With U.S. media on a virtual lockdown over reporting from the Middle East, more reliable information comes from social media accounts on X.com and youtube channels.
Here are a few of the youtbue channels reporting unbiased, uncensored truths about the war against Iran:
The number of X.com accounts covering the conflict are numerous and growing.
What the U.S., Israel, and Iran have accomplished thus far is best discovered by looking at conditions prior to the initation of war b Israel and the U.S. on February 28.
As of February 27, negotiations between the U.S. and Iran had reached a point at which Iran was willing to agree to not enrich uranium, among other concessions. At that point, the Strait of Hormuz was open to regular shipping, with hundreds of oil and natural gas haulers safely transversing the Persian Gulf and the Strait. Military activity was building up, however, in all of the countries involved, including the U.S.S. Abraham Lincoln and escort ships, and U.S.S. Gerald R. Ford headed for the region.
The U.S. had roughly 21 military bases in the region. Israel and Iran had not been attacked since the 12-day war in June, 2025.
In the now 4+ weeks that have followed, Iran has been relentlessly struck by missile and bombs from the U.S. and Israel, killing at least 4,000 citizens, over 100 political and military leaders, 600 schools and more than 60 hospitals. Much of Israel, including Tel Aviv, Haifa, and Jerusalem have suffered serious damage and casualties from continued missile and drone attacks from Iran. Attacks from all sides continue.
13 U.S. military bases in the region - in Qatar, Bahrain, Saudi Arabia, Oman, and UAE have been rendered "uninhabitable" according to the New York Times.
Most Patriot and THAAD early warning systems have been destroyed.
The U.S.S. Abraham Lincoln departed from theater in the first week, along with its escort ships.
U.S.S. Gerald R. Ford entered the Mediterranean in the second week, anchored near Israel, suffered a severe fire that took 30 hours to contain and has departed from the region. U.S. accounts attest that the fire was caused by lint and debris buildup in the laundry facilities. Other voices claim that it and the Lincoln were both hit by missiles and/or drones.
Oil facilities on all three sides have been targeted and attacked with losses in the millions, if not billions of dollars.
Much more, including attacks on industrial sites, U.S. embassies in the region, the near-total destruction of Iran's navy, though many of Iran's speedboats and anti-ship missile and drone capabilities remain largely intact. Conflicts have spread to Lebanon, Iraq, and Syria, mostly of Israel's doing.
The U.S. has begun building up ground forces in the area. As many as 7,500 new troops are transiting to the area, joining 40,000 already stationed in the region.
The Strait of Hormuz was closed the first week of the conflict and has remained closed.
Mission accomplished?
The U.S. claims its mission was regime change, destroying Iran's missile and drone capabilities, destroying Iran's navy, making sure Iran could never produce a nuclear weapon, and, later, keeping the Strait of Hormuz open to commercial traffic.
Actually, doesn't look too good for either side, but, considering the goals of the U.S. and conditions prior to the war, the U.S. has suffered greatly due to intelligence and planning failures. If the U.S. and Israel had not started the war, the U.S. would still have 21 functioning bases, not eight, as exists today. The Strait of Hormuz would have remained open, Israel would not be bombed relentlessly for a month, with more to come.
Now, with the U.S. planning some kind of ground assault, Houthi militants have announced their entry into the conflict and sent missiles at Israel on Saturday. Yemen’s Houthi rebels may threaten to block the Bab el-Mandeb Strait, a critical maritime chokepoint linking the Red Sea to the Gulf of Aden, potentially disrupting roughly 12% of global trade and oil shipments.
Hezbollah and Hamas continue to attack the forces of the IDF.
The Trump administration initially had no timeline, though they suggested at first that the whole shebang would be wrapped up over the weekend of February 28 - March 1. Then, having failed that, the timeline moved to "a couple of weeks", the four to six weeks. The conflict is now in its fifth week and there's serious doubt that it will be anywhere near resolution in two more weeks.
President Trump was supposed to have visited China in early April, but rescheduled the trip for May 14-15, signaling that the conflict will have been resolved by then. Good luck with that.
A Fox News poll taken just days ago finds that 42% of Americans approve of the military action against Iran, but 58% are opposed.
The reality of the situation is stark. No side can claim victory, as the U.S. has done repeatedly. This has become a full-scale regional war with Iran's military capabilities marginally degraded, Israel suffering heavy losses, and U.S. capabilities serious degraded. The U.S. had requested assistance from NATO nations and others. None agreed to help. The U.S. has also falsely claimed that Iran has been seeking negotiations to end the conflict when, in fact, the U.S. is seeking a diplomatic solution. Most, if not all of the time, the "winning" side doesn't seek help from allies nor negotiations for a ceasefire or diplomatic solution.
