Rep. Marjorie Taylor Greene (R-GA) is urging the Department of Justice to investigate ‘the recent wave of organized attacks targeting Elon Musk and Tesla car dealerships, charging stations, and vehicles across the country.”

In a letter to Attorney General Pam Bondi and FBI Director Kash Patel signed by 7 other Republicans on the House Oversight committee, Greene writes that “groups like Antifa, known for their history of domestic terrorism, may be involved in the recent Tesla attacks.”

There have been several attacks of this kind in recent days, with reports, including from Elon Musk himself, linking various Democrat-affiliated non-governmental organizations (NGOs) to them, specifically, Troublemakers, Disruption Project, Rise & Resist, Indivisible Project, and the Democratic Socialists of America (DSA). These groups receive a significant amount of funding from ActBlue, a Democrat superPAC.

Greene cites several recent examples, and asks the DOJ and FBI to get to the bottom of “who is organizing and carrying out these attacks?” and whether “there is a link between NGOs and the organizers of the attacks.”

As The Epoch Times‘ Katabella Roberts notes further, President Trump is considering labeling perpetrators as domestic terrorists on March 11, following multiple acts of vandalism and demonstrations at the electric vehicle company’s showrooms throughout the United States.

Trump made the comments to reporters outside the White House, where he was joined by Tesla’s owner Elon Musk after selecting a new electric vehicle for his staff to use.

“I will do that, I’ll do it. I’m going to stop them,” Trump said when asked if he would consider labeling the individuals carrying out the violence as domestic terrorists.

The Republican leader told reporters his administration is already aware of who some of the people are behind the attacks, adding that law enforcement will soon apprehend them.

“Those people are going to go through a big problem when we catch them. We’ve got a lot of cameras up, we already know who some of them are. We’re going to catch them. And they’re bad guys. They’re the same guys that screw around with our schools and universities, the same garbage,” Trump added.

*  *  *

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Trump described Tesla as “a great American company” that “supplies so many people in jobs that others are unable to do.”

Trump’s comments come as police are investigating a series of attacks on Tesla showrooms and charging stations across the country amid backlash over Musk’s role in mass cuts to the federal workforce and the cancellation of contracts that fund humanitarian programs around the world.

The Trump administration’s Department of Government Efficiency, which has been tasked with rooting out waste, fraud, and abuse in federal operations, is led, in part, by special adviser Musk.

On Feb. 28, a man who identifies as a woman was charged by prosecutors in connection with a string of vandalism against a Colorado Tesla dealership, including Molotov cocktails being thrown at vehicles and the words “Nazi cars” sprayed on the EV makers building.

In a separate incident on March 3, seven charging stations were set on fire at a mall outside of Boston, with the Littleton Police Department describing it as “suspicious in nature.”

Police in Oregon also said on March 6 that they are working with the FBI to investigate after a Tesla dealership was damaged by gunfire overnight, though no one was injured. In another incident on March 7, a man burned three Tesla chargers in the parking lot of a mall in South Carolina, while accidentally setting himself on fire in the process.

Musk, the world’s richest person, responded to the rising violence in a March 4 post on the social media platform X, stating, “Damaging the property of others, aka vandalism, is not free speech!”

A group claiming to be an organizer of the “Tesla Takedown” protests said in a statement on the social media platform Bluesky that it was peaceful and opposed violence.

“Peaceful protest on public property is not domestic terrorism. They are trying to intimidate us. We will not let them succeed,” the group said while calling for people to join the protests.

Reuters contributed to this report.

With the latest shutdown ‘looming’ (once again), Senate Democrats are playing chicken over a short-term funding bill which passed on Tuesday in the House – as at least 8 Democrats will need to join the Republicans in order to pass it by Friday’s deadline, while Sens. Adam Schiff and Chuck Schumer digging in against it and pushing for a 30-day funding stopgap instead so they can renegotiate the larger stopgap.

According to Axios, Senate Democrats left a private meeting on Wednesday saying there aren’t enough votes to advance the bill, raising the chances of a government shutdown this weekend.

