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Iran says nuclear program ‘cannot be eliminated’……US, Iran said to call off nuclear talks

Iranian Army Commander Major General Amir Hatami (pictured) on Saturday declared that Iran’s nuclear program “cannot be eliminated” despite pressure from the United States, AFP reported. Hatami also warned that Iran’s forces remain prepared to respond to any attack. “The nuclear science and technology of the Islamic Republic of Iran cannot be eliminated, even if scientists and sons of this nation are martyred,” he said. His remarks followed comments from US President Donald Trump, who said he expected Tehran to seek an agreement to negotiate its nuclear status.

US, Iran said to call off nuclear talks

The US-Iran nuclear talks scheduled for Friday were canceled due to the Iranian side’s refusal to engage in non-nuclear issues, Axios reported on Wednesday, citing US officials. After US Secretary of State Marco Rubio stated that discussions with Iran must also address its ballistic missile program, backing for terror proxies, and suppression of rallies, Tehran rejected the suggestion, claiming that the discussions would solely be about its nuclear program. The parties had decided to meet in Istanbul on Friday, with observers from several Middle Eastern nations attending. However, the Iranians stated on Tuesday that they intended to relocate the discussions to Oman and hold them in a bilateral format to make sure they only addressed nuclear issues and not other topics like missiles that are important to the United States and other countries in the region.

NN: Talks will go nowhere. Its time  ton get down to the nit cutting!
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Iran demands changes in venue and scope of talks with US, source says

  • Talks between Iran and the US were to resume in Turkey on Friday
  • Source says Iran wants to restrict talks to nuclear file
  • Kushner due to take part alongside Witkoff, second source says
  • Iranian source says defensive capabilities are non-negotiable
DUBAI/WASHINGTON, Feb 3 – Iran is demanding that talks with the U.S. this week be held in Oman not Turkey, and that the scope be narrowed to two-way talks on nuclear issues only, a regional source said on Tuesday, casting doubt on whether the meeting will go ahead as planned.
Iran’s effort to change the venue and agenda for the talks, currently scheduled for Friday in Istanbul, came amid heightened tensions as the U.S. builds up forces in the Middle East. Regional players have pushed for resolution of a standoff that has led to mutual threats of air strikes.
The U.S. military on Tuesday shot down an Iranian drone that “aggressively” approached the Abraham Lincoln aircraft carrier in the Arabian Sea, the U.S. military said, in an incident first reported by Reuters.U.S. President Donald Trump said that with big U.S. warships heading to Iran, “bad things” would probably happen if a deal could not be reached.
 “They want to change the format, they want to change the scope,” said the regional diplomat with knowledge of Iran’s demands. “They only want to discuss the nuclear file with the Americans while the U.S. wants to include other topics such as the (ballistic) missiles and the activities of Iran’s proxies in the region.” White House press secretary Karoline Leavitt told Fox News on Tuesday that talks with Iran were still scheduled to take place later this week. A source familiar with the situation said on Tuesday that Trump’s son-in-law Jared Kushner was due to take part in the talks, along with U.S. Special Envoy Steve Witkoff and Iranian Foreign Minister Abbas Araqchi. Ministers from several other countries in the region were also expected to attend. An Iranian diplomatic source said earlier that Tehran’s view of the talks is neither optimistic nor pessimistic, adding that the Islamic Republic’s defensive capabilities are non-negotiable and that it is ready for any scenario. “It remains to be seen whether the United States also intends to conduct serious, results-oriented negotiations or not,” the source said.
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Bitcoin drops 5% to below $75,000

Candle Stick Assholes

Bitcoin slid sharply on Tuesday, dipping 5% to under $75,000, and Ethereum lost over 7% as markets reacted to news that US President Donald Trump had selected Kevin Marsh to be the next Federal Reserve Chair. Warsh is widely seen as more comfortable with tighter policy than investors were expecting. Concurrently, investors were drawn to traditional safe-haven assets like gold and silver due to global uncertainty, making risk-sensitive assets like cryptocurrencies susceptible to selling.