The U.S. may have committed one of the most egregious military blunders of all time by joining Israel in its bloodlust against Iran.
The results thus far have been downplayed by the media, but rising oil and gas prices and slumping stock markets in the U.S. and Europe are beginning to tell the real story.
Stocks
Another nasty week for stocks:
For the Week:
Dow: -410.83 (-0.90%)
NASDAQ: -699.25 (-3.23%)
S&P 500: -137.63 (-2.12%)
NYSE Composite: +15.77 (+0.07%)
Dow Transports: +365.68 (+1.82)
On a weekly basis, five straight losers for the Dow and S&P. The NASDAQ has been in the red five straight weeks and nine of the last 10. There's no realistic rationale for the Dow Transports other than a reaction rally early in the week. Thursday and Friday, the index of 20 stocks finished in the red. It's still down nearly 10% from its mid-February high.
All of the indices ended the week trading below their 50-and-200-day moving averages. This is already a correction on those terms, though the usual punditry at CNBC, Fox, and Bloomberg will continue to tout the 10% decline as the "real" sign of a correction. In practical terms, anything between five and 15% down is a correction. Dropping 15% or more is a bear market in most cases, depending on the technical set-up. The financial media will describe a bear market as a 20% drop, regardless of technicals.
Actually, there are no set rules or percentages for corrections or bear markets. Those conditions, along with bull markets, which dominate, need technical support often lacking from the TV talking heads or even "trusted" sources like the Wall Street Journal. Wall Street is set up to sell stocks and other forms of securities, not to report actualities of the various markets, making the financial press heavily biased toward the bullish case.
Here are how the major averages have fared from recent all-time highs (ATH) and year-to-date.
| Index | % from ATH | YTD |
|---|---|---|
| Dow: | -10.01% | -6.03% |
| NASDAQ: | -12.56% | -9.87% |
| S&P 500: | -8.74% | -6.96% |
| NYSE Comp: | -8.28% | -1.69% |
According to daily closing prices, the Dow and NASDAQ are already in Bloomberg-approved corrections. The S&P and NYSE Composite are within reasonably-assumed ranges. The relevant questions are how much further stocks can decline, how much longer the war effort will last and how high inflation is going to reach. If stocks don't even move for another year, inflation alone will account for a 4-6% loss.
Markets are closed on Friday for the Christian observance of Good Friday. Prior to that, economic data includes:
Tuesday: Consumer confidence (March); S&P Case-Shiller price index (January) Wednesday (April Fool's Day): U.S. retail sales (February); ADP employment report (March), Business inventories (January), ISM manufacturing PMI (March), S&P manufacturing PMI (March) Thursday: U.S. trade deficit (February); Initial jobless claims Friday: BLS Non-farm Payroll report (March); Employment Situation Summary - 2026 M02 Results; ISM services PMI (March), S&P services PMI (March)
Editor's Note: Release dates for Friday, April 3 are valid for all cited above, including the BLS, Non-farm Payrolls for March. With markets closed, there could be a Monday shock on April 6, incidentally the deadline date that President Trump promised (and broke) that Iran infrastructure would not be targeted unless a ceasefire or "deal" had been made.
Treasury Yield Curve Rates
| Date | 1 Mo | 1.5 mo | 2 Mo | 3 Mo | 4 Mo | 6 Mo | 1 Yr |
|---|---|---|---|---|---|---|---|
| 02/20/2026 | 3.72 | 3.73 | 3.74 | 3.69 | 3.71 | 3.61 | 3.51 |
| 02/27/2026 | 3.74 | 3.73 | 3.73 | 3.67 | 3.67 | 3.60 | 3.48 |
| 03/06/2026 | 3.75 | 3.74 | 3.72 | 3.69 | 3.67 | 3.66 | 3.55 |
| 03/13/2026 | 3.75 | 3.74 | 3.71 | 3.72 | 3.69 | 3.70 | 3.66 |
| 03/20/2026 | 3.73 | 3.71 | 3.72 | 3.74 | 3.73 | 3.79 | 3.80 |
| 03/27/2026 | 3.74 | 3.73 | 3.72 | 3.73 | 3.72 | 3.75 | 3.77 |
| Date | 2 Yr | 3 Yr | 5 Yr | 7 Yr | 10 Yr | 20 Yr | 30 Yr |
|---|---|---|---|---|---|---|---|
| 02/20/2026 | 3.48 | 3.50 | 3.65 | 3.85 | 4.08 | 4.66 | 4.72 |
| 02/27/2026 | 3.38 | 3.39 | 3.51 | 3.72 | 3.97 | 4.57 | 4.64 |
| 03/06/2026 | 3.56 | 3.59 | 3.72 | 3.93 | 4.15 | 4.74 | 4.77 |
| 03/13/2026 | 3.73 | 3.74 | 3.87 | 4.07 | 4.28 | 4.89 | 4.90 |
| 03/20/2026 | 3.88 | 3.90 | 4.01 | 4.20 | 4.39 | 4.97 | 4.96 |
| 03/27/2026 | 3.88 | 3.94 | 4.06 | 4.25 | 4.44 | 4.99 | 4.98 |
Treasuries have crossed the financial Rubicon as 10-year notes yielded above 4.40% and the 30-year bond yield approaches 5.00%. The Fed's ability to tamp rates down amidst a military excursion into madness and continuing de-dollarization pressures is being severely tested even as Chairman Jerome Powell (known on the street as J-Pow) approaches to the end of his term on May 31.