And according to Semafor, Senate Minority Leader Chuck Schumer – while privately counseling his caucus for weeks that a shutdown would be bad politics for Democrats – is now telling them to push for an ‘alternate’ stopgap, Semafor reports further.

To that end, Senate Democrats are now pushing for a 30-day funding package that would give bipartisan negotiators more time to reach a deal.

“Republicans chose a partisan path, drafting their continuing resolution without any input, any input from congressional Democrats. Because of that, Republicans do not have the votes in the Senate to invoke cloture on the House CR [continuing resolution],” said Schumer.

“Our caucus is unified on a clean April 11 CR that will keep the government open and give Congress time to negotiate bipartisan legislation that can pass. We should vote on that. I hope, I hope our Republican colleagues will join us to avoid a shutdown on Friday.“

“Democrats had nothing to do with this bill. And we want an opportunity to get an amendment vote or two. So that’s what we are insisting on to vote for cloture,” Sen. Tim Kaine (D-VA) – Hillary Clinton’s failed 2016 running mate whose crazy Antifa son was placed on probation in 2017 for rioting.

As Politico notes, the situation isn’t great.

With 52 Republicans expected to back the House-passed stopgap, eight Democrats would need to help advance it to a final Senate vote. So far only one — Sen. John Fetterman of Pennsylvania — has indicated he’ll support it. Other key swing voters are on the fence.

Sen. Mark Kelly (D-Ariz.) told reporters Wednesday that he remains undecided on the seven-month funding bill, which passed the House mostly along party lines Tuesday. Asked when he would make a decision, he quipped he’d make up his mind before the end of the Senate vote on the bill, which hasn’t yet been scheduled.

Meanwhile, Sen. Rand Paul (R-KY) is a ‘no’ on the bill.

Schiff Hits The Fan

Meanwhile, Sen. Adam Schiff (D-CA) threw a tantrum over the bill, saying in a Wednesday statement “I will not be voting for the partisan bill coming before the Senate that will further cement the Trump Administration’s chaos and reckless actions that are hurting working families and our economy.”

Will Democrats risk taking the blame for a government shutdown? Looks like it.

“I do not want to shut down our government, I want to improve it, streamline it and ensure it delivers services our communities need,” said Sen. Chris Coons (D-DE), while Rep. Alexandrio Ocasio-Cortez (D-NY) has been rallying Senate Democrats to unite against the bill.

“People aren’t going to be tricked with procedural games. They know exactly what is going on,” she wrote on social media.

In short:

Dems will protest Musk firing half the government by shutting down all of government https://t.co/aQ7AnVQ6ZB

— zerohedge (@zerohedge) March 12, 2025

Authored by Jack Phillips via The Epoch Times (emphasis ours),

The FBI has said it is handing over subpoenaed documents to Republican House Judiciary lawmakers, responding to a letter that called for “transparency and accountability” at the bureau.

House Judiciary Committee Chairman Rep. Jim Jordan (R-Ohio) sent a letter to FBI Director Kash Patel about information and documents that he said were withheld under former FBI Director Christopher Wray.

In a letter dated March 7, FBI Assistant Director Marshall Yates responded by including documents and information about alleged pipe bombs that were found near Democratic and Republican headquarters in Washington in January 2021, the FBI’s communications with social media companies, and investigations into threats against school officials.

“As a sign of good faith, we are providing this initial production more than a week ahead of the Committee’s subpoena deadline,” Yates wrote. “But this will not be the last production we will send to satisfactorily comply with the Committee’s subpoena. To that end, we are diligently working to completely comply with your subpoenas.”

Due to “the diverse and broad subject matters implicated in your requests, the FBI is providing” an initial response, he said, adding that more documents will be identified and submitted to the House panel.

Documents sent to Jordan’s office will also include “minimal redactions” to protect sensitive law enforcement information, the FBI said.

In a letter dated Feb. 24, days after Patel was confirmed as the FBI’s director, Jordan requested a bevy of documents and information about the FBI’s activity under Wray, who stepped down from his post as President Donald Trump took office in January.