At 1:13 pm ET, the world’s most famous cryptocurrency was trading at $74,592, down 5.18%, while Ether was priced at $2,172, reflecting a 7.37% drop.

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Oil up by 2% on claims US has downed Iranian drone

The prices of oil futures jumped on Tuesday after it was reported that the United States has downed an Iranian drone in the Arabian Sea. According to a US official who allegedly spoke to Reuters, the military shot down an Iranian drone that came too near to USS Abraham Lincoln, a Navy aircraft carrier stationed in the Arabian Sea. West Texas Intermediate (WTI) for March’s deliveries soared by 2.29% at 12:19 pm ET to $63.64 per barrel. A minute later, Brent for April’s settlements increased by 2.03% to $67.38 per barrel.

A US F-35C warplane shot down the drone in self-defense as the unmanned aircraft “aggressively approached” the USS Abraham Lincoln with “unclear intent,” US Central Command said in a statement on Tuesday. No American service members were harmed during the incident, and no US equipment was damaged, CentCom said. Oil prices spiked to a session-high on the report as investors weighed the risk of a broader escalation in the Middle East, which provides about a third of the world’s crude. The move came just hours after an oil tanker that’s part of a US-military fuel procurement program was hailed by small armed ships in the Strait of Hormuz off Iran’s coast, underscoring renewed risks to maritime traffic in the region. The drone incident comes after numerous threats from President Donald Trump about striking Iran over the suppression of recent protests there. It interrupts a flurry of diplomatic activity in recent days after Trump on Monday signaled there could be a new Iran nuclear deal, while warning that “bad things would happen” if talks don’t yield anything. Iranian Foreign Minister Abbas Araghchi has said the Islamic Republic is ready for diplomacy but urged restraint in “threats, intimidation or pressure” from the US. The White House declined to comment on the US shooting down the Iranian drone and referred questions to the Defense Department. “Continued Iranian harassment and threats in international waters and airspace will not be tolerated,” US Central Command said in its statement. “Iran’s unnecessary aggression near US forces, regional partners and commercial vessels increases risks of collision, miscalculation, and regional destabilization.”

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China Silver Fund Revaluation Sparks 31% Drop

  • UBS SDIC Fund Management Co. changed the valuation model for the UBS SDIC Silver Futures Fund LOF to track global futures prices, leading to a record drop in its net asset value.
  • The change was made to “timely and fairly reflect the true value in assets” as the previous model could not fully reflect the fair value due to the 17% daily limit on the Shanghai Futures Exchange.
  • The adjustment sparked an outcry among investors, who may incur an extra loss if they try to redeem the funds, with UBS SDIC stating that unadjusted valuation would be “against the principle of fairness”. UBS SDIC Fund Management Co. changed the valuation model for a $2.2 billion silver fund to more closely track global futures prices, triggering a record drop in its net asset value and outcry among investors already bruised by a precious metals slump. The UBS SDIC Silver Futures Fund LOF will be valued based on prices in silver futures on major global markets instead of those listed at the Shanghai Futures Exchange, according to statements from UBS SDIC. The change, which came into effect on Monday, led to a record 31.5% drop in the product’s net asset value. UBS SDIC, a joint venture between the Swiss bank and a unit of State Development and Investment Group Co., said in a statement that it strives “to timely and fairly reflect the true value in assets.” Last month’s rally in precious metals came to a halt on Friday when spot silver prices plunged more than 25%. Investors had been piling into commodities amid renewed concerns about geopolitical upheaval and threats to the US Federal Reserve’s independence. The LOF fund mainly invests in silver futures listed on the Shanghai bourse, which are bound by a 17% daily limit, while global futures markets have no price caps.

The drop marks one of the sharpest single-day declines for Chinese mutual funds. The adjustment came as silver futures on the Comex tumbled 32.7% in the prior two sessions as a frenzied rally, partly fueled by Chinese speculators, ground to a halt. It has also sparked an outcry on social media. Any investor who tried to redeem the funds late Monday would incur an extra loss with the revaluation.