It gets a little deeper. Powell stated less than two weeks ago that he was prepared to stay on as Fed Chairman until the U.S. Senate approves Trump's replacement, Kevin Warsh. He also stated that he will continue to serve on the Fed's Board of Governors until his legal case is settled. Powell's term as a governor extending into early 2028.
So, in addition to the countless bumbles, fumbles, and foibles of the Trump administration, with assistance from the usually-inefficient Senate, they can't even appoint a Chairman of the Federal Reserve. Chaos is assured.
Speads remained high, with 2s-10s at +56 basis points and full spectrum ratcheting higher to +124.
At this juncture, agreeing to loan the U.S. government any amount of money for longer than six months would warrant a return of substantially more than four percent and even more for longer-dated maturities. Something along the lines of six to eight percent might be appropriate for a 30-year bond. Alternatively, should the world cycle down into a Greater Depression or something along the lines of severe stagflation, interest rates might actually need to be reversed in order to spur economic activity. The world is teetering on a razor's edge.
Spreads:
2s-10s
2026
1/2: +72
1/9: +64
1/16: +65
1/23: +64
1/30: +74
2/6: +72
2/13: +64
2/20: +60
2/27: +59
3/6: +59
3/13: +55
3/20: +51
3/27: +56
Full Spectrum (30-days - 30-years)
2026
1/2: +114
1/9: +112
1/16: +108
1/23: +104
1/30: +115
2/6: +113
2/13: +97
2/20: +100
2/27: +90
3/6: +102
3/13: +115
3/20: +123
3/27: +124
Oil/Gas
WTI Crude Oil finished the week at $101.18, slicing right through the dreaded $100 mark on Friday, when the future price zoomed more than seven percent. Though only slightly higher than last Friday's close at $98.09, the new paradigm now constructs above $100. The longer the strait of Hormuz remains closed (a very distinct possibility), the higher the price of oil will go. There is no trickery to this obvious calculation and very little President Trump can do to avoid spiraling oil and gas prices.
Average price for a gallon of unleaded regular gasoline in the U.S. was $3.94 last Sunday and $3.96 this week. It's likely that this will be the last time the average price will be below $4.00 for some time, possibly many months.
Prices in key states:
California (leader): $5.86
Washington: $5.31
Oklahoma (lowest): $3.21
Florida: $3.94
Illinois: $4.20
Pennsylvania: $3.93
New York: $3.90
Maryland: $3.99
Texas: $3.56
Georgia: $3.55
There are nine states above $4.00, including Idaho, Indiana, Illinois, and Utah. All 41 states east of Idaho, Utah and Arizona are below $4.00 except for Illinois and Indiana ($4.01). The Midwest has supplanted the Southeast as the lowest region, with prices averaging 20-25 cents lower in states like South Dakota, Iowa and Kansas than Tennessee, Georgia and Mississippi.
Bitcoin
This week: $66,408.86
Last week: $68,913.54
2 weeks ago: $71,582.53
6 months ago: $114,430.10
One year ago: $82,963.95
Five years ago: $57,072.53
Bitcoin has been essentially cut in half from its peak in October, 2025 ($124,310.60). "Hodlers" can take comfort in the fact that other crypto "shitcoins" have preformed similarly.
Anybody who bought bitcoin from November 2024 into early February 2026, a period of 15 months, has lost money and lost even more to inflation.
Absolute grifters like Michael Saylor, President Trump and his three sons (cue music from 60s classic TV, "My Three Sons" starring Fred MacMurray: 1908-1991). Unlike their contemporary counterparts, the TV kids were pretty much regulars, only engaging in goofy teenage schemes and practical jokes. The Trump sons play for money, counterfeit, and power, and are actually quite deceitful. Michael Saylor's reputation goes without saying. He has been charged with securities and tax fraud in 2000 and 2022, settling with the SEC and US Justice Department, paying substantial fines in both instances.