That included Wray’s alleged “slow-walking” of an investigation into pipe bombs found near the headquarters around the time of the Jan. 6, 2021, Capitol breach as well as the FBI’s usage of “confidential human sources” on Jan. 6.

Some Republicans have asserted that FBI informants were present on Jan. 6, details of which were later confirmed by the bureau’s inspector general office in December 2024. While there were no undercover FBI agents present, there were more than two dozen informants present on Jan. 6, the report found.

Other details sought by Republicans in their letter include the FBI sending agents to local school board meetings following a controversial memo that was issued in 2021 by then-Attorney General Merrick Garland about threats against school administrators and teachers. Details about the FBI Richmond office sending a memo that labeled some Catholics as “violent extremists” were also requested in the letter.

Earlier this year, Wray told CBS News that he stepped down because he “deeply” cares about the FBI and its staff, while Trump “had made it clear that he intended to make a change.” As a result, he said that his “conclusion was that the thing that was best for the Bureau was to try to do this in an orderly way, to not thrust the FBI deeper into the fray.”

Meanwhile, Patel has said that he wants the FBI to be more transparent and to rebuild trust in the federal law enforcement agency.

The Epoch Times contacted Jordan’s office for comment on Tuesday.

Today just after midnight, US tariffs on steel and aluminum have come into force, and in response the European Commission announced its plans to retaliate to a similar degree (albeit on a different range of imports from the US).

While the impact on certain sectors and product lines could be large, the aggregate macroeconomic effect on Europe is likely to be small. Of more concern, according to Nomura’s George Buckley, is that this is only the opening gambit – Europe is now firmly in Mr Trump’s sights, particularly being responsible for more imports to the US than any other bloc, and his comments from the White House just underscored that

• *TRUMP: IM NOT HAPPY WITH THE EU
• *TRUMP ON THE EU: WE’LL WIN THAT FINANCIAL BATTLE
• *TRUMP: ABSOLUTELY WILL PUT TARIFFS ON CARS

Nomura has published a report (available to pro subs in the usual place) with European macro forecasts which are based on the US ultimately applying 10% tariffs against Europe, and the EU responding in kind. Below we excerpt the key highlights from the report:

Tariffs – the opening gambit

The EU this morning announced “proportionate” retaliatory measures and imposed tariffs on US products entering the EU in response to Trump’s imposition of 25% tariffs on global aluminium and steel imports to the US.

The US tariffs, which are now in force, build on those Trump imposed in 2018 in two ways: 

• i) 25% rather than the 10% aluminum tariffs in 2018, 
• ii) the new tariffs broaden the base by adding more final products (not just the raw metal itself). 

In total, the US tariffs will affect around €26bn of EU exports to the US (which is about 5% of total EU exports to the US).

Europe’s response

In response, the European Commission has said it will retaliate in two stages. 

First, at the start of April, it will reinstate the tariffs put in place during Trump’s first term. 

Second, from mid-April, it will apply tariffs to an additional set of US imports – for that purpose the Commission is consulting over the next two weeks on a list of products (industrial and agricultural products, not just Harleys and bourbon) on which it might add tariffs. The EU’s intention is to place retaliatory tariffs on €26bn of US imports.

• The Commission’s statement can be found here.
• A fuller memo on its countermeasures is here.
• And a list of US imports to which the EU is considering adding tariffs is here.

European macro implications

The European Commission has calculated that the additional US tariffs on EU exports into the US of aluminum and steel “will result in US importers having to pay up to €6bn in additional import tariffs”.

Should the EU intend on raising similar tariff revenue in response to this move, then that cost needs to be put into some context:

• €6bn extra costs of imports relative to total US goods imports into the EU (of $375bn in 2023) is noticeable – about 1.7%.
• €6bn relative to total extra-EU goods imports globally into the EU ($2.4tn in 2024) is small – about 0.25%.
• And €6bn relative to total EU nominal GDP (€18tn in 2024) is of course is very small indeed (about 0.03%).