UBS SDIC said the recent market upheaval, with global futures price declines far exceeding the 17% limit, meant the fund’s net asset value can’t fully and timely reflect the fair value in its underlying assets under the previous model, according to a statement on its public WeChat account. It will resume referencing the silver settlement prices in Shanghai for valuation once the underlying futures contracts “reflect the characteristics of active trading markets.” Unadjusted valuation would allow investors that redeem at an earlier time to exit at an inflated net asset value, and expose remaining investors to the risk of asset prices returning to their true value, which the firm said is “obviously against the principle of fairness.” After precious metals from gold to silver unraveled last week the Shanghai Futures Exchange on Monday urged member institutions to beef up risk management and to remind investors to participate rationally.

NN: The loses have not been calculated never mind disclosed… yet. Sell the dippers rally. I’ll be publishing on this during todays trade day
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Precious metals rebound, gold jumps 4%….. Silver soars 7%, back above $86

Prices of precious metals rose on Tuesday, rebounding from yesterday’s losses, with gold soaring by more than 4%. Markets still reeled from last week’s volatile sessions that brought both gold and silver to their all-time highs amid tensions between the United States and Iran, after which the metals turned to losses as those tensions slightly subsided and as US President Donald Trump nominated former Federal Reserve governor Kevin Warsh for the position of the central bank’s new chair.

Gold jumped 4.66% to $4,870.08 per ounce at 1:27 am ET, while silver surged by 6.29% to $84.97 per ounce at the same time. A minute later, platinum rose by 1.41% to $2,161.77 per ounce, and palladium climbed by 1.87% to $1,714.49 per ounce at 1:28 am ET.

NN: This is the relief rally back. Soon the next downward wave will come.

Silver soars 7%, back above $86

The price of silver continued to rise on Tuesday, soaring by more than 7%, as it recovered from drastic losses after nosediving by more than 35% last Friday, when it observed the largest single-day decline since 1980. Silver surged by 7.8% to $86.18 per ounce at 2:24 am ET, while gold rose by 5.14% to $4,891.80 per ounce a minute later. Meanwhile, platinum advanced by 3.76% to $2,211.63 per ounce at 2:26 am ET, and palladium jumped by 6.2% to $1,787.42 per ounce at the same time.

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Oil Plunges as Iran Risks Ease and Commodities Selloff Deepens

Oil plunged as geopolitical risk premiums faded after US President Donald Trump said Washington is talking with Iran, while a broader commodities selloff exacerbated the slide. Brent plummeted more than 5% at one point and was trading near $66 a barrel, while US crude futures also nosedived. Trump downplayed Iran supreme leader Ayatollah Ali Khamenei’s threats of a regional war over the weekend, reiterating he’s hopeful they’ll make a deal. The Islamic Republic’s foreign ministry said it hopes diplomatic efforts will avert a war. The Tasnim news agency said talks between the US and Iran are likely in the coming days. “The move lower looks more like a positioning reset than a fundamental shift,” said Haris Khurshid, chief investment officer at Karobaar Capital LP. “With no new supply shock, oil is giving back some risk premium as the market recalibrates after pricing in near-term disruption that just didn’t materialize.”

Crude was also hit as commodities — particularly metals — came under intense selling pressure. Gold fell as much as 10% and copper at one point dropped more than 5% as they continued a retreat that started on Friday. The precipitous drop comes on the back of oil’s biggest monthly increase since early 2022, supported by broad-based flows into commodities during the same period. The prospect of conflict with Iran and pockets of supply disruption led to a surprisingly tight first month of the year. Still, the wider backdrop is one of elevated supplies, particularly in the first half of 2026. At current prices, the sharp reversal will trigger selling from trend-following commodity trading advisors, according to James Taylor, head of the quant service at consultant Energy Aspects. More selling would come if Brent falls below $65 a barrel, he added, noting that large levels of options open interest could also exacerbate price swings. Rapid shifts in financial flows have amplified the moves in oil prices so far this year. Traders began the year with bumper short positions that have quickly reversed after weeks of geopolitical tumult

NN:   I do not believe their will be a real peace deal. Its typical Iranians stalling for time.
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Oil falls 5% on US-Iran talks optimism

Crude oil prices dropped by more than 5% on Monday after reports that Washington informed Tehran that United States President Donald Trump’s administration is ready to meet with Iranian officials and negotiate a nuclear deal. West Texas Intermediate (WTI) for deliveries in March fell by 5.05% % at 3:20 am ET, going for $61.92 per barrel. Meanwhile, Brent for settlements in April slid by 4.75% to go for $66.03 per barrel t 3:22 am ET.

