but have concern with President Donald Trump’s attempt to attach additional provisions to the bill, including restrictions on mail-in voting and measures barring transgender athletes and transgender procedures for minors, something Fetterman agrees with his colleagues on and has said he will not support.
harveyorganblog.com 