So, while at the industry/product level these tariffs and counter-tariffs will be noticeable (via 1. lower demand by the US for steel and aluminium products – unless of course European manufacturers respond by taking a hit to prices/profits, and 2. higher prices in Europe on certain imported products), the impact across the entire EU economy should be small.

The bigger effect should be from what is to come

As Nomura notes, there are more important and worrisome potential tariffs to consider. The tariffs Trump has announced so far are, after all, only the opening gambit. Trump is less than two months into his second presidency, and Europe is now firmly in his sights – probably more firmly following today’s European response.

Indeed, the EU exports well over €500bn of goods to the US each year (Figure 1), the largest of any individual bloc (and greater than Canada, Mexico or China), while the US trade deficit with the EU has ballooned over recent years (Figure 2).

Trump is likely to announce further tariffs on 2 April before Europe’s full retaliation to steel and aluminum can even take effect. And sizeable negative effects on global – and European – growth may also hit even before major tariffs are implemented, via the rise in trade policy and geopolitical uncertainty that Trump’s presidency is generating.

More in the full Nomura report available to pro subs.

Via SchiffGold.com,

In his recent appearance with Todd on the Sachs Realty Podcast, Peter Schiff paints a sobering picture of America’s current economic landscape, challenging mainstream narratives promoted by Wall Street and the Federal Reserve. Throughout the discussion, he covers alarming trends from unsustainable debt levels and hidden recessions to mounting inflation and misguided trade policies, warning listeners of consequences that policymakers will have to face sooner or later.

Starting with the political landscape, Peter argues that the underlying economic distress voters experience was a critical factor in Donald Trump’s political rise. While official narratives tout economic successes, Peter sees through the smoke and mirrors:

I think the economy is in a lot of trouble. I think that’s why Trump was elected. The voters are living in this economy, and despite what they’re being told by the media and Wall Street that we have a great economy, they know that’s not the case. They’re struggling to get by. Many people are working two or three jobs, whereas they used to be able to pay the bills with one. They can see prices rising rapidly for everything they need to buy as their debts are rising. People have their savings depleted. They’ve got record amounts of debt. The interest rates on that debt are much higher now than they’ve been in many, many years or decades. I think we’re a real mess. 

As for Trump’s economic policies, Peter finds some positive initiatives but strongly criticizes the administration’s expansionary fiscal policy and heavy reliance on budget deficits. He emphasizes the urgent need for fiscal responsibility—in actions, not just words:

Well, he’s done some things that I think are pretty good. But where I think he’s really failed is he has been encouraging the Republican Congress to pass this big, beautiful bill, which also includes a four trillion dollar increase in the debt ceiling and includes an increase in government spending so that the deficits that Trump inherited from Biden will be larger if the bill that he now supports is enacted. So I would much rather see the president telling Congress, ‘I don’t support that bill and if you pass it, I will veto it,’ because I don’t want to increase the debt ceiling. 

Peter also challenges Trump’s handling of trade, particularly his reliance on tariffs. Tariffs, he argues, act as hidden taxes ultimately paid by ordinary Americans, driving up prices and reducing purchasing power:

I don’t like all the tariff threats personally. I mean, tariffs are taxes. They’re taxes on the American people. The American people need to pay more taxes unless we’re going to cut spending because the government is spending a lot more than it’s collecting in taxes. So level with the public and say, ‘Look, we got to raise taxes because we’re spending too much money, and the way I’m going to raise taxes is tariffs, and it’s going to mean that everything you buy is going to be more expensive because of these tariffs.’ And that’s the reality. I don’t like trying to fool the public into believing they’re getting something for nothing. 

Moreover, Peter explains Trump’s misunderstanding of the trade deficit. Rather than foreign countries taking advantage of America, he clarifies that trade deficits can signal a domestic economy consuming beyond its means:

Trump mischaracterizes the current nature of the relationship. Trump believes that these trade deficits are the world taking advantage of America and that they’re somehow screwing us over, that they’re getting something for nothing. The opposite is true. We’re getting something for nothing because we get to consume more than we produce, we get to borrow more than we save, so our standard of living is higher today as a result of these trade deficits.