More to come…
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Markets Fallout Worsens as Gold, Silver and Copper Plunge

  • Gold extends losses after biggest drop in over a decade
  • Silver plunges as much as 12% after record slump on Friday
  • Asian stocks set for worst two-day drop since early April
  • Bitcoin declines to fresh 10-month low in Asia
Given the crowded docket of heavyweight losers, commodities like platinum and palladium may not get too much attention. But their movements are also remarkable, and lend much-needed texture to the broader market move. The former peaked last week above $2,922 an ounce; right now, it’s now trading near $1,940. Jake Lloyd-SmithEnergy and Commodities Editor, Singapore With precious metals under more pressure, copper’s losses are deepening too. Benchmark futures in London just extended declines to more than 5% on the day. Europe looks set up for a pretty tough session. Jake Lloyd-SmithEnergy and Commodities Editor, Singapore

A key focus for the week’s trading to come will be the magnitude of outflows from (or, conversely, the stickiness of) holdings in precious metals-backed exchange-traded funds. For sliver , these have already been negative for a while, and that trend served as an early-warning sign that a reversal in prices was likely on the cards. The global tally shrank by 4.6% in January.

That’s the most since 2022.  Meanwhile, ETFs for gold have been much more solid. They’ve just expanded for a fourth straight week, according to data tracked by Bloomberg. Jake Lloyd-SmithEnergy and Commodities Editor, Singapore

 Multiple Metals Futures in China Fall by Daily Down Limit
Jake Lloyd-SmithEnergy and Commodities Editor, Singapore
Another wave of selling has emerged in silver, which has once again declined by more than 10%, underscoring the intensity of liquidation across precious metals. Gold has also extended its losses, now down 5.8%, raising the likelihood of further deleveraging in commodity-linked positions.
Here’s a chart that shows the wave of Chinese metals trading that helped carry global prices higher before the rout. This shows throughput for all the six base metals on the Shanghai Futures Exchange — what began as a December surge became an all-out frenzy in January, taking volumes to by far their biggest monthly total ever.
Shanghai Metals Trading Just Had Its Busiest Month Ever | Volumes across six main metals have spiked since late 2025
NN: I have never seen a bubble market that did not blow up.
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Gold deepens losses, plunges more than 5%…… Silver plummets nearly 12% as sell-off continues

The price of gold continued to drop, extending sharp losses from last week, amid a sell-off in the precious metals market. At the same time, there was seemingly no solid underlying cause behind the marked volatility affecting the yellow metal, which took place after it crossed the historic threshold of $5,000 per ounce in January. At 11:12 pm ET, gold slumped 4.91% to sell for $4,635.37 per ounce. Silver plummeted 8.78%, going for $76.64 per ounce, and platinium lost 1.87% to go for $2,181.97 per ounce, while palladium decreased 1.51% at 11:12 pm ET, changing hands at $1,725.24 per ounce.

Silver plummets nearly 12% as sell-off continues

Silver continued to drop wildly on Monday, as traders grappled with the dramatic correction that kicked off on Friday and saw it drop by over 35%. Silver nosedived 11.93% at 12:49 am ET, going for $73.98 per ounce. Gold plunged 7.16% to $4,539.45 per ounce at 12:55 am ET. Platinum fell by 4.09%, a minute later, selling for $2,133.92 per ounce and palladium dropped by 1.95% to $1,716.72 per ounce.

NN: On told trillions are being lost in gold, silver, bitcoin. Retirement accounts, hedge funds, mutual funds, investment banks are hiding massive losses. Remember me i warned you about this and it ain’t over.