He is not "Bitcoin Jesus" by any stretch of the imagination.
Crypto is fraud atop counterfeit, or as Steve Carrell as Mark Baum stated, describing CDOs, in the film, "The Big Short", "dog shit wrapped in cat shit." SSDD.
Precious Metals
Gold:Silver Ratio: 64.42; last week: 66.29
Futures, per COMEX continuous contracts:
Gold price 2/27: $5,296.40
Gold price 3/6: $5,181.30
Gold price 3/13: $5,023.10
Gold price 3/20: $4,492.00
Gold price 3/27: $4,521.30
Silver price 2/27: $94.39
Silver price 3/6: $84.69
Silver price 3/13: $80.64
Silver price 3/20: $67.81
Silver price 3/27: $69.77
SPOT:
(stockcharts.com)
Gold 2/27: $5,278.05
Gold 3/6: $5,144.28
Gold 3/13: $5,022.11
Gold 3/20: $4,494.00
Gold 3/27: $4,495.05
Silver 2/27: $93.82
Silver 3/6: $84.33
Silver: 3/13: $80.60
Silver 3/20: $67.79
Silver 3/27: $69.77
Gold finished the week up a dollar from the week prior, while silver ended higher by nearly two dollars. This may indicate a short-term bottom in both precious metals, though there is not going to be certainty on anything technical during the fog of war and continued suppression tactics, for which the war is providing good cover. Both metals on physical markets are meeting significant premia, reflected by the weekly eBay surveys below.
Here are the most recent prices for common one ounce gold and silver items sold on eBay (free shipping included, numismatics excluded):
| Item/Price | Low | High | Average | Median |
|---|---|---|---|---|
| 1 oz silver coin: | 78.22 | 95.00 | 84.67 | 83.94 |
| 1 oz silver bar: | 77.00 | 99.50 | 85.87 | 84.97 |
| 1 oz gold coin: | 4,561.04 | 4,893.97 | 4,745.21 | 4,744.40 |
| 1 oz gold bar: | 4,509.00 | 4,784.90 | 4,700.13 | 4,713.00 |
The Single Ounce Silver Market Price Benchmark (SOSMPB) rose slightly through Sunday, March 29, to $84.86, a gain of 75 cents from the March 22 price of $84.11 per troy ounce.
WEEKEND WRAP
Economic realities take time to develop, but the current condition of the United States - and, by proxy, most Western economies - suggests nothing short of severe consequences due overwhelmingly to the unprovoked war being waged against Iran by the United States and the out of control nation of Israel. By any measure, economic conditions for the average and lower classes in America have been declining for a considerable length of time, roughly beginning with the removal of the gold standard by President Nixon in August 1971.
Since then, America has gone from a creditor to debtor nation, standards of living have generally remained fluid thanks to technology, but those benefitting the most has declined to include roughly the top 10% of the population since 2001. The once-thriving middle class has been reduced to rubble, with most earners near the median currently struggling to afford everyday expenses.
The Middle East predicament is neither to be easily nor readily resolved and people in any nation that depends on outside supply of energy and food will be under serious pressure to maintain even a subsistence level. Poorer nations will be harder hit, but the capital destruction in America and Europe will be hard to ignore.
Absolute tyrannical leadership in the U.S. and many European nations have fomented a period of wealth destruction that is likely to continue for years. Destroyed oil production and refinery facilities will take years to rebuild, affecting the cost of energy and food the worst. Americans and Europeans should brace for shortages amid an inflationary environment, possibly unlike the world has seen since the Great Depression of the 1930s. Historians may someday call this - entirely preventable - period the Greater Depression.
At the Close, Friday, March 27, 2026:
Dow: 45,166.64, -793.47 (-1.73%)
NASDAQ: 20,948.36, -459.72 (-2.15%)
S&P 500: 6,368.85, -108.31 (-1.67%)
NYSE Composite: 21,632.50, -211.48 (-0.97%
)
For the Week:
Dow: -410.83 (-0.90%)
NASDAQ: -699.25 (-3.23%)
S&P 500: -137.63 (-2.12%)
NYSE Composite: +15.77 (+0.07%)
Dow Transports: +365.68 (+1.82)
Disclaimer: Information disseminated on this site should not be construed as investment advice. Downtown Magazine Inc., Money Daily and it's owners, affiliates and/or employees are not investment advisors and do not offer specific investment advice. All investments have risk. You should consult a professional investment advisor or stock broker or use your individual judgement when making investment decisions. By viewing this site, you hold harmless Downtown Magazine Inc., Money Daily, its owners, affiliates and employees against any and all liability. Copyright 2026, Downtown Magazine Inc., all rights reserved.
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