Peter asserts that America needs to confront its economic imbalances and unsustainable debt head-on rather than waiting for a crisis to force its hand. The looming threat is stagflation—rising inflation coupled with a recession—and Peter believes policymakers are vastly underprepared:

And the crisis is going to come because the numbers are exploding exponentially with our debt and our trade deficits and our budget deficits, and the interest on the debt is spiraling out of control. Inflation is already reaccelerating. It’s risen now four or five months in a row. If you annualize the last month now, CPI is up to about 6%. Consumers are catching on. Consumer expectations now of inflation are the highest they’ve been since 1982 at 6%. So the Fed is completely wrong when it says that inflation is resolved.

For more of Peter’s analysis of President Trump’s speech last week, check out his latest X Space.

First the good news: Elon Musk’s DOGE is going through government spending with a fine-toothed comb, slashing a million here, a billion there.

The bad news: at the rate it is going, DOGE will need a few hundred years to make a tangible impact, because as the Treasury just reported, in February the US government spent a staggering $603 billion, a 6% increase from the $567 billion a year ago…

… while it collected just $296 billion in tax revenues…

… which resulted in a $307 billion budget deficit for the month, which means that all tax revenues collected by the US government in February were less than the deficit! Said otherwise, the US spent more than twice what it collected in February.

Which in turn, means this February’s deficit was just shy of the highest on record, and only the post-covid shock of 2021 was greater…

… and pushed the cumulative total for 2025 to $1.147 trillion, covering 38% of all US spending in fiscal 2025.

This is a problem because as shown in the next chart, the cumulative budget deficit for the first 5 months of fiscal 2025 is the highest on record, surpassing even the fiscal shock from the depths of the post-covid response!

And the punchline is that no matter what Musk does, the USS Titanic remain fully on autopilot because while a few billion in discretionary spending here and there can be cut, neither entitlements (Social Security, Medicare) nor interest on the debt can be – without a default (it can however be inflated away… and it will be) – and in February, gross interest on the Federal debt hit a record $1.177 trillion in the past twelve months thanks to another $86 billion in interest spending.

Another way of looking at it: in the first five months of the fiscal year, the US has spent $480 billion on interest alone, the highest 5 month total ever.

What else to say? Well, we could lie to you and tell you that there is some hope and that DOGE will be able to fix this, but as much as we’d like that to be the case, we are now well beyond the Minsky Moment and for all the kicking and screaming, there is only one way all of this ends.

iRobot’s shares crashed by as much as 40% in early cash trading in New York after the maker of robotic household vacuums issued a going concern warning for the next 12 months following a dismal fourth-quarter earnings report. 

Let’s begin with four quarter earnings.

Irobot reported wider-than-expected losses and revenue that missed the average estimates tracked by Bloomberg Consensus.

Snapshot of fourth-quarter earnings courtesy of Bloomberg: 

• Revenue $172.0 million, estimate $181 million (Bloomberg Consensus) (2 estimates)

• Adjusted loss per share $2.06, estimate loss/shr $1.73 (2 estimates)

• Loss per share $2.52 * Average gross selling price $365

• Gross margin 9.5%

• R&D expenses $16.5 million, estimate $19.5 million (2 estimates)

• Selling and marketing expenses $39.9 million, estimate $44.8 million (2 estimates)

• Adjusted gross margin 12.8%, estimate 20.7% (2 estimates)

• Adjusted operating loss $44.8 million, estimate loss $37.4 million (2 estimates)

IRobot reported a 44% revenue drop in the fourth quarter from a year earlier…

Chinese producers have flooded the US market with cheaper versions of robotic household vacuums, pressuring iRobot sales in recent years. Irobot sales peaked in 4Q20 during the early days of the pandemic.

Bloomberg noted that iRobot canceled its fourth-quarter and full-year 2024 results conference call and webcast earlier.

Gary Cohen, iRobot CEO, wrote in a statement:

iRobot has defined the robotic floorcare category for more than 30 years, and we remain committed to growing and evolving our business across smart home categories amidst a dynamic operating landscape. As we move ahead, we will continue to take decisive action to reclaim our position as the industry leader and build on iRobot’s strong foundation centered around our globally recognized, iconic brand, Roomba.

iRobot has been undergoing a restructuring plan since 2024, significantly reducing its headcount by more than 50%, along with supply chain and R&D changes. 

The robot company was once Amazon’s $1 billion buyout target, but that deal fell through after clashing with European Union regulators. 

What spoked the market was the company’s going concern…

As will be noted in iRobot’s Annual Report on Form 10-K for the year ended December 28, 2024 (10-K), there can be no assurance that the new product launches will be successful due to potential factors, including, but not limited to consumer demand, competition, macroeconomic conditions, and tariff policies. Given these uncertainties and the implication they may have on the Company’s financials, there is substantial doubt about the Company’s ability to continue as a going concern for a period of at least 12 months from the date of the issuance of its consolidated 2024 financial statements. Additional information will be included in the 10-K that is filed with the SEC.

Another one bites the dust—or will Amazon make another offer at a significantly lower price?

Update(1210ET): On Wednesday President Zelensky shut the door on territorial concessions, awkwardly at a moment Ukraine has just agreed to a US plan for a 30-day ceasefire intended to pave the way for extended peace negotiations. An initial statement from the Kremlin said that Putin likely to eventually agree to truce but with own terms as Moscow “studies” the Trump-sponsored proposal hammered out during the Tuesday Jeddah talks.

“We are fighting for our independence. Therefore, we will not recognize any occupied territories as Russia’s. This is a fact,” Zelensky said in the fresh comments.  

“Our people have fought for this, our heroes died. How many injured, how many passed. No one will forget about it… This is the most important red line. We will not let anyone forget about this crime against Ukraine.”

But Russia’s red line in any near-future negotiations will be to demand recognition of the Russian Federations sovereign control over the four easter territories of Donetsk, Luhansk, Kherson and Zaporizhia regions – which President Putin has previously referred to as “our citizens forever.”

As for Zelensky’s new proclamation that he won’t cede territory, US Secretary of State Marco Rubio told reporters just after the Ukraine-US talks in Saudi Arabia that discussions with Kiev’s delegations included “territorial concessions” as part of a negotiated settlement. The suggestion from the US side is that Ukraine showed openness and willingness on this question. So either the two allies can’t get on the same age (which is no surprise), or else Zelensky is trying to tank these negotiation efforts before they ever get off the ground, also as the White House has pressed Kiev to hold new presidential elections.

Fresh comments from Zelensky asserting Ukraine will NOT recognize any territory occupied by Russia…

‘Ukraine will NOT recognize any territory occupied by Russia’ – Zelensky

That will surely help the peace talks… https://t.co/JN7f7aWy5y pic.twitter.com/gdLyCvDTLE

— RT (@RT_com) March 12, 2025

Certainly Russia sees no need to rush into negotiations, especially if Zelensky is unwilling to budge on territory in the east, given all the battlefield gains of late. Kursk will also soon return to full Russian control, as Ukrainian forces there are reportedly in disarray, and as Moscow has taken back over a dozen key sites just this week.

* * *

The Kremlin says it is “studying” statements issued by the US and Ukrainian delegations following yesterday’s talks in Jeddah, and further describes Russian officials are waiting for a fuller briefing from the US on the proposal. The 30-day ceasefire plan calls for a halt to all the fighting on land, sea and in the air – which can be extended by mutual agreement, with a hoped-for path to a permanent truce based on negotiations in the interim.

President Zelensky in a Tuesday X post said the ceasefire will apply to missile, drone and bomb attacks “not only in the Black Sea, but also along the entire front line” – though its as yet unclear what mechanism there will be to monitor this.

The joint statement issued from Jeddah said the sides “will communicate to Russia that Russian reciprocity is the key to achieving peace.” Thus nothing will happen unless Moscow agrees.

Washington has agreed to lift the Trump ban on arms and intelligence for Kiev, while at the same Kiev and Washington agreed on inking a deal on Ukraine’s critical minerals “as soon as possible”.

Russian state media is meanwhile reporting that President Putin is open to holding a telephone conversation with his US counterpart.

On the potential for a new Trump call to discuss progress toward setting up negotiations and a truce, spokesman Dimitry Peskov said Wednesday, “We also do not rule out that the topic of a call at the highest level may arise. If such a need emerges, it will be organized very quickly. The existing channels of dialogue with the Americans make it possible to do this in a relatively short time.”

If it happens this would mark the second call since Trump’s inauguration, after the prior February 12 call. Theoretically this could lead to an in-person meeting between the two leaders if all goes well. 

Secretary of State Marco Rubio is traveling back from the meeting in Saudi Arabia, and gave some remarks to a press conference in Ireland:

• Deterrence against future attacks on Ukraine will be a crucial element of future negotiations.
• The US-Ukraine minerals deal benefits both nations and deepens Washington’s interest in Ukraine, but “I would not couch it as a security guarantee”.
• European sanctions against Russia will be part of the negotiations, making Europe’s involvement in the process essential.
• Any truce could be effectively monitored, but “one of the things we’ll have to determine is who both sides trust on the ground” to oversee it.

Ukraine continues to hold little to no leverage, given Russia is fast taking back its territory in Kursk as of mid-week. Over a dozen settlements have been liberated, and by all accounts Ukraine forces are in retreat there, also as Russian troops are currently in the center of Sudzha town.

Messaging coordination: “ball in Russia’s court” pic.twitter.com/0cm9sLQSyK

— Michael Tracey (@mtracey) March 11, 2025

One regional sources says that the Russian advance has been swift especially after one particularly daring operation: “Reports over the weekend claimed that 800 Russian special forces had crawled for 15 kilometers through an unused section of pipeline, which once carried Russian gas to Europe via Ukraine, in order to carry out a sneak attack on Ukrainian forces in Sudzha,” writes Moscow Times.

These developments mean that Putin is even less likely to agree to any temporary pause in fighting. In January statements he had warned the Kremlin will not sign off on any temporary truces – given Ukraine could just use it to rearm, resupply, and regroup. Moscow has less incentive to sign onto a deal unless territorial concessions are part of it, given that at this rate it can just keep advancing in territory, particularly in the Donbass.

Authored by Adam Sharp via DailyReckoning.co,

Headlines blamed yesterday’s crash on Trump. It’s the tariffs!

But I have a much simpler explanation: U.S. stocks have never been so overvalued. With stocks trading at nosebleed valuations, almost anything could catalyze a crash.

Sure, tariffs played a role, but the underlying problem is the bubble itself. American stocks are priced for perfection, so anything less than that is bound to disappoint.

If this is the beginning of a new bear market, gold and silver offer an excellent place to hide out, and even make some gains as the market falls apart.

Gold and Silver Shine

During bear markets in stocks, gold and silver almost always outperform.

Take a look at the chart below, which shows how gold and silver miners performed compared to the Nasdaq Composite index from 2000-2008. Gold and silver miners are yellow, and the Nasdaq is blue.

Source: Crescat Capital

As you can see, as the Nasdaq fell 77% from 3/6/2000 to 9/30/2002, the XAU gold miner index was up 13% over the same period.

Over a longer stretch, from Nov 2000 to March of 2008, XAU rose 393% while the Nasdaq Composite fell 27%. As tech fell apart, gold and silver offered relief from the pain.

After bubbles pop, investors tend to rotate into precious metals and other hard assets. Part of the reason is that the Federal Reserve and other central banks tend to start printing a lot of money as stocks crash, in an attempt to save the market. But it’s also a cyclical thing, as I pointed out in The Gold Bull Cycle Has Just Begun.

Our situation today is not dissimilar to the 2000 internet bubble. We have stocks that are even more expensive, driven higher by tech breakthroughs which haven’t yet produced significant value in the real economy.

Don’t get me wrong, AI is going to change the world Just like the internet did. But that doesn’t mean stocks will continue to rise indefinitely.

Just like the period following the 2000 tech bubble bursting, I expect gold and silver will outperform by a large margin over coming years.

Eyeing Silver Miners

I own both gold and silver, and miners of both types, but lately I’ve been focusing more on the silver half of the equation. The reason is simple: I believe it has more upside.

As I write this near noon on Tuesday March 11th, silver is up about 2% on the day. And miners are up sharply, with the largest silver miner ETF (SIL) up 3.5%.

Meanwhile the largest junior silver miner ETF (SILJ) is up 4.9%.

If silver can break above the $35/oz range with force, I think we’re on our way to $50 and beyond. In the near future I’ll write an article dedicated to explaining my bull case more fully.

For now, my point is that this could be the start of a rotation from tech into precious metal miners. The stock pullback is spooking investors, and they’re desperately searching for alpha.

Precious metals look extremely attractive after a day like yesterday. Eventually investors will catch on to this fact, and even a small rotation from tech into metals will produce explosive results.

I don’t claim to know the future. But the risk/reward for precious metals here is outstanding. Especially compared to the overvalued stock market.

I sleep a lot better knowing 15% of my portfolio is in gold and silver investments.

The captain of the container ship that collided with a U.S.-flagged tanker carrying jet fuel for the U.S. military off the coast of England has been identified as a Russian national and taken into custody over suspicion of gross negligence manslaughter. 

Maritime experts are searching for answers to how the Portuguese-flagged Solong container ship, equipped with modern navigation equipment, failed to avoid U.S.-registered tanker Stena Immaculate off the East Yorkshire coast on Monday morning.

BBC News said that local area police have launched a criminal investigation into the collision and arrested a 59-year-old Russian national piloting the ship at the time of the incident. He was arrested on suspicion of gross negligence manslaughter. 

“Detectives are continuing to conduct extensive lines of inquiry alongside partners in connection with the collision,” Humberside Police said, adding they were also working with the Maritime and Coastguard Agency on the investigation.

Both the container ship and tanker ignited after the collision on Monday. Coastguard officials said 36 people were rescued from the vessels, and one remains unaccounted for, presumably dead. 

A video reportedly taken from the bridge of #Solong showing the moments after the allision with #StenaImmaculate and the outbreak of fire.

The low visibility due to fog is evident but does not excuse the failure to see or identify the anchored tanker on radar. pic.twitter.com/B0iIlvfdGc

— Sal Mercogliano (WGOW Shipping) 🚢⚓🐪🚒🏴‍☠️ (@mercoglianos) March 11, 2025

Martyn Boyers, chief executive of the nearby Port of Grimsby East, expressed disbelief to CNN about the maritime incident because ships are equipped with radar and other modern navigation technology to avoid collisions. 

MV #Solong has taken substantial damage forward from its 16 knots allision with #StenaImmaculate.

It looks like the collision bulkhead may have held and prevented flooding beyond the forehead.

The fire has ravaged the ship and no power. There is an attempt to tow here. pic.twitter.com/rU9hntZNKo

— Sal Mercogliano (WGOW Shipping) 🚢⚓🐪🚒🏴‍☠️ (@mercoglianos) March 11, 2025

“It seems a mystery, really, because all the vessels now have very highly sophisticated technical equipment to plot courses and to look at any obstacles or anything they’ve got to avoid,” Boyers said.

He continued: “How did that vessel (the Solong) continue plowing into the berth vessel? There must have been some warning signs. They must have been able to detect it on the radar.” 

Some have been fixated on the GPS jamming angle on X while Solong was on autopilot during its transit. This is because the Stena Immaculate is a high-value target for foreign adversaries, as it is part of a fleet of 10 tankers involved in a U.S. government program to supply fuel to the military.

Also, let’s not forget that there is a war in Eastern Europe, and spillovers have been plentiful, including the demolition of Russia’s Nord Stream undersea pipeline. Plus, there has been an increase in Baltic Sea cable-cutting incidents recently, along with a mysterious sinking of a Russian military cargo ship in the Mediterranean late last year.

In the fog of war, it’s difficult to determine whether incidents outside of Ukraine are connected.